Matthew Brockman
speaker
798 appearances
7 recordings
1 series
first heard Apr 2022
last heard Sep 2025
Matthew Brockman’s voice in public audio — every appearance, attributed to the second.
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I mean, you have the benefit of sitting in all all of our investment committees and watching us all at work, David.
Your sense of kind of what we're seeing in the private markets.
And I'm I'm happy to add to the contribution here about sort of what we what we're focused on as a firm.
But when we think about what we're seeing in terms of the valuations now of of businesses coming through the IC and start.
I think we're exercising caution, I would say, in really two directions.
The first I'd highlight really is in is in those high uh growth ARR-led dead transactions that we've been talking about.
If I think about
Our willingness to underwrite very long term.
So, you know, five, ten years of sustained ARR growth, accelerating, you know, logo penetration plus very significant upsell, cross sale.
That's an area where I think we're exercising just caution given
Given what's happened to obviously these evaluations, but just given the longevity of that kind of return versus something which has got more immediate cash generation and visible ways of of sort of you know growing and and and sending value back to shareholders.
I'd say the second area
Is just a willingness to to to pull back from some of the more esoteric, should we call them, some of the more creative uh uh metrics that we we see in the market or we have seen in the market in the last year or two, which is
The level of proformering, the use of billings EBDA, you know, the the logos that are going to get sold with deferred revenue that are going to happen this year.
And then, you know, adding that plus proformering for MA that's not yet been signed.
Those sorts of things have been around for a sustained period of time.
And we spent a lot of time adjusting for them over the last.
over the last years.
Um, but I would say that our sh the sharpness with which we're focused on underlying customer economics, underlying cash flow, underlying fundamental profitability of the company and the individual products and the way the business has been built and is run is is even sharper now than than it's ever been as we just try and make sure we
you know, we back the right companies with the right the right opportunities and the right business shape into it you know into this into this current environment.
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