If you think capital is the edge, you’re already behind. This week, I sit down with Adam Stulberger, co-founder of Coventry Bay Group and a 25-year private equity veteran, to unpack the real drivers of outperformance: management quality, cultural clarity, and the courage to be transparent when it counts. We trace the shift from the classic funded model to the independent sponsor approach, explain why limited partners crave deal-by-deal control, and explore how new retail capital will push prices higher and returns lower unless leaders find a different gear.

What stands out is how human the best deals really are. Adam shares why he’d bet on an A+ management team in a C industry over the reverse, and he breaks down the signals that separate durable leaders from charismatic risk: who answers which questions, whether a CEO shares the stage, and how teams treat partners and vendors when no one’s watching. We talk about building psychological safety, why vulnerability from the top gets you the truth faster, and how to create a setting where a CFO can say, “We need someone better than me for the next phase,” without fear or drama.

Culture gets the spotlight it deserves. We examine why “we’re like a family” is often a red flag, how to reset norms after a merger, and what it really takes to change behavior over time. Adam is candid about ego traps in PE, the danger of talking more than listening, and the pattern recognition that comes from decades across cycles and sectors. For founders choosing a partner and for emerging investors finding their voice, the message is simple: trust compounds, control doesn’t.