Minds Capital Podcast 8 Years, 8 Portcos Since Starting as a Searcher
Oct 22, 2025
Ian Reynolds, founder of Thesis Capital and an experienced self-funded searcher, shares insights on building a strong portfolio of eight companies. He discusses the importance of recruiting exceptional operators and fostering a people-first model. Ian critiques capital providers' diligence levels, emphasizing the need for meaningful relationships. He also dives into the unique challenges and strategies involved in deals in Puerto Rico, along with navigating international markets. His reflections on the evolving search ecosystem highlight the shift towards higher-risk, higher-return investments.
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Episode notes
Don't Over-Diligence Packaged Deals
- Avoid over-diligencing independent-sponsor deals once a comprehensive data room exists.
- Respect the sponsor's timeline and trust their packaged diligence to keep the deal moving.
Build Around Operator Gifts
- Thesis builds around operators' unique gifts and targets markets they understand.
- They prioritize businesses with durable economics that are "hard to kill."
Match Operator To Opportunity
- Only do deals when you have the right operator matched to the opportunity.
- Decline attractive businesses if the entrepreneur fit isn't right for execution.