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The Line is a community for operational professionals working in alternatives. Our podcasts bring hot topics to life with leading experts in the space.
33 Episodes
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In this episode, Alice is joined by Tom Seymour Mead, CFO at SIGNAL, for a practical conversation on what it takes to run a high-performing finance function in private markets. Tom shares how his experience across institutional and leaner environments has shaped his view of “what good looks like”, why communication is the foundation of trust and influence, and how calmness under pressure becomes a real professional advantage. They dig into decision-making with imperfect data, what actually cr...
In this episode, Alice is joined by Jeremy Hocter (Holland Mountain) to explore the seven operational themes he expects to shape 2026 for private capital firms. Building on Holland Mountain’s work across a record year of operational strategy projects, Jeremy shares what he is seeing across the market, why operational leaders are feeling the pressure to do more without adding headcount, and where firms should focus to scale efficiently. The conversation focuses in on the investor experience, f...
Recorded at the British Emerging Manager Institute Summit 2025 Guest: Zoe Yeo, Partner, Headway Capital Host: Alice Murray, Editor, THE LINE_ Episode Overview In this episode of On The Line, Alice Murray speaks with Zoe Yeo, Partner at Headway Capital, about the growing importance of emerging managers and independent sponsors in private capital. Zoe reflects on how Headway has sharpened its focus on backing emerging managers through deal-by-deal investing, and how institutional appetite fo...
Jan Gruter and Ben Cocoracchio, co-leads of Addleshaw Goddard’s Independent Sponsor practice discuss the rapid rise of ISPs in Europe and the importance of these deal-doers when it comes to the overall health of private markets. The conversation delves into the evolving landscape of independent sponsors in the private equity market, coming off the back of Addleshaw Goddard’s recent independent sponsor forum. The partners discuss recent event insights, market trends, and the futu...
Sarah Clarke, co-founder of Rewire Partners and Insight Referencing, shares her journey into private equity and the evolution of fundraising and investor relations. For Sarah, the tougher fundraising conditions mean relationships are at a premium, which in practice means adopting a constant fundraising approach, regardless of the fundraising cycle. But relationships with investors or potential LPs in today’s market require a deeper level of care and focus; what’s needed is respect. &nb...
THE LINE UP_ steering committee member, Chris Hardy - Senior Fund Controller at Headway Capital - talks to Alice and Malcolm about his journey from auditing to private equity, his current role, and the evolving landscape of the finance function in the private equity sector. Particular attention is paid to the ever growing importance of collaboration, data management, and networking in driving career progression. Chris highlights the significance of building relationships within the industry. ...
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 her move to Northzone during the pandemic and with little previous experience of the venture capita...
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 policies and recovery plans. Beyond growing cyber threats, George touches on the challenges ...
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 and bad) on investor engagement. She leaves us with perhaps one of the most pressing question...
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 been achieved so far, including rapid international expansion. Ed also provides tips on ...
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 error.Clear documentation of acceptable AI conduct is essential.Communication about AI usage mus...
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. Takeaways Data literacy is essential for understanding and using data effectively.Cultural change within org...
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 their value creation outcomes.Storytelling is crucial for private equity firms to communicate success....
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 their services.White glove service is about providing bespoke experiences.Standardisation is an importan...
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 professional relationships. Takeaways - Private equity firms should discontinue shadow bookkeeping. - Fund a...
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 investment teams by focusing on high-value tasks. Key takeaways: - There has been a broader sh...
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 read whoever they are and wherever they're from.
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 shares his three most important lessons in life. While this one isn't strictly private equity...
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 advice for the Chancellor; urging for decisiveness over anything else.
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 the private equity industry has become a sector in and of itself. I hope you enjoy ...
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