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. Laurence Russian - Covering the World at ABS Global

    MAY 16

    Laurence Russian - Covering the World at ABS Global

    Today, we are joined by Laurence Russian, a Founding Partner at ABS Global Investments, which manages more than $12 billion in assets. Laurence's career began at the legendary Brazilian investment bank Banco Garantia, the predecessor to 3G Capital. After a tenure at Credit Suisse, Laurence and his partners struck out on their own in 2002 to build a firm that prioritizes specialist expertise over generalist breadth. In this episode, we trace the 22-year evolution of ABS into a data-driven powerhouse managing billions for some of the world's largest pension plans. While many firms rely on off-the-shelf data, Laurence and his team built their own ecosystem to track specialists in everything from Taiwanese semiconductors to Middle Eastern fintech. Today, we dive into the convergence of public and private markets, exploring why ABS is taking significant stakes in late-stage giants like OpenAI, Anthropic, and Cerebras. We discuss the "Goldman Sachs of Brazil" influence, the art of firing managers, and why local boots on the ground are the only way to find true alpha in emerging markets. Please enjoy my conversation with Laurence Russian. Laurence Russian is a Founding Partner and Portfolio Manager at ABS Global Investments. He is a member of the firm's Management Committee and Operating Committee. Prior to co-founding ABS, Mr. Russian was a Director in the Alternative Investments Group at Credit Suisse Asset Management. He joined the firm in 1998 following Credit Suisse Group's acquisition of Garantia. Mr. Russian joined Banco de Investimentos Garantia in 1994 to help build the firm's alternative asset management business. He began his career in 1993 at Scudder, Stevens & Clark. He holds a BA in Economics from Ohio Wesleyan University and an MBA in Finance from New York University Stern School of Business. He is also a CFA charterholder.   ABS Global Investments:  https://www.absinv.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.   S5E9 ©2026 Joe Reilly

    42 min
  2. Deirdre Bolton - How to be a Good Guest

    MAY 2

    Deirdre Bolton - How to be a Good Guest

    We have a special bonus episode today taking you behind the scenes to discuss what makes a good podcast guest.  I chatted with Deirdre Bolton, who has a long background in television and now coaches some of the world's top CEOs for media appearances at Prosek Partners.  We talked about the differences between tv and podcasts and how you can be effective on both. Most people think being a great interview guest is just about having something smart to say. But the reality is, what works on TV can completely fall apart in a podcast, and vice versa.  We dig into what separates good guests from great ones and why the best communicators approach these formats in totally different ways. On TV, that preparation shows up as clarity and discipline, the ability to lead with the headline and make every second count. In podcasting, it shows up as depth, the willingness to unpack ideas, show your thinking, and let the audience see how you arrive at conclusions. But in both cases, the best guests do the same thing: they do the work ahead of time so they can sound natural when it matters. They know their material, they've thought through their stories, and they're willing to be candid enough to actually share what makes them special. Deirdre Bolton is Partner and Head of Executive Development at Prosek Partners, where she works with CEOs, founders, and senior executives to sharpen their communication for high-stakes moments. A former TV anchor and journalist at ABC News, Fox Business Network, and Bloomberg TV, she's known for translating complex financial and economic topics into clear, accessible narratives. At ABC News, she covered major global events including the pandemic's economic impact and the war in Europe, and throughout her career has reported on defining moments such as the 2008 financial crisis and launched Bloomberg's "Money Moves with Deirdre Bolton," focused on capital flows into alternative assets. She began her career on Wall Street as an institutional equity sales trader before moving into broadcast journalism. Please enjoy my discussion with Deirdre Bolton. Deirdre Bolton:  https://www.prosek.com/our-people/deirdre-bolton/ 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.  S5E8 ©2026 Joe Reilly

    40 min

  3. APR 26

    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

    1h 10m

  4. APR 14

    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 min

  5. MAR 14

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

    Michael Psaros didn't learn about the power of capital in a textbook; he saw it firsthand in the 1980s as the steel industry collapse threatened to extinguish his hometown of Weirton, West Virginia, which ultimately led him on to a career in private equity.  Michael Psaros is the Co-Founder and Managing Partner of KPS Capital Partners, a private equity firm that invests in manufacturing and industrial companies worldwide. Most of Michael's deals involve the surgical extraction of non-core businesses from global giants. We break down the mechanics of the corporate carve-out, why KPS runs a highly concentrated portfolio of only ten platform companies per fund, and their buy and build strategy that has transformed failing industrial divisions into global leaders. Michael Psaros is the Co-Founder and Managing Partner of KPS Capital Partners, LP, a private equity firm focused on making controlling equity investments in manufacturing and industrial companies worldwide. He serves on the firm's Investment Committee and Management Committee. Through its affiliated management entities, KPS manages the KPS Special Situations Funds, a family of private equity funds with approximately $19.5 billion in assets under management.  KPS portfolio companies collectively generate approximately $21.2 billion in annual revenue, operate 202 manufacturing facilities in 21 countries, and employ about 55,000 people worldwide. Michael Psaros previously worked as an investment banker at Bear, Stearns & Co., Inc. He earned a B.S.B.A. in Finance from Georgetown University and studied at Sophia University in Tokyo, Japan. He currently serves as Vice Chair of Georgetown University's McDonough School of Business and on the Advisory Board of the University's Endowment, and formed the Psaros Center for Financial Market s and Policy there. Please enjoy my conversation with Michael Psaros. KPS website:  https://www.kpsfund.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.   S5E5 ©2026 Joe Reilly

    1 hr

  6. MAR 1

    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 min

  7. FEB 15

    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 min

  8. JAN 31

    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 min
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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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