Alex Panos and his colleagues at TSG Consumer Partners, a San Francisco-based investment fund, believe that consumers will always be interested in products that enhance their lives, even if it means paying more than they have in the past. That philosophy has brought impressive results for TSG primarily in the beauty, food and beverage areas. Panos, who joined the 23-year-old firm in 1998, spoke with Knowledge at Wharton about the company’s strategy, why it favors family-owned businesses, where to find opportunities in a recessionary economy and how to build up a brand, among other topics. An edited transcript of the conversation follows. Knowledge at Wharton : Our guest today is Alex Panos, managing director of TSG Consumer Partners. Alex, thank you so much for joining us. TSG was set up in 1987 as an investment fund focusing on the food, beverage and beauty industries. Could you help us understand what business opportunity you saw and what your strategy was? Alex Panos : Sure.…