BluWave's Karma School of Business

Sean Mooney, Founder and CEO of BluWave, breaks down the firm's Q1 2026 Private Equity Insights Report and what it signals for investors and operators navigating a volatile environment. He outlines how geopolitical shocks are once again stalling deal activity, why the economy remains surprisingly resilient, and how private equity firms are leaning harder into value creation. Sean also explains the shift of AI from buzzword to real execution—and why data readiness is now a competitive imperative. This is a clear-eyed view of the current market and where private equity leaders should focus next—hit play. Episode Highlights For more on BluWave, visit: https://www.bluwave.net/ To request the full Q4 2025 Insights Report, visit: https://www.bluwave.net/insights-report/

Jim Murphy, Senior Managing Director at LLR Partners, shares his path from CFO and COO roles into leading value creation across a lower middle market private equity portfolio. Drawing on decades of operating experience, he explains how firms identify scalable businesses, assess management teams, and execute disciplined growth plans. Jim also outlines LLR's functional approach to value creation, including operational excellence, ideal customer targeting, and retention strategies that drive outcomes. This is a practical look at what separates good companies from great ones in private equity—hit play. Episode Highlights 2:15 - Starting in public accounting and the path into a CFO career11:10 - Becoming a public company CFO at 29 and learning in real time18:45 - What private equity looks for: market size, product fit, and team21:30 - Why management quality is the single biggest driver of outcomes27:40 - Building a functional value creation team with real operators33:10 - Operational excellence: uncovering hidden cost and margin opportunities37:45 - Ideal customer profiles and retention as drivers of durable growth For more on LLR Partners, visit: https://www.llrpartners.com/ For more information on Jim Murphy, go to https://www.linkedin.com/in/james-murphy-59097b5/

Brett Holcomb, Partner at Prospect Partners, shares the experiences that shaped his approach to lower middle-market private equity—from swimming-driven grit and early career missteps to navigating COVID with a portfolio company built on human trust. He explains Prospect's "better, not just bigger" philosophy, why foundation-building matters more than speed, and how servant leadership earns premium outcomes. Brett also reflects on pricing strategy, data-driven decision-making, and the leap-of-faith judgment calls every investor must make. This is a candid conversation on resilience, alignment, and long-term value creation—press play. Episode Highlights For more on Prospect Partners, visit: https://prospect-partners.com/ For more information on Brett Holcomb, go to https://www.linkedin.com/in/brett-holcomb-885ba31/

Jeff Drazan, Managing Partner at Bertram Capital and BluWave's 2026 Private Equity Innovator of the Year, explains how a technology-first operating model reshaped his transition from venture capital to private equity and became a durable competitive advantage. He details how Bertram Labs embeds software, data, and digital execution directly into diligence and value creation—well before the deal closes. Jeff also shares the investment principles that matter most today: large markets, strong margins, and customer trust. This episode lays out what modern private equity innovation actually looks like—hit play. Episode Highlights: 1:18 – From Princeton engineering and Bell Labs to venture capital on the West Coast 6:05 – Treating early career roles as paid fellowships, not permanent destinations 14:37 – Why technology was the missing link in traditional private equity models 16:25 – Founding Bertram Capital to bring digital transformation to lower-tech businesses 21:06 – Inside Bertram Labs: in-house software, data, and execution—not just advice 27:14 – Winning deals by fixing problems during diligence, not after closing 33:39 – The two non-negotiables: large TAMs and meaningful gross margins 48:45 – Why continuous innovation is the only sustainable edge in private equity To learn more about Bertram Capital, visit https://www.bertramcapital.com/ For details on BluWave's 2026 Top Private Equity Innovator Awards and Bertram Capital's recognition, visit www.bluwave.net/awards To discover more about Jeff Drazan, visit https://www.linkedin.com/in/jeffdrazan

Mark Langer, Managing Director at CenterOak Partners, reflects on the experiences that shaped his approach to private equity—from early grit and middle-market investing to deploying capital in Africa and building enduring CEO partnerships. He explains why servant leadership, trust, and long-term thinking matter more than control in lower middle-market value creation. Mark also shares candid lessons on risk-taking, mistakes, and navigating the non-linear reality of business building. This is a grounded, hard-earned perspective from someone who has seen the full arc of private equity—hit play. Episode Highlights 2:01 –6:02 –12:05 –17:26 –19:32 –25:34 –30:10 – For more information on CenterOak Partners, go to https://centeroakpartners.com/ For more information on Mark Langer, go to https://www.linkedin.com/in/mark-langer-006a02ba

Emily Bomberger, Vice President at Penn Spring Capital, shares her nontraditional path into private equity and the operating mindset she brings to evaluating founder-led businesses. She explains how early experiences in marketing, accounting, and PE-backed advisory work shaped her approach to judgment, value creation, and partnership with entrepreneurs. Emily also outlines what Penn Spring looks for in markets, founders, and focus—and why discipline matters more in tighter environments. This is a grounded conversation on learning fast, building trust, and making better investment decisions—worth your time. Episode Highlights 1:41 –4:26 –7:35 –10:57 –16:52 –19:24 –29:51 –35:59 – For more information on Penn Spring Capital, go to https://pennspring.com/ For more information on Emily Bomberger, go to https://www.linkedin.com/in/emily-bomberger-1b243256/

Sean Mooney, Founder and CEO of BluWave, shares the key takeaways from BluWave's 2025 Private Equity Insights Report and what they signal for the year ahead. Drawing on real-time data from hundreds of PE firms and thousands of portfolio companies, he outlines how the industry shifted from defense to offense, why diligence and value creation surged late in the year, and what separates winners from laggards entering 2026. Sean also delivers clear predictions on AI adoption, talent, software sprawl, and the accelerating deal rebound. This episode sets the context every private equity leader needs before leaning into the next cycle—press play. Episode Highlights 0:58 – Why private equity shifted from defense to offense in 20254:48 – What GDP, inflation, and productivity data revealed about economic resilience9:59 – The 41% diligence surge and why it's a leading indicator for deal flow12:36 – Human capital's comeback and what new deals signal for leadership hiring18:20 – 2026 predictions: AI moves from buzzword to execution tactic27:58 – Avoiding AI pilot purgatory and prioritizing adoption that actually delivers ROI37:21 – Why dry powder, LP pressure, and speed will define the next PE deal cycle For more on BluWave, visit: https://www.bluwave.net/ To request the full Q4 2025 Insights Report, visit: https://www.bluwave.net/insights-report/

Geoff Faux, Partner at Clearview Capital, shares the principles that shape his approach to private equity investing, from evaluating management teams and industry dynamics to navigating adversity when deals go sideways. He reflects on lessons forged through competitive athletics, a career built inside one firm, and a defining portfolio company crisis that tested every assumption about value creation. Geoff also explains Clearview's first-in institutional playbook and how focus, prioritization, and people decisions drive durable outcomes. This is a grounded, hard-earned perspective on what it really takes to build winning businesses—hit play. Episode Highlights 1:01 – How elite swimming shaped Geoff's discipline, focus, and investing mindset4:17 – Growing up around lower middle market deals and choosing private equity early13:02 – The four variables that matter most in private equity investment decisions19:55 – Why industry stability and baseline management strength are non-negotiables24:21 – A first deal gone wrong—and the crisis that nearly broke the investment28:35 – Rebuilding through COVID and turning a near-zero into a top portfolio performer47:29 – Advice to Geoff's 22-year-old self on teams, people judgment, and resilience For more information on Clearview Capital go to https://www.clearviewcap.com/ For more information on Geoffrey Faux, go to https://www.linkedin.com/in/geoff-faux-27826518/

Sean Mooney curates the 2025 reading list recommended by private equity investors, operating partners, and portfolio company CEOs featured on Karma School of Business this year. The episode spans business strategy, capital allocation, leadership, happiness, mindset, and life design—through the lens of people actively building and scaling companies. From The Outsiders to Traction to unexpected personal favorites, the list reflects what serious operators are actually reading and rereading. If you're building for the long term, this one earns a spot in your queue. Episode Highlights 1:12 –From Strength to Strength2:53 –Die With Zero4:04 –The Algebra of Wealth7:35 –The Outsiders11:11 –The Innovator's Dilemma14:01 –The One Thing18:20 –TractionWho Moved My Cheese?

Rob Turano, Operating Partner at Bloom Equity Partners, breaks down the playbook he uses to transform lower middle-market software companies—from sharpening product focus to elevating talent and building repeatable go-to-market engines. He shares how Bloom integrates operating partners early in diligence, accelerates transformation in the first 12–18 months, and instills a performance culture rooted in data, speed, and ownership. Rob also gets personal, from his love of cooking to the practices he uses to think more clearly as a leader. It's a sharp, candid look at what real value creation in private equity demands today—hit play and take notes. Episode Highlights 1:31 – Growing up in New Jersey, Villanova roots, and the consulting-to-private-equity path5:56 – Why food matters in Rob's life and how he became Bloom's unofficial in-house chef9:22 – The three traits Bloom looks for: focus, management strength, and GTM maturity14:38 – Selling value vs. selling features—and why every salesperson must think like a CFO20:49 – How Bloom's deal, BD, and operating teams collaborate from diligence through execution27:45 – The urgency of the first 6–12 months and the sequencing of transformation in PE36:18 – Rob's top advice to PortCos today: talent first, disciplined KPIs, and repeatable GTM engines40:25 – The book shift that made Rob more creative—and the life hack that helps him think clearly For more information on Bloom Equity Partners, go to https://www.bloomequitypartners.com/ For more information on Robert Turano, go to https://www.linkedin.com/in/robert-turano

Eliot Kerlin, Founder and Managing Partner of Broadwing Capital, shares the unconventional path that took him from pre-med to private equity and the principles that now guide his firm's approach to building durable, high-performing companies. He unpacks Broadwing's value-creation playbook, the importance of forecasting NTM cash flow, and why culture, people analytics, and in-person leadership sit at the center of long-term success. Eliot also reflects on the tenacity required to launch a firm—and the clarity needed to focus on what truly matters. It's a grounded, thoughtful conversation that sharpens anyone building or leading in today's private equity landscape. Episode Highlights: 1:04 – Growing up in Texas, early influences, and the winding path from pre-med to finance 3:44 – Breaking into Wall Street from a non-target school and the power of persistence 10:51 – Lessons from hands-on jobs and how service work shapes leadership instincts 17:54 – What makes a "good business" vs. a "good investment" and why NTM cash flow matters most 26:55 – The tenacity and structure behind launching Broadwing Capital in a tough fundraising market 33:42 – How Broadwing builds culture, trust, and alignment inside portfolio companies 48:35 – Eliot's most influential books and the thinking frameworks he uses to lead and invest For more information on Broadwing Capital, go to https://broadwingcap.com/ For more information on Eliot Kerlin, go to https://www.linkedin.com/in/eliot-kerlin-89432b/

Renn Iaboni, Managing Director at Monomoy Capital Partners, joins Sean to discuss how disciplined sourcing, cultural alignment, and a 15-year proprietary data engine shape Monomoy's approach to private equity. He shares how engineering training, relationship-driven BD, and resilience forged through career adversity inform the way he builds high-trust deal pipelines. Renn also details how Monomoy's Beacon platform connects BD, investment, and credit teams to operate as one cohesive firm. It's a candid look at what modern private equity excellence really requires — and why Monomoy's model stands apart. Episode Highlights 1:19 – Growing up in New York, engineering ambitions, and the winding path into private equity 3:04 – How engineering training equips professionals for ambiguity and problem-solving in PE 9:40 – Renn's pivotal career setback at Macquarie and how building a new practice became an inflection point 14:46 – Why Monomoy's integrated model works and how cross-functional collaboration is reinforced 17:53 – Inside "Beacon," Monomoy's proprietary CRM and sourcing engine 20:58 – A real case study: tracking Wapac for years and how long-term data compounds sourcing advantages 23:54 – Renn's advice to his 22-year-old self and how energy, not passion alone, should guide career choices

In this episode of Karma School of Business, Sean Mooney interviews Drew Meyers, Partner at Seaport Capital. Drew shares how his unconventional path—from off-track betting to M&A integration—shaped his approach to lower middle-market private equity. He breaks down Seaport's focused strategy on founder-led businesses, where they invest early in professionalization across strategy, sales, and finance. The conversation covers everything from the importance of relationships and never burning bridges to how BluWave helps Seaport access cost-effective resources tailored to smaller portfolio companies. Episode Highlights: 2:00 - Drew's winding path into PE, including bartending and selling industrial insulation 6:00 - Why M&A integration experience is valuable training for private equity 13:00 - Working with founder-led businesses and understanding the founder mindset 19:00 - Seaport's three-part value creation playbook: strategy, sales, and finance 29:00 - How to professionalize early-stage companies without overspending 32:00 - Finding cost-compatible resources for $3M EBITDA businesses 35:00 - Career advice: never burn bridges and do things the right way For more information on Seaport Capital, go to https://www.seaportcapital.com/ For more information on Drew Meyers, go to https://www.linkedin.com/in/drew-j-meyers/

In this special edition of the Karma School of Business, Sean Mooney, Founder and CEO of BluWave, breaks down key findings from BluWave’s Q3 2025 Private Equity Insights Report. Drawing parallels between his son’s fencing lessons and today’s economic climate, Sean explains how the best investors are shifting from a defensive stance to an offensive one. Seeing through the noise, leaning forward, and playing to win. He shares fresh data showing that deal activity, due diligence spending, and AI investment are all surging—signs of an industry on the offense. From the manufacturing renaissance to the rise of flatter, AI-enabled organizations, Sean offers a grounded, data-backed view of where private equity and the broader economy are heading next. Episode Highlights 1:07 – The Sport of Fencing and PE: what private equity can learn from shifting from defense to offense 4:40 – Why the U.S. economy is “good enough” and accelerating despite the noise 11:45 – Deal data shows confidence returning: due diligence projects up 43% year-over-year 14:33 – PE firms’ AI and analytics demand surges 300% and 1,600% for AI/ML advisory 18:39 – Manufacturing reshoring, venture collaboration, and the next wave of innovation 21:06 – The coming of flatter, AI-enabled organizations and what it means for talent 25:39 – Sticky inflation, rate cuts, and why the next economic cycle is already underway For more on BluWave, visit: https://www.bluwave.net/ To request the full Q3 2025 Insights Report, visit: https://www.bluwave.net/insights-report/

In this episode of Karma School of Business, Sean Mooney interviews Laurens Goff, Co-Founder and Managing Partner at Stone Goff Partners. Laurens shares insights from his path to private equity, the founding story of his firm, and how leveraging focus and visibility transforms lower-middle-market companies. Key points include: 1:05 -9:52 -19:41 -25:57 -34:52 - For more information on Stone Goff, go to https://www.stonegoff.com/ For more information on Laurens Goff, go to https://www.linkedin.com/in/laurens-goff-ba47714 For more information on BluWave and this podcast, go to https://www.bluwave.net/podcasts

Jared Stein, Co-founder and Partner at Monogram Capital Partners, shares his expert approach to scaling consumer businesses, fostering customer loyalty, and driving sustainable growth. From partnering with family-owned companies to identifying sectors with lasting demand, Jared provides actionable insights for excelling in fragmented markets and navigating today’s rapid disruption cycles. A must-listen for private equity professionals and business builders looking to sharpen their playbook. Episode Highlights: 00:33 -06:04 -13:23 -19:46 -24:37 -27:27 -30:51 - For more on Jared Stein’s firm, visit: www.monogramcapital.com Connect with Jared Stein on LinkedIn: https://www.linkedin.com/in/jared-stein-5a347820 Explore more episodes: www.bluwave.net/podcasts

Sean Mooney speaks with Bob Morse, Co-Founder & Managing Partner at Strattam Capital, about the changing playbook in private equity, especially in tech. Morse traces his path from Morgan Stanley and Oak Hill to founding Strattam, then lays out a no-surprises model: turn cards face-up pre-signing, align on a founder-written five-point plan, and opt-in support with real accountability. He explains why AI threatens seat-based SaaS economics, where outcome pricing wins, and how PE firms should push portfolios to experiment while keeping the founder’s innovative spark alive. Clear-eyed and practical, this conversation arms business builders with a framework to act now. Episode highlights 1:26 – An engineer’s path into private equity 7:15 – Why tech needed a dedicated, specialized PE fund and the genesis of Strattam 13:03 – Solving the “first board-meeting surprise” 19:45 – The founder persona Strattam backs: industry operators with proven product-market fit 27:15 – AI as invention vs. innovation and the early business models that actually work 32:27 – The SaaS shake-up: from seat licenses to outcome-based pricing and financing impact 41:54 – “Aliens landed”: a mantra for leading through uncertainty and running smart experiments For more on Bob Morse’s firm, visit: https://strattam.com/ Connect with Bob Morse on LinkedIn: https://www.linkedin.com/in/bob-morse-3567595/ Explore more episodes: www.bluwave.net/podcasts

Dan Gaspar, Partner at TZP Group, shares how private equity investors drive growth through focus, actionable insights, and strong partnerships. Hear Dan’s approach to evaluating businesses, aligning on key priorities, and leveraging innovations like AI. With decades of experience, Dan breaks down what it takes to create value in today’s dynamic market. A must-listen for private equity professionals and business builders alike. Episode Highlights: 1:12 -12:14 -19:33 -26:19 -35:54 -39:21 -Traction, Good to Great,Who Moved My Cheese41:35 - For more on Dan Gaspar’s firm, visit: www.tzpgroup.com Connect with Dan Gaspar on LinkedIn: https://www.linkedin.com/in/dangaspar/ Explore more episodes: www.bluwave.net/podcasts

The second quarter of 2025 showcased one of the most compelling periods for private equity, revealing how firms responded to disruption through strategic action and decisive adaptation. Join BluWave Founder and CEO Sean Mooney as he unpacks the insights from BluWave's Q2 Private Equity Insights Report, including data showing rolling recovery trends, reshoring efforts in manufacturing, and technology investments. This episode dives into the unique frameworks private equity applies to thrive amid uncertainty, setting the stage for long-term growth. Confidently engage with insights that matter to your business. Episode Highlights 1:215:4512:3018:2027:0534:5041:30 For more on BluWave, visit: https://www.bluwave.net/ To request the full Q2 2025 Insights Report, visit: https://www.bluwave.net/insights-report/

In this episode of Karma School of Business, Sean Mooney speaks with Ben Gaw, Partner and Head of Portfolio Operations at Cross Rapids Capital. Ben shares stories from his journey as a first-generation immigrant to becoming a sought-after private equity leader, highlighting lessons learned from turnarounds, rapid decision-making, and building successful companies. Episode Highlights: 1:03 -10:03 -12:20 -18:13 -22:27 - For more information on Cross Rapids Capital, go to https://www.crossrapids.com/ For more information on Ben Gaw, go to https://www.linkedin.com/in/benjamingawjr For more information on BluWave and this podcast, go to https://www.bluwave.net/podcasts