How to Raise $450 Million at 31 with No Track Record (and Do 90+ Deals) | Urs Wietlisbach Research

Imagine being in your early 30s, launching a private equity fund, and raising $450 million for your first fund. (No track record. No rich father or uncle.)Urs Wietlisbach, one of the three co-founders, led client relationships and fundraising, pushed proactive deal sourcing and thematic research, and kept the team focused on pensioners as the ultimate client.SponsorsThis episode is brought to you by CapitalPad — a marketplace that connects acquisition entrepreneurs who need capital with investors who want exposure to small-business deals. Standardized terms, governance, and distributions included. If you’re raising for a deal—or want to back operators—check out https://capitalpad.com/ - A deal-by-deal private equity investing platformETA Europe — sharp weekly curation of European acquisitions, operators, and deals. Sign up, it's free: https://legacy-partners-newsletter.beehiiv.com/You'll learn:00:00 Why this episode & who it’s for00:36 From “stocks & bonds are boring” to real assets; early AUM context01:25 Independence as the goal; raising $450M with no track record02:20 Three complementary founders is better than one “perfect” entrepreneur03:12 Leaving Goldman: the coffee invite, risk, and family pushback04:35 “Fill your backpack”: learn aggressively, then have the courage to leave05:43 The costly fundraising mistake: paying an upfront “rainmaker” (and why never again)06:08 Sponsor: CapitalPad (a marketplace for investors and acquisition entrepreneurs)06:40 Why they IPO’d in 2006: talent, direct deals, and Asian credibility10:05 Operating public, thinking private: ignore the ticker, focus long term10:30 “We are responsible for dreams”: pensions as the true client11:05 Proactive diligence: working 12–36 months before a sale is announced12:05 Urs’s role today: fundraising, client relationships, and a 100+ person marketing team12:45 The PE model now: ~53% equity / 47% debt; returns from business building13:35 Edge vs. competitors: thematic sourcing and pre-work win auctions14:40 Example: German deal log, 582 days of prep before the bank book16:05 Returns stack vs. mega-peers; tailwinds, management being everything16:36 Sponsor: ETA Europe newsletter (weekly EU ETA deal flow & analysis)17:13 Four thematic teams: Healthcare, IT, Goods/Products, Services18:00 Healthcare thesis in action: U.S. physiotherapy roll-up playbook19:10 From 100 to 600+ clinics; EBITDA from ~$38M to ~$110M in four years19:56 Why PE has outperformed publics: information, incentives, not leverage21:00 Compensation design: “eat what you kill” + shared carry across teams21:50 Hiring from industry, not just finance; sweat equity for managers22:40 Heavyweight chairs matter: PCI Pharma example (4x MOIC)23:40 What makes entrepreneurs succeed24:45 Play to strengths, fix fast: people business above allSupport our Sponsors:CapitalPad: https://capitalpad.com/ETA Europe: https://legacy-partners-newsletter.beehiiv.com/Subscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5gSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.