L Catterton: The $40B Consumer PE Firm With LVMH's Playbook (And Its Blind Spots)
L Catterton: The $40B Consumer PE Firm With LVMH's Playbook (And Its Blind Spots) L Catterton sold Everlane to Shein in May 2026. A sustainable fashion brand built on radical transparency — sold to the company...
May 27, 2026
Advisory Shares: Why 90% of Them Are Worth Nothing (And When to Take the Deal)
Advisory Shares: Why 90% of Them Are Worth Nothing (And When to Take the Deal) Run the math. A pre-seed advisory grant of 0.225% equity, at a startup with a 15% chance of surviving, sold at a 6x exit multiple on a $1M...
May 27, 2026
Fund of Funds: You're Paying 2-and-20 Twice (Here's When It's Still Worth It)
Fund of Funds: You're Paying 2-and-20 Twice (Here's When It's Still Worth It) Put $1 million into a fund of funds and watch a 3.0x gross multiple shrink to 2.3x net over ten years. That's roughly $700,000 in fee drag on...
May 27, 2026
A PE Firm Just Bought Velcro. Yes, That Velcro. Here's What Middle-Market PE Sees in Iconic Consumer Brands That Growth Investors Miss.
Last week, while you were arguing on LinkedIn about which AI model will replace software engineers, a New York PE firm did something far more interesting. Arsenal Capital Partners agreed to acquire a majority stake in...
May 27, 2026
A Manufacturing Company That Hires From Dollar Tree Just Hit $1B. Why Sequoia and the Stripe Cofounders Backed a Factory Over Another SaaS Startup.
SendCutSend raised $110 million from Sequoia, Paradigm, and Stripe co-founders Patrick and John Collison , hitting a $1.01 billion post-money valuation on May 19, 2026. Let that sentence sit for a second. Not another AI...
May 27, 2026
Boston Scientific Paid $1.5B for 34% of MiRus — With a $3B Acquisition Option Attached. This Is How Corporate Venture Actually Works.
Most corporate venture capital is theater. A $5 million check, a logo on a cap table, a press release about "strategic alignment." Nobody gets acquired. Nobody wins. The real players don't play it that way — and last...
May 27, 2026
Thrive Capital: Josh Kushner's $50B Bet on Conviction Over Diversification
Thrive Capital: Josh Kushner's $50B Bet on Conviction Over Diversification Fund VIII posted 126% IRR. That's not a typo. The OpenAI bet alone — $1.3 billion into a $157 billion round with exclusive follow-on rights —...
May 27, 2026
Right of First Refusal: The Clause That Can Lock You In or Kill Your Deal
Right of First Refusal: The Clause That Can Lock You In or Kill Your Deal A $250M acquisition died because a seed-stage investor exercised their ROFR. The buyer walked. The seller waited 30 days for a match that was...
May 27, 2026
The Delaware C-Corp Myth: Why 95% of Founders Don't Need One (And the 5% Who Absolutely Do)
The Delaware C-Corp Myth: Why 95% of Founders Don't Need One (And the 5% Who Absolutely Do) I've watched founders spend $3,000–$5,000 per year maintaining a Delaware C-Corp they didn't need — because a Y Combinator blog...
May 27, 2026
Form ADV: The Free Document That Exposes Everything Your Financial Advisor Hides
Form ADV: The Free Document That Exposes Everything Your Financial Advisor Hides 95% of investors have never read their advisor's Form ADV. It's free, it's public, and it reveals every fee, conflict, and disciplinary...
May 27, 2026
TVPI: The PE Metric That Flatters Every Fund Manager (And How to See Through It)
TVPI: The PE Metric That Flatters Every Fund Manager (And How to See Through It) Vista Equity Partners Fund VII is sitting at an estimated 1.3x–1.7x TVPI as of 2024. Sounds like progress. But the fund's DPI — the cash...
May 27, 2026
Stord Just Raised $250M at $3B to Build the Anti-Amazon Fulfillment Layer. Here's Why I'm Watching — and Where It Could Go Wrong.
Last week, Stord raised $250 million in a Series F at a $3 billion valuation — doubling its valuation from $1.5 billion in under 12 months. The round pulled in Strike Capital, Kleiner Perkins, Founders Fund, Franklin...
May 27, 2026