Shahzad M. Khan
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Hey Shahzad — similar path (IB → PE). been thinking a lot about proprietary origination in founder-backed investing lately. would be good to connect.
Hey Shahzad, looks like we share a similar IB → PE path, though I was at CS & Greenhill in London not Moelis in NYC. 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 Shahzad, looks like we came up through a similar IB → PE path, though I was in London doing growth equity deals at Treis not in LA investing in founder-backed 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 built something different at Devonshire? — Russ
hey Shahzad — 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 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 Devonshire? — Russ
totally get it if origination infrastructure isn't top of mind right now — most funds have 10 things ahead of it on the priority 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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Shahzad — We've been building deal sourcing infrastructure for funds acquiring founder- and family-owned businesses (which, as I understand, falls squarely in Devonshire's wheelhouse ... We share a similar-ish path too. While you did a stint at Moelis, I was at Greenhill before moving to the investor side. One of our clients, Backer Group uses our platform to source family run service businesses. They're a small team (like you) so with this bespoke system they don't have to worry about origination. And everything integrates with their CRM. I also noticed you've been posting about hiring interns specifically for deal sourcing — which tells me origination is top of mind. Given we've already built out this infrastructure for funds with a similar thesis, I wondered if you wanted to take a look and see if any of it's relevant to what you're building at Devonshire. I'm fairly free this week and next, just let me know a time that suits. Russ searchloop.ai linkedin.com/in/russellt23
Prospect Research
## PROSPECT INFORMATION: Name: Shahzad M. Khan Title: Managing Partner Fund: Devonshire Partners, LLC Background: PROSPECT SUMMARY: Shahzad M. Khan CURRENT ROLE & FOCUS Shahzad is a Managing Partner at Devonshire Partners, LLC, based in Los Angeles. He is a private equity investor specializing in founder- and family-backed businesses across the United States. His firm focuses on long-term, value-based investing in companies where traditional private equity may not be a fit due to investment horizons or transaction complexity. Recently, he launched Devonshire’s Advisory Services to help management teams with revenue growth, operating performance, and capital allocation. BACKGROUND & EDUCATION He has over a decade of experience in finance and strategy. Before founding Devonshire in 2018, he served as Vice President of Investment Banking at Moelis & Company and as an Engagement Manager for Strategy Consulting at Monitor Deloitte. He began his career as an analyst at Bear Stearns. Education: - MBA in Finance & Strategy from UCLA Anderson School of Management (2012), where he was President of the Management Consulting Association. - BSBA in Finance/Accounting from Washington University in St. Louis (2007). - International study at Imperial College London. KEY SKILLS - Private Equity & Direct Investments - Mergers & Acquisitions (M&A) - Strategy & Management Consulting - Corporate Finance & Valuation - Business Development & Capital Raising BOARD MEMBERSHIPS - Hawkins Service Company (Tampa, FL): Board Member since July 2022. - South Bay Home Healthcare (Los Angeles, CA): Board Member since April 2021. RECENT ACTIVITY & POSTS - March 4, 2025: Shared a hiring post for a General Manager at Hawkins Service Company, stating: "We are looking for a strong, passionate leader who wants to roll up their sleeves and help us execute on our ambitious growth plans in Central Florida. This person will be responsible for day-to-day operations of the entire company." - September 5, 2024: Announced the launch of Devonshire’s Advisory Services, noting the move was driven by "questions from management teams about our ability and willingness to offer advice on everything from growth to capital allocation to compensation structures." - August 14, 2024: Released the first quarterly "Devonshire Viewpoint" letter. The post highlighted a desire to "NOT spend a lot of time on the macro environment... Instead, our goals are to briefly update our friends and stakeholders about the deals we are working on." - August 25, 2022: Formally announced a major investment, stating: "Excited to announce our investment in Hawkins Service Company." - July 6, 2022: Shared the news of Devonshire Partners acquiring South Bay Home Health Care in partnership with Brookside Capital Partners. Fund details: - Description: Devonshire Partners is a private investment firm focused on founder- and family-backed companies in the United States. We believe in a long-term, value-based approach to investing and a business philosophy centered around humility and integrity. We look for companies where traditional private equity is not a fit due to investment horizons, seller preferences, and/or transaction complexity. Our mission is to help businesses and their managers achieve new, higher levels of success and influence. We provide strategic advice, long-term capital, liquidity for owners, and day-to-day management support to ensure long-term business continuity. Whether you are an owner, broker, or would like to discuss specific investment or consulting opportunities, please feel free to contact us. - Website: https://devonshirepartners.co - Location: Los Angeles, California, United States - Lead qualification: Research: - Query: =Devonshire Partners, LLC Shahzad M. Khan recent investments fund thesis - Answer: Devonshire Partners focuses on founder-owned businesses, led by Shahzad Khan, who aims for long-term growth and stewardship. Shahzad's strategy includes leveraging structural market changes to invest in microcap companies. Devonshire Partners recently acquired Hawkins Service Company, emphasizing cultural preservation.