54
Feb 21, 2026Fund Structuring
The Continuation Fund Trap: Why GPs Are Misreading LP Patience
The NAV-to-DPI gap is widening. Three data points that should change how you price your next continuation vehicle.
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DispatchDeal Flow Intelligence◆Fund Structuring Notes◆LP Sentiment Tracking◆Portfolio Operations◆Co-Investment Dynamics◆CIM Annotations◆Independent Sponsor Playbooks◆Credit Market Signals◆GP-LP Alignment◆Exit Readiness Briefs◆Deal Flow Intelligence◆Fund Structuring Notes◆LP Sentiment Tracking◆Portfolio Operations◆Co-Investment Dynamics◆CIM Annotations◆Independent Sponsor Playbooks◆Credit Market Signals◆GP-LP Alignment◆Exit Readiness Briefs◆
The ArchiveFifty-four editions.
Fifty-four editions.
Every one annotated.
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53
Feb 14, 2026Portfolio Ops
Operating Partner Math: What the Role Actually Costs a Portfolio
A candid breakdown of value-creation attribution from three mid-market portcos that ran the experiment honestly.
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52
Feb 7, 2026Deal Flow
Dry Powder Mirage: Why Committed Capital Isn't the Deployment Story
The denominator effect has a sequel. Where the deployable capital actually sits — and who's positioned to move.
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51
Jan 31, 2026LP Sentiment
LP Secondaries at Par: The Quiet Renegotiation Happening in Side Letters
Preferred LPs are rewriting terms mid-fund. What the language looks like and what it signals about GP leverage.
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50
Jan 24, 2026Deal Flow
The Independent Sponsor Premium: When Fundless Beats Funded
Sellers in the $10–50M EBITDA range are increasingly preferring the single-sponsor story. Here's the data.
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49
Jan 17, 2026Credit Markets
Covenant-Lite's Reckoning: What's Actually Breaking in Leveraged Buyouts
The first wave of 2021-vintage LBOs hitting their third year. Annotated stress tests from three public filings.
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48
Jan 10, 2026Fund Structuring
Management Fees Under Scrutiny: The New LP Audit Playbook
Institutional LPs are deploying operational due diligence teams pre-close. What they're actually looking for.
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47
Jan 3, 2026Deal Flow
CIM Inflation: How Sell-Side Quality Has Quietly Collapsed
Buyside associates are spending 40% more time verifying basic claims. A framework for faster triage.
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46
Dec 20, 2025Portfolio Ops
The Platform Acquisition Hangover: Integration Timelines That Slipped
Six platform-plus-add-on stories from 2023 that are still in integration. What went wrong and when.
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45
Dec 13, 2025Fund Structuring
Carried Interest Clawbacks: The Quiet Conversations No One Wants to Have
GP economics are getting reset as vintage 2019 funds close out below watermarks. The legal mechanics explained.
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44
Dec 6, 2025Deal Flow
Healthcare Services Roll-Up Fatigue: When the Multiple Compression Arrives
Three sector-specific signals that the dentistry and vet consolidation trade is entering its late innings.
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43
Nov 29, 2025Portfolio Ops
Talent Density in Portcos: The New Metric Sophisticated GPs Are Tracking
Revenue-per-employee and span-of-control ratios as leading indicators of operational leverage potential.
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