Exit Strategies w/ Thoma Bravo’s Holden Spaht

If you follow me on LinkedIn, you’ve probably seen some of my weekly musings on the state of the private equity industry. One post from earlier this year struck a particular nerve. Titled “It’s Time to Clean Out the PE Attic,” it began with this observation: “There’s a musty corner in every LP’s private equity portfolio—a collection of tail-end buyout funds that quietly aged past their prime.” That post went somewhat viral nearly five months ago, and the question I’d ask today is whether the attic has gotten any cleaner.Today on Dry Powder, we’ll strip away the emotions around tariffs and examine the underlying market data. I’ll also discuss whether 2026 could mark a return to exits and dealmaking at scale.

In part two of our interview series, we explore how TA hits the ground running on value creation.

How does TA find the time — and the manpower — to sift through 40,000 companies a year?

In part two of our interview series with Kristin Olson, Global Head of Alternatives for Wealth at Goldman Sachs, we consider how Goldman Sachs is positioning itself for scale and just how far the industry is from truly democratizing private markets.

Kristin Olson, global head of alternatives for wealth at Goldman Sachs, explains how her team is preparing for more than 30% yearly growth in the individual investor space.

Permira’s Co-CEO reveals how a sector-embedded, operator-led value creation team drives revenue growth across their portfolio.

Permira’s Co-CEO explains how his firm has successfully scaled across Europe and the U.S. in equal measure.

In part two of our interview series, we explore how the impact lens can enhance carve-outs — from deal sourcing to execution.

A pioneer in the realm of impact investing explains how The Rise Funds have scaled over the last decade—and why they're hitting “escape velocity.”

On June 23, I joined the Capital Allocators podcast to discuss some of the pressing challenges facing the private equity industry today, with a particular focus on the ongoing liquidity crisis. This is an unprecedented and, I would argue, an underappreciated problem for the industry. We should be talking about it more, and that’s why we’re sharing this excerpt with you today. I’d like to thank the host of Capital Allocators, Ted Seides, for the opportunity to dive deeper into the data on exits and fundraising and also to explore some of the tools the industry might use to navigate this impasse. You can also listen to our full conversation on the Capital Allocators podcast here..