10+ hours of podcasts, in 5 minutes.
5 quotes from 1 episode on Dry Powder, each with a timestamped link to the source.
John Maldonado stated that private equity firms plan the exact exit path and buyer during the initial investment phase. Investment teams bring verbatim feedback from potential corporate acquirers to the investment committee to validate the deal.
Selling an asset after five years takes a new organizational capability to actively place the company.
“The job of selling assets as a private equity firm, it used to be a given. You did your job over five years. You hired a bank, and it moved off the shelf. It requires a new muscle that needs to be flexed and built, and we've told our whole organization that.”
First-time public offerings from companies like SpaceX, Anthropic, and OpenAI threaten to absorb large pools of institutional equity capital.
“I have no idea what the advent of trillion-dollar first-time public companies is gonna be for the system more broadly, SpaceX, Anthropic, OpenAI…”
Advent International requires deal teams to interview strategic acquirers during initial underwriting. Firms evaluate the specific buyer and the reason for the acquisition before funding a deal.
“Deals are happening, but they're earned and not given. You need to be really intentional, even at the underwriting of the investments you're making, how you are going to exit, to whom, and why will they buy it.”
Testing the waters a few weeks prior to an IPO launch leaves sponsors without adequate cover. Private equity sponsors court long-only public investors months in advance to build genuine conviction.
“You need to spend a lot of time much earlier than you planned with long-only investors because simply doing test the water meetings a few weeks before you're planning to launch, it's not sufficient…”
Direct quotes from prospective corporate buyers go straight to the investment committee. John Maldonado explained that this verbatim feedback determines if an exit path is credible.
“And taking verbatim feedback from those conversations back into investment committee so that we can have a think around whether that is a credible path for us…”
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. 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.
The week's private equity podcasts, boiled down to one short Sunday read. The email launches soon, and signing up puts you first on the list.
One email a week. Unsubscribe with one click.