Evolution of PE Sourcing

Overview

How private equity deal sourcing has transformed from the late 1980s to the present — from ring binders and buy-side business brokers to CRMs, sell-side investment banks, and AI-augmented outreach. Glenn Oken provides a firsthand account spanning 35+ years.

Key Perspectives

• Glenn Oken started in PE in 1989 when "virtually all deal flow" came from business brokers paid by buyers, not investment banks representing sellers. Brokers operated on trust and certainty of close, often showing deals to just 1-3 buyers. Today, buy-side brokerage is "still there, thank goodness, but it is the minority by meaningful measure." (Ep. 21)
• Before CRMs, deal flow was logged in "a ring binder and sheets of paper." The team would "run over to look at the paper copy of a SIM and pour over it together." Glenn built his first CRM out of ACT. (Ep. 21)
• Deals traded at 4-5x EBITDA in 1989 with significantly more leverage (sometimes 10% equity / 90% debt). Today, ~50/50 equity/debt is more normal. (Ep. 21)
• The competitive landscape has transformed: family offices weren't active buyers in 1989; now they're significant competitors. The number of PE firms has exploded. (Ep. 21)

Episode Coverage

Episode	Guest	Angle
Ep. 21	Glenn Oken	35-year firsthand perspective from 1989 to 2026