From Big Four to 19 Acquisitions: Sequoya Borgman on Building Borgman Capital
Sequoya Borgman, Founder of Borgman Capital, joins the show to discuss his leap from public accounting into private equity, building an independent sponsor model, and the real challenge behind every deal—people. He shares lessons from 19 acquisitions, why they prioritize cultural fit, and how they’re tapping into retail capital and AI to scale smarter.

[00:03] From Arthur Andersen to launching Borgman Capital in 2017

[01:44] Acquisition focus: <$200M revenue, <$20M EBITDA, founder-led

[02:41] Why CEO transitions post-founder are the biggest execution risk

[04:04] Structuring smoother founder exits and delaying heavy changes

[06:01] Key takeaway from 19 deals: it's always about people

[07:27] Internal MDs, external consultants, and hands-on support

[08:23] Why they chose independent sponsorship over raising a fund

[10:45] Flexible hold periods appeal to sellers—option to hold long-term

[12:10] 450+ LPs and the launch of PassTheHat for retail investors

[14:03] Proprietary deal flow through direct sourcing and partnerships

[15:26] Expansion plan: adding local originators in new cities

[16:26] Top reads, podcasts, and how AI will impact private equity

[16:53] Using AI to review 1,500 SIMs—huge efficiency potential

[17:20] Confidentiality is the barrier to broader AI use in PE

[17:48] Why they can't fully adopt large AI platforms—NDA risk

[18:15] Book recs: Do Hard Things + AI Made Simple

[18:44] Staying ahead of AI’s rapid impact on PE and portfolio ops

[19:41] Closing thoughts and thanks for tuning in

How to contact Sequoya? via BorgmanCapital.com or LinkedIn

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Got feedback or questions? Email Alex at alex.rawlings@raw-selection.com. Until next time—keep smashing it!

Chris Rozell, Managing Partner at Cresta, joins us to discuss his journey from portfolio exec to founding a PE firm, scaling businesses to billions, and investing in decarbonization-focused infrastructure. He shares pragmatic insights on ESG, early-stage infra, and building trust with management teams—plus how Cresta bridges the gap between VC and large infra players.

[00:00] Chris Rizel, Managing Partner at Cresta, on infra investing, founding a PE firm, LP returns, and ESG.

[00:29] Early career: banking, power, then scaling Regency to billions and launching Cresta.

[01:49] Lessons from CCO role—scaling a PE-backed startup to public exit.

[02:40] Real leadership is learned in the trenches, not in transactions.

[04:33] Portfolio vs. PE firm: loss of customer insight, importance of trust.

[06:24] Mistake: avoiding early-stage infra. Cresta tackles it head-on.

[08:20] Built Cresta Fund Services to support early-stage founders.

[09:18] Go all-in on early infra—don’t dabble.

[10:17] Why decarbonization? Deep sector knowledge, big opportunity.

[11:44] Focused on waste, ag, logistics, and industry—high emission areas.

[12:43] Not impact-first. Returns come from low-cost, proven tech.

[14:08] Avoid high-cost hype. Stick to scalable, pragmatic solutions.

[15:35] Investing in “dirty” sectors to drive green efficiency and profit.

[16:56] Strategy: build from scratch, bridge gap between VC and big infra.

[18:21] Targeting the “missing middle” — commercial but small-scale tech.

[19:48] De-risk, scale, exit to strategics or infra roll-ups.

[21:41] Trends like RNG and biofuels are consolidating—Cresta’s in it.

[23:37] Long-term contracts appeal to infra buyers—interest growing.

[24:01] ESG: take a pragmatic, cost-first approach.

[25:27] Climate’s real, but so are other global issues—balance the spend.

[26:51] Keep climate solutions affordable to avoid wider harm.

[27:18] Influences: Founders Podcast, Acquired, stoicism.

[29:10] Stoic mindset: control your response, not external events.

Connect with Chris Rozzell on LinkedIn. Thanks for tuning in.

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Got feedback or questions? Email Alex at alex.rawlings@raw-selection.com. Until next time—keep smashing it!

The discussion in this podcast is for informational purposes and should not be relied on as investment advice or an offer to sell or a solicitation for an offer to buy any securities. Any opinions expressed are those of the speaker and are subject to change. Any discussion of past performance is provided for informational purposes only, is not track record information and should not be relied upon as a guarantee of future performance. Any information regarding the performance of prior companies was discussed in order to illustrate the experience of the partners of the firm and does not reflect the private equity fund management experience of the partners. It should not be assumed that investments made by Cresta will be comparable in quality or performance to the prior companies.

Sam Bendix, Partner at Chicago Pacific Founders, returns to share his framework for capital raising using motivational interviewing. He explains how it uncovers real motivations and qualifies prospects faster—without a hard sell. We cover how it applies to investor meetings, deal sourcing, hiring, and beyond. A practical framework for better conversations and better results.

[00:00] Sam Bendix, Partner at Chicago Pacific Founders, shares his capital-raising framework using motivational interviewing.

[00:28] Alex praises its use in candidate interviews, prospecting, and deal origination.

[00:58] Framework inspired by Sam’s wife, a dietitian, helping patients change behavior.

[01:53] Sam realized it draws out investor motivations instead of pushing a pitch.

[02:51] Ideal for hesitant prospects or those juggling priorities.

[04:13] Helps quickly qualify whether someone’s worth pursuing.

[05:37] Sam uses it on intro calls with LPs at the contemplation stage.

[06:33] It’s flexible — works even outside of work.

[08:30] Four stages: Engage, Focus, Evoke, Plan.

[10:15] Key question: "What led you to take this meeting?"

[12:09] Use “change talk” to uncover real motivations.

[13:59] Always leave with clear next steps.

[15:50] Similar to AIDA — build rapport, qualify, find the why, plan action.

[17:15] Real-life case study: reframed a real estate pitch to win infrastructure LP interest.

[22:28] Even a "no" reveals future opportunities.

[25:22] ORS method (Open questions, Reflective listening, Summarizing) is critical.

[27:17] Reflect objections back to build clarity and trust.

[28:13] Alex draws parallels with talent assessment — most firms hire for now, not the full journey.

[30:40] Exceptional execs have frameworks. If they can't articulate their playbook, you can’t scale them.

[32:07] Too many firms wing it with clients while being structured with candidates — both need frameworks.

[34:29] Sam praises Alex’s consultative approach to hiring — problem-finding > solution-pushing.

[36:55] Knowing the why behind hiring helps tailor the search to real business needs.

[39:47] Ideally, firms would hire 3 execs per hold period — one for each phase. Instead, you need one who can run the full race.

[43:10] Negotiation tips: frame your goals around the LP’s goals.

[45:35] Use three steps: Reflect objections, Reframe as shared objectives, Confirm buy-in.

[48:27] Book recs: Negotiation Genius (Harvard), Start with No (Jim Camp), and Quit (Annie Duke).

Sam’s open to connecting on LinkedIn.

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Got feedback or questions? Email Alex at alex.rawlings@raw-selection.com. Until next time—keep smashing it!