Private Equity Value Creation Podcast

In this episode, Adam Waglay, CEO and Co-Founder at Butterfly Equity, explains why food is an attractive sector for private equity, and why B2B enablers like ingredients and packaging offer a way to play consumer trends without betting on a single brand.Hear how a dedicated transformation team embeds operators inside portfolio companies, how the playbook differs across three business models and where AI is creating the most leverage in food businesses today.The views and opinions expressed in this podcast interview are those of the speaker and are provided for informational and educational purposes only. They do not constitute investment advice, an offer to sell, or a solicitation of an offer to buy any securities or investment products. Nothing discussed herein should be construed as a recommendation to buy, sell, or hold any particular security or to adopt any specific investment strategy.Adam Waglay is a representative of Butterfly Equity, an investment adviser registered with the Securities and Exchange Commission. Past performance discussed during this interview is not indicative of future results, and no representation or warranty is made that any investment strategy, portfolio, or account will or is likely to achieve profits, losses, or results similar to those discussed. Any references to specific investments, sectors, market conditions, or strategies are not intended as, and must not be relied upon as, personalized investment advice. Individual investment decisions should be made in consultation with a qualified financial professional based on your specific financial situation, investment objectives, and risk tolerance.This interview may contain forward-looking statements, projections, or opinions about future market performance or economic conditions. Such statements are inherently uncertain and subject to risks, and actual results may differ materially from those expressed or implied. Butterfly Equity undertakes no obligation to update or revise any forward-looking statements made during this interview.

On this episode, John Dickie, Partner and Co-Head of Private Equity at HighVista Strategies, explains how HighVista evaluates the lower middle market managers it backs. Learn what separates the managers LPs back fund after fund from the rest, the role fund size plays in that decision and the conversations that show whether a value creation playbook holds up in practice.Hear how a sharp slowdown in fundraising is reshaping private equity and what it means for new managers trying to raise their first fund. Then learn how LPs weigh single-asset deals against diversified fund commitments and how AI is changing the way investors think about opportunity and risk across a portfolio.The information contained in this podcast is not intended to constitute, and should not be construed as, investment advice.

On this episode, Taylor McKinley and Chris Cassidy, partners on the investment and growth teams at Mainsail Partners, break down how 40-plus operators and a deal team work as one. Learn why engaging companies a year or more before investing helps win deals and how operating support gets factored into the investment thesis and diligence.Hear why companies at $5–10 million of ARR need practical help rather than just more advisors, how to weigh where limited capacity goes across a portfolio after close and how a hands-on team of former CTOs can accelerate AI product development. Then learn what it takes to build this model at your own firm—letting portfolio needs dictate specialist hires, hiring people who have run the functions themselves and embedding collaboration in the culture.The information contained in this podcast is not intended to constitute, and should not be construed as, investment advice.

On this episode, Shiv Narayanan, Founder & CEO at How To SaaS, explains how AI platforms have changed the way buyers research and make purchase decisions, why being invisible to AI is a business continuity risk and what you can do about it.Learn how platforms decide which vendors make a buyer's shortlist, why gated content works against you and why what customers say about you carries more weight than what you say yourself. Then hear how to measure your current visibility, find the gaps competitors are filling and build a roadmap that ties visibility to pipeline.

On this episode, Blair Garrou, Co-Founder and Managing Partner at Mercury Fund, details the Mercury Method—a post-investment approach that borrows from private equity to lower loss ratios in early-stage venture. Learn how a 100-point operational hygiene audit surfaces the most urgent risks and how fractional executives fill weak functions until they hire their own replacements.Hear how an in-house AI lab supports assessments and AI transitions across the portfolio, why building brand voice with a human first makes agent-written content work and how a $500 million portfolio company runs marketing with three people. Then learn why a formal liquidity program that starts two to three years before exit keeps companies ready to transact and why vertical software companies with real data moats, systems of record and deep industry expertise aren't going anywhere despite the SaaS apocalypse.The information contained in this podcast is not intended to constitute, and should not be construed as, investment advice.