Welcome to Due Diligence with VMG Partners, where we talk to founders, investors, journalists, and more. Here’s the download:
🖐️ Take Five w/ Shani Darden of Shani Darden Skin Care
🚨 ICYMI: VMG Technology Team Doubles in Size
📰 On-the-Record w/ Fortune Term Sheet’s Allie Garfinkle
🚀 Onward & Upward
✅ Annual General Meeting 2024
🗽 All in at The Lead Summit
✈️ Where to Find Us
🗞 In The News ️
🖐️ Take Five w/ Shani Darden of Shani Darden Skin Care
She’s a skin-obsessed, animal loving aesthetician to the stars and a prized member of the VMG portfolio. If you are not familiar with Shani Darden Skin Care — or the woman behind the brand for that matter — then let us be the first to say that you’re missing out. Get to know Shani!
🙅 What was the worst skin care trap you fell into before — or since — becoming an aesthetician to the stars?
I’ve been into skincare since I was little. I forced my friends and family to use masks I whipped up from a young age. I luckily didn’t fall into any skincare traps when I was younger. The worst was probably just using products that weren’t right for my skin, but thankfully nothing that caused too much damage!
💭 What inspired you to create your own skin care line?
I was fortunate enough to work for a dermatologist, Dr. Benitez, right after school. It was an incredible experience because I was able to help people with so many different skin types and skin conditions. This was where I was able to see the skin transforming benefits of retinol, but also how harsh it could be on the skin. I wanted to develop my own retinol that was less harsh than a prescription strength retinol but still had all the benefits. My goal was to create an efficacious retinol without all the flaking and irritation. From there, Retinol Reform was created and I developed the rest of my line after that.
👏 What’s your proudest moment, personal or professional?
Launching in Sephora was a huge accomplishment for me and I’m so grateful for the opportunity to be part of that. It required a lot of growth and hard work to get to a point where I was able to make it all work smoothly and successfully.
What’s the best piece of advice you’ve ever received? And if you’re open to sharing, who gave you that advice?
NOTE: Shani Darden was not compensated for this interview. Her commentary is included for educational purposes only and does not reflect the investment position or theses of VMG Partners.
🚨 ICYMI
VMG is doubling down on Technology. VMG Technology doubled in size with the recent additions of Indy Guha, Sam Shapiro, Meera Singh, and Jay Parekh. VMG Technology leverages decades of collective consumer investing experience to identify and invest in commerce enablement technologies that brands need to thrive.
Clockwise from top left: Indy Guha, Jay Parekh, Sam Shapiro, Meera Singh
📰 On-the-Record w/ Fortune Term Sheet’s Allie Garfinkle
For many of you, Allie Garfinkle requires no introduction as you’ll likely find her newsletter – Term Sheet – in your inbox every morning. We sat down with Allie to learn more about her vision for the newsletter since taking the reins, what excites her about the beat, pitch “icks” (Gen Z slang for displeasure), and a few fun facts you won’t learn anywhere else.
📚 Tell us your story! Have you always had a passion for PE, VC, start-ups, M&A, etc. since starting your journalism career? Or is this an area you grew to love over time?
I owe a lot to the Dow Jones News Fund, which placed me at TheStreet when I had so little experience. In a matryoshka-doll kind of way, I ended up exactly where I was supposed to be. At the time, TheStreet owned The Deal, a wonderful M&A trade publication run by the inimitable Michael Brown. Mike believed in me, took me on as an intern, and then hired me into a full-time role even before I’d left graduate school.
At The Deal, I did consumer M&A at the height of the cosmetics boom, and there were some bangers to chase at the time — Shiseido spent $845 million for the wildly-named skincare company Drunk Elephant and TPG, L Catterton, and Tengram Capital were all really cooking. So that’s how I first came in contact with PE, VC, and M&A.
📝 In the PE / VC world, your daily newsletter Term Sheet is one of our first reads of the day. With how busy this corner of the world can be, how do you go about deciding what to cover (and when)?
For me it ultimately boils down to fairly simple principles — do I think the audience will find this interesting, useful, or essential? In a perfect world, every story has all three of those qualities. I really think it’s helpful when people clearly articulate to me what makes something a fit for the Term Sheet audience.
I know I’m using the word audience a lot here, but that’s really what it comes down to, constantly trying to answer the question: How can I make sure that Term Sheet is consistently providing the most possible value for those who are taking valuable time to read? What is the best possible expression of journalism I can give them? Honestly, that does almost by definition mean something different every day, even if the actual question I’m asking is identical.
In dating you often hear about people “getting the ick.” Let’s apply that to your line of work: what gives you the ick when reviewing a pitch?
I am not a fan of when a pitch is overly prescriptive or too long. Make it clear right up top why you came to me specifically for this story and delineate what the value to Term Sheet readers will be, and then I’ll get back to you as soon as I can (which often might not be right away).
And frankly, don’t pitch anything you are not absolutely comfortable with — I’ve had a few experiences where someone’s come to me in a panic, worried about the angle a story might take. I have absolutely no patience for that whatsoever. I’m naturally warm and sometimes that’s mistaken for pliability. Don’t make that mistake, please. Trust me to do my job thoughtfully and fairly — that’s why you came to me.
There is also absolutely such a thing as too many follow-ups. After one or two, I’m begging you — stop. But actually, have mercy on me, and remember: First and foremost, my job is to report and write. And my inbox is already a six-headed hydra from Greek mythology.
Let’s get a little personal: how would your closest friends describe you?
NOTE: Allie Garfinkle was not compensated for this interview. Her commentary is included for educational purposes only and does not reflect the investment position or theses of VMG Partners.
🚀 Onward and Upward
The Consumer team’s José Bermudez has been promoted to Vice President! José’s contagious energy, commitment to the portfolio companies he supports, and trademark hustle are just a few things we adore about him, and we cannot wait to see what he continues to build at VMG. Congratulations, José!
Every month we celebrate individuals on our team who embody our cultural values. Meet our Culture Carrier Awardees:
Lucy Huang – Collaboration – Lucy embodies owning success and failures together by working behind the scenes on quarterly reporting and analysis.
Emily Gratch – Perseverance – Emily (endearingly known as ‘Gratch’), maintains a positive attitude through challenges and setbacks. As a key thought partner to helping our PortCos assess Talent needs, she’s flexible and pushes to get to the best outcome.
Maddy Dunn – Integrity – Maddy embraces ‘being proud of the how’ — not just focusing on the destination (or outcome of getting stuff done) but she’s thoughtful in the way in which we get there. Recently, she orchestrated an incredible AGM.
Sam Shapiro – Candor — Sam has a unique ability to connect and communicate, making people feel seen and helping them grow as individuals.
VMG Technology joined hundreds of brands, retailers, and investors at The Lead Summit last week. Our team worked every room, meeting new faces and reconnecting with familiar ones. It was a busy few days where we:
The information contained herein is intended for informational purposes only and is not investment advice. Under no circumstances should any material herein be used or considered as an offer to sell or a solicitation of any offer to buy an interest in any securities or investment fund. Any specific company listed or discussed is not intended to be representative of any or all companies purchased, sold or recommended for VMG’s advisory clients. For a full list, please visit our website. One should not assume that all investments in the companies identified are or will be profitable. Third-party or hyperlinked content within the material is believed to be accurate as of the date of this material but VMG is not responsible for the accuracy or continued accuracy of third-party or hyperlinked content.
Is there a founder from our portfolio you want to hear from next? A reporter you're dying to get to know? Let us know in the comments! 👇