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One of the most important books I have read in recent years is Skin in the Game by Nassim Nicholas Taleb. While the book touches on philosophy, investing, ethics, and risk management, its core message is surprisingly practical: people should share in the consequences of the decisions they make. In other words, if you advise, recommend, invest, or negotiate, you should have something at risk yourself. This idea has a powerful application in the world of independent deal origin

One of the most underrated skills in private equity and M&A is not financial modeling, valuation, or even negotiation. It is the ability to think independently when everyone else is looking in the same direction. Reading Howard Marks’s thoughts on contrarianism made me realize how relevant the concept is to deal origination. In investing, Marks argues that superior returns rarely come from following consensus. The same applies in sourcing deals. If every fund is chasing the e

Investors are often presented with polished decks, complex financial forecasts, and big, exciting stories about growth and disruption. But all that detail can sometimes distract from what really matters. That’s where first principles thinking comes in and helps strip everything back to the basics and focus on what truly drives a business. At its core, first principles thinking means breaking something down to its simplest building blocks and starting from there. Instead of re

If you talk to independent deal originators long enough, you’ll notice a pattern: they’re either in the middle of something that might happen, something that just died, or one deal that suddenly makes the whole year worth it. That uneven rhythm isn’t random—it’s the nature of the business. Deal origination in private equity and M&A behaves like a power-law system, where a handful of outcomes drive almost everything. At its core, this follows what’s known as a power law distri

During periods of market and geopolitical stability, deal sourcing for private equity is relatively structured. Advisors circulate teasers, and investors compete in organized sale processes. During a crisis, however, that system often breaks down. Transactions slow, sellers hesitate, and valuation gaps widen. For investors and deal brokers, this environment requires a different mindset. Deal sourcing becomes less about waiting for processes and more about actively finding opp

For a long time, the Japanese business world viewed private equity with deep suspicion. It was often labeled as "vulture capitalism," a practice where foreign investors profited by taking apart companies at the expense of employees and owners. This negative perception created significant barriers, making it difficult for PE firms to even secure meetings with potential acquisition targets. However, over the past twenty years, a shift has occurred. Private equity has gradually

Kenya has firmly established itself as the investment hub for East Africa and the continent at large. This is particularly true in venture capital, with Nairobi's skyline being reshaped by the offices of VC firms. Yet, the more enduring and critical role for capital formation lies with private equity. The African private equity market is uniquely positioned. The general shallowness of local capital markets and the high cost of debt mean that private equity is not primarily us

In the world of private capital markets, sourcing private equity investments has become both essential and increasingly challenging. While PE firms hold substantial reserves of dry powder, identifying high-quality opportunities remains a persistent stumbling block. Competition for desirable companies is fierce, leading to premium valuations, and due diligence has grown more extensive and resource-heavy. Consequently, despite unprecedented levels of available capital, deployin

For a private equity firms the process of sourcing and executing investments is the lifeblood of profitability and future fundraising. This demanding process requires significant resources, a robust network, and strategic focus. While PE was once a local and regional endeavour, the sector has globalized. Today, the most compelling opportunities for discerning investors are increasingly found in emerging markets. Recent years have highlighted a key advantage of emerging market