Toptal Finance Expert
The Most Exciting Asset Class in Private Equity? Search Funds From the Investor’s Perspective
In the current low interest rate environment, investors have been increasingly moving towards alternative asset classes, particularly private equity which continues to attract the lion’s share of investor capital. But could a relatively unknown, niche new asset class hold the key for outsized market performance?
In this article, Toptal Finance Expert Toby Clarence-Smith uncovers the world of search fund investing, reviewing some of the key aspects of the asset class from the investor standpoint as well as running through the main benefits of putting money to work in this space.
Toby Clarence-Smith
Toby has deep financial experience across investment banking, VC investing, and PE. He most recently founded and sold a VC-backed company.
How to Understand and Appraise Private Real Estate Fund Investing
The extent of investing in real estate for most individuals is in the bricks and mortar of their own house. For braver investors, there are a range of other options, the most notable being private real estate offerings. Similar to PE and VC funds, these structures can allow for tailored investments in skilled management teams undertaking complex projects.
Martin Kemeny
Martin is an seasoned real estate and PE executive that has completed over $200m of projects and advised a range of Fortune 500 companies.
Legal Sports Betting: A New Economy Built on Vice
In the last Super Bowl when the New England Patriots faced off against the Philadelphia Eagles, Americans bet a staggering $4.76 billion on the game. 97% of that figure was done so illegally. However, this will likely change by the time the next Super Bowl rolls around. In a hotly anticipated move on May 14, 2018, the US Supreme Court struck down the Professional and Amateur Sports Protection Act, paving the way for states to legalize sports betting.
This article covers the foundations of sports betting, including its $150 billion market size, implementation timeline, and revenue distribution. It will also examine the implications of its legalization, including increased sports engagement and popularity, ethical concerns, fresh opportunities, and its impact on fantasy sports and eSports.
Elizabeth J. Howell Hanano, CFA
Elizabeth began her career as an equity analyst and brings a deep understanding of how to unlock value within companies, big and small.
Don’t Scale an Unprofitable Business: Why Unit Economics (Still) Matter
With venture funding having grown more than 120% in the US in the last five years, startup founders and investors alike have grown increasingly comfortable with low margin business models. But the successes of the Amazons and Facebooks of this world often mask failure in a slew of other sectors, where the “build it and they will come” model doesn’t always work.
In this article, Toptal Finance Expert Toby Clarence-Smith brings attention back to the importance of studying a business’ long-term sustainability prospects, with a particular focus on unit economics, one of the building blocks of profitability and breakeven analysis for startups.
Toby Clarence-Smith
Toby has deep financial experience across investment banking, VC investing, and PE. He most recently founded and sold a VC-backed company.
Mission Statements: How Effectively Used Intangible Assets Create Corporate Value
Of the three functional categories that drive value in business—i.e., the “hard,” the “soft,” and the “intangible”—mission statements comfortably reside in the third, alongside such concepts as brand and culture.
But despite the skepticism that is often associated with this category, and having uncovered some of the greatest gems in the corporate arena, this article argues that mission statements, when crafted and utilized effectively, are capable of driving billions of dollars in value.
Orinola Gbadebo-Smith
Ori an investor cum entrepreneur with experience across M&A, PE, VC and startup operations. He most recently founded a VC-backed startup.
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Applications of Statistics for Measuring Company Growth
Eyeballing the top-line figures of company growth is unlikely to uncover anything particular radical. To understand the trends that lead to user growth, retention, and/or engagement, statistical tools should be employed to test the underlying drivers behind performance.
Erik Stettler
Erik’s a VC GP who has invested into over 50 tech companies and realized notable exits, two of which were sales to Box and Twilio.
Selling a Business for Maximum Value in a Challenging M&A Market
With $936 billion of uninvested private equity capital inching down market, why do 46% to 80% of lower middle market sell-side transactions fail to close? The usual answer is that companies are not ready for buyers’ examination and owners can be overly optimistic or even greedy.
Business owners can do much more to put themselves in the driver’s seat. Success boils down to the following: (1) take the time and do the work to prepare for an exit transaction and (2) apply “intelligent greed” to close your best deal.
William B. Doyle, Jr.
Bill is an expert at scaling growth businesses and turning around struggling companies. He has completed $1.3B of financing transactions.
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