Private Equity Value Creation with Clarion’s Jon Haas

Carr Preston, Managing Director at Akoya Capital, joins Sean Mooney to discuss how leadership, partnership, and commercial discipline shape successful private equity investments. He shares how Akoya evaluates founder- and family-owned businesses, including the importance of a strong CEO, a clear economic model, scalable sales motion, and the right cultural fit. Carr also explains how Akoya’s thesis-driven, operating-centric approach helps companies professionalize, grow revenue, and focus on the few priorities that matter most. This is a practical conversation on building value through people, focus, and disciplined execution—hit play. Episode Highlights 1:00 - Carr’s path from San Francisco to Morehouse, law school, business school, and private equity 4:00 - How a JD/MBA perspective helps with deal structure, diligence, and negotiation 6:33 - Learning investing fundamentals at Allied Capital during a formative period in PE 10:48 - Carr’s Prince concert streak and the music that shaped different chapters of life 14:42 - What Akoya looks for in leadership, strategy, execution, and business model quality 20:00 - Evaluating management teams through decision-making, trust, communication, and plant tours 24:42 - Akoya’s operating-centric approach to value creation before and after close 29:20 - Why sales and business development are major levers for lower-middle-market growth

Jon Haas, Managing Director of Portfolio Transformation at Clarion Capital, joins Sean Mooney to discuss how private equity value creation has evolved from a differentiator into the core of the business. He shares Clarion’s approach to founder-led companies, operational improvement, digital transformation, AI, and the balance between standardized playbooks and customized support. Jon also explains why firms need to distinguish between a broken thesis and a difficult period, and why intelligent risk-taking still matters in an industry under pressure to avoid downside. This is a thoughtful conversation on conviction, adaptability, and building better companies after the deal closes—hit play. Episode Highlights 2:00 - Early exposure to private equity through family connections and portfolio company boards 3:39 - A nonlinear path through consulting, banking, and Clarion’s early days 6:49 - Building Clarion after IMAX disruption changed the original fundraising plan 13:15 - A collections investment tests Clarion’s conviction through COVID and leadership change 20:38 - Why value creation has become the business of private equity 22:03 - Clarion’s eight focus areas for portfolio transformation and value creation 27:24 - The tension between LP expectations, downside protection, and differentiated returns 33:10 - Jon’s book recommendation and the lesson behind intelligent risk-taking

Dave Santoni, Managing Director at Audax Private Equity, joins Sean Mooney to discuss how decades in investment banking shaped his approach to sponsor coverage, business development, and private equity. He shares what Audax looks for in niche market leaders, how the firm uses industry mapping and add-on acquisitions to build stronger businesses, and why preparation before a process can create real edge. Dave also explains how Audax is using AI across sourcing, diligence, portfolio support, and exits without losing sight of relationships and curiosity. This is a sharp look at how modern private equity firms win before the book ever hits the inbox—hit play. Episode Highlights • 2:00 - Dave’s path from Philadelphia and Omaha to law school, banking, and Audax • 6:31 - Why Audax felt like the right next chapter after decades of deal work • 10:19 - Coaching youth basketball and the lasting pull of sports, teams, and leadership • 13:28 - What Audax looks for in niche market leaders across its core verticals • 16:16 - Using add-on acquisitions to expand markets, customers, and capabilities • 21:48 - How Audax maps industries before ownership to accelerate add-on activity • 28:00 - AI becomes a major value creation priority across the firm and portfolio • 39:39 - Dave’s advice to his younger self: be more curious, earlier For more on Audax Private Equity, visit https://www.audaxprivateequity.com/ For more on David Santoni, visit: https://www.linkedin.com/in/dsantoni/

Sean Mooney, Founder and CEO of BluWave, breaks down BluWave’s Q2 2026 Private Equity Insights Report and what it signals for the second half of the year. He explains why renewed geopolitical volatility stalled due diligence to an all-time low, how PE firms responded by pushing value creation to a record 84% of activity, and why AI advisory demand continues to surge across the industry. Sean also revisits BluWave’s 2026 predictions on deal flow, growth, software selection, industrialization, and the widening gap between AI adopters and laggards. For PE leaders deciding where to place their bets this year, it’s the quarter’s playbook in one sitting — press play. Episode Highlights • 1:08 – Why BluWave’s project data mirrors where private equity is actually spending time • 3:45 – Geopolitical disruption stalls new deal activity for the second straight year • 5:51 – Due diligence drops to 16% as value creation hits an all-time high • 6:30 – AI advisory services surge 193% year over year in PE • 7:20 – Reading the macro backdrop: manufacturing PMI, tight credit spreads, and a resilient consumer • 13:10 – Why extended holds are driving a surge in interim, PE-grade executives • 23:31 – The case for adopting AI now, before the gap between winners and laggards widens For more on BluWave, visit: https://www.bluwave.net/ To request the full Q2 2026 Insights Report, visit: https://bluwave.net/resources/insights-report

Tim Billings, Senior Partner at Quad-C , joins Sean Mooney to discuss how the firm evaluates founder-led businesses and partners with "mountain climber" CEOs who want more than capital. He breaks down the traits Quad-C looks for, including superior service, sticky customers, pricing power, multiple growth levers, and leadership teams ready to scale. Tim also explains how value creation comes to life through sales and marketing, executive talent, finance and IT support, disciplined M&A, and thoughtful AI adoption. For private equity leaders and CEOs building toward the next peak, this conversation is worth the climb—hit play. Episode Highlights • 2:00 - Growing up in Northern Virginia, working early jobs, and discovering finance • 3:16 - Learning to think like an investor through banking and underwriting committees • 9:38 - What Quad-C looks for in founder-led business services companies • 11:56 - Why "mountain climber" CEOs are critical to private equity value creation • 16:43 - Quad-C's owner mindset and hands-on approach to scaling portfolio companies • 21:34 - Sales, marketing, talent, and M&A as core growth levers • 30:15 - Tim's advice to his younger self: choose great people and take off the blinders For more on Quad-C, go to https://www.quadc.com/ For information on Timothy Billings, go to https://www.linkedin.com/in/timothy-billings-67549058/

In this Karma School of Business crossover episode, Sean Mooney is joined by Lloyd Metz, Managing Partner of ICV Partners; Doug McCormick, Managing Partner of Oridian Capital Partners; James Aylward, Chief Product and Technology Officer at BluWave; and Nathan Plummer, Co-Executive Director of Venture Café Global Institute. The group explains how AI moved from long-running concept to practical business tool, and what that means for private equity firms and portfolio company leaders right now. They cover agentic AI, data readiness, applied AI use cases, internal tooling, security concerns, and the leadership challenge of getting teams to adopt new ways of working. This is a practical conversation for business builders who want to move past AI hype and start creating real value—hit play. Episode Highlights • 2:13 - James Aylward's path from Fidelity's AI incubator to BluWave's technology strategy • 5:08 - Nathan Plummer on Venture Café's role in connecting startups, investors, and innovators • 9:17 - Why ChatGPT marked a "Gutenberg moment" after decades of slower AI progress • 13:10 - AI shifts from autocomplete and thought partnership to writing major chunks of code • 18:06 - Applied AI moves beyond efficiency into biotech, robotics, imaging, and new product creation • 23:28 - Why proprietary data may become the real moat for private equity-backed companies • 35:42 - AI literacy, adoption, and the leadership work required to make tools stick • 44:05 - BluWave's internal AI tool shows how company data can power faster decisions For information on Oridian Capital Partners, go to https://oridiancapital.com/ For information on ICV Partners, go to https://www.icvpartners.com For information on BluWave, go to https://www.bluwave.net

Bob Root, Transformation Partner at Southfield Capital, joins Sean Mooney to discuss how hands-on operating experience, curiosity, and genuine partnership shape lower middle market value creation. He shares how Southfield works alongside founder-led businesses during the first 100 days, getting close to the work before refining the growth plan. Bob also explains why AI, data moats, and purpose-built technology can help small and mid-sized businesses leapfrog larger competitors. It's a thoughtful conversation on building better companies with humility, speed, and trust—hit play. Episode Highlights: • 1:18 - Growing up in Canada with an educator's curiosity and engineer's problem-solving mindset • 3:16 - Lessons from Procter & Gamble, Microsoft, and learning through constant role changes • 10:35 - Why Bob's garage reveals his love of building, tinkering, and continuous learning • 12:38 - Navigating personal loss while starting a new role and building deeper trust • 21:46 - Southfield's "first day in the life" approach to understanding portfolio companies • 26:31 - Using technology to help lower middle market companies leapfrog larger competitors • 31:18 - Why AI should expand the business, not just reduce costs • 38:38 - Bob's advice to his younger self: learning on the job is a feature, not a bug For more on Southfield Capital, visit: https://www.southfieldcapital.com/ For more information on Bob Root, go to https://www.linkedin.com/in/robert-root-372aa6/

Bobby Ocampo, Manxaging Partner at Blueprint Equity, shares how his firm approaches early growth-stage investing within private equity. He explains Blueprint's focus on capital-efficient, founder-led vertical software businesses and how they build scalable go-to-market engines post-investment. The conversation also explores how AI, rising competition, and shifting market dynamics are reshaping underwriting and value creation. A practical look at where private equity is heading—and how to win in it. Episode Highlights: • 2:05 - From physics major to private equity via investment banking and venture capital • 7:20 - Why Blueprint Equity was built to avoid "asset gathering" and mediocre returns • 14:10 - Breaking down growth equity vs. venture capital and traditional private equity • 16:05 - Key investment criteria: capital efficiency, retention, and vertical focus • 26:10 - Turning "successful in spite of themselves" companies into scalable platforms • 30:45 - How AI is reshaping underwriting, product strategy, and competitive dynamics • 38:45 - Career advice: spotting opportunity early and jumping on asymmetric upside For more on Blueprint Equity, visit: https://www.onblueprint.com/ For more information on Bobby Ocampo, go to https://www.linkedin.com/in/bocampo

Tyler Ashley, Head of Business Development at McNally Capital, shares the unconventional path that shaped his approach to private equity. From early global experiences to building a career in deal sourcing and relationships. He explains how McNally's family-backed roots influence its focus on founder-led businesses, and how its "Atlas" framework drives disciplined value creation across the portfolio. Tyler also breaks down the growing importance of business development in an increasingly crowded market, where strategy, specialization, and authentic relationships win deals. This is a practical conversation on sourcing, differentiation, and building durable networks in modern private equity—press play. Episode Highlights • 2:20 - From Wyoming ranch to Argentina: a nontraditional start that shaped his career • 7:09 - Why unique life experiences create an edge in private equity relationships • 11:58 - A serious ski accident and the perspective it brought to work and life • 17:07 - McNally Capital's roots and focus on founder-led, family-backed businesses • 23:18 - The "Atlas" framework for structured, end-to-end value creation • 27:32 - Why business development has become critical in a crowded PE landscape • 30:09 - Expanding deal flow through proactive outreach and market coverage • 35:38 - Building and maintaining a network as the foundation of long-term success For more on McNally Capital, visit: https://mcnallycapital.com/ For more information on Tyler Ashley, go to https://www.linkedin.com/in/tylerwashley/

Sean Mooney, Founder and CEO of BluWave, breaks down the firm's Q1 2026 Private Equity Insights Report and what it signals for investors and operators navigating a volatile environment. He outlines how geopolitical shocks are once again stalling deal activity, why the economy remains surprisingly resilient, and how private equity firms are leaning harder into value creation. Sean also explains the shift of AI from buzzword to real execution—and why data readiness is now a competitive imperative. This is a clear-eyed view of the current market and where private equity leaders should focus next—hit play. Episode Highlights • 1:15 - "Groundhog Day" returns as geopolitical shocks stall deal momentum • 3:20 - Why sellers pause deals: the need for 4–6 months of visibility • 5:30 - Economic resilience despite inflation, tariffs, and uncertainty • 7:10 - PE firms increase focus on value creation during market slowdowns • 10:30 - AI demand surges 280% as firms move from experimentation to execution • 16:10 - Data readiness becomes the defining advantage in AI adoption • 23:20 - Why deal activity must rebound: liquidity pressure and dry powder For more on BluWave, visit: https://www.bluwave.net/ To request the full Q4 2025 Insights Report, visit: https://www.bluwave.net/insights-report/