The Private Equity Podcast, by Raw Selection

• Why Outsourcing Fund Admin Is the Smartest Move PE Leaders Can Make in 2025 With Michael Von Bevern

  Episode OverviewIn this episode, Alex Rawlings welcomes Michael Von Bevern, Co-Managing Director for Sunterra Fund Services, to discuss the evolving landscape of fund administration in private equity. Michael shares nearly two decades of experience, working with over 500 fund managers, and offers invaluable insight into common mistakes first-time managers make, the growing role of fund administration, and why outsourcing has become the gold standard for operational efficiency and investor confidence.🔑 Key Discussion Points00:00 – Introduction Michael Von Bevern introduces his role at Sunterra Fund Services and his extensive background in fund administration.01:00 – Common Mistakes First-Time Managers MakeTrying to be overly creative with fund terms and waterfall structures.The importance of staying aligned with industry-standard terms in the first fund.Complexity can hurt comparability for institutional investors.03:00 – The State of Capital RaisingCapital raising is particularly tough right now.Institutional investors require clarity, standardization, and comparability.Advice: Stick to well-known structures and build trust first.04:00 – Why Outsourcing Fund Administration is CrucialFund administration has evolved from an internalized process to a norm for outsourcing.Early resistance was based on trust and control issues.Outsourcing offers scalability, access to high-end tech, and cost advantages.06:30 – In-House vs. Outsourced Fund AdminOutsourced teams can mirror internal teams in quality and responsiveness.Modern fund admin is more than just accounting—it's a strategic enabler.Today, ~80% of PE firms outsource, up from 50% in 2016.09:00 – Why Private Equity Firms Hire from Fund Admin FirmsFund admin professionals gain holistic knowledge: legal docs, accounting, operations, strategy.They're “multi-tools” vs. siloed specialists.Michael celebrates when former team members go on to run their own funds—and even become clients.12:00 – What Makes a Gold Standard Fund Admin?Real-time access to quality data and timely reporting.Transparent, responsive communication.Strong tech + strong people = winning formula.13:30 – The Shift Toward Data AccessibilityGone are the days of black-box reporting.Modern fund admins provide daily access and reconciliations.The focus now is on improving affordability and automation.14:30 – Michael’s RecommendationsReads: Preqin, PitchBook, newsletters.Follows thought leaders like Howard Marks (Oaktree).Active in ILPA and New York's PE ecosystem.16:00 – Market Trends Observed Through Fund AdminFundraising in 2023-24 has slowed, with private credit outperforming PE.Saturation from 2021–22 launches is causing fatigue.Prediction: Q4 2025 to Q1 2026 will see a strong rebound in fundraising.18:30 – How to Reach MichaelWebsite: sunterra.comOpen to DMs and happy to refer prospective clients even if Sunterra isn’t the best fit. 🔗 Connect with Alex Rawlings on LinkedIn: [https://www.linkedin.com/in/alexrawlings/](https://www.linkedin.com/in/alexrawlings/) 🌐 Visit Raw Selection: [www.raw-selection.com](https://www.raw-selection.com) Looking to grow your team? Check out our Hiring Guidesfor proven strategies, templates, and best practices to make smarter hires. 

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• Inside the LP Mindset & Mastering Co-Investments | Joe Basrawy, Partners Capital

  In this episode, host Alex Rawlings is joined by Joe Basrawy, Managing Director at Partners Capital, a global multi-asset investment firm serving some of the world's most sophisticated investors — including private equity founders, endowments, and family offices.Joe offers a rare and in-depth look at the Limited Partner (LP) perspective — covering common pitfalls private equity firms make, what LPs are really looking for, and how to stand out in a crowded market. He also shares a masterclass on co-investments, including how LPs assess alignment, avoid adverse selection, and punch above their weight in deal flow.This episode is packed with actionable insights for fund managers, deal professionals, operating partners, and anyone looking to better understand what makes a top-performing PE firm in the eyes of institutional investors.⏱️ Timestamps:00:00 – Welcome and guest intro: Joe Basrawy, Managing Director, Partners Capital 01:00 – Joe’s background: From investment banking to multi-asset investing 01:25 – What drew Joe to Partners Capital and what’s kept him there 02:21 – Biggest mistakes PE firms and portfolio companies make 03:15 – Raising too much capital: Overstretching and going off-spec 04:13 – Deal-level diversification: What LPs want to see 05:39 – Co-investing 101: Why it's attractive and the risks of adverse selection 06:37 – How LPs like Partners Capital avoid adverse selection in co-investments 07:33 – Being a reliable and speedy co-investment partner 08:31 – Why LPs say “no” to co-investments — alignment, conviction, and deal partners 09:57 – Referencing employees and internal conviction in deals 10:56 – What makes the best private equity firms? Joe’s four pillars 11:25 – #1: Strategy differentiation – A case study in healthcare PE 13:22 – #2: Value creation edge – Organic growth vs market tailwinds 15:18 – #3: Ownership dynamics – How GP stake sales affect firm culture 17:15 – #4: People – Why leadership and succession planning matter 19:05 – Referencing portfolio executives: The most revealing feedback 20:28 – What LPs learn from talking to portfolio CEOs 21:56 – What LPs look for in fund managers – Discipline, detail, and passion 23:52 – Joe’s reading recommendations – Fiction and finance 25:47 – How to connect with Joe 26:17 – Outro from Alex📘 Recommended Reading by Joe Basrawy:The Children Act by Ian McEwan (also a film adaptation with Emma Thompson)The Money Kings – History of Jewish-American families who founded Wall Street firms🔗 Connect with Joe Basrawy:LinkedIn (search Joe Basrawy)Partners Capital Website Looking to grow your team? Check out our Hiring Guides for proven strategies, templates, and best practices to make smarter hires. 

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• Operating Partners Are the Future of Private Equity | Jeremiah Wanzell on Consumer Brand Growth

  In this episode, Alex Rawlings is joined by Jeremiah Wanzell, a seasoned consumer brand executive with leadership roles at Hugo Boss and Calvin Klein, and now an operating partner working with private equity firms to drive growth in the consumer sector. Jeremiah shares his insights into the evolving role of the operating partner, value creation beyond financial engineering, the importance of omnichannel strategy, and how consumer-focused PE firms can win in a shifting market.⏱️ Timestamps00:03 – Intro & BackgroundJeremiah's career journey: from Bloomingdale’s to Hugo Boss & Calvin KleinLaunching Growth Mindset Advisors to work with PE firms as a fractional growth officer00:57 – Mistakes Private Equity Firms MakeMisunderstanding or undervaluing the role of the operating partnerValue creation needs real operators, not just consultantsPE firms still testing the waters, especially in the lower/mid-market03:44 – Why the Operating Partner Model Isn’t Universal YetToo often operating partners are brought in post-acquisition — a critical mistakeThey need to be involved from the outset to shape value creation plans05:12 – Case Study: Capizio AcquisitionDeal thesis: investing in niche category leadersBrought the deal to Argonne after another firm passedRole: pre-deal diligence, channel expansion, post-deal advisory07:07 – What Deal Teams MissOverlooking multi-channel retail strategyExamples: Nike’s failed DTC push vs. Allbirds’ slow wholesale expansionOmnichannel is no longer optional09:32 – Industry Shoutout: GrataSponsor mention for proprietary, data-driven PE deal sourcing09:58 – State of Consumer DealsDeal volume down 15% YoY, but deal size upHighlighted mega deals: Skechers ($9B), Dick’s x Foot Locker, Rode BeautyHot sectors: health & wellness, beauty, and digitally native brands11:27 – Tariffs & Pricing StrategyTariff uncertainty is a headwind but affects all brands equallyBrands must have clear differentiation and pricing transparencyExamples: airlines as commoditized vs. a loyal landscaper who passed along cost savings15:14 – Great Retail ExperiencesRetail “theater” matters more than everExamples: Vuori, Lululemon, building community through in-store eventsIt all starts with product excellence17:32 – Evolution of DTC & Shopify’s DisruptionApple iOS14 killed third-party tracking; CAC skyrocketedShopify commoditized eComm site creation → flooded market with undifferentiated brandsStubborn brands (e.g. Allbirds) suffered by not adapting18:59 – Retail Experience ExamplesRetail must build community and be about more than transactionsBrands that create loyalty through events and authentic connection win19:51 – What Jeremiah RecommendsFan of The Private Equity Podcast and Scott GallowayEncourages reading, webinars, and giving back to your network🔗 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. 

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• How Top Talent & Consumer Trends Drive $1.3B Growth With William Quartner

  🔹 Episode Overview: In this episode, we’re joined by William Quartner, Partner at Prelude Growth Partners, a New York-based private equity firm dedicated to the high-growth consumer space. William shares insights from his impressive journey through investment banking and private equity at firms like Goldman Sachs and TowerBrook Capital, to now helping build Prelude Growth from its inception to the recent close of Fund III. He explores critical investment lessons, the importance of talent, consumer industry trends, and the real-life challenges and rewards of building a PE firm from the ground up.00:00 – Intro to William Quartner  & Prelude Growth PartnersWilliam’s background: Goldman Sachs, TowerBrook, and JP MorganPrelude’s focus: high-growth consumer sectors like beauty, health & wellness, pet, baby, and food/beverageJust closed Fund III – now managing $1.3B in AUM02:24 – Common Mistakes in PE & Consumer InvestingMisunderstanding the type of risk (product, category, brand, execution)Lack of clarity on risk-return profile per categoryUndervaluing the importance of top-tier talent in portfolio companies05:18 – Evaluating Talent and LeadershipDifferences between a great founder/CEO and an average oneImportance of building the right team earlyPartnership model: working closely with founders as a minority investor07:41 – Passion for the Consumer IndustryHow deep focus and passion improve investment intuitionRecognizing industry "tourists" vs committed insidersBenefits of building a tight, focused ecosystem09:39 – Lessons from Goldman Sachs & TowerBrookSeeing institutional rigor and processLearning high-standard due diligence and underwritingWanting to work up the risk curve and help build something from scratch11:29 – The Startup Journey of Prelude GrowthFrom $85M in Fund I (2018) to $600M in Fund III (2025)Early-stage scrappiness and challengesMost rewarding part: building a recognized brand and seeing portfolio companies become category leaders16:55 – Current Consumer Industry Trends & OutlookGrowth brands more insulated from macro headwindsTariff uncertainty and its impact on planningStrategic reshuffling by large CPG players creating investment opportunitiesConcerns around consumer debt and buy-now-pay-later risksLP skepticism toward consumer-focused funds, but Prelude bucks the trend20:35 – Content RecommendationsPodcasts: Pivot (Kara Swisher & Scott Galloway), Acquired, SmartLessBusiness newsletters: Axios Pro Rata, Term SheetSubstack content for niche consumer insights21:32 – How to Connect with William 📧 Email: [email protected]🔚 Closing Thoughts: William offers a masterclass in consumer investing; from risk frameworks and talent strategy to fundraising and sector specialization. His journey from major institutions to entrepreneurial investing highlights the power of clarity, conviction, and cultural fit in PE.🔗 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. 

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• Inside the Psychology of Elite Founders (What 9-Figure Exits All Share) with Greg Moran

  Guest: Greg Moran – Multi-exit founder, investor, and Managing Partner at Evergreen Mountain Equity Partners Host: Alex Rawlings, Founder of Raw Selection⏱️ Timestamps & Topics00:00 – Introduction to Greg Moran Alex welcomes Greg Moran, a multi-exit founder turned investor, and Managing Partner at Evergreen Mountain Equity Partners. Greg introduces his background in scaling businesses, raising $500M+ in capital, and his current focus on future-of-work technologies.01:29 – Biggest Mistakes in Private Equity & Venture Greg highlights two major missteps:Private Equity: Disrespecting existing leadership and stripping company culture.Venture Capital: Failing to deeply understand a founder's motivations under pressure.03:51 – Behavioral Due Diligence: The Adaptive Innovator Greg explains how Evergreen Mountain uses a proprietary founder archetype model based on studying 100+ founders with multiple 9-figure exits. 📘 Book: The Adaptive Innovator 🔬 Assessment Tool: theadaptiveinnovator.ai06:11 – The Four Pillars of the Adaptive Innovator ModelCreative Resilience – Performing better under pressureBalanced Risk-Taking – Small experiments lead to bold movesHumble Assertiveness – Leading without being the loudest voiceStrategic Accountability – Owning failures and empowering teams09:09 – How the Assessment Works Greg walks through the free assessment's design—competency-based and situational judgment questions that help reveal how founders respond under real pressure.11:37 – From Operator to Investor: The Shift Greg discusses the personal challenge of moving from "solver" to "sounding board" and helping founders overcome small thinking and incrementalism.15:01 – Scaling Requires Talent Transformation Once you think bigger, the next hurdle is team capability. Greg discusses the importance of upgrading talent and how average hires dilute culture and repel A-players.18:26 – “Hire Fire and the Walking Dead” Greg's framework on talent management:Hiring is easyFiring the clearly bad is manageableThe real issue? Keeping the “walking dead” – the average, inoffensive underperformers who drain momentum.20:21 – Coaching Founders Through Tough Talent Calls Greg explains his approach as an investor: gently keeping the conversation alive, helping founders reach the inevitable realization themselves. 🗣️ Anecdote: The "5-second hesitation test" from a former board member.31:27 – Recommended Reading & Interests 📖 The Alchemist by Paulo Coelho – a yearly re-read for Greg 🎒 Outdoor adventure and Alaska documentaries (his son is a bush pilot)32:52 – How to Connect with Greg Moran🌐 Website: gregmoran.me🧠 Assessment: theadaptiveinnovator.ai💼 Fund: emep.io🔗 LinkedIn: Greg Moran📺 YouTube & X (formerly Twitter): Active channels for the docuseries and insights🔗 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. 

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