The Private Equity Podcast, by Raw Selection
Hosted by Alex Rawlings, Managing Partner of Raw Selection, a specialist executive search firm. Join us as we interview the leading experts in Private Equity, unlocking their secrets of success to share with you. Discover how some of the top Private Equity professionals got into Private Equity, how they rose to success and learn about some of the mistakes they made along the way.Alex has strong connections to the Private Equity industry through his executive search firm, Raw Selection, which specialises in working with Private Equity firms and their portfolio companies across Europe and North America. Alex is straight t...
Underwrite the CEO Before the Company
Alex Rawlings is joined by Ian Reynolds, Founder of Thesis Capital, to discuss why private equity firms should put leadership at the centre of their investment decisions. Drawing on his experience across transactional finance, $10 billion in deals and operating businesses, Ian explains how Thesis Capital approaches acquisitions by evaluating the CEO, management team and operational realities before committing capital.
Ian shares why fragmented deal teams can miss critical risks, how behavioural assessments help identify exceptional operators, and why investors should underwrite downside risks before getting carried away with growth assumptions.
Key Takeaways
The Investment and Value Creation Strategy Behind Ara Partners
In this episode of The Private Equity Podcast, Alex Rawlings is joined by Cory Steffek, Partner in the Private Equity Division of Ara Partners, to explore value creation in industrial decarbonisation and growth infrastructure.
Cory shares his unconventional journey from PhD chemist and climate-tech venture capital investor into private equity, and explains why successful industrial decarbonisation businesses need to be built around strong economics rather than subsidies, ESG mandates or “green premiums.”
The conversation covers why investors repeatedly overestimate technology and underestimate the cost and complexity of building physical infrastructure, how Ara Partners evaluates techno-economics and...
How Private Equity Knows When Management Needs to Change
In this episode of The Private Equity Podcast, Alex Rawlings is joined by Thomas Igeme, Managing Partner at TL Partners, to explore one of the biggest challenges facing private equity firms: understanding whether performance issues are caused by the leader, the operating system around them, or both.
Thomas shares lessons from his time in organisational development, BCG, LinkedIn, ServiceNow and Turn River Capital, where he led the portfolio talent function. He explains why private equity firms can be too quick to replace executives before properly diagnosing the underlying problem and how a clearer value creation thesis can...
What’s Next for the Middle Market? AI, Succession & Private Equity
In this episode of The Private Equity Podcast, Alex Rawlings is joined by Andrew Weinberg, Founder and CEO of Brightstar Capital Partners, to explore how private equity firms can create value in the middle market while navigating a changing exit environment.Â
Andrew explains why culture, apprenticeship and team-based decision-making are central to Brightstar’s approach, and why spending more time upfront thinking about exit pathways can help create stronger outcomes for portfolio companies.Â
He also shares how Brightstar is applying AI across the firm, with nearly 100 AI agents already working alongside its team.
The...
EY Insights Private Equity Exit Readiness: How to Maximise Valuation Before the Sale
In this episode of The Private Equity Podcast, Alex Rawlings is joined by Konstanze Nardi, Partner at EY and leader of EY’s Global Exit Readiness offering, to explore how private equity firms and portfolio companies can prepare for successful exits and maximise value.
Konstanze shares insights from EY’s Global Private Equity Exit Readiness Study, based on perspectives from 100 PE executives and 100 C-suite executives from recently exited PE-backed companies.
Konstanze and Alex also discuss the importance of starting formal exit preparation 12–24 months before a sale. She explains why consistent KPI reporting, granular data and eviden...
Why PE-Backed Go-to-Market Strategies Fail: Talent, CRM, AI and Execution
In this episode of The Private Equity Podcast, Alex Rawlings is joined by Dan Bernoske, Founder and CEO of Cortado Group, to explore how private equity firms and portfolio companies can strengthen go-to-market performance while effectively leveraging AI.
Dan explains why speed matters after an acquisition, particularly when assessing commercial talent, and why firms need to separate emotional attachment to legacy teams from objective performance data. He also explores the importance of treating CRM systems as strategic infrastructure rather than simply another piece of technology.
The conversation then turns to AI. Dan shares practical applications...
Building the Finance Function in a Private Equity firm
In this episode of The Private Equity Podcast, Alex Rawlings is joined by Jeffery Raju, Founder & CEO of Stonehill Business Services.
With 15 years of experience across fund administration, controller, and CFO roles, Jeffery has worked with emerging managers ranging from sub-$10 million funds to multi-billion-dollar platforms.
Jeffery explains why emerging private equity managers must treat their firm as an investment management business rather than simply an investment shop, and how building the right financial infrastructure early can support fundraising, improve decision-making, and create a platform capable of scaling.
They discuss the...
From Founder-Led to Exit-Ready: How CEOs Build Buy-In, Grow EBITDA and Deliver Successful Exits
In this episode of The Private Equity Podcast, Alex Rawlings speaks with Brian Bishop, an electrical engineer and experienced Chief Executive with a background in embedded systems, product development, business building, and successful company exits.
Brian shares lessons from leading businesses through seven- and eight-figure exits, including the importance of structuring deals to align the interests of owners, employees, and acquirers.
They explore Brian’s approach to leadership and why the most effective business plans are shared plans—not simply strategies created by a CEO and communicated downwards.
Brian also discusses his move into...
9 PE-Backed Exits and 20+ Add-on Acquisitions: What Winning Private Equity CEOs Get Right
In this episode of The Private Equity Podcast, Alex Rawlings speaks with Paul Golden, an experienced CEO, private equity investor, and operating partner with nine private equity-backed exits and more than 20 add-on acquisitions.
Paul shares lessons from operating, investing, and leading PE-backed businesses, including why speed matters when building the right leadership team, how to identify strong executives, and what separates successful acquisitions from deals that destroy value.
The conversation explores the danger of “deal fever,” the importance of knowing when to walk away from an acquisition, and why delighted customers, strong management teams, and clea...
Mentored by a Billionaire: How to Invest, Create Value and Exit at the Right Time
In this episode of The Private Equity Podcast, Alex Rawlings is joined by Mark Radzik, Co-Founder and Managing Partner of Granite Creek Capital Partners, to explore investing and value creation in the lower middle market.
Mark shares his journey from Arthur Andersen and banking to spending seven years at Equity Group Investments, the private investment firm founded by billionaire Sam Zell. It was there that Mark learned to become what Zell called a “professional opportunist”—finding opportunities where others aren't looking while maintaining the discipline required to invest successfully.
The conversation explores why private equity firms...
BC Partners’ Former CIO: When to Sell, What Creates Value and Where Private Equity Goes Next
After more than 30 years in investing—including 20 years at BC Partners and a decade as CIO—Jean-Baptiste Wautier joins Alex Rawlings to share the lessons that have shaped his approach to private equity.
Jean-Baptiste explains why trying to time markets is a mistake, how GPs should think about exits, and why time and DPI can matter just as much as MOIC. He also argues that private equity has entered a consolidation phase where scale, institutionalisation and permanent capital will increasingly separate the long-term winners from the rest.
The conversation also explores how firms should diversify, the...
The REAL Cost of Fear, Ego and Slow Decisions in Private Equity
In this episode of The Private Equity Podcast, Alex Rawlings speaks with Lesley Thomas, founder of the Money Confidence Academy, about how financial pressure, fear, and ego can affect value creation within private equity-backed businesses.
Lesley explains how pressure changes executive behaviour, slows decision-making, and discourages honest communication. She outlines the early warning signs that leadership teams are becoming overwhelmed, including delayed reports, repeated agenda items, quieter executives, and concerns being raised outside the meeting room rather than within it.
The conversation explores the “hidden tax” created by missed opportunities, employee turnover, slow decisions, and inef...
How Private Equity Firms Can Build a Scalable Go-to-Market Engine
In this episode of The Private Equity Podcast, Alex Rawlings is joined for a second time by Brian Gustason, Fractional Operating Partner at BG Operating Advisors.
Brian explains why many lower-middle-market businesses struggle to scale after receiving institutional investment and how private equity firms can professionalise their go-to-market strategy.
The conversation explores founder dependency, underdeveloped sales and marketing capabilities, and why firms must assess the maturity of the entire revenue engine before attempting to accelerate growth.
Brian also outlines the importance of route-to-market analysis, including reach, fit and yield, and explains why growth...
Secondaries Are No Longer a Liquidity Tool. They’re a Private Equity Strategy with Adrian Siew, Rothschild & Co
In this episode of The Private Equity Podcast, Alex Rawlings is joined by Adrian Siew, Managing Director at Rothschild & Co and co-leader of its GP Solutions practice.
Adrian explains why continuation vehicles have become an increasingly important part of the private equity market and how firms can use them to generate liquidity, retain high-performing assets and strengthen relationships with investors.
The conversation explores the rapid growth of the secondaries market, the pressure created by longer hold periods and slower exit activity, and why continuation vehicles should be considered alongside traditional exit routes rather than treated...
How a PE-Backed CRO Drove 4x Revenue Growth
In this episode of The Private Equity Podcast, Alex Rawlings speaks with Adam Crandall, Chief Revenue Officer at Addtronics, a private equity-backed platform of robotics and automation companies.
Adam shares how he helped quadruple revenue at a founder-led automation business before its successful exit. He explains why growth begins with putting the right people in the right seats, rather than relying solely on processes, industry experience, or technology.
The conversation explores how private equity firms and portfolio company leaders can identify attractive markets, improve pricing, align compensation with profitability, and build a repeatable go-to-market playbook...
Building Professional Services Firms for Growth: Private Equity, Acquisitions and AI
In this episode of The Private Equity Podcast, Alex Rawlings speaks with Zachary Darrow, Chief Executive of Darrow Everett and leader of the firm’s Private Equity and Securities Practice Group.
Zachary shares how Darrow Everett grew from a real estate and finance boutique into a full-service law firm with eight offices across the East Coast. He explains how the firm navigated the global financial crisis, the pandemic, client losses and changing interest rates by diversifying its services and pursuing strategic acquisitions and team lift-outs.
The conversation explores why integration is often the hardest part of...
How the Best Companies Design and Deploy a Scalable Sales Engine
In this episode of The Private Equity Podcast, Alex Rawlings speaks with Bill Bell, Fractional Chief Revenue Officer at Chief Outsiders, about building a repeatable sales engine that drives organic growth across private equity portfolio companies.
Bill explains why commercial due diligence is often far less rigorous than financial, legal, and operational diligence—and how this leads firms to underwrite ambitious growth plans against sales organisations that were never designed to deliver them. He shares why hiring more salespeople rarely fixes a broken system, what strong sales leadership looks like, and how documented processes, CRM governance, pipeline di...
How Private Equity Is Investing in Founder-Led Software Businesses
In this episode of The Private Equity Podcast, Alex Rawlings speaks with Bobby Ocampo and Sheldon Lewis, co-founders and managing partners of Blueprint Equity.
Following the successful close of Blueprint Equity’s $333 million third fund, Bobby and Sheldon explain how the firm identifies and supports high-growth B2B software companies. They discuss Blueprint’s early growth investment strategy, its direct sourcing infrastructure and the role its six-person operations team plays in supporting portfolio companies.
The conversation also explores the impact of artificial intelligence on software valuations, underwriting and value creation. Bobby and Sheldon explain how Blue...
Insights into the Private Equity Lower-Middle Market
In this episode of The Private Equity Podcast, Alex Rawlings speaks with Paul Isaac, Managing Partner of Isaac Management LLC, about investing in lower-middle-market businesses through a permanent-capital model.
Paul explains why Isaac Management operates without a traditional fund, predetermined exits or outside investor pressure. He discusses the risks of overleveraging, the importance of understanding a company’s community and culture, and why higher interest rates have created a disconnect between buyer expectations and seller valuations.
The conversation also explores Paul’s journey from banking and private credit to launching his own investment firm, how buye...
Building Value Through Carve-Outs, Operational Transformation and AI
In this episode of The Private Equity Podcast, Alex Rawlings speaks with Russ Roenick, Co-Founder and Managing Partner at Transom Capital, about building a differentiated middle-market investment strategy around carve-outs, special situations and operational complexity.
Russ explains how launching Transom shortly before the global financial crisis shaped the firm’s highly hands-on approach. He outlines how Transom identifies businesses with strong underlying industry potential but significant operational challenges, then applies a disciplined value-creation model to improve performance.
The discussion covers Transom’s six core operational transformations: salesforce effectiveness, new product innovation, digital transformation, supply-chain improvement, cost...
$465M Exit and how to get to the top 5% in US Buyouts
In this episode of The Private Equity Podcast, Alex Rawlings speaks with Daniel Pianko, Co-Founder of Achieve Partners, about Achieve’s talent-led investment strategy, its $465 million exit of Optimum, and how the firm reached top 5% performance for DPI in Cambridge Associates’ US buyout benchmark.
Daniel shares how Achieve Partners invests in businesses where the biggest growth constraint is access to trained talent. Rather than simply competing for experienced hires, Achieve builds apprenticeship-style programmes inside portfolio companies, creating new talent pipelines that drive revenue, margin expansion, retention, and differentiated value creation.
The conversation explores the relationship betw...
From Warby Parker to Diapers.com: David Bell on Consumer Brand Success
In this episode of The Private Equity Podcast, Alex Rawlings speaks with David Bell, former Wharton Professor of Marketing and early-stage investor in consumer companies including Diapers.com, Warby Parker, Harry’s and Jet.com. David shares what he looks for in standout consumer brands, why founder insight and capital discipline matter, and how businesses can build emotional and symbolic value around everyday products.
David explains why great consumer companies often begin with a simple frustration: what is wrong with the status quo? From buying diapers online to rethinking eyewear pricing, the best founders identify a clear cu...
Are law firms ripe for Private Equity investment
In this episode, Alex Rawlings speaks with Adil Taha, a private equity operator specialising in the UK legal sector. They explore why private equity has struggled to scale law firms, the challenges of buy-and-build strategies, and why many legal businesses are weaker than they appear financially.
Adil shares lessons from rescuing and rebuilding Child & Child, explains why consumer legal services are attracting the most PE interest, and discusses how law firms differ from other professional services businesses. The conversation also covers the impact of AI, rising salary costs, partnership structures, and why the US legal market may...
Why Most PE-Backed Companies Are Invisible to AI Search
In this episode, Alex Rawlings speaks with Shiv Narayanan, CEO of How to SaaS, about how private equity firms can use marketing and AI as value creation levers. They discuss why many B2B companies underinvest in marketing, how AI is changing buyer behavior, and why brand authority and content are becoming critical for growth.
Timestamps
00:03 – Introduction to Shiv Narayanan and How to SaaS01:55 – Common marketing mistakes in PE-backed businesses04:15 – Finding the right marketing strategy and spend08:06 – How PE firms should assess CMOs12:49 – AI as a value creation lever14:40 – How AI search is changing buyer behavior16:02 – Why brand auth...How to manage the priorities between the executive team and the investor
In this episode of the Raw Selection Private Equity Podcast, Alex Rawlings speaks with Christina Haxton about the relationship between private equity firms and portfolio company leadership teams.
They discuss how trust, communication, alignment, and culture impact execution during periods of rapid growth — and why many businesses struggle not because of strategy, but because of leadership friction and organizational disconnect.
Timestamps
00:00 – Introduction to Christina Haxton
01:27 – Common execution and leadership friction points
03:14 – Managing PE expectations vs operational reality
05:10 – Early warning signs of leadership misalignment
07:32 – Why strategy must be co-created
09:27 – Building trust...
The Hidden Mistakes Killing PE Value (And How to Fix Them)
Episode Summary
Paul Brennan, PE-backed CFO, shares lessons from exiting Lindsay Precast (sold to The Jordan Company), covering exit prep, value creation, and integration.
⏱️ Key Timestamps
00:00 – Intro & Background
CFO experience across PE, public, and family-owned businesses.
01:23 – Common PE Mistake
Lack of clarity on why data requests matter → impacts alignment.
03:13 – Exit Preparation
👉 Prepare every quarter
05:07 – Data Insight
Customer profitability analysis revealed hidden value drivers.
06:03 – Sale Process
👉 M...
From Founder to Three Exits Building a Services Company and Selling to Private Equity
In this episode, Alex Rawlings speaks with Robert Irving, CEO of Buffalo Growth Partners. Robert shares his journey from building and selling a fire & life safety business to scaling within private equity and launching his own independent sponsor firm.
⏱️ Timestamps & Key Topics
00:00 – Introduction
Robert’s journey across founding, exiting, and re-entering private equity.
00:30 – Building & Selling a Business
 Grew to ~80 technicians and exited at 29  Joined a PE-backed roll-up, completing 100+ acquisitionsÂ01:21 – Biggest PE Mistake: People
 Misalignment of talent and roles  Importance of matching personal goals with business needs...A different approach to Private Equity with Michael Arrieta
Guest: Michael Arietta
Host: Alex Rawlings
đź•’ Key Timestamps
00:00 – Intro
Overview of Garden City Equity’s long-term, people-first model.
00:40 – Biggest PE Mistake
Short-term thinking (IRR focus) limits investment in transformational initiatives like ERP, CRM, and AI.
01:37 – Long-Term Hold Strategy
30-year horizon allows compounding value without forced exits.
03:05 – Holding Company Model
All investors share ownership across all assets—better alignment and flexibility.
05:55 – Leveraging Investor Network
LPs provide deal flow, diligence, and op...
How to Drive Organic Growth in a Private Equity Backed Company
Alex Rawlings speaks with Nigel Green on why private equity firms struggle with organic growth and how better hiring, faster execution, and customer focus can unlock value.
⏱️ Timestamps & Key Takeaways
00:00 – Introduction
Nigel’s background and advisory focus
00:29 – Career Highlights
 Two successful exits before 30  Now advising PE-backed companies on growthÂ01:34 – Biggest PE Mistake
 Weak commercial operators  Overvaluing experience vs. current fitÂ03:05 – Growth Challenges
 Delayed action on underperformance  Lack of urgency from investorsÂ05:42 – Hiring Better Leaders
 Avoid “black book” hires  Focus on ...How to Double EBITDA in 3 Years The Multi-Unit Retail Playbook
Alex Rawlings speaks with Jeff Helfgott, CEO of Boardroom Salon, about scaling PE-backed multi-unit businesses. They discuss talent strategy, retention, resilience, and how to turn operational fixes into sustainable growth.
⏱️ Key Timestamps
00:00 – Introduction & Jeff’s Background
From barbershop beginnings to PE-backed CEO.
01:04 – Common PE Mistakes
Overlooking talent strategy during diligence.
02:11 – Talent Assessment
Evaluating teams based on current business needs.
05:58 – Hiring Non-Negotiables
Integrity and focus on top 3 priorities.
08:18 – Resilience in Leadership
Navigating crises like COVID.
The investing strategy in the franchising and multi-unit retail sector
Mike Esposito shares his journey from a 30-year career at Goldman Sachs to co-founding Franchise Equity Partners, highlighting their differentiated approach to private equity through franchising and multi-unit retail investing.
⏱️ Key Timestamps
00:00 – Introduction
00:30 – Career background and transition to PE
01:45 – Pitfalls of “me-too” PE strategies
03:13 – Leaving Goldman Sachs during COVID
04:41 – Advisory vs ownership mindset
05:36 – Why franchising & multi-unit retail
07:00 – Barriers limiting PE in franchising
08:26 – Unique LP structure with HPS
11:17 – First non-franchise deal (European car wash pl...
Mastery of the Psychology of Change & Transformation
Guest: Meg Pogue, Founder, Mission Squared
Host: Alex Rawlings
Meg Pogue joins Alex to discuss the psychology behind change in private equity-backed businesses. A former CEO who scaled her company from 2 to 95 employees, Meg now works with executive teams to navigate transformation, cultural friction, and the human dynamics of growth and acquisitions.
The conversation explores why acquisitions and major transformations often trigger fear and resistance inside organizations. While executives are typically excited by growth and opportunity, most employees prioritize stability and...
Scaling a Home Services Business
Guest: David Williams, CEO, Advantage Services Group (ASG)
Host: Alex Rawlings
David Williams joins Alex to share how he transitioned from consulting into entrepreneurship through acquisition — and scaled a home services platform to $100m+ in revenue in just five years.
Since acquiring his first HVAC business in Oregon during COVID, David has completed 10 acquisitions, expanded into three states, and grown organically at ~20% annually. His focus? Building one fully integrated company — not a loose roll-up of brands.
đź•’ Timestamps
00:00 – Introduction & David’s background
01:57 – Choosing entr...
Balance Sheet First Investing Like an Operator, Not Traditional PE
In this episode, Alex Rawlings speaks with Andrew Sachs, Founder of Mauloa, about why he believes the traditional private equity model is fundamentally flawed — and what a long-term alternative looks like.
After starting his career at Morgan Stanley Capital Partners, Andrew built Mauloa around a simple philosophy: no excessive leverage, no forced exits, and a focus on compounding cash flow over decades.
Mauloa takes minority stakes (30–40%) in family and multi-generational businesses, avoids debt, and prioritises culture, balance sheet strength, and long-term alignment.
⏱️ Timestamps
00:00 – Andrew’s b...
The lessons from Formula 1 to 22 acquisitions by a Private Equity-backed CTO
In this episode, Alex sits down with Peter Rossi, a UK-based CTO with 25+ years in technology and 15 years in commercial leadership. From running trackside IT at McLaren to leading 22 acquisitions in a PE-backed group, Peter shares hard-earned lessons on growth, integration, and operating under pressure.
⏱️ Timestamps
00:00 – Introduction & career overview
00:28 – Life at McLaren & high-performance environments
01:23 – VC due diligence & scaling tech businesses
02:24 – Building and exiting a SaaS company
03:50 – The biggest PE mistake: rigid M&A planning
07:25 – Lessons from Formula One
...
What Two PE Exits Taught James About Winning as a CFO
In this episode, host Alex Rawlings welcomes James Carver, a seasoned CFO with two private equity-backed exits under his belt. James shares his unique journey from the trading desk to executive leadership, and unpacks valuable lessons from navigating complex M&A deals, ESOP sales, and private equity integrations.
⏱️ Episode Highlights
00:00 – Intro & Background
James shares his career path from stock analysis to FP&A and investment banking before stepping into CFO roles.
05:22 – Transition to Corporate Finance & First Exit
How James helped scale a medical distribu...
Learnings from a $1BN+ exit and 300 investments in Private Equity
Episode Overview:
In this episode, Alex Rawlings speaks with Richard Fitzgerald of CapitalSpring, a private equity firm specializing in foodservice and multi-location consumer businesses. Richard shares insights into CapitalSpring’s differentiated, sector-focused approach, how they’ve scaled over 20 years, and the recent $1B+ exit to Bain Capital. He also unpacks their latest fundraising success in a tough market and the importance of specialization in today's crowded PE landscape.
Timestamps & Key Topics:
00:00 – Introduction
Overview of CapitalSpring’s focus and two key topics: fundraising success and a $1B+ exit.
Building a Value Creation Machine & Scaling a Private Equity Firm
🎧 Episode Summary:
In this episode, Alex Rawlings speaks with Chris Sznewajs of Pacific Avenue Capital Partners about building a private equity firm focused on complex corporate carve-outs and businesses owned by “unnatural owners.” Chris shares how Pacific Avenue identifies overlooked assets, drives value through operational focus, and recently expanded into Europe with a team-first approach.
He dives into the lessons from building out their Paris office, the firm’s unique deal sourcing strategy, and a case study involving a complex carve-out from Total Energy. Chris also unpacks their value creation model, why they invest heavily i...
How private equity firm THL is winning with AI implementation
In this episode, Alex Rawlings is joined by Alex Sabel, Vice President at THL Partners, to explore how the firm is embracing AI across its operations and portfolio. Alex leads THL’s research function and AI strategy, bringing a data-driven, quant mindset to private equity.
He shares how THL uses AI internally to improve investment workflows, how portfolio companies are deploying AI to drive product innovation and efficiency, and what he’s learned from both successes and failures. Whether you’re exploring AI adoption or refining your strategy, this episod...
Emerging markets investing in the consumer & retail sector
In this episode, Giovanni Zangani joins Alex Rawlings to share insights from operating in Vietnam’s emerging private equity landscape. As Managing Partner at Maestro Equity Partners, Giovanni discusses the firm’s hands-on approach to investing in consumer and F&B businesses, the challenges of deal execution in emerging markets, and why local understanding is critical to success.
⏱️ Timestamps:
00:00 – Intro to Giovanni & Maestro Equity
Vietnam-focused, growth equity firm backing brick-and-mortar and F&B businesses with tickets of $5–20M.
01:25 – Key Mistakes in Emerging Marke...
