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 📘 Recommended Reading by Joe Basrawy: The Children Act by Ian McEwan (also a film adaptation with Emma Thompson) The Money Kings – History of Jewish-American families who founded Wall Street firms 🔗 Connect with Joe Basrawy: LinkedIn (search Joe Basrawy) Partners Capital Website Looking to grow your team? Check out our Hiring Guides for proven strategies, templates, and best practices to make smarter hires.
