Brightwave

Join us on March 16 from 6 – 8 p.m. for our exclusive SuperReturn Eve reception and be a part of insightful conversations with private market industry leaders and leading AI innovators. Space is limited — RSVP on Luma now to secure your spot! https://lu.ma/brightwave?

Missed some sessions at Future Proof Citywide? We've got you covered. In our latest blog post, we highlight key takeaways from the conference, including insights from Founder & CEO Mike Conover’s panel on how AI is transforming investment research. From synthesizing thousands of pages of data room documents, SEC filings, and expert analysis to generating high-fidelity research findings, Brightwave is redefining how financial professionals make decisions. Dive into the full recap here: https://lnkd.in/eHdbpgBN #FutureProofCitywide #Brightwave #AIinFinance #InvestmentResearch #WealthManagement

After two days on the ground, it’s clear that asset managers at SuperReturn North America are applying a curious and inquisitive lens to AI, adopting a tech-forward approach while staying grounded in real value creation. Founder & CEO Mike Conover sat down with Riley Kaminer from Refresh Miami to discuss the conference & Miami’s vibrant tech scene! ?? Read more here: https://lnkd.in/eFN3MNS3?

On Sunday night, the Brightwave team hosted some of the top investors and builders redefining how teams approach deal analysis and diligence at our pre-conference event —?AI Innovation in Private Capital: A SuperReturn Eve Reception. ?? Thank you to everyone who joined us — it's been a great time at SuperReturn North America this week! #SuperReturn #Brightwave #InvestmentResearch #AIinFinance

AI isn't replacing knowledge workers—it's empowering them. At SuperReturn North America 2025 in Miami, private market investment experts are exploring AI's role in high-value work: Amanda Lynam, CPA: "The way we view AI is that it's making knowledge workers more efficient in what they do...giving them leverage to change the way that they're interacting with some of their high-skill work." Stephen Prince: "AI will significantly accelerate and deepen the research process [for our industry], unlocking insights faster than ever." This conversation underscores a critical evolution in private markets: the move from sheer volume of information to actionable, strategic insights. Investment teams face overwhelming amounts of complex data daily. The future belongs to firms that effectively harness AI to amplify their expertise, get to conviction faster, and ultimately drive better returns. At Brightwave, we're helping investors turn data chaos into a competitive advantage.

?? "The wind and the waves favor the ablest navigators. You can't control the market, you can't control what technology is going to do, but you can choose your line through it." Yesterday at Future Proof Citywide, Founder & CEO Mike Conover took the stage to break down how AI is redefining the way firms analyze markets, build portfolios, and uncover client insights. ?? Watch this clip as he discusses the implications of the quickly changing AI landscape on investment decisions. How do you see AI shaping the future of finance? Drop your thoughts below. ?? #FutureProofCitywide #Brightwave #AIinFinance #InvestmentResearch #FutureofFinance

Insights from "The Secondaries Market: A New Normal for Exits?" panel at SuperReturn, featuring Cari Lodge (CF Private Equity), Joseph Marks (Capital Dynamics), Ankit Sud (NewView Capital) and Laura González-Estéfani (TheVentureCity): Liquidity as a Strategic vs. Reactive Option Historically, secondary sales were frequently seen as a "last resort" for liquidity—but today, they're increasingly a first class citizen. Companies as early as Series B with under $50M revenue now proactively offer employee tenders, leveraging secondaries as employee-retention tools, rather than merely an emergency option for expiring options (see: Stripe’s recent secondary). Pick the Right Vehicle for the Job The panelists underscored that not all secondary transactions are created equal. LP stakes, continuation vehicles, direct share sales, and employee tenders each solve distinct problems for LPs, GPs, and founders. Investors who excel in managing LP stakes may not succeed in direct founder negotiations, highlighting the need for tailored expertise as the market continues to mature. From Liquidity Gap to Secular Shift The explosion of secondary transactions in venture capital isn't just cyclical—it's structural. With the IPO market basically stagnant, secondary markets are evolving rapidly and projected to potentially equal primary markets as a source of liquidity within a decade. Transactions like the NEA spin-out ($1 billion provided across multiple funds and nearly two dozen board transitions) underscore this trend. The upshot? Secondaries are becoming an important part of portfolio strategy, and present an opportunity for LP's and GP's to take advantage of structural shifts in liquidity to gain strategic advantage and unlock differentiated returns.

Will be sharing field reports on what the Brightwave team is hearing and seeing at SuperReturn in Miami. Below are key takeaways from the LP Sentiment on Private Credit panel with fantastic panelists Scott Wisenbaker (Constellation Associates), Brett Graffy, CAIA (Aksia) and Timothy Lower (Willow Tree Credit Partners). Assets Over Structures Sophisticated financing structures won’t protect you if underlying assets deteriorate. MSR's and specialty finance assets, while appealing on the basis of discounted cashflows, are highly vulnerable if housing markets weaken significantly. Bottom line: great structures still demand rigorous underlying asset diligence. Specialty Finance is Thriving Within specialty finance, opportunities like regulatory capital relief transactions, non-performing mortgage portfolios, structured secondaries, and digital infrastructure loans (data centers, grid expansions) are booming. Regulatory capital relief alone has opened significant new opportunities over the past 12–18 months as banks offload risk—creating value plays for investors prepared to navigate complexity. Consolidation & Alignment Private credit is undergoing a rapid consolidating, leading to pronounced changes in fund dynamics. Acquisitions of managers (e.g., Prudential acquiring DeerPath, BlackRock acquiring Tenenbaum then HPS) can disrupt incentives, dilute focus and erode returns. Successful transactions (like the Apollo pickup of StoneTower) occur when incentives remain aligned and teams retain autonomy. A host of opportunities, and a sound call to stay grounded in the fundamentals here at SuperReturn.

Brightwave has arrived at Future Proof Citywide! We’re here with industry leaders diving into the latest in AI-driven investing. If you’re attending, let’s connect! While you’re here — don’t miss our Founder & CEO Mike Conover speaking on AI’s Breakthrough Moment: From Research to Results, where he’ll break down how AI is driving innovation in investment research, portfolio construction, and client insights. ? Catch Mike at the Art Deco Stage from 2:10 – 2:40 p.m. ET. #FutureProofCitywide #Brightwave #AIinFinance #InvestmentResearch