Pan-European Lower Mid-Market Buyouts - Keyhaven Capital’s Teddy Mouawad

Pan-European Lower Mid-Market Buyouts - Keyhaven Capital’s Teddy Mouawad

Keyhaven Capital Partners specializes in pan-European lower mid-market buyouts, partnering with independent sponsors to execute control investments in resilient, founder-led businesses up to 250 million euros in enterprise value. Since pivoting from a fund-of-funds model in 2017, the firm has raised four vehicles totaling roughly 650 million euros and built a hands-on, buy-and-build strategy that has delivered a realized current track record of 2.4x net MOIC and 24% net IRR across three funds. In this episode, Teddy Mouawad, Partner and Co-Head of Investments at Keyhaven Capital, walks through how the firm actually works with independent sponsors on the ground and why that model has taken hold in parts of Europe. We get into how they’re sourcing deals away from auctions, what really drives value creation once they’re in a business, and how buy-and-build plays out in these smaller, fragmented markets. Along the way, he also shares how they think about alignment, holding periods, and what it takes to consistently deliver for LPs in this part of private equity. Episode Highlights:  * [03:05] Teddy walks through his background and the firm’s shift from a fund-of-funds model to hands-on control investments. * [05:15] The role of local expertise, relationships, and cultural knowledge in sourcing and managing lower mid-market buyouts. * [06:38] Why Keyhaven moved away from fund-of-funds investing and how LP preferences have evolved. * [09:08] How the firm provides access to an underserved segment of the market while staying close to portfolio companies. * [11:26] Where Keyhaven focuses on enterprise value and why fragmentation creates opportunity for buy-and-build strategies. * [13:23] Off-market sourcing, disciplined entry pricing, and how value creation starts at acquisition. * [15:43] Operational improvements, governance, and building stronger management teams to drive returns. * [17:47] Entry discipline, downside protection, and how the firm positions itself for consistent outcomes for LPs. * [20:34] The independent sponsor model explained, including alignment and personal capital at risk. * [22:42] Economics of deals, carried interest, and how incentives are structured around performance. * [24:08] Risk management through governance, diligence, and control over key decisions. * [26:06] Why experienced professionals choose the independent sponsor model over traditional private equity roles. * [28:16] How continuation vehicles fit into the strategy and where Keyhaven looks for opportunities. * [29:51] Target holding periods and how the firm achieves liquidity and DPI within three to four years. * [31:07] Delivering exits in a challenging market and why smaller buyouts remain active. * [33:28] How Keyhaven builds and evaluates its network of independent sponsors across Europe. * [34:49] Red flags in underwriting and what signals whether a team can successfully scale. * [36:21] Approach to technology risk and why the focus remains on resilient, less disruption-prone businesses. * [38:37] A case study in Italy and how AI is being used to improve efficiency in a buy-and-build platform. * [40:44] AI as an operational tool for value creation rather than a threat to the business model. * [42:06] The role of co-investors and maintaining control over the value creation plan. * [44:33] Responsible investing, ESG, and how these factors can influence exit multiples. * [46:52] Why deals underperform and the importance of staying close to portfolio companies. * [48:44] A concentrated portfolio approach and how it supports active involvement. * [50:50] Transparency with LPs and Keyhaven’s role as a gateway to European lower mid-market investing. * [52:03] What differentiates the firm and why the lower mid-market continues to generate strong alpha. * [53:54] Final thoughts on relationships, reputation, and long-term success in private markets. Resources & Links Related to this Episode * Tim Talks Private Equity and Venture [https://touchstonegroupllc.com/podcast/] * Keyhaven Capital [https://www.keyhavencapital.com/] * Teddy Mouawad - LinkedIn [https://www.linkedin.com/in/teddy-mouawad-8426201a/]

Lower-Mid-Market Healthcare Private Equity Buyouts — HealthEdge’s Scott Heberlein

Lower middle market healthcare investing rarely gets the attention it deserves. The deals are smaller, the companies are messier, and the work required to turn a founder-run practice into an institutional-quality business is substantial. But for firms willing to do that work consistently, the returns can be compelling. Scott Heberlein is a partner at HealthEdge Investment Partners, a Tampa-based private equity firm that has focused exclusively on small-cap healthcare for over two decades. Since 2005, the firm has completed more than 80 transactions across four funds, returned $400 million to its limited partners, and generated a 3.4x gross MOIC on realized investments without chasing mega-cap roll-ups or platform auctions. We discuss what it actually takes to execute that strategy in practice. The conversation covers how HealthEdge sources deals in a market where true proprietary flow is increasingly hard to find, why they replace management in roughly three quarters of their platforms and how those conversations unfold, and how the firm thinks about leaving runway for buyers rather than squeezing every last turn out of an exit. Scott also speaks candidly about the deals that didn't go according to plan, including a pharma supply chain investment that ran headfirst into COVID, and what the firm learned from it. We also get into the current state of healthcare subsectors from dental consolidation to revenue cycle management and how HealthEdge is thinking about AI both internally and across its portfolio companies. For anyone trying to understand what differentiated lower middle market healthcare investing actually looks like on the ground, this conversation is worth your time. Episode Highlights:  * [03:59] Discipline in staying focused on the lower middle market including why strategy creep is common and how HealthEdge has avoided it. * [05:13] Scott explains why smaller businesses in the $10–15M EBITDA range offer a better entry point for generating 3–5x returns than true mid-market companies. * [05:44] Scott reflects on what drew him to HealthEdge when he joined in 2014 and what surprised him once inside the deals. * [07:16] The firm's differentiated team structure including why having operators at every level not just bankers was uncommon at this end of the market. * [08:28] The reality of proprietary deal flow is addressed candidly, including what HealthEdge's sourcing engine actually looks like in practice. * [12:38] The general approach to reimbursement and regulatory risk including how much exposure they're willing to carry at the portfolio level. * [14:18] A successful investment in healthcare compliance and revenue cycle management including how technology drove margin expansion from roughly 26% to nearly 60% at exit. * [17:12] The dual impact of AI on healthcare both in clinical diagnosis and in reducing systemic friction across payers, providers, and administrators. * [18:08] How management transition conversations unfold with founders is discussed, including when they start and why they rarely become contentious. * [20:12] Scott explains why healthcare-founded businesses present unique management challenges compared to traditional manufacturing or services companies. * [23:08] Multiple expansion from entry to exit is unpacked, including how much is attributable to market dynamics versus genuine operational transformation. * [24:38] The firm's philosophy of leaving runway for buyers and why not squeezing every last turn out of an asset leads to better exit outcomes. * [26:51] The spread in outcomes across the portfolio is explored, including what drove outsized returns on deals like Formulated Solutions, Corridor, and Omega. * [29:15] The Legacy Expire investment as a cautionary case study, including how the pandemic disrupted the business and how the firm made difficult capital allocation decisions in response. * [34:07] How HealthEdge communicates with LPs around both good news and bad news is discussed, including their valuation marking philosophy. * [38:46] Current healthcare subsectors are assessed for mispricing, including substance abuse, dental consolidation, and where multiples have rationalized. * [43:29] The general trend in purchase multiples is examined, along with quality of earnings challenges the firm has encountered on recent deals. * [47:18] AI's role across the portfolio is explored, including specific use cases in dental diagnostics, diabetic footwear documentation, and internal firm operations. * [54:12] The firm's co-investment strategy including historical ratios, deal selection, and how co-invest has been used to cultivate new LP relationships. * [59:09] The stability of the HealthEdge team including why a diverse mix of operating and investing backgrounds has kept the partnership intact across multiple funds. * [1:01:16] Scott reflects on his early career path into private equity and what advice he would give his younger self about focusing on the bigger picture earlier. Resources & Links Related to this Episode * HealthEdge [https://healthedgepartners.com/] * Scott Heberlein - LinkedIn [https://www.linkedin.com/in/scott-heberlein-0b92958/]

Deep Tech VC from Lab to Launch — SmartGate VC’s Areg Alimian and Ashot Arzumanyan

Deep tech investing focuses on companies built around fundamental technical breakthroughs rather than incremental software improvements. These businesses tend to emerge from research labs, require longer development cycles, and carry real technical and regulatory risk. The tradeoff is defensibility. If the technology works, it’s difficult to replicate. I’m joined by Areg Alimian and Ashot Arzumanyan, co-founders and partners at SmartGate VC, to discuss how they approach that tradeoff in practice. SmartGate’s strategy is deliberately positioned ahead of the hype cycle. Rather than pursuing software-only or “AI wrapper” startups, the firm concentrates on physical AI, secure edge infrastructure, and neurotechnology, including brain-computer interfaces with medically grounded use cases and defined regulatory paths. We discuss how that thesis shapes investment decisions, from early sourcing through follow-on capital, and why security and governance have become gating factors for enterprise AI adoption. Areg draws on his experience as an operator who has built and exited hardware companies and led major product and M&A efforts, while Ashot brings a background in investment advisory, management consulting, and long-term deep-tech investing. The conversation also covers what tends to break when science leaves the lab, how companies are positioned for acquisition, and how technically ambitious ideas are turned into durable businesses. Episode Highlights:  * [02:57] Areg describes his early career in Silicon Valley, including work on networking systems and foundational Wi-Fi standards. * [04:41] Ashot explains his transition from economics, consulting, and investment advisory into deep-tech investing. * [06:57] SmartGate’s strategy of investing ahead of the hype cycle, rather than chasing crowded markets, is outlined. * [08:21] The distinction between software-based AI and physical AI is discussed, including why real-world deployment changes the risk profile. * [09:17] Neurotechnology and brain-computer interfaces are discussed as medically grounded opportunities with current market and reimbursement paths. * [11:14] Why low-barrier “AI wrapper” companies are avoided due to limited defensibility. * [14:17] The challenge of scaling university-born technology beyond the lab and into cost-effective production is examined. * [16:26] Broader implications of AI automating junior roles and the downstream effects on workforce development are considered. * [18:45] Security and governance are identified as major bottlenecks to enterprise adoption of agentic AI. * [22:23] High-risk neurotechnology investments are discussed, including minimally invasive approaches to accessing and modulating the brain. * [26:05] Commercial risk is explored through examples in cybersecurity and vulnerability detection across hardware and software systems. * [27:57] Early markups, fund scaling challenges, and maintaining access as check sizes grow are discussed. * [32:48] We discuss follow-on vehicle strategy for participating in select pro-rata opportunities. * [34:26] Lessons from M&A experience are applied to making early-stage companies more attractive acquisition targets. * [39:08] The idea that science and execution are multiplicative not additive in deep tech is discussed. * [42:14] Liquidity timelines are examined, including why some cybersecurity and infrastructure investments may generate earlier DPI than neurotechnology. * [43:48] Secondary liquidity and follow-on interest are discussed as alternative paths when M&A markets slow. * [48:35] The value of working with founders before a term sheet is explored, including how early collaboration affects valuation and trust. * [51:52] The risk of sunk-cost bias is addressed, and why time spent with strong founders is not viewed as wasted even when a deal doesn’t proceed. * [54:50] The Armenian tech diaspora is described as a meaningful sourcing and access advantage. * [01:02:43] Strategies for helping technically driven founders focus when pursuing too many product paths at once are shared. * [01:07:12] Reflections on criticism of the firm’s strategy and the decision to remain specialized. * [01:15:46] The internal decision-making process is explained, including why compromise is avoided. * [01:17:04] Reflections on failure as a necessary part of building and investing in complex technologies. Resources & Links Related to this Episode * SmartGate VC [https://www.smartgate.vc/] * Ashot Arzumanyan - LinkedIn [https://www.linkedin.com/in/ashotarzumanyan/] * Greg Alimian - LinkedIn [https://www.linkedin.com/in/arega/]

Mining Private Equity with Real DPI — Hawke’s Point GP Pim Kalisvaart

Mining touches nearly everything in modern life, yet it remains one of the most misunderstood and underappreciated corners of private markets. I sit down with Pim Kallisvaart to explore why mining private equity has struggled historically, why traditional buyout playbooks don’t work in this sector, and what it actually takes to generate real returns in an industry governed more by geology than financial engineering. Pim shares his journey from growing up in the Netherlands to studying finance, joining JPMorgan’s mining team during the early 2000s commodity supercycle, and eventually co-founding Hawkes Point Capital. We talk about why mining is capital-intensive, cyclical, and slow to move, and how those characteristics have led many investors to underestimate timelines, overpay for assets, or invest in jurisdictions that proved impossible to manage. Pim explains why Hawkes Point focuses on pre-production assets in stable regions, combines deep technical due diligence with disciplined governance, and views taking a mine into production as the primary driver of value creation. We also dig into why so many publicly listed mining companies are effectively stranded, how the rise of passive investing has reshaped capital access, and why minority equity ownership can be more powerful than debt or royalty structures in this space. Pim breaks down how exits actually happen, how commodity price risk is managed without making macro bets, and why this niche remains rich with opportunity despite decades of disappointment. It’s a candid look at what mining private equity really requires, and why, when done correctly, it can be both repeatable and highly rewarding. Episode Highlights:  * [00:05] Mining is a misunderstood but essential part of private markets. * [01:08] Pim Kallisvaart is here to talk about his background in mining private equity and real assets. * [02:39] Pim shares growing up in the Netherlands and developing an early interest in finance and economics. * [04:15] Joining JPMorgan’s mining team during the early-2000s commodity supercycle became a turning point in his career. * [05:45] Why mining touches nearly everything in modern life despite operating far from financial centers. * [07:24] Why many mining private equity funds have failed despite big promises. * [08:52] Pim explains how small and capital-constrained the mining PE industry actually is. * [10:21] Lessons learned from early mining funds that underestimated timelines, jurisdictions, and execution risk. * [12:13] Why traditional buyout models and leverage don’t work in a cyclical, geology-driven industry. * [13:24] How value is created by taking pre-production assets into production rather than financial engineering. * [14:43] Geology as the single biggest source of irreversible risk in mining investments. * [15:21] The limits of certainty in mineral estimates and why data density and statistics matter. * [17:31] Why the best place to find a mine is often next to an existing one. * [18:55] How public markets dominate mining capital and leave many small companies stranded and illiquid. * [21:00] The rise of passive investing and ETFs and its impact on funding developing mining companies. * [23:46] Why capital alone isn’t enough and how Hawkes Point adds value through technical and strategic support. * [24:41] Mining compared to building a house, with different expertise required at each stage. * [26:59] The importance of permitting certainty, stable jurisdictions, and independent geological verification. * [29:18] Why Hawkes Point prefers collaborative minority equity over control-based strategies. * [30:02] Parallels between mining and biotech, including regulation, long timelines, and stranded public assets. * [31:37] How commodity cycles self-correct through price signals and delayed supply responses. * [34:18] Differences between precious metals and base metals and why broad forecasts are unreliable. * [36:59] Designing a strategy that doesn’t depend on being right about commodity prices. * [38:36] Using hedging and cost position to protect downside risk. * [41:41] Tenement prospectivity explained and the difference between exploration upside and exploration risk. * [44:09] Why existing infrastructure dramatically accelerates value creation. * [46:41] How data collection naturally limits speed, even in top-performing investments. * [47:31] Exiting through block trades as companies reach scale and index eligibility. * [49:19] How ETF inclusion creates a wall of liquidity for exits. * [50:18] M&A as a natural outcome in a depleting-asset industry. * [52:08] Why strategic equity offers more control than debt or royalty structures. * [54:02] Governance, board seats, and technical committees as value-protection tools. * [56:27] Leadership transitions as projects move from development into production. * [58:41] Why collaboration and trust outperform heavy-handed governance. * [59:52] The durability of the opportunity set due to ongoing capital scarcity. * [1:02:18] Pim reflects on mentorship, passion, and long-term thinking in building a career. Resources & Links Related to this Episode * Hawkes Point Capital [https://www.hawkspointcapital.com/] * Pim Kallisvaart - LinkedIn [https://www.linkedin.com/in/pim-kalisvaart-951415/?originalSubdomain=uk]

Early-Stage Venture Capital for Radical Life Extension — LongGame Ventures’ Will Harborne

Aging has quietly become one of the most consequential variables in healthcare, economics, and long-term investing, even though it’s rarely treated that way in capital markets. That gap between impact and attention is where this conversation begins. My guest is Will Harborne, co-founder and general partner of LongGame Ventures. Will comes to longevity from an unconventional background. He trained as an engineer, spent years in crypto and venture-backed infrastructure, including time at Tether, and built companies in spaces most people still consider speculative. That early exposure to frontier technology shaped how he thinks about risk, incentives, and long time horizons. We talk about how a personal interest in health and performance gradually pulled him into longevity science, and why he believes aging should be approached as a biological process that can be influenced, not just endured. Will explains how LongGame looks for foundational tools and platforms that address the underlying drivers of aging rather than surface-level wellness trends or short-term fixes. The conversation also gets practical. We discuss regulatory realities, why longevity companies often have to pursue traditional disease pathways first, and how LongGame constructs a portfolio across multiple scientific approaches instead of betting on a single theory. Throughout, Will is candid about capital discipline, founder judgment, and what it actually takes to build credible companies in a space where timelines are long and certainty is rare. Episode Highlights:  * [03:45] Will Harborne explains his early path through engineering and crypto infrastructure and how frontier systems thinking shaped his investment mindset. * [06:10] Lessons from crypto cycles that still apply to longevity investing, including hype management, timing risk, and incentive design. * [08:20] The transition from personal health optimization to a deeper conviction that aging is a modifiable biological process. * [10:55] Why longevity attracts strong narratives but requires unusually high scientific and operational discipline. * [12:40] How longevity companies are mispriced by traditional biotech frameworks and why that creates both risk and opportunity. * [15:05] Distinguishing credible longevity science from consumer-facing products dressed up as biotech. * [17:15] How LongGame Ventures defines its thesis around root causes of aging instead of single-indication or trend-driven bets. * [19:50] The importance of platforms and enabling technologies that accelerate discovery across multiple disease areas. * [22:30] Regulatory realities of operating in a world where aging is not classified as a disease and how companies navigate that constraint. * [25:40] Using traditional disease indications as stepping stones toward broader aging-related applications. * [28:10] Portfolio construction across multiple hallmarks of aging to reduce scientific concentration risk. * [31:25] Why LongGame avoids anchoring to any single theory of aging, even when data looks compelling early on. * [33:55] Skepticism toward overhyped longevity narratives and the case for underfunded “picks-and-shovels” infrastructure plays. * [36:40] Capital efficiency challenges unique to longevity companies compared to traditional early-stage biotech. * [39:20] How long development timelines change fund strategy, follow-on decisions, and risk tolerance. * [41:55] What breaks down most often between strong science and viable company-building. * [44:10] What Will looks for in founders operating at the intersection of science, regulation, and capital markets. * [46:50] Founder judgment, adaptability, and credibility as survival traits in long-duration ventures. * [49:35] Ethical considerations around access, safety, and scalability as longevity interventions mature. * [52:10] Why societal impact and commercial success don’t have to be at odds in longevity investing. * [55:00] Signs that the longevity sector may be approaching an inflection point and what still needs to align. * [58:20] Final reflections on patience, realism, and long-term thinking in frontier investing. Resources & Links Related to this Episode * LongGame Ventures - Will Harborne [https://longgame.vc/about] * LongGame Ventures [https://longgame.vc/] * Will Harborne - LinkedIn [https://www.linkedin.com/in/will-harborne/?originalSubdomain=uk]