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/

Jim Murphy, Senior Managing Director at LLR Partners, shares his path from CFO and COO roles into leading value creation across a lower middle market private equity portfolio. Drawing on decades of operating experience, he explains how firms identify scalable businesses, assess management teams, and execute disciplined growth plans. Jim also outlines LLR's functional approach to value creation, including operational excellence, ideal customer targeting, and retention strategies that drive outcomes. This is a practical look at what separates good companies from great ones in private equity—hit play.

Episode Highlights

• 2:15 - Starting in public accounting and the path into a CFO career

• 11:10 - Becoming a public company CFO at 29 and learning in real time

• 18:45 - What private equity looks for: market size, product fit, and team

• 21:30 - Why management quality is the single biggest driver of outcomes

• 27:40 - Building a functional value creation team with real operators

• 33:10 - Operational excellence: uncovering hidden cost and margin opportunities

• 37:45 - Ideal customer profiles and retention as drivers of durable growth

For more on LLR Partners, visit: https://www.llrpartners.com/

For more information on Jim Murphy, go to https://www.linkedin.com/in/james-murphy-59097b5/

Brett Holcomb, Partner at Prospect Partners , shares the experiences that shaped his approach to lower middle-market private equity—from swimming-driven grit and early career missteps to navigating COVID with a portfolio company built on human trust. He explains Prospect's "better, not just bigger" philosophy, why foundation-building matters more than speed, and how servant leadership earns premium outcomes. Brett also reflects on pricing strategy, data-driven decision-making, and the leap-of-faith judgment calls every investor must make. This is a candid conversation on resilience, alignment, and long-term value creation—press play.

Episode Highlights

• 1:18 – Growing up around global business and finding a non-linear path into private equity

• 6:29 – Why competitive swimming builds the grit and self-motivation PE demands

• 10:43 – The COVID shock at Wedgewood and setting a clear North Star under pressure

• 14:13 – Over-communicating with teams and customers when everything shuts down

• 18:29 – Breaking massive problems into solvable components during crisis

• 30:31 – "Better, not just bigger": Prospect's foundation-first value creation model

• 37:46 – Pricing strategy as an offensive weapon in volatile markets

• 46:49 – The leap-of-faith decisions that define private equity careers

For more on Prospect Partners, visit: https://prospect-partners.com/

For more information on Brett Holcomb, go to https://www.linkedin.com/in/brett-holcomb-885ba31/