The Private Equity Podcast

Episode Overview:In this episode, Alex Rawlings speaks with Richard Fitzgerald of CapitalSpring, a private equity firm specializing in foodservice and multi-location consumer businesses. Richard shares insights into CapitalSpring's differentiated, sector-focused approach, how they've scaled over 20 years, and the recent $1B+ exit to Bain Capital. He also unpacks their latest fundraising success in a tough market and the importance of specialization in today's crowded PE landscape.Timestamps & Key Topics:00:00 – Introduction Overview of CapitalSpring's focus and two key topics: fundraising success and a $1B+ exit.00:54 – Richard's Background From investment banking to founding CapitalSpring in 2005 with a sector-specialist mindset.03:19 – Why Multi-Location Businesses? Opportunities found on Main Street—resilient, everyday consumer services often overlooked in PE.04:43 – Starting Small, Scaling Big CapitalSpring began with $3M; now 300 investments and $4B deployed across 100+ brands.06:30 – Specialization as a Differentiator Why generalist firms struggle, and how deep focus wins deals without being the highest bidder.08:55 – $1B+ Exit: Sizzling Platter to Bain Capital Growth from 400 to 800+ locations across multiple brands and markets, despite COVID headwinds.14:03 – Key Learning: Labor-Light Models Pandemic emphasized the value of operational efficiency and low labor reliance in QSR investments.15:27 – Fund VII: First Close Success How CapitalSpring raised in a tough market by showcasing portfolio resilience and a hybrid debt/equity model.17:44 – Hybrid Capital Strategy Flexibility to invest via debt, equity, or both—offering solutions to founders and mitigating risk for LPs.20:04 – Book Recommendation: Give and Take by Adam Grant The power of relationships in PE—not just financial modeling.21:57 – Connect with Richard Email: rfitzgerald@capitalspring.com | LinkedIn & website via CapitalSpring.Top Takeaways:Specialization is key in today's competitive PE environment.Hybrid investing (debt + equity) offers flexibility and downside protection.Operationally light, multi-unit businesses prove resilient—even in crises.Long-term success in PE depends on relationships, not just technical skills.Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

In this episode, Alex Rawlings is joined by Alex Sabel, Vice President at THL Partners, to explore how the firm is embracing AI across its operations and portfolio. Alex leads THL's research function and AI strategy, bringing a data-driven, quant mindset to private equity.He shares how THL uses AI internally to improve investment workflows, how portfolio companies are deploying AI to drive product innovation and efficiency, and what he's learned from both successes and failures. Whether you're exploring AI adoption or refining your strategy, this episode offers clear, practical insights from the front lines.⏱ Timestamps00:00 – Intro to Alex Sabel & THL's AI FocusAI at the firm, portfolio, and personal level.00:55 – Alex's BackgroundFrom public markets to PE, building THL's research and AI function.03:12 – Common Mistakes in AI AdoptionWhy firms must focus on data foundations first.04:35 – Real-Time Insight vs. Info OverloadThe value of surfacing insights at the right time.06:02 – Investing in the Global Compute EcosystemTHL's thesis: look beyond GPUs to second-order AI winners.09:19 – THL's Three-Pronged AI StrategyInvest in AI, use it internally, and support portfolio adoption.11:42 – How THL Supports Portfolio InnovationRoundtables, tech summits, and a vendor ecosystem to foster AI experimentation.13:36 – Case Studies: Binder, FourKites & SentriaExamples of AI-driven product innovation and operational efficiency.17:57 – When AI FailsWhy THL embraces “fail fast” and knows when to build vs. buy.22:12 – Deciding When to Use AIBreak problems into first principles—GenAI isn't always the answer.25:26 – What's Blown Alex's MindAI organizing and standardizing messy, fragmented enterprise data.27:45 – Daily Tools & TipsCoding assistants and using multiple LLMs (ChatGPT, Claude, Gemini, Groq) for varied insights.31:06 – What to ReadShort term: WSJ, FT, Economist.Deep dives: SemiAnalysis and top Substacks.32:31 – Connect with Alex SabelOpen to collaborating on AI, compute infrastructure, and emerging vendors.Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

In this episode, Giovanni Zangani joins Alex Rawlings to share insights from operating in Vietnam's emerging private equity landscape. As Managing Partner at Maestro Equity Partners, Giovanni discusses the firm's hands-on approach to investing in consumer and F&B businesses, the challenges of deal execution in emerging markets, and why local understanding is critical to success.⏱️ Timestamps:00:00 – Intro to Giovanni & Maestro Equity Vietnam-focused, growth equity firm backing brick-and-mortar and F&B businesses with tickets of $5–20M.01:25 – Key Mistakes in Emerging Markets Investors often misjudge deals by relying on personal experiences or Western legal frameworks without cultural alignment.03:16 – Who Makes These Errors? Regional and international funds rushing due diligence or avoiding deeper market engagement.04:41 – Why Vietnam? Giovanni's move from the US to Vietnam, spotting talent gaps, and seizing untapped opportunities.07:30 – Mature vs. Emerging Market Investing Faster growth, lower costs, and higher returns—but requires entrepreneurial execution.09:23 – PE in Vietnam is a Different Game You must own every part of the process—legal, operational, strategic—and be hands-on daily.11:17 – Due Diligence = Partnership Building Guide founders through compliance and process; the relationship starts before the investment closes.14:40 – Post-Investment Involvement Maintaining founder focus and execution requires credibility, patience, and close collaboration.16:35 – Lean but Deep Team A 10-person team making fewer, more impactful investments with long-term vision.17:59 – Vietnam's Outlook More consolidation, founder maturity, and market sophistication ahead—making it ripe for growth and future competition.20:19 – Giovanni's Recommendations

In this episode, Sam and Taavo from CEO Advantage return to dive into the 5X CEO Assessment—a diagnostic tool developed from two years of research into top-performing private equity-backed CEOs who delivered 5x+ MOIC.The conversation explores how the 5X model—comprised of Strategic Clarity, Scalable Talent, Relentless Focus, Disciplined Execution, and Energized Culture—is used not just as a conceptual framework, but as a practical tool to evaluate and upgrade leadership team performance.

In this episode, Alex Rawlings is joined by Tim Schulte, Value Creation Partner at Council Capital, a Nashville-based private equity firm investing in healthcare businesses across tech-enabled services, outsourced services, and provider platforms.Tim brings a unique blend of consulting, operational, and investing experience. He shares how Council Capital drives value creation through collaboration, leadership development, and a structured yet flexible approach to talent and operations.

In this powerful episode, Marc Adams shares his remarkable journey from a stage 4 cancer diagnosis to a full recovery—and how that experience inspired him to rethink private equity. Now leading Acquisitions for You, Marc helps business owners double their company's value and cash out tax-free—without debt, dilution, or outside capital.With 40+ years in leadership, IPOs, and M&A, Marc discusses his “Double and Keep It” framework, raising over $350M to support non-traditional exits, and how PE firms can create more value by going deeper into operations. He also shares how a question from his 10-year-old son sparked a mission to help business owners keep more of what they've built.⏱️ Timestamps00:00 – Intro to Marc & his corporate background01:27 – Life-changing cancer diagnosis during the pandemic05:34 – A pivotal question from Marc's son: “Who helps the business owners?”07:01 – Miraculous recovery and new purpose09:24 – Writing a bestselling book to help owners increase value10:16 – The “Double and Keep It” framework explained11:43 – $350M raised to support exits without debt or dilution13:08 – How structuring right helps owners keep 70–90% post-sale15:01 – Helping younger founders take chips off the table18:52 – From $140M to $1B valuation: how it was done22:09 – Case study: $0 to $950M in 18 months23:36 – Why PE must engage with operating teams25:26 – Reducing founder resistance and aligning incentives27:49 – Leaving room for buyers' value creation30:09 – Example: $6B tech buyer building value via synergy32:29 – When forced changes from PE go wrong34:28 – Why personal brand and social media matter more than ever37:21 – 19-year-old entrepreneur's turnaround and success40:38 – Helping overlooked businesses unlock true value42:02 – How to connect with Marc and access his free resources

Overview:In this high-energy episode, Alex Rawlings is joined by Brad Pilcher, Partner and Co-Founder at Bonaccord Capital Partners, a leading mid-market GP Stakes investor. Brad shares his fascinating journey from aspiring concert pianist to private equity investor, and dives deep into how the private equity world is evolving — particularly around culture, capital, talent, and growth.They explore how mid-market firms can scale successfully, the five principles guiding Bonaccord's strategy, and why “professionalization” is now essential across PE — from investor relations and origination to team structuring and multi-product growth.

In this episode, host Alex Rawlings speaks with Eric Wiklendt, Managing Director at SpeySide Equity, a private equity firm focused on lower middle-market manufacturing businesses.Eric shares his “fix and build” value creation strategy, the key elements of successful human capital alignment, and why cost accounting is the hidden killer in many portfolio companies. With deep operational experience, Eric offers a grounded perspective on how to avoid overcomplicating PE value creation.

Note: The securities mentioned in this podcast are not considered a recommendation to buy or sell and once should not presume they will be profitable.In this episode of The Private Equity Podcast, Alex Rawlings welcomes Scott Neuberger, Co-Founder and Managing Partner of Karmel Capital, a private equity firm investing in late-stage software and AI companies. Scott shares deep insights into how Karmel Capital leverages AI within its investment process, how they identify and evaluate late-stage tech businesses, and why they're placing strategic bets in the infrastructure layer of AI.Scott explains the firm's capital efficiency-focused strategy, how they rank companies, and what metrics truly distinguish iconic businesses from the rest. He also discusses how AI is transforming internal operations and why firms must go beyond the hype to truly implement impactful AI solutions.Later in the conversation, Scott offers practical advice to portfolio company leaders on how to begin leveraging AI meaningfully—starting with labor-intensive areas like customer support. He finishes by outlining Karmel's top-down investment approach to sectors like cybersecurity and why infrastructure plays offer value and growth.Whether you're investing in tech, operating a portfolio company, or just curious about how AI intersects with private equity, this episode is packed with real-world insight.⌛ Episode Highlights & Time Stamps:00:03 – Introduction to Scott Neuberger and Karmel Capital 01:00 – Scott's journey: entrepreneur turned investor 02:19 – The mistake of investing too early in venture capital 03:47 – Why Karmel focuses on measurable, repeatable metrics 04:45 – How they assess capital efficiency in tech companies 06:41 – Key metrics and importance of experienced management teams 08:38 – Evaluating human capital and talent within portfolio companies 10:05 – Zooming out: The “mosaic theory” of identifying strong investments 10:33 – How Karmel Capital uses AI internally for data collection & analysis 13:22 – AI investing: why infrastructure is Karmel's focus 15:49 – Pick-and-shovel strategy: betting on infrastructure vs. applications 17:44 – Advice for portfolio execs on where to begin with AI 18:43 – Customer support as a high-impact AI use case 21:09 – Navigating noise in AI investing: how Karmel decides where to play 22:34 – Case study: AI in cybersecurity and the top-down analysis approach 24:59 – The arms race in cybersecurity: AI on both offense and defense 25:29 – Scott's reading and listening habits (inc. 20VC podcast) 26:56 – How to contact ScottConnect with Scott Neuberger:

In this episode, Alex Rawlings speaks with Jamyn Edis, digital transformation expert, former VC-backed CEO, and NYU professor. Jamyn shares actionable insights on using AI, data, and automation to drive performance across private equity firms and their portfolio companies.From dynamic pricing models and A/B testing to agentic AI and accelerating product cycles, Jamyn explains how to cut through the hype, identify real opportunities, and turn AI into measurable value.⏱️ Episode Highlights00:00 – Meet Jamyn Edis 30+ years in consulting (Accenture), corporate (HBO, Take-Two), startups, and teaching at NYU. Focused on the intersection of tech, data, and private equity.02:23 – Common Mistake in PE Most firms treat data as plumbing, not strategy. Shift from backward-looking reporting to predictive and prescriptive analytics.03:48 – AI That Delivers ROI AI must be embedded into daily operations, not stuck in R&D. Productize, operationalize, and commercialize—or risk irrelevance.05:15 – How AI Builds on Data AI is powered by historical data but creates forward-looking insights. Use it to improve pricing, marketing, and operations.06:42 – Case Study: Take-Two Interactive Jamyn led data science initiatives to optimize pricing and marketing—replacing gut decisions with data-driven experimentation.08:08 – AI as PE's Next Value Driver AI is the new operating system for PE. After leverage and digital transformation, the next edge is intelligence at scale.09:31 – Advice to PE Firms Skeptical? “Get out before the business gets out of you.” Overwhelmed? Start small, build prototypes, and focus on real use cases.11:04 – Agentic AI in Action Jamyn shares examples of cutting development cycles, boosting campaign ROI, and improving customer service with AI agents.13:26 – From Problem to Prototype Diagnose real pain points, create business and technical requirements, and build targeted AI tools that solve specific problems.14:50 – AI Won't Replace Humans, But... Those who use AI will outperform those who don't. Jamyn explains Jevons Paradox and why productivity leads to new jobs.18:46 – How Jamyn Diagnoses Opportunities Structured discovery process, stakeholder interviews, and clear roadmaps to identify where AI and tech can drive value.22:10 – Every PE Firm Needs an AI Stack Soon, AI tools will be as essential as data teams or web developers. Invest now in people, platforms, and processes.23:06 – The Future is AI + Human Judgment Firms that embed AI deeply—and pair it with operator judgment—will unlock the next generation of alpha.24:21 – Jamyn's Book: The Fifth Horseman An exploration of how AI mirrors humanity and transforms the way we live and lead. AI is trained by us—and reflects us.29:07 – What Jamyn Reads & Recommends Books: The Hard Thing About Hard Things, Understanding Media Podcasts: Pivot, Ezra Klein TV: Succession – “Still the best corporate training program ever made.”

Guest: Brian Gustason, Operating Partner at Craig Group Host: Alex Rawlings, Founder of Raw Selection

Guest: Greg Nieuwenhuys – PE Operator & Founder, Generative AI Strategy Host: Alex Rawlings – CEO, Raw Selection

In this episode, Alex Rawlings speaks with Amias Gerety, Partner at QED Investors, a leading fintech-focused VC firm managing nearly $1B in assets. Amias shares insights on venture capital strategy, staying disciplined during market hype, sourcing deals, and how lessons from his time at the U.S. Treasury shape his investment decisions today.⏱ Episode Highlights:00:00 – Intro & QED Overview QED's structure, fintech focus, and global reach.01:20 – VC Mistakes & Market Hype The danger of "paying ahead of growth," especially in AI.03:12 – Staying Disciplined Simple metrics and historical heuristics that guide better investment decisions.04:39 – Deal Dynamics in VC vs PE Why proprietary deal flow in VC means getting in early — before companies start raising.07:26 – Hunting vs. Gathering How QED targets specific companies instead of waiting for inbound deals.08:51 – Building Relationships Top-heavy structure means founders speak directly with partners on the first call.14:43 – Using Senior Talent Early Deploying high-value advisors like Capital One co-founder Nigel Morris from the start.16:09 – Biggest Mistake in Venture Ignoring founder misalignment — “If it's a maybe, it's a no.”18:25 – CEO Ownership in Startups Why QED avoids deals where founders don't have control — unlike PE's model.20:43 – Operating Partners in VC VC success comes from entrepreneurial operators who aim to join portfolio companies.24:31 – Honest Career Advice Be clear about whether you want to be an operator or an investor — ambiguity causes misalignment.25:59 – Treasury Lessons Decision-making under pressure during the financial crisis informs his bold, data-light approach in VC.30:12 – What He Reads Only old books — for timeless thinking and unexpected insights.31:46 – Connect with Amias Reach out via LinkedIn.Amias offers a rare perspective bridging government, fintech, and venture capital — a must-listen for anyone navigating today's competitive investing landscape.Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

Episode OverviewIn this episode, Alex Rawlings welcomes Michael Von Bevern, Co-Managing Director for Sunterra Fund Services, to discuss the evolving landscape of fund administration in private equity. Michael shares nearly two decades of experience, working with over 500 fund managers, and offers invaluable insight into common mistakes first-time managers make, the growing role of fund administration, and why outsourcing has become the gold standard for operational efficiency and investor confidence.

In this episode, host Alex Rawlings is joined by Joe Basrawy, Managing Director at Partners Capital, a global multi-asset investment firm serving some of the world's most sophisticated investors — including private equity founders, endowments, and family offices.Joe offers a rare and in-depth look at the Limited Partner (LP) perspective — covering common pitfalls private equity firms make, what LPs are really looking for, and how to stand out in a crowded market. He also shares a masterclass on co-investments, including how LPs assess alignment, avoid adverse selection, and punch above their weight in deal flow.This episode is packed with actionable insights for fund managers, deal professionals, operating partners, and anyone looking to better understand what makes a top-performing PE firm in the eyes of institutional investors.⏱️ Timestamps:00:00 – Welcome and guest intro: Joe Basrawy, Managing Director, Partners Capital 01:00 – Joe's background: From investment banking to multi-asset investing 01:25 – What drew Joe to Partners Capital and what's kept him there 02:21 – Biggest mistakes PE firms and portfolio companies make 03:15 – Raising too much capital: Overstretching and going off-spec 04:13 – Deal-level diversification: What LPs want to see 05:39 – Co-investing 101: Why it's attractive and the risks of adverse selection 06:37 – How LPs like Partners Capital avoid adverse selection in co-investments 07:33 – Being a reliable and speedy co-investment partner 08:31 – Why LPs say “no” to co-investments — alignment, conviction, and deal partners 09:57 – Referencing employees and internal conviction in deals 10:56 – What makes the best private equity firms? Joe's four pillars 11:25 – #1: Strategy differentiation – A case study in healthcare PE 13:22 – #2: Value creation edge – Organic growth vs market tailwinds 15:18 – #3: Ownership dynamics – How GP stake sales affect firm culture 17:15 – #4: People – Why leadership and succession planning matter 19:05 – Referencing portfolio executives: The most revealing feedback 20:28 – What LPs learn from talking to portfolio CEOs 21:56 – What LPs look for in fund managers – Discipline, detail, and passion 23:52 – Joe's reading recommendations – Fiction and finance 25:47 – How to connect with Joe 26:17 – Outro from Alex

In this episode, Alex Rawlings is joined by Jeremiah Wanzell, a seasoned consumer brand executive with leadership roles at Hugo Boss and Calvin Klein, and now an operating partner working with private equity firms to drive growth in the consumer sector. Jeremiah shares his insights into the evolving role of the operating partner, value creation beyond financial engineering, the importance of omnichannel strategy, and how consumer-focused PE firms can win in a shifting market.⏱️ Timestamps00:03 – Intro & BackgroundJeremiah's career journey: from Bloomingdale's to Hugo Boss & Calvin KleinLaunching Growth Mindset Advisors to work with PE firms as a fractional growth officer00:57 – Mistakes Private Equity Firms MakeMisunderstanding or undervaluing the role of the operating partnerValue creation needs real operators, not just consultantsPE firms still testing the waters, especially in the lower/mid-market03:44 – Why the Operating Partner Model Isn't Universal YetToo often operating partners are brought in post-acquisition — a critical mistakeThey need to be involved from the outset to shape value creation plans05:12 – Case Study: Capizio AcquisitionDeal thesis: investing in niche category leadersBrought the deal to Argonne after another firm passedRole: pre-deal diligence, channel expansion, post-deal advisory07:07 – What Deal Teams MissOverlooking multi-channel retail strategyExamples: Nike's failed DTC push vs. Allbirds' slow wholesale expansionOmnichannel is no longer optional09:32 – Industry Shoutout: GrataSponsor mention for proprietary, data-driven PE deal sourcing09:58 – State of Consumer DealsDeal volume down 15% YoY, but deal size upHighlighted mega deals: Skechers ($9B), Dick's x Foot Locker, Rode BeautyHot sectors: health & wellness, beauty, and digitally native brands11:27 – Tariffs & Pricing StrategyTariff uncertainty is a headwind but affects all brands equallyBrands must have clear differentiation and pricing transparencyExamples: airlines as commoditized vs. a loyal landscaper who passed along cost savings15:14 – Great Retail ExperiencesRetail “theater” matters more than everExamples: Vuori, Lululemon, building community through in-store eventsIt all starts with product excellence17:32 – Evolution of DTC & Shopify's DisruptionApple iOS14 killed third-party tracking; CAC skyrocketedShopify commoditized eComm site creation → flooded market with undifferentiated brandsStubborn brands (e.g. Allbirds) suffered by not adapting18:59 – Retail Experience ExamplesRetail must build community and be about more than transactionsBrands that create loyalty through events and authentic connection win19:51 – What Jeremiah RecommendsFan of The Private Equity Podcast and Scott GallowayEncourages reading, webinars, and giving back to your networkRaw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

Guest: Greg Moran – Multi-exit founder, investor, and Managing Partner at Evergreen Mountain Equity Partners Host: Alex Rawlings, Founder of Raw Selection⏱️ Timestamps & Topics00:00 – Introduction to Greg Moran Alex welcomes Greg Moran, a multi-exit founder turned investor, and Managing Partner at Evergreen Mountain Equity Partners. Greg introduces his background in scaling businesses, raising $500M+ in capital, and his current focus on future-of-work technologies.01:29 – Biggest Mistakes in Private Equity & Venture Greg highlights two major missteps:Private Equity: Disrespecting existing leadership and stripping company culture.Venture Capital: Failing to deeply understand a founder's motivations under pressure.03:51 – Behavioral Due Diligence: The Adaptive Innovator Greg explains how Evergreen Mountain uses a proprietary founder archetype model based on studying 100+ founders with multiple 9-figure exits.

Episode Summary: In this insightful episode, Alex Rawlings is joined by Brett Hickey, the CEO and founder of Star Mountain Capital. Brett shares his unique journey from humble beginnings in Northwestern Canada to leading a multi-billion-dollar asset management firm in the U.S. With deep reflections on leadership, value-based investing, building collaborative ecosystems, and what truly drives sustainable success in private markets, this is a masterclass in private equity thinking.Brett also discusses the strategic opportunities in the U.S. lower middle market, the implications of aging demographics, his risk-aligned investment strategy, and the power of culture in scaling a firm. If you're looking to understand how to build a high-performing investment organization from the ground up—and what books, frameworks, and philosophies support that—this episode is essential listening.⏱️ Episode Highlights & Time Stamps:00:00 – Welcome and Introduction to Brett Hickey 00:41 – Overview of Star Mountain Capital and its focus on U.S. lower-middle market private credit, secondaries, and private equity 01:12 – Key mistake PE firms make: passive asset management vs. active value creation 03:08 – Aging demographics as a key investment opportunity 04:05 – Valuation arbitrage in lower middle market businesses 05:05 – Reflections on a possible downturn: macroeconomic risks and “air pockets” 07:59 – Aging populations and structural economic concerns 09:53 – The importance of cash flow and capital protection 10:21 – Brett's entrepreneurial journey – from launching his first fund at 26 to building Star Mountain Capital 12:41 – The S-shaped growth curve and persistence through innovation 13:40 – Brett's data-driven approach to strategy and decision making 15:35 – Why aging demographics and inefficient markets create opportunity 17:08 – Biggest challenge in building the firm: People 19:30 – Aligning team culture and expectations through transparency and shared values 20:57 – Why Star Mountain is 100% employee-owned – benefits and challenges 22:54 – Building trust and long-term alignment through ownership 24:45 – Observations on asset management failures and strategic missteps 25:44 – What is the Collaborative Ecosystem and how it drives results at Star Mountain 27:34 – How peer networks like EO and YPO influenced the firm's internal culture 28:31 – Leveraging insights between secondaries and direct investments 29:59 – Case studies, adjusted EBITDA, and forensic underwriting 31:18 – Using real business alignment as a differentiator in competitive deal processes 33:13 – Recommended reading: Brett's top books and content on leadership and execution 33:41 – Never Lead Alone by Keith Ferrazzi 34:37 – Agility by Leo Tilman and General Chuck Jacoby 36:54 – Harvard Business Review and Rob Kaplan's work on leadership 38:48 – Principles by Ray Dalio and how it influences Brett's thinking 39:18 – A practical tip: triangulating decisions with deep experts 41:13 – Final reflections on value investing, risk management, and staying grounded 42:09 – How to get in touch with Brett and Star Mountain Capital 42:38 – Wrap-up and takeaways from Alex

Guest: David Rowley, Operating Partner at Diversis Capital Host: Alex Rawlings Topic: Product Strategy, Artificial Intelligence, and the Evolving Role of the Operating Partner

The Private Equity Podcast – Show NotesGuest: Otis Spencer Host: Alex Rawlings Episode Title: Lessons in Leadership: From Army Logistics to PE Operating Partner & CEO Success

Guest: Greg Neuenhuis – Private Equity Advisor, Chairman & AI Expert Topic: Unlocking Generative AI for Private Equity & Portfolio Companies

In this insightful episode, Nate Edgerly, CEO of Enzo Group Inc., discusses his journey from CPA at PricewaterhouseCoopers to a seasoned private equity investor and executive leader in the hospitality industry. Nate shares valuable insights on leadership, long-term investing, and what makes hospitality businesses thrive or fail.Key Takeaways:Nate's journey from CPA to CEO, highlighting his pivotal experiences in private equity and operating roles.Lessons learned from running a business, enhancing empathy, and effectively partnering with leadership teams.What separates exceptional CEOs: empathy, people-focus, and creating a supportive culture.Common private equity mistakes: prioritizing short-term gains over long-term strategic growth and cultural investment.The decision behind Enzo Group's unique approach to raising capital—democratizing access beyond institutional investors.Notable Mentions:Book Recommendations:Unreasonable Hospitality by Will GuidaraWarren Buffett's investor lettersLeadership insights by Simon Sinek, Daniel Pink, John MaxwellMastery by Robert GreeneBrands Admired:Ladybird Taco, Original Chop Shop, Cava, McDonald's, Chipotle, Golden CorralTimestamps:00:00 – Introduction to Nate Edgley02:30 – Nate's early career and transition to private equity06:10 – What Nate learned from operating roles10:00 – Qualities of exceptional CEOs13:15 – Mistakes private equity firms make and Nate's long-term investment philosophy17:20 – Enzo Group's unique capital-raising strategy21:45 – Why choose the volatile hospitality industry?27:30 – Critical success factors for restaurant businesses32:00 – Brands admired by Nate and reasons behind their success38:00 – Nate's insights on executive search firms42:00 – Influences, recommended readings, and learning resources45:20 – How to connect with Nate EdgleyRaw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

In this episode, Alex speaks with Jeff Zwiefel, former President & COO of Life Time, about scaling the business from $139M to $2.3B in revenue and navigating multiple private equity exits and IPOs. Jeff shares how a people-first culture and rigorous training enabled long-term, sustainable growth in a competitive industry.Jeff discusses why private equity firms often miss the mark by focusing only on KPIs and financials, instead of investing in leadership, culture, and succession. He explains Life Time's unique "casting" approach to hiring, their internal university for training, and the importance of empowering GMs as mini-CEOs of their locations.The conversation also covers trends in the health and wellness sector, the rise of personalized longevity services, and how private equity can unlock new value in this rapidly evolving space.

In this episode, Alex Rawlings is joined by Henry Ward, CEO and Co-Founder of Carta, to explore the evolving landscape of private equity and venture capital through the lens of software, operations, and professionalization. Henry shares his journey building Carta into a multi-billion-dollar software business and how it's transforming the infrastructure of private markets.Henry dives into why private equity must evolve from its legacy of financial engineering to an operational value-add model—and how the next generation of firms is doing just that. He also unpacks Carta's roadmap for building cloud-native tools for PE firms, including fund accounting, cap tables, waterfalls, and LP portals. Plus, he explains the two-speed mentality of balancing venture-style growth with private equity-level rigor—and what he's learned along the way.

David Feingold, CEO of Broad Street Global, joins us on The Private Equity Podcast to share his 35+ year journey from law to leading one of the largest infrastructure-focused PE firms in the U.S. He unpacks lessons in leadership, hiring, culture, and why they've entered crypto mining. This episode is a masterclass in building high-performing teams and seizing unconventional opportunities.[00:00] Welcome and intro to David Feingold and Broad Street Global – infrastructure + crypto investing[00:29] David's background – lawyer-turned-PE exec with 35+ years of experience[00:57] Early academic honors and mentorship from T. Boone Pickens[01:25] The power of people over business models – hiring philosophy[01:53] Letting people do what they're good at drives performance[02:19] 55 partners, zero attrition – proof that culture and fit matter[02:48] No politics, shared vacations – how Broad Street fosters cohesion[03:15] Lessons from early hiring mistakes – focus on listening[03:43] Listening is undervalued – why it's his #1 executive skill[04:40] Decentralized control – empowering division heads like CEOs[05:11] Weekly Zooms, collaborative decision-making with 20 reports[05:39] Entrepreneurship mindset among leadership breeds buy-in[06:04] Decision rights create ownership and reduce bottlenecks[06:58] Turnover test post-bonus – why Broad Street retains top talent[07:26] High comp + real input = long-term loyalty[08:16] Happiness at work impacts life – no "Yoda talk," just results[08:46] All 55 partners signed up for Navy SEAL training – by choice[09:44] Traditional infra + crypto mining – what's the link?[10:12] Real estate + utility relationships gave them a crypto edge[11:09] Enter Dogecoin early – before Elon Musk moved the market[11:37] Built North America's largest Dogecoin mining operation[12:06] Opportunistic scaling based on margin and fit[12:53] Infra skills + land + utility access = expansion blueprint[13:22] Mars joke, but serious point: go where profit meets capability[13:49] Trends in U.S. infrastructure – high barriers, high demand[14:14] Housing shortage drives demand – focus on Carolinas[14:43] Greenville top retirement spot – strong absorption rates[15:10] Long runway – next 2–3 generations will stay in this sector[15:39] What he reads/listens to: all business podcasts + global news[16:09] Constant learning – 45 mins daily to stay sharp[16:37] Ideas from people > articles – value of conversations[17:07] Investors wanted a brokerage – he built one[17:37] Always talking to the market – shaping services around demand[18:05] Education goal: answer any question, any time[18:33] Avoid "I don't know" as CEO – credibility matters[19:02] Always studying: legal, financial, geopolitical trends[19:59] Website contact – happy to connect[20:27] Outro – thank you and wrap-upHow to connect with David Feingold? via BroadStreetPrivateEquity or LinkedInSubscribe for more episodes on  iTunes & SpotifyGot feedback or questions? Email Alex at alex.rawlings@raw-selection.com. Until next time—keep smashing it!Raw Selection part

Fundraising in 2025 isn't business as usual. James Varela, Partner at Rede Partners and Head of MENA, joins us to break down what it really takes to raise capital from LPs—especially in the Middle East. We talk DPI pressure, LP targeting, co-investments, how to build credibility in emerging markets, and the biggest mistake GPs still make when pitching. Whether you're struggling or oversubscribed, this one's for you.[00:00] Intro to James Varela and focus on capital raising in the Middle East.[00:30] James' 15+ years in capital raising across PE, infra, credit, and real estate.[01:26] Fundraising remains tough—macroeconomics and low DPI are key issues.[02:21] LPs cautious; focus shifting to GP quality and DPI visibility.[03:13] GPs turning to NAV lending and creative liquidity tools.[04:05] 66% of LPs now cite DPI as their top investment metric.[04:31] Strong fundraises begin 12 months out—prep is everything.[05:00] Nail your equity story—what sets you apart?[05:26] Focus on LPs where your strategy fits—don't spray and pray.[05:55] Transparency and respect matter more than past returns.[06:26] GPs often fail to systematize and name their edge.[07:25] LPs want proof—not theory—of execution and outcomes.[08:24] Plan 2–3 years out for Middle East fundraising; co-invests are key.[08:55] Content > presence—show up with something to say.[09:52] LPs want honest differentiation, not polished fluff.[10:51] Share what went wrong and what changed—credibility counts.[11:44] Most firms struggle from poor positioning, not poor product.[12:14] Systems reduce risk, especially for global firms.[13:37] Frameworks matter—manage what's out of your control.[14:07] Even top performers can fail at storytelling.[15:02] Reframing the narrative can unlock overlooked value.[16:26] Fundraising is marketing—Rory Sutherland's Alchemy cited.[17:22] Iteration is painful but critical—change takes work.[18:20] LPs care about the future, not just past returns.[19:09] Big firms re-entering mid and small-cap to chase alpha.[19:37] Middle East mistakes: wrong timing, same pitch, poor targeting.[20:34] Use portfolio milestones as conversation openers.[21:04] GCC LPs want both long-term trust and large co-invests.[21:59] Vision and culture alignment matter just as much.[22:29] Targeting is everything—don't chase irrelevant LPs.[22:59] LPs prefer North America, large GPs, proven track records.[23:57] Specialization and sector depth are rising priorities.[24:55] AI and tech are hot in the UAE—substance still matters.[25:54] Growing appetite for GP stakes from Middle East LPs.[26:21] Europe gaining ground as LPs move down-market.[27:14] Top reads: Alchemy, Acquired, Diary of a CEO, Tools of Titans, Atomic Habits.[29:05] Final thoughts: fundraising is either brutal—or it's fine. Nothing in between.Connect with James Varela on LinkedIn. Thanks for tuning in.Subscribe for more episodes on  iTunes & SpotifyGot feedback or questions? Email Alex at alex.rawlings@raw-selection.com. Until next time—keep smashing it!Raw Selection partners with Private Equity firms and their portfolio com

From Big Four to 19 Acquisitions: Sequoya Borgman on Building Borgman Capital Sequoya Borgman, Founder of Borgman Capital, joins the show to discuss his leap from public accounting into private equity, building an independent sponsor model, and the real challenge behind every deal—people. He shares lessons from 19 acquisitions, why they prioritize cultural fit, and how they're tapping into retail capital and AI to scale smarter.[00:03] From Arthur Andersen to launching Borgman Capital in 2017[01:44] Acquisition focus:

Chris Rozell, Managing Partner at Cresta, joins us to discuss his journey from portfolio exec to founding a PE firm, scaling businesses to billions, and investing in decarbonization-focused infrastructure. He shares pragmatic insights on ESG, early-stage infra, and building trust with management teams—plus how Cresta bridges the gap between VC and large infra players. [00:00] Chris Rizel, Managing Partner at Cresta, on infra investing, founding a PE firm, LP returns, and ESG.[00:29] Early career: banking, power, then scaling Regency to billions and launching Cresta.[01:49] Lessons from CCO role—scaling a PE-backed startup to public exit.[02:40] Real leadership is learned in the trenches, not in transactions.[04:33] Portfolio vs. PE firm: loss of customer insight, importance of trust.[06:24] Mistake: avoiding early-stage infra. Cresta tackles it head-on.[08:20] Built Cresta Fund Services to support early-stage founders.[09:18] Go all-in on early infra—don't dabble.[10:17] Why decarbonization? Deep sector knowledge, big opportunity.[11:44] Focused on waste, ag, logistics, and industry—high emission areas.[12:43] Not impact-first. Returns come from low-cost, proven tech.[14:08] Avoid high-cost hype. Stick to scalable, pragmatic solutions.[15:35] Investing in “dirty” sectors to drive green efficiency and profit.[16:56] Strategy: build from scratch, bridge gap between VC and big infra.[18:21] Targeting the “missing middle” — commercial but small-scale tech.[19:48] De-risk, scale, exit to strategics or infra roll-ups.[21:41] Trends like RNG and biofuels are consolidating—Cresta's in it.[23:37] Long-term contracts appeal to infra buyers—interest growing.[24:01] ESG: take a pragmatic, cost-first approach.[25:27] Climate's real, but so are other global issues—balance the spend.[26:51] Keep climate solutions affordable to avoid wider harm.[27:18] Influences: Founders Podcast, Acquired, stoicism.[29:10] Stoic mindset: control your response, not external events.Connect with Chris Rozzell on LinkedIn. Thanks for tuning in.Subscribe for more episodes on  iTunes & SpotifyGot feedback or questions? Email Alex at alex.rawlings@raw-selection.com. Until next time—keep smashing it!The discussion in this podcast is for informational purposes and should not be relied on as investment advice or an offer to sell or a solicitation for an offer to buy any securities. Any opinions expressed are those of the speaker and are subject to change. Any discussion of past performance is provided for informational purposes only, is not track record information and should not be relied upon as a guarantee of future performance. Any information regarding the performance of prior companies was discussed in order to illustrate the experience of the partners of the firm and does not reflect the private equity fund management experience of the partners. It should not be assumed that investments made by Cresta will be comparable in quality or performance to the prior companies.

Sam Bendix, Partner at Chicago Pacific Founders, returns to share his framework for capital raising using motivational interviewing. He explains how it uncovers real motivations and qualifies prospects faster—without a hard sell. We cover how it applies to investor meetings, deal sourcing, hiring, and beyond. A practical framework for better conversations and better results. [00:00] Sam Bendix, Partner at Chicago Pacific Founders, shares his capital-raising framework using motivational interviewing. [00:28] Alex praises its use in candidate interviews, prospecting, and deal origination. [00:58] Framework inspired by Sam's wife, a dietitian, helping patients change behavior. [01:53] Sam realized it draws out investor motivations instead of pushing a pitch. [02:51] Ideal for hesitant prospects or those juggling priorities. [04:13] Helps quickly qualify whether someone's worth pursuing. [05:37] Sam uses it on intro calls with LPs at the contemplation stage. [06:33] It's flexible — works even outside of work. [08:30] Four stages: Engage, Focus, Evoke, Plan. [10:15] Key question: "What led you to take this meeting?" [12:09] Use “change talk” to uncover real motivations. [13:59] Always leave with clear next steps. [15:50] Similar to AIDA — build rapport, qualify, find the why, plan action. [17:15] Real-life case study: reframed a real estate pitch to win infrastructure LP interest. [22:28] Even a "no" reveals future opportunities. [25:22] ORS method (Open questions, Reflective listening, Summarizing) is critical. [27:17] Reflect objections back to build clarity and trust.  [28:13] Alex draws parallels with talent assessment — most firms hire for now, not the full journey. [30:40] Exceptional execs have frameworks. If they can't articulate their playbook, you can't scale them. [32:07] Too many firms wing it with clients while being structured with candidates — both need frameworks. [34:29] Sam praises Alex's consultative approach to hiring — problem-finding > solution-pushing. [36:55] Knowing the why behind hiring helps tailor the search to real business needs. [39:47] Ideally, firms would hire 3 execs per hold period — one for each phase. Instead, you need one who can run the full race. [43:10] Negotiation tips: frame your goals around the LP's goals. [45:35] Use three steps: Reflect objections, Reframe as shared objectives, Confirm buy-in. [48:27] Book recs: Negotiation Genius (Harvard), Start with No (Jim Camp), and Quit (Annie Duke).Sam's open to connecting on LinkedIn. Subscribe for more episodes on  iTunes & SpotifyGot feedback or questions? Email Alex at alex.rawlings@raw-selection.com. Until next time—keep smashing it!

In today's episode, Jared Weisel, SVP at Revenue Analytics, joins us to break down how PE-backed manufacturing and distribution businesses can use pricing to drive serious EBITDA gains. We dive into why most firms ignore pricing, how to avoid customer churn while raising prices, and why a 3–7% increase can deliver outsized impact. Jared shares the biggest mistakes PE firms make, how to build long-term pricing strategies, and why this lever is the most underutilized tool in the value creation plan.[00:03] Jared explains his role at Revenue Analytics, focusing on pricing strategy for PE-backed manufacturing and distribution firms.[00:29] Discusses pricing as a lever for EBITDA improvement with minimal customer loss.[00:58] Pricing is often underused; Jared emphasizes using data to drive targeted decisions and compliance.[01:54] PE firms overlook pricing in VCPs, relying on cost-cutting. Jared argues for ongoing pricing strategies, not one-time actions.[03:44] Sales reps often quote inconsistently due to lack of tools. Structure and guardrails lead to better pricing outcomes.[05:02] Visibility is key—track changes, product mix shifts, and enforce compliance to prevent leakage.[06:25] Raw Selection offers salary reports via YouTube—useful for benchmarking comp in PE and portfolio roles.[06:54] Jared warns that pricing based on gut feel or fear of customer loss leads to missed value. Start with the pain.[09:47] Jared outlines pricing plays across the investment lifecycle—diligence, early wins, long-term optimization, and positioning for exit.[12:12] A 3–7% price increase typically sees no customer churn—if done surgically, not blanket increases.[14:01] Recommends Pricing Brew, Professional Pricing Society, and books like Revenue Management and Pricing: The New CEO Imperative.[16:28] CEOs hesitant on pricing should compare pricing impact vs. other ops improvements—pricing wins big.[18:21] Jared's recommendations: Bain's Dry Powder, Adam Coffey's Private Equity Playbook, Dan Cremons' Winning Moves.[19:39] Contact Jared at jwiesel@revenueanalytics.com or on LinkedIn.[20:36] Alex thanks Jared for the focused and actionable conversation on pricing.Connect with Jared Wiesel on LinkedIn. Thanks for tuning in.Subscribe for more episodes on  iTunes & SpotifyGot feedback or questions? Email Alex at alex.rawlings@raw-selection.com. Until next time—keep smashing it!

In today's episode we have Steve Carroll, CEO and Co-Founder of Kelso Industries, join us to share his journey from a small-town construction background to leading a 25-acquisition HVAC roll-up. We dive into his Walmart days scaling EBITDA from $15M to $250M, his views on where PE firms get it wrong, and how Kelso's long-term partnership model is flipping the script on traditional roll-ups.[00:00] Steve Carroll joins to discuss Kelso Industries' growth from 1st to 25th acquisition [00:27] Background: Walmart experience and scaling from $15M to $250M EBITDA [00:54] Early years: rural Oregon, construction, MBA, and entrepreneurial itch [01:50] Lessons from Walmart and foundation of Kelso [02:21] Mistake PE firms make: copying each other, bidding up same assets [03:05] Advice: PE should pursue untapped markets and take first-mover risks [04:21] Kelso's differentiator: deep focus on one long-term strategy [05:49] “All in” mindset and scaling Kelso as one big platform [06:18] First acquisition story: moving to AZ, transition challenges [07:46] Struggles, COVID, and lessons learned from initial takeover [08:43] Pivot to partnership model after burnout and realization [09:42] Defining partnership: skin in the game, shared long-term vision [11:08] Case study: Pancho in Idaho becomes the blueprint for future deals [13:03] Criteria for Kelso partnerships and alignment with long-term goals [14:00] Integration learnings: then vs. now at deal #25 [14:50] Kelso now offers finance, legal, HR, recruiting, and systems support [17:44] Operational push: MEP+ and one-call solution model [18:43] Scale enabling better integration and centralized resources [19:12] Raw Selection salary reports plug [20:11] Top 3 learnings: partnership, finance investment, data center boom [23:23] Walmart story: monetizing eyeballs, retail media, Sam's Club success [26:17] Building a $250M EBITDA business unit through creative thinking [27:42] Why HVAC: passion, mission-critical systems, smartest people on site [28:49] Key influence: Brad Jacobs and “How to Make a Few Billion Dollars”Connect with Steve Carroll on LinkedIn. Thanks for tuning in.Subscribe for more episodes on  iTunes & SpotifyGot feedback or questions? Email Alex at alex.rawlings@raw-selection.com. Until next time—keep smashing it!

Welcome to another episode of the Private Equity Podcast. Today, I'm joined by Scott Cook, an experienced Chief HR Officer with over 100 add-on acquisitions under his belt. We dig into what really drives successful integration—nailing culture, managing change, aligning roles, and avoiding the classic post-acquisition mistakes. If you want a no-nonsense guide to people, process, and performance in PE-backed services businesses, this episode is a must-listen.[00:00] Over 100+ add-on acquisitions and integrations, with a focus on commercial and residential services.[00:29] Private equity mistake: solving adaptive people problems with technical solutions.[01:51] Example: pay plan integration fails without addressing pride, fear, and control among legacy staff.[03:49] Change takes time, but skipping the adaptive side slows everything down.[04:45] “Intervention without diagnosis is malpractice.”[05:12] Change process: Transparency (what we know/don't know), Humility (not always right), Authenticity (real conversations).[07:38] Run changes in parallel to prove success before full implementation.[08:33] Adaptive resistance often comes from fear of loss, not logic[09:30] Key issue isn't just communication—it's the resistance behind it.[10:55] Missed clarity of roles and vision derails integration.[12:22] Diligence mistake: confusing deal confirmation with actual diligence.[13:21] Integration failures often come from ignoring cultural misalignment.[14:47] Early lesson: distinguish between necessary and unnecessary endings—prune what's dying or holding growth back.[17:08] Win trust early by changing non-critical items that don't affect frontline staff or customers.[19:30] Founders often don't work out post-acquisition—PE firms struggle to make them fit.[20:34] Sellers always experience some remorse—plan for it during diligence.[22:00] Ask: “What does ending well look like for you?” Define success before they exit.[24:23] CFOs and CEOs shouldn't be in the weeds—define direction, context, and outcomes.[26:44] Great CFOs provide context, not micromanagement. Great CEOs delegate integration to focus on growth.[29:32] Former founders can still add value via advisory roles or special projects.[32:24] Pest control and HVAC still hot—residential M&A picking up, commercial lagging due to government slowdown.[35:20] Resi/commercial services sector is early in its PE wave. Tons of opportunity, but plagued by poor leadership and weak diligence.[37:37] Rise in fractional execs to bridge early-stage post-acquisition gaps.[38:39] Book recs: Why Should Anyone Be Led by You? – leadership authenticityFalling Upward – personal development and meaningNecessary Endings – pruning for growth[40:30] Scott reflects on making work meaningful in the second half of life—impact over income.[40:58] Falling Upward explores this journey.[41:28] Connect with Scott Cook on LinkedIn. Thanks for tuning in.Subscribe for more episodes on  iTunes & SpotifyGot feedback or questions? Email Alex at alex.rawlings@raw-selection.com. Until next time—keep smashing it!

Welcome to another episode of the Private Equity Podcast. Today, I'm joined by Andrew Towne, Partner at Olympus Pines. We break down what it really takes to grow a portfolio company—hiring the right team, aligning goals, building execution plans, and pulling the right levers for revenue and EBITDA growth. If you're after a practical playbook on scaling businesses in the lower mid-market, this episode delivers.[00:00] Andrew Towne returns to discuss how to grow portfolio companies through team building, planning, and execution.[00:28] Success in business = aligned goals, right people in the right seats, clear plans, and proper tools/incentives.[01:55] Biggest failures come from misaligned goals. Everyone must row in the same direction.[02:26] Use role charters and RACI charts to align responsibilities and decision-making across the org.[04:22] Attracting top talent means clarity on role, expectations, comp, benefits, culture. Be transparent up front.[07:06] Retention comes down to delivering on promises, offering development, paying fairly, and giving feedback.[09:37] Managers should seek upward feedback – your team's opinion matters more than your boss's.[11:32] Evaluate talent by hard skills (resume, technical test) and soft skills (learning ability, judgment, self-starting).[14:53] Roadmaps keep execution on track – break down goals into sub-goals and timed milestones across the team.[17:38] Regular team accountability meetings ensure goals stay on track and interdependencies are met.[18:43] Training, tools, and incentives must align to role and company success – weight comp more to team wins.[20:39] You don't need fancy systems – role clarity and RACI charts can live in Word and Excel.[22:07] Deal sourcing: pick a sector, build your own target list, run a disciplined, high-integrity outreach campaign.[24:57] Be transparent with sellers – don't hide your intentions. Build trust from the first call.[26:16] Consider: can you build instead of buy? Sometimes starting from scratch is the better play.[27:37] Avoid shiny object syndrome – write down what matters to you first, then find sectors that match it.[30:37] Six top-line levers: optimize product mix, segment customers, fix pricing, retain the right customers, improve collections, manage working capital.[35:33] Hire execs aligned with the thesis – if transformation is needed, bring in people who've done it before.[38:56] Cost isn't just headcount – optimize procurement, renegotiate vendors, rethink distribution, and energy use.[41:58] Retooling and reskilling can outperform layoffs – invest in your people and slow unnecessary hiring.[42:56] Thanks to Andrew for sharing his portfolio playbook and growth strategies.[43:24] Subscribe for more episodes every week. Till next time – keep smashing it.Connect with Andrew Here.Subscribe for more episodes on  iTunes & SpotifyGot feedback or questions? Email Alex at alex.rawlings@raw-selection.com. Until next time—keep smashing it!

Welcome to another episode of the Private Equity Podcast, today I'm joined by Nayef Perry, Head of Direct Credit at Hamilton Lane. We dive into the state of the private credit market—where the opportunities are, how interest rates are shaping returns, and what investors need to watch out for. If you want a sharp, no-fluff breakdown of where private credit is heading and why it still has room to run, this one's for you.Breakdown:[00:00] Nayef Perry, Head of Direct Credit at Hamilton Lane, joins to discuss the private credit market, interest rates, and market outlook. [00:30] Background: Born in Miami, ex-consultant, GE Capital, joined Hamilton Lane in 2013. [01:13] Private credit's golden era isn't over—higher-for-longer rates mean higher yields for investors. [02:11] Despite growth since 2008, private credit isn't overcrowded—$1.4T credit gap vs equity. [03:36] Add $600B+ in upcoming maturities, and there's a $2T+ opportunity over next 3–5 years. [05:30] Hamilton Lane's deal drivers: add-ons, recapitalizations, and recovering LBO activity. [06:52] Credit lags LBO recovery but Hamilton Lane sees strong deal flow via LP relationships. [08:42] Democratization: retail access growing through evergreen funds—low minimums, high liquidity. [11:01] Biggest concern is defaults, but default rates and distress ratios remain below averages. [14:55] Credit shines across market cycles—positive performance every year since 1999. [16:51] Tight performance band and low volatility make credit an all-weather asset. [17:44] Investment discipline is key: big deal funnel + strict filters = consistent returns. [19:03] Four core criteria: top-tier sponsors, #1/#2 market leaders, recession-resistant sectors, strong capital structures. [21:01] Influences: WSJ daily, Poor Charlie's Almanack, Red Notice, industry reports.  [23:54] Thanks for tuning in—subscribe and keep smashing it.Connect with Nayef Here.Thanks for tuning in!Subscribe for more episodes on  iTunes & SpotifyGot feedback or questions? Email Alex at alex.rawlings@raw-selection.com. Until next time—keep smashing it!

Description: In this episode of The Private Equity Podcast, Alex Rawlings sits down with Ben Claremon, Partner at Devonshire Partners, a lower middle-market PE firm investing in micro and nano-cap businesses. Ben shares insights into why PE firms overlook small public companies, how microcap investing presents unique opportunities, and why a hedge fund mindset can be valuable in private equity. He also discusses the challenges of deal competition in the lower middle market, mitigating risks in microcap investments, and how Devonshire builds long-term relationships with business owners.Breakdown:[00:00] Welcome back to The Private Equity Podcast. Today, Alex speaks with Ben Claremon, Partner at Devonshire Partners, focusing on micro and nano-cap investments.[00:30] Ben's journey from real estate and hedge funds to private equity.[01:00] Devonshire's investment focus: $2M–$10M EBITDA, founder/family-led businesses.[01:27] The crowded lower middle market and increased deal competition.[02:25] Why PE firms ignore small public companies and why they shouldn't.[03:48] The lack of institutional capital in microcap public equities—an overlooked opportunity.[05:16] Public vs. private small businesses—why public companies often have better governance.[07:07] Devonshire's hybrid approach: investing in public companies with a private equity mindset.[09:00] How Devonshire builds relationships with microcap companies for long-term deals.[10:28] Risks and challenges in microcap investing—and how Devonshire mitigates them.[12:19] Why small public take-private deals are underexplored by PE.[14:16] Devonshire's screening process to filter out high-risk investments.[16:10] Generalist vs. Specialist Investing—how Devonshire balances both.[19:31] Lessons Ben brought from hedge funds into private equity.[21:57] Ben's podcast recommendations: Capital Allocators, Invest Like the Best, and his own Compounders Podcast.[30:04] Connect with Ben:

Welcome back to The Private Equity Podcast, by Raw Selection. In this week's episode, Alex Rawlings speaks with Cari Lodge, a seasoned investor with 25 years in private equity secondaries. They explore the market's rapid growth from $2 billion to $160 billion, the increasing need for liquidity, and how secondaries optimize portfolio management. Cari discusses GP-led secondaries, continuation funds, and the market's evolution, offering key insights into future opportunities in this space. Breakdown: [00:00] Introduction to the episode and guest, Cari Lodge, Managing Director and Head of Secondaries at CF Private Equity.[00:28] Cari's background, her start in secondaries, and how the market has expanded from $2 billion to $160 billion.[01:45] Common mistake in private equity: Holding assets too long. How increasing holding periods from 5.7 years to 6.7 years impacts returns.[03:34] Why firms miss exit opportunities. The importance of DPI and how delaying exits can lead to the same returns years later.[04:29] Explanation of secondaries for newcomers. The role of LP secondaries, GP-led solutions, and the growing demand for liquidity.[06:53] The benefits of secondaries for investors, including diversification, shorter duration, and strong IRRs and ROIs.[08:49] Demand for GP-led secondaries, continuation funds, and LP transactions. How secondaries are now part of active portfolio management.[10:42] The future of secondaries. Market expected to grow from $160 billion to $200–220 billion in 2024, but constrained by capital and human resources.[12:33] Challenges holding the market back. Capital constraints, lack of resources, and evolving perceptions of secondaries.[14:21] Why Cari loves the secondaries market. Exposure to 1,200+ private equity funds, constant evolution, and a collaborative industry.[17:12] Key trends in private equity. The impact of higher interest rates, valuations, and the growing focus on liquidity solutions.[20:32] Secondaries' role in providing liquidity. Now contributing 15–20% of total private equity liquidity.[22:28] How secondaries adapt to market cycles. Benefits in both up and down markets, shifting from a distress play to a mainstream strategy.[23:22] Cari's recommended reads: The Economist, Private Equity Analyst, and What It Takes by Steve Schwarzman.[25:14] How to reach Cari Lodge. Best contact method: LinkedIn.[25:45] Closing thoughts. Recap of insights and encouragement to subscribe to The Private Equity Podcast.Thank you for tuning in! Connect with Cari here. To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com.

Welcome Back to another episode of the Private Equity Podcast, In this episode, Alex Rawlings sits down with Tracie Kelly, Director of Marketing at Exellere Partners, to explore the evolving role of marketing within private equity firms. Tracie shares insights into how marketing contributes to deal origination, firm differentiation, and relationship-building with investment bankers, founders, and advisors. She also discusses the increasing importance of internal marketing functions and how private equity firms can leverage branding to stand out in a competitive market.Breakdown:[00:00] – Introduction to the episode and guest, Tracie Kelly, Director of Marketing at Exelir Partners[00:31] – Tracie's background: 20+ years in private equity marketing and origination[01:30] – The common mistakes PE firms make regarding technology adoption[02:36] – The role of marketing in private equity firms vs. traditional deal origination[03:51] – How Tracie's firm integrates marketing with deal sourcing[05:35] – Tracie's journey into private equity marketing and how she shaped the role[07:04] – How KRG Capital (now Mountain Gate) grew from $200M to $2.5B[08:27] – Why private equity firms should consider hiring internal marketing professionals[09:57] – Marketing's role in brand awareness and differentiation in private equity[10:54] – Current market conditions: Post-2021 deal flow and valuation challenges[11:51] – The future of private equity: What to expect in Q2, Q3, and beyond[12:20] – Tracie's book and podcast recommendations for professionals[14:15] – The challenge of diversity in private equity and encouraging women in the industry[16:41] – Why Tracie loves working in private equity and the dynamic nature of investments[18:06] – How to connect with Tracie Kelly (LinkedIn: Tracie Kelly at Exelir Partners)[18:35] – Closing remarks and thank you for tuning inThank you for tuning in!Connect with Tracie HereTo get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com.

Welcome to The Private Equity Podcast by Raw Selection, hosted by Alex Rawlings. Brent Burnett, Head of Infrastructure and Real Assets at Hamilton Lane, shares insights on infrastructure growth, key trends, and the 2025 outlook. Tune in for a deep dive into its role in PE. Breakdown:[00:00] Welcome to the Raw Selection Private Equity Podcast with host Alex Rawlings and guest Brent Burnett, Head of Infrastructure and Real Assets at Hamilton Lane.[00:30] Brent shares his background in infrastructure investing and career journey.[01:22] How Brent's experience in real estate and industrial assets shaped his focus.[02:17] Brent's role in launching a real assets fund and joining Hamilton Lane.[03:06] Growing interest in infrastructure investments and Hamilton Lane's outlook for 2025.[03:59] Increasing allocations to private infrastructure in both private wealth and institutional sectors.[04:56] Infrastructure's role in AI, energy transition, and supply chain optimization.[05:48] Interest rate impacts on infrastructure investments and risk classifications.[07:10] Core plus and value-add infrastructure offsetting interest rate pressures through growth.[08:07] How secondary market pricing and asset valuation have adjusted.[09:29] Breaking down valuation trends in power, transportation, telecom, and environmental assets.[09:57] Data centers and renewable energy—hot sectors with valuation risks.[10:53] Renewable energy valuation trends and cautious investment approaches.[11:48] Stable valuation trends in other infrastructure sectors.[13:14] Political impact on infrastructure investing, including policy shifts in the US and UK.[14:11] Infrastructure growth drivers—data telecom and renewable energy.[15:09] Challenges in expanding data center capacity, including power and water constraints.[15:39] Role of renewable energy tax credits in US policy and investment strategy.[17:02] Historical renewable capacity growth under different US administrations.[18:27] Low likelihood of drastic policy changes affecting renewable energy investments.[20:18] Fundraising challenges and market dynamics in infrastructure.[21:20] Expectations for improved fundraising conditions in 2025.[22:43] How difficult fundraising conditions benefit co-investment strategies.[23:11] Brent's positive outlook for deal flow in 2025 and accountability joke.[23:39] Alex highlights Raw Selection's executive search services for private equity firms.[24:07] Hamilton Lane's evergreen funds expanding access to private infrastructure investments.[24:35] Benefits of infrastructure investments—income, appreciation, and diversification.[26:54] Brent shares his favorite books, podcasts, and influences.[27:21] Recommended business podcasts, including Dry Powder and In Good Company.[27:49] Interest in psychology and behavioral economics through Hidden Brain.[28:49] Books Brent is reading: Atomic Habits, The Comfort Crisis, and Empire of the Summer Moon.[30:41] A mix of professional and entertainment reading for learning and growth.[31:08] How to connect with Brent on LinkedIn for further discussions.[32:02] Closing remarks and thanks to listeners of The Private Equity Podcast. Thanks for listening! Connect with Brent Burnett hereSubscribe on iTunes or Spotify. For questions, email alex.rawlings@raw-selection.com.  

Welcome back to The Private Equity Podcast, by Raw Selection. Host, Alex Rawlings speaks with John Dahlgren, VP of Talent at SBJ Capital, about the growing role of internal talent in private equity, portfolio hiring strategies, and using talent partnerships to generate deal flow. John shares insights on hiring trends, common mistakes, and how SBJ Capital optimizes talent operations for long-term success.Breakdown: [00:00] Introduction to the episode and guest John Dahlgren. Overview of hiring trends in PE firms and portfolio companies.[00:29] Rising demand for operating partner talent and how firms can develop a structured hiring approach.[00:59] John's journey from executive search to private equity, his role at SBJ Capital, and their investment focus.[02:22] PE firms sometimes push beyond their core mandate. The importance of patience and focusing on strengths.[04:48] Why internal talent functions are critical. Managing over 45 searches across 12 portfolio companies in a year.[06:46] How SBJ Capital partners with investment professionals to refine hiring criteria and streamline recruitment.[09:11] Building trust with portfolio executives to ensure hiring aligns with their company's needs.[11:15] The importance of hiring PE-experienced executives with adaptability and strategic leadership skills.[13:36] Acting faster on hiring mistakes and recognizing early signs of a mis-hire.[14:46] The cultural impact of hiring at the fund level and promoting from within.[17:16] Using industry experts to source deals via the Origination Partner Program.[19:38] The program has sourced 50-100 deals in 18 months, contributing to SBJ Capital's deal pipeline.[21:11] Working with former CEOs and advisors to generate proprietary deal flow.[23:08] Recommended reads and podcasts: The Catalyst by Jonah Berger, ParkerGale's PE Funcast, and SmartLess.[25:29] How to connect with John via LinkedIn or email.[27:20] Final thoughts on diversifying deal sourcing and ensuring strong talent strategies.[27:50] Closing remarks and call to action to subscribe.Thank you for tuning in!Connect with John here.  To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com.