Private equity is playing an increasingly visible — and influential — role across travel and hospitality. From platform rollups and carve-outs to growth equity investments in scaled travel tech, PE capital is reshaping who owns what, how companies grow, and what “success” looks like beyond venture-backed exits.

This episode unpacks how private equity really works, how it differs from late-stage venture capital, and why travel and hospitality have become such compelling hunting grounds for PE firms right now. We start with the fundamentals: what private equity is, how funds are structured, who the LPs are, and how different types of PE strategies — from growth equity to buyout funds — show up in travel. From there, we dig into what makes a strong PE investment target, including the metrics, moats, and operational characteristics that matter most at this stage of a company’s life.

The conversation then turns to M&A strategy, including how PE firms evaluate acquisition opportunities, when rollups make sense versus single-asset plays, and what founders should (and shouldn’t) do to prepare for future M&A conversations. We also demystify the PE process itself — how firms engage with founders, what diligence looks like, and what realistic timelines founders should expect.

Whether you’re a founder, operator, or investor, this episode offers a clear, candid look at how private equity is shaping the future of travel.

Follows

Gilad Berenstein – host

Cara Whitehill - host

Evelyn Duan — guest

Vinay Shah — guest

Go Deeper

• Travel industry trends and the opportunity for private equity - McKinsey & Company
• M&A trends in travel, leisure and hospitality - KPMG
• Economic uncertainty ‘reshaping deal-making’ as travel and tourism M&A slows — HotelDive
• The coming wave: Consolidation in tours and experiences — PhocusWire
• M&A Activity Continues to Escalate in the Global Hotel Operator Sector - Goodwin