The Exit Playbook: Safe landings when exits stall
Industry leaders across private equity share battle-tested strategies for recovering when a portfolio company exit process falters or stalls. Operating partners and deal leads discuss how to diagnose root causes rather than blaming macro conditions, conduct rigorous post-mortems, and re-underwrite assets for extended hold periods. The conversation also explores how to combat deal fatigue among management teams, maintain direct communication with potential buyers, and pivot to alternative liquidity structures.
- Neil Kalvelage of Centerbridge rejects macroeconomic scapegoating, warning that blaming interest rates or market cycles hides fixable flaws like customer concentration and poor strategic fit. Read →
- Fahim Ahmed of BC Partners observes that transaction processes frequently stall from signal distortion introduced by intermediary investment bankers rather than asset defects. Read →
- Helen Lee Bouygues contrasts the American habit of offering a long weekend with the European practice of mandatory operational pauses before running post-exit autopsies. Read →
- 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. Read →
- 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. Read →