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84% of PE’s Recent Run-Up Was Mega-Deals, and It’s Gone
PE market splits: mega-deals and top-tier assets thrive, masking middle-market stagnation where 2021 valuation multiples remain high despite broader slowdown.
An edition of Velocity Meter
Private Equity
Deal trends, operational insights, market conditions, exit strategies.
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published
16% of LP Liquidity Comes from Continuation Vehicles
Top-quartile GPs use CVs for liquidity and are upgrading how they track value creation. This drives 16% of LP liquidity.
5 to 10 Percent Margin Beat Is a Win for Adam Crandall
Adam Crandall on why private equity now rewards profitable growth, not just revenue, and how Addtronics quadrupled revenue with strategic market specialization.
China Floods AI Market with 99 Percent Lower Cost Models
China is disrupting the global AI market by flooding it with powerful, low-cost open-source models.
Legacy Legal Firms Lose to AI, Not Due to Data Moats but Adaptation
AI is disrupting the legal sector, unseating entrenched firms who, despite data moats, are struggling to adapt to new operating models and profit pools.
86x Token Growth Shows Man Group’s AI Application Maturity
Hedge fund Man Group's AI token consumption surged 86x, reflecting a focus on complex, chained AI processes that build entire application features.
KKR’s Pete Stavros: $14B in Wealth. Ops Over Financial Eng.
With interest rates up, PE firms shift from financial engineering to operational excellence. KKR’s Pete Stavros highlights how employee ownership programs creating $14B in wealth are driving returns.
The 'Miracle of SaaS' is Dead. What Now?
The AI honeymoon is over. Smart money is scrutinizing the real costs of
Nikesh Arora Bets on AI Applications as Analytical SaaS Dies
The AI narrative is cracking as operators separate signal from noise, forcing a re-evaluation of where real value accrues.
Private Markets Eat Public: SpaceX, Anthropic Defy IPOs
The private stock market is eating the public one, with liquidity and valuations defying traditional IPO logic.
Apollo's 40% rule. AI’s capital demand and Toast’s 18x earnings.
Apollo's 40% rule reflects a broader strategic pivot in private equity, emphasizing early capital recoupment and operational efficiencies over relying on…
Building the Beast: AI’s Hard Infrastructure Pivot + China’s Trade Gambit
AI moves from software to a high-stakes infrastructure game. Anthropic hits profitability, China leverages rare earths, and the energy bottleneck tightens.
The SaaSpocalypse: Why Enterprise Software Valuations Are Shifting
China's geopolitical shifts and military purges are reshaping global supply chains, while the enterprise software market faces a
$44B ARR in 4 Months. Opendoor’s Velocity Play. AI Monopolies.
Opendoor’s strategy to prioritize transaction velocity over static asset holdings signals a disruptive shift for B2B SaaS, real estate, and financial services. This week, we examine how AI is forcing operators to optimize for speed of capital...
The IRR mirage. Garden City’s low-debt bet and OpenAI’s power wall.
Private equity is ditching quick IRR wins for long-term value. Firms now prioritize operational transformations, low-debt, and founder alignment.
The insulation hedge. QXO’s $17B bet and the SaaS debt bomb.
As PE operating partners hit 21%, AI capabilities double every four months. This rapid pace reshuffles playbooks, forcing a re-evaluation of software, hardware, and corporate governance.