cover of episode Josh Koplewicz – Flexible Capital and Creative Structures at Thayer Street (EP.451)

Josh Koplewicz – Flexible Capital and Creative Structures at Thayer Street (EP.451)

2025/6/12
logo of podcast Capital Allocators – Inside the Institutional Investment Industry

Capital Allocators – Inside the Institutional Investment Industry
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Josh Koplewicz: 我从小就对商业和金融感兴趣，尽管我的家人并没有从事这个行业。在高盛，我所在的团队处理各种规模的交易，因为规模较小的交易会被分配到我们这里。在高盛，我通过实践快速学习，并在各种交易类型中获得经验。金融危机期间流动性枯竭，让我更加关注如何通过多种方式降低风险。我认为完全依赖银行提供廉价债务融资的企业风险很高，尤其是在市值低于2亿美元的情况下。现在我非常关注业务在完全无杠杆基础上的合理性，杠杆只是锦上添花。我离开高盛是因为小规模交易变得越来越困难，而且我更喜欢那些不那么明确和独特的交易。我认为小规模交易效率较低，定价更好，而且我可以在业务发展中发挥更大的作用。Thayer Street专注于传统债务投资和杠杆私募股权投资之间的业务，投资于资本结构的中间部分。我们通过专有的、以关系驱动的合作交易，以无杠杆方式或在资本结构的较高位置进行投资，以确保下行保护。我们主要为这些公司的增长提供资金，不做任何收购。灵活资本和结构性股权的需求正在增加，我们正在填补这个空白。非银行私人信贷的增长和整合留下了需要小额债务的公司。小型银行的撤退也导致了这些中小型企业的增长资本变得昂贵和僵化。我们有机会为他们提供两全其美的选择，让他们保留更多的上涨空间，并与我们完全保持一致，如果他们获胜，我们也会获胜。

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This chapter traces Josh Koplewicz's path from his early interest in business and real estate to founding Thayer Street Partners. It covers his experiences at Goldman Sachs, his transition from dealmaker to fund manager, and the challenges of building a boutique firm.
  • Early interest in business and real estate.
  • Lessons learned at Goldman Sachs.
  • Transition from scrappy dealmaker to fund manager.
  • Challenges of scaling a boutique firm.

Shownotes Transcript

Josh Koplewicz is the Managing Partner of Thayer Street Partners, a boutique private equity firm he founded in 2012 that provides flexible growth capital to lower middle market companies in financial and business services.

Our conversation traces Josh’s journey from his early fascination with business and real estate to building Thayer Street into an institutional platform. We discuss the lessons he learned at Goldman Sachs and his transition from scrappy dealmaker to fund manager. We cover Thayer Street’s thematic sourcing, deal structuring, and portfolio construction, the evolving landscape for non-bank growth capital, challenges of scaling a boutique firm, and Josh’s vision for Thayer Street’s future.

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