Fund Shack

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Fund Shack

Private equity, venture capital and alternative investments - long-form podcasts with industry leaders

  1. -3 J

    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 and Highlights 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. Learn more about your ad choices. Visit megaphone.fm/adchoices

    29 min

  2. 17/12/2024

    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 Growth Partners 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 Philosophy Central 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 Dynamics In 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.  Learn more about your ad choices. Visit megaphone.fm/adchoices

    51 min

  3. 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.  Subscribe Now on your preferred platform to gain more expert insights in private capital. LinkedIn: Fund Shack LinkedIn Spotify: Fund Shack on Spotify Apple Podcasts: Fund Shack on Apple Podcasts YouTube: Fund Shack on YouTube Amazon Music: Fund Shack on Amazon Music Audible: Fund Shack on Audible Learn more about your ad choices. Visit megaphone.fm/adchoices

    1 h 4 min

  4. 28/11/2024

    The huge opportunity in minority private equity partnership investments, with David Whileman of Inflexion

    Ross Butler speaks with David Whileman, Partner at Inflexion Private Equity, about the untapped potential of minority private equity investments. David shares how minority investing provides entrepreneurs with the resources to scale without selling their businesses. The conversation explores the fund’s strategy, its impact on portfolio companies, and the competitive advantages of minority investments in addressing a vast market underserved by traditional private equity. Insights: The Untapped Potential of Minority Investments: David explains how minority investing offers private equity benefits without requiring businesses to sell outright. This approach opens private equity to 75% of companies that are not typically for sale, particularly family-owned or entrepreneur-led businesses. Inflexion's Partnership Capital Fund Performance: Since launching in 2015, the fund has raised £1.75 billion, completed 24 investments, and exited nine, including several that achieved exceptional growth. David emphasizes the fund’s ability to serve as the first institutional investor for established companies averaging £350 million in value. Building Trusted Relationships: Key to minority investing is fostering trust and alignment with entrepreneurs. David highlights how Partnership Capital avoids prescriptive exit strategies, allowing for collaborative decisions that benefit both investors and business owners. Expanding Globally and Corporate Partnerships: Inflexion has extended its reach across Europe and recently into corporate partnerships, where it supports divisions of large corporations seeking independence while maintaining alignment with their parent companies. Value Creation Beyond Capital: Inflexion delivers more than funding, offering expertise in talent management, technology adoption, pricing strategies, and global expansion. Its offices worldwide provide portfolio companies with the tools to enter new markets and scale effectively. Cultural Fit and Talent Recruitment: David underlines the importance of hiring professionals with emotional intelligence and entrepreneurial mindsets. He describes Inflexion’s team as diverse and collaborative, ensuring alignment with the needs of entrepreneurs. RW Blears: Our sponsor for this episode is RW Blears, a UK law firm specialising in fund management. If you are a UK venture capital manager or growth investor and need a trusted legal adviser, visit https://blears.com/ #PrivateEquity #MinorityInvesting #PartnershipCapital #InflexionPrivateEquity #Entrepreneurship #BusinessGrowth #PrivateEquityPodcast #DavidWhileman #FundShack #AlternativeInvestments #CollaborativeInvesting #PrivateEquityInsights #RossButler Subscribe Now on your preferred platform to gain more expert insights in private capital. LinkedIn: Fund Shack LinkedIn Spotify: Fund Shack on Spotify Apple Podcasts: Fund Shack on Apple Podcasts YouTube: Fund Shack on YouTube Amazon Music: Fund Shack on Amazon Music Audible: Fund Shack on Audible Contact Information: About Fund Shack: Fund Shack is a private equity podcast and global media channel for alternative investment professionals, produced by Linear B Group. Learn more about your ad choices. Visit megaphone.fm/adchoices

    32 min

  5. 06/11/2024

    The first listed private equity company still going strong, with Colm Walsh

    In this episode of Fund Shack, Ross Butler speaks with Colm Walsh, Managing Director of ICG Enterprise Trust. ICG Enterprise Trust is a listed private equity investor managed by ICG, a global alternative asset manager. Colm shares insights on ICG’s investment strategies, including their focus on buyouts, the benefit of being part of ICG’s extensive platform, and the importance of experienced managers in achieving consistent returns. They also discuss the unique advantages of the investment trust structure for private equity and Colm’s perspective on the evolving private equity landscape. Learn more about your ad choices. Visit megaphone.fm/adchoices

    36 min

  6. 22/10/2024

    How Federated Hermes Drives Value in Private Markets with Karen Sands, COO

    In this episode, Ross Butler talks to Karen Sands, COO of Federated Hermes’ private equity division, where she oversees $20 billion in private market assets as part of a larger $770 billion AUM. Karen provides insight into Federated Hermes' shift into private markets, their strategic focus on ESG, and her role in managing operations. They explore the importance of scalable infrastructure, the evolving investor landscape, and the operational challenges faced by private equity firms today. Learn more about your ad choices. Visit megaphone.fm/adchoices

    35 min

  7. 24/07/2024

    How Partners Group is cracking the DC pension scheme market

    Founded in mid-1990s, Partners Group launched its first vehicle accessible to individual investors in the early naughties. Today it is at the frontline of the democratisation of private equity. In this episode, Ross Butler speaks to Joanna Asfour, the firm's managing director of client solutions, to discuss how private equity can help DC pensioners in the UK access private markets. We look particularly at LTAFs, the UK equivalent of ELTIFs and the various nuances of providing relatively simple access to the asset class for DC pension trustees, which can often require the involvement of life insurance platforms and master trusts. Learn more about your ad choices. Visit megaphone.fm/adchoices

    43 min

  8. 04/07/2024

    The state of private equity in 2024, with Jim Strang - what you need to know

    Jim Strang, serial private equity NXD and chairman of Hg Capital Trust, discusses the complexities of the private equity landscape on the Fund Shack podcast. Fundraising and Market Dynamics: Market Polarization: Large platforms and top-performing specialists continue to raise significant capital, while mid-sized players face extended fundraising cycles. Liquidity Challenges: Investors are managing overexposure from the 2021 boom, causing liquidity issues across different regions. GP Strategy and Growth: Clear Ambitions: GPs focus on defining clear ambitions and achieving team alignment. Strategic Growth: Balancing ambition with operational capacity, strategies range from maintaining a single focus to expanding into adjacent areas through M&A. Wealth Market and Semi-Liquid Structures: Growing Market: Wealth market growth through semi-liquid structures designed for high-net-worth individuals. NAV-Based Exposure: These structures offer accessible entry points for private market investments, requiring careful liquidity management. ESG and Cybersecurity: Central to Strategy: ESG considerations driven by investor demand and talent acquisition needs. Top Risk: Cybersecurity remains a top risk, with firms prioritizing mitigation measures to protect portfolios. ********************** Thank you to our episode partner Quest Fund Placement. The firm recently launched QuestInvest, the digital hub and gateway to alternative assets that connects accredited investors with leading GPs. For more information, please visit https://www.questfundplacement.com/ ********************** #privateequity #fundraising #wealthmanagement #esg #cybersecurity #privatemarkets #capitalmarkets #alternativeassets ********************** Follow Fund Shack on Your Preferred Platform: Youtube: https://www.youtube.com/channel/UC1mUUrcRDi-dWnC4Lmn1rnw?sub_confirmation=1 🔗 LinkedIn: Subscribe on LinkedIn https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7159157815326949376 Learn more about your ad choices. Visit megaphone.fm/adchoices

    59 min
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À propos

Private equity, venture capital and alternative investments - long-form podcasts with industry leaders

Informations

  • Création
    Fund Shack
  • Années d’activité
    2019 - 2025
  • Épisodes
    64
  • Classification
    Tous publics
  • Copyright
    © 2021 Fund Shack
  • Site web de l’émission
    Fund Shack

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