Is the "Crazy Math" of private markets masking the truth about your investments?

In this episode of the Private Equity Experience Podcast, hosts Rory Leaphart, Ed Barton, and Emily Sander break down a recent Wall Street Journal article titled "The Crazy Math Confronting Everyday Investors in Private Markets." If you’ve ever wondered how private equity and private credit funds actually value their portfolios and whether those numbers are real or just subjective "engineering," this episode is your backstage pass.

What we cover in this episode:

• Private Credit vs. Private Equity: The fundamental differences between lending assets and ownership stakes.
• The "Squishy" Valuation Game: Why private equity valuations are like Olympic figure skating scores: highly subjective, beautifully modeled, and sometimes massaged to protect management fees.
• Impairments & "Loss Harvesting": How managers strategically offset massive home runs by dumping underperforming assets at the exact right time.
• Non-Traditional Structures: The truth about escalators, profit participations, and structured notes that traditional banks won't touch.
• Sound Smart in Your Next Meeting: The exact questions to ask your fund managers to find out if their deck is based on fundamental analysis or GAAP accounting.

Takeaway: Don't count your dollars before they hit the bank! In a volatile market, your portfolio values might swing by 20% or more. Proceed with caution.

If you enjoyed this deep dive, make sure to LIKE, SHARE, and SUBSCRIBE wherever you get your podcasts!

Got questions about your private market investments? Drop a comment below or hit up Ed and Rory!

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🎙 Podcast – Strategies, PE 101 & witty banter

📚 Book – On‑Ramp to Exit, full deal life cycle

🛠 Resources – Free templates, guides, tools

🔗 LinkedIn – Follow us for fresh PE insights

================================

Who Are We?

Three insiders. One mic. All things private equity — explained. Hi 👋 We’re Ed, Rory, and Emily — a CEO, a CFO, and a Chief of Staff — here to demystify the world of private equity. Between us, we’ve sat in the founder’s chair, run PE‑backed companies, and worked on the deal side, so we know the wins, the pitfalls, and the jargon (and we’ll explain it).

Through the Private Equity Experience Podcast, our book On‑Ramp to Exit, and a library of free tools and templates, we share real‑world stories, practical strategies, and insider insights to help you navigate every stage of the PE journey — whether you’re leading a portfolio company, joining a deal team, considering PE, or just PE‑curious.

🔗Connect with Ed

🔗Connect with Emily

🔗Connect with Rory

Saudi Arabia’s Public Investment Fund (PIF) once positioned itself as an unstoppable financial powerhouse, backing massive projects like LIV Golf, NEOM, and global sports investments. In this episode, the hosts break down why the $900 billion sovereign wealth fund is now facing liquidity pressure and what it reveals about risk, cash flow, and long-term investment strategy in Private Equity.

The conversation explores how ambitious “empire-building” investments can clash with the fundamentals of disciplined capital allocation, especially when projects prioritize branding and global influence over financial returns. The team also examines whether investments like LIV Golf were strategic moves or costly ego-driven bets with no clear monetization plan.

Listeners will gain insight into how Private Equity firms manage illiquid assets, the importance of diversification, and the tough decisions investors face when deals underperform. From sovereign wealth funds to traditional PE strategies, this episode offers a practical and engaging look at what happens when even the biggest investors need to slow down and rethink the playbook.

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🎙 Podcast – Strategies, PE 101 & witty banter

📚 Book – On‑Ramp to Exit, full deal life cycle

🛠 Resources – Free templates, guides, tools

🔗 LinkedIn – Follow us for fresh PE insights

================================

Who Are We?

Three insiders. One mic. All things private equity — explained. Hi 👋 We’re Ed, Rory, and Emily — a CEO, a CFO, and a Chief of Staff — here to demystify the world of private equity. Between us, we’ve sat in the founder’s chair, run PE‑backed companies, and worked on the deal side, so we know the wins, the pitfalls, and the jargon (and we’ll explain it).

Through the Private Equity Experience Podcast, our book On‑Ramp to Exit, and a library of free tools and templates, we share real‑world stories, practical strategies, and insider insights to help you navigate every stage of the PE journey — whether you’re leading a portfolio company, joining a deal team, considering PE, or just PE‑curious.

🔗Connect with Ed

🔗Connect with Emily

🔗Connect with Rory

In this episode, the hosts explore a fundamental question in Private Equity: should you build a high-performance team of top external talent, or rely on trusted family members to run the business? Through real-world stories, they unpack the trade-offs between trust, competence, and scalability– especially during high-stakes moments like PE transactions.

The conversation dives into the complexities of family dynamics, including trust gaps, role misalignment, and the emotional ties that can both strengthen and hinder performance. They also highlight how outside executives, especially in roles like Chief of Staff, can help bridge gaps and drive alignment.

Ultimately, the episode reveals that there’s no one-size-fits-all answer. The key is aligning the right people to the right roles at the right stage of the business, while balancing performance with trust to maximize long-term value.

==============================

🎙 Podcast – Strategies, PE 101 & witty banter

📚 Book – On‑Ramp to Exit, full deal life cycle

🛠 Resources – Free templates, guides, tools

🔗 LinkedIn – Follow us for fresh PE insights

================================

Who Are We?

Three insiders. One mic. All things private equity — explained. Hi 👋 We’re Ed, Rory, and Emily — a CEO, a CFO, and a Chief of Staff — here to demystify the world of private equity. Between us, we’ve sat in the founder’s chair, run PE‑backed companies, and worked on the deal side, so we know the wins, the pitfalls, and the jargon (and we’ll explain it).

Through the Private Equity Experience Podcast, our book On‑Ramp to Exit, and a library of free tools and templates, we share real‑world stories, practical strategies, and insider insights to help you navigate every stage of the PE journey — whether you’re leading a portfolio company, joining a deal team, considering PE, or just PE‑curious.

🔗Connect with Ed

🔗Connect with Emily

🔗Connect with Rory

In this episode, the hosts unpack a growing trend of small business owners rejecting private equity offers, highlighted by a plumber who repeatedly turned down buyout opportunities. They explore how PE firms identify and target fragmented industries, and why roll-up strategies remain a core playbook. The conversation dives into the real reasons behind founder resistance, from preserving legacy and culture to concerns about control and financial risk. Listeners will gain a balanced perspective on whether private equity is misunderstood or simply not the right fit for every business owner.

==============================

🎙 Podcast – Strategies, PE 101 & witty banter

📚 Book – On‑Ramp to Exit, full deal life cycle

🛠 Resources – Free templates, guides, tools

🔗 LinkedIn – Follow us for fresh PE insights

================================

Who Are We?

Three insiders. One mic. All things private equity — explained. Hi 👋 We’re Ed, Rory, and Emily — a CEO, a CFO, and a Chief of Staff — here to demystify the world of private equity. Between us, we’ve sat in the founder’s chair, run PE‑backed companies, and worked on the deal side, so we know the wins, the pitfalls, and the jargon (and we’ll explain it).

Through the Private Equity Experience Podcast, our book On‑Ramp to Exit, and a library of free tools and templates, we share real‑world stories, practical strategies, and insider insights to help you navigate every stage of the PE journey — whether you’re leading a portfolio company, joining a deal team, considering PE, or just PE‑curious.

🔗Connect with Ed

🔗Connect with Emily

🔗Connect with Rory

In this episode, we dive deep into the fascinating (and sometimes salacious) business of fishing. 🌊 We explore the journey of Simms Fishing, the iconic brand that went from a family-owned boutique in 1980 to a $1.3 billion private equity play.

What happens when a brand built on craftsmanship and "Mom and Pop" loyalty scales for the masses? We discuss the recent retail boycott by small fly shops, the impact of the COVID-19 outdoor boom, and why professional guides are starting to ditch their favorite gear.

In this episode, you’ll learn:

• The Evolution of Simms: From specialized craftsmanship to a $1.3B valuation. 📈
• Private Equity vs. Quality: How "roll-up" strategies and PE ownership can change a brand’s complexion and alienate its core customer base.
• The Big-Box Shift: Why Simms moved away from small shops to cater to giants like Bass Pro Shops and Cabela’s. 🛒
• Market Strategy: The "Louis Vuitton" model of addressing different market segments without cannibalizing them.
• Personal Fails: Emily shares her hilariously embarrassing fishing excursions, including catching a glove and—ouch—her own arm. 🩹

Whether you're a business strategist, a private equity enthusiast, or just an angler wondering why your waders feel different, this deep dive into the outdoor industry is for you!

==============================

🎙 Podcast – Strategies, PE 101 & witty banter

📚 Book – On‑Ramp to Exit, full deal life cycle

🛠 Resources – Free templates, guides, tools

🔗 LinkedIn – Follow us for fresh PE insights

================================

Who Are We?

Three insiders. One mic. All things private equity — explained. Hi 👋 We’re Ed, Rory, and Emily — a CEO, a CFO, and a Chief of Staff — here to demystify the world of private equity. Between us, we’ve sat in the founder’s chair, run PE‑backed companies, and worked on the deal side, so we know the wins, the pitfalls, and the jargon (and we’ll explain it).

Through the Private Equity Experience Podcast, our book On‑Ramp to Exit, and a library of free tools and templates, we share real‑world stories, practical strategies, and insider insights to help you navigate every stage of the PE journey — whether you’re leading a portfolio company, joining a deal team, considering PE, or just PE‑curious.

🔗Connect with Ed

🔗Connect with Emily

🔗Connect with Rory

📉 Is the Private Equity model fundamentally broken, or is it just a pause?

In this episode of the Private Equity Experience, hosts Ed Barton, Rory Liebhart, and Emily Sander dive deep into the "structural reset" currently hitting the industry. Based on recent data from Cascadia Capital, the team debates whether the recent slowdown is a temporary cyclical pause or a permanent shift in how private equity operates.

Inside this episode:

• The Family Business: Ed shares a personal update on hiring a "nepo baby" to navigate a challenging tax season.
• Structural Reset vs. Cyclical Pause: Why 30-40% of existing PE funds might not be operating in five years.
• The Rise of Secondaries: Understanding why continuation vehicles now make up 30% of PE exits.
• The Valuation Gap: Dealing with the "bid-ask spread" and the reality of 13x vs. 9x EBITDA multiples.
• Transparency is King: Why Limited Partners (LPs) are moving from a "just trust us" mentality to demanding hard numbers and predictable returns.

Key Takeaways:
Whether you are an investor, a business owner, or a finance professional, understanding these new market forces—from the $1.4 trillion in unrealized value to the increasing competition from family offices—is crucial for navigating the 2026 landscape.

==============================

🎙 Podcast – Strategies, PE 101 & witty banter

📚 Book – On‑Ramp to Exit, full deal life cycle

🛠 Resources – Free templates, guides, tools

🔗 LinkedIn – Follow us for fresh PE insights

================================

Who Are We?

Three insiders. One mic. All things private equity — explained. Hi 👋 We’re Ed, Rory, and Emily — a CEO, a CFO, and a Chief of Staff — here to demystify the world of private equity. Between us, we’ve sat in the founder’s chair, run PE‑backed companies, and worked on the deal side, so we know the wins, the pitfalls, and the jargon (and we’ll explain it).

Through the Private Equity Experience Podcast, our book On‑Ramp to Exit, and a library of free tools and templates, we share real‑world stories, practical strategies, and insider insights to help you navigate every stage of the PE journey — whether you’re leading a portfolio company, joining a deal team, considering PE, or just PE‑curious.

🔗Connect with Ed

🔗Connect with Emily

🔗Connect with Rory

Does private equity just optimize businesses, or does it optimize the entire playing field? 📈 In this episode of The Private Equity Experience, Emily Sander, Ed Barton, and Rory Liebhart pull back the curtain on the "sophisticated" world of public policy and lobbying.

We dive deep into how private equity firms use their outsized weight to influence laws, regulations, and tax codes to protect their returns. From the famous (and controversial) carried interest tax treatment to "rent-seeking" strategies that create obstacles for competitors, we explore the tools PE firms use to ensure their portfolio companies stay on top.

In this episode, you’ll learn:

• The Power of Politics: Why politics might be the most important form of leverage for PE firms.
• Carried Interest Explained: Why this "bonus" is taxed at long-term capital gains rates instead of ordinary income.
• The Lobbying Machine: How firms like Blackstone and KKR use internal teams and industry coalitions to shape legislation.
• Rent-Seeking & Regulation: How businesses use the government to create barriers for their competition.
• Litigation as Strategy: Using the courts to interpret and influence policy when lobbying isn’t enough.

==============================

🎙 Podcast – Strategies, PE 101 & witty banter

📚 Book – On‑Ramp to Exit, full deal life cycle

🛠 Resources – Free templates, guides, tools

🔗 LinkedIn – Follow us for fresh PE insights

================================

Who Are We?

Three insiders. One mic. All things private equity — explained. Hi 👋 We’re Ed, Rory, and Emily — a CEO, a CFO, and a Chief of Staff — here to demystify the world of private equity. Between us, we’ve sat in the founder’s chair, run PE‑backed companies, and worked on the deal side, so we know the wins, the pitfalls, and the jargon (and we’ll explain it).

Through the Private Equity Experience Podcast, our book On‑Ramp to Exit, and a library of free tools and templates, we share real‑world stories, practical strategies, and insider insights to help you navigate every stage of the PE journey — whether you’re leading a portfolio company, joining a deal team, considering PE, or just PE‑curious.

🔗Connect with Ed

🔗Connect with Emily

🔗Connect with Rory

In this episode of the Private Equity Experience, Emily Sander, Ed Barton, and Rory Liebhart dive into the secretive and rapidly growing world of family offices. Think Private Equity is the only big player in town? Think again. In our latest episode of the Private Equity Experience, we’re pulling back the curtain on the $5.5 trillion world of Family Offices

From 40-year investment horizons to the "poaching" of top Wall Street talent, family offices are changing the rules of the game for founders and investors alike.

In this episode, we discuss:
💰 Why family offices are becoming direct competitors to PE firms.
⏳ The "Generational Wealth" advantage: Why patience is their superpower.
📉 The $100 Million Breakpoint: When does it make sense to bring management in-house?.
🤝 Why founders might prefer a family office partner over traditional institutional capital.
Whether you're a founder looking for growth capital or an investment pro curious about the "buy-side" of family wealth, this is an episode you can't afford to miss.

Key Discussion Points
- Defining the Family Office: A professional money management entity designed to oversee and grow the wealth of a specific family.
- Family Office vs. Private Equity: Unlike PE firms that manage external capital for Limited Partners (LPs), family offices own the capital they deploy, allowing for unique flexibility in tax treatment and liquidity.
- The "Generational Wealth" Advantage: Because they aren't bound by 10-year fund cycles, family offices can maintain a 40-year investment horizon, offering founders more patience and less pressure to "churn" deals.
- The Cost of In-House Management: Ed explains the "breakpoint" for starting a single-family office, noting that it typically requires roughly $100 million in investible assets to remain cost-effective while hiring top-tier talent.

Why Founders Should Pay Attention
For founders looking for an exit or growth capital, family offices offer a compelling alternative to PE:
- Flexibility on Terms: They are often more willing to make smaller investments (under $10M revenue) that traditional PE firms might find too small.
- Seamless Transitions: Founders who have previously made money for an investor often find a "warmer" and more trusted partnership within that investor’s family office.

==============================

🎙 Podcast – Strategies, PE 101 & witty banter

📚 Book – On‑Ramp to Exit, full deal life cycle

🛠 Resources – Free templates, guides, tools

🔗 LinkedIn – Follow us for fresh PE insights

================================

Who Are We?

Three insiders. One mic. All things private equity — explained. Hi 👋 We’re Ed, Rory, and Emily — a CEO, a CFO, and a Chief of Staff — here to demystify the world of private equity. Between us, we’ve sat in the founder’s chair, run PE‑backed companies, and worked on the deal side, so we know the wins, the pitfalls, and the jargon (and we’ll explain it).

Through the Private Equity Experience Podcast, our book On‑Ramp to Exit, and a library of free tools and templates, we share real‑world stories, practical strategies, and insider insights to help you navigate every stage of the PE journey — whether you’re leading a portfolio company, joining a deal team, considering PE, or just PE‑curious.

🔗Connect with Ed

🔗Connect with Emily

🔗Connect with Rory