Peter Tsang

San Francisco just made a significant investment in mathematics education, and I'm proud that Imagine Learning is part of that transformation. Jill Tucker's piece in the San Francisco Chronicle covers SFUSD's first comprehensive elementary math curriculum purchase in 16 years! The district chose Imagine Learning’s Illustrative Math program for grades K-5 in a move to blend conceptual understanding with real-world application, so that students are empowered to become mathematical thinkers. At Imagine Learning, we built Imagine IM, our K-12 program, with the goal of making mathematics accessible and relevant from kindergarten forward. Our hope is that this shift will both improve test scores and create a generation of students who are capable of applying their math skills far beyond the classroom. Read more here: https://lnkd.in/gSgQpC7E

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I am excited to share that Oak Hill Capital has entered into an agreement to acquire Hunter Communications in an effort to accelerate their fiber-to-the-premises (FTTP) network expansion plan in Oregon and Northern California. Hunter is Oregon’s largest privately owned fiber-optic internet provider and currently provides more than 3,000 route miles of fiber network through approximately 100,000 locations and to more than 25,000 customers. This marks our 22nd investment in broadband communications, an area that we’ve been investing in for over 30 years and one that we believe is currently seeing increased demand, particularly for the types of tier II and tier III markets Hunter targets. With this acquisition, our digital infrastructure portfolio will consist of eight FTTP platforms that are active across 35 states, passing approximately five million locations with fiber and building more than one million new locations per year. Thank you to our Oak Hill team for their work on this transaction, as well as Michael Wynschenk and the rest of the Hunter team – we look forward to working closely with you to help continue delivering essential connectivity to customers in the Pacific Northwest. Learn more about this announcement here: https://lnkd.in/etc-xChm

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Haveli Investments closes debut $4.5bn software buyout fund led by Vista Equity Partners co-founder Brian Sheth. The fund, which closed at its hard cap in March, targets both minority and control stakes in enterprise software businesses. Since its inception, Haveli has pursued an active acquisition strategy. It acquired cybersecurity risk management firm AppViewX, and ZeroFox Holdings, a cybersecurity services provider. The $4.5bn fund signals strong investor appetite for sector-specialist strategies in enterprise software, even as broader fundraising conditions remain mixed across the private equity landscape. Read more: https://lnkd.in/gvqZUACV #PEInsights #privateequity #fundraising #software

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In my latest client and partner memo, "Now Is The Time to Own The Essentials: A New Era in Private Equity", I shared why we believe the next decade will be defined by owning mission-critical, margin-expanding businesses - and why the time to act is now. Key takeaways: • Cheap leverage has gone - value creation will be driven by operational muscle, not multiple expansion. • Relocalization + digitalization + AI = the fourth industrial revolution & a massive opportunity to transform industrial champions. • Recent activity shows the strategy in action: - Chemelex carve-out ($1.7B) - Antylia Scientific acquisition ($1.3B) - A partnership to transform Barclays' payments arm - A structured debt investment in Spring Education Group, which provides critical social infrastructure. • Over the last 18 months, we have returned $10B+ to our investors, while building the deepest pipeline since 2009. I’m interested to know where you see the most compelling opportunities and welcome any comments so we can compare notes.   #PrivateEquity #OperationalExcellence #IndustrialTransformation #AI #DealFlow

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"What we're seeing in asset-based finance today mirrors the evolution of corporate direct lending from over a decade ago," says Blue Owl Capital Head of Alternative Credit Ivan Zinn. What's next for asset-based finance? Read the Alt Goes Mainstream AGM Q&A with asset-based finance pioneer Ivan Zinn to dive into the "next chapter of private credit": asset-based finance. https://lnkd.in/ggyeQxYM

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Partners Capital CIO Alex Band, spoke to Buyouts about how endowments are navigating current challenges - balancing short-term liquidity needs with long-term return objectives, highlighting a shift from mega-cap buyouts and late-stage venture to mid-market strategies that can deliver quicker cash flows and sustained growth. Read More: https://lnkd.in/e-XBQGzc.

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CAIS has introduced CAISey, an AI-powered solution designed to help financial advisors streamline the alternative investment experience on the CAIS platform. Built with CAIS’ deep understanding of the independent wealth ecosystem, CAISey delivers on-demand, contextual support, helping advisors navigate fund education, documentation, and platform workflows more efficiently. This innovation reflects CAIS’ ongoing commitment to combining technology and human insight to make alternatives more accessible, intuitive, and connected across the wealth management landscape. With CAISey, advisors gain another way to focus more time on serving their clients. Learn more: https://lnkd.in/gCmC23Gn #alternativeinvestments #wealthmanagement #AI #fintech #financialadvisors #CAIS

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The ADGM has introduced a dedicated regulatory framework for staking digital assets. This is a game changing moment for institutional yield in the region. Previously, institutions sat on the sidelines of staking due to compliance ambiguity. Now, ADGM provides a clear perimeter for "Proof-of-Stake" participation. And this infrastructure for institutional DeFi is being built in Abu Dhabi. Feels like a quiet but important shift. Curious how others see institutional staking evolving from here. #ADGM #CryptoRegulation #Staking #InstitutionalDeFi #UAE #Dubai

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We are excited to announce that Device of Tomorrow Capital has became one of major series seed investors of Vonova Inc., a pioneering medical device company developing minimally invasive brain interface technologies. This investment aligns with our commitment to supporting innovations that transform healthcare delivery and improve patient outcomes.​ About Vonova Inc. Founded in 2019 and based in San Diego, California, Vonova specializes in developing catheter-based technology designed to interface with the brain surface for diagnostic and therapeutic applications. Their flagship product, the Cerebro Platform, offers a less invasive pathway to the brain surface, enabling the treatment of drug-resistant epilepsy and other neurological disorders without the need for traditional, more invasive neurosurgical procedures. ​ Key Highlights of Vonova's Technology: ✅Minimally Invasive Access: Utilizes the body's venous system as a natural pathway to the brain, eliminating the need for drilling through the skull.​ ✅Real-Time Navigation: Employs advanced imaging techniques to guide the neurovascular system accurately, ensuring precise delivery of therapies.​ ✅Interdisciplinary Expertise: Combines neuroscience and technology to create cutting-edge solutions for brain access.​ Vonova's innovative approach has garnered recognition within the medtech community. The company was selected from over 1,300 global emerging medtech companies to join MedTech Innovator’s 2024 cohort, the world’s premier medtech accelerator. ​ Our Commitment to Innovation At Device of Tomorrow Capital, we are dedicated to investing in groundbreaking medical devices and advanced medical technologies that bring about paradigm shifts in healthcare. Our investment in Vonova reflects our belief in their mission to revolutionize neurological treatments and improve the quality of life for patients worldwide.​ We look forward to supporting Vonova's journey and are confident that their innovations will significantly impact the future of neurological care.

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What do rising SBA hurdles mean for SMB investors in today’s market? In my latest conversation with Robert Graham, co-founder of SIG Partners and self-funded searcher behind Pillar Health Group's roll-up, we dug into how investors can still win amid shifting SBA policies and tighter credit—while understanding the ins and outs of deal terms. Topics include: - The quiet SBA shift: how prior involvement in a 7(a) default can potentially sideline investors—and the ripple effects for searchers, lenders, and sellers. - Debt to capital vs. risk: why credit metrics like DSCR (not LTV) should drive your risk lens—and how high LTV can coexist with healthy credit metrics. - The “step-up” trap: why self-funded search "step-ups" are not always correlated with risk-adjusted return, and why modeling IRR and MOIC (with realistic assumptions) is a smarter approach. - The J-curve is real: expect margin dip in the first 12–24 months, meaning it's important to plan liquidity and debt service accordingly. - Cash distributions under SBA: discretionary vs. required payouts—what may still be workable in operating agreements. - Diligence heuristics: how to think about revenue quality and cost of capital, with a lens on risk-adjusted returns. If you invest in or buy small businesses, this episode is packed with practical tips for evaluating risk, negotiating terms, and building a capital structure that survives reality (not just Excel). Follow the podcast on YouTube and Spotify for more on SMB investing and acquisition strategy. 🎧 Watch the full episode here: https://lnkd.in/eDmA6Hxq

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Jensen Huang was on Joe Rogan this week (the new sign of a bubble peak?), and it made me think about the hardware underneath the AI boom. GPUs get a lot of attention. Energy needs, too. But DRAM prices are moving as well. DRAM—dynamic random-access memory—is the fast, short-term “workspace” AI models rely on to train and to handle every query. As a proxy, we tried to replicate a chart for this representative DDR5 kit, which has roughly tripled in retail price since October. I hope you weren’t planning to build a gaming PC this holiday season.

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