In this conversation, Chris Brimsek, Managing Partner of CAB Advisory, shares his insights on the strategic and operational hurdles investment managers face today. He discusses the emerging trend of fundless sponsors and their impact on deal flow and team structures. Chris emphasizes the crucial choice between remaining boutique or scaling for founders, focusing on team dynamics. He also draws fascinating parallels between sports franchises and investment firms, highlighting how talent management strategies can inform private equity. This pragmatic dialogue offers valuable perspectives for navigating an evolving industry.
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insights INSIGHT
Mutual Fund Phase Insight
Private markets are entering a "mutual fund phase" where efficiency and slicing of assets dominate.
The future growth depends on new investment content, especially from emerging and middle market managers.
volunteer_activism ADVICE
Choosing Fund vs. Fundless Model
Independent and fundless sponsors benefit from rising interest and direct deal capital.
Managers must decide to remain boutique or transition into fund models for scaling.
volunteer_activism ADVICE
Operational Alpha Framework
Operational alpha means mastering firm strategy, product roadmapping, team compensation, and succession.
Managing and incentivizing teams like sports franchises leads to sustainable top performance.
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In this episode of The Distribution, Brandon Sedloff sits down with Chris Brimsek, Managing Partner of Cab Advisory, for a deep dive into how investment managers can build enduring businesses in an increasingly complex private markets environment. Drawing on experience from advising GPs across asset classes and stages, Chris outlines the major strategic and operational challenges facing fund managers—from firm structure and team composition to incentive design and succession planning. The conversation explores why many firms stall out at the mid-market level and what it truly takes to scale. Chris shares a four-part framework he uses with clients to create “operational alpha,” emphasizing the importance of vision, actively managed teams, properly structured incentives, and founder delegation. Whether discussing fundless sponsors, the future of sports investing, or the commercialization of GP stakes, Chris offers a pragmatic and unvarnished view of where the industry is headed.
They discuss:
How the “mutual fund phase” of private markets is driving the need for new content and strategies
The rise of fundless sponsors and how they’re shaping deal flow, team structures, and fundraising models
Why founders must choose between staying boutique or scaling—and how that choice affects team dynamics and enterprise value
The case for sports franchises as analogs to deal teams and what private equity can learn from talent management in professional leagues
Why delegation, succession planning, and intentional incentive design are key to sustainable firm growth
This is a must-listen for investment managers navigating scale, succession, or strategic reinvention in today’s private markets.
(00:00:00) - Intro
(00:02:48) - State of private markets
(00:05:31) - Emerging managers and investment dynamics
(00:15:11) - Operational alpha and team management
(00:23:36) - Building durable investment management businesses
(00:26:07) - The startup mindset in business
(00:27:02) - Incentives and performance
(00:27:52) - Talent development and team composition
(00:28:54) - Recruitment and team dynamics
(00:34:03) - Delegation and leadership challenges
(00:41:15) - Strategic capital and growth
(00:45:35) - The future of private markets
(00:51:56) - Closing thoughts and podcast information
The Distribution by Juniper Square