The Private Equity Podcast, by Raw Selection

Episode Overview:
In this episode, Alex Rawlings speaks with Richard Fitzgerald of CapitalSpring, a private equity firm specializing in foodservice and multi-location consumer businesses. Richard shares insights into CapitalSpring’s differentiated, sector-focused approach, how they’ve scaled over 20 years, and the recent $1B+ exit to Bain Capital. He also unpacks their latest fundraising success in a tough market and the importance of specialization in today's crowded PE landscape.
Timestamps & Key Topics:
00:00 – Introduction
Overview of CapitalSpring’s focus and two key topics: fundraising success and a $1B+ exit.
00:54 – Richard’s Background
From investment banking to founding CapitalSpring in 2005 with a sector-specialist mindset.
03:19 – Why Multi-Location Businesses?
Opportunities found on Main Street—resilient, everyday consumer services often overlooked in PE.
04:43 – Starting Small, Scaling Big
CapitalSpring began with $3M; now 300 investments and $4B deployed across 100+ brands.
06:30 – Specialization as a Differentiator
Why generalist firms struggle, and how deep focus wins deals without being the highest bidder.
08:55 – $1B+ Exit: Sizzling Platter to Bain Capital
Growth from 400 to 800+ locations across multiple brands and markets, despite COVID headwinds.
14:03 – Key Learning: Labor-Light Models
Pandemic emphasized the value of operational efficiency and low labor reliance in QSR investments.
15:27 – Fund VII: First Close Success
How CapitalSpring raised in a tough market by showcasing portfolio resilience and a hybrid debt/equity model.
17:44 – Hybrid Capital Strategy
Flexibility to invest via debt, equity, or both—offering solutions to founders and mitigating risk for LPs.
20:04 – Book Recommendation: Give and Take by Adam Grant
The power of relationships in PE—not just financial modeling.
21:57 – Connect with Richard
Email: [email protected]
| LinkedIn & website via CapitalSpring.
Top Takeaways:
Specialization is key in today’s competitive PE environment.
Hybrid investing (debt + equity) offers flexibility and downside protection.
Operationally light, multi-unit businesses prove resilient—even in crises.
Long-term success in PE depends on relationships, not just technical skills.
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 Summary:
In this episode, Alex Rawlings speaks with Chris Sznewajs of Pacific Avenue Capital Partners about building a private equity firm focused on complex corporate carve-outs and businesses owned by “unnatural owners.” Chris shares how Pacific Avenue identifies overlooked assets, drives value through operational focus, and recently expanded into Europe with a team-first approach.
He dives into the lessons from building out their Paris office, the firm’s unique deal sourcing strategy, and a case study involving a complex carve-out from Total Energy. Chris also unpacks their value creation model, why they invest heavily in operational talent, and how they maintain culture across borders.
⏱️ Timestamps:
00:00 – Intro to Chris & Pacific Avenue
01:28 – Key mistakes in PE & portfolio strategy
03:52 – Why Europe? Lessons from expansion
05:47 – Building and integrating cross-border teams
10:57 – Defining “complex transactions”
12:24 – Total Energy carve-out case study
15:17 – Proprietary sourcing via corporate relationships
17:25 – Investing in ops: value creation strategy
20:16 – How their ops team is structured
22:45 – Chris’s interests & offer to connect
💡 Key Takeaways:
Focus on carve-outs and “unnatural owners” enables deep value creation.
Expansion to Europe was led by people, not just strategy.
A proprietary sourcing approach is key in competitive processes.
Ops team = generalists with deep business acumen who partner with management.
Carve-outs require patience, resources, and a consistent strategy.
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 is joined by Alex Sabel, Vice President at THL Partners, to explore how the firm is embracing AI across its operations and portfolio. Alex leads THL’s research function and AI strategy, bringing a data-driven, quant mindset to private equity.
He shares how THL uses AI internally to improve investment workflows, how portfolio companies are deploying AI to drive product innovation and efficiency, and what he’s learned from both successes and failures. Whether you’re exploring AI adoption or refining your strategy, this episode offers clear, practical insights from the front lines.
⏱ Timestamps
00:00 – Intro to Alex Sabel & THL’s AI Focus
AI at the firm, portfolio, and personal level.
00:55 – Alex’s Background
From public markets to PE, building THL’s research and AI function.
03:12 – Common Mistakes in AI Adoption
Why firms must focus on data foundations first.
04:35 – Real-Time Insight vs. Info Overload
The value of surfacing insights at the right time.
06:02 – Investing in the Global Compute Ecosystem
THL’s thesis: look beyond GPUs to second-order AI winners.
09:19 – THL’s Three-Pronged AI Strategy
Invest in AI, use it internally, and support portfolio adoption.
11:42 – How THL Supports Portfolio Innovation
Roundtables, tech summits, and a vendor ecosystem to foster AI experimentation.
13:36 – Case Studies: Binder, FourKites & Sentria
Examples of AI-driven product innovation and operational efficiency.
17:57 – When AI Fails
Why THL embraces “fail fast” and knows when to build vs. buy.
22:12 – Deciding When to Use AI
Break problems into first principles—GenAI isn’t always the answer.
25:26 – What’s Blown Alex’s Mind
AI organizing and standardizing messy, fragmented enterprise data.
27:45 – Daily Tools & Tips
Coding assistants and using multiple LLMs (ChatGPT, Claude, Gemini, Groq) for varied insights.
31:06 – What to Read
Short term: WSJ, FT, Economist.
Deep dives: SemiAnalysis and top Substacks.
32:31 – Connect with Alex Sabel
Open to collaborating on AI, compute infrastructure, and emerging vendors.
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

In this episode, Giovanni Zangani joins Alex Rawlings to share insights from operating in Vietnam’s emerging private equity landscape. As Managing Partner at Maestro Equity Partners, Giovanni discusses the firm’s hands-on approach to investing in consumer and F&B businesses, the challenges of deal execution in emerging markets, and why local understanding is critical to success.
⏱️ Timestamps:
00:00 – Intro to Giovanni & Maestro Equity
Vietnam-focused, growth equity firm backing brick-and-mortar and F&B businesses with tickets of $5–20M.
01:25 – Key Mistakes in Emerging Markets
Investors often misjudge deals by relying on personal experiences or Western legal frameworks without cultural alignment.
03:16 – Who Makes These Errors?
Regional and international funds rushing due diligence or avoiding deeper market engagement.
04:41 – Why Vietnam?
Giovanni's move from the US to Vietnam, spotting talent gaps, and seizing untapped opportunities.
07:30 – Mature vs. Emerging Market Investing
Faster growth, lower costs, and higher returns—but requires entrepreneurial execution.
09:23 – PE in Vietnam is a Different Game
You must own every part of the process—legal, operational, strategic—and be hands-on daily.
11:17 – Due Diligence = Partnership Building
Guide founders through compliance and process; the relationship starts before the investment closes.
14:40 – Post-Investment Involvement
Maintaining founder focus and execution requires credibility, patience, and close collaboration.
16:35 – Lean but Deep Team
A 10-person team making fewer, more impactful investments with long-term vision.
17:59 – Vietnam’s Outlook
More consolidation, founder maturity, and market sophistication ahead—making it ripe for growth and future competition.
20:19 – Giovanni’s Recommendations
🎧 All-In Podcast
📘 The Game – Alex Hormozi
📘 The 5 Types of Wealth
21:40 – Connect with Giovanni
📧 [email protected]

🔗 Giovanni Zangani on 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.

In this episode, Sam and Taavo from CEO Advantage return to dive into the 5X CEO Assessment—a diagnostic tool developed from two years of research into top-performing private equity-backed CEOs who delivered 5x+ MOIC.
The conversation explores how the 5X model—comprised of Strategic Clarity, Scalable Talent, Relentless Focus, Disciplined Execution, and Energized Culture—is used not just as a conceptual framework, but as a practical tool to evaluate and upgrade leadership team performance.
🔑 Key Discussion Points
▶ 5X Model Overview
Built from studying CEOs with 5x+ returns
Five components: Strategic Clarity, Scalable Talent, Relentless Focus, Disciplined Execution, Energized Culture
▶ How the Assessment Works
Each component includes 10–12 statements to rate by importance and performance
Includes open-ended responses for actionable feedback
Results are color-coded (Red-Yellow-Green) for fast clarity and prioritization
Used with leadership teams and optionally with boards or PE partners
▶ Strategic Clarity
Aligning the CEO, leadership, and board on the value creation plan
Communicating strategy throughout the organization—down to the receptionist
The role of repetition in embedding strategy (11x rule)
▶ Energized Culture
Holding people accountable for behavior, not just results
Measuring employee engagement and culture with data (e.g. eNPS)
Example: CEOs who stack-rank team collaboration to highlight friction and teamwork
▶ Scalable Talent
Focus on A-players in critical value-driving roles, not just execs
Using 9-box performance vs. potential models, shared with boards
CEOs with strong HR leaders outperform—talent as a strategic function
▶ Relentless Focus
Simplifying execution to “do now, do next, don’t do”
Avoiding shiny object syndrome and internal distraction
Ensuring alignment on key initiatives and managing PE firm inputs
▶ Disciplined Execution
Tracking both leading and lagging KPIs tied to the value creation plan
Establishing a management cadence and operating system
Example: AI-driven measurement of customer conversations to boost growth
Tying metrics directly into compensation and incentive systems
▶ How PE Firms Use the Tool
As part of diligence or onboarding of new CEOs
To drive annual CEO performance reviews
To create a shared language between CEOs and sponsors on team performance
📘 Resources Mentioned
Book: The 5X CEO – Available on Amazon and Audible
The Private Equity Playbook series by Adam Coffey
Move by Sandy Ogg (Talent to Value)
Works by Patrick Lencioni on leadership and clarity
🌐 Learn more about the 5X model and CEO Advantage at www.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.