RPM - Reflections on Private Markets

In this episode of  RPM , Christian Frei, StepStone head of risk joins Michael Venne to discuss some of the main insights from StepStone's  recent collaboration with GIC : a whitepaper that provides an overview of private debt investment opportunities and a framework for building an optimal private debt portfolio. They cover a range of topics including:  The genesis of the project (1:53); How inve...

In this episode of  RPM , Michael and Maribel hand the reins to StepStone’s natural capital team for a primer on carbon markets and offsetting. Though these markets are imperfect and subject to criticisms—some of which we agree with—ultimately, we believe carbon markets are part of the climate solution. Join StepStone’s global head of responsible investment, Suzanne Tavill, and Ryan Ramsey, a prin...

In this episode of RPM, we’re continuing our conversation about the Inflation Reduction Act of 2022 (IRA). More than a year out from the Act’s passing, details of the tax laws and mechanisms for deployment are being finalized. Joining co-host Maribel Yoo to revisit this topic is  Bhavika Vyas , managing director and member of the responsible investment team at StepStone and special guest  Julio Fr...

In this episode of RPM, John Bohill, a partner on our private debt team, joins co-host Michael Venne to discuss the rapid growth and evolution of private debt's secondary market. Among other things, they cover: - Nuances characterizing this market (01:14); - Private debt as a liquidity tool (03:09); - Discounts being half the picture (04:54); - Data’s role in mitigating risk (08:59) See omnystudio...

As bond yields have risen, some investors have been questioning whether direct lending (DL) offers the same value proposition as it once did, but yields are only part of the equation. In this episode of RPM, Fabian Körzendörfer, a Managing Director on our private debt team, joins co-host Maribel Yoo to discuss how direct lending may offer attractive risk-adjusted returns. They discuss:   DL’s lowe...

In this episode of RPM, Jeff Giller, Partner and Head of Real Estate, and Margaret McKnight, Partner and Head of Portfolio Solutions for Real Estate join co-host Maribel Yoo to discuss our recently released Spring 2023 House Views. They discuss: Key takeaways from the House Views (01:26); Opportunities in distressed buys (03:22); The repricing period (04:24); Property types most attractive now (07...

When the economy shrinks, institutions tend to seek reassurance from larger, more established private equity fund managers. This comes at the expense of small, emerging and by extension, diverse managers, which some regard as riskier than their larger, “more proven” counterparts. In this episode of RPM, Daniel Krikorian, a principal on our private equity team, joins co-host Michael Venne to discus...

In this episode of RPM, Bhavika Vyas, managing director and member of the Responsible Investing Team, as well as special guest Julio Friedmann, chief scientist at Carbon Direct, join co-host Maribel Yoo to discuss the Inflation Reduction Act of 2022 (IRA). They cover: An overview of the IRA (00:32); Scope and impact (06:51); Transforming business models (10:14) Considerations for investors (17:18)...

In this episode of RPM, Lisa Larsson, managing director on our portfolio management team, joins co-host Michael Venne to discuss the recently trending net asset value (NAV) lending. They discuss: The definition of NAV lending (0:48); Why NAV lending is regaining popularity in recent times (02:36); How the heightened interest rate environment is affecting the performance of these structures (07:48)...

Over the next five years, private capital assets under management are projected to grow from $10 trillion to $17 trillion. One of the leading reasons: the individual investor. In this episode of RPM, Bob Long, CEO of StepStone Private Wealth joins Michael Venne to discuss this trend. Among other things they cover:  The historical barriers to entry (3:24); The emergence of tender funds (8:12); An o...

In this episode of RPM, Aditya Raina and Laura White, two members of our Private Equity team, join co-host Maribel Yoo to discuss StepStone’s 2023 outlook for private equity. They discuss:   Key market observations and its impact on the PE fundraising environment (00:48); PE transaction activity (02:48); Secondary market opportunity for the PE asset class (09:40); ESG considerations and impact inv...

Nature provides the building blocks for civilization, arable soil, air and water filtration, ore and minerals for extraction, and economic and recreational opportunities. In almost any other context, you would expect to pay for these services. But with nature, we are wont to expect these things for nothing. Hence the title for the white paper we released late last year, “ We don't value nature .”...

In this episode of RPM, Ariel Goldblatt and Mark Tsang, senior members of our private debt team join co-host Maribel Yoo to discuss StepStone’s 2023 outlook for private debt. They discuss:   Key drivers impacting the private debt market (00:43); Why invest in private debt in this market (03:33); Factors driving the growth and performance of private credit (05:45) The current investment environment...

In this episode of RPM, John Avirett, a partner on our venture capital and growth equity team discusses the venture capital ecosystem as we navigate this challenging economic environment. With the right market conditions, and venture capital’s ability to navigate volatile markets, perhaps now is the time to take a closer look at this strategy. We discuss: Fundraising trends for the remainder of 20...

In this episode of RPM, Qi Liu from our data, science and engineering team discusses one of our newest tools – the daily valuation engine (DVE). Typically, private market investors must wait anywhere from two to four months after quarter end to see how the value of their portfolios has changed; DVE, as the name implies, allows them to make this estimate well before general partners report. Among o...

In this episode of RPM, we're talking about growth equity with partner John Coelho . However you define "growth," its champions regard it as a proverbial Goldilocks that offers VC upside with buyout-type risk (1:01). After analyzing 25,000+ private equity deals in SPI , we found that growth delivered a higher multiple than VC and lower loss rates than buyouts (11:05). This was especially true of i...

The Ukraine crisis has taken a more negative turn than we would have hoped. While it becomes clearer what Russia's objectives may be, considerable uncertainty remains. In our twentieth episode, StepStone Partner and Head of Risk, Christian Frei, discusses this uncertainty and how private markets are faring.  See omnystudio.com/listener for privacy information.

In this episode of RPM, we're talking about one of the oldest industries in the world—Agriculture. From inflation concerns (4:15) and the boom in venture-capital-backed technologies (12:46) to the rise of natural capital (15:40) and the democratization of private markets (21:30), “Ag” is having a moment. Joining us to discuss these topics and more is Ryan Ramsey,  a principal on our infrastructure...

In the 18th episode of RPM—Reflections on Private Markets , StepStone's Head of Talent Development Nitin Malik joins co-host Michael Venne to discuss the importance of culture in today's white-hot labor market. They discuss a number of topics including what L&D says about a company's culture (2:09); the nexus between L&D and diversity equity & inclusion (4:20); and what HR teams have l...

In the 17th episode of RPM—Reflections on Private Markets, senior members of our private debt team, Marc-Andre Mittermayer and Marc Lickes join co-host Michael Venne to discuss insurance companies--namely, the reasons they are looking for alternatives to fixed-income investments (2:11); how private markets can help them meet their myriad investment-related goals (5:29); the affect regulatory polic...

In the 16th episode of RPM—Reflections on Private Markets , senior members of our private debt team, Ariel Goldblatt and Mark Tsang,  join co-host Graziella Scassillo to discuss the outlook for private debt. They discuss the asset class's performance history (00:31); how managers have responded to fiscal and monetary intervention (2:08); how markets differ region to region (3:06); how liquidity ne...

In the 15th episode of RPM—Reflections on Private Markets , Aditya Raina , a principal on our private equity team summarizes the firm's 2022 outlook for private equity. He and co-host Michael Venne discuss the fundraising environment (1:10); the continuous growth of IT and software and the importance of partnering with sector specialists (5:48); how GPs are responding to price inflation (10:00); w...

In part four of RPM's climate change special, Suzanne Tavill , StepStone head of responsible investment, hosts Margaret Kuhlow , Global Finance Practise Leader for WWF, to explain why today biodiversity and climate change have to be considered as interrelated systems and why this topic is relevant for our global economy (00:45). Margaret leads us through goals and plans defined by the post-2020 gl...

In part three of RPM's climate change special, Jean-Marc Champagne the head of bankable nature solutions at the WWF, joins StepStone's head of responsible investment, Suzanne Tavill , to discuss new ways of bringing private sector capital into the natural capital sector. They discuss why the Taskforce on Nature-related Financial Disclosures could be a gamechanger for biodiversity (4:00); why banka...

In part two of RPM's climate change special, Carl Prins , the CEO of Pathzero and an expert on carbon footprinting, joins StepStone's head of responsible investment, Suzanne Tavill, to discuss some of the more technical aspects that companies pledging to go net zero will encounter. They cover the types (or "scopes") of emissions and how to measure them (4:00); how measuring portfolio-level emissio...