Independent perspective on the transactions, capital decisions, and strategic moments our clients face. Published only when there is something worth saying.
A framework for separating the structural changes that matter from the cyclical noise — across private credit, IPO windows, cross-border regulation, and the return of senior transaction judgment.
CFIUS jurisdiction has broadened. Three structural questions every inbound acquirer and outbound divestor should resolve before the term sheet — and the filing-strategy framework behind them.
What governance, narrative, and underwriter discipline must be in place two years before the bell — and what cannot be retrofitted in the last six months. The work that decides whether the listing prices on day one or day three.
The founder's decision is rarely sell-everything-or-nothing. The framework below covers the three middle paths — minority equity, structured preferred, and partial debt — and what each costs in operating authority.
Restructuring activity is uneven. Some sectors are deep in distress; others are calm. The diagnostic indicators that signal the window is open — and how the firm reads each one across the principal middle-market verticals.
Semiconductor M&A in the post-CHIPS-amendment era is structurally different. What inbound and outbound parties must resolve before signing — and where the deal terms now sit relative to the prior baseline.
A four-part diagnostic for founders, boards, and sponsors of AI-exposed businesses — and the three paths available to an exposed seller.