35. Stephen Master, MD at GTCR and 7x Board Director, on how Private Equity Creates Value

Описание: In this episode of Momentum Mode, we sit down with Stephen Master, MD at GTCR, one of the oldest and most respected private equity firms in the world, to demystify what actually drives top-quartile returns in private equity. From leadership decisions and market tailwinds to M&A strategy and CEO performance, Stephen offers a rare inside look at how elite PE firms think about building value.

GTCR doesn’t just buy companies, it backs leaders. And Stephen explains why the right CEO, paired with the right market moment, matters more than any financial model.

Here’s what stood out:

Why Private Equity Is Really a Leadership Business
Stephen breaks down GTCR’s “Leader Strategy” and why the firm often partners with executives before selecting a company, betting on people as the primary engine of transformation.

How to Think About Market Tailwinds (and Their Limits)
Tailwinds can amplify returns, but they can’t replace defensibility. Stephen explains how GTCR evaluates growth markets versus durable businesses and why balance matters.

What Makes a CEO Investable
From building elite teams to mastering the details, Stephen shares the two traits he believes are the strongest predictors of CEO success and why founders often get stuck when they can’t delegate.

How Private Equity Changes the M&A Equation
With aligned ownership and dry powder, PE-backed companies start on second base. Stephen explains when M&A creates real value and when it becomes a distraction.

Advice for Founders Engaging Private Equity Early
Should you respond to those inbound PE emails? Stephen shares practical guidance on building long-term investor relationships before you’re ready to sell.

This episode is a must-listen for founders approaching scale, CEOs considering private equity, and operators who want to understand how investors really evaluate leadership, risk, and growth.

🎧 Tune in to hear how private equity actually works through people, not spreadsheets.