In this episode of the iPartners Grow Your Wealth podcast, host Travis Miller, co-founder of iPartners, sits down with David Baxby, who co-founded Coogee Capital and spent years working alongside Richard Branson in investments.
Travis and David dive into the intricacies of entrepreneurship, investment and personal growth. From decision making to networking, they explore the pivotal moments that shape successful careers. Tune in for actionable insights and inspiring stories.
In this episode of the iPartners Grow Your Wealth podcast, host Travis Miller sits down with David Baxby, partner at Coogee Capital and former executive within Richard Branson’s global business empire, to explore the lessons learned from a career spanning investment banking, entrepreneurship and private capital. Drawing on experiences with Goldman Sachs, Virgin Group and founder-led businesses, the conversation offers a masterclass in decision-making, conviction and the human side of investing.
Early Influences and the Pursuit of Opportunity: Growing up in an entrepreneurial household provided an early appreciation for business and resilience. A pivotal moment came during high school when doubts about academic potential became the catalyst for developing discipline and determination. That experience established a lifelong willingness to challenge expectations, work hard and pursue opportunities with conviction rather than relying on natural talent alone.
Building a Career Through Exceptional Mentors: Early roles at Arthur Andersen and Rothschild provided a strong foundation before joining Goldman Sachs during its formative years in Australia. The experience offered an extraordinary apprenticeship in corporate finance, but an even greater turning point emerged through working alongside Richard Branson. Moving from adviser to operator transformed the approach to business, replacing theoretical analysis with accountability and responsibility. One defining lesson came from being asked not to present options, but to decide what action to take and stand behind the consequences.
Learning Leadership from Richard Branson: A decade spent within the Virgin Group revealed that great leaders focus on people and inputs rather than spreadsheets and outputs. Richard Branson’s style revolved around trust, delegation and understanding what customers and employees were experiencing. Success was measured by culture, service and relationships rather than short-term financial metrics. The philosophy that “if I lost it all tomorrow, I’d still be happy because I enjoyed the journey” left a lasting impression about fulfilment and perspective.
Relationships Matter More Than Networks: Rather than approaching networking as a transactional exercise, enduring partnerships have been built through shared experiences and trust developed over many years. Whether cycling together, working through difficult situations or competing on opposite sides of transactions, real character becomes visible when conditions are challenging. Those moments create stronger bonds than formal interviews or polished résumés ever could. Long-term relationships with colleagues and business partners have repeatedly led to successful ventures and enduring friendships.
Backing People Before Businesses: Throughout an investing career, the most important factor has never been the business model itself but the quality and integrity of the people involved. Personal investments have consistently centred around entrepreneurs and operators with whom trust and alignment exist. The belief is simple: if capable and committed people are willing to devote themselves entirely to an opportunity, the chances of success increase dramatically. Great investments begin with great individuals rather than perfect spreadsheets.
The Importance of Alignment and Skin in the Game: One of the defining philosophies behind Coogee Capital is investing alongside clients rather than merely promoting opportunities. Significant capital is committed to every transaction to ensure complete alignment. When investors experience success, everyone benefits, and when challenges arise, everyone shares the pain. This commitment distinguishes genuine partners from promoters and reflects lessons learned from observing some of the world’s best entrepreneurs. Alignment, commitment and shared risk are viewed as essential ingredients for long-term success.
Embracing Failure and Learning from China: Not every investment journey delivers success. A major setback came during a mobile phone venture in China that ultimately resulted in substantial losses. Despite extensive planning and strong execution, regulatory changes undermined the business before it could achieve scale. The experience tested confidence and resilience, but Richard Branson’s response proved invaluable. Rather than focusing on blame, the emphasis was placed on understanding the lessons and moving forward. Failure became an education rather than a defining moment.
The Birth of Coogee Capital: Coogee Capital emerged from the shared experiences of David Baxby and Tom Hardwick, combining expertise in founder-led businesses with a desire to provide something different from traditional private equity. Rather than relying on financial engineering or excessive leverage, the business focuses on helping entrepreneurs grow operationally. By providing strategic support, customer introductions and expansion opportunities, the firm aims to become a genuine partner for founders seeking growth while remaining invested in the journey themselves.
Concentration, Conviction and High-Quality Opportunities: Traditional diversification has never been the preferred path. Instead, wealth creation has come through concentrated, high-conviction investments backed by deep understanding and active involvement. Time and attention naturally follow concentrated positions, creating stronger engagement and better outcomes. In today’s environment, opportunities are measured against a high hurdle rate, with only investments capable of potentially delivering significant returns deserving serious consideration. Chasing marginal gains and short-term opportunities rarely leads to extraordinary results.
The Three Pillars of Successful Investing: Great investing starts with people, followed by understanding macroeconomic tailwinds and finally recognising the importance of timing. Even exceptional entrepreneurs struggle against adverse industry conditions, making broader trends critically important. Timing also plays a larger role than many investors acknowledge, with cycles and changing capital markets creating entirely different opportunity sets. Patience, discipline and the ability to wait for compelling opportunities separate exceptional investors from the crowd.
Delayed Gratification and the Power of Long-Term Thinking: A recurring theme throughout the conversation is the importance of delayed gratification. Wealth is rarely created through instant rewards or chasing quick wins. Instead, enduring success comes from sacrificing short-term gains in pursuit of something much larger. Whether building businesses, investing alongside founders or creating value over decades, the willingness to postpone immediate rewards creates the conditions for compounding and long-term wealth creation. Concentration, conviction and patience remain powerful advantages in an increasingly impatient world.
Family, Legacy and Enjoying the Journey: Beyond business achievements, the greatest source of pride lies in family and the values passed on to future generations. Experiences gained through raising children across multiple countries, travelling together and embracing shared passions have created a legacy far more meaningful than financial outcomes alone. Ultimately, success is measured not simply by wealth accumulated but by relationships, experiences and the ability to genuinely enjoy the journey. As highlighted throughout this episode of the iPartners Grow Your Wealth podcast, lasting wealth and fulfilment are built by investing deeply in people, embracing uncertainty and having the courage to play the long game.
This Episodes Guest:
Episode Host: Travis Miller