The Carry Brief

Why industrial services are beating software at the AI game, and what happens when the 3-year flip breaks down. Full transcript and sources: https://www.thepodcastsummary.com/carry/2026-10-25/

Why PE operators are secret-shopping targets, stripping out financial engineering, and cutting out bankers. Full transcript and sources: https://www.thepodcastsummary.com/carry/2026-10-18/

Plus: Why Invesco refuses to lend on data centers, and how AI code generation is breaking the software diligence playbook. Full transcript and sources: https://www.thepodcastsummary.com/carry/2026-10-11/

AI models are breaking legacy SaaS moats, leaving buyout funds sitting on uncalled capital. Full transcript and sources: https://www.thepodcastsummary.com/carry/2026-10-04/

Why $1B+ buyout funds can't produce 10x returns, and the mathematical death of LP fund selection. Full transcript and sources: https://www.thepodcastsummary.com/carry/2026-09-27/

Why 8% preferred hurdles are destroying management alignment, plus the structural ceiling on private equity scaling. Full transcript and sources: https://www.thepodcastsummary.com/carry/2026-09-13/

Why general partners are moving value creation to the pre-close window, plus putting AI on the IC. Full transcript and sources: https://www.thepodcastsummary.com/carry/2026-09-06/

Plus: Advent's AI investment committee observer, and why the 10-year venture fund is structurally broken. Full transcript and sources: https://www.thepodcastsummary.com/carry/2026-08-30/

Plus why AI is killing rote legal diligence and a reality check on majority buyout board governance. Full transcript and sources: https://www.thepodcastsummary.com/carry/2026-08-23/

Why buyers are refusing cobbled-together add-ons, the flight to hard assets, and how AI codifies fund culture. Full transcript and sources: https://www.thepodcastsummary.com/carry/2026-08-16/