The Carry archive.
Every edition of The Carry. The week in private equity, from the shows the industry actually listens to.
Add-ons lose their premium, the 10-year fund cracks
Plus why AI is killing rote legal diligence and a reality check on majority buyout board governance.
The integration premium, HALO assets, and AI's firm taste
Why buyers are refusing cobbled-together add-ons, the flight to hard assets, and how AI codifies fund culture.
Forcing AI adoption through comp, and cross-border M&A traps
Why standard buy-and-build playbooks fail in emerging markets, and how top allocators compete on mindshare rather than check size.
Banker incentives, split industrial rents, and fund-size creep
Why AI is bifurcating industrial rents, the penalty for scaling fund sizes, and the exact reason 90% of M&A deals fail.
The 12-Year Unicorn & The Death of Gut-Driven Sales
Plus: Why 90% of M&A fails, and how proactive founders use raw transparency to win deals.
The software valuation gap, walking away post-LOI, and AI's second-order plays
Public buyers are beating private equity by manufacturing their own effective multiples.
Weaponizing deal structure, the safe asset illusion, and AI models
Plus: Why the "widest moat" strategy actually stunts growth, and how venture investors limit adverse selection.