Fundraising in 2025 isn’t business as usual. James Varela, Partner at Rede Partners and Head of MENA, joins us to break down what it really takes to raise capital from LPs—especially in the Middle East. We talk DPI pressure, LP targeting, co-investments, how to build credibility in emerging markets, and the biggest mistake GPs still make when pitching. Whether you’re struggling or oversubscribed, this one’s for you.

[00:00] Intro to James Varela and focus on capital raising in the Middle East.

[00:30] James’ 15+ years in capital raising across PE, infra, credit, and real estate.

[01:26] Fundraising remains tough—macroeconomics and low DPI are key issues.

[02:21] LPs cautious; focus shifting to GP quality and DPI visibility.

[03:13] GPs turning to NAV lending and creative liquidity tools.

[04:05] 66% of LPs now cite DPI as their top investment metric.

[04:31] Strong fundraises begin 12 months out—prep is everything.

[05:00] Nail your equity story—what sets you apart?

[05:26] Focus on LPs where your strategy fits—don’t spray and pray.

[05:55] Transparency and respect matter more than past returns.

[06:26] GPs often fail to systematize and name their edge.

[07:25] LPs want proof—not theory—of execution and outcomes.

[08:24] Plan 2–3 years out for Middle East fundraising; co-invests are key.

[08:55] Content > presence—show up with something to say.

[09:52] LPs want honest differentiation, not polished fluff.

[10:51] Share what went wrong and what changed—credibility counts.

[11:44] Most firms struggle from poor positioning, not poor product.

[12:14] Systems reduce risk, especially for global firms.

[13:37] Frameworks matter—manage what’s out of your control.

[14:07] Even top performers can fail at storytelling.

[15:02] Reframing the narrative can unlock overlooked value.

[16:26] Fundraising is marketing—Rory Sutherland’s Alchemy cited.

[17:22] Iteration is painful but critical—change takes work.

[18:20] LPs care about the future, not just past returns.

[19:09] Big firms re-entering mid and small-cap to chase alpha.

[19:37] Middle East mistakes: wrong timing, same pitch, poor targeting.

[20:34] Use portfolio milestones as conversation openers.

[21:04] GCC LPs want both long-term trust and large co-invests.

[21:59] Vision and culture alignment matter just as much.

[22:29] Targeting is everything—don’t chase irrelevant LPs.

[22:59] LPs prefer North America, large GPs, proven track records.

[23:57] Specialization and sector depth are rising priorities.

[24:55] AI and tech are hot in the UAE—substance still matters.

[25:54] Growing appetite for GP stakes from Middle East LPs.

[26:21] Europe gaining ground as LPs move down-market.

[27:14] Top reads: Alchemy, Acquired, Diary of a CEO, Tools of Titans, Atomic Habits.

[29:05] Final thoughts: fundraising is either brutal—or it’s fine. Nothing in between.

Connect with James Varela on LinkedIn. Thanks for tuning in.

Subscribe for more episodes on  iTunes & Spotify

Got feedback or questions? Email Alex at [email protected]. Until next time—keep smashing it!

Raw Selection partners with Private Equity firms and their portfolio com

From Big Four to 19 Acquisitions: Sequoya Borgman on Building Borgman Capital
Sequoya Borgman, Founder of Borgman Capital, joins the show to discuss his leap from public accounting into private equity, building an independent sponsor model, and the real challenge behind every deal—people. He shares lessons from 19 acquisitions, why they prioritize cultural fit, and how they’re tapping into retail capital and AI to scale smarter.

[00:03] From Arthur Andersen to launching Borgman Capital in 2017

[01:44] Acquisition focus: <$200M revenue, <$20M EBITDA, founder-led

[02:41] Why CEO transitions post-founder are the biggest execution risk

[04:04] Structuring smoother founder exits and delaying heavy changes

[06:01] Key takeaway from 19 deals: it's always about people

[07:27] Internal MDs, external consultants, and hands-on support

[08:23] Why they chose independent sponsorship over raising a fund

[10:45] Flexible hold periods appeal to sellers—option to hold long-term

[12:10] 450+ LPs and the launch of PassTheHat for retail investors

[14:03] Proprietary deal flow through direct sourcing and partnerships

[15:26] Expansion plan: adding local originators in new cities

[16:26] Top reads, podcasts, and how AI will impact private equity

[16:53] Using AI to review 1,500 SIMs—huge efficiency potential

[17:20] Confidentiality is the barrier to broader AI use in PE

[17:48] Why they can't fully adopt large AI platforms—NDA risk

[18:15] Book recs: Do Hard Things + AI Made Simple

[18:44] Staying ahead of AI’s rapid impact on PE and portfolio ops

[19:41] Closing thoughts and thanks for tuning in 

How to contact Sequoya? via BorgmanCapital.com or LinkedIn

Subscribe for more episodes on  iTunes & Spotify

Got feedback or questions? Email Alex at [email protected]. Until next time—keep smashing it!

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent.

 We focus on de-risking executive search through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection: www.raw-selection.com

Chris Rozell, Managing Partner at Cresta, joins us to discuss his journey from portfolio exec to founding a PE firm, scaling businesses to billions, and investing in decarbonization-focused infrastructure. He shares pragmatic insights on ESG, early-stage infra, and building trust with management teams—plus how Cresta bridges the gap between VC and large infra players. 

[00:00] Chris Rizel, Managing Partner at Cresta, on infra investing, founding a PE firm, LP returns, and ESG.

[00:29] Early career: banking, power, then scaling Regency to billions and launching Cresta.

[01:49] Lessons from CCO role—scaling a PE-backed startup to public exit.

[02:40] Real leadership is learned in the trenches, not in transactions.

[04:33] Portfolio vs. PE firm: loss of customer insight, importance of trust.

[06:24] Mistake: avoiding early-stage infra. Cresta tackles it head-on.

[08:20] Built Cresta Fund Services to support early-stage founders.

[09:18] Go all-in on early infra—don’t dabble.

[10:17] Why decarbonization? Deep sector knowledge, big opportunity.

[11:44] Focused on waste, ag, logistics, and industry—high emission areas.

[12:43] Not impact-first. Returns come from low-cost, proven tech.

[14:08] Avoid high-cost hype. Stick to scalable, pragmatic solutions.

[15:35] Investing in “dirty” sectors to drive green efficiency and profit.

[16:56] Strategy: build from scratch, bridge gap between VC and big infra.

[18:21] Targeting the “missing middle” — commercial but small-scale tech.

[19:48] De-risk, scale, exit to strategics or infra roll-ups.

[21:41] Trends like RNG and biofuels are consolidating—Cresta’s in it.

[23:37] Long-term contracts appeal to infra buyers—interest growing.

[24:01] ESG: take a pragmatic, cost-first approach.

[25:27] Climate’s real, but so are other global issues—balance the spend.

[26:51] Keep climate solutions affordable to avoid wider harm.

[27:18] Influences: Founders Podcast, Acquired, stoicism.

[29:10] Stoic mindset: control your response, not external events.

Connect with Chris Rozzell on LinkedIn. Thanks for tuning in.

Subscribe for more episodes on  iTunes & Spotify

Got feedback or questions? Email Alex at [email protected]. Until next time—keep smashing it!

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent.

 We focus on de-risking executive search through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection: www.raw-selection.com

The discussion in this podcast is for informational purposes and should not be relied on as investment advice or an offer to sell or a solicitation for an offer to buy any securities. Any opinions expressed are those of the speaker and are subject to change. Any discussion of past performance is provided for informational purposes only, is not track record information and should not be relied upon as a guarantee of future performance. Any information regarding the performance of prior companies was discussed in order to illustrate the experience of the partners of the firm and does not reflect

Sam Bendix, Partner at Chicago Pacific Founders, returns to share his framework for capital raising using motivational interviewing. He explains how it uncovers real motivations and qualifies prospects faster—without a hard sell. We cover how it applies to investor meetings, deal sourcing, hiring, and beyond. A practical framework for better conversations and better results. 

[00:00] Sam Bendix, Partner at Chicago Pacific Founders, shares his capital-raising framework using motivational interviewing.

 [00:28] Alex praises its use in candidate interviews, prospecting, and deal origination.

 [00:58] Framework inspired by Sam’s wife, a dietitian, helping patients change behavior.

 [01:53] Sam realized it draws out investor motivations instead of pushing a pitch.

 [02:51] Ideal for hesitant prospects or those juggling priorities.

 [04:13] Helps quickly qualify whether someone’s worth pursuing.

 [05:37] Sam uses it on intro calls with LPs at the contemplation stage.

 [06:33] It’s flexible — works even outside of work.

 [08:30] Four stages: Engage, Focus, Evoke, Plan.

 [10:15] Key question: "What led you to take this meeting?"

 [12:09] Use “change talk” to uncover real motivations.

 [13:59] Always leave with clear next steps.

 [15:50] Similar to AIDA — build rapport, qualify, find the why, plan action.

 [17:15] Real-life case study: reframed a real estate pitch to win infrastructure LP interest.

 [22:28] Even a "no" reveals future opportunities.

 [25:22] ORS method (Open questions, Reflective listening, Summarizing) is critical.

 [27:17] Reflect objections back to build clarity and trust. 

 [28:13] Alex draws parallels with talent assessment — most firms hire for now, not the full journey.

 [30:40] Exceptional execs have frameworks. If they can't articulate their playbook, you can’t scale them.

 [32:07] Too many firms wing it with clients while being structured with candidates — both need frameworks.

 [34:29] Sam praises Alex’s consultative approach to hiring — problem-finding > solution-pushing.

 [36:55] Knowing the why behind hiring helps tailor the search to real business needs.

 [39:47] Ideally, firms would hire 3 execs per hold period — one for each phase. Instead, you need one who can run the full race.

 [43:10] Negotiation tips: frame your goals around the LP’s goals.

 [45:35] Use three steps: Reflect objections, Reframe as shared objectives, Confirm buy-in.

 [48:27] Book recs: Negotiation Genius (Harvard), Start with No (Jim Camp), and Quit (Annie Duke).

Sam’s open to connecting on LinkedIn.

Subscribe for more episodes on  iTunes & Spotify

Got feedback or questions? Email Alex at [email protected]. Until next time—keep smashing it!

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent.

 We focus on de-risking executive search through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection:

In today’s episode, Jared Weisel, SVP at Revenue Analytics, joins us to break down how PE-backed manufacturing and distribution businesses can use pricing to drive serious EBITDA gains. We dive into why most firms ignore pricing, how to avoid customer churn while raising prices, and why a 3–7% increase can deliver outsized impact. Jared shares the biggest mistakes PE firms make, how to build long-term pricing strategies, and why this lever is the most underutilized tool in the value creation plan.

[00:03] Jared explains his role at Revenue Analytics, focusing on pricing strategy for PE-backed manufacturing and distribution firms.

[00:29] Discusses pricing as a lever for EBITDA improvement with minimal customer loss.

[00:58] Pricing is often underused; Jared emphasizes using data to drive targeted decisions and compliance.

[01:54] PE firms overlook pricing in VCPs, relying on cost-cutting. Jared argues for ongoing pricing strategies, not one-time actions.

[03:44] Sales reps often quote inconsistently due to lack of tools. Structure and guardrails lead to better pricing outcomes.

[05:02] Visibility is key—track changes, product mix shifts, and enforce compliance to prevent leakage.

[06:25] Raw Selection offers salary reports via YouTube—useful for benchmarking comp in PE and portfolio roles.

[06:54] Jared warns that pricing based on gut feel or fear of customer loss leads to missed value. Start with the pain.

[09:47] Jared outlines pricing plays across the investment lifecycle—diligence, early wins, long-term optimization, and positioning for exit.

[12:12] A 3–7% price increase typically sees no customer churn—if done surgically, not blanket increases.

[14:01] Recommends Pricing Brew, Professional Pricing Society, and books like Revenue Management and Pricing: The New CEO Imperative.

[16:28] CEOs hesitant on pricing should compare pricing impact vs. other ops improvements—pricing wins big.

[18:21] Jared’s recommendations: Bain's Dry Powder, Adam Coffey’s Private Equity Playbook, Dan Cremons' Winning Moves.

[19:39] Contact Jared at [email protected] or on LinkedIn.

[20:36] Alex thanks Jared for the focused and actionable conversation on pricing.

Connect with Jared Wiesel on LinkedIn. Thanks for tuning in.

Subscribe for more episodes on  iTunes & Spotify

Got feedback or questions? Email Alex at [email protected]. Until next time—keep smashing it!

In today's episode we have Steve Carroll, CEO and Co-Founder of Kelso Industries, join us to share his journey from a small-town construction background to leading a 25-acquisition HVAC roll-up. We dive into his Walmart days scaling EBITDA from $15M to $250M, his views on where PE firms get it wrong, and how Kelso’s long-term partnership model is flipping the script on traditional roll-ups.

[00:00] Steve Carroll joins to discuss Kelso Industries' growth from 1st to 25th acquisition

 [00:27] Background: Walmart experience and scaling from $15M to $250M EBITDA

 [00:54] Early years: rural Oregon, construction, MBA, and entrepreneurial itch

 [01:50] Lessons from Walmart and foundation of Kelso

 [02:21] Mistake PE firms make: copying each other, bidding up same assets

 [03:05] Advice: PE should pursue untapped markets and take first-mover risks

 [04:21] Kelso's differentiator: deep focus on one long-term strategy

 [05:49] “All in” mindset and scaling Kelso as one big platform

 [06:18] First acquisition story: moving to AZ, transition challenges

 [07:46] Struggles, COVID, and lessons learned from initial takeover

 [08:43] Pivot to partnership model after burnout and realization

 [09:42] Defining partnership: skin in the game, shared long-term vision

 [11:08] Case study: Pancho in Idaho becomes the blueprint for future deals

 [13:03] Criteria for Kelso partnerships and alignment with long-term goals

 [14:00] Integration learnings: then vs. now at deal #25

 [14:50] Kelso now offers finance, legal, HR, recruiting, and systems support

 [17:44] Operational push: MEP+ and one-call solution model

 [18:43] Scale enabling better integration and centralized resources

 [19:12] Raw Selection salary reports plug

 [20:11] Top 3 learnings: partnership, finance investment, data center boom

 [23:23] Walmart story: monetizing eyeballs, retail media, Sam’s Club success

 [26:17] Building a $250M EBITDA business unit through creative thinking

 [27:42] Why HVAC: passion, mission-critical systems, smartest people on site

 [28:49] Key influence: Brad Jacobs and “How to Make a Few Billion Dollars”

Connect with Steve Carroll on LinkedIn. Thanks for tuning in.

Subscribe for more episodes on  iTunes & Spotify

Got feedback or questions? Email Alex at [email protected]. Until next time—keep smashing it!

Welcome to another episode of the Private Equity Podcast. Today, I’m joined by Scott Cook, an experienced Chief HR Officer with over 100 add-on acquisitions under his belt. We dig into what really drives successful integration—nailing culture, managing change, aligning roles, and avoiding the classic post-acquisition mistakes. If you want a no-nonsense guide to people, process, and performance in PE-backed services businesses, this episode is a must-listen.

[00:00] Over 100+ add-on acquisitions and integrations, with a focus on commercial and residential services.

[00:29] Private equity mistake: solving adaptive people problems with technical solutions.

[01:51] Example: pay plan integration fails without addressing pride, fear, and control among legacy staff.

[03:49] Change takes time, but skipping the adaptive side slows everything down.

[04:45] “Intervention without diagnosis is malpractice.”

[05:12] Change process: Transparency (what we know/don’t know), Humility (not always right), Authenticity (real conversations).

[07:38] Run changes in parallel to prove success before full implementation.

[08:33] Adaptive resistance often comes from fear of loss, not logic

[09:30] Key issue isn’t just communication—it’s the resistance behind it.

[10:55] Missed clarity of roles and vision derails integration.

[12:22] Diligence mistake: confusing deal confirmation with actual diligence.

[13:21] Integration failures often come from ignoring cultural misalignment.

[14:47] Early lesson: distinguish between necessary and unnecessary endings—prune what’s dying or holding growth back.

[17:08] Win trust early by changing non-critical items that don’t affect frontline staff or customers.

[19:30] Founders often don’t work out post-acquisition—PE firms struggle to make them fit.

[20:34] Sellers always experience some remorse—plan for it during diligence.

[22:00] Ask: “What does ending well look like for you?” Define success before they exit.

[24:23] CFOs and CEOs shouldn’t be in the weeds—define direction, context, and outcomes.

[26:44] Great CFOs provide context, not micromanagement. Great CEOs delegate integration to focus on growth.

[29:32] Former founders can still add value via advisory roles or special projects.

[32:24] Pest control and HVAC still hot—residential M&A picking up, commercial lagging due to government slowdown.

[35:20] Resi/commercial services sector is early in its PE wave. Tons of opportunity, but plagued by poor leadership and weak diligence.

[37:37] Rise in fractional execs to bridge early-stage post-acquisition gaps.

[38:39] Book recs: 

• Why Should Anyone Be Led by You? – leadership authenticity
• Falling Upward – personal development and meaning
• Necessary Endings – pruning for growth

[40:30] Scott reflects on making work meaningful in the second half of life—impact over income.

[40:58] Falling Upward explores this journey.

[41:28] Connect with Scott Cook on LinkedIn. Thanks for tuning in.

Subscribe for more episodes on  iTunes & Spotify

Got feedback or questions? Email Alex at [email protected]. Until next time—keep smashing it!

Welcome to another episode of the Private Equity Podcast. Today, I’m joined by Andrew Towne, Partner at Olympus Pines. We break down what it really takes to grow a portfolio company—hiring the right team, aligning goals, building execution plans, and pulling the right levers for revenue and EBITDA growth. If you're after a practical playbook on scaling businesses in the lower mid-market, this episode delivers.

[00:00] Andrew Towne returns to discuss how to grow portfolio companies through team building, planning, and execution.

[00:28] Success in business = aligned goals, right people in the right seats, clear plans, and proper tools/incentives.

[01:55] Biggest failures come from misaligned goals. Everyone must row in the same direction.

[02:26] Use role charters and RACI charts to align responsibilities and decision-making across the org.

[04:22] Attracting top talent means clarity on role, expectations, comp, benefits, culture. Be transparent up front.

[07:06] Retention comes down to delivering on promises, offering development, paying fairly, and giving feedback.

[09:37] Managers should seek upward feedback – your team’s opinion matters more than your boss’s.

[11:32] Evaluate talent by hard skills (resume, technical test) and soft skills (learning ability, judgment, self-starting).

[14:53] Roadmaps keep execution on track – break down goals into sub-goals and timed milestones across the team.

[17:38] Regular team accountability meetings ensure goals stay on track and interdependencies are met.

[18:43] Training, tools, and incentives must align to role and company success – weight comp more to team wins.

[20:39] You don’t need fancy systems – role clarity and RACI charts can live in Word and Excel.

[22:07] Deal sourcing: pick a sector, build your own target list, run a disciplined, high-integrity outreach campaign.

[24:57] Be transparent with sellers – don’t hide your intentions. Build trust from the first call.

[26:16] Consider: can you build instead of buy? Sometimes starting from scratch is the better play.

[27:37] Avoid shiny object syndrome – write down what matters to you first, then find sectors that match it.

[30:37] Six top-line levers: optimize product mix, segment customers, fix pricing, retain the right customers, improve collections, manage working capital.

[35:33] Hire execs aligned with the thesis – if transformation is needed, bring in people who’ve done it before.

[38:56] Cost isn’t just headcount – optimize procurement, renegotiate vendors, rethink distribution, and energy use.

[41:58] Retooling and reskilling can outperform layoffs – invest in your people and slow unnecessary hiring.

[42:56] Thanks to Andrew for sharing his portfolio playbook and growth strategies.

[43:24] Subscribe for more episodes every week. Till next time – keep smashing it.

Connect with Andrew Here.

Subscribe for more episodes on  iTunes & Spotify

Got feedback or questions? Email Alex at [email protected]. Until next time—keep smashing it!

Welcome to another episode of the Private Equity Podcast, today I’m joined by Nayef Perry, Head of Direct Credit at Hamilton Lane. We dive into the state of the private credit market—where the opportunities are, how interest rates are shaping returns, and what investors need to watch out for. If you want a sharp, no-fluff breakdown of where private credit is heading and why it still has room to run, this one's for you.

Breakdown:

[00:00] Nayef Perry, Head of Direct Credit at Hamilton Lane, joins to discuss the private credit market, interest rates, and market outlook.

 [00:30] Background: Born in Miami, ex-consultant, GE Capital, joined Hamilton Lane in 2013.

 [01:13] Private credit’s golden era isn’t over—higher-for-longer rates mean higher yields for investors.

 [02:11] Despite growth since 2008, private credit isn’t overcrowded—$1.4T credit gap vs equity.

 [03:36] Add $600B+ in upcoming maturities, and there’s a $2T+ opportunity over next 3–5 years.

 [05:30] Hamilton Lane’s deal drivers: add-ons, recapitalizations, and recovering LBO activity.

 [06:52] Credit lags LBO recovery but Hamilton Lane sees strong deal flow via LP relationships.

 [08:42] Democratization: retail access growing through evergreen funds—low minimums, high liquidity.

 [11:01] Biggest concern is defaults, but default rates and distress ratios remain below averages.

 [14:55] Credit shines across market cycles—positive performance every year since 1999.

 [16:51] Tight performance band and low volatility make credit an all-weather asset.

 [17:44] Investment discipline is key: big deal funnel + strict filters = consistent returns.

 [19:03] Four core criteria: top-tier sponsors, #1/#2 market leaders, recession-resistant sectors, strong capital structures.

 [21:01] Influences: WSJ daily, Poor Charlie’s Almanack, Red Notice, industry reports. 

 [23:54] Thanks for tuning in—subscribe and keep smashing it.

Connect with Nayef Here.

Thanks for tuning in!

Subscribe for more episodes on  iTunes & Spotify

Got feedback or questions? Email Alex at [email protected]. Until next time—keep smashing it!

Description:
In this episode of The Private Equity Podcast, Alex Rawlings sits down with Ben Claremon, Partner at Devonshire Partners, a lower middle-market PE firm investing in micro and nano-cap businesses. Ben shares insights into why PE firms overlook small public companies, how microcap investing presents unique opportunities, and why a hedge fund mindset can be valuable in private equity. He also discusses the challenges of deal competition in the lower middle market, mitigating risks in microcap investments, and how Devonshire builds long-term relationships with business owners.

Breakdown:

[00:00] Welcome back to The Private Equity Podcast. Today, Alex speaks with Ben Claremon, Partner at Devonshire Partners, focusing on micro and nano-cap investments.

[00:30] Ben’s journey from real estate and hedge funds to private equity.

[01:00] Devonshire’s investment focus: $2M–$10M EBITDA, founder/family-led businesses.

[01:27] The crowded lower middle market and increased deal competition.

[02:25] Why PE firms ignore small public companies and why they shouldn’t.

[03:48] The lack of institutional capital in microcap public equities—an overlooked opportunity.

[05:16] Public vs. private small businesses—why public companies often have better governance.

[07:07] Devonshire’s hybrid approach: investing in public companies with a private equity mindset.

[09:00] How Devonshire builds relationships with microcap companies for long-term deals.

[10:28] Risks and challenges in microcap investing—and how Devonshire mitigates them.

[12:19] Why small public take-private deals are underexplored by PE.

[14:16] Devonshire’s screening process to filter out high-risk investments.

[16:10] Generalist vs. Specialist Investing—how Devonshire balances both.

[19:31] Lessons Ben brought from hedge funds into private equity.

[21:57] Ben’s podcast recommendations: Capital Allocators, Invest Like the Best, and his own Compounders Podcast.

[30:04] Connect with Ben:
🔹 Twitter: @benclaremon
🔹 Compounders Podcast on Spotify & iTunes
🔹 LinkedIn: Ben Claremon

[31:03] Closing remarks and thank you for tuning in!

 Thanks for tuning in!

Subscribe for more episodes on  iTunes & Spotify

Got feedback or questions? Email Alex at [email protected]. Until next time—keep smashing it!