Private Equity Conversations with Fexingo: PE Funds, Buyouts, and Long-Hold Investing

In this episode of Private Equity Conversations with Fexingo, Lucas and Luna unpack the 2013 leveraged buyout of Dell — the largest take-private deal since the financial crisis. They walk through the mechanics of the $24.4 billion transaction, the role of Silver Lake Partners, the financing structure involving debt and Michael Dell's own equity rollover, and the messy proxy fight with Carl Icahn. The conversation focuses on one specific decision: why Silver Lake chose to use a leveraged buyout structure for a mature technology company, and how the firm navigated the tension between operational turnaround and debt service. The hosts also explore the aftermath — Dell's acquisition of EMC in 2016, the company's return to public markets via a tracking stock in 2018, and what the deal says about the evolving playbook for large-cap take-privates. Listeners come away understanding how P-E firms think about buying businesses that aren't broken, just undervalued.

#PrivateEquity #LeveragedBuyout #SilverLake #DellTechnologies #MichaelDell #CarlIcahn #TakePrivate #TechBuyout #EMC #ProxyFight #M&A #Finance #Investing #Business #FexingoBusiness #BusinessPodcast #Buyout #DebtFinancing

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In this episode of Private Equity Conversations with Fexingo, Lucas and Luna break down a surprising trend: while headline-grabbing mega-buyouts by Blackstone and Apollo dominate the news, mid-market firm KKR has quietly become one of the top-performing PE houses by focusing on companies worth $500 million to $2 billion. Lucas explains KKR's 'middle-market muscle' strategy, using their 2021 acquisition of Clarios (a car battery manufacturer) as a concrete case. He shows how KKR eschewed financial engineering for operational improvements: professionalizing supply chains, investing in R&D for lithium-ion auxiliary batteries, and expanding into Asia. Luna pushes back on whether this is replicable for smaller funds, and Lucas discusses how KKR's in-house operations team — 50 industry specialists — gives them an edge. The episode also touches on how this strategy fits into the broader 'permanent capital' trend and what it means for LPs looking for steady returns in a rising-rate environment. A focused, data-rich conversation for anyone tired of hearing only about billion-dollar megadeals.

#KKR #MiddleMarket #PrivateEquity #Clarios #CarBattery #OperationsImprovement #BuyoutStrategy #PermanentCapital #LPs #SupplyChain #AsiaExpansion #IndustrialTech #ValueCreation #FexingoBusiness #BusinessPodcast #Finance #Investing #PodcastEpisode

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Private equity firms love buying software companies, but the playbook differs wildly depending on whether you target horizontal platforms like Salesforce or vertical niche players serving a single industry. In this episode, Lucas and Luna drill into Thoma Bravo's specific approach to vertical software buyouts—why the firm targets mission-critical systems for industries like healthcare, legal, and construction, how it uses repeatable revenue to justify higher leverage, and what happens when an 80% gross-margin business meets a PE cost-cutting playbook. They walk through a real mid-2000s example: Thoma Bravo's acquisition and eventual sale of a niche legal software company. They also unpack the risks—tech debt accumulation, customer concentration, and what happens when a vertical market hits peak saturation. By the end, you'll understand why vertical software has become a $200 billion private equity subsector and whether the next decade will look like the last one.

#ThomaBravo #VerticalSoftware #PrivateEquity #SoftwareBuyouts #LegalSoftware #RecurringRevenue #PEPlaybook #LeveragedBuyout #TechDebt #CustomerConcentration #MissionCritical #SaaS #Finance #Business #FexingoBusiness #BusinessPodcast #MergersAndAcquisitions #InvestmentStrategy

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Most private equity firms raise a fund, deploy it, and return capital within five to seven years. Apollo Global Management broke that mold with 'perpetual capital' — permanent investment pools that don't force exits. In this episode, Lucas and Luna break down how Apollo built Athene Holding into a $100 billion annuity powerhouse, why that gives Apollo an edge in deal negotiations, and what other firms like Blackstone and KKR are now copying. They also discuss the risks: mark-to-market volatility, regulatory scrutiny, and the tension between long-dated assets and policyholder guarantees. If you've heard 'perpetual capital' thrown around as the next big PE trend but never understood how it actually works, this episode gives you the structural logic behind it.

#ApolloGlobalManagement #PerpetualCapital #PrivateEquity #Annuities #AtheneHolding #AlternativeAssetManagement #PEInnovation #InsuranceAndAnnuities #LongTermHolding #Buyouts #Finance #InvestmentStrategy #FexingoBusiness #BusinessPodcast #Investing #AssetLiabilityManagement #PrivateCredit #RetirementIncome

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Episode three of Private Equity Conversations with Fexingo dives into the booming trend of private equity firms acquiring and managing insurance companies. Lucas and Luna break down the specific financial mechanics that make insurance an attractive vehicle for PE: the upfront premium float, the long-duration liability matching, and the tax advantages of owning a regulated carrier. They anchor the discussion around one landmark deal—Apollo Global Management's 2021 acquisition of Athene Holding, which turned a $1.6 billion investment into a $60 billion-plus asset manager in less than a decade. The pair also examine how other firms like KKR and Blackstone have followed suit, creating asset-gathering machines that blur the line between private equity and insurance. Luna challenges whether this strategy introduces systemic risk, and Lucas explains the regulatory guardrails that have so far kept the model intact. By the end, listeners will understand why the phrase 'permanent capital' has become the holy grail in PE circles and how insurance premiums are funding everything from infrastructure to private credit.

#PrivateEquity #Insurance #ApolloGlobalManagement #AtheneHolding #KKR #Blackstone #PermanentCapital #Float #RegulatoryCapital #SystemicRisk #AlternativeAssetManagement #Buyouts #Finance #FexingoBusiness #BusinessPodcast #InvestmentStrategy #PrivateCredit #AssetGathering

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In this episode of Private Equity Conversations, Lucas and Luna drill into EQT's 2014 acquisition of Winoa, a French steel-shot manufacturer that most PE firms would have flipped within five years. Instead, EQT held for over a decade, doubling revenue and tripling EBITDA through operational improvements—not financial engineering. Lucas breaks down the three specific moves EQT made: installing a lean-manufacturing team from day one, expanding into abrasive recycling services, and pushing into emerging-market infrastructure buildout. Luna challenges whether this 'buy and improve' model actually delivers higher net returns than a traditional buyout cycle, and they walk through the IRR math on a 12-year hold. The conversation touches on how EQT's industrial advisory board works, why the firm avoided the typical 5-year exit window, and what this case says about the growing trend of long-hold structures in private equity. No hot takes, but one concrete deal story that changes how you think about PE holding periods.

#PrivateEquityConversations #PE #EQT #Winoa #LongHoldInvesting #BuyAndImprove #IndustrialPE #LeanManufacturing #OperationalExcellence #InfrastructureBuildout #AbrasiveRecycling #EBITDAGrowth #Finance #Business #FexingoBusiness #BusinessPodcast #DealStructuring #ValueCreation

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In the debut episode of Private Equity Conversations with Fexingo, Lucas and Luna dive into one of the most complex and profitable strategies in PE: the corporate carve-out. They anchor the conversation around a landmark 2025 deal—Carlyle Group's acquisition of Johnson Controls' Building Solutions business for $8.5 billion. Lucas walks through the mechanics: why JCI sold, how Carlyle structured the separation, and what it means for returns. Luna presses on the risks—transitional service agreements, talent retention, and the billion-dollar IT carve-out. The hosts also preview the show's focus: no jargon, no spin, just the real economics behind buyouts, long-hold investing, and fund dynamics. Listeners walk away understanding why carve-outs are the 'LBO of the 2020s' and what to watch for in the next big split.

#CarveOut #CarlyleGroup #JohnsonControls #LBO #PrivateEquity #Buyouts #CorporateDivestiture #TSA #Earnout #PEStrategy #Finance #Infrastructure #M&A #ValueCreation #LongHoldInvesting #FexingoBusiness #BusinessPodcast #DealEconomics

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