HoldCo Builders 20 Acquisitions, 500 Investors, Zero Fund (The Private Equity Strategy No One Is Talking About)
Nov 25, 2025
Sequoia Borgman, Founder and CEO of Borgman Capital, has had an impressive career in private equity, focusing on founder-led businesses. He shares insights on sourcing off-market deals in second-tier cities and the challenges of managing founder transitions. Sequoia also discusses the advantages of raising capital from retail investors instead of institutions, emphasizing the value they bring beyond just money. Additionally, he highlights the current landscape of private equity, navigating fewer deals and the importance of a strong team in this sector.
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Replace Bad Leadership Fast
- Prioritize hiring the right leader and monitor cultural fit closely after founder-led transitions.
- Act fast to replace misfits because one founder often represents value that may require multiple hires to replicate.
First Deal Fell Apart Then Succeeded
- Sequoia's first signed deal fell apart a week before close and he nearly regretted leaving his CPA career.
- A banker then introduced a seller and Sequoia closed a different material-handling deal within 90 days, launching Borgman Capital.
Raise Deal-By-Deal When LPs Add Value
- Do prefer hundreds of retail and family-office LPs if they add operational value and referral pipelines.
- Keep raising deal-by-deal when those investors are loyal and provide executive referrals and introductions.
