Deal Sourcery

Dan Herr and Matt Rooney
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  • Investing
  • Every two weeks

Deal Sourcery is the must-listen podcast for Private Equity professionals aiming to master the art of deal origination. Hosted by Dan Herr - who’s closed over $1B in transactions in the last decade while building and leading world-class deal sourcing teams - and Matt Rooney, a top recruiter in PE business development, we dive into cutting-edge trends, proven tactics, data-driven sourcing strategies and the technology shaping the future of M&A. Each episode features in-depth discussions with exited founders, PE professions and investment bankers, delivering exclusive, actionable insights you won’t find anywhere else. Tune in to elevate your sourcing skills and optimize your firm’s capital deployment.

  1. 25 Jun

    What Do The Best In BD Have In Common? A People First Approach with MidOcean's Dan Ryan

    In this episode of Deal Sourcery, we sit down with Dan Ryan, Head of Business Development at MidOcean Partners, to explore what separates elite private equity sourcing organizations from everyone else. Drawing on more than 15 years of experience building business development functions—and insights gained from a small peer group of senior BD leaders across the industry—Dan shares his philosophy on relationships, talent, organizational design, and the future of the profession. The conversation begins with Dan's career journey, including his decision to join MidOcean after more than a decade at Milestone, and why he believes the most valuable asset a sourcing professional builds isn't a CRM or network—it's a reputation. He explains his philosophy of being "long-term fair," why trust compounds over time, and how relationship capital ultimately becomes a firm's competitive advantage. From there, we dive into what the best sourcing organizations do differently. Dan discusses how leading private equity firms think about business development as a strategic capability rather than a support function, the topics that dominate conversations among senior BD leaders today, and why there is no single blueprint for building a successful sourcing organization. We also discuss how the function has evolved over the past decade, how firms should think about team structure, and the often-overlooked ways business development creates value inside an investment firm. One of the most unique parts of the episode centers on a behavioral assessment completed by a group of highly accomplished PE business development leaders. Dan shares the patterns that emerged, the personality traits most commonly associated with success in the role, and some of the findings that surprised him. The discussion explores whether there is truly a "type" that succeeds in PE BD, the importance of trust, reciprocity, and long-term thinking, the characteristics that can become liabilities, and whether great sourcing professionals are born or developed. Finally, we discuss how data and AI are changing the profession, where technology is already improving sourcing workflows, and why human judgment and relationships remain difficult to replace. Dan closes with his thoughts on where private equity business development is headed over the next five to ten years and offers practical advice for professionals looking to build a long-term career in sourcing. Topics covered include: Why Dan joined MidOcean after 12 years at MilestoneThe "long-term fair" philosophy for building relationshipsWhat distinguishes elite PE sourcing organizationsLessons learned from a peer group of senior business development leadersCommon personality traits among top-performing BD professionalsWhether successful sourcing professionals are made or bornHow to evaluate whether you're well-suited for a career in PE BDThe hidden ways business development creates value inside private equity firmsUsing data, analytics, and AI to improve sourcingPredictions for the future of private equity business development Deal Sourcery is brought to you by Coastal Partners, the only executive search firm focused exclusively on private equity business development. We help private equity firms build world-class business development teams—and publish the industry's leading research on PE business development compensation, hiring trends, and market intelligence. Whether you're making your next hire or simply want to stay ahead of the market, visit coastalpartners.co. Learn more: Coastal Partners — coastalpartners.co | Tahoe Equity — tahoeequity.com

    What Do The Best In BD Have In Common? A People First Approach with MidOcean's Dan Ryan

  2. 11 Jun

    BD Is A Contact Sport: HKW's Ted Kramer On How Relationships Give You A Competitive Edge

    In this episode of Deal Sourcery, Matt Rooney and Dan Herr sit down with Ted Kramer of HKW to discuss how private equity business development has evolved from a “check-the-box” function into a genuine strategic differentiator. Ted has worked in private equity sourcing since 2001, giving him a front-row seat to the professionalization of the role. He reflects on the early generation of sourcing leaders who helped establish BD as a legitimate long-term career path and explains why firm culture ultimately determines whether a sourcing professional can create real value. The conversation explores what it takes to build a true competitive advantage in sourcing. Ted contrasts systematic, technology-enabled approaches with the more instinctive methods that defined the function earlier in his career. As firms move from broad, generalist strategies toward more thematic and sector-focused investing, sourcing teams must also rethink their referral networks, market positioning, and allocation of time. Ted also offers a practical view of AI’s role in private equity. Rather than replacing relationships, he believes the best applications of AI will help professionals identify where to spend their time and ultimately create more opportunities for meaningful human interaction. In his view, sourcing remains a contact sport: when firms appear comparable on paper, trust and personal relationships often determine who gets the benefit of the doubt. Other themes include the tradeoff between deal-flow quantity and quality, why the strongest sourcing models become most visible when few owners are selling, and how BD professionals can build credibility inside their firms. Ted discusses the significance of being invited into LP and fundraising meetings, and why that kind of responsibility signals that sourcing has become part of the firm’s core strategic leadership rather than a peripheral support function. Key topics include: The evolution of private equity business development What separates strategic sourcing leaders from “check-the-box” BD hires How firm culture affects the success of the sourcing function Systematic sourcing versus instinct and relationship-driven judgment The shift from generalist to thematic and sector-focused investing Using technology and AI to improve time allocation Why AI should increase face-to-face interaction rather than replace it The tension between deal-flow quantity and opportunity quality How relationships create the “benefit of the doubt” in competitive situations Building internal credibility as a private equity BD professional How sourcing leaders can expand into fundraising and broader firm leadership Deal Sourcery is brought to you by Coastal Partners, the only executive search firm focused exclusively on private equity business development. We help private equity firms build world-class business development teams—and publish the industry's leading research on PE business development compensation, hiring trends, and market intelligence. Whether you're making your next hire or simply want to stay ahead of the market, visit coastalpartners.co Learn more: Coastal Partners — coastalpartners.co | Tahoe Equity — tahoeequity.com

    BD Is A Contact Sport: HKW's Ted Kramer On How Relationships Give You A Competitive Edge

  3. 9 Apr

    Learning From the Big Leagues - Advice to New B.D. Professionals from H.I.G. Capital's Carlos Soto

    In this episode, Matt and Dan sit down with Carlos Soto, Head of U.S. Private Equity Business Development at H.I.G. Capital. Carlos shares how he broke into PE business development in 2010, how the function has evolved into a true long-term career path, and what he learned while building and leading sourcing teams across multiple firms. The conversation covers: How H.I.G. structures a 17-person U.S. business development team across core banking relationships, industry verticals, the long tail of intermediaries, and direct sourcingWhy a dedicated BD function can act as a force multiplier for investment teamsThe importance of BD serving as the connective tissue, institutional memory, and “walking CRM” of the firmHow to build trust and credibility with investment professionals across a large, multi-strategy organizationThe operating cadence, goals, and KPIs required to manage a scaled sourcing functionWhat best-in-class banker coverage looks like and why the strongest relationships are built around long-term partnership rather than individual transactionsHow smaller firms can build meaningful banker relationships without the resources of a large platformWhy the long tail of intermediaries still matters and how firms can cover it efficientlyWhat Carlos looks for when recruiting BD talent and the skills junior professionals need to develop into future leaders Carlos also explains why the best BD professionals understand their firm’s strategy, portfolio, people, and relationships better than almost anyone—and use that knowledge to connect the right opportunities with the right people at the right time. Deal Sourcery is brought to you by Coastal Partners, the only executive search firm focused exclusively on private equity business development. We help private equity firms build world-class business development teams—and publish the industry's leading research on PE business development compensation, hiring trends, and market intelligence. Whether you're making your next hire or simply want to stay ahead of the market, visit coastalpartners.co Learn more: Coastal Partners — coastalpartners.co | Tahoe Equity — tahoeequity.com

    Learning From the Big Leagues - Advice to New B.D. Professionals from H.I.G. Capital's Carlos Soto

  4. 26 Mar

    Deals Still Run On Relationships: VRA Partner's Chris Reilly On Why The Best Buyers Build Trust First

    We all know relationships are key in BD, but it’s still easy to forget that there’s always a real human on the other side of your transactions. Chris Reilly, Managing Director at VRA Partners has years of experience building lasting relationships that have helped propel and maintain his career in investment banking. Chris joins the show to discuss how PE folks can engage boutique bankers and create lasting relationships that stick, what kind of engagement tactics work and what ones will land your email in the trash, and how building reciprocal relationships with wealth advisors and M&A Attorneys can help you stay in the know and get referred to the bankers and deals that will take your career to the next level. He also leaves us with advice on what the next generation of PE industry titans should be doing now to ensure long lasting and thriving careers in a competitive business. Chapters00:00 — From Accounting to Deal Origination Chris Reilly’s unconventional path into investment banking and discovering a passion for sourcing deals 03:50 — What VRA Actually Does Inside a boutique investment bank: clients, deal size, and how they operate 05:32 — How to Engage Boutique Bankers Why most outreach fails—and what actually gets attention 08:32 — How Often Should You Reach Out? The right cadence for building (and maintaining) banker relationships 10:17 — Who Gets Priority Time (and Why) Track record, capital, and what separates serious buyers from the rest 13:05 — If I Were Starting a PE Firm Today… Chris’s playbook for choosing which bankers to build relationships with 16:11 — Biggest Mistakes People Make The “too transactional” trap—and how it kills opportunities 19:04 — How to Get on the Short List What it really takes to be included in competitive (or limited) processes 22:32 — How Deal Origination Actually Works The 3 core channels: referral sources, sponsors, and direct outreach 26:08 — What Metrics Matter in Origination Market visits, pitches, and the KPIs that drive revenue 32:19 — The Power of Referral Networks Why wealth managers and attorneys are the most valuable relationships 35:38 — A Real Deal Story ($200M+ Outcome) How one relationship turned into a major transaction 40:11 — Are Referral Networks Underutilized? Why most buyers ignore a massive opportunity 42:56 — What Makes a Great Referral Partner Education, reciprocity, and playing the long game 48:26 — How the Market Has Changed Longer processes, more specialization, and more competition 49:50 — The Rise of Professional Deal Sourcing Why business development roles have become more sophisticated 51:59 — Conferences: How Bankers Actually Spend Time Why existing relationships dominate—and how to break in 53:05 — Proprietary Sourcing vs Banker-Led Deals Deal Sourcery is brought to you by Coastal Partners, the only executive search firm focused exclusively on private equity business development. We help private equity firms build world-class business development teams—and publish the industry's leading research on PE business development compensation, hiring trends, and market intelligence. Whether you're making your next hire or simply want to stay ahead of the market, visit coastalpartners.co Learn more: Coastal Partners — coastalpartners.co | Tahoe Equity — tahoeequity.com

    Deals Still Run On Relationships: VRA Partner's Chris Reilly On Why The Best Buyers Build Trust First

  5. 12 Mar

    Gold Medal Sourcing: 5x Olympic Gold Medalist Ryan Murphy's Journey into Deal Sourcing

    Ryan Murphy has spent his career performing at the highest level. A nine-time Olympic medalist, five-time gold medalist, former U.S. team captain, and world-record holder, Ryan is now taking on a very different challenge: learning the craft of deal sourcing at Norwest Venture Partners. In this episode, Ryan joins Matt and Dan to discuss his path from elite swimming into investing, what it feels like to become a beginner again after reaching the top of another field, and how he is approaching the learning curve in venture. He shares how Olympic preparation was structured, the role data and repetition played in his training, and the parallels he is beginning to see between high-performance sports and sourcing. The conversation also covers the patterns Ryan is seeing in the market, how owning and operating a swim-school franchise has shaped his perspective as an investor, and what he has learned about evaluating founders and businesses from the operator’s seat. Ryan also discusses balancing work, training, and family, the possibility of competing at the 2028 Los Angeles Olympics, and his advice for anyone considering a major career transition. Deal Sourcery is brought to you by Coastal Partners, the only executive search firm focused exclusively on private equity business development. We help private equity firms build world-class business development teams—and publish the industry's leading research on PE business development compensation, hiring trends, and market intelligence. Whether you're making your next hire or simply want to stay ahead of the market, visit coastalpartners.co.

    Gold Medal Sourcing: 5x Olympic Gold Medalist Ryan Murphy's Journey into Deal Sourcing

  6. 5 Feb

    Lessons From Three Decades of Deal Sourcing with Glenn Oken

    In this episode, we sit down with Glenn Oken to trace how business development in private equity has evolved from 1989 to today, and what’s been lost (and gained) along the way. Glenn reflects on the early days of deal sourcing, when private equity was barely an industry, competition was thin, and there were no CRMs, playbooks, or automated workflows to lean on. What existed instead was judgment, creativity, persistence, and a relentless focus on building real relationships — often face to face. We explore how sourcing moved from hustle-driven relationship work to a more process-heavy function, why in-person connection still matters despite efficiency tradeoffs, and where experience beats financial engineering, especially in the lower middle market. Glenn also shares what it takes to survive the emotional reality of BD — the work that doesn’t bear fruit, the thrill of the hunt, and the long game of trust-building.

    Lessons From Three Decades of Deal Sourcing with Glenn Oken

  7. 15 Jan

    What It Takes to Source “Elite” Founder-Owned Software Companies with Jake Colognesi

    Jake Colognesi, Founding Partner at Mamba Growth, joins the Deal Sourcery Podcast to break down how sourcing sits at the center of building a new growth equity firm. Mamba focuses on bootstrapped, founder-owned B2B software and tech-enabled services businesses—companies that are growing quickly, highly sought after, and often not actively considering outside capital. That makes company identification, differentiated outreach, and long-term founder engagement critical to the firm’s strategy. Jake shares how Mamba defines its ideal target, why clarity around the investment profile is the starting point for effective sourcing, and how his team earns founder attention by leading with genuine value rather than generic outreach. He also explains Mamba’s “everyone sources” culture, including how senior investors can support junior sourcing professionals through responsiveness, preparation, recognition, and a willingness to move quickly when an opportunity emerges. The conversation also covers: The case for a hybrid, “eat what you kill” sourcing modelHow diligence and execution build pattern recognition that improves future sourcingWhat LPs evaluate when diligencing an emerging manager’s sourcing capabilitiesWhy technology alone is rarely a defensible sourcing advantageHow AI and automated outreach are raising the bar for relevance and personalizationWhy trust, creativity, in-person engagement, and delivering value upfront will matter even more in the future For emerging managers, investment professionals, and BD teams trying to build a more disciplined sourcing engine, Jake offers a practical look at how sourcing becomes a firm-wide culture rather than a standalone activity. Deal Sourcery is brought to you by Coastal Partners, the only executive search firm focused exclusively on private equity business development. We help private equity firms build world-class business development teams—and publish the industry's leading research on PE business development compensation, hiring trends, and market intelligence. Whether you're making your next hire or simply want to stay ahead of the market, visit coastalpartners.co

    What It Takes to Source “Elite” Founder-Owned Software Companies with Jake Colognesi

  8. 20/11/2025

    Running Towards Deals - Mike Alberts on the M&A Fitness Club and Why BD is the Best Job in PE

    Is starting your day with a little bit of shared struggle the key to building deeper relationships? Mike Alberts thinks so. Mike joins the show to discuss how his "M&A Fitness Club" got started, why leaning into your interests can help you stand apart and make more connections, and why he believes BD is the best job in PD.

    Running Towards Deals - Mike Alberts on the M&A Fitness Club and Why BD is the Best Job in PE
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About

Deal Sourcery is the must-listen podcast for Private Equity professionals aiming to master the art of deal origination. Hosted by Dan Herr - who’s closed over $1B in transactions in the last decade while building and leading world-class deal sourcing teams - and Matt Rooney, a top recruiter in PE business development, we dive into cutting-edge trends, proven tactics, data-driven sourcing strategies and the technology shaping the future of M&A. Each episode features in-depth discussions with exited founders, PE professions and investment bankers, delivering exclusive, actionable insights you won’t find anywhere else. Tune in to elevate your sourcing skills and optimize your firm’s capital deployment.

Information

  • Creator
    Dan Herr and Matt Rooney
  • Years Active
    2024 - 2026
  • Episodes
    27
  • Rating
    Clean
  • Copyright
    © Copyright 2026 Dan Herr and Matt Rooney
  • Show Website
    Deal Sourcery

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