The Portico Podcast

In this edition, I speak with Amee Parbhoo, Managing Partner of Accion Venture Lab, a leading global seed-stage investor in inclusive fintech startups. Accion Venture Lab is part of Accion, the pioneering nonprofit that has been investing in financial inclusion for the last six decades.I was excited to speak with Amee because she’s on the front lines of identifying technologies that expand access to capital and financial services.In addition to getting an update on the fintech landscape, I was particularly keen to hear Amee’s thoughts on how she sees the sector evolving — from one in which fintechs enabled the provision of traditional financial services, to one where startups are developing vertical-specific solutions with embedded finance. Amee shares a few of the verticals and themes she’s particularly excited about, as well as a superb book recommendation … one of my favorites, in fact.Thanks, as always, for listening. I hope you enjoy this episode — and if you do, you should share it with friends, and if you feel so inclined, leave us a review on Apple Podcasts so that more listeners can discover this type of content.This podcast was recorded in April 2023.---Learn more about Accion Venture LabRead the Center for Financial Inclusion’s report Green Inclusive FinanceGrab a copy of Katherine Boo’s Behind the Beautiful Forevers---Music credit: Daniel Allan, “Too Close” released on Sound. You can learn more about Daniel’s community-owned DAO that underwrote his latest EP here. (Disclosure: In addition to the “Too Close” NFT, Portico’s founder Michael Casey owns $OVERSTIM tokens, as well as many other music NFTs; one of his Sound collector profiles is available here).

In this edition, I speak with Arash Massoudi, Corporate Finance and Deals editor with the Financial Times in London, and also the co-creator of the FT’s must-read newsletter on deal-making: Due Diligence.I wanted to bring Arash on to get a sense of how the world’s most voracious deal-makers are viewing the global landscape: who wins and loses in a world of rising rates, deglobalization, and climate concerns.I also wanted to chat with Arash about some of the phenomenal scoops he’s generated over the last decade, including Masa Son and SoftBank’s Vision Fund, Elon Musk and the “funding secured” fiasco, the rise of sports as an investment vertical, and many others. With his eye for a scoop, I wanted to see if we might get a bead on where the next big story might pop.Given his role launching Due Diligence and Scoreboard — the FT’s newsletter focused on the business of sport — I wanted get into the topic of newsletters and the rise of Substack, the significant businesses that newsletters have become in their own right, and how the medium itself shapes the production and consumption of journalistic content.Thanks, as always, for listening. I hope you enjoy this episode — and if you do, you should subscribe to the FT and the Due Diligence newsletter, and give Arash a follow on Twitter (@ArashMassoudi). And don’t forget to share it with friends and colleagues.This podcast was recorded in February 2023.---Read Arash’s latest stories with the FT.Sign up for FT’s premium newsletter Due Diligence and Scoreboard.Follow Arash on Twitter (@ArashMassoudi).---Follow Mike on Farcaster or Twitter---Music credit: Daniel Allan, “Too Close” released on Sound. You can learn more about Daniel’s community-owned DAO that underwrote his latest EP here. (Disclosure: In addition to the “Too Close” NFT, Portico’s founder Michael Casey owns $OVERSTIM tokens, as well as many other music NFTs; his Sound collector profile is available here).

I was recently invited to give a lightning talk on a topic that’s been capturing much of my mindspace of late: whether crypto can be a better technology for capital formation than legacy options, such as banks, capital markets, and non-bank financial intermediaries. I’ve spent most of my adult life working on the problem of access to capital in the so-called ‘emerging’ and ‘developing’ economies. So, I focused my presentation on the $4 trillion financing gap besetting small and medium-sized enterprises ( — or SMEs — ) in these markets.That said, I think an open, permissionless protocol for capital formation would be a boon to innovation and entrepreneurship everywhere.This episode re-records my presentation for an audio-first audience, and it hits four topics:The problem — what it is, where it is, and why it existsThe shortcomings of existing non-bank intermediaries (i.e., PE funds)Crypto's potential solutionThe challenges with implementing a crypto solutionIf you find this interesting / inspiring, then send Mike an email at mike@porticoadvisers.com.——— Watch the presentation on YouTubeDownload a copy of the deckWatch The Evolution of Private Equity in Emerging Markets on YouTubeRead Mike’s post TrillionsListen to Roger Leeds on Private Equity & DevelopmentFollow Mike on Farcaster or Twitter———Music credit: Daniel Allan, “Too Close” released on Sound. You can learn more about Daniel’s community-owned DAO that underwrote his latest EP here. (Disclosure: In addition to the “Too Close” NFT, Portico’s founder Michael Casey owns $OVERSTIM tokens, as well as many other music NFTs; his Sound collector profile is available here).

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In today’s episode, I speak with Aleem Remtula, a Partner on the private equity team at Developing World Markets.DWM is an impact investing firm that has invested debt and equity in over 200 companies across 70 countries over the last two decades.While this experience provides a broad canvas for discussion topics, the focus of my conversation with Aleem is DWM’s investments amongst refugees and displaced communities — a population that now exceeds 100 million people worldwide.I’m passionate about this topic — and the dignity of displaced persons — for many reasons, including the fact that my maternal grandparents were refugees. By the end of this show, I hope that you will be, too.In our discussion, Aleem shares some astonishing statistics and details that upend the conventional wisdom on what constitutes a displaced community. He discusses the roles that investment can play in assisting these communities, the unique challenges they face with respect to financial inclusion, the role of gender equity in DWM’s Displaced Communities Fund, and much more.Like me, some listeners may wonder whether investing in refugees might result in predatory lending to some of the world’s most vulnerable populations. Aleem addresses this question head-on and he enumerates the safeguards DWM employs to ensure that it’s a responsible investor. So, listen in for a very thoughtful conversation.Aleem also provides some book recommendations — one of which I’ve already scooped up. You can find links to the books and other resources in the show notes.With that, I hope you enjoy this episode. And if you do, please share it with friends and colleagues.This podcast was recorded in September 2022.—————Learn more about Developing World Markets.UNHCR: Global displacement hits another record, capping decade-long rising trend.World Bank, Forcibly Displaced: Toward a Development Approach Supporting Refugees, the Internally Displaced, and Their HostsAleem’s book recommendations:·       Christine Mahoney, Failure and Hope: Fighting for the Rights of the Forcibly Displaced·       Dina Nayeri, The Ungrateful Refugee: What Immigrants Never Tell You—————Music credit: Daniel Allan, “Too Close” released on Sound. You can learn more about Daniel’s community-owned DAO that underwrote his latest EP here. (Disclosure: In addition to the “Too Close” NFT, Portico’s founder Michael Casey owns $OVERSTIM tokens, as well as many other music NFTs; his Sound collector profile is available here).

What are the most important dynamics shaping the global private markets industry today?I would highlight four:Primary fundraising is extremely challenging Consolidation is transforming the strategic landscape The difficult macro environment is necessitating novel liquidity solutions Crypto is emerging as an institutional asset classThese four dynamics present urgent and existential risks to fund managers, and they demand immediate action.This episode shares the Portico house view.—————Download the report The Four Dynamics Shaping Global Private Markets here.Download the data-rich slides on the four dynamics here.Download the Insider's Guide to Raising a Fund at www.porticoadvisers.com/pitchbook.—————Music credit: Daniel Allan, “Too Close” released on Sound. You can learn more about Daniel’s community-owned DAO that underwrote his latest EP here. (Disclosure: In addition to the “Too Close” NFT, Portico’s founder Michael Casey owns $OVERSTIM tokens, as well as many other music NFTs; his Sound collector profile is available here).

In today’s episode I speak with Ben Fanger, the Managing Partner and Founder of ShoreVest Partners, an investment firm that specializes in Chinese distressed debt and opportunistic credit. Ben is a pioneer in China’s distressed debt markets, having worked on the country’s first non-performing loan (“NPL”), as well as the first foreign-invested NPL deal 20 years ago. Since then, he has managed roughly $2 billion in Chinese distressed debt and special situations investments — and as you’ll hear in this conversation, never lost money on an NPL.I encourage you to have your pen and paper at hand because you are going to want to take notes — this conversation is both broad and deep.In our discussion, Ben provides a clear overview of China’s credit markets — which are the second-largest in the world — and lays out the ways that foreign investors can access them, including the spaces where ShoreVest plays.We discuss how the market has evolved over the last two decades. This includes the role of the country’s Asset Management Companies (“AMCs”) in the NPL market, the treatment of creditor rights, and his experience working through the Chinese legal & bankruptcy system to attain enforcements.Ben shares why he thinks there are so few international investors in China’s distressed debt markets, the ways that ShoreVest exits its investments, and how the firm converts and repatriates exit proceeds to U.S. dollar investors.We also get into developments with Evergrande and the country’s overleveraged property developers and the risks that keep Ben up at night — among other topics. I hope you enjoy this conversation.This podcast was recorded in July 2022.—————Learn more about ShoreVest Partners.The World Economic Forum index on investor protections referenced in the discussion is available freely at this link.PwC’s “The Chinese NPL market in 2020” report is available here.Ben’s book recommendation: Dinny McMahon’s "The Great Wall of Debt".—————Mike's book recommendation on historical context:Loren Brandt & Thomas Rawski, "China's Great Economic Transformation".—————Music credit: Daniel Allan, “Too Close” released on Sound. You can learn more about Daniel’s community-owned DAO that underwrote his latest EP here. (Disclosure: In addition to the “Too Close” NFT, Portico’s founder Michael Casey owns $OVERSTIM tokens, as well as many other music NFTs; his Sound collector profile is available here).

In today’s episode, Mike Casey interviews Howard French, the author of the urgent and essential book Born in Blackness: Africa, Africans, and the Making of the Modern World, 1471 to the Second World War.  It is, simply, one of the most important books I’ve read. I encourage you to read it and wrestle with its implications.Howard is a professor of journalism at Columbia University and a former New York Times bureau chief for the Caribbean and Central America, West and Central Africa, Tokyo, and Shanghai.In our discussion, we explore the role his career as a reporter in the Atlantic basin played in inspiring him to write Born in Blackness, several of the themes in his book, the findings that most surprised him during his research, and the role Africa and Africans might play in the 21st Century.Speaking with Howard was a genuine privilege.I hope that you enjoy our conversation and that you come away with a yearning to learn more.This podcast was recorded in June 2022.—————Learn more about the book.Learn more about Howard.Follow Howard on Twitter.Read Olúfẹ́mi Táíwò’s superb review of Born in Blackness in Foreign Affairs.On the inadequacy of the word “plantation” to describe the conditions of slavery, see, for example, chapter 1 (“The Property”) in C.L.R. James’s The Black Jacobins.—————Music credit: Daniel Allan, “Too Close” released on Sound. You can learn more about Daniel’s community-owned DAO that underwrote his latest EP here. (Disclosure: In addition to the “Too Close” NFT, Portico’s founder Michael Casey owns $OVERSTIM tokens, as well as many other music NFTs; his Sound collector profile is available here).

In today’s episode I speak with Nnennia Ejebe, a Partner with Adenia who is based in the firm’s office in Accra, Ghana. Adenia has been investing across Africa since 2002, and it is a pioneer of control deals in mid-market African companies. Nnennia provides an amazing overview of private equity investing in Africa, not only of the compelling macro and micro trends that are fostering a richer investable market, but also the variety of benefits that percolate down from the pursuit of a control strategy.We also get into the entrepreneurial pedigree of Adenia, and how this pedigree impacts the investment philosophy, strategy, and value creation initiatives of the firm.As I share during the discussion, I am consistently energized by the work we’ve been doing in Africa — whether that’s with funds, transactions, or advising start-up founders. I am keen to spread my enthusiasm for the continent, and I can think of few better resources to inculcate a drive to learn more than Nnennia’s masterclass. She also offered up some great reading and viewing recommendations, so be sure to check the show notes for links to additional content.With that, I hope you enjoy this conversation. This podcast was recorded in March 2022.—————Learn more about Adenia Partners.Follow Adenia on LinkedIn.Listen to Adenia's Alexis Caude on the AVCA podcast.—————Nnennia's reading / viewing recommendations:Books by Chimamanda Ngozi AdichieDiana Chapman, Jim Dethmer & Kaley Klemp, The 15 Commitments of Conscious LeadershipMichaela Coel, I May Destroy You | BBC / HBO—————Music credit: Daniel Allan, “Too Close” released on Sound. You can learn more about Daniel’s community-owned DAO that underwrote his latest EP here. (Disclosure: In addition to the “Too Close” NFT, Portico’s founder Michael Casey owns $OVERSTIM tokens, as well as many other music NFTs; his Sound collector profile is available here).

I’m really excited to share today’s episode, which features an interview with Karim Hussein, a Managing Partner of Algebra Ventures, Egypt’s leading institutional-quality venture capital firm. I was thrilled to speak with Karim for several reasons. First, I find Egypt to be one of the most captivating countries in the world, not only because of its rich history, but also because of its energy and potential. It’s the largest market in the Arab world, with a population of 100 million people — one in five of whom live in Cairo.Second, Egypt’s startup scene is vibrant — with more than 80 venture investments inked last year — and it’s approaching another inflection point of growth.Third, Karim’s background in deep tech — and his bona fides as a successful entrepreneur — enable him to provide high-fidelity insights on the depth of the country’s technical talent and the quality of its entrepreneurs. Karim does a masterful job covering the landscape of Egypt’s startup and venture ecosystem. He also shares some great book recommendations at the end for those who are keen to learn more.With that, I hope you enjoy my conversation with Karim Hussein.This podcast was recorded in January 2022.—————Learn more about Algebra Ventures.Follow Algebra Ventures on LinkedIn.—————Karim’s Book Recommendations:·       Antoine de Saint-Exupéry, The Little Prince·       Naguib Mahfouz, The Cairo Trilogy·       Max Rodenbeck, Cairo: The City Victorious·       P.J. Vatikiotis, The History of Modern Egypt—————Music credit: Daniel Allan, “Too Close” released on Sound. You can learn more about Daniel’s community-owned DAO that underwrote his latest EP here. (Disclosure: In addition to the “Too Close” NFT, Portico’s founder Michael Casey owns $OVERSTIM tokens, as well as NFTs of Pat Lok’s “Over U” and Aluna’s “Forget About Me”).

In today’s episode I speak with Gopal Jain, co-founder and Managing Partner of Gaja Capital, one of the leading private equity firms in India.It was a real pleasure to speak with Gopal because he’s lived through the boom-and-bust cycles within India’s private equity industry, so he’s able to place today’s environment in context, and impart some of the hard-earned lessons he’s gleaned over the last two decades.Gopal and I cover a lot of territory in this conversation, so I’ll spare you the rundown of topics. But I’ve been marinating on two of the things that Gopal said since our conversation.The first is that a couple decades ago, upwards of 80% of India’s most talented engineers and entrepreneurs were migrating to the United States; whereas today, most are choosing to launch startups within India, with the benefit of a robust private markets supply chain of capital at-the-ready.The second is that Gopal thinks that India’s PE industry could grow from $50 billion in deals to $100 billion over the next five to 10 years. And if that happens, he thinks India could detach from the EM complex and become a standalone market like China.I was also really enamored with Gopal’s “5+1” construct for explaining the foundational infrastructure that is accelerating India’s digital transformation.One of the things we didn’t talk about — but I think you should know about — is the Gaja Capital Business Book Prize, which has some great suggestions to add to your bookshelves. I’ll be adding a few volumes to mine.My audio came out a bit odd in places, so I apologize if it’s a bit distracting. The good news is I don’t speak much.There’s so much food for thought in this episode that I don’t want to keep you waiting any longer. With that, I hope you enjoy my conversation with Gopal Jain.This podcast was recorded in November 2021.Learn more about Gaja Capital and its Business Book Prize.Follow Gaja Capital on Twitter.Bain & Company, India Private Equity Report 2021.Bain & Company, India Venture Capital Report 2021.

This episode of the Portico Podcast features a conversation with Tariq Fancy — the former CIO for Sustainable Investing at the ~$10 trillion asset manager BlackRock. He’s also the author of the delightfully thought-provoking essay The Secret Diary of a ‘Sustainable Investor’.I reached out to Tariq after reading his essay because it raises some uncomfortable truths about the explosion of ESG-related products across public and private markets. While I agreed strongly with his writing about the nonsense of ESG-related investments in stock and bond markets, I maintained that sustainable- or impact-focused investors in private markets could drive meaningful change.I also wanted to think through whether the so-called ‘greenwashing’ effect changes with scale. I know managers whose investments are driving positive environmental and social change in some of the most underserved markets — indeed, some have been featured on the Portico Podcast.And honestly, I worry that the asset-gathering activities of large-cap firms will not only crowd out the earnest players trying to increase human dignity, but also tarnish the idea that private markets investing can be a positive-sum enterprise.I also worry about the proliferation of service providers bilking people with asinine accounting and compliance solutions — a phenomenon that famed corporate finance professor Aswath Damodaran refers to as the ESG Gravy Train. I remember reading an article in the FT over the summer about PwC looking to hire 100,000 people to provide ESG advice and thought the madness must stop — we’re creating entire categories of jobs that inhibit the flow of capital to productive users of financing.And we all know that scale providers can absorb these costs, thereby entrenching their market position and reducing competition from new entrants and smaller firms.So, you can see why I was keen to speak with Tariq about these issues, as well as the roles the public and private sectors can play in solving the structural environmental and social challenges of climate change and inequality.But we also talk about Tariq’s nonprofit, Rumie, which should resonate with listeners of the podcast. Rumie provides free digital education to learners in over 176 countries, including Afghanistan where one of their big initiatives is to create more content in Dari and Pashto so that women and girls can continue their education despite the return of the Taliban.I’d encourage listeners to visit Rumie’s website. And, if you’re a fund manager or institutional investor who’s interested in supporting the growth of a nonprofit in the edtech space, reach out to Tariq and say hello.This podcast was recorded in October 2021.Read The Secret Diary of a ‘Sustainable Investor’.Learn about Rumie and sample some of its bite-sized lessons.Donate to support Rumie’s mission.Follow Tariq on Twitter. Read Aswath Damodaran’s post on The ESG Movement: The “Goodness” Gravy Train Rolls On!

This episode features an interview with Simon Clark, a reporter at The Wall Street Journal and the co-author of The Key Man — the summer’s must-read book about Arif Naqvi and the downfall of The Abraaj Group.Most listeners and followers of Portico will be familiar with the background of the Abraaj story. But if you’re not, I’d recommend that you go back and listen to Episode 8.But even more, I’d recommend you purchase a copy of The Key Man for yourself (USA, UK). It’s an absolutely riveting book; it has the pace of John Carreyrou’s Bad Blood, but with an unbelievable cast of credulous characters who fell for a fantasy. In today’s conversation, Simon and I discuss:The origins of Abraaj, some of its early transactions, and the oft-asked question: where did they get their money?Abraaj’s acquisition of Aureos and how it unlocked the firm’s ability to scale.The manufacture of social capital — the people and firms who testified to the greatness of Arif and Abraaj, seemingly without conducting an ounce of due diligence.The Karachi Electric deal.The $6B mega-fund.The promise of impact investing.The necessity of greater transparency in private equity.And much more.I had four pages of questions for Simon, so we clearly didn’t get to everything on my list — and candidly some of the unasked questions may be better over a pint.But do yourself a favor and grab a copy of the book.I hope you enjoy the conversation.This podcast was recorded in July 2021.Buy The Key Man |  USA  |  UKFollow Simon on Twitter. 

An interview with Greg Bowes, Co-Founder and Managing Principal of Albright Capital___One of the questions I’ve often pondered since founding this business is: is emerging markets private equity dying? That literally was the name of the first study I published when I launched the company in 2016, and I — perhaps naively — thought that drawing attention to some of the industry’s problems might catalyze people to action.To put some figures on it, between 2010 and 2015, the number of growth equity funds achieving a close had declined by more than 30%, and fund vehicles greater than or equal to $1 billion in size grew from 40% to 60% of all capital raised. So capital was consolidating in fewer, larger managers — mostly in Asia — while at the same time the number of first-time funds holding a final close had been declining by 10% each year. And the development finance institutions were exacerbating the trends, committing to more Funds IV+ than to Funds I, II, or III.Did things change? Suffice it to say that last October I put out a newsletter that reframed the question to: is EM PE dead?So, I wanted to bring on someone who could speak to the state of EM private markets. That guest is Greg Bowes, Co-Founder and Managing Principal of Albright Capital — a global investment firm with expertise in special situations, infrastructure, infrastructure services, and real assets.The label ‘variant perception’ gets bandied about quite a lot, mostly as nonsense. But Greg has a different view on EM private markets than most of the managers I’ve met, and I thought he’d be a great guide to walk through where the industry is in the summer of 2021.In today’s conversation, Greg and I discuss:Should investors even be investing in EM private markets?The impact of currency depreciations on performance and whether investors should hedge.The shortcomings of the traditional approach to EM private equity and whether it magnifies the impacts of adverse cross-currency movements.The problem of herd behavior.The importance of sound deal structuring in EMs.And much more.I’ve included some additional readings in the show notes, so dive in if you’re keen to learn more. I hope you enjoy the conversation.This podcast was recorded in June 2021.Learn more about Albright Capital at https://www.albrightcapital.com.Portico Advisers resources referenced in this episode include:Is Emerging Markets Private Equity Dying?Is EM PE Dead?The Mid-Market SqueezeThe Evolution of Private Equity in Emerging Markets

I wanted to experiment with a different format for this episode and share my writings on the Abraaj fraud scandal as they were happening in real time a few years ago.Now, for those who don’t know Abraaj, it was one of the largest — and probably the flashiest — private equity firms dedicated to investing in emerging markets. It was spearheading a big push into impact investing and was marketing a $6B fund when it collapsed in insolvency under allegations of fraud.There are a few reasons why I wanted to revisit my articles:First, the founder of Abraaj — a man named Arif Naqvi — had been fighting a battle in UK courts to avoid extradition to the United States. He lost that fight earlier this year.Second, there’s a book coming out in July called The Key Man: The True Story of How the Global Elite Was Duped by a Capitalist Fairy Tale by two reporters at The Wall Street Journal — Simon Clark and Will Louch. I’m keen to bring them on the podcast to discuss the book and I wanted to provide some context in the hopes that one or both of them will join me in a few months’ time.Third, the Abraaj story is a useful prism for seeing the world as it is — unvarnished. As you listen, I encourage you to think about how social capital, branding, and reputation are manufactured; how an industry that talks about due diligence did little to none; and the credulity that money buys.So, there will be four parts to the story I share today. The first three were from the February, March, and April 2018 editions of Portico’s much-beloved, monthly newsletter, Portico Perspectives.The final part comes from the July 2018 edition.As noted, this is an experiment, so please let me know what you think about the format and content. This podcast was recorded in April 2021.Sign up for Portico Perspectives.

In this episode of the Portico Podcast I speak with Viktor Shvets, a global strategist at Macquarie, and the author of the deeply thought-provoking book The Great Rupture, which investigates the past and interrogates current trends to probe the question: do we need to be free to be innovative, prosperous, or even happy?You know, when I started this company, I laid out three philosophical principles for its ethos: intergenerational equity; value creation > value extraction; and intellectual curiosity — particularly a belief in the importance of contextual and interdisciplinary thinking and open exchange. As you’ll hear, Viktor’s comments deftly navigate these three principles.You may want to grab a pen and some paper to take notes for this episode because Viktor is a polymath who will engage your brain in some important — and at times, unsettling — thought experiments.In today’s conversation, Viktor and I discuss:Why he wrote a book that looks for lessons in the 12th to 15th Centuries to guide us through the next two decades;Whether the ‘operating system’ of open markets, property rights, and open minds that generated prosperity in the past is in retreat — and even if it were, would it matter;The confluence of the information revolution and financial revolution, and how these two forces are hollowing out the core frameworks of society;The state’s usurpation of the free market and what it means for capitalism and commercial banking;The prospects for emerging markets in an era of de-globalization and the importance of non-tradable sectors across EM; We even talk about Andrew Yang and the possibility that universal basic income might liberate people from scarcity, and empower them to live lives of their choosing.But there is so, so much more.This is a good companion to my interview with Tom Burgis in Episode 4 on The Rise of Kleptocracy, and the topic of corruption comes up a couple times in this episode, so you should check out Episode 4 if you haven’t already. And I’ve also included links in the show notes that will point you to a few additional readings that Viktor and I discuss, including some of my own writings over the last decade that have marinated over some similar themes.I hope you enjoy the conversation.This podcast was recorded in February 2021.Learn more about Viktor and the book.Buy The Great Rupture at Amazon, Barnes & Noble, IndieBound, Waterstones.

In this episode of the Portico Podcast I speak with Jake Cusack, co-founder and Managing Partner of The CrossBoundary Group, a firm that unlocks private capital for sustainable growth and strong returns in underserved markets.I first reached out to Jake about 10 years ago after he and one of his co-founders published a study on entrepreneurship and private sector development in Afghanistan.That initial contact kicked off a series of conversations on how to harness markets and mobilize private capital in order to build businesses in frontier and fragile markets, which is the overarching topic of this episode.In today’s conversation, Jake and I discuss:His journey from the Marine Corps to co-founding CrossBoundary with a couple classmates from Harvard; Why investment is a better tool for development than the provision of grants; The critical role that investment facilitation plays in creating investable pipeline; The rationale for CrossBoundary’s expansion from an advisory firm to a group that also manages investmentsThe suitability of the traditional private equity model in frontier markets; Recruitment and how to inculcate a shared culture across a globally dispersed footprint; CrossBoundary’s recent initiative to open source its approach to project financing mini-grids; And much, much more.There are loads of links below that will take you to the articles, books, and reports discussed in the episode, as well as other resources of interest.These include CrossBoundary’s research studies with IFC on private equity in fragile and conflict-affected situations in Sub-Saharan Africa, their recent report on scaling up investment in Africa in the Covid-19 era with the Tony Blair Institute for Global Change, and many others.If you’re interested in their open-source initiative for mini-grids, the team will be sharing term sheets for the project finance contracts, as well as a template model, on 15 February — so take a look and take action if this is in your area of interest.This is a great companion to my interview with Roger Leeds in Episode 2 on Private Equity & Development. So, if you missed that interview, I invite you to visit the archive and give it a listen.And if you’re feeling motivated after listening to Jake, then navigate to crossboundary.com/careers to peruse their job openings.I hope you enjoy the conversation.This podcast was recorded in January 2021.CrossBoundary resources referenced in this episode include:CrossBoundary Energy Access initiative on Open Sourcing Infrastructure Finance for Mini-GridsCrossBoundary and IFC SME Ventures, “Investing in Private Equity in Sub-Saharan African Fragile and Conflict-Affected Situations”CrossBoundary and the Tony Blair Institute for Global Change, “Scaling Up investment for Covid-19 Economic Recovery and Jobs in Africa”

In this episode, I speak with Weijian Shan, the chairman and CEO of PAG — a leading Asia-focused alternative investments firm with ~ $40 billion of assets under management.Prior to PAG, Shan was a co-managing partner of TPG Asia (formerly known as Newbridge Capital).It was a real honor to have Shan on the podcast, as his life story is remarkable.If you haven’t read his memoir Out of the Gobi yet, I heartily encourage you to do so. It’s an extraordinary book that recounts Shan’s experiences during the Cultural Revolution — particularly the six years he spent doing hard labor in a re-education camp — and the transformative impact that the normalization of U.S.-China relations and Deng Xiaoping’s economic reforms had on China generally, and on Shan in particular.And he’s just written a new book called Money Games, which details the rescue of one of Korea’s largest banks on the heels of the Asian Financial Crisis.I reached out to Shan after finishing Money Games because — in addition to providing one of the few narratives to detail a private equity transaction from sourcing through exit — I think his book offers tremendous insights into the art of private equity deal-making, and I wanted to explore some of the themes it raises.In addition to his books, Shan and I discuss the importance of stakeholder analysis when structuring private equity investments; whether there is a problem of too much debt in the Chinese economy; SOE reform, and the prospects for China’s economic rebalancing toward domestic consumption; the institutionalization of private equity in Asia; and, his advice for younger people who wish to pursue a career in private equity, among other topics.Shan’s thoughtful comments prompted me to rethink some of my own analyses and assumptions. I really enjoyed this conversation, and I hope you will, too.This podcast was recorded in December 2020.

In today’s episode I speak with Tom Burgis, an investigations correspondent with the Financial Times, and author of two courageous books: The Looting Machine: Warlords, Tycoons, Smugglers and the Systematic Theft of Africa’s Wealth and the recently released Kleptopia: How Dirty Money is Conquering the World.I strongly encourage you to buy copies of Tom’s books, read them, and share them with others.Why?Because as you’ll hear in this podcast, the themes his books cover constitute an existential threat to democratic institutions and governance — and the rule of law — globally.They’re absolutely riveting yarns, full of intrigue and consequences.And my hope is that if more people read Tom’s work, then we’ll stand a better chance of resisting the precipitous slide into kleptocracy that endangers us all.Courage is contagious.My discussion with Tom covers:The dots connecting The Looting Machine and Kleptopia.The story of Mukhtar Ablyazov — a Kazakh billionaire whom some say is a freedom fighter, some say is a fraudster, and some say maybe he’s both.The complicity of U.S. and UK professional services firms in facilitating the activities and laundering the funds and reputations of kleptocrats.Some mistaken assumptions behind the ‘convergence’ thesis.How citizens can keep Kleptopia in check and revivify democracy.John Kenneth Galbraith’s notion of ‘the bezzle’ and where ‘the bezzle’ is biggest now.And, what the rise of Substack and the proliferation of journalists going solo or direct-to-consumer imports for the future of investigative journalism.I’m fired up about this episode, and I hope you will be, too.If you enjoy the Portico Podcast, please share it with friends, colleagues, and / or your connections on social media. Thanks!This podcast was recorded in November 2020.

In the third episode of The Portico Podcast I speak with Monica Brand Engel — a co-founding Partner at Quona Capital, a venture capital firm focused on fintech for inclusion in emerging markets.If you’ve looked into EM fintech, you’ve probably come across Quona and their portfolio companies. For example:Sokowatch in East Africa, a working capital provider and last-mile distributor of fast-moving consumer goods to informal retailers;Coins in the Philippines, a mobile, branchless, blockchain-based platform that provides unbanked and underbanked customers with direct access to basic financial services (and which was acquired by Go-Jek in 2019);Or Konfio, a digital banking and software platform for SMEs in Mexico, which received a $100m investment from Softbank as well as a $100m secured credit facility from Goldman Sachs last year.I was excited to get Monica on the podcast because she has built a career in two of the most compelling themes around: financial inclusion and financial technology.Our discussion opens with her walking us through her career trajectory. We then talk about the convergence between philanthropic and commercial investment across emerging markets; the commonalities and idiosyncrasies across the markets in which Quona invests; the quality of fintech entrepreneurship in EM; the prospects for technological and business model innovation to migrate from emerging markets to the United States and Western Europe; and the biggest obstacles fintech startups encounter as they attempt to scale, among other topics.I hope you enjoy our conversation.This podcast was recorded in October 2020.