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Great point--there's nothing like the insider knowledge of an industry veteran.

I'm interested though... how much emphasis do you put on due diligence? Once the ink dries on the term sheet, what are the chances the deal won't go ahead? Is your DD confirmatory or exploratory?


Horses for courses I think.

Confirmatory versus exploratory depends very much on the nature of the investment opportunity. In a structured auction the PE house will be running to short time frames and have limited access to management. DD is happening in parallel and is exploratory as well as confirmatory by necessity.

In a proprietary process hopefully a deep commercial understanding and mgmt relationship has been built well before a term sheet is signed. DD is largely confirmatory.


IT systems review would also be a pretty common part of any PE due diligence package these days.


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