Spotlight: A PEI Podcast

Having navigated headwinds from interest rate hikes and secular shifts in office usage and online shopping in recent years, the US commercial mortgage-backed securities market was seemingly embracing a full resurgence. In 2024, its origination hit a record $104.05 billion, a 165 percent increase from the previous year.   While that momentum continued into the first quarter of 2025, it stumbled when the overall capital markets were taken on a volatile ride after the Trump administration’s announcement in April about massive changes in tariffs. As a result, April was a much quieter month for CMBS. Deals got pulled or paused, and there were fewer loans priced.   Borrowers, issuers and bond buyers told PERE Credit that although the activities were slowed down by the unprecedented market volatility, the market stabilized swiftly, with spreads gradually grinding back and new originations returning going into May.  Often viewed as a barometer of the broader commercial real estate market, the sector’s swift recovery after market turmoil signals the resilience of the industry in an uncertain macroeconomic environment. In this episode, Zachary Cohn, managing director at Brookfield Asset Management, and James Stouse, senior manager of CMBS credit research at Barings, shared their observations on the CMBS resurgence.  For more insights on this, see PERE Credit‘s June/July cover story.

This episode is sponsored by AlixPartners The Disruption Matters special podcast miniseries is back for its fourth season, and this year, leading industry experts will discuss how private markets can still deliver “weatherproof growth”, despite the headwinds of a revolution in tech, geopolitics and global markets. In this first episode, we set the stage by acknowledging the unique pressures of the moment, as well as what they have in common with covid and how they differ. Our experts then detail the best practices around 100-day response plans, which are all-hands-on-deck sprints to respond to pressures on a company’s fortunes. Sustained discipline and collaborating with customers prove to be the keys to unlocking the latent potential of a disruption. As one panelist puts it, “Never let a good crisis go to waste.” Guests include Jason McDannold, co-lead of the private equity practice at AlixPartners; Hoyoung Pak, partner, managing director and global co-lead of the AI & Data Practice Group at AlixPartners; Mary Rachide, a managing director with ICV Partners; Bert Notini, a managing director at New Mountain Capital and co-lead of the firm’s operating partner group; and John Sander, a principal in portfolio solutions at Lightyear Capital.

The growth of private equity fundraising is slowing down. The 300 firms that feature on the 2025 edition of the PEI 300 – Private Equity International’s annual ranking of the industry’s biggest fundraisers – collectively raised $3.29 trillion over the preceding five years. While still a record high for the industry, the level of year-on-year growth is a departure from prior iterations. On average, the PEI 300 grows by 11 percent in total capital raising each year. The 0.3 percent rise in this year’s ranking may therefore be a cause for concern, market sources tell us. In this episode of Spotlight, PEI editor Helen de Beer, senior editor Adam Le and Americas correspondent Hannah Zhang delve into the reasons behind this fundraising flatline and examine some of the bright spots that exist beyond the headline numbers. Click here to see this year's PEI 300 ranking and full coverage. Click here to learn more about the Nexus conference in Orlando, February 22-25, 2026

This episode is sponsored by LaSalle Debt Investors and Kayne Anderson  In the wake of rising rates and falling transaction volumes, US real estate debt markets are undergoing a significant transformation. Traditional lenders – especially regional banks – have stepped back, opening space for private credit providers to play a larger role. As a looming wave of loan maturities approaches, participants are preparing for both stress and opportunity. They're deploying capital selectively, often in the form of rescue financing, while building platforms that can flex across cycles. What emerges isn’t a market in freefall or overdrive, but a reset where discipline and structure matter more than ever. Joining us in this episode is David Selznick, chief investment officer of Kayne Anderson’s real estate group, and Craig Oram, president and fund manager at LaSalle Debt Investors. They share how their firms are adapting by focusing on refinancings, leaning into necessity-based assets like multifamily and industrial, and underwriting with more scrutiny than ever before.

Jean-Francis Dusch is the Global Head of Infrastructure at Edmond de Rothschild, while Josh Obler is an Investment Partner at Palistar Capital, specializing in digital infrastructure. They delve into how AI is revolutionizing data centers, which are becoming hot investment spots. They also discuss the booming fiber market and explain why towers offer great investment returns. The conversation highlights investment strategies, the demand for talent, and how energy needs are evolving with digital infrastructure.

Finance leadership is changing rapidly. So how are leaders adapting to these changes and redefining traditional finance roles to enhance operational efficiency? In this episode, we conclude our three-part New Faces of Finance miniseries by talking to three 2025 honorees about the changes they are making at their respective firms. Joining us are Dorothy Walter, partner and CFO at Alpine Investors; Pete Keenan, vice president of finance at 645 Ventures; and Jessica Shearer, partner at Proskauer Rose, who discuss what it takes to modernize traditional finance functions and how finance professionals are adapting to the demands of emerging technologies that are transforming the industry. The role of finance leaders is evolving in several ways and will continue to do so in the years to come. Keenan explores the evolution of finance roles, from a backward-looking reporting function into a more proactive data-driven decision-making engine, and stresses the role of keeping up with emerging technologies. Walter highlights her philosophy on building a team with a diverse skill set and hiring from non-traditional backgrounds. Shearer emphasizes the importance of actions individual leaders are taking at their respective firms. Additionally, all speakers discuss how to overcome challenges in scaling operations and how they’re future-proofing financial processes.

The 'U-word' has well and truly returned to private markets. Uncertainty has dominated conversations the first half of April, as the back-and-forth tariff announcements have deepened the pause in dealmaking. For the private equity industry, the trade war adds unwelcome distractions to an industry already grappling with challenges including lower distributions, higher interest rates, a difficult fundraising environment, consolidation and fundamental changes. In this episode, editors from PEI Group's various titles covering the M&A market, deals, secondaries, LP insight and GPs analyze the private equity industry's response to the tariffs and volatility; where the challenges and opportunities lie; and what market participants are keeping their eyes on. In this episode: Adam Le, senior editor, EMEA, private equity, PEI Mary Kathleen Flynn, editor-in-chief, PE Hub Graham Bippart, senior editor, Buyouts and Private Funds CFO Madeleine Farman, editor, Secondaries Investor See also: Tariff turmoil: What do PE professionals think? Read in: Buyouts PE Hub Private Equity International Secondaries Investor

The Swedish real estate market is undergoing an intriguing transformation as rising borrowing costs challenge traditional banks’ dominance. Experts discuss the urgent need for alternative lenders, highlighting their potential to fill gaps in financing. With new regulations affecting lending capacities, firms have developed innovative refinancing strategies. The rise of key players like Kinnerton Capital suggests a future where non-bank lenders play a vital role in a recovering market. This shift could stabilize the sector significantly by 2026, offering more options for borrowers.

Innovation and emerging technologies, such as artificial intelligence and legal tech, are transforming the finance industry faster than ever before. In this episode, we present the second instalment of our three-part New Faces of Finance miniseries. Joining us is Louisa Klouda, founder and CEO of Fenchurch Legal, who shares her perspective on how innovation is driving transformation in the litigation finance industry, and what unique opportunities are arising as a result. Technology is not only streamlining processes, improving risk assessment and predicting outcomes in new ways, but it is also crucial for finance firms to balance innovation with stability. Klouda explains how firms managing complex portfolios can leverage technology to enhance security as well as how innovation can pave the way for new tools and capabilities. Additionally, she discusses key trends that finance professionals should focus on, particularly when it comes to building AI models for smarter, data-driven investment decisions.

This episode is sponsored by Evercore, Davis Polk and Dawson Partners and first appeared on Secondaries Investor's Second Thoughts podcast The secondaries market sits at a crossroads. Never before have LPs been presented with such an array of different liquidity offerings to back. There are specialised secondaries funds focusing on healthcare, on impact investing, on real assets in Asia or on acquiring direct minority equity stakes in companies in India. There are funds focusing on writing large cheques to multi-billion-dollar single-asset continuation funds; and there are funds focusing on making late primary commitments to buyout funds that are still in their fundraising mode. In short, if you’re an LP looking to back a secondaries fund, you’re spoiled for choice. In this special episode, we sit down with Nigel Dawn, global head of Evercore's Private Capital Advisory group; Leor Landa, head of the investment management practice at Davis Polk; and Yann Robard, managing partner at Dawson Partners. We discuss why the performance of continuation funds is key to the further growth and branching out of this part of the market, and why the market is undergoing the fastest pace of innovation it has ever seen.