How to Generate Deal Flow From Your Talent Focused Operating Partner With John Dahlgren

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 [email protected].

Welcome Back to another episode of the Private Equity Podcast, In this episode, Alex Rawlings sits down with Tracie Kelly, Director of Marketing at Exellere Partners, to explore the evolving role of marketing within private equity firms. Tracie shares insights into how marketing contributes to deal origination, firm differentiation, and relationship-building with investment bankers, founders, and advisors. She also discusses the increasing importance of internal marketing functions and how private equity firms can leverage branding to stand out in a competitive market.Breakdown:[00:00] – Introduction to the episode and guest, Tracie Kelly, Director of Marketing at Exelir Partners[00:31] – Tracie’s background: 20+ years in private equity marketing and origination[01:30] – The common mistakes PE firms make regarding technology adoption[02:36] – The role of marketing in private equity firms vs. traditional deal origination[03:51] – How Tracie’s firm integrates marketing with deal sourcing[05:35] – Tracie’s journey into private equity marketing and how she shaped the role[07:04] – How KRG Capital (now Mountain Gate) grew from $200M to $2.5B[08:27] – Why private equity firms should consider hiring internal marketing professionals[09:57] – Marketing’s role in brand awareness and differentiation in private equity[10:54] – Current market conditions: Post-2021 deal flow and valuation challenges[11:51] – The future of private equity: What to expect in Q2, Q3, and beyond[12:20] – Tracie’s book and podcast recommendations for professionals[14:15] – The challenge of diversity in private equity and encouraging women in the industry[16:41] – Why Tracie loves working in private equity and the dynamic nature of investments[18:06] – How to connect with Tracie Kelly (LinkedIn: Tracie Kelly at Exelir Partners)[18:35] – Closing remarks and thank you for tuning inThank you for tuning in!Connect with Tracie HereTo 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 [email protected].

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 [email protected].  

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 [email protected].

Welcome to The Private Equity Podcast, by Raw Selection, hosted by Alex Rawlings. In today's episode, Jordan Burton shares his expertise on hiring, training, and evaluating executives. They discuss common mistakes private equity firms make when hiring portfolio executives, how to improve interview techniques, and the critical role of structured assessment. Jordan also covers the importance of preparing for interviews, aligning stakeholders, and ensuring a thorough evaluation process.Breakdown: [00:00] Introduction to the episode and guest Jordan Burton. Overview of hiring and interviewing in private equity.[00:28] The importance of preparation before an interview. Defining the role clearly and aligning expectations among stakeholders.[01:26] The biggest hiring mistakes in private equity. Why many firms fail to achieve more than a 30% success rate in portfolio hiring.[02:52] Understanding your role in the hiring process. Avoiding generic questions and ensuring structured, targeted assessments.[04:20] How to create an effective scorecard. The value of assessing current leadership strengths and defining key success traits.[06:15] The impact of investor dynamics on hiring success. Recognizing patterns in successful executives and adapting selection criteria accordingly.[07:42] Why “been there, done that” is a flawed hiring approach. Focusing on upward trajectory and capability over past roles.[09:05] The importance of structured note-taking during interviews. Ensuring consistency in feedback and preventing redundant questioning.[11:00] How curiosity and active listening improve interviews. Creating a strong rapport to uncover valuable insights.[12:30] Balancing assessment with selling the opportunity. Tailoring your pitch based on the candidate’s motivations and priorities.[14:54] What truly differentiates a PE firm in hiring. How to stand out beyond compensation and equity offers.[17:21] The role of portfolio executives in recruiting. Leveraging their experience to attract and evaluate top talent.[19:49] Why most private equity investors are never trained in interviewing. Steps firms can take to develop better hiring processes.[21:41] How to ask better interview questions. Moving beyond hypothetical questions to uncover real insights.[24:02] Identifying red flags in executive candidates. Evaluating openness, honesty, and past performance patterns.[27:25] The importance of conducting rigorous reference checks. Selecting the right references and verifying past performance.[30:20] Post-interview best practices. Consolidating feedback and structuring hiring decisions effectively.[35:50] The final hiring decision. Aligning stakeholders and ensuring a structured decision-making process.Thank you for tuning in!You can connect with Jordan Burton on LinkedIn by visiting his profile 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 [email protected]

Welcome back to the Raw Selection Private Equity Podcast. Today’s guest is Ron Ramanujan, Technology Transformation Operating Partner, discussing value creation, tech transformation, AI, and cybersecurity within Private Equity. Breakdown:{00:30} Ron shares his background, highlighting his extensive experience in enterprise technology, data infrastructure, machine learning, and his time at BCG. {01:28} Discussing common mistakes in private equity, Ron emphasizes that financial engineering alone is no longer sufficient. He highlights the need for early action post-acquisition, leveraging technology, and focusing on value creation from day one.{02:55} The importance of assessing pricing models, margins, and customer experience early in the investment cycle. Ron explains how digital transformation is now a non-negotiable factor for success in private equity.{04:51} Value creation in private equity is often overused as a term. Ron discusses the shift from traditional financial optimization to technology-driven strategies that generate real business impact.{06:16} The role of technology in private equity investments. Ron emphasizes evaluating a target company's tech infrastructure during due diligence and ensuring early integration of digital strategies to maximize growth potential.{08:08} Lessons learned from prior acquisitions—Ron talks about prioritizing high-value use cases, setting clear milestones, and the importance of aligning operational and technological strategies.{09:58} The need for a structured, repeatable framework for tech integration in portfolio companies. Ron explains how operational and tech transformation must go hand in hand to drive efficiencies.{12:22} AI’s impact on private equity—how AI-driven solutions can reduce customer churn, optimize costs, and create competitive moats for portfolio companies.{14:08} AI trends and applications—Ron explains how generative AI is transforming businesses, highlighting its impact on productivity, customer service, and operational automation.{16:30} The importance of AI governance and risk management. Ron discusses creating structured frameworks, setting guardrails, and ensuring responsible AI adoption without stifling innovation.{18:25} Experimentation in AI is key—private equity firms must embrace a culture of testing, failing, and iterating to remain competitive in a rapidly evolving market.{19:50} Playbooks for AI in private equity—Ron suggests frameworks that firms should establish at a portfolio level, including AI-driven financial reporting, operational efficiencies, and customer analytics.{23:35} Cybersecurity in private equity—Ron warns that cybersecurity is often overlooked, yet it poses a significant existential risk to businesses. PE firms must incorporate cybersecurity assessments into due diligence.{25:59} Emerging cybersecurity threats—Ron discusses advanced cyber threats, including internal dwellers and nation-state actors, emphasizing the need for proactive security measures.{27:51} Balancing cybersecurity investments—Ron explains how firms can protect their assets without over-engineering security solutions, ensuring efficiency and risk mitigation.{28:21} Ron’s reading recommendations—he shares his interest in AI, human neuroscience, and the book Why Machines Learn, which explores the evolution of AI through mathematics.{31:09} Alex thanks Ron for his insights into AI, cybersecurity, and value creation in private equity.Thank you for tuning in!Connect with Ron here.  To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.Lastly, if you have any feedback on the podca

Welcome to The Private Equity Podcast, by Raw Selection. Today’s guest is Jeff Wigle, Managing Director at Banyan Capital Partners, a lower-to-middle market private equity firm based in Canada. Jeff shares insights on transitioning portfolio companies from founder-led to data-driven decision-making, leveraging technology, and managing cultural change during these shifts.Breakdown:[00:00] Jeff Wigle discusses his background, Banyan Capital Partners, and his experience transitioning portfolio companies to data-driven decision-making[00:29] Jeff’s background from accountant at Ernst & Young to private equity leader, including serving as CEO of a portfolio company at age 31[02:26] Building an evergreen private equity model with the importance of long-term holds and avoiding rushed investment theses[04:22] Common private equity mistakes including rushing transformations, breaking culture, and short-sighted strategies[05:48] Banyan’s approach focusing on long-term value creation, rebuilding foundations, and avoiding premature integrations or expansions[07:31] Lessons from being a CEO with the critical importance of having the right people in the right roles[08:52] Characteristics of top performers including clarity, consistency, transparency, and alignment with investor and business goals[10:16] Transitioning to data-driven decision-making by addressing founder-led systems and building scalable processes for growth[11:43] Challenges of upgrading systems with balancing inward focus during upgrades with market opportunities[12:42] Investing in systems and data by upgrading technology to generate actionable insights and improve decision-making[14:09] Starting with manual processes by using limited data to identify profit drivers and inefficiencies before implementing systems[16:05] Managing resistance to change by evolving culture carefully with executive buy-in to avoid breaking businesses[17:41] Leveraging IT consultants and internal resources with strategies for implementing and managing technology upgrades[20:59] Early steps with artificial intelligence including using AI for coding fixes, dynamic pricing, and operational efficiencies[23:22] AI and dynamic pricing with AI to manage large customer bases and product catalogs efficiently[24:50] Staying competitive with AI and how larger businesses lead adoption, but smaller firms must act to avoid falling behind[27:44] AI at the private equity level with AI for research and data compilation, but still validating results manually[29:10] Recommended reading Scaling Up by Vern Harnish, Grit, Good to Great, The Five Dysfunctions of a Team, and Switch[31:00] Podcast recommendations Business Breakdowns, In Good Company, and Michael Lewis’s podcast[32:26] Connect with Jeff via the Banyan Capital Partners website for contact details[32:55] Closing thoughts with Alex Rawlings thanking Jeff for sharing his insights on data-driven decision-making and cultural change in private equityTo be added to the book waitlist, you can email [email protected] you for tuning in! Connect with Jeff 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 [email protected]

Welcome back to The Private Equity Podcast, by Raw Selection. Our host, Alex Rawlings is joined by Sanjay Chandra, Managing Partner of Trinity Investors, a Private Equity firm based in Texas. Sanjay brings decades of experience as an operator, entrepreneur, and private equity investor. In this episode, we explore how he scaled businesses from single-digit EBITDA multiples to double-digit exits, his unique journey from operator to investor, and Trinity’s focus on domestic manufacturing and industrials.Breakdown: [00:29] Sanjay shares his journey from immigrating to Texas as a child, excelling academically, and starting his career at Arthur Andersen before transitioning into entrepreneurship.[01:58] Founding American Leather, growing it into a $300–$400 million business with 1,600+ employees.[03:24] Sanjay discusses the founding of Trinity Investors, growing it into a $7 billion AUM alternative asset manager, and the firm’s focus on operating companies and commercial real estate investments.[07:17] Reflecting on mistakes in private equity, Sanjay emphasizes the importance of exiting troubled investments quickly and shares how Trinity has adjusted its processes to respond to challenges more decisively.[09:46] Sanjay explains how his experience as an operator helps him empathize with founders and better understand the challenges they face in the lower middle market.[11:42] Advice for private equity professionals without operational experience: spend time on the shop floor, listen to management teams, and immerse yourself in the business beyond financial reports.[13:08] Sanjay highlights Trinity’s focus on domestic manufacturing in the U.S., explaining why the firm prioritizes single-digit entry multiples with growth potential through operational improvements and strategic investments.[16:04] Insights from growing American Leather: the value of patience in scaling companies, focusing on steady growth, and the compounding benefits of later years in business.[19:29] Sanjay discusses the challenges of implementing infrastructure, upgrading management, and transitioning companies to professional operations, emphasizing the importance of respecting founders’ knowledge and contributions.[22:55] Sanjay shares his passion for mentorship, explaining how he invests in the growth and development of leaders across Trinity’s portfolio companies and his philanthropic initiatives.[25:21] Sanjay talks about his love for lifelong learning, mentioning his recent exploration of AI and continuous efforts to stay at the forefront of technology and innovation.[28:38] How to reach Sanjay via email or LinkedIn, along with his openness to connecting with new people and sharing his insights.[29:37] Closing remarks from Sanjay, reflecting on his journey and the value of entrepreneurial experiences, followed by Alex thanking him for his time and insights.To be added to the book waitlist, you can email [email protected] you for tuning in! Connect with Sanjay on LinkedIn here or via email at [email protected]. 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 [email protected]

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 [email protected] 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 [email protected]

Welcome back to The Private Equity Podcast, by Raw Selection! Today’s guest is Jon Sonnenschein, Private Equity Operating Partner and former SaaS and software CEO. Jon shares insights on driving cultural change in portfolio companies, blending his experience as a CEO and Operating Partner.Breakdown:[00:00] Jon Sonnenschein discusses his experience as a Private Equity Operating Partner and former SaaS CEO, focusing on cultural transformation in portfolio companies.[00:30] From Chicago to Silicon Valley, with 20 years in startups, followed by joining private equity and leading growth at Earth Solutions.[00:59] The "star player bias" in talent acquisition and the importance of aligning cultural dynamics.[01:28] Addressing the balance between legacy culture and private equity-driven professionalization.[03:21] Transitioning from founder-led to private equity-backed and retaining core cultural elements while driving professionalization and growth.[05:18] Jon shares how he elevated long-term employees for cultural continuity while introducing professional FP&A expertise.[06:15] Jon explains his approach to understanding a company’s culture by interviewing employees at all levels.[07:44] The role of listening and valuing employee perspectives in identifying growth opportunities.[09:11] Validating feedback through patterns, experiments, and data-driven approaches.[10:57] Testing new markets through structured, accountable experiments to assess viability.[11:56] Jon’s methods for influencing cultural change without alienating long-term employees.[13:20] Professionalizing the product organization and using customer feedback to guide decisions.[15:17] Transparency, one-on-ones, and open forums to drive cultural change and employee engagement.[18:11] Creating psychological safety and fostering innovation through direct communication.[19:38] Jon reflects on insights from being an operating partner and how they inform his executive approach.[21:06] The importance of collaboration between operating partners, deal teams, and CEOs.[22:28] Recommended readings include Thinking Fast and Slow by Daniel Kahneman and The Hard Thing About Hard Things by Ben Horowitz.[24:48] Jon emphasizes the importance of tackling culture head-on and shares key takeaways for private equity professionals.To be added to the book waitlist, you can email [email protected] you for tuning in! Connect with Jon 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 [email protected]