The Private Equity Podcast – Show Notes

Guest: Otis Spencer
Host: Alex Rawlings
Episode Title: Lessons in Leadership: From Army Logistics to PE Operating Partner & CEO Success

🎙 Episode Overview:

In this episode, Otis Spencer, a former U.S. Army logistics officer turned private equity operating partner and CEO, shares a compelling journey of leadership, operations, and transformation. From managing global fuel inventories to spearheading Six Sigma-driven improvements, Otis outlines the key lessons that have shaped his value-creation strategy within private equity.

⏱️ Time Stamps:

00:02 – Introduction & Background
Otis shares his 60-second journey from engineering student to Army logistics officer and beyond. He highlights the combination of technical training, leadership experience, and corporate exposure that prepared him for success in PE.

02:25 – Transition to Private Equity
After years in heavy manufacturing, Otis is recruited by an operationally focused PE firm—eventually becoming a portfolio company CEO with a successful exit.

02:52 – The Four Common Mistakes in Private Equity

1. Buying the Wrong Company – Avoid cyclical and capital equipment-based businesses.
2. Ineffective Diligence Process – Insist on a repeatable process and honest assessment of management teams.
3. Weak Board Construction – Build a working board aligned with the investment thesis.
4. Slow to Act Post-Close – Delay in correcting course can derail year-one goals.

10:03 – From Operating Partner to CEO: Key Learnings
Being involved in diligence and growth planning gave Otis an edge as a CEO. He highlights the misalignment between PE growth expectations and founder-led businesses’ readiness.

13:22 – From CEO to Operating Partner: Reversed Lessons
As a CEO, Otis learned the importance of setting culture, managing feedback loops, and avoiding micromanagement—critical insights he brings back into future operating partner roles.

16:14 – Real-World Application of Six Sigma
Otis explains the DMAIC framework and shares two standout Six Sigma projects, one delivering $1M in annual savings through material reduction, and another saving $500K in a plastics facility.

20:29 – Kaizen Explained for Newcomers
A practical walkthrough of how Kaizen events work—including team formation, shop floor involvement, and fast-track execution of waste-reducing improvements.

23:16 – Lessons from Multiple Exits
Otis outlines key ingredients for a successful PE exit:

• Logical, consistent growth (3–5 years)
• Partnering with the right investment bank
• Maintaining forecast performance throughout the process
• Integrating bolt-ons strategically in inorganic growth scenarios

28:50 – What Otis Reads and Recommends

• Wall Street Journal for daily insights
• PitchBook Daily for PE-specific news and trends
• Industry-specific publications when evaluating deals

29:46 – How to Reach Otis Spencer
📧 Email: [email protected]
📱 Phone: +1 404-372-1778
🔗 LinkedIn: Otis Spencer

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment 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 Private Equity Podcast – Essentials for Investors with Matthew Kearney

This episode is packed with pragmatic advice and “growth hacks for operators” – get your pen ready.

⏱️ Episode Highlights & Timestamps:

00:03 – Introduction
Meet Matthew Kearney: 35 years in private equity, from 3i to operating partner and PE-backed CEO.

01:07 – From 3i to New York CEO
Matthew’s early career, moving from UK PE investments into operational leadership in media and technology.

02:31 – Common PE Mistakes
Why thinking “buying right” is outdated and why zombie portfolios exist. The importance of adding value post-investment.

04:56 – Speed Matters
Why hitting the ground running with a viable plan is critical – and where many PE firms still fail.

05:23 – The Need for Differentiation
You can’t differentiate on capital anymore. Matthew explains the need for pre-planned specialization and strategy.

07:21 – The Case for Specialism
Why generic approaches fail in auction processes. Success lies in preparedness and knowing your niche.

09:27 – Private Equity’s Evolution
From generalists to specialists, and from deal teams to fully professionalized operations functions.

11:24 – Pick Your Spots
The strategic importance of check size, deal type, and industry vertical – especially for smaller funds.

12:47 – Talent Strategy
When to insource, when to outsource. The balance between internal teams and external experts.

13:42 – Reducing Direct Reports
Why Matthew cut down his direct reports from double digits to five – and how he structured high-performance teams.

18:38 – NASA-Level Team Building
Using High-Performance Team models (inspired by NASA) to fast-track team effectiveness and reduce storming time.

20:06 – Grata Partnership Promo

20:35 – Lessons from Three Exits
Matthew shares what made his billion-dollar exits successful, from growth-first mentality to choosing the right M&A advisor.

23:27 – Beware of Price Promises
Red flag: advisors promising high valuations without understanding your business. Chemistry and early engagement are key.

24:31 – Staying the Course Through Uncertainty
Avoiding plan deviation in volatile markets. Why good governance, transparency, and dialogue are essential.

26:46 – The Decision to Pause a Sale
How Matthew and his board paused a 2021 sale due to geopolitical headwinds, only to exit successfully in 2025.

28:07 – Balancing Shareholder vs. Management Perspectives
Navigating differing time horizons and objectives post-sale delay. The role of a good Chair in alignment.

29:59 – What Matthew Reads
Matthew’s go-to content: Wall Street Journal, Financial Times, The Economist (begrudgingly!), BBC, and even Daily Mail for well-researched stories.

31:55 – How to Connect with Matthew
📧 Email: [email protected]
🔤 Name spelling: Matthew (with two T’s) Kearney (K-E-A-R-N-E-Y)

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment 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

Guest: Greg Nieuwenhuys – Private Equity Advisor, Chairman & AI Expert
Topic: Unlocking Generative AI for Private Equity & Portfolio Companies

🔹 Intro & Background (0:00 – 2:00)

• Greg shares his 20+ years in PE-backed consumer goods: Baver (Netherlands), Cotterdardoor (UK), Mammoth, Wattbike, and No-Door.
• Passion for AI began two years ago, driven by a belief that GenAI is a business and people challenge—not a tech one.

🔹 What is Generative AI? (2:00 – 6:00)

• Difference: classic AI (recommendations) vs. GenAI (creating content—text, images, plans—and interpreting documents).
• GenAI enables rapid creation of marketing, investment memos, strategic plans, and more.

🔹 Common AI Misconceptions in PE (6:00 – 11:00)

• Myth: It’s a long, expensive IT project.
• Reality: Immediate impact possible—if teams are empowered and trained.
• Greg stresses: “This is a people challenge. CEOs—not just CTOs—must lead the charge.”

🔹 High-Impact Use Cases (11:00 – 18:00)

• Customer outreach & market mapping via AI.
• Recruitment: auto-generated job specs, AI interview notes, candidate matrices.
• AI’s biggest blocker? Lack of training—people haven’t “learned to drive the car” (use GenAI effectively).

🔹 Voice Prompting & Real-Time Examples (18:00 – 25:00)

• Greg showcases how he uses voice to interact with AI—writing emails, brainstorming use cases, even in Chinese.
• Prompts done via speech save time and boost output.
• GenAI as an “intern army”—needs clear direction and oversight.

🔹 PortCo Strategy (25:00 – 32:00)

• PE-backed firms should use GenAI for growth, not just cost-cutting.
• AI can reshape customer journeys and product innovation.
• Link GenAI to value creation plans: “How can AI help us grow faster, better, cheaper?”

🔹 Private Equity Funds Must Lead Too (32:00 – 39:00)

• Many PE funds expect portfolios to adopt AI—but don’t use it themselves.
• Greg supports fund-level training: mapping investment flow to identify use cases in screening, DD, deal memos, legal, and more.
• Example: “Sales Hunt” tool for sourcing targets with AI-powered outreach.
• GenAI allows same-size teams to evaluate more deals and increase velocity—without compromising quality.

🔹 Where to Start? (39:00 – 44:00)

• Overcome fear and decision paralysis.
• AI must be part of culture—non-use should be seen as “cheating the company.”
• Build internal champions to sustain the transformation.
• Key resources:
  • Dr. Ethan Mollick’s LinkedIn & site
  • AI Daily Brief podcast
  • 11Labs’ “ElevenReader” for converting articles into listenable audio

🔹 Contact Greg (44:00 – 45:00)

• LinkedIn: @Greg Nieuwenhuys

Key Takeaways:

• AI is a culture shift, not a tech add-on.
• Empower the entire team to use GenAI in everyday work.
• Start small, build momentum, and tie AI directly to growth strategy.
• Private equity must adopt AI internally to credibly promote it in portfolio firms.

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment 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

In this insightful episode, Nate Edgerly, CEO of Enzo Group Inc., discusses his journey from CPA at PricewaterhouseCoopers to a seasoned private equity investor and executive leader in the hospitality industry. Nate shares valuable insights on leadership, long-term investing, and what makes hospitality businesses thrive or fail.

Key Takeaways:

• Nate’s journey from CPA to CEO, highlighting his pivotal experiences in private equity and operating roles.
• Lessons learned from running a business, enhancing empathy, and effectively partnering with leadership teams.
• What separates exceptional CEOs: empathy, people-focus, and creating a supportive culture.
• Common private equity mistakes: prioritizing short-term gains over long-term strategic growth and cultural investment.
• The decision behind Enzo Group's unique approach to raising capital—democratizing access beyond institutional investors.

Notable Mentions:

• Book Recommendations:
  • Unreasonable Hospitality by Will Guidara
  • Warren Buffett’s investor letters
  • Leadership insights by Simon Sinek, Daniel Pink, John Maxwell
  • Mastery by Robert Greene
• Brands Admired:
  • Ladybird Taco, Original Chop Shop, Cava, McDonald’s, Chipotle, Golden Corral

Timestamps:

• 00:00 – Introduction to Nate Edgley
• 02:30 – Nate’s early career and transition to private equity
• 06:10 – What Nate learned from operating roles
• 10:00 – Qualities of exceptional CEOs
• 13:15 – Mistakes private equity firms make and Nate's long-term investment philosophy
• 17:20 – Enzo Group’s unique capital-raising strategy
• 21:45 – Why choose the volatile hospitality industry?
• 27:30 – Critical success factors for restaurant businesses
• 32:00 – Brands admired by Nate and reasons behind their success
• 38:00 – Nate's insights on executive search firms
• 42:00 – Influences, recommended readings, and learning resources
• 45:20 – How to connect with Nate Edgley

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment 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

In this episode, Alex speaks with Jeff Zwiefel, former President & COO of Life Time, about scaling the business from $139M to $2.3B in revenue and navigating multiple private equity exits and IPOs. Jeff shares how a people-first culture and rigorous training enabled long-term, sustainable growth in a competitive industry.

Jeff discusses why private equity firms often miss the mark by focusing only on KPIs and financials, instead of investing in leadership, culture, and succession. He explains Life Time’s unique "casting" approach to hiring, their internal university for training, and the importance of empowering GMs as mini-CEOs of their locations.

The conversation also covers trends in the health and wellness sector, the rise of personalized longevity services, and how private equity can unlock new value in this rapidly evolving space.

🕰️ Timestamps:
00:00 – Jeff Zwiefel’s background & journey at Life Time
01:53 – The biggest mistake PE firms make
03:21 – Why people, culture, and purpose drive success
06:15 – How to assess leadership in health and fitness businesses
08:13 – “Casting,” not hiring: Building the right team
09:38 – Lifetime University & Navy SEAL-style GM training
11:34 – Accountability, culture, and performance awards
13:29 – The GM certification process & promotion pipeline
17:20 – Investing in employees for long-term loyalty
19:18 – Dashboards & career growth planning
20:48 – Leadership by example: From towel folding to training
22:43 – Core traits Jeff looks for in leaders
24:09 – The 8 leadership attributes at Life Time
25:36 – How ownership mindset and equity drives behavior
28:29 – Interview strategies for soft skills and leadership potential
32:18 – Measuring success through team development and turnover
34:15 – Auditing the customer experience as a PE firm
35:14 – Lessons from COVID: Digital experience & pricing
39:07 – PE deal activity in health & fitness
41:06 – Jeff’s new venture: Miura Performance & Longevity
43:55 – Practical health advice for busy professionals
46:20 – Supplements, red light, cold plunge, and more
47:50 – Opportunity for PE in bundling wellness services
48:17 – How to contact Jeff

📌 Key Takeaways:

• PE must look beyond financials to people and leadership.
• High performance culture starts with casting, training, and accountability.
• Wellness and longevity are emerging as investable and scalable PE categories.
• Personalized health solutions offer huge market potential.

📨 Connect with Jeff Zwiefel:
🔗 LinkedIn
🌐 jzweifel.com

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent.
We focus on de-risking executive recruitment 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

In this episode, Alex Rawlings is joined by Henry Ward, CEO and Co-Founder of Carta, to explore the evolving landscape of private equity and venture capital through the lens of software, operations, and professionalization. Henry shares his journey building Carta into a multi-billion-dollar software business and how it’s transforming the infrastructure of private markets.

Henry dives into why private equity must evolve from its legacy of financial engineering to an operational value-add model—and how the next generation of firms is doing just that. He also unpacks Carta’s roadmap for building cloud-native tools for PE firms, including fund accounting, cap tables, waterfalls, and LP portals. Plus, he explains the two-speed mentality of balancing venture-style growth with private equity-level rigor—and what he’s learned along the way.

🕰️ Timestamps:
00:03 – Welcome and introduction to Henry Ward and Carta
00:29 – Carta’s mission and Henry’s background
00:58 – The outdated mindset in legacy PE firms
01:40 – Hard lessons building a multi-S-curve business
04:02 – Scaling in small markets and fast saturation
05:22 – Innovating inside a scaled company (recommendation: Loonshots)
07:18 – What Henry would do differently (spoiler: gather more info, faster)
09:41 – Grata ad spot
10:09 – Carta’s three-layer approach in venture: cap tables, fund ops, LP portals
12:54 – Applying the same playbook to private equity and private credit
13:50 – The speed of reporting in PE is accelerating—software must follow
14:48 – Why PE and VC have lagged in professionalization
16:15 – Influence of firms like Andreessen Horowitz in redefining fund operations
17:42 – Back-office vs strategic finance in PE firms
18:42 – Competition and differentiation are driving the need for change
19:37 – What should PE automate first? Fund accounting
20:36 – AI disruption in accounting and the end of manual debits and credits
22:03 – Cloud adoption in PE is still lagging—40% still on-prem!
22:31 – Balancing venture-style growth and PE-style discipline on Carta’s cap table
24:56 – Strategic value of PE investors when aligned with product growth
25:24 – Henry’s reading habits and framework (read the ends, skip the middle)
26:53 – Timeless business books and staying current with The Economist
27:23 – How to contact Henry

📌 Key Takeaways:

• PE is shifting from financial engineering to operational alpha.
• The professionalization of private equity firms is overdue and underway.
• Carta is bringing fund accounting, cap tables, and LP ops into the cloud.
• PE must adopt tech to compete, especially as investor and platform competition heats up.
• Automation of accounting and reporting is the low-hanging fruit for transformation.
• Balancing growth and discipline requires the right capital partners—and Carta has both.

📨 Connect with Henry Ward:
📧 Email: [email protected]

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent.
We focus on de-risking executive recruitment 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

David Feingold, CEO of Broad Street Global, joins us on The Private Equity Podcast to share his 35+ year journey from law to leading one of the largest infrastructure-focused PE firms in the U.S. He unpacks lessons in leadership, hiring, culture, and why they’ve entered crypto mining. This episode is a masterclass in building high-performing teams and seizing unconventional opportunities.

[00:00] Welcome and intro to David Feingold and Broad Street Global – infrastructure + crypto investing

[00:29] David’s background – lawyer-turned-PE exec with 35+ years of experience

[00:57] Early academic honors and mentorship from T. Boone Pickens

[01:25] The power of people over business models – hiring philosophy

[01:53] Letting people do what they’re good at drives performance

[02:19] 55 partners, zero attrition – proof that culture and fit matter

[02:48] No politics, shared vacations – how Broad Street fosters cohesion

[03:15] Lessons from early hiring mistakes – focus on listening

[03:43] Listening is undervalued – why it’s his #1 executive skill

[04:40] Decentralized control – empowering division heads like CEOs

[05:11] Weekly Zooms, collaborative decision-making with 20 reports

[05:39] Entrepreneurship mindset among leadership breeds buy-in

[06:04] Decision rights create ownership and reduce bottlenecks

[06:58] Turnover test post-bonus – why Broad Street retains top talent

[07:26] High comp + real input = long-term loyalty

[08:16] Happiness at work impacts life – no "Yoda talk," just results

[08:46] All 55 partners signed up for Navy SEAL training – by choice

[09:44] Traditional infra + crypto mining – what’s the link?

[10:12] Real estate + utility relationships gave them a crypto edge

[11:09] Enter Dogecoin early – before Elon Musk moved the market

[11:37] Built North America’s largest Dogecoin mining operation

[12:06] Opportunistic scaling based on margin and fit

[12:53] Infra skills + land + utility access = expansion blueprint

[13:22] Mars joke, but serious point: go where profit meets capability

[13:49] Trends in U.S. infrastructure – high barriers, high demand

[14:14] Housing shortage drives demand – focus on Carolinas

[14:43] Greenville top retirement spot – strong absorption rates

[15:10] Long runway – next 2–3 generations will stay in this sector

[15:39] What he reads/listens to: all business podcasts + global news

[16:09] Constant learning – 45 mins daily to stay sharp

[16:37] Ideas from people > articles – value of conversations

[17:07] Investors wanted a brokerage – he built one

[17:37] Always talking to the market – shaping services around demand

[18:05] Education goal: answer any question, any time

[18:33] Avoid "I don’t know" as CEO – credibility matters

[19:02] Always studying: legal, financial, geopolitical trends

[19:59] Website contact – happy to connect

[20:27] Outro – thank you and wrap-up

How to connect with David Feingold? via BroadStreetPrivateEquity 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 part

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