The Private Equity Podcast, by Raw Selection

Brett Hickey, CEO and founder of Star Mountain Capital, shares his inspiring journey from humble beginnings in Canada to leading a billion-dollar firm. He discusses critical lessons in private equity, emphasizing active management over passive strategies. Hickey delves into the opportunities presented by an aging population, highlighting the importance of operational expertise. He reflects on navigating economic downturns, the value of cash flow, and fostering a collaborative culture in investment firms, offering invaluable insights for aspiring leaders.

Brian Reavell, founder of R-Squared Advisors and a veteran in private equity, shares vital insights on go-to-market strategies. He uncovers common mistakes private equity firms make, like overestimating internal talent and misaligning incentives. Brian emphasizes the importance of customer segmentation and an effective talent evaluation process. With engaging case studies, he reveals how deep assessments can transform underperforming companies into scalable success stories. Tune in for actionable frameworks that can reshape growth trajectories in private equity!

David Rowley, Operating Partner at Diversis Capital and seasoned technology expert, shares his insights on the intersection of AI and product strategy. He emphasizes the critical need for alignment between leadership and investment theses to avoid failures. David outlines an adaptive product strategy that leverages data and suggests innovative 'cocktail party' pods for agile development. He also highlights how AI is revolutionizing product development and scaling innovation across portfolio companies, urging firms to cultivate a culture of experimentation.

🎙️ The Private Equity Podcast — Episode with Graham Bachman, Hidden River Strategic CapitalGuest: Graham Bachman, Managing Director & Head of Business Development at Hidden River Strategic Capital Host: Alex RawlingsIn this episode of The Private Equity Podcast, Alex Rawlings is joined by Graham Bachman, who shares how Hidden River Strategic Capital is reshaping lower middle-market investing with structured capital—a hybrid approach that sits between debt and equity, allowing business owners to retain control while unlocking growth opportunities.Graham unpacks how Hidden River’s capital solutions serve founders not looking for full buyouts or rigid debt structures and instead prioritizes long-term partnerships with existing management teams. He also offers valuable insights into deal origination, the firm's philosophy on professionalization, and why education and consistency are key in a fragmented funding landscape.⏱️ Timestamps:00:00 – Welcome and guest introduction 00:29 – Graham’s background and why he joined Hidden River 01:56 – Hidden River’s investment focus and fund status 02:52 – Gaps in the lower middle-market funding landscape 03:47 – What is structured capital and why it matters 06:08 – Use cases for Hidden River’s structured solutions 07:32 – Supporting founder-led businesses without taking control 09:08 – How hands-on is Hidden River in company operations? 11:33 – How does Hidden River help with leadership development? 12:59 – Differentiation through relationship-first deal sourcing 15:51 – Graham’s reading list and media recommendations 17:22 – How to contact Graham 17:51 – Final thoughts and episode close💡 Episode Highlights:Structured Capital Defined: A tailored blend of debt and non-control equity designed to meet the needs of owners who don't want to sell or over-leverage.Flexible Approach: Hidden River typically backs existing management teams and helps them scale without stepping in to control day-to-day operations.Unique Deal Sourcing: In a buyout-dominated ecosystem, Hidden River differentiates through education, consistency, and relationship building.Founder-Friendly Philosophy: The firm supports founders who want capital to grow—not exit—and builds customized investment solutions to match.📚 Graham’s Recommended Reads:Thinking in Bets by Annie DukeThe Colossal Failure of Common Sense by Lawrence G. McDonaldGood to Great by Jim CollinsHow to Win Friends and Influence People by Dale CarnegieHoward Marks' memosThe Wall Street Journal📨 Connect with Graham: Email: gbachman@hiddenrivercap.com Website: www.hiddenrivercap.comRaw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/ 🌐 Visit Raw Selection: www.raw-selection.com

Otis Spencer, a former U.S. Army logistics officer turned private equity CEO, shares his insightful journey from military to business leadership. He discusses key pitfalls in private equity, emphasizing the dangers of buying the wrong companies and the importance of effective diligence. Otis advocates for data-driven decision-making and highlights methodologies like Six Sigma and Kaizen for improving operations. He also covers the significance of assembling strong boards and the challenges in executing successful exit strategies for sustainable growth.

In this engaging discussion, Matthew Kearney shares his extensive 35-year journey in private equity, transitioning from investor to CEO. He reveals why the old mantra of 'buying right' is no longer relevant and highlights common pitfalls, like zombie portfolios. Kearney emphasizes the need for speed and pre-planned specialization to stand out in a competitive market. He also discusses talent strategies and the importance of reducing direct reports for optimal efficiency. His insights are a goldmine for anyone navigating the complexities of private equity.

Greg Nieuwenhuys, a Private Equity Advisor and AI expert with over 20 years in the industry, dives into the transformative potential of generative AI for private equity. He explains how it's distinct from traditional AI, focusing on its capacity to create content and drive strategic initiatives. Greg dispels myths about AI as a lengthy IT endeavor, emphasizing the need for leadership and team training. He also demonstrates voice prompting as a productivity tool and highlights innovative recruitment applications, showcasing AI's role as a powerful ally in business.

Nate Edgerly, CEO of Enzo Group Inc., shares his fascinating journey from CPA to private equity leader in hospitality. He discusses how empathy and culture drive exceptional leadership, revealing what separates the great CEOs from the rest. Nate highlights common pitfalls in private equity, stressing the importance of long-term strategies over quick gains. He also unveils Enzo Group’s innovative approach to democratizing investment in hospitality, making it accessible to individual investors and underscoring the significance of effective systems in the sector.

Join Jeff Zwiefel, former President & COO of Life Time, who expertly scaled the business from $139M to $2.3B. He delves into the significance of a people-first culture and why private equity often falters by ignoring leadership and employee development. Jeff discusses innovative hiring practices through 'casting' and the need for rigorous training programs. He also highlights trends in the health industry, including personalized wellness services, while revealing how to use leadership to foster accountability and growth.

Henry Ward, CEO and Co-Founder of Carta, shares his insights on revolutionizing private equity through technology. He discusses the urgent need for legacy firms to shift from financial engineering to operational strategies that add value. Henry reveals the challenges of scaling a billion-dollar business and the importance of innovation in navigating market risks. He emphasizes the role of cloud-based tools in enhancing efficiency and transparency in private equity, while advocating for a new approach that combines venture-style growth with classic private equity rigor.