In this episode, Paul Olschwanger and Dan Meader unpack the core elements of Trinity Investors’ dealmaking philosophy—from sourcing and structuring to post-close support. They explore how relationships, transparency, and strategic alignment shape every investment, whether in private equity or private real estate. Along the way, they define key terms like IRR, preferred return, capital stack, and major decision rights—giving listeners a shared language for future episodes.

[00:00:00] Introduction and Reminder of Why behind the podcast
[00:01:15] Glossary Segment featuring EBTDA, Preferred Return, Waterfall Structure, and Capital Stack (i.e. Pancakes)
[00:7:00] Transition to main conversation
[00:8:55] Deal Sourcing, Due Diligence, Management team, Profit margins, Size, Partners, and Price
[00:12:50] Assessing Affiliated Partners
[00:14:25] Performance and how to measure starting with IRR
[00:15:55] Cash-on-cash (dollar-based return)
[00:17:12] Cap Rates defined
[00:19:30] Fee structures - know the differences and at what level (deal vs investor)
[00:22:22] Governance at board, management, and employee level
[00:24:16] Carried Interest - percentage of profits upon disposition of business, performance-driven
[00:26:07] Final thoughts on why understanding terms makes a difference with sourcing, underwriting, structuring, and communication with investors
[00:28:12] Wrap-up and thinking about future episodes