Hello, I'm Ted Sides, and this is Capital Allocators.

This show is an open exploration of the people and process behind capital allocation.

Through conversations with leaders in the money game, we learn how these holders of the keys to the

kingdom allocate their time and their capital. You can join our mailing list and access premium

content at capital allocators.com. All opinions expressed by TED and podcast guests are

solely their own opinions and do not reflect the opinion of capital

allocators or their firms. This podcast is for informational purposes only and should not be relied upon

as a basis for investment decisions. Clients of capital allocators or podcast guests may maintain

positions and securities discussed on this podcast. My guest on today's sponsored insight is

Aaron Sack, the head of Morgan Stanley Capital Partners,

Morgan Stanley Investment's Middle Market, private equity business.

Our conversation covers Aaron's path to Morgan Stanley 16 years ago, the strengths and weaknesses

of investing under the umbrella of the bank, and his team's

investment principles and approach across sourcing, due diligence, dealmaking, and operational

improvements. We close discussing the current market dynamics, competitive positioning, and

Aaron's favorite investment example. Please enjoy my conversation with

Aaron Sack. Aaron, thanks so much for joining me. My pleasure. Thanks for having me. Take me all the way

back to how you first got into this business. Sure. It's a long way back, but I was absolutely an accidental transplant

from a heavily liberal arts background in college. I went to Dartmouth College. I was an English

and French major. I had no clue what investment banking was. I certainly had no clue what

private equity was, nor did I ever intend or want to be in such a

profession. However, through osmosis, I learned a little bit as we got toward junior, senior year

...