Episode 131
Private Equity Sourcing, Culture, and Data Discipline at Monomoy
Renn Iaboni, Managing Director at Monomoy Capital Partners, joins Sean to discuss how disciplined sourcing, cultural alignment, and a 15-year proprietary data engine shape Monomoy’s approach to private equity. He shares how engineering training, relationship-driven BD, and resilience forged through career adversity inform the way he builds high-trust deal pipelines. Renn also details how Monomoy’s Beacon platform connects BD, investment, and credit teams to operate as one cohesive firm. It’s a candid look at what modern private equity excellence really requires — and why Monomoy’s model stands apart.
Episode Highlights:
1:19 – Growing up in New York, engineering ambitions, and the winding path into private equity
3:04 – How engineering training equips professionals for ambiguity and problem-solving in PE
9:40 – Renn’s pivotal career setback at Macquarie and how building a new practice became an inflection point
14:46 – Why Monomoy’s integrated model works and how cross-functional collaboration is reinforced
17:53 – Inside “Beacon,” Monomoy’s proprietary CRM and sourcing engine
20:58 – A real case study: tracking Wapac for years and how long-term data compounds sourcing advantages
23:54 – Renn’s advice to his 22-year-old self and how energy, not passion alone, should guide career choices
For more information on Monomoy Capital Partners, go to https://www.mcpfunds.com/
For more information on Renn Iaboni, go to https://www.linkedin.com/in/renniaboni
Episode Highlights:
1:19 – Growing up in New York, engineering ambitions, and the winding path into private equity
3:04 – How engineering training equips professionals for ambiguity and problem-solving in PE
9:40 – Renn’s pivotal career setback at Macquarie and how building a new practice became an inflection point
14:46 – Why Monomoy’s integrated model works and how cross-functional collaboration is reinforced
17:53 – Inside “Beacon,” Monomoy’s proprietary CRM and sourcing engine
20:58 – A real case study: tracking Wapac for years and how long-term data compounds sourcing advantages
23:54 – Renn’s advice to his 22-year-old self and how energy, not passion alone, should guide career choices
For more information on Monomoy Capital Partners, go to https://www.mcpfunds.com/
For more information on Renn Iaboni, go to https://www.linkedin.com/in/renniaboni
EPISODE TRANSCRIPT
[00:00:00] Sean Mooney: Welcome to the Karma School of Business, a podcast about the private equity industry, business best practices, and real-time trends. I'm Sean Mooney, BluWave's founder and CEO. In this episode, we have a fantastic conversation with Renn Iaboni, managing director with Monomoy Capital Partners. Enjoy.
[00:00:35] I'm super excited to be here today with Renn Iaboni. Thanks for joining us.
[00:00:40] Renn Iaboni: Thanks so much, Sean. Really happy to be here.
[00:00:42] Sean Mooney: I've been looking forward to this one for a long time. Monomoy where you are, one of their senior leaders in business development is one of the fabled private equity firms. That was really one of the early adopters of this kind of forward operationalization of private equity.
[00:01:00] So I think this is gonna be a really fun one and I'm excited to get your perspectives here.
[00:01:05] Renn Iaboni: Thanks so much for the kind words. I'm excited to be here.
[00:01:07] Sean Mooney: I love to start these things, getting a little bit of the story of you. As we jump in here, can you tell me a little bit about yourself? Where'd you grow up?
[00:01:15] Maybe some formative experiences, college, first job outta college, how you got into pe.
[00:01:19] Renn Iaboni: Sure. I grew up in the suburbs of New York City and I'm a a lifelong Yankees fan, though in a twist of fate. I actually worked as a bat boy for the New York Mets as a kid. It's a fun story, mostly involving someone owing my dad a favor.
[00:01:37] That experience gave me an early appreciation for being behind the scenes, kinda supporting a team, and obviously learning from professionals that are at the top of their game. I went on to study mechanical engineering with a concentration in space flight mechanics at RPI Rensselaer Polytechnic Institute, and at first my dream was to design cars for Ferrari.
[00:02:04] It turns out Ferrari had plenty of Italian engineers already, so they didn't exactly need me. I eventually pivoted to finance my career. Started in transaction services at Deloitte, covering the industrial and aviation sectors. While there, I, I got a good sense for the m and a process. I was seeing a piece of it, but I was really interested in being involved from start to finish the inception of a deal through the execution all the way through close.
[00:02:35] So I eventually moved into investment banking at Macquarie Capital where I was covering aerospace, defense, and government services. While there, I found myself kind of gravitating toward the human side of the deal process. I loved connecting with people, hearing their stories and, and building trust. So over time, I, I kind of realized sourcing and relationship building weren't just parts of the job I enjoyed.
[00:03:04] They were really where I thrived. So that led me to Monomoy where I've helped institutionalize and scale our sourcing engine. My background, I think, lets me bridge both sides of private equity. The analytical discipline from engineering and investment banking, and then the interpersonal skills that drive bd, and that's really where I've found my passion.
[00:03:28] Sean Mooney: There's a lot that I love about your story therein, and one of them was that you successfully avoided the siren call of the Mets in terms of like full fandom. So I applaud you for sticking loyal to your Yankees. I can only presume the giants come with that. And you didn't do Mets jets.
[00:03:45] Renn Iaboni: That's exactly right.
[00:03:46] Look, I'm a New York sports fan through and through, but I will always bleed pin stripes.
[00:03:51] Sean Mooney: I've maybe told some of these stories before. The vast majority of my adult life, I lived in the New York area, but my parents were from Cleveland and so they cursed me with the Cleveland sports teams and that's probably why, one of the reasons why I'm so resilient and so I should thank them for that.
[00:04:06] So usually like the NFL draft is my Super Bowl, and so that's when the good things happen. But I had this moonlit moment with my son and he was born in the broader New York City area, and I, you know, had a, a tear cascading down my cheek and I go, son, the circle of violence stops here. I'm not gonna do to you what Grandpa John did to me and give you the Cleveland Browns as your fan.
[00:04:27] You get as good to be a fan of the Yankees, a fan of the Giants. So I feel really good about what I bestowed to him on. The Yankees, more or less gets to taste the postseason every year. Giants. That's more of a resilient maker for 'em, but they're gonna get there.
[00:04:41] Renn Iaboni: It's cyclical. They, they should hopefully come back.
[00:04:43] At least he also has the Knicks, right? We're on a bit of a run lately there.
[00:04:47] Sean Mooney: That's exactly right. And the other thing that I really appreciate your background, one of the cool things about having now north of a hundred episodes of Karma School business is that we're able to kind of start mining the data within these and get the story and the themes of private equity.
[00:05:03] And so recently I took all of our transcripts from. A hundred plus episodes and was asking it what are some of the core areas and and themes of people who get into pe. And one of them was, so many people in private equity originally study engineering. And my hypothesis on this that I want to test with you is that you're able to kind of understand opaque challenges, use a scientific method, break 'em down, figure things out, and welcome to life and welcome to pe, right In a constantly changing environment.
[00:05:35] Am I on the right track there or am I off?
[00:05:38] Renn Iaboni: I think that's very eloquently put. I think engineering really teaches you how to think and how to problem solve. And in a role like business development within private equity, which tends to be pretty amorphous and ambiguous, what it does is it helps you structure that ambiguity, right?
[00:05:56] And that is paramount to a role like this. And engineering sets you up well to approach it as such.
[00:06:01] Sean Mooney: That makes complete sense to me. And now I can. Validate my hypothesis. That was kinda like, I think this is why it works. 'cause I wasn't smart enough to be an engineer in college, so I had to, uh, do other paths.
[00:06:11] So, but I always appreciated those of my friends who could do it. One of the things I, I always love to do here before we get deeper into the conversation, is talk about this question that I ask, we'd know you better if we knew this about you. What might one of those things be?
[00:06:27] Renn Iaboni: You'd know me better if you knew that I once sang at Carnegie Hall.
[00:06:32] I'm probably the only BD professional who can say that I've pitched both to bankers and to a full concert hall. And yeah, that means that I do love karaoke much to my wife's chare. It was a surreal experience, but what it really taught me is when the spot's on you, you can't fake it. You'll fall back on your preparation, your discipline, and obviously the people standing next to you.
[00:07:02] It's not so different from private equity. When it's time to sit down with management or you're competing for a deal, the groundwork that you've put in ahead of time, the relationships, the sector knowledge, the process, that's what really carries you. And so the performance is just the outcome of that preparation.
[00:07:22] Sean Mooney: I'm curious, what genre of music were you singing there?
[00:07:26] Renn Iaboni: It was back when I was in high school. They had come around to a number of schools across the country. I picked a few kids to form a chorus. They had a chorus, they had an orchestra, and it was a one night event at Carnegie Hall where we performed for friends and family.
[00:07:43] A bunch of classic songs.
[00:07:47] Sean Mooney: Hey, as a quick interlude, this is Sean here. Wanted to address one quick question that we regularly get. We often get people who show up at our website, call our account executives that say, Hey, I'm not private equity. Can I still use Blue Wave to get connected with resources? And the short answer is yes.
[00:08:03] Even though we're mostly and largely used by hundreds of private equity firms, thousands of their portfolio company leaders, every day we get calls from everyday top proactive business leaders at public companies, independent companies, family companies. So absolutely you can use this as well. If you want to use the exact same resources that are trusted in being deployed and perfectly calibrated for your business needs, give us a call.
[00:08:27] Visit our website@bluewave.net. Thanks. Back to the episode.
[00:08:35] With that in mind, we talked about your background, where you're engineering, you're solving problems, you've had an experience performing in front of big audiences, and that sets the stage in terms of preparation and perspiration often leads to success. One of the things that I think is common in your background, it also makes you quite resilient, right?
[00:08:56] You're able to kind of look at something when something's not going the right way. When I was in pe, nothing was ever going the right way. Maybe like half the portfolio was and then the other half wasn't. And so like, but I only thought about the ones that weren't. And so you're constantly working through challenges and opportunities, and you're gonna find a way no matter what.
[00:09:14] And so I'm curious, man, what's maybe an example of a story where you encountered a business or a life challenge? Had to kind of address it in the moment and overcome.
[00:09:24] Renn Iaboni: One of the toughest moments in my career came in in 2016 when the entire industrials team at Macquarie was let go. Macquarie had made the decision to exit the industrials practice in the Americas.
[00:09:40] I was a senior associate at the time, and suddenly the whole platform I was part of just disappeared. So it was definitely an unsettling experience. Almost a rite of passage in this industry. And so they offered me the chance to stay on the platform. So I was kind of faced with this decision to either move on or try to make something of this new opportunity.
[00:10:04] So I ultimately decided to stay at Macquarie and partner with a new managing director who had just joined the platform to build out an aerospace and defense coverage effort from scratch. I took ownership of everything, the sector mapping, outreach, execution, and over time, that practice grew into probably one of the most successful groups we had at the bank.
[00:10:31] In fact, we ended up leading the largest sell side transaction Macquarie Capital had ever done in the us. Up until then, it was a $10 billion public to public deal. That experience taught me kind of how to lead without a blueprint. So it showed me that trust and relationships create that momentum and that, quite frankly, adversity can really be a springboard if you lean into it.
[00:10:58] And it also shaped how I approach BD today. I'm comfortable with white space and I have the confidence to build rather than inherit.
[00:11:08] Sean Mooney: So this happens in the moment, right? And it's like a cold bucket of water thrown on you. How did you at that time kind of find the way to get the calm and kind of like, okay, here's how I'm gonna think through these decisions in front of me?
[00:11:20] Renn Iaboni: Well, I, the first thing I did was text my mom as a good Italian boy, and I said, I think they just let everybody go. Once I took a couple of those deep breaths and I was reflecting on what I had accomplished at Macquarie already and what I thought there was left to do where I was in my career. The decision became pretty obvious, stay and build something here.
[00:11:46] It was a platform that I had been at already and I knew the ins and outs of it, so I had that solid foundation, which I think was very helpful at that point in my career to branch off and really try to make something of this team. We ended up, like I said, as one of the more successful groups, I think during my time there we did about $35 billion worth of transactions, and we had roughly 10 people.
[00:12:09] By the time that I had left Macquarie. So I, I felt that I left a very successful group and I had accomplished a ton in my time there.
[00:12:17] Sean Mooney: I think it's such a great life lesson that you're sharing there in that we've all had these moments in time, right? Where you are staring down the challenge and you can do fight or flight, right?
[00:12:28] And so often it seems like sometimes flight's the right move, but so often it's not the right one. It's this idea of like, no, I'm gonna stare it down. I'm gonna figure it out, I'm gonna overcome, I dunno if I've told the story much, but. One of the biggest ones I had was I'd been in private equity for eight years.
[00:12:43] I joined a new fund. I was trying to get into one that was really specialized in this area, and these folks who had come from another fund, all knew each other. They knew the motions. They'd been like peas in a pod in a really positive way, in a really productive way. But I was, you know, one of these folks was not like the other, I just didn't know it, and so I was just stumbling outta the gate.
[00:13:03] And I was probably 80% sure I was gonna get fired, like maybe 90. So, but I was just like, okay, do I just like start looking for a job 'cause they're gonna toss me or do I just double down, figure it out, figure out the way I can be successful within this environment, learn it from their vantage and kind of duke it out.
[00:13:24] And that I chose the fight versus the flight. And then ultimately I became a partner and on the investment committee of the P firm. But. That was overcoming the 95% odds of being fired. So, but it's like, it's such a great life
[00:13:36] Renn Iaboni: loss. It's great. And that resilience is really incredible. That's a great story.
[00:13:41] Sean Mooney: But I think it's so important for people coming up in any industry and frankly for even people my age, where you look and you go, the world never gets easy. There's always gonna be changes. And growing up in Texas, I'm a fan of football. There's not too much like passing back to go forward, but I've learned to appreciate soccer and realize sometimes you gotta pass back to go forward and score the goal.
[00:14:03] Renn Iaboni: I love that. That's a very good one.
[00:14:05] Sean Mooney: So I appreciate the approach that you took there to kind of overcome it and I think everyone can take something away from that. So maybe as we kind of progress our conversation forward here, ran, I'm curious as you think about the modern PE era and, and maybe to play on kind of the music part of our conversation.
[00:14:22] It's not like a one instrument band anymore. It's a symphony of motion of different teams, different tools, different resources that are all working together to lead to a better outcome. Thinking about that in mind, how does Monomoy and how do you and your teams kind of manage the interplay between all of the constituents that are looking to transform a company?
[00:14:46] Renn Iaboni: At Monomoy, we've built a model that's designed for integration. Our proprietary CRM, which we call Beacon, is really at the center of it. Beacon allows insights to flow from business development to the investment team, to our operations team, and back again. So it really keeps us aligned across the firm.
[00:15:08] We enforce that with regular touch points between functions so that BD or any team is not siloed. We partner closely with the deal teams. We're endeavoring to add value at every stage of a process, not just in sourcing and then handing off opportunities. And because our BD team is built with professionals who have banking and private equity backgrounds, we can engage with the investment team in a way that feels seamless and credible.
[00:15:40] That interplay is really what makes Monomoy unique. When we meet with a management team or a banker. They see one cohesive monomoy, not separate groups that are pulling in different directions.
[00:15:54] Sean Mooney: Tell me a little bit more about that. Like how does that work that enables you to kind of seamlessly work together and what are some of, maybe example of how that works in real life?
[00:16:04] Renn Iaboni: Beacon sits at the center of our organization and everybody has absolute access to it. An interesting case study here is in addition to our private equity fund, we also do have a credit fund. What's incredibly unique is that it is all shared institutional knowledge for us and our ability to work across the BD team, the investment team, the credit team with that shared database of information allows us to kind of move quickly and potentially see opportunities that others don't.
[00:16:35] So if we're reviewing a potential opportunity on the credit side. Oftentimes, there's already so much rich data in Beacon that they can pull from where we have maybe reviewed that asset on the private equity side and or have reviewed so many similar assets that there is an incredible amount of industry or sector data that we've compiled in there for them, allowing us to operate a bit more efficiency and probably quicker than others can do
[00:17:04] Sean Mooney: in some ways.
[00:17:05] Private equity firms are such great acquirers, distillers, and synthesizers of information, and you get to see hundreds of deals a year, right? And all of that richness, no doubt, creates this data set and data patterns where ultimately you get to see the way the world works in a way that probably few people do.
[00:17:26] I think few private equity firms have brought that into a central kind of system that enables it all to be utilized in a way that leads to better outcomes for everyone. That really is kind of a novel approach, thinking about the business of private equity as a business. Maybe. With that in mind, Ren, can you talk a little bit about how you might use Beacon or even this overarching data driven approach as it relates to deal sourcing within your organization?
[00:17:53] Renn Iaboni: So, like I said, beacon is our proprietary sourcing engine. It's built on the foundation of deal cloud, and it's really core to how we we're creating value here. So we are tracking every deal, every contact, every theme, every outcome. And as a result, we've amassed over 15 years of this incredible proprietary data.
[00:18:19] It truly starts from the top. Our co-founders and co-CEOs are using this every day, and that flows down to the rest of the organization. So this discipline allows us to filter the noise and kind of focus on what's real, especially in today's environment where processes are taking longer and off market opportunities might matter more.
[00:18:45] But Beacon isn't just about kind of looking forward, it's, it's about looking back. So we use it often for data rich postmortems that help us refine how we're targeting and engaging. And it's not just about logging all of this activity and information you need to learn from it. So over time, that feedback loop compounds, it gets better, and the system itself makes us better deal sourcing professionals.
[00:19:15] So at the end of the day, beacon isn't just a database. It's a feedback loop that makes us sharper with every deal that we see. I think the secret sauce isn't necessarily the technology, it's really our culture.
[00:19:30] Sean Mooney: I once again, really appreciate that approach. I'd say few companies and investors will have data sets going back 15 years, and as I'm thinking through what you're sharing, to me that means A, you've got essentially data going all the way back through the last.
[00:19:46] Super full economic cycle, right? Going through the Great Recession, coming out of that all the way to today. And one of the things that I've always thought about is that, you know, history might not repeat itself, but it certainly rhymes. And so as we're entering into this kind of what I believe is at least the entrance of the next cycle, I think a lot of the economy had been in a down cycle.
[00:20:07] And as we're entering into the next cycle, there's all sorts of rhymes in your data set that's gonna help you play the next game that's coming up. Better than that, and it just creates this flywheel with every deal you feed into, it helps you get better and reinforces these loops.
[00:20:23] Renn Iaboni: I think that's well said.
[00:20:24] And a great example is an asset we acquired last year called Wapac, which is North America's largest Iron Foundry business. We learned about that deal back in 2019 at an industry trade show. And over the course of the next number of years within Beacon, you can see not only dozens of other calls and meetings we had about that name, but also a couple of hundred other deals that were in a similar sector and industry.
[00:20:58] And over time we were able to quickly piece together kind of the mosaic of a business that would really benefit from our ops team. Where an opportunity we could really create value under our stewardship. And so when we were finally involved in the process, I think we showed incredibly well and the proof is in the pudding there.
[00:21:17] And so that's a great case study in how Beacon comes together to actually. Effectuate results for us.
[00:21:26] Sean Mooney: Hi, Karma School of Business listeners, Sean here. Wanted to shine another quick spotlight on one of the most important ways PE firms preserve and create value. The private equity industry is one of the most regular users of interim executives.
[00:21:38] Why? Because these select private equity grade executives can be hugely impactful for saving company value during critical times. Accelerating strategic initiatives and bridging executive transitions that happen to almost any company over time. To this day, many don't know that Blue Wave has turned the interim exec offering on its head and completely made it the way that my friends and I in PE always wished it was.
[00:22:04] BluWave has a dedicated team that does nothing but interview, pre-vet, credentialize and reference private equity grade groups and people so that we know who you need before you call us. In the case of interims, we have more than a thousand top interim private equity grade CEOs and CFOs that are ready to be matched for your exact need.
[00:22:24] When you need it, give us a call or visit our website at www.bluwave.net, and we can give you excellence in alpha with ease back to the show,
[00:22:35] So you have the longitudinal story of your relationship in the business. Going back seven years, six years, you've got all of the touch points that have happened along that time.
[00:22:46] And what's interesting also is you've got almost like a market map that's pre-constructed. Who else is playing in that area, which I'm sure not only informs the competitive landscape perspective, but also probably an acquisition strategy, how you might partner together, how might you, might not, those type of things.
[00:23:01] Exactly. Right. And in a modern deal process where you're gonna run a large cohort of really smart other people through and they all gotta learn the business in six weeks, it really helps to have six years of data. You're exactly right. This like goes in the category of what I wish I knew then.
[00:23:17] Renn Iaboni: Yeah.
[00:23:17] Sean Mooney: Yeah. It's like that would've been nice to have.
[00:23:19] Renn Iaboni: It's been a nice differentiator for us.
[00:23:21] Sean Mooney: I applaud you on that and no doubt that's a huge resource that not only helps you all make better investments, but also help the success of the companies once you invest in them.
[00:23:32] Well said.
[00:23:33] Let's turn the conversation here to maybe more of the personal stories again that I really enjoy.
[00:23:39] And so Renn, one of the things that I'm always asking people very selfishly is if you could go back in time and meet your 22-year-old self, what might be one of those top pieces of advice that you wish you knew then?
[00:23:54] Renn Iaboni: If I could go back and talk to my 22-year-old self, I'd say. You're not gonna be pitcher for the Yankees, and I'd say Stop obsessing over what your career should be, but pay attention to what actually energizes you.
[00:24:13] At that point in my life, I didn't even know BD was a role, and it might not have even existed then. But looking back at that time, every instinct and interest I had truly pointed in that direction. So I think. What I would tell myself is if you lean into what gives you energy, the path usually reveals itself.
[00:24:36] Sean Mooney: I think that's really, really wise advice as you're saying that. I was kind of thinking through, I think so many of us find ourselves on these hamster wheels and you can run, you can run fast, you can probably run well, but eventually you just get worn down. Right. And there's, I think, so many of the things that I've done kind of growing up, it was probably.
[00:24:57] That was the path I thought I was supposed to be on and I could do it, but there was just this exhaustion and maybe this hollow feeling afterwards, but through grit and tenacity that I think so much of us have, I could kind of continue to do it. But eventually you just get kind of ground down into like just like this energy less soul.
[00:25:19] Renn Iaboni: There's lack of fulfillment.
[00:25:20] Sean Mooney: Yeah. I have these conversations every day with friends, with family. I haven't heard a position that way before. It's like, find the things that give you energy and I think it's a better answer and not that one should be better than the other, than this whole idea of like follow your passions.
[00:25:35] Because like your passion would say become a first baseman for a second baseman for the Yankees. Right. But the, you know, the realities probably say, well, yeah, I mean there's probably a lot of things. There was like this great Garth Brook song back in the day. It was like some of God's greatest gifts are unanswered prayers.
[00:25:50] I was like, the things I wanted when I was 18, like thank God. Like I didn't, I didn't go and do that. Exactly. But finding energy in relation to what you're probably also really good at, I think is a great way to think about it is because like what fills you up and makes you more excited versus what depletes you.
[00:26:10] And I think for a lot of us, we eventually get there, but for me it took a really long time.
[00:26:13] Renn Iaboni: Yes. Well said.
[00:26:15] Sean Mooney: So what are some of the things that give you energy?
[00:26:18] Renn Iaboni: I would say the ability to be the kind of tip of the spear, the face of the organization and the voice that excites me. Connecting with people and building relationships.
[00:26:31] Right. I've kind of, like I said, been drawn to the human side of this business. Having conversations, hearing people's stories, and finding ways to kind of create value together. I can spend plenty of time in front of a, a model or a sim, but it's the calls and the meetings and the kind of back and forth with bankers and participants, founders, executives.
[00:26:58] That excites me. That keeps me energized. That's where you really feel the momentum building. It's the same thing that kind of got me into BD in the first place. It doesn't feel like work when you're doing what naturally excites you.
[00:27:14] Sean Mooney: Even your path. You were a, an undergraduate engineer, so you can clearly do the math.
[00:27:20] You were an investment banker, so you could do the spreadsheets and the alternate parallel path. You could get in front of thousands of people at Carnegie Hall and sing. You got drawn more towards like. You could probably have stayed on as an investment banker or on the deal side, but that didn't fill you up.
[00:27:38] Right. And what did was the relationships and the artistry of humanity and connection and bringing people together. And as I think almost on the flip side, when I was coming up, I was kind of like the reluctant extrovert at our firm before, like even BD was a thing. I could do it, but I would just be so exhausted by the end of it.
[00:27:59] So if I go to one of these big private equity conferences, I can flip the switch, but then when I come home, my wife sees this catatonic person. Yeah. And I just kind of like, struggle in, and I like just grab a glass of wine and fill it almost to the top.
[00:28:12] Renn Iaboni: And I'm like, we have a, a near 3-year-old at home.
[00:28:16] Uh, so I have to keep it up when I get home as well. But I could assure you though, after the days that after we finally put her down to bed. I as well am crashing on the couch to tell you that much. Yeah,
[00:28:26] Sean Mooney: that'll exhaust anyone like you're wrestling a tiger. So a three yearold. Well, that's great. So maybe one other thing I'd love to kind of dig into and kind of tap your wisdom is if you could think about what's maybe one of your favorite business or personal books that you've read over time and what might be some of the takeaways.
[00:28:47] Renn Iaboni: I'd say one of my favorite recent books I've read is Project Hail Mary by Andy Weir. That's technically sci-fi, but really it's about resilience, creative problem solving, and adapting under pressure. The main character wakes up alone on a spaceship with no memory and has to solve a global crisis using only what he can figure out with his environment.
[00:29:16] What stuck with me is kind of how he uses logic, the persistence and resourcefulness to kind of chip away at these impossible problems. And if you've read or you've seen The Martian, you'll fully appreciate the tone. It's the same author. It applies to our industry, right? And bd, there's really not a script, right?
[00:29:36] You're often working with incomplete information. You're iterating quickly, like we discussed. You need to stay calm under pressure. In a way, it's the same kind of mindset that I learned in engineering school just to applied in a pretty different capacity and as a fun aside, they're making it into a movie with Ryan Gosling next year, so I'll be there opening night.
[00:30:01] Sean Mooney: I love that. I too am a fan of science fiction. And it's like the ultimate guilty pleasure when you're going somewhere. As you can imagine, someone named Sean Mooney doesn't do too well on a beach, but, and yet my skin, uh, proclivities, you know, and so I have to, uh, find lots of umbrellas and I have a hard time sitting still.
[00:30:20] And so that's usually my go-to is some sort of science fiction novel, which then turns into a series. And so that is no doubt gonna be on my list. I can't wait to download it. The life lessons I think are also really great from those things, and so much time, life ends up imitating art, and so the things that came out of these science fiction novels also so often paint to the future of what is is actually happening right now in many cases.
[00:30:47] All right, Renn. Well, this has been a really awesome conversation. I've learned all sorts of things that I wish I knew before. And that's really a tremendous gift. So thanks so much for sharing all the things that you've learned over time with our guests.
[00:31:00] Renn Iaboni: Thanks so much for having me, Sean. This has been amazing.
[00:31:14] Sean Mooney: That's all we have for today. Special thanks to Renn for joining. If you'd like to learn more about Renn and Monomoy Capital, please see the episode notes for links. Please continue to look for the Karma School of Business Podcast anywhere you find your favorite podcast. We truly appreciate your support.
[00:31:30] If you like what you hear, please follow five star rate, review and share. This is a free way to support the show and it really helps us when you do this. So thank you in advance. In the meantime. If you want to be connected with the world's best in class private equity grade professional service providers, independent consultants, interim executives that are deployed and trusted by the very best business builders in the world, including many hundreds of top private equity firms and thousands of portfolio companies, and you can do the same whether or not you're in the PE world.
[00:32:00] Give us a call or visit our website at www.bluwave.net and we'll support your success onward. The views and opinions expressed in this program are those of the individuals presenting and do not necessarily reflect the user positions of any other persons or entities, including those referenced herein. No representations, warranties, financial, legal, tax, or other advice are made herein.
[00:32:22] Consult your advisors regarding any topics discussed during this episode.
[00:00:35] I'm super excited to be here today with Renn Iaboni. Thanks for joining us.
[00:00:40] Renn Iaboni: Thanks so much, Sean. Really happy to be here.
[00:00:42] Sean Mooney: I've been looking forward to this one for a long time. Monomoy where you are, one of their senior leaders in business development is one of the fabled private equity firms. That was really one of the early adopters of this kind of forward operationalization of private equity.
[00:01:00] So I think this is gonna be a really fun one and I'm excited to get your perspectives here.
[00:01:05] Renn Iaboni: Thanks so much for the kind words. I'm excited to be here.
[00:01:07] Sean Mooney: I love to start these things, getting a little bit of the story of you. As we jump in here, can you tell me a little bit about yourself? Where'd you grow up?
[00:01:15] Maybe some formative experiences, college, first job outta college, how you got into pe.
[00:01:19] Renn Iaboni: Sure. I grew up in the suburbs of New York City and I'm a a lifelong Yankees fan, though in a twist of fate. I actually worked as a bat boy for the New York Mets as a kid. It's a fun story, mostly involving someone owing my dad a favor.
[00:01:37] That experience gave me an early appreciation for being behind the scenes, kinda supporting a team, and obviously learning from professionals that are at the top of their game. I went on to study mechanical engineering with a concentration in space flight mechanics at RPI Rensselaer Polytechnic Institute, and at first my dream was to design cars for Ferrari.
[00:02:04] It turns out Ferrari had plenty of Italian engineers already, so they didn't exactly need me. I eventually pivoted to finance my career. Started in transaction services at Deloitte, covering the industrial and aviation sectors. While there, I, I got a good sense for the m and a process. I was seeing a piece of it, but I was really interested in being involved from start to finish the inception of a deal through the execution all the way through close.
[00:02:35] So I eventually moved into investment banking at Macquarie Capital where I was covering aerospace, defense, and government services. While there, I found myself kind of gravitating toward the human side of the deal process. I loved connecting with people, hearing their stories and, and building trust. So over time, I, I kind of realized sourcing and relationship building weren't just parts of the job I enjoyed.
[00:03:04] They were really where I thrived. So that led me to Monomoy where I've helped institutionalize and scale our sourcing engine. My background, I think, lets me bridge both sides of private equity. The analytical discipline from engineering and investment banking, and then the interpersonal skills that drive bd, and that's really where I've found my passion.
[00:03:28] Sean Mooney: There's a lot that I love about your story therein, and one of them was that you successfully avoided the siren call of the Mets in terms of like full fandom. So I applaud you for sticking loyal to your Yankees. I can only presume the giants come with that. And you didn't do Mets jets.
[00:03:45] Renn Iaboni: That's exactly right.
[00:03:46] Look, I'm a New York sports fan through and through, but I will always bleed pin stripes.
[00:03:51] Sean Mooney: I've maybe told some of these stories before. The vast majority of my adult life, I lived in the New York area, but my parents were from Cleveland and so they cursed me with the Cleveland sports teams and that's probably why, one of the reasons why I'm so resilient and so I should thank them for that.
[00:04:06] So usually like the NFL draft is my Super Bowl, and so that's when the good things happen. But I had this moonlit moment with my son and he was born in the broader New York City area, and I, you know, had a, a tear cascading down my cheek and I go, son, the circle of violence stops here. I'm not gonna do to you what Grandpa John did to me and give you the Cleveland Browns as your fan.
[00:04:27] You get as good to be a fan of the Yankees, a fan of the Giants. So I feel really good about what I bestowed to him on. The Yankees, more or less gets to taste the postseason every year. Giants. That's more of a resilient maker for 'em, but they're gonna get there.
[00:04:41] Renn Iaboni: It's cyclical. They, they should hopefully come back.
[00:04:43] At least he also has the Knicks, right? We're on a bit of a run lately there.
[00:04:47] Sean Mooney: That's exactly right. And the other thing that I really appreciate your background, one of the cool things about having now north of a hundred episodes of Karma School business is that we're able to kind of start mining the data within these and get the story and the themes of private equity.
[00:05:03] And so recently I took all of our transcripts from. A hundred plus episodes and was asking it what are some of the core areas and and themes of people who get into pe. And one of them was, so many people in private equity originally study engineering. And my hypothesis on this that I want to test with you is that you're able to kind of understand opaque challenges, use a scientific method, break 'em down, figure things out, and welcome to life and welcome to pe, right In a constantly changing environment.
[00:05:35] Am I on the right track there or am I off?
[00:05:38] Renn Iaboni: I think that's very eloquently put. I think engineering really teaches you how to think and how to problem solve. And in a role like business development within private equity, which tends to be pretty amorphous and ambiguous, what it does is it helps you structure that ambiguity, right?
[00:05:56] And that is paramount to a role like this. And engineering sets you up well to approach it as such.
[00:06:01] Sean Mooney: That makes complete sense to me. And now I can. Validate my hypothesis. That was kinda like, I think this is why it works. 'cause I wasn't smart enough to be an engineer in college, so I had to, uh, do other paths.
[00:06:11] So, but I always appreciated those of my friends who could do it. One of the things I, I always love to do here before we get deeper into the conversation, is talk about this question that I ask, we'd know you better if we knew this about you. What might one of those things be?
[00:06:27] Renn Iaboni: You'd know me better if you knew that I once sang at Carnegie Hall.
[00:06:32] I'm probably the only BD professional who can say that I've pitched both to bankers and to a full concert hall. And yeah, that means that I do love karaoke much to my wife's chare. It was a surreal experience, but what it really taught me is when the spot's on you, you can't fake it. You'll fall back on your preparation, your discipline, and obviously the people standing next to you.
[00:07:02] It's not so different from private equity. When it's time to sit down with management or you're competing for a deal, the groundwork that you've put in ahead of time, the relationships, the sector knowledge, the process, that's what really carries you. And so the performance is just the outcome of that preparation.
[00:07:22] Sean Mooney: I'm curious, what genre of music were you singing there?
[00:07:26] Renn Iaboni: It was back when I was in high school. They had come around to a number of schools across the country. I picked a few kids to form a chorus. They had a chorus, they had an orchestra, and it was a one night event at Carnegie Hall where we performed for friends and family.
[00:07:43] A bunch of classic songs.
[00:07:47] Sean Mooney: Hey, as a quick interlude, this is Sean here. Wanted to address one quick question that we regularly get. We often get people who show up at our website, call our account executives that say, Hey, I'm not private equity. Can I still use Blue Wave to get connected with resources? And the short answer is yes.
[00:08:03] Even though we're mostly and largely used by hundreds of private equity firms, thousands of their portfolio company leaders, every day we get calls from everyday top proactive business leaders at public companies, independent companies, family companies. So absolutely you can use this as well. If you want to use the exact same resources that are trusted in being deployed and perfectly calibrated for your business needs, give us a call.
[00:08:27] Visit our website@bluewave.net. Thanks. Back to the episode.
[00:08:35] With that in mind, we talked about your background, where you're engineering, you're solving problems, you've had an experience performing in front of big audiences, and that sets the stage in terms of preparation and perspiration often leads to success. One of the things that I think is common in your background, it also makes you quite resilient, right?
[00:08:56] You're able to kind of look at something when something's not going the right way. When I was in pe, nothing was ever going the right way. Maybe like half the portfolio was and then the other half wasn't. And so like, but I only thought about the ones that weren't. And so you're constantly working through challenges and opportunities, and you're gonna find a way no matter what.
[00:09:14] And so I'm curious, man, what's maybe an example of a story where you encountered a business or a life challenge? Had to kind of address it in the moment and overcome.
[00:09:24] Renn Iaboni: One of the toughest moments in my career came in in 2016 when the entire industrials team at Macquarie was let go. Macquarie had made the decision to exit the industrials practice in the Americas.
[00:09:40] I was a senior associate at the time, and suddenly the whole platform I was part of just disappeared. So it was definitely an unsettling experience. Almost a rite of passage in this industry. And so they offered me the chance to stay on the platform. So I was kind of faced with this decision to either move on or try to make something of this new opportunity.
[00:10:04] So I ultimately decided to stay at Macquarie and partner with a new managing director who had just joined the platform to build out an aerospace and defense coverage effort from scratch. I took ownership of everything, the sector mapping, outreach, execution, and over time, that practice grew into probably one of the most successful groups we had at the bank.
[00:10:31] In fact, we ended up leading the largest sell side transaction Macquarie Capital had ever done in the us. Up until then, it was a $10 billion public to public deal. That experience taught me kind of how to lead without a blueprint. So it showed me that trust and relationships create that momentum and that, quite frankly, adversity can really be a springboard if you lean into it.
[00:10:58] And it also shaped how I approach BD today. I'm comfortable with white space and I have the confidence to build rather than inherit.
[00:11:08] Sean Mooney: So this happens in the moment, right? And it's like a cold bucket of water thrown on you. How did you at that time kind of find the way to get the calm and kind of like, okay, here's how I'm gonna think through these decisions in front of me?
[00:11:20] Renn Iaboni: Well, I, the first thing I did was text my mom as a good Italian boy, and I said, I think they just let everybody go. Once I took a couple of those deep breaths and I was reflecting on what I had accomplished at Macquarie already and what I thought there was left to do where I was in my career. The decision became pretty obvious, stay and build something here.
[00:11:46] It was a platform that I had been at already and I knew the ins and outs of it, so I had that solid foundation, which I think was very helpful at that point in my career to branch off and really try to make something of this team. We ended up, like I said, as one of the more successful groups, I think during my time there we did about $35 billion worth of transactions, and we had roughly 10 people.
[00:12:09] By the time that I had left Macquarie. So I, I felt that I left a very successful group and I had accomplished a ton in my time there.
[00:12:17] Sean Mooney: I think it's such a great life lesson that you're sharing there in that we've all had these moments in time, right? Where you are staring down the challenge and you can do fight or flight, right?
[00:12:28] And so often it seems like sometimes flight's the right move, but so often it's not the right one. It's this idea of like, no, I'm gonna stare it down. I'm gonna figure it out, I'm gonna overcome, I dunno if I've told the story much, but. One of the biggest ones I had was I'd been in private equity for eight years.
[00:12:43] I joined a new fund. I was trying to get into one that was really specialized in this area, and these folks who had come from another fund, all knew each other. They knew the motions. They'd been like peas in a pod in a really positive way, in a really productive way. But I was, you know, one of these folks was not like the other, I just didn't know it, and so I was just stumbling outta the gate.
[00:13:03] And I was probably 80% sure I was gonna get fired, like maybe 90. So, but I was just like, okay, do I just like start looking for a job 'cause they're gonna toss me or do I just double down, figure it out, figure out the way I can be successful within this environment, learn it from their vantage and kind of duke it out.
[00:13:24] And that I chose the fight versus the flight. And then ultimately I became a partner and on the investment committee of the P firm. But. That was overcoming the 95% odds of being fired. So, but it's like, it's such a great life
[00:13:36] Renn Iaboni: loss. It's great. And that resilience is really incredible. That's a great story.
[00:13:41] Sean Mooney: But I think it's so important for people coming up in any industry and frankly for even people my age, where you look and you go, the world never gets easy. There's always gonna be changes. And growing up in Texas, I'm a fan of football. There's not too much like passing back to go forward, but I've learned to appreciate soccer and realize sometimes you gotta pass back to go forward and score the goal.
[00:14:03] Renn Iaboni: I love that. That's a very good one.
[00:14:05] Sean Mooney: So I appreciate the approach that you took there to kind of overcome it and I think everyone can take something away from that. So maybe as we kind of progress our conversation forward here, ran, I'm curious as you think about the modern PE era and, and maybe to play on kind of the music part of our conversation.
[00:14:22] It's not like a one instrument band anymore. It's a symphony of motion of different teams, different tools, different resources that are all working together to lead to a better outcome. Thinking about that in mind, how does Monomoy and how do you and your teams kind of manage the interplay between all of the constituents that are looking to transform a company?
[00:14:46] Renn Iaboni: At Monomoy, we've built a model that's designed for integration. Our proprietary CRM, which we call Beacon, is really at the center of it. Beacon allows insights to flow from business development to the investment team, to our operations team, and back again. So it really keeps us aligned across the firm.
[00:15:08] We enforce that with regular touch points between functions so that BD or any team is not siloed. We partner closely with the deal teams. We're endeavoring to add value at every stage of a process, not just in sourcing and then handing off opportunities. And because our BD team is built with professionals who have banking and private equity backgrounds, we can engage with the investment team in a way that feels seamless and credible.
[00:15:40] That interplay is really what makes Monomoy unique. When we meet with a management team or a banker. They see one cohesive monomoy, not separate groups that are pulling in different directions.
[00:15:54] Sean Mooney: Tell me a little bit more about that. Like how does that work that enables you to kind of seamlessly work together and what are some of, maybe example of how that works in real life?
[00:16:04] Renn Iaboni: Beacon sits at the center of our organization and everybody has absolute access to it. An interesting case study here is in addition to our private equity fund, we also do have a credit fund. What's incredibly unique is that it is all shared institutional knowledge for us and our ability to work across the BD team, the investment team, the credit team with that shared database of information allows us to kind of move quickly and potentially see opportunities that others don't.
[00:16:35] So if we're reviewing a potential opportunity on the credit side. Oftentimes, there's already so much rich data in Beacon that they can pull from where we have maybe reviewed that asset on the private equity side and or have reviewed so many similar assets that there is an incredible amount of industry or sector data that we've compiled in there for them, allowing us to operate a bit more efficiency and probably quicker than others can do
[00:17:04] Sean Mooney: in some ways.
[00:17:05] Private equity firms are such great acquirers, distillers, and synthesizers of information, and you get to see hundreds of deals a year, right? And all of that richness, no doubt, creates this data set and data patterns where ultimately you get to see the way the world works in a way that probably few people do.
[00:17:26] I think few private equity firms have brought that into a central kind of system that enables it all to be utilized in a way that leads to better outcomes for everyone. That really is kind of a novel approach, thinking about the business of private equity as a business. Maybe. With that in mind, Ren, can you talk a little bit about how you might use Beacon or even this overarching data driven approach as it relates to deal sourcing within your organization?
[00:17:53] Renn Iaboni: So, like I said, beacon is our proprietary sourcing engine. It's built on the foundation of deal cloud, and it's really core to how we we're creating value here. So we are tracking every deal, every contact, every theme, every outcome. And as a result, we've amassed over 15 years of this incredible proprietary data.
[00:18:19] It truly starts from the top. Our co-founders and co-CEOs are using this every day, and that flows down to the rest of the organization. So this discipline allows us to filter the noise and kind of focus on what's real, especially in today's environment where processes are taking longer and off market opportunities might matter more.
[00:18:45] But Beacon isn't just about kind of looking forward, it's, it's about looking back. So we use it often for data rich postmortems that help us refine how we're targeting and engaging. And it's not just about logging all of this activity and information you need to learn from it. So over time, that feedback loop compounds, it gets better, and the system itself makes us better deal sourcing professionals.
[00:19:15] So at the end of the day, beacon isn't just a database. It's a feedback loop that makes us sharper with every deal that we see. I think the secret sauce isn't necessarily the technology, it's really our culture.
[00:19:30] Sean Mooney: I once again, really appreciate that approach. I'd say few companies and investors will have data sets going back 15 years, and as I'm thinking through what you're sharing, to me that means A, you've got essentially data going all the way back through the last.
[00:19:46] Super full economic cycle, right? Going through the Great Recession, coming out of that all the way to today. And one of the things that I've always thought about is that, you know, history might not repeat itself, but it certainly rhymes. And so as we're entering into this kind of what I believe is at least the entrance of the next cycle, I think a lot of the economy had been in a down cycle.
[00:20:07] And as we're entering into the next cycle, there's all sorts of rhymes in your data set that's gonna help you play the next game that's coming up. Better than that, and it just creates this flywheel with every deal you feed into, it helps you get better and reinforces these loops.
[00:20:23] Renn Iaboni: I think that's well said.
[00:20:24] And a great example is an asset we acquired last year called Wapac, which is North America's largest Iron Foundry business. We learned about that deal back in 2019 at an industry trade show. And over the course of the next number of years within Beacon, you can see not only dozens of other calls and meetings we had about that name, but also a couple of hundred other deals that were in a similar sector and industry.
[00:20:58] And over time we were able to quickly piece together kind of the mosaic of a business that would really benefit from our ops team. Where an opportunity we could really create value under our stewardship. And so when we were finally involved in the process, I think we showed incredibly well and the proof is in the pudding there.
[00:21:17] And so that's a great case study in how Beacon comes together to actually. Effectuate results for us.
[00:21:26] Sean Mooney: Hi, Karma School of Business listeners, Sean here. Wanted to shine another quick spotlight on one of the most important ways PE firms preserve and create value. The private equity industry is one of the most regular users of interim executives.
[00:21:38] Why? Because these select private equity grade executives can be hugely impactful for saving company value during critical times. Accelerating strategic initiatives and bridging executive transitions that happen to almost any company over time. To this day, many don't know that Blue Wave has turned the interim exec offering on its head and completely made it the way that my friends and I in PE always wished it was.
[00:22:04] BluWave has a dedicated team that does nothing but interview, pre-vet, credentialize and reference private equity grade groups and people so that we know who you need before you call us. In the case of interims, we have more than a thousand top interim private equity grade CEOs and CFOs that are ready to be matched for your exact need.
[00:22:24] When you need it, give us a call or visit our website at www.bluwave.net, and we can give you excellence in alpha with ease back to the show,
[00:22:35] So you have the longitudinal story of your relationship in the business. Going back seven years, six years, you've got all of the touch points that have happened along that time.
[00:22:46] And what's interesting also is you've got almost like a market map that's pre-constructed. Who else is playing in that area, which I'm sure not only informs the competitive landscape perspective, but also probably an acquisition strategy, how you might partner together, how might you, might not, those type of things.
[00:23:01] Exactly. Right. And in a modern deal process where you're gonna run a large cohort of really smart other people through and they all gotta learn the business in six weeks, it really helps to have six years of data. You're exactly right. This like goes in the category of what I wish I knew then.
[00:23:17] Renn Iaboni: Yeah.
[00:23:17] Sean Mooney: Yeah. It's like that would've been nice to have.
[00:23:19] Renn Iaboni: It's been a nice differentiator for us.
[00:23:21] Sean Mooney: I applaud you on that and no doubt that's a huge resource that not only helps you all make better investments, but also help the success of the companies once you invest in them.
[00:23:32] Well said.
[00:23:33] Let's turn the conversation here to maybe more of the personal stories again that I really enjoy.
[00:23:39] And so Renn, one of the things that I'm always asking people very selfishly is if you could go back in time and meet your 22-year-old self, what might be one of those top pieces of advice that you wish you knew then?
[00:23:54] Renn Iaboni: If I could go back and talk to my 22-year-old self, I'd say. You're not gonna be pitcher for the Yankees, and I'd say Stop obsessing over what your career should be, but pay attention to what actually energizes you.
[00:24:13] At that point in my life, I didn't even know BD was a role, and it might not have even existed then. But looking back at that time, every instinct and interest I had truly pointed in that direction. So I think. What I would tell myself is if you lean into what gives you energy, the path usually reveals itself.
[00:24:36] Sean Mooney: I think that's really, really wise advice as you're saying that. I was kind of thinking through, I think so many of us find ourselves on these hamster wheels and you can run, you can run fast, you can probably run well, but eventually you just get worn down. Right. And there's, I think, so many of the things that I've done kind of growing up, it was probably.
[00:24:57] That was the path I thought I was supposed to be on and I could do it, but there was just this exhaustion and maybe this hollow feeling afterwards, but through grit and tenacity that I think so much of us have, I could kind of continue to do it. But eventually you just get kind of ground down into like just like this energy less soul.
[00:25:19] Renn Iaboni: There's lack of fulfillment.
[00:25:20] Sean Mooney: Yeah. I have these conversations every day with friends, with family. I haven't heard a position that way before. It's like, find the things that give you energy and I think it's a better answer and not that one should be better than the other, than this whole idea of like follow your passions.
[00:25:35] Because like your passion would say become a first baseman for a second baseman for the Yankees. Right. But the, you know, the realities probably say, well, yeah, I mean there's probably a lot of things. There was like this great Garth Brook song back in the day. It was like some of God's greatest gifts are unanswered prayers.
[00:25:50] I was like, the things I wanted when I was 18, like thank God. Like I didn't, I didn't go and do that. Exactly. But finding energy in relation to what you're probably also really good at, I think is a great way to think about it is because like what fills you up and makes you more excited versus what depletes you.
[00:26:10] And I think for a lot of us, we eventually get there, but for me it took a really long time.
[00:26:13] Renn Iaboni: Yes. Well said.
[00:26:15] Sean Mooney: So what are some of the things that give you energy?
[00:26:18] Renn Iaboni: I would say the ability to be the kind of tip of the spear, the face of the organization and the voice that excites me. Connecting with people and building relationships.
[00:26:31] Right. I've kind of, like I said, been drawn to the human side of this business. Having conversations, hearing people's stories, and finding ways to kind of create value together. I can spend plenty of time in front of a, a model or a sim, but it's the calls and the meetings and the kind of back and forth with bankers and participants, founders, executives.
[00:26:58] That excites me. That keeps me energized. That's where you really feel the momentum building. It's the same thing that kind of got me into BD in the first place. It doesn't feel like work when you're doing what naturally excites you.
[00:27:14] Sean Mooney: Even your path. You were a, an undergraduate engineer, so you can clearly do the math.
[00:27:20] You were an investment banker, so you could do the spreadsheets and the alternate parallel path. You could get in front of thousands of people at Carnegie Hall and sing. You got drawn more towards like. You could probably have stayed on as an investment banker or on the deal side, but that didn't fill you up.
[00:27:38] Right. And what did was the relationships and the artistry of humanity and connection and bringing people together. And as I think almost on the flip side, when I was coming up, I was kind of like the reluctant extrovert at our firm before, like even BD was a thing. I could do it, but I would just be so exhausted by the end of it.
[00:27:59] So if I go to one of these big private equity conferences, I can flip the switch, but then when I come home, my wife sees this catatonic person. Yeah. And I just kind of like, struggle in, and I like just grab a glass of wine and fill it almost to the top.
[00:28:12] Renn Iaboni: And I'm like, we have a, a near 3-year-old at home.
[00:28:16] Uh, so I have to keep it up when I get home as well. But I could assure you though, after the days that after we finally put her down to bed. I as well am crashing on the couch to tell you that much. Yeah,
[00:28:26] Sean Mooney: that'll exhaust anyone like you're wrestling a tiger. So a three yearold. Well, that's great. So maybe one other thing I'd love to kind of dig into and kind of tap your wisdom is if you could think about what's maybe one of your favorite business or personal books that you've read over time and what might be some of the takeaways.
[00:28:47] Renn Iaboni: I'd say one of my favorite recent books I've read is Project Hail Mary by Andy Weir. That's technically sci-fi, but really it's about resilience, creative problem solving, and adapting under pressure. The main character wakes up alone on a spaceship with no memory and has to solve a global crisis using only what he can figure out with his environment.
[00:29:16] What stuck with me is kind of how he uses logic, the persistence and resourcefulness to kind of chip away at these impossible problems. And if you've read or you've seen The Martian, you'll fully appreciate the tone. It's the same author. It applies to our industry, right? And bd, there's really not a script, right?
[00:29:36] You're often working with incomplete information. You're iterating quickly, like we discussed. You need to stay calm under pressure. In a way, it's the same kind of mindset that I learned in engineering school just to applied in a pretty different capacity and as a fun aside, they're making it into a movie with Ryan Gosling next year, so I'll be there opening night.
[00:30:01] Sean Mooney: I love that. I too am a fan of science fiction. And it's like the ultimate guilty pleasure when you're going somewhere. As you can imagine, someone named Sean Mooney doesn't do too well on a beach, but, and yet my skin, uh, proclivities, you know, and so I have to, uh, find lots of umbrellas and I have a hard time sitting still.
[00:30:20] And so that's usually my go-to is some sort of science fiction novel, which then turns into a series. And so that is no doubt gonna be on my list. I can't wait to download it. The life lessons I think are also really great from those things, and so much time, life ends up imitating art, and so the things that came out of these science fiction novels also so often paint to the future of what is is actually happening right now in many cases.
[00:30:47] All right, Renn. Well, this has been a really awesome conversation. I've learned all sorts of things that I wish I knew before. And that's really a tremendous gift. So thanks so much for sharing all the things that you've learned over time with our guests.
[00:31:00] Renn Iaboni: Thanks so much for having me, Sean. This has been amazing.
[00:31:14] Sean Mooney: That's all we have for today. Special thanks to Renn for joining. If you'd like to learn more about Renn and Monomoy Capital, please see the episode notes for links. Please continue to look for the Karma School of Business Podcast anywhere you find your favorite podcast. We truly appreciate your support.
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[00:32:00] Give us a call or visit our website at www.bluwave.net and we'll support your success onward. The views and opinions expressed in this program are those of the individuals presenting and do not necessarily reflect the user positions of any other persons or entities, including those referenced herein. No representations, warranties, financial, legal, tax, or other advice are made herein.
[00:32:22] Consult your advisors regarding any topics discussed during this episode.
THE BUSINESS BUILDER’S PODCAST
Private equity insights for and with top business builders, including investors, operators, executives and industry thought leaders. The Karma School of Business Podcast goes behind the scenes of PE, talking about business best practices and real-time industry trends. You'll learn from leading professionals and visionary business executives who will help you take action and enhance your life, whether you’re at a PE firm, a portco or a private or public company.
BluWave Founder & CEO Sean Mooney hosts the Private Equity Karma School of Business Podcast. BluWave is the business builders’ network for private equity grade due diligence and value creation needs.
BluWave Founder & CEO Sean Mooney hosts the Private Equity Karma School of Business Podcast. BluWave is the business builders’ network for private equity grade due diligence and value creation needs.
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