The Private Equity Podcast, by Raw Selection

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.

This conversation features Ron Ramanujan, a Technology Transformation Operating Partner with vast expertise in enterprise technology and machine learning. He highlights the shift in private equity from traditional financial strategies to technology-driven approaches for genuine value creation. Ron stresses early integration of digital strategies, the importance of assessing tech infrastructure during due diligence, and addressing cybersecurity risks. He also shares insights on leveraging AI while managing innovation and risk, ensuring firms remain competitive and secure.

Jeff Wigle, Managing Director at Banyan Capital Partners, shares his journey from being an accountant to leading private equity transformations. He discusses the crucial shift from founder-led to data-driven decision-making, emphasizing technology's role and the necessity of cultural alignment. Jeff also highlights common pitfalls in private equity, such as rushing transformations and the importance of long-term strategies. He reflects on the significance of the right talent in key roles and the evolving landscape of integrating AI in decision-making processes.

In this engaging dialogue, Sanjay Chandra, Managing Partner of Trinity Investors, shares his inspiring journey from immigrant to Texas entrepreneur. He reveals how he scaled American Leather to a $400 million business and transitioned into private equity. Sanjay discusses key lessons learned from risky investments and stresses the importance of understanding operational dynamics to support founders. He also explores current trends in domestic manufacturing and emphasizes the significance of mentorship and continuous learning in leadership.

Welcome to The Private Equity Podcast, by Raw Selection. Host Alex Rawlings interviews Randy Cohen, a lecturer at Harvard Business School, and Jean-Louis Lelogeais, co-founders of PEO Partners. Together, they dive into liquid private equity, its uses, and how it complements traditional private equity.Breakdown:[00:00] Introduction to Randy Cohen and Jean-Louis Lelogeais, founders of PEO Partners, and their experience in private equity and distressed debt[00:30] Randy introduces the concept of liquid private equity, its performance profile, and accessibility benefits[01:00] Jean-Louis highlights his background at SVP Global and their goal to create a liquid private equity solution[01:29] Explaining liquid private equity and how it aims to replicate the benefits of private equity in a liquid vehicle[02:26] Historical private equity performance and its outperformance compared to public markets with less volatility[04:20] Use cases for liquid private equity as a funding asset for capital calls and an accessible option for retail investors[06:16] Liquidity challenges for institutional investors and how liquid PE solves them[08:29] Challenges in achieving buy-in from institutional investors due to AUM requirements and consultant blessings[11:49] Retail investor access and diversification from traditional 60-40 portfolios with liquid PE[12:47] The rise of liquid private equity and why the concept is gaining traction[13:45] BlackRock's acquisition of Preqin and the growing focus on liquid market versions of private equity[16:07] Liquid PE strategy: mimicking leveraged buyouts through public companies, leveraging data, and hedging to reduce volatility[18:25] Steps to replicating PE returns: matching industry tilts, choosing LBOable companies, and implementing derivatives for downside protection[22:39] Challenges and limitations of liquid PE compared to traditional PE, including the inability to perform operational improvements[27:17] How liquid PE matches average private equity returns while offering lower fees and liquidity advantages[32:13] Broad sector diversification versus specialized vehicles in liquid PE portfolios[34:35] Trends in private equity sectors and the dominance of software and services in PE portfolios[37:01] Researching top quartile funds and leveraging insights for better industry selection[39:49] The importance of copying PE's strategic sector allocations instead of predicting trends[41:00] Closing thoughts on liquid private equity and its potential to complement traditional private equity[43:48] Jean-Louis reflects on founding SVP Global and managing $26 billion in assets[47:26] Randy shares his experience teaching at Harvard Business School and learning from PE professionals[49:05] Randy recommends the blog Marginal Revolution for insights on finance, economics, and culture[50:57] Jean-Louis highlights the entrepreneurial journey in Shoe Dog by Phil Knight and insights into building businessesTo be added to the book waitlist, you can email alex.offer@raw-selection.comThank you for tuning in!Connect with Randy or Jean-Louis, click 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

Jon Sonnenschein, a Private Equity Operating Partner and former SaaS CEO, shares his expertise in cultural transformation within portfolio companies. He discusses the challenges of blending legacy and new cultures while emphasizing the importance of employee engagement. Jon highlights the need for data-driven decision-making and open communication to identify growth opportunities. He also explains how to elevate long-term employees to maintain continuity and discusses the 'star player bias' in talent acquisition, advocating for a holistic view of company culture.

Welcome back to The Private Equity Podcast, by Raw Selection! Today, we’re joined by Christen Paras, Partner of the Transaction Team at MiddleGround Capital, to explore innovative exit strategies and how MiddleGround is redefining Private Equity practices.Breakdown:[00:03] Christen Paras returns to discuss MiddleGround’s unique exit strategy approach.[00:30] Partner at MiddleGround Capital, based in New York City, leading the transaction team.[00:59] Private Equity firms often lack adaptability—Christen emphasizes innovation and agility.[01:26]  MiddleGround’s infrastructure, a KPI-driven, collaborative culture for scalable, efficient decision-making.[03:14] Weekly and quarterly meetings ensure team bandwidth and tackle key challenges.[04:32] A dedicated team builds repeatable processes for optimal outcomes.[05:29] Integrating transaction and operations expertise for seamless exits.[06:55] Ensuring readiness and alignment throughout portfolio lifecycles.[07:50] Aligning value creation with buyer expectations to maximize appeal.[10:14] Identifying detractors and enhancing portfolio company readiness.[13:25] Prioritizing actions that align with exit goals and maximize value.[15:37] Process mapping and standardization for exit preparation.[17:03] Metrics-driven timing and customized strategies for individual companies.[21:16] How exit teams enhance focus and drive superior results.[24:30]  Co-investor and lender insights refine exit strategies.[25:27] Industry updates, reports, and relationship-driven knowledge.[26:53] Christen reflects on MiddleGround’s approach and her career journey.To be added to the book waitlist, you can email alex.offer@raw-selection.comThank you for tuning in!Connect with Christen on LinkedIn 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