Pari Passu Newsletter

What type of analysis you do in PE I do have to admit that this post is spot on. I am at a similar point in my career and I was personally shocked to see how stupid modeling is in PE. PE modeling looks something like this: Create the most granular bottom-up model you could ever think of. Then after you meet with the partner two things can happen: 1) He likes the deal and wants to push through --> I will go back and make sure I get a 20%+ IRR and include in our memo how much upside we are leaving off the table with our conservative assumptions 2) He DOES NOT likes the deal and wants to kill this --> I will go back and make sure I get no more than a 15% IRR and highlight how much the risks we see (which are exactly the same everyone else sees too) do not justify the valuation and in our "honest" case, the math does not work Ahhh, the dream of Large-Cap PE __ If you enjoy this (or think it is too easy), check out our advanced Pari Passu newsletter - Link in Bio Posts go behind paywall after publication so subscribe now

I just learned a restructuring analyst passed this month This one feels particularly bad as 1) he was in restructuring, 2) I chatted with him several times, he was one of the first 200 followers and started following me one month after I opened the account (3 years ago). We said we would grab beer one day after I revealed my identity but that will never happen Apparently, work is not the cause of death but it was more a case of mental health I just want to share that I’m here for anyone of you. Sure I love sharing how fascinating triple dips are, but if I can help anyone of us go through tough times, I’m all in for that Moving to NY and starting to work 100 hours per week is hard, I did it and I know so well. If you’re feeling alone or just sad, please reach out Love you all, Rx

Day #23 of “Readers Pick Restructuring Topic” I post daily restructuring highlights If the post gets 100 likes, the newsletter will do a dedicated deep dive into the transaction Today, we have the tricky situation of Sunnova, solar business that is about to go through a restructuring cycle See previous Pari Passu Newsletter deep dives - Link below https://lnkd.in/eEwvs-dg

Tomorrow, huge writeup published by the Pari Passu newsletter: FTX Restructuring This will be very in depth and it will built on what we have learned last Friday with our overview of the Crypto world and its distressed cycles. Posts go behind paywall after publication, if you want to subscribe —> https://lnkd.in/eUiB-NaE PS, see below sources and uses of funds ....

Day #22 of "Readers Pick Restructuring Topic" I post daily restructuring highlights If the post gets 100 likes, the newsletter will do a dedicated deep dive into the transaction Today, we have the tricky situation of Air Pros, the first Chapter 11 bankruptcy for a large-scale, private equity-backed HVAC platform See previous Pari Passu Newsletter deep dives - Link below https://lnkd.in/eEwvs-dg

Day #21 of "Readers Pick Restructuring Topic" I post daily restructuring highlights If the post gets 100 likes, the newsletter will do a dedicated deep dive into the transaction Today, we have the tricky situation of WeightWatchers, where Lenders Started Private Talks to Address Debt See previous Pari Passu Newsletter deep dives - Link below https://lnkd.in/eEwvs-dg

Yesterday, Bloomberg published a very interesting article about big law firm, Latham They share its revenue, income per partners, and a few other details. With some simple math and a few assumptions, we can find out some really interesting stats 1) Revenue per hour 2) Net Income Margin 3) Latham Valuation (~$50 billions) Let's learn more about law firms business model

Day #20 of "Readers Pick Restructuring Topic" I post daily restructuring highlights If the post gets 100 likes, the newsletter will do a dedicated deep dive into the transaction Today, we have the tricky situation of Searchlight Capital-backed Canadian telecoms firm Mitel Networks filed for Chapter 11 bankruptcy with plans to delever by ~$1.15B See previous Pari Passu Newsletter deep dives - Link below https://lnkd.in/eEwvs-dg

Out over the next two Friday! (I) Crypto Overview and Restructuring and then (II) FTX Deep Dive Pari Passu articles go behind paywall after being published, subscribe NOW to get all future articles for free! Subscribe below https://lnkd.in/eEwvs-dg

This is Kelly Granat. The Co-CIO at Lone Pine Capital, one of the most storied and successful hedge funds in history. She just sat down today with ILTB and revealed how to pick stocks and lead an investment firm. Here are 7 key insights: 1) What Every Great Business Has in Common 2) Lone Pine’s Biggest Investing Mistake 3) The Short-Termism Epidemic 4) Strategies & Opinions on AI 5) Finding Value Beyond Tech 6) Balancing Fundamental & Macro Awareness 7) The Investing Mindset That Separates the Best from the Rest A Long Post (Must Read) For context, I am a curious large-cap PE associate and this page and the newsletter ([https://lnkd.in/eEwvs-dg](https://lnkd.in/eTpr5JCc)) is all I do with my free time. If you like this, you’ll love my newsletter will teach you an advanced investing concept / story every week. Join 21,000+ investors from firms like Apollo, KKR, Farallon, Point 72 now. Pari Passu articles go behind paywall after being published, subscribe NOW to get all future articles for free!