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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 discuss why investors should fight the urge to cut back on SBO and if anything, lean in. They discuss: Attractive features of SBO (01:35); Market volatility’s effect on SBO (11:30); Challenges SBO can present (16:49); and How diversity ties into SBO (19:54) See omnystudio.com/listener for privacy information.

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); and Future policies and regulation (26:15) See omnystudio.com/listener for privacy information.

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); How potential buyers can get comfortable with taking part in one of these transactions (10:58). See omnystudio.com/listener for privacy information.

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 overview of two of our retail products (12:48); and Liquidity management (18:56) See omnystudio.com/listener for privacy information.

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 investing in PE (12:34); and Opportunities across market cycles (17:32) See omnystudio.com/listener for privacy information.

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.”As financiers and economists, we are wont to look at nature and try to derive an ROI. And for that reason, institutions have underrated nature—the returns were not competitive with other asset classes. Part of the reason for that is society had not properly placed a price on all the benefits and pleasure it derives from nature. And by doing so, the thinking goes, nature will find a place in investors’ portfolios. On this episode of RPM, Susanne Tavill, StepStone’s Head of Responsible Investment, discusses nature-based investing. Among other things we discuss: How better pricing can help resolve the nature crisis (9:39); The relationship between climate and nature investing (13:40);  The challenges investors are facing in building a nature-based portfolio (20:32); COP15: where it succeeded and how it can improve (23:12); and How the digital divide has been a two-way street (28:58). See omnystudio.com/listener for privacy information.

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 the next 12 months (07:43); and The difference between defense and offense when it  comes to private debt (10:48) See omnystudio.com/listener for privacy information.

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 2022 into 2023 (0:38); The current environment’s impact on investments (4:49) and liquidity (9:46); and Why now is an opportune time to be investing in venture capital (13:47) See omnystudio.com/listener for privacy information.

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 other things, we discuss:  How DVE’s accuracy compares with alternative approaches (3:40); The mathematical principles (8:06) and key data inputs (12:14) that the model relies on; and  Some of the ways in which investors might use DVE, from annual reporting to allocation planning (16:57).   See omnystudio.com/listener for privacy information.

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 investments in the software sector, which for several years has been the fastest growing and best performing sector in private equity. Because growth equity companies tend to be profitable and less reliant upon leverage, we find them to be particularly attractive during periods of market uncertainty (13:21). Because growth contains parts of both buyouts and VC, and it is in a strong position to benefit from technological tailwinds, it should be an important part of any well rounded private equity portfolio. See omnystudio.com/listener for privacy information.

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 & real assets team based in Sydney. See omnystudio.com/listener for privacy information.

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 learned from TikTok (6:03).  See omnystudio.com/listener for privacy information.

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 policy has on an insurer's investment options (7:05); and some of the traits insurers should look for in an investment manager or advisor (9:30).  See omnystudio.com/listener for privacy information.

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 needs of borrowers and lenders alike create investment opportunities (07:04); and tools for navigating the market going forward (10:14). See omnystudio.com/listener for privacy information.

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); why we believe valuations are likely to moderate over the short run (14:00); and the importance of manager selection, regardless of private equity's relative outperformance as a whole (15:50). See omnystudio.com/listener for privacy information.

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 global biodiversity framework (06:53); WWF’s perspective on this framework (11:30); and how biodiversity can be incorporated into the evaluation and valuation of financial assets (15:28). To conclude, Margaret explores WWF findings about the abovementioned interrelationships (19:25). You can find reports and studies mentioned in the podcast on our show page. See omnystudio.com/listener for privacy information.

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 bankable nature solutions are critical to filling the fund gap in conservation (5:40); concrete examples that prove nature-based solutions entail more than just forestry or sustainable agriculture (11:40); and how the WWF and its partners are redefining the concept of seed financing (16:35). See omnystudio.com/listener for privacy information.

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 emissions helps GPs think about long-term risks (12:12); and why setting a shadow price for carbon is critical for companies that wish to become carbon neutral (19:04). See omnystudio.com/listener for privacy information.

In part one of RPM's climate change special, Linda Romanovska, an expert in sustainable finance and one of the architects of the EU's climate change program, joins StepStone's head of responsible investment, Suzanne Tavill, to discuss the intricacies and finer points of the EU's climate program including its origins (1:50); how the Taxonomy, SFDR disclosure regimes, and various other policy tools work together to create the three "pillars" of the EU's sustainability framework; how the EU defines sustainability (15:18); and how new focus areas in the updated finance program including its data repository will help standardize climate reporting (17:30).  See omnystudio.com/listener for privacy information.