Private Equity FunCast

Ken Fine, CEO of Affinity and a veteran B2B software executive, explores why relationships are the real engine of private-market deal flow. He compares venture and private equity sourcing, examines the limits of traditional CRMs, and explains how AI can turn messy communications into actionable relationship intelligence. They also discuss ambient CRM, relationship agents, and making technology more human.

Brogan Magnarelli, a Riverspan Partners principal and former Harvard women’s basketball point guard, shares her unconventional journey into private equity. She explores how sports shaped her competitive mindset, why transferable skills matter more than a linear career, and the role of business development as PE’s quarterback. They also discuss aging founder-owned businesses, working motherhood, mentorship, and knowing when to find a smarter room.

Andrew Akers, Associate Director of Quantitative Research at PitchBook and former private equity allocator, examines whether bigger really means better. They explore diminishing returns in mega-funds, the rise of leverage and multiple expansion, shrinking manager persistence, and why brand-name firms may offer downside protection without superior upside. Middle-market performance, smooth private-market marks, and the challenges of indexing private equity round out the discussion.

Jessica Patton, co-founder and managing director of 5th Century Partners, built a distinctive career spanning private equity, operations, impact investing, and entrepreneurship. She shares her leap from Howard University into finance, the relationships that sparked her Chicago-based firm, and why private equity should welcome broader perspectives. They also discuss AI, asking for help, comfort TV, homemade pasta, and books about women redefining ambition.

Justin D’Onofrio, an Accordion Managing Director with 25 years across finance, technology, and FP&A, shares an eight-step framework for building a disciplined 2027 AI budget. They explore runaway AI spending, measurable outcomes, ownership, ROI, data foundations, adoption costs, workforce planning, and when to fund, scale, or cut AI initiatives.

Hannah Song is a private equity professional at Promus Equity Partners transitioning to Chicago Booth after a path through KPMG audit and Mesirow investment banking. She discusses choosing culture over prestige, moving into lower-middle-market investing, and deciding between a surprise promotion and business school. She also explores mentorship, AI at work, leadership, career pivots, and her love of Ratatouille.

A practical look at management equity for executives entering PE-backed companies. Explore waterfalls, debt, preferred and common equity, exit scenarios, vesting, performance hurdles, and the terms CEOs can negotiate. The discussion also covers red flags, underwater equity, due diligence questions, and how to build alignment with a private equity sponsor before signing.

Lee McCabe, Claymore Partners partner and former Facebook and Alibaba executive, explores private equity’s return to operational discipline. They discuss data foundations, mapping business economics, and building practical value-creation plans. McCabe shares how operating advisers earn trust, handle unwelcome news, and prioritize execution. They also explore authentic content, founder-focused branding, and the next generation of PE firms.

Angela McCoy, Managing Director at May River and former Bank of America leveraged-finance banker, shares her unconventional path into private equity. She discusses joining May River remotely while pregnant, why industrial specialization is thriving, and how investing can fuel growth rather than just cut costs. She also explores career mentors, working parenthood, and her childhood dream of becoming a marine biologist.

Kirby Montgomery, Head of North America at Code & Co., expert in exit readiness and technical diligence. Jason Gill, Engineering and AI/ML lead and former CTO/founder focused on AI diligence. They debate AI-written code vs real engineering. They unpack why identical diligence reports are emerging, how “scars” and proprietary integrations create defensibility, and what separates true AI quality from smoke and mirrors.