Brian DeChesare

MARCH 13, 2024

Over the past few decades, growth equity (GE) has gone from an afterthought to a major asset class for huge investment firms. Some argue that GE offers the best of both worlds: the opportunity to fund innovation and growth – as in venture capital – plus the ability to limit downside risk and invest in proven companies – as in private equity.

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Equity Start-ups Marketability Banking 105

Brian DeChesare

MAY 15, 2024

Private equity value creation came on my radar a few years ago when I noticed something: Even though traditional PE deal roles were not doing well, “operational” or “value creation” teams still seemed to be recruiting. What Does the Private Equity Value Creation Team Do in Real Life? Why is PE Value Creation Suddenly “Hot”?

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Equity Private Equity Firm Start-ups EBITDA 105

Brian DeChesare

OCTOBER 30, 2024

Corporate finance jobs at normal companies are bad … …if you’re using them to break into a deal-based field, such as investment banking , private equity , or venture capital , or as a “Plan B” if you interview around but do not get into one of these. Can we speed up the data consolidation processes? Your total compensation in U.S.-based

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Corporate Finance Finance Treasury Banking 105

Global Finance

JUNE 17, 2024

A 10-year veteran at DBS Bank, Karoonyavanich recently expanded his role to cover all Equity Capital Markets business for the bank globally when the firm merged its equities, fixed income and brokerage businesses to form a new Investment Banking unit. In 2017 and 2018, we saw China continue to open up. in the same period.

Equity 111

Equity Marketability Banking Start-ups 111

Musings on Markets

AUGUST 5, 2023

If you have been reading my posts, you know that I have an obsession with equity risk premiums, which I believe lie at the center of almost every substantive debate in markets and investing. How, you may ask, can equity risk premiums be that divergent, and does that imply that anything goes?

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Risk Premium Equity Start-ups Treasury 97

Startup Valuation Blog

AUGUST 10, 2023

To delve deeper into the world of equity incentives and discover how they can revolutionize your startup's growth strategy, keep reading below As the founder of a startup, one of your key responsibilities is to attract and retain top talent that can drive your company's growth and success. Why Are They Important for Startups?

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Equity Business Valuation Compliance Start-ups 100

Startup Valuation Blog

AUGUST 10, 2023

To delve deeper into the world of equity incentives and discover how they can revolutionize your startup's growth strategy, keep reading below As the founder of a startup, one of your key responsibilities is to attract and retain top talent that can drive your company's growth and success. Why Are They Important for Startups?

Equity 100

Equity Business Valuation Compliance Start-ups 100

Musings on Markets

JANUARY 21, 2023

In this post, I will begin by chronicling the damage done to equities during 2022, before putting the year in historical context, and then examine how developments during the year have affected expectations for the future. Actual Returns Your returns on equities come in one of two forms. at the start of that year.

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Equity Risk Premium Start-ups Dividends 93

Brian DeChesare

NOVEMBER 30, 2022

Your first thoughts reading this article might be, “Wait a minute, why are ‘private equity exit opportunities’ a topic? But despite the hype, people do leave private equity all the time, whether it’s voluntary or forced. Why Leave Private Equity? Private Equity Exit Opportunity #2: Join a Hedge Fund. Good questions.

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Equity Banking Start-ups Marketability 98

Financial Times M&A

APRIL 3, 2025

Plus, market volatility snags a debt refinancing by Vista Equity Partners and start-up Plaid suffers a big valuation drop

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Start-ups Equity Marketability 92

Brian DeChesare

APRIL 13, 2022

They all think they can make a fortune buying and selling stocks; in other words, they’re fans of the long/short equity strategy. When the average person thinks of hedge funds, long/short equity is often the first thing that comes to mind. Probably 90% of hedge fund stock pitches use long/short equity or related strategies.

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Equity Start-ups Banking Marketability 98

Brian DeChesare

JANUARY 24, 2024

Let’s start with the elephant in the room: yes, we’ve covered the growth equity case study before, but I’m doing it again because I don’t think the previous examples were great. So, you can think of this example and tutorial as “Growth Equity Case Study: The Final Form.” They over-complicated the financial model (e.g.,

Equity 105

Equity Private Equity Firm Start-ups Comps 105

Brian DeChesare

AUGUST 16, 2023

As with investment banking in Hong Kong , I can summarize private equity in China in one sentence: “If you’re not Chinese, don’t even think about it, and even if you are Chinese, it’s best if you have great connections within the CCP and want to stay in China long-term.” This may change due to factors like the “decoupling” with the U.S.,

Equity 94

Equity Banking Start-ups Private Equity Firm 94

Harvard Corporate Governance

APRIL 19, 2022

Starting from the premise that the optimal number of regulations is not zero (and I recognize that there may be those who do not start from that premise), I want to enlist your help as we think through what is the right balance in regulating the private markets, and what those rules should look like. more…).

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Start-ups Finance Marketability Equity 211

Benzinga

MARCH 21, 2024

Clarivate Plc (NYSE: CLVT ) has entered into an agreement to acquire the majority of assets of MotionHall , a Silicon Valley technology start-up. MotionHall serves life sciences with vertical artificial intelligence (AI) solutions. The financial terms of the transaction were not revealed.

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Start-ups Technology Equity 52

Brian DeChesare

JULY 3, 2024

When firms kicked off the on-cycle private equity recruiting process in June this year, before IB Analysts had even started their training , some people were shocked. A long time ago, in a galaxy far, far away, this process used to start ~1 year in advance of PE jobs. interview and hire candidates ~1.5 – 2.0+

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Equity Start-ups Banking Private Equity Firm 59

John Jenkins

AUGUST 6, 2024

A recent Nixon Peabody memo provides an overview for emerging companies of the differences between the use of convertible debt and simple agreement for future equity for early stage financings.

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Start-ups Finance Equity 45

Brian DeChesare

MAY 17, 2023

Ever since the 2008 financial crisis, there has been massive hype about both private equity and technology. Over the past few decades, technology private equity has gone from “barely existing” to representing the largest single sector in PE by both deal value and deal count. Why Did PE Firms Start Buying Tech Companies?

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Equity Technology Private Equity Firm Start-ups 64

Mckinsey and Company

MARCH 19, 2024

Despite market slowdown and funding woes, some agriculture technology start-ups still retain high value. Here’s how investors can identify and pursue these opportunities in time.

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Start-ups Technology Marketability Equity 127

Brian DeChesare

JULY 31, 2024

If you ever tire of the hype around tech, industrials private equity might be an ideal hiding spot. Morgan’s acquisition of Carnegie Steel in 1901 – was an industrials private equity deal. Table Of Contents Industrials Private Equity Defined What Has Drawn Private Equity Firms to Industrials Companies?

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Equity Private Equity Firm EBITDA Start-ups 66

Musings on Markets

OCTOBER 4, 2023

We started the year with significant uncertainty about whether the surge in inflation seen in 2022 would persist as well as about whether the economy was headed into a recession. The NASDAQ also gave back gains in the third quarter, but is up 27.27% for the year, but those gaudy numbers obscure a sobering reality.

Marketability 120

Marketability Start-ups Risk Premium Treasury 120

Musings on Markets

JANUARY 19, 2022

In a post at the start of 2021 , I argued that while stocks entered the year at elevated levels, especially on historic metrics (such as PE ratios), they were priced to deliver reasonable returns, relative to very low risk free rates (with the treasury bond rate at 0.93% at the start of 2021). The year that was.

Risk Premium 98

Risk Premium Risk-free Rate Start-ups Equity 98

Brian DeChesare

FEBRUARY 19, 2025

With investment banking internship recruiting starting earlier and earlier, you also need to win pre-banking internships earlier. People debate the best options: Search fund internships , private equity internships , boutique bank internships, real estate internships, and even wealth management internships have their pros and cons.

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Banking Start-ups Finance Venture Capital Fund 59

Musings on Markets

DECEMBER 11, 2024

As you look at my class list in the next section, you will note that each of the classes is built around a story line, with the sessions building up to what is hopefully a climax. to the transactional (how much of my business should I give up for a capital infusion?)

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Corporate Finance Finance Start-ups Appraisal 120

Musings on Markets

JULY 13, 2022

It has been my practice for the last two decades to take a detailed look at how risk varies across countries, once at the start of the year and once mid-year. Country Risk: Equity Risk For equity investors, the price of risk is captured by the equity risk premium, and equity risk premiums will vary across countries.

Risk Premium 102

Risk Premium Risk-free Rate Start-ups Equity 102

Brian DeChesare

NOVEMBER 1, 2023

When you hear the words “healthcare private equity,” two thoughts probably come to mind: Wait a minute, isn’t healthcare a risky/growth-oriented sector? Before delving into these nuances, we should take a step back and define the sector: Definitions: What is a Healthcare Private Equity Firm? Why do PE firms operate there?

Equity 59

Equity Private Equity Firm Start-ups Banking 59

Brian DeChesare

FEBRUARY 22, 2023

Sell-Side Definition: In the finance industry, “buy-side firms” raise money from institutions and wealthy individuals and invest on their behalf, profiting from management fees, performance fees, or both; “sell-side firms” earn money from commissions charged to facilitate deals and to sell, market, and trade equity, debt, and other securities.

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Finance Marketability Banking Corporate Finance 130

Musings on Markets

JANUARY 30, 2023

If 2022 was an unsettling year for equities, as I noted in my second data post, it was an even more tumultuous year for the bond market. As a result of these rate changes, the term structure which started the year as upward sloping, ended the year downward sloping, giving rise to the usual talk of an imminent recession.

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Treasury Start-ups Risk Premium Equity 96

Musings on Markets

NOVEMBER 14, 2024

Before we look at how those definitions have evolved, it is instructive to start with three measures of sustainability, measuring (in my view) very different things: Planet sustainability , measuring how our actions, as consumers and businesses, affect the planet, and our collective welfare and well being.

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Start-ups Banking Alpha Marketability 99

Musings on Markets

MARCH 19, 2022

The Lead In To understand the market effects of the Russia-Ukraine conflict, we need to start with an assessment of the two countries, and their places in the global political, economic and market landscape, leading in. Ukraine, a part of the Soviet Union, has had its shares of ups and downs, and its economic footprint is even smaller.

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Start-ups Risk Premium Equity Market Capitalization 100

Brian DeChesare

DECEMBER 4, 2024

No matter the economic climate, you can always bet on sports fans to show up for their favorite teams. But this started changing in the 2010s and early 2020s as team values skyrocketed and billionaires, sovereign wealth funds , and sports private equity firms all jumped into the sector. What is Sports Investment Banking?

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Musings on Markets

JULY 17, 2023

At the start of the year, the consensus of market experts was that this would be a difficult year for markets, given the macro worries about inflation and an impending recession, and adding in the fear of the Fed raising rates to this mix made bullishness a rare commodity on Wall Street. That pessimism was not restricted to market outlooks.

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Marketability Risk Premium Start-ups Treasury 98

Viking Mergers

AUGUST 19, 2022

Back in 2020, however, I shared my opinion that the COVID-19 pandemic was a wake-up call for many Boomers (those born between 1946 and 1964) who realized being at home wasn’t too bad and that life is too short to work until the very end. As soon as your ability to run the company declines, the business starts to decline with it.

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Start-ups Equity Banking 130

Lighter Capital

FEBRUARY 12, 2024

Equity dilution is simply the result of supply and demand. To grow the business, founders and co-founders often sell an ownership stake in the company, or equity , to investors to raise capital; many will also issue equity to hire and compensate early team members. Think of equity shares as pieces of a pie.

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Equity Start-ups Finance Marketability 52

Musings on Markets

MAY 6, 2022

In most time periods, those recalibrations and resets tend to be small and in both directions, resulting in the ups and downs that pass for normal volatility. Clearly, we are not in one of those time periods, as markets approach bipolar territory, with big moves up and down.

Risk Premium 102

Risk Premium Treasury Start-ups Equity 102

IVSC

SEPTEMBER 12, 2024

He leads a team of quants, focusing on the valuations of complex securities and instruments issued by start-up companies to venture capital and private equity investors. He has provided advice and expertise in various areas, including valuations of businesses, financial instruments, and intellectual properties.

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Intangible Assets Corporate Finance Treasury Business Valuation 130

Global Finance

OCTOBER 6, 2024

Private equity firms seek operational opportunities. While the NFL is opening up to private equity investment, there are stringent rules in the NBA and the NHL around owning minority stakes. GF: So, where else in the sports ecosystem can private equity firms find opportunity? Or, do you look for private equity investment?

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Private Equity Firm Equity Start-ups Finance 94