Deal Sourcery

We all know relationships are key in BD, but it’s still easy to forget that there’s always a real human on the other side of your transactions. Chris Reilly, Managing Director at VRA Partners has years of experience building lasting relationships that have helped propel and maintain his career in investment banking. Chris joins the show to discuss how PE folks can engage boutique bankers and create lasting relationships that stick, what kind of engagement tactics work and what ones will land your email in the trash, and how building reciprocal relationships with wealth advisors and M&A Attorneys can help you stay in the know and get referred to the bankers and deals that will take your career to the next level. He also leaves us with advice on what the next generation of PE industry titans should be doing now to ensure long lasting and thriving careers in a competitive business.Chapters00:00 — From Accounting to Deal OriginationChris Reilly’s unconventional path into investment banking and discovering a passion for sourcing deals03:50 — What VRA Actually DoesInside a boutique investment bank: clients, deal size, and how they operate05:32 — How to Engage Boutique BankersWhy most outreach fails—and what actually gets attention08:32 — How Often Should You Reach Out?The right cadence for building (and maintaining) banker relationships10:17 — Who Gets Priority Time (and Why)Track record, capital, and what separates serious buyers from the rest13:05 — If I Were Starting a PE Firm Today…Chris’s playbook for choosing which bankers to build relationships with16:11 — Biggest Mistakes People MakeThe “too transactional” trap—and how it kills opportunities19:04 — How to Get on the Short ListWhat it really takes to be included in competitive (or limited) processes22:32 — How Deal Origination Actually WorksThe 3 core channels: referral sources, sponsors, and direct outreach26:08 — What Metrics Matter in OriginationMarket visits, pitches, and the KPIs that drive revenue32:19 — The Power of Referral NetworksWhy wealth managers and attorneys are the most valuable relationships35:38 — A Real Deal Story ($200M+ Outcome)How one relationship turned into a major transaction40:11 — Are Referral Networks Underutilized?Why most buyers ignore a massive opportunity42:56 — What Makes a Great Referral PartnerEducation, reciprocity, and playing the long game48:26 — How the Market Has ChangedLonger processes, more specialization, and more competition49:50 — The Rise of Professional Deal SourcingWhy business development roles have become more sophisticated51:59 — Conferences: How Bankers Actually Spend TimeWhy existing relationships dominate—and how to break in53:05 — Proprietary Sourcing vs Banker-Led DealsLearn more: Coastal Partners — coastalpartners.co | Tahoe Equity — tahoeequity.com

What does training for Olympic Gold have in common with a career in deal sourcing? In his first year at Norwest, 5x Olympic Gold Medalist Ryan Murphy found out. Ryan joins the show to talk about his transition from Olympian to Investor, how co-owning a Goldfish Swim School franchise helps him relate to business owners, and how even a world-record holder can have trouble getting responses to cold emails.

In this episode, we sit down with Glenn Oken to trace how business development in private equity has evolved from 1989 to today, and what’s been lost (and gained) along the way.Glenn reflects on the early days of deal sourcing, when private equity was barely an industry, competition was thin, and there were no CRMs, playbooks, or automated workflows to lean on. What existed instead was judgment, creativity, persistence, and a relentless focus on building real relationships — often face to face.We explore how sourcing moved from hustle-driven relationship work to a more process-heavy function, why in-person connection still matters despite efficiency tradeoffs, and where experience beats financial engineering, especially in the lower middle market. Glenn also shares what it takes to survive the emotional reality of BD — the work that doesn’t bear fruit, the thrill of the hunt, and the long game of trust-building.

In a world where our digital inboxes are flooded with the same templated outreach e-mails, AI-assisted intros and impersonal newsletters, what can you do to stand out? Jake Colognesi of Mamba Growth Equity joins the show to talk about bringing humanity back into private equity to set himself apart from the competition. From leading with empathy and curiosity to sending out type-written notes to potential partners, Jake walks us through what makes a Mamba Deal different and why it works.

Mike Alberts, Principal and Head of Business Development at Cohere Capital, shares his intriguing journey from cold-calling to mastering M&A. Discover how he founded the M&A Fitness Club to build stronger relationships through shared workouts and accountability. Mike highlights why business development is the most fulfilling role in private equity, emphasizing hands-on learning and connection with entrepreneurs. He also explains unique sourcing strategies at Cohere and the importance of leading with value to differentiate in a competitive market.

Renn Iaboni, Head of Origination at Monomoy Capital Partners and a pro in data-driven sourcing, shares insights on transforming metrics into winning strategies. He discusses how an engineering mindset enhances business development, emphasizing the value of every first meeting to build relationships. Renn dives into AI's role in streamlining processes and elevating data for effective presentations, while also stressing the importance of human nuance in sourcing. He offers practical advice for young professionals navigating the complexities of deal sourcing.

At Deal Sorcery Live, recorded at M&A SoCal, Ori Eldarov (Founder of OffDeal) and John Camp (Arbor Investments) join the show to discuss the origins of business development and how artificial intelligence is reshaping dealmaking — from sourcing to closing.They discuss what happens when AI takes the wheel in investment banking, why human relationships still matter more than ever, and how the next generation of deal professionals will work alongside technology, not against it.Topics covered:How AI is transforming deal sourcing and private equity workflowsBuilding an AI-native investment bank with more engineers than bankersWhy a human-first approach still drives great dealsThe evolution of business development in a tech-driven market#DealSorcery #PrivateEquity #AI #InvestmentBanking #OffDeal #ACGSoCal

Jay Jester, Partner at Plexus Capital and an ACG Legend Award winner, shares his wealth of knowledge on building effective business development (BD) teams. He discusses the evolution of sourcing in private equity and the pivotal role of establishing trust and rapport with investment bankers. Jay emphasizes that likability and genuine relationships fuel successful deals, advising on how to strategically choose banking partners. His insights challenge conventional views on sourcing, underscoring that BD should be a core component of the deal-making process.

Jonathan Babcock from Compass Equity Group, a rising star in business development for 2025, shares insights into the Compass Method. He highlights how a thesis-driven approach to sourcing can elevate deal-making by building long-term relationships. Jonathan discusses their unique 13-touchpoint outreach strategy that fosters deeper connections and keeps them competitive. He emphasizes the significance of metrics in tracking progress and cultivating trust, proving that people do deals with those they like and know.

If you’re getting started at a private equity firm in business development, this one's for you. Inspired by Dan’s viral LinkedIn post, you’ll get tried-and-true steps for crushing your first 90-days on the job: how to build your banker pipeline, optimize your time on the road and actually measure your success. Whether you’re the first sourcing hire at a fund or stepping into a seasoned team, this is your outline on how to hit the ground running and set yourself up for long-term success. Read Dan’s original LinkedIn post: https://www.linkedin.com/posts/danielherr_8-steps-to-success-in-a-new-pe-sourcing-role-activity-7287804951840399361-Dz7W/📍CHAPTERS: 00:00 – Intro & Origin of the 90-Day Framework03:30 – Who This Applies To04:45 – Days 1–30: Be a Sponge07:00 – Internal vs. External Messaging08:45 – Read the IC Materials Like Treasure Maps10:30 – Portfolio Company Primers13:15 – Days 30–60: Start Building Relationships16:45 – Prioritize Like an Investor21:30 – Build the Prospect & Banker Database23:00 – Days 60–90: Execute & Win Quick24:45 – Hit the Road: Why In-Person Still Wins29:00 – Metrics, Measurement & Accountability35:00 – Top 2 North Star Metrics for New BD Hires36:30 – Call to Action📝 KEY TAKEAWAYS “Before you're out there pitching everybody about how magical our firm is, it's diving into the nitty gritty of who are we, why do we win, where do we win, where do we lose.”“You go back through these old IC materials... there’s a lot of low hanging fruit that’s sitting in there for you to go tackle as a sourcing professional.”“You’ve got hundreds, thousands, millions of different things you need to be doing... Our number one job is prioritization.”“There’s still no proxy for that in person... The number of deals I’ve done because I got in front of someone. You just can’t replicate that over Zoom.”🔗 CONNECT WITH THE HOSTS:Dan Herr:  https://www.linkedin.com/in/danielherr/Matt Rooney: https://www.linkedin.com/in/matt-rooney-coastalpartners/Coastal Partners: https://www.coastalpartners.co/#BusinessDevelopment #PrivateEquity #NewHires