Claim OwnershipRPM - Reflections on Private Markets
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StepStone Group explores the world of Private Markets through conversations with our thought leaders on key developments across private equity, private debt, real estate, and infrastructure. In each episode a member of StepStone’s investment team will discuss the data, trends, and insights helping shape investors' portfolios.
47 Episodes
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In this episode of RPM, Geoffrey Dolan, a partner on our Private Equity team in New York, joins co-host Anna Marcus to break down the competitive dynamics of the private equity co-investment market. They cover: Our GP survey (1:43); What’s driving deal flow (5:58); Co-investments' value-add (7:29); Potential challenges for LPs (11:46); How LPs can stand out (13:24); and Strong co-investment portfolios (14:28). See omnystudio.com/listener for privacy information.
In this episode of RPM, Bhavika Vyas, Managing Director and member of StepStone’s Private Equity team, and special guest Julio Friedmann, Chief Scientist, Carbon Direct, join co-host Maribel Yoo to revisit the conversation on energy transition investing. They evaluate the impact of the Inflation Reduction Act (IRA) two years post-enactment, highlighting advancements in climate solutions and global investment opportunities. They cover: Energy transition opportunities (2:24); Post-IRA investment risks (5:45); Project execution bottlenecks (8:05); Global investment trends (12:26); and Climate portfolio strategy (16:06). See omnystudio.com/listener for privacy information.
In this episode of RPM, Simon Beer, Partner, Infrastructure & Real Assets, joins co-host Michael Venne to discuss trends that are redefining the infrastructure landscape. They cover: What’s happening in data (3:11); Energy transition definition (6:58); The investment landscape (9:04); Why to invest now (11:35); Infra as an inflation hedge (15:17) See omnystudio.com/listener for privacy information.
In this episode of RPM, Suzanne Tavill, Partner and Head of Responsible Investment joins co-host Michael Venne to discuss the potential of Responsible AI and how private markets may influence its development. They cover: What is Responsible AI (2:16); Its relationship with ESG (5:43); Classifying risks (7:58); The value creation chain (13:03); and How commercial harm can manifest (16:19) See omnystudio.com/listener for privacy information.
In this episode of RPM, Richard Schmidt, Senior Analyst, Private Debt, and Jovan Samardzic, Managing Director, Private Debt Research, join co-host Michael Venne to discuss the state of the private debt market. They cover:
The relative value of private debt (2:12);
The impact of higher interest rates (4:42);
How middle-market companies are performing (6:57);
What’s ahead for default and loss rates (8:20); and
The outlook for direct lending volumes (10:26).
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In this episode of RPM, Jeff Giller, Partner and Head of Real Estate, and Margaret McKnight, Partner and Head of Portfolio Solutions for StepStone Real Estate, rejoin co-host Maribel Yoo to discuss our Spring 2024 House Views on the state of the real estate market. They cover:
Updates from our Fall House Views (1:38);
Opportunities in non-core assets and distressed properties (2:41);
Property trading volume (5:45);
Trends in capital deployment (8:14); and
Property type outlooks (10:06).
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In this episode of RPM, co-host Maribel Yoo hands the mic to Margaret McKnight, Partner and Head of Portfolio Solutions for Real Estate, to interview Jeff Giller, Partner Head of StepStone Real Estate, about our recent whitepaper, Bull market for real estate secondaries. They discuss:
Why it is a bull market for RE secondaries (01:22);
Comparing GP- and LP-led secondaries (06:50);
Why we like GP-led secondaries (10:55).
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In this episode of RPM, Akhilan Nesaratnam, Thomas Dupont and Carlos Sahuquillo from our private equity team in London join co-host Michael Venne to discuss Europe’s private equity landscape. The conversation surrounds common misconceptions about Europe’s investment opportunities, unpacking four key European sectors and the topics of our recent papers: European small and middle market buyouts, the Nordic region, European growth equity and European healthcare. They discuss:
Our history as European PE managers (02:23);
Unpacking Europe’s headline risk (08:13);
Opportunities in growth investing (09:41);
Recent small market outperformance (13:13);
The Nordics’ growth potential (15:25);
Health investments and digitalization (18:24).
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In this episode of RPM, Todd Lapenna and Sean Ebsary from our infrastructure team, join co-host Michael Venne to discuss infrastructure’s middle market following the release of our recent whitepaper, Infrastructure’s Middle Market: An emerging opportunity. They touch on topics including:
Infrastructure’s rapid two-decade growth (1:55);
Infra's performance as an inflation hedge (3:20);
Why to invest through the private markets (6:19);
The advantages of smaller managers (7:09).
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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, rejoin co-host Maribel Yoo to discuss our Fall 2023 House Views on the state of the real estate market. They cover:
Updates from our Spring House Views (1:49);
Impact from liquidity constraints (5:15);
Property trading volume (6:52); and
Property type outlooks (7:57).
See omnystudio.com/listener for privacy information.
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 investors regard private debt (5:29);
Optimizing for risk and return (7:15);
Stress loss as a risk measure (10:06);
Tactical versus strategic considerations (14:11).
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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 principal on StepStone’s infrastructure team as they cover a range of topics from:
Defining key terms (1:20);
Carbon neutral versus net zero (6:27);
Compliance and voluntary markets (9:10);
Pricing dynamics (12:02); and
Recent criticisms (17:13).
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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 Friedmann, Chief Scientist at Carbon Direct. Our guests cover:
A refresher on IRA (01:32);
Projects awaiting clarification (04:00);
Political durability (11:00)
Global landscape and the effects of the IRA (15:35); and
Investment opportunity remains (20:00)
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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.com/listener for privacy information.
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 lower duration risk (01:08);
How direct lenders limit credit risk (2:57);
Liquidity features of DL (5:36)
Volatility of DL (9:40); and
DL’s drawdowns (11:29)
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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 (07:56);
Attractive vintages ahead (09:22).
See omnystudio.com/listener for privacy information.
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)
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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).
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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.
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