Exits & Liquidity Archives | Private Equity Bro

Continuation Fund Volume Forecast for 2027

24 September 2026

Forecast boundary for 2027 Continuation funds, the new vehicles general partners form to buy assets out of an ageing fund…

What Is a Tender Offer in PE Secondaries?

15 September 2026

A secondary buyer names one price for limited partner (LP) interests in an existing private equity fund, quotes it as…

Top Boutique Investment Banks in London in 2026

26 July 2026

A boutique investment bank is an advisory-led firm whose economics are not primarily driven by balance-sheet lending, securities underwriting, or…

Continuation Funds Explained: Why PE Firms Extend Asset Ownership

23 July 2026

A continuation fund is a sponsor-led secondary transaction in which a private equity manager transfers one or more portfolio companies…

Capital Calls Explained: How Private Funds Draw Investor Commitments

22 July 2026

A capital call is a general partner’s contractual demand that limited partners fund part of their unfunded commitments into a…

PIK Interest Explained: How Payment-in-Kind Debt Affects Borrowers and Investors

15 July 2026

Payment-in-kind (PIK) interest is interest paid by adding to the outstanding debt balance rather than transferring cash when the coupon…

Best Middle Market Investment Banks to Watch in 2026

10 July 2026

Middle market investment banks are advisory firms that specialize in M&A, capital raises, and restructuring for companies with enterprise values…

Top Lower Middle Market Investment Banks to Watch in 2026

8 July 2026

Top lower middle market investment banks are M&A advisory firms that specialize in companies with enterprise values of roughly $25…

Management Equity Plans in Private Equity: How They Align Incentives

17 June 2026

A management equity plan, or MEP, is the contractual and equity framework that gives senior executives direct economic exposure to…

Best Investment Banks for Analysts in 2026: Rankings and Career Outlook

19 May 2026

The best investment banks for analysts in 2026 are the platforms that produce transferable judgment. Analysts should look for firms…

NAV Lending Explained: How Private Equity Funds Unlock Liquidity

12 May 2026

NAV lending is debt raised by a private equity fund, or a fund-controlled vehicle, against the value of its investment…

Revolver in Financial Modelling: How the Credit Facility Works

19 April 2026

A revolver in a financial model is the model’s representation of a revolving credit facility, typically the senior secured working-capital…

Accelerated Bookbuild in Private Equity: What Is It?

13 March 2026

An accelerated bookbuild, or ABB, is a rapid secondary equity placement in which one or more investment banks market and…

Net Asset Value (NAV) for Property Funds: Calculation, Drivers, and Pitfalls

8 March 2026

Net Asset Value (NAV) is the core measurement property fund stakeholders use to translate a portfolio of illiquid real estate…

Minority Recapitalization in Private Equity: Definition, Structure, and Use Cases

4 March 2026

A minority recapitalization in private equity is a transaction where a sponsor acquires a non-controlling equity stake in a company…

Exit Multiple Expansion: What it Means and How it Drives Returns

2 March 2026

Exit multiple expansion is the increase in valuation multiple between entry and exit, typically measured as enterprise value to EBITDA.…

Liquidity Preference Stack in Venture and Private Equity: Definition and Example

1 March 2026

A liquidity preference stack is the ordered set of contractual rights that determines who gets paid, how much, and in…

Secondary Buyout Explained: How PE Firms Sell Portfolio Companies to Each Other

14 February 2026

A secondary buyout is the sale of a portfolio company from one private equity sponsor to another. Control transfers, but…

The Endowment Model in Private Equity: Strategy, Allocation, and Returns

10 February 2026

The endowment model in private equity is a portfolio construction and governance approach that treats illiquid alternatives as strategic, long-duration…

Designing Private Equity Exit Strategies: Key Levers, Timelines, and Trade‑Offs

5 February 2026

A private equity exit strategy is a sponsor’s plan to convert paper gains into realized cash returns through strategic sales,…

Dual‑Track Process in M&A: How Sellers Balance IPO and Sale Options

4 February 2026

A dual track process runs IPO preparation alongside an M&A auction for the same company, letting sellers choose whichever path…

Drag-Along vs. Tag-Along Rights: Protecting Majority and Minority Shareholders

10 January 2026

Drag-along rights let majority shareholders force minorities to sell their stakes on identical terms to the same buyer. Tag-along rights…

Excise Tax on Stock Buybacks: Implications for PE-Backed Public Companies

30 December 2025

The Inflation Reduction Act created a 1% federal excise tax on stock repurchases by U.S.-listed companies, effective January 1, 2023.…

Piggyback Registration Rights in Private Equity: How They Protect Minority Investors

23 December 2025

Piggyback registration rights allow minority shareholders to include their shares in a registration statement the issuer files for another party’s…

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