The Future of Private Equity Fundraising with Brian Bank from Kirkland and Ellis

In this episode of the "Karma School of Business Podcast," host Sean Mooney engages in a fascinating discussion with Doug Song and Erik Ginsberg, pioneers in the independent sponsor space within private equity. They delve into the evolution of independent sponsors, sharing personal journeys, insights on building successful partnerships, and the importance of respect and humility in business. Episode Highlights: 1:43 - Erik Ginsberg's Journey: Erik shares his transition from law to private equity, emphasizing the serendipitous nature of his career path and the founding of Slate Capital. 5:39 - Douglas Song's Background: Douglas recounts his early career in investment banking and restructuring, leading to his passion for working with entrepreneurial, smaller companies and co-founding Prodos Capital. 18:40 - The Evolution of Independent Sponsors: Douglas discusses the growth and acceptance of the independent sponsor model in the private equity landscape, highlighting the increase in collaboration and quality within the industry. 33:12 - Communicating with Business Owners: Erik and Douglas talk about the benefits of partnering with an independent sponsor, focusing on flexibility, commitment, and the ability to tailor investment strategies to each business's unique needs. For more information on Prodos Capital, go to https://www.prodoscapital.com/ For more information on Slate Capital, go to https://www.slatecap.com/ For more information on Doug Song, go to https://www.linkedin.com/in/douglas-song-9415045 For more information on Erik Ginsberg, go to https://www.linkedin.com/in/erik-ginsberg-85b22 For more information on BluWave and this podcast, go to https://www.bluwave.net/podcasts This episode offers a deep dive into the world of independent sponsors in private equity, providing valuable lessons on collaboration, respect, and the power of a people-first approach in business.

Join host Sean Mooney and Brian Bank, a seasoned strategy and client relations executive from Kirkland & Ellis, for an enlightening discussion on the private equity landscape. With over 25 years of experience as both an institutional limited partner and placement agent, Brian delves into the nuances of fundraising, the evolving role of ESG, and the transformation of annual meetings in the post-COVID era, leveraging his extensive background and deep network within the investment funds community. Key Highlights: 3:12 - Fundraising Dynamics: Insights into current trends and challenges. 5:32 - Mid-Market Success: The importance of LP relationships. 18:22 - Continuation Funds: Their reshaping role in private equity. 35:12 - ESG's Growing Influence: On investment strategies. 43:56 - Annual Meetings Evolved: Innovative approaches in a digital age. For more information on Kirkland & Ellis, go to https://www.kirkland.com For more information on Brian Bank, go to https://www.linkedin.com/in/briandbank For more information on BluWave and this podcast, go to https://www.bluwave.net/podcasts

In this insightful episode of the "Karma School of Business Podcast," host Sean Mooney welcomes Jessica Ginsberg, Managing Director at LFM Capital, for a deep dive into the world of private equity with a focus on the manufacturing sector. Jessica shares her accidental journey into private equity, the foundational story of LFM Capital, and the firm's unique approach to investing in and transforming manufacturing businesses. Episode Highlights: 1:25 - Jessica Ginsberg's Unintended Path into Private Equity: Jessica recounts her transition from an accounting and finance background to becoming a key player in the private equity space, emphasizing the serendipitous nature of her career path. 3:36 - The Genesis of LFM Capital: Jessica discusses the origins of LFM Capital, highlighting its focus on U.S. manufacturing and the significance of the firm's name, which stands for Leaders for Manufacturing. 6:00 - Jessica's Role in Business Development and LFM's Growth: Jessica talks about her role in shaping LFM Capital's business development strategy and the firm's evolution in the Nashville private equity scene. 7:46 - LFM's Investment Philosophy and Manufacturing Passion: Jessica outlines LFM Capital's investment philosophy, rooted in a deep passion for supporting and enhancing U.S. manufacturing companies. 10:29 - Jessica's Personal Anecdotes and Leadership Style: Jessica shares personal stories that illustrate her approach to leadership, humor, and building a positive workplace culture. 12:31 - Key Factors in Evaluating Investment Opportunities: Jessica reveals the critical aspects LFM Capital considers when assessing potential investments, including the company's moat, growth levers, and the strategic fit with LFM. 17:34 - Collaborative Approach to Value Creation: Jessica explains how LFM Capital integrates operations, business development, and deal teams from the outset to ensure alignment and maximize value creation. 23:51 - The Importance of People, Leadership, and Culture: Jessica emphasizes the central role of leadership development, employee engagement, and culture in driving the success of LFM Capital's investments. For more information on LFM Capital, go to https://www.lfmcapital.com/ For more information on Jessica Ginsberg, go to https://www.linkedin.com/in/jessicalginsberg/ For more information on BluWave and this podcast, go to https://www.bluwave.net/podcasts/ This episode provides a comprehensive overview of Jessica Ginsberg's journey in private equity, the innovative strategies of LFM Capital, and the critical role of people and culture in the success of manufacturing investments. Whether you're an investor, entrepreneur, or someone interested in the intricacies of private equity in the manufacturing sector, Jessica's insights offer valuable lessons and inspiration.

In this engaging episode of the "Karma School of Business Podcast," host Sean Mooney sits down with Cory Eaves, Partner and Head of Portfolio Operations at Baypine, to delve into the transformative journey of private equity from its traditional roots to its current innovative practices. Cory shares his unique path from a software engineering background on a farm in Iowa to becoming a trailblazer in operationalizing private equity at General Atlantic and now embarking on a new venture with Baypine. Episode Highlights: 1:16 - Cory Eaves' Unconventional Journey into Private Equity: Cory recounts his transition from a software engineer to a pivotal figure in the private equity world, emphasizing the serendipitous path that led him to his current role at Baypine. 4:04 - From Operational Expert to Private Equity Innovator: Cory discusses his significant contributions to operational excellence within private equity firms, highlighting his tenure at General Atlantic and his recent move to Baypine to leverage technology in transforming traditional businesses. 5:54 - Baypine's Unique Investment Philosophy: Cory outlines Baypine's strategy of applying technology to non-technology businesses, aiming to revolutionize sectors through digital transformation and operational improvements. 8:31 - Identifying Potential in Companies: Cory shares the key factors he considers when evaluating potential investments, such as leadership quality, strategic clarity, and product orientation, providing insights into what makes a company stand out. 14:56 - Value Creation at Baypine: Cory details Baypine's approach to value creation, focusing on digital transformation and leveraging technology to enhance business performance, setting Baypine apart in the private equity landscape. 20:04 - Embracing Data and AI for Future Success: Cory discusses the importance of data and AI in shaping the future of businesses, emphasizing the need for private equity firms to integrate these technologies into their investment strategies for sustained growth. 29:18 - Advice to Younger Self: Cory reflects on his career journey and shares personal advice he would give to his younger self, highlighting the importance of planning, pursuing passions, and maintaining a balanced perspective on career and personal life. For more information on Baypine, go to https://baypine.com/ For more information on Cory Eaves, go to https://www.linkedin.com/in/ceaves For more information on BluWave and this podcast, go to https://www.bluwave.net/podcasts/ This episode offers a comprehensive look into Cory Eaves' innovative contributions to the private equity industry and Baypine's forward-thinking investment strategy. Whether you're an investor, entrepreneur, or someone interested in the dynamics of operational excellence and technological transformation in private equity, Cory's story and insights are sure to inspire and inform.

In this insightful episode of the "Karma School of Business Podcast," host Sean Mooney sits down with John Stewart, the visionary founder and managing partner of MiddleGround Capital. With a background that breaks the conventional mold of private equity leadership, John shares his journey from a college dropout working the night shift at Toyota to spearheading a private equity firm that's redefining industry standards. This conversation delves into John's unique approach to private equity, emphasizing operational excellence and entrepreneurial spirit as key drivers of success. Episode Highlights: 1:24 - John Stewart's Unique Path to Private Equity: John recounts his unconventional entry into the private equity world, highlighting his early career at Toyota and the transition from an operational role to founding MiddleGround Capital. 4:22 - From Operational Expertise to Private Equity Innovation: John discusses how his hands-on experience in manufacturing and lean principles shaped his vision for MiddleGround Capital, focusing on operational improvements and strategic growth. 6:52 - Embracing Lean Principles in Private Equity: John shares insights into applying lean manufacturing concepts to private equity investment strategies, underscoring the importance of continuous improvement and efficiency. 9:12 - MiddleGround Capital's Approach to Value Creation: John elaborates on how MiddleGround Capital leverages its deep industry knowledge and operational expertise to drive value creation in portfolio companies, setting the firm apart as a leader in the private equity space. 16:40 - Navigating Challenges and Risks: John reflects on the personal and professional challenges faced during the entrepreneurial journey of building MiddleGround Capital, emphasizing resilience and the pursuit of excellence. 23:44 - Advice for Aspiring Entrepreneurs: Drawing from his own experiences, John offers advice to budding entrepreneurs and private equity professionals on overcoming obstacles and staying focused on long-term goals. 29:04 - Innovative Tools for Efficiency and Organization: John recommends "Building a Second Brain" by Tiago Forte, a book that has significantly influenced his approach to managing information and enhancing productivity both personally and professionally. For more information on MiddleGround Capital, go to https://middleground.com/ For more information on John Stewart, go to https://www.linkedin.com/in/johnstewartky To purchase John's book, go to https://www.amazon.com/Toyota-Kaizen-Continuum-Practical-Implementing/dp/1439846049 For more information on BluWave and this podcast, go to https://www.bluwave.net/podcasts/ This episode not only provides a glimpse into John Stewart's remarkable journey and the foundations of MiddleGround Capital but also offers valuable lessons on leadership, innovation, and the transformative power of operational focus in the private equity industry. Whether you're an investor, entrepreneur, or someone passionate about business growth and efficiency, John's story and insights are sure to inspire and inform.

In this compelling episode of the "Karma School of Business Podcast," host Sean Mooney engages with Joe McIlhattan and Ami Mehta, integral members of Periscope Equity, a firm celebrated for its innovative approach within the private equity landscape. This conversation dives into the harmonious collaboration between the deal and operations sides of private equity, showcasing how Periscope Equity exemplifies the power of teamwork in driving transformative success. Episode Highlights: 2:17 - Joe McIlhattan's Journey to Private Equity: Joe shares his transition from consulting to private equity, highlighting the pivotal role mentorship and hands-on experience played in shaping his career. 3:01 - Ami Mehta's Path to Operational Excellence: Ami recounts her evolution from auditing to embracing the operational side of private equity, emphasizing the importance of exposure and passion in finding one's niche within the industry. 5:49 - The Evolution from Investor to Value Creation: Ami discusses her shift from deal-making to focusing on the growth phase of investments, underscoring the critical role of operations in private equity success. 9:08 - Identifying Potential in Companies: Joe and Ami outline the traits they look for in potential investments, including strong value propositions, durable customer relationships, and the capacity for technological transformation. 23:29 - Managing the Symphony of PE Operations: Explore how Periscope Equity orchestrates the complex interplay between deal and ops teams to ensure seamless execution and maximized value creation across their portfolio. 33:51 - Fusing SaaS and Service: Joe and Ami discuss the nuanced approach to investing in tech-enabled service companies, balancing the human element with technological innovation to foster growth and differentiation. 41:04 - Cultivating Culture for Success: Insights into how Periscope Equity prioritizes culture both within its firm and portfolio companies, leveraging shared values to drive collective achievement. 48:52 - Wisdom for Aspiring PE Professionals: Joe and Ami share personal advice for those looking to make their mark in private equity, emphasizing the importance of patience, skill acquisition, and maintaining a growth mindset. For more information on Periscope Equity, go to https://periscopeequity.com/ For more information on Ami Mehta, go to https://www.linkedin.com/in/ami-mehta/ For more information on Joe McIlhattan, go to https://www.linkedin.com/in/joe-mcilhattan-737b5820/ For more information on BluWave and this podcast, go to https://www.bluwave.net/podcasts/ This episode not only provides a behind-the-scenes look at the strategic operations of Periscope Equity but also offers valuable lessons on leadership, innovation, and the transformative impact of operational focus in the private equity industry. Whether you're an investor, entrepreneur, or someone passionate about business growth and efficiency, Joe and Ami's story and insights are sure to inspire and inform.

In this episode of the "Karma School of Business Podcast," host Sean Mooney welcomes back Doug Horn, Managing Director at Clairvest, for an in-depth discussion on the evolving landscape of private equity. With over 30 years in the industry and a focus on partnering with owner-operators and entrepreneurs, Clairvest has carved out a niche for itself by specializing in minority or non-control investments. Doug shares insights into Clairvest's approach to identifying investment opportunities, the importance of industry focus, and the art of value creation through strategic partnerships. Episode Highlights: 1:34 - Reintroduction to Doug Horn: Doug provides a brief overview of Clairvest's philosophy and his role in the firm, emphasizing the company's long-standing commitment to backing entrepreneurs. 4:13 - Clairvest's Investment Criteria: Doug outlines the five key criteria Clairvest considers when evaluating potential investments: industry, company, management, timing, and price, offering a glimpse into the firm's strategic approach. 6:34 - Narrowing the Investment Focus: Discussion on how Clairvest narrows its focus to specific industry domains, enabling a deeper understanding and more meaningful partnerships with portfolio companies. 9:27 - Developing Industry Expertise: Doug shares the process Clairvest undergoes to become experts in chosen domains, including attending conferences, conducting research, and building networks within the industry. 14:08 - The Importance of Domain Expertise in Value Creation: Exploring how Clairvest's focused approach and deep industry knowledge contribute to successful value creation and investment outcomes. 17:05 - Case Study - Aerospace and Defense Investment: Doug provides a case study of Clairvest's investment in Nextech Solutions, highlighting how industry insights and strategic focus led to a successful partnership. 22:04 - Balancing Knowledge and Opportunity: A discussion on the balance between developing industry expertise and being open to new investment opportunities, emphasizing the dynamic nature of Clairvest's investment strategy. 26:48 - Impact of Focus on Success: Doug reflects on how Clairvest's focused approach has not only enhanced the firm's ability to source and secure investments but also bolstered its reputation and success in the private equity landscape. 30:14 - Advice to Younger Self: Doug shares a personal insight, drawing an analogy from tennis to life and business, emphasizing the importance of not holding on too tightly and the benefits of flexibility and adaptability. For more information on Clairvest, go to https://www.clairvest.com/ For more information on Doug Horn, go to https://www.linkedin.com/in/horndouglas/ For more information on BluWave and this podcast, go to https://www.bluwave.net/podcasts/ This episode offers a deep dive into the strategies that have propelled Clairvest to the forefront of the private equity industry, providing valuable lessons for both investors and entrepreneurs alike. Doug Horn's experience and insights shed light on the importance of industry focus, strategic partnerships, and the continuous pursuit of knowledge in driving successful investments.

In this episode of the "Karma School of Business Podcast," host Sean Mooney engages in a captivating discussion with Bob Belke, Managing Partner at Lovell Minnick Partners. From a small town in Northern Wisconsin to the forefront of the private equity industry, Bob shares his unique journey and the lessons learned along the way. This conversation delves deep into the evolution of private equity, the significance of specialized focus, and the art of value creation in today’s competitive landscape. Episode Highlights: 1:06 - Bob's Path into Private Equity: Tracing Bob’s steps from his beginnings in a small town to his pivotal role in shaping Lovell Minnick Partners, this segment explores the motivations and challenges that defined his entry into the private equity world. 4:33 - Tenacity and Vision: Bob reflects on the importance of persistence and having a clear goal, emphasizing how determination has been key to his success in the private equity industry. 6:00 - An Unexpected Achievement: Bob shares a surprising personal milestone - winning the state of Wisconsin spelling bee and participating in the National Spelling Bee, underscoring the value of hard work and preparation. 9:46 - Identifying Potential in Companies: Bob discusses what Lovell Minnick Partners looks for in potential investments, highlighting the importance of a focused strategy, operational potential, and the transformative impact of private equity partnership. 15:03 - Empowering CEOs and Building Teams: Insights into how Lovell Minnick Partners collaborates with CEOs and management teams to unlock growth and drive success, emphasizing the transformative changes that often occur within portfolio companies. 19:46 - Technology and Finance Function: Bob elaborates on the critical roles of technology and finance in value creation, sharing how Lovell Minnick Partners leverages expertise in these areas to enhance portfolio companies’ growth and operational efficiency. 22:20 - The State of the Private Equity Industry: Bob offers his perspective on the current state and future challenges of the private equity industry, including the importance of value creation and the potential impact of shifting capital flows. 33:35 - Life Lessons and Book Recommendations: Bob shares impactful book recommendations, including "Die With Zero" and "The Monk Who Sold His Ferrari," offering insights into living a fulfilling life and the power of positive thinking. For more information on Lovell Minnick, go to www.lmpartners.com. For more information on Bob Belke, go to www.linkedin.com/in/robert-belke-a480a74a. For more information on BluWave and this podcast, go to www.bluwave.net/podcasts. This episode provides a comprehensive look into Bob Belke’s journey and the strategic insights that have guided Lovell Minnick Partners through the evolving landscape of private equity. Whether you're an investor, an entrepreneur, or someone interested in the dynamics of successful business growth and personal development, Bob’s story and the wisdom shared in this conversation offer valuable lessons and inspiration.

In this episode of the "Karma School of Business Podcast," host Sean Mooney sits down with Gretchen Perkins, Partner and Head of Business Development at Avance Investment Management, for an illuminating discussion on her unique journey into the private equity world. Gretchen shares insights from her transition from commercial lending to a pivotal role in shaping the business development landscape within private equity. This conversation delves into the evolution of the private equity industry, highlighting how specialized roles like business development have become crucial in driving firms' success. Episode Highlights: 0:54 - Gretchen's Entry into Private Equity: Gretchen recounts her path from commercial lending to becoming a trailblazer in private equity business development, emphasizing the serendipity and strategic networking that propelled her career forward. 6:02 - Learning from the Best: Discover how Gretchen honed her business development skills by shadowing industry pioneers, underscoring the importance of mentorship and community within private equity. 9:12 - Personal Influences: Gretchen reflects on how her upbringing as a minister's daughter and her mother's community involvement instilled in her the values of leadership and networking that have defined her professional ethos. 14:21 - Identifying Investment Opportunities: Gretchen discusses Avance Investment Management's thematic approach to investing, focusing on sectors with strong growth potential and management teams that exhibit coachability and vision. 24:17 - Value Creation and Team Dynamics: Explore Avance's strategic use of specialized functions, including research and human capital, to enhance portfolio companies' growth and operational efficiency from the outset. 27:21 - Navigating Market Trends: Gretchen shares her perspective on seizing value creation opportunities across various sectors by leveraging Avance's thematic investment strategy and operational expertise. 31:45 - Life Hacks for Balance and Efficiency: Gretchen offers personal insights into the benefits of meditation for managing stress and enhancing focus, as well as a practical tip for optimizing travel planning through Google Flights. For more information on Avance Investment Management, go to www.avanceinv.com For more information on Gretchen Perkins, go to www.linkedin.com/in/gretchenbperkins For more information on BluWave and this podcast, go to www.bluwave.net/podcasts This episode provides a comprehensive look at Gretchen Perkins' journey and contributions to the private equity industry, offering valuable lessons on business development, strategic investment, and personal growth. Whether you're a seasoned investor, an aspiring private equity professional, or simply interested in the mechanics of successful business strategies, Gretchen's story and insights offer inspiration and actionable advice.

In this episode of the "Karma School of Business Podcast," host Sean Mooney engages with Carl Press, a seasoned partner at Thoma Bravo, to delve into the intricate world of private equity within the software industry. This discussion offers a unique opportunity to understand Thoma Bravo's strategic approach to identifying potential, fostering leadership, and driving value creation across their portfolio companies. Listeners will gain insights into the critical factors that guide investment decisions and the methodologies that have solidified Thoma Bravo's reputation as a leader in the private equity space. Episode Highlights: [00:00:32] Carl's Journey into Private Equity: Carl Press shares his transition from an engineering background to a pivotal role in private equity, highlighting his passion for technology and finance. [00:03:59] Leadership in Focus: The conversation explores the paramount importance of strong leadership in private equity investments, providing Carl's perspective on the traits that define a great CEO. [00:07:39] Investment Philosophy of Thoma Bravo: Carl outlines the firm's dedicated focus on enterprise software and the key criteria that guide their investment decisions. [00:18:18] Strategies for Value Creation: An in-depth look at Thoma Bravo's comprehensive approach to value creation, emphasizing the role of operational support in driving portfolio company success. [00:27:55] Advice for Navigating Economic Uncertainty: Carl shares practical advice for portfolio companies to effectively manage through challenging economic periods. [00:37:24] Personal Growth and Influential Reads: Reflecting on personal growth, Carl shares impactful reading recommendations and the importance of trusting one's instincts. For more information on Thoma Bravo, go to www.thomabravo.com. For more information on Carl Press, go to www.linkedin.com/in/carlpress. For more information on BluWave and this podcast, go to www.bluwave.net/podcasts. This episode not only provides a behind-the-scenes glimpse into Thoma Bravo's strategic operations but also offers valuable lessons on leadership, decision-making, and customer-centric strategies in the software sector. Whether you're an investor, executive, or someone keen on understanding the dynamics of successful business growth in private equity, this conversation with Carl Press is packed with actionable insights and thoughtful reflections on navigating the complexities of the industry.