Cornerstone Research Experts in Focus: Andrea Eisfeldt
Cornerstone Research Experts in Focus: Jules van Binsbergen
Podcast - Credit Funds: How PE Funds Can Address and Minimize Conflict When Expanding Into Credit
For many sponsor-backed and other highly leveraged private companies, the disruption of the pandemic, the current interest rate environment and the tariff regime have each created challenges. As borrowers and lenders consider...more
The Luxembourg Parliament is set to enhance flexibility for Luxembourg private limited liability companies (sociétés à responsabilité limitée – “SARLs”), by allowing the payment of the minimum share capital to be deferred for...more
One design choice has been gaining more traction in sponsor-backed management equity plans: requiring terminated employees to convert vested profits interests into capital units on termination in order to retain such vested...more
One of the clearest takeaways from this year’s CREFC Conference was that today’s transaction slowdown is not being driven by a lack of debt capital. To the contrary, debt is plentiful across the capital stack. The real...more
A proposed California ballot initiative – “The 2026 Billionaire Tax Act” (also known as Initiative 25-0024) – has been getting a lot of attention, and it could have implications for business valuations, capital structures and...more
Early-stage financings set the foundation for a company’s growth trajectory. While product, market, and financial diligence often take center stage, executive compensation and benefits arrangements can also significantly...more
Private capital strategies are evolving around a more unified, solutions-driven toolkit. Dealmaking saw a rebound and private market expansion continued in 2025. Private capital has proven its role as a stabilizer during...more
For early-stage founders and investors attempting to structure investment in an early stage (pre-seed) company, the choice between a Simple Agreement for Future Equity (SAFE) and a Convertible Note significantly impacts the...more
ISS has released proposed benchmark policy changes for 2026. The proposed changes would generally apply to shareholder meetings held on or after February 1, 2026....more
In the current M&A landscape, many strategic buyers are likely to favor using their own stock, rather than cash, as deal consideration. Over the last year there have been several high-profile transactions in the technology,...more
SAFEs can be a powerful fundraising tool—but they also carry real risks to existing equity holders. For founders, the danger lies not in the document itself, but in misunderstanding its terms and consequences. ...more
1. Types of Business Entities in Costa Rica - The most common types of business entities in Costa Rica are Corporations, known in Spanish as “Sociedades Anónimas” (also referred to as “S.A.´s”), and Limited Liability...more
The majority of all 2023 EMEA restructurings involving an equitisation and/or a maturity extension required the provision of new money. While equitisation can solve for an over-leveraged capital structure, and maturity...more
The macro-economic landscape of recent years, marked by rising interest rates and inflationary pressures, has significantly escalated borrowing costs in the European mid-market. This has prompted borrowers to explore...more
Forming a partnership1 without triggering income appears straightforward and simple. In many cases, it is. In other cases, though, forming a partnership can cause one or more partners to unintentionally recognize income. This...more
Private company investing is inherently risky, but these risks can be mitigated if investors take proactive steps before making this type of investment. This due diligence action plan for potential investors includes the...more
As a business advisor, one of the most important factors to consider when working with business owners is understanding their motivation and perspective. This is because the way a business owner thinks and acts significantly...more
In this episode, we are joined by David Golub, President of Golub Capital and one of the first movers in the private credit industry. Since its founding over 30 years ago, Golub Capital has made over $150 billion in loans and...more
Executives at both public and private companies commonly receive performance-based incentives. The objective is to link compensation closely to a firm's financial results. These performance-based incentives can take many...more
Debt finance plays a key role in all parts of the capital structure for private investment funds and their investors. In particular, the use of debt finance is an increasingly important component of secondary transactions,...more
On May 9th and 10th, the Loan Syndications and Trading Associations held its third annual private credit industry conference in Ft. Lauderdale, Florida. The major theme of the conference—the speakers of which included...more
The Delaware Supreme Court recently confirmed that the adoption of an exculpatory charter amendment does not require a class vote under the Delaware General Corporation Law ("DGCL")....more
We interview Professor Stuart C. Gilson of the Harvard Business School to gain his insights on how firms create value. Professor Gilson is an expert on valuation, credit and financial statement analysis, and corporate...more
Several situations can prompt the sale of a Company. The owners may need to fund their retirement or succession from sale proceeds. A tempting, unsolicited offer may materialize. Or the owners may simply be ready to sell the...more
Experts in Focus is the firm’s video and podcast series in which we interview academic experts about their research on a variety of economic and finance topics. Finance Professor Andrea Eisfeldt is interviewed by Nari...more