Episode

Key Takeaways

Delta V Capital specializes in growth-stage software investments, managing over $1.5 billion in assets.
The firm's strategy evolved from secondaries to leading primary rounds and minority recapitalizations.
Delta V prioritizes proprietary deals and deep sector expertise, especially in infrastructure software.
Company culture at Delta V emphasizes integrity, humility, and continuous improvement.
M&A is a crucial growth strategy, focused on product enhancement and team integration.
Dan Williams' analytical approach was significantly shaped by his father's influence in the semiconductor industry.

Delta V Capital, founded in 2009, specializes in growth-stage software and technology services, managing over $1.5 billion in assets.
Initially pioneering secondary transactions, the firm evolved to lead and participate in primary investment rounds and minority recapitalization.
Dan Williams, a partner, leads the infrastructure software practice, having joined the firm in 2015.

The guest's role involves fundraising, sourcing new opportunities, and supporting portfolio companies.
Delta V emphasizes continuous improvement and attracts individuals who raise the bar, fostering a culture of integrity, humility, and excellence.
The firm's capital approach is flexible, funding M&A activities and supporting companies between funding rounds.

Delta V generates investment value through strong partnerships and a focused sector approach.
Narrowing sector focus to areas with partners' operating experience created a competitive advantage and led to better returns.
The firm engages with companies at the "Core Stage" (over $10 million ARR) by leveraging sector expertise and relevant backgrounds to build relationships and win deals.

Arctic Wolf, a cybersecurity company, is Delta V's best-performing asset, an investment made in 2020 amid market uncertainty.
M&A is a key growth driver, with a focus on acquiring companies to enhance product offerings, drawing parallels to Cisco's strategy.
Successful M&A integration involves aligning acquired teams through equity and incentives to ensure retention and continued product development.

Dan Williams grew up in Connecticut and Texas, developing a passion for hockey.
His father, influential in the semiconductor industry, instilled a strong work ethic and an analytical approach to product and company analysis.
Williams continues to play hockey through college, coaches his son's team, and plays in a men's league, maintaining it as an athletic outlet.