Welcome to the Road To Carry Newsletter—the weekly newsletter demystifying private equity for 1,800+ professionals.

About Me

I’m Edwin, a former private equity VP who loves learning about different businesses and their growth strategies.

As a Korean immigrant who came to the U.S. as a teenager, my path to private equity was accidental. Like many other immigrants, my dad ran a small business, which sparked my interest in how companies grow. But I didn't discover private equity until stumbling into a sophomore internship. And it was exciting—the strategic thinking, the transformation stories, the chance to work alongside brilliant executives building billion-dollar businesses.

So I took the well-trodden path to private equity: Barclays IB → Providence Equity → Tailwind Capital. I spent nearly a decade in IB/PE before leaving as a VP.

Mission

I started this newsletter to bring transparency to private equity and to connect people in this gatekept industry.

Here's why this matters to me: last year in 2024, my dad (a small business accountant) called me about a client who'd just been acquired by a PE-backed company. Small local business. The PE firm behind it manages $3.5B. That's when it hit me—PE isn't just about institutional investors anymore. It's affecting everyday people who have no idea how this world works.

According to Harvard Business School, private equity controls ~20% of the U.S. economy (and growing). Yet, private equity is a black box for most people. Road To Carry exists to demystify PE through real deal breakdowns and actionable insights.

Why Subscribe?

• It's free. Every Saturday, get a 5-10 minute case study in your inbox.
• It's practical. Real PE deals explained in plain English—no jargon, no fluff.
• It's proven. Join 1,800+ professionals from Blackstone, KKR, Carlyle, Apax, and more. Our community includes investors, operators, searchers, bankers, and more.

Here are some of the reader favorites to date:

• Private equity’s roll up of ski mountains
• How a niche convenient store software became a $4.5B giant
• How private equity is rolling up porta-potties

What’s Next?

The newsletter is just the beginning. Road To Carry is growing into a community for PE investors and operators to connect and learn together. Whether you're a student, investor, operator, entrepreneur, or a searcher, there's something here for you.

Welcome to the community!

~Edwin

Email: [email protected]

Website: www.PEnewsletter.com

LinkedIn: linkedin.com/in/edwinyun

Instagram: @road_to_carry