In Alternative Views, Private Equity Wire® goes behind closed doors with those in the know to get the latest on private markets. In this episode, we discuss the American lower-mid-market (LMM) with David Fann, partner and head of capital formation at LMM investor VSS Capital Partners.
Fann discusses the LMM’s outperformance (0:58); the impact of economic instability on this market (2:15); the dispersion of returns (4:00); how LPs navigate this sector (5:18); why combined credit-equity deals offer more stable returns (7:28); the bespoke nature of LMM dealmaking (9:38); preferred equity as part of the capital structure (11:07); differences with the pure mid-market (13:16); and why LMM firms are often tempted to move up (14:17).
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities.
