Sherman Williams II

I spoke with Christien Louviere of BDE Capital about his journey from a $330mm exit to becoming an independent sponsor. Christien shared excellent insights for folks looking to partner with business owners, rather than buy sellers out completely. Below are a few of the topics we covered: - Why he moved from “zero-to-one” startups to a buy-then-build strategy - How Christien's background shaped a focus on growth vs. cost-cutting - Why 20–40% rolled equity is central to his deal structures—and how it builds trust with sellers - Using scenario analysis with AI tools to evaluate management teams and uncover hidden key-person risks - How to identify when a $3–5M EBITDA company truly has a middle management layer—or is still founder-reliant For anyone investing in or buying small businesses, Christien’s approach provides a fresh lens on growth, alignment, and deal structuring. 🎥 Watch the full interview here → https://lnkd.in/ekfkaiej 🎧 Listen on Spotify: https://lnkd.in/e86Agx6V

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This is an excellent report on the #VC activity in Florida for the first half of 2025, put together by our partner,s eMerge Americas. 💡 5 Takeaways from the eMerge Americas 1H 2025 Florida VC Insights Report: 1. Startups across Florida raised $2.85B across 270 deals, putting 2025 on pace for the strongest year since 2022. 2. AI dominates, 33% of all funded startups are AI-focused, with $830M raised in South Florida alone. 3. Cybersecurity and defense tech are booming, with Tampa emerging as “Cyber Bay” and major new AI-cyber programs launching. 4. Fintech, climatetech & Web3 continue to shine, with record funding and renewed investor confidence in Miami. 5. “If you’re not investing in AI, you’re asleep at the wheel,” says Me! https://lnkd.in/eVb-eYA9

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💡Emerging GP Fundraising Insight #8: Rolling Closes Keep You Moving Small funds can't always afford to sit still until the target is hit. Rolling closes let you start deploying earlier, build a track record, and show momentum to prospective LPs. One GP told me that for Fund I ($5M target), he took capital as it came, signed, wired, and got to work. It wasn't perfect, but it kept the lights on and the deals moving. Sometimes the "sign and wire as it comes" approach is the only way to get moving. Takeaway: Momentum is a fundraising asset and rolling closes can help you keep it. Has anyone here used rolling closes as a strategic advantage?

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What’s Investable in Healthcare Right Now Yesterday I spent the afternoon at the Nashville Health Care Council Sessions event, surrounded by healthcare investors from across the spectrum: venture capital, lower middle market private equity, sovereign wealth funds (QIA), and Wall Street, discussing what’s truly investable in healthcare right now. A few clear themes emerged: 1. Profitability and strategy matter more than ever. Investors want companies that know their lane and stick to it. That means shedding unprofitable service lines, focusing on sustainable margins, and aligning business strategy with the policy environment. (Policy and strategy are inextricably linked!) 2. The Medicare pivot is here. With the last baby boomers aging into Medicare in 2029, the focus is shifting. The growth story is no longer about MA enrollment, it’s about controlling costs throughout the Medicare lifespan. Chronic kidney disease, orthopedics, home health, and specialty pharmacy are hot spots of excess spend. 3. Technology is the bridge to sustainability. AI tools that cut administrative burden, alleviate provider burnout, and help employers manage costs are investable today. LLMs are now table stakes, and it’s nonnegotiable to adopt these technologies, while recognizing the products will look very different in 3–5 years. 4. Consolidation and restructuring will happen.  Home health is ripe for roll-ups, payors are the most likely buyers for healthcare IT, and large “pay-viders” (I hate that term) may need to divest of provider assets as Medicare Advantage economics change. Partnerships with strategics are more attractive than traditional PE playbooks. The bottom line: margins are compressing and labor will have to be cut, but technology will carry the industry across the chasm. Ultimately, investors are backing companies with the experience, network, and conviction to lead through this environment, "not just tourists who heard that healthcare was a fun place to visit” (quote of the day by Marcus Whitney).

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Excited to announce the latest close of our early-stage venture fund. Surpassing our original $100 million target, this milestone reinforces our position as the world’s leading investor focused exclusively on SpaceTech. The fund is backed by an exceptional group of strategic partners, including the British Business Bank, National Security Strategic Investment Fund (NSSIF), ARABSAT, Eutelsat, NEC Corporation and SKY Perfect JSAT (スカパーＪＳＡＴ). The fund already includes 17 pioneering companies across the US and Europe, building technologies that underpin resilience, security, sustainability, and more: 🛰️ Defence: Auriga Space, ATMOS Space Cargo, General Galactic, Privateer 🌍 Climate & Resilience: Delos Insurance Solutions, Adaptive Insurance, Renoster 🧬 Life Sciences: LambdaVision, Inc. 🔗 Next-Generation Space Infrastructure: AscendArc, Array Labs, constellr, Hubble Network, PiLogic Inc. Ubotica Technologies We are also pleased to welcome our latest investment, Mutable Tactics an exceptional deep-tech defence company based in Cambridge, UK. Learn more: https://lnkd.in/eu_n_4J8 #SpaceTech #VentureCapital #DefenceTech #ClimateTech #DeepTech

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“Now is the time for ethical investors to proactively demonstrate how responsible investment supports patients and make it clear to policymakers the value that good actors bring to the table in strengthening our healthcare infrastructure. The industry must take a stand and declare that the days of putting profits over patients are over and that today’s investments place a premium on patient outcomes and long-term value creation." Excited to see my perspective on the future of healthcare investment featured in RealClearHealth.    Over the past twenty years, nearly 200 rural hospitals have closed, and hundreds more are at risk. At this critical juncture, private capital has the potential to strengthen communities, expand access, and support innovation. In my latest op-ed, I explore how responsible investment remains a critical force for good in healthcare, and why ethical investors must come together to address public perceptions.   Read the full piece here: https://lnkd.in/gJWkDrPG

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Capped Out: 10 Common Problems for HealthTech Founders with Venture Capital backed Cap Tables HealthTech founders, while navigating the complex healthcare landscape, often find themselves facing unique challenges related to their venture capital-backed cap tables. A cap table, or capitalization table, details the equity ownership of a company. When VCs enter the picture, it introduces a new dynamic that can lead to significant problems if not managed carefully. Here are 10 common problems for HealthTech founders with VC-backed cap tables: 1) Excessive Founder Dilution, Especially Early On 2) Unplanned Employee Stock Option Pools (ESOPs) and Their Dilution 3) Complicated or "Messy" Cap Tables 4) Misaligned Investor Expectations and Short-Term Focus 5) Loss of Control and Undue Investor Influence 6) Punitive Anti-Dilution Provisions for Early Investors 7) Valuation Traps and Unrealistic Expectations 8) Vesting Schedule Issues 9) Difficulty Attracting Future Investors Due to a "Broken" Cap Table 10) Lack of Liquidity Planning and Secondary Sales Founders for Founders > Nelson Advisors pride ourselves on our DNA as ‘HealthTech entrepreneurs advising HealthTech entrepreneurs.’ Nelson Advisors partner with entrepreneurs, boards and investors to maximise shareholder value and investment returns. www.nelsonadvisors.co.uk

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Tech and life sciences are often lumped under the same “venture” umbrella... but the return mechanics are very different! One of the biggest differences is timing: in healthcare, the major value inflection often comes years into development, which changes how capital, risk, and portfolio strategy need to be structured. Many more generalist investors are exploring the space - which is exciting. Here is a quick breakdown I put together if you're curious. For those who’ve invested across both, what was the biggest adjustment in how you think about risk or portfolio construction? #biotechVC #lifescienceinvesting #medtech #biotech #lifescienceVC

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Never stop learning...., especially from top mentors and organizations... After a few years in PE/VC industry, I signed up for the PE/VC course at University of Chicago, organization that currently has itself over USD 3 billion of investments in private equity and venture capital. The course is led by Scott Meadow, who shares his 40+ years of direct investment experience as a principal investor in firms and partner in PE/VC funds. The program is designed by the The University of Chicago Booth School of Business faculty, including Steven Kaplan, most quoted academic expert on how PE and VC funds work, and the author of the Kaplan-Schoar Index (see link in comments), used now as an industry standard, and reported by Preqin and others. The program brings together leaders from around the world, current and future start-up founders, PE/VC professionals, hedge funds and family office managers, and corporate officers acting as LP's. Every time I come to Chicago, I search for newest trends, deep understanding of business issues, but also for energy and inspiration coming from discussions with peers.

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