Minds Capital Podcast Almost 40% IRR across 55 Platforms
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Apr 1, 2026 Jason Fawcett, Managing Director at Transition Capital Partners, a Dallas-based independent sponsor with a 33-year track record. He walks through TCP’s 55 platform acquisitions, the power of a local reputation, shifting toward proprietary deal sourcing, disciplined hold periods and IRR performance, and lessons from COVID-era wins and losses.
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Home Court Advantage In Texas
- TCP differentiates by a maniacal Texas focus, investing locally to leverage relationships and easier hands-on involvement.
- Jason says proximity lets them drive boards, influence markets, and get proprietary deal flow in Dallas, Houston, Austin and nearby states.
High Deal Velocity Over Decades
- TCP has completed about 55 platform acquisitions over 33 years, averaging roughly 1–1.5 new platforms per year.
- Jason notes consistency: some years two deals, some years none, but a steady long-term cadence across decades.
Shift To Proprietary Sourcing
- Prepare for lower win-rates in banker-led auctions by deepening proprietary sourcing and buy-side outreach.
- Jason recommends leaning on networks and intermediaries to find direct or lightly shopped opportunities as competition increases.