VI. Perspectives
Letters from the Managing Partner, sector briefs, and market commentary from across the firm — selected for limited partners and the management teams we work with.
A reflection on duration, the cost of impatience in private markets, and why the next decade will reward investors who measure time in cycles rather than quarters.
Read the letter →Why the next generation of industrial software will be built by domain operators, not generalist technology platforms.
Corporate divestitures have re-emerged as one of the most attractive sources of private opportunity in a decade.
Lessons from building multi-site specialty platforms in a fee-for-value reimbursement environment.
How demographic and tax pressures are reshaping the universe of mid-sized businesses available for institutional ownership.
Lessons from three transactions completed across France, Germany, and the United Kingdom over the past eighteen months.
Reflections on continuation vehicles as a tool for long-duration ownership rather than a liquidity workaround.
Why we believe diligence performed by operators meaningfully outperforms diligence performed by professional underwriters.
Building multi-site platforms in physician specialties where economic alignment with payors is still under construction.
A review of the year, the markets, and the businesses we are most proud to be associated with.