Investors & Operators

51 Labs hosted a fireside chat on global PE challenges & opportunities. TOPICS: (1) Developments in M&A and private equity across Asia, Europe, Africa, and the US, (2) Regulatory dynamicsSee below for key takeaways from a unique panel of 3 global PE firms, a global investment banking advisor, and the largest & most active global PE legal practice.Panelists:BDA Partners, Euan Rellie, Co-FounderKirkland & Ellis, Duncan Enista, PartnerCathay Capital, Andre Puong, Partner, $4bn AUM, 143 investmentsDPI, Joanne Yoo, Managing Director, $1.6bn AUM, pan-AfricanRiverside Company, Bob Landis, Founding Partner (Origination), $10bn AUM, 650+ transactions51 Labs, Jordan Selleck, CEO & Co-Founder, a digital marketing agency for the middle market Here are some of the key takeaways:Global buyout transactions fell 60% from January to April and transaction volume is now trending around 1/3 of the five-year monthly averageUncertainty in the US is hampering deal flow relative to other marketsDeals are getting done, but largely for add-ons and platforms known pre-COVIDEarn-outs: Not seeing a significant uptick in earn-outs; however, Duncan is seeing them as a way to get sellers back to the table when the valuations weren’t what they had hoped for during the lockdownHong Kong: The mood is bleak, according to Euan. Firms are moving out and there’s a feeling that it’s quickly becoming less of the multinational hub that attracted people for decades. In the short term, tying Hong Kong closer to China might not be all bad. For example, Chinese companies which may have be reluctant to do IPOs in Western markets might favor listing in Hong KongChina: Doing most cross-border deals with China is incredibly difficult now. Also, 20 years ago you do a business meeting in a hotel lobby in China and you would find partners knocking on your door if you had a good product/brand in Western markets. Today, you have competitive local brands that are going to eat your lunch if you're not extremely aggressive and localize your business. You can't use the playbook of 20 years agoAfrica: Joanne Yoo, Managing Director at DPI, made it clear that Africa is not as connected to the rest of the world so the pandemic hit later and caused less damage. DPI's deal activity is actually busier than before. Their portfolio companies have largely been deemed as essential businesses and, like many lower/mid market company in Africa, they hold more inventory than other marketsWhat impact will the upcoming US election have on their business and strategies, based on a scale of 1-5? Joanne 2, Bob 3, Andre 3, Duncan 2, Euan 2

He is committed to helping individuals fulfill their full potential through their professional lives. In this episode, we explored topics:Is it still worth it to get an MBA?The Importance of white space Misconception of entrepreneursHow to align your organization’s value with all stakeholdersIs being busy always a good thing? Knowing when to say no***Todd Connor is a former management consultant, U.S. Navy veteran, and has held many leadership roles in the public and private sector – with the belief that we can all change and redirect our lives.Todd is the CEO of Bunker Labs, a national non-for-profit organization built by military veteran entrepreneurs to empower other military veterans as leaders in innovation. Todd is also the architect and ideator behind The Collective Academy programs. A successful entrepreneur, he is expert at turning ideas into action into reality. He is all about learning by doing, and pushes others to be brave and be of service.Todd co-owns Emerson House, a country manor retreat center in La Porte, IN.

Her entrepreneurial journey; being an entrepreneur vs. working for someone elseWhat keeps her up at night Transaction vs. relationship mindset Closing her first deal Advice for women entering finance ***BIOMichelle co-founded Clearhaven Partners and sets firm strategy and direction. Michelle is the Chairman of Clearhaven's Investment Committee.  Prior to founding Clearhaven Partners, Michelle developed a love for investing in software and technology businesses, having started in finance and investing nearly 20 years ago. Michelle was a member of the investment teams of Thoma Bravo and Riverside Partners. At Riverside, Michelle was a General Partner and member of the investment committee. Prior to her career in technology investing, Michelle worked in energy and utilities investment banking at Morgan Stanley.Michelle holds an MBA, with distinction, from Harvard Business School and a BBA from the University of Notre Dame.

The founding story - started fund while pregnant Defining success Work vs. Life - compartmentalize, prioritize, focusedKeeping women in finance Life event that changed her perspectiveHer role model ***BIOsAly Lovett is a Partner at Radian Capital. Prior to Radian, she focused on enterprise technology and services investments at FTV Capital and healthcare and retail investments at TA Associates. Selected investments at predecessor firms include LiveIntent, MarketsandMarkets, MarketShare Partners, MedSolutions (nka eviCore healthcare), and Senior Whole Health. Aly received a B.A. in Economics from Yale University. As a former college laxer, she now just tries not to get ejected from her children's sporting events.

How to plan contentGeneral process of producing a podcastThe equipment starter kitDays to record, distribute, and the cost for production How to distribute content Podcast topics for PE firms ***BIOsKison Patel is the Founder and CEO of DealRoom, a project management software for complex financial transactions. Kison has over a decade of experience as an M&A advisor and developed DealRoom after experiencing first-hand a number of deep-seated, industry-wide inefficiencies and challenges. Through developing technology, educational content and industry trainings, Kison aims to bring better process solutions to an industry with growing market pressures, transaction values and competition.Jeff Henningsen, over the past 25 years, has served the insurance needs of capital providers and equity sponsors, leading insurance diligence efforts on thousands of transactions. Prior to his role in mergers & acquisitions insurance services, he spent four years working with Randy Best of Best Associates, a Texas-based merchant bank, which provided invaluable experience for the services he now provides to clients. Today Jeff has a reputation in the financial community as a leader in serving the insurance needs of debt and equity providers specializing in enhancing investment outcomes through insurance diligence and aggressive placement of insurance products. Lockton Houston’s M&A team, led by Jeff, has successfully completed in excess of 3,000 due diligence projects for our financial clients. As the ninth largest broker in the world, placing over $27+ billion in annual premiums, Lockton has proven time and again that by adding our team to lead the task of insurance due diligence, costly pitfalls and hidden liabilities can be averted.

His struggle to handle change of behaviors after combatMoment of clarity came when his wife, his son and he himself were at three different hospital rooms at the same timeTurning life around from 30+ diagnosed disabilities, 10+ medications to medication free Co-founding a non-profit and a company to help patients with brain injury***BIOAndrew Marr is a husband, father, Retired Special Forces Green Beret, entrepreneur, and best-selling co-author of Tales From The Blast Factory: A Brain Injured Special Forces Green Beret’s Journey Back from the Brink. His book is being turned into a full feature documentary titled Quiet Explosions: Healing the Brain by a two-time EMMY award winning director to include a three-time academy award winner contributing to the production efforts as well. He co-founded Warrior Angels Foundation and Braincare. Andrew lives with his wife Becky the love of his life and their seven children in the Los Angeles area.Note: Mild profanity

The art of marriageWomen in finance within PE, evolution, programs to followEvolution as a leader Her superpower***BIOPamela Hendrickson is the Chief Operating Officer and Vice Chairman of Strategic Initiatives at The Riverside Company, a global private equity firm. As COO, Pam manages a number of teams, including deal origination and fundraising, and as Vice Chairman she oversees the development of new initiatives and supervises several of Riversides’ fund strategies. Pam also sits on the global Riverside Investment Committee, which considers investments in most of Riverside’s fund strategies.Pam has been an active advocate for private equity through Congressional testimony, television interviews, various printed interviews and op-eds that she has written. She is currently a member of the Board of the American Investment Council, is a past Chairman of the Board of the Association for Corporate Growth and has been a member of the board of the Small Business Investor Alliance. She is the incoming Vice Chairman of the advisory board of the Kenan Institute at Duke University and on the Board of Trustees of the National Humanities Center.Prior to joining Riverside, Pam spent 22 years at JPMorgan Chase, 15 of them as a Managing Director in a variety of leadership roles. Pam has an AB in Public Policy and History from Duke University and an MBA from the Kellogg Graduate School of Management at Northwestern University.About The Riverside Company. With over $10 billion in assets under management, The Riverside Company is one of the largest and oldest global private equity firms. Riverside makes control and non-control investments in companies with enterprise values under $400 million. Since its founding in 1988, Riverside has invested in more than 650 transactions and currently has a portfolio that includes more than 90 companies worldwide. The firms’ specializations include healthcare, education and training, manufacturing, tech-enabled business services, software, consumer, and franchising.

Charmel Maynard joined the University of Miami in 2016 and currently serves as associate vice president, chief investment officer, and University treasurer. In this capacity, he leads the University of Miami’s efforts to invest assets, including endowment and pension funds. Charmel is also responsible for the University of Miami’s capital structure, including liquidity and debt issuances. Additionally, he manages treasury and cash management.Charmel was previously a vice president with J.P. Morgan’s Investment Bank in New York City. During his 10-year career with J.P. Morgan, he focused on investment banking debt capital markets and leveraged finance, where he advised clients on capital structure solutions, deal structuring, and execution of syndicated revolving credit facilities, institutional term loans, and bond issuances.Charmel holds a Bachelor of Arts in political science from Amherst College.

From professional hockey player to working in PEConstructing a team (four pillars)PE is a people business His why Creating legacy (98% vs. 2%)The “why can’t I” mentalityHis advice to 25-year-old self ***Ted has led the Sourcing activities for hkw since 2002. In 2014, he was appointed president of HKW and in August of 2015, assumed responsibilities as president & CEO. Ted splits his responsibilities between Sourcing and Investor Relations while managing the day-to-day operations for the firm.Prior to joining HKW, Ted was an investment manager at White River Venture Partners and with Arthur Andersen, LLP in the business consulting group. Before his career in business, Ted played professional hockey.Ted lives in Carmel, IN with his wife Lynn and their daughter and son. Outside the office, Ted enjoys playing golf.

Mark rejoined ClearLight in 2014 to lead the deal sourcing function for the firm and has over 10 years of experience helping private equity funds find and close on investment opportunities.  Before rejoining ClearLight, Mark led deal sourcing for American Infrastructure Funds, a $1.5 billion private investment firm focused on investments in the energy, infrastructure and real property sectors.Mark previously served as an Associate and Senior Associate with ClearLight where he was a founding member of the firm’s Investment Development Group and also assisted with transaction due diligence, execution and portfolio company governance.  Before ClearLight, Mark executed sell-side M&A transactions as an Analyst in Houlihan Lokey’s Basic Industrial Group.Mark graduated with a BA in Economics and a Minor in Spanish from Duke University.