A GP Stakes Perspective on the Professionalisation of Private Equity
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A GP Stakes Perspective on the Professionalisation of Private Equity
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About this listen
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:
“In business as in life, the only constant is change.”“Great firms know who they are, and evolve with purpose.”
“People, not spreadsheets, drive performance.”
“The best GP Stake firms bring capital and value creation.”
📚 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
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