I’m particularly excited to kick off my term as chairman of ACG lobal in an issue of Middle Market Growth that focuses on the ntertainment and media sector. As a partner in Victory Park Capital’s Los Angeles office, I see on a daily basis the importance of the
entertainment industry to everyday life.
In terms of deals, the nexus of entertainment, media and technology provides some particularly compelling opportunities for middle-market investors, as our cover story about online gaming platform
Skillz demonstrates. With the backing of private capital, Skillz is
capitalizing on the unceasing popularity of online gaming, offering
a means for gamers to compete in cash competitions for virtual currency. It’s a brave new world, to say the least.
Among other stories, we take a look at a topic that is sometimes not
so entertaining for deal-makers—how cultural fit can help or hurt the
deal process. Culture can affect everything from employee retention
rates to company valuation.
ACG’s own cultural currency is progressively gaining strength, particularly among constituencies in
Washington, D.C., where efforts to change important legislation are moving forward. In June, the bipartisan
Investment Advisers Modernization Act, H.R. 5424, was introduced into the U.S. House of Representatives.
When passed, this law will update longstanding reporting requirements for midsize private equity firms
and ensure that compliance requirements better reflect their business model. The introduction of this bill
marks a significant milestone for ACG and follows substantial lobbying efforts on the part of ACG members, including the association’s Private Equity Regualtory Task Force. The bill was passed in June by the
House Finance Services Committee on a strong bipartisan vote. ACG expects the full House to consider the
bill this fall and is working to establish a companion bill in the Senate. There are sure to be more triumphs
ahead for ACG as PERT works to maintain momentum under the new political administration.
Next month, many of you will be heading off to Barcelona for the fourth annual EuroGrowth conference
at Hotel Arts Barcelona. This two-day networking and educational event has quickly become the premier
summit for middle-market deal-makers who invest in global deals. The city of Barcelona offers everything
from fabulous Spanish cuisine to world-renowned history and architecture. The event is not to be missed.
In the meantime, please enjoy this copy of MMG, which is also being distributed in print at a variety of
ACG Capital Connection® events this fall. The editor and I are happy to receive any feedback you may have
on topics or issues important to the middle market. //
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