The Private Equity Podcast, by Raw Selection – Details, episodes & analysis

🎙️ The Private Equity Podcast — Episode with Cyril Aboujaoude, Co-Founder of TioPo Capital

In this episode, Alex Rawlings is joined by Cyril Aboujaoude, Co-Founder of TioPo Capital, a hands-on private equity firm investing in SMEs across the UK and France. Cyril shares the journey of launching TioPo, their operationally driven approach to investing, and how young, entrepreneurial grit fueled their path from deal number one to a thriving portfolio.

They explore the nuances of deal origination, value creation, and the power of people in private equity. From ERP frustrations to navigating downturns and structuring creative deals, Cyril breaks down the real-world lessons of building a firm from scratch—while staying laser-focused on operational excellence.

⏱️ Timestamps:

00:03 – Introduction to Cyril Aboujaoude and TioPo Capital’s mission
00:30 – TioPo’s founding story, operational mindset, and portfolio growth
01:24 – What TioPo really looks for beyond standard investment criteria
01:57 – The importance of vision alignment and execution capability
03:24 – How they assess management teams during diligence
04:35 – Why slow decision-making is riskier than a bad hire
05:29 – Biggest value creation levers: hiring an operating partner over fundraising
06:46 – Building a 100-day transformation plan post-deal
07:45 – One thing target companies should fix pre-investment: ERP systems
08:55 – How TioPo evaluates companies during downturns and market volatility
10:20 – Analyzing long-term performance and identifying macro-inflated businesses
12:51 – Most creative deal structure: partnering with the seller’s son as CEO
14:50 – Reflections on the challenges and naivety of doing their first deal
16:11 – Cyril’s top recommendations: FT, WSJ, Aswath Damodaran, and local gazettes
17:10 – How to connect with Cyril and learn more about TioPo Capital

🔑 Key Takeaways:

• People over projections: Execution ability, humility, and shared vision are more important than just strategy.
• Operations-first philosophy: Value is built in the engine room—TioPo hires operating partners before fundraising staff.
• 100-Day Plan Discipline: They begin value creation planning during diligence, long before Day 0.
• ERP readiness = smoother scale: ERP systems are the most overlooked growth barrier.
• Smart structuring builds trust: Their first deal involved bringing in the founder’s son as CEO and co-investor.
• Past ≠ future, but it’s all we’ve got: Cyril emphasizes analyzing 20+ years of company performance to identify real resilience.

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. 

Guest: Greg Nieuwenhuys – PE Operator & Founder, Generative AI Strategy
Host: Alex Rawlings – CEO, Raw Selection

🔍 Episode Summary:

Greg Nieuwenhuys returns to share a practical, step-by-step AI Playbook for hiring. From writing job descriptions to automating follow-ups, Greg breaks down how PE firms and portfolio companies can integrate generative AI into recruitment. Packed with tools, tactics, and workflow tips, this episode is a must-listen for anyone looking to hire faster, smarter, and with less bias.

🕒 Key Timestamps:

00:00 – Intro & Why AI in Hiring Matters
Speed, accuracy, and competitive advantage in recruitment.

01:25 – Greg’s Background
CEO in multiple PE-backed firms; now leads Generative AI Strategy.

05:17 – Where AI Improves Hiring
From job specs to onboarding, AI supports every stage.

06:43 – Quick Wins

• Write job descriptions in minutes using ChatGPT
• Use AI note-takers for transcripts & summaries (e.g. Fireflies)
• Screen CVs faster & more objectively

09:58 – Tools Greg Uses
ChatGPT, Fireflies, Perplexity, Zapier, N8n

12:43 – Building Automation Without a People Team
Use Zapier or N8n to connect email, CRM, and AI tools.

14:35 – Custom GPTs & Human Oversight
Create consistent outputs and reduce manual work—always review.

18:25 – Using AI for Better Decision-Making
Compile notes, CVs, and feedback to spot gaps & flag concerns.

19:21 – Interview Coaching & Advanced Tools

• Assessio: Team chemistry prediction
• FinalRound AI: Candidate coaching tool
• Ovida: Feedback on communication style

23:06 – Better Candidate Outreach
Use AI to create relevant, personalized messages.

25:02 – Improve Candidate Experience with Automation
AI-written follow-ups, regular updates, CRM reminders.

27:55 – Greg’s AI Stack
ChatGPT, Gemini, Claude, Zapier/N8n, Fireflies, Perplexity

29:24 – AI Makes You a Better Human
Use tools like Ovida to improve interviewing skills & self-awareness.

💡 Takeaways:

• Start simple: job specs, summaries, feedback emails
• Don’t over-engineer—focus on solving real bottlenecks
• Train hiring managers with AI-generated insights
• Improve candidate experience with speed & clarity

📲 Connect with Greg:
LinkedIn – Greg Nieuwenhuys
🌐 www.thegregstar.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. 

Episode Summary:
In this insightful episode, Alex Rawlings is joined by Brett Hickey, the CEO and founder of Star Mountain Capital. Brett shares his unique journey from humble beginnings in Northwestern Canada to leading a multi-billion-dollar asset management firm in the U.S. With deep reflections on leadership, value-based investing, building collaborative ecosystems, and what truly drives sustainable success in private markets, this is a masterclass in private equity thinking.

Brett also discusses the strategic opportunities in the U.S. lower middle market, the implications of aging demographics, his risk-aligned investment strategy, and the power of culture in scaling a firm. If you're looking to understand how to build a high-performing investment organization from the ground up—and what books, frameworks, and philosophies support that—this episode is essential listening.

⏱️ Episode Highlights & Time Stamps:

00:00 – Welcome and Introduction to Brett Hickey
00:41 – Overview of Star Mountain Capital and its focus on U.S. lower-middle market private credit, secondaries, and private equity
01:12 – Key mistake PE firms make: passive asset management vs. active value creation
03:08 – Aging demographics as a key investment opportunity
04:05 – Valuation arbitrage in lower middle market businesses
05:05 – Reflections on a possible downturn: macroeconomic risks and “air pockets”
07:59 – Aging populations and structural economic concerns
09:53 – The importance of cash flow and capital protection
10:21 – Brett’s entrepreneurial journey – from launching his first fund at 26 to building Star Mountain Capital
12:41 – The S-shaped growth curve and persistence through innovation
13:40 – Brett’s data-driven approach to strategy and decision making
15:35 – Why aging demographics and inefficient markets create opportunity
17:08 – Biggest challenge in building the firm: People
19:30 – Aligning team culture and expectations through transparency and shared values
20:57 – Why Star Mountain is 100% employee-owned – benefits and challenges
22:54 – Building trust and long-term alignment through ownership
24:45 – Observations on asset management failures and strategic missteps
25:44 – What is the Collaborative Ecosystem and how it drives results at Star Mountain
27:34 – How peer networks like EO and YPO influenced the firm’s internal culture
28:31 – Leveraging insights between secondaries and direct investments
29:59 – Case studies, adjusted EBITDA, and forensic underwriting
31:18 – Using real business alignment as a differentiator in competitive deal processes
33:13 – Recommended reading: Brett’s top books and content on leadership and execution
33:41 – Never Lead Alone by Keith Ferrazzi
34:37 – Agility by Leo Tilman and General Chuck Jacoby
36:54 – Harvard Business Review and Rob Kaplan’s work on leadership
38:48 – Principles by Ray Dalio and how it influences Brett’s thinking
39:18 – A practical tip: triangulating decisions with deep experts
41:13 – Final reflections on value investing, risk management, and staying grounded
42:09 – How to get in touch with Brett and Star Mountain Capital
42:38 – Wrap-up and takeaways from Alex

🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection: www.raw-selection.com

Introducing Adam Coffey

Adam Coffey is a CEO, best-selling author, Forbes Business Council member, and an acclaimed international speaker. Over the past 21 years, he has had the honour of serving as President and CEO of three national private equity-backed service companies. Two of which achieved enterprise values of $1B. 

What You Will Learn:

How to build a billion-dollar business

What it takes to scale a business successfully

The common mistakes entrepreneurs make on the road to a billion

Breakdown:

[00:00] Introduction

[02:42] What It Takes to Build a Billion-Dollar Business

[05:10] How to Build the Perfect $1000,000 Business

[08:35] The 30-20-10 Rule For Entrepreneurial Success

[12:26] Why Capital is Not the Biggest Hurdle to Entrepreneurial Success

[14:39] Making Strategic Pivots in Your Business

[16:47] Two Natural Exit Points For Private Equity

[22:39] The Top Challenges of Scaling a Business

[30:10] How to Hire the Right Talent Every Time

[33:25] How to Integrate New Hires Into the Company Culture 

[37:00] The Feeling of Achieving a Billion-Dollar Exit

[39:20] Parting Thoughts 

The 3 Most Important Aspects of Scaling a Business

Every entrepreneur dreams of one day successfully scaling their business. Unfortunately, scaling is hard. As your business grows in size and scope, it also grows in complexity. The good news is that the scaling challenges your company is facing are not unique to your business. Adam Coffey believes you only need to master these three areas to successfully scale your business to a billion-dollar empire.

1. People

We all know that people are the most important asset in an organization. When you start scaling your business, you will need people - and, most importantly, the right people. The mistake most business leaders make is that they hire just because a position is open. To be successful, don’t hire for the company you have today; hire for the skill you’ll need for the company you’ll have in 5 years.

2. Understand What Good Looks Like

You can only scale a business if you understand what good looks like. Before you buy anything, know what good, average, and best looks like. Otherwise, you’ll fall into the shiny objects syndrome, where everything looks good, and you overlook every flaw.

3. Proper Integration

You have a system, you’ve hired the right people, and you have customers who love your product. Now, the next thing you should do is integrate everything into a fully functioning system. Proper integration connects people, cultures, and systems so entrepreneurs have everything they need to scale their businesses.

Links and Resources:

Adam’s LinkedIn

Adam’s website

Introducing Carl Cox

Carl J. Cox is a Business growth strategy expert, podcast host, and the CEO of 40 Strategy, where he helps CEOs scale with strategic excellence. He is also the author of Lost At CEO: An Entrepreneur's Guide To Strategy. The book reveals a uniquely different approach to strategies that have the power to transform any business that has struggled with stale strategic retreats, failed initiatives, and stalled-out growth. 

What You Will Learn:

The Power of Strategic Planning in Private Equity

How to Design a World-Class Strategic Plan

Ways to Move From Lagging to Leading Indicators

Breakdown:

[00:00] Introduction

[01:50] The Mistakes PE Firms Make with Their Portfolio Companies

[02:49] Marrying People, Processes, and Systems in a Firm

[04:14] From Lagging Indicators to Leading Indicators

[06:47] Indicators That Prove You're Headed in the Right Direction

[08:53] Strategies and How Often to Track Your Them

[12:10] The Concept of Strategic Accountability

[15:29] What a World-Class Strategy Looks Like

[19:25] Motivation For Writing the Book

[23:30] What Carl Likes and Dislikes About Private Equity

[28:57] What Carl Watches, Reads, and Listens To 

[33:02] Parting Thoughts 

The Foundations of a Strategic Plan in Private Equity

Ready to scale your private equity firm the right way? Well, it's very simple. All you need is a world-class strategic plan and the accountability to get it done. According to Carl, all these can be achieved by focusing on only three things:

1. Initiatives that Create Value. As a PE firm, you must focus on the initiatives that create the most value. Highlight all potential strategic initiatives, then rank them according to feasibility, and double down on the ones that have a greater organizational impact. To improve your chances of success, Carl recommends focusing on at most three strategic plans at a time.
2. The Right KPIs. Choose KPIs that are leading indicators, not lagging indicators. Stop focusing on the outcome and instead focus on the behaviors that lead to them. A solid strategic plan should have metrics for behaviors and actions that can be tracked and monitored regularly. 
3. Accountability. PE firms should make accountability a core part of their business strategy. Keep your people accountable. Don't take your eye off the ball because people will likely fall back into old habits. As a leader, start by setting clear deadlines, establishing roles, and performing regular check-ins. The more successful PE firms ensure everyone stays on track and feels more accountable for their work.

How to Carl Cox

Carl's email - CarlJCox@40strategy.com

Carl's LinkedIn, 40strategy.com, Lost At CEO: An Entrepreneur's Guide To Strategy
by Carl J. Cox 

Thank you for tuning in!

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.

Introducing Matthew Garff

Matthew Garff is the Senior Managing Director at Sun Capital Partners, Inc. - a private investment firm focused on investing in middle-market businesses. Sun Capital's portfolio includes approximately 35 businesses across multiple sectors, with over 400 acquisitions since the late '90s.

What You Will Learn:

Culture as The Key to Success in Private Equity

The Problem with the Low Barrier to Entry in Private Equity

Private Equity Deal Scarcity

Breakdown:

[00:00] Introduction

[01:40] The Mistakes PE Firms Make with Their Portfolio Companies

[02:38] How Sun Capital Measures Company Culture

[05:15] The Link Between Great Cultures and PE Success

[07:32] Current Trends in Private Equity

[11:46] What the Best Firms Do to Create Value in Portfolio Companies

[15:53] The Role of PE Firms in Their Portfolio Company's Success

[18:35] Deal Team and Portfolio Team Working Together

[21:11] What's Driving Deal Scarcity in Private Equity

[25:58] Biggest Lessons in Matthew's Career

[28:02] What Matthew Likes and Dislikes About Private Equity

[29:53] The Low Barrier to Entry in Private Equity

[31:30] What Matthew Watches, Reads, and Listens To 

[25:53] Parting Thoughts

How Culture Impacts Private Equity Success

Is company culture important for making successful PE firms and portfolio companies? According to Matthew, the culture within a company plays an important role in the performance of that company. Companies with great cultures often translate to better returns for investors. Companies with not-so-great cultures rarely get the intended results for their investors. Unfortunately, culture can often be an afterthought in PE. So, how can you build great cultures in your company? It all starts with getting the right people in the right positions. Firms with the right people are more likely to build a great culture. This, in turn, benefits the firm by embracing a forward-thinking approach—which is often a common predictor of financial success.

How to Contact Matthew Garff

Matthew's LinkedIn

Suncappart.com

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Thank you for tuning in!

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.

Introducing Pranav Garg

Pranav Garg is the Founder and Head of Product at Peak Margins, a firm focused on helping B2B companies turbo-charge profitable growth. Their analytics solution taps into ERP data to give companies a transformative view of growth and profitability by customer, product, salesperson, channel, territory, and more.

What You Will Learn:

How to Drive Profitable Growth in Private Equity

The Power of Data in Deal Sourcing and Decision-Making

The TAU Framework For Profitable Growth in Private Equity

Breakdown:

[00:00] Introduction

[02:28] The Mistakes PE Firms Make with Their Portfolio Companies

[05:48] Most PE Firms Don’t Know How They Make Money

[09:31] Thinking About Profitable Growth

[11:26] Understanding the Drivers of Profitable Growth in PE

[14:02] The First Step to Working with Data in PE

[17:38] Pranav’s TAU Framework For Profitable Growth

[20:12] How to Implement the TAU Framework in PE

[23:20] The Advantages of Data-Driven Decision Making

[26:26] What Pranav Likes and Dislikes About Private Equity

[28:40] What Pranav Watches, Reads, and Listens To 

[32:24] Parting Thoughts

The TAU Framework For Profitable Growth

Why is data critical in running a profitable PE firm? According to Pranav, firms that don’t use data often go with their gut feelings, intuition, or external pressures to make decisions. The problem with this is an over-reliance on the skills and experience of the team. This means that processes stop being easily repeatable, and outcomes are now sorely reliant on luck. But with the TAU framework, you can change all that.

●        T - Transparency: You need to have a single source of truth. Get good enough data that your team stops complaining about just how bad the data is. 

●        A - Accountability: The two most important parts of accountability are incentives and tracking. You need to offer incentives to your people to motivate them to do their jobs better. You also need a way to track the actions you take - and this can be as simple as using a spreadsheet.

●        U - Urgency: Make your profitability actions urgent. Keep them at the center of everything you do daily, weekly, monthly, and yearly. 

How to Contact Matthew Graff

Email on PG@peakmargins.com

Peakmargins.com

Pranav’s LinkedIn

Thank you for tuning in!

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.

Introducing Tim Flannery

Tim Flannery is the Co-founder & CEO of Passthrough, a company focused on automating the subscription process for private funds. They make it easy to distribute subscription agreements to investors and have them executed electronically. The result is less time spent going back and forth, better compliance, and structured investor data.

What You Will Learn:

Investing in Your Firm's Brand For Long-Term Success

AI Use in Private Equity

How to Communicate Effectively with Your Investors

Breakdown:

[00:00] Introduction

[01:46] The Mistakes PE Firms Make with Their Portfolio Companies

[05:48] Fund Strategies and Proactive Communication

[06:45] The Benefits of Investing in Your Firm's Brand

[08:40] What Investors Really Want

[12:54] Straightforward Ways to Improve Brand Strategy

[15:18] Understanding the Fundraising Market

[17:07] Advice on Raising Funds

[21:22] Lessons From Succesful Fundraising

[22:56] What Tim Likes and Dislikes About Private Equity

[25:30] How Firms Are Using AI to Raise Capital

[25:30] What Tim Watches, Reads, and Listens To 

[25:53] Parting Thoughts

Why You Need to Invest In Your Firm's Brand

There is nothing quite as important as your brand when it comes to Private Equity investing. We live in a time when people will talk about you. Their investment decisions will be influenced by what they read about you on the internet and what other investors say about you. According to Tim, investing in your firm's brand is the key to achieving long-term PE success. A strong brand establishes credibility, fosters customer loyalty, and differentiates you from competitors. It's the first impression you make and the lasting memory you leave. In today's crowded market, a distinct brand is a powerful asset for driving profitable growth. By investing in your brand, you're investing in the foundation of your business's identity and ensuring a solid place in the market.

How to Contact Tim Flannery

Tim on LinkedIn

Passthrough.com

Tim's Email: Tim@Passthrough.com

Thank you for tuning in!

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.

Introducing Amy Gross

Amy Gross is the Global Private Equity Practice Leader for Liberty Mutual. She consistently demonstrates her expertise by working directly with clients connecting their firms and portfolio companies across Liberty’s global business. Amy brings the scale of her private equity clients to the forefront, where she educates on private equity and encourages people to bring creative solutions to help them solve their needs. 

What You Will Learn 

How to lower private equity insurance costs

Insurance for PE portfolio companies

Reasons why PE firms should prioritize insurance coverage

Breakdown

[00:00] Introducing Amy Gross

[01:40] The Mistakes PE Firms Make with Their Portfolio Companies

[04:12] Insurance Premiums for PE Portfolio Companies

[06:08] Is PE Too Risky For Insurance Firms?

[10:35] What PE Firms Can Do to Get the Most Out of the Insurance Industry

[13:02] Ways PE Firms Can Reduce Their Insurance Costs

[16:15] How to Build Better PE-Insurance Relationships

[18:38] What Amy Likes and Dislikes About PE

[19:47] What Amy Watches, Reads, and Listens To 

[20:28] Parting Thoughts

How PE Firms Can Lower Their Insurance Costs

Lowering private equity insurance costs can be challenging, as insurance premiums are typically based on factors such as the nature of the business, its operations, risk profile, and claims history. According to Amy, the biggest thing PE firms can do to reduce their insurance cost is to make themselves a better risk. A better risk involves actively reducing the impact of potential loss by developing plans to eliminate, manage, and limit setbacks as much as possible. All this translates not to just better insurance but better workplace safety, better morale, and basic peace of mind. Amy adds that building great relationships with insurance carriers can sometimes lead to better premiums. Demonstrating loyalty and maintaining a positive track record with an insurer can result in favorable negotiations and potentially lower costs.

How to Contact Amy

Amy’s email Amy.Gross@Libertymutualgroup.com

Libertymutualgroup.com

Amy’s LinkedIn

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Thank you for tuning in!

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.

Introducing Jon Thompson

Jon Thompson is the author of The Dashboard Effect and co-founder & Chief Strategy Officer at Blue Margin, where he helps private equity and mid-market companies quickly convert data into automated dashboards. Their mission is to deliver breakthroughs early and often, and within clients’ timelines and budgets. Jon offers practical steps for business leaders who want to quickly leverage data to improve outcomes.

What You Will Learn

How to Apply Data and Analytics in Private Equity

Why Data Intelligence is a Great Differentiator in Business

Ways Data is Slowly Transforming Private Equity

Breakdown

[00:00] Who is Jon Thompson?

[02:00] Common Mistakes by PE Firms and Their Portfolio Companies

[04:38] Data Analytics in Private Equity and Why It’s Important

[07:24] Successful Data Utilization in PE

[10:09] How to Make Data the Main Part of Your Execution Strategy

[12:32] Reliable and Scalable Data Architecture

[15:18] How to Use Data to Inform Your Decisions

[20:00] Using Data Internally to Define Key PE Metrics

[22:15] How to Create a Data Utilization Culture

[25:55] Improving Data and Analytics in PE

[28:57] Jon’s Go-To Self-Improvement Resources

[35:25] Parting Thoughts 

Successful Data Utilization in Private Equity

Private equity firms have recognized the immense potential of data utilization in enhancing their investment decision-making processes and driving operational efficiency. By harnessing the power of data analytics, PE firms can uncover valuable insights, identify investment opportunities, and optimize portfolio performance. Successful data utilization in PE involves leveraging various data sources, employing advanced analytics techniques, and fostering a data-driven culture.

Rapid growth and the birth of AI have heightened the importance of in-depth data and analytics. To compete, PE firms need high-quality technology solutions to sharpen their insight and streamline their workflows across the entire fund lifecycle. However, data is only as valuable as it is understandable and accessible. According to Jon, without an effective way to manage information, your data can very quickly become “noise.” And in some cases, noise is worse than not having the data at all.

How to Contact Jon:

Jon’s LinkedIn https://www.linkedin.com/in/jon-thompson-37282432/ 

Jon’s Email: Jon@Bluemargin.com

Bluemargin.com

The Dashboard Effect Podcast: https://podcasts.apple.com/us/podcast/the-dashboard-effect/id1634065977 

The Dashboard Effect: Transform Your Company by Jon Thompson and Brick Thompson

Thank you for tuning in!

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.