Money Maze Podcast

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.

 Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn In this Private Equity Miniseries, we examine why P.E. has grown to become such a significant artery in both the investment world and wider economy. We discuss if this growth is secular, and an investment environment which continues to lead to rethinks of asset classes available for investors. In this episode, I am delighted to speak to Robert Hamilton Kelly, Global Co-Head of Petershill Partners (part of Goldman Sachs Asset Management). They have raised over $10bn of P.E. capital since 2007, investing in private equity and alternatives businesses at the GP level. Robert explains how and why Petershill own their investments and the characteristics they seek. He speaks about their approach to partnering with firms and the mutual benefits that develop, whilst also explaining the value of permanent capital. He talks about some of their transactions, their decision to list in London, how investors have assessed the valuation case and why he is excited by the long term opportunities he believes are available through their approach. The Money Maze Podcast is sponsored by Schroders, Bremont Watches and LiveTrade. Schroders is a global investment and wealth manager, with a purpose to provide excellent investment performance to clients, through active investment management. Bremont is an award-winning British company that produces beautifully engineered chronometers, designed to appeal to those who share the appreciation of a beautiful mechanical wristwatch. LiveTrade has changed the way fine wine is bought and sold worldwide. You can instantly buy and sell - or place bids and offers on - key wines from Bordeaux, Champagne, Italy and other world regions.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn In an investing world where the “new thing” can too easily grab investor attention, sometimes it’s the case that an institution, especially one almost 200 years old, may be considered less relevant. So in this episode we welcome on Sir Nigel Wilson, one of the longest serving FTSE 100 CEOs. He was knighted for his contributions to finance & regional development, and for running the 2nd largest institutional asset manager in Europe. Sir Nigel Wilson discusses the business today, and how it has evolved. He explains their asset management and asset origination, marrying long-term capital with a strategic vision. He also covers their investments in key areas of infrastructure, housing, and the growing pension risk transfer market. He goes on to explain their approach to inclusive capitalism, their expansion overseas, how the market views their valuation, the stock’s important yield and why he has had such long tenure as a CEO. The Money Maze Podcast is sponsored by Schroders, Bremont Watches and LiveTrade. Schroders is a global investment and wealth manager, with a purpose to provide excellent investment performance to clients, through active investment management. Bremont is an award-winning British company that produces beautifully engineered chronometers, designed to appeal to those who share the appreciation of a beautiful mechanical wristwatch. LiveTrade has changed the way fine wine is bought and sold worldwide. You can instantly buy and sell - or place bids and offers on - key wines from Bordeaux, Champagne, Italy and other world regions.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Ray Dalio has described today’s guest, “as a vacuum cleaner of learning”, and in this episode Karen Karniol-Tambour exhibits a formidable grasp of the challenges of today’s investing environment. The conversation begins with a review of the current monetary challenge facing the Fed and leads into the dilemma for investors weaned on variations of the 60/40 benchmark. She explains Bridgewater’s enthusiasm for inflation protection, for owning important exposure to broad commodities, through to the role gold should play. At the same time she explains succinctly why US equities might be the worst performing asset class in the decade ahead. She discusses why currencies could be an important source of return in a world of lacklustre performance, in a re-visit of the 1970s and 1980s. Karen finally explains how Bridgewater think about the systematic and fundamental way of approaching sustainable investing, as well as the sustainable fund that they have developed. The Money Maze Podcast is sponsored by Schroders, Bremont Watches and LiveTrade. Schroders is a global investment and wealth manager, with a purpose to provide excellent investment performance to clients, through active investment management. Bremont is an award-winning British company that produces beautifully engineered chronometers, designed to appeal to those who share the appreciation of a beautiful mechanical wristwatch. LiveTrade has changed the way fine wine is bought and sold worldwide. You can instantly buy and sell - or place bids and offers on - key wines from Bordeaux, Champagne, Italy and other world regions.