Seth Brennan is co-founder of Lincoln Peak Capital, which owns minority stakes in several asset management companies, including Troy. We discuss Lincoln Peak's long-term partnership model and the importance of autonomy and a strong alignment of interests as foundations for success.

Show notes:

[01:15] Seth discusses how he got into the industry

[02:49] Joining Affiliated Managers Group

[03:43] Lessons from AMG

[06:37] Setting up Lincoln Peak

[07:51] Starting a business in 2008

[10:01] The importance of having long-term capital

[14:10] Lincoln Peak’s long-term ambitions

[16:20] Exits

[18:51] The due diligence process and reasons for a transaction

[22:53] Importance of autonomy and alignment

[25:01] Adding value to partner firms

[28:26] Avoiding the temptation to intervene

[31:52] Continuing relevance of active management

[34:44] Catalyst for Troy transaction

[35:35] Why Lincoln Peak is a good partner for Troy

[37:14] Sebastian’s strengths as an investor

[38:35] Be curious and ask questions