Friends,In last month’s newsletter, we discussed how escalating tariffs were impacting liquidity options for growth-stage startups and examined the sustained dominance of artificial intelligence within global venture investing.This month, we look at how nontraditional investors are shifting their focus toward late-stage companies, and how climate-tech startups are adjusting to a tougher fundraising environment by
Lost in Translation: Key Deal Points in European vs. U.S. M&A Transactions
After two decades practicing law in Silicon Valley and five formative years working on cross-border deals in Europe, I’ve come to appreciate the subtle (and not-so-subtle) differences in how merger and acquisition (M&A) transactions are structured on either side of the Atlantic. For buyers and sellers on opposite sides of the divide, these can be…
How to Use Transactional Insurance to Manage Deal Making Risk
The volatility, uncertainty, and shifting risk appetites that are shaping today’s M&A landscape are forcing transactional insurance solutions to move from “nice-to-have” to an essential component of many deals. Buyers and sellers are increasingly using insurance to bridge gaps, de-risk transactions, and keep deals on track when external conditions might otherwise cause hesitation.There are key…
From Delaware to Texas: The Shifting Landscape of Corporate Incorporation
Since 2023, at least 20 companies, each valued at over $100 million have announced plans to leave Delaware. Big names like Tripadvisor, DropBox, Pershing Square Capital Management, Viewbix Inc., and Neuralink have reincorporated in Nevada. Trump Media successfully reincorporated in Florida, and Texas has gained SpaceX and Tesla.For decades, Delaware has been the gold standard for…
The Human Factor in M&A Transactions
When considering the most critical components of mergers and acquisitions (M&A), parties typically focus on deal structure, legal due diligence, and financial modeling. While important to getting a deal done, this focus often overlooks the importance of the human element in successful M&A.Deloitte data shows that 30% of failed M&A transactions can be attributed…
Business & Legal Developments | May 2025
Friends,In last month’s newsletter, we discussed the potential impact of newly announced U.S. tariffs on the venture capital (VC) landscape and explored how rising costs and new tariffs could pressure startups, particularly those in the technology sector, and slow demand later in 2025.This month, we continue to focus on the growing impact of market uncertainty…
A Look At M&A Trends In An Uncertain Deal Environment
This article by Louis Lehot originally appeared on Law360 on April 14, 2025: A Look At M&A Trends In An Uncertain Deal EnvironmentIn the best of times, mergers and acquisitions are inherently complex. When uncertain global conditions such as financing hurdles, high inflation, unfavorable interest rates and geopolitical conflicts are added to the mix,…
New Episode: Louis Lehot on IPOs, M&A and Navigating Venture in 2025
On the latest episode of The Venture Variety Show I sat down with Alastair Goldfisher for a candid, timely conversation about where the startup and venture ecosystem is headed. Spoiler: it’s complicated, but not without opportunity.The levers of the venture capital system have been gummed up. But I’m optimistic that 2025 could still be the…
VC Liquidity Crunch: Navigating a Perfect Storm
The venture capital ecosystem is grappling with a liquidity challenge that’s testing even the most seasoned investors. With the IPO market significantly contracted and regulatory scrutiny of M&A deals increasing — particularly for tech acquisitions — VCs are under mounting pressure to return capital to limited partners (LPs).This environment has forced a recalibration of strategies. Firms are increasingly relying on…
Navigating Inbound and Outbound Investment through CFIUS: New Administration Policy Impact
𝗪𝗵𝗮𝘁 𝗱𝗼 𝘁𝗵𝗲 𝗧𝗿𝘂𝗺𝗽 𝗔𝗱𝗺𝗶𝗻𝗶𝘀𝘁𝗿𝗮𝘁𝗶𝗼𝗻’𝘀 𝗻𝗲𝘄 𝗽𝗼𝗹𝗶𝗰𝗶𝗲𝘀 𝗺𝗲𝗮𝗻 𝗳𝗼𝗿 𝗰𝗿𝗼𝘀𝘀-𝗯𝗼𝗿𝗱𝗲𝗿 𝗶𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁𝘀? NACD Northern California Leadership Council Member Louis Lehot sits down with Crumpton Global’s H.K. Park and fellow partner at Foley & Lardner LLP’s Christopher Swift to explore:✔️ The “America First” investment policy✔️ Changes to the CFIUS Foreign Investment Review process✔️ Restrictions on outbound U.S.…