Overview:
In this high-energy episode, Alex Rawlings is joined by Brad Pilcher, Partner and Co-Founder at Bonaccord Capital Partners, a leading mid-market GP Stakes investor. Brad shares his fascinating journey from aspiring concert pianist to private equity investor, and dives deep into how the private equity world is evolving — particularly around culture, capital, talent, and growth.

They explore how mid-market firms can scale successfully, the five principles guiding Bonaccord’s strategy, and why “professionalization” is now essential across PE — from investor relations and origination to team structuring and multi-product growth.

🔑 Key Topics:

• [00:00] Brad’s background & founding Bonaccord Capital Partners
• [01:54] Lessons from Bridgewater: culture, ambition, client-focus
• [06:34] Brad’s 5 core principles for investing and business success
• [13:05] Why Bonaccord targets the mid-market: stability + growth
• [17:38] Institutional capital shift towards mid-market PE
• [20:29] Mistakes PE firms make: lack of evolution, strategy, or value creation
• [24:17] Fundraising playbook: off-cycle marketing, transparency, and LP engagement
• [31:18] The professionalization of private equity – talent, IR, and origination
• [36:07] State of the GP Stakes market & why liquidity concerns are overblown
• [42:04] Surge in control acquisitions & how it impacts GP Stakes
• [44:50] What Brad reads: quarterly reports, Bridgewater research, biographies & astrophysics

📌 Notable Quotes:

📚 Resources & Mentions:

• Bonaccord Capital Partners – bonaccordcapital.com
• Brad Pilcher on LinkedIn – Connect Here
• Edgar SEC Filings, Bridgewater macro research, A.V. Loeb’s astrophysics work

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection: www.raw-selection.com

Looking to grow your team? Check out our Hiring Guides

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

In this episode, host Alex Rawlings speaks with Eric Wiklendt, Managing Director at SpeySide Equity, a private equity firm focused on lower middle-market manufacturing businesses.

Eric shares his “fix and build” value creation strategy, the key elements of successful human capital alignment, and why cost accounting is the hidden killer in many portfolio companies. With deep operational experience, Eric offers a grounded perspective on how to avoid overcomplicating PE value creation.

🔍 Key Highlights:

• Fix & Build Framework: Phase 1 focuses on EBITDA improvement; Phase 2 drives growth.
• Top Phase 1 Levers:
  • Aligning and incentivizing management
  • Rationalizing the revenue portfolio
  • Optimizing the operational footprint
• Biggest Friction Point: Getting the people side right—human capital alignment and talent quality.
• Always an Issue: Poor cost accounting systems that impact pricing and margins.
• Hiring Better Leaders: SpeySide’s edge comes from having “been there, done that” as former operators.
• Walk-Away Red Flag: Dishonesty or lack of transparency in due diligence.
• Industry Mistake: Relying on too many value levers—hope is not a strategy.

📚 Eric Recommends:

Books on economics, behavioral psychology, and sociology to better understand how people think and make decisions.

💼 Connect with Eric:

• LinkedIn: Eric Wiklendt
  
  
• Website: www.speysideequity.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.

📍 Episode Overview:
Alex Rawlings welcomes Taavo Godtfredsen and Sam Allison, co-founders of Advantage CEO, to discuss insights from their two-year research study of over 50 private equity-backed CEOs who averaged 6.2x MOIC. They break down the habits, systems, and mindset that separate high-performing CEOs from the rest—and introduce their proven 5X CEO Model.

⏱️ Key Timestamps:

00:00 – Introductions
Taavo and Sam share their backgrounds and transition into executive coaching for PE-backed CEOs.

01:50 – Common CEO Mistakes

• Strategy gets stuck at the top
• Trying to do too much
• Holding onto average talent too long

04:30 – How Top CEOs Handle Talent

• Identify A-players for mission-critical roles
• Use litmus test: “Would I rehire this person today?”
• Design roles to be winnable, not overwhelming

09:00 – Quarterly Talent Reviews

• Simple red/yellow/green assessments
• Use of the Nine Box model for performance and potential
• Succession planning: Who’s ready now vs. in 1-2 years?

12:56 – Research Behind the 5X CEO Model

• 50+ CEOs and 25 PE leaders interviewed
• Focused on repeatable, values-based leadership
• 900+ years of combined PE experience

17:03 – The 5X CEO Model

1. Strategic Clarity – Clear, compelling vision beyond EBITDA
2. Scalable Talent – A-players in critical roles
3. Relentless Focus – Prioritize top value drivers
4. Disciplined Execution – Systems to track, adapt, and perform
5. Energized Culture – Engage employees to drive growth

25:38 – Practical Tools from Top CEOs

• Reverse Executive Session for feedback
• Blank Sheet Strategy to identify disruption risks
• Using AI to detect performance issues faster

29:47 – CEOs as System Designers

• Build systems that scale, not just solve problems
• Use tech and tools to extend leadership capacity

32:14 – Recommended Resources

• The 5X CEO (Taavo & Sam)
• Five Dysfunctions of a Team – Patrick Lencioni
• MOVE – Sandy Ogg
• The Private Equity Playbook – Adam Coffey

33:09 – How to Connect with Taavo & Sam
🌐 advantageceo.com

📧 taavo@advantageceo.com
| sam@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.

Note: The securities mentioned in this podcast are not considered a recommendation to buy or sell and once should not presume they will be profitable.

In this episode of The Private Equity Podcast, Alex Rawlings welcomes Scott Neuberger, Co-Founder and Managing Partner of Karmel Capital, a private equity firm investing in late-stage software and AI companies. Scott shares deep insights into how Karmel Capital leverages AI within its investment process, how they identify and evaluate late-stage tech businesses, and why they’re placing strategic bets in the infrastructure layer of AI.

Scott explains the firm's capital efficiency-focused strategy, how they rank companies, and what metrics truly distinguish iconic businesses from the rest. He also discusses how AI is transforming internal operations and why firms must go beyond the hype to truly implement impactful AI solutions.

Later in the conversation, Scott offers practical advice to portfolio company leaders on how to begin leveraging AI meaningfully—starting with labor-intensive areas like customer support. He finishes by outlining Karmel’s top-down investment approach to sectors like cybersecurity and why infrastructure plays offer value and growth.

Whether you're investing in tech, operating a portfolio company, or just curious about how AI intersects with private equity, this episode is packed with real-world insight.

⌛ Episode Highlights & Time Stamps:

00:03 – Introduction to Scott Neuberger and Karmel Capital
01:00 – Scott’s journey: entrepreneur turned investor
02:19 – The mistake of investing too early in venture capital
03:47 – Why Karmel focuses on measurable, repeatable metrics
04:45 – How they assess capital efficiency in tech companies
06:41 – Key metrics and importance of experienced management teams
08:38 – Evaluating human capital and talent within portfolio companies
10:05 – Zooming out: The “mosaic theory” of identifying strong investments
10:33 – How Karmel Capital uses AI internally for data collection & analysis
13:22 – AI investing: why infrastructure is Karmel’s focus
15:49 – Pick-and-shovel strategy: betting on infrastructure vs. applications
17:44 – Advice for portfolio execs on where to begin with AI
18:43 – Customer support as a high-impact AI use case
21:09 – Navigating noise in AI investing: how Karmel decides where to play
22:34 – Case study: AI in cybersecurity and the top-down analysis approach
24:59 – The arms race in cybersecurity: AI on both offense and defense
25:29 – Scott’s reading and listening habits (inc. 20VC podcast)
26:56 – How to contact Scott

Connect with Scott Neuberger:
📧 Email: scott@karmelcap.com

🌐 Website: www.karmelcapital.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.

🗣️ Guest: Carola Kamuff – Presentation Coach | Author of Quick Guide Management Presentation
🎧 Host: Alex Rawlings, Founder of Raw Selection

⏱️ Key Topics & Timestamps:

00:00 – Meet Carola Kamuff
Former M&A exec turned expert in coaching management teams for exit presentations.

01:54 – Why Communication Matters
Carola explains her shift from numbers to narratives and why people—not just slides—drive deal success.

02:49 – The Biggest Mistake
Teams often prepare too little, too late—focusing on slides, not delivery or messaging.

04:15 – Rehearsal ≠ Training
Rehearsals test flow. Training transforms behavior, delivery, team dynamics, and confidence.

06:41 – Crafting a Powerful Story
From stats to storytelling—how real examples bring presentations to life and increase credibility.

09:35 – Even Experienced Execs Benefit
Exit presentations are high-stakes. Even confident leaders gain clarity, alignment, and polish from coaching.

12:51 – Does it Really Move the Needle?
Yes—Carola shares a real example where coaching turned around investor perception and revived interest.

14:47 – High Impact, Low Time Commitment
Just a few focused sessions over weeks can significantly improve presentation outcomes.

16:14 – Three Keys to Success

1. Storyline that resonates
2. Cohesive team delivery
3. Objective, external feedback

18:38 – Carola’s Recommended Reads & Listens
📚 Resonate, Slide:ology, Talk Like TED
🎧 Think Fast, Talk Smart, The Moth
📘 German: Quick Guide Management Presentation by Carola Kamuff

20:05 – Connect with Carola
Find her on LinkedIn: Carola Kamuff

Key Takeaway:
Your management presentation can boost—or break—your valuation. Great slides aren’t enough. Confidence, storytelling, and preparation make the difference.

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection: www.raw-selection.com

Looking to grow your team? Check out our Hiring Guides

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

In this episode, Alex Rawlings speaks with Jamyn Edis, digital transformation expert, former VC-backed CEO, and NYU professor. Jamyn shares actionable insights on using AI, data, and automation to drive performance across private equity firms and their portfolio companies.

From dynamic pricing models and A/B testing to agentic AI and accelerating product cycles, Jamyn explains how to cut through the hype, identify real opportunities, and turn AI into measurable value.

⏱️ Episode Highlights

00:00 – Meet Jamyn Edis
30+ years in consulting (Accenture), corporate (HBO, Take-Two), startups, and teaching at NYU. Focused on the intersection of tech, data, and private equity.

02:23 – Common Mistake in PE
Most firms treat data as plumbing, not strategy. Shift from backward-looking reporting to predictive and prescriptive analytics.

03:48 – AI That Delivers ROI
AI must be embedded into daily operations, not stuck in R&D. Productize, operationalize, and commercialize—or risk irrelevance.

05:15 – How AI Builds on Data
AI is powered by historical data but creates forward-looking insights. Use it to improve pricing, marketing, and operations.

06:42 – Case Study: Take-Two Interactive
Jamyn led data science initiatives to optimize pricing and marketing—replacing gut decisions with data-driven experimentation.

08:08 – AI as PE’s Next Value Driver
AI is the new operating system for PE. After leverage and digital transformation, the next edge is intelligence at scale.

09:31 – Advice to PE Firms
Skeptical? “Get out before the business gets out of you.” Overwhelmed? Start small, build prototypes, and focus on real use cases.

11:04 – Agentic AI in Action
Jamyn shares examples of cutting development cycles, boosting campaign ROI, and improving customer service with AI agents.

13:26 – From Problem to Prototype
Diagnose real pain points, create business and technical requirements, and build targeted AI tools that solve specific problems.

14:50 – AI Won’t Replace Humans, But...
Those who use AI will outperform those who don’t. Jamyn explains Jevons Paradox and why productivity leads to new jobs.

18:46 – How Jamyn Diagnoses Opportunities
Structured discovery process, stakeholder interviews, and clear roadmaps to identify where AI and tech can drive value.

22:10 – Every PE Firm Needs an AI Stack
Soon, AI tools will be as essential as data teams or web developers. Invest now in people, platforms, and processes.

23:06 – The Future is AI + Human Judgment
Firms that embed AI deeply—and pair it with operator judgment—will unlock the next generation of alpha.

24:21 – Jamyn’s Book: The Fifth Horseman
An exploration of how AI mirrors humanity and transforms the way we live and lead. AI is trained by us—and reflects us.

29:07 – What Jamyn Reads & Recommends
Books: The Hard Thing About Hard Things, Understanding Media
Podcasts: Pivot, Ezra Klein
TV: Succession – “Still the best corporate training program ever made.”

🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection: www.raw-selection.com

Looking to grow your team? Check out our Hiring Guides

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

Guest: Brian Gustason, Operating Partner at Craig Group
Host: Alex Rawlings, Founder of Raw Selection

🔍 Episode Summary:

In this episode, Brian Gustason shares practical insights on building scalable go-to-market (GTM) strategies for lower-middle-market, PE-backed companies. With over 25 years of operating and advisory experience, Brian explains how to move beyond traditional, backward-looking due diligence and implement forward-focused GTM strategies across marketing, sales, and customer success.

He walks through a real-world case study of transforming a $30M founder-led business—covering ICP development, sales process creation, lead qualification, and customer retention. Brian also discusses how marginal gains across key sales metrics (win rates, ACVs, churn) can compound into significant growth and how CEOs, sales leaders, and boards can drive accountability and execution.

⏱️ Timestamps:

00:00 – Brian’s background and role at Craig Group
01:30 – Why traditional due diligence often fails to assess growth
03:00 – Real-world GTM transformation of a founder-led distributor
06:00 – Building ideal customer profiles (ICPs) and prioritising markets
09:00 – Improving lead qualification and using pre-suasion techniques
14:00 – Structuring an effective, trainable sales process
17:30 – Playbooks, documentation, and AI tools to support sales
20:00 – Importance of coaching and ongoing process evolution
23:00 – Growth 2.0: Compounding small improvements across KPIs
27:00 – Who owns GTM? Role of CEO, sales leaders, and the board
29:00 – Brian’s content recommendation: The 80/20 Principle and his LinkedIn series

📚 Resources:

• Craig Group: www.craiggroup.io
• Connect with Brian on LinkedIn: Brian Gustason
• Book Recommendation: The 80/20 Principle by Richard Koch

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.

🎙️ The Private Equity Podcast — Niklas James, Founder of Minds Capital
Host: Alex Rawlings | Guest: Niklas James

In this episode, Alex is joined by Niklas James, Founder of Minds Capital, an independent sponsor investment platform. They explore what sets successful sponsors apart, why industry specialization matters, and how media can supercharge inbound deal flow.

🕒 Episode Highlights

00:00 – Niklas’ background: Bain, VC, HBS, and independent sponsor journey
01:17 – Founding Minds Capital: investing $1–$3M in sponsor-led platforms
01:42 – The biggest PE mistake: poor self-marketing and lack of differentiation
02:34 – Why “founder-friendly” isn’t enough — real differentiation is key
04:24 – Using podcasting and LinkedIn for inbound deal flow
05:21 – Why niche expertise drives better deals and exits
06:20 – Case study: investing in an eyewear veteran
07:14 – Why Minds Capital favors independent sponsors over traditional funds
10:03 – Value creation via EBITDA growth and multiple expansion
11:59 – Deal evaluation: downside protection, upside, and conviction
13:53 – Red flags, realistic base cases, and what sets great deals apart
16:17 – How Minds Capital assesses sponsors: 5 key criteria
18:07 – Sponsors need transparency, gravitas, and skin in the game
19:53 – Becoming a media-first PE firm: lessons from podcast success
22:13 – Content strategy: LinkedIn cadence and community building
23:10 – How media enhances deal flow and selectivity
24:32 – Niklas’ reading picks: The Compounders in Private Equity, Alex Hormozi’s books
25:58 – Connect with Niklas on LinkedIn

🔑 Key Takeaways

• Stand Out: With 19,000 PE firms in the U.S., a generic pitch won’t cut it. Sponsors must articulate clear differentiation.
• Media = Inbounds: Minds Capital uses podcasting and LinkedIn to generate proprietary deal flow and investor interest.
• Industry Fit Wins: Deep sector knowledge translates into better deals, stronger exits, and investor confidence.
• Diligence Matters: Every deal is vetted through a rigorous process of risk checks, valuation analysis, and sponsor alignment.
• People First: The sponsor’s experience, character, and skin in the game are just as important as the numbers.

🎧 Listen to the Minds Capital Podcast
Weekly episodes with top independent sponsors.

📨 Connect with Niklas James
🔗 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.