In this episode, Alex Rawlings speaks with Andrew Sachs, Founder of Mauloa, about why he believes the traditional private equity model is fundamentally flawed — and what a long-term alternative looks like.

After starting his career at Morgan Stanley Capital Partners, Andrew built Mauloa around a simple philosophy: no excessive leverage, no forced exits, and a focus on compounding cash flow over decades.

Mauloa takes minority stakes (30–40%) in family and multi-generational businesses, avoids debt, and prioritises culture, balance sheet strength, and long-term alignment.

⏱️ Timestamps

00:00 – Andrew’s background and founding Mauloa
01:10 – Why private equity’s model is flawed
03:02 – Investing without debt or exit pressure
06:18 – Fund structure without institutional capital
07:44 – Incentivising management long-term
10:49 – Free cash flow freedom vs leverage pressure
12:14 – “Piles of money” vs chasing IRR
16:54 – The Middle Market Accelerator
19:16 – What Andrew reads and recommends

Key Themes

Over-leverage and short hold periods distort decision-making
Long-term compounding beats short-term IRR optimisation
Culture and leadership matter more than financial engineering
Supporting “boring” small and middle-market businesses builds real wealth

If you're questioning whether traditional PE is the only model, this episode offers a thoughtful, long-term alternative.

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection www.raw-selection.com

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Balance Sheet First Investing Like an Operator, Not Traditional PE

The Private Equity Podcast, by Raw Selection

Balance Sheet First Investing Like an Operator, Not Traditional PE