The Great Private Equity Pivot | Adam Turtle, Rede Partners

Why can some private equity managers raise a fund in months while others struggle to raise at all?Adam Turtle, co-founder of Rede Partners, joins Ross Butler on Fund Shack to examine a shift in what institutional investors want from private equity. Adam argues that the difficult fundraising environment is not simply a shortage of capital. LPs are reassessing their managers, questioning familiar sector preferences and looking for evidence that investment strategies can deliver. That distinction changes the conversation about DPI. Investors want distributions not just to replenish their investment budgets, but to demonstrate that reported valuations can translate into cash returns. Adam also explains why he sees renewed interest in smaller and middle-market funds, and why the biggest managers are not necessarily the winners. The conversation then turns the usual fundraising question around: when should a GP turn down an investor? Ross and Adam explore how managers can build an investor base that supports their long-term ambitions, and how Rede decides which managers it is willing to represent and invest alongside. They also debate higher hurdle rates, carried-interest incentives and the difference between a fundraising target and a hard cap. Throughout, the question is whether the industry’s pursuit of growth supports the investment performance that ultimately sustains it. 🔹🔹🔹🔹🔹🔹🔹🔹🔹🔹00:00 The private capital fundraising market01:58 Why this is not simply a capital squeeze05:44 DPI: cash returns as proof of performance08:03 Fund size, performance and diversification12:33 Sector expertise, AI resilience and defence16:46 The three-speed fundraising market20:42 AI, emerging managers and reinvention24:33 When should a GP turn down an investor?31:37 How Rede selects the managers it represents35:06 Higher hurdle rates and carried-interest incentives37:46 Fundraising targets, hard caps and investment capacity41:24 European private equity: ambition versus scale46:07 GP stakes and the value of fund management businesses50:22 Building Rede Partners as an independent adviser53:55 Culture, teamwork and client service56:57 Beyond investor introductions: communication and trust 🔹🔹🔹🔹🔹🔹🔹🔹🔹🔹Thank you to our guest: Adam Turtle, co-founder of Rede Partners.https://www.rede-partners.com/about🔹🔹🔹🔹🔹🔹🔹🔹🔹🔹EPISODE PARTNER: SRS ACQUIOMThank you to our Episode Partner, SRS Acquiom.SRS Acquiom provides a comprehensive platform to help manage merger and acquisition transactions and bilateral and syndicated loan facilities.Visit: https://www.srsacquiom.com/eu/🔹🔹🔹🔹🔹🔹🔹🔹🔹🔹Host: Ross Butler, founder and host of Fund Shack, and author of Invest Like a Barbarian: Share in the Spoils of a Private Markets Revolution. Follow Fund Shack on your preferred podcast platform for more original conversations across private markets. Found this discussion useful? Please share it with a colleague.

Selecting suitable private equity funds is not the same as reliably predicting future outperformers. In Fund Shack episode #92, John Renkema, Partner and Head of Private Markets at Avida International, joins Ross Butler to discuss the work behind an institutional LP's investment programme: portfolio construction, diversification, commitment pacing and alignment of interests.Drawing on 24 years at APG, John challenges the emphasis on forecasting winners among established institutional funds. He is not arguing that selection is pointless: access, negotiated terms and portfolio fit still matter. He also distinguishes this market from venture capital, smaller buyouts and emerging managers, where the selection challenge can be different.IN THIS EPISODEFund selection: choosing suitable managers versus predicting future outperformance. Portfolio construction: diversification across sectors, regions, strategies and vintage years.Commitment pacing: maintaining the capacity to invest when liquidity becomes scarce.Governance and incentives: committed capital, fund terms and who receives the carried interest.Continuation funds and LP–GP relationships: why “sell or roll” does not settle every conflict, and why professional distance matters.🔹🔹🔹🔹🔹EPISODE PARTNER: SRS ACQUIOMThank you to our Episode Partner, SRS Acquiom.SRS Acquiom provides a comprehensive platform to help manage merger and acquisition transactions and bilateral and syndicated loan facilities.https://www.srsacquiom.com/eu/🔹🔹🔹🔹🔹CHAPTERS00:00:00 The LP's Role00:04:54 Beyond Fund Selection00:10:18 Governance and Diversification00:18:17 Terms and Continuation Funds00:25:22 Building an LP Programme00:30:29 Understanding Investment Risk00:32:52 Partners or Clients?🔹🔹🔹🔹🔹ABOUT JOHN RENKEMAJohn Renkema is Partner and Head of Private Markets at Avida International. He previously managed a global private equity portfolio at APG. At Avida, his work focuses on independent advice to limited partners, particularly around private markets strategy and governance.Avida International:https://www.avida-int.com/John Renkema on LinkedIn:https://www.linkedin.com/in/john-renkema-02198a/🔹🔹🔹🔹🔹ABOUT FUND SHACKFund Shack explores the decisions, incentives and investment strategies shaping private markets, through in-depth interviews with investors and industry specialists and focused analysis with Ross Butler.Ross Butler is the founder and host of Fund Shack and the author of Invest Like a Barbarian: Share in the Spoils of a Private Markets Revolution.Explore our episodes, transcripts and articles:https://fund-shack.com/Fund Shack newsletter on Substack:https://privateequitypodcastfundshack.substack.com/Fund Shack newsletter on LinkedIn:https://www.linkedin.com/newsletters/privateequity-with-fund-shack-7159157815326949376/Ross Butler's book:http://q-r.to/Invest-Like-A-Barbarian🔹🔹🔹🔹🔹Suggest a guest, sponsorship and content partnerships: [email protected] Fund Shack on your podcast app for more conversations on private equity, private credit, infrastructure, secondaries and private wealth access.

Does traditional ESG due diligence actually help private equity investors manage risk, or can it become part of the problem?Ross Butler speaks with Rupert Evill, Founder of Ethics Insight, about business ethics, integrity risk, fraud and due diligence in private markets. They explore why investors should look beyond policies and compliance checklists to understand the context, controls, culture and incentives inside a business.Rupert also explains why due diligence should be forward-looking. An investment can fundamentally change a company by accelerating growth, introducing new markets, decentralising decision-making and putting management teams under new pressures.IN THIS EPISODEWhy integrity risk may be more useful than conventional business ethicsThe importance of context, controls and cultureWhy ESG box-ticking can distract from genuine risk managementHow AI is changing due diligence and complianceWhy investment itself can create new portfolio company risksWhat whistleblowing and speak-up cultures reveal about a businessHow investors should think about fraud, corruption and political riskWhat founder due diligence can reveal about management and cultureWhy impact investing still requires rigorous commercial risk managementABOUT RUPERT EVILLRupert Evill is Founder of Ethics Insight and has 25 years of frontline experience across more than 80 countries.His work spans investigations, intelligence, political risk, due diligence, crisis response, integrity risk and human rights. Rupert is a Certified Fraud Examiner and author of Bootstrapping Ethics, with postgraduate study in communication, behaviour and credibility analysis and Cambridge training in business sustainability.TIMESTAMPS00:00 Business ethics, integrity risk and private equity03:03 Context, controls and culture06:37 ESG box-ticking, AI and due diligence11:05 Whistleblowing, speak-up culture and fraud prevention17:55 How investment changes portfolio company risk21:05 Corruption, emerging markets and political risk25:01 Fraud risk, compliance and corporate integrity32:31 Founder due diligence and portfolio company culture35:32 What should private equity investors monitor across a portfolio?42:12 Supply chains, ESG, impact investing and responsible investment🔹 🔹 🔹 🔹 🔹 🔹 🔹 🔹 🔹GUESTRupert EvillFounder, Ethics Insight🔗 Connect on LinkedIn:https://www.linkedin.com/in/rupert-evill/🌐 Ethics Insight:https://www.ethicsinsight.co/📧 Contact:https://www.ethicsinsight.co/contact/🔹 🔹 🔹 🔹 🔹 🔹 🔹 🔹 🔹ABOUT FUND SHACKFund Shack explores private equity, private credit and the wider private markets industry through long-form conversations with leading investors, advisers and practitioners.🔹 🔹 🔹 🔹 🔹 🔹 🔹 🔹 🔹HOSTRoss Butler is the founder and host of Fund Shack. He has worked around private capital for 25 years as a journalist, policy adviser and consultant, and is the author of Invest Like a Barbarian: Share in the Spoils of a Private Markets Revolution.🔗 Connect on LinkedIn:https://www.linkedin.com/in/rossbutler1/🌐 Fund Shack:https://www.fund-shack.com/🔹 🔹 🔹 🔹 🔹 🔹 🔹 🔹 🔹📘 ORDER ROSS BUTLER’S BOOKInvest Like a Barbarian: Share in the Spoils of a Private Markets Revolutionhttp://q-r.to/Invest-Like-A-Barbarian🔹 🔹 🔹 🔹 🔹 🔹 🔹 🔹 🔹Interested in joining Fund Shack as a guest or exploring sponsorship opportunities?Contact Katie at [email protected] to discuss upcoming episodes, editorial themes and partnership opportunities.

Brazil offers one of Latin America’s deepest private capital markets, with opportunities across private equity, private credit, infrastructure, agriculture, critical minerals and distressed investing. Success requires local networks, thematic focus and a clear understanding of currency risk.Ross Butler speaks with Tim Chamberlain of Brunel Partners about why global investors remain underallocated to Latin America, where capital scarcity creates opportunity, and why private market structures may suit volatile economies.Why Brazil is often the best entry point into Latin AmericaAgriculture, critical minerals and infrastructureBrazilian private credit and FIAGRODistressed investing and complex capital structuresCurrency exposure and the cost of hedgingBrazilian family offices, pension funds and precatóriosTim argues that the strongest investment cases are usually thematic rather than broad regional allocations. Brazil’s scale, legal framework and domestic capital markets create depth, while high interest rates and conservative bank lending can leave middle-market companies short of flexible finance.The discussion also examines currency risk at asset level. A Brazilian business may earn revenue from exports, commodities, dollar-linked contracts or inflation-linked concessions, so its economic exposure can differ from the currency in which a fund is denominated.Brazil may benefit from demand for data centres, renewable energy, agricultural production and critical resources. Private capital can provide patient finance, negotiated governance and specialist expertise where conventional markets remain limited.🔹 🔹 🔹 🔹 🔹 🔹 🔹 🔹 🔹 #PrivateEquity #PrivateCapital #Brazil #LatinAmerica #PrivateCredit🔹 🔹 🔹 🔹 🔹 🔹 🔹 🔹 🔹 About Tim ChamberlainTim Chamberlain is based in São Paulo and works with Brunel Partners, a placement and advisory firm connecting Latin American managers, entrepreneurs and investment opportunities with global institutional capital.Tim began his career in Asia before joining Eurekahedge and opening its New York office. He moved to Brazil in 2010 and helped establish Brunel Partners in 2014.🔗 CONNECT on LinkedIn 🌐 Brunel Partners📧 [email protected]🔹 🔹 🔹 🔹 🔹 🔹 🔹 🔹 🔹 Host: Ross Butler is the founder and host of Fund Shack. He has worked around private capital for 25 years as a journalist, policy adviser and consultant, and is the author of Invest Like a Barbarian: Share in the Spoils of a Private Markets Revolution.🔗 CONNECT on LinkedIn 🌐 Fund Shack🔹🔹🔹🔹🔹🔹🔹🔹🔹📘 Order Ross Butler’s book 👉 Invest Like a Barbarian: Share in the spoils of the Private Markets revolution #investlikeabarbarian🔹🔹🔹🔹🔹🔹🔹🔹🔹Important informationThis conversation was recorded ahead of Brazil’s October 2026 presidential election. Political observations and market conditions reflect the position at the time of recording.🔹🔹🔹🔹🔹🔹🔹🔹🔹Interested in joining Fund Shack as a guest or exploring sponsorship opportunities? Contact Katie at [email protected] to discuss upcoming episodes, editorial themes and partnership options.

Private equity is entering a tougher operating environment, where cheap debt and multiple expansion can no longer be relied on to deliver returns.In this episode of Fund Shack, Ross Butler speaks with Emilio Domingo, Partner in Bain & Company’s London office and Chief Commercial Officer for Bain’s EMEA Private Equity practice, about Bain’s latest private equity outlook, the idea that “12 is the new five”, and what it means for GPs, LPs and portfolio company management teams.In this episode, we cover:🔹Why Bain says “12 is the new five” for private equity🔹Why average buyouts may now need much higher EBITDA growth to achieve similar returns🔹Why margin expansion has contributed surprisingly little to private equity returns🔹The “leaky bucket” problem of inflation, price erosion and supply chain shocks🔹Why scale, specialisation and accumulated experience are becoming more important🔹How private equity balances value creation playbooks with entrepreneurial management🔹Bain’s view of full potential diligence🔹Why speed matters in private equity transformation🔹The rise of the Chief Transformation Officer🔹How AI is changing investment teams, value creation teams and portfolio companies🔹Whether AI will favour emerging managers or scaled private equity platforms🔹Why private equity-backed companies may have an edge in AI adoption🔹Bain’s outlook for private equity and the industry’s liquidity challengeChapters:00:00 Why “12 is the new five” changes private equity02:46 The new EBITDA growth challenge for buyouts04:34 Why margin expansion has been so difficult07:26 Why scale and specialisation are becoming critical09:44 Private Markets Capability sponsor message10:39 Value creation, governance and entrepreneurial management12:57 The art of building a world-class value creation plan14:33 Why speed matters in private equity transformation15:51 The rise of the Chief Transformation Officer17:23 How AI is changing private equity investing20:11 Will AI favour emerging managers or the largest firms?22:23 Why private equity could become the AI winner23:41 Bain’s outlook for the future of private equity🔹🔹🔹🔹🔹🔹🔹🔹🔹Guest bio: Emilio Domingo is a Partner in Bain & Company’s London office and Chief Commercial Officer for Bain’s EMEA Private Equity practice.In this role, Emilio drives the commercial agenda for Bain’s regional private equity practice, helping the firm bring its capabilities, solutions and products to financial investor clients.🔗 CONNECT on LinkedIn https://www.linkedin.com/in/emiliodomingo/ 🌐 https://www.bain.com/industry-expertise/private-equity/ 🔹🔹🔹🔹🔹🔹🔹🔹🔹Host: Ross Butler is the founder and host of Fund Shack. He has worked around private capital for 25 years as a journalist, policy adviser and consultant, and is the author of Invest Like a Barbarian: Share in the Spoils of a Private Markets Revolution.🔗 CONNECT on LinkedIn https://www.linkedin.com/in/rossbutler1/🌐 www.fund-shack.com🔹🔹🔹🔹🔹🔹🔹🔹🔹📘 Order Ross Butler’s book 👉 Invest Like a Barbarian: Share in the spoils of the Private Markets revolution ♾️ http://q-r.to/Invest-Like-A-Barbarian#investlikeabarbarian🔹🔹🔹🔹🔹🔹🔹🔹🔹About our sponsor: Private Markets Capability for Wealth AdvisersClients are increasingly asking not only whether they should invest in private markets, but how private equity and private credit fit within a portfolio, what the liquidity trade-offs are and what the underlying risks actually look like.The PMC-Q50 was developed to help advisers test their preparedness before those conversations take place.The free assessment takes around 25 minutes and produces a personalised private markets capability profile. It identifies where knowledge is strong, where it may need sharpening and which areas should be prioritised next.Take the PMC-Q50 assessment. https://pmc-q50.scoreapp.com🔹🔹🔹🔹🔹🔹🔹🔹🔹

Private Markets Podcast, Fund Shack www.fund-shack.comSpace is no longer just about rockets, satellites and astronauts. In this episode, Ross Butler speaks with Mark Boggett, CEO and General Partner of Seraphim Space, about how SpaceTech is becoming a critical infrastructure layer for defence, communications, data, AI, energy and industrial activity.Following the recent SpaceX IPO, many investors are being forced to develop a view on space. But as Mark explains, SpaceX is only one part of a much broader ecosystem. Launch and Starlink may dominate the headlines, but the wider opportunity includes Earth observation, satellite communications, orbital infrastructure, in-space servicing, data platforms, defence applications, AI-enabled analysis and even the early foundations of space-based energy and computing.The conversation explores why defence is currently the main revenue engine for SpaceTech companies, particularly across dual-use technologies that serve both military and commercial markets. Mark explains how European governments are reassessing their dependence on US space capabilities, why Germany is becoming more active, and why the UK continues to produce strong SpaceTech start-ups while still facing a later-stage capital gap.Ross and Mark also examine the commercial side of the market. AI is making satellite data easier to ingest, interpret and apply across industries. Falling launch costs, particularly through Starship, may change the economics of orbital infrastructure. That could make previously speculative ideas, such as orbital data centres, in-space manufacturing and solar energy generation, more plausible over time.Mark also discusses Seraphim’s own investment model, from accelerator stage through to venture and listed growth capital. He explains why specialist knowledge matters in SpaceTech, why vertical integration can create powerful moats, and why permanent capital may be well suited to companies building the next layer of digital infrastructure in space.In this episode:Why space is better understood as infrastructure than as a conventional sectorWhere the opportunity sits beyond SpaceX, Starlink and launchWhy defence demand is accelerating revenues across dual-use SpaceTechHow AI is changing the economics of satellite dataWhy falling launch costs could unlock orbital computing and manufacturingHow orbital debris and in-space servicing are becoming investable marketsWhy Seraphim uses accelerator, venture and listed growth capital structuresGuest: Mark Boggett is CEO, General Partner and co-founder of Seraphim Space, an investment firm dedicated to the global SpaceTech market. He helped launch the world’s first venture-capital fund focused exclusively on SpaceTech in 2016.🔗 CONNECT on LinkedIn https://www.linkedin.com/in/mark-boggett-5044631/ Seraphim’s platform spans an accelerator, early-stage venture capital and the London Stock Exchange-listed Seraphim Space Investment Trust, giving the firm exposure to businesses from formation through to growth stage.🌐www.seraphim.vcHostRoss Butler is the founder and host of Fund Shack. He has worked around private capital for 25 years as a journalist, policy adviser and consultant, and is the author of Invest Like a Barbarian: Share in the Spoils of a Private Markets Revolution.🔗 CONNECT on LinkedIn https://www.linkedin.com/in/rossbutler1/🌐 www.fund-shack.com🔹🔹🔹🔹🔹🔹🔹🔹🔹📘 Order Ross Butler’s book 👉 Invest Like a Barbarian: Share in the spoils of the Private Markets revolution ♾️ http://q-r.to/Invest-Like-A-Barbarian#investlikeabarbarian🔹🔹🔹🔹🔹🔹🔹🔹🔹Our sponsor Private Markets Capability: https://privatemarketscapability.com/Take the PMC-Q50 assessment. https://pmc-q50.scoreapp.com

Private markets were built around illiquidity. Investors commit capital, managers invest it over time, and cash comes back when assets are sold. But as private equity, private credit and private markets have scaled, the industry has had to build a more sophisticated liquidity toolkit.In this episode of Private Markets Podcast, Fund Shack, Ross Butler speaks with Alex Branton, Chief Investment Officer at Nodem Capital, about what NAV really means, how NAV lending works, and why secondaries, continuation vehicles, structured secondaries and evergreen funds are becoming central to private markets.Alex explains how NAV lending sits on a spectrum. At low loan-to-value ratios, it looks like conservative credit. At higher LTVs, it begins to resemble preferred equity or structured secondaries, where the lender takes more equity-like risk and future upside is shared.The episode explores why NAV loans are controversial. They can fund an accretive acquisition, support a strong portfolio company or buy a discounted secondary position. But they can also accelerate DPI or distribute cash when the underlying assets may not be ready for exit. The structure is not the issue. The motivation is.Ross and Alex also discuss the robustness of NAV itself. NAV is not cash in the bank. It is a manager mark, shaped by comparable multiples, valuation policy, auditor review and GP judgement. For NAV loans, secondaries and evergreen funds, NAV matters because it is the reference point for buying, selling, lending and redeeming.The conversation then turns to evergreen funds and private wealth access. Alex is positive about evergreen vehicles, but warns that implied liquidity creates a challenge. Investors need to understand how NAV is constructed, how redemptions work and what happens when negative headlines trigger outflows.The episode finishes with private credit, software exposure, defaults and recent market anxiety. Alex argues that the market should distinguish between genuine credit risk and liquidity pressure inside fund structures. His view is that private credit headlines are often overstated, but underwriting standards, leverage, amend-and-extend behaviour and smaller-market lending should still be watched carefully.Topics covered include:🔹What NAV really means in private markets🔹How NAV lending works🔹 LP-led and GP-led secondaries🔹Continuation vehicles and strip sales🔹Structured secondaries and preferred equity🔹Loan-to-value, downside protection and equity risk🔹DPI acceleration versus accretive NAV loan use cases🔹Why NAV lending is controversial🔹LPAC governance and investor alignment🔹 Why NAV is not the same as cash🔹 Secondary market pricing and bid-ask spreads🔹Evergreen funds and private wealth access🔹 NAV squeezing, or NAV stretching🔹Private credit risk, SaaS exposure and default rates🔹Why fund structure matters as much as asset qualityThis episode is essential listening for GPs, LPs, private credit investors, secondaries specialists, family offices, wealth advisers and anyone trying to understand how liquidity, valuation and alignment are changing across private markets.Guest: Alex Branton, Chief Investment Officer, Nodem Capital🔗 https://www.linkedin.com/in/alex-branton-b6130a27/Host: Ross Butler, Fund Shack🔗 https://www.linkedin.com/in/rossbutler1/

Flor Kassai, Managing Partner and Head of Buyout at Inflexion, joins Ross Butler to discuss European mid-market private equity, talent, origination and repeatable value creation.Flor argues that private equity is more of a talent business than an investment business. In her view, getting the right management team into a company is the central variable in whether a deal can scale, adapt and create value.This episode explores how Inflexion thinks about dealmaking in 2026, including the importance of pricing power, margin quality, sub-sector expertise and repeatable playbooks. Flor explains how Inflexion has built depth in areas such as testing, inspection, certification and compliance, veterinary roll-ups, fund administration, corporate services, skincare, wealth management and even darts.The discussion also covers direct origination in the European mid-market. Flor explains why trust is built over years, not meetings, and why local presence still matters in a world increasingly shaped by AI and data-led sourcing. The conversation includes Inflexion’s relationship with Easyfairs founder Eric Everard, its expansion beyond the UK into Benelux, the Nordics and DACH, and its use of continuation funds to extend ownership of high-quality assets.Also discussed:Why 2026 is a tricky but attractive environment for disciplined private equity investorsHow Inflexion repeats sub-sector playbooks across strategies and geographiesWhy management teams and talent are central to private equity value creationHow direct origination works in founder-led and relationship-driven marketsWhen buy-and-build works, and when organic growth is the better answerWhy continuation funds can be a good structure when the next phase of value creation is clearWhat Nodor reveals about finding value in unexpected mid-market nichesFlor’s career journey from Argentina to JP Morgan, Wharton, Bain, Hg and InflexionWatch the full episode and explore more private markets insights at Fund Shack.🔹🔹🔹🔹🔹🔹About our guest Flor Kassai is Managing Partner and Head of Buyout at Inflexion. She leads Inflexion’s buyout strategy and has been closely involved in the firm’s growth across the UK and Northern Europe.🔗https://www.linkedin.com/in/florencia-kassai-a711b2/🌐 https://www.inflexion.com/people/flor-kassai/🔹🔹🔹🔹🔹🔹About our host Ross Butler 🔗 CONNECT on LinkedIn https://www.linkedin.com/in/rossbutler1/🌐 www.fund-shack.com📘 Order Ross Butler’s book: Invest Like a Barbarian: Share in the spoils of the Private Markets revolution ♾️ http://q-r.to/Invest-Like-A-Barbarian#investlikeabarbarian🔹🔹🔹🔹🔹🔹 🏢 Private Markets Capability – 5-Minute AssessmentPrivate markets are moving into the adviser channel faster than most firms are building real capability. This short diagnostic looks at how consistently your team can explain, challenge and navigate private markets in client conversations.In less than 5 minutes, you’ll see: Where your capability is strong Where it varies across individuals Where your firm may be exposed as the market evolvesNo preparation required. Instant score and clear next step.👉 Take the assessment: https://private-markets-capability-assessment.scoreapp.com/🔹🔹🔹🔹🔹🔹

Private markets look stable… until they don’t.NAVs move slowly. Returns look smooth. Volatility appears contained.But none of that is tested until an investor actually tries to sell.That’s where secondaries come in.The secondaries market is where private markets lose their narrative and face reality.It’s where valuation becomes negotiation.Where liquidity becomes optional.And where the difference between price and value stops being theoretical.In this conversation, Nigel Dawn, Global Head of Private Capital Advisory at Evercore, breaks down how secondaries have quietly become one of the most important forces shaping private markets today.If you want to understand private markets properly, this is where you start.What is the secondaries market in private equity?The secondaries market allows investors to buy and sell existing private market assets, including fund interests and company stakes, providing liquidity in an otherwise illiquid asset class.Why does the secondaries market matter?It is the point where private market valuations (NAVs) are tested against real transaction prices, making it critical for price discovery, portfolio management and liquidity.What are continuation vehicles?Continuation vehicles are structures that allow private equity managers to hold high-quality assets for longer while offering liquidity to existing investors and bringing in new capital.How large is the secondaries market?Despite rapid growth, it remains small at roughly 2% of total private markets NAV, suggesting significant room for expansion.What is the outlook for secondaries?Growth is expected to accelerate, particularly in private credit secondaries, driven by demand for liquidity, portfolio management and new investor access.What’s covered Why secondaries are the true pricing mechanism in private markets The shift from stigma to strategic portfolio managementHow continuation vehicles actually work (and why they’re misunderstood)The difference between NAV and executable priceHow conflicts are managed in GP-led transactionsThe rise of private wealth capital in secondariesWhy private credit secondaries are the next major growth areaChapters 00:00 Secondaries: where private markets meet reality01:26 What the media gets wrong about private markets03:00 From stigma to strategy, evolution of secondaries06:13 Why the market is still only ~2% of NAV07:45 Continuation vehicles explained10:30 Not “kicking the can” what’s really happening15:53 Conflicts, ILPA and investor protection19:28 How pricing works (NAV vs price)22:03 Retail capital and evergreen structures30:37 Liquidity solutions (NAV lending, strip sales, etc.)32:14 Private credit secondaries, next wave38:04 Has private markets lost its partnership model?Secondaries are no longer a niche.They are becoming the operating system of private markets liquidity, enabling:Active portfolio managementReal price discoveryCapital recycling at scale🔹🔹🔹🔹🔹🔹Nigel Dawn is Global Head of Private Capital Advisory at Evercore.He advises institutional investors, sovereign wealth funds and private equity firms on secondaries transactions globally.🔗 https://www.linkedin.com/in/nigel-dawn-9aa121/ 🌐https://www.evercore.com/who-we-are/overview/🔹🔹🔹🔹🔹🔹Ross ButlerPrivate Markets Capability – 5-Minute AssessmentPrivate markets are moving into the adviser channel faster than most firms are building real capability.This short diagnostic looks at how consistently your team can explain, challenge and navigate private markets in client conversations.In less than 5 minutes, you’ll see: Where your capability is strong Where it varies across individuals Where your firm may be exposed as the market evolvesNo preparation required. Instant score and clear next step.👉 Take the assessment: https://private-markets-capability-assessment.scoreapp.com/🔗 CONNECT with Ross on LinkedIn https://www.linkedin.com/in/rossbutler1/

Private credit has grown into a $1.6–1.7 trillion market, but much of the current narrative is dominated by concerns around defaults, AI disruption and liquidity.In this episode, David Hirschmann, Co-Head of Permira Credit, explains why private credit is a structural evolution of the financial system, not a cyclical boom, and why much of the perceived risk reflects a misunderstanding of how credit actually works.What we cover🔹The post-GFC origins of private credit🔹How direct lending competes with syndicated loans🔹Why borrowers pay a premium for certainty and flexibility🔹 The role of equity cushions in protecting lenders🔹 What really happens in a default scenario🔹Why extreme default forecasts may be overstated🔹The difference between equity risk and credit risk🔹How AI impacts credit underwriting🔹Why information advantage matters in private credit🔹How LPs assess and differentiate managersPrivate credit is often judged through an equity lens, focusing on valuation risk and market sentiment.In reality, credit investing is driven by cash flow durability, capital structure and recovery dynamics, which can produce strong outcomes even when equity returns disappoint.🔹🔹🔹🔹🔹🔹David HirschmannCo-Head of Permira Credit & Head of Private Credit🔗CONNECT on LinkedIn https://www.linkedin.com/in/david-hirschmann-4072a2/🌐 https://www.permira.com/investing/credit🔹🔹🔹🔹🔹🔹Ross ButlerFounder and Host Fund Shack 🔗 CONNECT on LinkedIn https://www.linkedin.com/in/rossbutler1/🌐 www.fund-shack.com🔹🔹🔹🔹🔹🔹📘 Order Ross Butler’s book 👉 Invest Like a Barbarian: Share in the spoils of the Private Markets revolution ♾️ http://q-r.to/Invest-Like-A-Barbarian#investlikeabarbarian 🔹🔹🔹🔹🔹🔹 Chapters00:00 – Private credit: structural shift or temporary boom? Why the asset class has grown so rapidly and why the current narrative may be misleading02:20 – The post-GFC origin story. How bank retrenchment created the opportunity for private lenders04:30 – Banks vs private credit: competition or coexistence? Where banks still dominate and where private lenders have the edge07:00 – Private debt vs syndicated loans. Cost vs certainty, and why borrowers increasingly choose private markets10:30 – Is private credit too borrower-friendly? Relationship lending, sponsor alignment and the role of equity cushions12:00 – What happens when deals go wrong? Restructuring, debt-to-equity conversion and recovery dynamics14:30 – Default rates: are markets overreacting? Why extreme forecasts may reflect macro fear rather than fundamentals16:00 – AI risk: equity vs credit perspective. Why technological disruption impacts valuation more than repayment20:00 – What investors get wrong about credit risk. Why leverage and covenants alone don’t tell the full story23:00 – Case study: restructuring and recovery. How a challenged investment still delivered a positive outcome25:00 – Can LPs really differentiate between managers? Market concentration and what actually matters in manager selection27:00 – Why experience is critical in private credit. Downside management, restructuring and long-cycle investing🔹🔹🔹🔹🔹🔹 About Fund Shack Private Markets Podcast, Fund Shack www.fund-shack.comExplores private equity, private credit, infrastructure, secondaries and private wealth access through long-form, technical conversations with leading practitioners and thinkers.💡 Suggest a guest: [email protected] 📩 Join our community Substack: https://privateequitypodcastfundshack.substack.com/📘 Explore episode summaries, transcripts and related content at www.fund-shack.com🔔 Subscribe for more deep-dive private markets conversations