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 dealmaking, operations, and portfolio company performance. This is a clear-eyed view of where private equity is headed next—hit play.

Episode Highlights

• 2:00 - Liquidity pressure builds as distributions lag across the industry
• 6:01 - Why market volatility stalled deal activity despite early momentum
• 10:29 - Surge in diligence activity signals a delayed but real deal rebound
• 12:02 - “12 is the new 5”: growth expectations reset for private equity returns
• 17:46 - Shift toward add-ons and operational upgrades across portfolios
• 23:09 - Manufacturing resurgence and reshoring create new investment themes
• 38:18 - AI moves from concept to execution across firms and portfolio companies

For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.

Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/
Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/

For information on Oridian Capital Partners, go to https://oridiancapital.com/
For information on ICV Partners, go to https://www.icvpartners.com
For information on BluWave, go to https://www.bluwave.net

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 investors pay close attention to how much an owner chooses to reinvest. If you want to understand why rollover equity drives many of the best outcomes in private equity, hit play.

1:41 - What rollover equity means and why founders keep ownership after a sale

4:19 - Why private equity firms want management teams to reinvest

6:43 - The mechanics of tax-efficient rollover structures

10:27 - The compounding power of tax deferral in rollover investments

17:19 - Why founders often start playing defense before a transaction

21:28 - The signaling effect of how much equity an owner reinvests

32:02 - Creating wealth for management teams through equity participation

For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.

Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/
Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/

For information on Oridian Capital Partners, go to https://oridiancapital.com/
For information on ICV Partners, go to https://www.icvpartners.com
For information on BluWave, go to https://www.bluwave.net

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 discipline, and staying commercial under pressure. If you want a candid look at how winning private equity teams actually operate, hit play.

2:27 - The core roles inside a lower middle market private equity deal team
8:40 - Assigning deals: capacity, passion, and declaring your intentions
15:12 - What separates an exceptional associate from a competent one
22:10 - Balancing gas and brake: risk appetite inside the deal team
29:25 - Identifying deal breakers early and protecting against bias
34:20 - The shift from analyst to manager: what defines a strong VP
44:21 - From closing the deal to owning the outcome: integrating ops and value creation

For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.

Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/
Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/

For information on HCI Equity Partners, go to https://www.hciequity.com
For information on ICV Partners, go to https://www.icvpartners.com
For information on BluWave, go to https://www.bluwave.net

For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.

Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/
Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/

For information on Oridian Capital Partners, go to https://oridiancapital.com/
For information on ICV Partners, go to https://www.icvpartners.com
For information on BluWave, go to https://www.bluwave.net