Our M&A team hosted a webinar exploring how exit dynamics are evolving in today’s environment for funds. The discussion examined key decision considerations when evaluating potential portfolio company sales and combinations, including potential friction points.
The session offers valuable insight into the current M&A landscape for venture-backed companies and is designed to better equip stakeholders and advisors in assessing portfolio company sale and combination opportunities.
Key takeaways and a video recording of the discussion are available below. We encourage you to view the full recording for additional insights on the topics covered.
Access the on-demand webinar >
This M&A-focused session builds on our fall 2025 two-part series, which provided fund lawyers with an update on the evolving IPO landscape:
- Session 1: Getting Your Governance Ducks in a Row
- Session 2: Structure and Execution of an IPO
Key takeaways
- Stay close to your portfolio.
- Stay informed: Your board members and observers should set an expectation of active engagement with management before any formal process begins.
- Stay alert: Escalate early. Your board members and observers should alert internal counsel to any signs of an approaching exit discussion.
- Know your buyer and their playbook.
- Different buyers, different expectations: Strategic buyers, private equity firms and private equity-backed buyers each approach diligence, compliance, structuring and negotiation differently – and with different priorities. Ensure the negotiating team understands these differences and specific acquisition norms before entering into negotiations.
- Align early: Understanding buyer dynamics upfront helps avoid misalignment and friction later in the process.
- Bring in the right counsel early.
- Engage early: Transactions move quickly – experienced M&A counsel should be brought in as soon as possible.
- Carefully manage any gaps: There will frequently be differences in interest or experience between management teams and investors, and also among investors at different levels on the cap table. Stay alert to those differences and head them off at the pass before momentum builds.
- Protect board representatives: Early legal support is critical in navigating fiduciary duties and governance considerations.
