Topic
Private equity
Posts on Private equity from Walter Allison.
M&A Private equity Venture capital Offshore structures Cayman BVI Cross-border Fund formation Diligence Drafting Earnouts Regulatory Delaware AI tools RWI Secondaries All posts
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Synthetic comparables in PE valuation, when the comp set is generated
A new category of data vendor is offering AI-generated comparable transaction sets to fill thin precedent data. The diligence question is whether a synthetic comp can support a valuation memo at all.
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The operator test for deal terms
A deal term is only as good as the operator who has to live with it. A practical lens for reading M&A and PE documentation.
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Delaware SB 21 and the new safe harbor for controller transactions
Delaware's 2025 amendments to Section 144 rewrote the rules for controlling stockholder transactions. The practical effect on deal structures is larger than most commentary has acknowledged.
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Cayman vehicles in middle-market PE, when they earn their keep
U.S. sponsors do not need a Cayman parallel fund for every deal. Here is when the structure actually pays for itself and when it is just paperwork.
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Reps and warranties insurance in 2026, what the market is doing
RWI is now near-universal in middle market deals. The market has matured, the underwriters have specialized, and AI underwriting is starting to show up in policy pricing.
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Sponsor led continuation vehicles and the LPAC conflict mechanic
GP led secondaries have grown from a corner of the market to a central exit channel for PE. The LPAC conflict process is the part that deserves more careful drafting than most managers give it.