When you’re evaluating your first deal, what matters more: pedigree or persistence? In Episode 138 of the Investors & Operators podcast, Douglas Song (Prodos Capital) and Dan Lee (Pin High Strategies) share why, when everything is on the line, the deciding factor is how you respond when things go wrong—not what’s printed on your résumé. From their founder evaluation filters to emerging capital trends for independent sponsors, this conversation zeroes in on the true driver of a successful deal: determination.
This episode delivers a wealth of actionable wisdom for those considering their first deal or looking to strengthen their independent private equity approach.
1. What to Prioritize in Your First Deal
They start with a clear premise: back consistency over credentials. Dan recalls supporting Douglas early on—even when his ideas were unconventional—because he valued his relentless drive. Douglas emphasizes that when building a team, he seeks resilience beyond what a CV shows.
2. Assessing Founder-Led Startups
Not all companies seek teams with institutional experience. Independent sponsors must look past the résumé to evaluate a founder’s commitment, adaptability, and agility—traits that often determine deal success.
3. Capital Trends for Independent Sponsors
They discuss a shift in the funding landscape: toward more flexible structures, boutique funds, and unconventional partnerships. In this environment, credibility is built through transparency, action, and authentic collaboration.
This episode is a must-listen for executives, founders, and independent sponsors who want to understand how to build genuine relationships in private equity and the independent sponsor space.
If you want to hear how deals are made from a human synergy perspective—not just credentials—this episode is for you:
Listen here:
An honest conversation proving that the real engine of investment isn’t your alma mater—it’s your consistency and grit.