Private Equity Value Creation Podcast

On this episode Shiv interviews Jeremy Schein, Partner and Member of the Buyouts Investment Committee at Corsair Capital, to discuss how private equity firms can drive enterprise value in financial services through collaborative operating expertise.Jeremy shares Corsair’s approach to partnering with management teams in fintech, payments, and adjacent sectors, emphasizing the importance of aligning on value creation strategies early. He explores how their operating partner model leverages technical expertise in human capital, product technology, and go-to-market strategies to transform portfolio companies.He also dives into navigating the complexities of AI integration, balancing short-term priorities with long-term investments like rebranding, and ensuring management teams are equipped to execute on ambitious growth plans.

On this episode Shiv Narayanan interviews Ed Byrne, co-founder of Scaleworks, a venture equity firm based in San Antonio. Ed shares his background as a software entrepreneur and the lessons learned from his experiences that led to founding Scaleworks ten years ago with partner Lou Moorman. The discussion explores the concept of "venture equity" as a hybrid model between traditional VC and private equity, emphasizing sustainable growth over high-risk VC funding. Key topics include the downsides of VC (such as portfolio theory encouraging all-or-nothing scaling), the benefits of bootstrapping or using debt for most software businesses, avoiding premature scaling, prioritizing customer-funded growth, and Scaleworks' approach to acquiring and accelerating 5-10M revenue SaaS companies by building go-to-market teams in-house, bringing in new CEOs, and focusing on levers like pricing, category specialization, and dispassionate product decisions. Ed also covers deal structures, value creation through centralization in San Antonio, resistance to playbooks, and aiming for acquisitions driven by inbound interest rather than fixed timelines.

On this episode Shiv interviews Lindsay Gray, Partner at Pacific Lake, to explore how the firm backs entrepreneurs through the Entrepreneurship Through Acquisition (ETA) or search fund model—an approach that turns traditional private equity on its head by starting with the entrepreneur before the company.Lindsay walks through Pacific Lake’s industry thesis–driven search process, explaining how they identify and support first-time CEOs, often straight out of business school, to acquire and scale small to mid-sized businesses. She details what Pacific Lake looks for in potential searchers—from “followership” and “figure-it-out-ness” to true commitment to the ETA path—and how their team of experts guides these entrepreneurs through diligence, acquisition, and operational scaling.The conversation also covers how Pacific Lake structures incentives and equity for searchers, maintains a 70%+ acquisition rate, and leverages a dedicated value creation team to help new CEOs build leadership capacity, professionalize go-to-market and operations, and pursue add-on acquisitions. Lindsay also discusses their long-term hold strategy, designed to give successful CEOs liquidity while continuing to compound value in the firm’s strongest companies.This episode offers a deep look at how Pacific Lake has helped shape the ETA ecosystem, supporting over 300 search funds and more than 150 acquisitions, and the lessons they’ve learned about people, prioritization, and partnership as the foundation of value creation.

On this episode, Shiv interviews Kelly Ford Buckley, General Partner at Edison Partners, a growth equity firm with over 39 years of experience investing in high-growth software companies in secondary markets. Kelly dives into Edison's hands-on approach to value creation, emphasizing their preference for taking on execution risk over product or market risk, and how they use maturity assessments across five centers of excellence—like go-to-market, product, and finance—to identify and prioritize opportunities for portfolio companies.She shares real-world examples of transforming pricing models, aligning sales and marketing for faster growth, and building operational muscle to scale without paralysis, while stressing the importance of capital efficiency in today's macro environment. Kelly also discusses the role of AI as an efficiency tool rather than a distraction, the advantages of focusing on secondary markets for more grounded founders, and how Edison's domain expertise in verticals like fintech and healthcare IT drives repeatable success. This episode offers actionable insights for investors and operators looking to maximize enterprise value through focused, low-risk execution.

Shiv Narayanan tackles the struggle of portfolio companies hitting sales targets, revealing how AI and economic shifts create a perfect storm for underperformance. He shares a roadmap for increasing efficiency by cutting wasted marketing spend and optimizing team structures. Strategies for maximizing customer value through upselling and reengaging lost deals are emphasized. The importance of targeted outreach and authentic thought leadership is discussed, offering a fresh approach to driving sustainable growth amidst rising competition.

In this conversation, Craig Jones, a private equity investor with TPE Boulder, shares insights into scaling lower middle-market companies, particularly in healthcare. He emphasizes the importance of organic growth and operational improvements. Craig discusses strategies for aligning with founders on growth plans, managing founder dependency, and prioritizing resource allocation. He also highlights high-potential niches like neuropathy treatment, explaining how targeting these sectors can improve enterprise value and attract larger buyers with better multiples.

Gus Araya, Co-Founder and Co-Managing Partner of Cordillera Investment Partners, specializes in investing in alternative assets like marinas and music royalties. In this conversation, he shares how private equity can thrive in less competitive markets. Gus discusses the power of an operational playbook and the importance of thorough due diligence. He dives into strategic sourcing and how to navigate unconventional investment avenues. Finally, he emphasizes building partnerships to create sustainable enterprise value and attract investor backing.

On this episode, Shiv Narayanan interviews Andy Lund, Managing Director and Global Co-Head of Primary Capital Advisory at Houlihan Lokey, to discuss strategies for private equity firms navigating today's challenging fundraising and liquidity environment.Andy shares insights on how GPs can differentiate themselves in a crowded market, leveraging tools like secondary transactions, continuation vehicles, and direct investments to address LP liquidity demands. He explores the impact of macroeconomic shifts, including geopolitical uncertainties and tariffs, on M&A and fundraising, and highlights the growing importance of operational value-add and AI integration to drive enterprise value.The conversation also covers the evolving dynamics of the private equity landscape, from the rise of next-gen firms to the challenges faced by mid-market players, offering practical advice for GPs aiming to thrive in a competitive market.The information contained in this podcast is not intended to constitute, and should not be construed as, investment advice.

Eliot Kerlin, Co-Founder of Broadwing Capital, shares insights from his journey from Wall Street to private equity. He discusses a five-part framework for driving value in the lower middle market, emphasizing operational expertise and talent development. Eliot highlights the importance of building strong relationships and collaboration to enhance performance. He also reveals strategies for prioritizing initiatives amidst limited resources, showcasing how investing in human capital leads to successful transformations and long-term success.

Shiv interviews Michael Wilkins, Partner at Shamrock Capital, to explore the opportunities PE firms can unlock through deep expertise in sectors including media, entertainment and sports.Michael explains how industry focus and long-term networks translate into proprietary deal flow, why value creation plans need to be tailored to each company rather than run from a single playbook, and how to balance partnership with hands-on support. He also shares how firms can approach AI in practical, incremental ways—turning it from a perceived threat into a tool for margin expansion and growth.