Dan Groen

Last night, we closed Soundcore Capital Partners Fund III at $450 million — oversubscribed at the hard cap. 🚀 117 LPs. 12 countries. I am deeply grateful to every Fund III LP for the trust you placed in our team and our strategy. 11 years ago, I started Soundcore with a simple conviction: that small business owners in non‑discretionary service sectors deserved a respectful, operationally intensive partner — and that PE could be built the right way, from the ground up. There was no platform to leverage. No built‑in capital base to hire the talent this strategy demands. From the start, what existed was an unwavering conviction in the mission, a relentless work ethic, and a commitment to building this firm—step by step—into the very best in PE. Using the formula I created, we have built market‑leading platforms in highly fragmented, essential service sectors — long before it was fashionable to do so. Like any long journey, Soundcore was tested in ways I could not have anticipated. There were moments when staying the course was difficult and uncomfortable. What mattered most during those periods was resilience and integrity. Over the past several years, I spent countless hours on the road meeting with existing and prospective LPs — engaging in deep DD and thoughtful partnership discussions. The scrutiny made Soundcore better. More disciplined. More durable. At the same time, our team remained intensely focused on the portfolio and employees driving daily performance. Operationally, Fund III already reflects one of the most focused and active periods in our firm’s history: 👉 Five platforms built with over $540 million in revenue 👉 28 acquisitions completed 👉 17 acquisitions in 2025 alone — our most active year to date 👉 Meaningful expansion of our team, with deeper operational and investment expertise The LPs in Fund III were discerning and did the work. They conducted extensive DD and evaluated us based on data and firsthand reference work. We are grateful for their rigor and for their partnership mindset. We also diversified and strengthened our global LP base across public and corporate pensions, endowments, foundations, consultants, insurance companies, single family offices, fund of funds, multi-family offices, wealth managers, asset managers, and ultra-high net worth investors. We do not take that responsibility lightly. The close of Fund III is not a finish line — it is a mandate. Our focus remains singular: disciplined execution, operational value creation, and delivering performance consistent with the trust placed in us. To our LPs — thank you for your rigor, candor, and partnership. To the Soundcore team — your professionalism, resilience, and unwavering confidence in what we are building made this possible and I share this achievement with you. To my wife — thank you for the strength, patience, and support that made this journey possible. We move forward focused, proud, aligned, and accountable. Onward.

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What does the "new era" of private equity look like? This week at PEI NEXUS, Bain & Company's Chairman of Global Private Equity Practice Hugh MacArthur recapped the firm's latest Global Private Equity Report. Hugh noted that firms will need to focus on what they do well in a “new era” for private equity. These sentiments echoed much of what Private Wealth Forum speakers, including Arax Investment Partners Founder and CEO Haig Ariyan, Laird Norton Wetherby CIO Ron Albahary, CFA, Ardian Managing Director, US Private Wealth Solutions Ava Mallin, and Citi Wealth Head of Private Equity and Real Estate Jeffrey Locke, shared on stage at PEI. This week's AGM Alts Weekly dives into what a "new era" in private equity might look like, connecting dots and data points from Bain & Company and McKinsey & Company's 2026 reports on the state of the private equity industry. Some key themes defined the takeaways from both reports: ➡️ Returns will not be a dime a dozen: Bain's punchline? "12 is the new 5." ➡️ Megadeals, big questions: 2025 witnessed an increase in global buyout deal value. However, just 13 deals of $10B or more contributed 69% of the growth in 2025, accounting for $274B of the global gain. ➡️ A K-shaped industry: Private equity appears to turning into a K-shaped industry, with “a subset of elite funds [being] on the upswing while everyone else muddles through.” ➡️ No fun in fundraising: McKinsey noted that core, closed-end fundraising has “become more competitive, selective, and time consuming.” ➡️ Continuation nation: There’s been a marked rise in continuation vehicle activity, but only represents less than 10% of exit value. ➡️ Mid-sized deals not so mid: Megadeal activity grabbed the headlines. But deal sizes $1-5B deals grew 29%. Growth in the $1-5B deal size segment could be encouraging for specialist buyout funds. There are some key questions for allocators to grapple with as they think about what private equity might look like in the future. 1️⃣ Do allocators believe public markets will continue to outperform private markets? 2️⃣ Will fundraising bounce back? 3️⃣ Can firms kick value creation into motion? 4️⃣ Are both GPs and LPs ready to handle how investors might look to exit evergreen vehicles? 5️⃣ For LPs, are they finding managers that have an edge? Read on for more👇 This week's Alt Goes Mainstream's AGM Alts Weekly, brought to you by DealsPlus, covers: 🗂️ AGM Index, an index that tracks the leading publicly traded alternative asset managers. 💻 Who is hiring: Senior-level positions from companies Blackstone, KKR, Apollo Global Management, Inc., Ares Management, EQT Group, Blue Owl Capital, Franklin Templeton, Fortress Investment Group, iCapital, Goldman Sachs, Ultimus Fund Solutions, Krilogy, MSCI Inc. Subscribe👇 to see the latest trends & navigate this rapidly changing landscape as alts go mainstream. https://lnkd.in/eRKN25jy

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Wealth professionals looking to introduce private market investments into client portfolios are finding that client education is essential. Managing Director James Martin shares a key insight from our Global Private Wealth Survey that highlights how stronger education equips clients to confidently embrace private markets.

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I spoke with Christien Louviere of BDE Capital about his journey from a $330mm exit to becoming an independent sponsor. Christien shared excellent insights for folks looking to partner with business owners, rather than buy sellers out completely. Below are a few of the topics we covered: - Why he moved from “zero-to-one” startups to a buy-then-build strategy - How Christien's background shaped a focus on growth vs. cost-cutting - Why 20–40% rolled equity is central to his deal structures—and how it builds trust with sellers - Using scenario analysis with AI tools to evaluate management teams and uncover hidden key-person risks - How to identify when a $3–5M EBITDA company truly has a middle management layer—or is still founder-reliant For anyone investing in or buying small businesses, Christien’s approach provides a fresh lens on growth, alignment, and deal structuring. 🎥 Watch the full interview here → https://lnkd.in/ekfkaiej 🎧 Listen on Spotify: https://lnkd.in/e86Agx6V

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Wealth professionals looking to introduce private market investments into client portfolios are finding that client education is essential. Managing Director James Martin shares a key insight from our Global Private Wealth Survey that highlights how stronger education equips clients to confidently embrace private markets.

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Wealth professionals looking to introduce private market investments into client portfolios are finding that client education is essential. Managing Director James Martin shares a key insight from our Global Private Wealth Survey that highlights how stronger education equips clients to confidently embrace private markets.

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Wealth professionals looking to introduce private market investments into client portfolios are finding that client education is essential. Managing Director James Martin shares a key insight from our Global Private Wealth Survey that highlights how stronger education equips clients to confidently embrace private markets.

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Starboard Built Big Stake in BILL Holdings, Plans to Nominate Directors "Activist investor Starboard Value owns an 8.5% stake in BILL Holdings and intends to run a boardroom challenge to push for changes at the financial automation software company that serves small and midsize businesses around the world, it said in a filing on Thursday. "BILL Holdings, which has a market value of nearly $5 billion and sees more than 1% of U.S. gross domestic product flow through its platform, saw its stock price lose nearly half of its value since January." #corporategovernance #boardsofdirectors #activistinvesting #shareholderactivism #governancearbitrage https://lnkd.in/gQhi_A5b

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Some very welcome news for VC and PE firms, as well as other entities investing in startup and emerging growth companies. The California Department of Financial Protection and Innovation (DFPI) has announced the suspension of the implementation and enforcement of the data collection and reporting regime imposed by the Fair Investment Practices by Venture Capital Companies Law (FIPVCC). This decision comes pending the completion of a rule-making process initiated by the DFPI in response to feedback from stakeholders affected by the regime. As a result, the DFPI will not require covered entities to submit further registrations or file reports by the April 1, 2026 deadline. For more information, visit the DFPI website: https://lnkd.in/eqjJbSFz

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EnerTech Expands its Innovation Platform Through a Partnership with Restructuring Company Steinberg Advisory “We are thrilled to have Steinberg Advisory as a partner on our expanded services platform. Howard and I have known one another for over 25 years and worked together at RBC Capital Partners earlier in our careers. Howard and his team have developed a platform of core services that will be a valuable resource for both our firm and our broader network of Corporate LPs and co-investors,” said Wally Hunter, Managing Partner at EnerTech Capital.

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Kicking off a busy week at NEXT.io - The World’s iGaming Community in NYC with our latest loan announcement from our House Advantage Fund in partnership with PvX Partners. We are excited to be backing the team at PowerPlay to help fund their next chapter of growth. It's been great building a partnership with Dean Serrao and Benn Timbury during this process. They have built a platform that is ready to grow and we can provide them non-dilutive financing to accelerate their journey.

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Construction and demolition (C&D) waste in the U.S. is an over $300 billion industry entailing millions of jobs. CurbWaste has been taking the industry out of the pen-and-paper age, and that’s why we are proud to invest in its $28M Series B. The round, led by Socium Ventures, builds on the $10M Series A we led at the end of 2023. Since then, CurbWaste has grown its customer base to about 150 haulers over 40 states and continue to scale three digit y/y revenue growth. Customers include leaders such as TKI, Capitol Waste and Super Waste. The comprehensive CurbWaste platform provides order and route management, live tracking, automated invoicing, and real time data reporting. The New York-based company will be using the new round to fund additional enterprise offerings and deepening its AI-powered automation. Curbwaste's founder & CEO, Michael Marmo, hails from four generations in the waste management industry which provides him with a degree of familiarity and expertise required to drive the industry into a new era. As Mike told @WasteDive: "We’re not a grow-at-all-costs business, we’re very much a customer-focused business. We’re asking companies to trust us with their business, and I take that very seriously." Congratulations to Mike and the CurbWaste team. Honored to be an ongoing part of the CurbWaste journey! Socium Ventures, TTV Capital, B Capital, Mucker Capital, John Onwualu, Lizzie (Guynn) Hartley, Patrick Harmon Lopez, and David Yang.

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Why Rollover Equity Is Worth More with a Search Fund Operator In competitive M&A processes, sellers are often asked to reinvest a portion of their sale proceeds as equity alongside the new owner (ie. 'Rollover Equity'). Every private equity firm will offer a polished pitch on why they’re the right partner but few can match the personal alignment of a search fund operator. With a search fund operator, you're not handing the reins to a firm. You’re partnering with an individual whose entire financial future, professional reputation, and time are tied to the success of your company. That level of commitment is rare—and powerful. Here’s why rollover equity has a much higher likelihood of being worth more when you partner with a search fund operator versus a private equity firm: ✅ Single-Company Focus Search fund operators acquire one business and go all-in. There are no other portfolio companies competing for attention, no fund-level dynamics to manage, and no Plan B. Their full focus, energy, and net worth are tied to a single outcome. When everything rides on one company, you get an operator who shows up like an owner because they are. The stakes are personal and that drives unmatched alignment, accountability, and grit. ✅ Reasonable Valuations and Lower Leverage I can’t emphasize this enough: getting valuation right at the outset will make or break a company's potential. Inflated valuations may feel good in the moment, but these structures often lead to unreasonable growth expectations, excessive debt loads and sky-high option strike prices for employees. The fastest way to kill morale? An underwater option pool. I’ve seen it firsthand—teams lose motivation when their equity becomes meaningless. Discipline on entry valuation protects not just investors, but employee and organizational morale. ✅ Longer Hold Periods = Greater Compounding Private equity firms typically aim to exit within 3–5 years to return capital to limited partners so it can be recycled into the subsequent fund. Search fund operators can hold for 7-10+ years, allowing earnings to compound and valuations to meaningfully expand making your rollover equity far more valuable. Partial liquidity can be provided along the journey through stock buybacks and different types of recapitalizations (minority, dividend, continuation vehicles, etc.). In short: if you’re selling your business and rolling over equity, few structures offer the same alignment, focus, and long-term upside as partnering with a search fund operator. #PrivateEquity #RolloverEquity #SearchFunds #MergersAndAcquisitions

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At Brightstar Capital Partners, we believe success begins with strong relationships built on trust, alignment, and a shared vision to help great businesses grow. While capital is essential, we focus on building long-term partnerships built through hands-on experience and a commitment to lasting value. Our investment evaluation process is grounded in sectors we know deeply. We focus on cash-flowing businesses where we see an opportunity to optimize operations and foster ownership culture, helping to grow the company better than it could on its own. Ultimately, we judge success by a simple question. Five or 10 years after we exit, if someone calls a founder or partner we’ve worked with and asks, “Should I work with Brightstar?” I want the answer to be yes. That is our definition of real value creation.

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Aiglon Capital is pleased to share the exciting news that our portfolio company, Nester Hosiery, has acquired the assets of Fox River Mills. This transaction represents another step forward in our strategy of partnering with exceptional management teams to build enduring, U.S.-based manufacturing and distribution businesses. We are proud to support Nester Hosiery in this next phase of growth and are confident the acquisition will expand its capabilities while honoring the legacy of Fox River. Please see the full press release enclosed for more details.

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👉️ Private Equity: Growth Jetpack or Identity Crisis? Taking PE money can feel like leveling up—or letting go. On one hand, you get capital, connections, and operational horsepower to scale faster than ever. On the other, you might be giving up more than just equity—like autonomy, culture, or the long-game vision you’ve been building. This blog breaks down the real trade-offs of partnering with PE: 🔍 When it accelerates growth ⚠️ When it introduces friction 🧠 How to avoid being sidelined post-deal 🤝 What alignment actually looks like ✅ And how to walk away with both capital and control If you’re considering outside investment—or advising someone who is—this is a must-read. Question for founders: If you’ve worked with a PE partner, what was your biggest win—or biggest surprise? #PrivateEquity #FounderLife #MergersAndAcquisitions #StartupExit #ScaleUp #BusinessGrowth #Entrepreneurship #CapitalRaising #Leadership #DealMaking

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Laidlaw is pleased to have invested directly in Ironlight's series A2 which closed in 2025. We are delighted to have Greg Braca step up to the Executive Chair role at such an exciting time for the company as they launch their platform for the tokenization of RWA's with a specific focus on financial products.

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This conversation is a timely one, as more attention is turning toward alternative investments and how everyday investors can diversify beyond stocks and bonds. Thanks, Michelle Thomas for joining me! If you’ve ever wondered how to put your IRA to work in private equity or other alternative assets, this episode is a must-listen.

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