Episode 46 of The Investment Banking Leaders Club Podcast: Marc Jourlait

Welcome to another episode of The Investment Banking Leaders Club Podcast, where we explore the ideas, experiences, and strategies shaping the future of investment banking, private equity, and leadership.

In this episode, our host Peter Nieberg speaks with Marc Jourlait, Lead Operating Partner at The Riverside Company, who brings a unique perspective shaped by a career spanning global leadership roles at Apple, HP, Bose, Kodak, and other international businesses, before becoming a CEO, Chairman, and Operating Partner.

Drawing on his experience from both the corporate and private equity worlds, Marc shares a candid perspective on what private equity firms really want from their investment banking partners, and why the strongest relationships go far beyond the transaction itself.

Throughout the conversation, he explores the importance of understanding the private equity “clock,” bringing differentiated insight, developing specialist expertise, understanding the role of the operating partner, and being there for clients during both the good times and the difficult ones.

For investment bankers, particularly VPs and Directors looking to build long-term private equity relationships and progress toward MD, the discussion offers an important lesson:

The best investment bankers do not simply understand transactions. They understand ownership.

Most Investment Bankers Know How to Cover Private Equity. Fewer Understand How PE Firms Think

Private equity firms are among the most important relationships an investment banker can develop.

They transact across market cycles. They invest in multiple businesses. They pursue acquisitions, refinancing, and exits. And when a strong relationship is established, a single transaction can become the beginning of a much broader partnership.

But private equity firms are also highly discerning.

They do not necessarily need another banker providing generic market updates, financing terms, or standard pitch materials. They want advisors who understand the ownership journey, appreciate the pressure of value creation, and can bring insight that genuinely improves their decision-making.

That requires a shift in mindset.

Instead of asking: “How can I win this transaction?”

The better question may be: “How can I become valuable throughout the investment journey?”

That distinction sits at the heart of Marc’s perspective.

Understand the Private Equity Clock

One of Marc’s most important ideas is the concept of “clock speed.”

A typical private equity hold period might last five years. But five years is also only 60 months. And every month matters.

From the moment an acquisition closes, the private equity firm is working against a finite investment horizon. Management needs to be aligned. The value creation plan needs to be implemented. Strategic decisions need to be made. Potential acquisitions may need to be completed. Financing may need to be optimised.

Eventually, the business needs to be ready for its next chapter – often an exit.

If six or twelve months are lost because of delays in aligning management, defining the value creation plan, or making key strategic decisions, that time is difficult to recover. For investment bankers, the lesson is important.

You are not simply helping a PE firm close a transaction. You are entering its clock.

Understanding where a company sits in that investment journey can help bankers anticipate what their clients may need next.

• Is the business in the early stages of the hold period?

• Is management being strengthened?

• Is the company pursuing a buy-and-build strategy?

• Is it considering refinancing?

• Is the investment approaching an exit?

Each stage creates different challenges and opportunities. The banker who understands the clock can become more valuable than the banker who simply waits for the next transaction.

Show Up Before the Obvious Moment

Many bankers become highly visible when there is a live transaction. The financing process begins. An acquisition opportunity emerges.

A portfolio company is preparing for sale. But the strongest relationships are often built long before any of those moments arrive.

Marc captures this idea clearly:

“Don’t just show up when we need you. Show up when we don’t know that we need you and bring value.”

This changes the role of the investment banker. Instead of waiting for a mandate, the banker becomes an ongoing source of insight.

That might mean identifying potential acquisition targets before the PE firm launches a formal process.

It could mean sharing an observation about an industry trend. It could involve highlighting a potential buyer who may become relevant in the future.

Or it could simply mean understanding the portfolio company’s challenges well enough to have a useful conversation before a transaction exists.

The opportunity is to become useful throughout the ownership journey. The best relationships are not built only when there is a fee attached to the conversation.

They are built through consistent value.

Bring a Thesis, Not a Brochure

Private equity firms see a lot of investment banking presentations.

They receive market updates. They hear financing ideas. They are presented with buyer lists.

So what makes one banker stand out from another? According to Marc, it comes down to bringing judgment and perspective.

As he explains: “Bring us something that’s value add. Don’t just bring us generic investment banking. Bring us your thoughts, your thesis, your angle.”

That means developing a genuine point of view. Instead of simply saying that you understand the sector, demonstrate it.

Think about:

• How will potential buyers view the business?

• What could make the company more attractive at exit?

• Where could the investment thesis be challenged?

• Which strategic buyers might be interested?

• What M&A opportunities could change the growth trajectory?

• What market trends could affect valuation?

• What could strengthen or weaken the eventual exit story?

This is where an investment banker moves beyond coverage. The banker is no longer simply providing information. They are helping the client think through possibilities.

Presence gets you noticed. Perspective makes you memorable.

Specialisation Is No Longer Optional

Another recurring theme in Marc’s conversation is the importance of specialisation.

His view is direct:

“I would rather go with a specialist versus a generalist when it comes to investment banking.”

Private equity firms can find banks with financing capacity. They can find bankers willing to pitch. What is more difficult to find is genuine expertise.

Specialisation means understanding an industry deeply enough to speak with authority about:

• Competitors

• Business models

• Products and services

• Valuation drivers

• Potential buyers

• Transaction history

• Industry trends

• Exit opportunities

This depth should influence the actual advisory work. It should shape the positioning of a business. It should improve the buyer universe.

It should help anticipate objections. It should identify opportunities that others may overlook.

The best bankers do not simply package the story the client already knows. They help build and strengthen the story.

For aspiring investment banking leaders, this creates a significant opportunity. Developing a sector where your knowledge is genuinely differentiated can become one of the strongest foundations for building long-term private equity relationships.

Think Like the Operating Partner

Many investment bankers understand the deal team. Fewer fully understand the role of the operating partner.

That can be a missed opportunity. The deal team typically looks at an investment through a financial lens: returns, financing, valuation, and the investment thesis.

The operating partner focuses on translating that thesis into action.

That could involve:

• Management

• Pricing

• Sales effectiveness

• M&A

• Capital expenditure

• Margin improvement

• Working capital

• Technology

• Cybersecurity

• Organisational culture

The investment thesis has to become a value creation plan. And the value creation plan has to become reality. For bankers, this means asking better questions.

Instead of simply asking: “What transaction can we help you with?”

Consider asking: “What is the value creation plan?”

Then go deeper.

• Where is the thesis most exposed?

• What needs to happen in the first 12 months?

• What could accelerate growth?

• Could M&A change the company’s trajectory?

• What will the exit story look like?

• What could expand or limit the buyer universe?

• When bankers begin asking these questions, they demonstrate that they understand more than the transaction.

They understand the ownership journey.

Be There When Things Get Tough

The strongest private equity relationships are not built only during successful transactions.

They are built when things become difficult. Businesses face unexpected challenges. Markets change. Financing conditions tighten.

Geopolitical events create disruption. Tariffs affect supply chains. Portfolio companies require additional capital.

Strategic plans need to change. Marc’s message is simple:

“Be there in the good days as well as the tougher days.”

This is where trust is tested. Many bankers want to be involved when the process is live.

Fewer remain engaged during the messy middle of the hold period. But that is often where the greatest relationship equity is created.

If an investment banker helps a PE firm navigate complexity, that experience is remembered. The relationship may then extend into the next financing, the next acquisition, another portfolio company, or the eventual exit.

Repeat business is often built on memory. And clients remember who helped reduce pressure when it mattered.

Do Not Create Friction

Credibility is fragile. It can take years to establish and only a few mistakes to damage.

Marc highlights the importance of avoiding unnecessary surprises and friction. For PE firms, that means being reliable, communicating clearly, and addressing potential problems early.

A banker who creates friction becomes another problem for the client to manage. A banker who removes friction becomes more valuable.

This is particularly important for VPs and Directors. Every commitment matters. Every follow-up matters. Every deliverable contributes to the client’s perception of your reliability.

If you say something can be done, do it. If there is a risk, flag it early. If something is likely to change, communicate before it becomes a surprise.

Private equity clients can handle difficult news. What they have little tolerance for is avoidable surprise.

The ability to reduce friction may not sound like the most sophisticated investment banking skill. But over time, it can become one of the most important.

What This Means for VPs and Directors

For investment banking VPs and Directors looking to build stronger private equity relationships, the message is clear:

Do not wait until you are an MD to start thinking like one. Start by developing specialist knowledge.

Understand the funds, sectors, portfolio companies, buyers, valuation drivers, and exit angles that matter to your target clients. Learn to recognise where each portfolio company sits on the PE clock.

• Is it pre-close?

• Early hold?

• Value creation?

• Bolt-on acquisition?

• Refinancing?

• Exit preparation?

Then bring something useful.

It could be:

• A buyer map

• A potential acquisition angle

• A refinancing observation

• A market trend

• A potential exit risk

• An insight into the competitive landscape

The key is to bring insight before asking for opportunity. Follow through with precision. Stay close between transactions.

Build relationships with the wider ecosystem, not only the immediate deal team. And most importantly, become someone who is useful before you become someone who is necessary.

A Simple PE Relationship Playbook

Building strong private equity relationships does not require a complicated formula.

It requires consistency.

1. Pick Your Target Ecosystem

Focus on the funds, sectors, and portfolio companies where you can build genuine expertise and credibility.

1. Study the PE Clock

Understand where each portfolio company sits in its investment lifecycle and what challenges are likely to emerge next.

1. Bring Value Before You’re Asked

Share ideas, perspectives, market intelligence, and opportunities that could improve the investment thesis or create new options.

1. Follow Through

Do what you said you would do, when you said you would do it. Reliability builds trust quickly.

1. Stay Close Between Transactions

Do not disappear when there is no live mandate. Relationships compound between transactions. The approach is simple. But it requires discipline.

Final Thoughts

What stands out most from Marc Jourlait’s perspective is the shift from thinking about private equity relationships as a series of transactions to thinking about them as an ongoing ownership journey.

Private equity firms do not need more bankers who simply understand transactions.

They need advisors who understand:

• The PE clock.

• The value creation plan.

• The operating agenda.

• The pressure of the hold period.

• The importance of reducing friction.

And ultimately, the reality that every decision is measured against a finite investment horizon. For VPs and Directors, this represents a major opportunity.

The bankers who learn how private equity thinks can stand out long before they have the MD title. They will ask better questions. Bring sharper ideas.

Develop deeper expertise. Understand the operating agenda. And build relationships that survive beyond a single deal. That is the shift. Not coverage for coverage’s sake. Not showing up only when the transaction becomes obvious. But becoming the banker PE clients trust because you understand what they are really trying to achieve:

Create value. Protect the investment thesis. Improve the company. Deliver for their investors. That is how one mandate becomes a relationship. And how one relationship becomes a franchise.

To hear the full discussion, listen to the complete episode of The Investment Banking Leaders Podcast.