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Turning Recent Grads into 5X CEOs: Graham Weaver’s Unconventional Formula for Private Equity Success.

It is always a highlight when a new episode drops from Invest Like The Best; I consider it one of my favorite podcasts. Host Patrick O’Shaughnessy's discussion with Graham Weaver, founder of Alpine Investors, was insightful, demonstrating how radical personal intent and a unique strategy focusing on talent can yield extraordinary financial outcomes.

Weaver’s approach proves that top-tier private equity results are built not just on deals, but on developing human potential and playing "winnable games."

The Strategic Blueprint: 5X and Winnable Games

Alpine’s operations are guided by three "North Stars": Financial Performance (targeting a 5X MOIC on every fund), Top Talent, and using their platform as a Force for Good. This ambitious 5X goal emerged during a recessionary period when Alpine undertook three years of "deep thinking" and reflection.

Alpine differentiates itself by avoiding competitive bidding wars—the "red ocean"—for premium assets. Instead, their strategy focuses on "endogenous winnable games". They look for B+ industries that others overlook (such as a $20 million revenue plumbing company where the owner is retiring) and pair them with A+ teams. This approach requires intensive operational work—installing new IT systems and playbooks—but simplifies the investment decision. Crucially, Alpine replaces the management team almost 100% of the time in platform companies.

Talent as IP: The CEO-in-Training Model

Weaver realized that Alpine’s best deals were always those where they installed raw, coachable talent, often recent graduates or military veterans. This model operates like a captive search fund, providing young CEOs with a sourcing engine and 25 years of intellectual property (IP).

Alpine intentionally recruits leaders who display the "white hot will to win"—the intense commitment to take a project and "run it through this burning building". The Alpine CEO-in-Training program is highly sought after, historically being the number one most applied-to job at Harvard, Stanford, and Kellogg Business Schools.

A core piece of Alpine's IP is the first 60 days in a new company, dominated by the listening tour. The CEO meets with employees, asking: "What should I be worried about?". This builds trust immediately, as employees often respond: "I've worked here for 15 years and no one’s ever asked me my opinion before". This confirms Weaver's belief that "The answer is always in the room". Alpine measures its success as a "force for good" by tracking the Net Promoter Score (NPS) of employees, aiming to improve the working experience for their approximately 40,000 employees.

The Foundation of Intentionality and Duration

Weaver’s relentless drive originated in his youth following his parents' divorce. While mowing lawns, he listened to self-help books, internalizing the need to take control of your life and write down your goals. He experienced the "incredible power" of intentional change by dropping 30 lbs to wrestle at 125 lbs.

He encourages big, non-incremental thinking in his Stanford class by asking students: "What would you do if you knew you wouldn’t fail?". He stresses that relaxing the "how" is critical because "the how is the killer of all great dreams".

Weaver’s own path emphasizes duration: he spent 21 years in private equity, including 14 years at Alpine, before receiving his first large carry check. During this time, his salary was only $100,000. This long-term commitment stems from the belief that the journey itself—the challenges and the growth—is the "real part of your life". Personal growth involves understanding your intuition and having the courage to act on it.

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Given Weaver's belief that "the how is the killer of all great dreams" and that courage is required to act on intuition, what is the single biggest "how" obstacle currently preventing you from pursuing a non-incremental, 5X goal in your own career?