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

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 realities of partnership economics and firm leadership. This is a candid, operator-level guide to navigating a private equity career with eyes wide open—hit play.

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

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 also addresses deal fever, founder dynamics, and why serving outcomes—not egos—matters most. This conversation offers a clear-eyed view of modern private equity value creation—worth every minute.

Get Mike's Book at https://www.amazon.com/Dancing-Between-Toes-Elephants-Experience/dp/1964421136
For more information on Riverside Partners, go to https://riversidepartners.com/
For more information on Mike Magliochetti, https://www.linkedin.com/in/michael-magliochetti-9905371

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

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 franchising as a PE strategy, Meranee breaks down what separates good investors from great ones.

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

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 structures shape valuation decisions far more than any spreadsheet ever could.

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

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 long-term value creation.

From pricing strategy and marketing ROI to Lean Six Sigma process improvements, working capital discipline, and when to inject new capital, this episode is a playbook for business builders navigating tough quarters with clear eyes and steady hands.

Episode Highlights

• 2:21 – Distinguishing market challenges from internal structural problems
• 7:01 – Boosting top-line growth through pricing, marketing, and sales leadership
• 16:48 – Cutting costs intelligently: process efficiency, spend takeout, and Lean systems
• 28:45 – Managing liquidity: working capital, cash creation, and balance-sheet discipline
• 36:18 – Knowing when more capital helps and when it’s time to stop funding the problem

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