Jan 17, 2025 | GroveStreet, In the News, Uncategorized
As we commence the new year, we’re excited to share several important milestones at GroveStreet.
New Client Commitments
First, on the client front we’re pleased to report one of our long-standing investors contracted a 7th investment program with GroveStreet in the fourth quarter. We are deeply honored by the vote of confidence and trust intrinsic to another client extending their collaboration with our organization. Adding to the exciting momentum from our investors, this program brings total commitments to GroveStreet in 2024 to $670 million.
Patrick Sherwood and Mario Miranda Promoted to Managing Partner
Organizationally, we’re delighted to announce that Partners Patrick Sherwood and Mario Miranda have been promoted to Managing Partners. During their time at GroveStreet, they have each made impactful contributions to our investment process, serving our clients and running our business. As Managing Partners, they will help lead GroveStreet in the years ahead. Patrick and Mario add to the character of our culture where each Partner brings distinctive talents and perspectives which equip GroveStreet to continue to pursue exceptional investment results in highly engaged collaboration with our clients.
Compelling Investment Opportunities
On the investment front, we remain excited about the opportunities in venture, lower middle market buyouts and co-investments. Deal flow is abundant, although our bar remains very high as we focus on building concentrated portfolios. The macro landscape, as is often the case, roils with cross currents mixed with favorable and challenging trends. We don’t seek to prognosticate macro markets but instead maintain a time horizon commensurate with our target segments and seek the most compelling, enduring opportunities on a bottom-up basis. This approach has served our clients well for over a quarter of a century.
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Sep 10, 2024 | GroveStreet, In the News, Uncategorized
GroveStreet Partner, John Merrill, speaks at IPEM Paris 2024 on the evolving opportunities in lower mid-market buyouts. In an era of higher rates with a crowded field of GPs and high levels of dry powder, Merrill expressed a preference for specialist managers and stressed the importance of partnering with GPs with demonstrated expertise in value creation through operational improvements, a core, long-standing tenet of GroveStreet’s investment approach in buyouts. The panel included Claire Ngo from Temasek and Josh Blaine from Blackstone and was hosted by CAIA’s Laura Merlini.
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Aug 8, 2024 | GroveStreet, In the News, Uncategorized
As big tech companies compete to get ahead in AI, they’re snapping up opportunities in the start-up ecosystem. Wary of regulatory scrutiny and potential hurdles, tech giants are turning to transactions that secure the technology and the people from start-ups but leave behind the companies themselves. Venture investors should monitor this trend closely. There’s liquidity to be sure, but some argue that the deal structure jeopardizes alignment among investors and founders. Read more here about these transactions and Google’s recent deal with Character.AI, an underlying GroveStreet portfolio company.
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Jul 24, 2024 | GroveStreet, In the News, Uncategorized
Evaluating the efficacy of teams is key to successful venture and buyout investing. Understanding a manager’s strategic edge, track record, their deal flow, their ability to execute transactions and ultimately add value are all essential to identifying the right investment partners. But ultimately, it’s all about the team. We look for the right mix of experience and skills, drive, intellectual curiosity, deal savvy, complementary skills, trust, and team chemistry.
At GroveStreet, we actively seek to nurture in our own team the attributes we look for in managers. Sometimes that includes making time for fun, like an afternoon cruise in Boston Harbor. It was great to have Clint Harris, one of our founders, join the outing. Learn more about the GroveStreet Team.
May 2, 2024 | GroveStreet, In the News, Uncategorized
GroveStreet’s Patrick Sherwood is featured in the latest edition of Private Equity Findings published by the Coller Research Institute. In an article delving into a new model for private equity pacing and cash flow forecasting, Patrick and Alex Billias of Bella Private Markets discuss the merits of moving beyond widely used deterministic approaches such as those developed at Yale, to a probabilistic model drawing on actual cash flow data and arming allocators with a range of potential outcomes instead of sometimes misleading and often misunderstood point estimates. The new model developed by Bella and GroveStreet retains the core principles and intuition of the Yale model but is powered by simulation-based computations and actual portfolio data. Read more about the new model here.
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Mar 29, 2024 | GroveStreet, In the News, Uncategorized
Aravind Srinivas, Co-Founder and CEO of Perplexity.ai, is in the vanguard of the AI revolution. Srinivas worked at Deepmind, Google, and OpenAI before starting Perplexity, an AI-chatbot ‘answer engine’ featuring natural language responses and citations, brazenly competing with Google. In the podcast Bartlett and Srinivas discuss how Google lacks alignment between its shareholders, its advertisers, and its core search users, therefore stifling innovation and leaving an opening for an AI-native entrants like Perplexity.ai to disrupt the current paradigm. GroveStreet has been a Redpoint investor since 2000.
Listen to this thought-provoking episode here, or wherever you get your podcasts.
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