David Li
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Hey David — similar path (IB → PE). been thinking a lot about proprietary origination in tech-enabled media lately. would be good to connect.
Hey David, looks like we share a similar IB → PE path, though I was at Greenhill in London not Lazard in New York. origination was always the same story for me — clear thesis, decent relationships, but no proprietary system of record. the people, tools and ideas were never really connected. every deal virtually sourced from scratch, nothing compounding over time. curious if that's still how most funds operate or if I'm behind the times? — Russ
Hey David, looks like we came up through a similar IB → PE path, though I was in London doing growth equity at Treis not in Dallas building a platform across VFX and fiber infrastructure like you. the pattern I keep seeing with most funds is weirdly consistent — strong thesis, solid network, but no proprietary system of record. the people, tools and ideas are never really connected, so every deal is virtually sourced from scratch. nothing compounds on itself. curious if that resonates or if you've built something different at Arenova? — Russ
hey David — no worries if the timing's off. most funds I talk to have tried some version of building origination in-house — analyst pulling from Pitchbook or Grata, maybe using ChatGPT to help qualify, dumping it into a spreadsheet. each piece kind of works, but there's no system of record tying it together. the people, tools and ideas are all disconnected, so there's tonnes of wasted energy and everything ends up out of sync. been helping a few funds like Noble Rock work through that. curious if you've run into the same thing at Arenova? — Russ
totally get it if origination infrastructure isn't top of mind right now — most funds have 10 things ahead of it on the priority list. the funds I've seen crack it early just tend to compound deal flow in a way that's hard to replicate later. if it ever moves up the list, I'm easy to find. — Russ
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Prospect Research
## PROSPECT INFORMATION: Name: David Li Title: Founder & Managing Partner Fund: Arenova Capital Background: David Li is a Managing Partner at Arenova Capital, a private investment firm he co-founded in July 2022. Based in Dallas, Texas, he focuses on the convergence of technology, media, and communications. He is currently a dominant figure in the Visual Effects (VFX) industry as the Executive Chairman of Dream/Machine FX, an artist-led global collective he built through strategic M&A. This collective includes prominent studios such as Important Looking Pirates (ILP), FIN Design + Effects, ZERO VFX, Mavericks VFX, and ARC Creative. Additionally, he serves as a Board Member for Aspire Fiber and is a National Board Member for BUILD.org, a nonprofit focused on youth entrepreneurship and social impact. His professional background is rooted in high-level finance, including roles as an Investor at Trive Capital and Twin Point Capital, an Associate at Oak Hill Capital, and an Analyst at Lazard. He holds a Bachelor of Science in Finance and Economics from New York University’s Stern School of Business, where he graduated Magna Cum Laude. His core expertise includes private equity, M&A, investment banking, and financial modeling. Key LinkedIn Posts: March 5, 2026: David announced a majority investment in Aspire Fiber to expand high-speed internet in California. Quote: "High speed home internet is a critical infrastructure for consumers everywhere to benefit from technological development, best-in-class entertainment and leading-edge productivity tools." October 13, 2025: He shared a podcast appearance on 'Behind the Buyouts' with Chris Nolter. Quote: "In two short years, Arenova's Dream Machine FX has built the fifth-largest pure-play visual effects company through M&A." August 21, 2025: David promoted a deep dive into Emmy-nominated work on 'The Last of Us' and 'The Penguin'. Quote: "Dream Machine FX is a global, artist-led collective of award-winning studios—FIN Design + Effects, Mavericks VFX, ZERO VFX, Important Looking Pirates VFX, and ARC Creative—driving cutting-edge visual storytelling." March 26, 2025: He shared an exclusive Variety article regarding the 72-hour launch of ARC Creative following the collapse of Technicolor. Quote: "Have a look inside the craziest weekend of my professional life... While it's only been a month, it has felt like a year and it's been wonderful to have the entire ARC Creative family as part of Dream/Machine FX." July 16, 2024: David celebrated the acquisition of Important Looking Pirates. Quote: "Honored and humbled to be a Pirate! Thank you to the incredible Important Looking Pirates VFX team for choosing Dream/Machine FX to be your creative home." March 21, 2023: He announced the initial partnership that began his VFX group. Quote: "We are proud and delighted to join the talented people at Mavericks and Zero in building a next generation visual effects group with artists at the center." October 17, 2022: David announced the launch of his firm. Quote: "I'm incredibly excited to share with you the formation of Arenova Capital - a new principal investment firm focused on investing in tech-enabled, media and communications companies in the lower mid-market." Fund details: - Description: Arenova Capital is a principal investment firm dedicated to partnering with the founders, entrepreneurs and management teams behind leading technology-enabled, media and communications companies in the lower middle market. We excel at investing in companies that are at an inflection point, either operationally or strategically, which we can help navigate. Our approach relies on our partnership with founders and operators and providing value-added operational, technological and strategic support to maximize investment outcomes. We have the capability to invest across the capital structure in order to provide tailored solutions for any need. For more information, please visit www.arenova.com or contact info@arenova.com. - Website: https://www.arenova.com/ - Location: Dallas, Texas, United States - Lead qualification: Research: - Query: =Arenova Capital David Li recent investments fund thesis - Answer: David Li's Arenova Capital recently invested $50 million in Aspire Fiber for network expansion. Arenova focuses on technology, media, and telecommunications sectors. Li's firm aims to partner with founder-led companies for growth.