The Private Equity Podcast, by Raw Selection

The Power of Simplicity Done Right With Brad Armstrong

Jan 14, 2025

Brad Armstrong, a Partner at Lovell Minnick, shares insights from his 25 years in private equity. He highlights the importance of sticking to fundamentals and the critical mistake of misaligning capital raising with deployment. Brad discusses identifying competitive edges and trends in financial services, emphasizing digital transformation. He elaborates on Lovell Minnick's 'all-weather strategy' for consistency, custom value creation plans, and the significance of effective executive selection in driving growth.

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ADVICE

Decoupling Capital Raising and Deployment

Decouple capital raising from deployment, especially in frothy markets.
Stay disciplined and stick to your investment strategy, even when capital is scarce.

INSIGHT

Right to Win

Private equity firms need a "right to win" in today's mature market.
This involves having a clear edge in sourcing and value creation.

ANECDOTE

Brad Armstrong's Career Journey

Brad Armstrong's path to private equity was not a direct one, starting in operations and investment banking.
He found that private equity was a good combination of his operating and investment banking experience.

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Welcome back to the Private Equity Podcast by Raw Selection! Joining me today is Brad Armstrong, Partner at Lovell Minnick, a Private Equity firm celebrating its 25th anniversary. Brad shares insights into value creation, forecasting for 2025, the importance of sticking to your core strengths, and how simplicity done right can drive Private Equity success.

Breakdown:

[00:00] Sticking to fundamentals, value creation, and staying disciplined in private equity.

[00:30] Brad's career journey, Lovell Minnick’s 25-year strategy, and their focus on financial services, business services, and fintech.

[01:54] The biggest mistake in private equity: failing to decouple capital raising from capital deployment. Why sticking to your strengths and staying disciplined is key.

[04:40] “Right to win”: Identifying where you have an edge and staying competitive in a mature private equity market.

[06:05] How Brad entered private equity, blending operating, investment banking, and PE experience.

[08:58] Trends in financial services and fintech: digital transformation, technology enablement, and specialized outsourcing driven by regulation.

[11:46] How Lovell Minnick stays consistent: an “all-weather” strategy, controllable outcomes, and avoiding macroeconomic dependency.

[14:09] Lovell Minnick’s approach to value creation: custom plans, operating partners, and functional specialists supporting portfolio growth.

[16:29] Playbooks and best practices: how Lovell Minnick documents and shares successes across portfolio companies.

[17:54] Portfolio collaboration: peer-to-peer teaching, executive summits, and solving challenges together, from cybersecurity to sales infrastructure.

[22:08] Forecast for 2025: Brad’s take on market clarity, improving fundraising, and a constructive deal-making environment.

[25:53] Brad’s influences: books like Six Types of Working Genius, Scary Smart (AI), and Outlive by Peter Attia.

[27:46] Closing thoughts and gratitude to the audience for record-breaking downloads.

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Thank you for tuning in!

Connect with Brad on LinkedIn here.

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