Why Founders Are Saying No to Buyouts — ...

🎙️ The Private Equity Podcast — Episode with Graham Bachman, Hidden River Strategic Capital

Guest: Graham Bachman, Managing Director & Head of Business Development at Hidden River Strategic Capital
Host: Alex Rawlings

In this episode of The Private Equity Podcast, Alex Rawlings is joined by Graham Bachman, who shares how Hidden River Strategic Capital is reshaping lower middle-market investing with structured capital—a hybrid approach that sits between debt and equity, allowing business owners to retain control while unlocking growth opportunities.

Graham unpacks how Hidden River’s capital solutions serve founders not looking for full buyouts or rigid debt structures and instead prioritizes long-term partnerships with existing management teams. He also offers valuable insights into deal origination, the firm's philosophy on professionalization, and why education and consistency are key in a fragmented funding landscape.

⏱️ Timestamps:

00:00 – Welcome and guest introduction
00:29 – Graham’s background and why he joined Hidden River
01:56 – Hidden River’s investment focus and fund status
02:52 – Gaps in the lower middle-market funding landscape
03:47 – What is structured capital and why it matters
06:08 – Use cases for Hidden River’s structured solutions
07:32 – Supporting founder-led businesses without taking control
09:08 – How hands-on is Hidden River in company operations?
11:33 – How does Hidden River help with leadership development?
12:59 – Differentiation through relationship-first deal sourcing
15:51 – Graham’s reading list and media recommendations
17:22 – How to contact Graham
17:51 – Final thoughts and episode close

💡 Episode Highlights:

• Structured Capital Defined: A tailored blend of debt and non-control equity designed to meet the needs of owners who don't want to sell or over-leverage.
• Flexible Approach: Hidden River typically backs existing management teams and helps them scale without stepping in to control day-to-day operations.
• Unique Deal Sourcing: In a buyout-dominated ecosystem, Hidden River differentiates through education, consistency, and relationship building.
• Founder-Friendly Philosophy: The firm supports founders who want capital to grow—not exit—and builds customized investment solutions to match.

📚 Graham’s Recommended Reads:

• Thinking in Bets by Annie Duke
• The Colossal Failure of Common Sense by Lawrence G. McDonald
• Good to Great by Jim Collins
• How to Win Friends and Influence People by Dale Carnegie
• Howard Marks' memos
• The Wall Street Journal

📨 Connect with Graham:
Email: gbachman@hiddenrivercap.com
Website: www.hiddenrivercap.com

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection: www.raw-selection.com