In this episode, we sit down with Mike Rubel, Managing Partner at RFE Investment Partners, to discuss the firm’s long-standing approach to small buyout investing and its recent successful succession plan. Mike shares how RFE continues to stay true to its founding principles while evolving to meet the needs of founder-led businesses poised for transformational growth. Founded in 1979, RFE is a private equity firm with over $800 million in assets under management, focused exclusively on building market-leading platforms in the lower middle market. Now investing out of its ninth fund, RFE partners with management teams to scale businesses from $25–75 million in revenue to $150 million and beyond—addressing key challenges like building out senior leadership, modernizing sales processes, and upgrading operational systems along the way. Mike joined RFE in 2009 and brings prior experience from Weston Presidio and Harris Williams. He holds degrees from James Madison and Duke’s Fuqua School of Business. Tune in to hear Mike’s perspective on investing in people-first cultures, minimizing capital structure constraints, and why consistency in strategy has been RFE’s greatest asset over four decades. Feel free to reach out to me at zev.zaretsky@sierracapital.com if you’d like to be connected with Mike.

In this episode of Family Office Fundamentals, we're joined by Brian Schettler, Partner and Head of AE Ventures, the early stage investing arm of AE Industrial Partners, a $7.2bn private equity firm (as of 6/30/25) focused on specialized markets including National Security, Aerospace, and Industrial Services. We discuss Brian's career path from electrical engineer at Northrop Grumman to founding Boeing HorizonX Ventures, and his transition to leading early-stage investing at AE. Brian explains how AE Ventures operates as one of 17 approved funds in the SBIC's Critical Technologies program, which combines capital leverage with government partnerships. The conversation explores AE Ventures' investment approach in seed through Series B companies developing critical defense technologies, including trusted AI and autonomy, space technology, advanced computing, and directed energy. Brian describes how the firm leverages aerospace and defense expertise from former military leadership like General Jim McConville and Secretary Ryan McCarthy, operating partners at AE, to support portfolio companies. Brian shares his observations on the shift from traditional "exquisite" defense programs toward more agile, scalable solutions, and discusses how the intersection of increased defense budgets and the governments warming up to startup innovation is creating new dynamics in the national security technology sector. Tune in for insights into this new and specialized corner of the venture capital world and the unique considerations involved in investing at the intersection of technology and national security.

In this episode of Family Office Fundamentals, we share highlights from a fireside chat at the SBIA National Summit for Middle Market Funds, moderated by Tim Rafalovich of Wells Fargo. Featuring insights from industry leaders, the discussion covers historical SBIC returns, market challenges, and key findings from the IPC White Paper, "The Performance of Small Business Investment Companies."

In our fourth episode of "Family Office Fundamentals," we focus on the impressive performance and impact of Small Business Investment Companies (SBICs). Our special guests are Brett Palmer, President of the Small Business Investor Alliance (SBIA), and Gregory Brown, Professor at UNC Kenan-Flagler Business School and Research Director at the Institute for Private Capital. We discuss the findings of a recently published White Paper titled "The Performance of Small Business Investment Companies" by the Institute for Private Capital. Key insights include: 1) Over the 2000-2020 period, SBICs achieved an average internal rate of return (IRR) of 16.9%, which is 4.13% higher than a comparable set of non-SBIC peer funds. 2) The average multiple on invested capital (MOIC) for SBICs is 2.3x, outpacing comparable non-SBIC funds by 0.74x. 3) Optimal leverage ratios for SBICs range from 1.00x to 1.75x, indicating that balanced leverage optimizes returns while mitigating risk. The White Paper uses a survey of SBICs and MSCI-Burgiss data to show that SBIC funds outperform their peers by about 4% in IRR and 0.7x in MOIC. Additionally, Kaplan-Schoar public market equivalents (PMEs) reveal SBICs outperform public benchmarks, with larger funds generating higher returns when controlling for factors like vintage year and strategy. Our discussion covers the methodology of data collection and analysis, the report's findings, and how SBICs contribute to community and economic support beyond financial returns. Discover how SBICs not only outperform their peers but also play a crucial role in fostering economic growth and community development. Tune in to hear expert insights on why these investment vehicles are a hidden gem in the world of private markets. Please find the publication here : https://uncipc.org/index.php/publication/the-performance-of-small-business-investment-companies/

In this episode, we sit down with Joe Alala, the visionary founder of Capitala Group. Starting in 1998, Joe made waves by becoming the youngest founder of a Small Business Investment Company (SBIC) debenture fund at just twenty-eight years old. Since then, he has strategically expanded Capitala’s domestic and global footprint through alliances with Mitsui & Co. (U.S.A.), Inc. and BC Partners, allowing Capitala to foster relationships across Asia, Europe, and North America. Joe shares insights from his extensive experience leading a team of seasoned investment professionals and his role as the head of Capitala’s Investment Committee. Beyond his work with Capitala, Joe contributes to various boards, including BC Partners Credit, Simonini Builders, Princeton Friend’s Track and Field program, Wake Forest School of Law, and Wake Forest Charlotte Executive Board of Advisors. He also reflects on his long-standing involvement with the Young President’s Organization and the Small Business Investor Alliance (SBIA). Tune in to hear Joe’s journey, his strategic vision for investment, and his commitment to fostering growth in the business community. Feel free to reach out to me at zev.zaretsky@sierracapital.com to be connected with Joe.

In this episode of Family Office Fundamentals we meet with TZP Group, a lower middle market buyout firm led by founding partner Sam Katz. Headquartered in New York and managing over $2 billion across its family of funds, TZP Group specializes in control, growth equity, and structured capital investments in technology, business services, and consumer companies. Since its founding in 2007, TZP has positioned itself as a "Partner of Choice" for closely held, private companies seeking strategic investments to accelerate growth, increase profitability, and maximize stakeholder value. Leveraging its seasoned investment professionals' operational and investment experience, TZP provides tailored strategic and operational guidance, emphasizing long-term value creation for its portfolio companies. Join us as we explore TZP Group's investment philosophy and strategies in the dynamic world of lower middle market buyouts and private equity.

In this episode of Family Office Fundamentals, we're joined by Tony Schell, a founding partner at Escalate Capital Partners, a distinguished SBIC private credit and growth equity investment firm specializing in rapidly growing later-stage companies across various sectors. With over $1.1 billion in invested capital, Escalate offers tailored financial solutions to fuel the growth of its portfolio companies. Tony Schell brings extensive experience in portfolio management and fund oversight to the discussion, offering insights into Escalate's strategic approach and the dynamics of private credit and growth equity investments. Join us as we explore the intricate world of entrepreneurial finance and uncover valuable perspectives on investment strategies and portfolio management.