10+ hours of podcasts, in 5 minutes.
6 quotes from 1 episode on How I Invest, each with a timestamped link to the source.
Michael Bruun notes that private equity returns rely strictly on compounding cash flows and EBITDA. Well-performing assets with clean data architectures routinely attract strategic buyers who outbid continuation vehicles.
Corporate carve-outs give investors a clean break to install modern data infrastructure.
“The good news about doing carve-outs is however painful some people might think they are, it's also a line in the sand…”
From Why Strategics Beat Continuation Funds on Exit Valuations
Long-dated continuation funds cannot replace the discipline of returning regular cash to limited partners.
“You need to generate DPI along the way…”
From Why Strategics Beat Continuation Funds on Exit Valuations
Firms now deploy over 110 operating partners to drive returns strictly through EBITDA growth. Michael Bruun explains that investors build value by focusing on these business basics.
“We're kind of going back to basics, going back to you drive value by compounding EBTA and cash flows…”
From Goldman's Playbook: Compounding EBITDA in Normalized Rates
Off-ledger assets like unified data architectures shape a company's worth during an acquisition. Michael Bruun points out that financial ledgers miss the value of a modern system.
“One of the most important things that you can't actually see in financial ledgers right now is does this company have a good tech stack? Does this company have a homogeneous set of data? Is it a clean data set?”
From Why Strategics Beat Continuation Funds on Exit Valuations
Acquirers with operational advantages routinely outbid alternative vehicles for top-tier assets. Michael Bruun observed that building intrinsic value leads directly to these strategic sales.
“The strategic investor with operational advantages should at most moments in time prevail, and that's certainly what we've seen in our strategy: that the well-performing asset where we have built that intrinsic value usually gets sold to a strategic buyer.”
From Why Strategics Beat Continuation Funds on Exit Valuations
“Right now we on our side are hitching a lot…”
From Goldman's Playbook: Compounding EBITDA in Normalized Rates
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.