Advertise on podcast: Fund Shack Private Equity Podcast

Can algorithms already outperform human decision-making in private equity? In this episode of Private Markets Podcast, Fund Shack www.fund-shack.com, Ross Butler speaks with Oliver Gottschalg, Professor at HEC Paris and founder of Gottschalg Analytics, about how machine learning is already reshaping private equity fund selection and secondaries pricing. Drawing on more than 25 years of empirical research and extensive real-world back-testing, Gottschalg explains why algorithmic decision support can improve outcomes using the same opportunity sets LPs invest in today. The discussion explores why private markets may be structurally better suited to machine learning than public markets, where human judgement still matters, and how lower-cost, more scalable private equity products could emerge. 🔹🔹🔹🔹🔹🔹 Topics covered include: How machine learning can outperform “normal” private equity allocation decisionsWhat conservative back-testing on real LP portfolios revealsWhy private equity secondaries pricing remains inefficientThe limits of explainability and the rise of predictive decision-makingHow humans should interact with algorithms as downside governors, not alpha generatorsWhat this means for LPs, GPs and the future cost of liquidity in private markets 🔹🔹🔹🔹🔹🔹 Guest: Oliver Gottschalg, Professor of Strategy and Business Policy at HEC Paris, Director of the HEC Private Equity Certificate, and Founder of Gottschalg Analytics. 🌐 Gottschalg Analytics: https://www.gottschalg.com/🔗 https://www.linkedin.com/in/oliver-gottschalg-b53b6261/ Host: Ross Butler, Founder and Host Fund Shack 🌐 www.fund-shack.com 🔗 CONNECT on LinkedIn https://www.linkedin.com/in/rossbutler1/ 📘 Order Ross Butler’s book 👉 Invest Like a Barbarian: Share in the spoils of the Private Markets revolution ♾️ http://q-r.to/Invest-Like-A-Barbarian#investlikeabarbarian 🔹🔹🔹🔹🔹🔹 About Fund ShackPrivate Markets Podcast, Fund Shack www.fund-shack.comExplores private equity, private credit, infrastructure, secondaries and private wealth access through long-form, technical conversations with leading practitioners and thinkers. 💡 Suggest a guest: [email protected] 📩 Join our community Substack: https://privateequitypodcastfundshack.substack.com/ 🎧 Listen on podcast platforms or watch the full episode on YouTube 📘 Explore episode summaries, transcripts and related content at www.fund-shack.com 🔔 Subscribe for more deep-dive private markets conversations

In this episode of the Private Markets Podcast, Fund Shack, Ross Butler is joined by Cyril Demaria-Bengochea, Head of Private Market Strategy at Julius Baer and Associate Professor at EDHEC Business School. Cyril brings a rare combination of academic rigour and practical industry insight, shaped by his work with institutional investors, private banks, regulators, and industry bodies including Invest Europe and ILPA. Together, Ross and Cyril unpack what is really changing in private markets, why innovation is accelerating despite slower fundraising and exits, and why information quality, not liquidity or leverage, is now the industry’s biggest constraint. The discussion explores how continuation funds have moved rapidly into the mainstream, why evergreen structures have become central to private-wealth portfolios, and where the real risks sit beneath commonly used labels like “semi-liquid”. Cyril also offers a measured, data-driven view on private credit, arguing that its growth reflects capital filling the void left by regional banks rather than an unchecked expansion of systemic risk. The episode goes on to examine listed versus unlisted private equity, the limits of trading private shares without public-market disclosure, and how private markets increasingly compete with fixed income rather than public equities in long-term portfolio construction. This is a technical, practitioner-focused conversation for allocators, advisers, wealth managers, and professionals navigating private markets at scale. Topics covered include: Evergreen private equity funds, continuation vehicles and GP-led secondaries, private credit and direct lending, portfolio construction for private wealth, listed private equity vs unlisted structures, liquidity and redemption risk, transparency and due diligence, AI and venture capital cycles, and the role of information in market discipline. 🔹🔹🔹🔹🔹🔹 💼 Cyril Demaria-Bengochea Head of Private Market Strategy at Julius Baer Associate Professor at EDHEC Business School Author and advisor to Invest Europe, ILPA, and the European Commission 🌐 https://www.juliusbaer.com/international/en/our-solutions/investing/other-solutions-and-products/private-markets-offering/ 🔗 CONNECT on LinkedIn https://www.linkedin.com/in/cyril-demaria/ Ross Butler Founder and Host Fund Shack 🌐 www.fund-shack.com 🔗 CONNECT on LinkedIn www.linkedin.com/in/rossbutler1/ 🔹🔹🔹🔹🔹🔹 📘 Order Ross Butler’s book 👉 Invest Like a Barbarian: Share in the spoils of the Private Markets revolution ♾️ http://q-r.to/Invest-Like-A-Barbarian 🎬Meet the Author webinars https://l.ead.me/BarbarianWebinar #investlikeabarbarian 🔹🔹🔹🔹🔹🔹 Fund Shack is a podcast exploring private equity, venture capital, private credit, infrastructure and real assets, through in-depth conversations with the investors, founders and thought leaders shaping the future of private markets. 🔗 More episodes: www.fund-shack.com 💡 Suggest a guest: [email protected] 📩 Subscribe to our Substack: https://privateequitypodcastfundshack.substack.com/ 🔹🔹🔹🔹🔹🔹

Will Dunham, President and CEO of the American Investment Council, joins Fund Shack to unpack one of the most misunderstood debates in modern finance: the real economic impact of private equity and private credit in the United States. We explore how private capital supports 13 million American jobs, why online narratives around housing and healthcare often diverge from the data, and how private equity is funding manufacturing reshoring, AI infrastructure and national security. We also examine the policy shift opening 401(k) retirement plans to alternative investments, the controversy around private credit and systemic risk, and the broader question of whether private capital remains aligned with everyday Americans. Topics include: 🔹private equity in US housing 🔹build-to-rent supply 🔹rent-to-own models 🔹healthcare access and innovation 🔹 the growth of private credit 🔹Federal Reserve research on systemic risk 🔹the shrinking US public markets 🔹pension fund returns 🔹the diversification challenge for retirement savers 🔹the SEC private fund adviser rule 🔹the political dynamics shaping private capital's licence to operate. For investors, advisers, policymakers and allocators seeking a clear view of how private markets actually function on Main Street, this episode offers grounded analysis rather than headlines. 🔹🔹🔹🔹🔹🔹 Thank you to our episode partner, Brookfield’s Private Equity Group: A Global leader in acquiring and driving operational transformation in industrials and essential business services. For more information, visit: www.brookfield.com/it-takes-industry 🔹🔹🔹🔹🔹🔹 💼 Learn more at: Will Dunham President and Chief Executive Officer 🌐 www.investmentcouncil.org CONNECT on LinkedIn www.linkedin.com/in/dunhamwill/ Ross Butler Founder and Host Fund Shack 🌐 www.fund-shack.com CONNECT on LinkedIn www.linkedin.com/in/rossbutler1/ 🔹🔹🔹🔹🔹🔹 📘 Pre-order Ross Butler’s book 👉 Invest Like a Barbarian: Share in the spoils of the Private Markets revolution ♾️ http://q-r.to/Invest-Like-A-Barbarian#investlikeabarbarian 🔹🔹🔹🔹🔹🔹 Fund Shack is the private equity podcast with in-depth conversations with investors, founders, and thought leaders shaping the future of private markets. 🔗 More episodes www.fund-shack.com 📩 Subscribe to our Substack: https://privateequitypodcastfundshack.substack.com/ Suggest a guest: [email protected] 🔹🔹🔹🔹🔹🔹

Ross Butler speaks with David Nowak, President of Brookfield’s Private Equity Group. David leads Brookfield’s North American private equity business and its evergreen strategy. He brings a contrarian, operations-led viewpoint shaped by more than a decade working across one of the world’s most integrated alternative-investment platforms. We explore how Brookfield focuses on essential-service businesses that are misunderstood, how it leverages information advantages drawn from its global infrastructure, real estate, renewables and energy-transition platforms, and why its dual-sponsorship model between investors and operators produces repeatable value creation across market cycles. Brookfield’s approach is not thematic. Instead, it targets situations where perceived risk diverges from actual risk. David discusses the Westinghouse acquisition as an example: nuclear power was deeply out of favour, yet Brookfield’s renewables team demonstrated it remained indispensable to regional power grids. Operational work then doubled EBITDA. A similar framework guided the acquisition of Clarios, where market consensus around electric vehicles failed to reflect realistic adoption rates and operational improvement opportunities. A large part of Brookfield’s private equity model centres on operations. Around 35 senior operators sit directly inside the investment floor, and every deal is jointly owned by an investor and an operator from diligence through exit. Over half of Brookfield’s private equity returns have come from operational improvement, not leverage. Investment professionals also spend a year inside a portfolio company before promotion, building practical judgement that informs decision-making back at headquarters. David also unpacks Brookfield’s exit discipline, the benefits of long-dated and permanent capital, and why resilient, essential-service companies tend to attract strategic buyers regardless of market cycles. Finally, he discusses culture, humility and career progression, offering grounded advice for young professionals entering private markets. Key themes Contrarian investing and misunderstood essential-service businessesInformation advantage across Brookfield’s multi-platform global footprintThe pilot / co-pilot model between investors and operatorsOperational value creation and secondments into portfolio companiesEBITDA improvement through pricing, supply-chain and organisational workEvergreen capital, strategic exits and long-hold flexibilityCulture, apprenticeship and career development in private equity 🔹🔹🔹🔹🔹🔹 💼 Learn more at: 🌐 www.brookfield.com/it-takes-industry David Nowak: https://www.brookfield.com/about-us/leadership/david-nowak Brookfield’s Private Equity Group: A Global leader in acquiring and driving operational transformation in industrials and essential business services. Ross Butler: Founder and Host Fund Shack 🌐 www.fund-shack.com CONNECT on LinkedIn www.linkedin.com/in/rossbutler1/ 🔹🔹🔹🔹🔹🔹 📘 Pre-order Ross Butler’s book 👉 Invest Like a Barbarian: Share in the spoils of the Private Markets revolution ♾️ http://q-r.to/Invest-Like-A-Barbarian #investlikeabarbarian 🔹🔹🔹🔹🔹🔹 Fund Shack is the private capital podcast with in-depth conversations with investors, founders, and thought leaders shaping the future of private markets. Its were Private Markets meets private Wealth. 📩 Subscribe to our Substack: https://privateequitypodcastfundshack.substack.com/ 🔹🔹🔹🔹🔹🔹 00:00 Why Brookfield avoids thematic investing 01:00 Evolution of Brookfield’s PE strategy 03:00 Essential-services focus; 06:00 Dual-sponsorship model 09:00 Integrated open-floor culture 12:00 Westinghouse case 15:00 Operational EBITDA gains 18:00 Investor secondments 20:00 Clarios and EV cycles 24:00 PE in higher rates 28:00 Strategic exits 31:00 Alignment and pricing discipline 33:00 Culture and apprenticeship 35:00 Career guidance 38:00 Closing reflections

Anthropologist and best-selling author Jack Weatherford, whose Genghis Khan and the Making of the Modern World redefined how we view empire and innovation, joins Ross Butler to explore how the Mongol world prefigured today’s private equity model. When the Mongols swept across Eurasia in the thirteenth century, they destroyed old orders, but they also built new ones. In this conversation, Jack Weatherford explains how Genghis Khan combined conquest with institution-building, creating a meritocratic system that elevated productivity and aligned incentives in a way that modern investors would recognise. We discuss how Mongol queens managed ortōq enterprises, private trading ventures that resemble early forms of private equity, how religious freedom became the first international law, and how the empire’s census, taxation and communication systems created transparency across continents. As the empire matured, Kublai Khan’s experiments with paper money, movable type and naval technology expanded global trade and spread ideas that helped ignite the European Renaissance. The discussion links thirteenth-century portfolio thinking to today’s private markets, showing why creative destruction only endures when creation wins. 0:00 Creative destruction and leadership1:26 Learning loops, humility and meritocracy3:56 Parallels with private equity ownership10:22 Building value through safety and trade15:02 Census, taxation and the power of numbers16:21 Queens as capital allocators – the ortōq system19:19 Religious freedom as economic policy26:59 A family-office view of the known world31:49 Kublai Khan’s operating model37:36 Paper money and the limits of fiat45:02 Global trade and early financial flows46:05 Europe’s asymmetric gains from knowledge transfer52:13 Technology recombination in warfare58:12 Naval trebuchets and siege innovation1:01:27 Horse economies and resilience1:05:22 Genghis Khan’s Western intellectual legacy1:08:16 Enduring principles for modern investors Jack Weatherford is an anthropologist, historian and author of Genghis Khan and the Making of the Modern World and The History of Money. His work explores how ideas, trade and governance evolved across civilisations and how they continue to shape modern institutions. 📘 Read Genghis Khan and the Making of the Modern World: https://www.amazon.co.uk/Genghis-Khan-Making-Modern-World/dp/0609809644 private equity, private markets, Fund Shack, Ross Butler, Jack Weatherford, Genghis Khan, creative destruction, history of finance, financial history, ortōq, family office, meritocracy, value creation, governance, institutional investing, long-term capital, wealth management, portfolio construction, alternative investments, anthropology of markets, economic history, private equity podcast, private markets podcast 🔹🔹🔹🔹🔹🔹 Ross ButlerFounder and Host Fund Shack 🌐 www.fund-shack.com CONNECT on LinkedIn www.linkedin.com/in/rossbutler1/ 📘 Pre-order Ross Butler’s book 👉 Invest Like a Barbarian: Share in the spoils of the Private Markets revolution ♾️ http://q-r.to/Invest-Like-A-Barbarian 🔹🔹🔹🔹🔹🔹 Fund Shack is the private equity podcast with in-depth conversations with investors, founders, and thought leaders shaping the future of private markets. 🔗 More episodes www.fund-shack.com 📩 Subscribe to our Substack: https://privateequitypodcastfundshack.substack.com/

Ross Butler speaks with Matteo Stefanel and Udayan (“Uday”) Goyal, Co-Founders and Managing Partners of Apis Partners, one of the world’s leading growth-equity investors in financial technology. Founded in 2014, Apis Partners has built a global fintech franchise by applying M&A discipline to private equity: identify the likely acquirers first, then build the company to fit their strategic blueprint. In this conversation, Matteo and Uday explain how they turned two decades of deal-making experience, from DLJ and Deutsche Bank to advising on Visa, Mastercard, and Worldpay into one of the most distinctive investment models in growth capital. They discuss: How Apis built credibility as a first-time fund manager, raising $290m at launch and scaling to a multi-fund global platform. The importance of the network as an asset, relationships forged over 20 years now drive sourcing, diligence, talent, and exits. “Exit-first” investing, designing portfolio companies around known strategic buyers and building to a defined market demand. Why 2025 marks the most disruptive moment in financial services history, as stablecoins, micropayments, and decentralised rails reshape how money moves. The rise of agentic AI, where your personal financial assistant will soon negotiate directly with your bank’s AI. Embedded finance and the subscription economy, from iPhones to autos, where distribution and customer ownership, not balance sheet, define value. The democratisation of wealth, as technology opens private-market access to a broader investor base while raising new questions about fairness, data, and risk. “Finance will be invisible, stitched into every product, every experience.” This is a forward-looking discussion about what comes after banking, where technology, capital, and human behaviour converge to redefine how financial systems work and who benefits from them. 🎧 Watch the full conversation at www.fund-shack.com Follow Fund Shack on YouTube, Spotify, and Apple Podcasts for more conversations with the people shaping private markets and the future of finance. 🔹🔹🔹🔹🔹🔹 Thank you to our episode partner, Brookfield’s Private Equity Group: A Global leader in acquiring and driving operational transformation in industrials and essential business services. For more information, visit: www.brookfield.com/it-takes-industry 🔹🔹🔹🔹🔹🔹 💼 Learn more at: 🌐 www.apis.pe 🎙️Matteo Stefanel Managing Partner & Co-Founder, Apis Partners Linkedin: https://www.linkedin.com/in/matteostefanel/ 🎙️Udayan Goyal Managing Partner & Co-Founder, Apis Partners Linkedin: https://www.linkedin.com/in/ugoyal/ Ross Butler Founder and Host Fund Shack 🌐 www.fund-shack.com CONNECT on LinkedIn www.linkedin.com/in/rossbutler1/ 🔹🔹🔹🔹🔹🔹 📩 Subscribe to our Substack: https://privateequitypodcastfundshack.substack.com/ 📘 Pre-order Ross Butler’s book Invest Like a Barbarian http://q-r.to/Invest-Like-A-Barbarian 🔹🔹🔹🔹🔹🔹 00:00 Fintech revolution begins, Apis Partners ranked global #2 01:45 Meet Apis Partners, fintech growth investors Matteo Stefanel & Udayan Goyal03:06 From Wall Street to growth capital, building a fintech platform05:01 Relationships as alpha networks turned into exits 07:56 Exit-first model designing for strategic buyers 11:24 Value creation buy-and-build and customer access 16:21 Partnering with founders, trust and alignment 18:20 Stablecoins & 24-hour liquidity, treasury reinvented 23:54 Micropayments & continuous finance, real-time money flow27:27 Agentic AI, automation reshaping financial services31:15 Embedded finance & subscriptions, banking disappears 36:52 Who owns the customer, brands vs banks 42:46 Finance as social engine,from UBI to capital ownership 47:00 Democratising wealth, opening private-market access 50:20 Bitcoin vs stablecoins, new financial infrastructure54:28 the future of finance

Brookfield is renowned for running the companies it owns, not just financing them. In this episode, Ross Butler speaks with Adrian Letts, Managing Partner in Brookfield’s Private Equity Group and Head of Business Operations, to explore how the firm’s operator-led model drives value creation from origination through exit. Adrian explains how Brookfield embeds operators alongside investors, with shared carry, shared accountability, and a shared mandate to transform portfolio companies. He discusses organisational design as a true value lever, why smaller and senior operating teams outperform larger ones, and how AI and digital tools are reshaping performance management and working-capital efficiency across the Brookfield ecosystem. From aligning incentives and structuring teams to deploying data and AI in real assets, this is a masterclass in how private equity really creates value. #PrivateEquity #Brookfield #ValueCreation #FundShack #AdrianLetts #PrivateMarkets #OperationalExcellence #AI #AlternativeInvestments #Leadership

Private markets are no longer on the sidelines. With listed companies shrinking and private companies multiplying, alternatives are becoming a core component of diversified portfolios. In this episode of Fund Shack, Ross Butler speaks with William Benjamin, Head of Alternative Solutions at HSBC Asset Management, about how alternatives are evolving and why investors haven’t “missed the boat” in the 2020s. Benjamin discusses: Why private equity, credit, infrastructure, and venture capital are central to HSBC’s $75bn alternatives platform The growth of evergreen fund structures and what investors should look for in managers The challenges and opportunities of democratizing access to private markets How HSBC leverages its global footprint to source opportunities beyond New York and London The cultural and career dynamics of talent in alternatives This conversation explores how one of the world’s largest financial institutions is positioning itself in alternatives, and why Benjamin believes the next phase of growth will be defined not just by institutions, but by the increasing participation of high-net-worth investors. 🔹🔹🔹🔹🔹 👉 Subscribe to Fund Shack for more in-depth conversations on private markets and the future of investment. 🔹🔹🔹🔹🔹 💼 Learn more at: HSBC Asset Management 🌐 www.assetmanagement.hsbc.co.uk William Benjamin, Head of Alternative Solutions at HSBC Asset Management 🔗 https://www.linkedin.com/in/w-benjamin/ Ross Butler Founder and Host Fund Shack 🌐 www.fund-shack.com CONNECT on Linkedin www.linkedin.com/in/rossbutler1/ 🔹🔹🔹🔹🔹 00:00 – Introduction: William Benjamin, HSBC Asset Management 01:03 – Why alternatives are becoming mainstream 02:13 – Haven’t investors missed the boat? 03:49 – Diversification and resilient portfolios 04:36 – Democratization of private markets 05:00 – Evergreen funds: what investors should know 06:22 – Private equity & HSBC’s global sourcing edge 09:46 – Private credit: diversification and risk management 13:43 – Infrastructure, venture capital & new opportunities 16:24 – $75bn in alternatives: HSBC’s growth outlook 19:53 – Talent, culture & career advice in alternatives 23:12 – Data, digital platforms & evergreen structures 28:12 – The five-year outlook for private markets 🔹🔹🔹🔹🔹 #PrivateEquity #PrivateMarkets #AlternativeInvestments #FundShack #HSBCAssetManagement #EvergreenFunds #PrivateCredit #InfrastructureInvesting #VentureCapital #PortfolioDiversification #WealthManagement #InstitutionalInvestors #HNWInvesting #AssetManagement #InvestmentStrategies

Alex van Someren has spent his career at the frontier of technology, venture capital, and national security. From joining Acorn Computers as a teenager, the company that seeded ARM Holdings, to co-founding cryptography firm nCipher, becoming a partner at Amadeus Capital Partners, and later serving as the UK’s Chief Scientific Adviser for National Security, his career offers unique insight into how capital and innovation shape geopolitics. In this episode, Alex explains how the UK’s National Security Strategic Investment Fund (NSIF) mirrors DARPA-backed venture in the US, why government must learn to take risk to access frontier technology, and the realities of venture capital returns. He discusses the hype and risks around artificial intelligence, the disruptive potential of quantum computing, the fragility of semiconductor supply chains, and the ESG debate around nuclear energy and small modular reactors. For investors, entrepreneurs, and policymakers, this conversation maps the crucial intersection of capital, technology, and defence in a changing global order. 🔹🔹🔹🔹🔹 Thank you to our episode partner Brookfield’s Private Equity Group: A Global leader in acquiring and driving operational transformation in industrials and essential business services. For more information, visit: www.brookfield.com/it-takes-industry 🔹🔹🔹🔹🔹 👉 Subscribe to Fund Shack for more in-depth conversations on private markets and the future of investment. 🔹🔹🔹🔹🔹 💼 Learn more at: Paladin Capital Group 🌐 www.paladincapgroup.com Alex van Someren www.paladincapgroup.com/people/alex-van-someren/ Ross Butler Founder and Host Fund Shack 🌐 www.fund-shack.com CONNECT on Linkedin www.linkedin.com/in/rossbutler1/ 🔹🔹🔹🔹🔹 Alex van Someren, Fund Shack, Venture Capital, Private Equity, National Security, Defence Technology, Dual-use Technology, Cryptography, nCipher, Amadeus Capital Partners, Acorn Computers, ARM Holdings, National Security Strategic Investment Fund, NSIF, DARPA, Government Venture Capital, AI, Artificial Intelligence, Large Language Models, Quantum Computing, Post-Quantum Cryptography, National Cyber Security Centre, NCSC, Semiconductor Supply Chain, CHIPS Act, National Semiconductor Strategy, Space Technology, Satellites, ESG, Nuclear Energy, Small Modular Reactors, Fusion Energy, Private Markets, Technology Innovation, Geopolitics, UK Venture Capital, Silicon Valley, Defence Spending, NATO, Paladin Capital, Calypso AI, Emerging Technologies, Risk and Innovation, Venture Returns 0:00 – Introduction 0:40 – From teenage coder to Acorn Computers and ARM Holdings 2:33 – Leaving school at 17: self-taught entrepreneur 3:26 – Building nCipher and cryptography’s real-world applications 5:27 – Dual use: civilian vs. national security technology 7:21 – The hidden history of venture capital and DARPA 8:58 – The UK’s National Security Strategic Investment Fund (NSIF) 10:42 – Risk, government spending, and culture clash with VC 15:53 – “If you aren’t losing at least half your money…” 20:08 – The US CHIPS Act and Europe’s semiconductor challenge 29:23 – Venture capital’s boom in defence spending 36:18 – AI is over-hyped, over-used, and makes us stupid 40:30 – Defending the corporate AI stack (Paladin & Calypso) 44:00 – Quantum computing: encryption at risk 47:38 – Why space is now accessible to schoolchildren 51:31 – ESG and nuclear: small modular reactors, fusion, and energy policy 56:10 – Why making money in venture capital is so hard 59:05 – Closing reflections

🎧 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: [email protected] 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

🎧 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 [email protected] Fund Shack is an independent media platform delivering deep-dive insights into private capital and produced by Linear B Group.

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  📧 [email protected] 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

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. 📧 [email protected] #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

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: [email protected] 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?

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 [email protected]   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