21 episodes

Conversations about venture capital, private equity, long-term investing, and business-building in Africa, Asia, Eastern Europe, and Latin America. The Portico Podcast is produced by Portico Advisers, LLC, and is hosted by Portico’s founder, Mike Casey (on Twitter @mcaseyjr). Visit www.porticoadvisers.com to learn more and subscribe to our monthly newsletter.

The Portico Podcast Portico Advisers, LLC

    • Business
    • 5.0 • 12 Ratings

Conversations about venture capital, private equity, long-term investing, and business-building in Africa, Asia, Eastern Europe, and Latin America. The Portico Podcast is produced by Portico Advisers, LLC, and is hosted by Portico’s founder, Mike Casey (on Twitter @mcaseyjr). Visit www.porticoadvisers.com to learn more and subscribe to our monthly newsletter.

    Can Crypto Solve the $4 Trillion SME Financing Gap?

    Can Crypto Solve the $4 Trillion SME Financing Gap?

    I was recently invited to give a lightning talk on a topic that’s been capturing much of my mindspace of late: whether crypto can be a better technology for capital formation than legacy options, such as banks, capital markets, and non-bank financial intermediaries. 
    I’ve spent most of my adult life working on the problem of access to capital in the so-called ‘emerging’ and ‘developing’ economies. 
    So, I focused my presentation on the $4 trillion financing gap besetting small and medium-sized enterprises ( — or SMEs — ) in these markets.
    That said, I think an open, permissionless protocol for capital formation would be a boon to innovation and entrepreneurship everywhere.

    This episode re-records my presentation for an audio-first audience, and it hits four topics:
    The problem — what it is, where it is, and why it existsThe shortcomings of existing non-bank intermediaries (i.e., PE funds)Crypto's potential solutionThe challenges with implementing a crypto solutionIf you find this interesting / inspiring, then send Mike an email at mike@porticoadvisers.com.
    ——— 
    Watch the presentation on YouTubeDownload a copy of the deckWatch The Evolution of Private Equity in Emerging Markets on YouTubeRead Mike’s post TrillionsListen to Roger Leeds on Private Equity & DevelopmentFollow Mike on Farcaster or Twitter
    ———

    Music credit: Daniel Allan, “Too Close” released on Sound. You can learn more about Daniel’s community-owned DAO that underwrote his latest EP here.

    (Disclosure: In addition to the “Too Close” NFT, Portico’s founder Michael Casey owns $OVERSTIM tokens, as well as many other music NFTs; his Sound collector profile is available here).

    • 17 min
    A Brief Update from Mike

    A Brief Update from Mike

    What's going on? Why haven't I received a new episode?

    • 2 min
    Aleem Remtula on Investing in Refugees & Displaced Communities

    Aleem Remtula on Investing in Refugees & Displaced Communities

    In today’s episode, I speak with Aleem Remtula, a Partner on the private equity team at Developing World Markets.
    DWM is an impact investing firm that has invested debt and equity in over 200 companies across 70 countries over the last two decades.
    While this experience provides a broad canvas for discussion topics, the focus of my conversation with Aleem is DWM’s investments amongst refugees and displaced communities — a population that now exceeds 100 million people worldwide.
    I’m passionate about this topic — and the dignity of displaced persons — for many reasons, including the fact that my maternal grandparents were refugees. By the end of this show, I hope that you will be, too.
    In our discussion, Aleem shares some astonishing statistics and details that upend the conventional wisdom on what constitutes a displaced community. 
    He discusses the roles that investment can play in assisting these communities, the unique challenges they face with respect to financial inclusion, the role of gender equity in DWM’s Displaced Communities Fund, and much more.
    Like me, some listeners may wonder whether investing in refugees might result in predatory lending to some of the world’s most vulnerable populations. Aleem addresses this question head-on and he enumerates the safeguards DWM employs to ensure that it’s a responsible investor. So, listen in for a very thoughtful conversation.
    Aleem also provides some book recommendations — one of which I’ve already scooped up. You can find links to the books and other resources in the show notes.
    With that, I hope you enjoy this episode. And if you do, please share it with friends and colleagues.
    This podcast was recorded in September 2022.
    —————
    Learn more about Developing World Markets.
    UNHCR: Global displacement hits another record, capping decade-long rising trend.
    World Bank, Forcibly Displaced: Toward a Development Approach Supporting Refugees, the Internally Displaced, and Their Hosts
    Aleem’s book recommendations:
    ·       Christine Mahoney, Failure and Hope: Fighting for the Rights of the Forcibly Displaced
    ·       Dina Nayeri, The Ungrateful Refugee: What Immigrants Never Tell You
    —————

    Music credit: Daniel Allan, “Too Close” released on Sound. You can learn more about Daniel’s community-owned DAO that underwrote his latest EP here.

    (Disclosure: In addition to the “Too Close” NFT, Portico’s founder Michael Casey owns $OVERSTIM tokens, as well as many other music NFTs; his Sound collector profile is available here).

    • 55 min
    The Four Dynamics Shaping Global Private Markets

    The Four Dynamics Shaping Global Private Markets

    What are the most important dynamics shaping the global private markets industry today?

    I would highlight four:
    Primary fundraising is extremely challenging
     Consolidation is transforming the strategic landscape
     The difficult macro environment is necessitating novel liquidity solutions
     Crypto is emerging as an institutional asset classThese four dynamics present urgent and existential risks to fund managers, and they demand immediate action.

    This episode shares the Portico house view.
    —————

    Download the report The Four Dynamics Shaping Global Private Markets here.

    Download the data-rich slides on the four dynamics here.

    Download the Insider's Guide to Raising a Fund at www.porticoadvisers.com/pitchbook.

    —————
    Music credit: Daniel Allan, “Too Close” released on Sound. You can learn more about Daniel’s community-owned DAO that underwrote his latest EP here.

    (Disclosure: In addition to the “Too Close” NFT, Portico’s founder Michael Casey owns $OVERSTIM tokens, as well as many other music NFTs; his Sound collector profile is available here).

    • 15 min
    Ben Fanger on Distressed Debt in China

    Ben Fanger on Distressed Debt in China

    In today’s episode I speak with Ben Fanger, the Managing Partner and Founder of ShoreVest Partners, an investment firm that specializes in Chinese distressed debt and opportunistic credit. 
    Ben is a pioneer in China’s distressed debt markets, having worked on the country’s first non-performing loan (“NPL”), as well as the first foreign-invested NPL deal 20 years ago. Since then, he has managed roughly $2 billion in Chinese distressed debt and special situations investments — and as you’ll hear in this conversation, never lost money on an NPL.
    I encourage you to have your pen and paper at hand because you are going to want to take notes — this conversation is both broad and deep.

    In our discussion, Ben provides a clear overview of China’s credit markets — which are the second-largest in the world — and lays out the ways that foreign investors can access them, including the spaces where ShoreVest plays.
    We discuss how the market has evolved over the last two decades. This includes the role of the country’s Asset Management Companies (“AMCs”) in the NPL market, the treatment of creditor rights, and his experience working through the Chinese legal & bankruptcy system to attain enforcements.
    Ben shares why he thinks there are so few international investors in China’s distressed debt markets, the ways that ShoreVest exits its investments, and how the firm converts and repatriates exit proceeds to U.S. dollar investors.
    We also get into developments with Evergrande and the country’s overleveraged property developers and the risks that keep Ben up at night — among other topics. 
    I hope you enjoy this conversation.
    This podcast was recorded in July 2022.
    —————
    Learn more about ShoreVest Partners.
    The World Economic Forum index on investor protections referenced in the discussion is available freely at this link.
    PwC’s “The Chinese NPL market in 2020” report is available here.
    Ben’s book recommendation: Dinny McMahon’s "The Great Wall of Debt".
    —————

    Mike's book recommendation on historical context:

    Loren Brandt & Thomas Rawski, "China's Great Economic Transformation".

    —————
    Music credit: Daniel Allan, “Too Close” released on Sound. You can learn more about Daniel’s community-owned DAO that underwrote his latest EP here.

    (Disclosure: In addition to the “Too Close” NFT, Portico’s founder Michael Casey owns $OVERSTIM tokens, as well as many other music NFTs; his Sound collector profile is available here).

    • 1 hr 2 min
    Howard French on "Born in Blackness"

    Howard French on "Born in Blackness"

    In today’s episode, Mike Casey interviews Howard French, the author of the urgent and essential book Born in Blackness: Africa, Africans, and the Making of the Modern World, 1471 to the Second World War.  
    It is, simply, one of the most important books I’ve read. 
    I encourage you to read it and wrestle with its implications.
    Howard is a professor of journalism at Columbia University and a former New York Times bureau chief for the Caribbean and Central America, West and Central Africa, Tokyo, and Shanghai.
    In our discussion, we explore the role his career as a reporter in the Atlantic basin played in inspiring him to write Born in Blackness, several of the themes in his book, the findings that most surprised him during his research, and the role Africa and Africans might play in the 21st Century.
    Speaking with Howard was a genuine privilege.
    I hope that you enjoy our conversation and that you come away with a yearning to learn more.
    This podcast was recorded in June 2022.

    —————
    Learn more about the book.

    Learn more about Howard.
    Follow Howard on Twitter.
    Read Olúfẹ́mi Táíwò’s superb review of Born in Blackness in Foreign Affairs.
    On the inadequacy of the word “plantation” to describe the conditions of slavery, see, for example, chapter 1 (“The Property”) in C.L.R. James’s The Black Jacobins.
    —————

    Music credit: Daniel Allan, “Too Close” released on Sound. You can learn more about Daniel’s community-owned DAO that underwrote his latest EP here.

    (Disclosure: In addition to the “Too Close” NFT, Portico’s founder Michael Casey owns $OVERSTIM tokens, as well as many other music NFTs; his Sound collector profile is available here).

    • 51 min

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