Middle Market Musings

Peter Kaufman is President/Head of Restructuring and Distressed M&A at Gordian Group, a New York City-based investment bank.  He's found an illustrious second career as a regular golf contributor with The Daily Drive, an online golf journalism collective.  Andy and Charlie (who are both still in search of their first careers) enlist Peter in a tour of all things golf on the eve of this year's U.S. Open.  The conversation begins with an update on the current state of distressed M&A activity, but then turns to the main order of business.  Peter, Charlie and Andy assess the PGA competitive landscape; the Open's return to the legendary Oakmont Country Club;  the state of play between the PGA and LIV tours; and the likely composition of the Ryder Cup teams this fall.   If you made it to the end of this recap, you might just make it to the end of the podcast. 

New Heritage Capital's Greg Katz fills the "yawning" void left by Charlie Gifford's absence.

Graeme Frazier and Andy discuss GF Data and receiving the ACG Legend Award.

Christian is a Managing Director in Raymond James' Private Capital Advisory Practice.  He finally runs out of excuses and ends up squinting under the hot lights of the MMM studios.  A discussion with two old friends hits the usual stops – Philadelphia roots, Trinity College, early career in PR before getting into finance – yet still manages to find plenty of opportunity for esoterica.  Listeners will learn about Christian's short-lived acting career, the merits of pickleball vs. padél, and his frequently threatened lawsuit against Charlie.  More substantive insight into the evolution of private equity business development, Christian's transition from the buyside to investment banking, and his current role working with equity sponsors in the burgeoning private capital advisory arena. 

This one combines the insight of a WWF wrestling match with the virility of an Aspen Institute panel discussion.  Mark Jones is a Partner at River Associates, the Chattanooga-based private equity firm currently investing out of its eighth vehicle.  For better or worse (admittedly worse for him), Mark is also a longtime friend of Andy and Charlie's. He is a true son of the south – childhood in Savannah, boarding school in Virginia, college at Vanderbilt before remaining in Tennessee for his career.  Discussion sails through Mark's early life and work, but mainly comprises 30 years of experience at one of the most active and highly regarded middle-market private equity funds.  If a measure of the hosts' comfort is Charlie and Andy's willingness to joust with one another, this one is off the charts.

David Michel is Chief Executive Officer of Catapult Health, a Dallas-based innovator in virtual at-home preventive care recently acquired by Teledoc Health for $65 million.  Each stop in David's story is spellbinding.  David begins with his upbringing in southern Illinois, where his entrepreneur/radio broadcaster father played a large role in his upbringing. He then charts his own entrepreneurial path culminating in the founding of Catapult Health in 2010. Discussion returns to the March 2025 sale to Teledoc, a signature event transformed by the sudden death of David's lawyer and close friend in January. This tragedy connected David to Andy.  A fast-moving episode that continues the suspiciously long, and admittedly awkward, armistice between Andy and Charlie.

Barbie Adler gives new meaning to the phrase “mystery date” with a star turn on Middle Market Musings.  Barbie is Founder and President of Selective Search, the nation's preeminent luxury matchmaker.  Barbie traces her origin story from Chicagoland roots to Bradley University to early successes in public relations and executive search.  Her work experience led her to found Selective Search in 2000, based on her belief that the principles of high-end executive search could be applied to romantic relationships. In 2019, Barbie brought in an equity partner – Permanent Equity.  She hits on a few favorite MMM themes – how to scale a highly specialized service offering, how to evolve from entrepreneurial to institutional ownership, and what to say when a business owner or dating prospect says they're a “9” and you know they're a “7.”

Ron Miller's good judgment and even temper survive an appearance on Middle Market Musings.  Ron, an old friend to both Andy and Charlie, is Managing Director and Head of US Middle Market Investment Banking at CIBC.   Ron talks about his youth in Chicago, including early experience in the family clothing business.  The story migrates to Milwaukee, where Ron traces his early involvement in the Cleary Gull investment bank and its evolution into CIBC's US-based M&A arm.  The interview concludes with a poignant account of the loss that galvanized Ron's family and led them into a lifetime of good works related to organ donation awareness.

Chris is a Partner at Pacific Lake Capital, one of the leading investors in the search fund industry and currently investing out of its $317 million sixth fund. The Stanford Graduate School of Business alum shares stories of his 20 plus years of experience and how the industry has evolved over time. His journey began as a searcher who found, invested in, and ran VRI, a remote patient monitoring company that grew revenue nearly 10x and grew equity value by more than 25x during his time as CEO before its sale to Pamlico Capital. An animated discussion follows about his transition from operator to investor and his current role at Pacific Lake. The conversation culminates in a lively exchange around the Hendriksen family's cool summer habit – moving to a different city around the world for a month or two each year.

The Middle Market Musings tour bus pulls into Western Pennsylvania for a lively episode with Steve Gurgovits, Managing Partner & Co-Founder of Tecum Capital.  Tecum is a multi-strategy investment firm focused on the lower middle market.  Steve gets into his upbringing and football exploits in Sharon, PA; the example his father set as a banker in that economically hard hit community, Steve's own tenure at FNB Bank and his ultimate evolution into private equity/subordinated debt investing at Tecum.  Charlie scores by asking about the origin of the “Tecum” name.  Andy scores with his Rain Main-like knowledge of Pennsylvania's regional economies. 

Scott Estill runs out of excuses and ends up in the MMM studio.  Scott is partner and head of the New York office at Lancor, a national search and advisory firm.  Scott reviews his extensive early career in investment banking and how it evolved into Lancor's distinctive private equity executive placement model.   Before that, the hosts get into Scott's origin story, including his time producing films for The Beastie Boys (not a typo) and as a college soccer goalie in the United States and England, including how he became Tony James' go-to in the soccer goal.  Scott's banking and soccer experience provide Andy the opportunity to make an obvious pun about “pitches,” which didn't yield the guffaws that he had hoped for or expected.

Randy is vice chairman at Churchill Asset Management.  With over $50 billion of committed capital, Churchill provides customized financing solutions to U.S. middle market private equity firms and their portfolio companies across the capital structure. Randy is widely credited as one of the pioneers in providing loan syndications to private middle market companies and is founder/publisher of the Lead Left market newsletter. He and the hosts dive in to the evolution of non-bank financing and syndications for middle market companies, the emergence of single tranche and second lien products, and Churchill's role through several incarnations in defining these trends.  For those interested in the last 30 years of transaction finance, this one is a true geek fest. 

Scratch golfer Pat Galleher ends up in the tangled fescue that is Middle Market Musings.  Pat is Managing Partner of Boxwood Partners, the middle market investment bank based in Richmond, VA and Jupiter, FL.  Pat details his youth in and around golf courses, including encounters with a young Tiger Woods, which compels Charlie to offer Pat and Andy a complicated hypothetical involving Tiger, prison and some money.  After college at the University of Richmond, Pat honed his sales and operational expertise at a global financial communications firm, becoming the youngest CEO listed on the London Stock Exchange.  Since co-founding Boxwood in 2008 Pat has led more than 75 engagements, including over 35 franchisor sell-side transactions.  A fast paced tour of the successful mindset common to business and competitive sports. 

David Walker is president and CEO of EBSCO, one of America's largest family-owned private companies.  With approximately $3 billion in revenues, EBSCO traces its origins to a magazine subscription business founded by Elton B. Stephens in 1944.  David details EBSCO's business interests today, comprising information services, diversified industrial and real estate holdings.  He also shares his personal story, which includes childhood in the peach orchards of Alabama, college at Auburn and early career experience in public accounting before joining EBSCO in 2000.  One highlight:  David's discussion of the particular resonance of the word “humility” at EBSCO. 

Marty Mannion shows up and puts 40 years of leadership stature at risk.  Summit Partners is a pioneer in the private equity industry, with more than $32 billion invested to date.  Marty has been at Summit since 1985 and currently serves as Chair of the Board of Managers.   His storied path begins in modest surroundings in the Bronx, before formative experiences at Regis High School, Princeton (where he was an Ivy champion basketball player) and Harvard Business School.  In school and early career stops, Marty was “just lucky” – always benefitting from mentors and others who saw his potential.  Extending to his private equity career, Marty and the hosts reflect on how hard work, intelligence and good nature somehow translate into good fortune. 

Since January, David Santoni has been Managing Director, Business Development at Audax Private Equity, now investing out of its seventh flagship fund, a $5.25 billion vehicle.  Before Audax, David was a well-known middle-market investment banker based in Minneapolis with several firms, notably Lazard Middle Market (dating back to its Goldsmith Agio Helms days), Hennepin Partners, and Prestwick Partners.  David delves into his career, the vibrant Minneapolis deal community and his current experience managing sponsor coverage relationships after so many years as a coverage banker himself.  Discussion winds up on David's Philadelphia sports loyalties – a source of mild pleasure for Andy and more than mild irritation for Charlie.

Sir William Felix Browder provides a distinguished start to Season 4.  As CEO and Founder of Hermitage, Bill Browder became the largest portfolio investor in Russia.  He traces his family's early connections to Russia, and then tells one of the singular tales of courage in this century.  Browder went from Russian insider to mortal Putin foe.  He was able to escape Russia, but his attorney and friend Sergei Magnitsky was imprisoned on phony embezzlement charges, tortured and killed.  Bill responded by pushing for the enactment of the Magnitsky Act in the United States, as well as laws in 16 other nations providing for asset seizure and sanctions in response to human rights violations.  Bill talks about his ongoing interests in global politics as well as his post-Russia activities as a private investor in US Middle Market private equity.  

Les Alexander takes MMM on a picaresque back-and-forth between the lowlands of Louisiana and the rolling hills of Virginia.   Childhood in New Orleans, college at UVA, a private equity and business career back home, then a return to Charlottesville as an endowed professor.  The lively discussion covers such critical questions as the right way to say “New Orleans,” the best restaurant in Charlottesville, the lineage of the hot sauce industry, and what makes someone an effective teacher, as distinguished from all of the practiced good talkers in the deal business. 

Another episode, another chat with a Navy pilot / SEAL team member / US-Senate candidate / private equity star / private company CEO….Gabriel Gomez stops by to talk about his boyhood in Washington state, his extraordinary military service, and his post-HBS success in business, including his most recent venture as CEO of O2X Human Performance, which provides science-backed training programs to hundreds of public safety departments nationwide, federal agencies, and the military.  Falfurrias Capital invested in O2X in early 2024.  This one does not lack in memorable moments, but Gabriel's “you are there” account of how you stick the landing on an aircraft carrier is a particular highlight. 

Jeff Giles is the latest deal professional to run out of excuses and end up in the MMM studio. He is Executive Vice President for Corporate Development at Core & Main, a St. Louis-based publicly traded specialty distributor focused on water, wastewater, storm drainage and fire protection.  Andy and Charlie join Jeff in recounting his days as a private equity newbie. Since joining Core & Main in 2018, Jeff has completed more than 30 acquisitions, deploying approximately $1.6 billion of capital. A lively conversation charts the evolution of Jeff's childhood in St. Louis and his love of hockey, his early career progression, the table stakes for being a successful strategic buyer, and the St. Louis Blues' earthshaking 2019 Stanley Cup win.

This episode features: a University of Missouri starting quarterback who tackled Brian Bosworth, a hardworking youthful entrepreneur, a standout networker in the M&A industry, a pioneer podcaster and a leader in the field of insurance / due diligence.   Not five guests!  Just one – Jeff Henningsen, President and CEO of Lockton Companies – Texas Series.  A veritable Ben Franklin.  The episode contains the standard animated discussion that seasoned listeners come to expect from Andy and Charlie.  In a varsity move, Jeff refuses to get drawn in to the heated debate over who was responsible for the “lost” first taping attempt of this episode. To seasoned MMM listeners, the answer is obvious…

If this were a Friends episode, it would be “The One Where Gretchen Shows Up With a Glass of Wine.”  Gretchen blows the doors off with insights into Avance's deal activity, the current temperamental condition of the M&A market, and her own turn as DealMAX conference chair a few years ago.  A discussion of her “walk on” music at that event leads to Charlie, Andy and Gretchen all singing at different points in the episode.  “Must See TV,” for sure.  

Steve was the one “first time, long time” guest in the DealMax extravaganza.  Even so, he is as cool as the other side of the pillow in recounting his activities as TM's head of sponsor coverage and the firm's recent acquisition by Janney Montgomery Scott.   Steve and Andy trade friendly competitive observations on the Braves and Phillies while Charlie – totally not influenced by current Red Sox fortunes – declares baseball passé. 

Brent returns to the big stage for his first DealMax conference since assuming the reins as ACG's CEO.  He shares some impressive numbers on this year's event – more than 3,000 attendees and an estimated 35,000-40,000 meetings.  Then interesting discussion on how ACG is keeping pace with the industry's desire for more informed and qualified interactions.  In “Gifford or Greenberg,” Brent asserts his own superiority in cooking (uncontested) and musical tastes (heavily contested). 

Christina Pai is a partner at Fort Point Capital, a Boston-based private equity firm focused on service businesses with high growth potential.  This episode begins and ends with Christina and Charlie swapping captivating Boston sports insights.  In between, she charts her Massachusetts childhood, college at Dartmouth, and path to her current role at Fort Point.  Discussion ensues around the strengths and appetites of the family office, the fundless sponsor, and the LP-based fund.  Andy attempts to get in on the Boston mojo with an origin story that sounds suspiciously like the opening of Good Will Hunting.  Christina and Charlie (to no one's surprise) see through the ruse. 

Mark Chesen is a founder and managing partner at SSG Capital Advisors, a special situations-focused investment bank that has completed more than 400 transactions since its founding in 2001.  Mark zips through growing up in Iowa, college at the University of Texas and an early stint in public accounting before turning to the wide world of investment banking.  He and the hosts chart SSG's growth, its sale and repurchase by the founders, and the unusual continuity Mark and his partners have maintained over 23 years.  There's also some interesting discussion about the DNA of the special situations banker and how Mark both uses and plays off of his own good nature. This ones goes smooth “like buttah.”  (If you get the dated SNL reference – you are in the core MMM demographic.)

The Middle Market Musings tour bus rolls into southwestern Ohio for a discussion with Ashley Hess, Partner-in-Charge of Baker Hostetler's Cincinnati office.  Ashley draws vivid stories out of a succession of stops in his journey:  Western Virginia boyhood, school at UVA and Washington & Lee, marriage and life as a young connector in the Cincinnati community and, finally, a demanding and varied corporate law practice.  Ashley's clients include multi-national firms like Toyota and buyers/sellers in the middle market deal space.  He talks with equal verve about trends in the automotive industry and his enthusiasm for blues music.  One of the MMM hosts springs to life at the chance to talk about the blues, while the other struggles awkwardly for on-point references.

This time around, Chrisanne Corbett classes up the proceedings.  Chrisanne is  Managing Director of KPMG Corporate Finance LLC, leading the Diversified Industrials Team, and co-leading the Private Equity Coverage Team. She starts off recalling a busy, promising childhood in Minnesota and Connecticut.  Andy and Charlie – rarely interested in the same thing at the same time – both come to full alert for tales of appearing in early commercials for the gum and candy company where her father worked. Chrisanne then moves on to college at Notre Dame and a career in investment banking, including the last 24 years spent at KPMG.  She recounts KPMG's current areas of focus, from the perspective of a banker versatile enough to have industry vertical responsibilities while keeping a hand in sponsor coverage.

Jon Skinner is CEO of PSP Partners, a diversified private investment firm founded by former U.S. Secretary of Commerce Penny Pritzker.  Jon is the latest financial honcho to miss his exit and end up in the Middle Market Musings recording complex with Andy and Charlie.  Jon reviews his path to his current role – childhood in suburban Boston, football and undergrad at Brown, law school at Boston College, then a storied investment banking career culminating in his tenure as a vice chairman at William Blair.  Jon then reviews the investment practices and culture of PSP and concludes by sharing his interests outside of work, including serving as board chair of the Honor Foundation, which is devoted to job placement for U.S. Special Ops veterans.

Andy Souder grew up in a steel town and attended Notre Dame, but the similarities to “Rudy” end there.  Andy is vice president of acquisitions at RAF Equity, a family office turned private equity fund based in suburban Philadelphia.  Andy regales his old friends with stories of his own upbringing and early career  in commercial banking and law, then he and Andy Greenberg trade stories about Bob Fox, RAF's remarkable founder.  Discussion then turns to RAF Equity today – new leadership and focus on higher growth industries combined with traditional values and approach.  Charlie rises to the challenge of two Philadelphians by talking up the last days of the Belichick era in Boston. 

Bob Whalen is CEO of HB Global, a $550-million revenues commercial specialty contracting firm based in Harrisburg, PA.  Bob talks about HB's evolution since his acquisition of the business and its transition to ESOP ownership in 2008, as well as HB Capital, a private equity vehicle formed to acquire other businesses suited to similar management and ownership.  Some interesting discussion on valuations prevailing in HVAC/commercial services.  Bob opens with his learnings from being a competitive D-1 college wrestler and the relevance to running HB Global.  Andy and Charlie show their prowess as D-1 interviewers, as usual. 

Brent Baxter is several months into his tenure as Chief Executive Officer of the Association for Corporate Growth, the premier trade organization serving the M&A deal making community.  Brent shares his immediate vision and priorities for serving ACG's membership, then delves into the path that brought him to this role.  Childhood in western Pennsylvania, a college-era stint as in the restaurant business that honed his people and management skills, then a business and banking career in St. Louis culminating at Nolan & Associates.  Brent's youthful experience leads to the discovery that Andy and Charlie have the same favorite Italian dish – linguini alle vongole.  Who says nothing in common? 

Jim Apple is partner and head of sourcing at The Sterling Group, an operationally focused private equity firm based in Houston.  Jim hits the ground running with stories of a rich upbringing that included antique road shows and no TV in the house.  Discussion culminates with a review of Sterling, its two current vehicles and model that includes seven drivers of value including the one Jim is responsible for – acquisitions.  Before that, we hit highlights from Jim's two earlier career stints in industrial development and investment banking.  As is often the case, conversation ends up on music tastes. Jim scores with his recommendation of the Black Pumas, “an American psychedelic soul band based in Austin, Texas.” 

Jim Andersen wakes up as if from a bad dream, and finds himself in conversation with Andy and Charlie.  Jim is a managing partner and co-founder of Clearview Capital, a Stamford, CT based private equity fund that is often the first source of institutional capital for lower middle market owner/managers. Clearview is currently investing Fund V, an $850 million vehicle. We start off with tales from Jim's early career experience stationed in Egypt with Schlumberger.  Charlie seizes the opportunity to show off his mastery of the geography of North Africa.  Jim goes on to detail Clearview's trajectory as a fund that balances industry focus against selection of the right vehicle and management team. Conversation turns to a Middle Market Musings staple – culture.  As a partner in a fund that has never had a principal team member leave, Jim brings some authority to the subject.

This time out, Rob Brown takes us inside Lincoln International LLC, one of the preeminent middle market investment banks.  Rob joined Lincoln as one of its first employees in 1998, rising to become CEO in 2021.  He charts his own and Lincoln's development with great insight and good humor.  Stick around for the second half, in which Rob, Andy and Charlie have an extended discussion about the “science of the pitch,” particularly as it bears on and channels the development of younger team members.  The guitar on the wall in Rob's Zoom background leads to an even more animated conversation – where each of the combatants list their top three greatest living guitarists. The responses are equal parts cringe-worthy and enlightened, depending upon your perspective.

Hollywood settles the writer's strike, the vast creative team supporting Middle Market Musings swings back into action, and we launch our third season with a standout guest!  Nishen Radia is Senior Managing Director and Co-Head of M&A at B. Riley Securities.  Nishen starts off with a panoramic tour of his well-traveled boyhood, including a stint selling (and wrecking) cars at his father's London car dealership.  Andy and Charlie then delve into an M&A career highlighted by the 20-year run of FocalPoint Partners, the M&A firm founded by Nish and Duane Stullich in 2002 and the integration of that firm into B. Riley Securities in 2022.  This one is packed with business insights, but still makes room for the infamous Bollywood wedding video.

Chris Burbach draws the black marble and finds himself on the podcast with Andy and Charlie. Chris is Co-founder, Partner and CEO of Fundamental Income, an institutionally backed firm that offers efficient real estate-based capital to business owners and buyers, and access to net lease real estate to investors. Chris explains when and how thinking about the monetization of real estate makes sense for a buyer in the capital structure of a contemplated transaction.  Before that, Chris shares an entertaining origin story – growing up in Phoenix, getting exposed to real estate value through his parent's charter school business and having a low ceiling on the basketball court at Santa Clara University. 

Ted Kramer is the CEO of HKW, a private equity firm that traces its lineage to the early years of the 20th century.  Ted not only shares an overview of his firm's lineage, but also traces his own beginnings in northwestern Ohio and his immersion in hockey as a schoolboy, University of Michigan star, and eventually as a professional player in the early 90s.  From there, the conversation evolves into Ted's career path, which maps to the increasing centrality of the business development role in private equity fund management. Andy and Charlie relish the appearance of an old friend who makes a lot of serious points but also joins in their often pointless, competitive, digressive repartee. 

Devin Mathews wanders out onto the Middle Market Musings stage and the audience goes wild at the cross-platform possibilities.  Devin is co-founder of ParkerGale, a Chicago-based private equity fund focused on profitable technology investments, and co-originator of their successful podcast devoted to companies in the tech space. Devin entertains with his account of how an art history major from SUNY Binghamton found his way to the upper reaches of private equity. He assesses the current state of the market and shares best practices on producing an industry focused podcast, something that both Andy and Charlie believe the other desperately needs. 

Parker catches the guys up on Cowen's successful integration into TD since his last visit.  He discusses the current market from the perspective of a larger firm with two dozen professionals on the ground in Vegas.  Parker and Charlie trade insights on Jerry Garcia vs. Bob Weir while Andy weighs the possibility that this conversation will make him seem “cool” by osmosis. (Prognosis? Unlikely). 

Michelle drops by to talk about how Crest Rock – a Denver-based PE fund founded in 2019 and devoted to software, tech and business services – set out to establish a market presence in the midst of the pandemic.  She ignores the premise of “Charlie or Andy” but scores a direct on the hosts by answering, in response to a question about who you would choose to look after your children, “Neither.” 

Bruce shows his skills as M&A lawyer and raconteur have not diminished since his last visit.  Bruce talks about his unusual intentionality in marketing off of a law firm platform at DealMAX and elsewhere.  His account of a past encounter with Peyton Manning takes about half as long as an actual football game, but is materially amusing and perfectly captures Bruce's je ne sais quoi. 

Andy and Charlie set their sights on David Welinsky, a young star in the private credit industry. (Young = younger than Charlie.) David is a managing director in capital markets at Monroe Capital, widely regarded as a premier boutique asset management firm specializing in direct lending amongst other strategies. David talks about his upbringing, Monroe's evolution from public BDC to diversified asset manager and the state of middle market private finance today versus a year ago.

Not unlike the guy who drives through the carwash with his top down, Jay Weinstein gets the full Middle Market Musings treatment from the co-hosts.  Jay is Vice Chair of Industries and Markets at the EisnerAmper accounting, tax and business advisory firm. Jay has seen all sides of the M&A business – from running accounting firms that merged into progressively larger practices, to overseeing acquisitions for EisnerAmper, to being involved in EA's 2021 recapitalization by TowerBrook Capital Partners.  A common theme is how to build and capture value in a complex professional services firm.  Jay shares all – and is able to give (potshots) as well as he gets.

Gretchen Perkins inexplicably agrees to spend an hour with Andy and Charlie.   Gretchen, partner at Avance Investment Management, is one of the best known and widely respected figures in the world of private equity business origination.  Gretchen shares the story of Avance, a two-year-old equity fund differentiating itself through investments in rapidly scalable business models in the consumer and technology industries.  She and the guys trace the evolution of the deal sourcing discipline over the past 20 years and compare notes on what distinguishes the standout practitioners. We wind up with Gretchen sharing thoughts on a life after private equity, involving dogs and yoga (or is it dog yoga?).  A fun, informative, and fast-paced outing. 

Charles K. Gifford is Chairman Emeritus of Bank of America.   Chad visits the podcast to provide valuable perspective on the current tempests swirling around the global banking system.  Son Charlie and co-host Andy are on best behavior with a guest who would be an incredible “get” under any circumstances.  As CEO of the Bank of Boston, Chad had a front row seat for the New England banking crisis of the early 90s.  Following successive mergers, he rose to become Chairman of Bank of America. Upon retirement he remained on the board for more than 15 years and chaired the credit committee during the 2009 financial crisis.  His observations on the SVB failure and successive events are anchored in these experiences and 50 years of executive leadership  Is there time for trademark Middle Market Musings folderol?  Of course there is!  A drily humorous Gifford just what the podcast needed. 

Andrea Auerbach of Cambridge Associates stops by Middle Market Musings to offer a master class in the trends defining the private equity asset class.  Cambridge Associates is a leading advisor/portfolio manager to institutional investors.  Andrea oversees a team directing $12-15 billion per year to private investments, co-investments, and secondary opportunities.  She shares how different GPs manage to different valuation expectations, the emergence of direct and co-investing, and the advent of greater specialization, not just in industry verticals but in functional areas of expertise.  She holds her own with the guys in making vintage cultural references, including a callback to Mutual of Omaha's Animal Kingdom.  Forget all the other times Andy and Charlie touted a guest.  Andrea delivers the goods!

Matt Carroll helps Andy and Charlie prove that Middle Market Musings is exactly as mature and insightful in 2023 as it was in 2022.  Matt is a managing partner at WestView Capital Partners, a Boston-based private equity firm that recently closed on its $1 billion fifth fund.  Matt has been a part of WestView since its inception in 2004.  He charts the firm's evolution into more intense pockets of industry focus while maintaining its stronghold as a leading investor of non-controlling equity.  Matt ignites the discussion with his many passions – Boston College, family and helping younger people make their way in our business.  He and Charlie swap Boston sports stories while Andy maintains a polite frozen smile. 

LA-based investment banking luminary Ed Bagdasarian misses the Slauson Cutoff and finds himself in the middle of an episode of Middle Market Musings. Ed is CEO of Intrepid Investment Bankers LLC, now part of MUFG. Ed begins with an extraordinary family story—he is of Armenian heritage, born in Romania, brought to the United States by his parents as a young teen. The family jewelry business provided identity and an introduction to the entrepreneurial life. Ed traces his own investment banking career and then—with his partners Jim Freedman and Mike Rosenberg—the development and sale of two successful investment banks. The guys have an interesting discussion about choosing sectors versus building sectoral strength around strong bankers. 

Rusty Goodsell, CEO and Co-Founder of New Orchard LLC, joins us for a podcast all about culture – or as they say in Boston, “cultcha.”  (Charlie doesn't say that -- other Bostonians).  New Orchard is an analytics company that helps business buyers and other clients more quickly assess organizational culture as part of their operational/investment decisions. New Orchard's approach to “quality of organization” echoes the “quality of earnings” model that has become so prevalent over the past 15 years.  This gives Andy and Charlie an opportunity to talk about the overriding importance of the human factor in business enterprises – an ironic topic given the chronically frosty and combative tone of Middle Market Musings. 

Pete Stavros is a Partner & Co-Head of Americas Private Equity at KKR, as well as founder/chairman of Ownership Works, a nonprofit organization that partners with companies and investors to provide employees with the opportunity to build wealth at work.  Pete and the guys discuss the role of global investment firms like KKR versus middle-market PE groups, the personal and business experiences that led to the formation of Ownership Works and the activities of that organization.  There's also discussion on how PE firms and individual businesses address fundamental social questions of wealth formation, equity and empowerment.  So engrossing, Andy and Charlie forget to make fun of one another, a first for MMM.