『Private Equity Conversations with Fexingo: PE Funds, Buyouts, and Long-Hold Investing』のカバーアート

Private Equity Conversations with Fexingo: PE Funds, Buyouts, and Long-Hold Investing

Private Equity Conversations with Fexingo: PE Funds, Buyouts, and Long-Hold Investing

著者： Fexingo
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Lucas and Luna sit down at the partner desk to examine the mechanics of private equity — buyout structures, fund economics, and long-hold strategies. Each episode dissects a single deal or fund, from the LBO model that acquired Dollar General in 2007 to the multi-decade hold of Constellation Software by Leonard Green. Lucas brings the numbers: IRR calculations, fee waterfalls, and debt-to-EBITDA ratios. Luna pushes back on the human side — why a founder sells, how the PE firm reshapes governance, and whether long-hold investing actually reduces the perverse incentives of the traditional 10-year fund cycle. Together, they balance the technical with the strategic, always anchored in real cases. This show is for the analyst who wants to understand accretion vs. dilution, the GP who questions carried interest structures, and the LP trying to differentiate between value creation and multiple expansion. No fundraising pitches, no off-the-record gossip — just a rigorous, two-sided conversation about how PE actually works, and whether it works for whom. Will the rise of continuation funds solve the liquidity problem or entrench conflicts of interest? #PrivateEquity #Buyouts #LBO #FundEconomics #CarriedInterest #ValueCreation #DollarGeneral #ConstellationSoftware #LeonardGreen #CapitalAllocation #DebtFinance #IRR #LongHold #ContinuationFunds #Governance #Business #FexingoBusiness #Finance Keep every episode free: buymeacoffee.com/fexingo© 2026 Fexingo. All rights reserved. 経済学
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  • How Private Equity Is Buying Up Pet Cremation Services

    How Private Equity Is Buying Up Pet Cremation Services
    2026/06/07
    When pets pass away, more families are turning to private cremation — and private equity has noticed. In this episode, Lucas and Luna explore how PE firms are consolidating the pet aftercare industry, from standalone crematories to full-service funeral homes for pets. They break down the economics: the average cost of a private pet cremation ($150–$500), the fragmented landscape of mom-and-pop operations, and the roll-up strategy firms like Pet Cremation Services and Gateway Pet Services are using. Lucas explains why pet aftercare is a recession-resistant, cash-flow-rich business with high barriers to entry (state regulations, zoning laws, and the logistical complexity of transportation). Luna questions whether consolidation will drive up prices for grieving pet owners. The episode also touches on the emotional calculus: how PE firms balance dignity with returns. Listeners will come away understanding one of the quietest corners of the private equity world. #PrivateEquity #PetCremation #PetAftercare #PetFuneral #RollUps #Consolidation #PetIndustry #PetDeathCare #PetServices #FragmentedIndustry #MAndA #Valuation #BarriersToEntry #RecurringRevenue #Finance #Business #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo
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    9 分
  • How Private Equity Is Buying Up Veterinary Specialty Hospitals

    How Private Equity Is Buying Up Veterinary Specialty Hospitals
    2026/06/07
    Episode 36 of Private Equity Conversations with Fexingo. Lucas and Luna examine the quiet roll-up of veterinary specialty and emergency hospitals by private equity firms. They focus on one specific platform: Pathway Vet Alliance, which has acquired over 100 specialty and ER practices since 2018. The hosts unpack the economics behind the consolidation: how referral networks, high-margin procedures like oncology and orthopedics, and fragmentation create a perfect PE target. They also discuss the tension between investor timelines and the long-term capital needs of veterinary medicine, including the shortage of board-certified specialists. Lucas cites data from the American Veterinary Medical Association showing that specialty care now accounts for roughly 30% of all veterinary spending in the US, up from 18% a decade ago. The episode closes with a look at whether the model can sustain quality as firms push for scale. A short listener-support segment is included near the end. #PrivateEquity #VeterinaryMedicine #PathwayVetAlliance #HealthcareConsolidation #SpecialtyHospitals #VetSpecialists #RollUp #PEInvesting #BusinessPodcast #Finance #VeterinaryCare #Oncology #Orthopedics #EmergencyVet #Consolidation #FexingoBusiness #BusinessPodcast #HealthcarePE Keep every episode free: buymeacoffee.com/fexingo
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    11 分
  • How Private Equity Is Buying Up HVAC and Plumbing Companies

    How Private Equity Is Buying Up HVAC and Plumbing Companies
    2026/06/06
    Episode 35 of Private Equity Conversations digs into the roll-up play in HVAC and plumbing — a fragmented $200 billion industry where private equity has acquired over 600 companies in the last five years. Lucas and Luna examine the model: why aggregators like ServiceTitan's backers are buying mom-and-pop shops, how multiple compression works when you consolidate at 8x EBITDA and exit at 12x, and what happens when the local plumber you've called for a decade gets bought by a fund. Specific example: the acquisition of ARS/Rescue Rooter by Berkshire Partners and the Ontario Teachers' Pension Plan in 2022 for $2.2 billion. Also: how the post-COVID housing boom and aging housing stock (over 60% of US homes built before 1980) fuel the thesis. A critical look at whether these deals actually improve service or just consolidate market share. #PrivateEquity #HVAC #Plumbing #RollUp #ServiceTitan #BerkshirePartners #OntarioTeachers #ARSRescueRooter #HomeServices #Buyouts #Consolidation #Business #Finance #MergersAndAcquisitions #FexingoBusiness #BusinessPodcast #PrivateEquityConversations #Episode35 Keep every episode free: buymeacoffee.com/fexingo
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    3 分
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