Weekend Reading
Writing worth reading - 21st/22nd June 2025
The End of Private Equity's Golden Age by Nicolas Colin
“The symptoms are everywhere: hold periods stretching beyond seven years, continuation vehicles proliferating to avoid genuine exits, and a sudden pivot to retail investors just as sophisticated institutions retreat. Gabriel Cailloux, General Atlantic's co-president, captured the mood at Berlin's Super Return conference: “I can't remember in my 20 years of growth equity investing, not having an IPO window open for this kind of long period of time... that is obviously calling us to rethink not strategy, but some tactical aspects.” Daniel Lopez-Cruz of Investcorp was even blunter at the same event: “The IPO market for all intents and purposes is closed for private equity companies…”
“This was 2017, the year of Kaepernick and Charlottesville and the Evergreen College riots. It was all new and bewildering enough that when Graman said things, courageously, like “All y’all benefit from white privilege” to a bunch of hillbilly bomb techs, it inspired more sincere argument than outright hostility, although people were more ferocious when he wasn’t around. His one consistent but unlikely ally was another platoon sergeant, Babb—a bald, neckless, deep-East Texan who wore a tan baseball cap with the words ‘STD Free Since 2003’ stitched on the back, a claim belied by the sores on his upper lip that glinted with ointment. Graman and Babb were fond of singing the chorus to ‘Ebony and Ivory’ together, which no one seemed to think was funny but me…”
Broken windows and pockmarked roads by The Economist
“There’s a huge problem, a democratic problem, that we levy the most visible tax there is [council tax], which then goes mainly on services which are very important but serve a small number of people,” says Roger Gough, the council leader in Kent. “If you legislate for gold but you can never afford anything more than silver, then you’re always going to be in the business of rationing,” says Max Caller, a veteran council crisis-manager…”
Founders (need) Focus
This week we shared that we’re starting Founders Focus, a new membership program from 9others; a space for you to carve out time to work on the hard things that really matter. Check out the announcement here.
What does it do?
Founders Focus keeps you focused, accountable and connected.
Who it’s for?
Founders Focus will suit Solo Founders, Remote (Co) Founders, and Freelancers, CxOs and Side Hustlers.
Qs?
Read more and check out the FAQs on the 9others Notion, here.
We hope you’ll join us.
Upcoming meals (and party) with 9others
Thursday 3rd July — Cheltenham — details and signup here.
And a Summer Party
Thursday 10th July — London — details and signup here.