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.
54 Episodes
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In this episode of RPM, Zhiyao Ma and Hansong Qu, Vice Presidents on StepStone's Asia Private Equity team, join co-host Anna Marcus to discuss the investment case for Japan and India and why these markets may be top of mind for investors looking at China +1 alternatives. The focus on Japan and India (2:21) Growing deal volume in Japan (4:15) Misconceptions about Japan PE (7:17) India's investment pitch (8:44) The India opportunity set (11:47) Advice for investors (20:12) For more on this topic, read our "Diversifying your Asia exposure" whitepaper series which includes papers on Japan private equity and India private equity. See omnystudio.com/listener for privacy information.
1In this episode of RPM, Fabian Körzendörfer, a Zurich-based Partner on StepStone’s Private Debt team, joins co-host Michael Venne to discuss the benefits of private debt and why the asset class fits well with evergreen fund structures. Why evergreens (03:01) Historical performance (9:04) How to generate liquidity in PD (12:49) Benefits for institutions vs. individuals (19:05) Co-investments in evergreens (22:02) Key considerations (25:25) See omnystudio.com/listener for privacy information.
In this episode of RPM, Tim Rees, a London-based Partner on StepStone’s Infrastructure and Real Assets team, joins co-host Michael Venne to discuss the rapid growth of infrastructure secondaries and why the market is gaining momentum. They cover: Growth of infrastructure asset class (00:51) Scale of the secondary market (03:26) Drivers of growth in infra secondaries (05:19) Synergies from primaries and co-investments (09:36) Advice for new investors (19:39) Diversification and other considerations (22:23) See omnystudio.com/listener for privacy information.
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 2025 House Views on the state of the real estate market. They cover: Market shifts and the new cycle (:50); US real estate landscape (1:55); Best practices amid volatility (5:51); European outlook (8:29); US policy risks and opportunities (9:02); Real estate capital raising (12:50) See omnystudio.com/listener for privacy information.
This episode of RPM features Suzanne Tavill, Partner and Head of Responsible Investment at StepStone, in conversation with Brooke Latham, Head of Sustainability at the NATO Innovation Fund. They explore what it means to invest responsibly in dual-use technologies, with a focus on the evolving concept of “responsible use.” Defense spending (1:33) Changing nature of threats (5:03) Responsible use with NIF (7:35) Real-world examples (11:02) The importance of accountability (15:20) The role of the asset owner (17:35) See omnystudio.com/listener for privacy information.
In this episode of RPM, Suzanne Tavill, Partner and Head of Responsible Investment at StepStone, is joined by special guest Paul Fehlinger, Director of Policy Innovation and Impact at Project Liberty Institute to discuss Responsible AI, the opportunities and challenges that come with it, and why what we see right now is just the tip of the technology iceberg. They cover: How LPs think about AI (2:10); Our observations on Responsible AI (3:50); Fair data economy (6:57) Best practices in risk management (9:08) GPs’ value proposition (12:22) How LPs can mitigate risk (16:56) See omnystudio.com/listener for privacy information.
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, join co-host Anna Marcus to discuss our recent Real Estate Liquidity Insights report, which analyzes fund level cash flows and trends shaping liquidity in the real estate market. They cover: Deployment trends (1:35); Technical factors (2:16); Behavioral factors (5:02); Lack of sales and distributions (7:28); The opportunity for investors (12:17). See omnystudio.com/listener for privacy information.
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). See omnystudio.com/listener for privacy information.
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). See omnystudio.com/listener for privacy information.
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). See omnystudio.com/listener for privacy information.
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). See omnystudio.com/listener for privacy information.
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). See omnystudio.com/listener for privacy information.
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). See omnystudio.com/listener for privacy information.
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). See omnystudio.com/listener for privacy information.
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) See omnystudio.com/listener for privacy information.
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