Fund Shack Private Equity Podcast

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Fund Shack Private Equity Podcast

Private equity, venture capital and alternative investments - long-form podcasts with industry leaders Dive into in-depth conversations with industry leaders and gain exclusive insights into the world of private capital. 🎙️Fund Shack is dedicated to providing thought-provoking, authentic discussions with the most respected private capital managers, asset managers, professional advisers, & thought leaders. Our long-form interviews are unscripted, ensuring genuine & enriching conversations. Hosted by Ross Butler, 25 years in the private capital industry.

  1. Private Equity Emerging Managers: What it takes to make it

    JUN 18

    Private Equity Emerging Managers: What it takes to make it

    🎧 Episode #74: Emerging Managers: What It Takes to Make It Guests: Kim Pochon (Unigestion) & Joe Briggs (BCF ) Series Launch: Fund Shack's Emerging Manager Series In this launch episode of Fund Shack’s Emerging Manager Series, Ross Butler speaks with Kim Pochon, Global Head of Primary Investments at Unigestion, and Joe Briggs, Founder of BCF, to explore what it really takes to build a successful first-time private equity fund. With LP appetite growing for new franchises, this episode unpacks the strategic, structural, and psychological factors that separate enduring platforms from short-lived experiments. 🧱 Why “Emerging” Doesn’t Mean InexperiencedMost “emerging managers” are seasoned investors; what’s new is their journey into firm-building. While GPs may dislike the label, it matters deeply to LPs allocating to this segment. 💡 Early Access = Long-Term AdvantageBacking a first-time fund is about more than returns, it’s about gaining long-term partners. Kim Pochon shares how Unigestion’s early bets have evolved into deep collaborations across continuation vehicles, co-investments, and secondaries. 🛠️ The Rise of Independent Sponsors and Hybrid FundsJoe Briggs outlines how deal-by-deal models, mini-funds, and short-duration strategies are allowing first-time managers to build track records and LP trust, without raising blind pool capital on Day 1. 👥 Team Dynamics: The Critical Risk FactorStrategy is important, but people matter more. LPs scrutinise equity splits, decision-making processes, and team chemistry. Execution risk is often people risk. 🔥 Why Founders Spin Out, and What Sets Them ApartFrom high-paid roles to high-risk launches, Joe and Kim explore what drives professionals to strike out on their own, and why the best emerging managers have a clear purpose and strong conviction. 📈 “Know Why You Deserve to Exist”As Briggs puts it, emerging GPs must clearly articulate why their platform should exist, what differentiates it, and how it delivers value to LPs from Day 1. 🔗 Fund Shack is an independent podcast serving the global private capital industry. ✅ Share this episode with your network, it's the most valuable way to help us grow🎧 Subscribe on Spotify, Apple Podcasts, YouTube or your preferred platform📄 Prefer to consume your podcast as a newsletter summary? 👉 fund-shack.substack.com 🌐 Visit: www.fund-shack.com 📧 Got a guest idea? Want to sponsor an episode? Email: katie@linearb.media Fund Shack is produced by Linear B Group Tags emerging managers, first-time funds, private equity, GP spinout, fundless sponsor, Unigestion, BCF, private equity podcast, Fund Shack, Ross Butler, LP allocations, fundraising, private markets, private capital, institutional investors, evergreen funds, independent sponsor model, PE fund structure, LP/GP alignment, continuation vehicles

    42 min
  2. Goldman Sachs & The Expanding Role of Private Markets in Wealth Portfolios

    JUN 13

    Goldman Sachs & The Expanding Role of Private Markets in Wealth Portfolios

    🎧 Episode #73: The Expanding Role of Private Markets in Wealth Portfolios Guest: Kyle D. Kniffen, Goldman Sachs Asset Management In this Fund Shack episode, recorded live at SuperReturn in Berlin, Ross Butler speaks with Kyle D. Kniffen, Managing Director and Global Head of Alternatives for Third Party Wealth at Goldman Sachs Asset Management. With over $500 billion in alternative assets under management, Goldman Sachs is at the forefront of delivering institutional-grade private markets strategies to the private wealth segment. Kniffen outlines how the shift from public to private markets is reshaping modern portfolios, and how Goldman Sachs is using open-architecture, multi-asset solutions to unlock access for high-net-worth investors. The number of public companies has declined. Innovation now happens in private markets. For wealth managers, private equity, private credit, and real assets are becoming core exposures, not niche allocations. Goldman Sachs is responding with evergreen structures, simplified tax reporting, and lower minimums, but also stresses the need for investor education and clarity around liquidity expectations. Institutions typically allocate 20–30% to alternatives; individual investors? Just 5%. Goldman Sachs is investing heavily in curriculum-style education for wealth advisers and clients, covering everything from "what are alternatives?" to live updates on market trends. Delivery channels include: Custom sessions Specialist teams Ongoing reporting Kniffen discusses the trade-offs between drawdown funds and evergreen formats, especially in private credit. Evergreen vehicles offer:✔️ Simpler onboarding✔️ Optional liquidity✔️ Operational ease But also require:- Strong duration management- Secondary market integration- Disciplined product structuring Goldman applies the same innovative lens to private equity, infrastructure, and real asset, blending directs and secondaries to reduce duration risk while preserving alpha. Diversification is key, but so is alignment. Goldman invests its own balance sheet and employee capital alongside clients. Transparency, robust reporting, and post-sale service are core to the client experience. For most wealth clients, alternatives remain a new frontier. This creates enormous opportunity for firms that combine performance with education, care, and long-term partnership. Goldman Sachs is positioning itself as a trusted guide for wealth managers navigating this complexity. Thank you to our episode partner, Edelman Smithfield, a specialist PR and communications consultancy for the financial markets. Their expertise in private capital spans fundraising, strategic positioning, portfolio communications, and reputation management. 🔗 Learn more: edelmansmithfield.com 📤 Share this episode with your network, Follow & Subscribe it's the most valuable way to support our growth. www.fund-shack.com 🕰️No time for the full episode: Read a summary on Substack which contains links to the best clips and quotes. https://substack.com/@privateequityfundshack 📧 Sponsor or guest idea? Email katie@linearb.media Fund Shack is an independent media platform delivering deep-dive insights into private capital and produced by Linear B Group.

    26 min
  3. Bitcoin: The Alternative You Can No Longer Ignore

    APR 23

    Bitcoin: The Alternative You Can No Longer Ignore

    Episode #72: Bitcoin - The Alternative You Can No Longer Ignore Guest: Matthew Hougan, Chief Investment Officer, Bitwise Asset Management Bitcoin has evolved from a retail phenomenon to a macro asset that institutions can no longer afford to ignore. In this episode of Fund Shack, Ross Butler speaks with Matthew Hougan, CIO at Bitwise Asset Management, the firm behind the first crypto index fund and over $10B in assets. A pioneer of ETFs and now a leader in crypto investing, Matthew explains why Bitcoin is becoming a core component of modern portfolios, how it compares to gold, and why it's poised to reshape global finance. 💼 From Retail to Institutional Adoption Bitcoin is no longer fringe. U.S. Bitcoin ETFs now manage $37B+, with institutional capital driving a third of inflows. Bitwise’s AUM has grown 10x in 18 months. 📈 Portfolio Construction: Bitcoin as an Alternative Asset Allocators are rethinking Bitcoin’s place, not tech, not equity, but an alternative. With low correlation, high returns, and now ETF access, 1–2% allocations are improving portfolio Sharpe ratios. ⚖️ Bitcoin vs. Gold... and Beyond Think of Bitcoin as programmable, portable, real-time gold. Its market cap is under $2T vs. gold’s $21T, highlighting significant upside for long-term believers in the “digital gold” thesis. 🌐 Bitcoin as Neutral Global Collateral In a fragmenting geopolitical world, Bitcoin may serve as a non-political, global settlement asset, used across borders, free from government control. 🧠 Finance on the Blockchain From instant loans to on-chain collateral, crypto markets offer faster, transparent alternatives to traditional finance. Hougan sees DeFi merging with TradFi, not replacing it, but upgrading it. 🗣 Advice for Financial Professionals Matthew’s call to action: experiment, learn, and get ahead. Just as ETFs reshaped investing, Bitcoin could reshape finance. Start small. Learn fast. Stay relevant. -------------------------------------------- 📩  Matthew Hougan, CIO of Bitwise Asset Management Website: www.bitwiseinvestments.com Twitter: @Matt_Hougan Telegram: @pemetic Linkedin: https://www.linkedin.com/in/matthew-hougan/ 📢 Subscribe for More Fund Shack Episodes and tap into the minds shaping private markets. 🔗 LinkedIn : https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7159157815326949376  📺 YouTube: https://www.youtube.com/@PrivateEquityPodcastFundShack?sub_confirmation=1  📞 Contact:  Fund Shack is a private equity podcast and digital media channel for alternative investment professionals  📧 katie@linearb.media Chapters 00:00 – Intro to Matt Hougan, Fund Shack & Bitcoin relevance 01:00 – Why Bitcoin is the ultimate alternative asset 02:00 – Institutions entering Bitcoin: Demand and momentum 03:43 – Institutional case for Bitcoin: High returns, low correlations 06:03 – The blockchain as digital property infrastructure 07:00 – Bitcoin as finance’s inevitable disruption 09:00 – Bitcoin vs banks: Infrastructure comparison 11:04 – Bitcoin’s challenge to traditional valuation logic 12:03 – How institutions are categorising Bitcoin 13:17 – Why Bitcoin has value: Digital service logic 14:21 – Bitcoin’s fair value and addressable market 15:25 – Bitcoin as global settlement currency 17:03 – State actors adopting Bitcoin 18:09 – Bitcoin's correlation to other assets 19:30 – Why institutions find Bitcoin compelling 20:12 – Institutional access: How Bitwise ETFs work 22:17 – ETF security, cold storage & custody 24:00 – ETF mechanism under stress: Arbitrage & NAV 26:03 – Future of Bitcoin and financialisation 27:56 – Lending, collateral, and credit in a Bitcoin world 29:34 – Bitcoin’s influence on dollar policy 31:06 – How Bitcoin changes capital markets 33:15 – Programmable money: A new finance model 34:52 – Advice for traditional finance professionals 35:59 – Deflationary risk: Lending in a bitcoinised system 37:05 – Real value vs rent-seeking in future finance 38:25 – Advice for young finance professionals

    40 min
  4. The complexities of introducing private equity to HNWs

    APR 8

    The complexities of introducing private equity to HNWs

    Episode #71: The Realities of Private Wealth in Private Markets Guest: Cyril Demaria-Bengochea, Julius Bär What happens when private equity pivots from institutional capital to private wealth? In this episode, Ross Butler speaks with Cyril Demaria-Bengochea, Head of Private Market Strategy at Julius Bär & one of the most respected thinkers in private markets. Cyril blends academic rigour with industry expertise, drawing on his work with Invest Europe, ILPA, & the European Commission. Together, they explore the complex realities of opening private markets to individual investors, & why true democratisation may still be a long way off. 🏢 From Institutions to Individuals As institutional funding slows, fund managers are turning to private wealth, but it's not a simple swap. Cyril unpacks why $5M+ investors still struggle to access private equity meaningfully, & how portfolio construction must adapt to this fragmented investor base. 📊 Evergreen Funds & the Democratisation Myth Despite the buzz, evergreen vehicles still represent just 1–2% of AUM. Cyril explains why they are a tool, not a solution, & why true democratisation needs a more nuanced strategy. ⏳ Private Markets Are Three-Dimensional Long holding periods, illiquidity, & delayed returns create a "time complexity" most investors (& advisers) underestimate. Cyril emphasises that private markets require patience, planning, & portfolio redesign. 🔧 Fund Structures: Not One-Size-Fits-All Closed-end funds remain dominant, but evergreen & semi-liquid structures are gaining traction. Cyril foresees a future where fund structures are matched to investor objectives, not trends. 📉 Fundraising, Dealmaking & Dry Powder While fundraising has slowed, especially in VC, buyout strategies remain active, with managers deploying capital via smaller, lower-leverage deals focused on operational value. Dry powder is declining—suggesting a more disciplined cycle ahead. 💬 Rethinking Communication in Private Markets Cyril argues that better education & transparency are essential if private wealth is to participate meaningfully. The industry must do more to share value & demystify risk. 📢 Subscribe for More Fund Shack Episodes! Tap into the minds shaping private markets. 🔗 LinkedIn 🎧 Spotify 🍎 Apple Podcasts 📺 YouTube 🎶 Amazon Music 📞 Contact: Fund Shack is a private equity podcast & digital media channel for alternative investment professionals, produced by Linear B Group. 📧 katie@linearb.media #PrivateEquity #PrivateWealth #PrivateMarkets #EvergreenFunds #FundStructures #JuliusBaer #CyrilDemaria #FundShack #HighNetWorth #FinancialEducation #AlternativeInvestments #PrivateCapital #JuliusBär Chapters00:00 Intro 00:06 At Julius Baer, Cyril’s background & credentials00:50 The rise of private wealth & democratisation01:53 Why private wealth is hard to access03:09 How much capital is actually coming from private clients05:03 Capital limitations & structuring challenges06:15 Is the demand real or manufactured08:27 The “third dimension” of private markets: time10:09 Why traditional tools don't fit private markets11:10 Fund structures: evergreen vs closed-end13:16 Complementarity of structures & the evolving toolbox14:03 What allocation size makes private markets worthwhile16:10 Going beyond 15–20% in private portfolios17:20 Why democratisation is complex and multi-dimensional18:00 Dispersion of returns & the role of fund structures20:54 Shakespeare & the early roots of private markets21:01 Market conditions as of Q1 202524:43 The effect of tighter leverage & lower risk27:01 How much of PE returns are driven by leverage29:01 Advice for young professionals entering private markets30:54 Why staying close to the industry matters32:35 The need for broader skillsets in private equity34:46 Why the human factor still dominates deals35:06 Can private markets be made ‘cool’36:43 How sharing value could shift perceptions39:11 Communication & transparency

    40 min
  5. American corporate finance & the wealth of nations, with Donald H Chew

    MAR 18

    American corporate finance & the wealth of nations, with Donald H Chew

    Donald H. Chew, Jr., founding editor of the Journal of Applied Corporate Finance, joins Ross Butler on Fund Shack to discuss the evolution of corporate finance and its impact on national wealth. Based on his latest book, The Making of Modern Corporate Finance, Chew explores the shareholder revolution, Japan’s stagnation, China’s middle-income trap, and private equity’s role in reshaping global markets. A masterclass in corporate & financial governance, offering insights into how corporate finance fuels economic prosperity. 📉 The Shareholder Revolution & the 1980s Breakup of Conglomerates 🦬 Corporate America in the 1970s suffered from inefficiency, with large conglomerates prioritizing stability over investor returns. The 1980s shareholder revolution broke up these inefficient structures, restoring a focus on productivity and capital efficiency, in contrast to Japan’s stagnation. 🎌 Japan’s Corporate Governance Failure: For three decades, Japan’s economy has stagnated as corporate structures resist shareholder influence and fail to optimize capital allocation. The lack of investor control has slowed productivity and exacerbated demographic challenges, leading to economic decline. 🐉 China’s Middle-Income Trap & Market Manipulation: Chew argues that China’s financial system mimics American capitalism in appearance but lacks key investor protections. State-controlled enterprises dominate capital allocation, IPO markets are manipulated, and foreign investors face barriers, all of which prevent sustained long-term economic growth. 🏢 Private Equity as a Force for Good: Despite criticism, private equity and activist investors drive corporate efficiency by restructuring underperforming companies. By enforcing financial discipline, improving governance, and maximizing efficiency, PE has been a key driver of economic growth. 🌍 The Global Financial Crisis: A Political Incentive Problem: Rather than a failure of capitalism, the 2008 crisis was driven by government policies encouraging subprime lending. Political incentives distorted the housing market, leading to systemic financial risk that was amplified by European banks. 📈 The Future of Corporate Finance & National Prosperity: Chew emphasizes that corporate finance is the foundation of national wealth creation. The U.S. stock market serves as a leading indicator of economic productivity, outperforming global peers due to a dynamic, investor-driven corporate culture. ♻️ ESG: Enhancing Value or Distorting Priorities? The debate over ESG investing centers on whether it aligns with shareholder value or imposes politically driven constraints. Chew contrasts Milton Friedman’s shareholder primacy with Michael Jensen’s concept of enlightened shareholder value maximization, arguing that long-term profitability must remain central to corporate decision-making. 🔗 SUBSTACK https://privateequitypodcastfundshack.substack.com/ 👉 LinkedIn https://www.linkedin.com/company/fund-shack/ 📧 Katie Mitchell: katie@linearb.media CHAPTERS 00:00 Introduction to Donald H. Chew, Jr. 01:12 Transformation of American corporate finance 02:39 How investors reshaped corporate governance 04:39 Japan problem: Why investor control matters 07:09 Volkswagen vs. GM: Corporate governance case study 09:56 Japan’s ‘30-year slumber’ and the role of shareholder activism 12:29 China’s middle-income trap 14:56 The illusion of Chinese economic success 21:04 The real cause of the Global Financial Crisis 27:02 The dangers of bad financial metrics 32:00 The rise and fall of EVA 39:05 The overlooked role of PE in shaping corporate governance 45:02 Michael Milken and the rise of private credit 52:05 Best indicator of real productivity 55:00 New key metric for company success 1:00:02 Why Milton Friedman was right about profit 1:05:00 Is America heading for recession?

    1h 6m

  6. JAN 7

    Transformative financial services investment, with Corsair Capital's Raja Hadji-Touma

    Raja Hadji-Touma, Partner at Corsair Capital and Head of European Buyouts, discusses Corsair's focus on asset-light businesses in financial services, technology, and business services. He explains Corsair's thematic approach to identifying trends and opportunities, emphasizing hands-on value creation, digitization, and scaling businesses through operational and strategic improvements. Insights Specialization and Evolution Corsair Capital, originally part of JP Morgan, began as a solution to recapitalize troubled financial institutions after the U.S. Savings and Loan crisis. Over time, the firm shifted focus from capital-intensive businesses to asset-light services and technology within the financial services ecosystem. This evolution allows Corsair to focus on operational efficiency and scalable growth, targeting sectors like insurance distribution, fund administration, and B2B payments. Value Creation and Hands-On Approach Corsair prioritizes active value creation by establishing clear 100-day and long-term strategic plans with management teams. Their approach involves operational improvements, talent development, and technology enhancements. With a focus on institutionalizing businesses, Corsair utilizes operating partners to assess organizational needs, streamline go-to-market strategies, and execute M&A strategies for growth. Market Trends and Opportunities The firm targets fragmented markets, especially within insurance distribution and B2B payments, leveraging consolidation opportunities to scale businesses. Raja highlights the impact of AI and automation as key trends driving efficiency and new investment avenues. Corsair also sees regulatory requirements as growth catalysts, creating demand for compliance-related services and technologies. Sector Focus: Building Platforms in Niche Markets Corsair focuses on mid-sized businesses with EBITDA between $5-20 million, scaling them to $50-70 million through buy-and-build strategies. The firm emphasizes recurring revenue models, high cash flow conversion, and resilience against economic cycles. Their thematic approach allows them to identify promising sectors and proactively source deals, often in bilateral settings. Outlook and Strategic Growth: Despite slower deal flow in 2024, Corsair remains optimistic about the next six to nine months as private equity adjusts to market conditions. With strong sector tailwinds, such as digital transformation and regulatory compliance, Corsair continues to back businesses positioned for long-term value creation and consolidation opportunities. Like this content? Please support us -> Subscribe to Spotify and ⁠Substack⁠ -> Follow us on ⁠Linkedin ⁠ -> ⁠YouTube ⁠ -> Suggest a guest or become a sponsor: email Katie@linerab.media   Fund Shack is a private equity podcast and global media channel for alternative investment professionals. Fund Shack is produced by Linear B Group. ⁠Linear B Group

    29 min

  7. 12/17/2024

    The man who private equity execs trust with their own capital

    Arjun Raghavan, CEO of Partners Capital is the man private equity executives trust with their money. And not just them. Partners Capital has evolved from managing private equity executives’ wealth to overseeing $60 billion for smaller endowments, family offices, and foundations globally. In this conversation, Arjun speaks to Ross Butler about the firm's "Advanced Endowment Approach", emphasizing diversification, resilience, and early-stage access to niche opportunities.  Origins and GrowthPartners Capital was founded in 2001 to offer investment management services inspired by the endowment model. Initially focused on private equity partners, the firm expanded to serve smaller institutional clients and family offices. Under Arjun’s leadership, the firm scaled operations globally, now managing $60 billion across Europe, Asia, and the US. Twin-Engine Investment PhilosophyCentral to Partners Capital’s strategy is the twin-engine model. The beta engine focuses on cost-efficient diversification across traditional and alternative asset classes. Meanwhile, the alpha engine targets illiquid, high-return opportunities, providing both resilience and enhanced returns. Together, these engines ensure robust portfolio performance through cycles. Adapting to Market DynamicsIn a challenging market environment marked by concentrated gains in public equities and the saturation of alternatives, Partners Capital remains agile. It prioritises resilience through true diversification, embracing strategies like private debt, venture capital, and specialist asset management.  #PrivateEquityPodcast #AdvancedEndowmentApproach #PartnersCapital #PrivateEquity #Diversification #FamilyOffices #EndowmentModel #AlternativeInvestments #FundShackPodcast #ArjunRaghavan Like this content? Please support us -> Subscribe to Spotify and ⁠Substack⁠ -> for this episode summary with the best clips: https://privateequitypodcastfundshack.substack.com/p/episode-68-the-man-private-equity -> Follow us on ⁠Linkedin ⁠ -> ⁠YouTube ⁠ -> Suggest a guest or become a sponsor: email Katie@linerab.media   Fund Shack is a private equity podcast and global media channel for alternative investment professionals. Fund Shack is produced by Linear B Group. ⁠Linear B Group

    51 min

  8. 12/12/2024

    The Dawn of Passives in private markets, with NewVest

    Ross Butler speaks with Edward Talmor-Gera, Founder and CEO of NewVest, and Matthew Chapman, Director at NewVest. NewVest is a pioneering company providing low-cost, diversified index funds for private equity, private debt, and other private market strategies — revolutionizing how investors access private markets. Insights: Why Passive Investing in Private Markets is Revolutionary Edward explains how indexing challenges traditional notions about private equity by providing diversified exposure to the market’s average return, which has consistently outperformed the median. He reveals that 70% of private equity funds in any vintage year underperform the pooled average, making an index approach both efficient and attractive. Debunking Myths About Private Equity Performance Edward and Matthew address a common myth: that trying to select top-performing funds is the only way to succeed in private equity. They share data proving that relative performance persistence among fund managers is statistically limited, making an index strategy a reliable alternative. NewVest’s Unique Approach Fund Structure: NewVest employs a no-management-fee structure, charging only a low carry.  Access to Top Funds: NewVest invests in the 50 largest private equity and private debt funds each year, gaining near-complete access to the top players in the industry, including Blackstone, KKR, and Carlyle. Diversification and Cost Efficiency: By weighting investments according to target fund sizes, NewVest offers exposure to the asset class while drastically reducing fees and risk compared to active fund selection. The Evolution of Private Markets Investing Matthew emphasizes how passive instruments complement active strategies, allowing investors to focus on areas where they can achieve true alpha while leveraging the stability of an index for broader diversification. Future Plans and the Vision for Private Markets NewVest envisions a future where passive investing in private markets is as ubiquitous as it is in public markets. They aim to introduce sector-specific and niche indices, such as clean tech or geographic-focused products, and even indices for first-time funds. Aligning Interests and Democratizing Access Edward shares how NewVest’s alignment with LPs and innovative approach is attracting institutions, family offices, and even individual investors.  Like this content? Please support us -> Subscribe to Spotify and ⁠Substack⁠ -> Follow us on ⁠Linkedin ⁠ -> ⁠YouTube ⁠ -> Suggest a guest or become a sponsor: email Katie@linerab.media   Fund Shack is a private equity podcast and global media channel for alternative investment professionals. Fund Shack is produced by Linear B Group. ⁠Linear B Group⁠

    1h 4m
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Private equity, venture capital and alternative investments - long-form podcasts with industry leaders Dive into in-depth conversations with industry leaders and gain exclusive insights into the world of private capital. 🎙️Fund Shack is dedicated to providing thought-provoking, authentic discussions with the most respected private capital managers, asset managers, professional advisers, & thought leaders. Our long-form interviews are unscripted, ensuring genuine & enriching conversations. Hosted by Ross Butler, 25 years in the private capital industry.

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