Nikhita Raman

Houlihan Lokey bets on European secondaries with managing director shake-ups There's a new MD hire in Zurich, Sandro Galfetti, while a New York MD, Michael Pilson, has shifted to London as the firm bets on continuation vehicle growth in the European region https://lnkd.in/e-qHuSMD

100

I’ve spoken to over 2 dozen MDs at PE firms I can confidently say that the arb of figuring out how to implement Vertical AI at portfolio companies is very real right now It will fundamentally change underwriting for those who can do it predictably and unlock generational returns. Most are aware they need to act. Very few have.

453

64 Comments

I spoke with Christien Louviere of BDE Capital about his journey from a $330mm exit to becoming an independent sponsor. Christien shared excellent insights for folks looking to partner with business owners, rather than buy sellers out completely. Below are a few of the topics we covered: - Why he moved from “zero-to-one” startups to a buy-then-build strategy - How Christien's background shaped a focus on growth vs. cost-cutting - Why 20–40% rolled equity is central to his deal structures—and how it builds trust with sellers - Using scenario analysis with AI tools to evaluate management teams and uncover hidden key-person risks - How to identify when a $3–5M EBITDA company truly has a middle management layer—or is still founder-reliant For anyone investing in or buying small businesses, Christien’s approach provides a fresh lens on growth, alignment, and deal structuring. 🎥 Watch the full interview here → https://lnkd.in/ekfkaiej 🎧 Listen on Spotify: https://lnkd.in/e86Agx6V

33

8 Comments

🔔Announcing the 2025 Vertical SaaS 50!🔔 Today, Avid Ventures, Headline, and Bain Capital Ventures recognize 50 new emerging vertical SaaS companies. 🏭 This year, over a third of the honorees are solving problems in the physical world including Caspian, DocUnlock, and Revenue Vessel in logistics, Complement, DiploAI, and Forgepoint in manufacturing, Ichi in construction, and GridStrong, Lumora, and Strobe Power in electricity/utilities. 📝 As in prior years, several honorees are building in the broader professional service landscape including &AI, Crosby, and PointOne in legal, Mako AI in financial services, and Foundation, Novella, and Strala in insurance. 🩺 Most notably, we've seen an increase in healthcare companies like Charta Health, Ferry Health and RoVR as well as Zoomlogi in pharma, Corner Health and Duet in nurse practioner practices, ExaCare AI in senior care, Onos Health in behavioral health, Grove AI in clinical trials, and Lassie and Rondah AI in dental. If you are building a vertical SaaS company or have recommendations for our 2026 list please reach out - we'd love to hear from you!

424

52 Comments

PE - Why Commercial/GTM is Key to Success in PE (Insights from "Bain’s Global PE Report 2025") Here is why "Commercial / GTM Edge" is pivotal for private equity success: From Bain's Global PE 2025 Report: - Revenue Growth has accounted for 52% of value creation in the software subsector - Margin growth has contributed just 6% Source: Bain & Company - PE Industry Report 2025 - https://lnkd.in/enKEHPfG / Hugh MacArthur #pe #privateequity

27

3 Comments

Ten years on from the beginning of the firm‘s expansion in Europe, Scott Adelson, CEO of Houlihan Lokey, and Phil Adams, President of Houlihan Lokey, Europe, spoke with Financial News about the firm‘s expansion strategy and how it has successfully integrated multiple acquisitions to reach the scale it now has in the region. Read more here: https://lnkd.in/gnwt8eaG

134

3 Comments

Following on from Packy McCormick's post on the growth in VC-backed exit values over the last 20 years, we did our own deep dive into the Pitchbook data. We looked at US VC-backed exits from 2005-2024 (with an exit value of at least $10k) and broke things down into five year periods. Some key takeaways: * Nobody is getting rich from the median exit. For the whole 20-year period, the median exit size was just $85m. It has been steadily growing - from $50m in 2005-09 to $113m in 2020-24 - but nobody is investing in VC for these sort of outcomes. * The value of a top 10% exit grew from $400m in 2005-09 to $1.6bn in 2020-24. This is a 59% compound growth rate over each of the four periods. * The value of the 99th percentile exit, the mythical top 1%, grew even faster - from $1.4bn in 2005-09 to $10.2bn in the most recent five-year period. This represents a 93% compound growth rate over each period. If this trend continues, then we should expect to see the top 1% exit increase to nearly $20bn over the next five years and nearly $40bn in 2030-34. We have always said that you should compare fund sizes today to the expected exit sizes in 10 years' time. If we do think the top 1% exit will be $40bn+ when today's funds are maturing (which doesn't strike me as crazy), then how does that impact the debate on what an appropriate fund size should be for a 2025 vintage fund?

136

15 Comments

Thoma Bravo highlights rising retail interest in private equity secondaries amid market shift. Orlando Bravo, co-founder and managing partner of Thoma Bravo, has drawn attention to the rapid growth of retail capital flowing into private equity, as the industry increasingly taps high-net-worth individuals. Bravo noted that retail investors are beginning to play a larger role in funding continuation vehicles. However, he emphasised the need for careful structuring and investor education, stating: “The retail investors might not be as sophisticated. There might be more risk of them not understanding what they’re involved in and this could create all sorts of problems.” Read more: https://lnkd.in/dPEtvmiw #PEInsights #privateequity #secondaries #retailinvestors

79

Capital formation isn’t just about fundraising; it’s about building trust through transparency and clarity. I just wrapped moderating a panel at SVB’s Venture Connect conference, joined by Erlina Yeo Terwelp, Geoff Taylor, Brian Chen, and Stephen Bluestein. The goal: an interactive discussion on how GPs can build enduring partnerships with LPs in today’s fundraising environment. Key themes and takeaways from the conversation: • Relationships are paramount: Provide access to multiple investment team members across levels. Authentic, consistent engagement is foundational to long-term partnerships.  • Show your fund math: LPs want to see how ownership stakes and exit expectations map to net returns—at the actual fund size. Scaling isn’t a strategy unless supported by fundamentals. Help LPs draw clear conclusions. • Transparency builds trust: Be transparent on valuation methods, revenue multiple assumptions, even succession planning. Consistency and openness go a long way. • Investing in venture: LPs are active, but the bar is higher. Two deliverables I’ll be focusing on in our next cycle: 1. Elevating the operations DDQ. Now the second most-viewed item in any data room, right behind the investor deck. 2. Ensuring our deck clearly communicates fund math. From ownership to exit to net DPI—at the fund size we’re marketing. This experience reaffirmed that transparency and trust-building are critical, especially when the fundraising environment is as bifurcated as the markets we’re investing in. Thanks to Silicon Valley Bank, Bobby Donnelly, and Mark Lau for the opportunity, and to everyone who joined the discussion! 

132

4 Comments