TITLE: Wrestling with Unicorns
SUBTITLE: Navigating the turbulent and disruptive oceans of private capital markets.
Forthcoming book c.100 pages.
Author: Mike Henebery
Foreward: Tony Jiménez (LINKEDIN)
The book recounts the author’s experiences of founding/co-founding 4 start-ups that either achieved “Unicorn” status (Gresham PE), could have achieved that status (Palio Capital) or plan to achieve Unicorn status : Fabify.com (a b2c platform for big fashion apparel brands to liquidate overstock in a controlled way) and ExitValhalla (a b2b consultancy to SME owner managers, see this website for further background).
The main conclusions of the book :
1 private capital markets offer superior risk adjusted returns (compared to public capital markets).
2 there is a power shift to private capital markets manifested by exponential growth in the richest Family Office LPs.
3 no-one wants to “buy” the index in private capital markets, capital chases the most successful investment managers.
4 democratisation of access to private capital markets (to non C-suite workforce) is in its infancy and warrants encouragement.
5 the prevailing wisdom in private capital markets towards maturity cycle specialist funds (eg “start-up”, “scale-up”, “mature”) is potentially inferior regards risk-returns when compared with the #MvrckCapital strategy which will facilitate access across the maturity spectrum, targeting the best management teams and business plans.
6 Further the economic cycle will never be in synch with GP fund cycles so a GP such as #MvrckCapital with flexibility to alter the balance of PE and credit throughout the cycle is more evolved re risk returns.