Private Market Talks: Conversations and insights on the private markets with private capital’s leading figures.

In this episode of Private Market Talks, Michael Psaros, Co-Founder and Co-Managing Partner of KPS Capital Partners, joins Howard Beber to discuss KPS’s disciplined, operations-focused approach to industrial investing. Michael shares how his roots in a steel town shaped his career, why KPS measures success through absolute value creation and how the firm is navigating global technology and manufacturing shifts. He also reflects on leadership, long-term partnerships and the culture that has guided KPS’ success for more than three decades.

Andrea Auerbach, Global Head of Private Investments at Cambridge Associates, shares her two decades of experience navigating private markets. She discusses the transformation from leverage-based returns to a focus on active value creation. Andrea highlights the growing influence of AI in sourcing and diligence, and the implications of GP-led secondaries for liquidity. She also sheds light on current fundraising trends and the importance of qualitative judgment for emerging LPs, offering valuable insights for investors looking to seize unique opportunities.

What’s next for secondary markets? In this episode of Private Market Talks, Dawson Partners’ Yann Robard joins us to unpack the evolving secondary market and untapped potential for increased capitalization. From structured solutions to the rise of NAV lending, Yann explains Dawson’s innovative approach to secondaries transcations. He also shares his outlook on private equity performance, lessons learned from building Dawson, and advice for the next generation of investors.

In a riveting discussion, Brian Himot, Head of Structured Capital at Strategic Value Partners, shares his remarkable transition from tax lawyer to leading a $22 billion investment firm. He delves into customized financing solutions for diverse businesses and unpacks the intricacies of hybrid capital. The conversation highlights how geopolitical volatility is shaping deal flows and the future of junior capital. Brian also emphasizes the importance of aligning with business owners for sustainable growth and shares invaluable advice for aspiring professionals in the industry.

David Mihalick, Co-Head of Global Investments at Barings, shares his insights from leading one of the world's top investment firms. He discusses strategies navigating today's complex economy, focusing on the adaptability of middle-market companies to financial challenges like inflation. The conversation dives into the impact of tariffs and U.S. policies, while also exploring the transformative role of AI in private markets and how it reshapes human capital dynamics. Mihalick's unique background in military leadership adds depth to his perspectives on strategic thinking.

As America turns inwards, investors are turning east, towards Europe. It’s a seismic shift not seen since the end of WWII. In this episode, we talk with Symon Drake-Brockman, co-founder and Managing Partner of Pemberton Asset Management, one of Europe’s largest private credit platforms, about the implications of this shift. Prior to starting Pemberton, Symon navigated critical world events on behalf of major financial institutions, including the impact of Russia seizing Crimea, the Asian financial crisis, the Global Financial Crisis, and COVID. During our conversation, Symon helps to put current events into perspective and offers insights as to why today’s capital allocators are rediscovering Europe.

With over $62 billion of AUM, Adams Street is a global investor in private equity and private credit.  It invests in over 450 global general partners in private equity and directly invests in private credit.  As such, Adams Street has a unique window into these private markets.   Bill Sacher sits on the firm’s Investment Committee and is Global Head of Private Credit.  During our conversation, Bill discusses how Adams Street is navigating today’s rapidly changing market dynamics.

Over the past 20 years, as Managing Partner and CEO, Tracy Stuart has transformed Corbin Capital Partners from a few hundred million to over $9 billion in AUM. In this episode, we explore what has driven Corbin’s success and how its disciplined, research-focused strategy and client-centric philosophy will sustain it into the future. Tracy also shares what she has learned about leadership and offers advice to young professionals looking to make their mark in the industry.

The Asia-Pacific private credit market has doubled in the past five years, presenting growing and intriguing opportunities for credit investors. Despite its growth, the APAC region remains a complex, diverse and often unfamiliar landscape that accounts for only about 7% of the global private credit market. We spoke with Christopher Botsford, founding partner of ADM Capital, to delve deeper into the APAC private credit market and the opportunities it presents as well as its key differentiators from the American and European regions. With over three decades of experience in the area, Chris shares his approach to navigating this dynamic market and strategies for successful credit investing in one of the world’s most vibrant economic areas.

In our first episode of 2025, we speak with Robert Stark, CEO of Nomura Capital Management, who has been building a private credit business and expanding Nomura’s investment management capabilities in the Americas. During our discussion, we learn how he successfully launched the platform in a highly competitive market and how Nomura has been able to activate its network of registered investment advisors to bring private credit to the private wealth channel.