In this episode, we sit down with Glenn Oken to trace how business development in private equity has evolved from 1989 to today, and what’s been lost (and gained) along the way.

Glenn reflects on the early days of deal sourcing, when private equity was barely an industry, competition was thin, and there were no CRMs, playbooks, or automated workflows to lean on. What existed instead was judgment, creativity, persistence, and a relentless focus on building real relationships — often face to face.

We explore how sourcing moved from hustle-driven relationship work to a more process-heavy function, why in-person connection still matters despite efficiency tradeoffs, and where experience beats financial engineering, especially in the lower middle market. Glenn also shares what it takes to survive the emotional reality of BD — the work that doesn’t bear fruit, the thrill of the hunt, and the long game of trust-building.

In a world where our digital inboxes are flooded with the same templated outreach e-mails, AI-assisted intros and impersonal newsletters, what can you do to stand out? Jake Colognesi of Mamba Growth Equity joins the show to talk about bringing humanity back into private equity to set himself apart from the competition. From leading with empathy and curiosity to sending out type-written notes to potential partners, Jake walks us through what makes a Mamba Deal different and why it works.

Is starting your day with a little bit of shared struggle the key to building deeper relationships? Mike Alberts thinks so. Mike joins the show to discuss how his "M&A Fitness Club" got started, why leaning into your interests can help you stand apart and make more connections, and why he believes BD is the best job in PD.

You already keep metrics on just about everything, but how do you turn those numbers into actionable items to help you win more deals? Renn Iaboni of Monomoy Capital Partners joins the show to explore how to make sense of all that data you're tracking, how AI is changing the way we present information to banks and investors, and why there's no such thing as a bad first meeting.

At Deal Sorcery Live, recorded at M&A SoCal, Ori Eldarov (Founder of OffDeal) and John Camp (Arbor Investments) join the show to discuss the origins of business development and how artificial intelligence is reshaping dealmaking — from sourcing to closing.

They discuss what happens when AI takes the wheel in investment banking, why human relationships still matter more than ever, and how the next generation of deal professionals will work alongside technology, not against it.

Topics covered:

• How AI is transforming deal sourcing and private equity workflows
• Building an AI-native investment bank with more engineers than bankers
• Why a human-first approach still drives great deals
• The evolution of business development in a tech-driven market

#DealSorcery #PrivateEquity #AI #InvestmentBanking #OffDeal #ACGSoCal

Are you actually building the kind of BD function that wins deals—or just checking a box?

Jay Jester, BD Legend and Partner at Plexus Capital joins Deal Sourcery to unpack what makes great sourcing teams stand out.

With decades of experience, Jay shares real stories and tactical insight on how to build trust, manage founder psychology, and turn your BD team into a true strategic asset.

If you're hiring, scaling, or just trying to sharpen your edge in BD, Jay shares a sharp, unfiltered perspective from one of the best in the business.

CHAPTERS:

00:00 – Intro: Who is Jay Jester?

02:43 – Early dealmaking days and defining BD

07:30 – The evolution of sourcing in PE

11:45 – Why likability still matters in deals

15:22 – Giving feedback to bankers (and why most firms don’t)

21:10 – Building a BD team that actually works

26:18 – Founder psychology and buyer trust

31:33 – Choosing the right banker: strategy vs comfort

36:50 – The myth of “full coverage”

41:17 – Why sourcing is more than dialing for dollars

KEY TAKEAWAYS:

“People want to be in business with and want to do deals with people they like.”

“The BD lead isn’t a bolt-on. They should be in the pitch—and seen as senior.”

“If sourcing’s not connected to the engine room, it doesn’t work.”

“The perfect alignment is when someone on the other side of the deal cares so much it could change their life.”

CONNECT WITH JAY:

Jay Jester: https://www.linkedin.com/in/jay-jester-plexus/

Are you making cold calls but just not locking in enough deals? Compass Equity Group's Jonathan Babcock joins the show to explain how playing the long-game and developing a firm-wide culture of thesis lead business development has helped them win.

Jonathan walks us through the Compass Method's 13-touchpoint outreach strategy and how it leads to deeper connections with business owners, keeps them competitive and wins deals.

📍CHAPTERS:

00:00 – Intro

02:30 – An Overview on the Compass Method and How to Stay Competitive

07:30 – How a Thesis Driven Approach Can Set You Apart

08:30 – Going from Idea to Fleshed Out Thesis

10:30 – The Thesis Development Process

12:45 – The Importance of Metrics in Thesis Development

14:30 – Essential Information for Developing a Thesis

17:45 – Centers of Influence & Key Relationship Building Techniques

21:30 – How Do You Find Well-Connected People In Your Target Markets?

23:00 – When to Start Direct Outreach

27:15 – Measuring Success

29:00 – Advice for Starting at a New Firm

📝 KEY TAKEAWAYS

“People forget that people do deals with people they like.”

“You have to have an angle, and it needs to be ingrained in the culture to do things in a differentiated way.”

“Don't confuse activity with productivity. Metrics play a key role in identifying what stage you're at - is it moving forward?”

“Leave the suit at the office. I do a lot of cold calls where the first ten seconds are crucial and you've got 10 seconds to show why you're reaching out, building credibility. But the most important part of that I've realized is, you don't spew out a bunch of industry knowledge you think you have - you try to build a relationship.”

🔗 CONNECT WITH JONATHAN:

LinkedIn: https://www.linkedin.com/in/babcockjonathan/

#BusinessDevelopment #PrivateEquity #Thesis

If you’re getting started at a private equity firm in business development, this one's for you. Inspired by Dan’s viral LinkedIn post, you’ll get tried-and-true steps for crushing your first 90-days on the job: how to build your banker pipeline, optimize your time on the road and actually measure your success. Whether you’re the first sourcing hire at a fund or stepping into a seasoned team, this is your outline on how to hit the ground running and set yourself up for long-term success.

Read Dan’s original LinkedIn post: https://www.linkedin.com/posts/danielherr_8-steps-to-success-in-a-new-pe-sourcing-role-activity-7287804951840399361-Dz7W/

📍CHAPTERS:

00:00 – Intro & Origin of the 90-Day Framework

03:30 – Who This Applies To

04:45 – Days 1–30: Be a Sponge

07:00 – Internal vs. External Messaging

08:45 – Read the IC Materials Like Treasure Maps

10:30 – Portfolio Company Primers

13:15 – Days 30–60: Start Building Relationships

16:45 – Prioritize Like an Investor

21:30 – Build the Prospect & Banker Database

23:00 – Days 60–90: Execute & Win Quick

24:45 – Hit the Road: Why In-Person Still Wins

29:00 – Metrics, Measurement & Accountability

35:00 – Top 2 North Star Metrics for New BD Hires

36:30 – Call to Action

📝 KEY TAKEAWAYS

“Before you're out there pitching everybody about how magical our firm is, it's diving into the nitty gritty of who are we, why do we win, where do we win, where do we lose.”

“You go back through these old IC materials... there’s a lot of low hanging fruit that’s sitting in there for you to go tackle as a sourcing professional.”

“You’ve got hundreds, thousands, millions of different things you need to be doing... Our number one job is prioritization.”

“There’s still no proxy for that in person... The number of deals I’ve done because I got in front of someone. You just can’t replicate that over Zoom.”

🔗 CONNECT WITH THE HOSTS:

Dan Herr: https://www.linkedin.com/in/danielherr/

Matt Rooney: https://www.linkedin.com/in/matt-rooney-coastalpartners/

Coastal Partners: https://www.coastalpartners.co/

#BusinessDevelopment #PrivateEquity #NewHires