Best But Never Final: Private Equity's Pursuit of Excellence

Episode Description

Mary Rachide, Managing Director at ICV Partners, and Bob Hund, Operating Partner at Oridian, join Sean Mooney, Lloyd Metz, and Doug McCormick to explain how operating executives help turn private equity value creation plans into results. They discuss how operating partners engage in diligence, align with founders and deal teams, and support portfolio companies through execution without losing trust. The conversat...

Lloyd Metz (Partner, ICV Partners), Doug McCormick (Managing Partner, Oridian Capital Partners), and Sean Mooney (Founder & CEO, BluWave) are joined by James Aylward (Chief Product & Technology Officer, BluWave) and Nathan Plummer (Co-Executive Director, Venture Café Global Institute) to translate AI from concept into execution. The conversation moves beyond buzzwords to where firms are actually applying AI today—from...

Lloyd Metz (Partner, ICV Partners), Doug McCormick (Managing Partner, Oridian Capital Partners), and Sean Mooney (Founder & CEO, BluWave) assess the private equity landscape heading into 2026. They unpack the pressure to return capital, the realities of longer hold periods, and why growth—not multiple expansion—is now the primary driver of returns. The conversation also explores the accelerating impact of AI on deal...

Doug McCormick, Managing Partner at HCI Equity Partners, and Lloyd Metz, Partner at ICV Partners, join BluWave’s Sean Mooney to explain why rollover equity sits at the center of private equity dealmaking. They break down the mechanics, tax advantages, and alignment dynamics that allow founders to take liquidity while remaining invested in future growth. The discussion also explores signaling, governance rights, and why invest...

Lloyd Metz and Doug McCormick join Sean Mooney to break down what truly makes a private equity deal team effective—from associate to partner. They unpack how roles evolve across the deal lifecycle, how firms assign and staff opportunities, and why intellectual honesty, judgment, and trust determine whether capital gets deployed wisely. The conversation moves beyond modeling and process into risk appetite, negotiation discipli...

Lloyd Metz, Doug McCormick, and Sean Mooney pull back the curtain on the real career path inside private equity, from first-year associate to partner. They break down the skills, judgment calls, and personal evolution required at each level, including when talent is assessed, how responsibility compounds, and why synthesis and EQ matter as much as modeling. The conversation also tackles business school, asking for help, and the rea...

Mike Magliochetti, Operating Partner at Riverside Partners and former multi-time PE-backed CEO, explains how operating partners create real value by bridging deal teams and portfolio company leadership. Drawing from three decades as an operator and his book Dancing Between the Toes of Elephants, Mike shares how trust, pattern recognition, and execution discipline shape better outcomes across diligence, governance, and growth. He al...

Meranee Phing Naaman, a trailblazer with over 25 years in private equity and two decades as a senior investment partner at Riverside Company, shares hard-won lessons from building and scaling businesses in consumer markets. She explains why IQ alone isn't enough in PE—you need EQ to sell your vision and LQ (learning quotient) to keep pattern recognition sharp. From buying the same home services business twice to pioneering fr...

Sean Mooney, Doug McCormick, and Lloyd Metz dissect the gap between textbook valuation methods and what actually happens when private equity firms decide what to pay for a business. They compare DCF models to LBO models, debate the usefulness of terminal value assumptions, and explain why market-based approaches trump theoretical frameworks. The conversation reveals how deal psychology, credit availability, and real-world capital s...

In this continuation of their conversation on portfolio performance, co-hosts Lloyd Metz (ICV Partners), Doug McCormick (HCI Equity Partners), and Sean Mooney (BluWave) move from diagnosis to action: what to actually do once you know a business isn’t performing to plan.

They cover how to tell a temporary headwind from a structural problem, where to start on revenue and cost fixes, and how to balance quick liquidity levers with...

Private equity is messy in real time. In this episode, co-hosts Lloyd Metz (ICV Partners), Doug McCormick (HCI Equity Partners), and Sean Mooney (BluWave) lay out practical ways to spot trouble early, separate market shifts from operator errors, and use forward indicators, not just rear-view financials, to steer. 

They cover KPI design by business model, forecasting discipline, the “support before swap” approach to ...

Sean Mooney shares a quick update from the Best But Never Final team. With deal flow, board work, and summer schedules in full swing, the podcast is taking a short break until after Labor Day. Sean reflects on the original vision for the show, offers suggestions for catching up, and previews what’s ahead. Whether you’re new to private equity or deep in the game, there’s plenty to dig into while we’re away.

Fo...

Board meetings are a critical tool for private equity firms to drive strategy, track progress, and unlock value. In this episode, Sean Mooney, Lloyd Metz, and Doug McCormick explore how private equity boards operate, from setting agendas and assembling members to balancing tactical updates with strategic discussions.

They discuss the importance of preparation, the role of independent directors, and how to ensure that board meetings ...

Consolidation strategies are a proven way to create value in fragmented markets, but execution is everything. In this episode, Doug McCormick walks through the key principles of launching and scaling a buy-and-build platform, sharing lessons learned from a real-world example in the lawn care industry. Joining Sean Mooney and Lloyd Metz, Doug dives into the essential elements of consolidation success, from developing the investment ...

Private equity is evolving rapidly, and staying ahead requires innovation in both diligence and value creation. In this episode, Sean Mooney, Lloyd Metz, and Doug McCormick explore the latest tools, trends, and strategies that are reshaping the private equity landscape in 2025.

The conversation dives into cutting-edge approaches to due diligence, including advancements in data analysis, tech diligence, and digital market studies. Th...

Tariffs are at the center of a rapidly changing global trade landscape, creating both challenges and opportunities for businesses. In this episode, Sean Mooney, Lloyd Metz, and Doug McCormick are joined by Michael Allen, co-founder of Beacon Global Strategies, to explore the state of U.S. trade policy, its impact on private equity, and how businesses can adapt.

Michael provides an inside look at the current administration's approach...

Merger integration is a critical component of private equity strategies, especially in buy-and-build models. In this episode, Sean Mooney, Lloyd Metz, and Doug McCormick break down what it takes to successfully integrate acquisitions, why careful planning is essential, and the risks that come with getting it wrong.

From cultural alignment and change management to IT systems and operational processes, the team provides actionable ins...

In this featured episode, we’re excited to share a conversation from Thoma Bravo’s Behind the Deal podcast. Join managing partner Holden Spaht as he sits down with Leagh Turner, CEO of Coupa, to explore how Thoma Bravo and Coupa are revolutionizing business spend management, leveraging AI, and driving innovation post-acquisition.

Hear how Coupa is transforming inefficiencies in the $33 trillion global trade ecosystem usi...

In this episode, Sean Mooney, Doug McCormick, and Lloyd Metz are joined by Carl Press of Thoma Bravo and Kevin MacDonald, CEO of Bluesight, to share a behind-the-scenes look at scaling a software company from a bootstrap startup to a private equity-backed category leader. Kevin reflects on his fourteen-year journey, from self-funding and navigating tough markets to leveraging venture capital and eventually partnering with private e...