Former institutional investor Donza Worden (co-founder, Clear Peak Capital) breaks down why many private equity pros aren’t truly investors—and what he’s doing differently as an independent sponsor who closed two platforms in year one (IT services & vertical SaaS).

Sponsored by CapitalPad—deal flow for serious investors. Built by world-class engineers and PE operators. Apply here: https://capitalpad.com/

This episode is also sponsored by Space Bar Studios. If you’re an investor, holdco, or PE firm that needs media that drives outcomes, they’ll build the newsletter, strategy, and production system for you. Right now they’re offering a free campaign for businesses doing $1M+ in revenue. Get your 2 week free trial: https://www.spacebarstudios.co/inquire

Timestamps:
00:00 Intro & who Donza is (2 platforms, Capitalpad)
00:25 The spicy tweet: “Most PE investors aren’t really investors”
00:56 Why PE ≠ investor training: incentives & slow feedback loops
02:24 Donza’s origin story: island → banking → PE
04:27 The hangar conversation that changed his life
06:05 PE associate programs, fund velocity & early reps
07:27 Investment philosophy setup (industry → company → price)
07:51 Partnership — Capitalpad
08:31 Building conviction: Five Forces, 2–4 thesis pillars, price last
10:50 What he kept/ditched from institutional PE before launching
12:02 Why 2024 to launch Clear Peak; co-founding with Luke
14:55 Model choice: independent sponsor now, fund optionality later
16:24 Deal #1: cruise/maritime maintenance software—core thesis
18:10 Capital reality on Deal #1: family offices & cold-start relationships
18:58 Deal #2: faster process; staged diligence & value-creation session
20:29 Partnership — Spacebar Studios
21:08 Operating the portfolio: GTM at IT Sync; financial visibility at Entara
23:55 Back to market for Deal #3; discipline on timing
24:08 Highest-ROI levers post-close (company-specific, no cookie cutter)
25:17 Choosing investors: family offices vs. SBIC; red flags
27:20 Superpower & weakness: depth of work vs. time trade-offs
29:33 Taking risk: leaving institutional PE; AI’s coming impact
31:18 Hardest skill shift: decision-making rests with you
32:16 Hours & lifestyle now vs. institutional PE
33:12 Happiness & autonomy; what “winning” (MOIC/IRR) looks like
34:18 What he’s studying now (IT services, vertical SaaS, mental models)
35:12 Practicing intellectual curiosity; inviting dissent
36:22 Favorite book: Behave (Robert Sapolsky)
37:15 Wrap-up & future check-in

Support our Sponsors:
CapitalPad: https://capitalpad.com/
SpaceBar Studios: https://www.spacebarstudios.co/inquire

Subscribe on Spotify:
https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5g

Subscribe on Apple Podcasts:
https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724

Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuy

This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.