In this special edition of the Karma School of Business, Sean Mooney, Founder and CEO of BluWave, breaks down key findings from BluWave’s Q3 2025 Private Equity Insights Report. Drawing parallels between his son’s fencing lessons and today’s economic climate, Sean explains how the best investors are shifting from a defensive stance to an offensive one. Seeing through the noise, leaning forward, and playing to win.

He shares fresh data showing that deal activity, due diligence spending, and AI investment are all surging—signs of an industry on the offense. From the manufacturing renaissance to the rise of flatter, AI-enabled organizations, Sean offers a grounded, data-backed view of where private equity and the broader economy are heading next.

• 1:07 – The Sport of Fencing and PE: what private equity can learn from shifting from defense to offense

• 4:40 – Why the U.S. economy is “good enough” and accelerating despite the noise

• 11:45 – Deal data shows confidence returning: due diligence projects up 43% year-over-year

• 14:33 – PE firms’ AI and analytics demand surges 300% and 1,600% for AI/ML advisory

• 18:39 – Manufacturing reshoring, venture collaboration, and the next wave of innovation

• 21:06 – The coming of flatter, AI-enabled organizations and what it means for talent

• 25:39 – Sticky inflation, rate cuts, and why the next economic cycle is already underway

For more on BluWave, visit: https://www.bluwave.net/
To request the full Q3 2025 Insights Report, visit: https://www.bluwave.net/insights-report/

• 1:05 - Laurens’ journey: From early life in Providence to successfully navigating investment banking and private equity.
• 9:52 - Stone Goff’s evolution: Lessons learned as an independent sponsor and the foundation of a committed capital fund.
• 19:41 - The scorecard for success: Why visibility, recurring revenue, and vertical ecosystem focus create winning business models.
• 25:57 - Enabling value creation: The TEOS framework (Talent, Experts, Outsourced Resources, Support) and collaborative growth strategies.
• 34:52 - Supporting portfolio companies: Stone Goff’s management summits and thought leadership tools to foster executive collaboration.

For more information on Stone Goff, go to https://www.stonegoff.com/

For more information on Laurens Goff, go to https://www.linkedin.com/in/laurens-goff-ba47714

For more information on BluWave and this podcast, go to https://www.bluwave.net/podcasts

Jared Stein, Co-founder and Partner at Monogram Capital Partners, shares his expert approach to scaling consumer businesses, fostering customer loyalty, and driving sustainable growth. From partnering with family-owned companies to identifying sectors with lasting demand, Jared provides actionable insights for excelling in fragmented markets and navigating today’s rapid disruption cycles. A must-listen for private equity professionals and business builders looking to sharpen their playbook.

• 00:33 - Jared’s family business origins and lessons learned from hard jobs
• 06:04 - Why "growth mindset" and passion are critical for business builders
• 13:23 - Scaling consumer brands: leadership, customer focus, and profitability
• 19:46 - Identifying winning brands: consumer loyalty and market potential
• 24:37 - Partnering with family businesses: trust, talent, and transformation
• 27:27 - Inside the Western Smokehouse case study: 5x EBITDA growth
• 30:51 - Building anti-fragility: Preparing businesses for rapid disruptions

For more on Jared Stein’s firm, visit: www.monogramcapital.com
Connect with Jared Stein on LinkedIn: https://www.linkedin.com/in/jared-stein-5a347820
Explore more episodes: www.bluwave.net/podcasts

Sean Mooney speaks with Bob Morse, Co-Founder & Managing Partner at Strattam Capital, about the changing playbook in private equity, especially in tech.

Morse traces his path from Morgan Stanley and Oak Hill to founding Strattam, then lays out a no-surprises model: turn cards face-up pre-signing, align on a founder-written five-point plan, and opt-in support with real accountability. He explains why AI threatens seat-based SaaS economics, where outcome pricing wins, and how PE firms should push portfolios to experiment while keeping the founder’s innovative spark alive.

Clear-eyed and practical, this conversation arms business builders with a framework to act now.

Episode highlights

• 1:26 – An engineer’s path into private equity

• 7:15 – Why tech needed a dedicated, specialized PE fund and the genesis of Strattam

• 13:03 – Solving the “first board-meeting surprise”

• 19:45 – The founder persona Strattam backs: industry operators with proven product-market fit

• 27:15 – AI as invention vs. innovation and the early business models that actually work

• 32:27 – The SaaS shake-up: from seat licenses to outcome-based pricing and financing impact

• 41:54 – “Aliens landed”: a mantra for leading through uncertainty and running smart experiments

For more on Bob Morse’s firm, visit: https://strattam.com/
Connect with Bob Morse on LinkedIn: https://www.linkedin.com/in/bob-morse-3567595/
Explore more episodes: www.bluwave.net/podcasts

Dan Gaspar, Partner at TZP Group, shares how private equity investors drive growth through focus, actionable insights, and strong partnerships. Hear Dan’s approach to evaluating businesses, aligning on key priorities, and leveraging innovations like AI. With decades of experience, Dan breaks down what it takes to create value in today’s dynamic market. A must-listen for private equity professionals and business builders alike.

• 1:12 - Dan Gaspar's pathway to private equity: A straightforward yet insightful start
• 12:14 - What "specialness" means when evaluating businesses for investment
• 19:33 - How TZP Group aligns with management teams to focus on 2–3 key growth priorities
• 26:19 - The role of AI in modern private equity: Dan’s take on experimentation and adaptability
• 35:54 - Navigating uncertainty in today’s market: Lessons on maintaining margins and flexibility
• 39:21 - Book recommendations for business builders: Traction, Good to Great, and Who Moved My Cheese
• 41:35 - Practical advice for private equity professionals and the value of collaborative partnerships

For more on Dan Gaspar’s firm, visit: www.tzpgroup.com
Connect with Dan Gaspar on LinkedIn: https://www.linkedin.com/in/dangaspar/
Explore more episodes: www.bluwave.net/podcasts

• 1:21 – Navigating stop-and-go economic disruptions: Key Q2 observations
• 5:45 – How private equity firms utilize OODA loops for decision-making
• 12:30 – April 2nd tariffs: A black swan reshaping manufacturing and trade
• 18:20 – Technology investments surge: AI and data projects skyrocket
• 27:05 – Resilience returns: PMI and consumer sentiment rebound in June
• 34:50 – The deal economy ramps up for mid- and long-term growth cycles
• 41:30 – Why private equity firms remain focused on growth investments

• 1:03 - Ben’s background: From chemical engineering to corporate turnarounds, restructuring, and private equity.
• 10:03 - What makes a good company great: Identifying defensible markets, customer relationships, and opportunities hidden in mismanagement.
• 12:20 - The Cross Rapids playbook: Leveraging pattern recognition, providing resources, and empowering management teams to execute.
• 18:13 - Advice for uncertain times: The importance of assembling the right team, moving quickly, and focusing on growth from day one.
• 22:27 - Soft skills and leadership: How servant leadership and bedside manner help operating partners and executives thrive.

For more information on Cross Rapids Capital, go to https://www.crossrapids.com/

For more information on Ben Gaw, go to https://www.linkedin.com/in/benjamingawjr

For more information on BluWave and this podcast, go to https://www.bluwave.net/podcasts

• 1:30 - Dave’s journey from West Point to portfolio operations, and how problem-solving shaped his career.
• 6:14 - Lessons from the military: Developing grit, resilience, and the ability to lead without authority.
• 13:48 - How Rainier Partners drives value creation through a defined, repeatable process: strategy alignment, tactical execution, and operational improvements.
• 30:31 - The foundational role of data and systems in applying AI to portfolio companies—and why starting small can make the difference.
• 40:14 - Dave’s advice to his younger self and the value of curiosity, continuous learning, and thinking beyond immediate tasks.

For more information on Rainier Partners, go to https://www.rainierpartners.com/

For more information on Dave Shephard, go to https://www.linkedin.com/in/dave-shephard-auxga/

For more information on BluWave and this podcast, go to https://www.bluwave.net/podcasts