Visiting family in North Carolina this past week, we hiked in Asheville and Boone. Today's edition explores how AllTrails—the hiking app with 80M+ users—grew to dominate outdoor leisure with PE backing from Spectrum and Permira.
As always, if there’s a sector or company you’d like me to dig into, drop me a note at [email protected]
PE Playbook: AllTrails
State of Play
AllTrails has become an essential tool for hikers, campers, and outdoor enthusiasts. The app offers reviews, photos, and maps for more than 450,000 trails globally, helping users discover new spots and avoid getting lost—even without cell service.
But when Spectrum invested $75M for a majority stake in 2018, it caught me by surprise. A consumer app? Freemium model? For an activity that's literally free? I was wrong. By 2021, Permira validated the thesis with a $150M growth round while Spectrum retained control—signaling massive value creation.
Let’s unpack AllTrails’ success to-date and where private equity could take it next.
PE Course Re-Launch
People keep signing up for the waitlist—even though (I thought) I removed all the links (oops)!
In two weeks, I'm re-launching Road to Carry Training: a full PE deal simulation from NDAs → Models → Memos → Diligence → Purchase docs → Funds flow.
Each lesson includes video walkthroughs, real templates rebuilt from my $6B PE fund days, and hands-on exercises. The first cohort—including associates from Carlyle and Charlesbank— loved it (with a few tweaks now implemented).
For this re-launch: 50% off + free resources in exchange for testimonials.
🎓 Join the waitlist. Here’s a free preview walking through a real-life funds flow you won’t find elsewhere (click settings on bottom-right for 1.25x speed).
