Keyhaven Capital Partners specializes in pan-European lower mid-market buyouts, partnering with independent sponsors to execute control investments in resilient, founder-led businesses up to 250 million euros in enterprise value. Since pivoting from a fund-of-funds model in 2017, the firm has raised four vehicles totaling roughly 650 million euros and built a hands-on, buy-and-build strategy that has delivered a realized current track record of 2.4x net MOIC and 24% net IRR across three funds.

In this episode, Teddy Mouawad, Partner and Co-Head of Investments at Keyhaven Capital, walks through how the firm actually works with independent sponsors on the ground and why that model has taken hold in parts of Europe. We get into how they’re sourcing deals away from auctions, what really drives value creation once they’re in a business, and how buy-and-build plays out in these smaller, fragmented markets. Along the way, he also shares how they think about alignment, holding periods, and what it takes to consistently deliver for LPs in this part of private equity.

Episode Highlights: 

• [03:05] Teddy walks through his background and the firm’s shift from a fund-of-funds model to hands-on control investments.
• [05:15] The role of local expertise, relationships, and cultural knowledge in sourcing and managing lower mid-market buyouts.
• [06:38] Why Keyhaven moved away from fund-of-funds investing and how LP preferences have evolved.
• [09:08] How the firm provides access to an underserved segment of the market while staying close to portfolio companies.
• [11:26] Where Keyhaven focuses on enterprise value and why fragmentation creates opportunity for buy-and-build strategies.
• [13:23] Off-market sourcing, disciplined entry pricing, and how value creation starts at acquisition.
• [15:43] Operational improvements, governance, and building stronger management teams to drive returns.
• [17:47] Entry discipline, downside protection, and how the firm positions itself for consistent outcomes for LPs.
• [20:34] The independent sponsor model explained, including alignment and personal capital at risk.
• [22:42] Economics of deals, carried interest, and how incentives are structured around performance.
• [24:08] Risk management through governance, diligence, and control over key decisions.
• [26:06] Why experienced professionals choose the independent sponsor model over traditional private equity roles.
• [28:16] How continuation vehicles fit into the strategy and where Keyhaven looks for opportunities.
• [29:51] Target holding periods and how the firm achieves liquidity and DPI within three to four years.
• [31:07] Delivering exits in a challenging market and why smaller buyouts remain active.
• [33:28] How Keyhaven builds and evaluates its network of independent sponsors across Europe.
• [34:49] Red flags in underwriting and what signals whether a team can successfully scale.
• [36:21] Approach to technology risk and why the focus remains on resilient, less disruption-prone businesses.
• [38:37] A case study in Italy and how AI is being used to improve efficiency in a buy-and-build platform.
• [40:44] AI as an operational tool for value creation rather than a threat to the business model.
• [42:06] The role of co-investors and maintaining control over the value creation plan.
• [44:33] Responsible investing, ESG, and how these factors can influence exit multiples.
• [46:52] Why deals underperform and the importance of staying close to portfolio companies.
• [48:44] A concentrated portfolio approach and how it supports active involvement.
• [50:50] Transparency with LPs and Keyhaven’s role as a gateway to European lower mid-market investing.
• [52:03] What differentiates the firm and why the lower mid-market continues to generate strong alpha.
• [53:54] Final thoughts on relationships, reputation, and long-term success in private markets.

Resources & Links Related to this Episode

• Tim Talks Private Equity and Venture
• Keyhaven Capital
• Teddy Mouawad - LinkedIn

 Lower middle market healthcare investing rarely gets the attention it deserves. The deals are smaller, the companies are messier, and the work required to turn a founder-run practice into an institutional-quality business is substantial. But for firms willing to do that work consistently, the returns can be compelling.

Scott Heberlein is a partner at HealthEdge Investment Partners, a Tampa-based private equity firm that has focused exclusively on small-cap healthcare for over two decades. Since 2005, the firm has completed more than 80 transactions across four funds, returned $400 million to its limited partners, and generated a 3.4x gross MOIC on realized investments without chasing mega-cap roll-ups or platform auctions.

We discuss what it actually takes to execute that strategy in practice. The conversation covers how HealthEdge sources deals in a market where true proprietary flow is increasingly hard to find, why they replace management in roughly three quarters of their platforms and how those conversations unfold, and how the firm thinks about leaving runway for buyers rather than squeezing every last turn out of an exit. Scott also speaks candidly about the deals that didn't go according to plan, including a pharma supply chain investment that ran headfirst into COVID, and what the firm learned from it.

We also get into the current state of healthcare subsectors from dental consolidation to revenue cycle management and how HealthEdge is thinking about AI both internally and across its portfolio companies. For anyone trying to understand what differentiated lower middle market healthcare investing actually looks like on the ground, this conversation is worth your time.

Episode Highlights: 

• [03:59] Discipline in staying focused on the lower middle market including why strategy creep is common and how HealthEdge has avoided it.
• [05:13] Scott explains why smaller businesses in the $10–15M EBITDA range offer a better entry point for generating 3–5x returns than true mid-market companies.
• [05:44] Scott reflects on what drew him to HealthEdge when he joined in 2014 and what surprised him once inside the deals.
• [07:16] The firm's differentiated team structure including why having operators at every level not just bankers was uncommon at this end of the market.
• [08:28] The reality of proprietary deal flow is addressed candidly, including what HealthEdge's sourcing engine actually looks like in practice.
• [12:38] The general approach to reimbursement and regulatory risk including how much exposure they're willing to carry at the portfolio level.
• [14:18] A successful investment in healthcare compliance and revenue cycle management including how technology drove margin expansion from roughly 26% to nearly 60% at exit.
• [17:12] The dual impact of AI on healthcare both in clinical diagnosis and in reducing systemic friction across payers, providers, and administrators.
• [18:08] How management transition conversations unfold with founders is discussed, including when they start and why they rarely become contentious.
• [20:12] Scott explains why healthcare-founded businesses present unique management challenges compared to traditional manufacturing or services companies.
• [23:08] Multiple expansion from entry to exit is unpacked, including how much is attributable to market dynamics versus genuine operational transformation.
• [24:38] The firm's philosophy of leaving runway for buyers and why not squeezing every last turn out of an asset leads to better exit outcomes.
• [26:51] The spread in outcomes across the portfolio is explored, including what drove outsized returns on deals like Formulated Solutions, Corridor, and Omega.
• [29:15] The Legacy Expire investment as a cautionary case study, including how the pandemic disrupted the business and how the firm made difficult capital allocation decisions in response.
• [34:07] How HealthEdge communicates with LPs around both good news and bad news is discussed, including their valuation marking philosophy.
• [38:46] Current healthcare subsectors are assessed for mispricing, including substance abuse, dental consolidation, and where multiples have rationalized.
• [43:29] The general trend in purchase multiples is examined, along with quality of earnings challenges the firm has encountered on recent deals.
• [47:18] AI's role across the portfolio is explored, including specific use cases in dental diagnostics, diabetic footwear documentation, and internal firm operations.
• [54:12] The firm's co-investment strategy including historical ratios, deal selection, and how co-invest has been used to cultivate new LP relationships.
• [59:09] The stability of the HealthEdge team including why a diverse mix of operating and investing backgrounds has kept the partnership intact across multiple funds.
• [1:01:16] Scott reflects on his early career path into private equity and what advice he would give his younger self about focusing on the bigger picture earlier.

Resources & Links Related to this Episode

• HealthEdge
• Scott Heberlein - LinkedIn

Deep tech investing focuses on companies built around fundamental technical breakthroughs rather than incremental software improvements. These businesses tend to emerge from research labs, require longer development cycles, and carry real technical and regulatory risk. The tradeoff is defensibility. If the technology works, it’s difficult to replicate.

I’m joined by Areg Alimian and Ashot Arzumanyan, co-founders and partners at SmartGate VC, to discuss how they approach that tradeoff in practice. SmartGate’s strategy is deliberately positioned ahead of the hype cycle. Rather than pursuing software-only or “AI wrapper” startups, the firm concentrates on physical AI, secure edge infrastructure, and neurotechnology, including brain-computer interfaces with medically grounded use cases and defined regulatory paths.

We discuss how that thesis shapes investment decisions, from early sourcing through follow-on capital, and why security and governance have become gating factors for enterprise AI adoption. Areg draws on his experience as an operator who has built and exited hardware companies and led major product and M&A efforts, while Ashot brings a background in investment advisory, management consulting, and long-term deep-tech investing. The conversation also covers what tends to break when science leaves the lab, how companies are positioned for acquisition, and how technically ambitious ideas are turned into durable businesses.

Episode Highlights: 

• [02:57] Areg describes his early career in Silicon Valley, including work on networking systems and foundational Wi-Fi standards.
• [04:41] Ashot explains his transition from economics, consulting, and investment advisory into deep-tech investing.
• [06:57] SmartGate’s strategy of investing ahead of the hype cycle, rather than chasing crowded markets, is outlined.
• [08:21] The distinction between software-based AI and physical AI is discussed, including why real-world deployment changes the risk profile.
• [09:17] Neurotechnology and brain-computer interfaces are discussed as medically grounded opportunities with current market and reimbursement paths.
• [11:14] Why low-barrier “AI wrapper” companies are avoided due to limited defensibility.
• [14:17] The challenge of scaling university-born technology beyond the lab and into cost-effective production is examined.
• [16:26] Broader implications of AI automating junior roles and the downstream effects on workforce development are considered.
• [18:45] Security and governance are identified as major bottlenecks to enterprise adoption of agentic AI.
• [22:23] High-risk neurotechnology investments are discussed, including minimally invasive approaches to accessing and modulating the brain.
• [26:05] Commercial risk is explored through examples in cybersecurity and vulnerability detection across hardware and software systems.
• [27:57] Early markups, fund scaling challenges, and maintaining access as check sizes grow are discussed.
• [32:48] We discuss follow-on vehicle strategy for participating in select pro-rata opportunities.
• [34:26] Lessons from M&A experience are applied to making early-stage companies more attractive acquisition targets.
• [39:08] The idea that science and execution are multiplicative not additive in deep tech is discussed.
• [42:14] Liquidity timelines are examined, including why some cybersecurity and infrastructure investments may generate earlier DPI than neurotechnology.
• [43:48] Secondary liquidity and follow-on interest are discussed as alternative paths when M&A markets slow.
• [48:35] The value of working with founders before a term sheet is explored, including how early collaboration affects valuation and trust.
• [51:52] The risk of sunk-cost bias is addressed, and why time spent with strong founders is not viewed as wasted even when a deal doesn’t proceed.
• [54:50] The Armenian tech diaspora is described as a meaningful sourcing and access advantage.
• [01:02:43] Strategies for helping technically driven founders focus when pursuing too many product paths at once are shared.
• [01:07:12] Reflections on criticism of the firm’s strategy and the decision to remain specialized.
• [01:15:46] The internal decision-making process is explained, including why compromise is avoided.
• [01:17:04] Reflections on failure as a necessary part of building and investing in complex technologies.

Resources & Links Related to this Episode

• SmartGate VC
• Ashot Arzumanyan - LinkedIn
• Greg Alimian - LinkedIn

 Mining touches nearly everything in modern life, yet it remains one of the most misunderstood and underappreciated corners of private markets. I sit down with Pim Kallisvaart to explore why mining private equity has struggled historically, why traditional buyout playbooks don’t work in this sector, and what it actually takes to generate real returns in an industry governed more by geology than financial engineering.

Pim shares his journey from growing up in the Netherlands to studying finance, joining JPMorgan’s mining team during the early 2000s commodity supercycle, and eventually co-founding Hawkes Point Capital. We talk about why mining is capital-intensive, cyclical, and slow to move, and how those characteristics have led many investors to underestimate timelines, overpay for assets, or invest in jurisdictions that proved impossible to manage. Pim explains why Hawkes Point focuses on pre-production assets in stable regions, combines deep technical due diligence with disciplined governance, and views taking a mine into production as the primary driver of value creation.

We also dig into why so many publicly listed mining companies are effectively stranded, how the rise of passive investing has reshaped capital access, and why minority equity ownership can be more powerful than debt or royalty structures in this space. Pim breaks down how exits actually happen, how commodity price risk is managed without making macro bets, and why this niche remains rich with opportunity despite decades of disappointment. It’s a candid look at what mining private equity really requires, and why, when done correctly, it can be both repeatable and highly rewarding.

Episode Highlights: 

• [00:05] Mining is a misunderstood but essential part of private markets.
• [01:08] Pim Kallisvaart is here to talk about his background in mining private equity and real assets.
• [02:39] Pim shares growing up in the Netherlands and developing an early interest in finance and economics.
• [04:15] Joining JPMorgan’s mining team during the early-2000s commodity supercycle became a turning point in his career.
• [05:45] Why mining touches nearly everything in modern life despite operating far from financial centers.
• [07:24] Why many mining private equity funds have failed despite big promises.
• [08:52] Pim explains how small and capital-constrained the mining PE industry actually is.
• [10:21] Lessons learned from early mining funds that underestimated timelines, jurisdictions, and execution risk.
• [12:13] Why traditional buyout models and leverage don’t work in a cyclical, geology-driven industry.
• [13:24] How value is created by taking pre-production assets into production rather than financial engineering.
• [14:43] Geology as the single biggest source of irreversible risk in mining investments.
• [15:21] The limits of certainty in mineral estimates and why data density and statistics matter.
• [17:31] Why the best place to find a mine is often next to an existing one.
• [18:55] How public markets dominate mining capital and leave many small companies stranded and illiquid.
• [21:00] The rise of passive investing and ETFs and its impact on funding developing mining companies.
• [23:46] Why capital alone isn’t enough and how Hawkes Point adds value through technical and strategic support.
• [24:41] Mining compared to building a house, with different expertise required at each stage.
• [26:59] The importance of permitting certainty, stable jurisdictions, and independent geological verification.
• [29:18] Why Hawkes Point prefers collaborative minority equity over control-based strategies.
• [30:02] Parallels between mining and biotech, including regulation, long timelines, and stranded public assets.
• [31:37] How commodity cycles self-correct through price signals and delayed supply responses.
• [34:18] Differences between precious metals and base metals and why broad forecasts are unreliable.
• [36:59] Designing a strategy that doesn’t depend on being right about commodity prices.
• [38:36] Using hedging and cost position to protect downside risk.
• [41:41] Tenement prospectivity explained and the difference between exploration upside and exploration risk.
• [44:09] Why existing infrastructure dramatically accelerates value creation.
• [46:41] How data collection naturally limits speed, even in top-performing investments.
• [47:31] Exiting through block trades as companies reach scale and index eligibility.
• [49:19] How ETF inclusion creates a wall of liquidity for exits.
• [50:18] M&A as a natural outcome in a depleting-asset industry.
• [52:08] Why strategic equity offers more control than debt or royalty structures.
• [54:02] Governance, board seats, and technical committees as value-protection tools.
• [56:27] Leadership transitions as projects move from development into production.
• [58:41] Why collaboration and trust outperform heavy-handed governance.
• [59:52] The durability of the opportunity set due to ongoing capital scarcity.
• [1:02:18] Pim reflects on mentorship, passion, and long-term thinking in building a career.

Resources & Links Related to this Episode

• Hawkes Point Capital
• Pim Kallisvaart - LinkedIn

Aging has quietly become one of the most consequential variables in healthcare, economics, and long-term investing, even though it’s rarely treated that way in capital markets. That gap between impact and attention is where this conversation begins.

My guest is Will Harborne, co-founder and general partner of LongGame Ventures. Will comes to longevity from an unconventional background. He trained as an engineer, spent years in crypto and venture-backed infrastructure, including time at Tether, and built companies in spaces most people still consider speculative. That early exposure to frontier technology shaped how he thinks about risk, incentives, and long time horizons.

We talk about how a personal interest in health and performance gradually pulled him into longevity science, and why he believes aging should be approached as a biological process that can be influenced, not just endured. Will explains how LongGame looks for foundational tools and platforms that address the underlying drivers of aging rather than surface-level wellness trends or short-term fixes.

The conversation also gets practical. We discuss regulatory realities, why longevity companies often have to pursue traditional disease pathways first, and how LongGame constructs a portfolio across multiple scientific approaches instead of betting on a single theory. Throughout, Will is candid about capital discipline, founder judgment, and what it actually takes to build credible companies in a space where timelines are long and certainty is rare.

Episode Highlights: 

• [03:45] Will Harborne explains his early path through engineering and crypto infrastructure and how frontier systems thinking shaped his investment mindset.
• [06:10] Lessons from crypto cycles that still apply to longevity investing, including hype management, timing risk, and incentive design.
• [08:20] The transition from personal health optimization to a deeper conviction that aging is a modifiable biological process.
• [10:55] Why longevity attracts strong narratives but requires unusually high scientific and operational discipline.
• [12:40] How longevity companies are mispriced by traditional biotech frameworks and why that creates both risk and opportunity.
• [15:05] Distinguishing credible longevity science from consumer-facing products dressed up as biotech.
• [17:15] How LongGame Ventures defines its thesis around root causes of aging instead of single-indication or trend-driven bets.
• [19:50] The importance of platforms and enabling technologies that accelerate discovery across multiple disease areas.
• [22:30] Regulatory realities of operating in a world where aging is not classified as a disease and how companies navigate that constraint.
• [25:40] Using traditional disease indications as stepping stones toward broader aging-related applications.
• [28:10] Portfolio construction across multiple hallmarks of aging to reduce scientific concentration risk.
• [31:25] Why LongGame avoids anchoring to any single theory of aging, even when data looks compelling early on.
• [33:55] Skepticism toward overhyped longevity narratives and the case for underfunded “picks-and-shovels” infrastructure plays.
• [36:40] Capital efficiency challenges unique to longevity companies compared to traditional early-stage biotech.
• [39:20] How long development timelines change fund strategy, follow-on decisions, and risk tolerance.
• [41:55] What breaks down most often between strong science and viable company-building.
• [44:10] What Will looks for in founders operating at the intersection of science, regulation, and capital markets.
• [46:50] Founder judgment, adaptability, and credibility as survival traits in long-duration ventures.
• [49:35] Ethical considerations around access, safety, and scalability as longevity interventions mature.
• [52:10] Why societal impact and commercial success don’t have to be at odds in longevity investing.
• [55:00] Signs that the longevity sector may be approaching an inflection point and what still needs to align.
• [58:20] Final reflections on patience, realism, and long-term thinking in frontier investing.

Resources & Links Related to this Episode

• LongGame Ventures - Will Harborne
• LongGame Ventures
• Will Harborne - LinkedIn

Kelly DePonte brings more than 34 years of experience to this discussion, with a career spanning commercial banking, global due diligence for major institutions such as CalPERS and the NYC pension plans, and more than two decades at Probitas Partners, where he led research and published widely followed LP trend surveys. His background as an investor, advisor, educator, and placement specialist gives him a broad view of how private markets have evolved and where they are heading. 

We learn how private equity has shifted from a niche, relationship-driven business into one dominated by large, publicly traded multi-strategy firms. Highlights include the growing divide between large institutions that must write increasingly large checks and smaller, more agile LPs that still lean into emerging managers.  

Kelly also explains why focused strategies, transparent reporting, and real team cohesion have become essential for new managers trying to break through mature LP portfolios. Perhaps the most critical element of all is developing a trusting relationship between the GP and the LP. 

Our discussion examines the realities behind first-time funds, the widening performance spread in early vintages, and the operational demands of running a firm. These are factors that often separate skilled investors from effective fund managers.  

Kelly discusses the rise of independent sponsors as a structural development rather than a temporary response to fundraising conditions, and why LPs with co investment capabilities are now more prepared to evaluate deal-by-deal opportunities. 

We get a clear view of today’s competitive deal environment, the pressures it creates on returns, and the risks he sees in highly promoted trends such as retail access to private equity. Kelly’s perspective on industry cycles, due diligence, and manager discipline provides a grounded, practical framework for understanding the challenges and opportunities shaping private markets today. 

Episode Highlights: 

• [01:15] Kelly describes his early years in Hawaii, his path through Stanford and UCLA, and how he transitioned from banking into private equity. 
• [03:43] A look into his early responsibility for interest-rate swaps and his introduction to managing venture-backed portfolios at First Interstate Bank. 
• [05:35] The shift to Pacific Corporate Group is explored, along with his work performing global due diligence for major pension clients. 
• [07:23] Kelly explains how his role at Probitas Partners evolved and why research became central to understanding LP behavior. 
• [08:30] Discussion turns to the industry’s transformation and why early predictions underestimated the scale private equity would reach. 
• [09:30] A deep dive into how large, multi-strategy firms began to resemble broad asset managers rather than traditional PE shops. 
• [11:19] Kelly compares the return profiles of large established firms with the higher dispersion found among emerging managers. 
• [12:36] The divide between large LPs writing massive checks and smaller, more agile institutions is highlighted as a defining industry dynamic. 
• [14:27] Middle-market buyouts and small-cap strategies are examined, including why LPs continually need new relationships in these segments. 
• [17:01] Common red flags in GP pitches are outlined, particularly overly long decks and insufficient focus on the team’s actual edge. 
• [18:31] Kelly walks through why a pitch deck should build trust rather than educate LPs on broad industry themes. 
• [19:19] Allocation decisions are discussed, including how portfolio size influences an LP’s ability to pursue smaller managers. 
• [20:15] Structural changes in private markets—real estate, infrastructure, private credit, and data-center-driven opportunities—come into focus. 
• [23:03] The tension LPs face between wanting exposure to growth and mid-market strategies while also reducing GP relationships is explored. 
• [24:19] The rise of focused strategies is analyzed, with examples from technology, healthcare, and financial services. 
• [25:05] A review of how middle-market firms often scale out of their original strategy as successive funds grow larger.
• [26:33] The economics of management fees and the push toward AUM growth are addressed as drivers of GP behavior. 
• [29:08] Specialization is evaluated—when it adds value and when a generalist portfolio provides needed diversification. 
• [31:07] LPs’ responsibility for creating cross-sector diversification is discussed, especially when backing domain-specific managers. 
• [32:55] Benchmarking practices come into view, including how LPs blend multiple data sources rather than rely on a single standard. 
• [34:49] The conversation turns to evaluating early-stage venture funds, where performance data is limited and trust becomes essential. 
• [37:21] Kelly outlines uncomfortable truths about first-time funds, including the difference between investing skill and fund management skill. 
• [39:27] Examples illustrate how headline IRRs can mask weak portfolios when one outlier dominates returns. 
• [42:20] Fundraising challenges for emerging managers are discussed, along with the importance of attribution and team cohesion. 
• [44:10] Independent sponsor pathways are presented as viable alternatives for teams lacking a fully documented track record. 
• [45:39] The growth of independent sponsors is framed as a structural evolution tied to LPs building deeper underwriting capabilities. 
• [49:52] Fee structures and economics are compared between traditional funds and deal-by-deal sponsor models. 
• [51:21] The tradeoffs between writing checks from a commingled fund versus raising capital one deal at a time are laid out. 
• [52:56] Kelly describes the emerging profile of independent sponsors who prefer long-term autonomy over eventually raising a fund. 
• [55:05] LP willingness to back independent sponsors is shown to have expanded meaningfully in recent years. 
• [57:49] A comparison emerges between co-investing with GPs and evaluating sponsor-led opportunities without a GP intermediary. 
• [59:01] Career incentives within LP organizations are discussed, especially how direct investing experience shapes upward mobility. 
• [1:00:38] Retail access to private equity is identified as one of the most overhyped trends, with liquidity misunderstandings posing real risks. 
• [1:03:14] Competitive pressure in dealmaking is examined as a key force driving up entry prices and compressing future returns.
• [1:06:04] Kelly offers straightforward guidance for GPs to stay within proven expertise and for LPs to emphasize rigorous due diligence. 
• [1:07:31] The placement agent landscape comes into focus, including why agents must now understand multiple private market verticals. 
• [1:10:24] A discussion of LP silos shows how buyout, real estate, and infrastructure teams require distinct outreach strategies. 
• [1:12:33] Kelly speaks to the increasing complexity of fundraising and what it takes for GPs or agents to break through mature LP portfolios. 
• [1:14:12] Relationship-building is underscored as a core value a placement agent provides, far beyond simply arranging meetings. 
• [1:18:32] The shift back toward in-person LP meetings is noted, with trust-building cited as the reason Zoom can’t fully replace them. 
• [1:36:58] Reflections on how fundraising norms continue to shift, why adaptability matters for both GPs and LPs, and the enduring importance of long-term relationships in a competitive market. 

Resources & Links Related to this Episode 

• Kelly Deponte Advisory LLC 
• Kelly Deponte - LinkedIn 

Water affects everything from how cities operate to how industries keep running, yet most people never see the work that makes all of it possible. That’s the world Tom Ferguson, Managing Partner at Burnt Island Ventures, has spent the last decade studying and investing in. With an MBA from Harvard, an MA from the University of Edinburgh, and years of hands-on experience evaluating thousands of early-stage companies, Tom has become a steady, informed voice in a field that rarely gets the attention it deserves.

Tom’s path into water began when he helped develop the first Carbon Disclosure Project water report, which exposed him to the decisions large companies were making about their water use and the gaps that still existed. He later led a specialist water accelerator, reviewing more than 2,800 startups across everything from industrial wastewater treatment to new membrane technologies. In our conversation, he talks about outdated systems inside utilities, why certain highly publicized solutions rarely hold up in practice, and the unexpected innovations that may have the biggest impact as demand and climate pressure continue to rise.

We also talk about what it looks like to build a company in this space. Tom shares candid thoughts on fundraising, founder decision-making, and the moments when pushing for the next round can actually limit long-term outcomes. He brings real examples, lessons from supporting over a hundred founders, and a very grounded view of what progress in water tech actually requires. It’s a practical, honest discussion that highlights both the promise and the complexity of a sector that quietly supports almost everything around us.

Episode Highlights: 

[05:30] Tom explains how he became involved in water sustainability and early consulting work.

[06:26] Tom describes becoming a water specialist and entering early-stage water innovation.

[07:21] He outlines his training within a specialist water accelerator and how he evaluated companies.

[08:03] Overview of the wide range of startups he assessed across the water sector.

[09:51] The economic realities farmers face and why long sales cycles create barriers.

[11:06] Why water rarely rises to the top of priorities in ag despite its importance.

[12:17] Tom highlights reuse and recycling as critical areas for long-term water resilience.

[13:06] We discuss the infrastructure needs required for large-scale water reuse systems.

[13:22] Desalination innovation and why subsea desal may be transformative.

[14:40] He explains the need for modern software and hardware to reduce costs and improve systems.

[15:55] Tom outlines market limitations, margins, and why hype outpaces fundamentals.

[17:48] Regulation, timing risk, and the dangers of relying on policy shifts.

[19:56] Tom describes regulatory capture, industry lobbying gaps, and ethical tensions in water rights.

[21:27] He explains why water’s physical properties make innovation hard but essential.

[22:13] Why public awareness grows slowly despite worsening climate impacts.

[23:56] Why water tech can be both profitable and socially beneficial for LPs.

[24:37] Discussion about how overwhelming water issues can feel for the public.

[25:17] Tim asks whether Burnt Island Ventures is more of a “picks and shovels” investment model.

[26:57] He explains the challenges of heavy CapEx businesses and why they avoid first-of-kind risk.

[27:36] Tom details why early startups must be cautious with capital intensity and dilution.

[28:08] Founders and the difficult decisions they face while raising capital.

[29:34] He explains how to evaluate whether more capital will help or simply prolong failure.

[30:16] Discussion on liquidation preferences and how large rounds can wipe out founder equity.

[31:52] Tim shares a real-world example of a founder crossing ethical lines to keep a company alive.

[33:07] We acknowledge how quickly situations can spiral without clear communication.

[34:31] Tom discusses passing on companies when storytelling exceeds substance.

[35:14] He explains the red flags of overly polished narratives without real traction behind them.

[36:26] Tom outlines ethical boundaries around bottled water and water rights investing.

[37:29] Conversation covers political risks and eminent domain around community water resources.

[38:18] Tim asks about buzzwords and pitch patterns that concern Tom.

[39:48] Tom shares how he evaluates slide decks, storytelling, and founder communication.

[40:37] He reflects on seeing beautifully articulated pitches that still describe weak businesses.

[41:02] Discussion turns to common bad advice founders receive, especially around aggressive scaling.

[42:33] Tom explains why “fail fast” thinking often harms long-cycle sectors like water.

[43:26] We discuss expectations for average hold time within the fund.

[43:58] Tom breaks down how fund timelines intersect with portfolio maturity.

[44:31] Final thoughts on today’s venture environment and downstream effects on distributions.

Resources & Links Related to this Episode

• Tom Ferguson - Burnt Island Ventures
• Tom Ferguson - LinkedIn
• Carbon Disclosure Project (Water)
• Flocean (Subsea Desalination)
• Spout

We often talk about the big tech giants or the flashy consumer brands, but the industrial companies are the real engine of our world. They're the gritty foundation our economies and our communities are built on. When one of them hits a rough patch, turning it around takes serious grit, deep-down insight, and a willingness to actually get your hands dirty.  

That's precisely the work our guest today has made his life's mission. He's figured out how to blend serious operational know-how with smart investment strategy to create value that truly sticks. 

Eric Wiklendt is the Managing Director at Speyside Equity. Speyside is a value-focused buyout firm specializing in transforming industrial businesses in the lower middle market. Since 2012, Eric has been the guy leading the charge on deal sourcing and overseeing the fixes and improvements across a fascinating mix of sectors: metals, performance materials, specialty chemicals, and manufacturing. 

Eric’s journey started in Detroit and took him through significant, hands-on roles at places like John Deere, Eaton, and Hilti before he ever stepped into the world of private equity. That time spent on the shop floor fundamentally shaped his leadership. It's a style deeply rooted in integrity, trust, and an honest, clear appreciation for what it actually takes to build things that are made to last. 

Today we dive into Speyside’s "operators for operators" philosophy and why that approach immediately clicks with the management teams they partner with. We'll unpack the incredible turnaround story of Opta Minerals, a company where they managed to double EBITDA in just 18 months and then triple it over the following years.

He'll walk us through how Speyside quickly pinpoints and pulls those decisive levers during a deal's critical first hundred days. He also shares human capital assessment, the underrated value of Midwest culture and talent, and why he's certain that the absolute toughest operational challenges are the ones that end up teaching you the most profound lessons about success. 

Episode Highlights: 

• [01:26] Eric outlines Speyside’s specialization in complex, lower middle market industrial deals. 
• [02:02] He shares his upbringing in Detroit and lessons from Catholic Central High School. 
• [04:23] A personal credo about making the most of yourself is recalled and tied to his life philosophy. 
• [06:21] Eric explains how Midwest values influence Speyside’s turnaround culture and deal sourcing. 
• [07:49] The conversation highlights Michigan’s deep manufacturing talent pool and its role in hiring. 
• [09:59] Tim recalls early experiences in heavy industry and respect for skilled trades. [11:19] Eric reflects on his passion for tangible manufacturing work and problem-solving in private equity. 
• [15:56] He shares his journey from consulting in Detroit to Wharton and then into leadership roles at John Deere. 
• [16:20] Eric contrasts corporate strategy work with his shop floor experience supervising 70 union workers. 
• [18:28] His time at Eaton Corporation is discussed, including lessons from CEO Sandy Cutler. 
• [19:18] Eric describes running a brownfield startup plant in Mexico during challenging early years. 
• [21:58] He emphasizes the importance of diverse, high-pressure experiences in shaping operational expertise. 
• [23:10] The Opta Minerals acquisition is introduced as Speyside’s first institutional fund deal. 
• [25:01] Eric explains how shutting down or selling underperforming plants doubled EBITDA in 18 months. 
• [26:01] He details how EBITDA later tripled through acquisition and integration of competitors. 
• [27:08] The transition to a continuation vehicle is discussed, with investors rolling or taking liquidity. 
• [27:17] Eric shares the origins of Speyside Equity, founded by Kevin Doherty in 2004. [28:29] The story behind the firm’s name is explained, linked to Scotch whisky heritage. [31:02] Improvements at Sweet Ovations are outlined, including supply chain and working capital efficiencies.
• [32:51] Discussion turns to how Speyside manages portfolio companies at the board level. 
• [34:03] Eric emphasizes Speyside’s “operators for operators” philosophy and direct approach with management. 
• [35:10] He explains how equity incentive plans align management with long-term outcomes. 
• [36:10] The role of operating partners and consultants in specialized situations is described. 
• [38:08] Evaluation of leadership potential and transformation capacity is explored. [39:01] Eric introduces his Human Capital Assessment Framework for assessing key executives. 
• [42:16] He explains Speyside’s two-phase system: operational improvements first, growth initiatives second. 
• [43:27] Pre-transaction diligence and the importance of a 90-day, one-year, and five year plan are outlined. 
• [44:30] Lessons learned from deals with limited levers are shared, including reliance on external contracts. 
• [45:59] Opta is revisited as an example of executing decisive operational levers successfully. 
• [48:00] Eric discusses the cultural and practical realities of shutting down plants and redeploying workers. 
• [51:00] The conversation covers navigating supply chain challenges and market volatility in portfolio companies. 
• [54:00] Eric reflects on balancing decisive early actions with building durable long-term growth. 
• [58:00] The importance of trust and transparency with lenders, management, and stakeholders is emphasized. 
• [01:02:00] Tim and Eric discuss future industrial investment opportunities and evolving market dynamics. 
• [01:06:00] Eric offers advice for operators transitioning into private equity leadership roles. 
• [01:10:00] Reflections on Speyside’s growth, lessons learned, and what’s ahead for the firm. 
• [01:12:00] Closing thoughts on integrity, talent, and the fundamentals of creating sustainable value. 

Resources & Links Related to this Episode 

• Eric Wiklendt - Speyside Equity 

• Eric Wiklendt - LinkedIn

Few investors can say they’ve moved from the clinic to the boardroom to the trading floor, but Chen Yu has done exactly that. He left medical school to build a tech startup that went public and was acquired, then returned to biotech by joining Vivo Capital, where he helped grow the fund from $60 million to $5 billion. After nearly two decades, he struck out on his own to launch TCGX, a crossover fund designed to invest in both public and private biotech companies.

The hybrid model was unconventional when Chen launched it, and many investors were unsure how to categorize his approach. Yet over the past five years, TCGX has demonstrated why breaking away from fixed mandates matters. By shifting capital between late-stage private companies and small-cap public biotechs, Chen and his team avoid the cycle-driven inefficiencies that plague traditional funds. Along the way, he’s also rethought how leadership and decision-making work inside a firm, building a culture that prizes dissent, data, and transparency at every level.

In this episode, Chen shares how he persuaded LPs to embrace the model, why he believes drug discovery still faces decades-long challenges despite the hype around AI, and how care delivery may be transformed far sooner by tools like ChatGPT. He also discusses the economics of drug pricing, the structural creativity behind deals at TCGX, and what it takes to find value in a biotech market where fundamentals remain strong but sentiment has lagged.

Episode Highlights:

[02:16] Chen reflects on his background and growing Vivo Capital from $60 million to $5 billion before launching TCGX.

[03:37] Chen explains why fixed-mandate funds create inefficiencies in biotech investing. [05:03] Discussion on shifting risk-reward between public and private biotech markets. [06:27] Chen describes the fundraising challenges of pitching a hybrid strategy to LPs.

[07:19] How TCGX has validated the model and why the market is moving in their direction.

[08:17] Trade-offs between GP compensation in open-end funds and better alignment in closed- end funds.

[11:34] Chen shares his leadership approach and decision-making culture at TCGX.

[12:30] Why every team member votes publicly on deals and how it boosts diligence.

[13:37] The firm’s 83% hit rate in biotech trials and how dissent improves accuracy.

[17:08] Advice for junior analysts: admitting when you’re wrong is the fastest way to be right again.

[18:11] Chen voices skepticism about AI’s near-term impact on drug discovery.

[21:19] Study results showing ChatGPT outperforming physicians in diagnostics.

[23:12] Why AI may reduce care delivery costs and shift more spending toward drugs.

[26:03] Chen argues drug prices may be too low given the value they provide.

[30:14] Outlook on biotech valuations, fundamentals, and the role of interest rates.

[33:15] Examples of creative deal structures, including royalties and cash sweep mechanisms.

[36:52] How biotech leadership differs from other sectors and the role of scientific founders. [39:18] Leveraging public-private synergies and data transparency for competitive advantage. [41:25] Lessons learned from recent IPOs and why focusing on fundamentals matters.

Resources & Links Related to this Episode

• Chen Yu, Managing Partner of TCGX
• Chen Yu - LinkedIn 

What does it take to guide one of the world’s longest-standing private equity firms through constant change while still delivering steady results? That’s the perspective we get today from Paul Newsome, someone I’ve known for years and always admired for his clear thinking and good judgment.

Paul is Head of Portfolio Management at Unigestion, a Geneva-headquartered firm with $11 billion in mid-market private equity under management. He’s been with the firm for more than two decades, helping it grow from under a billion in assets to a truly global presence with offices across Europe, the U.S., and Asia. Along the way, Paul has worked across secondaries, primaries, and directs, and now leads on investment solutions and client relationships. His career spans time at Procter & Gamble, a stint in tech corporate finance, and venture investing during the dot-com boom before settling into a long run at Unigestion.

In our conversation, Paul opens up about Unigestion’s unique ownership model tied to a charitable foundation, the culture that keeps people at the firm for the long haul, and how they’re using AI to sharpen decision-making and improve due diligence. We also talk about his personal journey from lessons learned in boarding school and his early career in consumer goods, to the challenges of moving a young family to New Jersey to open Unigestion’s U.S. office, to the advice he’d give his younger self. It’s a wide-ranging discussion about stewardship, adaptability, and the future of private equity.

Episode Highlights:

[00:51] Paul Newsome is Head of Portfolio Management at Unigestion, overseeing $11 billion in mid-market private equity.

[02:32] Paul shares Unigestion’s history, structure, and its charitable foundation ownership model.

[03:25] He reflects on his 23-year career at the firm and evolving roles from investment head to client and business development.

[05:23] Paul explains how Unigestion manages global teams, collaboration, and incentive structures.

[07:38] Discussion turns to employee retention, tenure, and culture within private equity firms. [09:17] Paul talks about his education at Shrewsbury School and Oxford, and lessons that shaped his approach.

[12:28] He compares stewardship in teaching with responsibility in private equity investing.

[14:10] The charitable foundation model at Unigestion is described, including its impact on culture and identity.

[15:11] Paul recalls his early career at Procter & Gamble and the business lessons it provided. [16:03] Engineering shaped his problem-solving approach, always seeking the most elegant solution. Occam’s Razor and how the simplest answer is often the best.

[18:29] Conversation shifts to AI, machine learning models for deal evaluation, and their predictive accuracy.

[21:19] Large language models are being tested for analyzing fund documents and predicting returns.

[23:04] He reflects on AI’s broader implications for efficiency, legal work, and employment in finance.

[26:18] The team’s approach to assessing portfolio companies’ readiness for AI adoption is outlined.

[29:09] Paul discusses his transition from consumer goods into tech corporate finance and venture capital.

[33:40] He explains why he left P&G during the tech boom to pursue corporate finance in London.

[36:24] Paul recounts his time at Bank Boston’s venture arm and the effects of the dot-com crash.

[40:14] He describes joining Unigestion in 2002, opening the New York office, and moving with his family.

[44:38] Cultural and business differences between Europe and the U.S. are shared, including networking styles.

[49:12] Paul gives career advice to his younger self: seek variety, stay adaptable, and value attitude over competence.

[53:56] He emphasizes Unigestion’s cultural diversity and the importance of global collaboration.

[54:48] Paul highlights enduring client and GP relationships, and why backing emerging managers remains central to success.

Resources & Links Related to this Episode

• Paul Newsome - Unigestion
• Paul Newsome - LinkedIn