MM Software buyout fund. Looking at the marks in our current portfolio ahead of a fundraise, and they're hyper aggressive. Anyone who's been through a fundraising round -- what do prospective LPs actually see? I'm sure everything that we want to show will be heavily adjusted and sanitized, but even a cursory glance beneath the curtain would not look great. Anyone else have the same thoughts when staring at their current portfolio?
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No/minimal markdowns after the SaaSpocolypse? Good luck with the raise.
Yup. I'm at a JAMMBO that is weighted consumer/services and some of our marks are ridiculous. Just looking at revenue and EBITDA $ trends by portco would show how aggressive some of the multiples we're using that wouldn't transact in 2026. One example - we've "switched" a portco from being valued on an EBITDA multiple to a revenue multiple despite it being an EBITDA multiple sector and how we valued it on entry. Just so it would mask the EBITDA decline at the portco.
If I was an LP, don't think I'd invest in my firm's next fund tbh. I get why DPI is the key metric nowadays.
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