EP269: The $350M 30-Year Fund Model

5 snips

Dec 24, 2025

Brent Beshore, Founder and CEO of Permanent Equity, shares his innovative approach to investing that defies traditional private equity norms. He reveals how using permanent capital fosters long-term growth without management fees or planned exits. Brent emphasizes the importance of cash flow over short-term metrics, advocating for a focus on culture and legacy in acquisitions. His philosophy encourages reinvestment and aligns incentives with operators, arguing that patience and steady compounding yield far better outcomes for both businesses and investors.

Ask episode

AI Snips

Chapters

Transcript

Episode notes

INSIGHT

Power Of Permanent Capital

Permanent capital lets businesses compound without forced exits or heavy leverage.
Brent says compounding inside small businesses creates outsized wealth when given time and stability.

ANECDOTE

Aerospace Deal That Multiplied Value

Brent describes buying an aerospace business in 2019 that is now seven times larger.
He credits reinvesting in talent and systems while competitors negotiated with banks during COVID.

ADVICE

Prioritize Cash Flow Over Exit Timing

Do prefer cash-flow heavy investments and return distributions frequently even with a long fund horizon.
Brent recommends reinvesting when high-probability opportunities exist and otherwise returning cash to LPs.

Get the Snipd Podcast app to discover more snips from this episode

Get the app

What happens when you throw out the playbook of traditional private equity and instead build businesses with permanent capital, no exits, and no management fees? In this episode, I talk with Brent Beshore, founder and CEO of Permanent Equity, about a radically different approach to investing that focuses on ownership, compounding, and alignment with operators over decades—not years. Brent explains why avoiding leverage and fees isn’t just philosophically different but materially better for long-term outcomes, how Permanent Equity partners with founders who want legacy and culture to endure, and why patient reinvestment beats short-term optimization. We break down how permanent capital accelerates growth, how to think about cash flow vs. IRR optics, and the unique investor mindset required to succeed outside the traditional private equity model.

Highlights:

Why Permanent Equity uses permanent capital instead of typical PE fund structures
How removing planned exits changes decision-making and drives better outcomes
No management fees and minimal debt: aligning incentives with operators
The power of long-term compounding inside small businesses
Why distribution timing matters less than reinvestment discipline
How culture and legacy factor into acquisition decisions
The “cell phone test”: evaluating leadership and partnership quality
Using downturns to make strategic progress rather than panic reactions
Why cash flow is the core driver of long-term wealth creation
How Permanent Equity thinks about growth vs. margin optimization
Lessons on patience, discipline, and the psychology of long-term investing

Guest Bio:

Brent Beshore is the founder and CEO of Permanent Equity, an investment firm that acquires and builds small businesses with permanent capital and a long-term orientation. Unlike traditional private equity, Permanent Equity doesn’t plan exits or charge management fees, instead focusing on sustained cash flow growth, minimal leverage, and deep partnership with operators. Brent has spent his career refining this approach to deliver compounding outcomes across cycles by aligning incentives between investors and founders and giving businesses the time horizon they need to thrive. Under his leadership, Permanent Equity has developed a reputation for thoughtful acquisitions, disciplined reinvestment, and a culture-first approach to building enduring companies.

Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at david@weisburdcapital.com.

Stay Connected with David Weisburd:

X/Twitter: @dweisburd LinkedIn: https://www.linkedin.com/in/dweisburd/ Weisburd Capital: https://www.weisburdcapital.com/

Stay Connected with Brent Beshore:

LinkedIn:https://www.linkedin.com/in/brentbeshore/

Questions or topics you want us to discuss on How I Invest? Email us at david@weisburdcapital.com.

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) Introduction (1:31) Compounding growth and institutional investor perspectives (4:34) No management fee structure and staff incentives (7:05) Responsible use of debt and industry buying opportunities (12:51) Differentiating from traditional private equity (16:02) Portfolio diversity and the cell phone test (20:07) Handling difficult personalities and problematic investments (23:22) LP relationships, trust, and long-term business views (28:28) The importance of quality in investments (30:55) Closing remarks