Ep. 133: Michelle Noon, Clearhaven Partners | Partnership-Driven Software Investing in the AI Era

Why It Matters

Clearhaven’s model illustrates a broader shift in PE toward operationally intensive, value-creation strategies—especially important as AI reshapes product roadmaps and go-to-market models—offering a template for scaling lower-middle-market software companies amid heightened emphasis on organic growth. Investors and founders should expect more boutique firms to combine sector specialization with deeper post-acquisition engagement to sustain competitive advantage.

Summary

Michelle Noon, founder and managing partner of Clearhaven Partners, describes a Boston-based, lower-middle-market software-focused private equity firm that emphasizes deep operational partnership and values-driven relationships. With about $1 billion in equity across two active funds, a 25-person team, and 15 completed investments (eight active platforms), Clearhaven invests in fewer companies and deploys internal operating resources to modernize businesses and drive organic growth. Noon says the firm redefines “partnership” through authenticity, transparency and hands-on collaboration, and is adapting its underwriting and transformation playbook for the AI era. The approach centers on embedding into day-to-day operations to identify revenue levers and accelerate enterprise-value creation.

Original Description

On this episode, Michelle Noon, Managing Partner and Founder of Clearhaven Partners, joins Shiv Narayanan to break down how investors and operators build enterprise value in software companies through true partnership, concentrated bets and operational depth. You'll learn why running fewer deals per fund changes the math on time, attention and alignment with management teams, and why intentionally entering investments with lower leverage keeps the latitude needed to operate.

You'll also hear a candid view of how AI is reshaping software investing—the case for building an internal Claude skills marketplace, the mental model of pairing incumbency advantage with an AI-first mindset and how to re-imagine functions like sales from a blank sheet without ignoring the realities of change management.

⏱️ Time Stamps

0:00 Intro

02:33 Guest Intro

03:55 Michelle Noon's background

05:37 What does "true partnership" actually mean in private equity?

08:47 How do you maintain firm values under structural PE pressures?

10:26 Why does Clearhaven run only ~6 deals per fund — and what does concentration enable?

13:32 Why does Clearhaven deliberately under-lever portfolio companies at entry?

15:50 What does week-to-week operational involvement look like with portfolio companies?

18:04 How do you ensure the right leadership team is in place for the next stage of growth?

20:54 How do you vet for CEOs who actually want a hands-on investor partner?

23:08 How is Clearhaven's operating team structured — and what's the continuity model?

26:44 How is Clearhaven rolling out AI — and why did they standardize on Claude?

30:17 Why does AI adoption have to be CEO-driven and cascaded through every function?

33:05 How should leaders reimagine their go-to-market org from scratch in an AI-first world?

36:38 Has AI changed which verticals and companies Clearhaven is willing to invest in?

39:00 How has diligence and underwriting changed in an AI era?

40:38 How to reach Michelle Noon and Clearhaven Partners

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