Dan Mindus

Jonathan Tower, we at Pershing Ventures agree with you entirely. Cost of capital is one important consideration, however, optimizing capital to better align asset producing activities against liabilities and shareholder's equity is more valuable. Short to medium term revenue producing activities are often times better dealt with through non-dilutive capital such as revenue based finance, venture debt, or other traditional forms of SME finance (factoring, invoice financing etc), whilst longer term activities (and likely very accretive from an equity valuation standpoint) that have less certain or more volatile payment outcomes (time, amount etc) would be better served with permanent capital, such as equity.

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The sequence of decisions in digital transformation determines the outcome. My research 📚️ reinforces what we consistently see across private equity portfolios. Integrating digital capabilities early in the investment cycle shapes enterprise value, execution speed, and long-term outcomes. This insight guides how our team works with firms today. We move with discipline and intention, embedding digital strategy to drive measurable impact across the full deal lifecycle. If you are evaluating how and when digital investment creates real value, I invite you to explore my research shaping the future of private equity >> https://lnkd.in/gz9UHzhD #QuantumPP #PrivateEquity

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While there are centralizing forces pushed innovation to the Valley, and that will be a key place for entrepreneurship as they create and attract entrepreneurs globally, as does NYC, AI is largely democratizing opportunity for other regions.

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After more than two decades of investing in healthcare, I've learned three things: be patient, resist trend-chasing, and wait until timing makes sense. With experience on dozens of boards, witnessing thousands of pitches, navigating frothy portfolio activity, and surviving the dud markets while waiting on good ones to return, I know that time and timing is key for success in healthcare investing. The challenge is, how do I convince LPs that the wait will be worth it? Peek at Relentless Venture Fund diversity of companies that span regenerative medicine to software-as-a-medical-device (SaMD), includes a repeat entrepreneur who practiced medicine, to technical founders who figured out IP rights in a way that only newbies to the industry would contemplate. The beauty of diversified portfolio construction, regulatory and risk balance. Deep bets take time. That's the opportunity in healthcare investing. BC has structural advantages that make deep bets work. World-class science from The University of British Columbia, Simon Fraser University, University of Victoria, BCCA and our research hospitals. Clinical trial facilities such as the new Phase 1 Clinical Trial Unit at Providence Health Care. Provincial commitment to the innovation ecosystem such as the government's participation in Aspect Biosystems' $200M, multi-year project to ensure a world class team thrives in a world class facility in our province. What would further amplify our potential? Procurement strategies that let BC companies prove themselves locally before going global. As a member of DIGITAL's investment committee, I evaluate and advance private/public partnerships that derisk technology and accelerate commercial adoption in BC and across Canada. These collaborations are shortening the path from lab to market. Timelines for liquidity in healthcare may be longer than other venture sectors, but the wins are foreshadowed years ahead. Canary Medical Inc. locked in a commercial partnership with Zimmer Biomet before regulatory approval. Aspect secured a $2.6B partnership with Novo Nordisk on pre-clinical data. Two BC founded, Relentless portfolio companies. It will be approximately one decade from our original investment in Aspect to their first human clinical trial. I am not fussed by the timeline. Each strategic partnership and validation of data by customers sets the stage for a high value exit. The beauty of investing in healthcare innovation is regulatory timelines are getting shorter and costs are dropping; innovation is expediting discovery, diagnosis, treatment and care options never imagined when I started my VC career. I know deep science takes time, and patient capital wins. And when they do, BC has an opportunity to capture value that historically flowed south. With the right policy support and patient capital aligned, we can continue to build category defining healthcare companies that scale from our province, not just launch here and relocate. Life Sciences BC

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Are we witnessing the VC/PE model get rewritten in real time? For decades, the hierarchy was fixed: Institutional LPs sat at the top. Retail barely counted. Big LPs got fee breaks, “free” co-invests, and leverage over fund terms simply because of their size. But the FT just reported that EQT, the Nordic investment giant is for the 1st time in its history actively considering charging co-invest fees to its largest LPs, partly because of a surge in retail inflows. https://lnkd.in/ecPkhytx To me, this signals something bigger: Retail capital has become powerful enough that even top-tier managers are rethinking where their true pricing power sits. If this continues, the entire GP–LP dynamic starts to shift: • co-invests may no longer come “free” • fee structures rebalance • institutional dominance may erode • emerging managers with community-driven LP bases suddenly gain an edge The real story isn’t EQT’s fee tweak. It’s that retail power is now strong enough to bend a VC/PE model institutions dominated for decades. Is this a one-off… or the first visible sign of a deeper structural shift?

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Venture has always been a power law. What’s changing is how tightly LPs are underwriting to it. In our conversation with David Clark, one point stood out: If a small group of managers consistently capture the outliers… That’s where capital concentrates. Which makes the middle a harder category to underwrite. Not because those firms are underperforming, but because the case for why this manager gets you to those outcomes is less clear. It’s not about returns in isolation. It’s about conviction. To earn real conviction from LPs today, what do you think a middle firm needs to show? 👇 Link in the comments.

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One of the most important conversations I heard in Davos today wasn’t about more AI. It was about whether we trust the systems we’re building enough to deploy them at scale. At a Rethinking Risk session at Davos 2026, leaders from media, government, multilateral institutions, and global finance kept circling the same concern: the erosion of trust. The conversation included Ravi Agrawal, Editor-in-Chief, Foreign Policy; Rebeca Grynspan, Secretary-General, UN Conference on Trade and Development (UNCTAD); Amer Bisat, Minister of Economy and Trade, Republic of Lebanon; Amb. Yusuf Maitama Tuggar, Minister of Foreign Affairs, Federal Republic of Nigeria; Stephanie von Friedeburg, Managing Director & Global Head of Public Sector, Citi. Across very different vantage points, the message was consistent: misinformation, selective or low-quality data, and a growing post-truth environment are undermining consensus, multilateralism, and sound risk analysis. When trust erodes: — due diligence weakens — uncertainty rises and risk premia increase — fact-based decision-making breaks down for governments and businesses alike The key takeaway: AI doesn’t fail at deployment because the models aren’t powerful enough. It fails when the systems around it aren’t trusted. Rebuilding trust isn’t just a technical challenge. It requires rigorous verification and higher-quality data; transparent analytics and governance; and inclusive, cross-stakeholder consensus-building. As the World Economic Forum continues to emphasize, trust isn’t a soft value layered onto innovation. It’s a prerequisite for scale, resilience, and long-term economic coordination. If we want AI to reduce risk rather than amplify it, we have to start by designing systems people and institutions can trust. That may be the hardest work ahead. And also the most important.

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