Money Maze Podcast

In this short episode, host Simon Brewer shares some of the latest news from the Money Maze Podcast and our ecosystem.  Featuring interviews with some of the biggest names in global finance & business, the show now reaches over half a million listeners a year across over 100 countries.  We’re thrilled to have achieved this momentum, and would like to say thank you to our listener community, Sponsors and Corporate Partners for supporting us on our journey. We’re particularly proud to be inspiring more young people to explore opportunities in the finance sector, and we’re sponsoring a number of university societies this year to support this.  We’ve also recently partnered with GAIN UK, which works to improve gender diversity in the asset management industry through building a talent pipeline of entry level female candidates. If you have any questions or guest suggestions, please get in touch with us via info@moneymazepodcast.com. Otherwise, enjoy this quick update episode and learn more about the Money Maze Podcast! Plus, enjoy bonus content via our Curated Podcasts series. Also available on  Apple Podcasts and Spotify.  The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.

In the last of our miniseries on the world of private equity, we are delighted to welcome KKR, and its Co-Head of European Private Equity, Philipp Freise, onto the show. Philipp discusses his wide and impressive education, his journey through management consulting at McKinsey, and a dotcom adventure as an entrepreneur, before joining KKR over 20 years ago. KKR today is a leading global investment firm with 2,300 employees and $491 billion of assets, invested across multiple alternative asset classes, (including private equity, infrastructure, real estate and credit). The conversation begins with Philipp deciphering the European paradox posed to him; namely reconciling European economic sclerosis, political dissension, energy disruption, and one-size-fits-all monetary policy, with his statement that it’s “never been more interesting to invest in Europe”. He answers emphatically that entrepreneurial capital is needed in Europe, and why private equity offers that. He explains that with the preponderance of privately owned companies in Europe, public markets do not offer the core of the solution. He provides specific examples of companies in which they have invested, from e-biking to supply chain software solutions, and why attitudes to private equity in Europe have changed dramatically over the last twenty years. He discusses KKR’s track record, the imperative for portfolio diversification, their thematic and sector priorities and why private equity is woven into the fabric of business today (an observation not always understood). Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.

Learn more about the show via our short trailer. Through direct, entertaining and insightful interviews with masters of the real life money maze, we hope to learn about different approaches to allocating capital, making investment and business decisions, and navigating the pitfalls that line the paths to prosperity. In each episode, we feature a high profile figure from the finance and investment management industry. Sometimes, we’re also joined by distinguished individuals from the wider business world. In each dissecting interview our host Simon Brewer draws out helpful advice and insights from leaders in the real life money maze. The Money Maze Podcast is kindly sponsored by Schroders,  Bremont, LiveTrade & Mintus.  Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn

In this episode, English financier Guy Hands discusses Terra Firma’s story and some lessons learnt in his career. Guy set up the firm as a spin-out from Nomura, and through it he’s overseen €18 billion of investment into 39 businesses since 1994. In this episode, he talks about Terra Firma’s business model, the early successes, and types of transactions they looked for, before discussing the merits and demerits of PE investing (for both investors and the economy). He then talks about the risks should interest rates normalise, where the problems might surface, and the very particular failure of his investment in EMI. He analyses lessons learned from that episode, how it has influenced his thinking on deals, and how Terra Firma assesses each transaction today. He discloses some of the asset allocation thinking of his family office and the importance of a large real asset component. Guy talks about his charitable endeavours, including where and why he gives. He then speaks candidly about the lessons and scars from the EMI episode. As part of our Private Equity Miniseries, we’re re-releasing our episode with Guy Hands (originally recorded in summer 2021). In the wider series, we’re examining how PE has grown to become such a significant artery in finance and the wider economy, and have been joined by guests from the likes of Petershill Partners, Permira, Bain Capital and Schroders Capital. Learn more about Guy’s story in his book, ‘The Dealmaker: Lessons from a Life in Private Equity’. Released shortly after his original appearance on the show, it is a frank and honest account of how a severely dyslexic child who struggled at school went on to graduate from Oxford and become a serial entrepreneur. Plus, you can enjoy more episodes via our in-depth Curated Podcast series. Designed for professional investors, these episodes offer detailed insights and analysis into a range of funds and asset classes. Also available on  Apple Podcasts & Spotify.  The Money Maze Podcast is kindly sponsored by  Schroders, Bremont Watches, LiveTrade and Mintus.

In today’s episode, we have a Swiss physicist with a PhD who loves to climb mountains, but is also responsible for running Schroders's $75 billion private assets business (Schroders Capital). Rainer Ender explains their approach, which concentrates on indirect investments, partnering with both large global and small local firms. Its investment philosophy has a central focus on investing “1 step below the mid-market”. Rainer explains the inefficiencies and opportunities they believe exist in the sub-$2billion market cap space, the lower correlation this segment has to public markets, and why their goal is to “buy well, transform and sell upward”. He discusses their geographical reach, and explains their core expertise in Europe (which makes up over half of their $20 billion in investments). He provides examples of investment from Indian eye care to Revolut in Europe, the client base, the democratisation of private equity, and why PE firms need to continue to improve disclosures and demystify their world. Interested in working with Schroders Capital?  Get in touch with them here. Please note, The Money Maze Podcast is kindly sponsored by  Schroders, as well as  Bremont Watches, LiveTrade and Mintus, ensuring we can bring you the show for free!

David Novak, a 25 year veteran of CD&R, offers a candid perspective on how PE operating models have evolved, the drivers of value creation, and some of the structural advantages PE can offer to private businesses. He explains the public to private migration, shrinking stock market listings, the impact of technology on decision making for business owners and why family owned businesses decide to work with them. He discusses investments in SIG plc, the recent purchase of Morrisons supermarkets in the UK, the industry expertise they have developed, some lessons learnt and reasons to be optimistic about the opportunities ahead. Enjoy more episodes via our Curated Podcast series. Designed for financial professionals, these episodes offer in-depth insights into a range of funds and asset classes. Also available on  Apple Podcasts & Spotify.  The Money Maze Podcast is sponsored by Schroders, Bremont Watches, LiveTrade and Mintus. Please note, Sir Terry Leahy is a Senior Advisor to CD&R Funds. Operating Advisors and Senior Advisors are engaged by CD&R Funds and compensation for Operating Advisors and Senior Advisors is generally borne by the CD&R Funds and/or portfolio companies. Operating Advisors and Senior Advisors are not employees or Partners of CD&R.

In this special update podcast, we welcome back General Sir Nick Carter to provide his updated thoughts on the Ukraine War. He offers his perspective of the realities on the battlefield, the echoes and differences when compared to more traditional wars, the regrouping of the Russian army and its current focus and ambitions, and likely scenarios from here (including how the conflict may come to its conclusion later this year). He discusses the possibility for surprise gains by Ukrainian forces, the timelines for a “conversation” between Putin and Ukraine, and how the West needs to be mindful of the threat of China, cyber-attacks and terrorism.  Sign up to our newsletter for more in-depth insights |  Follow us on LinkedIn The Money Maze Podcast is sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.

Today, Bain Capital is one of the world’s largest private multi-asset investing firms. In this conversation we have the opportunity to explore their investment approach and dig down into the important factors in private credit and special situations. Jonathan dissects why he believes investing is not a game of predictions, and elaborates on the importance of “pricing risk versus understanding uncertainty”. He talks about the example of investing in Virgin Australia and analyses their wider approach to the capital structure of a firm. He also explains how they are organised, the value of the partnership, and why top-down overvaluation of a market like the US does not mean there is a shortage of global investment opportunities.  Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.

Robert F. Smith, Founder, Chairman and CEO of Vista Equity Partners, discusses his upbringing, work experience at Bell Labs, and founding Vista Equity Partners. He explains the importance of software and describes today's epoch as the '4th Industrial Revolution'. He explores investment opportunities in the private market and technology sectors, and the role of enterprise software in various industries. He also compares private equity and public equity, and highlights the importance of communication and challenges faced by African-Americans.

In the second of our series on private equity, we are going to discuss one of Europe’s premier operators. Established as Schroder Ventures 35 years ago, the firm evolved into Permira in 1997. Today they have more than €60bn under management, employ over 450 people and operate in 16 offices worldwide. Permira has backed over 300 businesses; many of them, like Hugo Boss, Dr. Martens and McAfee software, are household names. Tara Alhadeff, Partner responsible for brand strategy in the consumer space, discusses Permira’s approach, and in particular why ‘heritage brands need a different lens’ and ‘why, with heritage brands, magic can happen’. She discusses the examples of Dr. Martens and Golden Goose, both current investments, and references the past deals of Hugo Boss and Valentino. Tara talks about the need for long-term custody of great brands and why in some cases the size of the brand is bigger than the size of the business. She also discusses the importance of management, the relationship between Permira and portfolio companies, and how they think about exits. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.