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Axial Radar: A Drip in Dry Powder

Axial Radar

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Happy Friday and welcome to another edition of Axial Radar!

I came across an article earlier this week studying the ratio of cash held by PE funds to assets under management. For the first time in my career, I saw the words “dry powder” and “declined” in the same sentence.

As it turns out, PE funds still have record amounts of cash on hand (on an absolute basis). However, because of the pace and price of deals last year, the proportion of cash to AUM dropped to a 20 year low. Scroll down to this week’s featured Industry Trends article to read more about the soaring value of PE assets under management, including a comparison to the last economic cycle where the cash to AUM ratio dropped precipitously.

Our featured buy-side members this week include a PE firm focused on investing in search funds, a Toronto-based investment company, and a private investment firm led by a team of seasoned investment professionals. On the sell-side we’ll introduce you to a leading Chicago-based M&A advisory firm, and a digital-focused M&A advisory firm.

Click here to follow Axial on LinkedIn and stay up to date on the latest trends in the world of Lower Middle Market deal making.


Featured Members

HIG Capital

Hunter Search Capital
Private Equity Firm

Hunter Search Capital (HSC) is a niche private equity fund that invests in search funds and other Entrepreneurship Through Acquisition (ETA) vehicles. The founder of HSC has been investing in search funds for over ten years and has made more than sixty investments in the space.

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Kainos Capital

Kreshmore Group
M&A Advisory Firm

Kreshmore Group® (KG) is a Chicago-based M&A advisory firm. Founded in 2009, the firm serves a myriad of niche industries while focusing on lower-middle & mid-market companies within the continental United States. KG assists clients in restructures/turnarounds, workouts, recapitalizations, M&A, real estate capital markets & real estate asset management, sell prep, senior and subordinated debt structuring, diligence services, c-suite advisory, outsourced analytics and modeling, and solving complex financial problems with unique solutions.

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Hemlock Equity
Holding Company

Focusing on profitability and growth, Hemlock Equity acquires companies with profits between $250,000 and $5,000,000 per year. The firm also starts SaaS companies when opportunities with high margins, a market advantage, and an ethical approach arise.

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FTI Consulting

M&A Advisory Firm

Venture10 is a niche market M&A advisor to the Direct Marketing, Print, E-commerce, and Fulfillment industries with an extensive, integrated network of associates who analyze opportunities and help implement initiatives. The firm works in close partnership with client senior management and boards to evaluate and execute strategic growth and liquidity opportunities.

View Profile

FTI Consulting

AFM Capital Partners
Family Office

AFM Capital Partners is an independent private investment firm with highly experienced operators and business builders. AFM invests in companies with strong management teams to drive transformational growth with a focus on creating significant long-term value. The team has over 85 years of experience in starting, acquiring, and leading businesses.

View Profile

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Middle Market Review

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Building Bonds in a Digital Age: Thoughts from The Axial Closers’ Summit
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Defense in the Spotlight: What are the Opportunities for LMM Stakeholders?
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Lower Middle Market Pursuits: Q1 Deal Flow Defies the Odds, Underscoring LMM Stability
​​​​​​Read More


Industry Trends

Private capital dry powder share dips as AUM surges

Private capital assets under management and proportion of dry powder, 2000 – 2021


Source: Preqin

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