Fund Shack Private Equity podcast

#Business #Fund Shack #Private Equity

46:43

Think you know ChatGPT's custom GPTs? 🤔 Probably not. Last week, we tackled the basics and what's new with OpenAI's refreshed GPTs. For this AI Working Wednesdays episode, we're getting into some advanced techniques to hep you win back time. ↳ using the crazy powerful o3 model to your GPT's advantage ↳ context stacking ↳ custom actions to connect to third party sites Yeah.... don't sleep on this one shorties. Ep 563: ChatGPT's New Custom GPT's: Advanced techniques to win back time Newsletter: Sign up for our free daily newsletter More on this Episode: Episode Page Join the discussion: Thoughts on this? Join the convo and connect with other AI leaders on LinkedIn. Upcoming Episodes: Check out the upcoming Everyday AI Livestream lineup Website: YourEverydayAI.com Email The Show: info@youreverydayai.com Connect with Jordan on LinkedIn Topics Covered in This Episode: Custom GPTs: Advanced Techniques Overview OpenAI's Context Stacking Strategy O3 Model's Thinking Capabilities Building Efficient Custom GPTs Custom Actions and API Integration Zapier Integration for Dynamic Data ChatGPT's Context Window Management Creating Evergreen Podcast Content Timestamps: 00:00 Custom GPTs: Evolution and Insights 03:23 "Mastering GPT Context Stacking" 09:31 "Context Stacking in Chat GPT" 11:20 GPT Context Switching Advantage 15:33 Customizable GPT Usage Explained 19:51 Evergreen Episode Update Strategy 21:44 Optimizing AI for Continued Learning 23:48 "O-Series Models: Advanced AI Capabilities" 28:41 Building GPTs for Episode Research 30:03 GPT Model Customization and Sharing 33:18 Securing API Keys in GPTs 36:55 Zapier Enhances GPT Email Capabilities 42:12 "Use Chrome Extensions for Tokens" 43:48 "AI at Work Wednesdays Survey" Keywords: OpenAI's custom GPTs, advanced techniques, save time, context stacking, o three model, ChatGPT updates, logic and reasoning, plan ahead capabilities, agentic tools, custom actions, third party data, API, building GPTs, leveraging AI, context window, transformer model, generative AI, organization usage, fine tuning performance, productivity enhancement, AI agents, AI tools integration, custom configuration, everyday applications, tech strategies, new rendition, midweek break, AI experts, smarter AI usage, AI-powered planning, AI transformations. Ep 563: ChatGPT's New Custom GPT's: Advanced techniques to win back time Send Everyday AI and Jordan a text message. (We can't reply back unless you leave contact info) Ready for ROI on GenAI? Go to youreverydayai.com/partner…

Fund Shack Private Equity Podcast

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Private equity, venture capital and alternative investments - long-form podcasts with industry leaders Dive into in-depth conversations with industry leaders and gain exclusive insights into the world of private capital. 🎙️Fund Shack is dedicated to providing thought-provoking, authentic discussions with the most respected private capital managers, asset managers, professional advisers, & thought leaders. Our long-form interviews are unscripted, ensuring genuine & enriching conversations. Hosted by Ross Butler, 25 years in the private capital industry.

74 епізодів

Fund Shack Private Equity Podcast

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#Business #Fund Shack #Private Equity

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Fund Shack Private Equity Podcast

1
Private Equity Emerging Managers: What it takes to make it 42:04

25 днів тому42:04

42:04

🎧 Episode #74: Emerging Managers: What It Takes to Make It Guests: Kim Pochon (Unigestion) & Joe Briggs (BCF ) Series Launch: Fund Shack's Emerging Manager Series In this launch episode of Fund Shack’s Emerging Manager Series , Ross Butler speaks with Kim Pochon , Global Head of Primary Investments at Unigestion , and Joe Briggs , Founder of BCF , to explore what it really takes to build a successful first-time private equity fund. With LP appetite growing for new franchises, this episode unpacks the strategic, structural, and psychological factors that separate enduring platforms from short-lived experiments. 🧱 Why “Emerging” Doesn’t Mean Inexperienced Most “emerging managers” are seasoned investors; what’s new is their journey into firm-building . While GPs may dislike the label, it matters deeply to LPs allocating to this segment. 💡 Early Access = Long-Term Advantage Backing a first-time fund is about more than returns, it’s about gaining long-term partners. Kim Pochon shares how Unigestion’s early bets have evolved into deep collaborations across continuation vehicles, co-investments, and secondaries . 🛠️ The Rise of Independent Sponsors and Hybrid Funds Joe Briggs outlines how deal-by-deal models , mini-funds, and short-duration strategies are allowing first-time managers to build track records and LP trust, without raising blind pool capital on Day 1. 👥 Team Dynamics: The Critical Risk Factor Strategy is important, but people matter more. LPs scrutinise equity splits, decision-making processes, and team chemistry. Execution risk is often people risk . 🔥 Why Founders Spin Out, and What Sets Them Apart From high-paid roles to high-risk launches, Joe and Kim explore what drives professionals to strike out on their own, and why the best emerging managers have a clear purpose and strong conviction . 📈 “Know Why You Deserve to Exist” As Briggs puts it, emerging GPs must clearly articulate why their platform should exist , what differentiates it, and how it delivers value to LPs from Day 1. 🔗 Fund Shack is an independent podcast serving the global private capital industry. ✅ Share this episode with your network, it's the most valuable way to help us grow 🎧 Subscribe on Spotify, Apple Podcasts, YouTube or your preferred platform 📄 Prefer to consume your podcast as a newsletter summary? 👉 fund-shack.substack.com 🌐 Visit: www.fund-shack.com 📧 Got a guest idea? Want to sponsor an episode? Email: katie@linearb.media Fund Shack is produced by Linear B Group Tags emerging managers, first-time funds, private equity, GP spinout, fundless sponsor, Unigestion, BCF, private equity podcast, Fund Shack, Ross Butler, LP allocations, fundraising, private markets, private capital, institutional investors, evergreen funds, independent sponsor model, PE fund structure, LP/GP alignment, continuation vehicles…

Fund Shack Private Equity Podcast

1
Goldman Sachs & The Expanding Role of Private Markets in Wealth Portfolios 26:03

4 weeks тому26:03

26:03

🎧 Episode #73: The Expanding Role of Private Markets in Wealth Portfolios Guest: Kyle D. Kniffen, Goldman Sachs Asset Management In this Fund Shack episode, recorded live at SuperReturn in Berlin , Ross Butler speaks with Kyle D. Kniffen , Managing Director and Global Head of Alternatives for Third Party Wealth at Goldman Sachs Asset Management . With over $500 billion in alternative assets under management , Goldman Sachs is at the forefront of delivering institutional-grade private markets strategies to the private wealth segment . Kniffen outlines how the shift from public to private markets is reshaping modern portfolios, and how Goldman Sachs is using open-architecture, multi-asset solutions to unlock access for high-net-worth investors. The number of public companies has declined. Innovation now happens in private markets. For wealth managers, private equity, private credit, and real assets are becoming core exposures , not niche allocations. Goldman Sachs is responding with evergreen structures, simplified tax reporting, and lower minimums, but also stresses the need for investor education and clarity around liquidity expectations. Institutions typically allocate 20–30% to alternatives ; individual investors? Just 5% . Goldman Sachs is investing heavily in curriculum-style education for wealth advisers and clients, covering everything from "what are alternatives?" to live updates on market trends. Delivery channels include: Custom sessions Specialist teams Ongoing reporting Kniffen discusses the trade-offs between drawdown funds and evergreen formats , especially in private credit. Evergreen vehicles offer: ✔️ Simpler onboarding ✔️ Optional liquidity ✔️ Operational ease But also require: - Strong duration management - Secondary market integration - Disciplined product structuring Goldman applies the same innovative lens to private equity, infrastructure, and real asset, blending directs and secondaries to reduce duration risk while preserving alpha. Diversification is key, but so is alignment. Goldman invests its own balance sheet and employee capital alongside clients. Transparency, robust reporting, and post-sale service are core to the client experience. For most wealth clients, alternatives remain a new frontier . This creates enormous opportunity for firms that combine performance with education, care, and long-term partnership . Goldman Sachs is positioning itself as a trusted guide for wealth managers navigating this complexity. Thank you to our episode partner, Edelman Smithfield , a specialist PR and communications consultancy for the financial markets. Their expertise in private capital spans fundraising, strategic positioning, portfolio communications , and reputation management . 🔗 Learn more: edelmansmithfield.com 📤 Share this episode with your network, Follow & Subscribe it's the most valuable way to support our growth. www.fund-shack.com 🕰️No time for the full episode: Read a summary on Substack which contains links to the best clips and quotes. https://substack.com/@privateequityfundshack 📧 Sponsor or guest idea? Email katie@linearb.media Fund Shack is an independent media platform delivering deep-dive insights into private capital and produced by Linear B Group.…

Fund Shack Private Equity Podcast

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Bitcoin: The Alternative You Can No Longer Ignore 40:05

12 weeks тому40:05

40:05

Episode #72: Bitcoin - The Alternative You Can No Longer Ignore Guest: Matthew Hougan, Chief Investment Officer, Bitwise Asset Management Bitcoin has evolved from a retail phenomenon to a macro asset that institutions can no longer afford to ignore. In this episode of Fund Shack, Ross Butler speaks with Matthew Hougan , CIO at Bitwise Asset Management , the firm behind the first crypto index fund and over $10B in assets. A pioneer of ETFs and now a leader in crypto investing, Matthew explains why Bitcoin is becoming a core component of modern portfolios , how it compares to gold, and why it's poised to reshape global finance. 💼 From Retail to Institutional Adoption Bitcoin is no longer fringe. U.S. Bitcoin ETFs now manage $37B+ , with institutional capital driving a third of inflows . Bitwise’s AUM has grown 10x in 18 months . 📈 Portfolio Construction: Bitcoin as an Alternative Asset Allocators are rethinking Bitcoin’s place, not tech, not equity, but an alternative . With low correlation, high returns, and now ETF access, 1–2% allocations are improving portfolio Sharpe ratios . ⚖️ Bitcoin vs. Gold... and Beyond Think of Bitcoin as programmable, portable, real-time gold . Its market cap is under $2T vs. gold’s $21T, highlighting significant upside for long-term believers in the “digital gold” thesis. 🌐 Bitcoin as Neutral Global Collateral In a fragmenting geopolitical world, Bitcoin may serve as a non-political, global settlement asset, used across borders, free from government control. 🧠 Finance on the Blockchain From instant loans to on-chain collateral , crypto markets offer faster, transparent alternatives to traditional finance. Hougan sees DeFi merging with TradFi, not replacing it, but upgrading it. 🗣 Advice for Financial Professionals Matthew’s call to action: experiment, learn, and get ahead . Just as ETFs reshaped investing, Bitcoin could reshape finance . Start small. Learn fast. Stay relevant. -------------------------------------------- 📩 Matthew Hougan, CIO of Bitwise Asset Management Website: www.bitwiseinvestments.com Twitter: @Matt_Hougan Telegram: @pemetic Linkedin: https://www.linkedin.com/in/matthew-hougan/ 📢 Subscribe for More Fund Shack Episodes and tap into the minds shaping private markets. 🔗 LinkedIn : https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7159157815326949376 📺 YouTube: https://www.youtube.com/@PrivateEquityPodcastFundShack?sub_confirmation=1 📞 Contact: Fund Shack is a private equity podcast and digital media channel for alternative investment professionals 📧 katie@linearb.media Chapters 00:00 – Intro to Matt Hougan, Fund Shack & Bitcoin relevance 01:00 – Why Bitcoin is the ultimate alternative asset 02:00 – Institutions entering Bitcoin: Demand and momentum 03:43 – Institutional case for Bitcoin: High returns, low correlations 06:03 – The blockchain as digital property infrastructure 07:00 – Bitcoin as finance’s inevitable disruption 09:00 – Bitcoin vs banks: Infrastructure comparison 11:04 – Bitcoin’s challenge to traditional valuation logic 12:03 – How institutions are categorising Bitcoin 13:17 – Why Bitcoin has value: Digital service logic 14:21 – Bitcoin’s fair value and addressable market 15:25 – Bitcoin as global settlement currency 17:03 – State actors adopting Bitcoin 18:09 – Bitcoin's correlation to other assets 19:30 – Why institutions find Bitcoin compelling 20:12 – Institutional access: How Bitwise ETFs work 22:17 – ETF security, cold storage & custody 24:00 – ETF mechanism under stress: Arbitrage & NAV 26:03 – Future of Bitcoin and financialisation 27:56 – Lending, collateral, and credit in a Bitcoin world 29:34 – Bitcoin’s influence on dollar policy 31:06 – How Bitcoin changes capital markets 33:15 – Programmable money: A new finance model 34:52 – Advice for traditional finance professionals 35:59 – Deflationary risk: Lending in a bitcoinised system 37:05 – Real value vs rent-seeking in future finance 38:25 – Advice for young finance professionals…

Fund Shack Private Equity Podcast

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The complexities of introducing private equity to HNWs 40:07

14 weeks тому40:07

40:07

Episode #71: The Realities of Private Wealth in Private Markets Guest: Cyril Demaria-Bengochea, Julius Bär What happens when private equity pivots from institutional capital to private wealth? In this episode, Ross Butler speaks with Cyril Demaria-Bengochea , Head of Private Market Strategy at Julius Bär & one of the most respected thinkers in private markets. Cyril blends academic rigour with industry expertise, drawing on his work with Invest Europe , ILPA , & the European Commission . Together, they explore the complex realities of opening private markets to individual investors, & why true democratisation may still be a long way off. 🏢 From Institutions to Individuals As institutional funding slows, fund managers are turning to private wealth, but it's not a simple swap. Cyril unpacks why $5M+ investors still struggle to access private equity meaningfully, & how portfolio construction must adapt to this fragmented investor base. 📊 Evergreen Funds & the Democratisation Myth Despite the buzz, evergreen vehicles still represent just 1–2% of AUM . Cyril explains why they are a tool, not a solution, & why true democratisation needs a more nuanced strategy. ⏳ Private Markets Are Three-Dimensional Long holding periods, illiquidity, & delayed returns create a "time complexity" most investors (& advisers) underestimate. Cyril emphasises that private markets require patience, planning, & portfolio redesign . 🔧 Fund Structures: Not One-Size-Fits-All Closed-end funds remain dominant, but evergreen & semi-liquid structures are gaining traction. Cyril foresees a future where fund structures are matched to investor objectives , not trends. 📉 Fundraising, Dealmaking & Dry Powder While fundraising has slowed, especially in VC, buyout strategies remain active , with managers deploying capital via smaller, lower-leverage deals focused on operational value. Dry powder is declining—suggesting a more disciplined cycle ahead. 💬 Rethinking Communication in Private Markets Cyril argues that better education & transparency are essential if private wealth is to participate meaningfully. The industry must do more to share value & demystify risk. 📢 Subscribe for More Fund Shack Episodes! Tap into the minds shaping private markets. 🔗 LinkedIn 🎧 Spotify 🍎 Apple Podcasts 📺 YouTube 🎶 Amazon Music 📞 Contact: Fund Shack is a private equity podcast & digital media channel for alternative investment professionals, produced by Linear B Group . 📧 katie@linearb.media #PrivateEquity #PrivateWealth #PrivateMarkets #EvergreenFunds #FundStructures #JuliusBaer #CyrilDemaria #FundShack #HighNetWorth #FinancialEducation #AlternativeInvestments #PrivateCapital #JuliusBär Chapters 00:00 Intro 00:06 At Julius Baer, Cyril’s background & credentials 00:50 The rise of private wealth & democratisation 01:53 Why private wealth is hard to access 03:09 How much capital is actually coming from private clients 05:03 Capital limitations & structuring challenges 06:15 Is the demand real or manufactured 08:27 The “third dimension” of private markets: time 10:09 Why traditional tools don't fit private markets 11:10 Fund structures: evergreen vs closed-end 13:16 Complementarity of structures & the evolving toolbox 14:03 What allocation size makes private markets worthwhile 16:10 Going beyond 15–20% in private portfolios 17:20 Why democratisation is complex and multi-dimensional 18:00 Dispersion of returns & the role of fund structures 20:54 Shakespeare & the early roots of private markets 21:01 Market conditions as of Q1 2025 24:43 The effect of tighter leverage & lower risk 27:01 How much of PE returns are driven by leverage 29:01 Advice for young professionals entering private markets 30:54 Why staying close to the industry matters 32:35 The need for broader skillsets in private equity 34:46 Why the human factor still dominates deals 35:06 Can private markets be made ‘cool’ 36:43 How sharing value could shift perceptions 39:11 Communication & transparency…

Fund Shack Private Equity Podcast

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American corporate finance & the wealth of nations, with Donald H Chew 1:06:11

17 weeks тому1:06:11

1:06:11

Donald H. Chew, Jr., founding editor of the Journal of Applied Corporate Finance, joins Ross Butler on Fund Shack to discuss the evolution of corporate finance and its impact on national wealth. Based on his latest book, The Making of Modern Corporate Finance, Chew explores the shareholder revolution, Japan’s stagnation, China’s middle-income trap, and private equity’s role in reshaping global markets. A masterclass in corporate & financial governance, offering insights into how corporate finance fuels economic prosperity. 📉 The Shareholder Revolution & the 1980s Breakup of Conglomerates 🦬 Corporate America in the 1970s suffered from inefficiency, with large conglomerates prioritizing stability over investor returns. The 1980s shareholder revolution broke up these inefficient structures, restoring a focus on productivity and capital efficiency, in contrast to Japan’s stagnation. 🎌 Japan’s Corporate Governance Failure: For three decades, Japan’s economy has stagnated as corporate structures resist shareholder influence and fail to optimize capital allocation. The lack of investor control has slowed productivity and exacerbated demographic challenges, leading to economic decline. 🐉 China’s Middle-Income Trap & Market Manipulation: Chew argues that China’s financial system mimics American capitalism in appearance but lacks key investor protections. State-controlled enterprises dominate capital allocation, IPO markets are manipulated, and foreign investors face barriers, all of which prevent sustained long-term economic growth. 🏢 Private Equity as a Force for Good: Despite criticism, private equity and activist investors drive corporate efficiency by restructuring underperforming companies. By enforcing financial discipline, improving governance, and maximizing efficiency, PE has been a key driver of economic growth. 🌍 The Global Financial Crisis: A Political Incentive Problem: Rather than a failure of capitalism, the 2008 crisis was driven by government policies encouraging subprime lending. Political incentives distorted the housing market, leading to systemic financial risk that was amplified by European banks. 📈 The Future of Corporate Finance & National Prosperity: Chew emphasizes that corporate finance is the foundation of national wealth creation. The U.S. stock market serves as a leading indicator of economic productivity, outperforming global peers due to a dynamic, investor-driven corporate culture. ♻️ ESG: Enhancing Value or Distorting Priorities? The debate over ESG investing centers on whether it aligns with shareholder value or imposes politically driven constraints. Chew contrasts Milton Friedman’s shareholder primacy with Michael Jensen’s concept of enlightened shareholder value maximization, arguing that long-term profitability must remain central to corporate decision-making. 🔗 SUBSTACK https://privateequitypodcastfundshack.substack.com/ 👉 LinkedIn https://www.linkedin.com/company/fund-shack/ 📧 Katie Mitchell: katie@linearb.media CHAPTERS 00:00 Introduction to Donald H. Chew, Jr. 01:12 Transformation of American corporate finance 02:39 How investors reshaped corporate governance 04:39 Japan problem: Why investor control matters 07:09 Volkswagen vs. GM: Corporate governance case study 09:56 Japan’s ‘30-year slumber’ and the role of shareholder activism 12:29 China’s middle-income trap 14:56 The illusion of Chinese economic success 21:04 The real cause of the Global Financial Crisis 27:02 The dangers of bad financial metrics 32:00 The rise and fall of EVA 39:05 The overlooked role of PE in shaping corporate governance 45:02 Michael Milken and the rise of private credit 52:05 Best indicator of real productivity 55:00 New key metric for company success 1:00:02 Why Milton Friedman was right about profit 1:05:00 Is America heading for recession?…

Fund Shack Private Equity Podcast

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Transformative financial services investment, with Corsair Capital's Raja Hadji-Touma 28:40

27 weeks тому28:40

28:40

Raja Hadji-Touma, Partner at Corsair Capital and Head of European Buyouts, discusses Corsair's focus on asset-light businesses in financial services, technology, and business services. He explains Corsair's thematic approach to identifying trends and opportunities, emphasizing hands-on value creation, digitization, and scaling businesses through operational and strategic improvements. Insights Specialization and Evolution Corsair Capital, originally part of JP Morgan, began as a solution to recapitalize troubled financial institutions after the U.S. Savings and Loan crisis. Over time, the firm shifted focus from capital-intensive businesses to asset-light services and technology within the financial services ecosystem. This evolution allows Corsair to focus on operational efficiency and scalable growth, targeting sectors like insurance distribution, fund administration, and B2B payments. Value Creation and Hands-On Approach Corsair prioritizes active value creation by establishing clear 100-day and long-term strategic plans with management teams. Their approach involves operational improvements, talent development, and technology enhancements. With a focus on institutionalizing businesses, Corsair utilizes operating partners to assess organizational needs, streamline go-to-market strategies, and execute M&A strategies for growth. Market Trends and Opportunities The firm targets fragmented markets, especially within insurance distribution and B2B payments, leveraging consolidation opportunities to scale businesses. Raja highlights the impact of AI and automation as key trends driving efficiency and new investment avenues. Corsair also sees regulatory requirements as growth catalysts, creating demand for compliance-related services and technologies. Sector Focus: Building Platforms in Niche Markets Corsair focuses on mid-sized businesses with EBITDA between $5-20 million, scaling them to $50-70 million through buy-and-build strategies. The firm emphasizes recurring revenue models, high cash flow conversion, and resilience against economic cycles. Their thematic approach allows them to identify promising sectors and proactively source deals, often in bilateral settings. Outlook and Strategic Growth: Despite slower deal flow in 2024, Corsair remains optimistic about the next six to nine months as private equity adjusts to market conditions. With strong sector tailwinds, such as digital transformation and regulatory compliance, Corsair continues to back businesses positioned for long-term value creation and consolidation opportunities. Like this content? Please support us -> Subscribe to Spotify and ⁠Substack⁠ -> Follow us on ⁠Linkedin ⁠ -> ⁠YouTube ⁠ -> Suggest a guest or become a sponsor: email Katie@linerab.media Fund Shack is a private equity podcast and global media channel for alternative investment professionals. Fund Shack is produced by Linear B Group. ⁠Linear B Group…

Fund Shack Private Equity Podcast

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The man who private equity execs trust with their own capital 50:45

30 weeks тому50:45

50:45

Arjun Raghavan, CEO of Partners Capital is the man private equity executives trust with their money. And not just them. Partners Capital has evolved from managing private equity executives’ wealth to overseeing $60 billion for smaller endowments, family offices, and foundations globally. In this conversation, Arjun speaks to Ross Butler about the firm's "Advanced Endowment Approach", emphasizing diversification, resilience, and early-stage access to niche opportunities. Origins and Growth Partners Capital was founded in 2001 to offer investment management services inspired by the endowment model. Initially focused on private equity partners, the firm expanded to serve smaller institutional clients and family offices. Under Arjun’s leadership, the firm scaled operations globally, now managing $60 billion across Europe, Asia, and the US. Twin-Engine Investment Philosophy Central to Partners Capital’s strategy is the twin-engine model. The beta engine focuses on cost-efficient diversification across traditional and alternative asset classes. Meanwhile, the alpha engine targets illiquid, high-return opportunities, providing both resilience and enhanced returns. Together, these engines ensure robust portfolio performance through cycles. Adapting to Market Dynamics In a challenging market environment marked by concentrated gains in public equities and the saturation of alternatives, Partners Capital remains agile. It prioritises resilience through true diversification, embracing strategies like private debt, venture capital, and specialist asset management. #PrivateEquityPodcast #AdvancedEndowmentApproach #PartnersCapital #PrivateEquity #Diversification #FamilyOffices #EndowmentModel #AlternativeInvestments #FundShackPodcast #ArjunRaghavan Like this content? Please support us -> Subscribe to Spotify and ⁠Substack⁠ -> for this episode summary with the best clips: https://privateequitypodcastfundshack.substack.com/p/episode-68-the-man-private-equity -> Follow us on ⁠Linkedin ⁠ -> ⁠YouTube ⁠ -> Suggest a guest or become a sponsor: email Katie@linerab.media Fund Shack is a private equity podcast and global media channel for alternative investment professionals. Fund Shack is produced by Linear B Group. ⁠Linear B Group…

Fund Shack Private Equity Podcast

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The Dawn of Passives in private markets, with NewVest 1:03:30

30 weeks тому1:03:30

1:03:30

Ross Butler speaks with Edward Talmor-Gera, Founder and CEO of NewVest, and Matthew Chapman, Director at NewVest. NewVest is a pioneering company providing low-cost, diversified index funds for private equity, private debt, and other private market strategies — revolutionizing how investors access private markets. Insights: Why Passive Investing in Private Markets is Revolutionary Edward explains how indexing challenges traditional notions about private equity by providing diversified exposure to the market’s average return, which has consistently outperformed the median. He reveals that 70% of private equity funds in any vintage year underperform the pooled average, making an index approach both efficient and attractive. Debunking Myths About Private Equity Performance Edward and Matthew address a common myth: that trying to select top-performing funds is the only way to succeed in private equity. They share data proving that relative performance persistence among fund managers is statistically limited, making an index strategy a reliable alternative. NewVest’s Unique Approach Fund Structure: NewVest employs a no-management-fee structure, charging only a low carry. Access to Top Funds: NewVest invests in the 50 largest private equity and private debt funds each year, gaining near-complete access to the top players in the industry, including Blackstone, KKR, and Carlyle. Diversification and Cost Efficiency: By weighting investments according to target fund sizes, NewVest offers exposure to the asset class while drastically reducing fees and risk compared to active fund selection. The Evolution of Private Markets Investing Matthew emphasizes how passive instruments complement active strategies, allowing investors to focus on areas where they can achieve true alpha while leveraging the stability of an index for broader diversification. Future Plans and the Vision for Private Markets NewVest envisions a future where passive investing in private markets is as ubiquitous as it is in public markets. They aim to introduce sector-specific and niche indices, such as clean tech or geographic-focused products, and even indices for first-time funds. Aligning Interests and Democratizing Access Edward shares how NewVest’s alignment with LPs and innovative approach is attracting institutions, family offices, and even individual investors. Like this content? Please support us -> Subscribe to Spotify and ⁠Substack⁠ -> Follow us on ⁠Linkedin ⁠ -> ⁠YouTube ⁠ -> Suggest a guest or become a sponsor: email Katie@linerab.media Fund Shack is a private equity podcast and global media channel for alternative investment professionals. Fund Shack is produced by Linear B Group. ⁠Linear B Group⁠…

Fund Shack Private Equity Podcast

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The huge opportunity in minority private equity partnership investments, with David Whileman of Inflexion 30:19

32 weeks тому30:19

30:19

Ross Butler speaks with David Whileman, Partner at Inflexion Private Equity, about the untapped potential of minority private equity investments. David shares how minority investing provides entrepreneurs with the resources to scale without selling their businesses. The conversation explores the fund’s strategy, its impact on portfolio companies, and the competitive advantages of minority investments in addressing a vast market underserved by traditional private equity. The Untapped Potential of Minority Investments: David explains how minority investing offers private equity benefits without requiring businesses to sell outright. This approach opens private equity to 75% of companies that are not typically for sale, particularly family-owned or entrepreneur-led businesses. Inflexion's Partnership Capital Fund Performance: Since launching in 2015, the fund has raised £1.75 billion, completed 24 investments, and exited nine, including several that achieved exceptional growth. David emphasizes the fund’s ability to serve as the first institutional investor for established companies averaging £350 million in value. Building Trusted Relationships: Key to minority investing is fostering trust and alignment with entrepreneurs. David highlights how Partnership Capital avoids prescriptive exit strategies, allowing for collaborative decisions that benefit both investors and business owners. Expanding Globally and Corporate Partnerships: Inflexion has extended its reach across Europe and recently into corporate partnerships, where it supports divisions of large corporations seeking independence while maintaining alignment with their parent companies. Value Creation Beyond Capital: Inflexion delivers more than funding, offering expertise in talent management, technology adoption, pricing strategies, and global expansion. Its offices worldwide provide portfolio companies with the tools to enter new markets and scale effectively. Cultural Fit and Talent Recruitment: David underlines the importance of hiring professionals with emotional intelligence and entrepreneurial mindsets. He describes Inflexion’s team as diverse and collaborative, ensuring alignment with the needs of entrepreneurs. RW Blears: Our sponsor for this episode is RW Blears, a UK law firm specialising in fund management. If you are a UK venture capital manager or growth investor and need a trusted legal adviser, visit https://blears.com/ #PrivateEquity #MinorityInvesting #PartnershipCapital #InflexionPrivateEquity #Entrepreneurship #BusinessGrowth #PrivateEquityPodcast #DavidWhileman #FundShack #AlternativeInvestments #CollaborativeInvesting #PrivateEquityInsights #RossButler Like this content? Please support -> SUBSCRIBE -> SUBSTACK https://privateequitypodcastfundshack.substack.com/p/episode-66-the-huge-opportunity-in -> Subscribe to Spotify and ⁠Substack⁠ -> Follow us on ⁠Linkedin ⁠ -> ⁠YouTube ⁠ -> Suggest a guest or become a sponsor: email Katie@linerab.media Fund Shack is a private equity podcast and global media channel for alternative investment professionals. Fund Shack is produced by Linear B Group. ⁠Linear B Group⁠…

Fund Shack Private Equity Podcast

1
The first listed private equity company still going strong, with Colm Walsh 35:37

36 weeks тому35:37

35:37

In this episode of Fund Shack, Ross Butler speaks with Colm Walsh, Managing Director of ICG Enterprise Trust. ICG Enterprise Trust is a listed private equity investor managed by ICG, a global alternative asset manager. Colm shares insights on ICG’s investment strategies, including their focus on buyouts, the benefit of being part of ICG’s extensive platform, and the importance of experienced managers in achieving consistent returns. They also discuss the unique advantages of the investment trust structure for private equity and Colm’s perspective on the evolving private equity landscape. Learn more about your ad choices. Visit megaphone.fm/adchoices…

Fund Shack Private Equity Podcast

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How Federated Hermes Drives Value in Private Markets with Karen Sands, COO 34:40

38 weeks тому34:40

34:40

In this episode, Ross Butler talks to Karen Sands, COO of Federated Hermes’ private equity division, where she oversees $20 billion in private market assets as part of a larger $770 billion AUM. Karen provides insight into Federated Hermes' shift into private markets, their strategic focus on ESG, and her role in managing operations. They explore the importance of scalable infrastructure, the evolving investor landscape, and the operational challenges faced by private equity firms today. Learn more about your ad choices. Visit megaphone.fm/adchoices…

Fund Shack Private Equity Podcast

1
How Partners Group is cracking the DC pension scheme market 43:27

51 weeks тому43:27

43:27

How Partners Group is cracking the DC pension market in the UK, with Joanna Asfour Founded in mid-1990s, Partners Group launched its first vehicle accessible to individual investors in the early naughties. Today it is at the frontline of the democratisation of private equity. In this episode, Ross Butler speaks to Joanna Asfour , the firm’s global head of consultant relations, to discuss how private equity can help DC pensioners in the UK access private markets. We look particularly at the benefits that private markets exposure can bring to a pension fund, as well as some of the complexities around the management of such less liquid investments. We al LTAFs, the UK equivalent of ELTIFs and the various nuances of providing relatively simple access to the asset class for DC pension trustees. Top insight The UK DC market will be worth about a trillion by 2030. It’s a £100bn opportunity for private markets. There’s been sub-£5bn invested so far. i.e. This is going to be big! Historical Context and Current Position Partners Group has been a pioneer in making private markets accessible to individual investors since the early 2000s. The firm currently manages around 150 billion euros in assets, with private wealth being a rapidly growing segment. Democratization of Private Markets The term democratization refers to broadening access beyond institutional investors to include individuals, such as DC pension scheme members and wealth management clients. This trend is seen as mutualization, akin to what mutual funds did for public markets. Regulatory and Operational Challenges The key challenge has been the regulatory and operational barriers that limit DC pension schemes from investing in private markets. The introduction of the Long-Term Asset Fund (LTAF) by the FCA has been crucial in providing a UK-authorized fund structure suitable for DC schemes. LTAF as a Solution: LTAFs are designed to meet the specific needs of DC pension schemes, allowing them to blend private markets into their default fund arrangements. This structure addresses both regulatory requirements and the operational demands of life insurance platforms that manage many DC pension schemes. Implementation Considerations: Trustees need to consider where in the pension lifecycle private market allocations are most appropriate, particularly focusing on the growth accumulation phase. There is a need to balance liquidity management and stress test the potential impact of including private markets in DC schemes. Performance and Valuation: Performance fees and daily valuations are critical aspects that need to be managed to ensure fair treatment of all investors in an evergreen fund format. Partners Group has developed robust systems to handle daily valuations and liquidity management, drawing on their long experience with similar fund structures. #privateequity #democratisation #fundraising #privatewealth #privatemarkets #LTAFs #alternativeassets Like this content? Please support us -> Subscribe to Spotify and ⁠Substack⁠ -> Follow us on ⁠Linkedin ⁠ OR ⁠ YouTube ⁠ -> Suggest a guest or become a sponsor: email Katie@linerab.media Fund Shack is a private equity podcast and global media channel for alternative investment professionals. Fund Shack is produced by Linear B Group. ⁠Linear B Group⁠…

Fund Shack Private Equity Podcast

1
The state of private equity in 2024, with Jim Strang - what you need to know 58:31

1 year тому58:31

58:31

Jim Strang, serial private equity NXD and chairman of Hg Capital Trust, discusses the complexities of the private equity landscape on the Fund Shack podcast. Fundraising and Market Dynamics: Market Polarization: Large platforms and top-performing specialists continue to raise significant capital, while mid-sized players face extended fundraising cycles. Liquidity Challenges: Investors are managing overexposure from the 2021 boom, causing liquidity issues across different regions. GP Strategy and Growth: Clear Ambitions: GPs focus on defining clear ambitions and achieving team alignment. Strategic Growth: Balancing ambition with operational capacity, strategies range from maintaining a single focus to expanding into adjacent areas through M&A. Wealth Market and Semi-Liquid Structures: Growing Market: Wealth market growth through semi-liquid structures designed for high-net-worth individuals. NAV-Based Exposure: These structures offer accessible entry points for private market investments, requiring careful liquidity management. ESG and Cybersecurity: Central to Strategy: ESG considerations driven by investor demand and talent acquisition needs. Top Risk: Cybersecurity remains a top risk, with firms prioritizing mitigation measures to protect portfolios. ********************** Thank you to our episode partner Quest Fund Placement. The firm recently launched QuestInvest, the digital hub and gateway to alternative assets that connects accredited investors with leading GPs. For more information, please visit https://www.questfundplacement.com/ ********************** #privateequity #fundraising #wealthmanagement #esg #cybersecurity #privatemarkets #capitalmarkets #alternativeassets ********************** Follow Fund Shack on Your Preferred Platform: Youtube: https://www.youtube.com/channel/UC1mUUrcRDi-dWnC4Lmn1rnw?sub_confirmation=1 🔗 LinkedIn: Subscribe on LinkedIn https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7159157815326949376 Learn more about your ad choices. Visit megaphone.fm/adchoices…

Fund Shack Private Equity Podcast

1
Private equity fundraising masterclass, with Sunaina Sinha 32:44

1 year тому32:44

32:44

Sunaina Sinha, Global Head of Private Capital Advisory at Raymond James, talks to Ross Butler about the challenges of raising private capital funds in today's market. This episode is supported by Datasite, the leading M&A platform for dealmakers. https://www.datasite.com/en Fundraising cycles have extended to 22-23 months on average, reflecting the challenging environment. Firms must offer co-investments, fee discounts, and management fee holidays to attract investors. The tenor of fundraising conversations has shifted, with private equity firms needing to provide various incentives to secure commitments. We cover dry powder, the rise of co-investments, and the influence of Middle Eastern and private wealth in the market. 2023 was marked by significant challenges due to a liquidity squeeze and reduced exit activities. This environment has been tough for institutional limited partners, leading to a shift in investment metrics. (i.e. DPI is the new IRR) Rise of Co-Investments How investors are leveraging their power to demand fee-free co-investments. Sector Focus: Private Credit and Infrastructure Private credit is booming due to bank pullbacks and high-interest rates, while infrastructure investments are attractive due to their tangible nature and inflation resistance. Thank you to our episode partner Datasite, the leading M&A platform for dealmakers. For more information, visit: www.datasite.com #wheredealsaremade #PrivateEquity #privatecapital #alternativeinvestments #Fundraising #RaymondJames #InvestmentTrends #DPI #CoInvestments #PrivateCredit #Infrastructure Learn more about your ad choices. Visit megaphone.fm/adchoices…

Fund Shack Private Equity Podcast

1
US mid-market investing, with Patrick Turner of VSS Capital Partners 34:38

1 year тому34:38