In this episode, host Alex Rawlings is joined by Joe Basrawy, Managing Director at Partners Capital, a global multi-asset investment firm serving some of the world's most sophisticated investors — including private equity founders, endowments, and family offices.

Joe offers a rare and in-depth look at the Limited Partner (LP) perspective — covering common pitfalls private equity firms make, what LPs are really looking for, and how to stand out in a crowded market. He also shares a masterclass on co-investments, including how LPs assess alignment, avoid adverse selection, and punch above their weight in deal flow.

This episode is packed with actionable insights for fund managers, deal professionals, operating partners, and anyone looking to better understand what makes a top-performing PE firm in the eyes of institutional investors.

⏱️ Timestamps:

00:00 – Welcome and guest intro: Joe Basrawy, Managing Director, Partners Capital
01:00 – Joe’s background: From investment banking to multi-asset investing
01:25 – What drew Joe to Partners Capital and what’s kept him there
02:21 – Biggest mistakes PE firms and portfolio companies make
03:15 – Raising too much capital: Overstretching and going off-spec
04:13 – Deal-level diversification: What LPs want to see
05:39 – Co-investing 101: Why it's attractive and the risks of adverse selection
06:37 – How LPs like Partners Capital avoid adverse selection in co-investments
07:33 – Being a reliable and speedy co-investment partner
08:31 – Why LPs say “no” to co-investments — alignment, conviction, and deal partners
09:57 – Referencing employees and internal conviction in deals
10:56 – What makes the best private equity firms? Joe’s four pillars
11:25 – #1: Strategy differentiation – A case study in healthcare PE
13:22 – #2: Value creation edge – Organic growth vs market tailwinds
15:18 – #3: Ownership dynamics – How GP stake sales affect firm culture
17:15 – #4: People – Why leadership and succession planning matter
19:05 – Referencing portfolio executives: The most revealing feedback
20:28 – What LPs learn from talking to portfolio CEOs
21:56 – What LPs look for in fund managers – Discipline, detail, and passion
23:52 – Joe’s reading recommendations – Fiction and finance
25:47 – How to connect with Joe
26:17 – Outro from Alex

📘 Recommended Reading by Joe Bazraoui:

• The Children Act by Ian McEwan (also a film adaptation with Emma Thompson)
• The Money Kings – History of Jewish-American families who founded Wall Street firms

🔗 Connect with Joe Basrawy:

• LinkedIn
  (search Joe Basrawy)
• Partners Capital Website

In this episode, Alex Rawlings is joined by Jeremiah Wanzell, a seasoned consumer brand executive with leadership roles at Hugo Boss and Calvin Klein, and now an operating partner working with private equity firms to drive growth in the consumer sector. Jeremiah shares his insights into the evolving role of the operating partner, value creation beyond financial engineering, the importance of omnichannel strategy, and how consumer-focused PE firms can win in a shifting market.

⏱️ Timestamps

00:03 – Intro & Background

• Jeremiah's career journey: from Bloomingdale’s to Hugo Boss & Calvin Klein
• Launching Growth Mindset Advisors to work with PE firms as a fractional growth officer

00:57 – Mistakes Private Equity Firms Make

• Misunderstanding or undervaluing the role of the operating partner
• Value creation needs real operators, not just consultants
• PE firms still testing the waters, especially in the lower/mid-market

03:44 – Why the Operating Partner Model Isn’t Universal Yet

• Too often operating partners are brought in post-acquisition — a critical mistake
• They need to be involved from the outset to shape value creation plans

05:12 – Case Study: Capizio Acquisition

• Deal thesis: investing in niche category leaders
• Brought the deal to Argonne after another firm passed
• Role: pre-deal diligence, channel expansion, post-deal advisory

07:07 – What Deal Teams Miss

• Overlooking multi-channel retail strategy
• Examples: Nike’s failed DTC push vs. Allbirds’ slow wholesale expansion
• Omnichannel is no longer optional

09:32 – Industry Shoutout: Grata

• Sponsor mention for proprietary, data-driven PE deal sourcing

09:58 – State of Consumer Deals

• Deal volume down 15% YoY, but deal size up
• Highlighted mega deals: Skechers ($9B), Dick’s x Foot Locker, Rode Beauty
• Hot sectors: health & wellness, beauty, and digitally native brands

11:27 – Tariffs & Pricing Strategy

• Tariff uncertainty is a headwind but affects all brands equally
• Brands must have clear differentiation and pricing transparency
• Examples: airlines as commoditized vs. a loyal landscaper who passed along cost savings

15:14 – Great Retail Experiences

• Retail “theater” matters more than ever
• Examples: Vuori, Lululemon, building community through in-store events
• It all starts with product excellence

17:32 – Evolution of DTC & Shopify’s Disruption

• Apple iOS14 killed third-party tracking; CAC skyrocketed
• Shopify commoditized eComm site creation → flooded market with undifferentiated brands
• Stubborn brands (e.g. Allbirds) suffered by not adapting

18:59 – Retail Experience Examples

• Retail must build community and be about more than transactions
• Brands that create loyalty through events and authentic connection win

19:51 – What Jeremiah Recommends

• Fan of The Private Equity Podcast and Scott Galloway
• Encourages reading, webinars, and giving back to your network

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection: www.raw-selection.com

🔹 Episode Overview:
In this episode, we’re joined by William Quartner, Partner at Prelude Growth Partners, a New York-based private equity firm dedicated to the high-growth consumer space. William shares insights from his impressive journey through investment banking and private equity at firms like Goldman Sachs and TowerBrook Capital, to now helping build Prelude Growth from its inception to the recent close of Fund III. He explores critical investment lessons, the importance of talent, consumer industry trends, and the real-life challenges and rewards of building a PE firm from the ground up.

00:00 – Intro to William Quartner & Prelude Growth Partners

• William’s background: Goldman Sachs, TowerBrook, and JP Morgan
• Prelude’s focus: high-growth consumer sectors like beauty, health & wellness, pet, baby, and food/beverage
• Just closed Fund III – now managing $1.3B in AUM

02:24 – Common Mistakes in PE & Consumer Investing

• Misunderstanding the type of risk (product, category, brand, execution)
• Lack of clarity on risk-return profile per category
• Undervaluing the importance of top-tier talent in portfolio companies

05:18 – Evaluating Talent and Leadership

• Differences between a great founder/CEO and an average one
• Importance of building the right team early
• Partnership model: working closely with founders as a minority investor

07:41 – Passion for the Consumer Industry

• How deep focus and passion improve investment intuition
• Recognizing industry "tourists" vs committed insiders
• Benefits of building a tight, focused ecosystem

09:39 – Lessons from Goldman Sachs & TowerBrook

• Seeing institutional rigor and process
• Learning high-standard due diligence and underwriting
• Wanting to work up the risk curve and help build something from scratch

11:29 – The Startup Journey of Prelude Growth

• From $85M in Fund I (2018) to $600M in Fund III (2025)
• Early-stage scrappiness and challenges
• Most rewarding part: building a recognized brand and seeing portfolio companies become category leaders

16:55 – Current Consumer Industry Trends & Outlook

• Growth brands more insulated from macro headwinds
• Tariff uncertainty and its impact on planning
• Strategic reshuffling by large CPG players creating investment opportunities
• Concerns around consumer debt and buy-now-pay-later risks
• LP skepticism toward consumer-focused funds, but Prelude bucks the trend

20:35 – Content Recommendations

• Podcasts: Pivot (Kara Swisher & Scott Galloway), Acquired, SmartLess
• Business newsletters: Axios Pro Rata, Term Sheet
• Substack content for niche consumer insights

21:32 – How to Connect with William
📧 Email: will@preludegrowth.com

🔚 Closing Thoughts:
William offers a masterclass in consumer investing; from risk frameworks and talent strategy to fundraising and sector specialization. His journey from major institutions to entrepreneurial investing highlights the power of clarity, conviction, and cultural fit in PE.

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection: www.raw-selection.com