$2M to Start as an IndependentSponsor | Drew Bagin, North Haven Capital

Drew Bagin and his partner raised $2m in seed capital for the General Partnership before doing their first deal as an independent sponsor. Then they built a tightly regional strategy focused on Maine and New England. 5 platforms later, the regional focus manifests in a differentiated sourcing network & value creation, and a fire protection platform approaching exit. More on Drew Bagin:   / dbagin   More on North Haven Capital: https://northhavencapital.com/ 00:00 Minds Capital Partners React to Interview with Drew Bagin 12:34 Interview with Drew Bagin Begins 13:54 Drew Background and Focus 14:47 Raising Seed GP Capital 16:37 Budget Runway and Tranches 22:24 Pricing GP and Sustainability 25:41 Investor Perspective and Risks 28:02 Sponsor Message Platt 29:08 Advisory Boards and Operators 34:25 Winning Deals Locally 38:06 Missing Maine Deals 38:46 Why Geography Still Wins 40:53 Northeast Platform Footprint 41:22 Fire Protection Deal Origin 42:59 Operator Search Lessons 47:23 Scaling With Addons 50:38 M&A Versus Greenfield 51:29 Valuation And Exit Story 53:07 Consolidation In Late Innings 54:08 Planning The Exit Process 56:06 LP Updates And Reporting 57:12 SDVOSB Deal Structure 01:00:54 SDVOSB Exit And Rules 01:05:50 Wrap Up And Subscribe ❤️ Enjoy this interview? SUBSCRIBE for more: ‪@mindscapital‬ CONNECT with the Minds Capital team: 👉 Minds Capital, where the hosts are partners: https://mindscapital.co 👉 Sign up for info on future fundraises: https://www.mindscapital.co/investors 👉 Connect with host Will Smith: https://linktr.ee/acquiringminds 👉 Connect with host Niklas James: https://linktr.ee/niklasjames 🎧 Podcast on Spotify: https://open.spotify.com/show/32K3aO9... 🎧 Podcast on Apple: https://podcasts.apple.com/us/podcast... ABOUT the Minds Capital Podcast: MCP is a podcast about the growing world of independent sponsors & deal-by-deal private equity. Hosts Will Smith and Niklas James are partners in Minds Capital, a fund that invests in independent sponsor deals. New episodes every week. Credits: Edited by Anton Rohozov