In this episode, Alex Rawlings speaks with Amias Gerety, Partner at QED Investors, a leading fintech-focused VC firm managing nearly $1B in assets. Amias shares insights on venture capital strategy, staying disciplined during market hype, sourcing deals, and how lessons from his time at the U.S. Treasury shape his investment decisions today.

⏱ Episode Highlights:

00:00 – Intro & QED Overview
QED’s structure, fintech focus, and global reach.

01:20 – VC Mistakes & Market Hype
The danger of "paying ahead of growth," especially in AI.

03:12 – Staying Disciplined
Simple metrics and historical heuristics that guide better investment decisions.

04:39 – Deal Dynamics in VC vs PE
Why proprietary deal flow in VC means getting in early — before companies start raising.

07:26 – Hunting vs. Gathering
How QED targets specific companies instead of waiting for inbound deals.

08:51 – Building Relationships
Top-heavy structure means founders speak directly with partners on the first call.

14:43 – Using Senior Talent Early
Deploying high-value advisors like Capital One co-founder Nigel Morris from the start.

16:09 – Biggest Mistake in Venture
Ignoring founder misalignment — “If it’s a maybe, it’s a no.”

18:25 – CEO Ownership in Startups
Why QED avoids deals where founders don’t have control — unlike PE’s model.

20:43 – Operating Partners in VC
VC success comes from entrepreneurial operators who aim to join portfolio companies.

24:31 – Honest Career Advice
Be clear about whether you want to be an operator or an investor — ambiguity causes misalignment.

25:59 – Treasury Lessons
Decision-making under pressure during the financial crisis informs his bold, data-light approach in VC.

30:12 – What He Reads
Only old books — for timeless thinking and unexpected insights.

31:46 – Connect with Amias
Reach out via LinkedIn.

Amias offers a rare perspective bridging government, fintech, and venture capital — a must-listen for anyone navigating today’s competitive investing landscape.

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection: www.raw-selection.com

Looking to grow your team? Check out our Hiring Guides

for proven strategies, templates, and best practices to make smarter hires.

Episode Overview

In this episode, Alex Rawlings welcomes Michael Von Bevern, Co-Managing Director for Sunterra Fund Services, to discuss the evolving landscape of fund administration in private equity. Michael shares nearly two decades of experience, working with over 500 fund managers, and offers invaluable insight into common mistakes first-time managers make, the growing role of fund administration, and why outsourcing has become the gold standard for operational efficiency and investor confidence.

🔑 Key Discussion Points

00:00 – Introduction
Michael Von Bevern introduces his role at Sunterra Fund Services and his extensive background in fund administration.

01:00 – Common Mistakes First-Time Managers Make

• Trying to be overly creative with fund terms and waterfall structures.
• The importance of staying aligned with industry-standard terms in the first fund.
• Complexity can hurt comparability for institutional investors.

03:00 – The State of Capital Raising

• Capital raising is particularly tough right now.
• Institutional investors require clarity, standardization, and comparability.
• Advice: Stick to well-known structures and build trust first.

04:00 – Why Outsourcing Fund Administration is Crucial

• Fund administration has evolved from an internalized process to a norm for outsourcing.
• Early resistance was based on trust and control issues.
• Outsourcing offers scalability, access to high-end tech, and cost advantages.

06:30 – In-House vs. Outsourced Fund Admin

• Outsourced teams can mirror internal teams in quality and responsiveness.
• Modern fund admin is more than just accounting—it's a strategic enabler.
• Today, ~80% of PE firms outsource, up from 50% in 2016.

09:00 – Why Private Equity Firms Hire from Fund Admin Firms

• Fund admin professionals gain holistic knowledge: legal docs, accounting, operations, strategy.
• They're “multi-tools” vs. siloed specialists.
• Michael celebrates when former team members go on to run their own funds—and even become clients.

12:00 – What Makes a Gold Standard Fund Admin?

• Real-time access to quality data and timely reporting.
• Transparent, responsive communication.
• Strong tech + strong people = winning formula.

13:30 – The Shift Toward Data Accessibility

• Gone are the days of black-box reporting.
• Modern fund admins provide daily access and reconciliations.
• The focus now is on improving affordability and automation.

14:30 – Michael’s Recommendations

• Reads: Preqin, PitchBook, newsletters.
• Follows thought leaders like Howard Marks (Oaktree).
• Active in ILPA and New York's PE ecosystem.

16:00 – Market Trends Observed Through Fund Admin

• Fundraising in 2023-24 has slowed, with private credit outperforming PE.
• Saturation from 2021–22 launches is causing fatigue.
• Prediction: Q4 2025 to Q1 2026 will see a strong rebound in fundraising.

18:30 – How to Reach Michael

• Website: sunterra.com
• Open to DMs and happy to refer prospective clients even if Sunterra isn’t the best fit.

🔗 Connect with Alex Rawlings on LinkedIn: [https://www.linkedin.com/in/alexrawlings/](https://www.linkedin.com/in/alexrawlings/) 🌐 Visit Raw Selection: [www.raw-selection.com](https://www.raw-selection.com)

Looking to grow your team? Check out our Hiring Guides

for proven strategies, templates, and best practices to make smarter hires.

In this episode, host Alex Rawlings is joined by Joe Basrawy, Managing Director at Partners Capital, a global multi-asset investment firm serving some of the world's most sophisticated investors — including private equity founders, endowments, and family offices.

Joe offers a rare and in-depth look at the Limited Partner (LP) perspective — covering common pitfalls private equity firms make, what LPs are really looking for, and how to stand out in a crowded market. He also shares a masterclass on co-investments, including how LPs assess alignment, avoid adverse selection, and punch above their weight in deal flow.

This episode is packed with actionable insights for fund managers, deal professionals, operating partners, and anyone looking to better understand what makes a top-performing PE firm in the eyes of institutional investors.

⏱️ Timestamps:

00:00 – Welcome and guest intro: Joe Basrawy, Managing Director, Partners Capital
01:00 – Joe’s background: From investment banking to multi-asset investing
01:25 – What drew Joe to Partners Capital and what’s kept him there
02:21 – Biggest mistakes PE firms and portfolio companies make
03:15 – Raising too much capital: Overstretching and going off-spec
04:13 – Deal-level diversification: What LPs want to see
05:39 – Co-investing 101: Why it's attractive and the risks of adverse selection
06:37 – How LPs like Partners Capital avoid adverse selection in co-investments
07:33 – Being a reliable and speedy co-investment partner
08:31 – Why LPs say “no” to co-investments — alignment, conviction, and deal partners
09:57 – Referencing employees and internal conviction in deals
10:56 – What makes the best private equity firms? Joe’s four pillars
11:25 – #1: Strategy differentiation – A case study in healthcare PE
13:22 – #2: Value creation edge – Organic growth vs market tailwinds
15:18 – #3: Ownership dynamics – How GP stake sales affect firm culture
17:15 – #4: People – Why leadership and succession planning matter
19:05 – Referencing portfolio executives: The most revealing feedback
20:28 – What LPs learn from talking to portfolio CEOs
21:56 – What LPs look for in fund managers – Discipline, detail, and passion
23:52 – Joe’s reading recommendations – Fiction and finance
25:47 – How to connect with Joe
26:17 – Outro from Alex

📘 Recommended Reading by Joe Basrawy:

• The Children Act by Ian McEwan (also a film adaptation with Emma Thompson)
• The Money Kings – History of Jewish-American families who founded Wall Street firms

🔗 Connect with Joe Basrawy:

• LinkedIn
  (search Joe Basrawy)
• Partners Capital Website

Looking to grow your team? Check out our Hiring Guides

for proven strategies, templates, and best practices to make smarter hires.