Private Equity Podcast: Karma School of Business

In this special edition of the Karma School of Business, Sean Mooney, Founder and CEO of BluWave, breaks down key findings from BluWave's Q3 2025 Private Equity Insights Report. Drawing parallels between his son's fencing lessons and today's economic climate, Sean explains how the best investors are shifting from a defensive stance to an offensive one. Seeing through the noise, leaning forward, and playing to win. He shares fresh data showing that deal activity, due diligence spending, and AI investment are all surging—signs of an industry on the offense. From the manufacturing renaissance to the rise of flatter, AI-enabled organizations, Sean offers a grounded, data-backed view of where private equity and the broader economy are heading next. Episode Highlights 1:07 – The Sport of Fencing and PE: what private equity can learn from shifting from defense to offense 4:40 – Why the U.S. economy is "good enough" and accelerating despite the noise 11:45 – Deal data shows confidence returning: due diligence projects up 43% year-over-year 14:33 – PE firms' AI and analytics demand surges 300% and 1,600% for AI/ML advisory 18:39 – Manufacturing reshoring, venture collaboration, and the next wave of innovation 21:06 – The coming of flatter, AI-enabled organizations and what it means for talent 25:39 – Sticky inflation, rate cuts, and why the next economic cycle is already underway   For more on BluWave, visit: https://www.bluwave.net/ To request the full Q3 2025 Insights Report, visit: https://www.bluwave.net/insights-report/

Laurens Goff, Co-Founder and Managing Partner at Stone Goff Partners, shares his journey from Providence to the world of private equity. He explains how focus, visibility, and recurring revenue are essential for success in B2B services. Laurens reveals his TEOS framework—Talent, Experts, Outsourced Resources, Support—that enhances value creation. He emphasizes the importance of management summits and peer collaboration in supporting portfolio companies, and offers insights on habit formation to boost operational discipline.

Jared Stein, Co-founder and Partner at Monogram Capital Partners, shares his expert approach to scaling consumer businesses, fostering customer loyalty, and driving sustainable growth. From partnering with family-owned companies to identifying sectors with lasting demand, Jared provides actionable insights for excelling in fragmented markets and navigating today's rapid disruption cycles. A must-listen for private equity professionals and business builders looking to sharpen their playbook. Episode Highlights: 00:33 - Jared's family business origins and lessons learned from hard jobs 06:04 - Why "growth mindset" and passion are critical for business builders 13:23 - Scaling consumer brands: leadership, customer focus, and profitability 19:46 - Identifying winning brands: consumer loyalty and market potential 24:37 - Partnering with family businesses: trust, talent, and transformation 27:27 - Inside the Western Smokehouse case study: 5x EBITDA growth 30:51 - Building anti-fragility: Preparing businesses for rapid disruptions For more on Jared Stein's firm, visit: www.monogramcapital.com Connect with Jared Stein on LinkedIn: https://www.linkedin.com/in/jared-stein-5a347820 Explore more episodes: www.bluwave.net/podcasts

Sean Mooney speaks with Bob Morse, Co-Founder & Managing Partner at Strattam Capital, about the changing playbook in private equity, especially in tech. Morse traces his path from Morgan Stanley and Oak Hill to founding Strattam, then lays out a no-surprises model: turn cards face-up pre-signing, align on a founder-written five-point plan, and opt-in support with real accountability. He explains why AI threatens seat-based SaaS economics, where outcome pricing wins, and how PE firms should push portfolios to experiment while keeping the founder's innovative spark alive. Clear-eyed and practical, this conversation arms business builders with a framework to act now. Episode highlights 1:26 – An engineer's path into private equity 7:15 – Why tech needed a dedicated, specialized PE fund and the genesis of Strattam 13:03 – Solving the "first board-meeting surprise"  19:45 – The founder persona Strattam backs: industry operators with proven product-market fit 27:15 – AI as invention vs. innovation and the early business models that actually work 32:27 – The SaaS shake-up: from seat licenses to outcome-based pricing and financing impact 41:54 – "Aliens landed": a mantra for leading through uncertainty and running smart experiments For more on Bob Morse's firm, visit: https://strattam.com/  Connect with Bob Morse on LinkedIn: https://www.linkedin.com/in/bob-morse-3567595/  Explore more episodes: www.bluwave.net/podcasts

Dan Gaspar, a Partner at TZP Group, shares invaluable insights from his extensive career in private equity. He discusses the importance of evaluating businesses through a lens of 'specialness' and how effective alignment with management on 2–3 key priorities can drive growth. Dan also explores the transformative role of AI in the industry, advocating for a culture of experimentation and adaptability. Practical advice for private equity professionals and strategic value creation highlights make this conversation a must-listen for anyone in the business-building sphere.

In a rapidly changing economy, private equity firms have shown remarkable resilience and adaptability. Insights reveal how these firms navigate disruptions using strategic decision-making frameworks like OODA loops. Key trends include a surge in technology investments, particularly in AI, along with shifting consumer sentiments. The discussion also touches on the impact of tariffs on manufacturing and trade, while a positive outlook for future growth signals increasing market activity. It's a compelling look at how private equity is poised for long-term success.

Ben Gaw, Partner and Head of Portfolio Operations at Cross Rapids Capital, shares his inspiring journey as a first-generation immigrant to becoming a leader in private equity. He discusses key strategies for identifying growth opportunities in mismanaged companies and emphasizes the importance of agile decision-making. Gaw highlights the role of soft skills and servant leadership in building high-performing teams. Transforming challenges into successes, he underlines the need for collaboration and effective resource allocation to drive immediate growth.

Dave Shepherd, Director of Portfolio Operations at Rainier Partners, shares insights from his journey at West Point to private equity. He discusses how military lessons instilled grit and resilience, emphasizing leading without authority. Dave explains Rainier Partners' value creation process, blending strategy and operational improvements. He highlights the foundational role of data and AI, advocating for small, impactful starts. Lastly, he encourages continuous learning and curiosity as vital tools for growth in both personal and professional domains.

Lloyd Metz, a seasoned partner at ICV Partners, and Doug McCormick, a specialist at HCI Equity Partners, discuss transforming private equity board meetings into strategic platforms. They emphasize focusing on impactful outcomes rather than routine reporting. The duo shares insights on structuring boards, selecting independent directors tailored to business needs, and the importance of avoiding tactical details in favor of actionable strategies. Engaging discussions around effective governance and fostering meaningful dialogue also take center stage.

Vinay Kashyap from Mainsail Partners shares insights on evaluating bootstrap B2B software companies with robust growth potential and durable value propositions. He emphasizes the importance of resourceful entrepreneurs and relationship-building in investment decisions. The conversation also highlights innovative evaluation techniques like using a 'red team' for rigorous analysis, assessing founder-led businesses, and the necessity of strategic foresight in fostering scalability and resilience in companies.