Fund Shack Private Equity podcast

Fund Shack Private Equity Podcast

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Business Fund Shack Private Equity

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Lisätty two vuotta sitten

Sisällön tarjoaa Fund Shack. Fund Shack tai sen podcast-alustan kumppani lataa ja toimittaa kaiken podcast-sisällön, mukaan lukien jaksot, grafiikat ja podcast-kuvaukset. Jos uskot jonkun käyttävän tekijänoikeudella suojattua teostasi ilman lupaasi, voit seurata tässä https://fi.player.fm/legal kuvattua prosessia.

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<div class="span index">1</div> <span><a class="" data-remote="true" data-type="html" href="/series/the-final-flight-of-captain-forrester">The Final Flight of Captain Forrester</a></span>

<div class="span index">1</div> <span><a class="" data-remote="true" data-type="html" href="/series/the-final-flight-of-captain-forrester">The Final Flight of Captain Forrester</a></span> podcast artwork

<div class="span index">1</div> <span><a class="" data-remote="true" data-type="html" href="/series/the-final-flight-of-captain-forrester">The Final Flight of Captain Forrester</a></span> podcast artwork

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The Final Flight of Captain Forrester

4 päivää sitten4d ago

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A woman’s search for her father—a pilot who disappeared during a mission in Vietnam—collides with the fight over what we owe those who never returned from war. From the producers of "America's Girls," and hosted by Texas Monthly writer Josh Alvarez, the show debuts April 2025. Texas Monthly Audio subscribers get early access to the show, plus bonus episodes and more subscriber-only audio. Visit texasmonthly.com/audio to learn more.

Fund Shack Private Equity Podcast

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Sarjan koti•Feed

Sisällön tarjoaa Fund Shack. Fund Shack tai sen podcast-alustan kumppani lataa ja toimittaa kaiken podcast-sisällön, mukaan lukien jaksot, grafiikat ja podcast-kuvaukset. Jos uskot jonkun käyttävän tekijänoikeudella suojattua teostasi ilman lupaasi, voit seurata tässä https://fi.player.fm/legal kuvattua prosessia.

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.

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72 jaksoa

#Business #Fund Shack #Private Equity

Fund Shack Private Equity Podcast

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Fund Shack Private Equity Podcast

updated 17 päivää sitten

Jaa

Sarjan koti•Feed

Sisällön tarjoaa Fund Shack. Fund Shack tai sen podcast-alustan kumppani lataa ja toimittaa kaiken podcast-sisällön, mukaan lukien jaksot, grafiikat ja podcast-kuvaukset. Jos uskot jonkun käyttävän tekijänoikeudella suojattua teostasi ilman lupaasi, voit seurata tässä https://fi.player.fm/legal kuvattua prosessia.

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.

… continue reading

72 jaksoa

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Fund Shack Private Equity Podcast

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

17 päivää sitten40:05

Toista Myöhemmin

Toista Myöhemmin

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…

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Fund Shack Private Equity Podcast

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The complexities of introducing private equity to HNWs 40:07

5 weeks sitten40:07

Toista Myöhemmin

Toista Myöhemmin

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…

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Fund Shack Private Equity Podcast

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

8 weeks sitten1:06:11

Toista Myöhemmin

Toista Myöhemmin

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?…

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Fund Shack Private Equity Podcast

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

18 weeks sitten28:40

Toista Myöhemmin

Toista Myöhemmin

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…

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Fund Shack Private Equity Podcast

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

21 weeks sitten50:45

Toista Myöhemmin

Toista Myöhemmin

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…

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

21 weeks sitten1:03:30

Toista Myöhemmin

Toista Myöhemmin

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…

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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

23 weeks sitten30:19

Toista Myöhemmin

Toista Myöhemmin

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…

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

26 weeks sitten35:37

Toista Myöhemmin

Toista Myöhemmin

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…

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

29 weeks sitten34:40

Toista Myöhemmin

Toista Myöhemmin

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…

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

41 weeks sitten43:27

Toista Myöhemmin

Toista Myöhemmin

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…

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Fund Shack Private Equity Podcast

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

44 weeks sitten58:31

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Toista Myöhemmin

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…

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Private equity fundraising masterclass, with Sunaina Sinha 32:44

45 weeks sitten32:44

Toista Myöhemmin

Toista Myöhemmin

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…

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Fund Shack Private Equity Podcast

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

47 weeks sitten34:38

Toista Myöhemmin

Toista Myöhemmin

34:38

Ross Butler hosts Patrick Turner, Managing Director at VSS Capital Partners, a US-based lower mid-market private equity firm founded in 1981, originally named Veronis Suhler Stevenson. Patrick joined VSS in 2014, bringing a wealth of experience from his extensive career in leveraged buyouts in the US, and private equity in China. VSS focuses on the US lower mid-market, specifically targeting three verticals: education, healthcare, and outsourced business services with a technology angle. VSS’s approach to structured capital, which includes debt, preferred equity, and equity, tailored to the needs of founders looking to grow their businesses without giving up control. This strategy allows VSS to be competitive and less dilutive compared to traditional growth capital. KEY HIGHLIGHTS: VSS focuses on the US lower mid-market, specifically targeting three verticals: education, healthcare, and outsourced business services with a technology angle. VSS’s approach to structured capital, which includes debt, preferred equity, and equity, tailored to the needs of founders looking to grow their businesses without giving up control. This strategy allows VSS to be competitive and less dilutive compared to traditional growth capital. FOLLOW FUND SHACK ON Spotify and you can also find us here: LinkedIn Watch on YouTube #privateequity #venturecapital #MidMarket #StructuredCapital #privatecredit #leveragedbuyouts #growthcapital #BusinessServices #HealthcareInvestment #EducationInvestment #TechInvestment #AlternativeInvestments #podcast Fund Shack is a private equity podcast and global media channel for alternative investment professionals. Fund Shack is produced by Linear B Group and if you are interested in appearing on the show, wish to propose a client, or are interested in sponsorship, contact: Katie Mitchell katie@linearb.media Linear B Group Learn more about your ad choices. Visit megaphone.fm/adchoices…

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Fund Shack Private Equity Podcast

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How to hack venture capital, with Fatou Diagne 37:09

48 weeks sitten37:09

Toista Myöhemmin

Toista Myöhemmin

37:09

Fatou Diagne is co-founder of Bootstrap Europe, which acquired the German portfolio of Silicon Valley Bank in 2023. She provides a fascinating insight into the elite world of lending to the top tier of venture-backed businesses. Venture debt might not have the brand-pizazz of its equity cousin, but from a risk/return perspective it ticks all the boxes. ****** This episode also features our supporters, 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 RW Blears ****** Ross Butler interviews Fatou Diagne, co-founder of Bootstrap Europe. Fatou offers a compelling look into the world of venture debt, focusing on its role in funding high-growth technology businesses and its strategic advantages compared to traditional equity financing. Introduction to Venture Debt: Fatou Diagne explains that Bootstrap Europe provides debt funding to technology companies that have already received substantial equity investment. These companies are usually 5 to 7 years old, generating revenues of 5 to 20 million euros, and are backed by top-tier venture capital funds. Target Companies: Bootstrap Europe targets mature technology companies that have a proven growth formula but prefer not to dilute their equity further. The firm focuses on sectors like semiconductors, life sciences, and energy transition, seeking to support technologies that can significantly impact society. Venture Debt is way cooler than you think! Fatou clarifies that venture debt is often misunderstood. It is not a last resort for companies that cannot raise equity; instead, it is a strategic choice for well-capitalized companies looking to accelerate growth without further dilution. Deal Flow and Timing: Bootstrap Europe follows potential investment opportunities for several years, waiting for the right inflection point to provide growth debt. The firm typically invests after one or two rounds of equity funding, although this can vary. Benefits for Companies: The main advantage for companies using venture debt is the avoidance of dilution. Founders and early-stage investors can maintain larger stakes in the company, enhancing their returns upon exit. Terms of Venture Debt: The terms are transparent, with interest rates typically around 8-10% over the base rate. The debt is repaid over 3-4 years, with monthly payments of interest and principal. Bootstrap Europe’s Approach: The firm emphasizes a strong relationship with portfolio companies, focusing on providing support during both good and challenging times. They prefer to work closely with management teams to navigate growth and financing challenges. Acquisition of Silicon Valley Bank's German Portfolio: In 2023, Bootstrap Europe acquired the German portfolio of SVB. Fatou discusses the strategic and operational steps taken to complete this acquisition, emphasizing the importance of speed and expertise. Current Market Conditions: Fatou comments on the impact of global economic challenges on the tech sector, noting that while the market has cooled, there are still many high-quality investment opportunities. She highlights the importance of well-capitalized companies that can navigate difficult conditions to gain market share. Future Growth & Challenges: The discussion touches on the growth potential of venture debt in Europe and the challenges of increasing market penetration. Fatou believes that with more education and understanding, venture debt can become a more prominent part of the funding landscape. ****** #venturecapital #privateequity #techfunding #growthcapital #venturedept #debtfinancing #innovationtechnology #techinvesting #podcast #BusinessPodcast #FinancePodcast #Entrepreneurship ****** Fund Shack is produced by Linear B Group and if you are interested in appearing on the show, wish to propose a client, or are interested in sponsorship, contact: katie@linearb.media Linear B Group Learn more about your ad choices. Visit megaphone.fm/adchoices…

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Fund Shack Private Equity Podcast

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Corporate venture capital at Jaguar Land Rover, with Mike Smeed 24:20

50 weeks sitten24:20

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Toista Myöhemmin

24:20

Mike Smeed is managing director of InMotion Ventures, the corporate venturing arm of Jaguar Land Rover. In this episode of the Fund Shack podcast, he speaks to Ross Butler about what the company looks for in start-up candidates and the rapidly evolving nature of corporate venture capital. Mike the Managing Director of InMotion Ventures, the corporate venture capital (CVC) arm of Jaguar Land Rover (JLR). Mike discusses his career background, including roles at a Shanghai-based joint venture and Walgreen Boots, and delves into the unique aspects of CVC compared to traditional venture capital (VC). Key Points: Corporate Venture Capital (CVC) vs. Venture Capital (VC): Similarities: CVC and VC both perform due diligence, focus on valuation and metrics, and aim for strategic investments. Differences: Historically, CVCs were viewed skeptically due to fears of corporate overreach. Modern CVCs have adopted VC professionalism and often invest off their parent companies’ balance sheets, with some even taking external capital. Role of InMotion Ventures: Strategic Focus: InMotion Ventures aims to accelerate innovation and support JLR’s strategic transformation, especially in areas like climate, industrial, and enterprise technologies. Investment Approach: Unlike many CVCs, InMotion invests in early-stage startups (seed to Series A) to add significant value to both JLR and the startups. CVC Evolution: Professionalization: Many CVCs now operate with the same rigor as traditional VCs, including thorough background checks and strategic valuations. Integration with Parent Companies: CVC leaders often come from within the parent company, blending corporate insight with investment acumen. Strategic Mandate: Innovation and Collaboration: InMotion Ventures aims to help JLR achieve carbon neutrality by 2039 and focuses on technologies critical to this transformation. Partnerships: The firm prefers co-investing and does not lead funding rounds, maintaining about a 5% equity stake to ensure active involvement without overwhelming influence. Investment Justifications: Ecosystem Access: Being an active investor attracts other investors and startups, facilitating ecosystem engagement. Innovation and Speed: Investing in startups accelerates innovation and market readiness, providing JLR with early access to cutting-edge technologies. Capital Efficiency: Strategic investments leverage larger rounds by financial VCs, maximizing impact with relatively small contributions. Success Stories and Examples: Investments: Mike discusses successful investments, such as in companies developing head-up displays and augmented reality technologies. Collaboration with Competitors: InMotion Ventures collaborates with other automotive giants like Volvo and BMW to co-invest in promising technologies. Value to Startups: Strategic Support: Startups benefit from JLR’s extensive resources, including engineering expertise and testing facilities. Mutual Benefits: While InMotion seeks financial returns, the primary goal is strategic alignment with JLR’s broader goals. Conclusion: The interview highlights the evolving landscape of CVC, emphasizing strategic partnerships, professional investment practices, and the mutual benefits of fostering innovation within large corporate structures. Mike underscores the importance of balancing financial returns with strategic goals to drive both corporate growth and startup success. #Innovation #Technology #DigitalTransformation #VentureCapital #Startups #Entrepreneurship #CorporateVenture #AutomotiveIndustry #Sustainability #FutureOfMobility #BusinessGrowth #EmergingTechnologies #Industry40 #TechInvestments Learn more about your ad choices. Visit megaphone.fm/adchoices…

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Renewables, infrastructure & regional growth equity: Bernard Fairman of Foresight Group 31:14

1 year sitten31:14

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Toista Myöhemmin

31:14

Foresight Group was a pioneer in renewable energy investment back in the 1990s. Today, it's a diversified investment group listed in London. Its founder and chairman, Bernard Fairman, talks about its expansion into global infrastructure, why he favours hydrogen over electric, and his plans to build out the firm's UK venture investment arm into an international-regional growth equity franchise. Learn more about your ad choices. Visit megaphone.fm/adchoices…

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Fund Shack Private Equity Podcast

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Central Europe private equity: a surprisingly big opportunity. With Robert Knorr 43:49

1 year sitten43:49

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Toista Myöhemmin

43:49

MidEuropa pioneered private equity buyout investing in Central Europe, launching in 1999. Robert Knorr has been a partner since 2007. He was recently awarded Private Equity Mid Market Leader of the Year at the Real Deals private equity awards for his pivotal role in investment in the region. In this podcast he talks to Ross Butler about opportunities from Poland to the Med, and a very big win in Romania with Profi. Fund Shack: https://fund-shack.com/ Mid Europa: https://mideuropa.com/ Follow Fund Shack on Your Preferred Platform: LinkedIn: Fund Shack LinkedIn Spotify: Fund Shack on Spotify Apple Podcasts: Fund Shack on Apple Podcasts YouTube: Fund Shack on YouTube Google Podcasts: Fund Shack on Google Podcasts Amazon Music: Fund Shack on Amazon Music Audible: Fund Shack on Audible PlayerFM: Fund Shack on PlayerFM ://player.fm/series/3477169 In this episode of the Fund Shack podcast, Ross Butler interviews Robert Knorr, Managing Partner at MidEuropa, to explore the firm’s pioneering role in private equity investment across Central Europe. MidEuropa, established in 1999, has become a key player in the region, transitioning from venture capital to buyout funds. The discussion highlights their strategic focus on sectors such as consumer goods, healthcare, and technology, emphasizing the importance of sustainability and digitalization in their investment strategies. Highlights: 1) Private Equity and Buyout Funds: MidEuropa has been instrumental in shaping the private equity landscape in Central Europe. Their transition from venture capital to buyout funds has been a strategic move to capitalize on the region’s economic development and emerging markets. 2) Investment and Economic Development: The firm’s investments have significantly contributed to the economic transition and development of Central European countries, integrating them into the broader European Union market. 3) Sector Focus: MidEuropa targets consumer goods, healthcare, and technology sectors, areas that offer high growth potential and align with their strategic investment goals. Sustainability and Digitalization: Emphasizing sustainability, MidEuropa promotes energy transition and sustainable practices. They also leverage digitalization to enhance business services and operations. 4) Corporate Carve-Outs and Cross-Border Investments: The firm has successfully executed corporate carve-outs and cross-border investments, demonstrating their expertise in managing complex mergers and acquisitions (M&A). 5) Nearshoring: Leveraging the talent pool in Central Europe, MidEuropa facilitates nearshoring of services, providing cost-effective and high-quality business services. 6) Financial Returns and Investor Relations: The episode details MidEuropa’s approach to delivering strong financial returns and maintaining robust investor relations. #privateequity #investment #centraleurope #sustainableinvestment #emergingmarkets #businessgrowth #economicdevelopment #venturecapital #digitaltransformation #infrastructure #telecom #consumergoods #HealthcareInvesting #poland #techinvestments Learn more about your ad choices. Visit megaphone.fm/adchoices…

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Fund Shack Private Equity Podcast

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Private equity secondaries uncovered: Etienne Deshormes 33:49

1 year sitten33:49

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Toista Myöhemmin

33:49

Fund Shack Podcast Featuring Etienne Deshormes of Elm Capital In this engaging episode of the Fund Shack podcast, 🎙️ Ross Butler interviews Etienne Deshormes, CEO of Elm Capital, to delve into the intricacies of the private equity secondary market. Elm Capital, founded in 2004 by Etienne after his career in investment banking at JP Morgan, specializes in providing liquidity to private market investors. Fund Shack: https://fund-shack.com/ Elm Capital: https://www.elmcapital.com/ Key Points Discussed: Private Equity Secondaries: Etienne Deshormes explains how the secondary market provides liquidity to an inherently illiquid sector. He outlines the development of the market from its early days in the 2000s when it was discreet and associated with distress sales, to its current, more accepted status. Global Financial Crisis Impact: The 2008 financial crisis was a turning point for the secondary market. Etienne highlights how the crisis forced many LPs to seek liquidity solutions, leading to a surge in secondary transactions. This period marked the only time in his career when assets were sold at a 100% discount, underscoring the desperation for liquidity. Liquidity Solutions: The discussion includes how the secondary market has evolved as a strategic tool for managing portfolios, not just in distress situations. Etienne notes the rise in the use of secondary transactions to handle overexposure and liquidity issues exacerbated by recent economic challenges such as inflation and rising interest rates. Current Market Dynamics: Etienne describes the current market conditions, emphasizing the impact of the denominator effect and rising interest rates on private equity portfolios. He explains how these factors have increased the need for secondary transactions as a liquidity solution. Denominator Effect: The podcast covers the impact of the denominator effect, where declines in public market values cause private equity allocations to exceed target levels, forcing LPs to sell stakes to rebalance their portfolios. Continuation Funds: Detailed insights are provided into continuation funds, which allow GPs to manage assets beyond the typical fund life by selling them to new vehicles backed by secondary investors. Etienne discusses the evolution of continuation funds from being a last resort to a strategic option for managing high-quality assets and mature portfolios. Investor Strategies: The podcast delves into how LPs and GPs navigate the secondary market to optimize their portfolios. Etienne discusses different strategies, such as selling single fund interests or entire portfolios, and the factors influencing these decisions. Market Pricing and Discounts: Etienne explains how secondary market pricing works, particularly during downturns when discounts can be steep. He provides examples from 2022, where buyout funds were trading at significant discounts due to market conditions. Role of Elm Capital: Elm Capital’s role in the secondary market is highlighted, including how they assist clients in finding buyers or sellers for secondary transactions. Etienne describes their integrated approach to serving both primary and secondary market needs. Future Outlook: Etienne shares his outlook for the secondary market in 2024, predicting increased deal flow and a gradual recovery in pricing as public markets stabilize. He also discusses the long-term potential for the secondary market to become more mainstream as more investors recognize its strategic value. Follow on Your Preferred Platform: LinkedIn: Fund Shack LinkedIn Spotify: Fund Shack on Spotify Apple Podcasts: Fund Shack on Apple Podcasts YouTube: Fund Shack on YouTube Google Podcasts: Fund Shack on Google Podcasts #PrivateEquity #SecondaryMarket #LiquiditySolutions #PrivateMarkets #InvestmentBanking #DenominatorEffect #ContinuationFunds #InvestmentStrategies #Fundraising #Podcast #BusinessPodcast #FinancePodcast #Entrepreneurship #ThoughtLeadership Learn more about your ad choices. Visit megaphone.fm/adchoices…

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Fund Shack Private Equity Podcast

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Deal prospects: a global lawyer's perspective, with Chris Field of Dechert 42:28

1 year sitten42:28

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Toista Myöhemmin

42:28

With a deal drought across the global private equity industry, we talk to Chris Field of global law firm Dechert about what's next for M&A and buyout deal flow for 2024. We discuss valuations and defensive deal structures as vendors and buyers find ways to come together. Top quote: "I have never worked on an earn-out, ever, that has not resulted in some form of dispute.'" In this Fund Shack podcast with Ross Butler, Chris reveals what it takes to make it as a top private equity lawyer. In this engaging episode of the Fund Shack podcast, 🎙️ Ross Butler interviews Chris Field, a partner at the global law firm Dechert, to discuss the current state of international private equity markets and the intricacies of private equity lawyering. Key Points Discussed: Market Sentiment and Interest Rates: Chris Field highlights the fluctuating sentiment in the private equity market, noting the anticipation of rate cuts and their potential impact on deal-making. He explains how interest rates have become the biggest challenge for private equity firms, affecting deal volume and value. Deal Volume and Value: Despite a significant drop in deal volume and value over the past year, 2023 outperformed 2019 levels. Chris explains this apparent paradox, attributing it to the short-term memory of market participants and the exceptionally high activity levels in 2021 and early 2022. Fundraising Trends: Chris discusses the bifurcation in the fundraising market, with capital being concentrated in large multi-strategy managers at the expense of smaller and newer funds. This trend is influencing the strategic decisions of private equity firms. GP Stake Sales: A significant portion of private equity firms are considering selling stakes in their own businesses. Chris outlines various motivations behind these sales, including succession planning, liquidity injection, and bringing in external expertise to enhance the firm’s capabilities. Valuation Gap and Deal Structures: The podcast explores the creative deal structures being employed to bridge the valuation gap between buyers and sellers. Chris highlights the increased use of deferred consideration mechanics, such as earnouts and vendor loan notes, to align the interests of both parties. Regulatory Environment: Chris delves into the evolving regulatory landscape, focusing on antitrust scrutiny and foreign direct investment regulations. He explains how these factors are shaping deal-making strategies and the need for private equity firms to navigate complex regulatory requirements. Private Equity Innovation: The discussion covers innovative liquidity solutions in the private equity space, including the rise of NAV facilities, collateralized fund obligations, and GP-led secondaries. These innovations are helping firms return liquidity to investors despite challenging market conditions. Technological Impact: Chris touches on the role of technology in private equity transactions, particularly in the context of regulatory compliance and deal execution. He discusses the potential for AI and other technologies to streamline processes and improve efficiency. Dechert’s Positioning: Chris outlines Dechert’s strategic positioning in the private equity market, emphasizing their global presence and expertise in complex transactions. He highlights the firm’s commitment to providing high-quality advisory services across various geographies and sectors. #PrivateEquity #MergersAndAcquisitions #InterestRates #Fundraising #GPStakeSales #ValuationGap #DealStructures #RegulatoryCompliance #LiquiditySolutions #InnovationInFinance #Podcast #BusinessPodcast Follow: LinkedIn: Fund Shack LinkedIn Spotify: Fund Shack on Spotify Apple Podcasts: Fund Shack on Apple Podcasts YouTube: Fund Shack on YouTube Google Podcasts: Fund Shack on Google Podcasts If you are interested in appearing on the show, wish to propose a client, or are interested in sponsorship, contact: katie@linearb.media Learn more about your ad choices. Visit megaphone.fm/adchoices…

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Fund Shack Private Equity Podcast

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African private equity: a conversation with Stephane Bacquaert 52:27

1 year sitten52:27

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Toista Myöhemmin

52:27

Private equity is a great way of investing in uncertain, high growth environments. Strange then, that the African private equity industry is so small. In fact, Stephane Bacquaert, managing partner of Adenia Capital, argues that the mature Western private capital industry has systematically misunderstood the African opportunity, and its risk profile in particulare. In this Fund Shack podcast with Ross Butler, he talks about managing one of Africa's largest buyout funds, and the value that so many investors are missing out on. Key Highlights: Stephane’s Journey: Transitioned from strategy consulting to private equity in Africa, driven by personal connections and a desire to support African businesses. His initial venture failures led him to focus on supporting management teams through investment. Investment Strategies: Emphasis on control buyouts and majority deals, which provide more influence over business outcomes. Investment decisions are driven by bottom-up analyses, focusing on companies with strong growth potential, robust management teams, and pricing power. Importance of being embedded locally to source and execute deals effectively, given the lack of structured deal flow and the necessity of relationship-based deal sourcing. Market Dynamics: Africa’s high growth potential is driven by demographic trends, urbanization, and a burgeoning middle class. The continent’s economic fundamentals include rapid population growth, significant urban migration, and high GDP growth rates in several countries. These trends create opportunities in sectors such as consumer goods, retail, financial services, and infrastructure. Challenges include currency devaluation, regulatory complexities, and the need for infrastructure development. Challenges and Opportunities: Navigating Africa’s complex regulatory landscape requires deep local knowledge and adaptability. Currency devaluation is a significant risk, necessitating investments in companies with strong local demand and pricing power. Building infrastructure is crucial, from establishing retail chains to upgrading production facilities. Impact and ESG: Private equity investments in Africa have a profound impact on job creation and economic development. Adenia Partners focuses on improving ESG standards, such as transitioning companies to more sustainable practices and ensuring compliance with international environmental and social standards. Examples include the transformation of a retail chain in Kenya and the shift to water-based paints in East Africa. These efforts not only enhance business value but also attract international buyers and investors. #PrivateEquity #AfricaInvestment #ImpactInvesting #ESG #VentureCapital #InvestmentStrategies #EmergingMarkets Follow Fund Shack on LinkedIn OR Watch YouTube Fund Shack is a private equity podcast and global media channel for alternative investment professionals. Fund Shack is produced by Linear B Group. Contact: Katie Mitchell Email: katie@linearb.media Company: Linear B Group Learn more about your ad choices. Visit megaphone.fm/adchoices…

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Fund Shack Private Equity Podcast

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Henry Freeman: Repackaging Private Equity 41:17

1 year sitten41:17

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Toista Myöhemmin

41:17

Repackaging Private Equity—Why Retail Investors Are the Next Big Battleground Private equity has always been a game for the big players, until now. Fund managers are racing to repackage private equity for smaller investors, while governments push for new structures like ELTIFs and LTAFs. But is this shift a revolution or a recipe for risk? Henry Freeman , investment expert and founder of The Fund Society , has been at the heart of public and private markets for two decades. In this episode, he shares his unfiltered take on the push to retailise private equity , why commitment, not liquidity is the real secret to success, and how tech might be the missing link in solving PE’s accessibility problem. Henry’s Journey: Henry Freeman has a diverse background in public and private investment markets, fintech entrepreneurship, and investment trust board membership. His career includes roles at Lloyds Private Bank, Foresight Partners, and Liberum, showcasing his extensive experience in managing and structuring investment funds. Investment Strategies Semi-Liquid Structures: Emphasis on creating investment vehicles like LTIFs and ELTs that offer some liquidity while maintaining the benefits of private equity. Commitment Focus: The critical role of commitment in private equity, arguing that commitment is a feature rather than a bug, essential for achieving the high returns associated with private equity investments. Public-Private Hybrids: Development of funds that invest in listed private equity firms, providing liquidity and accessibility while capturing private equity’s growth potential. Risk Management: Approaches to managing liquidity risk, including the potential for forced asset sales during market downturns and the implications for fund performance. Market Dynamics: Historical Discounts: Analysis of historical opportunities in listed private equity during the 2008 financial crisis and recent market conditions, highlighting significant discounts to net asset value (NAV) and the impact on investor returns. Current Opportunities: Examination of current market conditions post-COVID, with a focus on identifying value in listed private equity and the potential for significant returns as market conditions stabilize. Challenges and Opportunities: Scalability Issues: Discussion on the scalability of closed-end fund structures versus open-ended vehicles, emphasizing the challenges and potential solutions for scaling private equity investments. Mis-Selling Risks: Concerns about the risks of mis-selling private equity products to retail investors, particularly with open-ended structures that may not align with the traditional private equity investment model. Technological Integration: The potential for leveraging technology, such as tokenization, to streamline the transfer and management of private equity interests, enhancing liquidity and accessibility. Fund Society: Platform Overview: Introduction to the Fund Society, an online hub for investment professionals, providing curated intelligence-based content, news aggregation, and thought leadership. AI Integration: Use of AI and large language models to curate and prioritize content, ensuring relevance based on market trends and news events. Community Building: Efforts to build a community of investment professionals, facilitating knowledge sharing and networking opportunities across asset class Like this content? Support us -> Subscribe to Spotify and Substack -> Follow us on LinkedIn -> YouTube -> Suggest a guest or become a sponsor: Katie@linearb.media Fund Shack is a private equity podcast and global media channel for alternative investment professionals. Fund Shack is produced by Linear B Group. https://linearb.media/…

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Fund Shack Private Equity Podcast

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Daniel Zwirn, Arena Investors: Avoiding moral hazard in private markets 52:03

1 year sitten52:03

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Toista Myöhemmin

52:03

Moral Hazard in Alternatives - Daniel Zwirn on Fund Shack's Private Equity Podcast Daniel Zwirn discusses his unique approach to alternative investments through Arena Investors LP, emphasizing a merchant banking style. He explores the advantages of historical financial models, moral hazard in fund management, and strategic flexibility in navigating global markets. Key Highlights: Arena Investors' Philosophy: Historical Best Practices: Arena is inspired by successful financial models dating back to the 1600s, focusing on strategies from the Rothschilds, global grain traders, and Asian merchant houses. Moral Hazard Prevention: Prioritizing structural advantages where Arena's scarce resources (capital) are needed, reducing the risk of moral hazard. Investment Strategies: Cyclical and Opportunistic Investing: Identifying and exploiting cyclical opportunities across various sectors and geographies, avoiding overreliance on a single strategy. Regulatory and Structural Arbitrage: Taking advantage of inefficiencies and regulatory differences across markets, providing a unique edge in capital deployment. Market Dynamics and Opportunities: Global Macroeconomic Trends: Analyzing the impact of QE, fiscal policies, and inflation on asset bubbles and market corrections, and strategically positioning investments accordingly. Sector-Specific Strategies: Focused on distressed assets, special situations, and high-value sectors like real estate, structured finance, and commercial lending. Operational Complexity: Global Multi-Strategy Approach: Operating across North America, Europe, and Asia with a diversified portfolio including corporate, real estate, and structured finance. Joint Ventures: Leveraging over 50 joint ventures worldwide for deep domain expertise, aligning interests, and maintaining variable cost efficiency. Ethical and Social Responsibility: Social Utility Investments: Focusing on investments that provide social benefits, such as healthcare and rehabilitation centers, while maintaining high returns. Consistent Ethical Framework: Avoiding trends like greenwashing, with a focus on long-term ethical investment practices. Conclusion/Takeaway: Daniel Zwirn highlights the importance of a disciplined, ethical approach to alternative investments, focusing on long-term value creation and strategic flexibility. His insights provide a comprehensive understanding of navigating private markets amidst evolving economic conditions. #PrivateEquity #InvestmentStrategies #MoralHazard #MerchantBanking #ArenaInvestors #MarketDynamics Follow Fund Shack on LinkedIn Watch: YouTube Contact Information: About Fund Shack: Fund Shack is a private equity podcast and global media channel for alternative investment professionals. Fund Shack is produced by Linear B Group. Contact: Katie Mitchell Email: katie@linearb.media Company: Linear B Group Learn more about your ad choices. Visit megaphone.fm/adchoices…

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Hans Lovrek on private equity's ancient precedent 28:12

1 year sitten28:12

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28:12

Hans Lovrek stumbled on Medieval Florentine documents that showed structures were being used to align interests in ventures with high information asymmetry that were uncannily similar to today’s limited partnerships. Through a method of historical institutionalism, Hans demonstrates how the same techniques have been used to solve similar problems, down the ages, and that today’s private equity industry is based on ideas that successful trading nations have used before. This episodes was recorded in March 2019 and is released on podcast for the first time in December 2023. Hans Lovrek, Founder of Commenda Private Equity uncovers the historical foundations of modern private equity by analyzing medieval Florentine documents, revealing structures similar to today’s limited partnerships. His method of historical institutionalism demonstrates how successful trading nations historically addressed information asymmetry, influencing contemporary private equity practices. Historical Parallels: Medieval Commenda and Modern LPs: Lovrek discovered that medieval commenda contracts from the 6th to the 14th centuries share striking similarities with today’s limited partnerships (LPs), highlighting features like profit sharing, limited liability, and limited duration. Structural Analysis: Profit Sharing: Medieval contracts typically had a 25% profit share for the general partner (GP), akin to the 20% carried interest in modern private equity. Limited Liability: Essential for allowing families and other investors to participate without risking their entire fortunes. Duration: Projects were financed for specific ventures (e.g., sea voyages) with fixed terms, similar to the ten-year lifespan of modern funds. Regulatory Influence: Role of Regulation: Increased regulation in Venice facilitated the rise of commenda contracts by providing a framework that reduced moral hazard and ensured fairness, leading to a thriving venture investment environment. Comparison to Modern Regulation: The historical necessity of regulation for venture success parallels modern regulatory practices, suggesting that a codified international structure could simplify private equity investments. Due Diligence and Moral Hazard: GP Clawback: Medieval practices included mechanisms to ensure GPs returned excess profits if investments later underperformed, a concept still relevant today. Challenges of Information Asymmetry: Both medieval investors and modern LPs face similar challenges in monitoring GPs and ensuring aligned interests. Medieval Foundations of Modern Private Equity – Hans Lovrek on Fund Shack’s Private Equity Podcast 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…

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Yaron Valler, Target Global - AI, VR, venture capital and separating hot air from substance 46:32

1 year sitten46:32

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Toista Myöhemmin

46:32

Yaron Valler is a founder of venture capital firm Target Global. He is a successful entrepreneur and investor, and was part of the team at Intel that invented the Pentium Processor. In this episode of the Fund Shack podcast, he talks to Ross Butler about how AI will change ‘everything’, virtual reality, how government’s should direct innovation and risk capital, and much more. [00:00:00] Ross Butler: You’re listening to Fund Shack. I’m Ross Butler, and today I’m speaking with Yaron Valler, a founder at Target Global, a venture capital firm with offices in London, Berlin, Barcelona, Tel Aviv and elsewhere. […] Learn more about your ad choices. Visit megaphone.fm/adchoices…

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Prosecuting a mid-market healthcare strategy with Sanjay Panchal, Livingbridge 33:44

1 year sitten33:44

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33:44

Prosecuting a mid-market healthcare strategy, with Livingbridge Sanjay Panchal is a partner at Livingbridge, a leading international growth capital investor, where he specialises in healthcare. In this episode he speaks to Ross Butler about the opportunities for private equity investors across the healthcare sector. Sanjay Panchal, Partner at Livingbridge discusses the dynamics and opportunities in the healthcare sector from an investor’s perspective. He explains how Livingbridge focuses on thematic investing, identifying long-term trends like aging populations and technology adoption. Sanjay emphasizes the importance of improving healthcare outcomes and the role of private equity in driving innovation and efficiency in the sector. Healthcare Investing Approach: Thematic Investing: Identifying key growth trends and focusing on businesses driving change in healthcare outcomes. Mid-Market Focus: Investing in UK mid-market businesses and helping them scale, targeting areas with growth rates significantly above GDP. Investment Philosophy: Outcome-Driven: Partnering with businesses focused on improving healthcare outcomes, believing that commercial success follows quality care. Employee Focus: Emphasizing the importance of recruiting and retaining skilled staff, crucial for sustainable healthcare businesses. Service vs. Capital-Intensive Businesses: Service Models: Primarily investing in service-oriented businesses, including technology services, rather than capital-intensive sectors like hospitals. Examples: Investments include businesses like Helping Hands (home care services) and Nourish Care (digital record management for elderly care homes). Changing Healthcare Trends: Ten-Year Truths: Identifying long-term trends such as aging populations and shifts in care from hospitals to the community. Technology Adoption: Significant focus on healthcare technology to improve service delivery and patient outcomes. Life Sciences and Biotech: Complex Drug Pipelines: Trends towards more specific, complex drug developments targeting smaller patient populations. Outsourcing in Pharma: Increasing reliance on third-party providers for drug discovery, clinical trials, and commercialization. Geographic and Sector Focus: International Presence: Investments in various geographies, including the US and Australia, with a focus on scalable, specialized healthcare services. Consumer Healthcare: Noting a shift towards greater consumer control and visibility over health, though the private pay sector still has growth potential. Sanjay Panchal’s insights highlight Livingbridge’s strategic approach to healthcare investing, emphasizing thematic investing, improving healthcare outcomes, and leveraging technology. The firm focuses on scalable service models and recognizes the critical role of private equity in driving innovation and efficiency in the healthcare sector. #HealthcareInvesting #PrivateEquity #ThematicInvesting #HealthcareOutcomes #LifeSciences #HealthcareTechnology Like this content? Please support us -> Subscribe to Spotify and ⁠⁠Substack⁠⁠ -> Follow us on ⁠⁠Linkedin ⁠⁠ OR ⁠ ⁠YouTube⁠ ⁠ -> Suggest a guest or become a sponsor: 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…

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Marcus Maier-Krug, Arcmont Asset Management 45:27

1 year sitten45:27

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Toista Myöhemmin

45:27

Marcus Maier-Krug is partner and co-head of portfolio management at Arcmont. He has been working in private credit since before the global financial crisis. In this episode, recorded in November 2023, we discuss what constitutes alpha in private credit, what it’s attractions are as an asset class, whether it can retain the market share it has taken from the traditional banking world, the different mindset and culture of private credit lenders vis a vis their borrowers, and much more… [00:00:00] Ross Butler: You’re listening to Fund Shack. I’m Ross Butler, and this week I’m talking with Marcus Maier-Krug, partner and […] Learn more about your ad choices. Visit megaphone.fm/adchoices…

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Alejandro Alcalde Rasch, Advent International 51:35

1 year sitten51:35

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51:35

Alejandro Alcalde Rasch is a senior director in Advent International‘s portfolio support group. He joined Advent in 2010 having been chief transformation officer and head of supply at Gröhe AG and a partner in McKinsey’s chemicals practice. In this Fund Shack podcast, Alejandro talks to Ross Butler about the genesis of Advent’s dedicated portfolio support group, how it has grown over time, what he looks for in value creation professionals, how the team works alongside deal executives and the importance of a value creation plan. [00:00:00] Ross Butler: You’re listening to fund Shack. I’m Ross Butler, and today I’m speaking […] Learn more about your ad choices. Visit megaphone.fm/adchoices…

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Josh Lerner, Harvard Business School 41:51

2 years sitten41:51

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41:51

Harvard professor Josh Lerner explains the risks and requirements of public intervention in establishing a thriving venture capital and entrepreneurial ecosystem. Professor Lerner tells Ross Butler that seeding a venture capital industry is a difficult and slow process – it’s not just the case of emulating Silicon Valley. With reference to his classic work, ‘Boulevard of Broken Dreams‘, Ross Butler asks for Josh’s key recommendations, and in particular whether increasing the supply of venture capital or the demand for it, is the more sensible route for policymakers. With reference to the US, Japan, Australia, the EU and Great Britain, this […] Learn more about your ad choices. Visit megaphone.fm/adchoices…

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Andros Payne, Humatica 36:42

2 years sitten36:42

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36:42

Andros Payne talks to Ross Butler about the holy grail of private equity value creation: a systematic, quantitative approach to cultural and behavioural change. What makes businesses work well? Andros Payne is an engineer and entrepreneur who has spent two decades codifying and benchmarking the behaviours of senior and middle managers that are proven to drive growth and underpin cohesive and healthy cultures. His firm, Humatica, has worked with some of the leading private equity firms in applying the methodology to their portfolio companies. In this Fund Shack podcast, he explains how he has managed to make objective and transparent […] Learn more about your ad choices. Visit megaphone.fm/adchoices…

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Reynir Indahl, Summa Equity 36:29

2 years sitten36:29

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36:29

Private equity podcast with Ross Butler and Reynir Indahl of Summa Equity on Impact investment. Learn more about your ad choices. Visit megaphone.fm/adchoices

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Warren Hibbert, Asante Capital Group 37:32

2 years sitten37:32

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37:32

Warren Hibbert of Asante Capital Group explains the log-jam in the private capital fundraising market on the Fund Shack podcast Learn more about your ad choices. Visit megaphone.fm/adchoices

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Douglas Hansen-Luke, Future Planet Capital 39:27

2 years sitten39:27

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39:27

Douglas Hansen-Luke speaks to Ross Butler on the Fund Shack podcast. Topics: impact investing, university spin-outs, pension fund reforms. Learn more about your ad choices. Visit megaphone.fm/adchoices

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Jonathan Blake, Herbert Smith Freehills 32:18

2 years sitten32:18

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Toista Myöhemmin

32:18

Jonathan Blake is head of international funds strategy at Herbert Smith Freehills. In the 1980s, Jonathan was responsible for devising the very first limited partnerships for venture capital and private equity in the UK and Europe, and was responsible for convincing the British government that these closed-ended funds were a legitimate structure and valuable business […] Learn more about your ad choices. Visit megaphone.fm/adchoices…

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Trevor Hope, Gresham House 31:33

2 years sitten31:33

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31:33

Trevor Hope is Chief Investment Officer of Gresham House Ventures, the growth capital arm of one of the UK’s oldest companies. In recent years, the firm has been growing rapidly, consolidating the market for Venture Capital Trusts, tax-break vehicles for individual investors to access growth business in the UK. In this podcast with Ross Butler […] Learn more about your ad choices. Visit megaphone.fm/adchoices…

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Macfarlanes: politics, funds & private markets 1:00:17

2 years sitten1:00:17

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1:00:17

The so-called perma-crisis of political and economic volatility witnessed in the UK, and beyond, has made the business of raising and investing long-term funds is even more uncertain than usual. To help private markets practitioners navigate these choppy waters, we spoke with David Gauke, Damien Crossley and Shailen Patel from Macfarlanes. David Gauke is one […] Learn more about your ad choices. Visit megaphone.fm/adchoices…

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Laura Dillon, Waterland Private Equity 39:24

2 years sitten39:24

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Toista Myöhemmin

39:24

Laura Dillon leads Waterland Private Equity‘s Dublin office, which she established in 2020. Laura has had a varied career both in private equity and business. She has worked at several private equity firms, including Apax Partners and Riverside, and set up a distribution business with her family that was sold to a corporate acquirer. In […] Learn more about your ad choices. Visit megaphone.fm/adchoices…

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Paul Newsome, Unigestion 46:28

2 years sitten46:28

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46:28

Paul Newsome is head of portfolio management at Unigestion, a Switzerland-based asset manager with a global private markets platform. Paul has been at the firm for two decades, during which he has set up its private markets operation in North America, and has been instrumental in establishing its directs, co-investment and secondaries programmes. In this […] Learn more about your ad choices. Visit megaphone.fm/adchoices…

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David Larsen, Kroll 52:50

3 years sitten52:50

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52:50

David Larsen has been at the forefront of alternative assets valuation policy for several decades. He is managing director at Kroll, which was acquired by Duff & Phelps in 2018, and advises many of the largest alternatives institutions on private equity transactions and valuations policy. He has been vice-chair of IPEV – the International Private […] Learn more about your ad choices. Visit megaphone.fm/adchoices…

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Michael Lindauer, Allianz Capital Partners 40:57

3 years sitten40:57

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40:57

Michael Lindauer is co-CIO of Allianz Capital Partners. He joined the institution in 2003 and has been an influential decision-maker with regards to backing private equity managers, and a respected and informed LP. He is based in Europe and has responsibility for ACP’s global private equity investment programme. He talks to Ross Butler of Linear B Group about Allianz’s investment business and market-view, approach to GP selection and terms, and much more. This is a must-watch conversation for any private equity manager who wishes to understand how an experienced and thoughtful institutional investor approaches fund investment opportunities. In this Fund […] Learn more about your ad choices. Visit megaphone.fm/adchoices…

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Jim Strang, private markets - the inside track 1:11:33

3 years sitten1:11:33

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1:11:33

Jim Strang is chairman of HgCapital Trust, a senior adviser to CVC Capital Partners, independent director at the Business Growth Fund, a senior adviser at Bain & Company, an advisory director at Campbell Lutyens, a Fellow at the London Business School, and a senior adviser at Hamilton Lane. Back by popular demand, this is Jim’s second time on Fund Shack. We talk about the state of private markets and how the industry grows from here. Inside this Fund Shack private equity podcast… Learn more about your ad choices. Visit megaphone.fm/adchoices…

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David Ewing, ECI Partners 43:19

3 years sitten43:19

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43:19

David Ewing is a managing partner at ECI Partners and one of the UK mid-markets best known investors. He speaks to Fund Shack's Ross Butler. Learn more about your ad choices. Visit megaphone.fm/adchoices

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Mirja Lehmler-Brown, Hayfin 46:58

3 years sitten46:58

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46:58

Subscribe now: Apple Podcasts | Spotify Mirja Lehmler-Brown is the founding managing director of Hayfin Capital Management‘s Private Equity Solutions investment team. She previously worked with Hayfin founder Tim Flynn (listen to his Fund Shack podcast here) at Goldman Sachs, before moving into PE fund investment with Aberdeen Asset Management and Scottish Widows. Ross Butler (00:00): You’re listening […] Learn more about your ad choices. Visit megaphone.fm/adchoices…

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#30 Tariq Fancy, a sceptical sustainable investor 34:53

4 years sitten34:53

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34:53

Subscribe on Apple Podcasts | Spotify In 2019, Tariq Fancy quit as BlackRock’s most senior sustainability investor. In 2021, he released an in-depth three-part essay explaining his disillusionment with the concept of stakeholder capitalism and the ESG investment industry that has grown up alongside it. In this private chat, he explains why sustainable investment is ineffective and what the […] Learn more about your ad choices. Visit megaphone.fm/adchoices…

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#29 Luke Johnson, entrepreneur, investor, philanthropist 42:37

4 years sitten42:37

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Toista Myöhemmin

42:37

Subscribe on Apple Podcasts | Spotify In his 20s, Luke Johnson led the acquisition of Pizza Express and as chairman, helped it become the UK’s leading pizza brand. He has since established and helped develop household names, Strada, Giraffe, the Ivy, Zoggs and Integrated Dental Holdings, as part of his family office vehicle, Risk Capital Partners. He is a successful newspaper columnist, author, former chairman of the Royal Society of Arts, and current Chairman of The Institute of Cancer Research. In our exclusive podcast, Luke provides a critique of private equity, a critique of public markets, a critique of lockdowns and some of the most sensible advice we’ve heard yet about how businesses should be run in this brave new world. Uncorrected transcript\some inaudible parts Ross Butler: You’re listening to a Fund Shack, private chat number 29. Welcome to Fund Shack. I’m Ross Butler, and today I’m here with Luke Johnson, a well known entrepreneur, businessman, philanthropist, and private investor, Luke. Welcome. And I have to say thanks so much for coming to meet us physically, because this is the first time we’ve been back in the studio 18 months and personally I think it makes a real difference. Nice to see. I was looking over your bio in preparation for this. And I had to say, and I don’t say this just a flatter you, but I was amazed at the breadth of your undertakings and your achievements. So you’ve got obviously a varied portfolio. And within that I recognized about three quarters of the businesses. Now you do consumers, so maybe that’s not so surprising, but that leap out of me, then you’ve been a successful newspaper columnist over years, if not decades. And I know that that’s not easy to sustain and you’ve been very active on the philanthropic side. You’ve publish books. This is quite a productive repertoire. Now you only get one life, so it obviously doesn’t seem strange to you, but why do you think it is that you’ve managed to be so productive across so many relatively varied domains? Luke Johnson: Well, I think I’ve always liked to be busy and I have a father who has had an extremely long career and although he stuck to the one career of being a writer, a journalist and a historian, he, he was incredibly productive and wrote many, many millions of words and published 40 books and so forth. So I think he gave me a good example to follow as a role model. And you know, to a degree, I think life is what you make of it. And if you have the energy, there are always opportunities. I think given that most of us perhaps we’ll live to, you know, be in our eighties. That means we might well have a 50 year working career. And it seems to me, therefore that we should all plan to have at least two different careers and possibly more I’ve always been interested in people who’ve done a variety of things rather than just one profession and stuck to that their whole working life and then retired. None of that interests me in the slightest. Ross Butler: It rather goes against the grain these days, cause everyone wants to specialize to such a great degree. And if you’re seen to be your specialist in more than one area you’re seen as an amateur in at least one of those, Luke Johnson: Well, there may be some truth in there. And I think I could be accused of being a [INAUDIBLE] at some things in life. And you know, I don’t deny that if you diversify, then you may have less depth and you know, there are advantages to focus and specialization, particularly in the modern complicated world. However, the point you made at the beginning is we only have one life. It’s important to keep interested and lively. I think for example, take philanthropy. I’ve served on the boards of a number of different charities and nonprofits over the last few decades. And one of the great advantages of that is I think it teaches you things and you meet people that if you are only doing business, you wouldn’t. So I would actually encourage all successful people in sectors like private equity or venture capital to seriously consider whatever age, but say in their forties, the idea of becoming a trustee of a school or hospital or some other nonprofit, because I think it broadens your horizons. And that should be partly what life’s about. I think there is a risk if you only do one thing, you get dull and you repeat yourself and the needs to be more to it than that. I think. Ross Butler: Yeah. investing itself is very nature. Kind of it’s, you’ve gotta have a broad outlook on life because you know, you’re looking at different sectors. You are not the specialist, you’re not the, in most cases, the executive, the doer, you’ve gotta stand above that. So that will kind of make that, that probably adds to your ability to be a successful investor. Luke Johnson: Maybe I think one of the challenges for private equity is that although they pretend to themselves, they aren’t the specialist in terms of how to run a business or a particular industry. I’ve sat on boards with private executives who are there telling the managers how to run the business and making decisions that I think should be delegated to the executives who are full-time in that business. And the arrogance sometimes are private equity executives in thinking they know best let’s them down. I think there are some areas where private very good, you know, buying and selling for example, raising finance, they’re pretty good at that. Some of them are pretty good at picking talent but above and beyond that, you know, knowing markets, knowing competitors, you know, understanding the intricacies of the technologies that they’re working with, really being able to spot the best executives at the operational level to work with. Mm not so sure Ross Butler: I’m sure you’re right. And I actually, I think I do agree with you, but to play devil’s advocate slightly, if it didn’t work, would they, would they do it? It’s certainly the trend is for greater activism and certainly the institutional investment community buys the idea of interventionists private equity firms. So presumably they look at the data and think, well, those that are a bit more muscular in their approach with executives do better. There must be some cause in effect, Luke Johnson: There probably is if they’re the right private equity firm and as you well know, you know, it depends which quartile of a PE house you are talking about. I think we’re all humans and I think private equity investors have as much ego as anyone. And, you know, according to Maslow’s hierarchy of human needs, once they’ve developed a certain quantity of wealth what’s next, and obviously what’s next is some degree of status. And that would mean them adding value and making a difference and being important in the ownership so that the value accretion is partly thanks to them. Now, I would normally accept that the financial engineering aspects of deals are probably down to the PE house. I have they bought it on a low, multiple, can they sell it on a high, multiple, have they added the right amount of lever to goose the returns? Luke Johnson: Have they made a clever bet in the first place? All those things of course are down to them, but, above and beyond that, you know, quite often I think, you know, it’s debatable whether they really make a difference. Now, I think there are some very good private equity investors. And I, I would say on average, you know, successful private equity investors are clever people. And, you know, obviously if they succeed and they, you know, get backing from limited partners and, and show good returns, then they can’t be that thick. However, it’s amazing what lever in a rising market can do. Luke Johnson: And, you know, generally speaking over the last two decades, certainly, you know, it’s been a pretty good game to play. I would say private equity in terms of accumulating returns for investors and indeed enriching private equity investors. I think, and I’m not talking about myself so much, cause I’m not really an institutional private equity investor or executive, but I think it’s as good a career as one could pursue, if, you know, you want to get rich in a pretty safe way because you are playing with other people’s money to a very large degree and you know, you can write very big checks. And so if you get your bets right, then you do extremely well. And to a large degree you know heads say wind tails, other people lose. So, you know, private equity as a career has proved a pretty good bet. And I suspect it will continue some time because you know, there are a lot of organizations raising big funds and there’s a lot of parcelling which to a degree, you know, is self-fulfilling Ross Butler: So, you’ve packaged yourself up to some degree as one of those people, because yes, you are not an institutional, but you’ve got risk capital partners. You could have just been Luke Johnson, the big wealthy investor, but for some reason you see it as useful to be seen as part of that community. Luke Johnson: Well, I think probably a lot of people prefer to deal with a brand, an organization rather than an individual. I think an individual is more egotistical inevitably. I think when we set up risk capital partners over 20 years ago the sort of private office was much less common, I guess, if one were doing it now, you know, that’s what I would do. Also. I have more money now than I had 20 years ago. In the meantime, we also did raise a fund with limited partners. And you know, it’s say for one, an investment is now spent and we’re returning funds and it will show a good return to our LPs. And I think it’s been a success, but I didn’t wanna do another one. The point about a fund of course, is it’s a very, very long term commitment. Luke Johnson: It’s really a 10 year commitment from all the partners. And indeed obviously the limited partners. So it’s a very unusual structure in terms of most jobs, if you like. And, and it, it really is a partnership arrangement rather than employment arrangement and all the longevity and loyalty required that, that displays. And indeed, I think if you look at the history of most PE houses that have fallen apart more often than not, I would say it’s cause the partners fell out, you know, and that may have been because they made some bad investments, but quite often it’s literally personality clashes leading to the, you know, founding partners of the organization, not getting on etc. And that’s what leads the LPs to then dessert them. But I’m not in denial about the fact it’s a lucrative and on some levels successful structuring of buying assets, because I think there will always be the advantage they have over say, public companies in private equity are virtually, always willing to buy and sell. Luke Johnson: Every asset is for sale. And they are always willing to buy a new asset. Public companies are slaves to the cycles of the stock market. And very often in my experience, public companies are forced to sell at the bottom and buy at the top. And it astounds me how often I come across situations where there’s a public company in a particular sector that will know that industry very well and have huge synergistic advantages of making a strategic acquisition, but for a variety of reasons, they’re too slow or it’s at the bottom of the market or whatever. They can’t make the acquisition private equity, which doesn’t know the industry as well. And doesn’t have any synergistic benefits makes the acquisition and then flips it to the industrial buyer a few years later at a huge profit. And, you know, you wonder why does the public market always end up paying more? And I guess it’s because private equity are ultimately really M [INAUDIBLE] specialists, all they do is buy and sell in a sense. And that’s what they focus on. They’re small and flexible and they have this great timing advantage, which really plays to their strength. Ross Butler: I agree with you. I think it’s it’s one of those things and there isn’t a problem with it. As long as the, those rewards are accessible to as many people as possible. One of the problems is that anyone can invest in the public markets, but it’s, it’s increasingly easy to invest in private equity vehicles, but it’s still pretty difficult for your average job. Luke Johnson: Yeah. And of course, as we know, private equity still only represents a tiny proportion of the overall savings and pensions money out there. And as a proportion of overall institutional individual portfolios, it is growing, but it’s still, I would imagine worldwide, you know, under 10% across most diversified forms of savings. And it, it is gonna grow structurally more allocation is gonna be devoted towards private investments once or another, be it VC or PE. That’s probably a good thing. I’m not surprised even though, you know, two and 20 relative to public market management fees is I, the level of attention required investing in private companies is a great deal, more intense. So, you know, I would argue it’s, it’s justified to an extent and the returns are there. And another area where I think private markets have an advantage is they are more willing to put higher levels of debt into investments. Generally, my experience public company fund managers, don’t generally like to invest in companies that have 3, 4, 5 turns of [INAUDIBLE], senior debt. Whereas many PE houses are perfectly comfortable with that. Indeed. They would consider that a standard lever of leverage for a normal buyout. So, you know, that financial engineering in rising markets and growing businesses, compounds returns. Yeah. And it’s an another advantage that PE has over public markets. So Ross Butler: Just at this point, can we step back to some of our international listeners might be wondering where have you come from, if you are not a mainstream private equity guy, could you give us a quick potted history, maybe looking, starting with, well, wherever you like, but particularly like Peter express as a signature deal. Luke Johnson: Sure. Okay. So in my late twenties I, and a, a group of partners took control of a private business called pizza express. We merged it with a a group of franchise restaurants, pizza expresses, arguably the leading pizza chain in the UK. It’s been going since 1965. We took control of that in 62, 63. We took it public. Ross Butler: Wasn’t it ’82? Luke Johnson: No, ’92, ‘93. Ross Butler: Sorry. Okay. Sorry, Luke Johnson: Go. I’d only just graduated from university in ‘82. Ross Butler: You said ‘62, so yeah, you’re Right. Luke Johnson: Yeah. ’65. It was founded. ’92, ’93 we took control of it. We took it public, and it was very successful. And I was chairman of that during the nineties and, the chairs rose from 40p to eight pounds more. And, off the back of that, I then started doing more deals. It initially mainly public company deals. And then through the later nineties and into the two…

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#28 Fabian Chrobog, North Wall Capital on European special situations 49:31

4 years sitten49:31

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49:31

Fabian Chrobog is founder of North Wall Capital, a Western European special situations investor Learn more about your ad choices. Visit megaphone.fm/adchoices

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