Two companies we previously dissected on Private Equity Experience have now filed Chapter 11: LIV Golf and Leslie’s Poolmart.

Same bankruptcy chapter. Very different businesses — and very different reasons for ending up there.

In this episode, Emily Sander, Ed Barton, and Rory Liebhart revisit both cases to explain what Chapter 11 actually means in practical business terms. They unpack why bankruptcy doesn’t necessarily mean a company has failed or is shutting down, how a prepackaged bankruptcy works, what debtor-in-possession (DIP) financing does, and why creditors may agree to swap debt for equity rather than simply try to collect what they’re owed.

LIV Golf burned through billions trying to build a challenger to the PGA Tour, only to discover that buying star players didn’t automatically create enough consumer demand or media revenue. Leslie’s, meanwhile, had a proven business that expanded during the pandemic boom, took on significant debt and fixed costs, and then found itself unable to support that structure when demand normalized.

The contrast gets at one of the most important ideas in restructuring: a bad capital structure and a bad business are not necessarily the same thing. Chapter 11 can provide a mechanism to renegotiate obligations, reduce debt, shed contracts and leases, and give a viable underlying business another shot.

The hosts also break down who actually makes decisions in bankruptcy, what happens to existing shareholders, why creditors sometimes become the new owners, and why Leslie’s may emerge as a solid business while LIV Golf still has a much bigger question to answer: is there a viable business there at all?

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🎙 Podcast – Strategies, PE 101 & witty banter

📚 Book – On‑Ramp to Exit, full deal life cycle

🛠 Resources – Free templates, guides, tools

🔗 LinkedIn – Follow us for fresh PE insights

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Who Are We?

Three insiders. One mic. All things private equity — explained. Hi 👋 We’re Ed, Rory, and Emily — a CEO, a CFO, and a Chief of Staff — here to demystify the world of private equity. Between us, we’ve sat in the founder’s chair, run PE‑backed companies, and worked on the deal side, so we know the wins, the pitfalls, and the jargon (and we’ll explain it).

Through the Private Equity Experience Podcast, our book On‑Ramp to Exit, and a library of free tools and templates, we share real‑world stories, practical strategies, and insider insights to help you navigate every stage of the PE journey — whether you’re leading a portfolio company, joining a deal team, considering PE, or just PE‑curious.

🔗Connect with Ed

🔗Connect with Emily

🔗Connect with Rory

Grab your popcorn! In this special inaugural watch-along episode of the Private Equity Experience Podcast, hosts Emily Sander, Ed Barton, and Rory Liebhart watch and react in real-time to the 1993 financial classic, Barbarians at the Gate. Based on the legendary 1988 leveraged buyout (LBO) of RJR Nabisco, this movie details the greed, corporate excess, high-stakes boardroom warfare, and private equity maneuvering between CEO F. Ross Johnson and KKR's Henry Kravis.Ed, Rory, and Emily provide running commentary on the financial mechanics, corporate governance dynamics, bidding war psychology, and how dealmaking has evolved from the wild 1980s junk-bond era to today's PE universe.

The Deal That Defined Private Equity: The $25+ billion takeover of RJR Nabisco by Kohlberg Kravis Roberts (KKR) remains the benchmark mega-deal that transformed modern corporate finance and institutional buyouts.

MBO vs. External PE Sponsors: How Ross Johnson's attempt to take RJR Nabisco private via a Management Buyout triggered an open auction that ultimately cost him control of the company.

Corporate Governance Lessons: The critical role of independent board committees, conflict-of-interest disclosures, and shareholder value maximization when management participates in a buyout bid.

The Evolution of Debt & Leverage: Contrasting the high-yield "junk bond" frenzy of the 1980s with modern PE capital structures, covenant packages, and debt underwriting standards.

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🎙 Podcast – Strategies, PE 101 & witty banter

📚 Book – On‑Ramp to Exit, full deal life cycle

🛠 Resources – Free templates, guides, tools

🔗 LinkedIn – Follow us for fresh PE insights

================================

Who Are We?

Three insiders. One mic. All things private equity — explained. Hi 👋 We’re Ed, Rory, and Emily — a CEO, a CFO, and a Chief of Staff — here to demystify the world of private equity. Between us, we’ve sat in the founder’s chair, run PE‑backed companies, and worked on the deal side, so we know the wins, the pitfalls, and the jargon (and we’ll explain it).

Through the Private Equity Experience Podcast, our book On‑Ramp to Exit, and a library of free tools and templates, we share real‑world stories, practical strategies, and insider insights to help you navigate every stage of the PE journey — whether you’re leading a portfolio company, joining a deal team, considering PE, or just PE‑curious.

🔗Connect with Ed

🔗Connect with Emily

🔗Connect with Rory

What happens when a private equity fund reaches the end of its 10-year lifespan and can't sell its assets? Welcome to the era of Zombie Funds.

In Episode 40 of the Private Equity Experience Podcast, hosts Emily Sander, Ed Barton, and Rory Liebhart break down the alarming $348 billion backlog of net asset value trapped in aging PE funds past their standard 10-year expiration date.

The team examines why private equity firms are holding assets longer than ever, how frozen M&A markets affect Limited Partners (LPs) and General Partners (GPs), and what creative financial instruments (like continuation vehicles and net-asset-value loans) are emerging to solve this liquidity bottleneck. Plus, they explore how institutional capital is expanding into unexpected markets like NFL franchise ownership!

What is a "Zombie Fund"? Standard private equity funds operate on a 10-year life cycle (5 years to invest, 5 years to exit). Zombie funds are those past their decade mark still holding significant portfolio assets because market conditions prevent an profitable exit.

The Valuation Gap: Sellers want to maintain valuations based on peak post-COVID multiples, while buyers are adjusting for higher interest rates, creating a bid-ask spread that freezes M&A volume.

LP Pressure: Institutional investors (pension funds, endowments) are starving for cash distributions to reinvest in new funds, leading to a fundraising crunch across the industry.

Alternative Liquidity: Continuation vehicles and secondary market sales are moving from "last-resort options" to core strategic tools for GPs trying to return capital to LPs.

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🎙 Podcast – Strategies, PE 101 & witty banter

📚 Book – On‑Ramp to Exit, full deal life cycle

🛠 Resources – Free templates, guides, tools

🔗 LinkedIn – Follow us for fresh PE insights

================================

Who Are We?

Three insiders. One mic. All things private equity — explained. Hi 👋 We’re Ed, Rory, and Emily — a CEO, a CFO, and a Chief of Staff — here to demystify the world of private equity. Between us, we’ve sat in the founder’s chair, run PE‑backed companies, and worked on the deal side, so we know the wins, the pitfalls, and the jargon (and we’ll explain it).

Through the Private Equity Experience Podcast, our book On‑Ramp to Exit, and a library of free tools and templates, we share real‑world stories, practical strategies, and insider insights to help you navigate every stage of the PE journey — whether you’re leading a portfolio company, joining a deal team, considering PE, or just PE‑curious.

🔗Connect with Ed

🔗Connect with Emily

🔗Connect with Rory