The Death of the A-Student: Why Creative Intelligence is the Only Asset Left.
“Type One”
Bleed and Build - Caprae
The Strategy Guide for War Time Founders
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The 60-Minute LBO: How to Kill a Bad Deal Before Lunch
The Problem: The “Excel Monkey” Trap
Sponsor's Shield: Why Lenders Let PE Bend the Rules
Aspiring analysts learn that a loan covenant is a tripwire.
Synergy Is a Lie: Integration Debt Always Comes Due
The $2 Trillion Illusion
Unlearning School In 20 Weeks Caprae Internship
Three weeks in, I got the question that split my internship into before and after: “Why is your writing this bad?”
The Goldman Bet: Why Full-Service Banks Are Buying VCs
The acquisition of Industry Ventures by Goldman Sachs is not merely an asset-gathering exercise; it is the purchase of a time machine.
Alternative Financing Hybrids: When Credit Looks Like Equity and Equity Looks Like Credit
The problem hybrids were built to solve
When Fundraising Slows, Proof Speaks Louder Than Pitch Decks.
If 2021 taught GPs how to collect capital, 2025 is teaching them how to deserve it.
Why I Stopped Trying to Be Liked: My First Big Lesson in Writing Cold Emails
By Joel Leung
Investor Market Quality: When “Open Capital” Breeds Adverse Selection
The past few years made raising money feel like ordering takeout: fast, easy, and often regrettable.
Add-Backs Aren't Math, They're a Credibility Test.
By Joel Leung
Multiplicative Risk: Counting the Bets You Did Not Take
Most firms count what they own.
When Fundraising Slows, Proof Speaks Louder Than Pitch Decks.
If 2021 taught GPs how to collect capital, 2025 is teaching them how to deserve it.
Why Most Search Funds Fail
94 new funds in 2023.1 Acquisition rates stuck at 57%2 since 2014, down from 66%2 historically.
M&A Isn’t Engineering. It’s Biology.
If you think you’re buying a machine, don’t be surprised when the gears jam.
The Founder Illusion: Charisma Is Not Due Diligence
The most dangerous founder trait isn’t incompetence, it’s charm.
Proprietary Deals Are a Myth: Build Proprietary Systems
If you think the next billion-dollar return is hiding in someone’s “exclusive deal flow”, you’ve already lost.
The Search Fund Bubble: Why the Flood of New Capital is a Warning Sign, Not a Celebration
The search fund model is the new gold rush for the ambitious and the pedigreed.
The Founder's Void: The Post-Exit Depression Nobody Talks About
The M&A industry sells you the victory lap.
Summer at Caprae – Learning by Doing
I joined Caprae as an intern not really knowing what to expect.