The Private Equity Podcast, by Raw Selection

After more than 30 years in investing—including 20 years at BC Partners and a decade as CIO—Jean-Baptiste Wautier joins Alex Rawlings to share the lessons that have shaped his approach to private equity.
Jean-Baptiste explains why trying to time markets is a mistake, how GPs should think about exits, and why time and DPI can matter just as much as MOIC. He also argues that private equity has entered a consolidation phase where scale, institutionalisation and permanent capital will increasingly separate the long-term winners from the rest.
The conversation also explores how firms should diversify, the tailwinds behind AI and the US economy, and Jean-Baptiste’s three requirements for a great investment: a strong moat, an exceptional management team and multiple layers of optionality. He breaks down what he looks for in CEOs, where operating teams can genuinely create value, and why the skill set required to lead tomorrow’s private equity firms is changing.
Key Takeaways
Don’t try to perfectly time deployment or exits; invest steadily and price for the environment.
Exit decisions should start with fund-level needs, including DPI, the J-curve and the cost of time.
Scale is becoming essential as private equity shifts from entrepreneurial partnerships toward large institutions.
New strategies should be capable of becoming meaningful, multi-billion-dollar businesses and leverage existing infrastructure.
Permanent capital can provide GPs with strategic stability and longevity.
Great investments combine moat, management and optionality across both value creation and exit routes.
The strongest CEOs tend to excel in one core dimension—charisma, operations or finance—while also creating trust and alignment.
Functional operating expertise such as working capital and procurement can be more repeatable than broad “sector expertise.”
Timestamps
00:00 – Introduction to Jean-Baptiste Wautier
01:28 – The mistake of trying to time private equity markets
03:21 – When is the right time to exit?
04:17 – DPI, the J-curve and the cost of holding assets
05:15 – The current state and future of private equity
06:42 – Why subscale firms face consolidation
09:39 – Why performance alone is no longer enough
13:04 – Where displaced private equity talent may go next
14:31 – How GPs can scale AUM
16:57 – Why permanent capital is the “Holy Grail”
18:22 – When firms should diversify into new strategies
20:17 – What helped BC Partners scale
23:45 – Where the next investment tailwinds may come from
27:10 – Moat, management and optionality
32:23 – What the best private equity CEOs have in common
35:42 – What makes a strong value-creation strategy
39:03 – How private equity firms are becoming institutions
44:44 – Books and investors that shaped Jean-Baptiste’s thinking
46:33 – How to connect with Jean-Baptiste
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 of The Private Equity Podcast, Alex Rawlings speaks with Lesley Thomas, founder of the Money Confidence Academy, about how financial pressure, fear, and ego can affect value creation within private equity-backed businesses.
Lesley explains how pressure changes executive behaviour, slows decision-making, and discourages honest communication. She outlines the early warning signs that leadership teams are becoming overwhelmed, including delayed reports, repeated agenda items, quieter executives, and concerns being raised outside the meeting room rather than within it.
The conversation explores the “hidden tax” created by missed opportunities, employee turnover, slow decisions, and ineffective leadership behaviour. Lesley explains why putting a number on these costs can help investors and management teams understand the potential impact on EBITDA.
Lesley also shares practical steps for improving decision-making under pressure, creating a culture where people feel safe speaking up, and helping executives reflect more honestly on how fear and personal financial stakes influence their choices.
Key Takeaways
How financial pressure affects executive judgement and behaviour
Why stress can push leaders into fight, flight, or freeze mode
The early warning signs that a leadership team is becoming overwhelmed
How slow decision-making creates a hidden cost for portfolio companies
Why leaders agree in meetings but raise concerns privately afterwards
How fear-based cultures reduce honesty, engagement, and accountability
Why repeatedly delayed decisions should be investigated
How to measure the hidden tax of missed opportunities and employee turnover
Why executives should reflect on decisions made under pressure
How open communication can improve performance and value creation
Timestamps
00:00 – Introduction to Lesley Thomas and the Money Confidence Academy
01:25 – The biggest mistake businesses make under financial pressure
03:10 – How pressure affects executive judgement
04:05 – Why decision-making slows in PE-backed businesses
05:02 – The cost of delayed decisions and missed opportunities
06:30 – Early warning signs of executive overwhelm
07:22 – Sideline conversations and hidden disagreement
08:17 – Acting on intuition when behaviour begins to change
09:16 – Approaching difficult conversations with executives
10:14 – Creating genuinely open communication
11:13 – How fear creates protectionism and disengagement
12:08 – Using the experience of long-standing employees
13:05 – How the hidden tax affects EBITDA and performance
13:34 – Measuring lost opportunity and organisational cost
15:03 – Why putting a number on the problem matters
16:30 – Improving decision speed and ownership
17:27 – Investigating decisions that repeatedly return to the board
18:21 – Starting with one unresolved decision
19:47 – Advice for executives making decisions under pressure
21:14 – How cortisol can limit effective decision-making
22:13 – Reflecting on financial decisions
23:40 – Understanding why leaders remain silent
25:12 – Recommended books and podcasts
26:40 – How to connect with Lesley Thomas
27:09 – Closing remarks
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 of The Private Equity Podcast, Alex Rawlings is joined for a second time by Brian Gustason, Fractional Operating Partner at BG Operating Advisors.
Brian explains why many lower-middle-market businesses struggle to scale after receiving institutional investment and how private equity firms can professionalise their go-to-market strategy.
The conversation explores founder dependency, underdeveloped sales and marketing capabilities, and why firms must assess the maturity of the entire revenue engine before attempting to accelerate growth.
Brian also outlines the importance of route-to-market analysis, including reach, fit and yield, and explains why growth should be treated as an interconnected system covering marketing, sales and customer success.
The episode also examines go-to-market integration within roll-up strategies, the importance of execution fit during due diligence and how operating partners can help portfolio companies sequence growth initiatives more effectively.
Key Highlights
Why founder-led businesses often struggle to scale
The risks of founder dependency in sales
What Brian means by “phase zero” capabilities
Why firms may need to go backwards before scaling forwards
How to professionalise a go-to-market strategy
The importance of route-to-market analysis
Understanding reach, fit and yield
Why lower-middle-market businesses hit growth ceilings
The challenges of integrating founder-led businesses in a roll-up
Why go-to-market integration should be pre-wired
The importance of execution fit during due diligence
Why growth stalls are not always sales problems
Customer success versus customer support
How existing customers can drive expansion revenue
Separating revenue results from the revenue engine
How operating partners can support commercial transformation
Why growth initiatives must be sequenced correctly
Timestamps
00:00 – Introduction to Brian Gustason and BG Operating Advisors
01:01 – Common growth challenges in the lower-middle market
01:31 – Founder dependency and underdeveloped commercial capabilities
02:29 – Identifying phase zero go-to-market capabilities
03:56 – Defining a professionalised go-to-market strategy
04:23 – The role of go-to-market strategy in private equity
05:17 – Why route-to-market analysis is often overlooked
05:47 – Understanding reach, fit and yield
07:14 – Why founder-led businesses often lack scalable processes
08:38 – Growth ceilings and limited execution runway
10:05 – Go-to-market challenges in roll-up strategies
11:34 – Pre-wiring go-to-market integration
13:01 – How deal origination affects integration
13:58 – Execution fit and time to integration value
15:51 – Diagnosing the real causes of stalled growth
16:40 – Treating go-to-market as a connected system
17:08 – The role of customer success in recurring revenue
18:33 – Unlocking growth from existing customers
19:53 – Assessing whether the revenue engine can scale
20:22 – Separating revenue performance from revenue capability
21:20 – Evaluating go-to-market maturity
22:42 – Where to play, who to target and how to engage
24:10 – How operating partners can support portfolio companies
24:37 – The operating partner’s role in due diligence
25:35 – Identifying businesses that need growth intervention
26:31 – Sharing best practices and coaching leadership teams
26:59 – Sequencing growth initiatives effectively
27:29 – How to connect with Brian Gustason
27:57 – Closing remarks
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 of The Private Equity Podcast, Alex Rawlings is joined by Adrian Siew, Managing Director at Rothschild & Co and co-leader of its GP Solutions practice.
Adrian explains why continuation vehicles have become an increasingly important part of the private equity market and how firms can use them to generate liquidity, retain high-performing assets and strengthen relationships with investors.
The conversation explores the rapid growth of the secondaries market, the pressure created by longer hold periods and slower exit activity, and why continuation vehicles should be considered alongside traditional exit routes rather than treated as a last resort.
Adrian also outlines the characteristics of a strong continuation vehicle, including a compelling investment narrative, attractive return potential, meaningful GP alignment, LPAC support and a clear path to exit.
Key Highlights
Why continuation vehicles have experienced significant growth
How dedicated secondary capital has accelerated adoption
Why many leading private equity firms have completed multiple CV transactions
The benefits of providing liquidity while retaining high-conviction assets
Why a continuation vehicle should not be the option of last resort
How slower distributions have affected LP investment programmes
The role of secondaries in portfolio optimisation and capital recycling
How CVs can strengthen sponsor and LP relationships
The importance of transparency, optionality and LPAC engagement
The key indicators of a high-quality continuation vehicle
Career opportunities within the expanding secondaries market
Timestamps
00:00 – Introduction to Adrian Siew and Rothschild & Co’s GP Solutions practice
00:59 – Why continuation vehicles are growing so quickly
01:29 – The evolution of fund restructurings into continuation vehicles
01:58 – Growth in dedicated secondary-market capital
02:25 – Increasing adoption among leading private equity firms
02:53 – Benefits for GPs, LPs and management teams
03:39 – The biggest mistake firms make when considering a CV
04:46 – Longer hold periods, slower exits and fundraising pressure
05:16 – Why LPs are manufacturing their own liquidity
06:14 – Restarting the private markets capital flywheel
06:43 – The contribution of CVs to LP distributions
07:12 – Secondaries as a strategic portfolio-management tool
08:39 – Portfolio optimisation and greater flexibility for LPs
09:37 – How continuation vehicles affect sponsor-LP relationships
10:05 – Giving existing LPs liquidity and rollover optionality
11:03 – What separates a good CV from a bad transaction
11:23 – Building a credible investment narrative
11:52 – Ensuring sufficient upside remains in the asset
12:21 – GP alignment and commitment to the next phase
13:18 – LPAC support and establishing a clear exit strategy
14:10 – Adrian’s recommended reading
14:39 – Careers in secondaries and how to contact Adrian
15:35 – Closing remarks
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.
Upcoming Webinar:
Join Alex Rawlings on 18 August at 3:30 PM BST for How Top Private Equity Firms Run Their Executive Hiring Process.
Discover how leading firms define roles, assess candidates and build a more effective executive hiring process.
Register here: https://us02web.zoom.us/meeting/register/650UiYAJQ9CWzPkIUGXmrg#/registration
🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection www.raw-selection.com

In this episode of The Private Equity Podcast, Alex Rawlings speaks with Adam Crandall, Chief Revenue Officer at Addtronics, a private equity-backed platform of robotics and automation companies.
Adam shares how he helped quadruple revenue at a founder-led automation business before its successful exit. He explains why growth begins with putting the right people in the right seats, rather than relying solely on processes, industry experience, or technology.
The conversation explores how private equity firms and portfolio company leaders can identify attractive markets, improve pricing, align compensation with profitability, and build a repeatable go-to-market playbook across multiple operating companies.
Adam also discusses the cultural shift from pursuing revenue at any cost to prioritising profitable growth. He explains how sales leaders can communicate price increases confidently, assess commercial talent effectively, and give operating company presidents autonomy while maintaining platform-wide alignment.
Key Takeaways
Why the right talent is the foundation of scalable revenue growth
How Adam helped a founder-led company achieve 4X revenue growth
Why attitude, adaptability, and soft skills can outweigh lengthy industry experience
How market specialisation can create a dominant competitive position
When strong demand and long backlogs signal an opportunity to increase prices
How to position price increases around customer value
Why sales compensation should reward profitable growth, not revenue alone
How a standardised go-to-market playbook supports add-on integration
Tools for assessing salespeople and commercial leaders
Timestamps
00:00 – Introduction to Adam Crandall and Addtronics
00:30 – Adam’s career journey from HR to revenue leadership
01:25 – Quadrupling revenue and exiting a founder-led business
02:19 – The foundations of 4X revenue growth
02:49 – Getting the right people in the right seats
04:08 – Identifying high-growth end markets
05:01 – Hiring for attitude, adaptability, and soft skills
07:48 – Building a team capable of accelerated growth
08:17 – Value creation through market specialisation
09:40 – Pricing as a value creation lever
11:33 – Implementing price increases in founder-led businesses
12:01 – Communicating price increases to customers
14:23 – Shifting the culture toward profitable growth
15:22 – Aligning sales compensation with margin targets
16:49 – Creating a repeatable go-to-market playbook
17:44 – Balancing platform consistency with operating company autonomy
18:11 – What belongs in a scalable commercial playbook
19:36 – Assessing sales talent and commercial leadership
20:33 – Recommended resources for private equity revenue leaders
21:00 – How to connect with Adam Crandall
21:28 – Closing remarks
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