A Challenging Validation, “a contrario”

Over the past two weeks, the conversation and the exchange of emails with a highly reputable and quant skilled professional in the private equity industry have posed an interesting intellectual challenge and created a very useful opportunity for testing “a contrario” the DaRC methodology and for discussing the relation between duration and time horizon. Continue reading

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Don’t Throw the (Private Equity) Baby Out with the Bathwater

Criticism over private equity opacity and high fees make strong, catchy headlines. With reason.

I am a long-time supporter of increased (business-friendly, i.e. terms that do not compromise the proper execution of deals that require absolute confidentiality) transparency in the industry and not by chance the name of my 2009 firm is Xtal Strategies… Clear? Xmas may give a clue. But back to the baby. Continue reading