Welcome back to The Private Equity Podcast, by Raw Selection. Our host, Alex Rawlings is joined by Sanjay Chandra, Managing Partner of Trinity Investors, a Private Equity firm based in Texas. Sanjay brings decades of experience as an operator, entrepreneur, and private equity investor. In this episode, we explore how he scaled businesses from single-digit EBITDA multiples to double-digit exits, his unique journey from operator to investor, and Trinity’s focus on domestic manufacturing and industrials.

Breakdown:

[00:29] Sanjay shares his journey from immigrating to Texas as a child, excelling academically, and starting his career at Arthur Andersen before transitioning into entrepreneurship.

[01:58] Founding American Leather, growing it into a $300–$400 million business with 1,600+ employees.

[03:24] Sanjay discusses the founding of Trinity Investors, growing it into a $7 billion AUM alternative asset manager, and the firm’s focus on operating companies and commercial real estate investments.

[07:17] Reflecting on mistakes in private equity, Sanjay emphasizes the importance of exiting troubled investments quickly and shares how Trinity has adjusted its processes to respond to challenges more decisively.

[09:46] Sanjay explains how his experience as an operator helps him empathize with founders and better understand the challenges they face in the lower middle market.

[11:42] Advice for private equity professionals without operational experience: spend time on the shop floor, listen to management teams, and immerse yourself in the business beyond financial reports.

[13:08] Sanjay highlights Trinity’s focus on domestic manufacturing in the U.S., explaining why the firm prioritizes single-digit entry multiples with growth potential through operational improvements and strategic investments.

[16:04] Insights from growing American Leather: the value of patience in scaling companies, focusing on steady growth, and the compounding benefits of later years in business.

[19:29] Sanjay discusses the challenges of implementing infrastructure, upgrading management, and transitioning companies to professional operations, emphasizing the importance of respecting founders’ knowledge and contributions.

[22:55] Sanjay shares his passion for mentorship, explaining how he invests in the growth and development of leaders across Trinity’s portfolio companies and his philanthropic initiatives.

[25:21] Sanjay talks about his love for lifelong learning, mentioning his recent exploration of AI and continuous efforts to stay at the forefront of technology and innovation.

[28:38] How to reach Sanjay via email or LinkedIn, along with his openness to connecting with new people and sharing his insights.

[29:37] Closing remarks from Sanjay, reflecting on his journey and the value of entrepreneurial experiences, followed by Alex thanking him for his time and insights.

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

Thank you for tuning in!

Connect with Sanjay on LinkedIn here or via email at sanjay@trinityinvestors.com.

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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

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