The Private Equity Podcast, by Raw Selection

In this episode, Alex Rawlings speaks with Andrew Sachs, Founder of Mauloa, about why he believes the traditional private equity model is fundamentally flawed — and what a long-term alternative looks like.

After starting his career at Morgan Stanley Capital Partners, Andrew built Mauloa around a simple philosophy: no excessive leverage, no forced exits, and a focus on compounding cash flow over decades.

Mauloa takes minority stakes (30–40%) in family and multi-generational businesses, avoids debt, and prioritises culture, balance sheet strength, and long-term alignment.

⏱️ Timestamps

00:00 – Andrew’s background and founding Mauloa
01:10 – Why private equity’s model is flawed
03:02 – Investing without debt or exit pressure
06:18 – Fund structure without institutional capital
07:44 – Incentivising management long-term
10:49 – Free cash flow freedom vs leverage pressure
12:14 – “Piles of money” vs chasing IRR
16:54 – The Middle Market Accelerator
19:16 – What Andrew reads and recommends

Key Themes

• Over-leverage and short hold periods distort decision-making
• Long-term compounding beats short-term IRR optimisation
• Culture and leadership matter more than financial engineering
• Supporting “boring” small and middle-market businesses builds real wealth

If you're questioning whether traditional PE is the only model, this episode offers a thoughtful, long-term alternative.

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

Looking to grow your team? Check out our Hiring Guides

for proven strategies, templates, and best practices to make smarter hires. 

In this episode, Alex sits down with Peter Rossi, a UK-based CTO with 25+ years in technology and 15 years in commercial leadership. From running trackside IT at McLaren to leading 22 acquisitions in a PE-backed group, Peter shares hard-earned lessons on growth, integration, and operating under pressure.

⏱️ Timestamps

00:00 – Introduction & career overview
00:28 – Life at McLaren & high-performance environments
01:23 – VC due diligence & scaling tech businesses
02:24 – Building and exiting a SaaS company
03:50 – The biggest PE mistake: rigid M&A planning
07:25 – Lessons from Formula One
10:21 – Why professionalising leadership can slow growth
14:23 – How to double EBITDA in a PE cycle
18:56 – Integration lessons from 22 acquisitions
20:19 – Resources & how to connect

🔑 Key Takeaways

• Plan for ambiguity. You can only acquire what exists in the market.
• Not all revenue is equal. Cutting “non-core” products can damage the core.
• Protect speed. Over-professionalising leadership reduces risk tolerance and slows execution.
• Simplify to scale. Focus on core products and commercial outcomes to grow EBITDA.
• Integration is human. Success comes from winning hearts and minds — not just aligning systems.

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

Looking to grow your team? Check out our Hiring Guides

for proven strategies, templates, and best practices to make smarter hires. 

In this episode, host Alex Rawlings welcomes James Carver, a seasoned CFO with two private equity-backed exits under his belt. James shares his unique journey from the trading desk to executive leadership, and unpacks valuable lessons from navigating complex M&A deals, ESOP sales, and private equity integrations.

⏱️ Episode Highlights

00:00 – Intro & Background
James shares his career path from stock analysis to FP&A and investment banking before stepping into CFO roles.

05:22 – Transition to Corporate Finance & First Exit
How James helped scale a medical distributor from $30M to $65M, leading to a PE-backed strategic sale.

08:47 – Second Exit in Charlotte
Turning around a struggling portfolio company and leading it through a successful 2024 exit.

09:51 – Common CFO Hiring Mistakes in PE
The importance of SOPs, process infrastructure, and cross-functional alignment.

12:13 – Strategic Focus: Quote-to-Cash & Customer Experience
Mapping key processes to maximize customer lifetime value and ROI.

13:35 – Value Creation Before Exit
Driving growth through territory expansion, sales team optimization, inventory efficiency, and acquisitions.

17:26 – Exit Lessons
Why having no advisor in his first sale was a challenge—and how having one in the second made a big difference.

21:17 – Acquiring Smaller Businesses
James’ playbook for building trust with founders, being transparent, and respecting their culture post-acquisition.

25:37 – Final Advice
Embrace best practices from acquired companies—don’t force your way if theirs is better.

26:32 – Resources
James recommends the Wall Street Journal and CNBC to stay sharp on market trends.

27:28 – Contact
📧 Reach James: [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

Looking to grow your team? Check out our Hiring Guides

for proven strategies, templates, and best practices to make smarter hires. 

Episode Overview:

In this episode, Alex Rawlings speaks with Richard Fitzgerald of CapitalSpring, a private equity firm specializing in foodservice and multi-location consumer businesses. Richard shares insights into CapitalSpring’s differentiated, sector-focused approach, how they’ve scaled over 20 years, and the recent $1B+ exit to Bain Capital. He also unpacks their latest fundraising success in a tough market and the importance of specialization in today's crowded PE landscape.

Timestamps & Key Topics:

00:00 – Introduction
Overview of CapitalSpring’s focus and two key topics: fundraising success and a $1B+ exit.

00:54 – Richard’s Background
From investment banking to founding CapitalSpring in 2005 with a sector-specialist mindset.

03:19 – Why Multi-Location Businesses?
Opportunities found on Main Street—resilient, everyday consumer services often overlooked in PE.

04:43 – Starting Small, Scaling Big
CapitalSpring began with $3M; now 300 investments and $4B deployed across 100+ brands.

06:30 – Specialization as a Differentiator
Why generalist firms struggle, and how deep focus wins deals without being the highest bidder.

08:55 – $1B+ Exit: Sizzling Platter to Bain Capital
Growth from 400 to 800+ locations across multiple brands and markets, despite COVID headwinds.

14:03 – Key Learning: Labor-Light Models
Pandemic emphasized the value of operational efficiency and low labor reliance in QSR investments.

15:27 – Fund VII: First Close Success
How CapitalSpring raised in a tough market by showcasing portfolio resilience and a hybrid debt/equity model.

17:44 – Hybrid Capital Strategy
Flexibility to invest via debt, equity, or both—offering solutions to founders and mitigating risk for LPs.

20:04 – Book Recommendation: Give and Take by Adam Grant
The power of relationships in PE—not just financial modeling.

21:57 – Connect with Richard
Email: [email protected]
| LinkedIn & website via CapitalSpring.

Top Takeaways:

• Specialization is key in today’s competitive PE environment.
• Hybrid investing (debt + equity) offers flexibility and downside protection.
• Operationally light, multi-unit businesses prove resilient—even in crises.
• Long-term success in PE depends on relationships, not just technical skills.

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

Looking to grow your team? Check out our Hiring Guides

for proven strategies, templates, and best practices to make smarter hires. 

🎧 Episode Summary:
In this episode, Alex Rawlings speaks with Chris Sznewajs of Pacific Avenue Capital Partners about building a private equity firm focused on complex corporate carve-outs and businesses owned by “unnatural owners.” Chris shares how Pacific Avenue identifies overlooked assets, drives value through operational focus, and recently expanded into Europe with a team-first approach.

He dives into the lessons from building out their Paris office, the firm’s unique deal sourcing strategy, and a case study involving a complex carve-out from Total Energy. Chris also unpacks their value creation model, why they invest heavily in operational talent, and how they maintain culture across borders.

⏱️ Timestamps:

00:00 – Intro to Chris & Pacific Avenue
01:28 – Key mistakes in PE & portfolio strategy
03:52 – Why Europe? Lessons from expansion
05:47 – Building and integrating cross-border teams
10:57 – Defining “complex transactions”
12:24 – Total Energy carve-out case study
15:17 – Proprietary sourcing via corporate relationships
17:25 – Investing in ops: value creation strategy
20:16 – How their ops team is structured
22:45 – Chris’s interests & offer to connect

💡 Key Takeaways:

• Focus on carve-outs and “unnatural owners” enables deep value creation.
• Expansion to Europe was led by people, not just strategy.
• A proprietary sourcing approach is key in competitive processes.
• Ops team = generalists with deep business acumen who partner with management.
• Carve-outs require patience, resources, and a consistent strategy.

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

Looking to grow your team? Check out our Hiring Guides

for proven strategies, templates, and best practices to make smarter hires. 

In this episode, Alex Rawlings is joined by Alex Sabel, Vice President at THL Partners, to explore how the firm is embracing AI across its operations and portfolio. Alex leads THL’s research function and AI strategy, bringing a data-driven, quant mindset to private equity.

He shares how THL uses AI internally to improve investment workflows, how portfolio companies are deploying AI to drive product innovation and efficiency, and what he’s learned from both successes and failures. Whether you’re exploring AI adoption or refining your strategy, this episode offers clear, practical insights from the front lines.

⏱ Timestamps

00:00 – Intro to Alex Sabel & THL’s AI Focus
AI at the firm, portfolio, and personal level.

00:55 – Alex’s Background
From public markets to PE, building THL’s research and AI function.

03:12 – Common Mistakes in AI Adoption
Why firms must focus on data foundations first.

04:35 – Real-Time Insight vs. Info Overload
The value of surfacing insights at the right time.

06:02 – Investing in the Global Compute Ecosystem
THL’s thesis: look beyond GPUs to second-order AI winners.

09:19 – THL’s Three-Pronged AI Strategy
Invest in AI, use it internally, and support portfolio adoption.

11:42 – How THL Supports Portfolio Innovation
Roundtables, tech summits, and a vendor ecosystem to foster AI experimentation.

13:36 – Case Studies: Binder, FourKites & Sentria
Examples of AI-driven product innovation and operational efficiency.

17:57 – When AI Fails
Why THL embraces “fail fast” and knows when to build vs. buy.

22:12 – Deciding When to Use AI
Break problems into first principles—GenAI isn’t always the answer.

25:26 – What’s Blown Alex’s Mind
AI organizing and standardizing messy, fragmented enterprise data.

27:45 – Daily Tools & Tips
Coding assistants and using multiple LLMs (ChatGPT, Claude, Gemini, Groq) for varied insights.

31:06 – What to Read
Short term: WSJ, FT, Economist.
Deep dives: SemiAnalysis and top Substacks.

32:31 – Connect with Alex Sabel
Open to collaborating on AI, compute infrastructure, and emerging vendors.

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, Giovanni Zangani joins Alex Rawlings to share insights from operating in Vietnam’s emerging private equity landscape. As Managing Partner at Maestro Equity Partners, Giovanni discusses the firm’s hands-on approach to investing in consumer and F&B businesses, the challenges of deal execution in emerging markets, and why local understanding is critical to success.

⏱️ Timestamps:

00:00 – Intro to Giovanni & Maestro Equity
Vietnam-focused, growth equity firm backing brick-and-mortar and F&B businesses with tickets of $5–20M.

01:25 – Key Mistakes in Emerging Markets
Investors often misjudge deals by relying on personal experiences or Western legal frameworks without cultural alignment.

03:16 – Who Makes These Errors?
Regional and international funds rushing due diligence or avoiding deeper market engagement.

04:41 – Why Vietnam?
Giovanni's move from the US to Vietnam, spotting talent gaps, and seizing untapped opportunities.

07:30 – Mature vs. Emerging Market Investing
Faster growth, lower costs, and higher returns—but requires entrepreneurial execution.

09:23 – PE in Vietnam is a Different Game
You must own every part of the process—legal, operational, strategic—and be hands-on daily.

11:17 – Due Diligence = Partnership Building
Guide founders through compliance and process; the relationship starts before the investment closes.

14:40 – Post-Investment Involvement
Maintaining founder focus and execution requires credibility, patience, and close collaboration.

16:35 – Lean but Deep Team
A 10-person team making fewer, more impactful investments with long-term vision.

17:59 – Vietnam’s Outlook
More consolidation, founder maturity, and market sophistication ahead—making it ripe for growth and future competition.

20:19 – Giovanni’s Recommendations
🎧 All-In Podcast
📘 The Game – Alex Hormozi
📘 The 5 Types of Wealth

21:40 – Connect with Giovanni
📧 [email protected]

🔗 Giovanni Zangani on LinkedIn

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

Looking to grow your team? Check out our Hiring Guides

for proven strategies, templates, and best practices to make smarter hires. 

In this episode, Sam and Taavo from CEO Advantage return to dive into the 5X CEO Assessment—a diagnostic tool developed from two years of research into top-performing private equity-backed CEOs who delivered 5x+ MOIC.

The conversation explores how the 5X model—comprised of Strategic Clarity, Scalable Talent, Relentless Focus, Disciplined Execution, and Energized Culture—is used not just as a conceptual framework, but as a practical tool to evaluate and upgrade leadership team performance.

🔑 Key Discussion Points

▶ 5X Model Overview

• Built from studying CEOs with 5x+ returns
• Five components: Strategic Clarity, Scalable Talent, Relentless Focus, Disciplined Execution, Energized Culture

▶ How the Assessment Works

• Each component includes 10–12 statements to rate by importance and performance
• Includes open-ended responses for actionable feedback
• Results are color-coded (Red-Yellow-Green) for fast clarity and prioritization
• Used with leadership teams and optionally with boards or PE partners

▶ Strategic Clarity

• Aligning the CEO, leadership, and board on the value creation plan
• Communicating strategy throughout the organization—down to the receptionist
• The role of repetition in embedding strategy (11x rule)

▶ Energized Culture

• Holding people accountable for behavior, not just results
• Measuring employee engagement and culture with data (e.g. eNPS)
• Example: CEOs who stack-rank team collaboration to highlight friction and teamwork

▶ Scalable Talent

• Focus on A-players in critical value-driving roles, not just execs
• Using 9-box performance vs. potential models, shared with boards
• CEOs with strong HR leaders outperform—talent as a strategic function

▶ Relentless Focus

• Simplifying execution to “do now, do next, don’t do”
• Avoiding shiny object syndrome and internal distraction
• Ensuring alignment on key initiatives and managing PE firm inputs

▶ Disciplined Execution

• Tracking both leading and lagging KPIs tied to the value creation plan
• Establishing a management cadence and operating system
• Example: AI-driven measurement of customer conversations to boost growth
• Tying metrics directly into compensation and incentive systems

▶ How PE Firms Use the Tool

• As part of diligence or onboarding of new CEOs
• To drive annual CEO performance reviews
• To create a shared language between CEOs and sponsors on team performance

📘 Resources Mentioned

• Book: The 5X CEO – Available on Amazon and Audible
• The Private Equity Playbook series by Adam Coffey
• Move by Sandy Ogg (Talent to Value)
• Works by Patrick Lencioni on leadership and clarity

🌐 Learn more about the 5X model and CEO Advantage at www.AdvantageCEO.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

Looking to grow your team? Check out our Hiring Guides

for proven strategies, templates, and best practices to make smarter hires. 

In this episode, Alex Rawlings is joined by Tim Schulte, Value Creation Partner at Council Capital, a Nashville-based private equity firm investing in healthcare businesses across tech-enabled services, outsourced services, and provider platforms.

Tim brings a unique blend of consulting, operational, and investing experience. He shares how Council Capital drives value creation through collaboration, leadership development, and a structured yet flexible approach to talent and operations.

🔑 Key Highlights:

00:00 – Introduction
Tim’s background: consulting → startup growth → private equity. At Council for 6+ years, focused on scaling healthcare companies.

01:15 – Common Mistake in PE
Reinventing the wheel. Tim advocates for leveraging shared knowledge and collaboration across portfolio companies instead of starting from scratch.

02:12 – Three PE Value Creation Models
Tim outlines three styles:

1. Collaborative but shallow
2. Substantive but rigid
3. Collaborative and substantive – Council Capital’s approach

03:37 – Collaboration in Practice
Council’s CEO Council is made up of 30+ senior leaders who are both advisors and investors. Their involvement creates mentorship and alignment without top-down pressure.

05:02 – Council’s Value Creation Team
A large internal team supports portfolio companies with tailored toolkits (not rigid playbooks) across growth, ops, and talent.

06:11 – Hiring Top Executives
Talent is central to value creation. Council uses:

• Topgrading
• Aptitude & personality assessments
• In-depth referencing
• Case studies
  ...to ensure fit and long-term success.

09:05 – Role of Assessments
Assessments aren’t used to screen candidates out, but to guide interview questions and identify fit. Council tracks data across hundreds of hires to correlate traits with performance.

12:27 – Broader Talent Support
Beyond the C-suite, Council helps portfolio teams:

• Implement HR tech
• Refine hiring processes
• Improve onboarding
• Structure incentive plans

14:38 – First 100 Days for CEOs
New CEOs are expected to:

1. Align on strategy
2. Build out the right team
3. Ensure reliable data systems to track performance

16:58 – Recommended Resources
Tim recommends:

• Acquired – for business case studies
• Founders – for leadership traits & human stories

17:52 – Connect with Tim Schulte
Best via LinkedIn or at Council Capital

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

Looking to grow your team? Check out our Hiring Guides

for proven strategies, templates, and best practices to make smarter hires. 

🎧 Guest: Maxwell Nee – Chairman, Family Office Insider & Managing Partner, Black Mountain Capital
🌍 Episode Theme: 10X Deals, Market Gaps & Global Investing

In this episode, Alex Rawlings is joined by Maxwell Nee to explore how thinking bigger—10X bigger—can simplify investing and unlock outsized returns. Maxwell shares his 3-leg framework for identifying high-potential opportunities and dives into emerging trends across waste-to-value, renewables, and infrastructure.

You’ll hear about:

• What 10X deals really mean and why they’re often easier to execute
• The 3 key components of any game-changing opportunity
• Turning waste (like avocado seeds or Guinness beer) into profits
• Where Maxwell is putting capital now: mining, energy, biofuels
• How family offices differ from traditional PE firms
• Lessons from global dealmaking and the role of geopolitics

⏱️ Time Stamps:

00:00 – Intro to Maxwell Nee
01:00 – Founding Family Office Insider during COVID
02:30 – Common PE mistakes: overextension, distraction
04:00 – What makes a 10X deal
07:00 – The 3-leg framework: Market Gap, Team, Funding
08:30 – Real examples: bioplastics, energy, solar
11:00 – Investing globally & understanding country strengths
18:50 – PE vs. Family Office mindsets
21:00 – Book recs: How to Make a Few Billion Dollars, Time is a Tool
22:30 – Connect with Maxwell on LinkedIn

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

Looking to grow your team? Check out our Hiring Guides

for proven strategies, templates, and best practices to make smarter hires.