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:

• The value of a structured 100-day plan.
• Building global networks and talent development.
• Creating a sense of belonging and shared purpose.

[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

Welcome to The Private Equity Podcast by Raw Selection, hosted by Alex Rawlings. Today’s guest is Jon Van Tuin, Managing Director at P4G Capital. With decades of experience in Private Equity, Jon shares his insights on deal origination, building relationships with deal sources, and standing out in an increasingly competitive market. Learn actionable strategies to improve deal flow, develop meaningful relationships, and elevate your firm's positioning as the preferred acquirer.

Breakdown:

[00:00] The current private equity landscape with over 3,500 funds and $1 trillion in undeployed assets.

[00:28] Introduction to Jon Van Tuin and his role at P4G Capital.

[00:57] Jon’s background: 30+ years in private equity starting in the late 1980s.

[01:27] A common mistake private equity firms make: Addressing portfolio issues too slowly.

[02:27] The importance of acting quickly and getting the right people into key roles.

[03:25] Jon’s career reflections and the growth of private equity since the 1980s.

[05:23] Jon’s approach to deal origination: Focusing on relationships, not transactions.

[06:21] Why 80% of P4G’s deals come from a select group of intermediaries.

[07:43] Adding value to intermediaries: Sharing insights instead of just asking for deal flow.

[08:42] The value of a dedicated deal origination professional in private equity.

[09:40] How origination teams keep pipelines full and differentiate firms in a crowded market.

[10:39] Positioning P4G as a preferred acquirer: Building relationships and delivering on process.

[11:07] Jon’s multi-pronged approach: Over 700 face-to-face meetings and consistent outreach.

[12:57] Staying top of mind: Leveraging tools like DealCloud for digital outreach.

[13:25] The demands of travel: 43 weeks on the road to drive deal origination success.

[14:22] Jon’s influences: Focusing on leadership, culture, and aligning the right teams for success.

[16:16] Recommended reading: Insights from McKinsey, Bain, Stephen Covey, and Jim Collins.

[17:14] How to contact Jon Van Tuin: Email: jvantuin@p4gcap.com

To be added to the book waitlist, you can email alex.offer@raw-selection.com

Thank you for tuning in!

You can connect with Jon Van Tuin 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 Joe Gerber, a proven Operating Partner and transformation expert. In this episode, we explore Driving EBITDA Growth Through Data Metrics. Joe shares actionable strategies on leveraging real-time data, optimizing decision-making, and taking reporting from good to great. Discover how Private Equity firms and portfolio executives can use data to identify inefficiencies, drive operational excellence, and boost EBITDA growth.

Breakdown:

[00:00] What does good reporting look like? Starting with excellence and working backward.

[00:12] Building effective teams without geographical limits.

[00:41] Joe’s background: Middle-market investment banking, transforming businesses, and PE advisory work.

[01:39] The biggest reporting mistakes PE firms make and how to correct them.

[02:36] Real-time reporting example: Cutting headcount by 30% and growing EBITDA.

[04:32] Metrics to track daily: Real-time insights to forecast performance.

[06:50] How real-time data leads to operational pivots and improved decision-making.

[09:15] Optimizing working capital to fuel growth and cash flow.

[11:33] Taking reporting from good to great: Key improvements PE firms need.

[13:01] Assessing management teams early with data-driven insights.

[15:46] Where to start: Key data points in multi-location businesses.

[18:41] Coaching CEOs: Common gaps and how to address them.

[20:19] Joe’s influences: The Art of Gathering, personal growth, and daily reads.

[22:43] Best way to connect with Joe: LinkedIn.

To be added to the book waitlist, you can email alex.offer@raw-selection.com

Thank you for tuning in!

You can connect with Joe Gerber 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, In this episode, host Alex Rawlings sits down with Sam Bendix, Partner of Investor Relations at Chicago Pacific Founders. In this episode, we dive deep into what it takes for Private Equity firms to truly stand out in an increasingly competitive market.

Sam shares actionable insights on how differentiation can impact talent attraction, capital raising, and deal origination. Sam discusses the importance of building a strong brand, fostering innovation, and effectively communicating your firm’s story.

[00:00] Brand is a product of the people building it and consistent results.

[00:13] Importance of differentiation in attracting talent, capital, and investments.

[00:42] Introduction to Sam Bendix, Partner of Investor Relations at Chicago Pacific Founders, and the episode's focus on differentiation in private equity.

[01:11] Sam’s career journey from investment banking to real estate investments and IR roles across various firms.

[04:57] Overview of Chicago Pacific Founders and its healthcare-focused investment strategy.

[06:24] The mistake of inconsistent messaging and the importance of cohesive communication.

[08:07] Differentiation strategies: strategic positioning, operational strengths, and client-centric innovation.

[10:55] Proprietary processes, attracting top talent, and creating barriers to imitation.

[12:18] Case study: Proving differentiation through performance and results.

[13:12] The role of brand recognition and consistent execution in building a firm’s reputation.

[14:39] Educating the market as a key element of branding and thought leadership.

[16:38] Attracting talent: building a network and aligning with career aspirations.

[19:01] Revisiting assumptions and fostering innovation for market differentiation.

[19:59] The role of talent in building and maintaining differentiation.

[22:26] Alex shares insights on private equity firms’ branding and talent strategies.

[28:06] Importance of putting yourself out there and documenting over creating for awareness.
[33:24] Building trust through transparency and thought leadership.

[36:17] Efficiently qualifying leads and fostering trust through shared insights.

[38:12] Challenges in communication: sticking to agendas, avoiding jargon, and active listening.

[42:03] Tools for effective communication: checklists, frameworks, and structured conversations.

[43:27] Recommended communication frameworks: What-So What-Now What and others.

[45:23] Sam’s book and podcast recommendations for effective communication and decision-making.

[46:52] Importance of knowing when to quit and insights from behavioral science.

[47:21] Sam invites listeners to connect via email for further discussions.

[47:44] Recap of the conversation's key themes and the importance of continuous improvement in differentiation strategies.

You can connect with Sam on LinkedIn by visiting his profile here.

To be added to the book waitlist, you can email alex.offer@raw-selection.com

Thank you for tuning in!

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! In this episode, Alex Rawlings welcomes back Adam Coffey, CEO and author of the Private Equity Playbook. Adam shares his strategies for scaling businesses, reducing employee turnover, and building strong company cultures. He emphasizes hiring for future growth, addressing employee concerns, and using hybrid work models to retain top talent. Adam also discusses his updated edition of the Private Equity Playbook, offering new post-COVID business insights.

Breakdown:

[00:00] Most Private Equity firms report a success rate of only 20-30% with CXO hires, with 30% being quite rare.

[00:46] Adam, gives us a brief insight into your background.

[01:15] Adam reflects on his time at GE, leading companies through private equity backing, and now helping entrepreneurs grow their businesses.

[04:06] Adam talks about the importance of culture in scaling businesses and the challenge of reducing employee turnover from 41%. He highlights how different regions and employee needs required tailored approaches to address issues and improve retention.

[07:30] He explains how culture, leadership, and people are fundamental when scaling businesses. Having a strong culture ensures employees stay and grow, making talent the key to driving success.

[09:25] Adam dives into how he tackled turnover in different regions, using examples from the Pacific Northwest and Texas, where pay scale and benefits played a role in employee satisfaction.

[12:15] By investing in people early on and addressing their needs, Adam quickly reduced turnover to below industry standards. He explains how transparency and early investments helped build trust and boost employee engagement.

[15:01] Adam discusses how private equity firms struggle with transitioning founder-led companies to PE-backed environments, emphasizing the importance of communicating career opportunities and company growth potential.

[17:49] When acquiring companies, Adam emphasizes how better benefits and career development opportunities within a larger organization can turn acquisition anxiety into employee buy-in.

[19:36] Adam addresses the shift in work culture, particularly after COVID-19, and the challenges and benefits of remote work in recruiting talent nationally.

[23:16] He highlights how businesses can still maintain flexibility for employees while ensuring productivity and accountability. Companies that find the right balance will be better positioned for growth.

[27:24] Adam shares his approach to hiring top executive talent, with a focus on aligning work to be done with the candidate's experience.

[33:01] He stresses the importance of hiring leaders who can guide the company through growth and challenges, even if it means making difficult decisions like upgrading talent.

[38:10] Adam talks about the importance of culture fit when hiring and how toxic employees can disrupt growth.

[41:59] Adam reveals his process for assessing talent within six months.

[44:15] Adam announces his updated edition of the Private Equity Playbook, highlighting new insights post-COVID and why it's been a top read for private equity professionals for years.

To be added to the book waitlist, you can email alex.offer@raw-selection.com

Thank you for tuning in!

You can connect with Adam Coffey 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, In this episode, host Alex Rawlings sits down with Matt Bodnar, founder and managing partner of Eidolon Capital. They discuss Eidolon’s unique deal origination strategies, including innovative approaches like direct mail, and how their flexibility in deal-making helps them close deals where more rigid firms miss out. Matt also shares valuable insights on long-term investing, inspired by Berkshire Hathaway, and offers top recommendations on business, psychology, and deal-making books.

Breakdown:

[00:00] Matt explains how their market position was inspired by Berkshire Hathaway, leading them to find unique opportunities by being flexible where others are rigid.

[00:12] PE firms often miss out on deals due to their rigid criteria; Eidolon benefits from a more flexible approach.

[00:26] Matt mentions Extreme Ownership as one of his favorite books and shares it with his management teams.

[00:53] Introduction to Matt Bodnar, founder of Eidolon Capital. The conversation covers deal origination, using direct mail, and valuable book recommendations.

[01:21] Goldman Sachs, starting Eidolon Capital, and focusing on lower middle market companies with a long-term approach.

[02:17] Matt identifies rigid deal structures as a common mistake PE firms make, missing opportunities to tailor deals based on sellers' needs.

[03:09] Flexibility in deal-making, like structuring equity rolls and earn-outs, gives Eidolon an advantage over more rigid buyers.

[04:34] Matt shares Eidolon’s broad deal origination strategies, including cold email, LinkedIn, direct mail, and networking.

[07:46] The importance of market positioning and personal outreach from principals to increase deal engagement.

[09:39] Why principals contacting sellers directly makes a significant difference in building rapport and closing deals.

[10:35] Direct mail as an effective, less crowded method for sourcing deals, especially in old-economy sectors like manufacturing and distribution.

[13:23] Eidolon’s brand focuses on long-term investing and taking care of all stakeholders, inspired by Berkshire Hathaway.

[15:16] Eidolon’s flexibility with capital and bespoke deal structures allows them to close deals even in suboptimal conditions where other firms might walk away.

[17:09] How taking a long-term view, as opposed to the typical 3-5 year private equity time horizon, results in better decisions and stronger outcomes for companies.

[19:25] Matt discusses the importance of staying informed on macroeconomic trends, the Fed, and market cycles to understand the broader impact on investment decisions.

[20:48] Book recommendation: How to Make a Few Billion Dollars by Brad Jacobs, a prolific entrepreneur who founded or acquired several billion-dollar companies.

[22:41] Matt shares how deep reading into human psychology and decision-making (Charlie Munger’s Poor Charlie’s Almanac and Robert Cialdini’s Influence) shapes his approach to deals and negotiation.

You can connect with Matt on LinkedIn by visiting his profile here.

To be added to the book waitlist, you can email alex.offer@raw-selection.com

Thank you for tuning in!

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! In this episode, Alex is joined by Robb Powell, an experienced Operating Partner and former CEO who has successfully built and sold two businesses. Robb discusses the deployment of technology and AI in private equity-backed companies, shares insights on driving cultural transformation, and explores the importance of enabling people for business success.

Breakdown:

[00:00] Robb discusses how private equity firms and portfolio companies can start using AI.

[00:12] Introduction to Robb Powell, an operating partner and former founder and CEO. The episode covers tech, AI, and culture.

[00:41] Robb shares his background and experience with acquisitions, board work, and leveraging technology for business growth.

[01:11] The importance of using technology to drive sales and agility in companies.

[02:06] Common mistake in private equity: focusing too much on finances post-acquisition, neglecting team assessments and aligning people with goals.

[03:33] Robb’s method for assessing management teams, using written responses to understand their thought process.

[05:00] Building a culture of success focused on enabling others and creating referral-worthy work.

[07:01] The importance of having a clear narrative about the value you're providing in any role.

[08:29] Robb’s thoughts on aligning people and driving change in organizations, including when it’s time to let people go.

[11:19] Overview of Robb’s technology and digital transformation work with various companies, particularly in sales and service industries.

[13:41] Robb shares how AI is being used to transform roles, including automating coding tasks in a tech company.

[14:34] Exploring where private equity firms and portfolio companies should start with AI and ChatGPT.

[15:59] Robb’s advice on using AI tools to help businesses innovate and work more efficiently.

[17:54] The future of AI: replacing tasks, not jobs, and making people smarter through automation.

[20:19] The potential of using existing tools to implement AI in businesses without needing large consulting firms.

[21:46] Robb’s current AI project with a high-end wine room business and the value AI adds to search functionality on websites.

[22:45] Robb’s influences and recommendations for books, podcasts, and thought leaders, including Acquired and Peter Diamandis’ work.

[26:04] How to connect with Robb Powell via LinkedIn.

You can connect with Robb on LinkedIn by visiting his profile here.

To be added to the book waitlist, you can email alex.offer@raw-selection.com

Thank you for tuning in!

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