Sep 7, 2026 · 57 min
American Securities bets on focus as private equity scales
E426: American Securities CEO on Warren Buffett, Private Equity & Playing the Long Game
Michael Fisch offers a case study in building a large private equity firm without abandoning its core strategy, relationships, or long-term horizon.
- 1American Securities grew from a $71 million first fund to $23 billion in assets through disciplined expansion.
- 2Fisch argues that rigorous, triangulated hiring and durable relationships matter as much as investment judgment.
- 3Staying focused, showing up personally, and remaining in business long enough allow compounding to work.
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Fisch recalls flying to China for a 45-minute meeting, using the story to illustrate why personal presence can create unexpected long-term value.
The brief
Michael Fisch traces American Securities from a $71 million first fund to $23 billion in assets, explaining how early investment math and experience shaped the firm.
The firm’s growth depended on hiring team players through interviews, testing, references, and future-colleague assessments, then retaining partners for decades.
Fisch explains why American Securities stayed in core private equity rather than chasing adjacent strategies, accepting that specialization naturally limits how quickly it can scale.
As the firm became a 150-person institution, long-tenured colleagues, management alignment, and cultural fit remained central to supporting portfolio companies and choosing CEOs.
His closing principle is personal and practical: make the call, show up in person, avoid distractions, and stay in the game long enough for compounding to work.
Featuring
Goldman SachsBooks & mentions
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