The Private Equity Podcast, by Raw Selection

Alex Rawlings
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Hosted by Alex Rawlings, Managing Partner of Raw Selection, a specialist executive search firm. Join us as we interview the leading experts in Private Equity, unlocking their secrets of success to share with you. Discover how some of the top Private Equity professionals got into Private Equity, how they rose to success and learn about some of the mistakes they made along the way.Alex has strong connections to the Private Equity industry through his executive search firm, Raw Selection, which specialises in working with Private Equity firms and their portfolio companies across Europe and North America. Alex is straight talking and to the point and aims to unlock real gold you can build into your firm or portfolio companies. Find out more at www.raw-selection.com

  1. 2D AGO

    Learnings from a $1BN+ exit and 300 investments in Private Equity

    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: rfitzgerald@capitalspring.com | 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.

    23 min

  2. FEB 17

    Building a Value Creation Machine & Scaling a Private Equity Firm

    🎧 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.

    24 min

  3. FEB 10

    How private equity firm THL is winning with AI implementation

    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

    32 min

  4. FEB 3

    Emerging markets investing in the consumer & retail sector

    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 📧 giovanni@maestroequity.com 🔗 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.

    22 min

  5. JAN 27

    The 5 step playbook assessment on business leadership effectiveness

    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+ returnsFive 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 performanceIncludes open-ended responses for actionable feedbackResults are color-coded (Red-Yellow-Green) for fast clarity and prioritizationUsed with leadership teams and optionally with boards or PE partners▶ Strategic Clarity Aligning the CEO, leadership, and board on the value creation planCommunicating strategy throughout the organization—down to the receptionistThe role of repetition in embedding strategy (11x rule)▶ Energized Culture Holding people accountable for behavior, not just resultsMeasuring 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 execsUsing 9-box performance vs. potential models, shared with boardsCEOs 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 distractionEnsuring alignment on key initiatives and managing PE firm inputs▶ Disciplined Execution Tracking both leading and lagging KPIs tied to the value creation planEstablishing a management cadence and operating systemExample: AI-driven measurement of customer conversations to boost growthTying metrics directly into compensation and incentive systems▶ How PE Firms Use the Tool As part of diligence or onboarding of new CEOsTo drive annual CEO performance reviewsTo create a shared language between CEOs and sponsors on team performance📘 Resources Mentioned Book: The 5X CEO – Available on Amazon and AudibleThe Private Equity Playbook series by Adam CoffeyMove 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.

    47 min

  6. JAN 20

    How Private equity Firm Council Capital Approach Value Creation

    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: Collaborative but shallowSubstantive but rigidCollaborative and substantive – Council Capital’s approach03:37 – 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: TopgradingAptitude & personality assessmentsIn-depth referencingCase 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 techRefine hiring processesImprove onboardingStructure incentive plans14:38 – First 100 Days for CEOs New CEOs are expected to: Align on strategyBuild out the right teamEnsure reliable data systems to track performance16:58 – Recommended Resources Tim recommends: Acquired – for business case studiesFounders – for leadership traits & human stories17:52 – 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.

    18 min

  7. JAN 13

    Private Equity market trends and investing techniques

    🎧 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 executeThe 3 key components of any game-changing opportunityTurning waste (like avocado seeds or Guinness beer) into profitsWhere Maxwell is putting capital now: mining, energy, biofuelsHow family offices differ from traditional PE firmsLessons 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.

    23 min

  8. JAN 6

    The journey from $140M to a $1Bn Valuation and a stage 4 cancer victory

    In this powerful episode, Marc Adams shares his remarkable journey from a stage 4 cancer diagnosis to a full recovery—and how that experience inspired him to rethink private equity. Now leading Acquisitions for You, Marc helps business owners double their company’s value and cash out tax-free—without debt, dilution, or outside capital. With 40+ years in leadership, IPOs, and M&A, Marc discusses his “Double and Keep It” framework, raising over $350M to support non-traditional exits, and how PE firms can create more value by going deeper into operations. He also shares how a question from his 10-year-old son sparked a mission to help business owners keep more of what they’ve built. ⏱️ Timestamps 00:00 – Intro to Marc & his corporate background 01:27 – Life-changing cancer diagnosis during the pandemic 05:34 – A pivotal question from Marc’s son: “Who helps the business owners?” 07:01 – Miraculous recovery and new purpose 09:24 – Writing a bestselling book to help owners increase value 10:16 – The “Double and Keep It” framework explained 11:43 – $350M raised to support exits without debt or dilution 13:08 – How structuring right helps owners keep 70–90% post-sale 15:01 – Helping younger founders take chips off the table 18:52 – From $140M to $1B valuation: how it was done 22:09 – Case study: $0 to $950M in 18 months 23:36 – Why PE must engage with operating teams 25:26 – Reducing founder resistance and aligning incentives 27:49 – Leaving room for buyers’ value creation 30:09 – Example: $6B tech buyer building value via synergy 32:29 – When forced changes from PE go wrong 34:28 – Why personal brand and social media matter more than ever 37:21 – 19-year-old entrepreneur’s turnaround and success 40:38 – Helping overlooked businesses unlock true value 42:02 – How to connect with Marc and access his free resources 📘 Resources Contact Marc: marc@acquisitionsforyou.comVisit: acquisitionsforyou.comFree tools & book via Marc’s Linktree (shared in episode)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.

    43 min
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Hosted by Alex Rawlings, Managing Partner of Raw Selection, a specialist executive search firm. Join us as we interview the leading experts in Private Equity, unlocking their secrets of success to share with you. Discover how some of the top Private Equity professionals got into Private Equity, how they rose to success and learn about some of the mistakes they made along the way.Alex has strong connections to the Private Equity industry through his executive search firm, Raw Selection, which specialises in working with Private Equity firms and their portfolio companies across Europe and North America. Alex is straight talking and to the point and aims to unlock real gold you can build into your firm or portfolio companies. Find out more at www.raw-selection.com

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