Dry Powder: The Private Equity Podcast

Hugh MacArthur, Chairman of Bain & Company's Global Private Equity practice, interviews leading experts on the trends and opportunities that will redefine the private equity industry.

Bending the Revenue Curve w/ Permira’s Dipan Patel

Permira’s Co-CEO reveals how a sector-embedded, operator-led value creation team drives revenue growth across their portfolio.

10-14
15:02

Scaling Across the Pond w/ Permira’s Dipan Patel

Permira’s Co-CEO explains how his firm has successfully scaled across Europe and the U.S. in equal measure.

09-30
18:35

Competitive Advantages and Carve-Outs w/ TPG’s Steve Ellis

In part two of our interview series, we explore how the impact lens can enhance carve-outs — from deal sourcing to execution.

09-16
15:14

When Impact Investing Reaches Critical Mass w/ TPG’s Steve Ellis

A pioneer in the realm of impact investing explains how The Rise Funds have scaled over the last decade—and why they're hitting “escape velocity.”

09-02
18:28

Private Equity’s Liquidity Wake-Up Call

On June 23, I joined the Capital Allocators podcast to discuss some of the pressing challenges facing the private equity industry today, with a particular focus on the ongoing liquidity crisis. This is an unprecedented and, I would argue, an underappreciated problem for the industry. We should be talking about it more, and that’s why we’re sharing this excerpt with you today. I’d like to thank the host of Capital Allocators, Ted Seides, for the opportunity to dive deeper into the data on exits and fundraising and also to explore some of the tools the industry might use to navigate this impasse. You can also listen to our full conversation on the Capital Allocators podcast here..

08-19
22:05

Alone on the Ice w/ Arctos' Ian Charles

[This episode originally aired on July 12, 2023] In part two of our conversation with Ian Charles, we reflect on a career of consummate innovation in the secondaries market. 

08-05
14:29

In a League of His Own w/ Arctos' Ian Charles

[This episode originally aired on June 22, 2023] Ian Charles, the managing partner of Arctos’ Sports Partners, takes us inside the world of sports investing.

07-22
27:56

Is the Classic Buyout Model Still Working?

[This episode originally aired on March 1, 2021] We consider a critical question from Bain & Company's Global Private Equity Report. 

07-08
07:17

Gen AI in Private Equity: Game Changer or Work in Progress?

 On April 24, I joined the Spotlight On podcast for a conversation about the future of private equity. Naturally, we talked about the game-changing promise of generative AI, but I also sounded a note of caution. While we’ve seen remarkable enthusiasm and activity in deal sourcing operations and portfolio management, what we haven’t yet seen is the kind of deep impact that many are talking about and predicting. There’s progress along many fronts but no silver bullet in sight just yet.What you’re about to hear is a lightly edited excerpt of our conversation, in which I offer my latest thinking on how to navigate this experimental phase, including how we’re using generative AI here at Bain. I’d like to thank my host, Nick Barton of the Barton Partnership, for such a thought-provoking exchange.

06-24
12:30

Bain’s 2025 Midyear Private Equity Report: Executive Summary

Amid a turbulent year, is the industry poised for more of the same or a sudden turnaround?Read Bain's 2025 Midyear Private Equity Report here. Register for Bain's Private Equity Midyear Report 2025 Webinar on July 16 here. 

06-10
15:21

A $140 Trillion Riddle, Wrapped in a Mystery, Inside of an Enigma

[This episode originally aired on December 7, 2023] Today on the show, I have a lively conversation with Ashby Monk, the executive director of the Stanford Research Initiative on Long Term Investing. Ashby studies the inner workings of pension funds, sovereign wealth funds, endowments and foundations —  in short all of those LPs that sit somewhere in between the public and private sectors.“That means that they are optimizing for things that are not entirely evident to just the casual observer,” Ashby says.In this episode of Dry Powder, I ask Ashby to take us inside the $140 trillion universe of long-term investing and help us understand what exactly these organizations are optimizing for.If you'd like to stay up to date with my weekly series on LinkedIn, follow me here.

05-27
18:50

Navigating the Evolution of Private Equity: An Interview with Hugh MacArthur

This past December, I joined the M&A Science Podcast for a wide ranging interview about my 30 year career at Bain and the evolution of the private equity industry.  My host did a superb job of walking us through the pivotal moments when the industry was forced to reinvent itself.  In this current moment of uncertainty, the interview serves as a timely reminder of how quickly the industry can change — and is often forced to. What you're about to hear are a few excerpts from that interview, lightly edited for brevity and clarity.I'd like to thank my host, Kison Patel, for the opportunity to share this timely conversation with our audience, and if you'd like to listen to the full interview, you can visit the M&A Science Podcast here.

05-13
25:11

The Rise and Rise of the Secondary Market w/ Lexington Partners’ Wilson Warren

A 30-year veteran shares why the secondary market’s growth continues to surprise him.

04-29
26:07

NAV Loans Under the Microscope w/ 17Capital’s Pierre-Antoine de Selancy

We ask a leading provider of NAV loans about the enthusiasm and the skepticism around a growing trend.

04-15
21:08

Full Speed Ahead w/ Hamilton Lane’s Erik Hirsch

In the second of our two-part series, we ask the Co-CEO of Hamilton Lane how they’re  building an analytics engine that can serve both institutional and individual investors. 

04-08
19:28

Warp Speed w/ Hamilton Lane’s Erik Hirsch

Hamilton Lane's Co-CEO takes us inside the rapid buildout of private market infrastructure.

04-01
18:01

Where Infrastructure Deals Are Heading

In part two of our infrastructure series, we take a closer look at which sub-sectors are heating up, and how opportunities across energy and tech are converging.

03-25
12:27

Infrastructure’s New Playbook

Infrastructure deals are evolving, and private capital could play a pivotal role in the space.

03-18
18:04

Dry Powder: Live From NEXUS 2025

Today on Dry Powder, we’re sharing a live recording from this year’s NEXUS conference in Orlando, Florida. My guest is Brian Bernasek, Co-Head of Americas Corporate Private Equity at Carlyle. We had a wide-ranging discussion about his market outlook for 2025, how he thinks about sector expertise at scale, the rising cost of alpha, and, of course, AI. Our conversation touches on many of the key themes in Bain’s Global Private Equity Report, which we've linked to below, but Brian is one of those rare investors who can actually bring these themes to life. Read Bain's 2025 Global Private Equity Report, here.

03-12
25:27

Bain & Company’s 2025 Global Private Equity Report: Executive Summary

We cover three overarching themes from this year’s report, including clear evidence of an industry recovery, continuing challenges for GP’s, and strategies for winning the future.Register for our Global Private Equity Report 2025 Webinar on March 13, here.Read the full 2025 Global Private Equity Report, here. 

03-03
19:25

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