Private Equity Value Creation Podcast Ep. 121: Ray Carey, Level Equity | Prioritizing Resources to Drive Portfolio Returns
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Mar 26, 2026 Ray Carey, Head of NextLevel Operations at Level Equity, is a former banker, VC and software operator who leads teams focused on growth, product/AI and finance. He discusses structuring operating teams, prioritizing portfolio interventions, the nine metrics tied to valuation, engagement modes (cheer, coach, play), and bridging talent and execution gaps to drive returns.
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Invest In Business Problems Not Software
- Level Equity treats software as a tool to solve business problems, focusing investments on the 'cheese' not the 'cracker'.
- Ray emphasizes mid-market B2B companies ($5M–$25M ARR) where product solves real business problems rather than software for software's sake.
Staff Operators Not General Consultants
- Hire operating partners who have held the exact roles you're advising so they can provide mistake-avoidance and rapid pattern recognition.
- Ray's growth team includes former CROs, demand leads, and CX heads brought in for hands-on help across portfolio companies.
Prioritize By Deal Type And Lifecycle Events
- Prioritization is driven by portfolio segmentation and lifecycle events like fast-starts, exit prep, and transformative M&A.
- Ray maps engagement intensity to deal type (e.g., structured capital gets fewer resources) and company stage.
