Since the Global Financial Crisis, private capital has transformed the U.S. economy and, increasingly, the global economy. Private capital is now a key source of liquidity that fuels the growth of middle market businesses, and the development of infrastructure, real property and other asset classes.
In fact, today the private market accounts for almost $6 trillion of assets under management in the U.S. alone and is growing. Meanwhile, the private market, how it works and what's driving this growth, is still not generally well-known or understood.
That is why we are thrilled to introduce Private Market Talks. In this podcast, hosted by Peter Antoszyk, we feature leading asset managers, investors, and other capital allocators to discuss their strategies and stories, explore this fast-growing industry and learn the secrets of their success.
Pacing Growth and Maintaining Discipline with Wellington Management’s Shanna O’Reilly
Welcome to Season 4 of Private Market Talks! In our newest episode, we are joined by Shanna O’Reilly, co-head of Private Investments at Wellington Management, one of the world’s largest investment managers. Shanna helped drive the growth of Wellington’s Private Investment platform to where it now manages over $8.5 billion of AUM. During our conversation, we discuss how she built the platform by leveraging the firm’s public market expertise, particularly in late-stage venture capital.
We cover the nuances of venture investing, risk diversification, the challenges of managing growth and her strategy to lean into some of today’s hottest areas like credit real estate, debt and secondaries. To wrap up, we reflect on the keys to navigating a competitive landscape and essential qualities for building a unified and dynamic investment team.
Private Credit with Golub Capital’s David Golub
In this episode, we are joined by David Golub, President of Golub Capital and one of the first movers in the private credit industry. Since its founding over 30 years ago, Golub Capital has made over $150 billion in loans and won over 40 industry awards. Today, the firm has over $70 billion of capital under management.
During our conversation, David discusses how he and his brother, Lawrence, started Golub Capital and the drivers of its consistent performance year-over-year. We discuss the current state of the leveraged loan market, including impact of the higher-for-longer interest rate environment, the resiliency of middle market companies, and the recent resurgence of the broadly syndicated loan market. We also explore key industry trends, including the potential for consolidation, the competitive advantage of scale, and the growing retail market for alternative assets. Finally, David reflects on the future of Golub capital.
Navigating PE Realization and Structuring Products for Wealthy Individuals with Hg Capital
In this episode, we’re joined by Steven Batchelor and Martina Sanow of Hg Capital, one of the largest and most successful private equity firms in the world. Specializing in technology, financial services software, and healthcare software companies in Europe and North America, Hg manages approximately $65 billion in funds and supports a portfolio of about 50 businesses worth an aggregate enterprise value of over $140 billion.
During our conversation with Steven and Martina, we discuss Hg’s investment strategy; its innovative, disciplined approach to realization on investments; and the emerging trend in private capital to attract wealthy individual investors.
Generative AI, From Theory to Practice with AIx2’s Mohammad Rasouli
Generative AI is no longer a theoretical technology. It’s here and now, and moving fast. Private funds are moving quickly to figure out how best to use it. During this episode, we explore with Dr. Mohammad Rasouli practical considerations for private funds as they consider how to adopt and implement AI, including issues of risk management, security and confidentiality, and practical implications for human capital.
Dr. Rasouli is an AI researcher at Stanford University and founder/CEO of AIx2, a firm focused on helping funds tackle the transformative nature of AI. During our conversation, we examine how asset managers can responsibly integrate generative AI into their operations and ultimately their investment functions, the challenges and opportunities presented by this new technology, and how increasingly sophisticated AI models will reshape virtually every aspect of how private funds attract, invest and manage capital.
The Hedge Fund Platform Model with Crestline’s Caroline Cooley
In this episode, we’re joined by Caroline Cooley, managing partner and CIO for Crestline Summit Strategies. Caroline joined Crestline in 1998 and has since helped build the firm into a multi-strategy, multi-portfolio and multi-billion-dollar asset manager.
During our conversation, we explore Crestline’s “platform model” and how that model allows the hedge fund to manage risk and engage and retain top talent in the industry. We also discuss Crestline’s strategy for delivering alpha through an equity-oriented, market-neutral investment philosophy. We finish with Caroline’s views on what it takes to be a successful CIO and insights into some of the formative aspects of her career.
Also joining us to lend her insights on the evolving hedge fund industry is Proskauer partner Kelli Moll. Kelli is co-head of the Firm’s Hedge Funds practice and co-lead of the global credit funds initiatives and has more than 25 years of experience advising clients across the spectrum of asset classes.
Powering the AI Revolution with DigitalBridge’s Kyle Colvin
Digital Infrastructure – the cell towers, data centers, fiber and small cells that power our wireless and mobile data – is one of the fastest growing investment sectors today. New technologies such as 5G and IoT have put increasing demands on what many call the fourth utility and now, comes AI – the most demanding technology yet. As the global economy transitions to all things digital, powering this revolution has become mission-critical. On this episode of Private Market Talks, we explore what is required to operate, build and scale the infrastructure at the heart of a converging digital ecosystem. We also discuss the unique real estate, energy and regulatory challenges of developing this infrastructure.
Our guest on this installment is Kyle Colvin, managing director at DigitalBridge, an $80 billion global asset manager specializing in investing in digital infrastructure. DigitalBridge is a pioneer in the digital infrastructure landscape – not just as an investor but also as an operator through active management of its portfolio companies. Also joining us today on this episode to lend his insights is Kunal Dogra, a partner in Proskauer’s M&A group who focuses on digital infrastructure.
Thinking Different in Direct Lending with Hayfin’s Tim Flynn
On this episode of Private Market Talks, we’re joined by Tim Flynn, Co-Founder and CEO of Hayfin, an alternative asset manager that has invested €35 billion of capital across more than 470 portfolio companies since its founding in 2009. Over the course of the conversation, we cover a wide range of topics, including the investment principles that have made Tim and his team so successful in private credit and leveraged finance.
Tim also describes what may be one of the most interesting career paths we’ve heard on Private Market Talks – from beekeeper to investor, and stops in between, and talks about the learnings from each experience that he still applies to this day. And of course, Tim discusses his view of the state of the private market and how it shapes Hayfin’s nimble investment strategy. It’s a great conversation and all happening on this episode of Private Market Talks!
Powering Family-Owned Businesses
Sengal Selassie is the founder and CEO of Brightwood Capital Advisors, a private credit firm with more than $5 billion in assets under management. Brightwood is a unique investor, providing financing to both non-sponsored backed businesses as well as sponsor-backed companies across the middle market. They also invest in just five distinct industry verticals: technology & telecommunications, healthcare, business services, transportation & logistics and franchising.
Our conversation covers Sengal’s path to the creation of Brightwood, the evolution of its investment strategy and how he thinks about investing with sponsor-backed and non-sponsor backed companies. We also explore the unique challenges and special gratification of working with family-founded, entrepreneur-owned businesses, including Brightwood’s sourcing, underwriting and risk management strategies. Finally, Sengal discusses what he looks for in prospective team members and his thoughts on the importance of diversity in building a strong team.
Navigating the Geopolitical Supercycle with Tina Fordham
On this episode of Private Market Talks, we welcome back Tina Fordham, founder of Fordham Global Foresight. We last spoke with Tina about a year ago in Season 1 Episode 5, in which she discussed how investors are faced with a very different geopolitical landscape today than has existed over the past 30 years, and how investors have had to raise their political quotient and learn to “firewalk” geopolitical crises.
In this episode, Tina takes us on a deeper dive, into what she describes a Geopolitical Supercycle. Our conversation is wide-ranging and includes the recent developments in the war in Ukraine, Putin’s ambitions, challenges presented by China and the potential impact of the US election. Tina also shares practical advice that she is giving to CEOs, boards and investors as to how to account for geopolitical risks in connection with their investment strategy. Our conversation is a fascinating exploration of the complexities of the intersection of geopolitics and investing.
Private Equity Fundraising with Asante Capital’s Fraser van Rensburg
Private equity was on fire globally, at least until 2023. Fundraising targets got ever larger and deal activity was on a roll. So, what changed and what can both investors and managers expect for 2024? In this episode of Private Market Talks, we speak with Fraser van Rensburg, Co-Founder and Managing Partner of Asante Capital. Fraser explains the current fundraising environment and dives into the impact of higher for longer interest rates, the denominator effect and other factors on private equity fundraising. He also explains the rise of continuation funds and the attraction of private credit funds. We cover a lot of ground. Enjoy the conversation!
Designing a Platform for Private Company Secondaries
As growing companies delay IPOs or sales, private company secondaries have become a rapidly growing market opportunity, especially as investors, founders and employees seek liquidity by selling a portion of their investment in a private company.
Tom Callahan, CEO of Nasdaq Private Market (NPM), recently joined Private Market Talks to discuss the private company secondaries market – a historically opaque and inefficient market – and the challenges faced by investors, founders and employees when they go to trade their shares. He also takes us through how NPM is uniquely positioned to create a transparent, tech-friendly, efficient and trusted platform for trading of these secondaries. And, with over 30 years of experience in the financial services industry, Tom also shares his advice for anyone with an entrepreneurial spirit looking to make their mark in the sector.
Private Funds Under Scrutiny with MFA’s Bryan Corbett
This week on Private Market Talks, we welcome Bryan Corbett, a veteran of both Washington and Wall Street. As president and CEO of the Managed Funds Association, Bryan sits at the forefront of regulatory policy issues affecting the global alternative asset management industry. Recently, the SEC has made sweeping changes to the regulatory framework governing private funds and on this episode of Private Market Talks, Bryan dives deep into the potential impact of the new rules and the issues that they raise for managers and investors. This is a must-listen episode for any alternative asset manager.
Driving Value through ESG with Warburg Pincus’ Leela Ramnath
This week on Private Market Talks, Warburg Pincus’ Head of Sustainability Strategy, Leela Ramnath invites us to look at how ESG drives growth. Leela is one of the leaders in a private equity working group that developed a methodology to analyze key ESG factors specific to the unique needs of companies, and which are vital for achieving long term growth, resiliency and sustainability.
On the podcast, Leela helps identify the link between a company’s performance and its ability to have access to capital, through their ESG priorities and data reporting. She uncovers the fundamental issues and concepts that constitute ESG and how management teams can better understand how those issues influence a company’s success.
Canvassing the Global Debt Capital Markets with J.P. Morgan’s Kevin Foley
Welcome to Season Two of Private Market Talks. We start this season with a conversation with Kevin Foley, Global Head of Debt Capital Markets for J.P. Morgan, the world’s largest bank. J.P. Morgan is a major player across the financial markets and Kevin is uniquely positioned to discuss a wide range of topics related to debt and global economic activity.
Over the course of the episode, Kevin and host Peter Antoszyk compare today’s economic landscape to its activity when they last spoke, in the Fall of 2022. They also dive into interest rate trends, corporate credit fundamentals and the future of private credit before rounding the conversation with views on the M&A market and a few quick-fire questions. We hope you enjoy this episode of Private Market Talks.
Creating an Investor-First Culture with Neuberger Berman’s Susan Kasser
This week on Private Market Talks, Neuberger Berman’s Susan Kasser discusses the specific values at the core of building a top-tier private debt group as well as each investment decision. She also talks about the three “C’s” for creating a successful team and offers an insightful, self-proven piece of advice.
Later in the episode, Susan looks back at the evolution of private debt and we hear her thoughts on what’s been done right over the past 20 years in terms of investments, what’s to be improved and where is the asset class going. Finally, Susan shares her thoughts on what portfolio managers can do to prepare for unforeseen dislocations in a post-pandemic environment.
Building a Credit Platform with MidCap Financial’s Clare Bailhé
This week on Private Market Talks, MidCap Financial’s Clare Bailhé joins us to talk about what it’s like to build, scale and manage a market-leading credit investment platform. In 2008 – a pivotal year for the financial industry – Clare and her team formed MidCap and embarked on a $500 million fundraise. Since then, they have grown exponentially, and now have $45 billion of assets under management.
Clare shares with us the challenges and opportunities she faced launching a finance platform in 2008, why she and her partners decided to join forces with Apollo and why having the same team at MidCap since its launch has been pivotal to success. She also shares the three most valuable lessons she’s learned managing business growth.
Demystifying ESG Benchmarking with Novata’s Alex Friedman
In this episode of Private Market Talks, CEO and co-founder of Novata, Alex Friedman helps contextualize the evolving conversation around ESG and demystifies how companies and their investors assess ESG compliance and goals.
During our conversation, Alex talks about how Novata is working to develop objective data so that companies and their investors can set ESG goals, track progress and unearth how they’ve fared – all relative to their peers. He discusses how Novata’s proprietary database aims to allow CEOs and investors to begin to set ESG benchmarks, which help public and private companies identify ESG risk factors and develop mitigation strategies.
Scaling Founder-Owned Businesses with Lincolnshire Management’s Matt Nacier
On the latest episode of Private Market Talks, we dive into the world of private equity with Matt Nacier, principal at Lincolnshire Management and member of the firm’s origination team. Lincolnshire Management is a middle market-focused private equity firm and an owner-operator in the truest sense.
During the discussion, Matt shares how Lincolnshire’s approach to growing founder-owned businesses means seeing what others may not, rolling their sleeves up on things “that necessarily wouldn’t survive an elevator pitch” and creating flexibility for themselves, their LPs and their business management teams. He also touches on the relationship between private equity and private credit, the impact an economic swing will have on portfolios and why there is no such thing as a perfect business.
From Operating to Investing with Jonathan Grayer, Chairman & CEO of Imagine Learning
Jonathan Grayer, Chairman and CEO of Imagine Learning, has been an executive, an owner, a founder, and a growth investor. In episode seven of Private Market Talks, Jonathan takes us through his history as CEO and Chairman of Kaplan; founder of Weld North; partnerships with KKR, Silverlake and Onex; and management and investment in Imagine Learning, which today is the largest provider of K-12 digital curriculum to U.S. school systems.
Jonathan also shares his thoughts about assessing talent, and what it takes to be a successful operator and investor, including why the things that go wrong are just as important as those that go right.
Venture Capital Investing with Primary VC's Jason Shuman
Venture capital is a unique asset class. In this episode, Jason Shuman, General Partner at Primary VC, gives us a window into his world of early-stage venture capital investing and discusses the multitude of stars that must align to lead to success. Jason shares his perspective on the venture investment landscape, what he looks for in founders when making a “go/no go” investment decision, the importance of the founder-investor relationship, and where he sees opportunities, challenges, and strategies for early-stage venture investing. He also takes us into the room and describes how one venture fund dealt with the days leading up to and immediately following the failure of Silicon Valley Bank.
Assessing Geopolitical Risks with Tina Fordham
As capital allocators look out at the global and domestic landscape, escalating geopolitical risks cannot be ignored. Change is happening rapidly and capital allocators are looking for new ways to understand and assess these risks. This is why we are thrilled to welcome Tina Fordham, Founder of Fordham Global Foresight, to Private Market Talks.
Market on the Move with Bain Capital Credit's Mike Ewald
As private credit lenders move up market, Mike Ewald, partner at Bain Capital Credit, joins the Private Market Talks podcast to discuss how big the market might get, when – and if – the syndicated market comes back, and what competition between banks and direct lenders might look like in the future. In the wide-ranging discussion, Mike also shares his thoughts on the shrinking denominator effect, rising interest rates and what he sees in the private equity industry as a credit investor.
Canvassing the Credit Landscape with Carlyle's Justin Plouffe
On Episode 3 of Private Market Talks, Carlyle’s Justin Plouffe, managing director and deputy chief investment officer for Global Credit, talks about opportunities for credit investors in the current environment and what he’s keeping his eyes on in the coming months. From what’s powering growth in the market to how he assesses deals, Justin’s unique perspective is a must-listen for investors, borrowers and others across the private capital landscape.
Driving Alpha with AB Private Credit Investors’ Brent Humphries
In this installment of Private Market Talks, Brent Humphries, President and Founding Member of AB Private Credit Investors, speaks with us from his home in Austin, Texas. Over the course of the episode, Brent shares his thoughts on the connection between driving Alpha and platform design, the resiliency of software/SaaS companies in the middle market and much, much more.
Navigating Headwinds in Private Credit with KKR’s Dan Pietrzak
In the first episode of Private Market Talks, host Peter Antoszyk sits down with Dan Pietrzak, co-head of Private Credit at KKR. Peter and Dan talk about their journeys in private credit, the importance of culture in building and scaling a successful team, and navigating opportunities and headwinds in private credit.
Welcome to Proskauer’s Private Market Talks with Peter Antoszyk
The private market has exploded over the last 10 years. But how it works is less obvious. Come join host Peter Antoszyk in conversations with leading investors, asset managers and other capital allocators while we take a fresh look at what’s driving investors to pour billions of dollars into this alternative market. Together, we’ll hear their strategies and stories. And learn the secrets of their success.
