Joel Carter
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Hey Joel — congrats on launching Wacona. came from a similar path (IB → growth equity) and been thinking a lot about industrial services origination. would be good to connect.
Hey Joel, similar IB → PE background, though I was at CS & Greenhill in London not Merrill in the states. origination was always the same story for me — clear thesis, decent relationships, but no proprietary system of record tying anything together. every deal virtually sourced from scratch, nothing compounding over time. curious if that's still how most funds operate or if I'm behind the times? — Russ
Hey Joel, looks like we share a similar IB → PE path, though I was in London doing growth equity deals at Treis not in Charlottesville partnering with founder-owned industrial businesses like you. the pattern I keep seeing with most funds is weirdly consistent — strong thesis, solid network, but no proprietary system of record. the people, tools and ideas are never really connected. every deal virtually sourced from scratch, nothing compounds on itself. curious if that resonates or if you've already built something different at Wacona? — Russ
hey Joel — no worries if the timing's off. most funds I talk to have tried some version of building origination in-house — analyst pulling from Pitchbook or Grata, maybe using ChatGPT to help qualify, dumping it into a spreadsheet. each piece kind of works, but there's no system of record tying it together. the people, tools and ideas are all disconnected, so there's tonnes of wasted energy and everything ends up out of sync. been helping a few funds like Mentmore work through that. curious if you've run into the same thing at Wacona? — Russ
totally get it if origination infrastructure isn't top of mind right now — especially with a new fund there's always 10 things ahead of it on the list. the funds I've seen crack it early just tend to compound deal flow in a way that's hard to replicate later. if it ever moves up the list, I'm easy to find. — Russ
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Prospect Research
## PROSPECT INFORMATION: Name: Joel Carter Title: Managing Partner Fund: Wacona Capital Background: Name: Joel Carter Location: Charlottesville, Virginia Current Role: Founder & Managing Partner at Wacona Capital (Started August 2024) Industry Focus: Venture Capital & Private Equity Professional Background: Joel is an experienced private equity professional who recently launched Wacona Capital. Prior to founding his own firm, he spent 15 years at Harren Equity Partners (2009–2024), where he rose to the rank of Partner. He began his career as an Analyst at Merrill Lynch (2007–2009) after graduating from Washington and Lee University in 2007 with a BS in Business Administration & Accounting. Key Skills: Private Equity, Venture Capital, Investment Analysis, Portfolio Management, and Accounting. Recent Activity and Quotes: On August 11, 2021, Joel reshared a post from Harren Equity Partners recognizing the contributions of summer interns from Virginia Tech and the University of Virginia. He added the direct quote: "Thanks for the great work!!" indicating a focus on mentorship and team appreciation within the Charlottesville investment community. Fund details: - Description: Based in Charlottesville, Virginia, Wacona Capital is a private equity firm focused on partnering with leading founder & family owned companies in the lower middle market. Through providing strategic guidance and operational support, we collaborate with business leaders to develop a shared vision of success and a plan on how to get there. Wacona seeks opportunities to invest in businesses where we can leverage our depth of experience to provide our partners with the tools and resources necessary for the next chapter of growth. - Website: https://www.waconacapital.com/ - Location: Charlottesville, Virginia, United States - Lead qualification: Research: - Query: =Wacona Capital Joel Carter recent investments fund thesis - Answer: Joel Carter founded Wacona Capital in 2024. The firm's first investment was a recapitalization of Mid-Atlantic Power Specialists. Wacona Capital focuses on lower middle market businesses.