Issue No. 42Week ending Sunday, October 18, 2026580 episodes · 2571 articles
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Private equity

Brian Cassidy on private equity

3 quotes from 1 episode on Private Equity Spotlight, each with a timestamped link to the source.

3 quotes1 episode

The short version

Brian Cassidy asserts that rigid private equity exits frequently fail. Close to 50% of sale processes collapse even during strong economic conditions.

Most interesting insights

Geopolitical events like missile strikes in the Middle East can halt late-stage transactions just before completion.

“We recently had a situation stall on the 10-yard line, maybe it was the five-yard line, when missiles started flying in the Middle East…”

Brian Cassidy, Private Equity Spotlight · October 2026 · Listen ↗

From Why Sponsors Are Abandoning the 100% Exit

Top talking points

  1. Sale processes fail frequently

    Close to 50% of sale efforts fail even during strong market conditions. Brian Cassidy observes that this reality makes broken processes a standard feature of dealmaking.

    “I think every time you go through a sales process, you need to be eyes wide open because I think even in the good times, I think close to 50% of sale processes fail…”

    Brian Cassidy, Private Equity Spotlight · October 2026 · Listen ↗

    From Re-Underwriting Failed PE Exits as New Deals

  2. Complete business exits often stall

    Sellers face difficult conditions for full control exits. Brian Cassidy points to partial sales and strategic investments as viable options.

    “You need to be really flexible with exits. It could be a partial sale. It could be a strategic investment. You're not gonna always sell 100% of the business in this market.”

    Brian Cassidy, Private Equity Spotlight · October 2026 · Listen ↗

    From Why Sponsors Are Abandoning the 100% Exit

Key takeaways from these write-ups

Re-Underwriting Failed PE Exits as New Deals

  • Brian Cassidy points out that close to 50% of sale processes fail even during strong market conditions, meaning broken processes are a standard feature of dealmaking rather than rare errors.
  • Alexis Underwood of Wynnchurch argues sponsors must treat a failed process as a new investment decision, discarding defensive postures to re-underwrite the asset from scratch.

Why Sponsors Are Abandoning the 100% Exit

  • Alex Greenbaum reports that typical sales processes run a 1.5% conversion rate: out of 100 teasers and NDAs distributed, 98.5% of prospects decline even during benign market conditions.
  • Geopolitical shocks and credit freezes regularly halt late-stage transactions, forcing sponsors to abandon 100% control sales in favor of minority stakes, structured equity, or strategic partnerships.

How we attribute quotes. Every quote was matched against the episode transcript, so the words and the timestamp are real (we trim filler words like "um", nothing else). The name comes from our written summary of the episode, and we use it only when a separate check of the captions finds that person on the episode. YouTube gives us no voice-by-voice transcript, so open the timestamp to hear who is talking. See a wrong name? Tell us and we fix or remove it.

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