On-the-Record w/ Fortune Term Sheet’s Allie Garfinkle
We’re flipping the script and asking a seasoned reporter (y)our burning questions.
For many of you, Allie Garfinkle requires no introduction as you will likely find her newsletter — Term Sheet — in your inbox every morning. For those who are not familiar, it’s time to change that!
We sat down with Allie to learn more about her vision for the newsletter since taking the reins earlier this year, what excites her about the beat, her pitch “icks” (Gen Z slang for displeasure), and a few fun facts you won’t learn anywhere else. Without further ado, Allie Garfinkle!
📚 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?
Gosh, at the beginning I was clueless and lucky. 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.
It was a serious coup for me, and I do really believe I owe my career to Mike. He gave me a shot when I had no clips and was less than two months into understanding the concept of EBITDA.
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. I knew I loved it pretty early, but wasn’t able to articulate why for a long time. My ultimate conclusion was this: Deals are fault lines, they happen because there’s something both sides need, and they’re always about people. A deal actually isn’t just a cold thing, a line item or a number on a page. It’s a collection of human decisions that have meaningful power to impact other people’s lives.
📝 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)?
This one’s both art and science. Art, in that there are certain ways in which I can’t always rationalize exactly what draws me to a story or a person. Science, in that there is absolutely critical news for our audience that would be negligent at best to not cover.
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.
And, above all else, thanks for reading! I don’t take it for granted, and Term Sheet readers are the best.
🧑💻 How has Term Sheet evolved since you took over for Jessica Mathews earlier this year? How should people determine whether a story is Term Sheet worthy?
I’ve said this before and I’ll say it again: I feel very strongly that one of the best things about the newsletter is that it really does take the shape of the person writing it. I feel so grateful to be able to do work from the seat of so many exceptionally talented people. Jessica’s reporting had been an inspiration for years, and to have the privilege of both learning from her and picking up from the amazing place she left off is an honor every day.
I do think my style is still coalescing, but I have a deep love for the off-kilter and I love a story where I can really spin a yarn, or have room to come up with a surprising analogy.
There’s also the logistical stuff — for example, I won’t take a fund or funding announcement if it’s not exclusive, full stop. I take a finite number of exclusives, because the ones I do, I want to devote my energy to thoughtfully understanding them.
🤢 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?
True story: I taught my mom the phrase “getting the ick” while we were watching Bridgerton on my childhood couch.
In all seriousness, though — yeah, I get the ick! 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 personal: how would your closest friends describe you?
I figured it was silly to speculate on this one when I could do some reporting instead! I asked two of my best friends in the entire world if they were willing to be sources and here’s what they said:
Vidya Venkatakrishnan — she’s currently getting an MBA at Wharton and interning at Thrive, and is a low-key geopolitics expert — says: “Sharp, intuitive, ambitious, sometimes mysterious but very warm, playful, a little mischievous, irreverent.”
Anne Sraders — current Sifted newsletter star, previous writer of Term Sheet, and a stealthily gifted photographer — says: “Allie is an incredibly intelligent and dedicated journalist; and always has fabulous film or music recommendations up her sleeve. She’s an all around star and lovely human being — yet maintains a modesty about how talented she is.”
Friends are a really special thing, and I believe friendships are some of the most sacred relationships of our lives because they’re so deeply optional, and can only exist for long periods with a lot of love.
🎶 How do you like to spend your free time? Any hobbies?
No! I have never had a hobby ever! I’m kidding, of course. I try to get out, I really do. I go to a lot of concerts, theater and movies. As strange as it sounds, I love venues — I’m always curious about them, because they’re both economically impractical and impossibly special. My favorite venues in LA are probably the Wiltern (mostly music, an Art Deco dream) and the Old Town Music Hall (it’s the El Segundo home of a glow-in-the-dark pipe organ).
I’m a creature of habit, I think. Most of what I do regularly are things I’ve done for years. When the NBA season is on, I follow the Miami Heat pretty devotedly. I play a decent amount of chess rather unimpressively, and know a surprising number of card tricks. (People always ask if I play poker — definitely not, I’m so naturally expressive that it’s a genuinely terrible idea for me to even learn.) In my first year out of college, I worked in the wine industry, so I have a semi-shocking number of wine bottles at any given time. I really just like… learning. I gravitate to things I know I can never master — there’s a certain poetry to that.
But gosh, are these actual hobbies or just things I do to pass the time of existence? You can tell me. I’d say my only hobby in the “actively learning to do something” sense is diving — I’m both a freediver and a scuba diver! I actually am working towards becoming what’s called a divemaster, which is a professional diving certification. Diving has really taught me a lot about myself, and it’s also a funny way to learn about other people — there’s a saying I’ve heard a few times now, that you can learn more about someone by diving with them for 20 minutes than you ever could in hours of talking.
Where to find Allie:
✖️ Twitter / X: @agarfinks
Our deepest thanks to Allie for volunteering her limited free time to sit down with us — we consider ourselves very lucky!
Is there a reporter in your industry who you want to hear from? Let us know in the comments.
Allie Garfinkle was not compensated for the above interview. Her commentary is included for educational purposes only and does not reflect the investment position or theses of VMG Partners.
