About this episode
Welcome back to the Alt Goes Mainstream podcast.Today’s episode unpacks how to build a private equity firm within one of the largest and most unique investment platforms in private markets.We sat down in Brookfield Asset Management’s Brookfield Place office in downtown NY with David Nowak, the President of Brookfield’s Private Equity Group. David and I dove into a conversation about the private equity industry, Brookfield’s approach to private equity, and how the firm’s culture and DNA shapes how they work with portfolio companies and LPs.David has overall responsibility for the Private Equity Group’s North American business. He also serves as Chief Executive Officer of Brookfield Private Equity Fund. He joined Brookfield in 2011. He holds a MBA degree from Duke University, where he graduated as a Fuqua Scholar, and a Bachelor of Laws degree from the University of Western Ontario.David and I had a fascinating conversation about private equity and the Brookfield platform. We covered:How Brookfield’s owner-operator alignment informs how they approach private equity investing and their partnerships with portfolio companies.How the industry has gone from “roll your dice private equity to roll up your sleeves private equity.”Why and how the firm has a “blue collar work ethic.”The firm’s flat structure and a culture of collective effort, humility, and “earning your seat.”Why Brookfield’s private equity business focuses on complex carve outs.Why it’s important for investors to “think like an operator.”How the firm approaches value creation and the importance of understanding value creation levers even before making an investment.How Brookfield’s broader platform provides the private equity business with insights and subject matter expertise.The story behind Brookfield’s Westinghouse investment.What it means to look for “unloved businesses.”Why private equity is an apprenticeship business and how AI might impact the next generation of private equity leaders.Thanks David for sharing your expertise, wisdom, and passion for private equity and company and culture-building.Show Notes00:00 Cold Open00:51 A Message from our Sponsor, Ultimus01:48 Welcome to Alt Goes Mainstream and David Nowak03:30 Brookfield Culture is We Not I04:48 Leadership Succession and Humility06:22 Earn Your Seat Mindset06:30 Owner Operator Alignment08:23 Maax Bath Case Study09:34 Roll Up Your Sleeves Private Equity11:31 Operators on the Team12:06 Secondments Train Investors12:53 Underwriting with Reality Checks13:58 Platform Advantage and Insight
