02 Jul Minds Capital: Pushed Out by Anchor Investor
When Neal Doshi got within inches of closing a $40m+ transaction, his anchor investor rewrote the deal. Management fees and carry were stripped. Neal was left with a consolation closing fee, cashed out. This episode is a raw look at what happens when power shifts at the final hour, and what independent sponsors can do to protect themselves. Neal eventually used the closing fee to propel his subsequent successful career as an independent sponsor.
