The Private Equity Podcast, by Raw Selection

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 & Spotify Got 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 & Spotify Got 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?Falling UpwardNecessary Endings[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 & Spotify Got 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 & Spotify Got 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 & Spotify Got 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: 🔹 Twitter: @benclaremon 🔹 Compounders Podcast on Spotify & iTunes 🔹 LinkedIn: Ben Claremon [31:03] Closing remarks and thank you for tuning in! Thanks for tuning in! Subscribe for more episodes on iTunes & Spotify Got feedback or questions? Email Alex at alex.rawlings@raw-selection.com. Until next time—keep smashing it!

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 in Thank you for tuning in! Connect with Tracie 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 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 here Subscribe 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.

Welcome to The Private Equity Podcast, by Raw Selection, hosted by Alex Rawlings. In today's episode, Jordan Burton shares his expertise on hiring, training, and evaluating executives. They discuss common mistakes private equity firms make when hiring portfolio executives, how to improve interview techniques, and the critical role of structured assessment. Jordan also covers the importance of preparing for interviews, aligning stakeholders, and ensuring a thorough evaluation process. Breakdown: [00:00] Introduction to the episode and guest Jordan Burton. Overview of hiring and interviewing in private equity. [00:28] The importance of preparation before an interview. Defining the role clearly and aligning expectations among stakeholders. [01:26] The biggest hiring mistakes in private equity. Why many firms fail to achieve more than a 30% success rate in portfolio hiring. [02:52] Understanding your role in the hiring process. Avoiding generic questions and ensuring structured, targeted assessments. [04:20] How to create an effective scorecard. The value of assessing current leadership strengths and defining key success traits. [06:15] The impact of investor dynamics on hiring success. Recognizing patterns in successful executives and adapting selection criteria accordingly. [07:42] Why “been there, done that” is a flawed hiring approach. Focusing on upward trajectory and capability over past roles. [09:05] The importance of structured note-taking during interviews. Ensuring consistency in feedback and preventing redundant questioning. [11:00] How curiosity and active listening improve interviews. Creating a strong rapport to uncover valuable insights. [12:30] Balancing assessment with selling the opportunity. Tailoring your pitch based on the candidate’s motivations and priorities. [14:54] What truly differentiates a PE firm in hiring. How to stand out beyond compensation and equity offers. [17:21] The role of portfolio executives in recruiting. Leveraging their experience to attract and evaluate top talent. [19:49] Why most private equity investors are never trained in interviewing. Steps firms can take to develop better hiring processes. [21:41] How to ask better interview questions. Moving beyond hypothetical questions to uncover real insights. [24:02] Identifying red flags in executive candidates. Evaluating openness, honesty, and past performance patterns. [27:25] The importance of conducting rigorous reference checks. Selecting the right references and verifying past performance. [30:20] Post-interview best practices. Consolidating feedback and structuring hiring decisions effectively. [35:50] The final hiring decision. Aligning stakeholders and ensuring a structured decision-making process. Thank you for tuning in! You can connect with Jordan Burton on LinkedIn by visiting his profile 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 the Raw Selection Private Equity Podcast. Today’s guest is Ron Ramanujan, Technology Transformation Operating Partner, discussing value creation, tech transformation, AI, and cybersecurity within Private Equity. Breakdown: {00:30} Ron shares his background, highlighting his extensive experience in enterprise technology, data infrastructure, machine learning, and his time at BCG. {01:28} Discussing common mistakes in private equity, Ron emphasizes that financial engineering alone is no longer sufficient. He highlights the need for early action post-acquisition, leveraging technology, and focusing on value creation from day one. {02:55} The importance of assessing pricing models, margins, and customer experience early in the investment cycle. Ron explains how digital transformation is now a non-negotiable factor for success in private equity. {04:51} Value creation in private equity is often overused as a term. Ron discusses the shift from traditional financial optimization to technology-driven strategies that generate real business impact. {06:16} The role of technology in private equity investments. Ron emphasizes evaluating a target company's tech infrastructure during due diligence and ensuring early integration of digital strategies to maximize growth potential. {08:08} Lessons learned from prior acquisitions—Ron talks about prioritizing high-value use cases, setting clear milestones, and the importance of aligning operational and technological strategies. {09:58} The need for a structured, repeatable framework for tech integration in portfolio companies. Ron explains how operational and tech transformation must go hand in hand to drive efficiencies. {12:22} AI’s impact on private equity—how AI-driven solutions can reduce customer churn, optimize costs, and create competitive moats for portfolio companies. {14:08} AI trends and applications—Ron explains how generative AI is transforming businesses, highlighting its impact on productivity, customer service, and operational automation. {16:30} The importance of AI governance and risk management. Ron discusses creating structured frameworks, setting guardrails, and ensuring responsible AI adoption without stifling innovation. {18:25} Experimentation in AI is key—private equity firms must embrace a culture of testing, failing, and iterating to remain competitive in a rapidly evolving market. {19:50} Playbooks for AI in private equity—Ron suggests frameworks that firms should establish at a portfolio level, including AI-driven financial reporting, operational efficiencies, and customer analytics. {23:35} Cybersecurity in private equity—Ron warns that cybersecurity is often overlooked, yet it poses a significant existential risk to businesses. PE firms must incorporate cybersecurity assessments into due diligence. {25:59} Emerging cybersecurity threats—Ron discusses advanced cyber threats, including internal dwellers and nation-state actors, emphasizing the need for proactive security measures. {27:51} Balancing cybersecurity investments—Ron explains how firms can protect their assets without over-engineering security solutions, ensuring efficiency and risk mitigation. {28:21} Ron’s reading recommendations—he shares his interest in AI, human neuroscience, and the book Why Machines Learn, which explores the evolution of AI through mathematics. {31:09} Alex thanks Ron for his insights into AI, cybersecurity, and value creation in private equity. Thank you for tuning in! Connect with Ron here. To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here. Lastly, if you have any feedback on the podca

Welcome to The Private Equity Podcast, by Raw Selection. Today’s guest is Jeff Wigle, Managing Director at Banyan Capital Partners, a lower-to-middle market private equity firm based in Canada. Jeff shares insights on transitioning portfolio companies from founder-led to data-driven decision-making, leveraging technology, and managing cultural change during these shifts. Breakdown: [00:00] Jeff Wigle discusses his background, Banyan Capital Partners, and his experience transitioning portfolio companies to data-driven decision-making [00:29] Jeff’s background from accountant at Ernst & Young to private equity leader, including serving as CEO of a portfolio company at age 31 [02:26] Building an evergreen private equity model with the importance of long-term holds and avoiding rushed investment theses [04:22] Common private equity mistakes including rushing transformations, breaking culture, and short-sighted strategies [05:48] Banyan’s approach focusing on long-term value creation, rebuilding foundations, and avoiding premature integrations or expansions [07:31] Lessons from being a CEO with the critical importance of having the right people in the right roles [08:52] Characteristics of top performers including clarity, consistency, transparency, and alignment with investor and business goals [10:16] Transitioning to data-driven decision-making by addressing founder-led systems and building scalable processes for growth [11:43] Challenges of upgrading systems with balancing inward focus during upgrades with market opportunities [12:42] Investing in systems and data by upgrading technology to generate actionable insights and improve decision-making [14:09] Starting with manual processes by using limited data to identify profit drivers and inefficiencies before implementing systems [16:05] Managing resistance to change by evolving culture carefully with executive buy-in to avoid breaking businesses [17:41] Leveraging IT consultants and internal resources with strategies for implementing and managing technology upgrades [20:59] Early steps with artificial intelligence including using AI for coding fixes, dynamic pricing, and operational efficiencies [23:22] AI and dynamic pricing with AI to manage large customer bases and product catalogs efficiently [24:50] Staying competitive with AI and how larger businesses lead adoption, but smaller firms must act to avoid falling behind [27:44] AI at the private equity level with AI for research and data compilation, but still validating results manually [29:10] Recommended reading Scaling Up by Vern Harnish, Grit, Good to Great, The Five Dysfunctions of a Team, and Switch [31:00] Podcast recommendations Business Breakdowns, In Good Company, and Michael Lewis’s podcast [32:26] Connect with Jeff via the Banyan Capital Partners website for contact details [32:55] Closing thoughts with Alex Rawlings thanking Jeff for sharing his insights on data-driven decision-making and cultural change in private equity To be added to the book waitlist, you can email alex.offer@raw-selection.com Thank you for tuning in! Connect with Jeff on LinkedIn 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 The Private Equity Podcast, by Raw Selection. Our host, Alex Rawlings is joined by Sanjay Chandra, Managing Partner of Trinity Investors, a Private Equity firm based in Texas. Sanjay brings decades of experience as an operator, entrepreneur, and private equity investor. In this episode, we explore how he scaled businesses from single-digit EBITDA multiples to double-digit exits, his unique journey from operator to investor, and Trinity’s focus on domestic manufacturing and industrials. Breakdown: [00:29] Sanjay shares his journey from immigrating to Texas as a child, excelling academically, and starting his career at Arthur Andersen before transitioning into entrepreneurship. [01:58] Founding American Leather, growing it into a $300–$400 million business with 1,600+ employees. [03:24] Sanjay discusses the founding of Trinity Investors, growing it into a $7 billion AUM alternative asset manager, and the firm’s focus on operating companies and commercial real estate investments. [07:17] Reflecting on mistakes in private equity, Sanjay emphasizes the importance of exiting troubled investments quickly and shares how Trinity has adjusted its processes to respond to challenges more decisively. [09:46] Sanjay explains how his experience as an operator helps him empathize with founders and better understand the challenges they face in the lower middle market. [11:42] Advice for private equity professionals without operational experience: spend time on the shop floor, listen to management teams, and immerse yourself in the business beyond financial reports. [13:08] Sanjay highlights Trinity’s focus on domestic manufacturing in the U.S., explaining why the firm prioritizes single-digit entry multiples with growth potential through operational improvements and strategic investments. [16:04] Insights from growing American Leather: the value of patience in scaling companies, focusing on steady growth, and the compounding benefits of later years in business. [19:29] Sanjay discusses the challenges of implementing infrastructure, upgrading management, and transitioning companies to professional operations, emphasizing the importance of respecting founders’ knowledge and contributions. [22:55] Sanjay shares his passion for mentorship, explaining how he invests in the growth and development of leaders across Trinity’s portfolio companies and his philanthropic initiatives. [25:21] Sanjay talks about his love for lifelong learning, mentioning his recent exploration of AI and continuous efforts to stay at the forefront of technology and innovation. [28:38] How to reach Sanjay via email or LinkedIn, along with his openness to connecting with new people and sharing his insights. [29:37] Closing remarks from Sanjay, reflecting on his journey and the value of entrepreneurial experiences, followed by Alex thanking him for his time and insights. To be added to the book waitlist, you can email alex.offer@raw-selection.com Thank you for tuning in! Connect with Sanjay on LinkedIn here or via email at sanjay@trinityinvestors.com. 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 to The Private Equity Podcast, by Raw Selection. Host Alex Rawlings interviews Randy Cohen, a lecturer at Harvard Business School, and Jean-Louis Lelogeais, co-founders of PEO Partners. Together, they dive into liquid private equity, its uses, and how it complements traditional private equity. Breakdown: [00:00] Introduction to Randy Cohen and Jean-Louis Lelogeais, founders of PEO Partners, and their experience in private equity and distressed debt [00:30] Randy introduces the concept of liquid private equity, its performance profile, and accessibility benefits [01:00] Jean-Louis highlights his background at SVP Global and their goal to create a liquid private equity solution [01:29] Explaining liquid private equity and how it aims to replicate the benefits of private equity in a liquid vehicle [02:26] Historical private equity performance and its outperformance compared to public markets with less volatility [04:20] Use cases for liquid private equity as a funding asset for capital calls and an accessible option for retail investors [06:16] Liquidity challenges for institutional investors and how liquid PE solves them [08:29] Challenges in achieving buy-in from institutional investors due to AUM requirements and consultant blessings [11:49] Retail investor access and diversification from traditional 60-40 portfolios with liquid PE [12:47] The rise of liquid private equity and why the concept is gaining traction [13:45] BlackRock's acquisition of Preqin and the growing focus on liquid market versions of private equity [16:07] Liquid PE strategy: mimicking leveraged buyouts through public companies, leveraging data, and hedging to reduce volatility [18:25] Steps to replicating PE returns: matching industry tilts, choosing LBOable companies, and implementing derivatives for downside protection [22:39] Challenges and limitations of liquid PE compared to traditional PE, including the inability to perform operational improvements [27:17] How liquid PE matches average private equity returns while offering lower fees and liquidity advantages [32:13] Broad sector diversification versus specialized vehicles in liquid PE portfolios [34:35] Trends in private equity sectors and the dominance of software and services in PE portfolios [37:01] Researching top quartile funds and leveraging insights for better industry selection [39:49] The importance of copying PE's strategic sector allocations instead of predicting trends [41:00] Closing thoughts on liquid private equity and its potential to complement traditional private equity [43:48] Jean-Louis reflects on founding SVP Global and managing $26 billion in assets [47:26] Randy shares his experience teaching at Harvard Business School and learning from PE professionals [49:05] Randy recommends the blog Marginal Revolution for insights on finance, economics, and culture [50:57] Jean-Louis highlights the entrepreneurial journey in Shoe Dog by Phil Knight and insights into building businesses To be added to the book waitlist, you can email alex.offer@raw-selection.com Thank you for tuning in! Connect with Randy or Jean-Louis, click 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 The Private Equity Podcast, by Raw Selection! Today’s guest is Jon Sonnenschein, Private Equity Operating Partner and former SaaS and software CEO. Jon shares insights on driving cultural change in portfolio companies, blending his experience as a CEO and Operating Partner. Breakdown: [00:00] Jon Sonnenschein discusses his experience as a Private Equity Operating Partner and former SaaS CEO, focusing on cultural transformation in portfolio companies. [00:30] From Chicago to Silicon Valley, with 20 years in startups, followed by joining private equity and leading growth at Earth Solutions. [00:59] The "star player bias" in talent acquisition and the importance of aligning cultural dynamics. [01:28] Addressing the balance between legacy culture and private equity-driven professionalization. [03:21] Transitioning from founder-led to private equity-backed and retaining core cultural elements while driving professionalization and growth. [05:18] Jon shares how he elevated long-term employees for cultural continuity while introducing professional FP&A expertise. [06:15] Jon explains his approach to understanding a company’s culture by interviewing employees at all levels. [07:44] The role of listening and valuing employee perspectives in identifying growth opportunities. [09:11] Validating feedback through patterns, experiments, and data-driven approaches. [10:57] Testing new markets through structured, accountable experiments to assess viability. [11:56] Jon’s methods for influencing cultural change without alienating long-term employees. [13:20] Professionalizing the product organization and using customer feedback to guide decisions. [15:17] Transparency, one-on-ones, and open forums to drive cultural change and employee engagement. [18:11] Creating psychological safety and fostering innovation through direct communication. [19:38] Jon reflects on insights from being an operating partner and how they inform his executive approach. [21:06] The importance of collaboration between operating partners, deal teams, and CEOs. [22:28] Recommended readings include Thinking Fast and Slow by Daniel Kahneman and The Hard Thing About Hard Things by Ben Horowitz. [24:48] Jon emphasizes the importance of tackling culture head-on and shares key takeaways for private equity professionals. To be added to the book waitlist, you can email alex.offer@raw-selection.com Thank you for tuning in! Connect with Jon on LinkedIn 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 The Private Equity Podcast, by Raw Selection! Today, we’re joined by Christen Paras, Partner of the Transaction Team at MiddleGround Capital, to explore innovative exit strategies and how MiddleGround is redefining Private Equity practices. Breakdown: [00:03] Christen Paras returns to discuss MiddleGround’s unique exit strategy approach. [00:30] Partner at MiddleGround Capital, based in New York City, leading the transaction team. [00:59] Private Equity firms often lack adaptability—Christen emphasizes innovation and agility. [01:26] MiddleGround’s infrastructure, a KPI-driven, collaborative culture for scalable, efficient decision-making. [03:14] Weekly and quarterly meetings ensure team bandwidth and tackle key challenges. [04:32] A dedicated team builds repeatable processes for optimal outcomes. [05:29] Integrating transaction and operations expertise for seamless exits. [06:55] Ensuring readiness and alignment throughout portfolio lifecycles. [07:50] Aligning value creation with buyer expectations to maximize appeal. [10:14] Identifying detractors and enhancing portfolio company readiness. [13:25] Prioritizing actions that align with exit goals and maximize value. [15:37] Process mapping and standardization for exit preparation. [17:03] Metrics-driven timing and customized strategies for individual companies. [21:16] How exit teams enhance focus and drive superior results. [24:30] Co-investor and lender insights refine exit strategies. [25:27] Industry updates, reports, and relationship-driven knowledge. [26:53] Christen reflects on MiddleGround’s approach and her career journey. To be added to the book waitlist, you can email alex.offer@raw-selection.com Thank you for tuning in! Connect with Christen on LinkedIn 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 the Private Equity Podcast by Raw Selection! Joining me today is Brad Armstrong, Partner at Lovell Minnick, a Private Equity firm celebrating its 25th anniversary. Brad shares insights into value creation, forecasting for 2025, the importance of sticking to your core strengths, and how simplicity done right can drive Private Equity success. Breakdown: [00:00] Sticking to fundamentals, value creation, and staying disciplined in private equity. [00:30] Brad's career journey, Lovell Minnick’s 25-year strategy, and their focus on financial services, business services, and fintech. [01:54] The biggest mistake in private equity: failing to decouple capital raising from capital deployment. Why sticking to your strengths and staying disciplined is key. [04:40] “Right to win”: Identifying where you have an edge and staying competitive in a mature private equity market. [06:05] How Brad entered private equity, blending operating, investment banking, and PE experience. [08:58] Trends in financial services and fintech: digital transformation, technology enablement, and specialized outsourcing driven by regulation. [11:46] How Lovell Minnick stays consistent: an “all-weather” strategy, controllable outcomes, and avoiding macroeconomic dependency. [14:09] Lovell Minnick’s approach to value creation: custom plans, operating partners, and functional specialists supporting portfolio growth. [16:29] Playbooks and best practices: how Lovell Minnick documents and shares successes across portfolio companies. [17:54] Portfolio collaboration: peer-to-peer teaching, executive summits, and solving challenges together, from cybersecurity to sales infrastructure. [22:08] Forecast for 2025: Brad’s take on market clarity, improving fundraising, and a constructive deal-making environment. [25:53] Brad’s influences: books like Six Types of Working Genius, Scary Smart (AI), and Outlive by Peter Attia. [27:46] Closing thoughts and gratitude to the audience for record-breaking downloads. To be added to the book waitlist, you can email alex.offer@raw-selection.com Thank you for tuning in! Connect with Brad on LinkedIn 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 to The Private Equity Podcast, hosted by Alex Rawlings. Today’s guest is Seth Auld, VP of Portfolio Management and Deal Origination at Kompass Kapital. Seth shares his insights on building LP relationships, raising capital effectively, and the importance of sector specialization. Breakdown; [00:00] Introduction to Seth Auld and the episode’s focus on LP relationships and capital raising. [00:29] Seth’s journey from running a family business to private equity, including roles in banking, consulting, and Fortune 500 agribusiness. [03:14] Key mistake: Firms lack focus and fail to define a niche. Seth emphasizes sector specialization, strong operating partners, and avoiding transactional relationships. [05:36] Seth’s approach to relationships: Be genuinely curious, ask questions, and build trust. He recommends How to Win Friends and Influence People. [08:45] Importance of narrowing a niche and involving full-time, deeply engaged operating partners with relevant experience for target company size. [11:09] What appeals to LPs: Strong track record, operating partner alignment, and financial commitment to the fund. [13:58] Better LP engagement: Build relationships during the current fund, offer co-investment opportunities, and avoid transactional outreach. [14:58] The challenge of direct outreach to family offices and the value of referrals, conferences, and relationship-building over cold solicitations. [17:21] Closing the right deal: Avoid deal fatigue, revisit your original thesis, and maintain discipline. A broad deal pipeline ensures better options. [20:38] Seth’s influences: Wall Street Journal, FRED economic data, trade magazines, and AI developments. [21:07] Connect with Seth on LinkedIn for further insights. To be added to the book waitlist, you can email alex.offer@raw-selection.com Thank you for tuning in! Connect with Seth on LinkedIn 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 The Private Equity Podcast by Raw Selection, hosted by Alex Rawlings. Today’s guest is Richard Neff, a proven operator and operating partner with decades of experience in private equity and a 25-year career at GE Capital and GE Healthcare. In this episode, Richard shares insights into the investor-operator relationship, the importance of infrastructure, and lessons learned from GE’s legendary playbook for growth and transformation. Breakdown; [00:00] Reflecting on 2024 and looking ahead to 2025. [00:28] Introduction to Richard Neff: His background in healthcare, tech-enabled services, industrial services, and 25 years at GE. [00:57] One common private equity mistake: Over-ambitious plans versus focused execution. [02:17] What typically moves the needle in $20M revenue businesses: Human capital and growth initiatives. [03:38] Key areas private equity firms can better align with portfolio executives. [04:36] The gap between evaluators (investors) and doers (operators): Surprises post-acquisition. [06:29] The infrastructure gaps often missed: Sales team depth, product development, and capability issues. [07:53] Why infrastructure and capability investment is underestimated and often delayed. [09:21] Richard’s experience at GE Capital: A private equity-style approach to business building. [10:49] How GE executed a structured playbook for M&A, growth, and cultural integration. [11:45] Lessons from managing hyper-growth businesses pre- and post-financial crisis. [12:44] Richard’s key takeaways from GE: [14:36] Applying GE’s lessons to smaller portfolio companies: Building camaraderie and engagement. [15:35] The power of networking within private equity portfolio companies. [16:58] Why private equity firms often miss the value of connecting their C-suite leaders. [18:26] Richard’s influences: His diverse reading list including Fast Company, Wired, and Financial Times. [19:47] Encouraging problem-solving and situational adaptability through varied experiences. [20:13] How to contact Richard Neff. To be added to the book waitlist, you can email alex.offer@raw-selection.com Thank you for tuning in! Connect with Richard on LinkedIn 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