On The Line

Alice Murray

The Line is a community for operational professionals working in alternatives. Our podcasts bring hot topics to life with leading experts in the space. 

  1. The ever-expanding CFO role, with Giovanni Pericolini of Medicxi

    22h ago

    The ever-expanding CFO role, with Giovanni Pericolini of Medicxi

    Ten years after spinning out of Index Ventures, Medicxi's CFO looks back at one of Europe's earliest VC continuation vehicles, and why he runs LP relationships himself.  Giovanni Pericolini joined Alice on On The Line to mark ten years since Medicxi spun out of Index Ventures as its dedicated life sciences arm. Pericolini talks through the early days of building a finance function from scratch, the 2020 continuation vehicle that enabled Medicxi to hold onto six portfolio assets through the depths of the pandemic (arguably one of the earliest CVs done in a European venture context), and providing a much-needed perspective on how the deal has played out (pretty well, given one of the assets, Centessa Pharmaceuticals, is now the subject of a $7.8bn agreed acquisition by Eli Lilly). Pericolini also discusses his role in Medicxi's recent €500m Fund V close, why he leads investor relations personally, and his take on the industry-wide re-up rate crunch. The conversation closes on team leadership, AI adoption in the finance function, and his advice to next-gen finance professionals stepping into a CFO seat for the first time.  Highlights  Pericolini’s path into private capital: from product control at an investment bank to Index Ventures to ICG, and how those years shaped his approach at Medicxi Building Medicxi's finance function from zero at spin-out: prioritisation, regulatory set-up in Jersey, and lessons for anyone taking a first finance hire role at an emerging manager Why fund structures look similar across strategies, and what that means for operators moving between VC, growth and PE The 2020 continuation vehicle: a €200m CV to acquire six portfolio companies from an Index fund, done at the height of the pandemic Why biotech CVs carry a different risk profile to PE ones, and how Medicxi managed downside protection with LPs Six years on: how the CV has played out, including Centessa Pharmaceuticals' agreed $7.8bn acquisition by Eli Lilly What Pericolini would want standardised in the CV process next time round, including valuation and ILPA guidance Fund V: closing on €500m in three months, lessons carried over from the tougher Fund IV raise, and why not every LP re-ups Why Pericolini runs LP relationships and fundraising personally  Leadership style: empowering a small, senior finance team and giving people ownership of their area Where AI and automation fit into Medicxi's finance function today Pericolini’s advice to next-gen CFOs: imposter syndrome, saying yes to opportunities, and what he wishes he'd known at 32

    1h 4m
  2. The art of transformation, with Sahem Gulati – transformation expert

    Jun 29

    The art of transformation, with Sahem Gulati – transformation expert

    What does it actually take to transform a private markets firm? In this episode, Alice sits down with Sahem Gulati, a senior transformation leader who has spent 13 years working across audit, consulting, asset management and private equity; helping firms navigate some of the most significant operational shifts the industry has seen.  They cover the long arc of technology adoption in private markets, from the early eFront-vs-Investran debates to today's AI-native ambitions, and why Sahem thinks most firms are still asking the wrong question about artificial intelligence. He also makes the case for why the industry needs to look outside itself for talent, why transformation should always be measured in outcomes rather than projects, and why the people most likely to unlock real change might be the ones who haven't grown up doing things the "right" way.  Sahem also shares his work with EPOCH (Empowering People of Colour) and the Harmony Project, and what becoming a parent has taught him about the kind of industry he wants to help build.  Topics covered:  From audit to consulting: finding private markets and never looking back Why the explosion of tech options has created an integration headache - and why that's now the industry's #1 operational priority The single biggest thing that separates firms that get transformation right AI as an operating model question, not a technology question Why specialism is the enemy of creativity, and why that matters more than ever From 20 projects to 5 outcomes: what good transformation governance actually looks like Is private markets too insular? Sahem makes the case for bringing in outside talent Building the Next Gen pipeline: the EPOCH network, the Harmony Project, and equal access to information His advice to anyone starting out: network early, don't make it transactional, and make sure you're having fun

    41 min
  3. The AI-native CFO, with Millie Silver, CFO at Clipway

    May 18

    The AI-native CFO, with Millie Silver, CFO at Clipway

    What does it actually look like to build a finance function from the ground up, at an AI-native GP?   In this episode, Alice sits down with Millie Silver, CFO of Clipway, the data-driven secondaries firm that has made waves since its launch in 2023. Millie talks through her path from auditor to CFO, via Coller Capital, and the moment a wedding seating plan changed the course of her career.  She opens up about what it really means to run finance at a firm where there are ‘no Excel heroes’, how she thinks about developing junior talent in an environment where the grunt work has been largely automated, and why scaling without just throwing people at the problem is her defining challenge right now.  Millie also reflects on the lessons that have shaped her as a leader: the importance of EQ alongside technical skill, learning to let go of perfectionism, and why things going wrong is often where the best learning happens.  Key topics  From auditor to CFO: Millie's route Chemistry graduate to Coller Capital, and into the world of emerging managers What it means to be an AI-native firm in practice, and why Clipway's finance team is still heavy on Excel Building a finance function from scratch, with no systems, no processes, and no playbook The junior talent debate: does automating the grunt work rob analysts of the judgment they need to develop? Scaling without headcount: how Millie thinks about growing the team and the technology together The CFO as the steady ship: why no news really is good news, and how to make sure the team knows it Internal relationships and influence: how to be in the room before the decision is made, not after LP scrutiny and the rise of operational due diligence: what Millie is seeing on the ground Managing up, managing out: tailoring your communication style to the big chunkers and the small chunkers Advice to her younger self: stress less, embrace resilience, and remember that things going wrong is where the real learning happens.

    51 min
  4. Never a boring day, with Imogen Sanders of Zetland Capital

    Apr 27

    Never a boring day, with Imogen Sanders of Zetland Capital

    For those who don’t believe a humanities degree can lead to a graduate scheme at EY, think again. Imogen Sanders completed her classics degree and did just that – and it turns out the skills aren't as different as you'd think. In this episode, Alice sits down with Zetland Capital's VP Finance and Senior Fund Controller to talk honestly about the journey: the decisions that shaped her career, the mistakes she doesn't regret making, and why she loves the variety and comradery or working in a smaller firm.  Imogen is a founding member of our next gen The Line Up, and this conversation has that spirit running through it. It's all about what it actually feels like to be mid-journey: navigating your role, your network, your identity at work, and an industry that's changing faster than anyone predicted.   Key discussion points: From classics to accounting: why Imogen chose a degree she loved over one that made obvious career sense, and how EY actively welcomed it Starting out at a Big Four firm: the underrated value of a peer group when you're new to the working world and sitting professional exams Cutting her teeth at Coller Capital: what a large, best-in-class institution gives you, and when it's time to want more Joining Zetland Capital: why she chose a smaller, faster-moving firm and what that's meant for the breadth of her experience The evolving finance function: how the role has shifted from predominantly backward-looking reporting to something far more strategic and forward-facing LP demands in an uncertain market: why investor requests are at an all-time high, and what that means for the finance team's role AI in practice: how Zetland uses Claude, what it's genuinely saved in time and effort, and why the implementation behind it matters as much as the tool itself On the word "culture": Imogen's original opinion, and why she thinks culture is something you create rather than inherit Smaller vs. larger firms: the honest trade-offs, and why the right answer depends entirely on your personality Networks and peer groups: why the people you qualify alongside matter more than you'd expect, years down the line Never stop learning: how Imogen thinks about career progression in an industry that's changing faster than ever

    44 min
  5. The Human CFO, with Meera Savjani, Fund CFO at Arrow Global

    Mar 2

    The Human CFO, with Meera Savjani, Fund CFO at Arrow Global

    In this episode of On The Line, Alice Murray speaks with Meera Savjani, Fund CFO at Arrow Global, about what it really means to lead a modern finance function.  Yes, they discuss governance, controls, technology and scaling a multi-strategy platform. But for Meera, clean audits and timely reporting are simply table stakes. What differentiates a finance function today is not just technical excellence, but the ability to build capability, create trust and develop commercial thinkers inside the team.  From managing a 28-person function to institutionalising a fast-growing platform, Meera shares how she balances rigour with humanity, governance with growth, and strategy with authenticity.  In this episode, they discuss:  What the Fund CFO role looks like inside a growing, vertically integrated asset manager Why “clean audit delivered timely” is simply the starting point How finance becomes a true operating partner to the business Scaling processes without defaulting to headcount Making technology decisions with a five-year lens The transition from individual contributor to people leader How executive coaching reshaped Meera’s approach to management The importance of clarity, accountability and thoughtful delegation Why honest, grown-up conversations matter more than ever in a hybrid world “The grass is never greener, it’s just a different shade of green” and what that means for career development Why patience and commercial acumen matter more than rushing titles

    35 min
  6. Putting the calm in CFO, with Tom Seymour Mead, SIGNAL

    Feb 16

    Putting the calm in CFO, with Tom Seymour Mead, SIGNAL

    In this episode, Alice is joined by Tom Seymour Mead, CFO at SIGNAL, for a practical conversation on what it takes to run a high-performing finance function in private markets. Tom shares how his experience across institutional and leaner environments has shaped his view of “what good looks like”, why communication is the foundation of trust and influence, and how calmness under pressure becomes a real professional advantage. They dig into decision-making with imperfect data, what actually creates pressure in a CFO role (and what does not), and how to build teams and operating models that scale as a firm grows. Episode highlights Why “institutional grade” controls matter, and how to pursue that standard without losing speed and pragmatism.What makes a strong CFO beyond technical excellence: being a trusted adviser with a rounded commercial view.How decision-making changes with experience and why faster does not mean careless.The reality of imperfect data: how to make calls at 75% today vs 90% tomorrow, and why transparency matters.Where pressure really sits for CFOs: live, P&L-impacting decisions (cash, FX, transactions), not backwards-looking accounting.A simple routine for staying grounded during intense periods: carving out 15 minutes to triage what is non-negotiable, what can be delegated, and what can wait.Building trust and influence through over-communication, showing your workings, and bringing people into the “why”.How to develop a finance team in both growth phases (scalability, efficiencies) and slower phases (broader exposure, role rotation).Tom’s longest leadership lesson: remaining calm under pressure, and focusing on solutions first, debriefing the “why” later.Advice for next-gen leaders: step away from the detail to create capacity for higher-level work, and invest early in a strong network.

    38 min
  7. Operational themes for private capital in 2026

    Feb 3

    Operational themes for private capital in 2026

    In this episode, Alice is joined by Jeremy Hocter (Holland Mountain) to explore the seven operational themes he expects to shape 2026 for private capital firms. Building on Holland Mountain’s work across a record year of operational strategy projects, Jeremy shares what he is seeing across the market, why operational leaders are feeling the pressure to do more without adding headcount, and where firms should focus to scale efficiently. The conversation focuses in on the investor experience, faster data cycles, fund administrator benchmarking, the difference between a data warehouse and a true data platform, business ownership of data, the surge in AI point solutions and governance, and the widening divergence in the fund administration market. Jeremy closes with a clear view on what is most urgent for 2026 and why data platforms now sit at the centre of operational competitiveness. Key takeaways Operational leaders are under pressure to scale without additional headcount, which puts efficiency, process design, and data-enabled workflows at the centre of 2026 priorities.Investor experience technology has matured, moving from early adoption to a baseline expectation that will increasingly influence fundraising competitiveness.The shift towards more frequent valuations and reporting is being driven by product innovation (evergreen, interval and listed structures), LP expectations, and broader market dynamics like the growth of secondaries.Many firms are discovering that legacy fund admin agreements and operating models are misaligned with new demands, making benchmarking and re-scoping relationships more important than ever.A data warehouse is infrastructure, not a full data platform. Business value depends on mastering, validation, reconciliation, usability, reporting layers and user adoption.Data strategy is becoming a business agenda item, not an IT project, with a growing focus on ownership, self-service and behaviour change.AI adoption is accelerating through vertical point solutions. The opportunity is significant, but governance and internal knowledge sharing need to catch up to avoid duplication and wasted spend.Fund administration is diverging: some providers are investing in modern tech and automation, while others are constrained by legacy processes and systems.

    50 min
  8. Emily Cook on brain capital and peak performance in private equity

    Jan 13

    Emily Cook on brain capital and peak performance in private equity

    Private markets is built on performance, but the industry often treats performance as purely output-based: deals closed, returns delivered, targets hit. In this episode, Alice sits down with Emily Cook, founder of FOUND and a certified performance coach, to explore what sits underneath those outcomes: brain health, cognitive performance, and the emerging concept of “brain capital”. Emily shares why measuring brain skills and brain health can help individuals, teams and firms make smarter decisions, reduce burnout risk, and build sustainable high performance in a “do more with less” market. Key topics covered Emily’s journey from finance to performance coaching, and why she became focused on sustainable high performanceWhat “brain capital” means and why it matters in private marketsThe two sides of brain capital: brain skills (cognitive capabilities) and brain health (lifestyle pillars)Why cognitive ability is assessed at hiring, then rarely discussed againMaking the invisible visible: clinically validated cognitive testing for performance optimisationWhy personalisation matters, especially for time-poor professionalsWhat changes when firms take a team-wide approach: shared language, reduced taboo, better conversationsThe common pressure points in PE and private credit: sleep, stress, and attentionHow constant interruption and hyper-connectivity erode deep thinking and judgementWhat happens in the brain under overload: prefrontal cortex impairment and an overactive amygdalaWhy brain capital is also a risk management issue for firms and portfolio companiesPractical starting points: awareness, identifying bottlenecks, and protecting focused timePractical takeaways for listeners For individuals Treat your brain like a performance asset, not an afterthought.Identify your own bottlenecks (sleep, stress, attention, overwhelm) and focus on the highest-leverage changes rather than trying to “do everything”.Create a weekly distraction-free block (Emily suggests 60 to 90 minutes) to support deep thinking and higher-value work.For leaders and teams Build shared vocabulary around brain health and performance, so people can speak openly without fear of judgement.Look for systemic performance blockers such as meeting culture, constant interruptions, and unsustainable workload expectations.Create team-wide protected focus time to improve attention, deep work and decision quality.For firms Consider brain capital as both an optimisation lever and a risk management lens, especially in “do more with less” operating conditions.Extend the thinking beyond the fund to portfolio companies: stretched management teams may struggle to execute value creation plans even when strategy is sound.About the guest Emily Cook is the founder of FOUND, a performance coaching business working with private equity, private credit and broader financial professional services. Her work focuses on helping individuals and organisations understand, measure and improve brain health and brain performance as a foundation for sustainable high performance.

    49 min

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The Line is a community for operational professionals working in alternatives. Our podcasts bring hot topics to life with leading experts in the space.