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PEI Group’s ‘Private Equity Spotlight’ podcast illuminates the latest trends in private equity across fundraising, portfolio management, deals, regulation and more. Get a front-row seat with our award-winning journalists from publications including Private Equity International, Private Funds CFO, Buyouts and PE Hub, as they interview the industry’s biggest personalities and dig deep into the dynamics affecting LPs, GPs and service providers. Available wherever you get your podcasts.
PEI Group’s ‘Private Equity Spotlight’ podcast illuminates the latest trends in private equity across fundraising, portfolio management, deals, regulation and more. Get a front-row seat with our award-winning journalists from publications including Private Equity International, Private Funds CFO, Buyouts and PE Hub, as they interview the industry’s biggest personalities and dig deep into the dynamics affecting LPs, GPs and service providers. Available wherever you get your podcasts.
Episodes

Tuesday Jul 29, 2025
Should semi-liquids charge 2 and 20?
Tuesday Jul 29, 2025
Tuesday Jul 29, 2025
No trend has taken the private equity industry by storm quite like that of semi-liquid and evergreen funds. Data from consultancy Bfinance shows that at least $30 billion has been raised via private equity semi-liquid funds since 2020 – a figure that represents just 10 percent of the overall semi-liquids universe.
In this episode, Ajay Pathak, a partner and co-chair of Goodwin’s UK business, joins PEI senior editor Adam Le to discuss how management fees and carried interest are calculated; whether the typical 2-and-20 model prevalent in traditional drawdown funds make sense to apply to semi-liquid funds; whether charging carried interest on net asset value on both a realised and unrealised basis really make sense; and more.

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