I hope you’ve had a productive summer. I spent three weeks in Chicago — a wedding, time with friends, and more than a few late dinners that added 2kg on the way back. On the bright side, no encounters with ICE — which, for an American abroad, I’ll count as a small victory.
It was a reset before the final stretch of 2025. And here we are — 19 September, with the year’s last quarter just ahead.
For many GPs, September is the moment when portfolio reviews, LP updates, and 2026 planning begin to accelerate. Too often, these discussions default to metrics and monitoring. What’s missing is strategic dialogue — conversations that move beyond oversight into real levers of value creation:
Where do tuck-in acquisitions create defensible scale?
Which companies should consider growth capital before 2026?
How should management teams position around partnerships, licensing, or competitive threats?
Do current capital structures align with the next phase of growth?
These questions are best explored informally and early — not for the first time in a boardroom or investment committee.
Over the past month, I’ve been pulled into exactly these conversations. No mandate, no fee, no stopwatch — simply acting as a sounding board. The value isn’t in “answers on a slide deck” but in pressure-testing assumptions before they harden into decisions.
Sometimes that means assessing whether portfolio strategy matches market reality. Other times, it’s comparing what peers are seeing in fundraising or competitive dynamics. Always, it’s about broadening perspective.
Capital remains unevenly available. Some companies will benefit from raising now, while others should preserve runway and wait for stronger conditions. The same applies to M&A: a well-timed tuck-in can transform a growth story, but only if investor sentiment supports it.
These are choices that benefit from a neutral, external view grounded in real market dialogue.
Licensing frameworks, regulatory shifts, and competitive positioning are areas where external context is critical. In fast-moving sectors, management teams rarely have the bandwidth to track these dynamics closely. Advisors who see across markets can translate signals into portfolio-specific implications.
So here’s the point: as you prepare for year-end reviews and 2026 planning, do you have someone outside the firm who can help frame these conversations — across M&A, growth capital, partnerships, competition, and capital structures? If not — you do now.
Don’t be shy. A short conversation can sharpen decision-making and strengthen relationships. I’m in London throughout September and October.
Securities Offered through Wellesley Hills Securities. Member FINRA/SIPC
