Private Equity Talks

The Drawdown team is back again, this month discussing talent attraction and retention in private equity.Following on from a recent cover story on PE’s relative attractiveness as a career destination, we speak to Kerry Heaton, chief people officer at Hg, about how her firm is adapting its offer to younger generations.We assess how central the promise of carried interest is to PE’s appeal and how GPs are working hard to create the right culture for their employees.

The latest from your favourite PE operations editorial team! In this episode, we’re talking fund finance and credit rating agencies off the back of The Drawdown’s latest cover feature. The issue gave shape and form to the ominous third party which has recently sneaked up on the fund finance marketplace. In conversation with Gopal Narsimhamurthy, managing director and global head of fund ratings at KBRA, we discuss his view on the increase of rating providers in this space, what it means for industry dynamics and the role agencies play in private equity. Whether or not this is the beginning of a beautiful friendship, we’re too early in the story to say. But one thing is certain: Credit rating agencies are here to stay.

In this podcast, Real Deals is joined by British Patient Capital’s Christine Hockley to discuss the importance of patient capital, what VCs must do to appeal to LPs and how GPs can build a value proposition that aligns with their investors’ interests.

In this exclusive podcast, Real Deals reporter Xhulio Ismalaj is joined by Richard Burrett, chief sustainability officer at early-stage cleantech investor Earth Capital, where he also holds a board director position.During the discussion, he covers the breadth of competing reporting requirements, the volume of activity it creates for GPs, the importance of materiality and the inherent issue with ESG reports as they currently are.To find out more about the topic, check out Real Deals’ recent article on ESG reporting below, in which we speak to representatives from ICG, Livingbridge and Suma Capital.

Your favourite PE operations editorial team is back! This time, the trio tackles evergreen fund structures, off the back of The Drawdown’s latest cover feature on the challenges of setting up semi-liquid fund structures for traditionally closed-ended fund managers. The Drawdown speaks to Luc Maruenda of Eurazeo, who explains how to set up an evergreen structure. We discuss the complexities of managing liquidity expectations, potential investors to target, navigation fluctuations in the economy, and much more. The hows and whys of the strategy are uncovered, but the decision to launch an evergreen fund remains up to you.

What if you were to found a private equity firm that entirely outsourced the investment function and focused solely on operations? Impossible dream or the future direction of the market?The Drawdown speaks to Stephen Branagan of Pantheon Ventures, who argues that it might not be such a crazy concept as it first appears. With LP and regulatory demands ever increasing and tech stacks increasingly complex, a firm specialising in ops could have an advantage when marketing to investors. Stephen and The Drawdown team discuss the pros and cons of an operations-first approach and whether this dream could ever become reality.

The Drawdown is joined by a panel of tokenisation experts to discuss how the technology can be used in private markets. Jack Chong is an entrepreneur in residence at White Star Capital, based in New York. Prior to that, he spent time developing a bond issuance asset tokenisation company for sustainable finance. His current business endeavour aims to remove barriers for asset managers looking to adopt tokenisation. Steven Lightstone is a regulatory partner in the investment management team at Morgan Lewis, based in the firm’s London office. He has particular experience advising the alternative asset industry on fintech and cryptoasset regulation. Finally, Myles Milston joins us from Globacap, the fintech company he co-founded in 2017. Based in the UK, the firm focuses on digitalising private market workflows. Milston’s background is in banking and technology, and he is keen to bridge the gap between both industries. Together, we discuss what tokenisation is and how it can be used in the field of private markets. We tackle the regulatory and operational barriers, and share some tips on how to overcome them.

The Drawdown is joined by Sarah Peasey, director of European ESG investing at Neuberger Berman, for a discussion on what ESG really means for each employee within the GP house. As sustainable regulation and technology continue to develop in tandem, more and more GPs are looking to define their internal ESG culture. We discuss how Neuberger Berman created a culture of ESG, from the training employees can access to the importance of an independent ESG advisory council, among other initiatives.

Real Deals is joined by Lukas Ingelheim and Dan Bender, co-founders at Code & Co, and Peter Waleczek, managing partner at Flex Capital, for a case study on how the GP and tech due diligence provider are working together. As technical due diligence evolves, Code & Co highlights exactly what its work entails and the red flags it looks out for, plus how it differs from IT due diligence, digital due diligence, or cyber due diligence.

Real Deals editor Greg Gille is joined by David Wardrop, partner at Rutland Partners, to discuss how investors can break through to owner-managers and start building that relationship on the best possible footing. This encompasses a lot - from the industry’s public image and educating the business community at large pre-deal, to eventually building a direct relationship and that crucial phase in the first few months post-deal, where the step change for management teams can be daunting. David covers all this, and more, based on Rutland's experience working with owner-managers on transformational deals. Real Deals would like to thank Rutland Partners for sponsoring and contributing to this episode of the podcast.