You may need a carve-out plan. Here’s how to put one in place.
We just published the results from the 2026 M&A with Change of Control & Severance Survey, and we have exclusive analysis for you in this month’s newsletter. Let’s set the scene: According to PitchBook’s Global M&A Report, healthcare was “the quarters clearest growth story.” Healthcare M&A value reached an estimated $165 billion, up 71.6% year over year, […]
Shadow/Phantom/Synthetic Carry: Not Just Reserved for CVC Units
Through our consulting work, we’ve seen that more investment firms are interested in Shadow/Phantom/Synthetic (SPS) carry programs. This involves setting aside a portion of returns, whether from the managing partner’s carry or the overall GP share, and distributing it as a bonus. It is another vehicle to incentivize junior employees while retaining more flexibility and […]