Mike Markus ( https://x.com/PrivatEquityGuy ) talks with Lacey Wismer of Hunter Search Capital ( https://www.linkedin.com/in/laceywismer/ ) about her journey from a family business background into investing in more than 100 search funds, backing operators, and building a platform around long-term business ownership.
Timestamps
0:00 Introduction: Lacey Wismer on permanent capital and long-term holds
0:30 Entrepreneurial upbringing: luck, simplicity, cash flow, and leverage
2:54 What changes when you buy to own for 30 years
5:26 Studying enduring businesses instead of trends
6:49 The anatomy of a 100x deal
8:40 Diamond Brands and the power of adjacent acquisitions
10:59 From family business buying to search fund investing
11:58 How ETA changed from 2010 to 2026
14:58 Why the entrepreneur matters more than the business
18:03 What Lacey looks for in founders
19:50 Unconsolidated niches and the “right to win”
23:21 Biggest mistakes: wrong partners, overpaying, overleverage
27:40 The upside and downside of permanent holds
30:37 Capital allocation without a planned exit
33:20 Raising permanent capital with patient investors
35:29 Finding operators for indefinite-hold businesses
39:12 What frugality looks like inside a company
42:01 U.S. vs Europe: fragmentation and entry multiples
45:13 How Hunter Search Capital wins without overpaying
51:33 Women in ETA and relationship-driven investing
Sponsor:
https://capitalpad.com/ - A deal-by-deal private equity investing platform
This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
