Richard Rainwater: The Quiet Architect
The most effective dealmaker most people haven't heard of.
Richard Rainwater grew the Bass family fortune from $50 million to $5 billion, built Columbia into the largest hospital chain in the country off a $125,000 check, launched Natural Gas Partners with $800,000 of his own money, and turned a Disney position into $2.5 billion.
The investors he trained—Bonderman, Sternlicht, Ackman, and Lampert—now run hundreds of billions of their own.
He ran the same play for two decades, and almost nobody knows what it was.
Watch the complete breakdown.
Investment Banking: The Platform Shift
Most coverage of the Lincoln International IPO got the story wrong.
The headlines treated it as a deal-cycle bet: M&A is back, an investment bank wants in. The filing itself is making a more specific argument, and how it lands changes how every independent advisory firm gets valued, public or private.
Read the analysis.
Private Markets: The Underwriting Gap
Why most growth-stage write-downs aren't execution failures.
A growth-stage company hits a ceiling; the next-round prices continue to scale, and eighteen months later, the markdown lands. The mark wasn't wrong about growth. It was wrong about which business was being valued, and that gap is where a meaningful share of growth-stage losses now concentrates.
See the question allocators are starting to ask.
