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Private Equity Talks

Private Equity Talks

By Real Deals & The Drawdown

For over 20 years, Real Deals have been the independent voice of European private equity providing essential market intelligence, deal information, and insight to Europe's leading GPs, their advisers, & LPs. The Drawdown provides vital insight and analysis for operational professionals in private equity and venture capital. Our mission is to empower & celebrate operational professionals who ensure funds are managed in a robust and compliant manner, lead on in-house technology strategies, regulations & compliance, ESG, & other vital functions that ensure the well-being of the industry.
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RFA’s George Ralph on data (Part 1 of 3)

Private Equity TalksJul 09, 2020

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08:54
Top of the ops: Who was the Third Party?

Top of the ops: Who was the Third Party?

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.



Mar 26, 202421:31
What do LPs want?

What do LPs want?

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.

Mar 05, 202422:46
 Podcast: The struggles of ESG reporting
Feb 29, 202432:08
Top of the ops: Is the grass evergreener?

Top of the ops: Is the grass evergreener?

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.



Feb 21, 202433:57
Top of the ops: Operational utopia

Top of the ops: Operational utopia

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.

Feb 02, 202429:44
Tick-tock: Time to tokenise?

Tick-tock: Time to tokenise?

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.



Nov 14, 202341:14
Exploring the culture of ESG

Exploring the culture of ESG

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.

Apr 05, 202320:33
Tech and product due diligence: a deep dive

Tech and product due diligence: a deep dive

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.

Mar 01, 202327:39
Breaking down barriers

Breaking down barriers

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.

Jan 26, 202322:34
 Changing approaches to liquidity management

Changing approaches to liquidity management

The past two years have highlighted the importance of good liquidity management in private capital funds. The ability to quickly provide liquidity to portfolio companies and / or investors is an absolute necessity for private capital fund CFOs.

Fast forward to today - CFOs also have to contend with a rising interest rate and high inflation environment.

Against this backdrop, we caught up with Jeremy Slade of Hazeltree to find out: How are private fund CFOs evolving their approach to liquidity management?

Oct 24, 202212:38
Private equity in sport

Private equity in sport

Talya Misiri speaks with Michael Preston, partner at Cleary Gottlieb about the increased interest in sport by PE, one of the most successful PE-backed sports deals, how PE can manage reputational risks around these transactions and more.

Sep 30, 202234:13
Winning deals in a competitive market

Winning deals in a competitive market

Sam Fuller, managing director at Houlihan Lokey and Miles Otway, partner at Connection Capital, speak with Real Deals about the rise of trade buyers and how GPs are setting themselves up to win assets in competitive processes.

Jul 18, 202234:26
Navigating the just transition

Navigating the just transition

Michele Giddens, co-CEO at Bridges Fund Management and Sharon Johnson, COO of AgilityEco speak with Real Deals about the just transition and how it is being used in practice.

May 24, 202230:19
Can ESG boost returns?

Can ESG boost returns?

Real Deals is joined by Erik Osmundsen, partner at Verdane and Beth Houghton, partner & head of Impact Fund at Palatine, to discuss whether embedding an ESG strategy into portfolio companies can contribute to driving a higher price, and better returns, at point of exit.

May 16, 202223:15
Lessons learned with Steve Darrington

Lessons learned with Steve Darrington

Sam Marsh of Alpha FX interviews Steve Darrington, partner and CFO of Phoenix Equity Partners, to find out about the most important lessons he has learned.  Steve draws on a rich array of experiences from his corporate, private equity and poker lives. He details his approach to risk management, walking the line between optimism and realism, and thinking the unthinkable.

Mar 14, 202241:09
What has corporate governance got to do with it?

What has corporate governance got to do with it?

Real Deals speaks to Susan Fadil and Bill Prew, (JTC), and James Newman, (Perform Due Diligence), on the importance of having corporate governance at the top of the business agenda.

Jan 11, 202230:32
Talking tech transformation

Talking tech transformation

Following on from the Tech Transformation Survey, in partnership with IQ-EQ, The Drawdown brought together a select group of PE and VC tech practitioners to discuss the findings and latest developments in private equity operating technology. 

Joining the discussion are: 

  • Mike Brogan of Hg
  • Chase Paxton of NGP Energy Capital Management
  • Stephen Lile of Oxbridge Capital Partners
  • Petros Farah of Vickers Venture Partners
  • Hugh Stacey of IQ-EQ.
Dec 09, 202132:58
Substance and fund formation

Substance and fund formation

Real Deals editor Talya Misiri speaks with Elliot Refson, head of funds at Jersey Finance, about substance rules and what funds need to consider.

Dec 02, 202113:10
Managing a successful carve out

Managing a successful carve out

Real Deals editor Talya Misiri speaks with Rutland Partners partner David Wardrop and HCC CEO Julian Aitken about how the carve-out of HCC was navigated and how value creation opportunities were identified and executed.

Nov 26, 202125:37
Mental health as a value driver

Mental health as a value driver

N4 Partners joins Real Deals to explore how mental wellbeing and human performance can be an important value creation driver in private equity

Oct 28, 202118:26
Private debt’s next stage of maturity

Private debt’s next stage of maturity

Alice Murray speaks to Treabhor Mac Eochaidh, Executive Director at MUFG Investor Services, Head of Debt Services, who takes us on a journey through space and time, beginning with the asset class’s early days following the retrenchment of the banks in response to the 2008 downturn. We explore the ways in which direct lending has developed across different regions: in the US, Europe and APAC. And we consider the market’s current condition; with the onset of advanced technologies, big data and continued demand from investors.

Oct 15, 202134:46
The “green-boom”: the reality of ESG post-pandemic

The “green-boom”: the reality of ESG post-pandemic

Is it the end of the “green-boom”? Real Deals is joined by Richard Burrett, chief sustainability officer at Earth Capital and Sharadiya Dasgupta, founding partner at Blue Dot Capital, to discuss ESG reporting during and post-pandemic and whether maintaining regulatory ESG activity is sustainable.

Sep 28, 202136:33
Debt in the post-COVID world

Debt in the post-COVID world

Lending activity has rebounded strongly following COVID disruption, with borrowers once again able to secure favourable pricing and attractive terms in a competitive market.

In a recent roundtable hosted by Real Deals a panel of lenders and advisers discussed the drivers behind the recovery, how lenders are navigating competitive situations to find value and the outlook for debt markets over the next 12 to 18 months.

Aug 09, 202115:28
The convergence of PE and VC

The convergence of PE and VC

Real Deals looks at the broader implications of the converging private capital market.

Jul 07, 202127:36
Creating value through innovation and green initiatives

Creating value through innovation and green initiatives

In a recent podcast, Real Deals spoke to Rutland Partners investment director Jason Birt and Woodall Nicholson CTO John Randerson on creating value through innovation and green energy initiatives at the portfolio company.

Jun 17, 202121:30
Maturing private debt market

Maturing private debt market

Real Deals’ roundtable explored private debt's emergent role in a post-pandemic market. Here are some of the key themes that were discussed.

  • Market growth
  • Debt funds vs banks
  • ESG
Jun 16, 202144:13
SFDR: What investors really think

SFDR: What investors really think

Real Deals is joined by Eve Ellis, partner at Ropes and Gray, and Dani Williams, senior principal consultant and ESG advisory team member at ACA Group, to discuss the challenges GPs and LPs are facing with the new SFDR regulation, how investors have reacted and what to expect from Level 2 in 2022.

Jun 15, 202116:50
Fundraising: Then vs Now

Fundraising: Then vs Now

  • Kirkland & Ellis
  • Nordic Capital
  • Aztec Group
  • FSN Capital
  • Campbell Lutyens

A group of experts discussing the impact of Covid-19 on current fundraising, remote fund launches, fund structuring and set up, investor onboarding in the current climate and the difference between pre and post-pandemic fundraising.

Jun 07, 202116:08
Due Diligence Roundtable: Integrated assessments

Due Diligence Roundtable: Integrated assessments

In a recent roundtable hosted by Real Deals, a group of due diligence professionals and fund managers discussed the evolution of DD in the last year and how DD assessments have a vital role to play in value creation.

  • Armstrong
  • CG Consultancy
  • Confidas People
  • JTC Group
  • onefourzero Group
  • RPS Group
  • WA Communications
May 20, 202115:25
The rise of sector specialism

The rise of sector specialism

Do GPs need to specialise to stand out or can firms can still succeed in the current market as generalist investors?

May 18, 202130:34
Do we even need standardisation? (Part 2 of 2)

Do we even need standardisation? (Part 2 of 2)

Mike Dickey, head of product development MUFG Investor Services and Hamish Mair, managing director and head of the private equity team, BMO Global Asset Management (EMEA), examine the impact of initiatives such as the ILPA template on reporting, the ways in which information is disseminated, new technologies and what total standardisation would mean for LPs.

Apr 28, 202134:40
Importance of Leadership Due Diligence

Importance of Leadership Due Diligence

Real Deals speaks to Matthew Finnie, Chief Technology Officer of Drax on the increasing appetite for portfolio company management diligence

Apr 28, 202119:48
Do we even need standardisation? (Part 1 of 2)

Do we even need standardisation? (Part 1 of 2)

Mike Dickey, head of product development MUFG Investor Services and Hamish Mair, managing director and head of the private equity team, BMO Global Asset Management (EMEA), discuss the challenges of moving away from Excel and PDFs; the proliferation of side-letters and their impact on reporting and transparency, and ways in which technological solutions are helping.

Apr 21, 202123:53
Fit For Purpose

Fit For Purpose

Private equity dealmakers have adjusted to lockdown restrictions and continued to close transactions at pace. Lenders have responded in kind and demonstrated an ongoing willingness to structure and execute financing to meet the requirements of their clients.

Annual ABL Roundtable hosted by Real Deals, lenders, and advisers discuss how the ABL offer has fared through the pandemic period and what ABL lenders can bring to the table to deliver for private equity sponsors and their portfolio companies.

Apr 09, 202107:55
The Evolving Secondaries Market

The Evolving Secondaries Market

Secondaries are here to stay in 2021. While the exit market remains comparatively slow to exit levels pre-Covid, it is expected that secondaries will remain a preferred option for GPs and LPs alike.

The secondary market bounced back fairly quickly after the first lockdown last year, with GP-led situations being particularly popular. This year, GP-leds, in particular, are expected to be an option of choice again, both for LPs who want liquidity and their GP counterparts who don’t yet want to sell the portfolio companies at a suboptimal time in the market for valuations.

Secondaries funds have had to adapt and in the past 12 months, and we have continued to see this segment of the market remains resilient and continuously evolving.

In this roundtable, we will discuss: the response of the secondaries market to the pandemic, the growth in GP-led solutions, the evolution of the market, and predictions on the next big thing for secondaries.

Apr 09, 202121:34
The Brexit Factor
Mar 15, 202110:18
Rebooted: Private equity and the great Covid reset

Rebooted: Private equity and the great Covid reset

Real Deals speaks to IPEM CEO Antoine Colson and O2B Films founder Olivier de Bannes on IPEM's upcoming documentary that focuses on the Covid-19 pandemic and our industry’s response to it.

Feb 18, 202121:45
Navigating uncertainty: ABL through the pandemic

Navigating uncertainty: ABL through the pandemic

A panel of senior ABL lenders, advisers, and GPs discuss how ABL providers are positioning their offerings in post-Covid M&A processes and how ABLs and their clients have steered through an uncertain and volatile market.

Feb 11, 202110:14
Bridging the gap – from Venture  Capital to Private Equity buyout

Bridging the gap – from Venture Capital to Private Equity buyout

<ul>
<li>Support for fast-growth companies throughout the cycle</li>
<li>Tackling the finance gap with companies from breakeven to £1m EBITDA</li>
<li>Getting to grips with ARR-style funding</li>
<li>Cross-origination for PE houses looking for new deals</li>
</ul>
Feb 08, 202136:49
Sector Specialism

Sector Specialism

In today’s programme we are going to have an in-depth discussion on the trend of sector specialisation.

Sector specialism has become a decisive differentiator for managers when executing deals and LPs appear to be pivoting towards sector specialists in greater numbers.

But why is this? Do sector specialists deliver superior returns? How do LPs allocate capital by sector, on what criteria are sector specialists assessed, and what happens when there are long-term shifts in sector performance?

Jan 26, 202134:27
Navigating a distressed market

Navigating a distressed market

The current environment is nothing new for special situations investors and their advisors; but the macro-economic crisis has given special situations investors a lot to consider. In a recent roundtable, a group of experts discussed the current deal environment, CVAs, corporate carve-outs, and how government support slowdowns will impact the special sits market going forward.

Jan 06, 202130:34
InCloudCounsel's Pospisil on the future (Part 3 of 3)

InCloudCounsel's Pospisil on the future (Part 3 of 3)

Alice Murray talks to Troy Pospisil, founder and CEO of InCloudCounsel about the future - specifically how the regulatory landscape for private capital funds is evolving, how investor demands are changing and how InCloudCounsel’s offerings aim to support these developments.

Dec 16, 202018:46
Roundtable: DD in the post-COVID era

Roundtable: DD in the post-COVID era

The evolution of due diligence, the shift in manager focus on DD pre-deal in a post-COVID era and what will be the new normal DD agenda.

Dec 09, 202027:59
InCloudCounsel's Pospisil on document abstraction (Part 2 of 3)

InCloudCounsel's Pospisil on document abstraction (Part 2 of 3)

Alice Murray talks to Troy Pospisil, founder and CEO of InCloudCounsel  about what it is, how it works and how it supports private equity legal  teams, as well as the wider organization.

Dec 09, 202013:59
InCloudCounsel's Pospisil on private equity roots (Part 1 of 3)

InCloudCounsel's Pospisil on private equity roots (Part 1 of 3)

Alice Murray talks to Troy Pospisil, founder and CEO of InCloudCounsel about the company's origins: what drove him to set up the firm and how it has developed over the past seven years.

Dec 02, 202013:46
European Investors

European Investors

In today’s third instalment of the series, we are going to take an in-depth look at the evolution of the European LP base and what this means for managers.

The European investor base has evolved from local pockets of LPs supporting domestic managers into a diverse mix of investors with different objectives, priorities, and manager selection criteria.

Here to guide us through to explain how and why the investors base has changed I am joined by two guests – podcast regular and MVision founder Mounir Guen and Jim Strang who, who chairs the EMEA investment committee for global private markets investor Hamilton Lane.

Oct 27, 202054:10
Navigating government backed aid

Navigating government backed aid

At the start of the Covid-19 crisis, governments announced a wave of loans to assist businesses through economic uncertainty. Now, as the pandemic has progressed and the support schemes have become more sophisticated, what are the longer-term ramifications for these businesses and the wider economy?

Sep 11, 202032:43
Once wary PE firms increasingly look to tech investment

Once wary PE firms increasingly look to tech investment

Real Deals Tech Podcast

The pandemic has left a variety of market sectors in disarray. Technology companies, especially those in digitisation and enterprise software, are proving to be among the most resilient investments, projected to return some of the highest exit multiples in the current environment. Once wary of tech, an increasing number of PE firms are looking to move into what has become a robust place to invest.

Joining us on the Real Deal Tech discussion:

  • David Barbour, managing partner at FPE Capital  
  • Jonathan Simnett, technology M&A dealmaker and marketer at Hampleton Partners 
  • Brian Parker, head of M&A at ICON Corporate Finance 
  • Darran Green, partner at Rockpool Investments
Sep 08, 202036:59
MUFG’s Mike Dickey on ESG reporting (Part 2 of 2)

MUFG’s Mike Dickey on ESG reporting (Part 2 of 2)

Alice Murray talks to Mike Dickey, head of product at MUFG Investor Services, about the data flow of ESG information between GP and LP. While not a new topic for private equity, ESG has received more attention since the onset of the pandemic.

Dickey discusses the push and pull between GPs and their LPs when it comes to sharing ESG information. He observes the variances between some GPs resistant to providing more data that isn’t readily available, and others looking for ways to use ESG as a value driver.

He details the difficulties involved with reporting on ESG due to difficult to reach information and a lack of standardisation. But points out that the increasing popularity of impact funds will likely push for better guidelines.

Aug 28, 202011:54
Virtual Roundtable: Debt Developments

Virtual Roundtable: Debt Developments

Covid-19 has turned the dynamics in acquisition finance markets upside down. In a recent Real Deals roundtable discussion, a group of GPs, lenders, and advisers dialed in to discuss the changes in the market and how lenders and borrowers are reacting.

Aug 27, 202014:08