How I Left PE, Bought 2 SaaS Businesses (Raising a Fund Next?) | Donza Worden Interview
How I Left PE, Bought 2 SaaS Businesses (Raising a Fund Next?) | Donza Worden Interview  
Podcast: Buyers and Builders
Published On: Fri Sep 12 2025
Description: Former institutional investor Donza Worden (co-founder, Clear Peak Capital) breaks down why many private equity pros aren’t truly investors—and what he’s doing differently as an independent sponsor who closed two platforms in year one (IT services & vertical SaaS).Sponsored by CapitalPad—deal flow for serious investors. Built by world-class engineers and PE operators. Apply here: https://capitalpad.com/This episode is also sponsored by Space Bar Studios. If you’re an investor, holdco, or PE firm that needs media that drives outcomes, they’ll build the newsletter, strategy, and production system for you. Right now they’re offering a free campaign for businesses doing $1M+ in revenue. Get your 2 week free trial: https://www.spacebarstudios.co/inquireTimestamps:00:00 Intro & who Donza is (2 platforms, Capitalpad)00:25 The spicy tweet: “Most PE investors aren’t really investors”00:56 Why PE ≠ investor training: incentives & slow feedback loops02:24 Donza’s origin story: island → banking → PE04:27 The hangar conversation that changed his life06:05 PE associate programs, fund velocity & early reps07:27 Investment philosophy setup (industry → company → price)07:51 Partnership — Capitalpad08:31 Building conviction: Five Forces, 2–4 thesis pillars, price last10:50 What he kept/ditched from institutional PE before launching12:02 Why 2024 to launch Clear Peak; co-founding with Luke14:55 Model choice: independent sponsor now, fund optionality later16:24 Deal #1: cruise/maritime maintenance software—core thesis18:10 Capital reality on Deal #1: family offices & cold-start relationships18:58 Deal #2: faster process; staged diligence & value-creation session20:29 Partnership — Spacebar Studios21:08 Operating the portfolio: GTM at IT Sync; financial visibility at Entara23:55 Back to market for Deal #3; discipline on timing24:08 Highest-ROI levers post-close (company-specific, no cookie cutter)25:17 Choosing investors: family offices vs. SBIC; red flags27:20 Superpower & weakness: depth of work vs. time trade-offs29:33 Taking risk: leaving institutional PE; AI’s coming impact31:18 Hardest skill shift: decision-making rests with you32:16 Hours & lifestyle now vs. institutional PE33:12 Happiness & autonomy; what “winning” (MOIC/IRR) looks like34:18 What he’s studying now (IT services, vertical SaaS, mental models)35:12 Practicing intellectual curiosity; inviting dissent36:22 Favorite book: Behave (Robert Sapolsky)37:15 Wrap-up & future check-inSupport our Sponsors:CapitalPad: https://capitalpad.com/SpaceBar Studios: https://www.spacebarstudios.co/inquireSubscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5gSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow Mikk/PrivatEquityGuy on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.