Illiquid Insights

@_Mike_Warner The sticky fan base, media rights, merchandise / brand make it a great asset.

Same movie playing in my industry, different theater. PE went from tech to healthcare to HVAC and plumbing, and now the Yankees. The pattern never changes: find assets with loyal customers, pricing power nobody's used, and owners who need liquidity. A ballclub and a 40-year-old plumbing company are the same trade to Apollo. Sticky demand, undermonetized brand, founder ready to exit. The pinstripes just have a better logo. When the capital runs out of trades shops and sports teams, it'll find the next unpriced loyalty pool. It always does.

Private equity is jumping into pro sports. Team valuations are so high that new buyers need 3rd party capital. Existing owners want exit liquidity. These deals will keep coming.

@BoringBiz_ Whoever’s sales reps take me out the most.

My ranking of virtual data room providers 1. Datasite 2. DFIN 3. Intralinks 4. Firmex 5. Debtdomain 6. Syndtrak What else would you add?

2Q'26 was a good quarter for private credit. Institutional fundraising rebounded and deal terms improved slightly. But deal flow is slowing. Full post ⬇️

@Chedwardioooo Spilling the secrets

@IlliquidInsight Sssshhh

Capital markets jobs are underrated. The pay is similar to investment banking, and you don’t have to spend your weekends building 30 tab models.

@CPDDOUGH If you don’t care about exits it’s great. If you want exits, do something else.

@IlliquidInsight IG DCM is incredible bang for the buck. Don’t need any brains and is a 7-5 job with just a little travel plus more comp stability at high level than equivalent sales. Prob is that you don’t really do anything so best not to get fired.

@Waitin_Time “The pay is similar” doesn’t mean the exact same

@IlliquidInsight Not the same pool for the bonus. Therefore, definitely not the same pay (unless you’re referring only to the base salary)

@EventDrivenEddy I mean the actual work / team compared to traditional IB. Totally segmented from IB coverage or product groups like M&A or RX.

@IlliquidInsight Capital Markets sits within IB at most banks

@apiratelives Well said. Facts

@IlliquidInsight Yuge Facts. Investment banking is an amazing way to start a career and an awful way to finish one

@JG_Nuke The new motto of private credit.

@IlliquidInsight "Push, PIK, and Pray." I love it! Consider yourself notified of intent to plagiarize.

Defaults are much less common than they used to be. Now companies and lenders push out maturities, PIK interest, and pray (and wind up filing for bankruptcy in a year)

@RealPeterTeal Exactly. The lower multiple comes from somewhere

@IlliquidInsight It’s why you get a discount - to deal with the mess Perfectly manicured businesses command a premium; show me Chris Pratt pre-weight loss

You don't appreciate PE ownership until you work with a non-sponsor backed company. Data and financials are a mess, the "model" is all hardcodes, and management is less sophisticated.

@operat0rnyc The magic formula

@IlliquidInsight Fire Deanna from HR and roll up all back office intro centralized HQ - Brad Johnson (MBA), 28

@MBAGirly It’s numbers for US. But also only one quarter, so it’s a data point.

@IlliquidInsight Is it tho? My friend in PC in London seem to be very busy.

Private credit may be turning a corner • 2Q was best fundraising quarter since ‘24 • Deal terms are getting more lender friendly But there’s one problem: deal volume is sinking Get tomorrow’s full post ⬇️

@Rebelshin Yeah. Everyone is always looking for yield.

@IlliquidInsight There's just too much liquidity that investors are just throwing capital around