E288: Inside a PE Fund Ranked #1 in IRR, DPI, and TVPI

24 snips

Jan 22, 2026

Jesse D. Serventi and Atif Gilani, Founding Partners of Renovus Capital Partners, dive into the secrets behind raising $875M in a challenging fundraising landscape. They discuss how focusing on sub-$10M EBITDA businesses offers competitive advantages and enhances deal flow. The duo emphasizes the importance of talent density and a strong firm culture as key drivers of success. They also explore innovative portfolio construction strategies, advocating for longer holding periods of winning investments and the significance of selecting the right long-term partners.

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INSIGHT

Structural Edge In The Lower-Middle Market

Playing at the low end of the lower-middle market creates many more deal 'at-bats' than upmarket strategies.
Buying sub-$10M EBITDA founder businesses lets Renovus play the game on "easy mode" and capture more opportunities.

ADVICE

Invest In Team And People Infrastructure

Invest in building a large, high-quality team even when fund size is modest.
Hire roles like a full-time director of people and use coaches to professionalize culture and recruitment.

INSIGHT

Talent Density Drives A Flywheel

Talent density and boomerang executives create a compounding network effect across deals.
Repeat CEOs and founders bring referrals and raise the quality of future sourcing and portfolio outcomes.

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How do you raise $875M in one of the hardest fundraising markets in decades and still outperform on DPI, IRR, and culture? In this episode, I sit down with Jesse D. Serventi and Atif Gilani, Founding Partners of Renovus Capital Partners, to unpack what actually compounds in private equity over 15+ years. We break down why staying in the lower end of the lower middle market creates structural advantage, how talent density became their real edge, and why portfolio construction—not deal hype—is the hidden driver of net returns. Jesse and Atif also share how Renovus evolved from three founders doing everything into a scaled firm built to last decades, not cycles.

Highlights:

How Renovus raised $875M while many peers struggled
Why sub-$10M EBITDA businesses create more “at bats”
Purchase price discipline and playing the game on “easy mode”
Talent density as the true compounding advantage
Boomerang CEOs and the Renovus ecosystem effect
Evolving from deal makers to firm builders
Recycling capital to invest ~120% of LP commitments
Why holding great businesses longer beats forced exits
“Invest and investigate” as a portfolio construction edge
Choosing LPs as long-term partners, not one-off capital

Guest Bio:

Jesse D. Serventi and Atif Gilani are Founding Partners of Renovus Capital Partners, a private equity firm focused on founder-owned businesses in the lower middle market. Prior to Renovus, Jesse was an investment professional at Leeds Equity Partners and began his career at Citigroup in investment banking and private equity. Atif was a Managing Director at Leeds Equity Partners and started his career in M&A at Merrill Lynch. Together, they have spent more than 15 years building Renovus into a scaled, culture-driven firm known for strong DPI, disciplined portfolio construction, and long-term alignment with founders, executives, and LPs.

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Disclaimer:

This podcast is for informational purposes only and does not constitute investment, financial, legal, or tax advice. Nothing in this episode should be interpreted as an offer to buy or sell any securities or to participate in any investment strategy. All opinions expressed by the host and guests are their own and do not represent the views of Weisburd Capital. Participants may hold positions or have financial interests in the companies, funds, or investments discussed. Any references to specific investments are for illustrative purposes only. Investing involves risk, including the potential loss of capital. Past performance is not indicative of future results, and any forward-looking statements are subject to risks and uncertainties. Any third-party data or opinions have not been independently verified. Listeners should conduct their own research and consult their own advisors before making any investment decisions.

(0:00) Introductions (2:47) Playing in the lower middle market and growth perspectives (8:42) Team dynamics and hiring talent with potential (14:32) Evolution of LP mix and portfolio strategy (22:01) Managing short-term orientation and founder partnerships (24:29) Invest and investigate philosophy with business examples (27:15) Fund investment sizing, durability, and advice for longevity (29:19) Closing remarks