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Peter and Justin both reached out over Twitter and the more I learned about their firm, the more interesting to me it became. Traction is a small private equity firm that blurs the lines between a private equity fund and a permanent capital vehicle, which is what made them so interesting to me.
I’m meeting with the team from Searchfunder.com, an online community dedicated to search funds and the various parties involved. A search fund is the smallest form of micro private equity I’ve found thusfar and is typically one entrepreneur seeking out a company to buy and run as the CEO.
My conversation today is with Mike Boyd. Mike is originally from Brisbane, Australia and currently lives in Singapore where he runs one of the leading car rental comparison websites in the world – Vroom, Vroom, Vroom, among other portfolio companies. He has been an entrepreneur for virtually his entire life, starting at a very young age.
For the first conversation of the podcast, I’m meeting with Trish Higgins who, along with her husband James Higgins and brother-in-law Palmer Higgins, run Chenmark Capital in Portland, Maine. Chenmark Capital acquires and operates small companies for the long term using their own capital, with no intention of selling – a perfect example of permanent equity.
Each year I write an annual letter to readers and listeners to reflect on the evolution of the podcast and my personal growth.