The Private Equity Podcast, by Raw Selection

Hosted by Alex Rawlings

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234

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Oct 2026

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About the show

Hosted by Alex Rawlings, Managing Partner of Raw Selection, a specialist executive search firm. Join us as we interview the leading experts in Private Equity, unlocking their secrets of success to share with you. Discover how some of the top Private Equity professionals got into Private Equity, how they rose to success and learn about some of the mistakes they made along the way. Alex has strong connections to the Private Equity industry through his executive search firm, Raw Selection, which specialises in working with Private Equity firms and their portfolio companies across Europe and North America. Alex is straight talking and to the point and aims to unlock real gold you can build into your firm or portfolio companies. Find out more at www.raw-selection.com

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October 27, 202623 min

The Investment and Value Creation Strategy Behind Ara Partners

In this episode of The Private Equity Podcast, Alex Rawlings is joined by Cory Steffek, Partner in the Private Equity Division of Ara Partners, to explore value creation in industrial decarbonisation and growth infrastructure. Cory shares his unconventional journey from PhD chemist and climate-tech venture capital investor into private equity, and explains why successful industrial decarbonisation businesses need to be built around strong economics rather than subsidies, ESG mandates or “green premiums.” The conversation covers why investors repeatedly overestimate technology and underestimate the cost and complexity of building physical infrastructure, how Ara Partners evaluates techno-economics and differentiates genuine industrial solutions from clever technology, and where the real value creation opportunities lie in waste-to-value businesses. Cory discusses examples from Ara Partners’ portfolio, including Divert, Continuum, Utility Global and Sedron, and explains how operational execution, infrastructure development, supply chains and long-term offtake agreements can turn innovative technologies into durable, cash-flowing assets. He also shares the framework that has had the biggest influence on his career: Stage Gate and Front-End Loading (FEL), and why disciplined project development is critical when scaling first-of-a-kind industrial assets. Timestamps 00:00 – Introduction to Cory Steffek and Ara Partners 02:00 – From PhD chemist to private equity 04:00 – The biggest mistake in industrial decarbonisation investing 06:00 – Why green premiums don't create sustainable businesses 08:00 – What survives without subsidies, carbon credits or ESG mandates? 10:00 – Waste-to-value as an industrial investment opportunity 12:00 – Divert, Continuum and Utility Global: portfolio examples 15:00 – How Ara Partners approaches due diligence 17:30 – The challenge of estimating costs for new physical assets 20:00 – Why flawless execution matters in infrastructure 22:00 – The $500m investment in Sedron 24:00 – Where value creation really comes from 26:00 – Building and scaling physical infrastructure 28:00 – Sedron's waste-to-value model 30:00 – Organic fertiliser and the commercial opportunity 32:00 – Selling a new product into established markets 34:00 – Building the commercial team and securing offtake 36:00 – The importance of long-term supply and offtake agreements 38:00 – The Stage Gate and Front-End Loading framework 40:00 – Why “move fast and break things” doesn't work with infrastructure 42:00 – Final advice and how to connect with Cory Steffek Raw 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

October 20, 202625 min

How Private Equity Knows When Management Needs to Change

In this episode of The Private Equity Podcast, Alex Rawlings is joined by Thomas Igeme, Managing Partner at TL Partners, to explore one of the biggest challenges facing private equity firms: understanding whether performance issues are caused by the leader, the operating system around them, or both. Thomas shares lessons from his time in organisational development, BCG, LinkedIn, ServiceNow and Turn River Capital, where he led the portfolio talent function. He explains why private equity firms can be too quick to replace executives before properly diagnosing the underlying problem and how a clearer value creation thesis can dramatically improve talent decisions. The conversation covers how AI can reduce the reporting burden on management teams, and why trust can be made observable and measurable through authenticity, logic and empathy. Key Takeaways Diagnose the system before automatically replacing the person. Break the value creation thesis into 3–5 critical moves. Track leading indicators—not just EBITDA and other lagging metrics. Use a weekly cadence to identify drift and course-correct early. Give executives clear expectations and a defined timeframe, such as 100 days, to demonstrate progress. Shift talent discussions towards the work that actually needs to happen. Make management teams part of the diagnosis and development process. Understand the risk profile of a leadership team rather than pretending to predict the future. Use failed outcomes as valuable information when making future executive hiring decisions. Build trust through authenticity, logic and empathy. Timestamps 00:00 – Introduction to Thomas Igeme and TL Partners 00:27 – Thomas's journey through organisational development and private equity 01:22 – The mistake of testing the most expensive hypothesis first 02:07 – Why diagnosing the system matters before replacing the leader 03:25 – Identifying whether the problem is the leader, system, or both 04:24 – Understanding the real problem before searching for talent 05:19 – Why longer hold periods are changing the talent equation 06:40 – Turn River's “Faster Lapse” operating philosophy 07:06 – Using leading indicators to predict performance 07:57 – Course-correcting the value creation thesis in real time 08:28 – The reporting tax and how AI can help 09:20 – Why weekly reviews can outperform monthly operating rhythms 09:49 – Breaking the value creation thesis into critical moves 11:16 – A practical weekly framework any PE firm can adopt 11:44 – Moving from talent conversations to strategy and work conversations 13:04 – The 100-day experiment for executive performance 14:26 – Measuring investment progress beyond EBITDA 15:23 – Three questions for assessing whether an investment is on track 16:12 – Measuring strategic clarity, execution and coordination 16:57 – Assessing management team risk 17:52 – Evaluating executive capability against the value creation thesis 18:51 – Why development can be the cheapest way to close capability gaps 19:46 – Deciding whether an executive can scale 20:14 – Using a 100-day timeframe to test the hypothesis 21:40 – Why companies often move too slowly on talent decisions 22:37 – Starting the 100-day process from day one 23:34 – Francis Frei, Anne Morriss and the three elements of trust 24:27 – Making “fuzzy” people issues observable and measurable 25:21 – How to connect with Thomas and closing thoughts Raw 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

October 13, 202628 min

What’s Next for the Middle Market? AI, Succession & Private Equity

In this episode of The Private Equity Podcast, Alex Rawlings is joined by Andrew Weinberg, Founder and CEO of Brightstar Capital Partners, to explore how private equity firms can create value in the middle market while navigating a changing exit environment. Andrew explains why culture, apprenticeship and team-based decision-making are central to Brightstar’s approach, and why spending more time upfront thinking about exit pathways can help create stronger outcomes for portfolio companies. He also shares how Brightstar is applying AI across the firm, with nearly 100 AI agents already working alongside its team. The conversation then turns to the middle market and the coming intergenerational wealth transfer. Andrew discusses the succession challenges facing family-owned businesses, the different ownership options available to the next generation, and how private equity can combine capital, debt and operational know-how to provide greater flexibility for owners. Key Takeaways • Build an inclusive, team-based culture where everyone has a voice and humility is valued. • Think about exit pathways from the beginning of an investment rather than waiting for a sale process. • Use AI to accelerate sourcing, diligence, value creation, risk management and exit planning. • Treat AI as a thought partner that improves decision-making rather than replacing human judgement. • Use knowledge transfer across portfolio companies to scale successful AI use cases. • Prepare for the intergenerational wealth transfer by creating multiple ownership and succession options. • Give family business owners flexibility around ownership, leadership and liquidity. • Invest deliberately in training, communication and development across the private equity team. • Use pattern recognition and post-mortems to learn from both successful and unsuccessful investments. Timestamps 00:00 – Introduction to Andrew Weinberg and Brightstar Capital Partners 01:27 – Brightstar’s PhD culture and what it means 03:23 – The biggest mistake PE firms make around exits 04:55 – The state of the US middle market 06:46 – How Brightstar is leveraging AI internally 08:41 – Applying AI across portfolio companies 10:08 – Using AI across sourcing, diligence and value creation 11:29 – AI, investment decisions and post-mortems 13:18 – AI use cases across Brightstar’s portfolio 15:12 – The impact of the intergenerational wealth transfer 17:09 – Creating ownership options for middle-market businesses 18:35 – Succession planning and the next generation 20:02 – Why more change can create more opportunity 20:51 – Andrew’s biggest career lessons from Goldman Sachs, Morgan Stanley and Lindsay Goldberg 23:14 – Training and developing private equity professionals 25:39 – Andrew’s influential books and resources 27:30 – How to connect with Andrew Raw 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

October 6, 202615 min

EY Insights Private Equity Exit Readiness: How to Maximise Valuation Before the Sale

In this episode of The Private Equity Podcast, Alex Rawlings is joined by Konstanze Nardi, Partner at EY and leader of EY’s Global Exit Readiness offering, to explore how private equity firms and portfolio companies can prepare for successful exits and maximise value. Konstanze shares insights from EY’s Global Private Equity Exit Readiness Study, based on perspectives from 100 PE executives and 100 C-suite executives from recently exited PE-backed companies. Konstanze and Alex also discuss the importance of starting formal exit preparation 12–24 months before a sale. She explains why consistent KPI reporting, granular data and evidence of value creation need to be built over time, rather than manufactured in the final few months. Key Takeaways • Treat exit readiness as a value creation discipline rather than a last-minute transaction exercise. • Start thinking about the eventual buyer and equity story from the point of acquisition. • Begin formal exit preparation 12–24 months before a potential sale. • Build consistent data and evidence around value creation initiatives over time. • Focus on three core exit levers: evidence, narrative and management credibility. • Prepare management teams to confidently explain the data and handle difficult buyer questions. • Consider AI through both a value-creation and risk perspective as part of the equity story. • Give LPs transparency around value creation, credible exit routes and liquidity plans. • Strong leadership, trust and people remain fundamental to creating value. Timestamps 00:00 – Introduction to Konstanze Nardi and EY’s Exit Readiness offering 01:28 – The biggest mistake companies make with exit readiness 02:53 – EY’s Global Private Equity Exit Readiness Study 04:18 – The gap between sponsor and management support 05:17 – When should companies start preparing for an exit? 06:14 – How early preparation can improve valuations 06:49 – The growing role of AI in exit readiness 08:23 – How AI is becoming part of the equity story 09:24 – The three levers that build buyer confidence 10:23 – Building a compelling future value creation story 10:53 – The importance of management involvement 11:21 – LP perspectives on liquidity 13:06 – The experiences that shaped Konstanze’s career 14:10 – Why leadership, trust and people matter 14:40 – How to connect with Konstanze Raw 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

September 29, 202624 min

Why PE-Backed Go-to-Market Strategies Fail: Talent, CRM, AI and Execution

In this episode of The Private Equity Podcast, Alex Rawlings is joined by Dan Bernoske, Founder and CEO of Cortado Group, to explore how private equity firms and portfolio companies can strengthen go-to-market performance while effectively leveraging AI. Dan explains why speed matters after an acquisition, particularly when assessing commercial talent, and why firms need to separate emotional attachment to legacy teams from objective performance data. He also explores the importance of treating CRM systems as strategic infrastructure rather than simply another piece of technology. The conversation then turns to AI. Dan shares practical applications for using call transcripts to coach sales teams at scale, improve qualification, identify performance trends, and ultimately increase win rates. He explains why successful AI adoption starts with the business problem—not the technology—and why portfolio companies should build a strong proprietary “context engine” around their CRM data, call transcripts, buyer personas, and historical wins and losses. Dan and Alex also discuss how AI is changing organizational design, allowing salespeople to spend more time building relationships with buyers while technology handles lower-value tasks. Crucially, Dan warns against viewing AI as a replacement for human salespeople: poorly deployed automation can damage relationships and even burn entire territories. Key Takeaways • Move quickly when evaluating commercial talent, but understand where founder-led strengths still create value. • Build the sales process first and configure the CRM around it—not the other way around. • CRM data integrity is essential for reliable pipeline visibility and forecasting. • Use AI to analyze sales calls, improve qualification, and deliver coaching at scale. • Create a proprietary context engine before becoming overly dependent on any single AI model. • Redesign roles by identifying tasks AI can handle while allowing people to focus on empathy, listening, trust, and relationships. • Don’t automate bad processes. Strong sales fundamentals remain essential regardless of the technology. Timestamps 00:00 – Introduction to Dan Bernoske and Cortado Group 00:57 – Where PE firms and portfolio companies move too slowly 02:54 – Warning signs that commercial talent needs replacing 04:37 – Three fundamentals of an effective CRM 06:34 – How AI can transform go-to-market strategy 08:21 – Using AI to analyze sales calls and coach teams 09:46 – Measuring qualification frameworks such as BANT 11:45 – ChatGPT, Claude and choosing AI technology 13:14 – The three foundations for successful AI implementation 13:40 – Building a proprietary AI context engine 15:03 – How AI is reshaping organizational design 16:34 – Why empathy and relationships remain human advantages 17:24 – The biggest mistakes companies make with AI 18:20 – Why replacing sales reps with AI can burn territories 19:18 – Freeing sales teams to spend more time with buyers 21:14 – Dan’s recommended AI and professional-services resources 23:13 – Why portfolio companies may need an AI innovation advisor 23:42 – How to connect with Dan Raw 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

September 22, 202613 min

Building the Finance Function in a Private Equity firm

In this episode of The Private Equity Podcast, Alex Rawlings is joined by Jeffery Raju, Founder & CEO of Stonehill Business Services . With 15 years of experience across fund administration, controller, and CFO roles, Jeffery has worked with emerging managers ranging from sub-$10 million funds to multi-billion-dollar platforms. Jeffery explains why emerging private equity managers must treat their firm as an investment management business rather than simply an investment shop, and how building the right financial infrastructure early can support fundraising, improve decision-making, and create a platform capable of scaling. They discuss the differences between the finance functions of a $50 million fund and a $1 billion platform, the operational expectations of sophisticated LPs, and why managers should become institutional before expecting institutional capital. Key Topics Why private equity firms must treat finance as a business-enablement tool rather than a compliance exercise. How budgeting, forecasting, tax planning, and financial reporting improve decision-making. The finance infrastructure differences between emerging funds and billion-dollar platforms. Why smaller managers often need fractional financial leadership. How LP expectations change as managers move from friends-and-family capital to more sophisticated investors. The operational due diligence sophisticated LPs expect. Why strong historical returns alone may not be enough to secure institutional capital. When emerging managers should begin professionalising their finance function. Why becoming institutional should happen before, not after, scaling. Jeffery’s recommended books for entrepreneurs and business leaders. Timestamps 00:00 – Introduction to Jeffery Raju, Founder & CEO of Stonehill Business Services 00:30 – Jeffery’s background across private equity, venture capital, and fund finance 00:56 – The biggest financial infrastructure mistake emerging managers make 02:28 – What operationally mature private equity firms do differently 04:18 – Finance infrastructure: $50M funds vs. $1B platforms 06:04 – How finance and operational maturity impact fundraising 06:24 – High-net-worth investors vs. sophisticated LPs 07:21 – The operational due diligence sophisticated investors expect 08:14 – Why exceptional investment returns aren’t always enough 09:19 – When should a PE firm build an institutional-level finance function? 10:08 – Why firms must become institutional before they can scale 10:34 – Key inflection points for bringing in financial leadership 11:01 – Moving from syndications to a first fund 11:59 – Jeffery’s recommended books and resources 12:40 – How to connect with Jeffery Raju and Stonehill Business Services 13:37 – Closing thoughts Raw 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

September 15, 202617 min

From Founder-Led to Exit-Ready: How CEOs Build Buy-In, Grow EBITDA and Deliver Successful Exits

In this episode of The Private Equity Podcast, Alex Rawlings speaks with Brian Bishop, an electrical engineer and experienced Chief Executive with a background in embedded systems, product development, business building, and successful company exits. Brian shares lessons from leading businesses through seven- and eight-figure exits, including the importance of structuring deals to align the interests of owners, employees, and acquirers. They explore Brian’s approach to leadership and why the most effective business plans are shared plans—not simply strategies created by a CEO and communicated downwards. Brian also discusses his move into the startup world and the significant differences he has observed between startup and private equity environments. While private equity typically maintains a strong focus on financial performance and EBITDA, startups can face competing non-economic priorities, technological milestones, and investor expectations. The conversation also covers practical ways executives can improve EBITDA. Brian explains why businesses must look beyond unit costs and understand the total lifecycle cost of a product, including the opportunity cost of engineering and product-development resources. Finally, Brian explains how his engineering background has shaped his leadership style, particularly his habit of repeatedly asking one fundamental question: “What is the problem we’re trying to solve?” Key Highlights 00:00 – Brian Bishop’s Background Brian discusses his engineering career, embedded systems expertise, product development experience, and seven- and eight-figure exits. 01:26 – Lessons From M&A and Liquidity Events Structuring acquisitions, managing earn-outs, retaining critical employees during transitions, and aligning stakeholder interests. 03:18 – Getting Teams Aligned With the Strategy Why great leaders build a shared plan rather than simply communicating their own vision. 04:29 – Moving From Private Equity Into Startups Brian explains what attracted him to startups and the surprising influence of non-economic considerations. 07:23 – Burn Rate vs. Financial Performance How startup expectations around growth and product development can conflict with customer needs and profitability. 08:40 – What Startups Can Learn From Private Equity Preparing businesses for the point where margins and EBITDA become more important than technological milestones. 09:58 – Advice for PE Portfolio Leaders Bridging the gap between employees motivated by purpose and investors focused on financial returns. 11:53 – Improving EBITDA and Margin Why understanding total lifecycle costs and the opportunity cost of engineering resources can transform profitability. 13:45 – Getting Engineers and Accountants on the Same Page How cross-functional understanding can improve decision-making, margins, and customer outcomes. 14:38 – Engineering as a Leadership Advantage Brian explains the power of returning teams to the fundamental question: “What is the problem we’re trying to solve?” 16:01 – What Brian Reads From the Wall Street Journal to engineering content, Brian discusses how reading broadly helps him connect ideas across disciplines. 16:49 – Connecting With Brian Brian shares how listeners can reach him following the episode. Raw 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

September 8, 202636 min

9 PE-Backed Exits and 20+ Add-on Acquisitions: What Winning Private Equity CEOs Get Right

In this episode of The Private Equity Podcast, Alex Rawlings speaks with Paul Golden, an experienced CEO, private equity investor, and operating partner with nine private equity-backed exits and more than 20 add-on acquisitions. Paul shares lessons from operating, investing, and leading PE-backed businesses, including why speed matters when building the right leadership team, how to identify strong executives, and what separates successful acquisitions from deals that destroy value. The conversation explores the danger of “deal fever,” the importance of knowing when to walk away from an acquisition, and why delighted customers, strong management teams, and clear growth pathways are critical indicators of a quality investment. Paul also explains the challenges of changing deeply embedded founder-led cultures, how to approach add-on acquisition integration, and the practical actions that helped generate more than $150 million in free cash flow in one manufacturing business. Finally, Paul discusses why PE-backed executives need the confidence to make mistakes, take ownership, and communicate openly with their boards. Key Highlights 00:00 – Paul Golden’s Background From senior public-company leadership to private equity investing, operating partner roles, CEO positions, and nine PE-backed exits. 01:29 – The Biggest PE Leadership Mistake Why private equity firms need to make faster decisions about whether the right management team is in place. 03:21 – Identifying the Right Executives The importance of leaders who are confident enough to be challenged by their teams and boards. 04:44 – What Paul Looks for in Executive Interviews Why candidates who openly discuss mistakes, take responsibility, and explain what they learned often make stronger leaders. 07:05 – The Hardest CEO Decisions Why firing customers or exiting customer segments can sometimes be harder than changing the management team. 08:28 – What Drives Successful PE Exits Delighted customers, strong management, and clear opportunities for growth. 11:14 – Lessons From Exit One to Exit Nine Avoiding deal fever, strengthening diligence, and making critical decisions faster during the first 18–24 months. 14:26 – Changing Founder-Led Cultures The challenges of accelerating decision-making in businesses shaped by the same founder for decades. 17:28 – Who Stays and Who Goes Post-Acquisition How to identify advocates for change, potential resistors, and leadership team members who can adapt. 20:55 – Lessons From 20+ Add-On Acquisitions Why cultural fit becomes increasingly important as the size of an add-on grows. 24:41 – Generating $150M+ in Free Cash Flow Using lean principles, customer value, SKU rationalisation, inventory reduction, and process improvement to unlock cash. 29:56 – The Essential Skill for PE-Backed CXOs Having the confidence to make decisions, admit mistakes, own the outcome, and explain what comes next. 31:53 – Leadership Frameworks That Shaped Paul Lean Thinking, the Danaher Business System, Good to Great, and Michael Porter’s Five Forces. 34:55 – Connecting With Paul Paul shares how listeners can reach him after the episode. Raw 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

September 1, 202629 min

Mentored by a Billionaire: How to Invest, Create Value and Exit at the Right Time

In this episode of The Private Equity Podcast, Alex Rawlings is joined by Mark Radzik, Co-Founder and Managing Partner of Granite Creek Capital Partners, to explore investing and value creation in the lower middle market. Mark shares his journey from Arthur Andersen and banking to spending seven years at Equity Group Investments, the private investment firm founded by billionaire Sam Zell. It was there that Mark learned to become what Zell called a “professional opportunist”—finding opportunities where others aren't looking while maintaining the discipline required to invest successfully. The conversation explores why private equity firms can make the mistake of moving too quickly after an acquisition, why Granite Creek takes a conservative approach to leverage, and how reinvesting cash flow into people, sales, infrastructure, and growth can transform founder-led businesses. Mark also explains why getting the right management team is one of Granite Creek’s most important value-creation strategies, how assessments such as DISC can provide additional data when hiring executives, and why knowing when to exit a successful investment is just as important as knowing when to buy. Key Topics Why moving too quickly can destroy a portfolio company's “secret sauce” Avoiding excessive leverage in lower-middle-market businesses Creating returns through organic growth rather than financial engineering Finding opportunities in markets where less private equity capital is competing Reinvesting founder cash flow to accelerate growth Why the management team can matter more than the market Using DISC and other assessments to de-risk executive hiring What Mark learned from billionaire investor Sam Zell Becoming a disciplined “professional opportunist” Why private equity investors need to think more about exit timing Knowing when to leave the next stage of value creation for the next investor Timestamps 00:00 – Introduction to Mark Radzik and Granite Creek Capital Partners 00:28 – Why Mark always wanted to become an investor 02:27 – From Arthur Andersen to banking and private investing 03:21 – Learning to become a “professional opportunist” from Sam Zell 04:43 – The biggest mistakes in lower-middle-market private equity 06:09 – Why Granite Creek avoids overleveraging businesses 08:19 – Organic growth versus acquisition-led strategies 09:38 – What makes an attractive platform investment 12:00 – Why getting the right management team drives value creation 13:55 – Using assessments to build complementary leadership teams 16:21 – Why personality assessments are a data point, not the answer 17:15 – DISC, Myers-Briggs, and executive assessment 19:12 – Mark’s biggest lessons from Sam Zell 20:12 – Avoiding groupthink and finding markets where you can win 21:37 – Why exit timing matters in private equity 23:04 – Knowing when a successful business is ready to sell 24:59 – When to leave value creation for the next investor 27:20 – Mark’s recommended podcasts and books 28:45 – How to connect with Mark Radzik 29:10 – Closing thoughts Raw 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

August 25, 202647 min

BC Partners’ Former CIO: When to Sell, What Creates Value and Where Private Equity Goes Next

After more than 30 years in investing—including 20 years at BC Partners and a decade as CIO—Jean-Baptiste Wautier joins Alex Rawlings to share the lessons that have shaped his approach to private equity. Jean-Baptiste explains why trying to time markets is a mistake, how GPs should think about exits, and why time and DPI can matter just as much as MOIC. He also argues that private equity has entered a consolidation phase where scale, institutionalisation and permanent capital will increasingly separate the long-term winners from the rest. The conversation also explores how firms should diversify, the tailwinds behind AI and the US economy, and Jean-Baptiste’s three requirements for a great investment: a strong moat, an exceptional management team and multiple layers of optionality. He breaks down what he looks for in CEOs, where operating teams can genuinely create value, and why the skill set required to lead tomorrow’s private equity firms is changing. Key Takeaways Don’t try to perfectly time deployment or exits; invest steadily and price for the environment. Exit decisions should start with fund-level needs, including DPI, the J-curve and the cost of time. Scale is becoming essential as private equity shifts from entrepreneurial partnerships toward large institutions. New strategies should be capable of becoming meaningful, multi-billion-dollar businesses and leverage existing infrastructure. Permanent capital can provide GPs with strategic stability and longevity. Great investments combine moat, management and optionality across both value creation and exit routes. The strongest CEOs tend to excel in one core dimension—charisma, operations or finance—while also creating trust and alignment. Functional operating expertise such as working capital and procurement can be more repeatable than broad “sector expertise.” Timestamps 00:00 – Introduction to Jean-Baptiste Wautier 01:28 – The mistake of trying to time private equity markets 03:21 – When is the right time to exit? 04:17 – DPI, the J-curve and the cost of holding assets 05:15 – The current state and future of private equity 06:42 – Why subscale firms face consolidation 09:39 – Why performance alone is no longer enough 13:04 – Where displaced private equity talent may go next 14:31 – How GPs can scale AUM 16:57 – Why permanent capital is the “Holy Grail” 18:22 – When firms should diversify into new strategies 20:17 – What helped BC Partners scale 23:45 – Where the next investment tailwinds may come from 27:10 – Moat, management and optionality 32:23 – What the best private equity CEOs have in common 35:42 – What makes a strong value-creation strategy 39:03 – How private equity firms are becoming institutions 44:44 – Books and investors that shaped Jean-Baptiste’s thinking 46:33 – How to connect with Jean-Baptiste Raw 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

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