Michael Spellacy

CEO at Atlas Crest Investment Corp. Transformational Growth Leader | Investor, Advisor, Strategist | Views my own

[Michael Spellacy @mgspellacy]

Yale's legendary endowment model is under pressure.

With private equity trailing the S&P and liquidity dwindling, even Yale is selling stakes and cutting back on traditional hedges.

It's time for institutional investors to retool. #PrivateEquity https://t.co/ATECffBUZ5

[Michael Spellacy @mgspellacy]

Venture capital often comes with tradeoffs that don't align with most founders' goals. Many entrepreneurs build stronger, more profitable businesses by staying independent. Success isn't defined by a funding round, but by creating lasting value.

[Andrew Gazdecki @agazdecki]

99% of startup founders shouldn’t raise venture capital. You’ll make way more money and that’s the whole point of building a business.

[Michael Spellacy @mgspellacy]

Goldman is launching a $10B hybrid-capital fund plus a $15B secondaries fund to help PE exit logjams.

Investors get liquidity while keeping control, and sponsors gain time. Smart answer to a slow market. #PrivateEquity #Secondaries #HybridCapital https://t.co/UPsUh0GTAe

[Michael Spellacy @mgspellacy]

Deal market slow? Continuation funds are old news - now it's CV-squared.

That's right: PE firms are rolling portfolio companies from one continuation fund into another to keep the value train moving. #PrivateEquity https://t.co/g1h3B9ypqO

[Michael Spellacy @mgspellacy]

OpenAI's private valuation nears $500B... more than any tech IPO ever.

SpaceX and Anthropic? Not far behind. These stats are reflective of a class of AI assets with scale to match. https://t.co/5fnBJcoeAG

[Michael Spellacy @mgspellacy]

A24's story shows how venture capital can transform a niche player into a mainstream force.

The challenge will be scaling without losing the creative edge that made it distinctive in the first place. #FilmIndustry https://t.co/dqODtermad

[Michael Spellacy @mgspellacy]

Private equity is innovating with liquidity: portfolio loans, continuation vehicles, and even CV-squared collateral. Investors get a way out while firms keep their winners. https://t.co/DY3NBsof7Z

[Michael Spellacy @mgspellacy]

Venture debt just hit $53B in 2024... record volume despite fewer deals.

Lenders are leaning into mature private companies with real revenue instead of early-stage plays. Smart, strategic shift. https://t.co/09iyYhm697

[Michael Spellacy @mgspellacy]

.@WarrenBuffett recently took a $3.8B hit on #KraftHeinz - writing down its value and indicating a reckoning with overhyped legacy deals. Leadership transitions are already starting under tough market truths.
@danprimack https://t.co/o6SbUJSSxD

[Michael Spellacy @mgspellacy]

@WSJ Retirement accounts could be a powerful growth engine for PE. The challenge is whether firms can balance accessibility with returns in a market already cautious on pricing.

[Michael Spellacy @mgspellacy]

Continuation funds are surging - $41B in H1 2025, now 19% of all PE exits. Up 60% from a year ago.

Investors choose exit or rollover. Sponsors keep control. It's quickly becoming exit strategy 2.0.

@allisonmcneely https://t.co/eCYI4BFlYE

[Michael Spellacy @mgspellacy]

Investors want their money back but it's stuck in “zombie funds.” PE exits are falling behind new deals... 3 deals for every exit in 2025, per PitchBook. Fees roll on while returns stall. #PrivateEquity #Liquidity #ZombieFunds https://t.co/0z95noLKPY

[Michael Spellacy @mgspellacy]

AI is rewiring #VC math. According to Jon McNeill (Tesla, Lyft), DVx startups are now reaching Series A with 80% less seed funding - thanks to AI agents replacing teams early on. Time to rethink equity models. #SeriesA https://t.co/uVgTrpnjVH

[Michael Spellacy @mgspellacy]

Series A's are tougher than ever before. Just 11% of seed-funded startups since 2020 made it, and 2024 grads are facing a ~3% success rate. Funding cycles now hover around 2½ years. ⏳ #VentureCapital #StartupFunding https://t.co/6iAbVFnIZM

[Michael Spellacy @mgspellacy]

This is a great way to strip the noise away and focus on what's really valuable in an investment decision. These 3 questions force clarity on industry fundamentals, the company's staying power & valuation discipline. Simple to state, but answering them well takes deep conviction.

[PrivateEquityGuy (Mikk Markus) @PrivatEquityGuy]

Spoke to a private equity professional who bought two companies. He said that after years of study, he can boil down every investment thesis to three things:

1. Why does this industry exist and will continue to do so?
2. Why does this company exist and will continue to do so?
3. And at what price is this attractive?

[Michael Spellacy @mgspellacy]

Longevity startups are facing a reality check. Big market, big interest.

Science moves at its pace, and the business model takes precision. Next-gen founders bring grit, patience, and a clear path to revenue. https://t.co/GowJt7jjrz

[Michael Spellacy @mgspellacy]

VCs are shaping the story just as much as the startup. Podcasts like 20VC and All-In fuel deal flow, build influence, and change how tech hears itself. https://t.co/oWnIGaNzL9

[Michael Spellacy @mgspellacy]

Secondaries aren't plan B anymore.

Private equity is leaning hard into continuation funds and LP interest sales to keep capital moving.

Waiting for a perfect exit is no longer the strategy. #Secondaries #VC https://t.co/4XItHybNap

[Michael Spellacy @mgspellacy]

PE deal flow has slowed so much that many mid-market firms are turning into #ZombieFunds stuck with old assets, no new capital, and limited exits.

Secondary buyers and liquidity vehicles are quickly becoming critical tools. #PrivateEquity

[Mo Hossain @MoHossain]

PE’s age-old sin? Overpay at the door, get stuck at the exit—buying’s easy, selling’s hard, and only Uncle Sam’s checkbook can free the zombie funds.

🗞️Private Equity’s Deal Drought Is Creating Zombies
https://t.co/5viVwvfhe8
#Secondary #mergersandacquisitions #markets #MnA #privateequity #deals #lp #lbo #investors #exit #valuation #Gp #LBO #interestrate #fed #fund #Investor

[Michael Spellacy @mgspellacy]

@syouth1 Appreciate the thoughtful take here. Dispersion like that really shows how important selection is in private markets. Opportunity may be wide, but so is the range of outcomes.