Commentary
Running Out the Clock
Among the unlikelier events of this post-election season – other than the consideration of former World Wrestling Entertainment executive, Linda…
Read MoreTrump and the Middle Market
At this writing it’s only been three weeks since the November 8 “tectonic shift” – as veteran financier Henry Kaufman…
Read MoreThe Art of the Add-On (Last of a Series)
We’ve received a number of positive responses about our special series on add-ons. One partner at a NY-based private equity…
Read MoreThe Art of the Add-On (Fourth of a Series)
Last week we began a check-list sponsors tick off when sifting through acquisition candidates for their platform companies. Many items…
Read MorePrivate Credit Comes of Age
At a loan conference some years ago we referred to middle market loans as the Rodney Dangerfield of capital markets.…
Read MoreThe Art of the Add-On (Third of a Series)
The process of identifying successful add-ons is a complex one. Each sponsor has developed over the years a different style…
Read MoreThe Art of the Add-On (Second of a Series)
Last week we began our series on acquisitions by platform companies of private equity sponsors (“add-ons”) by examining the various…
Read MoreThe Art of the Add-On (First of a Series)
“It’s been a relatively slow year for us,” one managing partner related to us recently. His middle market private equity…
Read MoreDollars and Scents
News reached us over the weekend of a new trend in baseball. Apparently several Chicago Cubs relievers are applying copious…
Read MoreWhy Sponsors Matter (Last of a Series)
So far in this special series we’ve examined the implications of lending to companies owned by private equity sponsors – and those that aren’t. But there’s a third category of owners that don’t get much attention, and growing in importance.
So-called “fundless” sponsors – also called independent, or non-traditional sponsors – act as a hybrid of three parties. They combine the deal sourcing of investment bankers with the targeted allocation of capital by limited partners, and the expertise of GPs who perform a multitude of functions…
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