Spotlight: A PEI Podcast

Infrastructure capital remains all in on climate agenda, despite global headwinds

This episode is sponsored by Arcus Infrastructure Partners and Meridiam

That the world is on the path to climate catastrophe, and that urgent action is needed to reverse it, is widely agreed upon. Yet, a sudden weakening of resolve at the political level has been evident in 2023, with some European governments delaying or diluting their previous climate policy commitments amid challenges like the cost-of-living crisis and geopolitical tensions. In the United States, ESG has even become part of the ideological battle between Republicans and Democrats.

In this episode of Spotlight, Neil Krawitz, partner and head of ESG and asset management at Arcus Infrastructure Partners, and Matthieu Muzumdar, partner and deputy chief executive officer at Meridiam, tell Infrastructure Investor’s Helen Lewer that despite this challenging backdrop, infrastructure capital remains steadfast in its commitment to investing sustainably. They share their thoughts on where the opportunities are for the sector to play its part in creating a greener and more socially equitable future.

How AI is transforming finance and accounting

This episode is sponsored by Withum

Artificial intelligence has become far more than just a buzzword in the realm of finance and accounting. In this episode of Spotlight, we explore the latest advancements and challenges that AI brings to the sector, as well as how fund managers and service providers are leveraging it to push boundaries while staying mindful of the risks.

Joining us is Colleen Fay, a seasoned tax partner at Withum with over two decades of experience in accounting and a keen focus on the alternative investment industry. She shares her views on how AI is reshaping productivity, accuracy and strategic decision-making in finance, while also addressing critical concerns around regulatory compliance and cybersecurity risks.

Ardian’s Colas on the potential for secondaries growth in 2024

In this episode of Second Thoughts, our bi-monthly take on the biggest trends and developments in secondaries, Ardian's co-head of secondaries and primaries Vladimir Colas makes a bold prediction for the secondaries market: the first private equity fundraise to breach the $30 billion mark will be a secondaries vehicle.

LP portfolios being brought to market are only growing in size, and if they could, sellers would be offloading even larger portfolios. However, secondaries activity is still constrained by the amount of capital available to deploy into these transactions.

Colas sat down with senior reporter Madeleine Farman to discuss how large the secondaries market could become in the near future, as well as how many new entrants Ardian expects to break into the secondaries market in 2024 and beyond.

Tracking LP perspectives on private equity

The Private Equity International team delves into the findings of PEI’s annual survey of institutional investors to gauge how LP sentiment toward the asset class is evolving. Download the full LP Perspectives 2024 Study here.

Managing through cycles in the direct lending space

Private debt as an asset class has seen unprecedented growth over the past decade, but macro headwinds are creating challenges for direct lenders, and rising interest rates – while potentially beneficial to returns – are likely to further increase financial pressure on borrowers. So what can the experience of working through previous downturns tell us about how to handle the current cycle? Can we expect a spike in default rates? And, looking forward, where is the US private debt market headed in 2024 and beyond?

In this episode – sponsored by TPG Angelo Gordon’s middle-market direct lending business, Twin Brook Capital Partners – we explore some of the key factors that will affect lenders’ abilities to manage portfolios in the shifting sands of the current market environment, as well as what the key differentiators are likely to be for fund managers in the years to come.

Listen as Andy Thomson, senior editor of Private Debt Investor, speaks with Drew Guyette, co-chief credit officer and senior partner at TPG Twin Brook, and Kim Trick, co-chief credit officer, head of underwriting and partner in the business.

 

Five controversial beliefs about the GP-led secondaries market

Jeff Hammer, global co-head of secondaries at Manulife Investment Management, discusses issues from moral hazard in continuation funds to the ethics of stapled deals with senior editor Adam Le.

Hurdle rates, fees and deal terms – how the PE market changed this year

How has the private equity industry evolved this year amid a sustained rising interest rate and inflationary environment, fierce competition for LP capital and the increasing democratisation of the asset class? Dechert partner Chris Field sits down with Private Equity International senior editor Adam Le to discuss the results of the law firm's 2024 Global Private Equity Outlook, which examines this very question.

Disruption Matters: Unlocking the power of stakeholder-driven exits

In this fifth and final episode of season two of the Disruption Matters special miniseries, we explore the complex relationships in private equity, emphasising the crucial role of clear communication among all stakeholders from general partners to employees. We discuss the alignment of long-term goals in acquisitions and address limited partners' concerns about debt and liquidity in unstable markets. The overarching message is that success hinges not just on financial metrics or strategies, but on effective communication.

Guests include: Kyle Nelson, a partner and managing director at AlixPartners; David Tayeh, head of private equity in North America for Investcorp; Joncarlo Mark, founder of Upwelling Capital Group and a former senior portfolio manager at CalPERS; Jonathan Pressnell, a partner at BluePoint Capital Partners; and Richard de Silva, founder and managing partner of Lateral Investment Management.

This episode is sponsored by AlixPartners

Behind Q1-Q3’s best-ever secondaries fundraising figures

Secondaries funds investing in private equity opportunities that held their final close between January and the end of September raised $67.69 billion – a 168 percent jump on the same period last year and 46 percent more than the previous record of $46.44 billion raised in Q1-Q3 2020.

In this instalment of Second Thoughts, senior reporter Madeleine Farman and senior editor Adam Le dig further into the numbers to discuss whether 2023 could be a record year for secondaries fundraising; whether the secondaries market will continue to grapple with an under-allocation issue; and whether coffers are beginning to fill versus the opportunities that are out there in the market.

Disruption Matters: Delivering growth against the odds

In this fourth episode of season two of the Disruption Matters special miniseries, we delve into the complex interplay between digital transformation and human interaction in sales and marketing. While technology can add efficiencies, the importance of the human element in customer engagement remains an issue. The conversation covers the challenges and opportunities of tactical pricing, particularly in a volatile economic environment.

Guests include Jason McDannold, partner and managing director at AlixPartners; Richard Liu, a partner in the enterprise technology and services arm of FTV Capital; Ben Russell, senior vice-president of private equity at Partners Group; Brit Yonge, an operating partner at Corsair Capital; and Jeremy Schein, a partner and member of the buyouts investment committee at Corsair.

This episode is sponsored by AlixPartners

Why direct lending will keep growing

Deals are getting larger, and those providing the loans are becoming more trusted and sophisticated. Craig Packer of Blue Owl Capital thinks these are reliable indicators that direct lending is set to expand and prosper.

This episode is sponsored by Blue Owl Capital

Disruption Matters: Mastering the diplomacy of value creation

In this third episode of season two of the Disruption Matters special miniseries, the focus turns to communication and leadership resilience. Guests share insights on how the pandemic led to more frequent and effective communication within portfolio companies. The conversation covers the importance of clearly defined roles, strong operating partner networks and annual meetings for leadership development, as well as the role of ESG in shaping corporate culture and attracting talent.

Guests include Ted Bililies, a partner and managing director at AlixPartners; Warren Valdmanis, a partner at Two Sigma Impact; Alan Goldfarb, founder and managing partner of Orangewood Partners; and Steven Maxwell, senior vice-president of portfolio human capital at Audax Private Equity.

This episode is sponsored by AlixPartners

Disruption Matters: Setting a deal up for success in the first 100 days

In this second episode of season two of the Disruption Matters special miniseries, we focus on the importance of the first 100 days after acquisition through to the execution of a value creation plan. Experts emphasise the need to evaluate a company's existing talent, noting that early missteps can reveal if the leadership is capable of achieving set goals. The discussion touches on common mistakes, such as poor governance structures and misaligned objectives, which can derail value creation efforts.

Guests include Burak Kiral, a partner and managing director with AlixPartners; Adam Jenkins, global head of portfolio management for Blackstone Private Equity; Amanda Good, head of value creation at Searchlight Capital; and Ellen Nyhus, CEO of Verdane’s operational expert team Elevate.

This episode is sponsored by AlixPartners

Why managers with dry powder need to reconsider how they find opportunities

In Europe and around the world, rising interest rates and falling valuations are impacting many commercial property sectors still reeling from the aftereffects of the pandemic, as well as secular changes in the way occupiers use real estate. Shrewd investment managers can help identify which assets, on a case-by-case basis, can result in the greatest returns and which property sectors are likely to pose the lowest risk going forward.

In this episode, Marc Fuhrmann, principal and head of real estate of Arrow Global, returns to speak with Jonathan Brasse, editor-in-chief, real estate at PEI Group, about trends in the ever-changing private equity real estate markets.

This episode is sponsored by Arrow Global

Disruption Matters: Closing deals in a turbulent market

The Disruption Matters special podcast miniseries is back for season two, where leading industry experts will dissect the seismic shifts rattling the core of due diligence in private equity. The first episode's discussion zeroes in on the fusion of technology and leadership in shaping risk assessment and deal-making. It asks: how can the right balance between tech and human acumen make or break an investment?

Guests includes Joanne Taylor, a partner and managing director with AlixPartners; John Stecher, the CTO of Blackstone; Crosby Cook, a partner with EQT; and Marc Fuhrmann, a principal for real estate at Arrow Global.

This episode is sponsored by AlixPartners

Why sustainable investing is not a luxury

Glennmont Partners’ CEO Joost Bergsma and Actis's head of sustainability Shami Nissan discuss how their firms approach sustainability – in theory and in practice – as well as what their LPs demand of them. They share their views on ESG, resilience and the emergence of dedicated climate allocations launched by a growing number of LPs.

This episode is sponsored by Glennmont Partners and Actis

The changing state of digital infrastructure

Even post-covid, demand for data centres, fibre and towers continues to grow. Palistar’s Omar Jaffrey and Eurazeo’s Laurent Chatelin discuss how current digital infra trends are aiding the transformation to a more connected and sustainable world, and how investors can benefit.

This episode is sponsored by Palistar Capital and Eurazeo.

Strategic Partners’ Perry on the state of the market and career lessons learned

In this latest episode of Second Thoughts, our bi-monthly take on the biggest trends and developments in secondaries, the spotlight is on our yearly ranking of the top secondaries firms globally. Blackstone Strategic Partners has topped this year's SI 50 ranking published by Secondaries Investor and Private Equity International, raising $51.3 billion across funds that closed between 1 January 2018 and 30 June 2023.

Senior reporter Madeleine Farman speaks with global head Verdun Perry, discussing the state of the secondaries market, what Strategic Partners is looking for in opportunities currently, and some of the key moments across Perry's career.

Overcoming TCFD’s data collection challenges

Standardisation and comparability are key to making climate data meaningful. EDHEC’s Abhishek Gupta and Nishtha Manocha discuss the hurdles this presents and how investors can clear them.

This episode is sponsored by EDHEC Infra & Private Assets

Investing in the energy transition using a non-specific mandate

There is no escaping the energy transition, and no GP should want to. Embracing it is key to keeping portfolios relevant and adding value. Guillaume Faroux and Marcus Ayre discuss how they do it as infrastructure investors.

This episode is sponsored by Vauban Infrastructure Partners and Igneo Infrastructure Partners

The Women of Influence reflect on the past decade in private markets

Guests from PEI Group's 2023 list of influential women in alternatives look back on the past 10 years in the industry and analyse the current challenges facing it. 

Energy storage goes beyond lithium-ion

In the energy world, storage has somehow become synonymous with the lithium-ion battery. But what other opportunities are out there for investors? Six guests – including developers, start-ups and infra GPs – weigh in.

How automation is revolutionising regulatory compliance

Digital transformation is reshaping the private markets, making burdensome compliance tasks manageable and streamlining business processes, says Workiva investments industry principal Arthy Kumar.

This episode is sponsored by Workiva

Leadership lessons from the Women of Influence

Guests from PEI Group’s 2023 list of influential women in private markets discuss what it's like to hold senior leadership positions, and offer advice to the next generation of leaders. 

Which advisers stood out from the crowd?

In this episode of Second Thoughts, our bi-monthly take on the biggest trends and developments in secondaries, senior reporter Madeleine Farman and senior editor Adam Le discuss the key findings underpinning Secondaries Investor's Advisory Survey 2023 and Law Firm Survey 2023.

PEI’s Future 40 share top tips for finding success

Warburg Pincus’s Lauren Zletz, Neuberger Berman’s Sandeep Mirani and Hamilton Lane’s Nina Kraus share their career stories and advice on breaking into the private equity industry.

How private equity is pivoting amid macro disruption

EY’s Bridget Walsh explains how GPs are refining their value-creation strategies and repositioning themselves towards emerging opportunities in a dislocated market. 

This episode is sponsored by EY

The world’s largest private equity fundraisers

PEI’s global editorial team comes together to discuss how a perennial heavyweight reclaimed the top spot after sliding last year, and other results from the 2023 PEI 300 fundraising ranking.

See the full PEI 300 ranking here at Private Equity International.

How millennial values are shaping ESG decision making

Partners Group’s Adrien-Paul Lambillon and G2 Venture Partners’ Valerie Shen discuss why ESG is important to them and look at how the industry can make progress.

Ardian’s Stéphanie Bensimon on how to reposition assets to create opportunities

At the PERE Network Forum, PEI's Mina Tümay spoke with Ardian's head of real estate, who says she's seeing the most opportunity from mixed-use assets.

M&G Real Estate’s Tony Brown: ‘This could be the best vintage since 2010’ for value-add

At the PERE Europe Forum, PERE EMEA editor Charlotte D'Souza sat down with Brown, global head of M&G Real Estate, who argues that to take a balanced view of the market, you have to look at opportunities arising from both short- and long-term trends.

CBRE IM’s Paul Gibson: Firms must provide a ‘pathway’ on DE&I

On day two of the PERE Europe Forum, Gibson, chief investment officer of EMEA direct real estate strategies at CBRE IM, speaks with PEI's Mina Tümay about the importance of offering flexible parental leave for employees.

Why it’s a ‘Goldilocks’ moment for alternative credit lenders

At day two of the PERE Europe Forum, Real Estate Capital Europe deputy editor Lucy Scott speaks with LaSalle’s Michael Zerda about why he’s never seen a lending environment in real estate that’s as compelling as it is today.

15 minutes with Nathalie Palladitcheff

At day one of the PERE Europe Forum, PERE editor-in-chief Jonathan Brasse speaks with the Ivanhoé Cambridge CEO about the importance of ESG and what role the real estate asset class plays in driving the conversation forward.

Apollo’s Boris Olujic: ‘Investors need to recalibrate’ to have an impact

On day one of the PERE Europe Forum 2023, PERE editor Evelyn Lee sat down with Olujic, partner, real assets at Apollo Global Management, who argues that flexibility is key for investors looking to make an impact. 

Sharpening borders: How domicile boundaries are shifting for the private funds industry

Jersey Finance head of funds Elliot Refson and lead in the Americas Philip Pirecki discuss how regulatory developments are impacting fund domiciliation decisions.

This episode is sponsored by Jersey Finance

What’s making the GP-led market tick

Presenting the second instalment of Second Thoughts, a special series from Secondaries Investor that delves into the latest trends affecting the fastest-growing market in alternatives.

Where private debt opportunity lies today

In the second part of our European private debt series sponsored by Arrow Global Group, PDI editor Andy Thomson asks CEO Zach Lewy about the strategies poised to thrive in a rapidly changing environment. 

How lending to the industrial outdoor storage sector is evolving

Invesco's Charlie Rose talks about why the niche is drawing more attention in the current market.

Exploring the private real estate debt fund ‘ecosystem’

Institutional appetite for private funds offering access to commercial property credit markets is only increasing. But, in this special episode sponsored by ACORE Capital, the firm’s co-managing partners and CEOs explain that the field of options requires education.

Female empowerment and intersectionality in PE

For the third instalment of our On the Minds of Millennials miniseries, Blackstone's Devin Glenn and Investcorp's Jordana Semaan discuss the challenges they’ve faced in navigating an industry where women, and especially women of colour, are still scarce among the highest decision-makers.

How to identify a renewables asset

Energy transition investment has significantly evolved over the last 15 years, so what should investors take into consideration when deploying in the space? Matt DeNichilo, partner at Energy Capital Partners, and Alex Darden, partner at EQT, discuss the opportunities and risks.

What LPs and GPs look at to make sense of the higher-rate environment

In our final episode of Private Markets and the end of Cheap Money, we hear from IMCO, Oaktree Capital, BC Partners and more on what investment professionals there keep their eyes on in the era of higher borrowing costs.

How the secondaries market fared in 2022

Presenting the first instalment of Second Thoughts, a special series from Secondaries Investor that delves into the latest trends affecting the fastest-growing market in alternatives.

Dechert’s PE co-head on the biggest trends in the industry

Chris Field, who co-leads the law firm's private equity practice and corporate group, sits down with Spotlight to discuss club deals, GP stake sales and creative deal structuring.

How PE is navigating interest rate rises globally

In this fourth episode of our miniseries Private Markets and the End of Cheap Money, we look at how private equity firms are dealing with currency risk and how deals are being affected by interest rates rising at different paces in various global regions.

Driving LGBTQ+ inclusion in private equity

In this second episode of our On the Minds of Millennials miniseries, Advent International’s Christina Drakos and KKR’s Brandon Donnenfeld discuss what it was like to come out in the industry, and how PE can truly support the LGBTQ+ community.

Who’s investing in infratech?

Not yet fodder for infra investors, but outside the wheelhouse of most VCs, infratech has endured a funding gap – but that’s changing. Guests from Macquarie Capital Venture Studio, Alphabet-backed Sidewalk Infrastructure Partners, Infratech Growth Partners and Morrison & Co’s Clearvision Ventures discuss how.

The window of opportunity for private credit

In this third episode of our miniseries Private Markets and the End of Cheap Money, we explore key trends in private debt with industry professionals. While the asset class is not without challenges, some see better prospects for investing there than they have in some time.

Jeremy Coller and Nigel Dawn on the future of the secondaries market

The founder of Coller Capital and the head of Evercore's private capital advisory group discuss what's in store for the fastest-growing sub-strategy in alternatives.