NOVIDAM’s Post

Very excited to be hosting "THE" Secondary Day this week hosted by Kline Hill Partners. Beyond raising over $100k for Alzheimer's Association®, the event has been great to catch up with colleagues in the industry and learn about the latest trends. When I got into secondaries in 2005, I never heard of secondaries beforehand. Moreover, many limited partners whom I subsequently met that allocate to private equity had never heard of secondaries. It was not on anyone's radar for a career (though a lot was immediately appealing to me after three years in venture capital starting in 2000). Just now heard about a different diversified asset manager where 10 years ago analysts would chose to work in their co-invest program over secondaries or primaries as being the most desirable for career direction. Over the past several years, that has completely flipped where now the growth and trajectory of the secondary industry has made it a top choice for those earlier in their career. Have also even heard a number of instances of younger people from deal teams at very much the top end buyout shops flipping to secondary funds for a career shift. It's been a great industry, after years of 15-20% of compounding growth and is on track for a $150B year (or even $160B per David Markson who spoken on this mornings panel). This popularity has driven popularity of THE Secondary Day, pretty much all sold out: 🙋♂️ 80 at last nights Women in Secondaries event 🙋♂️ 160 at this mornings panel (panelists from Evercore, Campbell Lutyens and Harris Williams) 🙋♂️ 60 people at lunch (starting in 10 minutes) 🙋♂️ 80 for dinner tonight 🙋♂️ 60 for golf tomorrow It's an industry ripe with growth and lots of innovation, with talking about $500B and $1T annual volume while continuing to deliver solid returns for LPs. Do keep it in mind if you are early in your career or have friends to recommend!

🎉 I’m absolutely psyched out of my mind about the Saturday workshop we are holding in April! 🎉 Raising capital for real estate deals is one of the most intimidating things investors will face when they are trying to break into larger deals… 😱 It was definitely daunting for me. 😬 And so FFREIA is bringing in an absolute beast. 🦁 The Raisemaster himself… 💼💰 Jack Krupey of JKAM Alternative Investments. 🏢💼 Jack has put together Beeeeelions (Billions) worth of real estate deals over his 20 year + real estate career. 💰🏘️ But guess what? 🤔 Jack didn’t start on some Wall Street hedge fund. 🏦📉 He started his career grinding, fixing and flipping houses when he graduated RIT in 2001, thinking he was going to start off in tech… 🎓🔧 But then, the Dot Com bubble burst and he had to pivot. 🌐🔄 Jack is going to bringing a hail storm of gems and golden nuggets to the attendees of this half day work shop April 13th right in downtown Rochester. 💎🌟 You’re going to learn all of his secrets; the real ninja moves he’s used to create an unstoppable real estate empire. 🏰🥋 Even if you aren’t thinking about doing monster deals right now, you are going to learn actionable steps to take immediately to position yourself strategically to be a rockstar deal maker in the future. 💡💼 You’re not going to want to miss it! 🚀 So if you want to get the early bird rate ($89) make sure to drop the word “RAISE” below and I’ll shoot you the registration and event info. 💵👇 (PS. I bet you’re wondering, 89 bucks? What’s the catch? How we you able to offer value like this for so cheap? That’s the magic of FFREIA. We are a nonprofit org dedicated to building fellowship in the REI community and packing it with an educational powerhouse in order to empower families to build MULTIGENERATIONAL wealth in real estate. Curious? Ask me about the benefits of becoming a member.) 🎩🏠 #realestateinvesting #realestate #biggerpockets #commercialrealestate #realestateinvestor

Thrilled to host New Mountain Capital & CEO, Steve Klinsky on the Onefinnet / Elevate Platform - alongside the New Mountain Capital's Incredible Private Equity Team. Steve is a legendary Private Equity investor, having also co-founded Goldman Sachs's Private Equity Group prior to founding New Mountain Capital. Registration for this event is now open and already filling up. Use this link to register: https://lnkd.in/gEtM7uzB Session has limited capacity, so make sure to register early! If you're a Student or Professional considering Private Equity careers, you don't want to miss this event! In the coming weeks & months, we'll be hosting the top PE firms across various Zoom & In-Person events. In addition, we'll be joined by incredible private equity investors as panelists: - Tucker Brown - Saahil Katyal - Emily Stotland - Spencer Korek - James Young - Sarah Procida At this session, we're excited to welcome hundreds of attendees from across the Top Universities & Firms for a deep-dive session on Private Equity Careers, What it takes to build a market-leading firm, and Keys to becoming a great Private Equity Investor. Steve Klinsky: Steven Klinsky is the Founder & CEO of New Mountain Capital. He established New Mountain Capital in 1999. Prior to founding NMC, he was co-founder of the Private Equity & Leverage Buyout Group of Goldman Sachs. He is a Harvard Business School MBA & a Harvard Law School JD. New Mountain Capital: New Mountain Capital is a leading Private Equity firm with $40 billion AUM across all investment strategies. New Mountain manages six private equity funds, currently investing out of Fund VI, a $9.6bn fund raised in 2020. New Mountain’s efforts emphasize a focus on growth and business building, rather than reliance on excessive risk, as the best path to high and consistent long-term returns. For more information, please visit www.newmountaincapital.com #privateequity #investing #talent #platform #buyside #careers #finance #business #jobs #leadership #forum #diversity

Saw this table and it reminded me of a discussion ten years ago that I had at the beginning of my career with my peer and a good friend Stefan Culibrk At the time, we were looking at the same statistic - when did big names in HF start? Our take away was - you either start as young as possible and learn it the hard way - from your mistakes, or you work for the industry's absolute best and become protégé and start on your own after you learn the “craft”. Both works in principle. While this list has HF folks, I think this is relatable to what's happening in the venture. Venture not that long ago was a job to retire, not a job to start your career. And it has changed dramatically as # of new firms have balooned in the past 5 years. Some fun stats - if you start in the VC when you are 50 - you probs max will see 3-4 gen of vintages go full circle (meaning go the entire fund lifetime).. But if you do that starting at <30 - you will probs go to see 7-8 generations of funds go full circle (depends on how frequently you fundraise between funds and how early you hit home runs) Think about it: if you start <30, by the time you hit 50, you will have 20-25 years of track record running a firm, building a brand, LP relationships, and showing up to founders, etc. Most folks look up to these - now household names - and take for granted this happened overnight. Usually, it is 30 years “overnight” in the making. 2 notes: -> your odds to hit it off the park increase if you - start early, play the long game and compound -> only the ones that love the game end up playing that long, as they are there for the game / the thrill / the win, not only for the $.

After closing our Series A here’s a few things I learnt during the raise! i) ‘It’s rare to have a ‘bad’ meeting.’ The overwhelming atmosphere of most VC meetings are incredibly positive. So much so that it started to become disingenuous. Meetings that in any other context would lead to a sale closing or some kind of outcome ultimately would end with a no. I think it’s because VCs want to be supportive and are trying to build longterm relationships with you but it can be disorienting after 70+ 'awesome' meetings. Especially when as a broader business culture Australians are quite candid. ii) ‘A not-yet can turn into a yes!’ One famous letdown from VCs is them saying you’re too early for us. Often this can be completely true and a fund who specialises in Series C is unlikely to back a company at the Seed stage. It’s also a chance for a VC to buy time and see how you execute without burning a bridge. During our seed raise we were intro’d to Perennial Partners who we knew were typically a later stage investor. We were told ‘not-yet.’ But then during our Series A we went back to Perennial and showed them how we executed over the last two years. Perennial came onboard and led our Series A! This ability to go back and showcase that you actually deliver on what you promise is massive and can turn all those ‘not-yets’ into ‘where do I sign?’ (or more realistically an 'I’d like to schedule a meeting with my partners’) iii) ‘The value and pitfalls of a realistic forecast.’ Start-up modelling is definitely as much of an art as it is a science and the expectation is of course for everything to move up and to the right. At the same time I’ve always struggled with putting numbers out there that I feel aren’t rooted in reality. During this raise we experienced both the positive and negative outcomes of having a realistic financial model. On the positive note our model from our seed raise was a fantastic document to revisit with VCs who didn’t back us at that round but who were speaking to us again. Numbers which you hit show you understand your business and you’re a team who can be trusted to deliver. But on the negative we had another who after running significant financial DD on our forecast deemed that our growth plans weren’t ambitious enough and able to hit their internal metrics. I was a bit incredulous as I told them that it would be easy to just add an additional $10 to $20million on a forecast a few years down the line but we chose to put forward a forecast that we could deliver against. If you’re interested in some additional data on how Linkby’s tracking check out the excellent article by Yolanda Redrup published in the The Australian Financial Review technology section today or via the link in the comments. 

2023 – Parkwalk in Numbers 🚀 We hope you had a fantastic start to 2024! It has been another busy year for Parkwalk, which saw us invest in 28 funding rounds, with £45m invested. We also completed 6 exits, which brought our total returned to investors since inception to £150m. Another highlight was winning ‘Best EIS Investment Manager’ for the second year running at the Growth Investor Awards 2023. Looking ahead, we have a good deal pipeline and are ready to see what 2024 holds for UK university spin-outs, Deep-Tech and Life Sciences 🎉 #InvestinginInnovation #Investment #EIS

VC is so focussed on doing, you rarely get a chance to learn. The past week at the Kauffman Fellows module in LA taught me a lot about investment thesis and portfolio construction. My top takeaways and nuggets: 1. Your investment thesis ≠ your personal brand 2. Find ways to make your fund 10% better each week (Austin Clements) 3. Board members are stress absorbers not generators 4. You build your reputation on pass emails (David Lee) 5. Winning a deal is about understanding the "why" behind a founder's asks 6. 55% of VC funds return <1x (Mark Mullen) 7. Finding the intersection between your investment threshold and market inefficiencies (by stage, geo, etc) is the key to generating alpha (Clint Korver) 8. Minimise drag on your firm at all costs (Phil Wickham) 9. The most valuable investor skills are: persistence, resilience, leadership, work ethic, ambition, cultural alignment and attention to detail (Mark Suster) 10. Today there are 350 public unicorns across internet and software, but 1,400 private ones. That doesn't add up. Massive kudos to Nick Kim and Solomon Hailu for bringing together these speakers to challenge and inform our ways of thinking. Coming from the UK, I appreciate how much we have to learn from the more developed West Coast venture ecosystem. Photo and hiking creds Susie, Ines 🙌 #venturecapital #vc

❗️Could the family office market overtake private equity and venture capital combined? On a recent episode of Nasdaq TradeTalks, our co-founder and CEO Ryan Eisenman sat down with Jill Malandrino to discuss the growth of the family office market and how Arch uniquely serves each family office by providing an easier way to understand and streamline their clients’ private investments. "The reality is that today, most private markets operate off spreadsheets and some kind of Sharefile or DropBox. What we’re doing at Arch is digitizing private market investments to give investors a way to track and understand those investments, so that you can have that feeling of stability and make good decisions.” To hear more of Ryan’s insights on the sector’s growth and the technological expertise required to streamline private markets investing, tune in to the full episode. https://lnkd.in/ewmFAVgw #alternativeinvestments #privatemarkets #familyoffice

IVP’s 18th fund isn't just about ushering in the next wave of tech; it's a testament to the gritty reality of innovation. Building an enduring company means being prepared for the grind and understanding that breakthroughs don't happen overnight.    Our strength at IVP comes from our people—dynamic, evolving, and driven by a hunger to make a difference. We've got a team that's not just talented but genuinely excited about shaping the future. We’re true partners to CEOs, offering the kind of tough love that leads to real growth. IVP 18 is not just about investments; it's about building lasting relationships and being the steadfast ally that every visionary entrepreneur deserves.   You can read more about IVP and our 18th fund in Fortune today:

#Vesting. Week 9 of “Startups” at the University of Michigan Law School. When a #startup issues stock at its early stages to the founders (and perhaps to other early employees), it’s often referred to as a #RSA, that is, a restricted stock award. It’s actual stock, which distinguishes it from #StockOptions and #RSUs (restricted stock units), which we’ll cover in a few weeks. The “restricted” qualifier points to restrictions on #transferability. It’s a “restricted security” under the securities laws, insofar as it’s unregistered and can’t be freely traded. In parallel, it’s “restricted stock” because it comes with vesting conditions and other limitations on ownership and transfer. Ah, vesting. Let’s go 🚀 #Founders should always vest into their #FounderStock. Let me repeat: Founders should always vest into their Founder Stock! How about this hypo: I start a company with you and Ana. We go 1/3 each (which #YC endorses but very few founders do; differentiation is market). Stock gets issued on November 1. On November 15, I decide that this isn’t for me. I’m going to babysit otters 🦦 (cute factor #FTW). So I leave. If my stock is fully-vested, I leave with ALL of it. So you and Ana are stuck. Not only do you have to replace me (which necessitates the issuance of more stock, which dilutes you both), but you’ll be carrying me as a free rider all the way to exit. No bueno 🙅♀️ We solve this through vesting. The founders own the stock, but if a founder leaves before it fully-vests, they surrender the unvested portion at some de minimis price (or in the case of options or RSUs, they simply terminate). The standard vesting schedule is 4 years: 1 year #cliff (you vest into 25% at the end of a year 1 probationary period), and then monthly or quarterly thereafter. We do, in the case of founders, often deviate from that dogma, as they often have already made contributions that we want to acknowledge. Note that under Section 83(a) of the #InternalRevenueCode, RSAs are income to the extent they are awarded in connection with the performance of services (which vesting signals), and the value exceeds the price paid. On day 1, the value should equal the price paid, so no tax is due. But that which isn’t vested on day 1 doesn’t trigger taxation until it actually vests. And then, it may be worth a LOT, and way more than the price paid. Which could trigger a big tax bill. No bueno 🙅♀️ Fortunately, Section 83(b) allows the founders to make an election providing that the ENTIRETY of their newly-issued stock (both vested AND unvested) is subject to taxation NOW. Which is beneficial, because no tax is due! And the worry goes away. And by the way, this election starts the long-term capital gains clock ticking ⏰, AND the 5-year #QSBS clock 🕰️. Do it! …And do it ASAP. The statute provides that the election must be made within 30 days. Don’t wait! #DWProf [pic: banner at #UMMA at U-M, telling you to make that 83(b) Election!]