Charles Phillips

Thrilled to be featured in Preqin Preqin’s latest piece by Shaun Beaney on the evolving secondaries market. https://shorturl.at/0PXRj At Kline Hill Partners, we’ve deliberately built our platform around smaller deals—typically under $20M for limited partnership portfolios—because that’s where the real opportunity lies for the vast majority of LPs who don’t sit on nine-figure portfolios. Liquidity solutions shouldn’t be reserved for the largest institutions only. For continuation funds, we lead transactions in single asset deals that are typically smaller than $250m which is also much smaller than where most of the industry focuses. We closed over 150 of these deals last year while the broader market continues its explosive growth (now north of $220bn annually, yet still just ~2% turnover of private equity assets). The conversation with Shaun Beaney covers why smaller secondaries and GP-led continuation vehicles are shaping the future of the industry, our expansion into Europe, and the structural tailwinds that are only accelerating (eg in recent years over half of all LP sellers are first time - groups that are sure to repeat this process in the future). Would welcome your thoughts—especially if you’re an LP or GP navigating liquidity in today’s environment. #privateequity #GPled #Secondaries #AlternativeInvestments

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Navigating Strategic Asset Adjustments in Family Offices In a recent move, Biltmore Family Office LLC reduced its holdings in Equifax, Inc. (NYSE:EFX) by over 25%. Such strategic asset adjustments can highlight the dynamic nature of our industry, reminding us that portfolio rebalancing is essential to mitigating risk and optimizing returns. How do you approach asset allocation in response to market changes? #investing #innovation #familyoffice #finance

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The announcement of Lila Sciences’ $235M Series A and $1B+ valuation marks a significant milestone, and it’s only the beginning. Lila is building a new model for discovery by combining AI and automated labs to accelerate breakthroughs in life sciences, chemistry, and materials. They are tackling some of the most significant opportunities in science and technology, and I couldn’t be more confident in Geoff and his team as they scale what’s ahead. I have had the privilege of knowing Geoffrey von Maltzahn for many years, and backing him once again through March Capital is both a professional and personal highlight. His leadership, vision, and ability to execute on transformational science give us great conviction in Lila’s future. Congratulations to Geoff and the entire Lila team on reaching this next chapter. I am honored to continue this partnership and look forward to what’s to come. Read more about Lila here: https://lnkd.in/gQfk6msT

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Open Letter to Chairman Carr Leveraging Echostar's Unique Satellite-Terrestrial Integration for American Global Leadership "Echostar is developing the only large-scale platform designed specifically for seamless integration of space-based and terrestrial 5G networks. This integrated approach provides strategic advantages that neither purely satellite nor purely terrestrial solutions can match, including global coverage, infrastructure resilience, and the ability to provide consistent service quality across diverse geographic and operational environments." https://lnkd.in/ezsxAf9k

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“For years we incorrectly framed some of these categories as “ESG” or “climate risk.” That was wrong. Instead of investing in Environmental, Social, and Governance, we should be investing in Global Competition and Innovation (GCI). Meeting those other goals is a pyrrhic victory if we don’t maintain our ability to operate in a contested and unstable world where rivals like China are outpacing us in critical domains.”

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I first met Cameron McCord over 3 years ago and knew right away that I wanted to partner with him. Cameron had spent 484 days underwater on a submarine, running life-or-death missions on 1970s technology. That experience became the insight behind Nominal. At the frontier of Reindustrialization, some of the world's most advanced hardware is still being managed with Excel and PowerPoint. Cameron, Bryce Strauss, and Jason Hoch are building Nominal to modernize how teams build in the physical world. General Catalyst had the privilege of leading their Series A, and we're doubling down as they announce an $80M acceleration round at a $1B valuation. Global Resilience demands hardware at speed and at relevance. Nominal makes that possible for us and our allies. Hear more about how Nominal came to be and the critical need they are addressing. Full conversation with Cameron in the comments. All systems Nominal.

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Today’s financing environment is affecting both emerging AI and technology companies as well as large incumbents. As I shared recently with IT Brew, not all debt is created equal. For mature companies with strong balance sheets, the rise in borrowing isn’t alarming, as they have the scale and stability to manage it. But for younger AI companies, where debt often represents a much larger share of capitalization, the stakes are very different. At earlier stages, it’s important to be thoughtful and prepared. Raise what you can, when you can, and make sure you have the cushion to navigate whatever comes next. Thanks again to Caroline Nihill for including me! https://lnkd.in/gNyyktpx

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New Podcast Episode Announcement! Joel Palathinkal sits down with Betsy Atkins, Chairman of the Google Cloud Advisory Board and board member at GoPuff and Wynn Resorts, for an insightful discussion about corporate governance and the evolving role of boards.Key discussion points: • Transitioning from entrepreneur to board leader • How board composition influences company valuation • The impact of boards on investor confidence • Balancing founder control with board oversight • Navigating career pivots and entrepreneurial challenges • Insights from serving on 37 public boards • Future-proofing companies in a shrinking life expectancy era • The critical need for diversity of thought • Shifting from risk oversight to change adaptation • Advice on determination and hard work Perfect for corporate innovators, aspiring directors, and entrepreneurs! Listen now! Apple Podcasts: https://lnkd.in/ejC_YziW Spotify: https://lnkd.in/eVnivBq9 Youtube: https://lnkd.in/eMrtQ_5S #CorporateGovernance #BoardLeadership #Entrepreneurship #GoogleCloud #Podcast

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A strong defense industrial base needs a thriving and diverse innovation ecosystem, with low barriers to entry for new companies and emerging tech. Join Matt Bigge, partner at Crosslink Capital and a panel of experts from Expedition Fund, Hanover, and General Innovation as they explore the drivers of private equity investment in defense technology startups at the Oracle Defense Tech Summit. https://lnkd.in/egkwXbk3

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To our institutional digital asset colleagues, Excited to share our next Institutional Digital Asset Adoption Event on May 11th in Partnership with Ropes & Gray LLP. The focus and title of our event is; Building the Institutional Rails of the Future: Regulation, Stablecoins, Tokenized Markets, and Convergence with Quantum Computing. Come join us for some unique insights, collaboration, and networking; https://lnkd.in/eV7iPTts Details below: #BostonBlockchain

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VC Aha! #5: Fund or DIY? You’ve got $1M–$5M for venture with two real paths: * DIY — your checks, your network, your pace * Fund — pro managers, access, discipline Why a fund can win (for $1–$5M LPs): * Access to oversubscribed rounds + co-invest rights * Selection edge: see thousands, back ~15–25, defend pro-rata * Follow-on discipline: reserves and pacing > emotional bridges * Leverage: sourcing, diligence, GTM help, later-stage syndication * Optionality: secondaries, continuation vehicles when portfolios mature Real costs: * Fees & carry, blind-pool risk & style drift. When you commit, you’re buying into a blind pool: the manager hasn’t yet chosen the companies. You’re betting on their judgment, not a known portfolio. That risk compounds if managers drift from their strategy — e.g., a seed fund suddenly chasing growth, or a “tech-first” fund chasing consumer brands. * J-curve/illiquidity. Early in a fund’s life, your capital is called, fees are paid, and portfolio companies are still burning cash. On paper, the net asset value sometimes dips before it rises — that’s the J-curve. If you need liquidity in the short or medium term, venture isn’t the right pocket. * Admin (DIY): SPVs, tax, custody overhead A fast decision framework: * Edge: Do you have a repeatable edge + ~10 hrs/week? Have you generated 3x+ returns on 5+ deals in a specific sector? * Deal flow: Can you see and win 500+ credible deals/year? * Risk: Prefer concentrated bets or diversified, programmatic exposure? * Preference: Hands-on picking or structured portfolio construction? Default play for many investors in this range: * Hybrid: back 2–3 managers you trust (vintage diversification), keep 30–50% for directs/co-invests where you have conviction. The Aha: A fund isn’t “better.” It’s structured optionality at scale. -- Part of Stu's VC Aha! series #1: Drawdown (LP view) #2: 50 pitches and 1 yes (founder view) #3: Access (LP view) #4: Cap table (founders view) #5: Fund or DIY? (LP view)

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The White House has released its 2025 AI Action Plan, outlining a comprehensive federal strategy to strengthen the United States’ position in artificial intelligence. The 28-page document is organized around three core pillars: 🔹 1. Accelerate AI Innovation - Scales back regulatory constraints to encourage private-sector R&D - Supports open-source and open-weight model development - Expands AI-related workforce initiatives, including K-12 education, reskilling, and apprenticeships. Includes " - Prioritizes investments in foundational science, AI safety, and model evaluations 🔹 2. Build AI Infrastructure - Streamlines permitting for data centers, chip manufacturing, and energy projects - Enhances grid capacity and clean energy deployment to meet AI compute demands - Supports domestic semiconductor production and secure government data centers - Establishes new training programs for skilled technical roles across the AI ecosystem 🔹 3. Lead in International AI Engagement - Promotes U.S.-developed AI models, hardware, and standards abroad. "leverage the U.S. position in international diplomatic and standard-setting bodies to vigorously advocate for international AI governance approaches that promote innovation, reflect American values, and counter authoritarian influence. " - Strengthens export controls on advanced chips and critical tools - Coordinates with allies on governance, research safeguards, and biosecurity - Invests in national security evaluations of emerging AI capabilities, led by CAISI. https://lnkd.in/eAH6MHkF

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Congratulations to all of the winners, and I think James Anderson summed up the decade-long evolution for city innovation much better than I could! "A decade ago, many ideas began with technology or pilots. Today, the strongest begin with people and proof. These teams didn’t start with shiny solutions -- they started with diagnosis. They used data to understand root causes, engaged residents to understand challenges from the street level, tested and refined ideas in the open, and let outcomes — not departmental boundaries — shape who needed to be at the table and how the work got done." More of this - no more Shiny Object Syndrome (SOS!), begin with people and proof and a diagnosed problem. Engage and test transparently, then keep going!

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Working with NRF to pursue our patent strategy is an important step in recognizing that proprietary AI systems and workflows are becoming a new form of intellectual property for modern firms. Great to partner with George, John McBride, and the team at Norton Rose Fulbright as we work at the frontier of how AI can transform investment decision-making in venture capital. At Decasonic, we believe the next generation of companies will reinvent with AI workflows and systems how organizations operate, how leaders make decisions, and how teams collaborate with intelligent systems. In going through this streamlined process, it's clear to me that many more startups should clarify their IP strategy. Our internally developed AI platform, RLEN, reflects that philosophy. We are building AI not to automate tasks and flourish outcomes, in collaborative ways for human and AI teammates. This enables our investors to test ideas, explore alternative perspectives, and reach deeper insights faster when navigating uncertainty. More broadly, we are seeing trailblazing work across industries and cities as leaders experiment with how AI can reshape communities, companies, and countries. Leadership with AI forever transforms. We are still in the early innings. Appreciate the partnership and collaboration from the Norton Rose Fulbright team as we continue inventing and innovating. Special shoutout to my colleague Abdul Al Ali who's listed as a co-inventor.

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