Dry Powder: The Private Equity Podcast
Previously on Dry Powder, David Andrews, co-CEO of Gryphon Investors, shared why he believes we’ve entered one of the harshest cycles in private equity history and when he expects the industry to come out of it.
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Today, in part two of our conversation, we turn our attention to operational excellence.
David says, “The challenge for middle-market firms is: How do you build shared services and capabilities of the large firms?”
Gryphon was an early pioneer here, long before operational value creation became the industry standard. Since the mid-nineties, the firm has been recruiting CEOs, functional specialists, and even organizational psychologists—a blend of talent most middle-market firms wouldn’t even contemplate.
“We have an ops group that now has 40 employees in it, and we have 160-plus employees for an $11 billion AUM firm,” David says.
I ask David to take us inside the operating team and show us how a unique mix of talent could give Gryphon a competitive edge, particularly in a downturn.
The Private Equity Podcast
In our podcast series, Bain's Hugh MacArthur interviews leading experts on the trends and opportunities that will redefine the private equity industry.
First published in febbraio 2026