In this episode of $100M Exits, Jason sits down with Jim Ferry of Volition Capital to unpack what’s really happening inside growth equity, AI-driven dealmaking, and today’s frozen liquidity market.

Managing over $1.8B in growth equity, Jim explains how the market has shifted from easy capital and inflated SaaS multiples to a brutal divide between the “haves and have-nots.” He breaks down why investment committees are stalling deals, why founders are being forced to rethink exits, and how AI is rapidly becoming the deciding factor between survival and irrelevance.

The conversation dives deep into what growth equity firms actually look for, how deal structures work behind the scenes, and why many founders misunderstand the moment they’re truly ready to scale. Jim also shares lessons from contrarian bets in ad tech, failed hyper-local rollouts, and the hidden dynamics that kill M&A deals in the final hour.

They also explore:

• Why every company now needs to become AI-native

• The dangerous gap between public and private market valuations

• How PE firms think during market corrections

• What causes acquisition deals to collapse mid-process

• Why missing projections is a “death sentence” in M&A

• The new reality of SaaS valuations and AI premiums

• How great founders pivot before disruption kills the business

This is a candid look inside the boardroom conversations shaping the next generation of exits, acquisitions, and AI-native companies.

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ABOUT JIM FERRY

Jim Ferry joined Volition Capital in 2014 and focuses on evaluating and supporting investment opportunities across internet and consumer businesses, including marketplaces, ad tech, consolidation platforms, and transactional companies. He works closely with founders and portfolio companies, serving on the boards of several high-growth businesses, including Aditude, Doing Things, Keynes, Linkby, Revi, and Rounds.

Jim is known for his partnership-driven approach to investing, spending much of his time working directly with entrepreneurs to help them navigate growth and scale their businesses.

You can reach out to Jim through:

LinkedIn: https://www.linkedin.com/in/jim-ferry-91b33375 

Twitter: https://www.jimferryvc

Website: https://www.volitioncapital.com/

ABOUT JASON KIRBY

Jason Kirby is the co-founder of Thunder, a tech-enabled investment bank helping founders reach their ideal target outcomes through capital strategy and M&A. 

He is a serial entrepreneur with four exits and decades of experience in fundraising, M&A, and business building. In his career, he has coached hundreds of entrepreneurs on fundraising, investing, capital strategy, M&A, and business development. He’s transacted over $135M, and his firm Thunder has transacted over $200M+

You can reach out to Jason through:

Email: [email protected]

LinkedIn: https://www.linkedin.com/in/jasonrkirby/

ABOUT $100M EXITS

My goal is simple: to equip founders with the knowledge, inspiration, and guidance to navigate the labyrinthine world of capital strategy to take your company where you ultimately want it, by interviewing founders and investors who have already done it. 

For most, it’s a dream to sell for $100M+, but for others, it’s too cash flow or IPO. Founders doing over $5M in revenue will benefit the most from this podcast. 

Be sure to subscribe and let me know who you want me to interview next.