Private Equity Q1 Insights: Adapting to Economic Shifts and Deal Market Trends

In this episode of Karma School of Business, Sean Mooney sits down with Dave Shephard, Director of Portfolio Operations at Rainier Partners. Dave shares how his military experience, consulting background at Bain, and hands-on leadership approach shape his work in private equity today. Key topics include: 1:30 - Dave’s journey from West Point to portfolio operations, and how problem-solving shaped his career. 6:14 - Lessons from the military: Developing grit, resilience, and the ability to lead without authority. 13:48 - How Rainier Partners drives value creation through a defined, repeatable process: strategy alignment, tactical execution, and operational improvements. 30:31 - The foundational role of data and systems in applying AI to portfolio companies—and why starting small can make the difference. 40:14 - Dave’s advice to his younger self and the value of curiosity, continuous learning, and thinking beyond immediate tasks. For more information on Rainier Partners, go to https://www.rainierpartners.com/ For more information on Dave Shephard, go to https://www.linkedin.com/in/dave-shephard-auxga/ For more information on BluWave and this podcast, go to https://www.bluwave.net/podcasts  

This Karma School of Business feed drop from our sister podcast, Best But Never Final, explores the private equity approach to board meetings. Sean Mooney sits down with Lloyd Metz of ICV Partners and Doug McCormick of HCI Equity Partners to unpack how to turn board meetings into strategic powerhouses that drive real outcomes.   Episode Highlights: 02:24 - Why private equity board meetings focus on strategic impact over routine reporting. 10:33 - The structure of PE boards: Who’s on them, the role of independent directors, and the value of concentrated ownership. 15:25 - How independent board members are chosen to address specific business needs and enhance executive decision-making. 35:55 - Avoiding tactical readouts: Making board meetings a forum for actionable strategy and meaningful discussions. 42:37 - Tactical details: Frequency, in-person vs. virtual meetings, committee structures, and agenda planning. To listen to more Best But Never Final episodes, go to https://bestbutneverfinal.buzzsprout.com/2247932 For more information on BluWave and this podcast, go to https://www.bluwave.net/podcasts

In this episode of Karma School of Business, Sean Mooney continues the Elements of Value series, exploring what private equity professionals focus on when evaluating businesses that have the potential to thrive. You’ll hear from: 0:49 - Vinay Kashyap of MainSail Partners on identifying bootstrap B2B software companies with strong growth potential, durable customer value propositions, and resourceful entrepreneurs. 6:19 - Kristin Johnson of Altamont Capital Partners on how her firm assesses market opportunities, team capabilities, alignment with founders, and introduces the concept of a "red team" to bring rigor to investment processes. 12:19 - Trent Hickman of VSS on partnering with founder-led businesses, the importance of management integrity, shared vision, and identifying "multiple ways to win." 20:50 - Misha Logvinov of MGX on the critical role of leadership quality, adaptability during change, and building a robust technology infrastructure that supports scalability and innovation. To listen to Vinay, Kristin, Trent or Misha's full podcast episode, go to https://www.bluwave.net/podcasts. To get connected to a world-class, perfect-fit service provider from our curated network, go to https://www.bluwave.net/start-a-project.

Richard Fitzgerald, Co-Founder and Managing Partner at CapitalSpring, joins Sean Mooney to share the story behind one of the most enduring sector-focused firms in private equity. In a conversation that moves well beyond deal mechanics, Richard reflects on the early days of CapitalSpring, the value of sticking with a niche, and what it takes to build trust and alignment — across teams, LPs, and portfolio partners — over the long haul. Episode Highlights: 1:07 – Richard’s path to private equity 7:53 – Building a sector-specialist investment firm with true competitive advantage 11:06 – We'd know Richard better if we knew this about him 18:27 – Working through hard things – navigating the pandemic 26:45 – The art of private equity in the franchise/multi-location sector – best practices 35:48 – Benefits of having a sector specialist franchisee investors for sponsors investing in franchisors 40:42 – Flexibility to provide both debt and equity solutions for growing businesses is a competitive advantage 43:05 – Richard’s advice for his 22 year-old-self For more on CapitalSpring: https://www.capitalspring.com To connect with Richard Fitzgerald: https://www.linkedin.com/in/fitzgeraldrichard For more on Challenge Aspen: https://challengeaspen.org/ For more on the Michael J. Fox Foundation: https://www.michaeljfox.org/ Explore more episodes of Karma School of Business: https://www.bluwave.net/podcasts

Brooke Ablon, Co-Founder and Partner at Fort Point Capital, joins Sean Mooney to share how his firm scales lower middle market companies through a precise mix of strategy, data, and partnership. From executing disciplined add-on acquisition plans to transforming founder-led businesses into institutional-grade operations, Brooke walks through a real-world private equity playbook that’s built for today’s competitive landscape. 🔑 Key Topics Covered: [00:01:09] How a psychology major and distressed investor found his way into private equity [00:10:22] What distressed investing teaches you about cash flow, value, and conflict [00:19:27] Fort Point’s investment criteria: value proposition, management excellence, and fit [00:24:48] How to create value with strategic add-ons, board governance, and growth alignment [00:29:09] Using data analytics and utilization tracking to uncover hidden margin [00:32:34] Advice for management teams: think proactively, act decisively, use your data [00:40:24] Why private equity careers (and outcomes) are marathons, not sprints For more information on Fort Point Capital, go to: https://www.fortpointcapital.com For more information on Brooke Ablon, go to: https://www.linkedin.com/in/brooke-ablon-5168514 For more information on the Karma School of Business podcast, go to: https://www.bluwave.net/podcasts

Brian Neider, Managing Partner at Lead Edge Capital, joins BluWave CEO Sean Mooney to break down what great private equity investing really looks like — from systematic sourcing to building one of the most engaged LP networks in the industry. This episode is packed with real-world lessons from 20 years of disciplined execution and growth equity innovation. Episode Highlights: [1:09] Brian’s early lessons in entrepreneurship from running a vending business to building top-of-funnel strategy at Bessemer [6:09] How 20,000 cold calls built the foundation for Lead Edge Capital’s thesis-driven sourcing [17:06] The 8-point “strike zone” framework Lead Edge uses to evaluate private equity opportunities [27:06] How Lead Edge’s LP network drives differentiated value creation and portfolio company support [34:30] The role of instrumentation and data discipline in unlocking portfolio performance [39:57] Advice to early-career professionals: treat your time, relationships, and decisions like investments [45:25] Life hacks from an investor: walking pads, airline points intel, and email follow-up tools For more information on Lead Edge Capital, go to: https://www.leadedge.com For more information on Brian Neider, go to: https://www.linkedin.com/in/brian-neider-7774041/ For more information on the Karma School of Business podcast, go to: https://www.bluwave.net/podcasts  

In this episode of Karma School of Business, Sean Mooney speaks with Don McDonough, Managing Director at GTCR, about his career in private equity and his role in building GTCR’s business development function. Episode Highlights: 1:24 - Path to Private Equity: Don’s journey from investment banking to private equity and his early career experiences. 4:56 - Leadership Lessons: How sports and teamwork shaped Don’s approach to leadership and problem-solving. 10:09 - Building a New Role: Challenges and strategies in developing GTCR’s business development function. 27:04 - Value Creation Themes: GTCR’s focus on technology, AI, and proactive risk management strategies to drive portfolio growth. 33:02 - Advice to Younger Self: Don’s insights on identifying strengths, following passions, and seeking mentorship. For more information on GTCR, go to https://www.gtcr.com/ For more information on Don McDonough, go to https://www.linkedin.com/in/don-mcdonough-a6a3611 For more information on BluWave and this podcast, go to https://www.bluwave.net/podcasts/

In this episode of Karma School of Business, Sean Mooney connects with Dave Schnadig, Co-President of Cortec Group, for an inspiring conversation about private equity, leadership, and the many lessons Dave has learned through his dynamic career.   Dave shares his journey from his family’s entrepreneurial roots to leading one of private equity’s most successful firms. Along the way, he dives deep into stories of overcoming challenges, including the Yeti turnaround, managing tariffs, and how to guide portfolio companies through dynamic markets. Episode Highlights: 1:14 - Formative Years: Dave’s entrepreneurial childhood and lessons from his family business that shaped his approach to private equity. 7:18 - Journey to Cortec Group: How Dave’s experience in investment banking and private equity led him to one of the most unique models in the industry. 20:33 - Philosophy of Ownership: Why being “all in” is critical to succeeding in private equity, both for GPs and portfolio leaders. 22:35 - Yeti’s Turnaround Story: How tenacity and smart strategic decisions transformed a significant challenge into one of private equity’s top home runs. 42:10 - Mitigating Tariffs: Dave explains Cortec’s proactive approach to addressing tariffs and supplier diversification across portfolio companies. 48:27 - Adventure and Balance: Dave’s advice for finding balance through curated family trips and why experiences matter as much as success in business. For more information on Cortec Group, go to https://cortecgroup.com/ For more information on Dave Schnadig, go to https://www.linkedin.com/in/dave-schnadig-a585529 For more information on BluWave and this podcast, go to https://www.bluwave.net/podcasts

In this episode of Karma School of Business, Sean Mooney sits down with Misha Logvinov, Managing Director and New York Office Lead at MGX, to discuss the essential lessons he’s learned throughout his entrepreneurial journey and private equity career. Together, they explore actionable insights on leadership, adaptability, and leveraging technology for value creation in private equity and beyond. Episode Highlights: 1:19 - Misha’s Early Journey: Growing up in post-Soviet Russia, launching entrepreneurial ventures as a teen, and transitioning to Silicon Valley during the dotcom boom. 7:22 - Entry into Private Equity: Misha describes his unplanned move into private equity after years as a tech operator and entrepreneur. 13:43 - Hallmarks of Great Companies: Key factors Misha looks for in businesses poised for success, including strong leadership, adaptability, and robust tech infrastructure. [00:18:31] Value Creation at MGX: How MGX helps portfolio companies grow by integrating cutting-edge AI and data strategies. [00:23:16] Actionable Advice: Misha highlights the importance of prioritizing data readiness, embracing AI for operational improvement, and rethinking leadership approaches for the future. [00:33:44] Advice to Younger Self: Misha reflects on the importance of balancing drive with kindness while pursuing high performance. For more information on MGX, go to https://www.mgx.ae/en For more information on Misha Logvinov, go to https://www.linkedin.com/in/mlogvinov For more information on BluWave and this podcast, go to https://www.bluwave.net/podcasts

In this episode of Karma School of Business, Sean Mooney shares key insights from Q1 2025, covering private equity activity and responses to evolving economic conditions. Examining GDP, easing inflation, and rebounding deal activity, Sean discusses how private equity professionals are adapting strategies to capitalize on opportunities while managing risks such as emerging tariffs and global complexities. Episode Highlights: [00:04:03] Economic Landscape: Sean breaks down Q1 economic data, including inflation approaching the Federal Reserve’s 2% target, GDP evaluation, and job market resilience with a 4% unemployment rate. [00:05:23] Deal Market Trends: BluWave’s activity index reveals rising due diligence activity, with Q1 showing a 15% year-over-year increase. Sean highlights stronger deal flow from firms like Hidden Harbor. [00:10:47] Tariff Volatility: Sean explains how new tariff policies are driving demand for procurement and logistics strategies as private equity firms adapt to unforeseen complexities. [00:18:01] Strategic Recalibration: Sean discusses the importance of clearer guidance from Washington and how private equity continues to mitigate risk while identifying opportunities in an uncertain global landscape. To request the Q1 2025 Private Equity Insights Report, go to https://www.bluwave.net/insights-report.