The Private Equity Podcast, by Raw Selection

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 Scott Connect with Scott Neuberger: 📧 Email: [email protected] 🌐 Website: www.karmelcapital.com 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. 🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection: www.raw-selection.com Looking to grow your team? Check out our Hiring Guides for proven strategies, templates, and best practices to make smarter hires.

🗣️ Guest: Carola Kamuff – Presentation Coach | Author of Quick Guide Management Presentation 🎧 Host: Alex Rawlings, Founder of Raw Selection ⏱️ Key Topics & Timestamps: 00:00 – Meet Carola Kamuff Former M&A exec turned expert in coaching management teams for exit presentations. 01:54 – Why Communication Matters Carola explains her shift from numbers to narratives and why people—not just slides—drive deal success. 02:49 – The Biggest Mistake Teams often prepare too little, too late—focusing on slides, not delivery or messaging. 04:15 – Rehearsal ≠ Training Rehearsals test flow. Training transforms behavior, delivery, team dynamics, and confidence. 06:41 – Crafting a Powerful Story From stats to storytelling—how real examples bring presentations to life and increase credibility. 09:35 – Even Experienced Execs Benefit Exit presentations are high-stakes. Even confident leaders gain clarity, alignment, and polish from coaching. 12:51 – Does it Really Move the Needle? Yes—Carola shares a real example where coaching turned around investor perception and revived interest. 14:47 – High Impact, Low Time Commitment Just a few focused sessions over weeks can significantly improve presentation outcomes. 16:14 – Three Keys to Success Storyline that resonates Cohesive team delivery Objective, external feedback 18:38 – Carola’s Recommended Reads & Listens 📚 Resonate , Slide:ology , Talk Like TED 🎧 Think Fast, Talk Smart , The Moth 📘 German: Quick Guide Management Presentation by Carola Kamuff 20:05 – Connect with Carola Find her on LinkedIn: Carola Kamuff Key Takeaway: Your management presentation can boost—or break—your valuation. Great slides aren’t enough. Confidence, storytelling, and preparation make the difference. 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. 🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection: www.raw-selection.com Looking to grow your team? Check out our Hiring Guides for proven strategies, templates, and best practices to make smarter hires.

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 Highlights 00:00 – 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.” 🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection: www.raw-selection.com Looking to grow your team? Check out our Hiring Guides for proven strategies, templates, and best practices to make smarter hires.

Guest: Brian Gustason, Operating Partner at Craig Group Host: Alex Rawlings, Founder of Raw Selection 🔍 Episode Summary: In this episode, Brian Gustason shares practical insights on building scalable go-to-market (GTM) strategies for lower-middle-market, PE-backed companies. With over 25 years of operating and advisory experience, Brian explains how to move beyond traditional, backward-looking due diligence and implement forward-focused GTM strategies across marketing, sales, and customer success. He walks through a real-world case study of transforming a $30M founder-led business—covering ICP development, sales process creation, lead qualification, and customer retention. Brian also discusses how marginal gains across key sales metrics (win rates, ACVs, churn) can compound into significant growth and how CEOs, sales leaders, and boards can drive accountability and execution. ⏱️ Timestamps: 00:00 – Brian’s background and role at Craig Group 01:30 – Why traditional due diligence often fails to assess growth 03:00 – Real-world GTM transformation of a founder-led distributor 06:00 – Building ideal customer profiles (ICPs) and prioritising markets 09:00 – Improving lead qualification and using pre-suasion techniques 14:00 – Structuring an effective, trainable sales process 17:30 – Playbooks, documentation, and AI tools to support sales 20:00 – Importance of coaching and ongoing process evolution 23:00 – Growth 2.0: Compounding small improvements across KPIs 27:00 – Who owns GTM? Role of CEO, sales leaders, and the board 29:00 – Brian’s content recommendation: The 80/20 Principle and his LinkedIn series 📚 Resources: Craig Group: www.craiggroup.io Connect with Brian on LinkedIn: Brian Gustason Book Recommendation: The 80/20 Principle by Richard Koch 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. 🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection: www.raw-selection.com Looking to grow your team? Check out our Hiring Guides for proven strategies, templates, and best practices to make smarter hires.

🎙️ The Private Equity Podcast — Niklas James, Founder of Minds Capital Host: Alex Rawlings | Guest: Niklas James In this episode, Alex is joined by Niklas James, Founder of Minds Capital , an independent sponsor investment platform. They explore what sets successful sponsors apart, why industry specialization matters, and how media can supercharge inbound deal flow. 🕒 Episode Highlights 00:00 – Niklas’ background: Bain, VC, HBS, and independent sponsor journey 01:17 – Founding Minds Capital: investing $1–$3M in sponsor-led platforms 01:42 – The biggest PE mistake: poor self-marketing and lack of differentiation 02:34 – Why “founder-friendly” isn’t enough — real differentiation is key 04:24 – Using podcasting and LinkedIn for inbound deal flow 05:21 – Why niche expertise drives better deals and exits 06:20 – Case study: investing in an eyewear veteran 07:14 – Why Minds Capital favors independent sponsors over traditional funds 10:03 – Value creation via EBITDA growth and multiple expansion 11:59 – Deal evaluation: downside protection, upside, and conviction 13:53 – Red flags, realistic base cases, and what sets great deals apart 16:17 – How Minds Capital assesses sponsors: 5 key criteria 18:07 – Sponsors need transparency, gravitas, and skin in the game 19:53 – Becoming a media-first PE firm: lessons from podcast success 22:13 – Content strategy: LinkedIn cadence and community building 23:10 – How media enhances deal flow and selectivity 24:32 – Niklas’ reading picks: The Compounders in Private Equity , Alex Hormozi’s books 25:58 – Connect with Niklas on LinkedIn 🔑 Key Takeaways Stand Out : With 19,000 PE firms in the U.S., a generic pitch won’t cut it. Sponsors must articulate clear differentiation. Media = Inbounds : Minds Capital uses podcasting and LinkedIn to generate proprietary deal flow and investor interest. Industry Fit Wins : Deep sector knowledge translates into better deals, stronger exits, and investor confidence. Diligence Matters : Every deal is vetted through a rigorous process of risk checks, valuation analysis, and sponsor alignment. People First : The sponsor’s experience, character, and skin in the game are just as important as the numbers. 🎧 Listen to the Minds Capital Podcast Weekly episodes with top independent sponsors. 📨 Connect with Niklas James 🔗 LinkedIn 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. 🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection: www.raw-selection.com Looking to grow your team? Check out our Hiring Guides for proven strategies, templates, and best practices to make smarter hires.

🎙️ The Private Equity Podcast — Episode with Cyril Aboujaoude, Co-Founder of TioPo Capital In this episode, Alex Rawlings is joined by Cyril Aboujaoude , Co-Founder of TioPo Capital , a hands-on private equity firm investing in SMEs across the UK and France. Cyril shares the journey of launching TioPo, their operationally driven approach to investing, and how young, entrepreneurial grit fueled their path from deal number one to a thriving portfolio. They explore the nuances of deal origination , value creation , and the power of people in private equity . From ERP frustrations to navigating downturns and structuring creative deals, Cyril breaks down the real-world lessons of building a firm from scratch—while staying laser-focused on operational excellence. ⏱️ Timestamps: 00:03 – Introduction to Cyril Aboujaoude and TioPo Capital’s mission 00:30 – TioPo’s founding story, operational mindset, and portfolio growth 01:24 – What TioPo really looks for beyond standard investment criteria 01:57 – The importance of vision alignment and execution capability 03:24 – How they assess management teams during diligence 04:35 – Why slow decision-making is riskier than a bad hire 05:29 – Biggest value creation levers: hiring an operating partner over fundraising 06:46 – Building a 100-day transformation plan post-deal 07:45 – One thing target companies should fix pre-investment: ERP systems 08:55 – How TioPo evaluates companies during downturns and market volatility 10:20 – Analyzing long-term performance and identifying macro-inflated businesses 12:51 – Most creative deal structure: partnering with the seller’s son as CEO 14:50 – Reflections on the challenges and naivety of doing their first deal 16:11 – Cyril’s top recommendations: FT, WSJ, Aswath Damodaran, and local gazettes 17:10 – How to connect with Cyril and learn more about TioPo Capital 🔑 Key Takeaways: People over projections: Execution ability, humility, and shared vision are more important than just strategy. Operations-first philosophy: Value is built in the engine room—TioPo hires operating partners before fundraising staff. 100-Day Plan Discipline: They begin value creation planning during diligence, long before Day 0. ERP readiness = smoother scale: ERP systems are the most overlooked growth barrier. Smart structuring builds trust: Their first deal involved bringing in the founder’s son as CEO and co-investor. Past ≠ future, but it’s all we’ve got: Cyril emphasizes analyzing 20+ years of company performance to identify real resilience. 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. 🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection: www.raw-selection.com Looking to grow your team? Check out our Hiring Guides for proven strategies, templates, and best practices to make smarter hires.

Guest: Greg Nieuwenhuys – PE Operator & Founder, Generative AI Strategy Host: Alex Rawlings – CEO, Raw Selection 🔍 Episode Summary: Greg Nieuwenhuys returns to share a practical, step-by-step AI Playbook for hiring. From writing job descriptions to automating follow-ups, Greg breaks down how PE firms and portfolio companies can integrate generative AI into recruitment. Packed with tools, tactics, and workflow tips, this episode is a must-listen for anyone looking to hire faster, smarter, and with less bias. 🕒 Key Timestamps: 00:00 – Intro & Why AI in Hiring Matters Speed, accuracy, and competitive advantage in recruitment. 01:25 – Greg’s Background CEO in multiple PE-backed firms; now leads Generative AI Strategy. 05:17 – Where AI Improves Hiring From job specs to onboarding, AI supports every stage. 06:43 – Quick Wins Write job descriptions in minutes using ChatGPT Use AI note-takers for transcripts & summaries (e.g. Fireflies) Screen CVs faster & more objectively 09:58 – Tools Greg Uses ChatGPT, Fireflies, Perplexity, Zapier, N8n 12:43 – Building Automation Without a People Team Use Zapier or N8n to connect email, CRM, and AI tools. 14:35 – Custom GPTs & Human Oversight Create consistent outputs and reduce manual work—always review. 18:25 – Using AI for Better Decision-Making Compile notes, CVs, and feedback to spot gaps & flag concerns. 19:21 – Interview Coaching & Advanced Tools Assessio : Team chemistry prediction FinalRound AI : Candidate coaching tool Ovida : Feedback on communication style 23:06 – Better Candidate Outreach Use AI to create relevant, personalized messages. 25:02 – Improve Candidate Experience with Automation AI-written follow-ups, regular updates, CRM reminders. 27:55 – Greg’s AI Stack ChatGPT, Gemini, Claude, Zapier/N8n, Fireflies, Perplexity 29:24 – AI Makes You a Better Human Use tools like Ovida to improve interviewing skills & self-awareness. 💡 Takeaways: Start simple: job specs, summaries, feedback emails Don’t over-engineer—focus on solving real bottlenecks Train hiring managers with AI-generated insights Improve candidate experience with speed & clarity 📲 Connect with Greg: LinkedIn – Greg Nieuwenhuys 🌐 www.thegregstar.com 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. 🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection www.raw-selection.com Looking to grow your team? Check out our Hiring Guides for proven strategies, templates, and best practices to make smarter hires.

🎙️ The Private Equity Podcast – Mark Strauch, Founding Partner & President, Alpine Investors ⏱️ Key Takeaways & Timestamps: 00:00 – Intro Alex welcomes Mark Strauch to discuss Alpine’s unique leadership-driven approach in private equity. 01:00 – From CEO to PE Leader Mark shares his journey from operator to co-founding Alpine, now with $20B+ AUM. 02:08 – The Industry’s Problem: Lack of Differentiation Alpine avoids the “deal shop” model, focusing instead on mission-driven, talent-led investing. 05:24 – Talent as Strategy Alpine’s core philosophy: talent wins. Their “Unleashing Heroes” mantra puts leadership at the heart of every investment. 06:50 – Add-On Acquisitions at Scale Over 1,000 deals to date, using each as an opportunity to deploy great talent and drive integration. 08:39 – Alpine’s Internal Playbook Quarterly OFI (Opportunities for Improvement) projects, one-page strategic plans, and a long-term vision define how Alpine operates like a portfolio company. 10:59 – Lessons from Failure Fund 1 struggled, prompting a shift to talent-first strategy during the 2008 crisis, guided by executive coach Tom Vacola. 15:00 – Building the CEO Bench Programs like CEO-in-Residence and CEO-in-Training (CIT) bring in and develop top talent—Alpine is now the top recruiter at elite business schools. 18:31 – Attributes Over Resumes They hire for grit, humility, and emotional intelligence—qualities highly correlated with CEO success. 20:00 – Real-Time Leadership Development CITs train on the job with structured learning in both hard and soft skills, plus internal peer-learning pods. 24:00 – What Great CEOs Do Traits include pace, clarity, resilience, focus, and the ability to inspire and win. 27:37 – Alpine’s Ongoing Constraint: Talent Even now, talent remains the #1 priority across Alpine and its talent-constrained portfolio sectors. 30:47 – Lessons in Building Alpine Create a strategy only you can win—play a different game, not the same one better. 32:38 – Operator Empathy = Better Investing Being a former CEO helps Mark bring realism and focus to underwriting and board roles. 34:05 – Book & Coaching Insights Recent reads include Boyd , The Bible , and classic philosophy. Coaching tip: great coaches help you unlock your own answers. 39:50 – Connect with Mark 💼 Alpine Investors 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. 🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection: www.raw-selection.com Looking to grow your team? Check out our Hiring Guides for proven strategies, templates, and best practices to make smarter hires.

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. 🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection: www.raw-selection.com Looking to grow your team? Check out our Hiring Guides for proven strategies, templates, and best practices to make smarter hires.

Episode Overview In 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. 🔑 Key Discussion Points 00:00 – Introduction Michael Von Bevern introduces his role at Sunterra Fund Services and his extensive background in fund administration. 01:00 – Common Mistakes First-Time Managers Make Trying to be overly creative with fund terms and waterfall structures. The importance of staying aligned with industry-standard terms in the first fund. Complexity can hurt comparability for institutional investors. 03:00 – The State of Capital Raising Capital raising is particularly tough right now. Institutional investors require clarity, standardization, and comparability. Advice: Stick to well-known structures and build trust first. 04:00 – Why Outsourcing Fund Administration is Crucial Fund administration has evolved from an internalized process to a norm for outsourcing. Early resistance was based on trust and control issues. Outsourcing offers scalability, access to high-end tech, and cost advantages. 06:30 – In-House vs. Outsourced Fund Admin Outsourced teams can mirror internal teams in quality and responsiveness. Modern fund admin is more than just accounting—it's a strategic enabler. Today, ~80% of PE firms outsource, up from 50% in 2016. 09:00 – Why Private Equity Firms Hire from Fund Admin Firms Fund admin professionals gain holistic knowledge: legal docs, accounting, operations, strategy. They're “multi-tools” vs. siloed specialists. Michael celebrates when former team members go on to run their own funds—and even become clients. 12:00 – What Makes a Gold Standard Fund Admin? Real-time access to quality data and timely reporting. Transparent, responsive communication. Strong tech + strong people = winning formula. 13:30 – The Shift Toward Data Accessibility Gone are the days of black-box reporting. Modern fund admins provide daily access and reconciliations. The focus now is on improving affordability and automation. 14:30 – Michael’s Recommendations Reads: Preqin, PitchBook, newsletters. Follows thought leaders like Howard Marks (Oaktree). Active in ILPA and New York's PE ecosystem. 16:00 – Market Trends Observed Through Fund Admin Fundraising in 2023-24 has slowed, with private credit outperforming PE. Saturation from 2021–22 launches is causing fatigue. Prediction: Q4 2025 to Q1 2026 will see a strong rebound in fundraising. 18:30 – How to Reach Michael Website: sunterra.com Open to DMs and happy to refer prospective clients even if Sunterra isn’t the best fit. 🔗 Connect with Alex Rawlings on LinkedIn: [https://www.linkedin.com/in/alexrawlings/](https://www.linkedin.com/in/alexrawlings/) 🌐 Visit Raw Selection: [www.raw-selection.com](https://www.raw-selection.com) Looking to grow your team? Check out our Hiring Guides for proven strategies, templates, and best practices to make smarter hires.

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.

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. ⏱️ Timestamps 00:03 – Intro & Background Jeremiah's career journey: from Bloomingdale’s to Hugo Boss & Calvin Klein Launching Growth Mindset Advisors to work with PE firms as a fractional growth officer 00:57 – Mistakes Private Equity Firms Make Misunderstanding or undervaluing the role of the operating partner Value creation needs real operators, not just consultants PE firms still testing the waters, especially in the lower/mid-market 03:44 – Why the Operating Partner Model Isn’t Universal Yet Too often operating partners are brought in post-acquisition — a critical mistake They need to be involved from the outset to shape value creation plans 05:12 – Case Study: Capizio Acquisition Deal thesis: investing in niche category leaders Brought the deal to Argonne after another firm passed Role: pre-deal diligence, channel expansion, post-deal advisory 07:07 – What Deal Teams Miss Overlooking multi-channel retail strategy Examples: Nike’s failed DTC push vs. Allbirds’ slow wholesale expansion Omnichannel is no longer optional 09:32 – Industry Shoutout: Grata Sponsor mention for proprietary, data-driven PE deal sourcing 09:58 – State of Consumer Deals Deal volume down 15% YoY, but deal size up Highlighted mega deals: Skechers ($9B), Dick’s x Foot Locker, Rode Beauty Hot sectors: health & wellness, beauty, and digitally native brands 11:27 – Tariffs & Pricing Strategy Tariff uncertainty is a headwind but affects all brands equally Brands must have clear differentiation and pricing transparency Examples: airlines as commoditized vs. a loyal landscaper who passed along cost savings 15:14 – Great Retail Experiences Retail “theater” matters more than ever Examples: Vuori, Lululemon, building community through in-store events It all starts with product excellence 17:32 – Evolution of DTC & Shopify’s Disruption Apple iOS14 killed third-party tracking; CAC skyrocketed Shopify commoditized eComm site creation → flooded market with undifferentiated brands Stubborn brands (e.g. Allbirds) suffered by not adapting 18:59 – Retail Experience Examples Retail must build community and be about more than transactions Brands that create loyalty through events and authentic connection win 19:51 – What Jeremiah Recommends Fan of The Private Equity Podcast and Scott Galloway Encourages reading, webinars, and giving back to your network 🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection: www.raw-selection.com Looking to grow your team? Check out our Hiring Guides for proven strategies, templates, and best practices to make smarter hires.

🔹 Episode Overview: In this episode, we’re joined by William Quartner, Partner at Prelude Growth Partners, a New York-based private equity firm dedicated to the high-growth consumer space. William shares insights from his impressive journey through investment banking and private equity at firms like Goldman Sachs and TowerBrook Capital, to now helping build Prelude Growth from its inception to the recent close of Fund III. He explores critical investment lessons, the importance of talent, consumer industry trends, and the real-life challenges and rewards of building a PE firm from the ground up. 00:00 – Intro to William Quartner & Prelude Growth Partners William’s background: Goldman Sachs, TowerBrook, and JP Morgan Prelude’s focus: high-growth consumer sectors like beauty, health & wellness, pet, baby, and food/beverage Just closed Fund III – now managing $1.3B in AUM 02:24 – Common Mistakes in PE & Consumer Investing Misunderstanding the type of risk (product, category, brand, execution) Lack of clarity on risk-return profile per category Undervaluing the importance of top-tier talent in portfolio companies 05:18 – Evaluating Talent and Leadership Differences between a great founder/CEO and an average one Importance of building the right team early Partnership model: working closely with founders as a minority investor 07:41 – Passion for the Consumer Industry How deep focus and passion improve investment intuition Recognizing industry "tourists" vs committed insiders Benefits of building a tight, focused ecosystem 09:39 – Lessons from Goldman Sachs & TowerBrook Seeing institutional rigor and process Learning high-standard due diligence and underwriting Wanting to work up the risk curve and help build something from scratch 11:29 – The Startup Journey of Prelude Growth From $85M in Fund I (2018) to $600M in Fund III (2025) Early-stage scrappiness and challenges Most rewarding part: building a recognized brand and seeing portfolio companies become category leaders 16:55 – Current Consumer Industry Trends & Outlook Growth brands more insulated from macro headwinds Tariff uncertainty and its impact on planning Strategic reshuffling by large CPG players creating investment opportunities Concerns around consumer debt and buy-now-pay-later risks LP skepticism toward consumer-focused funds, but Prelude bucks the trend 20:35 – Content Recommendations Podcasts: Pivot (Kara Swisher & Scott Galloway), Acquired , SmartLess Business newsletters: Axios Pro Rata, Term Sheet Substack content for niche consumer insights 21:32 – How to Connect with William 📧 Email: [email protected] 🔚 Closing Thoughts: William offers a masterclass in consumer investing; from risk frameworks and talent strategy to fundraising and sector specialization. His journey from major institutions to entrepreneurial investing highlights the power of clarity, conviction, and cultural fit in PE. 🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection: www.raw-selection.com Looking to grow your team? Check out our Hiring Guides for proven strategies, templates, and best practices to make smarter hires.

Guest: Greg Moran – Multi-exit founder, investor, and Managing Partner at Evergreen Mountain Equity Partners Host: Alex Rawlings, Founder of Raw Selection ⏱️ Timestamps & Topics 00:00 – 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. 📘 Book: The Adaptive Innovator 🔬 Assessment Tool: theadaptiveinnovator.ai 06:11 – The Four Pillars of the Adaptive Innovator Model Creative Resilience – Performing better under pressure Balanced Risk-Taking – Small experiments lead to bold moves Humble Assertiveness – Leading without being the loudest voice Strategic Accountability – Owning failures and empowering teams 09:09 – How the Assessment Works Greg walks through the free assessment's design—competency-based and situational judgment questions that help reveal how founders respond under real pressure. 11:37 – From Operator to Investor: The Shift Greg discusses the personal challenge of moving from "solver" to "sounding board" and helping founders overcome small thinking and incrementalism. 15:01 – Scaling Requires Talent Transformation Once you think bigger, the next hurdle is team capability. Greg discusses the importance of upgrading talent and how average hires dilute culture and repel A-players. 18:26 – “Hire Fire and the Walking Dead” Greg's framework on talent management: Hiring is easy Firing the clearly bad is manageable The real issue? Keeping the “walking dead” – the average, inoffensive underperformers who drain momentum. 20:21 – Coaching Founders Through Tough Talent Calls Greg explains his approach as an investor: gently keeping the conversation alive, helping founders reach the inevitable realization themselves. 🗣️ Anecdote: The "5-second hesitation test" from a former board member. 31:27 – Recommended Reading & Interests 📖 The Alchemist by Paulo Coelho – a yearly re-read for Greg 🎒 Outdoor adventure and Alaska documentaries (his son is a bush pilot) 32:52 – How to Connect with Greg Moran 🌐 Website: gregmoran.me 🧠 Assessment: theadaptiveinnovator.ai 💼 Fund: emep.io 🔗 LinkedIn: Greg Moran 📺 YouTube & X (formerly Twitter): Active channels for the docuseries and insights 🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection: www.raw-selection.com Looking to grow your team? Check out our Hiring Guides for proven strategies, templates, and best practices to make smarter hires.

🕒 Episode Timestamps & Show Notes 00:00 – Introduction Alex welcomes John Dwyer, Founder of The Institute of WOW , to explore how direct response marketing can drive real results for private equity firms and their portfolio companies. 00:53 – What is WOW Factor Marketing? John explains his flipped model: get prospects to try your product so they fall in love with your brand—not the other way around. 02:16 – The Power of Incentives Examples like McDonald’s Happy Meals and Kellogg’s cereal toys demonstrate how incentives remove focus from price. Yet, 97% of businesses still fail to use them effectively. 03:35 – B2B Application of Incentives John shares how “freemium” strategies—like webinars and educational content—can help service businesses generate leads and build trust. 05:25 – The PE Blind Spot: Marketing Marketing is often underutilized at the PE firm level. It’s left to portfolio companies and only becomes a priority at scale ($100M+ revenue). 06:21 – Creating High-Value Content Instead of always documenting, John recommends delivering structured, high-impact content like digital resources to demonstrate expertise and create authority. 08:36 – Giving Away IP to Build Trust Sharing ideas freely (within reason) helps firms position themselves as experts. Private equity firms can do the same by publishing their value creation playbooks. 09:33 – Case Study: Dental Facebook Contest A $30/day contest targeting parents of kids with crooked teeth generated 1,000+ leads in a week—demonstrating the power of a well-crafted incentive-based campaign. 12:43 – PE Deal Origination via Events John recommends PE firms host webinars or in-person events to share their expertise and attract business owners—selling “once to many” like Tony Robbins. 14:11 – Thinking Beyond Traditional Marketing John suggests PE firms partner with data providers or influencers to host educational events. Joint ventures and revenue-share models can scale reach efficiently. 17:27 – Turnkey Marketing & Strategic Partnerships From travel vouchers to million-dollar contest giveaways, John shares how creative incentives combined with strong partnerships can produce scalable campaigns. 19:10 – Using AI for Lead Generation John discusses how AI-powered voice bots deliver high-volume outreach, sharing relevant data like estimated home values—ideas that can inspire new B2B tactics. 21:57 – Hiring Great Marketers John stresses the importance of case studies and results over resumes. Look for marketers who can think outside the box and prove success with real-world campaigns. 24:21 – Purple Cow Thinking in Action A standout example: A building society offered free holidays for mortgage customers and later added Jerry Seinfeld to the campaign—resulting in billions in new loans. 26:42 – Books & Resources John recommends The Purple Cow by Seth Godin. He prefers audio content and real-world business insights over fiction. 28:04 – How to Contact John 📩 Email : [email protected] 🌐 Website : theinstituteofwow.com 🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection: www.raw-selection.com Looking to grow your team? Check out our Hiring Guides for proven strategies, templates, and best practices to make smarter hires.

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 🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection: www.raw-selection.com

🧠 Episode Summary: In this insightful episode, Alex Rawlings is joined by Brian Reavell, Founder of R-Squared Advisors and seasoned Private Equity Operating Partner, to dive deep into the world of go-to-market (GTM) strategies. Brian shares a comprehensive GTM playbook for PE-backed portfolio companies—spanning from due diligence and customer segmentation to talent evaluation and post-investment execution. With over two decades of commercial leadership and consulting experience, Brian explains why private equity firms often overestimate internal talent, underestimate customer orientation, and misalign incentives—leading to missed growth targets. Packed with case studies and actionable frameworks, this episode is a goldmine for anyone looking to drive scalable and sustainable sales growth within a PE-backed environment. ⏱️ Timestamps: 00:00 – Introduction to Brian Reavell and today's GTM focus 01:26 – Common mistakes PE firms make around organic growth assumptions 03:21 – The three critical GTM pillars: Ideal Client Profile, Talent, and Segmentation 05:38 – Why talent is the most overlooked area in due diligence 08:00 – Assessing sales talent beyond resumes and black books 09:28 – Quantitative vs. qualitative approaches to evaluating salespeople 11:20 – EQ, IQ, and AQ: The key characteristics to assess in talent 13:18 – Building a GTM strategy post-investment: Process & execution 14:45 – Case Study: GTM transformation in a $4B building products distributor 16:56 – Impact of role design and customer segmentation on profitability 18:50 – $500M top-line and $100M EBITDA opportunity unlocked 20:42 – Managing change in founder-led businesses 23:07 – Overcoming resistance at field and leadership levels 24:53 – Case Study: Cultural and GTM integration in a K-12 education platform 27:43 – Creating flexible but standardized playbooks 29:35 – Assessing and top-grading sales and marketing leadership 31:02 – Succession planning and commercial leadership turnover 32:54 – What creates board-level confidence in GTM leaders 33:52 – Brian’s top reading and learning resources 35:19 – The First 90 Days, AI, and making tech an enabler 36:17 – How to connect with Brian Revelle 📚 Resources Mentioned: Winning Moves & Intelligent Equity by Dan Kremins The First 90 Days by Michael Watkins ChatGPT and AI tools for sales enablement and productivity 📨 Connect with Brian Reavell: Email: [email protected] Company: R-Squared Advisors (not linked in transcript, assumed domain) 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. 🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection: www.raw-selection.com Looking to grow your team? Check out our Hiring Guides for proven strategies, templates, and best practices to make smarter hires.

🔍 Episode Overview: In this episode, Alex Rawlings is joined by David Rowley , Operating Partner at Diversis Capital , to explore how private equity can drive value creation through smarter product strategies and the integration of artificial intelligence. With a career spanning back to the 1980s in software product development, David shares practical insights into aligning executive teams with PE theses, building agile innovation pods, and how AI is transforming both product development and organizational structures. 💡 Key Discussion Points: The Critical Role of Alignment: David highlights that one of the most frequent causes of failure in portfolio companies is a lack of alignment between leadership and the PE firm's investment thesis. Product Strategy Framework: Distinguishing between goals, vision, and strategy, David explains his approach to creating adaptive product strategies optimized for optionality and driven by data. AI’s Evolving Impact: David discusses how AI is reshaping product development, comparing the current inflection point to the rise of agile methodologies in the early 2000s. He introduces the concept of small, highly-focused “cocktail party” innovation pods to build and iterate rapidly. Scaling Innovation Across Portfolio Companies: He emphasizes the need for organizational models that support rapid, creative innovation while maintaining core operations—balancing “keeping the lights on” with breakthrough work. Grassroots AI Adoption: David shares how he's cultivating a culture of experimentation across Diversis’ portfolio companies, allowing individual contributors to explore AI tools, sparking internal champions and grassroots innovation. Avoiding AI Hype Distractions: With AI now included in many value creation plans, David outlines how to distinguish between superficial use cases and those that drive meaningful operational improvements. Leveraging CTO Experience as an Operating Partner: David reflects on how his hands-on CTO background across multiple sectors enhances his intuition and effectiveness in the PE world—particularly when decisions must be made before data is complete. Trends in the Operating Partner Role: From a recent operating partner forum, David notes the growing trend of more hands-on involvement from operating partners, suggesting a broader shift in private equity away from consultants and toward in-house expertise. ⏱️ Timestamps: 00:00 – Introduction to David Rowley and today’s topics 01:28 – Biggest mistake PE firms make: lack of leadership alignment 02:50 – Defining product strategy vs. goals and vision 05:10 – Key indicators for pivoting product strategy 06:32 – How AI is changing product development structures 08:55 – Traits and structure of high-performing innovation teams 10:42 – Balancing innovation pods with ongoing operations 12:31 – David’s early exposure to AI (40 years ago!) 14:52 – Deploying AI across portfolio companies 16:44 – Using AI agents in business operations 17:39 – Avoiding AI distractions and integrating AI into value creation 20:00 – Testing leadership alignment through AI transformation 21:14 – From CTO to operating partner: Lessons and intuition 23:08 – Takeaways from the Operating Partner Networking Forum 24:58 – Trend toward in-house expertise and interim CTO roles 25:51 – How to connect with David 26:20 – Wrap-up and final thoughts Looking to grow your team? Check out our Hiring Guides for proven strategies, templates, and best practices to make smarter hires.

🎙️ The Private Equity Podcast — Episode with Graham Bachman, Hidden River Strategic Capital Guest: Graham Bachman, Managing Director & Head of Business Development at Hidden River Strategic Capital Host: Alex Rawlings In this episode of The Private Equity Podcast , Alex Rawlings is joined by Graham Bachman , who shares how Hidden River Strategic Capital is reshaping lower middle-market investing with structured capital —a hybrid approach that sits between debt and equity, allowing business owners to retain control while unlocking growth opportunities. Graham unpacks how Hidden River’s capital solutions serve founders not looking for full buyouts or rigid debt structures and instead prioritizes long-term partnerships with existing management teams. He also offers valuable insights into deal origination, the firm's philosophy on professionalization, and why education and consistency are key in a fragmented funding landscape. ⏱️ Timestamps: 00:00 – Welcome and guest introduction 00:29 – Graham’s background and why he joined Hidden River 01:56 – Hidden River’s investment focus and fund status 02:52 – Gaps in the lower middle-market funding landscape 03:47 – What is structured capital and why it matters 06:08 – Use cases for Hidden River’s structured solutions 07:32 – Supporting founder-led businesses without taking control 09:08 – How hands-on is Hidden River in company operations? 11:33 – How does Hidden River help with leadership development? 12:59 – Differentiation through relationship-first deal sourcing 15:51 – Graham’s reading list and media recommendations 17:22 – How to contact Graham 17:51 – Final thoughts and episode close 💡 Episode Highlights: Structured Capital Defined: A tailored blend of debt and non-control equity designed to meet the needs of owners who don't want to sell or over-leverage. Flexible Approach: Hidden River typically backs existing management teams and helps them scale without stepping in to control day-to-day operations. Unique Deal Sourcing: In a buyout-dominated ecosystem, Hidden River differentiates through education, consistency, and relationship building. Founder-Friendly Philosophy: The firm supports founders who want capital to grow—not exit—and builds customized investment solutions to match. 📚 Graham’s Recommended Reads: Thinking in Bets by Annie Duke The Colossal Failure of Common Sense by Lawrence G. McDonald Good to Great by Jim Collins How to Win Friends and Influence People by Dale Carnegie Howard Marks' memos The Wall Street Journal 📨 Connect with Graham: Email: [email protected] Website: www.hiddenrivercap.com 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. 🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection: www.raw-selection.com Looking to grow your team? Check out our Hiring Guides for proven strategies, templates, and best practices to make smarter hires.

The Private Equity Podcast – Show Notes Guest: Otis Spencer Host: Alex Rawlings Episode Title: Lessons in Leadership: From Army Logistics to PE Operating Partner & CEO Success 🎙 Episode Overview: In this episode, Otis Spencer, a former U.S. Army logistics officer turned private equity operating partner and CEO, shares a compelling journey of leadership, operations, and transformation. From managing global fuel inventories to spearheading Six Sigma-driven improvements, Otis outlines the key lessons that have shaped his value-creation strategy within private equity. ⏱️ Time Stamps: 00:02 – Introduction & Background Otis shares his 60-second journey from engineering student to Army logistics officer and beyond. He highlights the combination of technical training, leadership experience, and corporate exposure that prepared him for success in PE. 02:25 – Transition to Private Equity After years in heavy manufacturing, Otis is recruited by an operationally focused PE firm—eventually becoming a portfolio company CEO with a successful exit. 02:52 – The Four Common Mistakes in Private Equity Buying the Wrong Company – Avoid cyclical and capital equipment-based businesses. Ineffective Diligence Process – Insist on a repeatable process and honest assessment of management teams. Weak Board Construction – Build a working board aligned with the investment thesis. Slow to Act Post-Close – Delay in correcting course can derail year-one goals. 10:03 – From Operating Partner to CEO: Key Learnings Being involved in diligence and growth planning gave Otis an edge as a CEO. He highlights the misalignment between PE growth expectations and founder-led businesses’ readiness. 13:22 – From CEO to Operating Partner: Reversed Lessons As a CEO, Otis learned the importance of setting culture, managing feedback loops, and avoiding micromanagement—critical insights he brings back into future operating partner roles. 16:14 – Real-World Application of Six Sigma Otis explains the DMAIC framework and shares two standout Six Sigma projects, one delivering $1M in annual savings through material reduction, and another saving $500K in a plastics facility. 20:29 – Kaizen Explained for Newcomers A practical walkthrough of how Kaizen events work—including team formation, shop floor involvement, and fast-track execution of waste-reducing improvements. 23:16 – Lessons from Multiple Exits Otis outlines key ingredients for a successful PE exit: Logical, consistent growth (3–5 years) Partnering with the right investment bank Maintaining forecast performance throughout the process Integrating bolt-ons strategically in inorganic growth scenarios 28:50 – What Otis Reads and Recommends Wall Street Journal for daily insights PitchBook Daily for PE-specific news and trends Industry-specific publications when evaluating deals 29:46 – How to Reach Otis Spencer 📧 Email: [email protected] 📱 Phone: +1 404-372-1778 🔗 LinkedIn: Otis Spencer 🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection: www.raw-selection.com Looking to grow your team? Check out our Hiring Guides for proven strategies, templates, and best practices to make smarter hires.

This episode is packed with pragmatic advice and “growth hacks for operators” – get your pen ready. ⏱️ Episode Highlights & Timestamps: 00:03 – Introduction Meet Matthew Kearney: 35 years in private equity, from 3i to operating partner and PE-backed CEO. 01:07 – From 3i to New York CEO Matthew’s early career, moving from UK PE investments into operational leadership in media and technology. 02:31 – Common PE Mistakes Why thinking “buying right” is outdated and why zombie portfolios exist. The importance of adding value post-investment. 04:56 – Speed Matters Why hitting the ground running with a viable plan is critical – and where many PE firms still fail. 05:23 – The Need for Differentiation You can’t differentiate on capital anymore. Matthew explains the need for pre-planned specialization and strategy. 07:21 – The Case for Specialism Why generic approaches fail in auction processes. Success lies in preparedness and knowing your niche. 09:27 – Private Equity’s Evolution From generalists to specialists, and from deal teams to fully professionalized operations functions. 11:24 – Pick Your Spots The strategic importance of check size, deal type, and industry vertical – especially for smaller funds. 12:47 – Talent Strategy When to insource, when to outsource. The balance between internal teams and external experts. 13:42 – Reducing Direct Reports Why Matthew cut down his direct reports from double digits to five – and how he structured high-performance teams. 18:38 – NASA-Level Team Building Using High-Performance Team models (inspired by NASA) to fast-track team effectiveness and reduce storming time. 20:06 – Grata Partnership Promo 20:35 – Lessons from Three Exits Matthew shares what made his billion-dollar exits successful, from growth-first mentality to choosing the right M&A advisor. 23:27 – Beware of Price Promises Red flag: advisors promising high valuations without understanding your business. Chemistry and early engagement are key. 24:31 – Staying the Course Through Uncertainty Avoiding plan deviation in volatile markets. Why good governance, transparency, and dialogue are essential. 26:46 – The Decision to Pause a Sale How Matthew and his board paused a 2021 sale due to geopolitical headwinds, only to exit successfully in 2025. 28:07 – Balancing Shareholder vs. Management Perspectives Navigating differing time horizons and objectives post-sale delay. The role of a good Chair in alignment. 29:59 – What Matthew Reads Matthew’s go-to content: Wall Street Journal , Financial Times , The Economist (begrudgingly!), BBC, and even Daily Mail for well-researched stories. 31:55 – How to Connect with Matthew 📧 Email: [email protected] 🔤 Name spelling: Matthew (with two T’s) Kearney (K-E-A-R-N-E-Y) 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. 🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection: www.raw-selection.com Looking to grow your team? Check out our Hiring Guides for proven strategies, templates, and best practices to make smarter hires.

Guest : Greg Nieuwenhuys – Private Equity Advisor, Chairman & AI Expert Topic : Unlocking Generative AI for Private Equity & Portfolio Companies 🔹 Intro & Background (0:00 – 2:00) Greg shares his 20+ years in PE-backed consumer goods: Baver (Netherlands), Cotterdardoor (UK), Mammoth, Wattbike, and No-Door. Passion for AI began two years ago, driven by a belief that GenAI is a business and people challenge—not a tech one. 🔹 What is Generative AI? (2:00 – 6:00) Difference: classic AI (recommendations) vs. GenAI (creating content—text, images, plans—and interpreting documents). GenAI enables rapid creation of marketing, investment memos, strategic plans, and more. 🔹 Common AI Misconceptions in PE (6:00 – 11:00) Myth: It’s a long, expensive IT project. Reality: Immediate impact possible—if teams are empowered and trained. Greg stresses: “This is a people challenge. CEOs—not just CTOs—must lead the charge.” 🔹 High-Impact Use Cases (11:00 – 18:00) Customer outreach & market mapping via AI. Recruitment: auto-generated job specs, AI interview notes, candidate matrices. AI’s biggest blocker? Lack of training—people haven’t “learned to drive the car” (use GenAI effectively). 🔹 Voice Prompting & Real-Time Examples (18:00 – 25:00) Greg showcases how he uses voice to interact with AI—writing emails, brainstorming use cases, even in Chinese. Prompts done via speech save time and boost output. GenAI as an “intern army”—needs clear direction and oversight. 🔹 PortCo Strategy (25:00 – 32:00) PE-backed firms should use GenAI for growth , not just cost-cutting. AI can reshape customer journeys and product innovation. Link GenAI to value creation plans: “How can AI help us grow faster, better, cheaper?” 🔹 Private Equity Funds Must Lead Too (32:00 – 39:00) Many PE funds expect portfolios to adopt AI—but don’t use it themselves. Greg supports fund-level training: mapping investment flow to identify use cases in screening, DD, deal memos, legal, and more. Example: “Sales Hunt” tool for sourcing targets with AI-powered outreach. GenAI allows same-size teams to evaluate more deals and increase velocity—without compromising quality. 🔹 Where to Start? (39:00 – 44:00) Overcome fear and decision paralysis. AI must be part of culture—non-use should be seen as “cheating the company.” Build internal champions to sustain the transformation. Key resources: Dr. Ethan Mollick’s LinkedIn & site AI Daily Brief podcast 11Labs’ “ElevenReader” for converting articles into listenable audio 🔹 Contact Greg (44:00 – 45:00) LinkedIn: @Greg Nieuwenhuys Key Takeaways: AI is a culture shift , not a tech add-on. Empower the entire team to use GenAI in everyday work. Start small, build momentum, and tie AI directly to growth strategy. Private equity must adopt AI internally to credibly promote it in portfolio firms. 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. 🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection: www.raw-selection.com

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 Guidara Warren Buffett’s investor letters Leadership insights by Simon Sinek, Daniel Pink, John Maxwell Mastery by Robert Greene Brands Admired : Ladybird Taco, Original Chop Shop, Cava, McDonald’s, Chipotle, Golden Corral Timestamps: 00:00 – Introduction to Nate Edgley 02:30 – Nate’s early career and transition to private equity 06:10 – What Nate learned from operating roles 10:00 – Qualities of exceptional CEOs 13:15 – Mistakes private equity firms make and Nate's long-term investment philosophy 17:20 – Enzo Group’s unique capital-raising strategy 21:45 – Why choose the volatile hospitality industry? 27:30 – Critical success factors for restaurant businesses 32:00 – Brands admired by Nate and reasons behind their success 38:00 – Nate's insights on executive search firms 42:00 – Influences, recommended readings, and learning resources 45:20 – How to connect with Nate Edgley 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. 🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection www.raw-selection.com Looking to grow your team? Check out our Hiring Guides for proven strategies, templates, and best practices to make smarter hires.

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. 🕰️ Timestamps: 00:00 – Jeff Zwiefel’s background & journey at Life Time 01:53 – The biggest mistake PE firms make 03:21 – Why people, culture, and purpose drive success 06:15 – How to assess leadership in health and fitness businesses 08:13 – “Casting,” not hiring: Building the right team 09:38 – Lifetime University & Navy SEAL-style GM training 11:34 – Accountability, culture, and performance awards 13:29 – The GM certification process & promotion pipeline 17:20 – Investing in employees for long-term loyalty 19:18 – Dashboards & career growth planning 20:48 – Leadership by example: From towel folding to training 22:43 – Core traits Jeff looks for in leaders 24:09 – The 8 leadership attributes at Life Time 25:36 – How ownership mindset and equity drives behavior 28:29 – Interview strategies for soft skills and leadership potential 32:18 – Measuring success through team development and turnover 34:15 – Auditing the customer experience as a PE firm 35:14 – Lessons from COVID: Digital experience & pricing 39:07 – PE deal activity in health & fitness 41:06 – Jeff’s new venture: Miura Performance & Longevity 43:55 – Practical health advice for busy professionals 46:20 – Supplements, red light, cold plunge, and more 47:50 – Opportunity for PE in bundling wellness services 48:17 – How to contact Jeff 📌 Key Takeaways: PE must look beyond financials to people and leadership. High performance culture starts with casting, training, and accountability. Wellness and longevity are emerging as investable and scalable PE categories. Personalized health solutions offer huge market potential. 📨 Connect with Jeff Zwiefel: 🔗 LinkedIn 🌐 jzweifel.com 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. 🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection: www.raw-selection.com Looking to grow your team? Check out our Hiring Guides for proven strategies, templates, and best practices to make smarter hires. Looking to grow your team? Check out our Hiring Guides for proven strategies, templates, and best practices to make smarter hires.

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. 🕰️ Timestamps: 00:03 – Welcome and introduction to Henry Ward and Carta 00:29 – Carta’s mission and Henry’s background 00:58 – The outdated mindset in legacy PE firms 01:40 – Hard lessons building a multi-S-curve business 04:02 – Scaling in small markets and fast saturation 05:22 – Innovating inside a scaled company (recommendation: Loonshots ) 07:18 – What Henry would do differently (spoiler: gather more info, faster) 09:41 – Grata ad spot 10:09 – Carta’s three-layer approach in venture: cap tables, fund ops, LP portals 12:54 – Applying the same playbook to private equity and private credit 13:50 – The speed of reporting in PE is accelerating—software must follow 14:48 – Why PE and VC have lagged in professionalization 16:15 – Influence of firms like Andreessen Horowitz in redefining fund operations 17:42 – Back-office vs strategic finance in PE firms 18:42 – Competition and differentiation are driving the need for change 19:37 – What should PE automate first? Fund accounting 20:36 – AI disruption in accounting and the end of manual debits and credits 22:03 – Cloud adoption in PE is still lagging—40% still on-prem! 22:31 – Balancing venture-style growth and PE-style discipline on Carta’s cap table 24:56 – Strategic value of PE investors when aligned with product growth 25:24 – Henry’s reading habits and framework (read the ends, skip the middle) 26:53 – Timeless business books and staying current with The Economist 27:23 – How to contact Henry 📌 Key Takeaways: PE is shifting from financial engineering to operational alpha. The professionalization of private equity firms is overdue and underway. Carta is bringing fund accounting, cap tables, and LP ops into the cloud. PE must adopt tech to compete, especially as investor and platform competition heats up. Automation of accounting and reporting is the low-hanging fruit for transformation. Balancing growth and discipline requires the right capital partners—and Carta has both. 📨 Connect with Henry Ward: 📧 Email: [email protected] 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. 🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection: www.raw-selection.com Looking to grow your team? Check out our Hiring Guides for proven strategies, templates, and best practices to make smarter hires.