Ep. 148: Dustin Ackerman, Future Standard | Mid-Market Secondaries and Growth at a Reasonable Price

<p>On this episode, Dustin Ackerman, Managing Director at Future Standard, joins Shiv Narayanan to discuss secondaries and backing GPs, including how to turn existing sponsor relationships into a steady investment pipeline. Learn why focusing on portcos under $1 billion in enterprise value can mean less competition on price, cleaner cap structures and clearer exit paths, and how the GARP framework—growth at a reasonable price—separates real growth from margin sacrificed to chase it.</p><p>Hear how secondaries are split between LP-led and GP-led in today&#39;s market, and why repeat sellers are treating continuation vehicles as a portfolio management tool. Learn why exit activity in the middle market often stays more predictable than in the large-cap space, and how AI is reshaping due diligence and operational value creation across the portfolio.</p><p><br><em>The information contained in this podcast is not intended to constitute, and should not be construed as, investment advice.</em></p>