Daniel Webber

💡Emerging GP Fundraising Insight #9: Portfolio Construction Questions Will Come Early LPs will press you on: • Follow-on strategy • Pro-rata participation • When you don't follow on • How much concentration risk you'll tolerate You don't need perfect answers but you do need thoughtful ones. If you haven't considered these scenarios, LPs will question your ability to manage a portfolio. Takeaway: Even hypothetical scenarios deserve a thoughtful response. Lack of prep reads as lack of capability. What's the toughest portfolio construction question you've gotten from an LP?

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Great reporting by Pooja Sarkar. If a single hotel complex can borrow at +135bps, it means global investors officially consider a Las Vegas casino to be a "safer" bet than the sovereign governments of several G20 and emerging nations. To put that "Casino Rate" into perspective, look at what these countries have to pay to borrow in USD: 🔹 Italy: ~155 bps (Higher risk than the casino) 🔹 Mexico: ~230 bps 🔹 Brazil: ~250 bps 🔹 South Africa: ~350 bps 🔹 Turkey: ~500+ bps It seems a bit 2008-sy that the market has priced the Blackstone Aria CMBS at T+135 bps. This effectively means global investors are assuming a single Las Vegas hotel complex has less chance of default that the sovereign governments of G20 nations like Brazil, Mexico, and South Africa, and effectively on par with the creditworthiness of Italy. The only countries that would be considered a safer credit risk by this standard are Germany, Canada, Australia, Switzerland, Japan, and the UK— A quick analysis: These are established or large developing nations that the market currently views as less creditworthy than the Blackstone hotel deal: 1. Brazil: ~248bps over Treasuries (Nearly double the hotel's risk premium). 2. Mexico: ~210-250 over Treasuries. 3. Colombia: ~189- 220bps over Treasuries. 4. South Africa: ~350 over Treasuries (Reflecting ongoing fiscal and infrastructure challenges). 5. Italy: ~150-160bps over Treasuries (Though it usually borrows in Euros, its credit risk spread is wider than the Aria deal). 6. Hungary: ~230bosover Treasuries. High-Yield & Emerging Markets (Significantly More Expensive) These countries face borrowing costs that are vastly higher than the Blackstone "Casino Rate": 1. Turkey: ~500\text{ bps}+ (Extremely high due to local inflation and currency issues). 2. Bahrain: ~545\text{ bps} over Treasuries. 3. Dominican Republic: ~356\text{ bps} over Treasuries. 4. Vietnam: ~280\text{ bps} over Treasuries. 5. Albania: ~356\text{ bps} over Treasuries. 6. Armenia: ~356\text{ bps} over Treasuries. In a world of geopolitical volatility, it seems the house doesn't just always win—the house is occasionally a more stable credit than the country. #CommercialRealEstate #CMBS #FinanceNews #RealEstateInvesting #SovereignDebt #FixedIncome #CapitalMarkets #Blackstone #InvestmentBanking #GlobalEconomy #MarketTrends #InterestRates #CreditSpreads #CommercialMortgage #Macroeconomics #AssetManagement #DebtCapitalMarkets #FinancialAnalysis #RealEstateFinance #EconomicInsights

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Capital keeps concentrating into platforms, not just assets. The reported investment by KKR into Arctos is another signal of how institutional private capital is reshaping categories that used to sit outside traditional PE playbooks. Sports investing has evolved from opportunistic deals into long-duration, platform-driven strategies with complex governance, minority economics, and non-standard cash flows. As these markets institutionalize, the challenge isn’t access to capital. It’s structuring decisions clearly and early enough to underwrite complexity at scale. That dynamic isn’t unique to sports. We see it across private markets as capital moves faster into fewer, more sophisticated vehicles. In that environment, early clarity compounds. #PrivateEquity #AlternativeAssets #InvestmentStrategy #BPN #AI

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Incredibly excited to back TYTL Holdings, alongside Fifth Era & Blockchain Coinvestors. U.S. single-family residential real estate is a $50tr+ market, yet the options for homeowners to tap into the value of one of their largest assets remain subpar (HELOCs, reverse mortgages) U.S. consumer debt is also at record levels and people don’t want - and can’t afford - more leverage and interest payments. TYTL offers homeowners a one-time fractional sale of their title with no catches and no future obligations Deed is recorded at the municipal level and key information is recorded on the Solana blockchain, combining established U.S. property law with all the benefits of transparent and programmable blockchains. The result is an attractive alternative to debt-based products for consumers, as well as a superior pure equity prime residential real estate exposure for institutional investors (as $TYTL) TYTL, alongside Solana, is advancing the progress of tokenization of real world assets beyond hype and buzz words, all while addressing one of the largest markets in the world and providing consumers with a much needed product https://lnkd.in/eFh6g3B3

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I’ve known David Meister for years and backed him at Sydecar, so I’ve seen his ability to build through complexity. Axiom Trust is taking on one of the most outdated parts of wealth infrastructure, trust administration, by pairing a regulated trust company with AI-native workflows. We're proud to invest again and congrats to the team on the launch!

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Numeric is transforming the role of the modern finance professional, from a passenger who observes the business to a driver who engineers business outcomes. Super excited to share that IVP is leading the company’s Series B; deepening our partnership as Numeric expands from close management into a connected finance platform — unifying close, analytics, and now cash management. Their new cash management product tackles one of the most painful workflows in accounting. Where legacy tools automate less than 30% of transactions, Numeric achieves 90%+, saving teams days of manual work every month. As a former CFO, I’ve felt the pain of disconnected systems and manual reconciliations firsthand. Numeric is redefining what modern finance looks like: connected, intelligent, and built for real-time decision-making. We’re backing Parker Gilbert and his team as they bring clarity and connection to the heart of finance. More from Ryan Lawler at Axios: https://lnkd.in/gARRsj24 

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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

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Activist Investor Galloway Capital Partners Buys 6.01% of Noodles & Company "The filing further said that Galloway “intends to engage the board and management” regarding share performance, operations, management, governance — including potential changes to the board of directors — conflicted party transactions, capital allocation policies, and strategy." #activistinvesting #shareholderactivism #corporategovernance https://lnkd.in/gJr3tFgJ

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