BluWave's Karma School of Business

Dan Gaspar, Partner at TZP Group, shares how private equity investors drive growth through focus, actionable insights, and strong partnerships. Hear Dan's approach to evaluating businesses, aligning on key priorities, and leveraging innovations like AI. With decades of experience, Dan breaks down what it takes to create value in today's dynamic market. A must-listen for private equity professionals and business builders alike.

Episode Highlights:

• 1:12 - Dan Gaspar's pathway to private equity: A straightforward yet insightful start
• 12:14 - What "specialness" means when evaluating businesses for investment
• 19:33 - How TZP Group aligns with management teams to focus on 2–3 key growth priorities
• 26:19 - The role of AI in modern private equity: Dan's take on experimentation and adaptability
• 35:54 - Navigating uncertainty in today's market: Lessons on maintaining margins and flexibility
• 39:21 - Book recommendations for business builders: Traction, Good to Great, and Who Moved My Cheese
• 41:35 - Practical advice for private equity professionals and the value of collaborative partnerships

For more on Dan Gaspar's firm, visit: www.tzpgroup.com Connect with Dan Gaspar on LinkedIn: https://www.linkedin.com/in/dangaspar/ Explore more episodes: www.bluwave.net/podcasts

The second quarter of 2025 showcased one of the most compelling periods for private equity, revealing how firms responded to disruption through strategic action and decisive adaptation. Join BluWave Founder and CEO Sean Mooney as he unpacks the insights from BluWave's Q2 Private Equity Insights Report, including data showing rolling recovery trends, reshoring efforts in manufacturing, and technology investments. This episode dives into the unique frameworks private equity applies to thrive amid uncertainty, setting the stage for long-term growth. Confidently engage with insights that matter to your business. Episode Highlights

• 1:21 – Navigating stop-and-go economic disruptions: Key Q2 observations
• 5:45 – How private equity firms utilize OODA loops for decision-making
• 12:30 – April 2nd tariffs: A black swan reshaping manufacturing and trade
• 18:20 – Technology investments surge: AI and data projects skyrocket
• 27:05 – Resilience returns: PMI and consumer sentiment rebound in June
• 34:50 – The deal economy ramps up for mid- and long-term growth cycles
• 41:30 – Why private equity firms remain focused on growth investments

For more on BluWave, visit: https://www.bluwave.net/ To request the full Q2 2025 Insights Report, visit: https://www.bluwave.net/insights-report/

In this episode of Karma School of Business, Sean Mooney speaks with Ben Gaw, Partner and Head of Portfolio Operations at Cross Rapids Capital. Ben shares stories from his journey as a first-generation immigrant to becoming a sought-after private equity leader, highlighting lessons learned from turnarounds, rapid decision-making, and building successful companies. Episode Highlights:

• 1:03 - Ben's background: From chemical engineering to corporate turnarounds, restructuring, and private equity.
• 10:03 - What makes a good company great: Identifying defensible markets, customer relationships, and opportunities hidden in mismanagement.
• 12:20 - The Cross Rapids playbook: Leveraging pattern recognition, providing resources, and empowering management teams to execute.
• 18:13 - Advice for uncertain times: The importance of assembling the right team, moving quickly, and focusing on growth from day one.
• 22:27 - Soft skills and leadership: How servant leadership and bedside manner help operating partners and executives thrive.

For more information on Cross Rapids Capital, go to https://www.crossrapids.com/

For more information on Ben Gaw, go to https://www.linkedin.com/in/benjamingawjr

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 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/