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Archive for July, 2014

Warren Buffett Investment Recommendations?

In his latest annual letter to Berkshire Hathaway shareholders, Warren Buffett provided an honest admission of where the fortune he was leaving to his wife would go: “My advice to the trustee could not be more simple: Put 10% of the cash in short-term government bonds and 90% in a very low-cost S&P 500 index fund. (I suggest Vanguard’s.) I believe the trust’s long-term results from this policy will be […]

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Executing Deals in an Era of 11x Multiples

Here is a great article from Richard Wilson on executing high multiple deals. Our team closed on an acquisition last week, and while this happened to be a distressed IP deal, a recent report on global mergers and acquisitions valuation predicts that valuations are expected to surpass 11 times EBITDA on average. Buyers, from newly raised private equity funds to corporations holding too much cash, have helped form a very […]

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Rise of the Independent Sponsor

As has been reported many times in recent years, endowments, pensions, sovereign wealth funds, family offices and other large investors are working outside the typical private equity structure. In order to have greater discretion over the deals they allocate to and to avoid traditional fees, these investors are more and more looking to place capital via co-investments, direct investments, and club deals with other institutional investors. By no coincidence, independent sponsors, […]

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