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Best of LinkedIn: Private Equity Insights CW 34/ 35 · Best of LinkedIn: Strategy, M&A & Investments

• 0:00
  Speaker 1: provided by Thomas Allgaier and Frennis, based on the most relevant posts on LinkedIn about private equity in CW- Thirty-Four Thirty-Five.
• 0:08
  Speaker 1: Frennis is a B-to-B market research company working with enterprises to optimize their campaigns with account and executive insights far beyond AI.
• 0:18
  Speaker 1: Welcome and thank you for joining us for another deep dive.
• 0:20
  Speaker 0: Thanks.
• 0:20
  Speaker 0: Yeah today we're Cutting through the noise really sifting through all that LinkedIn chatter from calendar weeks thirty four and thirty five to get to the core private equity trends.
• 0:29
  Speaker 1: That's right.
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  Speaker 1: We want to pull out the insights that matter most for you whether you're an M&A PE itself VC or consulting.
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  Speaker 1: We've
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  Speaker 0: gone through a ton of posts to find those nuggets that are actually actionable.
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  Speaker 1: So let's unpack this.
• 0:42
  Speaker 1: OK, first up, a really big theme, AI and data.
• 0:45
  Speaker 1: It feels like they're just rapidly changing how value creation works in PE.
• 0:49
  Speaker 0: Definitely.
• 0:50
  Speaker 0: The conversations clearly moved past if and landed squarely on how.
• 0:53
  Speaker 0: We saw a lot less hype.
• 0:55
  Speaker 0: more focus on actual execution.
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  Speaker 0: Martin Unger, for instance, he talked about building a regional PE fund, small cap, but really focusing on people first, AI second.
• 1:04
  Speaker 1: Interesting approach.
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  Speaker 0: Yeah, turning succession challenges into growth opportunities, but with a very pragmatic human centric view on the tech.
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  Speaker 1: That makes sense.
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  Speaker 1: It's not just tech for tech's sake.
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  Speaker 1: And building on that, Dan Crimmons offered some pretty structured guidance like a top-down approach for actually implementing AI in portfolio companies.
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  Speaker 1: And Tom Bradbury from Broadgauge echoed this.
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  Speaker 1: He stressed how crucial it is for PE firms to guide their mid-market companies through this AI transformation.
• 1:37
  Speaker 1: It's
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  Speaker 0: a journey, not a flip of a switch.
• 1:39
  Speaker 1: Exactly.
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  Speaker 1: He talked about developing a shared field of vision, then incremental planning, and really building a culture of adaptability.
• 1:46
  Speaker 1: It sounds like a real process.
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  Speaker 0: It is.
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  Speaker 0: And what's really fascinating is just how broadly AI is being applied now.
• 1:53
  Speaker 0: Joshua Bergen, for example, highlighted software that can take a five-day due diligence process and condense it down to five minutes.
• 1:59
  Speaker 0: Just using AI to categorize and format financial data.
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  Speaker 1: Five minutes?
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  Speaker 1: Seriously?
• 2:04
  Speaker 1: Yes.
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  Speaker 1: Well, that's a massive shift.
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  Speaker 1: It means firms could potentially evaluate ten times more deals.
• 2:09
  Speaker 1: Wow.
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  Speaker 1: That really changes the landscape for sourcing.
• 2:12
  Speaker 1: Yeah.
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  Speaker 1: And it's not just internal stuff.
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  Speaker 1: No,
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  Speaker 0: exactly.
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  Speaker 0: Walter G pointed out family offices using AI-driven sourcing, even predictive analytics, to find proprietary deals.
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  Speaker 1: Moving from network to data-driven.
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  Speaker 0: Pretty much.
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  Speaker 0: And Rahul Garg noted that in healthcare PE, they're kind of ditching traditional roll-ups for AI-powered platforms, specifically targeting the billions wasted in billing and paperwork.
• 2:38
  Speaker 1: That's a huge target.
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  Speaker 0: It is and it raises this this crucial point from Karsten W. He put it really well AI won't replace investors, but investors using AI will replace those who don't
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  Speaker 1: mm-hmm That means true.
• 2:51
  Speaker 0: He sees the future in that human AI partnership.
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  Speaker 0: AI brings the speed the insights humans bring.
• 2:57
  Speaker 0: context judgment,
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  Speaker 1: right.
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  Speaker 1: and Anthony JS added another layer didn't he saying Jenny I makes everyone faster Yeah, but understanding causality.
• 3:05
  Speaker 0: Yes causality.
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  Speaker 1: That's what makes you smarter.
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  Speaker 1: That becomes the real competitor for PE firms.
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  Speaker 1: It makes
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  Speaker 0: perfect sense.
• 3:10
  Speaker 1: So the underlying message here seems to be AI integration isn't just about being more efficient.
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  Speaker 1: It's about gaining a real competitive advantage, getting deeper intelligence.
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  Speaker 0: Fundamentally changing the game.
• 3:23
  Speaker 1: Okay so moving on from AI itself but obviously related is our next theme.
• 3:28
  Speaker 1: the tools and the operating infrastructure that PE needs in this demanding climate.
• 3:34
  Speaker 0: Yeah, that's critical.
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  Speaker 0: One big area Jeffrey Katanzaro from QSTMG flagged was side-letter management.
• 3:40
  Speaker 1: Ah, the complexity's there.
• 3:41
  Speaker 0: Exactly.
• 3:42
  Speaker 0: You've got hundreds of these confidential, often inconsistent agreements.
• 3:46
  Speaker 0: Managing them, ensuring compliance, it's tough.
• 3:50
  Speaker 0: So KPMG's digital gateway, using tools like Lea by Contract Podye, it basically streamlines all that, creates a central digital repository, uses AI to extract key info.
• 4:00
  Speaker 1: Makes it more transparent, more efficient.
• 4:02
  Speaker 0: Right.
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  Speaker 0: And that kind of operational discipline ties into what Chris Barber, an interim transformation director, was talking about.
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  Speaker 1: A cost-out playbook.
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  Speaker 1: Yeah,
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  Speaker 0: exactly.
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  Speaker 0: For PE-backed businesses, focusing on levers like procurement optimization, rationalizing supply chains, simplifying IT systems.
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  Speaker 0: Practical
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  Speaker 1: stuff.
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  Speaker 0: Very.
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  Speaker 0: And he stressed it's not just a one-off project, it's a cultural shift.
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  Speaker 0: You know, blending that discipline with a relentless focus on efficiency.
• 4:27
  Speaker 1: Did he share any results?
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  Speaker 0: He did.
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  Speaker 0: Mentioned things like, twelve-fifteen percent savings in procurement, just the renegotiation, and like a twenty percent productivity boost from using lean methods.
• 4:39
  Speaker 1: Those are significant numbers.
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  Speaker 0: They really are.
• 4:41
  Speaker 0: And it connects to Scott Copsch's point about operational friction.
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  Speaker 1: Hidden drag.
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  Speaker 0: That's it.
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  Speaker 0: Often overlooked compared to the big cost cutting or revenue drives.
• 4:50
  Speaker 0: But he gave examples like a medical device company where a slow approval process actually hurt the valuation.
• 4:56
  Speaker 0: Yeah.
• 4:57
  Speaker 0: Or another company implementing ERP systems in six months instead of the usual twenty four.
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  Speaker 0: Fixing that friction that unlocks huge value leads to premium exits.
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  Speaker 1: So it's really about having the right tools for specific problems often the overlooked ones and then embedding that efficiency mindset that operational rigor across the whole portfolio, optimizing the engine.
• 5:17
  Speaker 1: Okay, so let's zoom out now.
• 5:20
  Speaker 1: Look at the bigger picture.
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  Speaker 1: Market structure, capital flows.
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  Speaker 1: There seem to be some major shifts happening there, too.
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  Speaker 0: Oh, definitely.
• 5:27
  Speaker 0: Walker Dible painted a really clear, maybe even stark picture.
• 5:31
  Speaker 0: He described the PE landscape splitting into two worlds.
• 5:34
  Speaker 1: Two worlds?
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  Speaker 1: How so?
• 5:36
  Speaker 0: Well, you've got the giant's Blackstone TPG.
• 5:39
  Speaker 0: They're thriving, raising almost record amounts of capital.
• 5:42
  Speaker 0: OK.
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  Speaker 0: But then smaller firms, they're apparently struggling just to get meetings with investors.
• 5:47
  Speaker 0: Wow.
• 5:48
  Speaker 0: Yeah, LPs are consolidating, putting more money with fewer bigger funds, seeking scale, global reach, and this concentration gives those mega funds huge advantages.
• 5:59
  Speaker 1: So the middle market is feeling the squeeze.
• 6:01
  Speaker 0: Big time.
• 6:02
  Speaker 0: Mid-market PE apparently raised its lowest amount of capital since two thousand nine in the first half of this year.
• 6:07
  Speaker 0: That's, yeah, that's a significant trend.
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  Speaker 0: That really
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  Speaker 1: speaks to what Robert Jay observed too.
• 6:12
  Speaker 1: Fundraising is tough for most managers.
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  Speaker 1: Capital is concentrating at the top.
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  Speaker 1: And he also mentioned dealmaking was pretty muted in the first half of twenty twenty five because of market uncertainty.
• 6:21
  Speaker 0: Yeah, things felt slower.
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  Speaker 1: And holding periods have stretched out past five years, meaning there's like over a trillion dollars of net asset value stuck in older funds.
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  Speaker 0: A trillion dollars just waiting for an exit path.
• 6:33
  Speaker 0: That's huge liquidity pressure.
• 6:34
  Speaker 1: It is.
• 6:36
  Speaker 1: But.
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  Speaker 1: Interestingly, connecting this to maybe a more positive regional view, Dr.
• 6:41
  Speaker 1: Mark P. Bellitza argued that PE is actually supercharging Germany's economic comeback.
• 6:46
  Speaker 0: Oh, interesting counterpoint.
• 6:48
  Speaker 0: By
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  Speaker 1: backing the middle stand, you know, the strong mid-sized German companies pouring capital into growth, transformation, strengthening jobs in areas like green energy, and helping scale SMEs into global players.
• 7:01
  Speaker 0: So, a pocket of real resilience and maybe strategic focus there, despite the broader consolidation.
• 7:06
  Speaker 1: Seems like it.
• 7:08
  Speaker 1: And while there are clearly challenges, Romain Bigramian had a thoughtful take.
• 7:12
  Speaker 1: He suggested this is all part of a needed phase of maturation for the industry.
• 7:16
  Speaker 0: A Darwinian selection, maybe?
• 7:18
  Speaker 1: Kind of.
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  Speaker 1: He acknowledged all the downbeat posts about returns and tough exits, but thinks this pressure will ultimately force firms to adapt, improve, and lead to a stronger, more resilient PE industry overall.
• 7:29
  Speaker 0: Makes sense.
• 7:30
  Speaker 0: Adapt or fade away.
• 7:31
  Speaker 1: So speaking of that trapped capital and the need for exits, liquidity is obviously critical right now.
• 7:37
  Speaker 1: And the secondary market seems to be really stepping into the spotlight.
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  Speaker 0: Oh, absolutely.
• 7:42
  Speaker 0: Hugh MacArthur and his private thoughts highlighted that the secondary market is seriously warming up.
• 7:48
  Speaker 0: how warm we're talking.
• 7:49
  Speaker 0: a hundred and ten billion dollars in volume just in the first half of twenty twenty five.
• 7:55
  Speaker 0: wow.
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  Speaker 0: and what's really striking he said is that over half of the gp led deals priced at or above
• 8:02
  Speaker 1: par at or above.
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  Speaker 1: that's on a fire sale.
• 8:04
  Speaker 0: not at all.
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  Speaker 0: he called it a fundamental shift.
• 8:07
  Speaker 0: It signals these aren't just dumping grounds.
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  Speaker 0: They're becoming the preferred path for some of the best performing assets.
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  Speaker 1: That's a massive vote of confidence in the quality, isn't
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  Speaker 0: it?
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  Speaker 0: It really is.
• 8:16
  Speaker 0: And Stefan Paul's from Moonfair backed this up.
• 8:19
  Speaker 0: Record transaction levels, both GP-led and LP-led, and discounts are narrowing.
• 8:23
  Speaker 1: So it's becoming more mainstream.
• 8:24
  Speaker 1: Yeah.
• 8:25
  Speaker 0: He noted more investors are using secondaries programmatically now, like part of their regular strategy, not just opportunistically when something pops up, for diversification, risk management.
• 8:35
  Speaker 0: Interesting.
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  Speaker 1: But is it all smooth sailing?
• 8:37
  Speaker 0: While Robert Jay, while confirming the surge, also pointed out that deal flow in the primary market is still outpacing the capital being raised.
• 8:46
  Speaker 1: Okay.
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  Speaker 0: And he mentioned some larger LPs are concerned about being shut out of deals, especially when GPs move good assets into continuation vehicles earlier than expected.
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  Speaker 1: Right, potentially cutting off some of that upside for the original investors.
• 8:58
  Speaker 0: Exactly.
• 8:58
  Speaker 0: So it's a dynamic space, lots of activity, but also some new tensions emerging.
• 9:03
  Speaker 1: Okay, shifting gears slightly, but still related to capital flows private credit.
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  Speaker 1: It feels like it's gaining some serious momentum, almost rivaling PE for some big players.
• 9:14
  Speaker 0: It's more than rivaling in some cases.
• 9:16
  Speaker 0: Nicola Ebbmeyer's analysis actually showed a power shift.
• 9:20
  Speaker 0: A power shift.
• 9:20
  Speaker 0: Yeah, among big managers like Apollo, Blackstone, KKR, private credit assets under management are overtaking private equity.
• 9:28
  Speaker 0: Why
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  Speaker 1: boom?
• 9:28
  Speaker 0: A lot of it goes back to post crisis banking regulations, which kind of created a void that private credit stepped into.
• 9:36
  Speaker 0: Plus, borrowers like the speed, the flexibility, the tailored structures credit offers, even if it costs a bit
• 9:43
  Speaker 1: more.
• 9:43
  Speaker 1: Phil's a real need.
• 9:45
  Speaker 1: It's interesting how different regions are adopting it, though.
• 9:48
  Speaker 0: Yeah, Nicola noted the U.S.
• 9:49
  Speaker 0: is way ahead.
• 9:50
  Speaker 0: Non-bank lending is like seventy-five percent of the market there.
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  Speaker 0: In
• 9:53
  Speaker 1: Europe.
• 9:54
  Speaker 0: Only around twelve percent.
• 9:55
  Speaker 0: Big gap.
• 9:56
  Speaker 1: So, lots of room for growth, maybe consolidation in M&A.
• 10:00
  Speaker 1: in Europe then?
• 10:01
  Speaker 1: You'd
• 10:01
  Speaker 0: think so, as European asset managers try to catch up.
• 10:04
  Speaker 1: And what does this mean for entrepreneurs or portfolio companies?
• 10:07
  Speaker 1: Well,
• 10:07
  Speaker 0: Lesha Zarizanev really emphasized that understanding debt not just equity is crucial.
• 10:13
  Speaker 0: He broke down public credit like bonds versus private credit facilities.
• 10:17
  Speaker 0: Right.
• 10:17
  Speaker 0: His point was that using both wisely can massively improve liquidity and flexibility.
• 10:22
  Speaker 0: The smartest businesses, he argued, use both strategically to balance things like flexibility, complexity, scale, and transparency.
• 10:29
  Speaker 1: So PE firms need to be just as sophisticated about the debt side of the equation.
• 10:33
  Speaker 0: Absolutely.
• 10:34
  Speaker 0: It's part of the whole capital structure strategy.
• 10:37
  Speaker 1: Okay, let's pivot now to some more specific sector and regional signals we picked up from the LinkedIn discussions.
• 10:44
  Speaker 0: Get
• 10:44
  Speaker 1: a bit more granular.
• 10:45
  Speaker 1: Sounds
• 10:45
  Speaker 0: good.
• 10:46
  Speaker 0: We saw a pretty major milestone in GovTech.
• 10:48
  Speaker 0: EQT acquired NeoGov for three billion dollars.
• 10:52
  Speaker 1: Three billion.
• 10:53
  Speaker 1: That's a big exit for that space.
• 10:55
  Speaker 1: Yeah.
• 10:55
  Speaker 0: Dustin Hazeler reported on that, shows real scale and investor confidence growing there.
• 11:01
  Speaker 0: And Sebastian Esser noted Waterland Private Equity Investing in Chem Service Group.
• 11:07
  Speaker 1: Compliance and testing.
• 11:08
  Speaker 0: Exactly.
• 11:09
  Speaker 0: Focused on sustainable growth in that area.
• 11:11
  Speaker 1: Another trend, maybe a slightly more controversial, that Mark Philpot highlighted, was PE firms buying up utilities.
• 11:17
  Speaker 1: Ah, yes.
• 11:18
  Speaker 0: That always raises questions.
• 11:19
  Speaker 0: Right.
• 11:20
  Speaker 1: He mentioned Blackstone buying TXNM, BlackRock bidding for Elite, Brookfield investing in Duke Energy, Florida.
• 11:27
  Speaker 1: The firms argued they bring capital for modernization, which is needed.
• 11:30
  Speaker 1: But Philpot's point was the real test is regulatory oversight.
• 11:34
  Speaker 0: Making sure public good doesn't get sidelined by private interests.
• 11:37
  Speaker 1: Exactly.
• 11:38
  Speaker 1: It's a fine line, especially with essential services.
• 11:40
  Speaker 0: Definitely.
• 11:41
  Speaker 0: On a maybe more future-facing note, Nicholas Dimitri was exploring potential PE buyouts in crypto.
• 11:49
  Speaker 1: Really?
• 11:49
  Speaker 1: Crypto buyout?
• 11:50
  Speaker 0: Yeah, suggesting the sector is showing some signs that historically have preceded PE getting involved in other industries.
• 11:56
  Speaker 0: Sort of a maturation
• 11:57
  Speaker 1: signal, maybe?
• 11:58
  Speaker 1: Interesting.
• 11:58
  Speaker 1: And Hasan Awadah.
• 12:00
  Speaker 0: He showcased that list of the world's most valuable private companies, you know, SpaceX, ByteDance, OpenAI.
• 12:07
  Speaker 1: The big unicorns?
• 12:08
  Speaker 1: Exactly.
• 12:09
  Speaker 0: Really highlights how tech, especially fueled by AI, is dominating that top tier of private value creation.
• 12:16
  Speaker 1: And what about regionally?
• 12:17
  Speaker 1: Any specific hotspots or Quiet spots.
• 12:19
  Speaker 0: Well, Calvin Kreitz reported.
• 12:21
  Speaker 0: August was typically the quietest month for European PE deals.
• 12:24
  Speaker 0: France apparently was particularly inactive then.
• 12:27
  Speaker 1: Okay, seasonal lull.
• 12:28
  Speaker 0: But Yannick Elhag pointed out that German-speaking PE seemed pretty resilient, seeing diverse mid-market deals in areas like regulatory services, insurance, tech.
• 12:37
  Speaker 0: So
• 12:37
  Speaker 1: activity is still happening there.
• 12:39
  Speaker 1: Yeah.
• 12:39
  Speaker 0: And Mitch Voitz noted more global acquiring DNA-thirty-three backed by Waterland, which pushed more into Belgium's Big Five consulting firms.
• 12:47
  Speaker 1: or consolidation in professional services.
• 12:49
  Speaker 0: Seems to be a recurring theme.
• 12:51
  Speaker 0: So yeah, a bit of a mixed bag across sectors and regions, but you definitely see PE adapting, finding opportunities, and driving consolidation.
• 13:01
  Speaker 1: Okay, last theme, but certainly not least, the people and the structure.
• 13:07
  Speaker 1: The operating models, talent, governance.
• 13:09
  Speaker 1: basically, the human engine driving value.
• 13:11
  Speaker 1: Yeah,
• 13:12
  Speaker 0: absolutely crucial.
• 13:13
  Speaker 0: And the role of the operating partner seems to be really evolving.
• 13:16
  Speaker 0: How so?
• 13:16
  Speaker 0: Zorian Rotenberg, building on ideas from Alex Rawlings, stressed that top OPs aren't just advisors anymore.
• 13:23
  Speaker 0: They blend that with actively driving outcomes.
• 13:26
  Speaker 1: Can their hands dirty?
• 13:27
  Speaker 0: Pretty much.
• 13:28
  Speaker 0: Yeah.
• 13:28
  Speaker 0: Leading initiatives, acting as force multipliers for the management team, not just sitting on the sidelines.
• 13:33
  Speaker 1: That makes sense.
• 13:34
  Speaker 1: More active involvement.
• 13:35
  Speaker 1: And Jake Seymour highlighted something related, right?
• 13:38
  Speaker 1: Referencing the private equity podcast.
• 13:40
  Speaker 0: Yeah.
• 13:40
  Speaker 0: The growing importance and risks around interim CTOs and portfolio companies.
• 13:45
  Speaker 0: Yeah.
• 13:46
  Speaker 0: alignment there can be really damaging.
• 13:48
  Speaker 0: Especially
• 13:48
  Speaker 1: with tech being so central now.
• 13:50
  Speaker 0: Exactly.
• 13:51
  Speaker 0: Underscore is the need for that specialized talent and making sure leadership is pulling in the same direction.
• 13:55
  Speaker 0: And
• 13:55
  Speaker 1: thinking about talent more broadly.
• 13:57
  Speaker 0: Nilesh Thacker made a strong case for leading PE firms needing a dedicated global talent operating partner.
• 14:04
  Speaker 1: A specific role for talent.
• 14:06
  Speaker 0: Yeah.
• 14:06
  Speaker 0: He called it a performance multiplier.
• 14:09
  Speaker 0: Someone focused on accelerating scale, building strategic talent playbooks, even providing talent-focused insights during due diligence.
• 14:16
  Speaker 1: Especially for AI and product heavy businesses.
• 14:19
  Speaker 0: Right, where the right team is absolutely critical.
• 14:22
  Speaker 0: It's viewing human capital much more strategically.
• 14:24
  Speaker 1: And it's not just the operating teams, right?
• 14:27
  Speaker 1: AI is impacting boards too.
• 14:28
  Speaker 0: That was Charles Weiser's point.
• 14:30
  Speaker 0: AI is transforming governance across PE, public companies, nonprofits.
• 14:35
  Speaker 0: Each faces unique challenges, strategic pressures.
• 14:38
  Speaker 0: So
• 14:39
  Speaker 1: directors need to step
• 14:40
  Speaker 0: up.
• 14:40
  Speaker 0: Yeah, more introspection needed, adapting their governance lens to understand AI's implications, the opportunities and the risks.
• 14:47
  Speaker 1: Okay, so bringing all these human elements together.
• 14:49
  Speaker 1: Maxwell
• 14:49
  Speaker 0: Salazar, writing in HBR, put it bluntly.
• 14:52
  Speaker 0: Agility isn't optional for middle market PE leadership.
• 14:56
  Speaker 1: Agility is an optional.
• 14:57
  Speaker 1: Nope.
• 14:58
  Speaker 0: He cited data showing forty percent of execs in PE owned companies feel their teams aren't agile
• 15:03
  Speaker 1: enough.
• 15:03
  Speaker 1: Wow.
• 15:04
  Speaker 1: Forty percent.
• 15:05
  Speaker 0: Yeah.
• 15:05
  Speaker 0: Making agility, that ability to adapt and move quickly, the real difference between creating value and, well, eroding
• 15:13
  Speaker 1: it.
• 15:13
  Speaker 1: So pulling it all together, the picture seems to be a PE world demanding not just capital.
• 15:20
  Speaker 0: Right.
• 15:20
  Speaker 1: But really smart.
• 15:22
  Speaker 1: adaptable specialized people backed by strong governance to actually unlock that value.
• 15:28
  Speaker 1: It's about orchestrating all the pieces.
• 15:30
  Speaker 0: Couldn't have said it better myself.
• 15:32
  Speaker 1: Well, that brings us to the end of another, I think, really insightful deep dive into the world of private equity.
• 15:37
  Speaker 1: We've covered a lot of ground from AI's impact to market structures, liquidity, and that crucial human element.
• 15:43
  Speaker 0: Yeah, we hope these insights pulled from what people are actually talking about on LinkedIn help you stay ahead, maybe spark some new thinking for your own work.
• 15:50
  Speaker 1: The key takeaway feels like this isn't just about isolated trends.
• 15:53
  Speaker 1: It's about how AI, operational focus, capital shifts, talent strategy, how they all interact to reshape the landscape.
• 16:00
  Speaker 1: Agility and smart integration seem paramount.
• 16:03
  Speaker 0: Definitely.
• 16:04
  Speaker 0: It's about connecting the dots.
• 16:05
  Speaker 1: If you enjoyed this deep dive, new episodes drop every two weeks.
• 16:09
  Speaker 1: And please do check out our other editions covering venture capital, M&A, and strategy and consulting.
• 16:15
  Speaker 0: Thanks for listening.
• 16:16
  Speaker 1: And don't forget to subscribe so you don't miss out on your next shortcut to being well-informed.