https://capraecapitalpartners.com/field-notes/ Essays, press, and insights from the Caprae Capital team. en-us Sat, 13 Jun 2026 10:43:11 GMT https://capraecapitalpartners.com/field-notes/post/pov-you-ve-been-on-hold-with-the-front-desk-for-20-minutes-a https://capraecapitalpartners.com/field-notes/post/pov-you-ve-been-on-hold-with-the-front-desk-for-20-minutes-a Wed, 27 May 2026 00:00:00 GMT POV: You've been on hold with the front desk for 20 minutes and just found the owner's direct line in a 2019 press release. #capraecapital #sales #coldcalling #privateequity https://capraecapitalpartners.com/field-notes/post/don-t-get-distracted-by-the-99-noise-caprae-is-built-solely- https://capraecapitalpartners.com/field-notes/post/don-t-get-distracted-by-the-99-noise-caprae-is-built-solely- Wed, 20 May 2026 00:00:00 GMT Don't get distracted by the 99% noise. Caprae is built solely for that green slice. Let's get to work. #searchfunds #privateequity #b2b #capraecapital https://capraecapitalpartners.com/field-notes/post/this-is-massive-exciting-times-we-live-in https://capraecapitalpartners.com/field-notes/post/this-is-massive-exciting-times-we-live-in Mon, 18 May 2026 00:00:00 GMT This is massive!! Exciting times we live in! https://capraecapitalpartners.com/field-notes/post/if-the-stanford-primer-heavily-relies-on-search-ceos-to-fill https://capraecapitalpartners.com/field-notes/post/if-the-stanford-primer-heavily-relies-on-search-ceos-to-fill Sun, 17 May 2026 00:00:00 GMT If the Stanford Primer heavily relies on search CEOs to fill out the data. Who's running the data set after the CEOs are terminated? https://capraecapitalpartners.com/field-notes/post/very-well-done-newton-campos-saved-me-a-lot-of-time-reviewin https://capraecapitalpartners.com/field-notes/post/very-well-done-newton-campos-saved-me-a-lot-of-time-reviewin Sun, 17 May 2026 00:00:00 GMT very well done Newton Campos . Saved me a lot of time reviewing how much has changed since 2021. nicely summarized and very good use of AI with Claude https://capraecapitalpartners.com/field-notes/post/sponsor-s-shield-why-lenders-let-pe-bend-the-rules https://capraecapitalpartners.com/field-notes/post/sponsor-s-shield-why-lenders-let-pe-bend-the-rules Fri, 15 May 2026 00:00:00 GMT Aspiring analysts learn that a loan covenant is a tripwire. Cross it and you default. The real world operates differently. In private equity, a breach triggers negotiation rather than liquidation. Recent... https://capraecapitalpartners.com/field-notes/post/breaking-a-loan-covenant-kills-a-normal-business-lenders-sei https://capraecapitalpartners.com/field-notes/post/breaking-a-loan-covenant-kills-a-normal-business-lenders-sei Fri, 15 May 2026 00:00:00 GMT Breaking a loan covenant kills a normal business. Lenders seize assets. The lights go out. But for private equity? It is just a negotiation. A Federal Reserve study proves the double standard. When... https://capraecapitalpartners.com/field-notes/post/when-the-call-goes-from-i-ll-never-sell-to-a-vulture-like-yo https://capraecapitalpartners.com/field-notes/post/when-the-call-goes-from-i-ll-never-sell-to-a-vulture-like-yo Wed, 13 May 2026 00:00:00 GMT When the call goes from "I'll never sell to a vulture like you" to "Send me the Zoom link" in 14.5 minutes. #capraecapital #sales #coldcalling #privateequity https://capraecapitalpartners.com/field-notes/post/250k-cold-calls-across-4-countries-in-8-months-i-ve-never-ru https://capraecapitalpartners.com/field-notes/post/250k-cold-calls-across-4-countries-in-8-months-i-ve-never-ru Tue, 12 May 2026 00:00:00 GMT 250K cold calls across 4 countries in 8 months. I’ve never run a cold calling department before and there were a lot of lessons. Here are my biggest ones: - It’s not the # of dials. It’s always the data.... https://capraecapitalpartners.com/field-notes/post/i-m-excited-to-share-that-the-mba-search-fund-alliance-is-la https://capraecapitalpartners.com/field-notes/post/i-m-excited-to-share-that-the-mba-search-fund-alliance-is-la Fri, 08 May 2026 00:00:00 GMT I'm excited to share that the MBA Search Fund Alliance is launching a WhatsApp group for searchers and MBA students. I'm deeply appreciative of the support and interest. We had 233 participants in the... https://capraecapitalpartners.com/field-notes/post/what-are-your-thoughts-on-non-disparagement-clauses-post-rem https://capraecapitalpartners.com/field-notes/post/what-are-your-thoughts-on-non-disparagement-clauses-post-rem Wed, 06 May 2026 00:00:00 GMT What are your thoughts on non-disparagement clauses post removal of CEOs, founders, and executives? https://capraecapitalpartners.com/field-notes/post/the-100-day-plan-for-some-it-s-a-sprint-to-a-cliff-for-us-it https://capraecapitalpartners.com/field-notes/post/the-100-day-plan-for-some-it-s-a-sprint-to-a-cliff-for-us-it Tue, 05 May 2026 00:00:00 GMT The 100-Day Plan. For some, it's a sprint to a cliff. For us, it's the foundation for a marathon. Pushing for a 10x EBITDA in 3 months without a strategic overhaul is how you break a great company. We... https://capraecapitalpartners.com/field-notes/post/synergy-is-a-lie-integration-debt-always-comes-due https://capraecapitalpartners.com/field-notes/post/synergy-is-a-lie-integration-debt-always-comes-due Thu, 30 Apr 2026 00:00:00 GMT The $2 Trillion Illusion Every year, corporations spend over $2 trillion on acquisitions, chasing the elusive promise of synergy. 1 M&A decks are filled with a language of ambition: “transformational,”... https://capraecapitalpartners.com/field-notes/post/unlearning-school-in-20-weeks-caprae-internship https://capraecapitalpartners.com/field-notes/post/unlearning-school-in-20-weeks-caprae-internship Thu, 23 Apr 2026 00:00:00 GMT Three weeks in, I got the question that split my internship into before and after: “Why is your writing this bad?” I went back and read my university essays, and I couldn’t believe I had submitted them.... https://capraecapitalpartners.com/field-notes/post/the-goldman-bet-why-full-service-banks-are-buying-vcs https://capraecapitalpartners.com/field-notes/post/the-goldman-bet-why-full-service-banks-are-buying-vcs Wed, 08 Apr 2026 00:00:00 GMT The acquisition of Industry Ventures by Goldman Sachs is not merely an asset-gathering exercise; it is the purchase of a time machine. Full-service banks are no longer content to wait for wealth to mature... https://capraecapitalpartners.com/field-notes/post/alternative-financing-hybrids-when-credit-looks-like-equity- https://capraecapitalpartners.com/field-notes/post/alternative-financing-hybrids-when-credit-looks-like-equity- Mon, 16 Feb 2026 00:00:00 GMT The problem hybrids were built to solve Let’s start from the beginning: why did hybrids gain so much popularity in recent years? Multiple structural shifts in the world of Private Equity contributed to the... https://capraecapitalpartners.com/field-notes/post/when-fundraising-slows-proof-speaks-louder-than-pitch-decks https://capraecapitalpartners.com/field-notes/post/when-fundraising-slows-proof-speaks-louder-than-pitch-decks Fri, 06 Feb 2026 00:00:00 GMT If 2021 taught GPs how to collect capital, 2025 is teaching them how to deserve it. The sugar rush is gone. LPs are rationing attention, calendars, and basis points. In this market, “we raise because we... https://capraecapitalpartners.com/field-notes/post/why-i-stopped-trying-to-be-liked-my-first-big-lesson-in-writ https://capraecapitalpartners.com/field-notes/post/why-i-stopped-trying-to-be-liked-my-first-big-lesson-in-writ Fri, 23 Jan 2026 00:00:00 GMT A few weeks after I joined Caprae, I was assigned to the email team. My job wasn’t to write the entire email, but arguably the most critical part: Customization. This was the hook, the personalized insight... https://capraecapitalpartners.com/field-notes/post/investor-market-quality-when-open-capital-breeds-adverse-sel https://capraecapitalpartners.com/field-notes/post/investor-market-quality-when-open-capital-breeds-adverse-sel Thu, 01 Jan 2026 00:00:00 GMT The past few years made raising money feel like ordering takeout: fast, easy, and often regrettable. “Open capital” promised democratized access, but abundance doesn’t equal quality. In venture and private... https://capraecapitalpartners.com/field-notes/post/add-backs-aren-t-math-they-re-a-credibility-test https://capraecapitalpartners.com/field-notes/post/add-backs-aren-t-math-they-re-a-credibility-test Mon, 29 Dec 2025 00:00:00 GMT Buyers are paid to be skeptical. In any M&A deal, the add-back schedule is the first place that skepticism meets the seller’s story. We’re not talking about standard, non-cash items like depreciation or... https://capraecapitalpartners.com/field-notes/post/multiplicative-risk-counting-the-bets-you-did-not-take https://capraecapitalpartners.com/field-notes/post/multiplicative-risk-counting-the-bets-you-did-not-take Tue, 16 Dec 2025 00:00:00 GMT Most firms count what they own. Few count what they omitted. In private capital, opportunity cost is the invisible risk: the deals never screened, the emails ignored, the “close, but no” that quietly... https://capraecapitalpartners.com/field-notes/post/when-fundraising-slows-proof-speaks-louder-than-pitch-decks-2 https://capraecapitalpartners.com/field-notes/post/when-fundraising-slows-proof-speaks-louder-than-pitch-decks-2 Tue, 02 Dec 2025 00:00:00 GMT If 2021 taught GPs how to collect capital, 2025 is teaching them how to deserve it. The sugar rush is gone. LPs are rationing attention, calendars, and basis points. In this market, “we raise because we... https://capraecapitalpartners.com/field-notes/post/why-most-search-funds-fail https://capraecapitalpartners.com/field-notes/post/why-most-search-funds-fail Thu, 13 Nov 2025 00:00:00 GMT 94 new funds in 2023. 1 Acquisition rates stuck at 57% 2 since 2014, down from 66% 2 historically. More searchers, same number of quality businesses, declining odds for everyone. Why? Signal Traps #1:... https://capraecapitalpartners.com/field-notes/post/m-a-isn-t-engineering-it-s-biology https://capraecapitalpartners.com/field-notes/post/m-a-isn-t-engineering-it-s-biology Tue, 04 Nov 2025 00:00:00 GMT If you think you’re buying a machine, don’t be surprised when the gears jam. The Brutal Math of M&A Failure Every year, study after study reminds us of the sobering truth: the majority of M&A transactions... https://capraecapitalpartners.com/field-notes/post/the-founder-illusion-charisma-is-not-due-diligence https://capraecapitalpartners.com/field-notes/post/the-founder-illusion-charisma-is-not-due-diligence Wed, 29 Oct 2025 00:00:00 GMT The most dangerous founder trait isn’t incompetence, it’s charm. For decades, even disciplined investors have been seduced by magnetic storytellers. A recent Scientific Reports study across five experiments... https://capraecapitalpartners.com/field-notes/post/proprietary-deals-are-a-myth-build-proprietary-systems https://capraecapitalpartners.com/field-notes/post/proprietary-deals-are-a-myth-build-proprietary-systems Fri, 24 Oct 2025 00:00:00 GMT If you think the next billion-dollar return is hiding in someone’s “exclusive deal flow”, you’ve already lost. The Mirage of Proprietary Deal Flow In private equity, “proprietary” has become the industry’s... https://capraecapitalpartners.com/field-notes/post/the-search-fund-bubble-why-the-flood-of-new-capital-is-a-war https://capraecapitalpartners.com/field-notes/post/the-search-fund-bubble-why-the-flood-of-new-capital-is-a-war Fri, 17 Oct 2025 00:00:00 GMT The search fund model is the new gold rush for the ambitious and the pedigreed. It offers a direct path from a top-tier MBA to the CEO’s chair, a narrative so magnetic that capital is flooding the space at... https://capraecapitalpartners.com/field-notes/post/the-founder-s-void-the-post-exit-depression-nobody-talks-abo https://capraecapitalpartners.com/field-notes/post/the-founder-s-void-the-post-exit-depression-nobody-talks-abo Wed, 15 Oct 2025 00:00:00 GMT The M&A industry sells you the victory lap. They toast your valuation, celebrate your exit, and then they vanish. They conveniently omit the chapter where you’re left standing alone in an empty stadium,... https://capraecapitalpartners.com/field-notes/post/summer-at-caprae https://capraecapitalpartners.com/field-notes/post/summer-at-caprae Tue, 14 Oct 2025 00:00:00 GMT I joined Caprae as an intern not really knowing what to expect. Coming from an economics background, most of my academic and work experience had been focused on business strategy and consulting, not private... https://capraecapitalpartners.com/field-notes/post/range-safety-air-filtration-systems-industry-analysis https://capraecapitalpartners.com/field-notes/post/range-safety-air-filtration-systems-industry-analysis Fri, 03 Oct 2025 00:00:00 GMT Investment Thesis The U.S. range safety & air-filtration sector is a $3–5B compliance-driven market anchored in the ~6,000 commercial and law-enforcement indoor ranges nationwide. The industry is highly... https://capraecapitalpartners.com/field-notes/post/suppressor-compliance-and-trust-services-industry-analysis https://capraecapitalpartners.com/field-notes/post/suppressor-compliance-and-trust-services-industry-analysis Fri, 03 Oct 2025 00:00:00 GMT Thesis: Against The suppressor compliance and trust services sector is an attractive option for private equity investors, but a risky play for entrepreneurs. Over the past few years, suppressor purchases... https://capraecapitalpartners.com/field-notes/press/discount-movie-ticket-seller-dealflicks-expands-with-carmike https://capraecapitalpartners.com/field-notes/press/discount-movie-ticket-seller-dealflicks-expands-with-carmike Tue, 01 Mar 2016 19:00:00 GMT By Ryan Faughnder Staff Writer Follow March 1, 2016 11 AM PT Share via Close extra sharing options Email Facebook X LinkedIn Threads Reddit WhatsApp Copy Link URL Copied! Print Dealflicks, an online seller... https://capraecapitalpartners.com/field-notes/press/why-the-movie-business-is-long-overdue-for-disruption https://capraecapitalpartners.com/field-notes/press/why-the-movie-business-is-long-overdue-for-disruption Mon, 26 Oct 2015 13:15:11 GMT The movie business fears a future of declining ticket sales and revenues, but these entrepreneurs are determined to flip that script. https://capraecapitalpartners.com/field-notes/press/chick-chat-app-of-the-week-seagull-bandit-riverdance-returns https://capraecapitalpartners.com/field-notes/press/chick-chat-app-of-the-week-seagull-bandit-riverdance-returns Tue, 14 Jul 2015 17:16:08 GMT Valonda and Alex chat about the news of the day. https://capraecapitalpartners.com/field-notes/press/dealflicks-raises-1-7-million-to-offer-movie-discounts-throu https://capraecapitalpartners.com/field-notes/press/dealflicks-raises-1-7-million-to-offer-movie-discounts-throu Mon, 21 Jul 2014 17:05:12 GMT Over the past few years, movie theater chains have been struck by a slowdown in the number of seats sold. Due to escalating ticket prices, they’re having a difficult time getting people into their theaters.... https://capraecapitalpartners.com/field-notes/press/dealflicks-premieres-with-1-7-million-seed-los-angeles-busin https://capraecapitalpartners.com/field-notes/press/dealflicks-premieres-with-1-7-million-seed-los-angeles-busin Mon, 21 Jul 2014 08:45:43 GMT Home Technology Technology Dealflicks Premieres with $1.7 Million Seed By staff-author July 21, 2014 155 Facebook Twitter Linkedin Email Print Dealflicks, which calls itself the the Priceline for movie... https://capraecapitalpartners.com/field-notes/press/discount-movie-ticket-seller-expands-to-the-kansas-city-mark https://capraecapitalpartners.com/field-notes/press/discount-movie-ticket-seller-expands-to-the-kansas-city-mark Wed, 21 May 2014 22:59:31 GMT Dealflicks.com, which partners with movie theaters to help them fill empty seats, said it has begun offering deals for Screenland Crown Cinema and Screenland Armour, and B&B Theaters in Grain Valley, Liberty and Blue Springs. https://capraecapitalpartners.com/field-notes/press/dealflicks-aims-to-put-movie-fans-in-cheaper-seats https://capraecapitalpartners.com/field-notes/press/dealflicks-aims-to-put-movie-fans-in-cheaper-seats Tue, 06 May 2014 12:00:00 GMT Dealflicks co-founders Kevin Hong, left, and Sean Wycliffe are inside a converted minivan the company uses to travel around the country and meet with theater owners. (Mel Melcon / Los Angeles Times) By... https://capraecapitalpartners.com/field-notes/press/4-entrepreneurs-2-vans-dealflicks-hits-up-movie-theatres-nat https://capraecapitalpartners.com/field-notes/press/4-entrepreneurs-2-vans-dealflicks-hits-up-movie-theatres-nat Wed, 12 Mar 2014 18:12:49 GMT Written by Published on Mar. 12, 2014 [ibimage==30728==Large==none==self==null] Theater prices have been quite a shock over the past few years with many top 3-D movies now charging close to $20 per person.... https://capraecapitalpartners.com/field-notes/press/startup-dealflicks-offers-discounts-for-movie-tickets-conces https://capraecapitalpartners.com/field-notes/press/startup-dealflicks-offers-discounts-for-movie-tickets-conces Sat, 16 Mar 2013 04:49:20 GMT With the cost of U.S. movie tickets rising, one startup is looking to revolutionize the market by allowing theatergoers to buy tickets for 30 percent to 60 percent off. And theater owners are beginning to...