Investors & Operators

Chris Nikic is the first person with Down Syndrome to complete an Ironman.He has also ran all SIX Global Marathon Majors, Won TWO ESPY's, and become a global Ambassador for the Special Olympics. He’s an Adidas-sponsored athlete, an author, and a public speaker.Topics:From Overweight to IronmanInclusion Through SportThe 1% Better PhilosophyLimiting Parenting Beliefs...and so much more.Top TakeawaysReset limiting beliefs at the top. In Chris’s story, the biggest constraint wasn’t physical, it was what parents were told their child couldn’t do. Once those protection-driven beliefs shifted, everything else followed: training, discipline, results. The same applies in business. What leaders believe about their team or growth potential sets the ceiling. If leadership operates with constraint, that mindset spreads fast. But when leaders expand what’s possible, behavior follows—teams take bigger swings, operators push further, and performance changes.Commit to 1% better, every day. The biggest transformations don’t come from massive leaps, they’re built through small, consistent improvements. Over time, those incremental gains compound into outsized results. For Chris, that meant stacking daily progress until an “overweight beginner” became an Ironman and global athlete.Speakers like Chris Nikic break the pattern of predictable AGMs. An external speaker helps break up a full day of presentations and makes the event more memorable—something you’d actually want to talk about afterward. Chris brings a real, human example of what consistency and long-term effort look like, making ideas like compounding and execution easier to connect with.About 1% Better Chris Nikic FoundationThe 1% Better Foundation is a nonprofit initiative that supports individuals with intellectual and developmental disabilities by expanding access to fitness, training, and inclusive opportunities. It helps them build confidence, independence, and a path to reach their full potential.

Topics:Venue Do’s & Don’tsAgendas for Emerging ManagersPanels vs. Single PresentersPublic LP ConstraintsAGMs as a Brand Opportunity...and so much more.Brian Bank shares what actually makes AGMs stand out from an LP’s perspective—from venue and agenda to networking, speakers, and swag. It offers clear, experience-driven takeaways for GPs and emerging managers who want their AGM to feel differentiated and worth the trip.Top TakeawaysChoose a venue LPs will remember. The AGMs that stand out don’t stay in hotel ballrooms. They bring LPs to portco sites, operating assets, sporting venues, museums, or distinctly local experiences. The right venue either reinforces the investment strategy or creates a memorable experience that LPs will still recall long after AGM season ends.Never assume LPs remember who you are. AGMs often include new faces. Always reintroduce the team, restate strategy, and provide context for roles and investments. Clear speaker handoffs and background reminders prevent confusion and disengagement.Reinforce the firm you’re becoming, not just the fund you raised. An AGM is both a branding and promotional moment. Speaker selection, team visibility, and agenda structure should signal institutional depth, succession, and where the firm is headed next. Highlight rising leaders, repeat portfolio CEOs, and functional expertise to show LPs what Fund II or Fund III will look like. Build differentiation into every detail. Templates, venues, speakers, and formats repeated year after year erode impact. The most effective AGMs ask one question throughout planning: What will make this one distinct from the other 20 meetings LPs attend this year?About Brian BankBrian Bank is a seasoned strategy and client relations executive in the Investment Funds Group at Kirkland & Ellis. With 25+ years of experience as both an institutional LP and a placement agent, he’s committed capital across asset classes, served on multiple LPACs, and attended hundreds of AGMs. This gives him a firsthand view of what LPs actually value in investor relations and annual meetings.About Kirkland & Ellis Kirkland & Ellis is a global law firm known for its strength in corporate, litigation, and client advisory work across industries including private equity, M&A, and finance. The firm regularly advises leading investors and funds on complex transactions, strategy, and governance, and has built a reputation for deep legal expertise paired with practical, business-focused guidance.

Liz Weindruch breaks down what makes an AGM work from an LP’s perspective. The result is a practical, no-fluff guide for emerging managers planning their first or next AGM.Topics:Comms Best PracticesUse of Panels & PresentersAI & Technology DiscussionSwag StrategyWhat Makes an AGM Memorable...and so much more.Top TakeawaysDesign the AGM experience around LP value, not GP convenience. The meetings that stand out offer insights LPs can’t get from quarterly reports and meaningful face time with people they rarely interact with, such as operating partners, VPs on the deal teams, or former CEOs who’ve exited a business and want to do it again with the firm. Easy-to-reach locations matter, and portfolio “field trips” are a bonus when feasible.The best structure for AGM materials and portfolio updates. The strongest AGMs follow a clear arc: a concise firm update, current macro and sector context, and a disciplined walk-through of the portfolio. Macro commentary should always be tied to company-level impact. Portfolio deep dives should restate the original thesis, show what has changed since acquisition, and explain how capital structure, timelines, and return expectations have evolved.Swag: What LPs keep vs. what they toss. If you’re giving out clothing, assume it might end up at Goodwill. Fit is hard, branding is risky, and most items won’t get worn. Consumables almost always are a safe bet: high-quality, portable, and waste-free. The best swag ties back to a portfolio company or the firm’s ethos in a thoughtful way. If it feels generic, it probably is.About Liz WeindruchLiz Weindruch is a Managing Director on the Diversified Alternative Equity team at Barings, where she serves on the investment committee and leads global fund, co-investment, and secondary origination and underwriting. With 20+ years in private markets, Liz has reviewed and attended hundreds of AGMs across funds, vintages, and strategies, giving her a front-row view into what actually works from an LP perspective.About BaringsBarings is a global investment management firm headquartered in Charlotte, North Carolina. The firm manages $480B+ across public and private markets—including fixed income, real assets, and alternatives—for institutional, insurance, and intermediary clients across North America, Europe, and Asia Pacific.

Topics:“99% Right Is 100% Wrong” MindsetMaximizing Outcomes in a Sale ProcessPost-Close Seller Regrets...and so much more.Top TakeawaysMake your first deals your brand. Matt emphasizes that early deals define how the market sees you and become proof of your standards and the caliber of clients you can win. That’s why it pays to set a clear bar for what you’ll take on: deal quality, counterparty strength, and your ability to run a clean process.Build an advisory board with a clear purpose. Matt notes that advisory boards only create value when you’re clear on what you want from them At Edgeview, advisors were brought in for credibility, introductions, and high-level guidance. That clarity kept the relationship lightweight and efficient. Decide early whether you need a stamp-of-approval and network board with periodic check-ins or an operator board that requires heavy preparation and greater accountability.Private business owners: not every great outcome is a sale. The best path forward might be a recap, a minority partner, or a keep-and-grow strategy with the right buyer. Before going to market, owners should align on liquidity needs, legacy goals, leadership succession, and employee impact. That clarity reframes value from price alone to after-tax outcomes and long-term fit.Mid-level bankers: don’t get stuck as “the execution person.” If you don’t build a revenue lane, you’ll never leave the trenches. The bankers who create real leverage carve out a clear wedge—a vertical, sponsor set, buyer niche, or unique POV—and spend real time developing deal flow and ideas, not just executing.About Matt SalisburyMatt Salisbury has built, scaled, and exited two successful investment banking firms over a 25+ year career, advising on 100+ M&A and strategic transactions primarily for private business owners. Matt launched EVP Strategic Advisors to focus on helping entrepreneurs navigate complex strategic decisions with clarity and confidence.About EVP Strategic AdvisorsEVP Strategic Advisors is a boutique advisory firm dedicated exclusively to privately held and family-owned businesses. Rather than pushing owners toward a transaction, EVP helps founders clarify their long-term goals, evaluate strategic options, and maximize outcomes across growth, liquidity, and legacy.

Topics:How Sponsors Communicate EfficientlyWhat Investors Look For in First CallsLower Middle Market Buy-and-Build Strategies...and so much more.Top TakeawaysMatch your capital partners to your stage of maturity. Grant notes that choosing the right capital partner upfront prevents misalignment and speeds your path forward. For example, early sponsors gain the most by co-sponsoring with seasoned PE funds to learn what “good” looks like. Sponsors aiming to raise a future fund need co-investors who protect attribution and let them build a clean track record. Lead with the value you’ll create, not the deal you found. Grant sees it all the time: independent sponsors spend 45 minutes on deal mechanics and leave only a few minutes on the plan that actually drives returns. It’s backwards. Investors care far more about the growth thesis, the value levers, the M&A roadmap, and why you are the right person to execute it. VOC + Market Mapping is the new standard for top sponsors. Grant expects more sponsors to invest in structured market studies, especially voice of customer to validate why the company wins, and market mapping to define the actual M&A universe. Most sponsors talk about add-ons, but few can prove how many targets exist, which ones fit, or whether sellers transact. Investors back the sponsors who can quantify this, not just claim it.About Grant Kornman Grant Kornman is a former independent sponsor with more than a decade of experience buying and growing lower-middle-market companies. He co-founded NCK Capital and built a track record across multiple sectors through disciplined investing and operator-level execution. As a Partner at Align Collaborate, Grant brings a sponsor-first approach to equity shaped by a deep understanding of what independent sponsors need to execute and create value.About Align CollaborateAlign Collaborate is an equity partner purpose-built for independent sponsors. Launched by Align Capital Partners in partnership with Grant and Michael Kornman, the firm provides fast, flexible equity for lower middle-market buyouts. Their model is designed around the realities of the IS ecosystem: clean attribution, quick decisions, tailored structures, and the option to leverage ACP’s operational resources.

Topics:Emotional Highs & Lows of FoundersWhy Hire Above Your Skill SetLearning to Spot Opportunities...and so much more.Top TakeawaysFounders: Build a culture of cheap experiments and fast iteration. The first version of BluWave was a platform people liked in theory but hated in execution. That’s when the team leaned on Jim Collins’ “bullets before cannonballs” approach: test small, validate, then scale. Sean ran a series of low-risk experiments to see what actually worked before committing resources. By iterating quickly and scaling only what the market proved out, BluWave went from zero traction to the 2021 Inc. 5000 list of fastest-growing PE firms.Ask for help before you hit a wall. Sean nearly shut the business down because he tried to solve everything alone. Jordan saw the same thing: real breakthroughs only happened after admitting he was stuck. For founders, isolation is dangerous. Build a habit of pulling in outside perspectives early to shorten cycles, avoid blind spots, and make better decisions.Train your brain to see opportunity, not risk. Sean’s team uses the “red car theory”: whatever you train your brain to look for (red cars, opportunities, inefficiencies), you’ll start noticing them everywhere. Most people default to scanning for risks. Great operators do the opposite and train their attention toward leverage points. Practice that habit long enough, and it becomes a real advantage.About Sean MooneySean Mooney is the Founder and CEO of BluWave, a market network built for private equity. After two decades as a PE partner, he left a stable career to solve a recurring bottleneck he saw firsthand: the difficulty of finding reliable, high-quality third-party resources quickly. Today, BluWave serves hundreds of firms and their portfolio companies.About BluWaveBluWave is a Nashville-based platform that connects private equity firms and their portfolio companies with vetted third-party resources for diligence, value creation, and preparation for sale. It combines a curated network with a high-touch matching process to help teams find the specialists they need quickly and reliably.

John Fruehwirth, Managing Partner at Rotunda Capital Partners, brings over 20 years of experience in debt and equity investing. He shares insights on the importance of simplicity in fundraising and how clear, standardized terms can build investor trust. John's philosophy of 'Get Sh*t Done' emphasizes execution and risk-taking as pathways to learning. He discusses Rotunda's unique culture based on healthy debate, and how strategy maps guide measurable success in portfolio companies. His reflections on leadership and scaling show a deep understanding of operational improvement.

Topics:How to Prepare for a SaleCustomer Diversification as a Growth LeverImportance of Board Culture...and so much more.Top TakeawaysKeep leverage in check for stability. In the ImpactXM deal, David’s team held the company for 10 years and achieved a 21x ROI. When COVID hit, low leverage and a diversified service mix kept the business alive. The lesson for independent sponsors: don’t overextend just to win a deal. A strong balance sheet and disciplined cash management create the runway to survive shocks and capture long-term upside.Get the books in order before diligence. David explains that many deals fall apart because sellers aren’t prepared. Independent sponsors should push for clean reporting, monthly closes, and 13-week cash flows. These basics streamline diligence, build investor confidence, and keep management focused on running the business.Board culture can drive exponential growth. Founder-led businesses often lack formal boards. Independent sponsors can add immediate value by instituting structured board meetings. Simple steps, like setting agendas, tracking follow-ups, and standardizing reporting, can shift a company from reactive to strategic and set the stage for growth.About David AcharyaDavid Acharya is the Managing Partner of Acharya Capital Partners, leading the firm’s investing, strategy, and operations. With 25+ years of investing and transaction experience, he’s known for hands-on value creation. He began his career in investment banking at JPMorgan Chase and Toronto Dominion, where he helped raise $18B+ across telecom, media, consumer, and financial sectors.About Acharya Capital PartnersAcharya Capital Partners (ACP) is a New York–based independent sponsor firm specializing in lower middle-market investments. The firm partners with founders and management teams to drive growth through disciplined buy-and-build strategies, operational enhancements, and professionalized governance. ACP focuses on companies in technology, media and telecommunications, marketing services, and light manufacturing, typically with $3–20 million of EBITDA.

Topics:Thematic Sourcing for Better DealsHow to Fortify the Foundation Post-ClosePeople & Culture as a Value Driver...and so much more.Top TakeawaysBuild a data-driven foundation. Eliot and Jordan agree it’s impossible to manage what you can’t measure. In the first 120 days, Broadwing focuses on defining key KPIs, setting a reporting cadence, and creating a single source of truth for data. This alignment between hard data and management’s intuition drives smarter decisions on sales, costs, and growth. Put people at the center of value creation. Broadwing Capital believes the people inside portfolio companies are the true foundation of growth. That’s why culture should be valued as highly as financial performance. Their mantra—“Onsite early, onsite often”—reflects a hands-on approach where building meaningful relationships accelerates execution.Lead with humility. In an industry known for confidence and control, Broadwing makes humility a core value. They emphasize listening to operators, learning from management teams, and recognizing that sector expertise often runs deeper inside the portfolio company than at the fund. That mindset builds trust and strengthens partnerships.About Eliot KerlinEliot Kerlin is the Founder & Managing Partner at Broadwing Capital, where he leads deal origination and works closely with management teams post-acquisition to deliver transformative results. Active in private equity since 2000, he brings extensive experience in M&A, corporate strategy, performance improvement, and value realization through sales, public offerings, and dividend recapitalizations.About Broadwing CapitalBroadwing Capital is a Dallas-based private equity firm targeting North American companies with $5–30 million in EBITDA. The firm focuses on founder- and family-owned businesses, providing both capital and operational expertise to accelerate growth. Its hands-on approach emphasizes culture, collaboration, and community impact to build more sustainable companies.

Topics:Fundraising Lessons from a $1.6B FundA Carve-Out Playbook That ScalesWhy You Need a One-Page Strategy...and so much more.Top TakeawaysKeep strategy simple. Instead of 50-slide strategy decks, Chris insists on a one-pager with two to four clear priorities. Every team member, from associate to partner, should be able to recite them. Simplicity drives alignment and execution.3 actionable tips for hiring executives. First, focus on three traits: intelligence, hustle, and the ability to lead. Second, use third-party assessment tools to better evaluate candidates. Third, test humility in real life. At Pacific Avenue, that means taking candidates out to a meal and watching the small interactions. If someone can’t treat people well in everyday settings, they won’t be a good leader inside the company.Make it safe to fail, so you can win consistently. Pacific Avenue’s rule: surface mistakes quickly, fix them, and move on. In fundraising, it’s asking for genuine feedback when LPs push back and refining the pitch. In operations, it’s changing course when a carve-out plan isn’t working. As Chris puts it, “It’s okay to be wrong. It's not okay to stay wrong.”Look at the past to plan the future. When assessing carve-outs, Pacific Avenue starts by asking: What did this business look like before the corporate parent? Often, it was a strong, growing standalone that later got deprioritized. That history matters because if the business thrived once, there’s a strong case it can thrive again with the right strategy.About Chris SznewajsChris Sznewajs is the Managing Partner and Founder of Pacific Avenue Capital Partners. A veteran investor in complex carve-outs and special situations, he brings decades of experience in private equity and operational turnarounds. Before launching Pacific Avenue in 2018, he was a Principal at The Gores Group and began his career in Bain & Company’s restructuring practice. About Pacific Avenue Capital PartnersPacific Avenue Capital Partners is an LA-based private equity firm focused on middle-market carve-outs, corporate divestitures, and other complex situations. The firm works hand-in-hand with management teams to unlock value through operational improvements and growth strategies. With the rapid close of its $1.6B Fund II in under four months, Pacific Avenue now manages over $3.8B in AUM.