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
46episodes
Episodes
Newest firstAll episodes
How Private Equity Firms Can Build a Scalable Go-to-Market Engine
5d ago00:28:22Tap to summarizeIn 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 should be treated as an interconnected system covering marketing, sales and customer success.The episode also examines go-to-market integration within roll-up strategies, the importance of execution fit during due diligence and how operating partners can help portfolio companies sequence growth initiatives more effectively.Key HighlightsWhy founder-led businesses often struggle to scaleThe risks of founder dependency in salesWhat Brian means by “phase zero” capabilitiesWhy firms may need to go backwards before scaling forwardsHow to professionalise a go-to-market strategyThe importance of route-to-market analysisUnderstanding reach, fit and yieldWhy lower-middle-market businesses hit growth ceilingsThe challenges of integrating founder-led businesses in a roll-upWhy go-to-market integration should be pre-wiredThe importance of execution fit during due diligenceWhy growth stalls are not always sales problemsCustomer success versus customer supportHow existing customers can drive expansion revenueSeparating revenue results from the revenue engineHow operating partners can support commercial transformationWhy growth initiatives must be sequenced correctlyTimestamps00:00 – Introduction to Brian Gustason and BG Operating Advisors01:01 – Common growth challenges in the lower-middle market01:31 – Founder dependency and underdeveloped commercial capabilities02:29 – Identifying phase zero go-to-market capabilities03:56 – Defining a professionalised go-to-market strategy04:23 – The role of go-to-market strategy in private equity05:17 – Why route-to-market analysis is often overlooked05:47 – Understanding reach, fit and yield07:14 – Why founder-led businesses often lack scalable processes08:38 – Growth ceilings and limited execution runway10:05 – Go-to-market challenges in roll-up strategies11:34 – Pre-wiring go-to-market integration13:01 – How deal origination affects integration13:58 – Execution fit and time to integration value15:51 – Diagnosing the real causes of stalled growth16:40 – Treating go-to-market as a connected system17:08 – The role of customer success in recurring revenue18:33 – Unlocking growth from existing customers19:53 – Assessing whether the revenue engine can scale20:22 – Separating revenue performance from revenue capability21:20 – Evaluating go-to-market maturity22:42 – Where to play, who to target and how to engage24:10 – How operating partners can support portfolio companies24:37 – The operating partner’s role in due diligence25:35 – Identifying businesses that need growth intervention26:31 – Sharing best practices and coaching leadership teams26:59 – Sequencing growth initiatives effectively27:29 – How to connect with Brian Gustason27:57 – 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 →Secondaries Are No Longer a Liquidity Tool. They’re a Private Equity Strategy with Adrian Siew, Rothschild & Co
2w ago00:16:26Tap to summarizeIn 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 as a last resort.Adrian also outlines the characteristics of a strong continuation vehicle, including a compelling investment narrative, attractive return potential, meaningful GP alignment, LPAC support and a clear path to exit.Key HighlightsWhy continuation vehicles have experienced significant growthHow dedicated secondary capital has accelerated adoptionWhy many leading private equity firms have completed multiple CV transactionsThe benefits of providing liquidity while retaining high-conviction assetsWhy a continuation vehicle should not be the option of last resortHow slower distributions have affected LP investment programmesThe role of secondaries in portfolio optimisation and capital recyclingHow CVs can strengthen sponsor and LP relationshipsThe importance of transparency, optionality and LPAC engagementThe key indicators of a high-quality continuation vehicleCareer opportunities within the expanding secondaries marketTimestamps00:00 – Introduction to Adrian Siew and Rothschild & Co’s GP Solutions practice00:59 – Why continuation vehicles are growing so quickly01:29 – The evolution of fund restructurings into continuation vehicles01:58 – Growth in dedicated secondary-market capital02:25 – Increasing adoption among leading private equity firms02:53 – Benefits for GPs, LPs and management teams03:39 – The biggest mistake firms make when considering a CV04:46 – Longer hold periods, slower exits and fundraising pressure05:16 – Why LPs are manufacturing their own liquidity06:14 – Restarting the private markets capital flywheel06:43 – The contribution of CVs to LP distributions07:12 – Secondaries as a strategic portfolio-management tool08:39 – Portfolio optimisation and greater flexibility for LPs09:37 – How continuation vehicles affect sponsor-LP relationships10:05 – Giving existing LPs liquidity and rollover optionality11:03 – What separates a good CV from a bad transaction11:23 – Building a credible investment narrative11:52 – Ensuring sufficient upside remains in the asset12:21 – GP alignment and commitment to the next phase13:18 – LPAC support and establishing a clear exit strategy14:10 – Adrian’s recommended reading14:39 – Careers in secondaries and how to contact Adrian15:35 – 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.Upcoming Webinar:Join Alex Rawlings on 18 August at 3:30 PM BST for How Top Private Equity Firms Run Their Executive Hiring Process.Discover how leading firms define roles, assess candidates and build a more effective executive hiring process.Register here: https://us02web.zoom.us/meeting/register/650UiYAJQ9CWzPkIUGXmrg#/registration🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/🌐 Visit Raw Selection www.raw-selection.com
Transcribe →How a PE-Backed CRO Drove 4x Revenue Growth
3w ago00:21:42Tap to summarizeIn 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 across multiple operating companies.Adam also discusses the cultural shift from pursuing revenue at any cost to prioritising profitable growth. He explains how sales leaders can communicate price increases confidently, assess commercial talent effectively, and give operating company presidents autonomy while maintaining platform-wide alignment.Key TakeawaysWhy the right talent is the foundation of scalable revenue growthHow Adam helped a founder-led company achieve 4X revenue growthWhy attitude, adaptability, and soft skills can outweigh lengthy industry experienceHow market specialisation can create a dominant competitive positionWhen strong demand and long backlogs signal an opportunity to increase pricesHow to position price increases around customer valueWhy sales compensation should reward profitable growth, not revenue aloneHow a standardised go-to-market playbook supports add-on integrationTools for assessing salespeople and commercial leadersTimestamps00:00 – Introduction to Adam Crandall and Addtronics00:30 – Adam’s career journey from HR to revenue leadership01:25 – Quadrupling revenue and exiting a founder-led business02:19 – The foundations of 4X revenue growth02:49 – Getting the right people in the right seats04:08 – Identifying high-growth end markets05:01 – Hiring for attitude, adaptability, and soft skills07:48 – Building a team capable of accelerated growth08:17 – Value creation through market specialisation09:40 – Pricing as a value creation lever11:33 – Implementing price increases in founder-led businesses12:01 – Communicating price increases to customers14:23 – Shifting the culture toward profitable growth15:22 – Aligning sales compensation with margin targets16:49 – Creating a repeatable go-to-market playbook17:44 – Balancing platform consistency with operating company autonomy18:11 – What belongs in a scalable commercial playbook19:36 – Assessing sales talent and commercial leadership20:33 – Recommended resources for private equity revenue leaders21:00 – How to connect with Adam Crandall21:28 – 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 →Building Professional Services Firms for Growth: Private Equity, Acquisitions and AI
4w ago00:29:16Tap to summarizeIn 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 professional-services acquisitions and how treating employees as a second group of clients can improve talent attraction, retention and performance.Zachary also discusses Darrow Everett’s data-led approach to business development, including measuring conference ROI, producing targeted digital content and ensuring marketing activity reaches genuine decision-makers.Alex and Zachary examine the growing intersection between private equity and legal services. They discuss the regulatory barriers to outside investment in law firms, the potential role of managed service organisations and how private equity could provide the capital and operational expertise required to modernise the sector.Finally, Zachary explains how Darrow Everett is adopting AI. Current use cases include reviewing large volumes of litigation data, identifying potential omissions in legal documents and improving internal workflows—while maintaining human oversight and professional accountability.Key Takeaways• Build professional-services firms as businesses, not simply collections of practitioners.• Successful acquisitions depend on fast, thoughtful cultural and operational integration.• Founders should prepare their infrastructure, legal documentation and financial reporting before pursuing investment or an exit.• Marketing activity should be assessed through measurable returns rather than tradition.• AI can enhance legal analysis and productivity, but its output must still be checked by experienced professionals.• Private equity could unlock significant growth within legal services if regulatory and ethical concerns are properly managed.Timestamps00:00 – Introduction to Zachary Darrow01:00 – Building a business that happens to be a law firm01:31 – Navigating the global financial crisis02:28 – Diversification, marketing and acquisitions03:25 – Lessons from team lift-outs and firm acquisitions04:49 – Acquiring people-centric professional-services businesses05:12 – Treating employees as a second client group07:01 – Modernising legal-sector business development07:58 – Measuring conference and sponsorship ROI08:55 – Content-led digital marketing11:48 – Lessons from advising founders and investors12:01 – Why founders must prepare earlier13:57 – “Make-ready” work before raising or selling14:56 – Chief Outsiders16:22 – Private equity’s opportunity in legal services17:20 – Alternative business structures and MSOs18:18 – Solving law firms’ capital constraints20:17 – AI investment and transformation21:15 – Darrow Everett’s adoption of legal AI24:01 – AI use case: reviewing large datasets25:29 – AI use case: strengthening legal documents27:24 – Zachary’s recommended reading28:22 – How to contact Zachary DarrowRaw 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 the Best Companies Design and Deploy a Scalable Sales Engine
Jul 1400:19:39Tap to summarizeIn 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 discipline, and structured onboarding create scalable performance.The conversation also explores the risks of hiring competitors solely for their “black book”, the value of stage-gated sales processes in long-cycle industrial markets, and Bill’s experience growing a PE-backed North American business from $180 million to $325 million in revenue while more than doubling its EBIT margin.Key Takeaways• Diagnose the commercial engine before adding sales headcount.• Assess whether sales managers are truly managing, coaching, and forecasting—not simply carrying major accounts.• Build systems that make capable salespeople productive rather than relying on individual heroics.• Use clear stage gates to qualify opportunities early and avoid wasting months on deals that will never close.• Professionalising the leadership team and commercial function can unlock organic growth and support M&A integration.Timestamps00:00 – Introduction to Bill Bell and Chief Outsiders00:52 – The biggest commercial mistake private equity firms make02:17 – Why hiring more salespeople can increase cost, not revenue02:46 – Diagnose, fix the infrastructure, then add capacity03:17 – Four areas of commercial maturity to assess04:46 – What makes an effective sales manager07:03 – How manufacturing companies typically hire sales talent08:00 – The danger of relying on a salesperson’s “black book”08:56 – Building a sales system instead of hiring your way to growth09:56 – Four foundations to establish before recruiting sales reps11:24 – What a documented sales process should look like11:53 – Using stage gates in an 18-month industrial sales cycle13:43 – The hidden cost of pursuing customers who will not buy15:40 – Bill’s biggest PE-backed growth success story17:34 – Recommended books, masterclasses, and podcasts18:58 – How to contact Bill19:27 – 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 →How Private Equity Is Investing in Founder-Led Software Businesses
Jul 700:24:32Tap 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
Jun 3000:29:01Tap 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
Jun 2300:26:22Tap 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 →