Best But Never Final: Private Equity's Pursuit of Excellence

Private equity is evolving rapidly, and staying ahead requires innovation in both diligence and value creation. In this episode, Sean Mooney, Lloyd Metz, and Doug McCormick explore the latest tools, trends, and strategies that are reshaping the private equity landscape in 2025.The conversation dives into cutting-edge approaches to due diligence, including advancements in data analysis, tech diligence, and digital market studies. They also discuss how private equity firms are reimagining value creation, from leveraging AI to optimize operations, to using data visualization and digital tools to drive portfolio success.Packed with actionable insights and real-world examples, this episode offers private equity professionals a roadmap to thrive in an increasingly competitive and fast-changing environment.Episode Highlights:3:13 - How value creation is taking center stage in private equity, with 75% of activity focused on post-acquisition growth strategies.5:13 - Evolving due diligence: The rise of tech diligence, digital due diligence, and the expanding scope of commercial diligence.12:54 - Opportunities in AI: How firms use data organization and visualization to unlock new growth potential.20:24 - Cutting-edge commercial market diligence: Moving beyond market size to find growth strategies that create alpha.33:37 - Embracing change: Practical steps to adopt game-changing AI tools, from ChatGPT to automated FP&A systems.39:30 - The future of the CFO’s office: New tools and approaches to optimize productivity and decision-making with AI and automation.For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

In this discussion, Michael Allen, co-founder of Beacon Global Strategies and former White House adviser, shares his expertise on U.S. trade policy. He delves into the impact of tariffs on private equity and outlines strategies for businesses to navigate supply chain disruptions. Michael highlights the significance of bilateral negotiations and the challenges posed by geopolitical tensions, particularly with China. The conversation also emphasizes the need for companies to leverage domestic opportunities and adapt pricing strategies amidst an evolving global trade landscape.

The discussion delves into the critical role of merger integration in private equity. Key elements of integration planning, such as branding and IT systems, are highlighted for successful acquisitions. The team emphasizes the risks of poor execution and the potential value destruction that can occur. They also explore the importance of cultural alignment and effective change management. Different integration scenarios, including geographic expansion and product synergies, are analyzed, along with strategies to harness operational efficiency.

In this featured episode, we’re excited to share a conversation from Thoma Bravo’s Behind the Deal podcast. Join managing partner Holden Spaht as he sits down with Leagh Turner, CEO of Coupa, to explore how Thoma Bravo and Coupa are revolutionizing business spend management, leveraging AI, and driving innovation post-acquisition.Hear how Coupa is transforming inefficiencies in the $33 trillion global trade ecosystem using its $7 trillion transaction dataset and AI-driven insights. Leagh also shares her leadership philosophies, strategies for cultural alignment, and how Coupa continues to set itself apart in business spend management.Discover why Thoma Bravo’s $8 billion acquisition of Coupa is a case study in growth, innovation, and leadership.If you enjoy this episode, be sure to follow Thoma Bravo’s Behind the Deal for more exclusive stories from the world of private equity and tech investment.0:07: Sean Mooney introduces the episode, featuring Thoma Bravo’s Behind the Deal.2:24: The $8 billion acquisition of Coupa and its industry-leading position in business spend management.9:09: AI-powered opportunities: Coupa’s use of its $7 trillion dataset to eliminate inefficiencies.12:34: Appointing Leagh Turner as CEO: leadership in scaling organizations and go-to-market expertise.23:54: How Coupa’s Inspire event empowers its customer community and sparks innovation.30:43: Leagh’s vision for Coupa: redefining global trade through AI and collaboration.For more information on Thoma Bravo's Behind the Deal, visit https://www.thomabravo.com/behindthedealLearn more about Thoma Bravo: https://www.thomabravo.com/Visit Coupa’s website: https://www.coupa.com/For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

In this episode, Sean Mooney, Doug McCormick, and Lloyd Metz are joined by Carl Press of Thoma Bravo and Kevin MacDonald, CEO of Bluesight, to share a behind-the-scenes look at scaling a software company from a bootstrap startup to a private equity-backed category leader. Kevin reflects on his fourteen-year journey, from self-funding and navigating tough markets to leveraging venture capital and eventually partnering with private equity to drive growth and achieve ambitious goals. Carl provides insights from Thoma Bravo’s perspective, highlighting the power of strategic M&A, operational constraints, and value creation planning.Together, they discuss the importance of alignment between CEOs and private equity partners, integrating acquisitions, and managing growth with clarity and focus. Whether you’re a founder, an executive, or a private equity professional, this episode dives deep into the challenges and successes of scaling a business for long-term impact.Episode Highlights1:01: Sean introduces Carl Press (Thoma Bravo) and Kevin MacDonald (Bluesight), setting the stage for a discussion on scaling software companies.3:13: Kevin shares Bluesight’s origin as a self-funded startup and the challenges of selling to hospitals in its early days.9:38: The transition to venture capital funding and the mindset shift toward speculative, growth-oriented investments.13:23: Carl explains how Thoma Bravo recognized Bluesight’s potential and invested, merging it with Metasys on day one to kickstart its M&A strategy.23:03: How Kevin and Carl aligned on a four-year value creation plan, identifying where to focus and doubling down on proven opportunities.30:45: The operating cadence for Bluesight and Thoma Bravo, including structured board meetings and continuous collaborative interactions.41:40: Advice for CEOs and private equity partners on setting clear expectations, establishing cultural alignment, and navigating growth together.For more information on Thoma Bravo, go to https://www.thomabravo.com/For more information on Bluesight, go to https://bluesight.com/For more information on Carl Press, go to https://www.linkedin.com/in/carlpressFor more information on Kevin MacDonald, go to https://www.linkedin.com/in/kitcheckkevinmacdonaldFor more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

In this insightful conversation, Doug McCormick, Lloyd Metz, and Sean Mooney tackle the transformative role of artificial intelligence (AI) in private equity and beyond. Sean shares how his company, BluWave, has leveraged AI to streamline operations, enhance decision-making, and create proprietary competitive advantages. The discussion explores actionable ways entrepreneurs, private equity firms, and portfolio companies can implement AI for immediate ROI, from creative assistance to operational efficiency. The group also examines the broader policy, regulatory, and workforce implications of AI, tackling challenges like privacy, cybersecurity risks, and organizational change management. Whether you're a business owner, private equity professional, or simply curious about AI’s potential to reshape industries, this episode offers both practical tips and thought-provoking future predictions.Episode Highlights02:10: Sean explains BluWave’s adoption of AI, including why 2022 marked a breakthrough for implementing proprietary AI tools.9:44: Practical advice for entrepreneurs and small business owners on getting started with AI tools like ChatGPT and Snowflake.23:16: Using visualization platforms like Sigma and HEX to make data actionable and gamify business metrics.41:26: Doug and Sean discuss the biggest opportunities for private equity firms to integrate AI, from deal sourcing to portfolio company optimization.55:10: Sean highlights the growing risks of voice deepfakes and fraud, offering insights into protecting businesses against AI-enabled threats.For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

This special replay highlights an essential episode on how private equity firms identify where to invest and how to strategically source opportunities. Doug McCormick and Lloyd Metz join Sean Mooney to explore the art of specialization, building investment theses, and balancing focus with innovation. They share insights into why focus matters for both LPs and success in deal-making, how sourcing strategies evolve from industry expertise, and why relationships with investment bankers and direct outreach are critical. Whether you’re a business owner or a private equity professional, this episode outlines the foundational strategy behind deal selection and sourcing.Episode Highlights2:07: Doug and Lloyd discuss why staying within an investment thesis matters for LPs and how firms develop their areas of focus.8:46: The importance of specialization: How focus, relationships, and expertise enhance credibility with business owners and deal sources.19:48: Building investment theses: Tracking data, trends, and customer behavior to unlock adjacent opportunities.34:08: Strategies for deal sourcing: Working with investment bankers, targeting specific sectors, and building long-term credibility.50:52: The future of private equity marketing: How firms can build brands, leverage new tools, and attract opportunities directly.For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

Kicking off a new series on emerging investment themes, Lloyd Metz, Doug McCormick, and Sean Mooney examine the profound effects of geopolitical complexity on private equity. This episode explores the growing trend of supply chain reshoring, the rise of infrastructure services, and how enterprises are grappling with heightened risks in today’s dynamic environment. Lloyd shares insights from a portfolio company aiding corporations in navigating federal policies and mitigating geopolitical challenges, while the group discusses what makes these businesses scalable, cash-generating, and attractive for investment.Episode Highlights2:27: Lloyd and Doug break down methods for sorting through massive amounts of information to uncover actionable investment ideas.10:35: A focused thesis on how geopolitical tensions are shifting supply chains and driving demand for new infrastructure.19:48: Deep dive into a portfolio company addressing enterprise risks and helping corporations adapt to government policies.28:14: Building scalable professional services firms: From partnership models to enterprise value creation.37:32: Leveraging insight into geopolitical dynamics for future investment opportunities and emerging industry trends.For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

In this episode, Golub Capital’s Senior Managing Director, Greg Cashman, joins Lloyd Metz, Doug McCormick, and Sean Mooney to uncover the critical role of direct lenders in private equity. Greg shares Golub’s transition from private equity to direct lending, the importance of alignment between lenders and PE sponsors, and their underwriting strategies for companies and sponsors. Explore how private credit markets have evolved, what makes the best sponsors stand out, and why 2025 is shaping up to be a pivotal year for M&A. Packed with insights from decades of experience, this is an essential listen for private equity professionals and investors.Episode Highlights2:20: Greg shares Golub Capital’s origin story and its strategic pivot from private equity to direct lending.8:48: The benefits of specialization: Why Golub focuses on private equity-backed lending and the advantages sponsors bring to transactions.20:32: Underwriting sponsors: How Golub evaluates private equity firms and builds trust through transparency and long-term partnerships.29:08: The rise of private credit markets post-2021 and how Golub positions itself to support sponsors through tailored debt solutions.37:32: Managing underperformance: The importance of transparency, trust, and creative problem-solving between sponsors and lenders.47:46: 2025 predictions: Why improving capital markets, favorable economic trends, and M&A momentum could make it a banner year for private equity.For more information on Golub Capital, visit https://golubcapital.com/For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

Hosts Lloyd Metz, Doug McCormick, and Sean Mooney review the major themes shaping private equity in 2024, including liquidity challenges, market shifts, and investor dynamics. They discuss strategies to prepare for 2025 amid potential changes in interest rates, inflation, and emerging opportunities in industrials, food, and infrastructure services. With insights into M&A activity, CEO evaluations, and aligning investor expectations with portfolio performance, this episode offers practical knowledge for private equity professionals, investors, and business owners.Episode Highlights1:36 - Reflecting on 2024 as a challenging year for private equity, with discussions on liquidity pressures and subdued deal activity.8:02 - The divergence between market performance and economic realities, and its implications for private equity investment strategies.18:54 - Exploring opportunities in emerging sectors like niche food products and infrastructure services as areas for growth in 2025.26:03 - CEO evaluations and insights on balancing leadership, decision-making, and performance improvement within portfolio companies.35:58 - Looking ahead to 2025: inflation risks, interest rate concerns, and expectations for M&A activity and sector performance.For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net