Inside the Rope with David Clark

Claudia Kwan, Managing Director at North Star Impact Funds and a leading figure in sustainable capital, discusses the evolution of impact investing. She highlights how it now competes with traditional strategies while delivering social and environmental benefits. Claudia shares her journey in the investment sector, emphasizing the importance of innovative capital allocation. The conversation covers challenges in measuring positive impacts and the significance of local knowledge in Australia’s unique investment landscape. Great insights on balancing economic returns with social responsibility!

In this episode of Inside the Rope, David Clark is joined by Nikki Thomas, one of Australia's most respected global equity investors and the current Portfolio Manager of Magellan’s High Conviction Fund. After a period of significant change at Magellan, Nikki’s return to the firm marks a powerful reconnection with its founding principles—absolute returns, deep research, and a commitment to global quality. With over two decades of experience and foundational roles at both Magellan and Alphinity, Nikki unpacks her high-conviction investment philosophy and explains why the core Magellan approach — compounding capital through structural moats and disciplined valuation — remains unchanged despite market noise. In a candid and wide-ranging conversation, David and Nikki explore: * How she builds a concentrated portfolio of 10–20 global leaders * The role of AI, robotics, and digitalisation in shaping long-term investment themes * The outlook for key holdings including Novo Nordisk, Visa, and Microsoft * How Magellan is evolving from a founder-led boutique to an institutional investment house * Her return to the firm and the strategic pivot under new leadership This episode offers rare insight into one of Australia’s top investment minds at a pivotal moment for Magellan and global capital markets. A must-listen for high-net-worth investors seeking clarity, conviction, and access to the type of global opportunities that sit beyond Australia’s borders.

In this special 200th episode of Inside the Rope, David Clark is joined by Koda Capital’s Chairman Steve Tucker and CEO Paul Heath to reflect on the evolution of wealth management since the podcast’s inception in 2016. From humble beginnings to over 200 candid conversations with some of the world’s best investment minds, this milestone marks a journey of insight, access, and innovation. The episode explores the wealth advice industry's transformation into a true profession, the growing importance of values-based investing, and the behavioural traits that separate great investors from the rest - resilience, process discipline, and the courage to learn from failure. They discuss the standout episodes, the dramatic rise in private market access, the adoption of endowment-style investing, and the shift toward investments offering stronger returns with lower volatility. This episode is not just a retrospective—it’s a guidepost for the next decade of investing, advice, and purpose-driven wealth. Whether you're a client, adviser, or investment enthusiast, this conversation offers rare insight into how great advice has changed, where it's heading, and how Inside the Rope has provided privileged access to the minds shaping the future.

In this episode of Inside the Rope, David Clark sits down with legendary investor Marc Lasry, co-founder and CEO of Avenue Capital and former owner of the Milwaukee Bucks. Lasry unpacks the explosive growth of private equity in the global sports industry—where financial returns meet passionate fandom. From his journey as a Moroccan-born immigrant to building a $25 billion investment firm, Lasry offers a firsthand look at why sports franchises are no longer just vanity assets for billionaires, but a scalable, investable asset class ripe with opportunity. He shares how Avenue Capital approaches sports as a structured, revenue-generating investment with tangible upside through ticketing, sponsorship, and media rights. We explore his early bets on underappreciated assets like pickleball and women’s sport, and how digitisation, fantasy, and fan engagement are reshaping the commercial landscape. This conversation is essential listening for investors seeking uncorrelated returns, exposure to global entertainment, and insights from one of the foremost minds in distressed debt and opportunistic investing.

In this episode of Inside the Rope, host David Clark sits down with Tim Samway, founder of Scarcity Partners and former managing director of Hyperion Asset Management, to explore one of the most compelling trends in asset management—GP staking (General Partner staking). What if, instead of being on the paying end of fund management fees, you could invest in the fund managers themselves? That’s exactly what GP staking enables—and it’s gaining serious momentum in Australia. Tim breaks down: * What GP staking is and why it’s more than just private equity for funds * Why returns from GP staking (targeting 20%+ p.a.) can outperform traditional funds * The structural shift toward private markets and the rise of endowment-style investing * The red flags and green lights in assessing fund managers as businesses * Why private market exposure is still underrepresented in most Australian portfolios—and what’s changing Listeners will come away with a clearer understanding of how to access the "better side" of the fee equation and what makes the economics of fund management so attractive when scaled properly.

Craig Packer, Co-President of Blue Owl Capital, delves into the booming private credit market, revealing how his firm achieves impressive equity-like returns with less volatility through senior secured loans. He discusses the stark contrast between U.S. and Australian private credit landscapes and addresses potential concerns about a private debt bubble. Also highlighted are Blue Owl's disciplined underwriting practices and its philanthropic efforts. With a focus on transparency and governance, Craig offers insights into the future of private lending.

David Gribble, CEO of Alceon and experienced finance leader, shares his unique journey from engineering to private capital. He discusses the evolving landscape of private markets and how Alceon fosters investor confidence amidst volatility. Gribble highlights key opportunities in real estate and special situations, emphasizing the importance of transparency and risk management. The conversation also delves into empathetic leadership and the integration of AI in enhancing productivity, showcasing how both personal and corporate growth can go hand in hand.

David Clark welcomes back Andrew Lockhart, Managing Partner of Metrics Credit Partners — one of Australia's largest private lenders and a major force shaping the future of private credit. With private credit markets booming — and critics warning of bubbles and risks — David and Andrew explore why private credit can play a critical role in a high-net-worth portfolio when approached with discipline and scale. They dive deep into the key metrics that investors should evaluate in private credit, including loss rates, diversification, liquidity management, and risk-adjusted returns. Andrew explains why Metrics' institutional-grade processes, governance standards, and proactive credit management position it at the centre of Australia’s private credit growth story — and why careful manager selection has never been more important. With insights into Metrics' $23 billion portfolio, how private credit compares to traditional bank lending, and how Metrics navigates the evolving regulatory landscape, this episode is essential listening for investors seeking income, stability, and diversification in today’s uncertain markets. Get a behind-the-scenes look at why Metrics is thriving amid industry scrutiny.

After seven years of trying, we’ve finally done it—this episode of Inside the Rope features one of the most influential figures in institutional investment in Australia: David Neal, CEO of IFM Investors and founding CIO and former CEO of the Future Fund, Australia’s $300+ billion sovereign wealth fund. David takes us behind the scenes of building the Future Fund from the ground up—how a clean slate, a world-class board, and a clear long-term mandate allowed for a new investment philosophy rooted in flexibility, illiquidity premiums, and global best practice. We talk about the importance of strong governance, the benefits of a total portfolio approach, and why the endowment model still resonates in long-term capital allocation. Now at the helm of IFM Investors—a global institutional asset manager originally founded by Australian industry super funds—David shares insights into investing on behalf of working people, the tailwinds driving infrastructure investment globally, and why private markets are an increasingly powerful lever for value creation. IFM was conceived by a collective of Australian industry super funds with a bold ambition: to give working people access to the kinds of global, complex investments traditionally reserved for the ultra-wealthy. Today, IFM manages over $250 billion across infrastructure, private equity, credit, equities, and real estate—always with a clear mission to deliver strong, long-term outcomes for its members. If you're seeking clarity on private markets, this is a conversation not to be missed.

In this episode of Inside the Rope, David Clark is joined by Laurence Marshbaum OAM, founder of 10x10 Philanthropy and Community Capital, to explore how wealthy families can embed philanthropy into their legacy. Together, they discuss why more families are establishing Private Ancillary Funds (PAFs) and how strategic giving can sit alongside wealth creation and preservation. Laurence shares his journey from institutional fund management to purpose-driven investing, shedding light on how families can move beyond ad-hoc charitable donations to structured, impactful philanthropy that endures for generations. They discuss how fund managers and sophisticated investors are also stepping in to provide early-stage capital to high-impact, for-purpose organisations—bringing the same rigour they apply to financial markets to the social sector. Whether you're a family considering philanthropy for the first time, or looking to start the conversation, this episode will give you practical insights into how to create lasting social and financial value.