On The Line

Kicking off our next gen initiative, THE LINE UP_ founding member Rachael Rickwood, FD of Northzone, takes us through her career journey so far.  Rachael's story is somewhat unique, having decided to swap out a law degree for an in-house audit training scheme. She talks us through that decision and importantly, how quickly she was able to rise through the ranks. Rachael then tells us about he...

George Ralph, Global Managing Director & CRO of RFA, highlights the increasing risks posed by AI on the rapidly evolving cybersecurity landscape.  George shares real-life examples of cyber attacks to illustrate the impact of human error. He emphasises the importance of education and awareness in mitigating cyber threats, the role of technology in protecting data, and the need for robust polici...

Stephanie Flooks shares insights from her extensive investor relations experience, detailing her role as an IR coordinator and providing practical tips and advice on how best to strengthen relationships with investors when also working with a busy investment team. Stephanie explores the current challenges of fundraising, the complexities of due diligence, and the impact of technology (both good an...

In this broad and multi-faceted discussion, Ed Stubbings shares his journey from studying theology to becoming a prominent figure in the private capital funds industry. From his formative experiences at Bank of America Merrill Lynch, then to Houlihan Lokey, and in 2020 launching his consultancy business Ternion.  He reveals the genesis behind the British Emerging Manager Institute and what has bee...

Columnist Laura Callahan, HR and next gen talent expert, explores the challenges employers face in adopting AI, the importance of setting clear expectations, and the need for open communication about AI usage within organisations. Laura emphasizes the necessity of being intentional with AI applications to ensure efficiency and compliance. Takeaways Employers are learning AI usage through trial and...

Holland Mountain's Jeremy Hocter discusses the critical role of data literacy and the management of unstructured data in private equity. He emphasises the need for a cultural shift towards data awareness and accountability, the importance of organising unstructured data for effective use of AI tools, and the necessity of maintaining document security amidst technological advancements. Takeawa...

Holland Mountain's Jeremy Hocter shares his next operational focus for 2025: the importance of quantifying value creation and the need for a structured approach to understanding and communicating value creation levers. Hocter explores how firms can differentiate themselves through effective storytelling. Takeaways Creating a taxonomy around value creation is essential. Firms need to quantify...

Holland Mountain's Jeremy Hocter looks at how GPs can enhance their relationship with LPs by offering tailored experiences. Jeremy tracks the evolution of white glove servicing, emphasising the importance of standardisation and operational efficiency. The discussion also touches on the growing trend of self-service capabilities for LPs. Takeaways: GPs need to understand LP needs to tailor the...

Stop shadow bookkeeping and get the best out of your fund admin relationship In this conversation, Holland Mountain's Jeremy Hocter focuses on the challenges of shadow bookkeeping and the importance of effective relationships with fund administrators. He explores the complexities of financial data management, the necessity of transparency, and the human elements that influence these professio...

Jeremy Hocter from Holland Mountain discusses operational priorities for 2025.  In this episode, Jeremy focuses on scaling AUM efficiently (without increasing headcount).The conversation also touches on the need for better data governance and the potential of AI to enhance operational processes. Jeremy shares insights on how firms can leverage outsourcing and improve the effectiveness of their inv...

The Line sat down with Rory Smith and Jeremy Cross to find out all about their new book, A working guide to fund finance .  Rory and Jeremy detail how the book came about and the process of putting it all together. Say the authors:  A working guide to fund finance caters to the whole ecosystem of the fund finance market. It is designed to be a working guide that people can easily understand and re...

After five wonderful episodes covering all corners of Steve's career and the private equity industry, in this episode we turn to Steve himself.  We discuss his super impressive success as an international poker player, as well as his uncanny propensity to pick up celebrity pals. We also put some interesting and heartfelt questions to him asked by people in his network. And finally, Steve shar...

In this episode, Steve Darrington, explores the most pressing topic for the UK industry right now: the tax treatment of carried interest.  With the government just weeks away from announcing its decision on how carried interest will be taxed, Steve looks back at the CGT tax treatment over his career, and how the industry's core incentivisation tool has evolved.  Steve goes on to share his adv...

In this episode, Steve Darrington, recently retired chief risk and finance officer of Phoenix Equity Partners, discusses the future business model of private equity firms.  For Steve, the firms embracing advancements in data and AI will be at an advantage, especially as fund managers seek to grow AUM without simply increasing headcount.  Steve also explores the recent growth in GP staking, and how...

In this episode Steve explains how his particular outlook on risk evolved, the roots of which trace back to a formative litigious incident in his early career.   Steve examines the ‘chief risk officer’ moniker, often seen of as being the negative force in a naturally positive organisation.   If you missed the first two episodes, you can listen to the first here , and the second here .   I hope you...

Welcome to the second instalment of The Steve Darrington series. If you haven't listened to the first, don't worry, you don't need to, but I recommend checking it out at some point.  In this episode, Steve looks back over his 20-plus year career in private equity; he talks about how the industry was back when he started out and how it's changed up into this point. In particular...

In this first instalment of the Steve Darrington series, we discuss his departure from Phoenix, the process of succession including internal negotiations and communication with LPs, and how it has all affected him personally.