The Private Equity Podcast, by Raw Selection

In this engaging conversation, Steve Carroll, CEO and Co-Founder of Kelso Industries, shares his inspiring journey from a small-town construction background to leading 25 acquisitions in the HVAC sector. He discusses his remarkable success scaling EBITDA at Walmart and reveals key lessons about private equity pitfalls, emphasizing the need for unique market pursuits. Steve elaborates on Kelso’s innovative partnership model, which fosters trust and long-term vision, and shares insightful integration strategies that have transformed the company.

Welcome to another episode of the Private Equity Podcast. Today, I’m joined by Scott Cook, an experienced Chief HR Officer with over 100 add-on acquisitions under his belt. We dig into what really drives successful integration—nailing culture, managing change, aligning roles, and avoiding the classic post-acquisition mistakes. If you want a no-nonsense guide to people, process, and performance in PE-backed services businesses, this episode is a must-listen.[00:00] Over 100+ add-on acquisitions and integrations, with a focus on commercial and residential services.[00:29] Private equity mistake: solving adaptive people problems with technical solutions.[01:51] Example: pay plan integration fails without addressing pride, fear, and control among legacy staff.[03:49] Change takes time, but skipping the adaptive side slows everything down.[04:45] “Intervention without diagnosis is malpractice.”[05:12] Change process: Transparency (what we know/don’t know), Humility (not always right), Authenticity (real conversations).[07:38] Run changes in parallel to prove success before full implementation.[08:33] Adaptive resistance often comes from fear of loss, not logic[09:30] Key issue isn’t just communication—it’s the resistance behind it.[10:55] Missed clarity of roles and vision derails integration.[12:22] Diligence mistake: confusing deal confirmation with actual diligence.[13:21] Integration failures often come from ignoring cultural misalignment.[14:47] Early lesson: distinguish between necessary and unnecessary endings—prune what’s dying or holding growth back.[17:08] Win trust early by changing non-critical items that don’t affect frontline staff or customers.[19:30] Founders often don’t work out post-acquisition—PE firms struggle to make them fit.[20:34] Sellers always experience some remorse—plan for it during diligence.[22:00] Ask: “What does ending well look like for you?” Define success before they exit.[24:23] CFOs and CEOs shouldn’t be in the weeds—define direction, context, and outcomes.[26:44] Great CFOs provide context, not micromanagement. Great CEOs delegate integration to focus on growth.[29:32] Former founders can still add value via advisory roles or special projects.[32:24] Pest control and HVAC still hot—residential M&A picking up, commercial lagging due to government slowdown.[35:20] Resi/commercial services sector is early in its PE wave. Tons of opportunity, but plagued by poor leadership and weak diligence.[37:37] Rise in fractional execs to bridge early-stage post-acquisition gaps.[38:39] Book recs: Why Should Anyone Be Led by You? – leadership authenticityFalling Upward – personal development and meaningNecessary Endings – pruning for growth[40:30] Scott reflects on making work meaningful in the second half of life—impact over income.[40:58] Falling Upward explores this journey.[41:28] Connect with Scott Cook on LinkedIn. Thanks for tuning in.Subscribe for more episodes on  iTunes & SpotifyGot feedback or questions? Email Alex at alex.rawlings@raw-selection.com. Until next time—keep smashing it!

Welcome to another episode of the Private Equity Podcast. Today, I’m joined by Andrew Towne, Partner at Olympus Pines. We break down what it really takes to grow a portfolio company—hiring the right team, aligning goals, building execution plans, and pulling the right levers for revenue and EBITDA growth. If you're after a practical playbook on scaling businesses in the lower mid-market, this episode delivers.[00:00] Andrew Towne returns to discuss how to grow portfolio companies through team building, planning, and execution.[00:28] Success in business = aligned goals, right people in the right seats, clear plans, and proper tools/incentives.[01:55] Biggest failures come from misaligned goals. Everyone must row in the same direction.[02:26] Use role charters and RACI charts to align responsibilities and decision-making across the org.[04:22] Attracting top talent means clarity on role, expectations, comp, benefits, culture. Be transparent up front.[07:06] Retention comes down to delivering on promises, offering development, paying fairly, and giving feedback.[09:37] Managers should seek upward feedback – your team’s opinion matters more than your boss’s.[11:32] Evaluate talent by hard skills (resume, technical test) and soft skills (learning ability, judgment, self-starting).[14:53] Roadmaps keep execution on track – break down goals into sub-goals and timed milestones across the team.[17:38] Regular team accountability meetings ensure goals stay on track and interdependencies are met.[18:43] Training, tools, and incentives must align to role and company success – weight comp more to team wins.[20:39] You don’t need fancy systems – role clarity and RACI charts can live in Word and Excel.[22:07] Deal sourcing: pick a sector, build your own target list, run a disciplined, high-integrity outreach campaign.[24:57] Be transparent with sellers – don’t hide your intentions. Build trust from the first call.[26:16] Consider: can you build instead of buy? Sometimes starting from scratch is the better play.[27:37] Avoid shiny object syndrome – write down what matters to you first, then find sectors that match it.[30:37] Six top-line levers: optimize product mix, segment customers, fix pricing, retain the right customers, improve collections, manage working capital.[35:33] Hire execs aligned with the thesis – if transformation is needed, bring in people who’ve done it before.[38:56] Cost isn’t just headcount – optimize procurement, renegotiate vendors, rethink distribution, and energy use.[41:58] Retooling and reskilling can outperform layoffs – invest in your people and slow unnecessary hiring.[42:56] Thanks to Andrew for sharing his portfolio playbook and growth strategies.[43:24] Subscribe for more episodes every week. Till next time – keep smashing it.Connect with Andrew Here.Subscribe for more episodes on  iTunes & SpotifyGot feedback or questions? Email Alex at alex.rawlings@raw-selection.com. Until next time—keep smashing it!

Welcome to another episode of the Private Equity Podcast, today I’m joined by Nayef Perry, Head of Direct Credit at Hamilton Lane. We dive into the state of the private credit market—where the opportunities are, how interest rates are shaping returns, and what investors need to watch out for. If you want a sharp, no-fluff breakdown of where private credit is heading and why it still has room to run, this one's for you.Breakdown:[00:00] Nayef Perry, Head of Direct Credit at Hamilton Lane, joins to discuss the private credit market, interest rates, and market outlook. [00:30] Background: Born in Miami, ex-consultant, GE Capital, joined Hamilton Lane in 2013. [01:13] Private credit’s golden era isn’t over—higher-for-longer rates mean higher yields for investors. [02:11] Despite growth since 2008, private credit isn’t overcrowded—$1.4T credit gap vs equity. [03:36] Add $600B+ in upcoming maturities, and there’s a $2T+ opportunity over next 3–5 years. [05:30] Hamilton Lane’s deal drivers: add-ons, recapitalizations, and recovering LBO activity. [06:52] Credit lags LBO recovery but Hamilton Lane sees strong deal flow via LP relationships. [08:42] Democratization: retail access growing through evergreen funds—low minimums, high liquidity. [11:01] Biggest concern is defaults, but default rates and distress ratios remain below averages. [14:55] Credit shines across market cycles—positive performance every year since 1999. [16:51] Tight performance band and low volatility make credit an all-weather asset. [17:44] Investment discipline is key: big deal funnel + strict filters = consistent returns. [19:03] Four core criteria: top-tier sponsors, #1/#2 market leaders, recession-resistant sectors, strong capital structures. [21:01] Influences: WSJ daily, Poor Charlie’s Almanack, Red Notice, industry reports.  [23:54] Thanks for tuning in—subscribe and keep smashing it.Connect with Nayef Here.Thanks for tuning in!Subscribe for more episodes on  iTunes & SpotifyGot feedback or questions? Email Alex at alex.rawlings@raw-selection.com. Until next time—keep smashing it!

Ben Claremon, a Partner at Devonshire Partners specializing in micro and nano-cap investments, shares his journey from hedge funds to private equity. He highlights the overlooked potential of small public companies and argues that they often offer better governance than their private counterparts. Claremon discusses the crowded lower middle market, the importance of building long-term relationships, and effective risk mitigation strategies in microcap investing. His insights push investors to reconsider opportunities in this segment.

Welcome back to The Private Equity Podcast, by Raw Selection. In this week's episode, Alex Rawlings speaks with Cari Lodge, a seasoned investor with 25 years in private equity secondaries. They explore the market’s rapid growth from $2 billion to $160 billion, the increasing need for liquidity, and how secondaries optimize portfolio management. Cari discusses GP-led secondaries, continuation funds, and the market’s evolution, offering key insights into future opportunities in this space. Breakdown: [00:00] Introduction to the episode and guest, Cari Lodge, Managing Director and Head of Secondaries at CF Private Equity.[00:28] Cari’s background, her start in secondaries, and how the market has expanded from $2 billion to $160 billion.[01:45] Common mistake in private equity: Holding assets too long. How increasing holding periods from 5.7 years to 6.7 years impacts returns.[03:34] Why firms miss exit opportunities. The importance of DPI and how delaying exits can lead to the same returns years later.[04:29] Explanation of secondaries for newcomers. The role of LP secondaries, GP-led solutions, and the growing demand for liquidity.[06:53] The benefits of secondaries for investors, including diversification, shorter duration, and strong IRRs and ROIs.[08:49] Demand for GP-led secondaries, continuation funds, and LP transactions. How secondaries are now part of active portfolio management.[10:42] The future of secondaries. Market expected to grow from $160 billion to $200–220 billion in 2024, but constrained by capital and human resources.[12:33] Challenges holding the market back. Capital constraints, lack of resources, and evolving perceptions of secondaries.[14:21] Why Cari loves the secondaries market. Exposure to 1,200+ private equity funds, constant evolution, and a collaborative industry.[17:12] Key trends in private equity. The impact of higher interest rates, valuations, and the growing focus on liquidity solutions.[20:32] Secondaries' role in providing liquidity. Now contributing 15–20% of total private equity liquidity.[22:28] How secondaries adapt to market cycles. Benefits in both up and down markets, shifting from a distress play to a mainstream strategy.[23:22] Cari’s recommended reads: The Economist, Private Equity Analyst, and What It Takes by Steve Schwarzman.[25:14] How to reach Cari Lodge. Best contact method: LinkedIn.[25:45] Closing thoughts. Recap of insights and encouragement to subscribe to The Private Equity Podcast.Thank you for tuning in! Connect with Cari here. To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com.

Tracie Kelly, Director of Marketing at Exellere Partners with over 20 years in private equity, discusses the crucial evolution of marketing in the industry. She highlights how marketing enhances deal origination and sets firms apart in a competitive market. Tracie also explains common tech adoption mistakes by private equity firms and advocates for internal marketing roles to boost brand awareness. Additionally, she shares insights on the current market landscape and its implications for future deal flow.

Welcome to The Private Equity Podcast by Raw Selection, hosted by Alex Rawlings. Brent Burnett, Head of Infrastructure and Real Assets at Hamilton Lane, shares insights on infrastructure growth, key trends, and the 2025 outlook. Tune in for a deep dive into its role in PE. Breakdown:[00:00] Welcome to the Raw Selection Private Equity Podcast with host Alex Rawlings and guest Brent Burnett, Head of Infrastructure and Real Assets at Hamilton Lane.[00:30] Brent shares his background in infrastructure investing and career journey.[01:22] How Brent’s experience in real estate and industrial assets shaped his focus.[02:17] Brent’s role in launching a real assets fund and joining Hamilton Lane.[03:06] Growing interest in infrastructure investments and Hamilton Lane’s outlook for 2025.[03:59] Increasing allocations to private infrastructure in both private wealth and institutional sectors.[04:56] Infrastructure’s role in AI, energy transition, and supply chain optimization.[05:48] Interest rate impacts on infrastructure investments and risk classifications.[07:10] Core plus and value-add infrastructure offsetting interest rate pressures through growth.[08:07] How secondary market pricing and asset valuation have adjusted.[09:29] Breaking down valuation trends in power, transportation, telecom, and environmental assets.[09:57] Data centers and renewable energy—hot sectors with valuation risks.[10:53] Renewable energy valuation trends and cautious investment approaches.[11:48] Stable valuation trends in other infrastructure sectors.[13:14] Political impact on infrastructure investing, including policy shifts in the US and UK.[14:11] Infrastructure growth drivers—data telecom and renewable energy.[15:09] Challenges in expanding data center capacity, including power and water constraints.[15:39] Role of renewable energy tax credits in US policy and investment strategy.[17:02] Historical renewable capacity growth under different US administrations.[18:27] Low likelihood of drastic policy changes affecting renewable energy investments.[20:18] Fundraising challenges and market dynamics in infrastructure.[21:20] Expectations for improved fundraising conditions in 2025.[22:43] How difficult fundraising conditions benefit co-investment strategies.[23:11] Brent’s positive outlook for deal flow in 2025 and accountability joke.[23:39] Alex highlights Raw Selection’s executive search services for private equity firms.[24:07] Hamilton Lane’s evergreen funds expanding access to private infrastructure investments.[24:35] Benefits of infrastructure investments—income, appreciation, and diversification.[26:54] Brent shares his favorite books, podcasts, and influences.[27:21] Recommended business podcasts, including Dry Powder and In Good Company.[27:49] Interest in psychology and behavioral economics through Hidden Brain.[28:49] Books Brent is reading: Atomic Habits, The Comfort Crisis, and Empire of the Summer Moon.[30:41] A mix of professional and entertainment reading for learning and growth.[31:08] How to connect with Brent on LinkedIn for further discussions.[32:02] Closing remarks and thanks to listeners of The Private Equity Podcast. Thanks for listening! Connect with Brent Burnett hereSubscribe on iTunes or Spotify. For questions, email alex.rawlings@raw-selection.com.  

Welcome back to The Private Equity Podcast, by Raw Selection. Host, Alex Rawlings speaks with John Dahlgren, VP of Talent at SBJ Capital, about the growing role of internal talent in private equity, portfolio hiring strategies, and using talent partnerships to generate deal flow. John shares insights on hiring trends, common mistakes, and how SBJ Capital optimizes talent operations for long-term success.Breakdown: [00:00] Introduction to the episode and guest John Dahlgren. Overview of hiring trends in PE firms and portfolio companies.[00:29] Rising demand for operating partner talent and how firms can develop a structured hiring approach.[00:59] John’s journey from executive search to private equity, his role at SBJ Capital, and their investment focus.[02:22] PE firms sometimes push beyond their core mandate. The importance of patience and focusing on strengths.[04:48] Why internal talent functions are critical. Managing over 45 searches across 12 portfolio companies in a year.[06:46] How SBJ Capital partners with investment professionals to refine hiring criteria and streamline recruitment.[09:11] Building trust with portfolio executives to ensure hiring aligns with their company’s needs.[11:15] The importance of hiring PE-experienced executives with adaptability and strategic leadership skills.[13:36] Acting faster on hiring mistakes and recognizing early signs of a mis-hire.[14:46] The cultural impact of hiring at the fund level and promoting from within.[17:16] Using industry experts to source deals via the Origination Partner Program.[19:38] The program has sourced 50-100 deals in 18 months, contributing to SBJ Capital’s deal pipeline.[21:11] Working with former CEOs and advisors to generate proprietary deal flow.[23:08] Recommended reads and podcasts: The Catalyst by Jonah Berger, ParkerGale’s PE Funcast, and SmartLess.[25:29] How to connect with John via LinkedIn or email.[27:20] Final thoughts on diversifying deal sourcing and ensuring strong talent strategies.[27:50] Closing remarks and call to action to subscribe.Thank you for tuning in!Connect with John here.  To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com.

Join Jordan Burton from Talgo, a leader in training private equity investors, as he dives into the art of hiring executives. He shares insights on the common pitfalls that lead firms to a mere 30% success rate in portfolio hiring. Jordan emphasizes the importance of preparing candidates for interviews and aligning stakeholder expectations. Discover how to craft an effective executive scorecard and the value of structured assessments. He warns against relying solely on past experiences, advocating for a focus on upward potential instead.