Private equity is often portrayed as polished boardrooms and carefully modeled spreadsheets. The reality can be far messier, with deals won and lost in late-night negotiations when the stakes are highest and everyone is running on adrenaline. Glenn Hutchins has spent decades in that world, from his early career at The Blackstone Group to co-founding Silver Lake, the firm that pioneered large-scale private equity investing in technology. In this episode of War Stories over Board Games, Hutchins shares the story of a meeting that took place at 3:15 in the morning, and what it reveals about the intensity, the personalities, and the pressure behind the deals that define private equity.