John Barber – The Art of Co-Investing at Cohesive Capital (Manager Meetings, EP.31)

Investment Strategy

John Barber, Managing Partner at Cohesive Capital, emphasizes the importance of aligning with high-quality sponsors who excel in their domain and style. He believes that execution is paramount, stating, "Strategy is nice and execution is king," highlighting that poor execution often leads to underperformance 1. Cohesive Capital's approach is distinct in its focus on co-investing, with a team that mirrors the expertise found in leading private equity firms 2. This strategy allows them to be proactive and responsive, treating private equity firms as clients and maintaining strong relationships.

   

Deal Dynamics

In the competitive landscape of private equity, John Barber stresses the importance of execution and relationship-building. He notes that execution challenges arise when companies are turned into acquisition vehicles without prior experience, making it crucial to assess the execution lift required 3. Building strong relationships is key, as Barber explains, "We don't want to tell them their baby's ugly," emphasizing the need for tact and understanding in deal negotiations 4. Cohesive Capital's strategy involves sitting on boards and adding value without exerting control, fostering trust and collaboration.

   

Team and Culture

Cohesive Capital's team-driven culture is central to its success, with John Barber likening his role to a conductor ensuring harmony among team members. He encourages open dialogue, stating, "Let somebody say they don't like it and say no," fostering a culture of honesty and consensus 5. The firm prioritizes quick decision-making and responsiveness, turning around NDAs in two hours and providing swift feedback on potential deals 6. Barber's belief in cohesive teamwork extends to their partners, reflecting the firm's name and philosophy 7.