Fundraising in 2025 isn’t business as usual. James Varela, Partner at Rede Partners and Head of MENA, joins us to break down what it really takes to raise capital from LPs—especially in the Middle East. We talk DPI pressure, LP targeting, co-investments, how to build credibility in emerging markets, and the biggest mistake GPs still make when pitching. Whether you’re struggling or oversubscribed, this one’s for you.

[00:00] Intro to James Varela and focus on capital raising in the Middle East.

[00:30] James’ 15+ years in capital raising across PE, infra, credit, and real estate.

[01:26] Fundraising remains tough—macroeconomics and low DPI are key issues.

[02:21] LPs cautious; focus shifting to GP quality and DPI visibility.

[03:13] GPs turning to NAV lending and creative liquidity tools.

[04:05] 66% of LPs now cite DPI as their top investment metric.

[04:31] Strong fundraises begin 12 months out—prep is everything.

[05:00] Nail your equity story—what sets you apart?

[05:26] Focus on LPs where your strategy fits—don’t spray and pray.

[05:55] Transparency and respect matter more than past returns.

[06:26] GPs often fail to systematize and name their edge.

[07:25] LPs want proof—not theory—of execution and outcomes.

[08:24] Plan 2–3 years out for Middle East fundraising; co-invests are key.

[08:55] Content > presence—show up with something to say.

[09:52] LPs want honest differentiation, not polished fluff.

[10:51] Share what went wrong and what changed—credibility counts.

[11:44] Most firms struggle from poor positioning, not poor product.

[12:14] Systems reduce risk, especially for global firms.

[13:37] Frameworks matter—manage what’s out of your control.

[14:07] Even top performers can fail at storytelling.

[15:02] Reframing the narrative can unlock overlooked value.

[16:26] Fundraising is marketing—Rory Sutherland’s Alchemy cited.

[17:22] Iteration is painful but critical—change takes work.

[18:20] LPs care about the future, not just past returns.

[19:09] Big firms re-entering mid and small-cap to chase alpha.

[19:37] Middle East mistakes: wrong timing, same pitch, poor targeting.

[20:34] Use portfolio milestones as conversation openers.

[21:04] GCC LPs want both long-term trust and large co-invests.

[21:59] Vision and culture alignment matter just as much.

[22:29] Targeting is everything—don’t chase irrelevant LPs.

[22:59] LPs prefer North America, large GPs, proven track records.

[23:57] Specialization and sector depth are rising priorities.

[24:55] AI and tech are hot in the UAE—substance still matters.

[25:54] Growing appetite for GP stakes from Middle East LPs.

[26:21] Europe gaining ground as LPs move down-market.

[27:14] Top reads: Alchemy, Acquired, Diary of a CEO, Tools of Titans, Atomic Habits.

[29:05] Final thoughts: fundraising is either brutal—or it’s fine. Nothing in between.

Connect with James Varela on LinkedIn. Thanks for tuning in.

Subscribe for more episodes on iTunes & Spotify

Got feedback or questions? Email Alex at alex.rawlings@raw-selection.com. Until next time—keep smashing it!

Raw Selection partners with Private Equity firms and their portfolio com

From Big Four to 19 Acquisitions: Sequoya Borgman on Building Borgman Capital
Sequoya Borgman, Founder of Borgman Capital, joins the show to discuss his leap from public accounting into private equity, building an independent sponsor model, and the real challenge behind every deal—people. He shares lessons from 19 acquisitions, why they prioritize cultural fit, and how they’re tapping into retail capital and AI to scale smarter.

[00:03] From Arthur Andersen to launching Borgman Capital in 2017

[01:44] Acquisition focus: <$200M revenue, <$20M EBITDA, founder-led

[02:41] Why CEO transitions post-founder are the biggest execution risk

[04:04] Structuring smoother founder exits and delaying heavy changes

[06:01] Key takeaway from 19 deals: it's always about people

[07:27] Internal MDs, external consultants, and hands-on support

[08:23] Why they chose independent sponsorship over raising a fund

[10:45] Flexible hold periods appeal to sellers—option to hold long-term

[12:10] 450+ LPs and the launch of PassTheHat for retail investors

[14:03] Proprietary deal flow through direct sourcing and partnerships

[15:26] Expansion plan: adding local originators in new cities

[16:26] Top reads, podcasts, and how AI will impact private equity

[16:53] Using AI to review 1,500 SIMs—huge efficiency potential

[17:20] Confidentiality is the barrier to broader AI use in PE

[17:48] Why they can't fully adopt large AI platforms—NDA risk

[18:15] Book recs: Do Hard Things + AI Made Simple

[18:44] Staying ahead of AI’s rapid impact on PE and portfolio ops

[19:41] Closing thoughts and thanks for tuning in

How to contact Sequoya? via BorgmanCapital.com or LinkedIn

Subscribe for more episodes on iTunes & Spotify

Got feedback or questions? Email Alex at alex.rawlings@raw-selection.com. Until next time—keep smashing it!

Chris Rozell, Managing Partner at Cresta, joins us to discuss his journey from portfolio exec to founding a PE firm, scaling businesses to billions, and investing in decarbonization-focused infrastructure. He shares pragmatic insights on ESG, early-stage infra, and building trust with management teams—plus how Cresta bridges the gap between VC and large infra players.

[00:00] Chris Rizel, Managing Partner at Cresta, on infra investing, founding a PE firm, LP returns, and ESG.

[00:29] Early career: banking, power, then scaling Regency to billions and launching Cresta.

[01:49] Lessons from CCO role—scaling a PE-backed startup to public exit.

[02:40] Real leadership is learned in the trenches, not in transactions.

[04:33] Portfolio vs. PE firm: loss of customer insight, importance of trust.

[06:24] Mistake: avoiding early-stage infra. Cresta tackles it head-on.

[08:20] Built Cresta Fund Services to support early-stage founders.

[09:18] Go all-in on early infra—don’t dabble.

[10:17] Why decarbonization? Deep sector knowledge, big opportunity.

[11:44] Focused on waste, ag, logistics, and industry—high emission areas.

[12:43] Not impact-first. Returns come from low-cost, proven tech.

[14:08] Avoid high-cost hype. Stick to scalable, pragmatic solutions.

[15:35] Investing in “dirty” sectors to drive green efficiency and profit.

[16:56] Strategy: build from scratch, bridge gap between VC and big infra.

[18:21] Targeting the “missing middle” — commercial but small-scale tech.

[19:48] De-risk, scale, exit to strategics or infra roll-ups.

[21:41] Trends like RNG and biofuels are consolidating—Cresta’s in it.

[23:37] Long-term contracts appeal to infra buyers—interest growing.

[24:01] ESG: take a pragmatic, cost-first approach.

[25:27] Climate’s real, but so are other global issues—balance the spend.

[26:51] Keep climate solutions affordable to avoid wider harm.

[27:18] Influences: Founders Podcast, Acquired, stoicism.

[29:10] Stoic mindset: control your response, not external events.

Connect with Chris Rozzell on LinkedIn. Thanks for tuning in.

Subscribe for more episodes on iTunes & Spotify

Got feedback or questions? Email Alex at alex.rawlings@raw-selection.com. Until next time—keep smashing it!

The discussion in this podcast is for informational purposes and should not be relied on as investment advice or an offer to sell or a solicitation for an offer to buy any securities. Any opinions expressed are those of the speaker and are subject to change. Any discussion of past performance is provided for informational purposes only, is not track record information and should not be relied upon as a guarantee of future performance. Any information regarding the performance of prior companies was discussed in order to illustrate the experience of the partners of the firm and does not reflect the private equity fund management experience of the partners. It should not be assumed that investments made by Cresta will be comparable in quality or performance to the prior companies.