Private equity, venture capital and alternative investments - long-form podcasts with industry leaders Dive into in-depth conversations with industry leaders and gain exclusive insights into the world of private capital. 🎙️Fund Shack is dedicated to providing thought-provoking, authentic discussions with the most respected private capital managers, asset managers, professional advisers, & thought leaders. Our long-form interviews are unscripted, ensuring genuine & enriching conversations. Ho ...
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Transformative financial services investment, with Corsair Capital's Raja Hadji-Touma
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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 op…
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The man who private equity execs trust with their own capital
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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 f…
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The Dawn of Passives in private markets, with NewVest
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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 …
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The huge opportunity in minority private equity partnership investments, with David Whileman of Inflexion
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30:19Ross 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, a…
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The first listed private equity company still going strong, with Colm Walsh
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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…
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How Federated Hermes Drives Value in Private Markets with Karen Sands, COO
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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 t…
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How Partners Group is cracking the DC pension scheme market
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43:27How Partners Group is cracking the DC pension market in the UK, with Joanna Asfour Founded 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 global h…
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The state of private equity in 2024, with Jim Strang - what you need to know
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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 cycl…
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Private equity fundraising masterclass, with Sunaina Sinha
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32:44Sunaina 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/enFundraising cycles have extended to 22-23 months on average, reflecting the c…
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US mid-market investing, with Patrick Turner of VSS Capital Partners
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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…
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How to hack venture capital, with Fatou Diagne
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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 bo…
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Corporate venture capital at Jaguar Land Rover, with Mike Smeed
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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…
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Renewables, infrastructure & regional growth equity: Bernard Fairman of Foresight Group
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31:14Foresight 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 i…
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Central Europe private equity: a surprisingly big opportunity. With Robert Knorr
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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 opportuniti…
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Private equity secondaries uncovered: Etienne Deshormes
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33:49Fund Shack Podcast Featuring Etienne Deshormes of Elm CapitalIn 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, specializ…
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Deal prospects: a global lawyer's perspective, with Chris Field of Dechert
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42:28With a deal drought across the global private equity industry, we talk to Chris Field of global law firm Dechert about what's next for M&A and buyout deal flow for 2024. We discuss valuations and defensive deal structures as vendors and buyers find ways to come together.Top quote: "I have never worked on an earn-out, ever, that has not resulted in …
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African private equity: a conversation with Stephane Bacquaert
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52:27Private equity is a great way of investing in uncertain, high growth environments. Strange then, that the African private equity industry is so small. In fact, Stephane Bacquaert, managing partner of Adenia Capital, argues that the mature Western private capital industry has systematically misunderstood the African opportunity, and its risk profile…
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Henry Freeman: Repackaging Private Equity
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41:17Repackaging Private Equity—Why Retail Investors Are the Next Big Battleground Private equity has always been a game for the big players, until now. Fund managers are racing to repackage private equity for smaller investors, while governments push for new structures like ELTIFs and LTAFs. But is this shift a revolution or a recipe for risk? Henry Fr…
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Daniel Zwirn, Arena Investors: Avoiding moral hazard in private markets
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52:03Moral Hazard in Alternatives - Daniel Zwirn on Fund Shack's Private Equity PodcastDaniel Zwirn discusses his unique approach to alternative investments through Arena Investors LP, emphasizing a merchant banking style. He explores the advantages of historical financial models, moral hazard in fund management, and strategic flexibility in navigating …
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Hans Lovrek on private equity's ancient precedent
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28:12
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28:12Hans Lovrek stumbled on Medieval Florentine documents that showed structures were being used to align interests in ventures with high information asymmetry that were uncannily similar to today’s limited partnerships. Through a method of historical institutionalism, Hans demonstrates how the same techniques have been used to solve similar problems, …
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Yaron Valler, Target Global - AI, VR, venture capital and separating hot air from substance
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46:32
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46:32Yaron Valler is a founder of venture capital firm Target Global. He is a successful entrepreneur and investor, and was part of the team at Intel that invented the Pentium Processor. In this episode of the Fund Shack podcast, he talks to Ross Butler about how AI will change ‘everything’, virtual reality, how government’s should direct innovation and…
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Prosecuting a mid-market healthcare strategy with Sanjay Panchal, Livingbridge
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33:44Prosecuting a mid-market healthcare strategy, with Livingbridge Sanjay Panchal is a partner at Livingbridge, a leading international growth capital investor, where he specialises in healthcare. In this episode he speaks to Ross Butler about the opportunities for private equity investors across the healthcare sector. Sanjay Panchal, Partner at Livin…
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Marcus Maier-Krug, Arcmont Asset Management
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45:27Marcus Maier-Krug is partner and co-head of portfolio management at Arcmont. He has been working in private credit since before the global financial crisis. In this episode, recorded in November 2023, we discuss what constitutes alpha in private credit, what it’s attractions are as an asset class, whether it can retain the market share it has taken…
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Alejandro Alcalde Rasch, Advent International
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51:35
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51:35Alejandro Alcalde Rasch is a senior director in Advent International‘s portfolio support group. He joined Advent in 2010 having been chief transformation officer and head of supply at Gröhe AG and a partner in McKinsey’s chemicals practice. In this Fund Shack podcast, Alejandro talks to Ross Butler about the genesis of Advent’s dedicated portfolio …
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Josh Lerner, Harvard Business School
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41:51
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41:51Harvard professor Josh Lerner explains the risks and requirements of public intervention in establishing a thriving venture capital and entrepreneurial ecosystem. Professor Lerner tells Ross Butler that seeding a venture capital industry is a difficult and slow process – it’s not just the case of emulating Silicon Valley. With reference to his clas…
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Andros Payne, Humatica
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36:42
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36:42Andros Payne talks to Ross Butler about the holy grail of private equity value creation: a systematic, quantitative approach to cultural and behavioural change. What makes businesses work well? Andros Payne is an engineer and entrepreneur who has spent two decades codifying and benchmarking the behaviours of senior and middle managers that are prov…
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Reynir Indahl, Summa Equity
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36:29
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36:29Private equity podcast with Ross Butler and Reynir Indahl of Summa Equity on Impact investment.Learn more about your ad choices. Visit megaphone.fm/adchoicesFund Shack
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Warren Hibbert, Asante Capital Group
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37:32
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37:32Warren Hibbert of Asante Capital Group explains the log-jam in the private capital fundraising market on the Fund Shack podcastLearn more about your ad choices. Visit megaphone.fm/adchoicesFund Shack
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Douglas Hansen-Luke, Future Planet Capital
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39:27
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39:27Douglas Hansen-Luke speaks to Ross Butler on the Fund Shack podcast. Topics: impact investing, university spin-outs, pension fund reforms.Learn more about your ad choices. Visit megaphone.fm/adchoicesFund Shack
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Jonathan Blake, Herbert Smith Freehills
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32:18
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32:18Jonathan Blake is head of international funds strategy at Herbert Smith Freehills. In the 1980s, Jonathan was responsible for devising the very first limited partnerships for venture capital and private equity in the UK and Europe, and was responsible for convincing the British government that these closed-ended funds were a legitimate structure an…
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Trevor Hope, Gresham House
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31:33Trevor Hope is Chief Investment Officer of Gresham House Ventures, the growth capital arm of one of the UK’s oldest companies. In recent years, the firm has been growing rapidly, consolidating the market for Venture Capital Trusts, tax-break vehicles for individual investors to access growth business in the UK. In this podcast with Ross Butler […]L…
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Macfarlanes: politics, funds & private markets
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1:00:17The so-called perma-crisis of political and economic volatility witnessed in the UK, and beyond, has made the business of raising and investing long-term funds is even more uncertain than usual. To help private markets practitioners navigate these choppy waters, we spoke with David Gauke, Damien Crossley and Shailen Patel from Macfarlanes. David Ga…
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Laura Dillon, Waterland Private Equity
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39:24
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39:24Laura Dillon leads Waterland Private Equity‘s Dublin office, which she established in 2020. Laura has had a varied career both in private equity and business. She has worked at several private equity firms, including Apax Partners and Riverside, and set up a distribution business with her family that was sold to a corporate acquirer. In […]Learn mo…
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Paul Newsome, Unigestion
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46:28
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46:28Paul Newsome is head of portfolio management at Unigestion, a Switzerland-based asset manager with a global private markets platform. Paul has been at the firm for two decades, during which he has set up its private markets operation in North America, and has been instrumental in establishing its directs, co-investment and secondaries programmes. I…
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David Larsen has been at the forefront of alternative assets valuation policy for several decades. He is managing director at Kroll, which was acquired by Duff & Phelps in 2018, and advises many of the largest alternatives institutions on private equity transactions and valuations policy. He has been vice-chair of IPEV – the International Private […
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Michael Lindauer, Allianz Capital Partners
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40:57Michael Lindauer is co-CIO of Allianz Capital Partners. He joined the institution in 2003 and has been an influential decision-maker with regards to backing private equity managers, and a respected and informed LP. He is based in Europe and has responsibility for ACP’s global private equity investment programme. He talks to Ross Butler of Linear B …
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Jim Strang, private markets - the inside track
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1:11:33
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1:11:33Jim Strang is chairman of HgCapital Trust, a senior adviser to CVC Capital Partners, independent director at the Business Growth Fund, a senior adviser at Bain & Company, an advisory director at Campbell Lutyens, a Fellow at the London Business School, and a senior adviser at Hamilton Lane. Back by popular demand, this is Jim’s second time on Fund …
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David Ewing, ECI Partners
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43:19David Ewing is a managing partner at ECI Partners and one of the UK mid-markets best known investors. He speaks to Fund Shack's Ross Butler.Learn more about your ad choices. Visit megaphone.fm/adchoicesFund Shack
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Mirja Lehmler-Brown, Hayfin
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46:58Subscribe now: Apple Podcasts | Spotify Mirja Lehmler-Brown is the founding managing director of Hayfin Capital Management‘s Private Equity Solutions investment team. She previously worked with Hayfin founder Tim Flynn (listen to his Fund Shack podcast here) at Goldman Sachs, before moving into PE fund investment with Aberdeen Asset Management and …
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#30 Tariq Fancy, a sceptical sustainable investor
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34:53Subscribe on Apple Podcasts | Spotify In 2019, Tariq Fancy quit as BlackRock’s most senior sustainability investor. In 2021, he released an in-depth three-part essay explaining his disillusionment with the concept of stakeholder capitalism and the ESG investment industry that has grown up alongside it. In this private chat, he explains why sustaina…
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#29 Luke Johnson, entrepreneur, investor, philanthropist
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42:37Subscribe on Apple Podcasts | Spotify In his 20s, Luke Johnson led the acquisition of Pizza Express and as chairman, helped it become the UK’s leading pizza brand. He has since established and helped develop household names, Strada, Giraffe, the Ivy, Zoggs and Integrated Dental Holdings, as part of his family office vehicle, Risk Capital Partners.H…
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#28 Fabian Chrobog, North Wall Capital on European special situations
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49:31Fabian Chrobog is founder of North Wall Capital, a Western European special situations investorLearn more about your ad choices. Visit megaphone.fm/adchoicesFund Shack
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Alistair Lester, CEO of Aon M&A on protecting and enhancing returns
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52:24Alistair Lester is CEO of Aon’s M&A and transactions services business in EMEA. This is not the conversation you think. Aon has spent recent years building out its capabilities across the risk spectrum. Transcript Ross Butler: Alistair, you are the CEO of Aon’s M&A business in EMEA, but it’s not your first bout there. […]Learn more about your ad ch…
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Dan Aylott, Cambridge Associates
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35:43Dan Aylott is Head of European Private Investments at Cambridge Associates. This is a Fund Shack ‘private chat’ about the large opportunity set in the European private equity market, from buyouts through to venture capital, with a focus on growth strategies in all these markets. Transcript: Ross Butler: You’re listening to fund Shack. I’m Ross […]L…
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Cyril Demaria on Asset allocation and private markets
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41:39
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41:39Cyril Demaria is a leading private equity thinker, fund investor, and affiliate professor at EDHEC. He is the author of numerous books on alternative investment, most recently co-authoring Asset Allocation and Private Markets (March 2021). This is a Fund Shack ‘private chat’ about the difficulties of reconciling a liquid with an illiquid investment…
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#24 Bob Long, Conversus, on making private equity accessible
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45:36Today I’m speaking with Bob Long CEO of Conversus. Bob originally listed Conversus Capital in Europe in 2007, and it was the largest listed private equity vehicle of its day. He recently relaunched the Conversus brand within the private markets, giant StepStone, and together they’ve recently launched the new liquid evergreen private equity vehicle …
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#23 Simon Witney on sustainability rules and corporate governance
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1:00:12Simon Witney on sustainability and corporate governance. In this episode, I’m speaking with Simon Witney, who’s probably the best known private equity lawyer in Europe. He’s currently a senior consultant at Travis Smith where he spends much of his time advising clients on sustainability. He’s been chairman of the BVCA’s Legal and accounting committ…
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#22 Carl Bradshaw, Goodwin
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29:27Carl Bradshaw is a partner in the law firm Goodwin’s private equity group. He has advised European, American and Asian private equity sponsors on cross border LBOs, public to privates, co-investments and special situations. We talked in late March 2021 about deal appetite going into the second quarter of 2021 new deal-making processes and the rise …
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#21 Patrick Sheehan on sustainable prosperity and venture capital
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33:55Patrick Sheehan of ETF Partners talks to Fund Shack's Ross Butler about creating sustainable prosperity with venture capital.Learn more about your ad choices. Visit megaphone.fm/adchoicesFund Shack
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#20 Private equity demystified
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45:38Demystifying private equity on Fund Shack, with Oxford Said's John Gilligan and the ICAEW Corporate Finance Faculty's David PetrieLearn more about your ad choices. Visit megaphone.fm/adchoicesFund Shack
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