# ![@holistic_pm Avatar](https://lunarcrush.com/gi/w:26/cr:twitter::1252186959256195072.png) @holistic_pm The Institutional Limited Partner

The Institutional Limited Partner posts on X about private equity, investment, in the, money the most. They currently have [-----] followers and [---] posts still getting attention that total [---] engagements in the last [--] hours.

### Engagements: [---] [#](/creator/twitter::1252186959256195072/interactions)
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- [--] Week [------] -36%
- [--] Month [------] +472%
- [--] Months [---------] -49%
- [--] Year [----------] +284%

### Mentions: [--] [#](/creator/twitter::1252186959256195072/posts_active)
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- [--] Months [---] +500%
- [--] Year [---] +118%

### Followers: [-----] [#](/creator/twitter::1252186959256195072/followers)
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- [--] Week [-----] +0.14%
- [--] Month [-----] +0.78%
- [--] Months [-----] +7.60%
- [--] Year [-----] +20%

### CreatorRank: [---------] [#](/creator/twitter::1252186959256195072/influencer_rank)
![CreatorRank Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1252186959256195072/c:line/m:influencer_rank.svg)

### Social Influence

**Social category influence**
[finance](/list/finance)  53% [currencies](/list/currencies)  5% [stocks](/list/stocks)  3% [countries](/list/countries)  3% [financial services](/list/financial-services)  1% [travel destinations](/list/travel-destinations)  1%

**Social topic influence**
[private equity](/topic/private-equity) #105, [investment](/topic/investment) 6%, [in the](/topic/in-the) 4%, [money](/topic/money) 4%, [acquisition](/topic/acquisition) 4%, [liquidity](/topic/liquidity) 4%, [fund](/topic/fund) 4%, [company](/topic/company) 3%, [how to](/topic/how-to) 2%, [magic](/topic/magic) 2%

**Top accounts mentioned or mentioned by**
[@nicogladia](/creator/undefined) [@bigjohn043](/creator/undefined) [@leylakuni](/creator/undefined) [@boringbiz](/creator/undefined) [@rightsidema](/creator/undefined) [@kbadenhausen](/creator/undefined) [@thedealmakerguy](/creator/undefined) [@endowmenteddie](/creator/undefined) [@holisticpm](/creator/undefined) [@joepompliano](/creator/undefined) [@sportico](/creator/undefined) [@investinglaw](/creator/undefined) [@diodieutras](/creator/undefined) [@mikeygolds](/creator/undefined) [@heffernanj](/creator/undefined) [@bricks278](/creator/undefined) [@stevenhartc](/creator/undefined) [@idiosynccap](/creator/undefined) [@privateinequity](/creator/undefined) [@walnutavevalue](/creator/undefined)

**Top assets mentioned**
[CVS Health Corp (CVS)](/topic/cvs) [Goldman Sachs (GS)](/topic/goldman-sachs) [Stellar (XLM)](/topic/stellar)
### Top Social Posts
Top posts by engagements in the last [--] hours

"Interesting data on PE from Goldman Sachs noting an average negative valuation uplift at exit for deals in [----] (average of [--] [--] and [--] quarter valuation prior to exit). I had somewhat more positive stats from Stepstone but I cant say I am surprised"  
[X Link](https://x.com/anyuser/status/2019817703784296451)  2026-02-06T16:57Z [----] followers, 66.9K engagements


"More investing and operational widsoms from the same sponsor 👇 Management quality sits at the center of the value creation equation. A strong CEO-GP relationship creates transparency speed and trust when things go wrong. And they always go wrong. Most value destruction in private equity comes from the delayed recognition of management failure. Real value creation requires people who have actually run companies handled crises etc. When operators are in the ownership structure with authority and carry then execution improves. On the other hand when operating partners are peripheral or advisory"  
[X Link](https://x.com/holistic_pm/status/2021645514580603278)  2026-02-11T18:00Z [----] followers, [----] engagements


"RT @holistic_pm: More investing and operational widsoms from the same sponsor 👇 Management quality sits at the center of the value creati"  
[X Link](https://x.com/anyuser/status/2021686866185961750)  2026-02-11T20:44Z [----] followers, [--] engagements


"Received this goodie today at a private equity conference"  
[X Link](https://x.com/anyuser/status/2019400431752081793)  2026-02-05T13:19Z [----] followers, [----] engagements


"Had an interesting conversation with a very successful sponsor on how to pay low multiples at entry: There is no magic you have to go in places most investors deliberately avoid. The first real driver of value is how you enter. Buying something cheap is not about luck; its about accepting complexity that others cant or wont underwrite. That complexity can be governance deadlock a messy carve-out a loss-making division a stigma around the sector or a management transition. The discount is not upside it is a protection. That protection will become upside only if you are able to fix the reasons"  
[X Link](https://x.com/holistic_pm/status/2021262086123200687)  2026-02-10T16:36Z [----] followers, 14.7K engagements


"It's happening In a few months I will go on the other side of the fence after a decade as an LP. With a bit of structuring and time to clear all the regulatory hurdles our fund dedicated to small secondaries should be ready in Q3"  
[X Link](https://x.com/holistic_pm/status/2022040183953363265)  2026-02-12T20:08Z [----] followers, [----] engagements


"@rightsidema It was precisely his point. Also they use a lot less leverage as they pay lower multiples at entry which reduces the overall financial risk"  
[X Link](https://x.com/holistic_pm/status/2021276693416001653)  2026-02-10T17:34Z [----] followers, [---] engagements


"There is a lot of money and competition in secondaries especially in the LP-led segment above $20M deal size. Secondary is the strategy that has witnessed the biggest increase in fundraising in the last [--] years. Evergreen FoFs have also accelerated vehicle deployment through secondary deals and have pushed pricing higher quite a bit. I have seen some firms doing very bad deals underwriting terrible returns like 1.2x/1.3x MOIC. They have no margin of safety. Don't get me wrong we are still seeing good opportunities but we are also witnessing people who are going to have massive surprises"  
[X Link](https://x.com/holistic_pm/status/2021595834115105153)  2026-02-11T14:43Z [----] followers, [----] engagements


"True he meant to say that this era is over for now. His point was that leverage does not create value; it only magnifies outcomes. In a rising market it hides weak operational execution; in a flat or stressed market it exposes it brutally. Also overpaying it shifts the return burden onto multiple expansion and macro conditions"  
[X Link](https://x.com/holistic_pm/status/2021650547804152316)  2026-02-11T18:20Z [----] followers, [--] engagements


"@NicoGladia Merci Maintenant faut que a marche I agree there is so much concentration at the top of the market that there is room for niche nimble players"  
[X Link](https://x.com/holistic_pm/status/2022060016933773687)  2026-02-12T21:27Z [----] followers, [---] engagements


"Blackstone is back at it again. It has agreed to buy AirTrunk the Australian data center operator for $16B the biggest acquisition in the industry. Some interesting slides about data centers and the impact of IA from Blackstone https://t.co/0ooibx425l Some interesting slides about data centers and the impact of IA from Blackstone https://t.co/0ooibx425l"  
[X Link](https://x.com/holistic_pm/status/1831687542543900734)  2024-09-05T13:35Z [----] followers, 134.4K engagements


"Attented IPEM today PIMCO bullish European data centers BlackRock bullish European data centers Goldman Sachs European Bullish data centers. But when you talk sub sectors/strategy with the [--] of them they hate what the others like"  
[X Link](https://x.com/holistic_pm/status/1833601441292030081)  2024-09-10T20:20Z [----] followers, [--] engagements


"Very few firms have a true competitive advantage and barriers to entry in the secondary market. These guys have found their niche and are good at it. They probably have one of the best value proposals in secondaries. Congrats to them for their first and only close at $765M"  
[X Link](https://x.com/holistic_pm/status/1835759870127091807)  2024-09-16T19:17Z [----] followers, 11.5K engagements


"I am an LP in a PE and a Private Credit fund from [--] distinct GPs. The Private debt fund granted a unitranche to one of the PE portco PE fund super excited to announce a dividend recap at 6x net leverage PC fund super excited to announce a new deal at 5.2x net leverage 🙄"  
[X Link](https://x.com/holistic_pm/status/1838968663526801665)  2024-09-25T15:47Z [----] followers, 46.1K engagements


"I just came across Campbell's Q4 infra report. It's a true Bible covering everything (market context fundraising GP M&A secondary sector deep dives.). If you are in infra whatsoever it's a must-read. Comment if you are interested in receiving a copy. Some good illustrative slides below 👇"  
[X Link](https://x.com/holistic_pm/status/1846942070151237672)  2024-10-17T15:51Z [----] followers, 87K engagements


"Goldman just published its [----] private market survey and I noticed a few things [--]. 47% of LPs declare being under-allocated to Private Credit. It seems that the fundraising frenzy on the asset class is not over [--]. GPs see a better fundraising environment with most expecting the next fund to be larger than the previous one [--]. Approximately half of GPs use or plan to use continuation funds and or NAV financing. It's now part of the GP toolkit [--]. I find it funny how GPs think sector expertise is a key differentiated factor vs how LP think about it"  
[X Link](https://x.com/holistic_pm/status/1848765741035651237)  2024-10-22T16:37Z [----] followers, 53.2K engagements


"I came across an exciting stat from Alvarez & Marsal about operating partners. On all deals exited in [----] and [----] in France companies accompanied by an operating partner outperformed significantly those without. +8% IRR and 1x of excess MoiC"  
[X Link](https://x.com/holistic_pm/status/1849142844490948773)  2024-10-23T17:36Z [----] followers, 22.6K engagements


"There are few key differentiators in private equity and ultimately it all comes down to execution and discipline; some are good at it some are not. Thats how a top quartile LMM PE partner I met introduced his pitch. Ive witnessed it: the best GPs that outperform across vintages and cycles have an iron discipline"  
[X Link](https://x.com/holistic_pm/status/1849502821135069410)  2024-10-24T17:26Z [----] followers, 16K engagements


"Secondary players market mapping by Rothschild & Co (Five Arrows)"  
[X Link](https://x.com/holistic_pm/status/1849832586148798625)  2024-10-25T15:17Z [----] followers, 72.6K engagements


"Private Debt - Some interesting slides from Eurazeo about the European Direct Lending landscape"  
[X Link](https://x.com/holistic_pm/status/1856766742636167671)  2024-11-13T18:31Z [----] followers, 16.3K engagements


"We are invested in a PE Buyout fund which is currently exiting one of its portcos through a GP-led secondary (continuation fund) process led by Lazars crystallizing a gross 2.8x & 30% IRR. We are being asked if we wish to roll over our distributions into the continuation fund. Would you be interested in having an article about the behind the scenes process CV terms and conditions etc once the deal is made public"  
[X Link](https://x.com/holistic_pm/status/1857460146605084889)  2024-11-15T16:26Z [----] followers, 70.2K engagements


"Private Equity - Q3 [----] European Mid-Market Update After [--] years of decline the Argos index rebounds from 8.9x to 9.5x EBITDA Substantial increase (+8.6%) in multiples paid by investment funds to 10.1x EBITDA widening the gap with strategic buyers (8.8x EBITDA) and confirming the post-Covid trend where funds systematically offer more. The market also became less polarized with extreme multiples dropping below 40% and transactions under 7x EBITDA declining to 22% from 31%. Gradual recovery in M&A activity (+7% vs Q3 2023) Strong rebound (+8%) in the number of LBO deals in the mid-market"  
[X Link](https://x.com/holistic_pm/status/1859262055032803510)  2024-11-20T15:46Z [----] followers, [----] engagements


"@JoePompliano @kbadenhausen @Sportico A few slides underpinning this from a sports-focused PE Fund [--]. Structural change to F1 [--]. How F1 teams make money [--]. Formula [--] vs other leagues"  
[X Link](https://x.com/holistic_pm/status/1861492441997607056)  2024-11-26T19:29Z [----] followers, [----] engagements


"Yesterday I had an interesting conversation with a partner of a small-cap PE shop focusing on primary LBOs. He is on his 3rd fund and has a pretty good track record. He told me that he avoided doing deals with founder managers. In his experience founders who built a profitable business from A to Z are more stubborn less likely to listen and implement the GP roadmap and more reluctant to change. They have already made good money and the relationship balance is skewed. He likes doing deals where he helps a manager with no prior business ownership and incentivizes them with a suitable MIP. As"  
[X Link](https://x.com/holistic_pm/status/1862905448648548638)  2024-11-30T17:04Z [----] followers, 20.2K engagements


"@investing_law And I think the opposite is also true. Admitting US persons into a European fund is quite complicated"  
[X Link](https://x.com/holistic_pm/status/1862918363330019530)  2024-11-30T17:55Z [----] followers, [---] engagements


"@diodieutras On these deals it was well known middle market fund. They are winning on price because they underwrite lower target returns than much smaller secondary funds 😂"  
[X Link](https://x.com/holistic_pm/status/1863614155225280752)  2024-12-02T16:00Z [----] followers, [---] engagements


"@LeylaKuni Secondary opportunity"  
[X Link](https://x.com/holistic_pm/status/1863980608533168334)  2024-12-03T16:16Z [----] followers, [--] engagements


"@LeylaKuni I wish it would be the same here. Ive seen you made a killing on that Herman Miller at $160"  
[X Link](https://x.com/holistic_pm/status/1863984548825956549)  2024-12-03T16:32Z [----] followers, [--] engagements


"The loss ratio for private market asset class BTW secondary funds have a loss ratio 1%"  
[X Link](https://x.com/holistic_pm/status/1864692065453347098)  2024-12-05T15:23Z [----] followers, 18.8K engagements


"@TheDealMakerGuy Keep in mind these private benchmark are mostly made of value-add real estate funds. The so called real estate private equity lmao"  
[X Link](https://x.com/holistic_pm/status/1865024082829320219)  2024-12-06T13:22Z [----] followers, [--] engagements


"Arcmont from Nuveen has released an interesting primer about NAV financing including some IRR and Multiple sensitivities for add-on acquisitions Comment or DM if you wish to receive a copy"  
[X Link](https://x.com/holistic_pm/status/1866533885846094078)  2024-12-10T17:22Z [----] followers, [----] engagements


"Believe it or not I once heard the CEO of an SME saying to its employees: Well last year's loss was pretty bad but nothing to worry about. We are designed to be a balance sheet company not an income statement company😂. There is no need to tell you that he went belly up [--] months from that"  
[X Link](https://x.com/holistic_pm/status/1876370146136092744)  2025-01-06T20:47Z [----] followers, [----] engagements


"I had a call with a fellow institutional investor today. He sits at the LPAC of a PE fund. Three months ago the GP informally asked the LPAC members if they would agree to implement NAV financing solely to return cash to investors. Unanimously the LPAC members said that if they were to vote they would vote against it. The GP proceeded to do it anyway circumventing prior and formal LPAC approval. They secured a nasty preferred equity at 14% with nasty cash sweeps which will ultimately impair the LP's final performance. Whats the point of setting an LPAC if you dont listen to its opinion"  
[X Link](https://x.com/holistic_pm/status/1876670184775381309)  2025-01-07T16:40Z [----] followers, 26.7K engagements


"@Mikey_Golds I believe they couldn't have done it because of the nature of the portcos lot of retail/consumer"  
[X Link](https://x.com/holistic_pm/status/1876759485189964248)  2025-01-07T22:35Z [----] followers, [---] engagements


"@heffernan_J Old fund docs at a time where nav loans were not even a topic and most old LPAs doesnt even require LPs to be notified or agree the NAV loan prior to the deal"  
[X Link](https://x.com/holistic_pm/status/1876836472516485123)  2025-01-08T03:40Z [----] followers, [---] engagements


"I just computed the cash flows from our portfolio for [----] across all asset classes (PE PD Infra RE); our ratio of distributions to capital call was 071x slightly better than [----] at 057x"  
[X Link](https://x.com/holistic_pm/status/1877038717979750409)  2025-01-08T17:04Z [----] followers, [---] engagements


"Imagine having exited so many companies between 8x to 20x that you only care about specifying the exact MOIC for 20x+ home runs"  
[X Link](https://x.com/holistic_pm/status/1879224481639694549)  2025-01-14T17:50Z [----] followers, 179.8K engagements


"@bricks278 Buyout funds predominantly"  
[X Link](https://x.com/holistic_pm/status/1879943121611739218)  2025-01-16T17:25Z [----] followers, [--] engagements


"The secondary market volume hit a record high of $160bn according to Evercore With a 55/45 split between LP-led and GP-led deals"  
[X Link](https://x.com/holistic_pm/status/1880300590011695446)  2025-01-17T17:06Z [----] followers, [----] engagements


"Private equity true story. Almost three years ago I conducted diligence on one of the best European healthcare PE managers with a unique team and stellar performances. They subdivided the entire healthcare landscape into almost [---] subsectors some of which were marked red as non-investible. To my surprise many of these red sectors were care home providers hospitals blood testing labs So I asked why they were reluctant to invest in businesses that other PE managers loved. Many of these business rely on government tariffs subsidies or reimbursement. Investing in these companies is the worst"  
[X Link](https://x.com/holistic_pm/status/1881417289456631844)  2025-01-20T19:03Z [----] followers, 66K engagements


"@NicoGladia Golden age of secondaries"  
[X Link](https://x.com/holistic_pm/status/1881419111051477503)  2025-01-20T19:10Z [----] followers, [---] engagements


"70% of returns were driven by market multiple expansion and leverage for deals entered after [----] and exited before [----] per Stepstone"  
[X Link](https://x.com/holistic_pm/status/1892280954456064209)  2025-02-19T18:31Z [----] followers, 120.9K engagements


"Some interesting data from the latest private equity report of Bain & Company [--]. Vintages 2020-2022 have the worst of all vintages cash flow profiles for now [--]. Capital Call/distributions ratio has improved to 1.0x from 0.8x [--]. Direct lending represents 90% of middle-market buyout financing"  
[X Link](https://x.com/holistic_pm/status/1896596579412308000)  2025-03-03T16:20Z [----] followers, 38K engagements


"I learned something interesting about capital call facilities provided by banks to funds. Its highly investment grade. But I didnt know that only two publicly known defaults exist in the history of this type of lending. And guess what In both cases it was a fraud"  
[X Link](https://x.com/holistic_pm/status/1897729942529380594)  2025-03-06T19:24Z [----] followers, [----] engagements


"@NicoGladia I didn't. I knew there was a securitization that happened last year. but I am not surprised that they also do SRT given the volumes it represents. Is it worth looking into"  
[X Link](https://x.com/holistic_pm/status/1897731627943694451)  2025-03-06T19:30Z [----] followers, [---] engagements


"Infrastructures - only [--] players accounted for 80% of the total funds raised over the last [--] years"  
[X Link](https://x.com/holistic_pm/status/1899863202394992969)  2025-03-12T16:40Z [----] followers, 41.4K engagements


"In August [----] we purchased a PE fund managed by Five Arrows (Rothschild & Co) on the secondary market. Over the last [--] weeks they have announced two exits (resp 5x and 2.9x MOIC higher than our upside case) at significant uplifts vs our discounted reference marks. This represents roughly 0.90x of expected exit proceeds vs our acquisition priceonly in [--] months of ownership. With plenty of upside left in the remaining portfolio a 2x on the transaction is realistic. Given the two first quick distributions the IRR will probably be stellar. The beauty secondaries Not always like this"  
[X Link](https://x.com/holistic_pm/status/1916889810989383806)  2025-04-28T16:18Z [----] followers, 47.5K engagements


"@StevenHartC In this case I think the Family Office who sold us his stake needed money to purchase a wine yard or something 😂"  
[X Link](https://x.com/holistic_pm/status/1916892499542507593)  2025-04-28T16:29Z [----] followers, [----] engagements


"@Idiosync_Cap We underwrote 23% IRR in our central scenario. 35% in the upside case which is basically the GP assumptions"  
[X Link](https://x.com/holistic_pm/status/1916893272573645063)  2025-04-28T16:32Z [----] followers, [----] engagements


"@BigJohn043 @privateinequity Good luck in dealing with a strike every other day at AirFrance"  
[X Link](https://x.com/holistic_pm/status/1918735759864950923)  2025-05-03T18:33Z [----] followers, [---] engagements


"In our cases we have only seen GP-led exits at or above NAV which have provided us with some interesting liquidity events. The truth is the secondary market is so crowded today you dont get a discount to CV vs doing a traditional exit. The main difference is that secondary players have tons of cash they need to deploy"  
[X Link](https://x.com/holistic_pm/status/1922688456775368941)  2025-05-14T16:20Z [----] followers, [--] engagements


"No sub-asset class seems immune to the spread tightening in private credit. Below are NAV Loan to Fund of Funds spreads per AXA IM"  
[X Link](https://x.com/holistic_pm/status/1925915980137394520)  2025-05-23T14:05Z [----] followers, [----] engagements


"@walnutavevalue @27XVII IPOed at insanely high valuation. AUM Growth concerns and Governance succession plan unclear. Coupled with very thin liquidity only 15% of float"  
[X Link](https://x.com/holistic_pm/status/1927443435029459389)  2025-05-27T19:14Z [----] followers, [---] engagements


"Sure However I wouldnt rule out an acquisition from a bigger platform in the future. They have a good track record and are in the TOP [--] AUM in the infra space. The top [--] has raised 80% of AUM in infra in the last [--] years. So it makes more sense for a large player to acquire vs. trying to build a franchise from scratch"  
[X Link](https://x.com/holistic_pm/status/1927618168417108032)  2025-05-28T06:49Z [----] followers, [--] engagements


"@TheDealMakerGuy @BoringBiz_ Carried on unrealized gains is insane"  
[X Link](https://x.com/holistic_pm/status/1931254606710894733)  2025-06-07T07:39Z [----] followers, [--] engagements


"A STORY OF LEVERAGEI attended the AGM of a lower mid-cap PE fund today and had a fascinating talk with the founder of one of the portfolio companies. He told me how being unlevered allowed him to crush his competition during a market downturn. In [----] the guy founded a digital platform for independent real estate agents in France. Basically the platform provides all their needs in terms of legal frameworks back office etc In [----] he is #8 in a fragmented market. The largest five peers are significantly bigger than him and are PE-owned by Mid-market players. He thought his product was better"  
[X Link](https://x.com/holistic_pm/status/1938292908035117298)  2025-06-26T17:46Z [----] followers, [----] engagements


"I will add that endowments mostly invest in brand-name GPs which are flow names in the secondary market. They are literally priced by all the market participants. People have no clue how competitive the market is for this type of LP stakes. There are secondary players out there begging to deploy capital who are paying insane prices. We often see close to NAV or either NAV/small premium for this type of assets in the market at the moment This is just non-sense. Below are the pricing for secondary buyout trades in [----]. Sure there is a discount. But it is pretty small. I also have a hypothesis"  
[X Link](https://x.com/holistic_pm/status/1940452819615862885)  2025-07-02T16:49Z [----] followers, 15.4K engagements


"@chromium73 @leveredblue Mostly Everything finds a bid willingness of the seller to take it is another stuff. And yes @chromium73 🎯"  
[X Link](https://x.com/holistic_pm/status/1940460677535318300)  2025-07-02T17:20Z [----] followers, [--] engagements


"Apollo is buying Athletico Madrid from Ares which makes a stellar return on its [----] investment. Here are some peers comp deals in the European Football universe"  
[X Link](https://x.com/holistic_pm/status/1946228112640844232)  2025-07-18T15:18Z [----] followers, 30.8K engagements


"@LeylaKuni Archimed for healthcare PE"  
[X Link](https://x.com/holistic_pm/status/1947008195219591630)  2025-07-20T18:58Z [----] followers, [---] engagements


"Evercore H1 [----] Secondary report has some interesting data about the market. Some that caught my attention 👇 1Record volumes totalling clearing more than $100Bn with a balance between LP and GP-led deals 2As discussed often on my account and confirmed by Evercores data LP-led pricing has seen an increase across the board with a lot of deals trading near or above NAV 3Dry powder is very concentrated with the Top [--] players accounting for 50% and the top [--] players accounting for more than 80% [--]. Credit Infra and Venture Secondaries are on the rise [--]. Continuation vehicle performance study"  
[X Link](https://x.com/holistic_pm/status/1947673133273759757)  2025-07-22T15:00Z [----] followers, 17.6K engagements


"@BoringBiz_ This is just a suggestion for your nice chart. Sublines enhance IRR but decrease net MOIC as you have to pay interest expense on them. Even if they are relatively small MOIC should be slightly lower"  
[X Link](https://x.com/holistic_pm/status/1951309871799824771)  2025-08-01T15:51Z [----] followers, [---] engagements


"Ive often said that evergreen funds are distorting secondary pricing and overpaying especially for LP-led deals. But here is the evidence from Evercore. Evergreens are overbidding by up to 25% point above traditional closed-end secondary players. That is going to end in very low returns for their clients"  
[X Link](https://x.com/holistic_pm/status/1966473361799647718)  2025-09-12T12:05Z [----] followers, [----] engagements


"@hurdle_rate Its horrific. It seems they completely forgot their initial underwriting process. It's unbelievable how they went from a 90% success rate to that miserable losing streak"  
[X Link](https://x.com/holistic_pm/status/1967479675225305203)  2025-09-15T06:44Z [----] followers, [---] engagements


"Anyone involved in financing secondary deals Would need a small NAV loan (approx $10million) (25-35% LTV) on a diversified collateral (100% buyout)"  
[X Link](https://x.com/holistic_pm/status/1975957481592652257)  2025-10-08T16:12Z [----] followers, [----] engagements


"Private Equity - Mapping of the DACH middle market"  
[X Link](https://x.com/holistic_pm/status/1763294730241118382)  2024-02-29T20:06Z [----] followers, [----] engagements


"A few slides underpinning this from a sports-focused PE Fund [--]. Structural change to F1 [--]. How F1 teams make money [--]. Formula [--] vs other leagues Every single Formula [--] team is now worth more than $1 billion according to @kbadenhausen. This is one of the most interesting storylines in sports business. Not long ago Formula [--] teams were trading for $1 because they required hundreds of millions of dollars of investment https://t.co/wFKR0MvlLQ Every single Formula [--] team is now worth more than $1 billion according to @kbadenhausen. This is one of the most interesting storylines in sports business."  
[X Link](https://x.com/holistic_pm/status/1861492130797003160)  2024-11-26T19:28Z [----] followers, 136.6K engagements


"Non exhaustive mapping of the French Small & Mid market Private equity buyout per Sparring Capital"  
[X Link](https://x.com/holistic_pm/status/1890086329347969099)  2025-02-13T17:11Z [----] followers, [----] engagements


"Secondary funds have the highest bottom decile performance of all private markets asset classes"  
[X Link](https://x.com/holistic_pm/status/1891908912724508931)  2025-02-18T17:53Z [----] followers, 41.3K engagements


"I am doing a little bit of spring cleaning in the portfolio. I put for sale some Private Credit Funds. Guess what king of pricing I got for an average+ European direct lending / unitranche funds (2021 Vintage). 100% NAV 90% NAV 70% NAV 80% NAV 100% NAV 90% NAV 70% NAV 80% NAV"  
[X Link](https://x.com/holistic_pm/status/1911835978618089897)  2025-04-14T17:36Z [----] followers, [----] engagements


"Its estimated that more than 50% of private equity portcos have been held for over [--] years with holding periods nearing historical highs. The Year [----] was the peak in terms of both volumes and valuations. The [----] cohort will turn [--] years old next year. This means that if [----] remains subdued in terms of exits we will likely have nearly two-thirds of PE holdings owned for five years or more by next year. It is going to fuel the secondary market"  
[X Link](https://x.com/holistic_pm/status/1917267207186440496)  2025-04-29T17:18Z [----] followers, 38.3K engagements


"The current state of the secondary market is summed up by a broker in his Q3 market update 👉For years venerable institutional secondary managers have enjoyed rich returns underpinned by disciplined underwriting. Those times are over. Performance has been sacrificed on the altar of fees. Secondary buyers are not losing out on deals because another buyer has a rosier view on the underlying assets. They're losing because evergreen funds and other vehicles for private wealth flows are prioritising growing AUM as fast as possible"  
[X Link](https://x.com/holistic_pm/status/1967991040347926646)  2025-09-16T16:36Z [----] followers, [----] engagements


"🚨Opportunity - Direct co-investment opportunity (no fee no carried interest) in a company we invested in [--] years ago. Key characteristics : Maritime / Shipping industry 🚢 Modern and eco fleet of Gas Carriers and Offshore Wind Service vessels long-term chartered to IG blue chip customers. Current EBITDA $350M. Clear road to $800M within [--] years. The cap table comprises SWF Single FOs and Insurance companies. Equity raise for Capex Purposes (construction and acquisition of new vessels). Exit in 3/4 years expected IRR 30% and Multiple in the 2x. An excellent management team and execution that"  
[X Link](https://x.com/holistic_pm/status/1972705728755355850)  2025-09-29T16:51Z [----] followers, [----] engagements


"📈H1 [----] Portfolio Performances 💵Private Equity: [---] 8% 🚝Infrastructures : +3.5% 🏢Real Estate: +0 2% (o/w 3% cash yield / [---] 8% NAV decrease) 💰Private Credit: +2 25% ( o/w 3.25% Cash yield -1% NAV decrease) Not a good first half of the year"  
[X Link](https://x.com/holistic_pm/status/1973413812788248900)  2025-10-01T15:44Z [----] followers, [----] engagements


"@endowment_eddie You had a substantial right tail outcome. Read Outliers The worst is the tech founder exit who pours most in VC fund"  
[X Link](https://x.com/holistic_pm/status/1973472882572534215)  2025-10-01T19:39Z [----] followers, [---] engagements


"35% of Private Equity exits were achieved through a continuation fund in H1 [----] according to Stepstone"  
[X Link](https://x.com/holistic_pm/status/1981826289100280216)  2025-10-24T20:53Z [----] followers, 338.7K engagements


"A few interesting data points from Stepstone suggesting that Private equity Buyout valuations are not entirely off. [--]. Despite lower exit activity there is still an uplift to NAV at exit: [--] quarters prior uplift stands at 16% vs. 27% historical average. [--]. There is still a healthy valuation gap between public and private companies (3.8x EBITDA multiple average). [--]. The growth of private companies remain higher than publicly listed ones (12% vs 5% average CAGR)"  
[X Link](https://x.com/holistic_pm/status/1982902830076964958)  2025-10-27T20:10Z [----] followers, 38.8K engagements


"Interesting read on AI in PE from Pitti 👇 AI in Private Equity: Deconstructing the Pitch Given my strange combination of skills I was recently asked about my opinion on PE Funds AI strategies AI strategy has become the new mandatory slide in any fundraising deck. But we must look past the marketing gloss to dissect the underlying substance My attempt below https://t.co/F1pJMwHnxw Given my strange combination of skills I was recently asked about my opinion on PE Funds AI strategies AI strategy has become the new mandatory slide in any fundraising deck. But we must look past the marketing"  
[X Link](https://x.com/holistic_pm/status/1983236673472172154)  2025-10-28T18:17Z [----] followers, [----] engagements


"@FatherDigs Actual realised exit price vs Net asset value of the company in the GPs a the time considered"  
[X Link](https://x.com/holistic_pm/status/1983278946277073333)  2025-10-28T21:05Z [----] followers, [--] engagements


"Secondary Opportunity💡 I know a piece of a European infrastructures fund that is currently for sale in the secondary market. We are already investors and have a good sense of the GP the portcos quality and expected exits. Two exits are incoming in the next six months. The GP is an upper-quartile performing manager. We have already priced the fund as we have all the necessary documents and access to the GP. However we are heavily exposed to that fund and cannot buy more. Its really the right time to buy that fund as its fully deployed. No exit has occurred yet but some are going to"  
[X Link](https://x.com/holistic_pm/status/1986889270062113072)  2025-11-07T20:11Z [----] followers, [----] engagements


"I am looking for someone who is an LP in Blackstone Strategic Partners IX Please DM"  
[X Link](https://x.com/holistic_pm/status/1989058584819515486)  2025-11-13T19:51Z [----] followers, [----] engagements


"Valuations for European mid-market deals continue to decline reaching levels not seen in years. [--]. Argos Index fell to 8.7x EV/EBITDA the lowest level since [----] [--]. Both Private Equity and strategics are paying down (resp. 9x and 7.7x) [--]. Only 7% of deals are now closed above 15x EBITDA a record low"  
[X Link](https://x.com/holistic_pm/status/1991598128219185560)  2025-11-20T20:02Z [----] followers, [----] engagements


"Campbell Lutyens released an interesting Infrastructures report. Here are some slides that caught my attention 👇 [--]. Large PE GPs are turning to infra mainly through specialist GP acquisitions [--]. LTM infra GP stakes / M&A activity [--]. A handful of digital infra funds are currently being raised [--]. Opportunities in government tenders"  
[X Link](https://x.com/holistic_pm/status/1995558429813850304)  2025-12-01T18:19Z [----] followers, 16.3K engagements


"@marc_588 Sure you are right I've also witnessed some miraculous remontada In this particular case I seriously doubt the strategic value of such a company. And in the current environment I would rather be prudent than a believer when underwriting a secondary"  
[X Link](https://x.com/holistic_pm/status/1997436729683304476)  2025-12-06T22:43Z [----] followers, [---] engagements


"@NicoGladia Imagine paying [--] & [--] just to underperform the S&p 500"  
[X Link](https://x.com/holistic_pm/status/2002833993914605781)  2025-12-21T20:10Z [----] followers, [----] engagements


"I generally agree with your take here but would like to add my perspective as an institutional LP. For most Institutional Investors rolling into a CV is not possible because we cannot take idiosyncratic risk and most CVs are either single assets or multi-asset highly concentrated bets. This leaves me with only the option of taking liquidity. So it's a pretty legitimate question to ask myself if the GP has maximised the exit value for me with a continuation vehicle"  
[X Link](https://x.com/holistic_pm/status/2003468911925199044)  2025-12-23T14:13Z [----] followers, [----] engagements


"@Taylorstreetcap @BigJohn043 Same risk profile different accounting profile @BigJohn043 Ill spare you the intricacies of French Insurance accountings but the probability of taking a provision on a single asset which will impair my P&L and my ability to distribute to my policyholders is way higher than with a diversified fund. Ill also have to justify and document @BigJohn043 Ill spare you the intricacies of French Insurance accountings but the probability of taking a provision on a single asset which will impair my P&L and my ability to distribute to my policyholders is way higher than with a"  
[X Link](https://x.com/holistic_pm/status/2003483903923998955)  2025-12-23T15:12Z [----] followers, [---] engagements


"@endowment_eddie @BigJohn043 Seems less frequent than what one might think 17% is the figure from houlihan Lokey"  
[X Link](https://x.com/holistic_pm/status/2003517420804403262)  2025-12-23T17:25Z [----] followers, [---] engagements


"@BoringBiz_ I believe liquidity will continue to increase in private markets. With regards to your reference to acting as Market Maker I really believe that in a few years years there will be platforms where youll be able to trade funds in a few clicks"  
[X Link](https://x.com/holistic_pm/status/2010763486347813089)  2026-01-12T17:19Z [----] followers, [----] engagements


"This is the story of the most profitable private equity buyout of all time and its French Company : Polyplus-Transfection Sector : Healthcare 💊 Sponsor : Archimed Here is a thread on how Archimed achieved a 300x MOIC on its initial investment 🧵👇"  
[X Link](https://x.com/holistic_pm/status/1685664536144023552)  2023-07-30T14:51Z [----] followers, 57.9K engagements


"Speaking with the head of fund finance at a leading bank in the field. We see NAV loans volume catching up with Sub lines in the future. Sub Lines are roughly a $ [--] trillion market today and NAV loans are probably $ [---] billion+. We believe that NAV loans will reach the same level as Sub lines and probably around [----] onwards"  
[X Link](https://x.com/anyuser/status/1995935062269837525)  2025-12-02T19:16Z [----] followers, [----] engagements


"If you want to start building a portfolio of performing private equity funds but dont know where to begin a good way to do so is to examine what FoFs are doing and draw inspiration from them. FoF managers exist solely to identify the best GPs often spotting early outperformers. There is alpha in private fund selection. An example below from Five Arrows (Rothschild & Co)"  
[X Link](https://x.com/anyuser/status/1996678419082629424)  2025-12-04T20:30Z [----] followers, [----] engagements


"This week I was reviewing a secondary opportunity in buyout and read something that baffled me in the fund reporting 👇 Based on 2025s negative EBITDA our stake in the Company does not currently hold positive equity value. We have therefore decided to keep the 25% discount on our original investment. So you know that your stake is truly a zero but you keep valuing it at 75% of the cost base 🧐🤨"  
[X Link](https://x.com/anyuser/status/1997406889756234215)  2025-12-06T20:44Z [----] followers, [----] engagements


"Interesting stats from Evercore on Single & Multi assets continuation funds since 2018"  
[X Link](https://x.com/holistic_pm/status/1998861005133430849)  2025-12-10T21:02Z [----] followers, [----] engagements


"Interesting stats from Evercore on Single & Multi assets continuation funds performance since 2018"  
[X Link](https://x.com/holistic_pm/status/1998861142224216310)  2025-12-10T21:03Z [----] followers, 11.6K engagements


"I generally agree with @BigJohn043 here especially the first point but would like to add my perspective as an institutional LP. For most Institutional Investors rolling into a CV is not possible because we cannot take idiosyncratic risk and most CVs are either single assets or multi-asset highly concentrated bets. This leaves me with only the option of taking liquidity. So it's a pretty legitimate question to ask myself if the GP has maximised the exit value for me with a continuation vehicle. I am shocked that the FT almost doesn't understand how CVs work. First the PE fund (and generally"  
[X Link](https://x.com/holistic_pm/status/2003469400666513779)  2025-12-23T14:15Z [----] followers, [----] engagements


"Happy New Year and best wishes for [----] to all of you. For me [----] will probably be a year of challenge and transition to the GP side. After a decade as an LP within institutional firms I am currently assessing several options. Either launching my own GP in small secondaries or joining an existing GP to launch a secondary vertical. Any interest/advice more than welcome. DMs are open"  
[X Link](https://x.com/holistic_pm/status/2006818959664832541)  2026-01-01T20:04Z [----] followers, [----] engagements


"The Venezuela thing reminds me of a story. In [----] I briefly worked at the FX treasury desk of a large pharmaceutical company which had cash trapped in Venezuela equivalent to $200 million in local currency. The currency wasnt exchangeable and you couldnt repatriate it. But the Venezuelan government offered a solution for foreign companies. You could exchange your Bolivars to buy a primary bond issuance of PDVSA denominated in USD at a set rigged exchange rate of course. PDVSA the local oil company was in default and the bonds on the secondary market were trading at [--] cents on the dollar."  
[X Link](https://x.com/anyuser/status/2007531487168500008)  2026-01-03T19:16Z [----] followers, [----] engagements


"I am in touch with the team running an electronic secondary platform that is currently integrating with iCapital and Private Bank platforms to facilitate liquidity offerings to their clients. It appears that the retail/wealth management crowds require earlier liquidity than anticipated"  
[X Link](https://x.com/holistic_pm/status/2009350653668118831)  2026-01-08T19:45Z [----] followers, [----] engagements


"Sport focused Private Equity shops according to Stepstone"  
[X Link](https://x.com/holistic_pm/status/1853853751229985217)  2024-11-05T17:35Z [----] followers, 72.8K engagements

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