Welcome to the Road To Carry Newsletter—demystifying private equity while bringing you real, acquirable deals every week.

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, connect people in this gatekept industry, and give you the tools to actually participate in the PE economy—whether that's understanding it or acquiring businesses yourself.

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 approached 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.

Road To Carry exists to change that. We don't just demystify PE through real deal breakdowns—we give you actionable insights and actual deal flow so you can go from understanding the game to playing it yourself. Every week, you get both the playbook and the opportunities to execute.

Why Subscribe?

• It's proven. Join thousands of professionals from Blackstone, KKR, Carlyle, Apax, and more. Our community includes investors, operators, searchers, bankers, and more.
• It's practical. Real PE deals explained in plain English—no jargon, no fluff.
• It's actionable. Get live deals you can actually acquire—sourced directly from our network of brokers and business owners ready to sell.

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]

LinkedIn: linkedin.com/in/edwinyun

Instagram: @road_to_carry