Sam Bendix, Partner at Chicago Pacific Founders, returns to share his framework for capital raising using motivational interviewing. He explains how it uncovers real motivations and qualifies prospects faster—without a hard sell. We cover how it applies to investor meetings, deal sourcing, hiring, and beyond. A practical framework for better conversations and better results.

[00:00] Sam Bendix, Partner at Chicago Pacific Founders, shares his capital-raising framework using motivational interviewing.

[00:28] Alex praises its use in candidate interviews, prospecting, and deal origination.

[00:58] Framework inspired by Sam’s wife, a dietitian, helping patients change behavior.

[01:53] Sam realized it draws out investor motivations instead of pushing a pitch.

[02:51] Ideal for hesitant prospects or those juggling priorities.

[04:13] Helps quickly qualify whether someone’s worth pursuing.

[05:37] Sam uses it on intro calls with LPs at the contemplation stage.

[06:33] It’s flexible — works even outside of work.

[08:30] Four stages: Engage, Focus, Evoke, Plan.

[10:15] Key question: "What led you to take this meeting?"

[12:09] Use “change talk” to uncover real motivations.

[13:59] Always leave with clear next steps.

[15:50] Similar to AIDA — build rapport, qualify, find the why, plan action.

[17:15] Real-life case study: reframed a real estate pitch to win infrastructure LP interest.

[22:28] Even a "no" reveals future opportunities.

[25:22] ORS method (Open questions, Reflective listening, Summarizing) is critical.

[27:17] Reflect objections back to build clarity and trust.

[28:13] Alex draws parallels with talent assessment — most firms hire for now, not the full journey.

[30:40] Exceptional execs have frameworks. If they can't articulate their playbook, you can’t scale them.

[32:07] Too many firms wing it with clients while being structured with candidates — both need frameworks.

[34:29] Sam praises Alex’s consultative approach to hiring — problem-finding > solution-pushing.

[36:55] Knowing the why behind hiring helps tailor the search to real business needs.

[39:47] Ideally, firms would hire 3 execs per hold period — one for each phase. Instead, you need one who can run the full race.

[43:10] Negotiation tips: frame your goals around the LP’s goals.

[45:35] Use three steps: Reflect objections, Reframe as shared objectives, Confirm buy-in.

[48:27] Book recs: Negotiation Genius (Harvard), Start with No (Jim Camp), and Quit (Annie Duke).

Sam’s open to connecting on LinkedIn.

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Got feedback or questions? Email Alex at alex.rawlings@raw-selection.com. Until next time—keep smashing it!

In today’s episode, Jared Weisel, SVP at Revenue Analytics, joins us to break down how PE-backed manufacturing and distribution businesses can use pricing to drive serious EBITDA gains. We dive into why most firms ignore pricing, how to avoid customer churn while raising prices, and why a 3–7% increase can deliver outsized impact. Jared shares the biggest mistakes PE firms make, how to build long-term pricing strategies, and why this lever is the most underutilized tool in the value creation plan.

[00:03] Jared explains his role at Revenue Analytics, focusing on pricing strategy for PE-backed manufacturing and distribution firms.

[00:29] Discusses pricing as a lever for EBITDA improvement with minimal customer loss.

[00:58] Pricing is often underused; Jared emphasizes using data to drive targeted decisions and compliance.

[01:54] PE firms overlook pricing in VCPs, relying on cost-cutting. Jared argues for ongoing pricing strategies, not one-time actions.

[03:44] Sales reps often quote inconsistently due to lack of tools. Structure and guardrails lead to better pricing outcomes.

[05:02] Visibility is key—track changes, product mix shifts, and enforce compliance to prevent leakage.

[06:25] Raw Selection offers salary reports via YouTube—useful for benchmarking comp in PE and portfolio roles.

[06:54] Jared warns that pricing based on gut feel or fear of customer loss leads to missed value. Start with the pain.

[09:47] Jared outlines pricing plays across the investment lifecycle—diligence, early wins, long-term optimization, and positioning for exit.

[12:12] A 3–7% price increase typically sees no customer churn—if done surgically, not blanket increases.

[14:01] Recommends Pricing Brew, Professional Pricing Society, and books like Revenue Management and Pricing: The New CEO Imperative.

[16:28] CEOs hesitant on pricing should compare pricing impact vs. other ops improvements—pricing wins big.

[18:21] Jared’s recommendations: Bain's Dry Powder, Adam Coffey’s Private Equity Playbook, Dan Cremons' Winning Moves.

[19:39] Contact Jared at jwiesel@revenueanalytics.com or on LinkedIn.

[20:36] Alex thanks Jared for the focused and actionable conversation on pricing.

Connect with Jared Wiesel on LinkedIn. Thanks for tuning in.

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Got feedback or questions? Email Alex at alex.rawlings@raw-selection.com. Until next time—keep smashing it!

In today's episode we have Steve Carroll, CEO and Co-Founder of Kelso Industries, join us to share his journey from a small-town construction background to leading a 25-acquisition HVAC roll-up. We dive into his Walmart days scaling EBITDA from $15M to $250M, his views on where PE firms get it wrong, and how Kelso’s long-term partnership model is flipping the script on traditional roll-ups.

[00:00] Steve Carroll joins to discuss Kelso Industries' growth from 1st to 25th acquisition

[00:27] Background: Walmart experience and scaling from $15M to $250M EBITDA

[00:54] Early years: rural Oregon, construction, MBA, and entrepreneurial itch

[01:50] Lessons from Walmart and foundation of Kelso

[02:21] Mistake PE firms make: copying each other, bidding up same assets

[03:05] Advice: PE should pursue untapped markets and take first-mover risks

[04:21] Kelso's differentiator: deep focus on one long-term strategy

[05:49] “All in” mindset and scaling Kelso as one big platform

[06:18] First acquisition story: moving to AZ, transition challenges

[07:46] Struggles, COVID, and lessons learned from initial takeover

[08:43] Pivot to partnership model after burnout and realization

[09:42] Defining partnership: skin in the game, shared long-term vision

[11:08] Case study: Pancho in Idaho becomes the blueprint for future deals

[13:03] Criteria for Kelso partnerships and alignment with long-term goals

[14:00] Integration learnings: then vs. now at deal #25

[14:50] Kelso now offers finance, legal, HR, recruiting, and systems support

[17:44] Operational push: MEP+ and one-call solution model

[18:43] Scale enabling better integration and centralized resources

[19:12] Raw Selection salary reports plug

[20:11] Top 3 learnings: partnership, finance investment, data center boom

[23:23] Walmart story: monetizing eyeballs, retail media, Sam’s Club success

[26:17] Building a $250M EBITDA business unit through creative thinking

[27:42] Why HVAC: passion, mission-critical systems, smartest people on site

[28:49] Key influence: Brad Jacobs and “How to Make a Few Billion Dollars”

Connect with Steve Carroll on LinkedIn. Thanks for tuning in.

Subscribe for more episodes on iTunes & Spotify

Got feedback or questions? Email Alex at alex.rawlings@raw-selection.com. Until next time—keep smashing it!

Welcome to another episode of the Private Equity Podcast. Today, I’m joined by Scott Cook, an experienced Chief HR Officer with over 100 add-on acquisitions under his belt. We dig into what really drives successful integration—nailing culture, managing change, aligning roles, and avoiding the classic post-acquisition mistakes. If you want a no-nonsense guide to people, process, and performance in PE-backed services businesses, this episode is a must-listen.

[00:00] Over 100+ add-on acquisitions and integrations, with a focus on commercial and residential services.

[00:29] Private equity mistake: solving adaptive people problems with technical solutions.

[01:51] Example: pay plan integration fails without addressing pride, fear, and control among legacy staff.

[03:49] Change takes time, but skipping the adaptive side slows everything down.

[04:45] “Intervention without diagnosis is malpractice.”

[05:12] Change process: Transparency (what we know/don’t know), Humility (not always right), Authenticity (real conversations).

[07:38] Run changes in parallel to prove success before full implementation.

[08:33] Adaptive resistance often comes from fear of loss, not logic

[09:30] Key issue isn’t just communication—it’s the resistance behind it.

[10:55] Missed clarity of roles and vision derails integration.

[12:22] Diligence mistake: confusing deal confirmation with actual diligence.

[13:21] Integration failures often come from ignoring cultural misalignment.

[14:47] Early lesson: distinguish between necessary and unnecessary endings—prune what’s dying or holding growth back.

[17:08] Win trust early by changing non-critical items that don’t affect frontline staff or customers.

[19:30] Founders often don’t work out post-acquisition—PE firms struggle to make them fit.

[20:34] Sellers always experience some remorse—plan for it during diligence.

[22:00] Ask: “What does ending well look like for you?” Define success before they exit.

[24:23] CFOs and CEOs shouldn’t be in the weeds—define direction, context, and outcomes.

[26:44] Great CFOs provide context, not micromanagement. Great CEOs delegate integration to focus on growth.

[29:32] Former founders can still add value via advisory roles or special projects.

[32:24] Pest control and HVAC still hot—residential M&A picking up, commercial lagging due to government slowdown.

[35:20] Resi/commercial services sector is early in its PE wave. Tons of opportunity, but plagued by poor leadership and weak diligence.

[37:37] Rise in fractional execs to bridge early-stage post-acquisition gaps.

[38:39] Book recs:

• Why Should Anyone Be Led by You? – leadership authenticity
• Falling Upward – personal development and meaning
• Necessary Endings – pruning for growth

[40:30] Scott reflects on making work meaningful in the second half of life—impact over income.

[40:58] Falling Upward explores this journey.

[41:28] Connect with Scott Cook on LinkedIn. Thanks for tuning in.

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Got feedback or questions? Email Alex at alex.rawlings@raw-selection.com. Until next time—keep smashing it!

Welcome to another episode of the Private Equity Podcast. Today, I’m joined by Andrew Towne, Partner at Olympus Pines. We break down what it really takes to grow a portfolio company—hiring the right team, aligning goals, building execution plans, and pulling the right levers for revenue and EBITDA growth. If you're after a practical playbook on scaling businesses in the lower mid-market, this episode delivers.

[00:00] Andrew Towne returns to discuss how to grow portfolio companies through team building, planning, and execution.

[00:28] Success in business = aligned goals, right people in the right seats, clear plans, and proper tools/incentives.

[01:55] Biggest failures come from misaligned goals. Everyone must row in the same direction.

[02:26] Use role charters and RACI charts to align responsibilities and decision-making across the org.

[04:22] Attracting top talent means clarity on role, expectations, comp, benefits, culture. Be transparent up front.

[07:06] Retention comes down to delivering on promises, offering development, paying fairly, and giving feedback.

[09:37] Managers should seek upward feedback – your team’s opinion matters more than your boss’s.

[11:32] Evaluate talent by hard skills (resume, technical test) and soft skills (learning ability, judgment, self-starting).

[14:53] Roadmaps keep execution on track – break down goals into sub-goals and timed milestones across the team.

[17:38] Regular team accountability meetings ensure goals stay on track and interdependencies are met.

[18:43] Training, tools, and incentives must align to role and company success – weight comp more to team wins.

[20:39] You don’t need fancy systems – role clarity and RACI charts can live in Word and Excel.

[22:07] Deal sourcing: pick a sector, build your own target list, run a disciplined, high-integrity outreach campaign.

[24:57] Be transparent with sellers – don’t hide your intentions. Build trust from the first call.

[26:16] Consider: can you build instead of buy? Sometimes starting from scratch is the better play.

[27:37] Avoid shiny object syndrome – write down what matters to you first, then find sectors that match it.

[30:37] Six top-line levers: optimize product mix, segment customers, fix pricing, retain the right customers, improve collections, manage working capital.

[35:33] Hire execs aligned with the thesis – if transformation is needed, bring in people who’ve done it before.

[38:56] Cost isn’t just headcount – optimize procurement, renegotiate vendors, rethink distribution, and energy use.

[41:58] Retooling and reskilling can outperform layoffs – invest in your people and slow unnecessary hiring.

[42:56] Thanks to Andrew for sharing his portfolio playbook and growth strategies.

[43:24] Subscribe for more episodes every week. Till next time – keep smashing it.

Connect with Andrew Here.

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Got feedback or questions? Email Alex at alex.rawlings@raw-selection.com. Until next time—keep smashing it!

Welcome to another episode of the Private Equity Podcast, today I’m joined by Nayef Perry, Head of Direct Credit at Hamilton Lane. We dive into the state of the private credit market—where the opportunities are, how interest rates are shaping returns, and what investors need to watch out for. If you want a sharp, no-fluff breakdown of where private credit is heading and why it still has room to run, this one's for you.

Breakdown:

[00:00] Nayef Perry, Head of Direct Credit at Hamilton Lane, joins to discuss the private credit market, interest rates, and market outlook.

[00:30] Background: Born in Miami, ex-consultant, GE Capital, joined Hamilton Lane in 2013.

[01:13] Private credit’s golden era isn’t over—higher-for-longer rates mean higher yields for investors.

[02:11] Despite growth since 2008, private credit isn’t overcrowded—$1.4T credit gap vs equity.

[03:36] Add $600B+ in upcoming maturities, and there’s a $2T+ opportunity over next 3–5 years.

[05:30] Hamilton Lane’s deal drivers: add-ons, recapitalizations, and recovering LBO activity.

[06:52] Credit lags LBO recovery but Hamilton Lane sees strong deal flow via LP relationships.

[08:42] Democratization: retail access growing through evergreen funds—low minimums, high liquidity.

[11:01] Biggest concern is defaults, but default rates and distress ratios remain below averages.

[14:55] Credit shines across market cycles—positive performance every year since 1999.

[16:51] Tight performance band and low volatility make credit an all-weather asset.

[17:44] Investment discipline is key: big deal funnel + strict filters = consistent returns.

[19:03] Four core criteria: top-tier sponsors, #1/#2 market leaders, recession-resistant sectors, strong capital structures.

[21:01] Influences: WSJ daily, Poor Charlie’s Almanack, Red Notice, industry reports.

[23:54] Thanks for tuning in—subscribe and keep smashing it.

Connect with Nayef Here.

Thanks for tuning in!

Subscribe for more episodes on iTunes & Spotify

Got feedback or questions? Email Alex at alex.rawlings@raw-selection.com. Until next time—keep smashing it!

Description:
In this episode of The Private Equity Podcast, Alex Rawlings sits down with Ben Claremon, Partner at Devonshire Partners, a lower middle-market PE firm investing in micro and nano-cap businesses. Ben shares insights into why PE firms overlook small public companies, how microcap investing presents unique opportunities, and why a hedge fund mindset can be valuable in private equity. He also discusses the challenges of deal competition in the lower middle market, mitigating risks in microcap investments, and how Devonshire builds long-term relationships with business owners.

Breakdown:

[00:00] Welcome back to The Private Equity Podcast. Today, Alex speaks with Ben Claremon, Partner at Devonshire Partners, focusing on micro and nano-cap investments.

[00:30] Ben’s journey from real estate and hedge funds to private equity.

[01:00] Devonshire’s investment focus: $2M–$10M EBITDA, founder/family-led businesses.

[01:27] The crowded lower middle market and increased deal competition.

[02:25] Why PE firms ignore small public companies and why they shouldn’t.

[03:48] The lack of institutional capital in microcap public equities—an overlooked opportunity.

[05:16] Public vs. private small businesses—why public companies often have better governance.

[07:07] Devonshire’s hybrid approach: investing in public companies with a private equity mindset.

[09:00] How Devonshire builds relationships with microcap companies for long-term deals.

[10:28] Risks and challenges in microcap investing—and how Devonshire mitigates them.

[12:19] Why small public take-private deals are underexplored by PE.

[14:16] Devonshire’s screening process to filter out high-risk investments.

[16:10] Generalist vs. Specialist Investing—how Devonshire balances both.

[19:31] Lessons Ben brought from hedge funds into private equity.

[21:57] Ben’s podcast recommendations: Capital Allocators, Invest Like the Best, and his own Compounders Podcast.

[30:04] Connect with Ben:
🔹 Twitter: @benclaremon
🔹 Compounders Podcast on Spotify & iTunes
🔹 LinkedIn: Ben Claremon

[31:03] Closing remarks and thank you for tuning in!

Thanks for tuning in!

Subscribe for more episodes on iTunes & Spotify

Got feedback or questions? Email Alex at alex.rawlings@raw-selection.com. Until next time—keep smashing it!

Welcome back to The Private Equity Podcast, by Raw Selection. In this week's episode, Alex Rawlings speaks with Cari Lodge, a seasoned investor with 25 years in private equity secondaries. They explore the market’s rapid growth from $2 billion to $160 billion, the increasing need for liquidity, and how secondaries optimize portfolio management. Cari discusses GP-led secondaries, continuation funds, and the market’s evolution, offering key insights into future opportunities in this space.

Breakdown:

[00:00] Introduction to the episode and guest, Cari Lodge, Managing Director and Head of Secondaries at CF Private Equity.

[00:28] Cari’s background, her start in secondaries, and how the market has expanded from $2 billion to $160 billion.

[01:45] Common mistake in private equity: Holding assets too long. How increasing holding periods from 5.7 years to 6.7 years impacts returns.

[03:34] Why firms miss exit opportunities. The importance of DPI and how delaying exits can lead to the same returns years later.

[04:29] Explanation of secondaries for newcomers. The role of LP secondaries, GP-led solutions, and the growing demand for liquidity.

[06:53] The benefits of secondaries for investors, including diversification, shorter duration, and strong IRRs and ROIs.

[08:49] Demand for GP-led secondaries, continuation funds, and LP transactions. How secondaries are now part of active portfolio management.

[10:42] The future of secondaries. Market expected to grow from $160 billion to $200–220 billion in 2024, but constrained by capital and human resources.

[12:33] Challenges holding the market back. Capital constraints, lack of resources, and evolving perceptions of secondaries.

[14:21] Why Cari loves the secondaries market. Exposure to 1,200+ private equity funds, constant evolution, and a collaborative industry.

[17:12] Key trends in private equity. The impact of higher interest rates, valuations, and the growing focus on liquidity solutions.

[20:32] Secondaries' role in providing liquidity. Now contributing 15–20% of total private equity liquidity.

[22:28] How secondaries adapt to market cycles. Benefits in both up and down markets, shifting from a distress play to a mainstream strategy.

[23:22] Cari’s recommended reads: The Economist, Private Equity Analyst, and What It Takes by Steve Schwarzman.

[25:14] How to reach Cari Lodge. Best contact method: LinkedIn.

[25:45] Closing thoughts. Recap of insights and encouragement to subscribe to The Private Equity Podcast.

Thank you for tuning in!

Connect with Cari here.

To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.

Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com.