https://praxuscapital.com/insights/ Dated notes from the Praxus Capital desk on private markets, technology deal-making, and market structure. en-us Fri, 16 Oct 2026 12:00:00 +0000 https://praxuscapital.com/insights/autumn-financing-cash-headroom/ https://praxuscapital.com/insights/autumn-financing-cash-headroom/ Mon, 14 Sep 2026 12:00:00 +0000 August borrowing costs improved, but weaker sales make the autumn cash requirement a separate decision from the price of debt. https://praxuscapital.com/insights/data-center-supplier-credit/ https://praxuscapital.com/insights/data-center-supplier-credit/ Fri, 16 Oct 2026 12:00:00 +0000 This month's IMF warning on AI borrowing and the selloff in technology shares put the financing behind data centers in view. Suppliers should show buyers and lenders who funds each project and when the cash arrives. https://praxuscapital.com/insights/software-pricing-revenue-evidence/ https://praxuscapital.com/insights/software-pricing-revenue-evidence/ Fri, 16 Oct 2026 12:00:00 +0000 Three in four software companies in a spring survey had changed pricing or packaging, and AI agents now do some of the work that seats used to measure. A seller should show buyers how its revenue is earned today. https://praxuscapital.com/insights/venture-pricing-outside-ai/ https://praxuscapital.com/insights/venture-pricing-outside-ai/ Fri, 16 Oct 2026 12:00:00 +0000 Venture investors put most of this year's money into AI, and the listings window has favored a few very large issuers. Other technology companies raising or selling this autumn should start from current evidence. https://praxuscapital.com/insights/contractor-backlog-acquisition-risk/ https://praxuscapital.com/insights/contractor-backlog-acquisition-risk/ Mon, 14 Sep 2026 12:00:00 +0000 September construction releases show rising input costs and nonresidential spending growth concentrated in data centers. Acquisition terms should follow the unfinished jobs, not the sector headline. https://praxuscapital.com/insights/how-buyers-underwrite-ai-exposure-now/ https://praxuscapital.com/insights/how-buyers-underwrite-ai-exposure-now/ Thu, 27 Aug 2026 12:00:00 +0000 Acquirers have stopped paying for the word and started testing the substance. AI claims in technology processes are now diligenced like revenue quality. https://praxuscapital.com/insights/the-strategics-are-back-at-the-table/ https://praxuscapital.com/insights/the-strategics-are-back-at-the-table/ Thu, 20 Aug 2026 12:00:00 +0000 Corporate acquirers are the largest buyers in the market and the most selective. In 2025 they drove software M&A and paid the widest premium in a decade. By mid-2026 they had pulled back from sponsor-owned assets. A credible strategic bid changes the design of a process, and the process has to be designed for it. https://praxuscapital.com/insights/the-cost-of-waiting-for-a-better-market/ https://praxuscapital.com/insights/the-cost-of-waiting-for-a-better-market/ Thu, 13 Aug 2026 12:00:00 +0000 Timing a raise or a sale to the rate cycle is a trade most private companies lose. The window that matters is company-specific, not macro. https://praxuscapital.com/insights/secondaries-move-to-the-center/ https://praxuscapital.com/insights/secondaries-move-to-the-center/ Thu, 06 Aug 2026 12:00:00 +0000 The secondary market has become ordinary plumbing for private-market liquidity. Sponsors, LPs, and founders now structure for it from the start. https://praxuscapital.com/insights/durable-revenue-beats-headline-growth/ https://praxuscapital.com/insights/durable-revenue-beats-headline-growth/ Thu, 30 Jul 2026 12:00:00 +0000 Buyers are paying for retention, pricing power, and mission-critical workflows over raw growth rates. Positioning has to move with the diligence bar. https://praxuscapital.com/insights/process-quality-is-the-multiple/ https://praxuscapital.com/insights/process-quality-is-the-multiple/ Thu, 23 Jul 2026 12:00:00 +0000 In a market where buyers hold the clock, outcomes are decided before launch. Preparation is the spread between a fair price and a full one. https://praxuscapital.com/insights/private-credit-and-the-founders-balance-sheet/ https://praxuscapital.com/insights/private-credit-and-the-founders-balance-sheet/ Thu, 16 Jul 2026 12:00:00 +0000 Non-bank lenders now set the terms of leverage in the lower middle market. Founders should understand both sides of that trade before the term sheet arrives. https://praxuscapital.com/insights/the-exit-market-has-changed-shape/ https://praxuscapital.com/insights/the-exit-market-has-changed-shape/ Wed, 08 Jul 2026 12:00:00 +0000 The straight line from build to IPO or outright sale has bent into a set of paths. Choosing among them early is part of building the company itself. https://praxuscapital.com/insights/june-2026-acquisition-financing/ https://praxuscapital.com/insights/june-2026-acquisition-financing/ Tue, 30 Jun 2026 12:00:00 +0000 The public first-quarter deal data pointed to better financing for some platforms. Owners still needed borrower-specific terms before increasing an acquisition budget. https://praxuscapital.com/insights/april-2026-margin-diligence/ https://praxuscapital.com/insights/april-2026-margin-diligence/ Thu, 30 Apr 2026 12:00:00 +0000 April releases made the timing of supplier costs and customer repricing a useful starting point for industrial earnings diligence. https://praxuscapital.com/insights/a-february-court-ruling-was-not-a-closing-timetable/ https://praxuscapital.com/insights/a-february-court-ruling-was-not-a-closing-timetable/ Sat, 28 Feb 2026 12:00:00 +0000 HSR thresholds rose while the filing form was under challenge. Owners needed separate answers on reportability, filing readiness and permission to close. https://praxuscapital.com/insights/lower-policy-rates-did-not-settle-the-credit-question/ https://praxuscapital.com/insights/lower-policy-rates-did-not-settle-the-credit-question/ Sun, 30 Nov 2025 12:00:00 +0000 November's evidence separated borrowing cost from a bank's willingness to lend. Owners needed to test usable cash, not just quote rates.