Doyl Burkett, founder and Managing Partner of Integrity Growth Partners ($800M+ AUM), joins Stu Willson to argue that AI won't compress private equity evenly, it will sort it. Companies and the GPs who own them split into three buckets: AI-native, defensible-moat, and undifferentiated. Doyl walks through where he breaks from consensus, the CAPE framework (Comprehensive AI Process Enhancement) he runs across sourcing, reporting, and operations, the six moats he underwrites for in the AI age, a prop-tech deal where Integrity used its own AI sourcing engine to find the acquisition that nearly doubled a portfolio company's revenue line, and the AI-adjacent decision he'd most want to redo.

Chapters:
00:00 – Intro: what makes Doyl's seat unusual
01:04 – Who is Doyl, what is Integrity, and why "AI-enabled" from day one
03:06 – The one thing to walk away with: why "SaaS is dead" is too simple
04:24 – Bear case 1: does tech risk become existential, not manageable?
07:02 – What defensibility actually looks like: the six moats
12:03 – Bear case 2: did PE buy the disrupted, not the disruptors?
14:16 – Leverage as an amplifier: how AI changed the capital-structure posture
18:38 – The three-bucket framework for how AI sorts the asset class
23:43 – The Adobe parallel, and how to tell AI-native from AI-marketing
27:14 – What an AI-native firm looks like: building CAPE Sourcing
32:55 – The payoff: doing more with fewer, getting there first, winning on trust
35:53 – CAPE Operations: codifying the playbook and the CEO network
38:59 – The portfolio conversation: AI as opportunity and threat, every time
41:20 – Prop-tech case study: using AI sourcing to find an AI acquisition
44:46 – Fund-level AI: CAPE Reporting, automating DDQs, the future of investing
50:28 – "I want to be the wheat, not the chaff. Where do I start?"
52:26 – What not to do: the AI quick-fix trap (Ferrari vs. Ford Focus)
57:05 – Closing thoughts

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