HoldCo Builders How I Left PE, Bought 2 SaaS Businesses (Raising a Fund Next?) | Donza Worden Interview
Sep 12, 2025
Donza Worden, a former institutional investor and co-founder of Clear Peak Capital, shares his insights into the private equity landscape. He argues that many PE professionals aren't true investors, emphasizing the importance of independent sponsorship. Donza discusses his journey from a small town to the heights of finance and the pivotal conversations that shaped his career. He explores the nuances of acquisition challenges, the role of institutional capital, and his innovative investment philosophy that prioritizes intellectual curiosity over mere deal execution.
AI Snips
Chapters
Books
Transcript
Episode notes
PE Trains Operators Not Investors
- Private equity roles train executional skills, not investing judgment, because early careers focus on deal mechanics.
- Slow feedback loops and incentives to do deals delay true investment decision practice until much later.
Island Conversation That Changed Course
- Donza grew up on a tiny Michigan island and discovered finance after chatting with a restaurant owner who used to run a company.
- That conversation prompted cold outreach, rapid self-study, and eventually roles in banking and private equity.
Start With Industry Then Company
- Start thesis work by asking why the industry exists and why the company exists inside it.
- Use frameworks like Porter's Five Forces to build conviction before worrying about price.
