Podcast
The Private Equity Podcast, by Raw Selection
Hosted by Alex Rawlings · EN
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 talking and to the point and aims to unlock real gold you can build into your firm or portfolio companies. Find out more at www.raw-selection.com
41episodes
Episodes
Newest firstAll episodes
How Private Equity Is Investing in Founder-Led Software Businesses
2w ago00:24:32Tap to summarizeIn 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 Blueprint has integrated multiple AI tools across sourcing, deal evaluation, portfolio operations and internal workflows.They also share why vertical software businesses with deeply embedded customer workflows may be better positioned to withstand AI disruption than lightweight horizontal software products.Key TopicsBlueprint Equity’s early growth investment strategyRaising a $333 million third fundInvesting in B2B vertical software businessesBuilding a large direct sourcing functionSupporting founders with recruiting, go-to-market and RevOpsUsing AI to identify, prioritise and track investment opportunitiesConnecting multiple AI tools through an integrated technology stackUnderwriting software businesses in an uncertain marketAssessing founders in minority growth investmentsMoving quickly without creating employee burnoutTimestamps00:00 Introduction00:28 Blueprint Equity and the successful Fund III raise00:53 The firm’s early growth equity investment thesis01:43 Building the team and operations function02:50 Common mistakes made by investment firms04:21 Underwriting software businesses in the AI era06:33 How Blueprint structures its value creation team07:41 Recruiting and institutionalising portfolio companies08:35 RevOps, reporting and financial visibility09:53 How Blueprint uses AI internally10:37 AI-driven sourcing and opportunity prioritisation11:06 Using proprietary data in underwriting12:32 Blueprint’s AI technology stack14:01 Building a genuine direct sourcing strategy15:24 The resources required for proprietary origination16:46 Less obvious investment signals17:14 Assessing the entrepreneur behind the business18:13 Vertical software and the threat of AI disruption20:25 Creating a fast-moving culture without burnout22:09 Recommended private equity news and content23:34 How to connect with Blueprint EquityRaw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/🌐 Visit Raw Selection www.raw-selection.com
Transcribe →Insights into the Private Equity Lower-Middle Market
3w ago00:29:01Tap to summarizeIn 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 buyers can build trust with founders, and why operational improvement and talent development often create more sustainable value than financial engineering or acquisition-led growth.Key TakeawaysWhy excessive leverage and weak market understanding can undermine an acquisition.How permanent capital supports patient ownership and long-term decision-making.Why lower-middle-market deal activity has slowed as financing costs have increased.How transparent communication and flexible deal structures can build seller trust.Why operations may offer a stronger value-creation opportunity than pricing or M&A.The importance of retaining, developing and incentivising key employees.Timestamps00:00 Paul’s background and the launch of Isaac Management01:27 A permanent-capital approach without a traditional PE fund02:24 The biggest acquisition mistake: overleveraging04:50 Deal trends across the lower middle market06:46 The valuation gap between buyers and sellers08:39 Tariffs, financing costs and portfolio-company pressure11:05 Chief Outsiders12:32 Building an investment firm without institutional backing15:28 From the search-fund concept to permanent capital16:56 Why long-term ownership resonates with business founders19:48 Lessons from seller conversations and dealmaking21:18 Equity rollovers, seller financing and deal preparation23:08 The most effective lower-middle-market growth lever25:03 Talent retention and the true cost of replacing employees26:31 Employee ownership and long-term engagement27:00 Paul’s recommended media and publications27:58 How to contact Paul IsaacRaw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/🌐 Visit Raw Selection www.raw-selection.com
Transcribe →Building Value Through Carve-Outs, Operational Transformation and AI
4w ago00:26:22Tap to summarizeIn 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 reduction, and talent and culture.Russ also shares how the firm structures its operations team, why former portfolio-company CEOs and CFOs can become highly effective operating partners, and how Transom is deploying AI across back-office and commercial functions.Key TakeawaysWhy operational and situational complexity can create attractive entry points.How Transom approaches carve-outs as an opportunity rather than simply additional risk.The importance of building repeatable operational capabilities instead of attempting every possible transformation.Why operating teams should be involved from underwriting through execution.How supply-chain improvements have generated substantial gross-margin expansion.Where AI is currently delivering value across accounts payable, receivables, customer service, forecasting and sales.Why portfolio companies need internal AI champions to drive adoption.How leaders can stay informed without overpowering portfolio-company management teams.Timestamps00:00 Introduction to Russ Roenick and Transom Capital00:30 Moving from McKinsey into Private Equity01:26 Transom’s value-oriented investment strategy01:55 Distressed investing versus operational value investing03:16 Using operational and situational complexity04:14 Carve-outs, lender situations and tail-end funds05:14 Launching Transom during the global financial crisis07:04 The importance of adapting while maintaining investment discipline08:29 Why Transom specialised in carve-outs and special situations10:58 Why many firms view carve-outs as excessive risk12:54 Transom’s six operational transformation strategies13:23 Salesforce transformation14:17 New product innovation14:45 Digital transformation and AI implementation15:15 Supply-chain and gross-margin improvement16:13 Cost reduction, talent and culture17:37 Structuring the portfolio operations team18:05 Recruiting former portfolio-company CEOs and CFOs19:59 Transom’s approach to AI adoption20:57 Applying AI across back-office functions21:49 Creating internal AI champions22:48 Common AI use cases across the portfolio24:10 How Russ stays informed25:31 Leadership, decision-making and knowing when to step back25:57 How to contact RussRaw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/🌐 Visit Raw Selection www.raw-selection.com
Transcribe →$465M Exit and how to get to the top 5% in US Buyouts
Jun 1600:32:55Tap to summarizeIn 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 between private equity firms and operators, why data-driven decision-making matters, how Achieve partners with universities and underrepresented talent pools, and why doing good and generating alpha do not need to be in conflict.Key Takeaways:Private equity firms should empower operators to challenge assumptions with data.Achieve invests where talent shortages can be solved through focused training.Apprenticeships can increase capacity, margins, retention and scalability.Optimum shows how training pathways can unlock healthcare IT growth.Strong impact and strong returns can reinforce each other.Timestamps:00:03 – Introduction to Daniel Pianko and Achieve Partners00:29 – Daniel’s career path and linking social impact with financial return01:52 – The mistake PE firms and portfolio companies make in the boardroom03:44 – How to avoid PE investors driving strategy without enough data05:10 – Achieve’s unique strategy: investing where talent shortages constrain growth06:38 – Building apprenticeship programmes to solve supply-demand talent gaps07:08 – Daniel’s Goldman Sachs training experience and how it shaped Achieve’s model08:25 – Rebuilding the talent pyramid in lower middle market companies09:49 – Why Achieve focuses on business services, tech services, and healthcare services11:12 – Building talent programmes at the portfolio company level12:10 – Solving the gap between university education and first jobs13:04 – Why companies should stop searching for “purple squirrels”14:58 – Partnering with universities and building access to talent16:44 – The Optimum exit: $465 million sale to Infosys17:12 – Optimum’s healthcare IT thesis and value creation plan19:00 – Building healthcare IT training pathways with universities and industry bodies20:56 – Challenges in expanding Optimum beyond its historic core22:24 – How Achieve reached top 5% DPI performance22:50 – Why Achieve sells when the underwriting target is achieved23:42 – How training programmes create a natural exit point25:07 – Aligning impact with alpha creation27:31 – Talent arbitrage, underrepresented communities, and overlooked graduates29:40 – Why solving major social problems can create superior returns30:08 – Daniel’s recommended podcasts, books, and shows31:57 – How to contact Daniel Pianko32:23 – Closing remarksRaw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/🌐 Visit Raw Selection www.raw-selection.com
Transcribe →From Warby Parker to Diapers.com: David Bell on Consumer Brand Success
Jun 900:29:12Tap to summarizeIn 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 customer problem, build a strong proposition, and execute with precision. He also discusses why overcapitalisation can damage consumer brands, using Allbirds and Casper as examples of businesses that grew quickly but struggled to sustain value.The conversation explores omnichannel distribution, brand storytelling, cultural relevance and genuine product innovation. David highlights Touchland, Warby Parker, Native, EOS, Hello and Happy, showing how founders can elevate mundane categories through design, positioning and customer experience.Key Takeaways: Great consumer investments often start with a visceral customer problem. Capital efficiency is critical because consumer exits rarely match software-scale outcomes. Strong brands combine functional, emotional and symbolic value. D2C alone is rarely enough; winning brands need a measured omnichannel strategy. The next wave of consumer winners needs real product innovation, not just better go-to-market. Founder obsession with small details in design, scent, usability and narrative creates differentiation. Timestamps: 00:03 – Introduction to David Bell and his journey from New Zealand to New York 01:00 – David’s background at Wharton and investing in consumer companies 01:28 – What attracted David to early winners like Diapers.com 02:19 – Why Diapers.com solved a fundamental customer pain point 03:15 – The importance of insight, execution and market size 03:44 – Lessons from Allbirds and the dangers of overcapitalisation 05:32 – How great consumer brands scale beyond the early stage 06:27 – The shift from pure D2C to omnichannel distribution 07:52 – Why strategic buyers value brands with retail traction 09:18 – Why some consumer brands fail to sustain momentum 10:11 – Touchland and the reinvention of hand sanitiser 11:33 – Cultural relevance, collaborations and emotional connection 12:03 – Sponsor message from Grata 12:32 – What makes a brand fundamentally strong 13:29 – Diapers.com and the power of descriptive branding 14:26 – Warby Parker’s storytelling, fairness and American heritage 15:49 – Building cognitive associations through brand activations 17:40 – How much brand success is intentional versus luck 18:09 – Opportunities in legacy consumer categories 19:24 – Why obsessive attention to detail matters 20:19 – Craig Dubitsky, EOS, Hello and elevating mundane products 21:15 – Happy Coffee and design-led differentiation 22:14 – Where the consumer industry is today 22:43 – Capital-efficient growth and the Native deodorant example 23:39 – Why real product innovation now matters more than ever 24:36 – What David reads, watches and listens to 25:04 – Identifying white spaces in health, wellness and longevity 26:30 – Consumer opportunities through cultural arbitrage 27:27 – Lessons from Coca-Cola’s global distribution and brand power 28:24 – How to connect with David Bell 28:52 – Closing remarksRaw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection www.raw-selection.com
Transcribe →Are law firms ripe for Private Equity investment
Jun 200:53:34Tap to summarizeIn 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 offer bigger opportunities for investors.Topics Covered PE investment trends in legal services The Child & Child turnaround Why law firms are difficult to scale Problems with traditional partnership models Why buy-and-build strategies are struggling Consumer legal services vs full-service firms The role of AI and rising costs in legal Why the US market is attracting PE attention Timestamp Highlights00:00 – Introduction to Adil Taha 02:29 – Child & Child acquisition and turnaround 09:11 – Where PE is investing in legal 14:55 – The hidden weaknesses in law firms 26:51 – Why professional services are hard to scale 35:23 – Investment strategies that may work in legal 45:05 – Why PE is looking toward the US market Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection www.raw-selection.com
Transcribe →Why Most PE-Backed Companies Are Invisible to AI Search
May 2600:26:13Tap to summarizeIn 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.Timestamps00:03 – 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 authority matters more than ever17:54 – AI agents and the future of marketing teams20:20 – The importance of investing in content22:44 – Why podcasts and video are growing in B2B marketing24:22 – The risk of overusing AI-generated content25:21 – Shiv’s books and final adviceKey TakeawaysMany B2B companies rely too heavily on sales and underinvest in marketing.Strong CMOs focus on revenue, forecasting, and enterprise value creation.AI platforms like ChatGPT are reshaping how buyers research solutions.Businesses need strong brands and quality content to remain visible.Podcasts, YouTube, and thought leadership content are becoming essential.Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/🌐 Visit Raw Selection www.raw-selection.com
Transcribe →How to manage the priorities between the executive team and the investor
May 1900:30:34Tap to summarizeIn 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.Timestamps00:00 – Introduction to Christina Haxton01:27 – Common execution and leadership friction points03:14 – Managing PE expectations vs operational reality05:10 – Early warning signs of leadership misalignment07:32 – Why strategy must be co-created09:27 – Building trust between CEOs and PE firms11:44 – What makes a compelling company vision17:34 – Scaling quickly without burning out teams21:12 – Why speed without alignment creates fragility23:02 – The importance of constructive conflict24:53 – Leadership resources and practical tools29:32 – How to connect with ChristinaKey TakeawaysExecution issues often come from unclear accountability and avoided conversations.PE firms and executive teams need alignment on goals, timelines, and expectations.Strong culture and trust are essential for sustainable growth.Vision must emotionally engage teams — not just focus on financial targets.Speed without alignment creates stress, confusion, and burnout.Resources MentionedScaling Up by Verne HarnishThe Five Dysfunctions of a Team by Patrick LencioniBE 2.0 by Jim CollinsRaw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/🌐 Visit Raw Selection www.raw-selection.com
Transcribe →The Hidden Mistakes Killing PE Value (And How to Fix Them)
May 1200:17:52Tap to summarizeEpisode 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 Timestamps00:00 – 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 Update data room Review QoE Avoid last-minute pressure 05:07 – Data Insight Customer profitability analysis revealed hidden value drivers.06:03 – Sale Process 👉 Management must own the narrative Review CIM as an outsider 07:46 – Final Exit Lesson Working capital & closing estimates need tighter focus.08:44 – Key Win CRM rollout improved pipeline visibility and buyer confidence.11:08 – Acquisition (Dutchland) 👉 Weekly integration + team collaboration drove success.13:57 – Finance Transformation Built FP&A + BI tools Real-time data for better decisions 14:51 – Standardisation Unified processes improved scalability and exit readiness.🔑 Key Takeaways Align teams by linking actions to value creation Always be exit-ready Data visibility = competitive advantage Own your story in a sale Integration requires structure and consistency Strong FP&A drives performance Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection www.raw-selection.comLooking to grow your team? Check out our Hiring Guidesfor proven strategies, templates, and best practices to make smarter hires.
Transcribe →From Founder to Three Exits Building a Services Company and Selling to Private Equity
May 500:24:08Tap to summarizeIn 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 Topics00:00 – 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+ acquisitions 01:21 – Biggest PE Mistake: People Misalignment of talent and roles Importance of matching personal goals with business needs 02:42 – Off-Market Sale Process Relationship-driven deal (~18 months) Shared vision and timing were key 03:40 – Why Sell? Rapid growth (3M → 12M revenue) Opportunity to scale within a larger platform 06:57 – Winning Deals Human connection over price Understanding seller motivations (legacy, growth, people) 09:18 – Scaling a Roll-Up Leadership staying close to frontline teams Challenges of tech and data integration 10:47 – Key Lessons Retaining founders drives value Equity rollovers create alignment 12:14 – Frontline Reality Change fatigue is real Strong leadership needed during integration 14:13 – Founder Retention Tailor roles to individuals “Right person, right seat” approach 16:36 – Buffalo Growth Partners Focus: service businesses (“guys in trucks”) Operator-led investment model 18:30 – Off-Market Strategy Dedicated outreach + industry credibility Aim to be the “first call” when owners sell 21:21 – Recommendations Brad Jacobs (M&A & scaling) Alpine Investors (people-first PE) Bill Gurley – Running Down a Dream🔑 Key Takeaways People alignment is the biggest driver of success Trust and credibility win off-market deals Retaining founders unlocks long-term value Execution and integration are critical Operator-led PE is gaining momentum Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection www.raw-selection.comLooking to grow your team? Check out our Hiring Guidesfor proven strategies, templates, and best practices to make smarter hires.
Transcribe →