Knowledge Base
Tax strategy, healthcare before Medicare, the post-FIRE identity shift, and the financial decisions that get more complicated after you stop earning.
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TCFD in private equity is no longer a voluntary ESG gesture. The framework that the Financial Stability Board published in 2017 has been absorbed into binding regulation across multiple jurisdictions, and the quality of a GP's climate disclosure now directly affects exit valuations, LP capital acces
The top 100 private equity firms by AUM collectively control trillions in capital, but the ranking matters less than what it reveals about access, fees, and realistic return expectations for investors at the $5M+ level. Blackstone alone reported over $1 trillion in AUM in its Q4 2023 earnings releas
Aviation private equity covers the acquisition, restructuring, and active management of assets across the aerospace sector: commercial airlines, aircraft leasing portfolios, MRO providers, aerospace manufacturers, and increasingly, next-generation mobility platforms. It is not a single asset class.
A trade sale in private equity is the sale of a portfolio company to a strategic acquirer, typically a corporate buyer operating in the same or adjacent industry. It is the most common PE exit route globally, accounting for 40 to 50% of all exits in a given year according to Bain & Company's 2024 Gl
Side letters in private equity are bilateral agreements between a fund's general partner and a specific limited partner, granting that LP terms that deviate from the standard limited partnership agreement. They are legally binding, run alongside the LPA, and in any conflict, typically control. For i
The core distinction is structural, not cultural. Sales and trading generates revenue through market activity, position-taking, and client order flow. Investment banking generates revenue through advisory fees and capital markets transactions. Both paths can produce $5M+ net worth, but the timelines
Berkshire Hathaway is not a private equity firm. Calling it one is the most common misunderstanding in conversations about Berkshire private equity. It is a permanent capital holding company that acquires businesses outright and holds them indefinitely, with no fund structure, no management fees, no
The MSCI ESG Manager is an institutional-grade analytics platform that rates companies across up to 35 industry-specific ESG key issues, weights each by financial materiality and time horizon, and delivers that analysis at scale across more than 8,500 companies globally. If your family office or RIA
Private equity culture is not just a set of workplace norms. It is a performance architecture that shapes how capital is deployed, how returns are generated, and how wealth is either compounded or eroded for the limited partners who fund it. If you are evaluating PE as an allocation, understanding t
The MSCI USA Index tracks approximately 600 to 650 large- and mid-cap U.S. stocks, covering roughly 85% of the free float-adjusted U.S. equity market capitalization. It launched on March 31, 1986, and has since become the primary benchmark institutional investors use to measure U.S. large- and mid-c
Back leverage in private equity is fund-level borrowing secured against the net asset value of an existing portfolio, rather than against the assets of any individual portfolio company. A GP borrows against the fund's NAV to fund follow-on investments, return capital to LPs, or bridge to exits, with
Preferred equity in private equity occupies a specific position in the capital stack structure: senior to common equity, subordinate to all debt tranches, and structured to deliver priority distributions before common holders see a dollar. It is not a safer version of common equity. It is a structur