Shows
Capital DecantedSeason 3 | Episode 2: Growing Up: How Growth Equity Is Defining Its Place in Private MarketsGrowth equity has evolved from the “middle child” between venture and buyout into a distinct and increasingly institutionalized part of the private markets ecosystem. Its role in capital formation, the characteristics of the companies it targets, and the ways value is created have sharpened its identity in a post-COVID market. In this episode, we are joined by Steve McCourt of Meketa and Suzanne Gauron of General Atlantic as they unpack the modern growth equity playbook, how managers compete and differentiate themselves today, and why the strategy’s repositioning matters for investors.Guests:Suzanne...
2025-11-071h 06Capital DecantedS3 | Episode 1: The Space Economy: Are We Entering a New Space Race?Space exploration has historically been viewed as a lofty and prideful goal of governments and the old space economy has been led by legacy private sector telecom companies. But what happens when innovation and competition heats up, launch costs are dramatically pushed down, and geopolitical tensions arise amongst nations? Are we in a new space race? What will the outcome be? Join us and guests Luke Ward of Baillie Gifford and Emma Norchet of T. Rowe Price as we explore what the future space economy might entail.Guests:Luke Ward, Investment Manager...
2025-10-141h 37Capital DecantedSeason 3 Teaser of Capital DecantedSay goodbye to tired market takes and superficial sound bites. Because here, instead of skimming the surface, we dive into the heart of capital allocation — striking the perfect balance and exposing the subtleties that reveal the topic’s true essence.Prepare to have your perspectives challenged as we open up the issues that resonate with the hearts and minds of those shaping capital allocation.
2025-09-3007 minCapital Decanted#1 S2 Decanter's (Half) Dozen: The Great ConvergenceToday’s asset management business has quickly transformed into a race to build out a stable of thoroughbreds--investment strategies across a spectrum of conventional public equity and debt as well as offerings across the continuum of private capital--equity, credit, secondaries, real estate, infrastructure etc. What makes recent history particularly unique are the crossover deals from traditional managers with alternative managers. For several decades, traditional long only mutual fund shops and institutional firms stayed in their lane and idiosyncratic, complex private capital partnerships lived in a different world---there was a peaceful co-existence and mutual exclusivity. Those distinctions and parallel worlds hav...
2025-09-251h 42Capital Decanted#2 S2 Decanter's (Half) Dozen: Private Capital for Wealth ClientsHow does a legacy private capital partnership who has thrived solely in the institutional draw down LP ecosystem, assemble the apparatus to begin distributing those strategies to the individual investor? When client acquisition and conversations, investor sophistication, product design, culture, operational support etc. are all fundamentally different...where do they start in this overhaul? What challenges and pitfalls have they experienced along the way? What battle scars and advice can they share with others that are considering the same or in the early stages themselves. Join us as we draw a blueprint in a very applied and practical manner.
2025-09-231h 51Capital Decanted#3 S2 Decanter's (Half) Dozen: The Modern Asset OwnerWhat do co-investments, secondaries, joint ventures, and NAV lending have in common? To some, they sound like complex investment vehicles - to us, they represent the cutting-edge tools reshaping how asset owners build portfolios. Gone are the days of relying solely on the binary choice between insourcing or outsourcing investment capabilities. Today’s institutional investors have a dynamic, customizable toolkit at their fingertips, empowering them to craft strategies that truly serve their stakeholders. Join industry leaders Scott Chan and Molly Murphy as they dive into this exciting evolution, unpack the innovative investment vehicles driving change, and discuss the challenges an...
2025-09-182h 03Capital Decanted#4 S2 Decanter's (Half) Dozen: A Crypto Golden Age?After many booms, busts, and shakeouts in crypto markets, the pump seems primed for broader adoption in institutional portfolios. Are we really doing this? How might a seemingly crypto-friendly Trump Administration fuel further adoption in the largest capital market in the world? In this episode, we use history as a guide, exploring the phases of crypto adoption and wrestling with whether we're truly in a new era or if the headlines are overhyping reality. Join us and our guests, Robbie Mitchnick of BlackRock and Greg Tusar of Coinbase, to explore further.Introduction: (2:03)...
2025-09-161h 52Capital Decanted#5 S2 Decanter's (Half) Dozen: Is China Investable?Despite being thousands of years old, China’s current economic and political system began to take shape only in the late 20th century, particularly following the economic reforms initiated in the late 1970s. Today, China represents one of the largest economies in the world, a breeding ground for innovation, and an exciting capital market increasingly open to foreigners. However, recent policy swings and geopolitical events have called many items into question - is China investable? Is it possible to develop a long-term view despite short-term geopolitical headwinds? And, most importantly, will the many years of progress toward economic and po...
2025-09-112h 38Capital Decanted#6 S2 Decanter's (Half) Dozen: Asset Based LendingAsset-based lending has come of age, but its evolution has made it challenging to put it in a homogeneous category or asset class, given its complexity and diversity of the underlying universe. From receivables and real estate to royalties and R&D, the range of collateral backing these loans raises questions about ABL's position within the broader private credit complex. In this episode, we attempt to define the history and parameters of ABL, including how loans are structured, as well as crucial due diligence and portfolio construction considerations. To help us explore these topics, we're joined by Greg Turk...
2025-09-091h 44Capital DecantedOn Location at the SALT Wyoming Blockchain Symposium: Special Summer EpisodeLive from the Wyoming Blockchain Symposium, we sat down with three of the earliest pioneers in the space to discuss the unprecedented political, regulatory and market momentum of crypto and blockchain. Franklin Templeton’s Jenny Johnson, SALT and Skybridge Capital’s Anthony Scaramucci, and Pantera Capital’s Dan Morehead joined us to explore the need for bipartisanship, the current use cases for the technology platform, and more. Guests: Jenny Johnson, CEO, Franklin TempletonAnthony Scaramucci, Founder and Managing Partner, Skybridge Capital; Founder and Chairman, SALTDan Morehead, Founder and Man...
2025-08-2641 minCapital DecantedS2 | Episode 11: The Evolution of Private Equity - From Wizards to Artisans with Jacob KotzubeiFinancial engineering or operational value add? As private equity's growth has evolved over several decades, the mechanics of deal structure, capital structure, and motivations have undergone changes across several eras. No longer just the barbarians at the gate anymore, many private equity firms have turned their attention from balance sheet gymnastics to delivering actual operating expertise for portfolio companies. In this episode of Capital Decanted, we answer important questions - what is driving this evolution? How are deal structures different today vs. in the late 1980s? And what is the playbook for a segment of the industry trying to...
2025-07-291h 43Capital DecantedS2 | Episode 10: Asset-Based Lending: An Asset Class or a Collection of Esoteric Collateral? with Greg Turk and Cedric HenleyAsset-based lending has come of age, but its evolution has made it challenging to put it in a homogeneous category or asset class, given its complexity and diversity of the underlying universe. From receivables and real estate to royalties and R&D, the range of collateral backing these loans raises questions about ABL's position within the broader private credit complex. In this episode, we attempt to define the history and parameters of ABL, including how loans are structured, as well as crucial due diligence and portfolio construction considerations. To help us explore these topics, we're joined by Greg Turk...
2025-06-241h 43Capital DecantedS2 | Episode 9: Is Investing in Modern China for the Intrepid or the Foolhardy with Ed GrefenstetteDespite being thousands of years old, China’s current economic and political system began to take shape only in the late 20th century, particularly following the economic reforms initiated in the late 1970s. Today, China represents one of the largest economies in the world, a breeding ground for innovation, and an exciting capital market increasingly open to foreigners. However, recent policy swings and geopolitical events have called many items into question - is China investable? Is it possible to develop a long-term view despite short-term geopolitical headwinds? And, most importantly, will the many years of progress toward economic and po...
2025-05-272h 37Capital DecantedS2 | Episode 8: Special Episode - What Now? The Future of Asset Management with Kevin QuirkWith the tectonic plates in trade, geopolitics, economics, and national security seemingly shifting under our feet in real time, we stepped back to talk about some of the major themes defining the future of this industry. With a lens towards the current uncertainty and risk of global regime change, we examined where our profession, and particularly private capital, is likely to evolve. No one was better equipped to guide us than Casey Quirk co-founder and current Global Head of Investor Relations at Bain, Kevin Quirk.Introduction: (0:48)Guest: (6:50)...
2025-04-291h 02Capital DecantedS2 | Episode 7: Is this the Golden Age of Institutional Crypto Adoption with Greg Tusar and Robert MitchnickAfter many booms, busts, and shakeouts in crypto markets, the pump seems primed for broader adoption in institutional portfolios. Are we really doing this? How might a seemingly crypto-friendly Trump Administration fuel further adoption in the largest capital market in the world? In this episode, we use history as a guide, exploring the phases of crypto adoption and wrestling with whether we're truly in a new era or if the headlines are overhyping reality. Join us and our guests, Robbie Mitchnick of BlackRock and Greg Tusar of Coinbase, to explore further.Introduction: (0:48)...
2025-03-251h 51Capital DecantedS2 | Episode 6: Private Equity Needs a New Head of PR with Pete Stavros and Daryn DodsonGreedy sinners or enterprising saints? The growth of private equity's influence on the economy can no longer be ignored. Like it or not, private equity's reach surrounds our daily lives and its impact on society can be felt across all sectors of the economy. In this episode, we outline a more balanced middle between the extremes of proponents and detractors and highlight two virtuous examples of how private capital is being used for social and financial good.Introduction: (0:48)Halftime: (46:25)Guests: (52:13)Guests:Pete Stavros...
2025-02-251h 26Capital DecantedS2 | Episode 5: The Evolving Asset Owner - New Tools for a New Regime with Molly Murphy and Scott ChanWhat do co-investments, secondaries, joint ventures, and NAV lending have in common? To some, they sound like complex investment vehicles - to us, they represent the cutting-edge tools reshaping how asset owners build portfolios. Gone are the days of relying solely on the binary choice between insourcing or outsourcing investment capabilities. Today’s institutional investors have a dynamic, customizable toolkit at their fingertips, empowering them to craft strategies that truly serve their stakeholders. Join industry leaders Scott Chan and Molly Murphy as they dive into this exciting evolution, unpack the innovative investment vehicles driving change, and discuss the challenges an...
2025-01-282h 01Capital DecantedS2 | Episode 4: The Urgent Rebuild - Distributing Private Capital to Wealth Clients with Shane Clifford and Doug KrupaHow does a legacy private capital partnership who has thrived solely in the institutional draw down LP ecosystem, assemble the apparatus to begin distributing those strategies to the individual investor? When client acquisition and conversations, investor sophistication, product design, culture, operational support etc. are all fundamentally different...where do they start in this overhaul? What challenges and pitfalls have they experienced along the way? What battle scars and advice can they share with others that are considering the same or in the early stages themselves. Join us as we draw a blueprint in a very applied and practical manner.
2024-12-311h 49Capital DecantedS2 | Episode 3: Will Artificial Intelligence replace the Investment Professional with Martin Escobari and Dave MoreheadAI dominates headlines and investment conferences these days…often to excess. Sensational stories like “Here’s the robot that will steal your job” and charges of “Disrupt, transform or die” fill our feeds and raise fearmongering narratives that channel Issac Asimov’s I-Robot or James Cameron’s Skynet--of course from the Terminator series. Quant shops, hedge funds, and algorithmic trading firms have embedded AI in their models for over a decade. But have we hit a tipping point where applications of these accelerated computing capabilities are ready to invade the more traditional asset management business? What are those use cases and which are...
2024-11-261h 35Capital DecantedS2 | Episode 2: Multi-Strategy Investment Firms—the Future Convergence of Public and Private Offerings with Jenny Johnson and Jean HynesToday’s asset management business has quickly transformed into a race to build out a stable of thoroughbreds--investment strategies across a spectrum of conventional public equity and debt as well as offerings across the continuum of private capital--equity, credit, secondaries, real estate, infrastructure etc. What makes recent history particularly unique are the crossover deals from traditional managers with alternative managers. For several decades, traditional long only mutual fund shops and institutional firms stayed in their lane and idiosyncratic, complex private capital partnerships lived in a different world---there was a peaceful co-existence and mutual exclusivity. Those distinctions and parallel worlds hav...
2024-10-291h 41Capital DecantedS2 | Episode 1: Long-termism: The Greatest Asset in Asset Management with Sarah Williamson and Geoff RubinNo investor claims to be short-term but in the face of the seductive siren call of the emotionally volatile markets, even the most disciplined of investors buckles at the knees. The apparatus and systems in which we work---governance, investment policy, benchmarks, asset allocation frameworks, compensation systems along with the behavioral spiral that haunts us all in times of market trauma tend to perpetuate herd mentality. With the help of some of the best minds on the subject, we work to define long term investing more precisely, explore the virtues of a multi-cycle horizon, and warn of the common pitfalls th...
2024-09-301h 47Capital DecantedSeason 2 Teaser of Capital DecantedWelcome back to season 2 of Capital Decanted… well, almost! John Bowman, CFA teases the episode and the “greatest asset in investing” – can you guess what it is? Find out on September 30!
2024-09-2302 minCapital DecantedTop Episode Rewind: Fan-Favorite #1Private Credit has risen from obscurity within the private equity financing world to a greater than $2T asset class in just over a decade. In this episode, we examine the conditions (M&A, debankification, regulation, staying private longer) that accelerated post the GFC that created a torrent of issuance and demand for private credit across direct lending, asset backed credit, structured credit, and innovative special situations. And more importantly, we debate whether we’ve come a little too far, too fast, and if some rationalization and refining is needed before this exciting space continues its upward trajectory.
2024-08-201h 45Capital DecantedTop Episode Rewind: Fan-Favorite #2Private Markets Valuations…do these quarterly marks properly represent fair value or are they make believe…contrived from the fictional world of GP machinations? Do these interim valuations, as one commentator put it, “not matter;” or as another proclaimed provocatively, are they simply a case of “volatility laundering.” Is the gap or “lag” with public market equivalents relevant…are we anchoring to the right bogey…or arbitrarily comparing objective value to an emotionally manic patient, to paraphrase Warren Buffett? In today’s episode, our inaugural episode of Capital Decanted, we are going to lean in to this divisive and complex topic with some h...
2024-08-131h 38Capital DecantedTop Episode Rewind: Fan-Favorite #3After a four decade relative period of global stability, the world order has fractured and grown more unpredictable. The new multi-polar reality poses a major problem for leaders and investors as our traditional guardrails, narratives, and structures seem less useful. How should an investor integrate geopolitical trends into their investment thesis and what pitfalls and common mistakes should we watch out for?
Guests:
Anastasia Titarchuk, CIO, New York State Common Retirement Fund
Marko Papic, Partner, Clocktower Group
2024-08-061h 39Capital DecantedTop Episode Rewind: Fan-Favorite #4Since the arrival of Modern Portfolio Theory (MPT) in the early 1950’s by the legendary Harry Markowitz, the industry has been sturdily anchored to this philosophy and all of it’s artifacts when constructing portfolios. In recent years, however, an enterprising handful of large institutional asset owners have begun challenging the common wisdom of a strategic asset allocation approach given it tends to breed silo behavior, unhealthy competition for resources and attention, unrecognized duplication or disjointed risk exposure across the portfolio, and difficulty in managing the capital pool holistically around a view of the future. This is the story of h...
2024-07-301h 41Capital DecantedTop Episode Rewind: Fan-Favorite #5Permanent Capital or GP Stakes structures aim to take further advantage of long-dated patient capital in private markets. Furthermore, they allow the LP to participate in additional cash flow streams with the GP that are elusive in a traditional fund structure. In other words, it allows LPs to get exposure to a variety of alternative asset managers as minority owners in the GPs themselves. But does this provide a purer incentive alignment of investors and GPs or simply split allegiance and attention between multiple masters? In this episode, with the help of the largest GP Stakes participant, Blue Owl, a...
2024-07-231h 38Capital DecantedEpisode 14: Private Capital Secondaries: From Stigmatized Distressed Selling to Sophisticated Portfolio Toolset with Vern Perry and Taylor RobinsonIt’s another coming of age story on Capital Decanted. In this case, since Dayton Carr conceived the space in 1984, we’ve seen private capital secondaries morph from a niche set of transactions of distressed limited partner selling to a more than $600B asset management and liquidity tool utilized by the most sophisticated LPs and GPs in the world and now devoid of the original stigma that plagued these activities. We’ll examine that winding and explosive history of their beginning and then tackle the state and progression of today’s market with partners from the two largest secondaries funds on...
2024-07-021h 43Capital DecantedEpisode 13: Blockchain Computing: Magic Beans or the Next Computing Paradigm with Chris DixonBlockchain, Bitcoin and Bubbles, oh my. No technology in history has caused more rancor and division for investors than crypto and blockchain. But does history teach us that passion might portend something special? With the help of the most authoritative crypto investor on the planet, A16z’s Chris Dixon, we explore the history of computing platform evolution and the conditions to identify the next one while avoiding frothy FOMO. We discuss how to construct a responsible framework for investing in emerging technologies versus a casino mindset. We review the inherent advantages of blockchain networks for content creators and fo...
2024-06-112h 01Capital DecantedEpisode 12: Gender Diversity: The Curious Case of Stagnation with Nicole Musicco and Ron O’HanleyOne of the key doctrines of modern investment management is diversification, and yet it is remarkably absent from team construction across all spectrums of the investment profession. Countless studies have shown that there is a diversity premium for organizational performance, capital allocation and indeed, investment outcomes and yet we seem trapped in mid teen representation of women. More concerningly, progress seems to have stagnated in recent years. In this episode we lament the lack of impact but more importantly delicately attempt to unearth the root causes of this flattening of the curve, namely the pipeline, COVID, and the DEI mov...
2024-05-211h 42Capital DecantedEpisode 11: Private Credit: Does this Decade Long Torrent need some Spring Cleaning? with Katie Koch and Kipp DeVeerPrivate Credit has risen from obscurity within the private equity financing world to a greater than $2T asset class in just over a decade. In this episode, we examine the conditions (M&A, debankification, regulation, staying private longer) that accelerated post the GFC that created a torrent of issuance and demand for private credit across direct lending, asset backed credit, structured credit, and innovative special situations. And more importantly, we debate whether we’ve come a little too far, too fast, and if some rationalization and refining is needed before this exciting space continues its upward trajectory.
Intr...
2024-04-301h 44Capital DecantedEpisode 10: GP Stakes - A Purer Alignment for LPs/GPs or Unnecessary Distraction? with Sean Ward and Shawn UryPermanent Capital or GP Stakes structures aim to take further advantage of long-dated patient capital in private markets. Furthermore, they allow the LP to participate in additional cash flow streams with the GP that are elusive in a traditional fund structure. In other words, it allows LPs to get exposure to a variety of alternative asset managers as minority owners in the GPs themselves. But does this provide a purer incentive alignment of investors and GPs or simply split allegiance and attention between multiple masters? In this episode, with the help of the largest GP Stakes participant, Blue Owl, a...
2024-04-091h 37Capital DecantedEpisode 9: Total Portfolio Approach: An Unexpected Journey with Ben Samild and Jayne BokSince the arrival of Modern Portfolio Theory (MPT) in the early 1950’s by the legendary Harry Markowitz, the industry has been sturdily anchored to this philosophy and all of it’s artifacts when constructing portfolios. In recent years, however, an enterprising handful of large institutional asset owners have begun challenging the common wisdom of a strategic asset allocation approach given it tends to breed silo behavior, unhealthy competition for resources and attention, unrecognized duplication or disjointed risk exposure across the portfolio, and difficulty in managing the capital pool holistically around a view of the future. This is the story of h...
2024-03-191h 41Capital DecantedEpisode 8: OCIO: The Phoenix that Keeps Rising with Mark Anson and Sarah SamuelsThe Outsourced Chief Investment Officer—once a last resort option for sub-scale capital pools looking to avoid the hassle and cost of building their own investment office to today, a multi-trillion dollar subset of the asset management profession and arguably the hottest structural trend in the industry. Take a listen while we examine:
What insights and opportunities led to the creation of this segment of organizations and why has that exploded in the ensuing four decades?
What defines a successful OCIO? And why has that trajectory and evolution seemingly reached an inflection point—hyperdrive really-- in the last five...
2024-02-271h 26Capital DecantedEpisode 7: A New Global Order: Integrating Geopolitics with Anastasia Titarchuk and Marko PapicAfter a four decade relative period of global stability, the world order has fractured and grown more unpredictable. The new multi-polar reality poses a major problem for leaders and investors as our traditional guardrails, narratives, and structures seem less useful. How should an investor integrate geopolitical trends into their investment thesis and what pitfalls and common mistakes should we watch out for?
Introduction (0:48)
Halftime (46:00)
Guests (49:50)
Guests:
Anastasia Titarchuk, CIO, New York State Common Retirement Fund
Marko Papic, Partner, Clocktower Group
2024-02-061h 39Capital DecantedEpisode 6: Private Market Regulation: Overreach or Overdue? With Jen Choi and Jon GrabelIn order for the capital markets system to continually grow in its transparency, efficiency and fairness, it needs a combination of free market ingenuity and regulatory protection. With the meteoric rise and importance of alternative investments in the past decade, did the SEC strike that balance correctly with the new Private Advisors Rule? Directionally, probably yes but certainly the details are far from perfect and unintended consequences are inevitable. With an aim to provide a practical guide for the layman practitioner, we explore the history of light touch regulation of private funds, highlight the important elements and implications of...
2024-01-171h 49Capital DecantedEpisode 6: Private Market Regulation: Overreach or Overdue? With Jen Choi and Jon GrabelIn order for the capital markets system to continually grow in its transparency, efficiency and fairness, it needs a combination of free market ingenuity and regulatory protection. With the meteoric rise and importance of alternative investments in the past decade, did the SEC strike that balance correctly with the new Private Advisors Rule? Directionally, probably yes but certainly the details are far from perfect and unintended consequences are inevitable. With an aim to provide a practical guide for the layman practitioner, we explore the history of light touch regulation of private funds, highlight the important elements and implications of...
2024-01-161h 48Capital DecantedEpisode 5: Wine Investing Holiday Special with Matt Parker and Anthony ZhangThis episode had to happen. The origin story of this show necessitated it. And what better timing then to release it as our holiday special when many of you around the world will be sitting around the table with family and friends, breaking bread and sharing a bottle of fine fermented grape juice. But beyond our passion for drinking and socializing around wine, is there an investable asset class here yet? We examine the history of wine investing, the lifecycle of the grape, and the very unique investment characteristics of each stage of the lifecycle. Then we invite two exper...
2023-12-191h 33Capital DecantedEpisode 4: Culture: The Irreplicable Superpower with Kim Lew and Jim DunnA healthy culture is the oxygen by which you accomplish the work of the organization. It breathes life and vitality into the collective work of the enterprise. It gives meaning and connection to a shared purpose or goal. And it is predictive of sustainable outsized investment performance. And yet, cultivating healthy organizations have rarely been a defining characteristic of the investment industry. Why? And how can we accelerate the profession’s social license with a renewed focus on culture?
Introduction (0:48)
Halftime (45:23)
Guests (51:25)
Guests:
Ki...
2023-11-281h 48Capital DecantedEpisode 3: Governance Alpha with Chris Ailman and Ashby MonkMost agree that healthy investment committee governance is table stakes for meeting investment outcomes over the long term and yet, it is probably the least discussed element of the investment management value chain. Why is the pursuit of governance excellence often ignored? Are there models of separation of duties between board and staff that we should be aiming for? Can strong governance actually improve or juice investment returns? Is it a source of alpha that is largely unharvested?
Introduction (0:47)
Halftime (41:47)
Guests (47:47)
Guests:
Ashby Monk, SLTI Executive...
2023-11-091h 46Capital DecantedEpisode 2: Democratization of Alternatives with Joan Solotar and Fran KinniryDemocratization is a word loaded with independence, equal access and even Americana, it’s a concept that conjures up a binary and heated debate about fairness and liberty of choice but is democratization always good? Is it the government’s role to restrict individual citizens from what they deem risky assets or should we simply demand standards of transparency and reporting and trust adults with their own money? Listen in to find out more!
Introduction (0:47)
Halftime (53:30)
Guests (59:23)
Guests:
Joan Solotar, Global Head of Private Wealth Solutions, Black...
2023-10-171h 49Capital DecantedEpisode 1: Private Market Valuations with Scott Kupor and Andrea AuerbachPrivate Markets Valuations…do these quarterly marks properly represent fair value or are they make believe…contrived from the fictional world of GP machinations? Do these interim valuations, as one commentator put it, “not matter;” or as another proclaimed provocatively, are they simply a case of “volatility laundering.” Is the gap or “lag” with public market equivalents relevant…are we anchoring to the right bogey…or arbitrarily comparing objective value to an emotionally manic patient, to paraphrase Warren Buffett? In today’s episode, our inaugural episode of Capital Decanted, we are going to lean in to this divisive and complex topic with some h...
2023-09-261h 37