How Emerging Fund Managers Should Build Operations to Scale | Scott MacDonald | Ep 62

How do you build a private equity firm that thrives for nearly 20 years?In this episode of Funds That Won, Lincoln sits down with Greg Warnock, Founder and Managing Director of Mercato Partners, to discuss the journey from launching a $52 million first fund to managing a $1B platform across 4 funds.Greg shares the story behind Mercato’s founding, the lessons he learned from building multiple investment firms, why disciplined growth investing has remained effective for nearly two decades, and how artificial intelligence is reshaping the future of private markets.The conversation covers fundraising, institutional LP relationships, portfolio construction, AI investing, succession planning, and invaluable advice for emerging fund managers preparing to raise their first fund.Whether you’re an emerging manager, venture capitalist, private equity professional, or simply interested in how successful investment firms are built, this episode is filled with practical insights from one of the industry’s most experienced investors.In this episode you’ll learn:• How Mercato Partners grew from a $52M first fund to a $1B platform across 4 funds• Why Greg believes staying disciplined beats constantly chasing larger fund sizes• His framework for evaluating AI investments in today’s market• How institutional investors think about fund managers and portfolio construction• The biggest fundraising lessons every emerging manager should know• Why your first investments can define the future of your firm• The importance of understanding what limited partners actually want before raising capital• Greg’s perspective on succession planning and building a firm that lastsIf you enjoyed this conversation, be sure to like the video, subscribe to the channel, and turn on notifications for more interviews with leading fund managers, investors, and entrepreneurs.#PrivateEquity #VentureCapital #GrowthEquity #MercatoPartners #ArtificialIntelligence #AI #FundManagement #EmergingManagers #Investing #FundsThatWon

In this episode of Funds That Won, Rylan Olson sits down with Matt Spielman, founder and head coach at Inflection Point Partners.After nearly 6,000 coaching sessions with hundreds of elite fund managers, Matt shares what separates successful emerging managers from the ones who struggle to scale.They discuss the mindset required to raise capital, how to build a long-term vision, why your “why” matters, when to bring on team members, and how fund managers can push through rejection, uncertainty, and the loneliness that comes with leadership.Topics Covered: • The mindset of elite fund managers • How to build a long-term vision for your firm • Why capital raising requires resilience • When solo GPs should start building a team • How to hire the right people • Why fundraising is more than just having a great strategy • How emerging managers can navigate rejection and stay focusedLearn more about Matt Spielman and Inflection Point Partners in the links below.Linkedin: https://www.linkedin.com/in/mattspielman/

In this episode of Funds That Won, Rylan Olson sits down with Chris Lawrence, founder of Labyrinth Capital, to break down the rapidly growing secondary market in private equity.With over $13 trillion now sitting in private markets, liquidity has become one of the most important topics for both GPs and LPs. Chris explains how the secondary market evolved, the difference between LP-led and GP-led transactions, and how emerging fund managers can use secondaries to create liquidity for their investors.The conversation also dives into the realities of launching and scaling an investment firm, the importance of relationship capital, and why emerging managers should stay disciplined in their niche instead of chasing scale.If you’re building a fund or investing in private markets, this episode gives a practical look at how the $200B+ secondary market is reshaping liquidity and opportunity across the industry.

In this episode of Funds That Won, we sit down with Scott MacDonald to break down what actually makes investment firms scale—and why operations are often the deciding factor. Scott shares hard-earned lessons from building and advising funds, covering third-party administrator selection, early hires, operational alpha, tech stacks, and where AI is starting to matter (and where it doesn’t). This conversation is especially relevant for emerging and micro fund managers looking to build durable infrastructure without over-hiring, over-buying tech, or breaking under growth.

In this episode of Funds That Won, we sit down with Tony Davidow of Franklin Templeton to break down how private markets are moving beyond institutions and into the wealth channel. We unpack why the traditional 60/40 portfolio broke down, how evergreen and tender offer funds are changing access to private equity and private credit, and which asset classes have the strongest tailwinds today. Tony also shares insights from decades working with family offices, institutions, and advisors—and explains why private markets are still in the early innings for individual investors.

In this episode of Funds That Won, we sit down with John Bernard of Southview Timberland Investments to uncover how a fund manager turned entrepreneur built a timberland fund in one of the most overlooked asset classes. John shares his journey from Wall Street to launching Southview, the unique economics of timber investing, and how biological growth provides consistent returns regardless of market conditions. We explore land appreciation, harvesting strategies, and the challenges of scaling a fund in such a relationship-driven industry. John also opens up about fundraising lessons, managing risk, and what it really takes to grow a billion-dollar fund in a niche market.

You can sign up for free at www.altst.org/?sl=podcast

In this episode of "Funds That Won," I sit down with Peter Birk from Catalyst Partners, a subsidiary of Moelis Asset Management, focused on seeding new and emerging private equity managers. Peter discusses the strategy behind Catalyst Partners, which includes backing debut private equity funds with sizable checks ranging from $50 to $100 million. He shares insights into how they support managers through first-close capital and revenue share arrangements, and the importance of talent and grit in building a successful asset management firm. The conversation offers a deep dive into the world of private equity seeding and the challenges and opportunities it presents.

In this episode of "Funds That Won," Lincoln interviews Jack Selby from AZ-VC, a venture fund focused on supporting Arizona-based entrepreneurs. Jack shares the challenges Arizona startups face in securing Series A funding locally and how AZ-VC aims to fill that gap by leveraging his extensive network from his PayPal days. They discuss the current state of the venture capital market, the importance of timing, and how Jack's deep commitment to Arizona's tech ecosystem drives the fund's strategy. Jack also reflects on the personal motivations and experiences that led him to launch AZ-VC.

In this episode of "Funds That Won," I sit down with Andrew Smith from the Savory Fund to discuss their unique investment strategy in the food and beverage industry. Andrew shares how the Savory Fund targets emerging food brands with 5 to 15 units and supports their growth with a robust operating team and dedicated capital. He delves into the fund's success, raising and deploying substantial funds to scale promising brands, and the importance of disciplined investment and active management. Tune in to hear insightful stories and practical advice on navigating and thriving in the dynamic world of food and beverage investments.