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Fund Shack
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İçerik Fund Shack tarafından sağlanmıştır. Bölümler, grafikler ve podcast açıklamaları dahil tüm podcast içeriği doğrudan Fund Shack veya podcast platform ortağı tarafından yüklenir ve sağlanır. Birinin telif hakkıyla korunan çalışmanızı izniniz olmadan kullandığını düşünüyorsanız burada https://tr.player.fm/legal özetlenen süreci takip edebilirsiniz.
Private equity, venture capital and alternative investments - long-form podcasts with industry leaders
…
continue reading
69 bölüm
Tümünü oynan(ma)dı işaretle ...
Manage series 3477169
İçerik Fund Shack tarafından sağlanmıştır. Bölümler, grafikler ve podcast açıklamaları dahil tüm podcast içeriği doğrudan Fund Shack veya podcast platform ortağı tarafından yüklenir ve sağlanır. Birinin telif hakkıyla korunan çalışmanızı izniniz olmadan kullandığını düşünüyorsanız burada https://tr.player.fm/legal özetlenen süreci takip edebilirsiniz.
Private equity, venture capital and alternative investments - long-form podcasts with industry leaders
…
continue reading
69 bölüm
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Fund Shack
1 Transformative financial services investment, with Corsair Capital's Raja Hadji-Touma 28:40
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28:40Raja Hadji-Touma, Partner at Corsair Capital and Head of European Buyouts, discusses Corsair's focus on asset-light businesses in financial services, technology, and business services. He explains Corsair's thematic approach to identifying trends and opportunities, emphasizing hands-on value creation, digitization, and scaling businesses through operational and strategic improvements. Insights and Highlights Specialization and Evolution Corsair Capital, originally part of JP Morgan, began as a solution to recapitalize troubled financial institutions after the U.S. Savings and Loan crisis. Over time, the firm shifted focus from capital-intensive businesses to asset-light services and technology within the financial services ecosystem. This evolution allows Corsair to focus on operational efficiency and scalable growth, targeting sectors like insurance distribution, fund administration, and B2B payments. Value Creation and Hands-On Approach Corsair prioritizes active value creation by establishing clear 100-day and long-term strategic plans with management teams. Their approach involves operational improvements, talent development, and technology enhancements. With a focus on institutionalizing businesses, Corsair utilizes operating partners to assess organizational needs, streamline go-to-market strategies, and execute M&A strategies for growth. Market Trends and Opportunities The firm targets fragmented markets, especially within insurance distribution and B2B payments, leveraging consolidation opportunities to scale businesses. Raja highlights the impact of AI and automation as key trends driving efficiency and new investment avenues. Corsair also sees regulatory requirements as growth catalysts, creating demand for compliance-related services and technologies. Sector Focus: Building Platforms in Niche Markets Corsair focuses on mid-sized businesses with EBITDA between $5-20 million, scaling them to $50-70 million through buy-and-build strategies. The firm emphasizes recurring revenue models, high cash flow conversion, and resilience against economic cycles. Their thematic approach allows them to identify promising sectors and proactively source deals, often in bilateral settings. Outlook and Strategic Growth Despite slower deal flow in 2024, Corsair remains optimistic about the next six to nine months as private equity adjusts to market conditions. With strong sector tailwinds, such as digital transformation and regulatory compliance, Corsair continues to back businesses positioned for long-term value creation and consolidation opportunities. Learn more about your ad choices. Visit megaphone.fm/adchoices…
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Fund Shack
1 The man who private equity execs trust with their own capital 50:45
50:45
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50:45Arjun Raghavan, CEO of Partners Capital is the man private equity executives trust with their money. And not just them. Partners Capital has evolved from managing private equity executives’ wealth to overseeing $60 billion for smaller endowments, family offices, and foundations globally. In this conversation, Arjun speaks to Ross Butler about the firm's "Advanced Endowment Approach", emphasizing diversification, resilience, and early-stage access to niche opportunities. Origins and Growth Partners Capital was founded in 2001 to offer investment management services inspired by the endowment model. Initially focused on private equity partners, the firm expanded to serve smaller institutional clients and family offices. Under Arjun’s leadership, the firm scaled operations globally, now managing $60 billion across Europe, Asia, and the US. Twin-Engine Investment Philosophy Central to Partners Capital’s strategy is the twin-engine model. The beta engine focuses on cost-efficient diversification across traditional and alternative asset classes. Meanwhile, the alpha engine targets illiquid, high-return opportunities, providing both resilience and enhanced returns. Together, these engines ensure robust portfolio performance through cycles. Adapting to Market Dynamics In a challenging market environment marked by concentrated gains in public equities and the saturation of alternatives, Partners Capital remains agile. It prioritises resilience through true diversification, embracing strategies like private debt, venture capital, and specialist asset management. Learn more about your ad choices. Visit megaphone.fm/adchoices…
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Fund Shack
1 The Dawn of Passives in private markets, with NewVest 1:03:30
1:03:30
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1:03:30Ross Butler speaks with Edward Talmor-Gera , Founder and CEO of NewVest, and Matthew Chapman , Director at NewVest. NewVest is a pioneering company providing low-cost, diversified index funds for private equity, private debt, and other private market strategies — revolutionizing how investors access private markets. Insights: Why Passive Investing in Private Markets is Revolutionary Edward explains how indexing challenges traditional notions about private equity by providing diversified exposure to the market’s average return, which has consistently outperformed the median. He reveals that 70% of private equity funds in any vintage year underperform the pooled average, making an index approach both efficient and attractive. Debunking Myths About Private Equity Performance Edward and Matthew address a common myth: that trying to select top-performing funds is the only way to succeed in private equity. They share data proving that relative performance persistence among fund managers is statistically limited, making an index strategy a reliable alternative. NewVest’s Unique Approach Fund Structure: NewVest employs a no-management-fee structure, charging only a low carry. Access to Top Funds: NewVest invests in the 50 largest private equity and private debt funds each year, gaining near-complete access to the top players in the industry, including Blackstone, KKR, and Carlyle. Diversification and Cost Efficiency: By weighting investments according to target fund sizes, NewVest offers exposure to the asset class while drastically reducing fees and risk compared to active fund selection. The Evolution of Private Markets Investing Matthew emphasizes how passive instruments complement active strategies, allowing investors to focus on areas where they can achieve true alpha while leveraging the stability of an index for broader diversification. Future Plans and the Vision for Private Markets NewVest envisions a future where passive investing in private markets is as ubiquitous as it is in public markets. They aim to introduce sector-specific and niche indices, such as clean tech or geographic-focused products, and even indices for first-time funds. Aligning Interests and Democratizing Access Edward shares how NewVest’s alignment with LPs and innovative approach is attracting institutions, family offices, and even individual investors. Subscribe Now on your preferred platform to gain more expert insights in private capital. LinkedIn: Fund Shack LinkedIn Spotify: Fund Shack on Spotify Apple Podcasts: Fund Shack on Apple Podcasts YouTube: Fund Shack on YouTube Amazon Music: Fund Shack on Amazon Music Audible: Fund Shack on Audible Learn more about your ad choices. Visit megaphone.fm/adchoices…
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Fund Shack
1 The huge opportunity in minority private equity partnership investments, with David Whileman of Inflexion 31:51
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31:51Ross Butler speaks with David Whileman, Partner at Inflexion Private Equity, about the untapped potential of minority private equity investments. David shares how minority investing provides entrepreneurs with the resources to scale without selling their businesses. The conversation explores the fund’s strategy, its impact on portfolio companies, and the competitive advantages of minority investments in addressing a vast market underserved by traditional private equity. Insights: The Untapped Potential of Minority Investments: David explains how minority investing offers private equity benefits without requiring businesses to sell outright. This approach opens private equity to 75% of companies that are not typically for sale, particularly family-owned or entrepreneur-led businesses. Inflexion's Partnership Capital Fund Performance: Since launching in 2015, the fund has raised £1.75 billion, completed 24 investments, and exited nine, including several that achieved exceptional growth. David emphasizes the fund’s ability to serve as the first institutional investor for established companies averaging £350 million in value. Building Trusted Relationships: Key to minority investing is fostering trust and alignment with entrepreneurs. David highlights how Partnership Capital avoids prescriptive exit strategies, allowing for collaborative decisions that benefit both investors and business owners. Expanding Globally and Corporate Partnerships: Inflexion has extended its reach across Europe and recently into corporate partnerships, where it supports divisions of large corporations seeking independence while maintaining alignment with their parent companies. Value Creation Beyond Capital: Inflexion delivers more than funding, offering expertise in talent management, technology adoption, pricing strategies, and global expansion. Its offices worldwide provide portfolio companies with the tools to enter new markets and scale effectively. Cultural Fit and Talent Recruitment: David underlines the importance of hiring professionals with emotional intelligence and entrepreneurial mindsets. He describes Inflexion’s team as diverse and collaborative, ensuring alignment with the needs of entrepreneurs. RW Blears : Our sponsor for this episode is RW Blears, a UK law firm specialising in fund management. If you are a UK venture capital manager or growth investor and need a trusted legal adviser, visit https://blears.com/ #PrivateEquity #MinorityInvesting #PartnershipCapital #InflexionPrivateEquity #Entrepreneurship #BusinessGrowth #PrivateEquityPodcast #DavidWhileman #FundShack #AlternativeInvestments #CollaborativeInvesting #PrivateEquityInsights #RossButler Subscribe Now on your preferred platform to gain more expert insights in private capital. LinkedIn: Fund Shack LinkedIn Spotify: Fund Shack on Spotify Apple Podcasts: Fund Shack on Apple Podcasts YouTube: Fund Shack on YouTube Amazon Music: Fund Shack on Amazon Music Audible: Fund Shack on Audible Contact Information: About Fund Shack: Fund Shack is a private equity podcast and global media channel for alternative investment professionals, produced by Linear B Group. Learn more about your ad choices. Visit megaphone.fm/adchoices…
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Fund Shack
1 The first listed private equity company still going strong, with Colm Walsh 35:37
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35:37In this episode of Fund Shack, Ross Butler speaks with Colm Walsh, Managing Director of ICG Enterprise Trust. ICG Enterprise Trust is a listed private equity investor managed by ICG, a global alternative asset manager. Colm shares insights on ICG’s investment strategies, including their focus on buyouts, the benefit of being part of ICG’s extensive platform, and the importance of experienced managers in achieving consistent returns. They also discuss the unique advantages of the investment trust structure for private equity and Colm’s perspective on the evolving private equity landscape. Learn more about your ad choices. Visit megaphone.fm/adchoices…
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Fund Shack
1 How Federated Hermes Drives Value in Private Markets with Karen Sands, COO 34:40
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34:40In this episode, Ross Butler talks to Karen Sands, COO of Federated Hermes’ private equity division, where she oversees $20 billion in private market assets as part of a larger $770 billion AUM. Karen provides insight into Federated Hermes' shift into private markets, their strategic focus on ESG, and her role in managing operations. They explore the importance of scalable infrastructure, the evolving investor landscape, and the operational challenges faced by private equity firms today. Learn more about your ad choices. Visit megaphone.fm/adchoices…
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Fund Shack
1 How Partners Group is cracking the DC pension scheme market 43:27
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43:27Founded in mid-1990s, Partners Group launched its first vehicle accessible to individual investors in the early naughties. Today it is at the frontline of the democratisation of private equity. In this episode, Ross Butler speaks to Joanna Asfour, the firm's managing director of client solutions, to discuss how private equity can help DC pensioners in the UK access private markets. We look particularly at LTAFs, the UK equivalent of ELTIFs and the various nuances of providing relatively simple access to the asset class for DC pension trustees, which can often require the involvement of life insurance platforms and master trusts. Learn more about your ad choices. Visit megaphone.fm/adchoices…
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Fund Shack
1 The state of private equity in 2024, with Jim Strang - what you need to know 58:31
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58:31Jim Strang, serial private equity NXD and chairman of Hg Capital Trust, discusses the complexities of the private equity landscape on the Fund Shack podcast. Fundraising and Market Dynamics: Market Polarization: Large platforms and top-performing specialists continue to raise significant capital, while mid-sized players face extended fundraising cycles. Liquidity Challenges: Investors are managing overexposure from the 2021 boom, causing liquidity issues across different regions. GP Strategy and Growth: Clear Ambitions: GPs focus on defining clear ambitions and achieving team alignment. Strategic Growth: Balancing ambition with operational capacity, strategies range from maintaining a single focus to expanding into adjacent areas through M&A. Wealth Market and Semi-Liquid Structures: Growing Market: Wealth market growth through semi-liquid structures designed for high-net-worth individuals. NAV-Based Exposure: These structures offer accessible entry points for private market investments, requiring careful liquidity management. ESG and Cybersecurity: Central to Strategy: ESG considerations driven by investor demand and talent acquisition needs. Top Risk: Cybersecurity remains a top risk, with firms prioritizing mitigation measures to protect portfolios. ********************** Thank you to our episode partner Quest Fund Placement. The firm recently launched QuestInvest, the digital hub and gateway to alternative assets that connects accredited investors with leading GPs. For more information, please visit https://www.questfundplacement.com/ ********************** #privateequity #fundraising #wealthmanagement #esg #cybersecurity #privatemarkets #capitalmarkets #alternativeassets ********************** Follow Fund Shack on Your Preferred Platform: Youtube: https://www.youtube.com/channel/UC1mUUrcRDi-dWnC4Lmn1rnw?sub_confirmation=1 🔗 LinkedIn: Subscribe on LinkedIn https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7159157815326949376 Learn more about your ad choices. Visit megaphone.fm/adchoices…
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Fund Shack
1 Private equity fundraising masterclass, with Sunaina Sinha 32:42
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32:42Sunaina Sinha, Global Head of Private Capital Advisory at Raymond James, talks to Ross Butler about the challenges of raising private capital funds in today's market. This episode is supported by Datasite, the leading M&A platform for dealmakers. https://www.datasite.com/en Fundraising cycles have extended to 22-23 months on average, reflecting the challenging environment. Firms must offer co-investments, fee discounts, and management fee holidays to attract investors. The tenor of fundraising conversations has shifted, with private equity firms needing to provide various incentives to secure commitments. We cover dry powder, the rise of co-investments, and the influence of Middle Eastern and private wealth in the market. 2023 was marked by significant challenges due to a liquidity squeeze and reduced exit activities. This environment has been tough for institutional limited partners, leading to a shift in investment metrics. (i.e. DPI is the new IRR) Rise of Co-Investments How investors are leveraging their power to demand fee-free co-investments. Sector Focus: Private Credit and Infrastructure Private credit is booming due to bank pullbacks and high-interest rates, while infrastructure investments are attractive due to their tangible nature and inflation resistance. Thank you to our episode partner Datasite, the leading M&A platform for dealmakers. For more information, visit: www.datasite.com #wheredealsaremade #PrivateEquity #privatecapital #alternativeinvestments #Fundraising #RaymondJames #InvestmentTrends #DPI #CoInvestments #PrivateCredit #Infrastructure Learn more about your ad choices. Visit megaphone.fm/adchoices…
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Fund Shack
1 US mid-market investing, with Patrick Turner of VSS Capital Partners 34:38
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34:38Ross Butler hosts Patrick Turner , Managing Director at VSS Capital Partners , a US-based lower mid-market private equity firm founded in 1981, originally named Veronis Suhler Stevenson. Patrick joined VSS in 2014, bringing a wealth of experience from his extensive career in leveraged buyouts in the US, and private equity in China. VSS focuses on the US lower mid-market, specifically targeting three verticals: education, healthcare, and outsourced business services with a technology angle. VSS’s approach to structured capital, which includes debt, preferred equity, and equity, tailored to the needs of founders looking to grow their businesses without giving up control. This strategy allows VSS to be competitive and less dilutive compared to traditional growth capital. KEY HIGHLIGHTS: VSS focuses on the US lower mid-market, specifically targeting three verticals: education, healthcare, and outsourced business services with a technology angle. VSS’s approach to structured capital, which includes debt, preferred equity, and equity, tailored to the needs of founders looking to grow their businesses without giving up control. This strategy allows VSS to be competitive and less dilutive compared to traditional growth capital. FOLLOW FUND SHACK ON Spotify and you can also find us here: LinkedIn Watch on YouTube #privateequity #venturecapital #MidMarket #StructuredCapital #privatecredit #leveragedbuyouts #growthcapital #BusinessServices #HealthcareInvestment #EducationInvestment #TechInvestment #AlternativeInvestments #podcast Fund Shack is a private equity podcast and global media channel for alternative investment professionals. Fund Shack is produced by Linear B Group and if you are interested in appearing on the show, wish to propose a client, or are interested in sponsorship, contact: Katie Mitchell katie@linearb.media Linear B Group Learn more about your ad choices. Visit megaphone.fm/adchoices…
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Fund Shack
1 How to hack venture capital, with Fatou Diagne 37:09
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37:09Fatou Diagne is co-founder of Bootstrap Europe, which acquired the German portfolio of Silicon Valley Bank in 2023. She provides a fascinating insight into the elite world of lending to the top tier of venture-backed businesses. Venture debt might not have the brand-pizazz of its equity cousin, but from a risk/return perspective it ticks all the boxes. ****** This episode also features our supporters, RW Blears , a UK law firm specialising in fund management. If you are a UK venture capital manager or growth investor and need a trusted legal adviser visit RW Blears ****** Ross Butler interviews Fatou Diagne , co-founder of Bootstrap Europe . Fatou offers a compelling look into the world of venture debt, focusing on its role in funding high-growth technology businesses and its strategic advantages compared to traditional equity financing. Introduction to Venture Debt : Fatou Diagne explains that Bootstrap Europe provides debt funding to technology companies that have already received substantial equity investment. These companies are usually 5 to 7 years old, generating revenues of 5 to 20 million euros, and are backed by top-tier venture capital funds. Target Companies : Bootstrap Europe targets mature technology companies that have a proven growth formula but prefer not to dilute their equity further. The firm focuses on sectors like semiconductors, life sciences, and energy transition, seeking to support technologies that can significantly impact society. Venture Debt is way cooler than you think! Fatou clarifies that venture debt is often misunderstood. It is not a last resort for companies that cannot raise equity; instead, it is a strategic choice for well-capitalized companies looking to accelerate growth without further dilution. Deal Flow and Timing : Bootstrap Europe follows potential investment opportunities for several years, waiting for the right inflection point to provide growth debt. The firm typically invests after one or two rounds of equity funding, although this can vary. Benefits for Companies : The main advantage for companies using venture debt is the avoidance of dilution. Founders and early-stage investors can maintain larger stakes in the company, enhancing their returns upon exit. Terms of Venture Debt : The terms are transparent, with interest rates typically around 8-10% over the base rate. The debt is repaid over 3-4 years, with monthly payments of interest and principal. Bootstrap Europe’s Approach : The firm emphasizes a strong relationship with portfolio companies, focusing on providing support during both good and challenging times. They prefer to work closely with management teams to navigate growth and financing challenges. Acquisition of Silicon Valley Bank's German Portfolio : In 2023, Bootstrap Europe acquired the German portfolio of SVB. Fatou discusses the strategic and operational steps taken to complete this acquisition, emphasizing the importance of speed and expertise. Current Market Conditions : Fatou comments on the impact of global economic challenges on the tech sector, noting that while the market has cooled, there are still many high-quality investment opportunities. She highlights the importance of well-capitalized companies that can navigate difficult conditions to gain market share. Future Growth & Challenges : The discussion touches on the growth potential of venture debt in Europe and the challenges of increasing market penetration. Fatou believes that with more education and understanding, venture debt can become a more prominent part of the funding landscape. ****** #venturecapital #privateequity #techfunding #growthcapital #venturedept #debtfinancing #innovationtechnology #techinvesting #podcast #BusinessPodcast #FinancePodcast #Entrepreneurship ****** Fund Shack is produced by Linear B Group and if you are interested in appearing on the show, wish to propose a client, or are interested in sponsorship, contact: katie@linearb.media Linear B Group Learn more about your ad choices. Visit megaphone.fm/adchoices…
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Fund Shack
1 Corporate venture capital at Jaguar Land Rover, with Mike Smeed 24:20
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24:20Mike Smeed is managing director of InMotion Ventures, the corporate venturing arm of Jaguar Land Rover. In this episode of the Fund Shack podcast, he speaks to Ross Butler about what the company looks for in start-up candidates and the rapidly evolving nature of corporate venture capital. Mike the Managing Director of InMotion Ventures, the corporate venture capital (CVC) arm of Jaguar Land Rover (JLR). Mike discusses his career background, including roles at a Shanghai-based joint venture and Walgreen Boots, and delves into the unique aspects of CVC compared to traditional venture capital (VC). Key Points: Corporate Venture Capital (CVC) vs. Venture Capital (VC): Similarities: CVC and VC both perform due diligence, focus on valuation and metrics, and aim for strategic investments. Differences: Historically, CVCs were viewed skeptically due to fears of corporate overreach. Modern CVCs have adopted VC professionalism and often invest off their parent companies’ balance sheets, with some even taking external capital. Role of InMotion Ventures: Strategic Focus: InMotion Ventures aims to accelerate innovation and support JLR’s strategic transformation, especially in areas like climate, industrial, and enterprise technologies. Investment Approach: Unlike many CVCs, InMotion invests in early-stage startups (seed to Series A) to add significant value to both JLR and the startups. CVC Evolution: Professionalization: Many CVCs now operate with the same rigor as traditional VCs, including thorough background checks and strategic valuations. Integration with Parent Companies: CVC leaders often come from within the parent company, blending corporate insight with investment acumen. Strategic Mandate: Innovation and Collaboration: InMotion Ventures aims to help JLR achieve carbon neutrality by 2039 and focuses on technologies critical to this transformation. Partnerships: The firm prefers co-investing and does not lead funding rounds, maintaining about a 5% equity stake to ensure active involvement without overwhelming influence. Investment Justifications: Ecosystem Access: Being an active investor attracts other investors and startups, facilitating ecosystem engagement. Innovation and Speed: Investing in startups accelerates innovation and market readiness, providing JLR with early access to cutting-edge technologies. Capital Efficiency: Strategic investments leverage larger rounds by financial VCs, maximizing impact with relatively small contributions. Success Stories and Examples: Investments: Mike discusses successful investments, such as in companies developing head-up displays and augmented reality technologies. Collaboration with Competitors: InMotion Ventures collaborates with other automotive giants like Volvo and BMW to co-invest in promising technologies. Value to Startups: Strategic Support: Startups benefit from JLR’s extensive resources, including engineering expertise and testing facilities. Mutual Benefits: While InMotion seeks financial returns, the primary goal is strategic alignment with JLR’s broader goals. Conclusion: The interview highlights the evolving landscape of CVC, emphasizing strategic partnerships, professional investment practices, and the mutual benefits of fostering innovation within large corporate structures. Mike underscores the importance of balancing financial returns with strategic goals to drive both corporate growth and startup success. #Innovation #Technology #DigitalTransformation #VentureCapital #Startups #Entrepreneurship #CorporateVenture #AutomotiveIndustry #Sustainability #FutureOfMobility #BusinessGrowth #EmergingTechnologies #Industry40 #TechInvestments Learn more about your ad choices. Visit megaphone.fm/adchoices…
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Fund Shack
1 Renewables, infrastructure & regional growth equity: Bernard Fairman of Foresight Group 35:21
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35:21Foresight Group was a pioneer in renewable energy investment back in the 1990s. Today, it's a diversified investment group listed in London. Its founder and chairman, Bernard Fairman, talks about its expansion into global infrastructure, why he favours hydrogen over electric, and his plans to build out the firm's UK venture investment arm into an international-regional growth equity franchise. Learn more about your ad choices. Visit megaphone.fm/adchoices…
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Fund Shack
1 Central Europe private equity: a surprisingly big opportunity. With Robert Knorr 43:49
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43:49MidEuropa pioneered private equity buyout investing in Central Europe, launching in 1999. Robert Knorr has been a partner since 2007. He was recently awarded Private Equity Mid Market Leader of the Year at the Real Deals private equity awards for his pivotal role in investment in the region. In this podcast he talks to Ross Butler about opportunities from Poland to the Med, and a very big win in Romania with Profi. Fund Shack: https://fund-shack.com/ Mid Europa: https://mideuropa.com/ Follow Fund Shack on Your Preferred Platform: LinkedIn : Fund Shack LinkedIn Spotify : Fund Shack on Spotify Apple Podcasts : Fund Shack on Apple Podcasts YouTube : Fund Shack on YouTube Google Podcasts : Fund Shack on Google Podcasts Amazon Music : Fund Shack on Amazon Music Audible : Fund Shack on Audible PlayerFM : Fund Shack on PlayerFM ://player.fm/series/3477169 In this episode of the Fund Shack podcast, Ross Butler interviews Robert Knorr, Managing Partner at MidEuropa, to explore the firm’s pioneering role in private equity investment across Central Europe. MidEuropa, established in 1999, has become a key player in the region, transitioning from venture capital to buyout funds. The discussion highlights their strategic focus on sectors such as consumer goods, healthcare, and technology, emphasizing the importance of sustainability and digitalization in their investment strategies. Highlights: 1) Private Equity and Buyout Funds: MidEuropa has been instrumental in shaping the private equity landscape in Central Europe. Their transition from venture capital to buyout funds has been a strategic move to capitalize on the region’s economic development and emerging markets. 2) Investment and Economic Development: The firm’s investments have significantly contributed to the economic transition and development of Central European countries, integrating them into the broader European Union market. 3) Sector Focus: MidEuropa targets consumer goods, healthcare, and technology sectors, areas that offer high growth potential and align with their strategic investment goals. Sustainability and Digitalization: Emphasizing sustainability, MidEuropa promotes energy transition and sustainable practices. They also leverage digitalization to enhance business services and operations. 4) Corporate Carve-Outs and Cross-Border Investments: The firm has successfully executed corporate carve-outs and cross-border investments, demonstrating their expertise in managing complex mergers and acquisitions (M&A). 5) Nearshoring: Leveraging the talent pool in Central Europe, MidEuropa facilitates nearshoring of services, providing cost-effective and high-quality business services. 6) Financial Returns and Investor Relations: The episode details MidEuropa’s approach to delivering strong financial returns and maintaining robust investor relations. #privateequity #investment #centraleurope #sustainableinvestment #emergingmarkets #businessgrowth #economicdevelopment #venturecapital #digitaltransformation #infrastructure #telecom #consumergoods #HealthcareInvesting #poland #techinvestments Learn more about your ad choices. Visit megaphone.fm/adchoices…
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Fund Shack
1 Private equity secondaries uncovered: Etienne Deshormes 33:49
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33:49Fund Shack Podcast Featuring Etienne Deshormes of Elm Capital In this engaging episode of the Fund Shack podcast, 🎙️ Ross Butler interviews Etienne Deshormes, CEO of Elm Capital, to delve into the intricacies of the private equity secondary market. Elm Capital, founded in 2004 by Etienne after his career in investment banking at JP Morgan, specializes in providing liquidity to private market investors. Fund Shack: https://fund-shack.com/ Elm Capital: https://www.elmcapital.com/ Key Points Discussed: Private Equity Secondaries : Etienne Deshormes explains how the secondary market provides liquidity to an inherently illiquid sector. He outlines the development of the market from its early days in the 2000s when it was discreet and associated with distress sales, to its current, more accepted status. Global Financial Crisis Impact : The 2008 financial crisis was a turning point for the secondary market. Etienne highlights how the crisis forced many LPs to seek liquidity solutions, leading to a surge in secondary transactions. This period marked the only time in his career when assets were sold at a 100% discount, underscoring the desperation for liquidity. Liquidity Solutions : The discussion includes how the secondary market has evolved as a strategic tool for managing portfolios, not just in distress situations. Etienne notes the rise in the use of secondary transactions to handle overexposure and liquidity issues exacerbated by recent economic challenges such as inflation and rising interest rates. Current Market Dynamics : Etienne describes the current market conditions, emphasizing the impact of the denominator effect and rising interest rates on private equity portfolios. He explains how these factors have increased the need for secondary transactions as a liquidity solution. Denominator Effect : The podcast covers the impact of the denominator effect, where declines in public market values cause private equity allocations to exceed target levels, forcing LPs to sell stakes to rebalance their portfolios. Continuation Funds : Detailed insights are provided into continuation funds, which allow GPs to manage assets beyond the typical fund life by selling them to new vehicles backed by secondary investors. Etienne discusses the evolution of continuation funds from being a last resort to a strategic option for managing high-quality assets and mature portfolios. Investor Strategies : The podcast delves into how LPs and GPs navigate the secondary market to optimize their portfolios. Etienne discusses different strategies, such as selling single fund interests or entire portfolios, and the factors influencing these decisions. Market Pricing and Discounts : Etienne explains how secondary market pricing works, particularly during downturns when discounts can be steep. He provides examples from 2022, where buyout funds were trading at significant discounts due to market conditions. Role of Elm Capital : Elm Capital’s role in the secondary market is highlighted, including how they assist clients in finding buyers or sellers for secondary transactions. Etienne describes their integrated approach to serving both primary and secondary market needs. Future Outlook : Etienne shares his outlook for the secondary market in 2024, predicting increased deal flow and a gradual recovery in pricing as public markets stabilize. He also discusses the long-term potential for the secondary market to become more mainstream as more investors recognize its strategic value. Follow on Your Preferred Platform: LinkedIn : Fund Shack LinkedIn Spotify : Fund Shack on Spotify Apple Podcasts : Fund Shack on Apple Podcasts YouTube : Fund Shack on YouTube Google Podcasts : Fund Shack on Google Podcasts #PrivateEquity #SecondaryMarket #LiquiditySolutions #PrivateMarkets #InvestmentBanking #DenominatorEffect #ContinuationFunds #InvestmentStrategies #Fundraising #Podcast #BusinessPodcast #FinancePodcast #Entrepreneurship #ThoughtLeadership Learn more about your ad choices. Visit megaphone.fm/adchoices…
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