Private Equity Spotlight

In this episode of Second Thoughts, our bi-monthly take on the biggest trends and developments in secondaries, Ardian's co-head of secondaries and primaries Vladimir Colas makes a bold prediction for the secondaries market: the first private equity fundraise to breach the $30 billion mark will be a secondaries vehicle. LP portfolios being brought to market are only growing in size, and if they could, sellers would be offloading even larger portfolios. However, secondaries activity is still constrained by the amount of capital available to deploy into these transactions. Colas sat down with senior reporter Madeleine Farman to discuss how large the secondaries market could become in the near future, as well as how many new entrants Ardian expects to break into the secondaries market in 2024 and beyond.

The Private Equity International team delves into the findings of PEI’s annual survey of institutional investors to gauge how LP sentiment toward the asset class is evolving. Download the full LP Perspectives 2024 Study here.

Explore the challenges and disruptions in the direct lending market, the importance of experience in navigating red flags, the future of banks in private debt, and the need for consistency and defining strategies in the private debt market.

Jeff Hammer, global co-head of secondaries at Manulife Investment Management, discusses issues from moral hazard in continuation funds to the ethics of stapled deals with senior editor Adam Le.

How has the private equity industry evolved this year amid a sustained rising interest rate and inflationary environment, fierce competition for LP capital and the increasing democratisation of the asset class? Dechert partner Chris Field sits down with Private Equity International senior editor Adam Le to discuss the results of the law firm's 2024 Global Private Equity Outlook, which examines this very question.

In this fifth and final episode of season two of the Disruption Matters special miniseries, we explore the complex relationships in private equity, emphasising the crucial role of clear communication among all stakeholders from general partners to employees. We discuss the alignment of long-term goals in acquisitions and address limited partners' concerns about debt and liquidity in unstable markets. The overarching message is that success hinges not just on financial metrics or strategies, but on effective communication. Guests include: Kyle Nelson, a partner and managing director at AlixPartners; David Tayeh, head of private equity in North America for Investcorp; Joncarlo Mark, founder of Upwelling Capital Group and a former senior portfolio manager at CalPERS; Jonathan Pressnell, a partner at BluePoint Capital Partners; and Richard de Silva, founder and managing partner of Lateral Investment Management. This episode is sponsored by AlixPartners

Secondaries funds investing in private equity opportunities that held their final close between January and the end of September raised $67.69 billion – a 168 percent jump on the same period last year and 46 percent more than the previous record of $46.44 billion raised in Q1-Q3 2020. In this instalment of Second Thoughts, senior reporter Madeleine Farman and senior editor Adam Le dig further into the numbers to discuss whether 2023 could be a record year for secondaries fundraising; whether the secondaries market will continue to grapple with an under-allocation issue; and whether coffers are beginning to fill versus the opportunities that are out there in the market.

In this fourth episode of season two of the Disruption Matters special miniseries, we delve into the complex interplay between digital transformation and human interaction in sales and marketing. While technology can add efficiencies, the importance of the human element in customer engagement remains an issue. The conversation covers the challenges and opportunities of tactical pricing, particularly in a volatile economic environment. Guests include Jason McDannold, partner and managing director at AlixPartners; Richard Liu, a partner in the enterprise technology and services arm of FTV Capital; Ben Russell, senior vice-president of private equity at Partners Group; Brit Yonge, an operating partner at Corsair Capital; and Jeremy Schein, a partner and member of the buyouts investment committee at Corsair. This episode is sponsored by AlixPartners

Deals are getting larger, and those providing the loans are becoming more trusted and sophisticated. Craig Packer of Blue Owl Capital thinks these are reliable indicators that direct lending is set to expand and prosper. This episode is sponsored by Blue Owl Capital

In this third episode of season two of the Disruption Matters special miniseries, the focus turns to communication and leadership resilience. Guests share insights on how the pandemic led to more frequent and effective communication within portfolio companies. The conversation covers the importance of clearly defined roles, strong operating partner networks and annual meetings for leadership development, as well as the role of ESG in shaping corporate culture and attracting talent. Guests include Ted Bililies, a partner and managing director at AlixPartners; Warren Valdmanis, a partner at Two Sigma Impact; Alan Goldfarb, founder and managing partner of Orangewood Partners; and Steven Maxwell, senior vice-president of portfolio human capital at Audax Private Equity. This episode is sponsored by AlixPartners