Ask Carlo™ | Private Equity, Simplified

Carlo Schneider
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How do investors turn millions into billions? Every Tuesday, one real deal - the strategies, the industries, the outcomes. From leveraged buyouts to venture capital. Manufacturing to fashion. Infrastructure to classic cars. Thirty years inside European private markets, now shared through storytelling.

  1. Episode 14: The Long Road to a Unicorn

    6D AGO

    Episode 14: The Long Road to a Unicorn

    In December 2008, in a small Vilnius flat, a Lithuanian woman called Milda Mitkute had too many clothes. Her friend, a software engineer called Justas Janauskas, built her a website in two weeks. They called it Vinted. Sixteen years later, in October 2024, the American private equity firm TPG led a 340 million euro secondary transaction that valued the company at 5 billion euros. 100 million users across more than 22 European markets. Revenue of 813 million euros in 2024. This episode uses Vinted's full arc, round by round, to teach how venture capital actually works. Seven funding rounds. Seventeen investors. One Dutch turnaround CEO. One wardrobe too big for a Vilnius flat. Inside this episode Block 1: A Vilnius flat, a wardrobe, and a 5 billion euro valuation Block 2: From Berlin rescue to Vilnius creation Block 3: The 16-year arc: Accel, Insight, Burda, Lightspeed, EQT, TPG Block 4: Dilution, explained with a Burgundy vineyard Block 5: Henrik in Copenhagen asks: what is left for the founders Block 6: The Numbers: take rate, with Vinted GMV vs revenue Disclaimer This content is educational only. Not investment advice. Where to find Ask Carlo Subscribe on YouTube, Spotify, Apple Podcasts, and Amazon Music. Substack: askcarlo.substack.com. Stay Sharp. #venturecapital #vinted #privateequity #europeantech #askcarlo

    14 min
  2. Episode 13: How a Thai Family Bought KaDeWe From a 27-Billion-Euro Collapse

    MAY 3

    Episode 13: How a Thai Family Bought KaDeWe From a 27-Billion-Euro Collapse

    In November 2023, the Austrian property and retail empire Signa Holding, built by the entrepreneur Rene Benko, filed for the largest bankruptcy in Austrian history. Peak gross asset value: roughly 27 billion euros. Among the trophies that fell was KaDeWe in Berlin, founded in 1907 and the second largest department store in Europe after Harrods. In 2024, Central Group, the Thai conglomerate owned by the Chirathivat family, bought the KaDeWe building from the insolvent Signa estate for roughly 1 billion euros and took full control of the operating business. This episode opens Module 2 of the series with a deep dive into distressed investing: the strategy that buys famous assets out of serious trouble, at a sharp discount, and rebuilds the value over time. We also walk through the parallel rescues of Galeria Karstadt Kaufhof, Germany's largest department store chain, by NRDC Equity Partners and BB Kapital, and of Selfridges in London, by Saudi Arabia's Public Investment Fund alongside Central Group. ---------------------------------------------- Inside this episode Block 1: The fall of Signa, in numbers Block 2: Module 2 begins, deeper dives into the strategies Block 3: How KaDeWe ended up in Thai hands Block 4: Distressed investing, explained with a Tuscan villa Block 5: Marie in Lyon asks: when a giant collapses, who actually wins Block 6: The Numbers: the recovery rate, with Signa at 30% ---------------------------------------------- Disclaimer This content is educational only. Not investment advice. ---------------------------------------------- Where to find Ask Carlo Subscribe to Ask Carlo on YouTube, Spotify, Apple Podcasts, and Amazon Music. Substack: askcarlo.substack.com.

    15 min
  3. Episode #12: How Blackstone Doubled Versace in 4 Years

    APR 19

    Episode #12: How Blackstone Doubled Versace in 4 Years

    On 15 July 1997, Gianni Versace was shot on the steps of his Miami Beach mansion. His sister Donatella held the house together for 17 years. Then Blackstone walked in with 210 million euros for 20%, and in 4 years the Medusa doubled in value. In the final episode of Module 1, I break down the five levers of private equity value creation, told through the most dramatic fashion house in history. In this episode: • How Versace went from 1 billion to 1.83 billion in enterprise value • The five value creation levers: retail, revenue, digital, management, exit • Why Blackstone installed a new CEO from Alexander McQueen • Jargon Buster: what ‘value creation’ actually means in PE • Ask Carlo: why not every PE deal succeeds • The Numbers: how to read a value creation bridge  ________________________________________________ No investment advice. Educational only. Subscribe and share. Every Tuesday, one real deal, one clear lesson. ________________________________________________ TIMESTAMPS 00:00 Hook: The murder of Gianni Versace 01:30 Intro: Module 1 finale 02:30 Disclaimer 03:00 Act One: The house after Gianni 05:30 Act Two: The five levers of value creation 10:00 Act Three: The Medusa sold 12:30 Jargon Buster: Value creation 14:00 Ask Carlo: Luisa in Zurich 15:30 The Numbers: Value creation bridge 17:00 Closing: Module 1 complete 18:00 Module 2 preview ________________________________________________

    18 min
  4. Episode #11: How a Los Angeles Fund Took Inter Milan on a Loan Agreement.

    APR 13

    Episode #11: How a Los Angeles Fund Took Inter Milan on a Loan Agreement.

    22 April 2024. Inter Milan win the Derby della Madonnina and seal their 20th scudetto. 75.000 people in tears at San Siro. Exactly 1 month later, in a quiet Luxembourg office, a Los Angeles private credit fund called Oaktree Capital triggers a covenant default and takes control of the club. Steven Zhang is out. A 116-year-old Italian institution changes hands on a loan agreement, not on a match. In Episode 11 of Ask Carlo, we trace the Inter story from the 2021 pledge to the 2024 takeover, and we ask the question that follows naturally from it: if this is how the private markets work, could ordinary Europeans ever sit at that table? The answer is yes, quietly, and since January 2024. We cover: how Suning borrowed 275 million euros from Oaktree against Inter’s shares, why private credit lends where banks refuse, how ELTIF 2.0 opened European private markets to retail investors, why private equity funds lose money before they make money (the J-curve), and the 3 tests every investor should pass before going near a retail PE fund. _______________________________________________________________ TIMESTAMPS 0:00 Hook: Two ceremonies, 1 month apart 1:00 The scudetto and the silent handover 1:30 Introduction: Ask Carlo, Private Equity, Simplified 2:05 Disclaimer 2:15 Act One: The Pledge, May 2021 3:00 Why private credit lends where banks refuse 3:45 Oaktree, Howard Marks, and the 275 million euros loan 4:30 Act Two: Spring 2024, Inter on the march 5:15 Derby della Madonnina, 22 April 2024 6:00 The Luxembourg accountant counts days 6:45 The refinancing scramble 7:30 20 May deadline, 22 May handover 8:00 Act Three: The wall, and the door 8:45 40 years of minimum tickets 9:30 14% vs 8-9%, the 2-speed world 10:15 ELTIF 2.0 arrives, January 2024 11:00 Every major European house launches retail 11:30 Jargon Buster: The J-Curve 12:30 A football season as a small J-curve 13:30 Ask Carlo: Marco in Rome, 20.000 euros 14:00 The three-test framework 15:15 The Numbers: lock-up and illiquidity premium 15:45 The Oaktree spread: 12% vs 3-4% 16:45 Closing: The fans could not save Inter 17:20 Next week tease: EP012 Versace 17:40 Disclaimer and sign-off __________________________________________________________________ LINKS & RESOURCES https://www.tiktok.com/@ask.carlo https://linktr.ee/askcarlo Instagram: @travel.renaissance.man __________________________________________________________________ DISCLAIMER This content is educational only. Not investment advice. Carlo Schneider is not recommending any fund or product. Always consult qualified professionals before making investment decisions.

    17 min
  5. Episode #10 : Founded 1774. Valued at €8 Billion. How PE Turned the World's Ugliest Sandal into Luxury | Ask Carlo™

    APR 6

    Episode #10 : Founded 1774. Valued at €8 Billion. How PE Turned the World's Ugliest Sandal into Luxury | Ask Carlo™

    Ask Carlo™ | Private Equity, Simplified

    17 min
  6. Episode #9: Banks Said No. €2.8 Billion Said Yes. The Secret Money Behind Aman Resorts

    MAR 29

    Episode #9: Banks Said No. €2.8 Billion Said Yes. The Secret Money Behind Aman Resorts

    Aman Resorts charges €3,450 per night. 36 properties. 20 countries. 87% occupancy. But banks refused to finance it. The rooms were too few, the locations too remote, the value too intangible. So how was a €2.8 billion luxury empire built without traditional bank lending? In Episode 9, we explore private credit: the €2.8 trillion market that finances what banks cannot. Through the story of the world’s most exclusive hotel brand, we decode how direct lending works, what covenants mean, and why private credit has become one of the fastest-growing sectors in alternative finance. --- LINKS & RESOURCES 📰 Newsletter: askcarlo.substack.com 📱 Instagram: @travel.renaissance.man 📱 TikTok: @ask.carlo 🔗 LinkedIn: Carlo Schneider --- RELATED EPISODES Ep. 1: Moncler Ep. 2: Formula 1 / LBO Ep. 3: Spotify / Venture Capital Ep. 4: Milan Convent / Real Estate PE Ep. 6: Revolut / Growth Equity Ep. 7: Jimmy Choo / Secondary Buyouts Ep. 8: Channel Tunnel / Infrastructure --- DISCLAIMER This content is educational only. Not investment advice. Always consult qualified professionals before making investment decisions.  --- #PrivateEquity #AskCarlo #Finance #PrivateCredit #AmanResorts #LuxuryHotels #DirectLending #Investing #EuropeanFinance #AlternativeFinance

    15 min
  7. Episode #8: From €5.5B Budget to Financial Disaster to €10B Success: The Channel Tunnel

    MAR 23

    Episode #8: From €5.5B Budget to Financial Disaster to €10B Success: The Channel Tunnel

    The Channel Tunnel cost twice its budget, nearly bankrupted 700,000 investors, and collapsed under €9 billion in debt. Today, the company that owns it is worth over €10 billion. This is the story of infrastructure investing: where patience, not optimism, creates value. In Episode 8 of Ask Carlo, we go beneath the English Channel to explore one of the most dramatic financial stories in European history. How an engineering marvel became a financial catastrophe, and how patient capital eventually turned it into a €10 billion infrastructure champion. We cover: what infrastructure investing actually means, why it attracts a different kind of investor, what a concession is, and why the Channel Tunnel’s story carries lessons for anyone interested in long-term capital. ---- TIMESTAMPS 0:00 — The Hook: Engineering marvel, financial disaster 0:20 — The scale of the Channel Tunnel 0:45 — Budget doubled, company collapsed 1:15 — Introduction: Ask Carlo, Private Equity, Simplified 1:35 — From Jimmy Choo to infrastructure 1:55 — Disclaimer 2:15 — The Setup: Napoleon’s dream, Thatcher’s condition 2:45 — The Treaty of Canterbury: 100% private financing 3:15 — Groupe Eurotunnel: 700,000 shareholders 3:45 — The financing structure: €1.2B equity + €6B debt 4:15 — TransManche Link begins construction 4:45 — The problems begin immediately 5:30 — The house renovation analogy 6:00 — Cost overrun: €5.5B to €11B 6:30 — The ferry price war 7:00 — 1995: €1.1 billion loss, debt payments suspended 7:30 — Why the tunnel could not go away 8:00 — 1997 restructuring: concession extended to 2086 8:30 — 2006: bankruptcy protection 9:00 — 2007: the decisive restructuring (€4B written off) 9:30 — Original shareholders diluted 40:1 10:00 — First profit: €1 million in 2007 11:00 — Getlink today: €10B+, €859M EBITDA 11:30 — ElecLink: electricity through a train tunnel 12:00 — The pattern: Vinci, Macquarie, infrastructure investing 12:30 — The honest truth for original investors 13:15 — Jargon Buster: What is a concession? 13:45 — The Burgundy vineyard analogy 14:30 — Ask Carlo: Why accept lower infrastructure returns? 15:00 — Predictability vs spectacular returns 15:45 — The Numbers: EV/EBITDA explained 16:15 — Getlink at 11.6x EBITDA 16:45 — Infrastructure vs luxury vs tech multiples 17:00 — Key insight: patience, not optimism 17:15 — Next week: Aman Resorts and private credit 17:30 — Disclaimer and sign-off ----- LINKS & RESOURCES 📱 Instagram: @travel.renaissance.man 📱 TikTok: @ask.carlo 🔗 LinkedIn: Carlo Schneider ----- RELATED EPISODES Ep. 1: Moncler — How PE Transforms Brands Ep. 2: Formula 1 — Leveraged Buyouts Explained Ep. 3: Spotify — Venture Capital and Patient Bets Ep. 4: Milan Convent — Real Estate Private Equity Ep. 5: Shanu Sherwani — The Conversation Ep. 6: Revolut — Growth Equity at Scale Ep. 7: Jimmy Choo — Secondary Buyouts ----- ABOUT ASK CARLO™ Hosted by Carlo Schneider - C-level executive, serial entrepreneur, and independent director with 30+ years in European private markets. Co-managing €15B+ AuM across regulated and non-regulated structures. Author of the "Voyageur d'Élégance" travel guide series. Ask Carlo makes private equity accessible: real European deals, told as stories, for people who aren't finance professionals. New episodes every Tuesday. © 2026 Ask Carlo™. All rights reserved. ----- DISCLAIMER This content is educational only. Not investment advice. Carlo Schneider is not recommending you buy anything. He is showing you how professional investors think. Always consult qualified professionals before making investment decisions. ----- HASHTAGS #PrivateEquity #AskCarlo #Finance #Infrastructure #ChannelTunnel #Eurotunnel #Getlink #Investing #EuropeanFinance #InfrastructureInvesting #Concession #PrivateEquityExplained #BusinessStories #EuropeanBusiness

    16 min

  8. MAR 15

    Episode #7: Secondary Buyouts – From £18M to $1.35B in 16 Years: THE JIMMY CHOO STORY

    Venice Film Festival. Red carpet. A woman in a crimson gown catches the light — and so do her shoes. Jimmy Choo. The brand that turned footwear into art. But here’s the remarkable bit: it began in a small East London workshop in 1996, valued at just £18 million. Over the next 16 years, four private equity firms would each buy it, transform it, and sell it on — every time at a higher price. The final exit: $1.35 billion. A 75-fold increase. In this episode, you’ll discover: How Phoenix Equity Partners spotted an £18M brand hiding inside a couture workshop — and what they did to make it scalable The “relay race” of ownership: why Jimmy Choo changed hands four times in 16 years, and why each buyer paid more Lion Capital’s playbook: leverage, Asian expansion, and turning a shoe brand into a full luxury lifestyle house How TowerBrook survived the 2008 financial crisis, doubled the store count from 60 to 120, and still delivered a 2.8x return Why Labelux (JAB Holding) paid £525.5M, took Jimmy Choo public on the London Stock Exchange, and then sold to Capri Holdings for $1.35 billion Entry and exit multiples explained: how Lion Capital doubled their money even as the valuation multiple compressed The house renovation analogy: understanding secondary buyouts in 60 seconds What Tamara Mellon’s criticism tells us about the tension between brand purity and PE-driven growth This is Ask Carlo™ | Private Equity, Simplified. Real deals. Real strategies. Real billions. No jargon, just compelling stories from 30 years inside European private markets. ————————————————————————— TIMESTAMPS: 0:00 – Cold Open: The Red Carpet and the £18 Million Brand [TIME] – Introduction & Disclaimer [TIME] – Act One: The Setup – East London Workshop to Sex and the City Sensation [TIME] – Act Two: The Relay Race – Phoenix, Lion Capital, TowerBrook & Labelux [TIME] – Act Three: The Outcome – $1.35 Billion and the Pattern of Luxury PE [TIME] – Jargon Buster: What Is a Secondary Buyout? (The House Analogy) [TIME] – Ask Carlo: Isabella from Milan – Who Actually Loses in the Relay? [TIME] – The Numbers: Entry vs Exit Multiples Explained ————————————————————————— LINKS: TikTok: @ask.carlo Instagram: @travel.renaissance.man #AskCarlo #PrivateEquity #SecondaryBuyout #JimmyChoo #LuxuryBusiness #EuropeanFinance #Investing #LBO #Buyouts ————————————————————————— NEXT WEEK: The Channel Tunnel — the most ambitious infrastructure project in European history. A £4.6 billion estimate that ballooned to £9 billion. A financial disaster that nearly bankrupted everyone involved. And how patient infrastructure capital eventually turned it into an €8 billion success. That’s infrastructure investing. ————————————————————————— ABOUT ASK CARLO™ Hosted by Carlo Schneider – C-level executive, serial entrepreneur, and independent director with 30+ years in European private markets. Co-managing €15B+ AuM across regulated and non-regulated structures. Author of the “Voyageur d’Élégance” travel guide series. Ask Carlo makes private equity accessible: real European deals, told as stories, for people who aren’t finance professionals. New episodes every Tuesday. © 2026 Ask Carlo™. All rights reserved.

    16 min
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How do investors turn millions into billions? Every Tuesday, one real deal - the strategies, the industries, the outcomes. From leveraged buyouts to venture capital. Manufacturing to fashion. Infrastructure to classic cars. Thirty years inside European private markets, now shared through storytelling.

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  • Creator
    Carlo Schneider
  • Years Active
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  • Episodes
    14
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    Carlo Schneider