The Exchange by EW&L Private Wealth

In today’s episode, we have the pleasure of speaking with Markus Thielen. We discuss everything from the history of Bitcoin, its meteoric rise to 100k and the future for Bitcoin and Ethereum, have you missed the boat or is it just the beginning?Markus Thielen is the founder of 10x Research, a leading digital asset research firm serving traders and institutions. Previously, Markus served as Head of Research at Matrixport, a $ billion digital investment firm, Chief Investment Officer at IDEG and founded Jomon Investment Management. His extensive experience includes portfolio management roles at Millennium Capital Partners and JP Morgan’s Investment Group. Markus began his career at Morgan Stanley, where he led the Quantitative & Derivatives Strategies Group in Asia.  Markus holds a degree from ESCP Business School in Paris and a Certificate in Sustainable Finance from the University of Cambridge. Renowned for his expertise in digital assets and investment strategy, he is the author of Crypto Titans: How Trillions Were Made and Billions Lost in the Cryptocurrency Markets, further cements his status as a thought leader in the field.Bitcoin stands at the crossroads of two distinct narratives: a compelling investment case driving institutional adoption and a speculative fervor fueling retail mania. Under a pro-growth Trump administration, both dynamics could flourish, creating sharply divergent opportunities for long-term investors and short-term traders alike. Unlike past Bitcoin cycles that culminated in definitive peaks, 2025 may not follow the traditional script. Instead, we could witness the broadening of crypto as a mainstream asset class, with Bitcoin potentially surpassing gold in prominence.Disclaimer: The information in this podcast series is for general financial educational purposes only, should not be considered financial advice and is only intended for wholesale clients. That means the information does not consider your objectives, financial situation or needs. You should consider if the information is appropriate for you and your needs. You should always consult your trusted licensed professional adviser before making any investment decision.

In this episode, our Brisbane-based Partner, Ryan Loehr, speaks with Phil Cummins, Managing Director of Stepstone Group. They discuss the challenges that most private investors have in venture and growth equity, particularly around diversification of fund underlying, vintage, and manager. Access to top-quartile managers is generally reserved to the largest institutions, are often significantly oversubscribed.  Phil provides an overview of the Stepstone Group Platform; key business and industry advisors that help it evaluate opportunities; the importance of longstanding relationships and exploring a genuine information advantage to drive performance outcomes. Also, the benefits of new structures, such as open-ended or ‘evergreen’ vehicles vs. more traditional capital-called closed-end structures.Before joining Stepstone, Phil was a venture partner at Greenspring Associates, a venture capital and growth equity investment firm that merged with StepStone in 2021. Prior to that, Phil spent 13 years with QIC Global Private Equity, where he played a pivotal role in leading their private equity program. His career also includes significant roles at BT Alex. Brown, Deutsche Bank, and Thomas Weisel Partners in San Francisco. Phil holds a Bachelor of Commerce degree and is a Chartered Financial Analyst, as well as a member of the Institute of Chartered Accountants Australia and New Zealand. Stepstone manages over $176B on behalf of a diverse range of clientele that includes institutional investors, family offices and high-net-worth individuals.Disclaimer: The information in this podcast series is for general financial educational purposes only, should not be considered financial advice and is only intended for wholesale clients. That means the information does not consider your objectives, financial situation or needs. You should consider if the information is appropriate for you and your needs. You should always consult your trusted licensed professional adviser before making any investment decision.

In this episode of the Exchange, Craig Emanuel, Tim Whybourne and Ryan Loehr reflect on the 2024 year that’s been and discuss possibilities for 2025. Trump 2.0; ballooning global deficits; interest rate policy; protectionist policy, geopolitical tension and global equity valuations that look expensive.  There’s a lot to take in. So how should investors be positioning? Tune in to this partners episode to learn more. Disclaimer: The information in this podcast series is for general financial educational purposes only, should not be considered financial advice and is only intended for wholesale clients. That means the information does not consider your objectives, financial situation or needs. You should consider if the information is appropriate for you and your needs. You should always consult your trusted licensed professional adviser before making any investment decision.

In this episode, Managing Partner Tim Whybourne catches up with serial entrepreneur, venture capitalist and TV personality Steve Baxter. They discuss everything from Steves's background, his early wins in business through to his latest venture investing in anything defence-related where many other funds are not able to.Steve grew up in north QLD before joining the Military at the age of 15 taking on a military apprenticeship in engineering, electronics, and telecoms. His career in the Army spanned 9 years before he left to launch his first start-up called SE Net from his bedroom. This business was eventually acquired by OZemail under the stewardship of ex-Prime Minister Malcolm Turnbull. In 2001 Baxter teamed up with his schoolmate and serial tech entrepreneur, Bevan Slattery to launch his second start-up in Pipe Networks before selling that to TPG in 2010. Steve founded River City Labs, Brisbane’s well-known co-working hub in 2012 and has been championing Australian startups and entrepreneurs ever since.  He has appeared as a ‘Shark’ on Channel 10’s Shark Tank Australia since 2014.In this episode, we discuss Steves's latest venture in his new fund called Beaten Zone Ventures which aims to invest in early-stage defence businesses that are developing weapons and systems to assist with holding, aiming and controlling weapons in addition to training soldiers to protect them from opposition lethality.Disclaimer: The information in this podcast series is for general financial educational purposes only, should not be considered financial advice and is only intended for wholesale clients. That means the information does not consider your objectives, financial situation or needs. You should consider if the information is appropriate for you and your needs. You should always consult your trusted licensed professional adviser before making any investment decision.

Armen Panossian, Co-CEO of Oaktree Capital, shares his expertise in distressed debt investing, emphasizing the unique opportunities that arise during market downturns. He discusses the expected liquidity gap in 2026-27 and its implications for small businesses and larger corporations. The conversation delves into the transformation of consumer behavior post-pandemic, inflation dynamics, and the complexities of private credit markets. Panossian also highlights his extensive background in finance and the lessons learned from previous economic cycles.

In today’s episode the partners catch up and discuss everything from the US election, Tim's recent trip to JPM conference in Bangkok through to current opportunities in markets and their predictions on how markets will finish up for the year.  Disclaimer: The information in this podcast series is for general financial educational purposes only, should not be considered financial advice and is only intended for wholesale clients. That means the information does not consider your objectives, financial situation or needs. You should consider if the information is appropriate for you and your needs. You should always consult your trusted licensed professional adviser before making any investment decision.

Today Managing Partner, Tim Whybourne, speaks with with two senior members of the Pantheon global private equity team in CharlotteMorris and Victor Mayer about their new evergreen private equity fund coming to the Australian market.Pantheon is a global private asset manager managing over 65bn in discretionary assets across a range of private equity investments. They have 11 offices and 125 investment professionals around the world. They have been at the forefront of private markets investing for more than four decades, driving long-term value creation for their clients through strategies covering the full investment lifecycle.The Pantheon Global Private Equity Fund (PGPE) aims to provide professional investors around the world with unique exposure to a diversified private equity portfolio sourced by Pantheon’s global investment team. PGPE focuses on secondaries and co-investments, offering diversification by manager, stage, geography, vintage year and industry, all through a single allocation.High-conviction private equity portfolio accessed via a single allocationConcentrated in secondaries and co-investments, with a buyout and growth equity focusEvergreen allocation tool with immediate exposure and quarterly liquidityVictor Mayer is a managing director and portfolio manager at Pantheon in London and ictor is a member of Pantheon’s European Investment team where he focuses on the origination, analysis and execution of primary investments and co-investments. Prior to joining Pantheon, Victor was a Director at HSBC Alternatives Ltd, where he worked on primary fund investments, secondaries and co-investments across Private Equity, Private Debt and Impact. Before that, he spent 3 years at Access Capital Partners in Paris, having started his career in transaction services at Deloitte in Luxembourg. Victor holds a master’s degree in Corporate Finance from ESSCA in France.Charlotte Morris is a Partner in Pantheon’s Global Secondaries Team and is responsible for co-managing the activities of Pantheon International Plc (PIP). She is involved in all aspects of Pantheon’s secondaries business including the analysis, evaluation and completion of secondary investment opportunities. Charlotte joined Pantheon in 2006 from Cdb Web Tech, an investment vehicle listed on the Milan Stock Exchange. She serves as a member of Pantheon’s Global Secondaries Investment Committee and Sustainability Committee, and is engaged across Pantheon’s transactional investment activities. Charlotte received a master’s degree in mathematics from Cambridge.Disclaimer: The information in this podcast series is for general financial educational purposes only, should not be considered financial advice and is only intended for wholesale clients. That means the information does not consider your objectives, financial situation or needs. You should consider if the information is appropriate for you and your needs. You should always consult your trusted licensed professional adviser before making any investment decision.

Michael Lukin, Founder and Group Managing Partner of Roc Partners, shares insights on navigating the complex world of private equity. He discusses the origins of Roc and the evolution of private markets, highlighting the importance of relationships in fundraising. The conversation dives into strategic diversification, the dynamics of secondaries trading, and the integration of AI in investment strategies. Lukin also emphasizes the value of personal connections in challenging economic times and explores how risks can lead to growth.

Adrian MacKenzie, Founder and Partner of Five V Capital, is a private equity veteran with over 25 years of experience. He shares insights on finding and partnering with exceptional founder-led businesses. The discussion covers the crucial role of governance and leadership in private equity. Adrian also highlights the dynamics of current market trends, including the transformative impact of AI and the optimistic outlook for the Australian economy. He emphasizes the need to embrace opportunities and adapt strategies in a changing investment landscape.

In today’s episode, Managing Partner, Tim Whybourne catches up with Vu Tran, one of the co-founders of one of Brisbane’s most successful starts ups where they discuss everything from what it was like growing up in Logan as a migrant and what it takes to build a company like Go1, through to leadership and what drives him to get out of bed in the morning and keep solving problems. We finished by touching on his latest venture in defence in particular building rockets to bring Australian manufacturing and defence capabilities back on shore.Vu Tran was the Chief Growth Officer and co-founder of Go1, a global e-learning company that has grown from humble beginnings in a garage in Brisbane to a worldwide organization with offices in the USA, South Africa, Vietnam, the UK, and Malaysia. Vu is also a practising doctor working in General practice and is passionate about developing innovative ways to promote healthcare with the broader community.Disclaimer: The information in this podcast series is for general financial educational purposes only, should not be considered financial advice and is only intended for wholesale clients. That means the information does not consider your objectives, financial situation or needs. You should consider if the information is appropriate for you and your needs. You should always consult your trusted licensed professional adviser before making any investment decision.