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Minds Capital Podcast

Will Smith & Niklas James

Your connection to the growing world of independent sponsors and deal-by-deal private equity.

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#82
Wednesday · 54 min
815 Independent Sponsor Deals Analyzed
Greg Brown is a Professor of Finance at UNC Kenan-Flagler and Founder of the Institute for Private Capital. On July 15, 2026, he published the first large-scale study of independent sponsor performance, covering 815 deals. Investor-reported transactions generated a 2.86x average gross TVPI and 29.3% gross IRR, outperforming matched non-IS PE deals by 0.73x TVPI and 11.4% IRR on average, with no statistically significant increase in downside risk. References and how to contact today's guest: Greg Brown | LinkedIn Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds: See past + future interviews on the YouTube channel Connect with hosts Will Smith and Niklas James Visit Minds Capital Credits: Edited by Anton Rohozov
#81
September 30 · 1 hr 8 min
When Equity Oversubscribes 2-3x
Sequoya Borgman is the first repeat guest on the Minds Capital Podcast. Since his last appearance, Borgman Capital has exited 1 company (4x+ net MOIC) and acquired 2 more (Minds Capital invested in the latest one, PCCD). Those 2 acquisitions were 3x and 2x oversubscribed respectively. Borgman has now acquired 13 platforms since 2017, owns 9 today, and is currently exploring 2 more exits. References and how to contact today's guest: Sequoya Borgman | LinkedIn Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds: See past + future interviews on the YouTube channel Connect with hosts Will Smith and Niklas James Visit Minds Capital Credits: Edited by Anton Rohozov
#80
September 23 · 1 hr 5 min
Funding Deal #2 From Exit #1
Ben Tiggelaar started his career in PE before acquiring healthcare business Enable Dental in 2017. He ran it searcher-style for 5 years, exited in 2022, took 10 months off, and then bought Datatel with his own capital. The 2nd deal has evolved from a $6m revenue MSP with 55-60% recurring revenue in 2023 into a ~$8m business with ~90% recurring revenue. References and how to contact today's guest: Ben Tiggelaar | LinkedIn Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds: See past + future interviews on the YouTube channel Connect with hosts Will Smith and Niklas James Visit Minds Capital Credits: Edited by Anton Rohozov
#79
September 16 · 1 hr 8 min
Rolling Up Tiny $400k EBITDA Targets
Ziv Bendor co-founded Pinewell Capital in Scottsdale in 2016 after working across consulting and operating roles. Pinewell is now working on its 5th platform and 10th acquisition across an eclectic mix of B2B & B2C businesses. One of its more unusual strategies involved rolling up 4 businesses averaging less than $500k of EBITDA into one platform now generating ~$7m of EBITDA. References and how to contact today's guest: Ziv Bendor | LinkedIn Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds: See past + future interviews on the YouTube channel Connect with hosts Will Smith and Niklas James Visit Minds Capital Credits: Edited by Anton Rohozov
#78
September 9 · 59 min
Over $60m of Second Bite Liquidity
Chad Scripps started Black Lake Capital in 2013 after working at McKinsey, HIG, and several hedge funds. Based in Denver, Black Lake is an unapologetic “fundless sponsor” doing 1-2 deals per year. They focus on tech-enabled businesses, although Chad jokes that “if you’ve got email, we’ll call you tech enabled.” The approach is opportunistic & valuation-driven. Black Lake reviews roughly 2,500 opportunities per year to find those 1-2 acquisitions. References and how to contact today's guest: Chad Scripps | LinkedIn Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds: See past + future interviews on the YouTube channel Connect with hosts Will Smith and Niklas James Visit Minds Capital Credits: Edited by Anton Rohozov
#77
September 2 · 56 min
The Doctor & The Finance Bro
Dr. Lisa Piercey went from pediatrician to hospital executive, Tennessee Commissioner of Health during COVID, and now independent sponsor preparing to close her 5th healthcare platform. Her edge is deep healthcare operating & policy expertise, particularly around reimbursement, aging, chronic disease, Medicaid, and value-based care. References and how to contact today's guest: Lisa Piercey | LinkedIn Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds: See past + future interviews on the YouTube channel Connect with hosts Will Smith and Niklas James Visit Minds Capital Credits: Edited by Anton Rohozov
#76
August 19 · 1 hr 6 min
$2m to Start as an Independent Sponsor
Drew Bagin and his partner raised $2m in seed capital for the General Partnership before doing their first deal as an independent sponsor. Then they built a tightly regional strategy focused on Maine and New England. 5 platforms later, the regional focus manifests in a differentiated sourcing network & value creation, and a fire protection platform approaching exit. References and how to contact today's guest: Drew Bagin | LinkedIn Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds: See past + future interviews on the YouTube channel Connect with hosts Will Smith and Niklas James Visit Minds Capital Credits: Edited by Anton Rohozov
#75
August 5 · 1 hr 7 min
Behind The Scenes: Our Unique Angle In An Increasingly Crowded Space
The 3 founding partners of Minds Capital sit down for the 75th episode to provide a behind-the-scenes glimpse of their operations & strategy, and also share market observations rangnig from rollup frequency, first-time sponsor pitfalls, underwriting AI, and supply & demand imbalances on the capital side within the independent sponsor ecosystem. References and how to contact today's hosts: Niklas James | LinkedIn Will Smith | LinkedIn Max Lummis | LinkedIn Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds: See past + future interviews on the YouTube channel Visit Minds Capital Credits: Edited by Anton Rohozov
#74
July 29 · 57 min
"An Independent Sponsor Can Be My Favorite Kind of Buyer"
Dara Shareef is an executive at Benchmark International, a global lower-middle market M&A brokerage. Dara is an avid speaker on panels and podcasts, and he brings a nuanced perspective on independent sponsors as a buyer group, tactics to win deals, and best-in-class process management post-LOI. He is a believer in content marketing as a way for dealmakers to build trust, transparency, and inbounds. References and how to contact today's guest: Dara Shareef | LinkedIn Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds: See past + future interviews on the YouTube channel Connect with hosts Will Smith and Niklas James Visit Minds Capital Credits: Edited by Anton Rohozov
#73
July 22 · 1 hr 8 min
1 Equity Raise ($500k), 4 PortCos
Andrew McDonald raised $500k to acquire one small business selling work safety shoes in 2015. He used the cash flow from this fledgling company to acquire his next one, a fireworks distributor. He recently clinched his first exit, and today enjoys autonomous control over an eclectic portfolio. Andrew is wise beyond his years, with analogies that will make your head spin. References and how to contact today's guest: Andrew McDonald | LinkedIn Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds: See past + future interviews on the YouTube channel Connect with hosts Will Smith and Niklas James Visit Minds Capital Credits: Edited by Anton Rohozov
#72
July 15 · 59 min
The 123-Year-Old Firm's Independent Sponsor Blitz
HKW is a 123-year-old firm (!!). First an investment bank, then a PE investor across 5 funds, and now an independent sponsor with 5 new platforms in the last 18 months. Ted Kramer is the CEO of this venerable institution, and he shares why thae history matters as they've converted 180 completed buy-side transactions and 25,000 tracked deals into pattern recognition. References and how to contact today's guest: Ted Kramer | LinkedIn Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds: See past + future interviews on the YouTube channel Connect with hosts Will Smith and Niklas James Visit Minds Capital Credits: Edited by Anton Rohozov
#71
July 8 · 1 hr 2 min
11 Exits in 11 Years
After decades at Arthur Andersen and Grant Thornton, Lou Grabowsky and his son Brian raised capital upfront to stand up the management company of Juniper Capital Manager before chasing the first deal. That meant people, process, credibility, and enough infrastructure to look like a real buyer from day 1. References and how to contact today's guest: Lou Grabowsky | LinkedIn Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds: See past + future interviews on the YouTube channel Connect with hosts Will Smith and Niklas James Visit Minds Capital Credits: Edited by Anton Rohozov
#70
July 1 · 1 hr 5 min
Holding All-Equity Deals Forever
Houston-based Logan Walters founded Forge Equity in 2021 after a career in traditional private equity (focused on oil services). Dismayed by the limiting 5-year holds of conventional private equity, Logan and his partners have developed a strict preference for indefinite hold periods. We discuss how this affects deal screening and explore their dividend philosophies. References and how to contact today's guest: Logan Walters | LinkedIn Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds: See past + future interviews on the YouTube channel Connect with hosts Will Smith and Niklas James Visit Minds Capital Credits: Edited by Anton Rohozov
#69
June 24 · 1 hr 1 min
From Venture Capital to Independent Sponsor
Christian Seale has built healthcare companies from every angle. As a healthcare VC, entrepreneur, and now founder of Despierta, Christian Seale combines VC, PE, and independent sponsorship into a single concept. He explains why buying businesses can be better than building from scratch, how Mexico became a laboratory for healthcare innovation, and why Miami has emerged as one of the world's most attractive cities for entrepreneurs. References and how to contact today's guest: Christian Seale | LinkedIn Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds: See past + future interviews on the YouTube channel Connect with hosts Will Smith and Niklas James Visit Minds Capital Credits: Edited by Anton Rohozov
#68
June 17 · 59 min
Promoted from Associate to MD at Independent Sponsor Firm
Jimmy Watson graduated during the 2009 financial crisis, which forced him to move back home to his parents' basement. Luckily he soon landed a job in FP&A at Raytheon, and later moved through roles in consulting and middle market banking before eyeing the independent sponsor model. He joined Clavis Capital Partners as an associate in 2018 and rose to Managing Director over the next 8 years. References and how to contact today's guest: Jimmy Watson | LinkedIn Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds: See past + future interviews on the YouTube channel Connect with hosts Will Smith and Niklas James Visit Minds Capital Credits: Edited by Anton Rohozov
#67
June 10 · 1 hr 15 min
Two Recaps To 10.5x MOIC
Dan Chetrit was a traditional searcher, "stuck" in his first (well-performing) deal. That changed during COVID, when they successfully recapped the company. Rolling their carry back into the business gave them majority control, removed the full-time attention clause, and let them start building a portfolio instead of staying tied to a single company. Since then, they’ve added ~1 new platform per year while building a sourcing engine that aims at making them a top-decile independent sponsor. References and how to contact today's guest: Dan Chetrit | LinkedIn Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds: See past + future interviews on the YouTube channel Connect with hosts Will Smith and Niklas James Visit Minds Capital Credits: Edited by Anton Rohozov
#66
June 3 · 1 hr 10 min
Tripled EBITDA, Doubled Multiple, Exited Early
After a distinguished career at BCG and as an executive in retail, Richard Baum was directed to the deal-by-deal model amid fundraising woes in the mid-2000s. Today he's viewed as one of the pioneers of the independent sponsor model, building Consumer Growth Partners around deep sector expertise. Over 20 years, he helped turn the independent sponsor ecosystem, previously mostly known for its lack of committed capital, into the dominant buyer of lower-middle market companies in North America. References and how to contact today's guest: Richard Baum | LinkedIn Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds: See past + future interviews on the YouTube channel Connect with hosts Will Smith and Niklas James Visit Minds Capital Credits: Edited by Anton Rohozov
#65
May 27 · 1 hr 4 min
The Family Office Independent Sponsor
Jim Bolduc operates the independent sponsor arm within his family's Family Office. As a former investment banker at Merrill Lynch, Jim walks us through the nuances of their approach, which includes a focus on the retail industry built on decades of entrepreneurial experience. References and how to contact today's guest: Jim Bolduc | LinkedIn Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds: See past + future interviews on the YouTube channel Connect with hosts Will Smith and Niklas James Visit Minds Capital Credits: Edited by Anton Rohozov
#64
May 20 · 1 hr 10 min
Steak & Sizzle with a Side of Fundless
Bruce Lipian just wanted to keep doing deals after his committed fund was fully deployed. At a New York conference, someone called him “fundless.” A few drinks later, the group landed on a better term: independent sponsor. The name stuck. So did the model. References and how to contact today's guest: Bruce Lipian | LinkedIn Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds: See past + future interviews on the YouTube channel Connect with hosts Will Smith and Niklas James Visit Minds Capital Credits: Edited by Anton Rohozov
#63
May 13 · 1 hr 18 min
50% Carry on 50x MOIC
Jim Tapp started his career at Mobil Oil, with a mortgage that kept him in the rat race. Then he met a blue-collar business owner with a giant yacht in his Newport Beach backyard. Shortly after, Jim Tapp moved his family with 5 kids back to Atlanta and got into the lower-middle market M&A game. After decades with funds and deal-by-deals, he now partners with two of his sons as an independent sponsor. References and how to contact today's guest: Jim Tapp | LinkedIn Minds Capital invests equity into deals by independent sponsors and searchers. For independent sponsors with a deal under LOI, visit Minds Capital to start a conversation. Our website also contains more information about this podcast and for prospective investors. Connect with Minds: See past + future interviews on the YouTube channel Connect with hosts Will Smith and Niklas James Visit Minds Capital Credits: Edited by Anton Rohozov

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