Private Capital: Intelligence for the Family Office Investor

Joe Reilly
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Conversations with investment and business thought leaders, founders, and experts geared toward the family office executive or family principal. Join host Joe Reilly as we learn from the best in the investment and business world. Great stories, analysis and insights you can use in a family office context.

  1. 5 GÜN ÖNCE

    Peter Kraus - Investing is a Creative Process

    Peter Kraus has occupied a front-row seat to the transformation of modern finance. His journey began not on a trading floor, but in the rigorous world of accounting at Peat Marwick, where he consulted on the bankruptcy of New York City and the historic breakup of AT&T. That foundation led him to a legendary 22-year run at Goldman Sachs, where he rose from a mortgage securities pioneer to Co-Head of GSAM and a key architect of the firm's strategy.  He then spent a decade rebuilding AllianceBernstein after they lost half their assets in 2008.  Along the way, he and his wife Jill have become two of the world's largest contemporary art collectors.  In this episode, he joins us to reflect on forty years of institutional history, the shift from agency-led to counterparty-led banking, how he went from hating to loving the art of Rudy Stingel, and why his latest venture, Aperture Investors, is the culmination of a lifelong search for the perfect alignment between manager and client.   Peter Kraus is the Chairman and CEO of Aperture. For over four decades, Peter has worked at major financial institutions, including Goldman Sachs, Merrill Lynch, and most recently at AllianceBernstein, where he served as Chairman and CEO, successfully leading the firm's turnaround after the crisis in 2008. Throughout his career, Peter has been a vocal proponent of pay-for-performance compensation models and the need for trust between active managers and their clients. After years of watching diminishing returns and increasing outflows, he concluded that a disruptive idea like performance-linked fees would only be successful in an entirely new firm, one built from scratch with client performance as its primary objective. As a result, in 2018, Peter partnered with Generali to launch Aperture Investors. Peter serves on the boards of multiple organizations, including Chairman of the Robert Rauschenberg Foundation, the co-founder of the Kraus Family Foundation, a non-profit that supports public art and emerging artists, and Chairman of Marstone LLC. Peter received his B.A. in economics from Trinity College and his M.B.A. from NYU's Stern School of Business.   Please enjoy my conversation with Peter Kraus.   Aperture Investors:  https://apertureinvestors.com/bio/peter-kraus   If you like these discussions, please subscribe or leave a review. NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening. Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast. FOLLOW JOE: https://twitter.com/joereillyjr WEBSITE: https://circulus.substack.com/ INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964 If you like this show, leave us a rating or review.  I appreciate it.   S5E7 ©2026 Joe Reilly

    1 sa. 10 dk.

  2. 14 NIS

    Sebastian Mallaby - The Infinity Machine

    Sebastian Mallaby, a British journalist, author, and senior fellow at the Council on Foreign Relations, is renowned for his expertise in international economics, finance, and in-depth biographies. He has been a two-time Pulitzer Prize finalist and has authored notable books such as "The Power Law: Venture Capital and the Making of the New Future," "More Money Than God: Hedge Funds and the Making of a New Elite," and biographies of Alan Greenspan and James Wolfensohn. Four years ago, I had the pleasure of interviewing Sebastian on the inaugural episode of the Private Capital podcast, where we discussed "The Power Law." I was particularly intrigued by his latest book, The Infinity Machine. In this book, Sebastian delves into the life of the chess prodigy, founder of DeepMind, and Nobel Prize winner, Demis Hassabis. He provides a comprehensive account of the history of artificial intelligence  leading up to the groundbreaking release of ChatGPT by DeepMind's competitor, OpenAI. Sebastian meticulously documents the significant battle between the tech giants that ensued. Sebastian's writing process is intense, and he possesses a remarkable talent for simplifying the complexities of various fields, including hedge funds, venture capital, the World Bank, the Federal Reserve, and now AI. The Infinity Machine stands out as one of the most insightful and thought-provoking books I've read on AI and its far-reaching implications, especially his conviction that OpenAI will probably go bust. Please enjoy my conversation with Sebastian Mallaby. Buy the book:  The Infinity Machine: Demis Hassabis, DeepMind, and the Quest for Superintelligence If you like these discussions, please subscribe or leave a review. NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening. Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast. FOLLOW JOE: https://twitter.com/joereillyjr WEBSITE: https://circulus.substack.com/ INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964 If you like this show, leave us a rating or review.  I appreciate it.   S5E6 ©2026 Joe Reilly

    47 dk.

  3. 14 MAR

    Michael Psaros - The Buy and Build Machine at KPS Capital Partners

    Private Capital: Intelligence for the Family Office Investor

    1 sa.

  4. 1 MAR

    Kate El-Hillow President and CIO of Russell Investments

    What happens when you apply neural networks to 40 years of proprietary investment data? At Russell Investments, Kate El-Hillow is finding out. By bringing AI into the heart of manager research, El-Hillow is moving beyond human intuition to pressure-test the world's best investors through 'million-trade' simulations. The Private Capital Podcast spoke to Kate about how AI is transforming the way Russell selects managers, filters the global information firehose, and modernizes operations at a legacy firm.  We also talk about the complexity of the OCIO business, filtering talent, Kate's litmus test for managers, and how last year's shifts in global policy will affect everyone's portfolios. Kate El-Hillow is President and Chief Investment Officer of Russell Investments, overseeing asset management, implementation, and research to deliver client investment solutions. Based in New York, she also serves on the firm's Executive Committee and chairs its Operating Committee. She joined Russell in 2021 and brings over 25 years of investment management experience, with deep expertise in OCIO and multi-asset portfolio management. Previously, she was Deputy CIO of Multi-Asset Solutions at Goldman Sachs Asset Management and held senior investment roles at J.P. Morgan Chase & Co. In 2024, she was named one of Pensions & Investments' Most Influential Women in Institutional Investing. Please enjoy my conversation with Kate El-Hillow If you like these discussions, please subscribe or leave a review. NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening. Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast. FOLLOW JOE: https://twitter.com/joereillyjr WEBSITE: https://circulus.substack.com/ INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964 If you like this show, leave us a rating or review.  I appreciate it.   S5E4 ©2026 Joe Reilly

    56 dk.

  5. 15 ŞUB

    Chris Heller - The Psychology of Niche Assets

    The term uncorrelated is used so often it tends to lose its meaning.  Today we are talking to someone who seeks out truly uncorrelated assets in niches you've never thought of.  How do you turn a barrel of bourbon into a predictable financial instrument? And why is women's soccer a more compelling bet than a minority stake in an NFL team? Investors often confuse unusual with risky.  According to today's guest, Chris Heller, psychological bias is exactly where the opportunity lies. As a Co-Founder of Cordillera Investment Partners, Chris specializes in exploiting the delta between perceived risk and actual risk. In this wide-ranging conversation, we dive into the heuristics of investing, the importance of creative hiring, why a background in the liberal arts might be the secret weapon for identifying the next great niche market, and why alligator farms are ultimately a niche too far.   Chris Heller is a Co-Founder and Co-Managing Partner of $1.8 billion Cordillera Investment Partners. He is responsible for directing Cordillera's overarching investment strategy alongside his co-founders. He also serves as a director of Cordillera portfolio companies. Prior to founding Cordillera, Chris was a Partner at Makena Capital Management where he served as the Portfolio Manager for the Makena Liquid Endowment Funds and was a senior member of the firm's Absolute Return investment team and Investment Committee. Prior to Makena, Chris worked at the Stanford Management Company in a variety of investment roles. He started his career at Merrill Lynch in debt capital markets and investment banking. Chris earned a BA in Economics from Vanderbilt University and an MBA from the Kellogg School of Management at Northwestern University. Please enjoy my conversation with Chris Heller. Cordillera website:  https://www.cordillera-ip.com/   If you like these discussions, please subscribe or leave a review. NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening. Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast. FOLLOW JOE: https://twitter.com/joereillyjr WEBSITE: https://circulus.substack.com/ INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964 If you like this show, leave us a rating or review.  I appreciate it.   S5E3 ©2026 Joe Reilly

    57 dk.

  6. 31 OCA

    François de Visscher - Fourth Generation Wisdom

    The Private Capital podcast spent a delightful afternoon with François de Visscher, a fourth-generation family member of the Belgian multinational firm Bekaert, which was founded in 1880. François has been a longtime and respected consultant and banker to family offices and family businesses, and it was a real pleasure to listen to his accumulated wisdom.  We spoke about what families get right and wrong about direct investing, where families have an edge over private equity funds, and how to compete for top talent against the Street.  Most interesting of all were the rules their family created for joining the family business. By requiring education and experience outside the business, family members often found their own successful careers outside the family business. François M. de Visscher is a Belgium-born advisor with more than 30 years of experience advising business-owning families across the United States, Canada, Europe, the Middle East, and Latin America. He advises family ownership groups, family offices, and family companies on liquidity, capital needs, intergenerational wealth transfers, governance, restructuring, and mergers and acquisitions. In 1990, he founded de Visscher & Co., a leading independent advisory firm for family and closely held companies that has advised more than 300 family enterprises worldwide. He previously founded Wall Street's first Family Business Group at Smith Barney and most recently co-founded FODIS LP and Family Capital Partners, and serves as a senior advisor and associate partner at Cambridge Advisors to Family Enterprise. François is a shareholder and former director of his own family's global enterprise, N.V. Bekaert S.A., headquartered in Belgium and founded by his great-grandfather in 1880. Today, the Bekaert Group generates approximately $5 billion in annual sales, operates in more than 120 countries, and is publicly traded while remaining controlled by the Bekaert family across five generations. Mr. de Visscher has served on the company's board of directors and as a member of the family council. François is Honorary Consul of Belgium in the United States. He holds a Bachelor of Economics (Honors) from Université Catholique de Louvain, and an MBA from Rutgers University. Please enjoy my conversation with François de Visscher. de Visscher Advisors:  https://www.devisscher.com/about-us FODIS LP: https://www.fodisllc.com If you like these discussions, please subscribe or leave a review. NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening. Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast. FOLLOW JOE: https://twitter.com/joereillyjr WEBSITE: https://circulus.substack.com/ INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964 If you like this show, leave us a rating or review.  I appreciate it.   S5E2 ©2026 Joe Reilly

    50 dk.

  7. 9 OCA

    André Perold - Beautifully Inefficient Markets

    We think of the markets as complex systems but today's guest André Perold, sees it as a fascinating puzzle of human behavior, asymmetric information, and 'beautiful inefficiencies.' André is a legendary figure in the world of finance.  He has worked with Harry Markowitz, Jack Treynor and Bill Sharpe and is a longtime Harvard Business School professor, a board member at Vanguard, and the co-founder of HighVista Strategies. André has spent his career deconstructing how markets work and where they break. In this episode, we discuss the illusion of liquidity, the dramatic rise and fall of internal management at the Harvard Endowment, and why the best investment theory is the one that either tells you exactly what to do or makes you rich by being wrong. We'll also find out the specific traits André looks for when trying to spot the next generation of investment talent André is a Co-Founder and Chief Investment Officer of HighVista Strategies and a Partner of the firm. He was previously the George Gund Professor of Finance and Banking at the Harvard Business School and served as the Chair of the Finance Faculty. André's research and teaching were in investment management and the capital markets, for which he won numerous awards. André is a Board Member of The Vanguard Group and RIT Capital Partners and has served on the board of Mass General Brigham. He received a bachelor's with honors from the University of Witwatersrand and an masters and PhD from Stanford University. Please enjoy my conversation with André Perold. HighVista Strategies:  https://www.highvistastrategies.com If you like these discussions, please subscribe or leave a review. NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening. Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast. FOLLOW JOE: https://twitter.com/joereillyjr WEBSITE: https://circulus.substack.com/ INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964 If you like this show, leave us a rating or review.  I appreciate it.   S5E1 ©2026 Joe Reilly

    30 dk.

  8. 07.12.2025

    Kathryn Leaf - CEO of Pantheon on the Rise of Secondaries

    Kathryn Leaf is the CEO of Pantheon, a $76 billion private equity firm that has been doing secondaries, among other things, for decades.  We had a deep discussion with her about the dramatic growth in the market.  Her perspectives on the current state of PE secondaries, as well as evergreen and continuation funds, were fascinating, and the market has a ways to go, she notes: "There has been about $600 billion of capital raised by secondary funds that's servicing a roughly $15 trillion private market asset class."  We also talk about doing infrastructure at scale, right sizing funds, finding talent, and the inefficiencies in the secondary market. Kathryn Leaf is the CEO of Pantheon, a global private markets investment firm with a forty-year history. As a member of the firm's Partnership Board and International Investment Committee, she oversees Pantheon's $76B platform, which includes private equity, private credit, infrastructure, and real assets. Kathryn joined Pantheon in 2008, where she co-led investments and later became Global Head of Real Assets. In 2012, she established Pantheon's infrastructure platform, now one of the world's largest. Kathryn has driven the expansion of the firm's private wealth platform, including the AMG Pantheon Fund and the AMG Pantheon Private Credit Solutions Fund. With over 25 years in private markets, Kathryn previously worked at GIC, the Singapore sovereign wealth fund, Centre Partners, and Morgan Stanley. She holds a degree in Modern Languages from Oxford University. Pantheon site:  https://www.pantheon.com If you like these discussions, please subscribe or leave a review. NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening. Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast. FOLLOW JOE: https://twitter.com/joereillyjr WEBSITE: https://circulus.substack.com/ INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964 If you like this show, leave us a rating or review.  I appreciate it.   S4E16 ©2025 Joe Reilly

    51 dk.
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Conversations with investment and business thought leaders, founders, and experts geared toward the family office executive or family principal. Join host Joe Reilly as we learn from the best in the investment and business world. Great stories, analysis and insights you can use in a family office context.

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