Carried Interest Transistor (https://transistor.fm) https://feeds.transistor.fm/carried-interest The show featuring luminaries from across the world of private equity. © 2026 Affinity Presents 648d57da-8d94-5c3d-a406-9188335e4982 yes en Mon, 27 Jul 2026 18:08:37 -0400 Mon, 27 Jul 2026 18:09:34 -0400 http://affinity.co https://img.transistorcdn.com/u20ZBikbTxv27WoKJTOEmp5SeWcqr_O8npjM4nl6e7E/rs:fill:0:0:1/w:1400/h:1400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS8zZDRk/N2M4NjRmYjk5Nzkx/NDNiYzY4YWQxMTBm/Y2RlNS5qcGc.jpg Carried Interest http://affinity.co episodic Affinity Presents The show featuring luminaries from across the world of private equity. The show featuring luminaries from across the world of private equity.. Affinity No No From Citibank's CFO in 2008 to Private Equity Investor | Gary Crittenden 3 3 From Citibank's CFO in 2008 to Private Equity Investor | Gary Crittenden full c006d58a-f2af-45a5-bc01-c3e86b4ff076 https://share.transistor.fm/s/4e65f7ba What does it take to manage a $2 trillion balance sheet through the worst financial crisis in modern history—and come out with your reputation intact?

Gary Crittenden's resume reads like a history of modern Wall Street. He was CFO of American Express during its golden years and CFO of Citigroup through the Great Recession/Global Financial Crisis of 2007-2008 before spending 16 years at private equity firm HGGC, solidifying his reputation as a leading architect of the PE space. Today, he still operates in the world of global finance as a private investor at Bear Mountain Ranch Asset Management.

In this episode, Gary and host Sam Andersen, who Gary has mentored for over a decade, trace a career built on one principle: return on capital. Here's everything they cover:

— Why the CFO role is strategic first, technical second (and why that's truer now than ever)
— The charge card vs. credit card insight that unlocked American Express's value creation
— How Citigroup ended up in crisis and what it took to weather that storm
— The liquidity discount problem private equity won't talk about—and why it's creating a logjam
— Why "we're good at working with management teams" isn't a differentiated PE strategy
— How mega funds and mid-market funds produce fundamentally different return profiles
— AI's impact on finance in three categories: process improvement, revenue generation, and full redefinition
— The Extra Space Storage story: how fee income and a management business built the highest return on capital in self-storage
— Gary's framework for evaluating a 2026 deal: basis of competition first, everything else second
— Concentration vs. diversification, and the Warren Buffett line Gary quotes to his kids
— Playing the long game in your career: compounding knowledge, reputation, and returns over decades

If you work in private equity—or want to—this one's worth your time.

Carried Interest is a podcast by Affinity hosting public conversations about private capital.

🔗 Affinity: https://www.affinity.co
Connect with Gary: https://www.linkedin.com/in/garycrittenden/
Connect with Sam: https://www.linkedin.com/in/samander/

Follow Affinity
YouTube: @affinity_presents
YouTube (product): @affinity_co
LinkedIn: https://www.linkedin.com/company/project-affinity/

]]> What does it take to manage a $2 trillion balance sheet through the worst financial crisis in modern history—and come out with your reputation intact?

Gary Crittenden's resume reads like a history of modern Wall Street. He was CFO of American Express during its golden years and CFO of Citigroup through the Great Recession/Global Financial Crisis of 2007-2008 before spending 16 years at private equity firm HGGC, solidifying his reputation as a leading architect of the PE space. Today, he still operates in the world of global finance as a private investor at Bear Mountain Ranch Asset Management.

In this episode, Gary and host Sam Andersen, who Gary has mentored for over a decade, trace a career built on one principle: return on capital. Here's everything they cover:

— Why the CFO role is strategic first, technical second (and why that's truer now than ever)
— The charge card vs. credit card insight that unlocked American Express's value creation
— How Citigroup ended up in crisis and what it took to weather that storm
— The liquidity discount problem private equity won't talk about—and why it's creating a logjam
— Why "we're good at working with management teams" isn't a differentiated PE strategy
— How mega funds and mid-market funds produce fundamentally different return profiles
— AI's impact on finance in three categories: process improvement, revenue generation, and full redefinition
— The Extra Space Storage story: how fee income and a management business built the highest return on capital in self-storage
— Gary's framework for evaluating a 2026 deal: basis of competition first, everything else second
— Concentration vs. diversification, and the Warren Buffett line Gary quotes to his kids
— Playing the long game in your career: compounding knowledge, reputation, and returns over decades

If you work in private equity—or want to—this one's worth your time.

Carried Interest is a podcast by Affinity hosting public conversations about private capital.

🔗 Affinity: https://www.affinity.co
Connect with Gary: https://www.linkedin.com/in/garycrittenden/
Connect with Sam: https://www.linkedin.com/in/samander/

Follow Affinity
YouTube: @affinity_presents
YouTube (product): @affinity_co
LinkedIn: https://www.linkedin.com/company/project-affinity/

]]> Mon, 27 Jul 2026 17:31:14 -0400 Affinity Presents Affinity Presents 3023 What does it take to manage a $2 trillion balance sheet through the worst financial crisis in modern history—and come out with your reputation intact?

Gary Crittenden's resume reads like a history of modern Wall Street. He was CFO of American Express during its golden years and CFO of Citigroup through the Great Recession/Global Financial Crisis of 2007-2008 before spending 16 years at private equity firm HGGC, solidifying his reputation as a leading architect of the PE space. Today, he still operates in the world of global finance as a private investor at Bear Mountain Ranch Asset Management.

In this episode, Gary and host Sam Andersen, who Gary has mentored for over a decade, trace a career built on one principle: return on capital. Here's everything they cover:

— Why the CFO role is strategic first, technical second (and why that's truer now than ever)
— The charge card vs. credit card insight that unlocked American Express's value creation
— How Citigroup ended up in crisis and what it took to weather that storm
— The liquidity discount problem private equity won't talk about—and why it's creating a logjam
— Why "we're good at working with management teams" isn't a differentiated PE strategy
— How mega funds and mid-market funds produce fundamentally different return profiles
— AI's impact on finance in three categories: process improvement, revenue generation, and full redefinition
— The Extra Space Storage story: how fee income and a management business built the highest return on capital in self-storage
— Gary's framework for evaluating a 2026 deal: basis of competition first, everything else second
— Concentration vs. diversification, and the Warren Buffett line Gary quotes to his kids
— Playing the long game in your career: compounding knowledge, reputation, and returns over decades

If you work in private equity—or want to—this one's worth your time.

Carried Interest is a podcast by Affinity hosting public conversations about private capital.

🔗 Affinity: https://www.affinity.co
Connect with Gary: https://www.linkedin.com/in/garycrittenden/
Connect with Sam: https://www.linkedin.com/in/samander/

Follow Affinity
YouTube: @affinity_presents
YouTube (product): @affinity_co
LinkedIn: https://www.linkedin.com/company/project-affinity/

]]> No How Relationships Win IPO Mandates | Brittany Skoda, Morgan Stanley 2 2 How Relationships Win IPO Mandates | Brittany Skoda, Morgan Stanley full 31f0d9cf-ea95-49df-8264-68f7004e3228 https://share.transistor.fm/s/f1202544 Perception: Investment bankers win mandates by pitching harder than their competition. Reality: The deal is usually decided long before anyone walks into a bake-off.

Brittany Skoda is the Global Head of AI & Software Banking at Morgan Stanley, where she's led over 75 transactions for companies including Amazon, Dropbox, Google, Tesla, and Zendesk. Before Morgan Stanley, she was VP of Investments at Workday and rose from analyst to SVP at Goldman Sachs. In this episode of Carried Interest, she and host Sam Andersen get into what it really takes to win mandates, build trust in private capital, and navigate today's IPO market.

What's inside this episode:
— How Morgan Stanley won the Hinge Health IPO—and why the relationship started 15 years before the deal closed
— How to build meaningful relationships without the forcing function of an imminent transaction
— The real state of the IPO window and what it actually takes to go public today
— Why most M&A fails—and what separates the deals that create value from the ones that destroy it
— How private equity is evolving as fund sizes grow and AI reshapes investment horizons
— Career advice for analysts stepping into banking: Growth lives outside your comfort zone

If you work in private equity—or want to—this one's worth your time.

Carried Interest is a podcast by Affinity.

🔗 Affinity: https://www.affinity.co
🔗 Morgan Stanley: https://www.morganstanley.com
Connect with Brittany: https://www.linkedin.com/in/brittany-skoda-08354a7/
Connect with Sam: https://www.linkedin.com/in/samander/

Follow Affinity
YouTube: @affinity_presents
YouTube (product): @affinity_co
LinkedIn: https://www.linkedin.com/company/project-affinity/

  • (00:00) - Introduction of Brittany Skoda
  • (01:25) - How did the relationship between Morgan Stanley and Hinge Health begin and evolve into a successful IPO?
  • (04:39) - How do you build and focus on long-term relationships without an imminent transaction?
  • (07:22) - How is the world of private equity evolving, and how do relationships play into that evolution?
  • (11:14) - What does it take today for a company to be IPO ready, and what metrics should they focus on?
  • (15:31) - What is the current consensus on the IPO window cycle?
  • (17:25) - What are the consequences of private businesses becoming as large as a trillion dollars before exiting?
  • (20:28) - What makes an M&A transaction work and differentiates it as value-creative?
  • (23:03) - What guidance do you give clients to help them ensure an acquisition is successful over the long term?
  • (24:27) - What advice would you give a finance graduate starting a career in banking?
  • (26:12) - What attributes do standout analysts possess that lead to long-term success?
]]> Perception: Investment bankers win mandates by pitching harder than their competition. Reality: The deal is usually decided long before anyone walks into a bake-off.

Brittany Skoda is the Global Head of AI & Software Banking at Morgan Stanley, where she's led over 75 transactions for companies including Amazon, Dropbox, Google, Tesla, and Zendesk. Before Morgan Stanley, she was VP of Investments at Workday and rose from analyst to SVP at Goldman Sachs. In this episode of Carried Interest, she and host Sam Andersen get into what it really takes to win mandates, build trust in private capital, and navigate today's IPO market.

What's inside this episode:
— How Morgan Stanley won the Hinge Health IPO—and why the relationship started 15 years before the deal closed
— How to build meaningful relationships without the forcing function of an imminent transaction
— The real state of the IPO window and what it actually takes to go public today
— Why most M&A fails—and what separates the deals that create value from the ones that destroy it
— How private equity is evolving as fund sizes grow and AI reshapes investment horizons
— Career advice for analysts stepping into banking: Growth lives outside your comfort zone

If you work in private equity—or want to—this one's worth your time.

Carried Interest is a podcast by Affinity.

🔗 Affinity: https://www.affinity.co
🔗 Morgan Stanley: https://www.morganstanley.com
Connect with Brittany: https://www.linkedin.com/in/brittany-skoda-08354a7/
Connect with Sam: https://www.linkedin.com/in/samander/

Follow Affinity
YouTube: @affinity_presents
YouTube (product): @affinity_co
LinkedIn: https://www.linkedin.com/company/project-affinity/

  • (00:00) - Introduction of Brittany Skoda
  • (01:25) - How did the relationship between Morgan Stanley and Hinge Health begin and evolve into a successful IPO?
  • (04:39) - How do you build and focus on long-term relationships without an imminent transaction?
  • (07:22) - How is the world of private equity evolving, and how do relationships play into that evolution?
  • (11:14) - What does it take today for a company to be IPO ready, and what metrics should they focus on?
  • (15:31) - What is the current consensus on the IPO window cycle?
  • (17:25) - What are the consequences of private businesses becoming as large as a trillion dollars before exiting?
  • (20:28) - What makes an M&A transaction work and differentiates it as value-creative?
  • (23:03) - What guidance do you give clients to help them ensure an acquisition is successful over the long term?
  • (24:27) - What advice would you give a finance graduate starting a career in banking?
  • (26:12) - What attributes do standout analysts possess that lead to long-term success?
]]> Mon, 27 Jul 2026 16:58:57 -0400 Affinity Presents Affinity Presents 1635 Perception: Investment bankers win mandates by pitching harder than their competition. Reality: The deal is usually decided long before anyone walks into a bake-off.

Brittany Skoda is the Global Head of AI & Software Banking at Morgan Stanley, where she's led over 75 transactions for companies including Amazon, Dropbox, Google, Tesla, and Zendesk. Before Morgan Stanley, she was VP of Investments at Workday and rose from analyst to SVP at Goldman Sachs. In this episode of Carried Interest, she and host Sam Andersen get into what it really takes to win mandates, build trust in private capital, and navigate today's IPO market.

What's inside this episode:
— How Morgan Stanley won the Hinge Health IPO—and why the relationship started 15 years before the deal closed
— How to build meaningful relationships without the forcing function of an imminent transaction
— The real state of the IPO window and what it actually takes to go public today
— Why most M&A fails—and what separates the deals that create value from the ones that destroy it
— How private equity is evolving as fund sizes grow and AI reshapes investment horizons
— Career advice for analysts stepping into banking: Growth lives outside your comfort zone

If you work in private equity—or want to—this one's worth your time.

Carried Interest is a podcast by Affinity.

🔗 Affinity: https://www.affinity.co
🔗 Morgan Stanley: https://www.morganstanley.com
Connect with Brittany: https://www.linkedin.com/in/brittany-skoda-08354a7/
Connect with Sam: https://www.linkedin.com/in/samander/

Follow Affinity
YouTube: @affinity_presents
YouTube (product): @affinity_co
LinkedIn: https://www.linkedin.com/company/project-affinity/

  • (00:00) - Introduction of Brittany Skoda
  • (01:25) - How did the relationship between Morgan Stanley and Hinge Health begin and evolve into a successful IPO?
  • (04:39) - How do you build and focus on long-term relationships without an imminent transaction?
  • (07:22) - How is the world of private equity evolving, and how do relationships play into that evolution?
  • (11:14) - What does it take today for a company to be IPO ready, and what metrics should they focus on?
  • (15:31) - What is the current consensus on the IPO window cycle?
  • (17:25) - What are the consequences of private businesses becoming as large as a trillion dollars before exiting?
  • (20:28) - What makes an M&A transaction work and differentiates it as value-creative?
  • (23:03) - What guidance do you give clients to help them ensure an acquisition is successful over the long term?
  • (24:27) - What advice would you give a finance graduate starting a career in banking?
  • (26:12) - What attributes do standout analysts possess that lead to long-term success?
]]> No Healthcare Private Equity Dealmaking | Vladimir Andonov, Martis Capital 1 1 Healthcare Private Equity Dealmaking | Vladimir Andonov, Martis Capital full 948956fd-b444-4076-9239-a0c404832130 https://share.transistor.fm/s/5fbef309 What does it actually take to close a deal before it ever hits the market—and keep it from falling apart before you sign?

In the debut episode of Carried Interest, host Sam Andersen sits down with Vladimir Andonov, Managing Director at Martis Capital—a healthcare-focused PE firm with $2.2B raised across four funds—to unpack the relationship-driven work behind private equity dealmaking.

Vladimir walks through Martis's investment in Centria, a behavioral health company serving children with autism. A competing firm nearly won the deal. Martis extended a bridge loan before anything was inked. And the founder eventually became an LP.

From there, the conversation opens up into how Martis originates deals thematically, what they look for in founders, where they're investing in healthcare today—pharma commercialization, revenue cycle management, and AI—and what the current LP liquidity environment actually looks like on the ground.

If you work in private equity—or want to—this one's worth your time.

Carried Interest is a podcast by Affinity.

Affinity: https://www.affinity.co
Martis Capital: https://www.martiscapital.com/
Connect with Vladimir: https://www.linkedin.com/in/vladimirandonov/
Connect with Sam: https://www.linkedin.com/in/samander/

Follow Affinity
YouTube (product): @affinity_co
LinkedIn: https://www.linkedin.com/company/project-affinity/

  • (00:00) - Meet Vladimir Andonov and Martis Capital
  • (01:03) - The Centria deal: how the relationship began
  • (02:54) - Losing the deal, then winning it back with a bridge loan
  • (04:34) - Building trust over six months
  • (06:22) - From selling the business to building it together
  • (07:30) - Closing the deal and scaling Centria
  • (08:43) - What Martis looks for in a founder
  • (10:26) - A co-CEO situation and reading founder fit
  • (11:45) - What makes Martis different
  • (13:22) - How Martis sources deals thematically
  • (16:33) - How private equity has specialized in healthcare
  • (17:51) - Where Martis is investing: pharma services and the patent cliff
  • (19:17) - Revenue cycle management and AI as a value lever
  • (20:43) - HeartFlow: an AI case study
  • (23:34) - Regulation, HHS, and value-based care
  • (25:36) - Lessons from 14 years of market cycles
  • (28:56) - LP liquidity and the industry logjam
  • (30:34) - Career advice for the next generation
]]> What does it actually take to close a deal before it ever hits the market—and keep it from falling apart before you sign?

In the debut episode of Carried Interest, host Sam Andersen sits down with Vladimir Andonov, Managing Director at Martis Capital—a healthcare-focused PE firm with $2.2B raised across four funds—to unpack the relationship-driven work behind private equity dealmaking.

Vladimir walks through Martis's investment in Centria, a behavioral health company serving children with autism. A competing firm nearly won the deal. Martis extended a bridge loan before anything was inked. And the founder eventually became an LP.

From there, the conversation opens up into how Martis originates deals thematically, what they look for in founders, where they're investing in healthcare today—pharma commercialization, revenue cycle management, and AI—and what the current LP liquidity environment actually looks like on the ground.

If you work in private equity—or want to—this one's worth your time.

Carried Interest is a podcast by Affinity.

Affinity: https://www.affinity.co
Martis Capital: https://www.martiscapital.com/
Connect with Vladimir: https://www.linkedin.com/in/vladimirandonov/
Connect with Sam: https://www.linkedin.com/in/samander/

Follow Affinity
YouTube (product): @affinity_co
LinkedIn: https://www.linkedin.com/company/project-affinity/

  • (00:00) - Meet Vladimir Andonov and Martis Capital
  • (01:03) - The Centria deal: how the relationship began
  • (02:54) - Losing the deal, then winning it back with a bridge loan
  • (04:34) - Building trust over six months
  • (06:22) - From selling the business to building it together
  • (07:30) - Closing the deal and scaling Centria
  • (08:43) - What Martis looks for in a founder
  • (10:26) - A co-CEO situation and reading founder fit
  • (11:45) - What makes Martis different
  • (13:22) - How Martis sources deals thematically
  • (16:33) - How private equity has specialized in healthcare
  • (17:51) - Where Martis is investing: pharma services and the patent cliff
  • (19:17) - Revenue cycle management and AI as a value lever
  • (20:43) - HeartFlow: an AI case study
  • (23:34) - Regulation, HHS, and value-based care
  • (25:36) - Lessons from 14 years of market cycles
  • (28:56) - LP liquidity and the industry logjam
  • (30:34) - Career advice for the next generation
]]> Mon, 27 Jul 2026 14:52:36 -0400 Affinity Presents Affinity Presents 2045 What does it actually take to close a deal before it ever hits the market—and keep it from falling apart before you sign?

In the debut episode of Carried Interest, host Sam Andersen sits down with Vladimir Andonov, Managing Director at Martis Capital—a healthcare-focused PE firm with $2.2B raised across four funds—to unpack the relationship-driven work behind private equity dealmaking.

Vladimir walks through Martis's investment in Centria, a behavioral health company serving children with autism. A competing firm nearly won the deal. Martis extended a bridge loan before anything was inked. And the founder eventually became an LP.

From there, the conversation opens up into how Martis originates deals thematically, what they look for in founders, where they're investing in healthcare today—pharma commercialization, revenue cycle management, and AI—and what the current LP liquidity environment actually looks like on the ground.

If you work in private equity—or want to—this one's worth your time.

Carried Interest is a podcast by Affinity.

Affinity: https://www.affinity.co
Martis Capital: https://www.martiscapital.com/
Connect with Vladimir: https://www.linkedin.com/in/vladimirandonov/
Connect with Sam: https://www.linkedin.com/in/samander/

Follow Affinity
YouTube (product): @affinity_co
LinkedIn: https://www.linkedin.com/company/project-affinity/

  • (00:00) - Meet Vladimir Andonov and Martis Capital
  • (01:03) - The Centria deal: how the relationship began
  • (02:54) - Losing the deal, then winning it back with a bridge loan
  • (04:34) - Building trust over six months
  • (06:22) - From selling the business to building it together
  • (07:30) - Closing the deal and scaling Centria
  • (08:43) - What Martis looks for in a founder
  • (10:26) - A co-CEO situation and reading founder fit
  • (11:45) - What makes Martis different
  • (13:22) - How Martis sources deals thematically
  • (16:33) - How private equity has specialized in healthcare
  • (17:51) - Where Martis is investing: pharma services and the patent cliff
  • (19:17) - Revenue cycle management and AI as a value lever
  • (20:43) - HeartFlow: an AI case study
  • (23:34) - Regulation, HHS, and value-based care
  • (25:36) - Lessons from 14 years of market cycles
  • (28:56) - LP liquidity and the industry logjam
  • (30:34) - Career advice for the next generation
]]> No