Underwriting relationships before deals

Leon Brujis, Partner and Co-Head of U.S. at 65 Equity Partners

Leon Brujis shares how his firm is redefining private equity through non-control investments in founder-led businesses. In this conversation, Leon breaks down why the best companies are never for sale, how immigrant adaptability translates to investing success, and why boring, disciplined deal-making consistently outperforms flashy transactions. He also walks through his framework for negotiating term sheets and building relationships that span years before cutting checks north of $200 million.

Things You'll Learn

• Why non-control "partnership capital" allows PE firms to capture the alpha of founder-led companies that outperform by 3x
• How to structure competitive fundraising processes that balance relationship-building with deal tension—without talking to 60 firms
• The five-point framework for negotiating term sheets: value, structure, governance, strategy alignment, and exit planning

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This episode is brought to you by S&P Global.

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Episode Chapters

[00:01:00] From Engineering to Wall Street – How Leon's immigrant journey led him from Lehman Brothers to 20+ years in private equity

[00:05:30] The Immigrant Advantage – Why cultural adaptability creates flexibility in deal-making and relationship management

[00:10:00] The 65 Equity Model – Non-control investments in founder-led businesses generating $20-100M EBITDA

[00:16:00] Pull vs. Push Value Creation – Why partnership capital relies on influence, not mandates

[00:24:00] Underwriting Relationships First – Spending 1-2 years building conviction before writing $200M+ checks

[00:33:00] Crisis of Comfort – Getting comfortable being uncomfortable as the key to growth in business and life

[00:43:00] Making M&A Boring – Why consistency and discipline beat motivation and excitement every time

[00:48:00] Term Sheet Negotiation Framework – The five buckets that matter: value, structure, governance, strategy, and exit

[00:56:30] Running a Competitive Process – How to balance broad outreach with targeted relationship-building

[01:01:00] The Craziest Thing in M&A – When deal fever overtakes discipline and creates the next crisis

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