Anthropologist and best-selling author Jack Weatherford, whose Genghis Khan and the Making of the Modern World redefined how we view empire and innovation, joins Ross Butler to explore how the Mongol world prefigured today’s private equity model.

When the Mongols swept across Eurasia in the thirteenth century, they destroyed old orders, but they also built new ones. In this conversation, Jack Weatherford explains how Genghis Khan combined conquest with institution-building, creating a meritocratic system that elevated productivity and aligned incentives in a way that modern investors would recognise.

We discuss how Mongol queens managed ortōq enterprises, private trading ventures that resemble early forms of private equity, how religious freedom became the first international law, and how the empire’s census, taxation and communication systems created transparency across continents.

As the empire matured, Kublai Khan’s experiments with paper money, movable type and naval technology expanded global trade and spread ideas that helped ignite the European Renaissance. The discussion links thirteenth-century portfolio thinking to today’s private markets, showing why creative destruction only endures when creation wins.

0:00 Creative destruction and leadership
1:26 Learning loops, humility and meritocracy
3:56 Parallels with private equity ownership
10:22 Building value through safety and trade
15:02 Census, taxation and the power of numbers
16:21 Queens as capital allocators – the ortōq system
19:19 Religious freedom as economic policy
26:59 A family-office view of the known world
31:49 Kublai Khan’s operating model
37:36 Paper money and the limits of fiat
45:02 Global trade and early financial flows
46:05 Europe’s asymmetric gains from knowledge transfer
52:13 Technology recombination in warfare
58:12 Naval trebuchets and siege innovation
1:01:27 Horse economies and resilience
1:05:22 Genghis Khan’s Western intellectual legacy
1:08:16 Enduring principles for modern investors

Jack Weatherford is an anthropologist, historian and author of Genghis Khan and the Making of the Modern World and The History of Money. His work explores how ideas, trade and governance evolved across civilisations and how they continue to shape modern institutions.

📘 Read Genghis Khan and the Making of the Modern World:

https://www.amazon.co.uk/Genghis-Khan-Making-Modern-World/dp/0609809644

private equity, private markets, Fund Shack, Ross Butler, Jack Weatherford, Genghis Khan, creative destruction, history of finance, financial history, ortōq, family office, meritocracy, value creation, governance, institutional investing, long-term capital, wealth management, portfolio construction, alternative investments, anthropology of markets, economic history, private equity podcast, private markets podcast

🔹🔹🔹🔹🔹🔹

Ross ButlerFounder and Host Fund Shack

🌐 www.fund-shack.com

CONNECT on LinkedIn www.linkedin.com/in/rossbutler1/📘 Pre-order

Ross Butler’s book

👉 Invest Like a Barbarian: Share in the spoils of the Private Markets revolution

♾️ http://q-r.to/Invest-Like-A-Barbarian

🔹🔹🔹🔹🔹🔹

Fund Shack is the private equity podcast with in-depth conversations with investors, founders, and thought leaders shaping the future of private markets.

🔗 More episodes www.fund-shack.com 📩 Subscribe to our Substack:

https://privateequitypodcastfundshack.substack.com/

Ross Butler speaks with Matteo Stefanel and Udayan (“Uday”) Goyal, Co-Founders and Managing Partners of Apis Partners, one of the world’s leading growth-equity investors in financial technology.

Founded in 2014, Apis Partners has built a global fintech franchise by applying M&A discipline to private equity: identify the likely acquirers first, then build the company to fit their strategic blueprint. In this conversation, Matteo and Uday explain how they turned two decades of deal-making experience, from DLJ and Deutsche Bank to advising on Visa, Mastercard, and Worldpay into one of the most distinctive investment models in growth capital.

They discuss:

• How Apis built credibility as a first-time fund manager, raising $290m at launch and scaling to a multi-fund global platform.
  

• The importance of the network as an asset, relationships forged over 20 years now drive sourcing, diligence, talent, and exits.
  

• “Exit-first” investing, designing portfolio companies around known strategic buyers and building to a defined market demand.
  

• Why 2025 marks the most disruptive moment in financial services history, as stablecoins, micropayments, and decentralised rails reshape how money moves.
  

• The rise of agentic AI, where your personal financial assistant will soon negotiate directly with your bank’s AI.
  

• Embedded finance and the subscription economy, from iPhones to autos, where distribution and customer ownership, not balance sheet, define value.
  

• The democratisation of wealth, as technology opens private-market access to a broader investor base while raising new questions about fairness, data, and risk.
  

“Finance will be invisible, stitched into every product, every experience.”

This is a forward-looking discussion about what comes after banking, where technology, capital, and human behaviour converge to redefine how financial systems work and who benefits from them.

🎧 Watch the full conversation at www.fund-shack.com

Follow Fund Shack on YouTube, Spotify, and Apple Podcasts for more conversations with the people shaping private markets and the future of finance.
🔹🔹🔹🔹🔹🔹Thank you to our episode partnerBrookfield’s Private Equity Group: A Global leader in acquiring and driving operational transformation in industrials and essential business services.For more information, visit: www.brookfield.com/it-takes-industry🔹🔹🔹🔹🔹🔹💼 Learn more at: 🌐 www.apis.pe🎙️Matteo Stefanel Managing Partner & Co-Founder, Apis PartnersLinkedin: https://www.linkedin.com/in/matteostefanel/🎙️Udayan GoyalManaging Partner & Co-Founder, Apis PartnersLinkedin: https://www.linkedin.com/in/ugoyal/Ross ButlerFounder and Host Fund Shack 🌐 www.fund-shack.comCONNECT on LinkedIn www.linkedin.com/in/rossbutler1/🔹🔹🔹🔹🔹🔹 📩 Subscribe to our Substack: https://privateequitypodcastfundshack.substack.com/ 📘 Pre-order Ross Butler’s book

Invest Like a Barbarian

http://q-r.to/Invest-Like-A-Barbarian

🔹🔹🔹🔹🔹🔹

00:00 Fintech revolution begins, Apis Partners ranked global #201:45 Meet Apis Partners, fintech growth investors Matteo Stefanel & Udayan Goyal
03:06 From Wall Street to growth capital, building a fintech platform
05:01 Relationships as alpha networks turned into exits07:56 Exit-first model designing for strategic buyers11:24 Value creation buy-and-build and customer access16:21 Partnering with founders, trust and alignment18:20 Stablecoins & 24-hour liquidity, treasury reinvented23:54 Micropayments & continuous finance, real-time money flow
27:27 Agentic AI, automation reshaping financial services
31:15 Embedded finance & subscriptions, banking disappears36:52 Who owns the customer, brands vs banks42:46 Finance as social engine,from UBI to capital ownership47:00 Democratising wealth, opening private-market access50:20 Bitcoin vs stablecoins, new financial infrastructure
54:28 the future of finance

Brookfield is renowned for running the companies it owns, not just financing them. In this episode, Ross Butler speaks with Adrian Letts, Managing Partner in Brookfield’s Private Equity Group and Head of Business Operations, to explore how the firm’s operator-led model drives value creation from origination through exit.

Adrian explains how Brookfield embeds operators alongside investors, with shared carry, shared accountability, and a shared mandate to transform portfolio companies. He discusses organisational design as a true value lever, why smaller and senior operating teams outperform larger ones, and how AI and digital tools are reshaping performance management and working-capital efficiency across the Brookfield ecosystem.

From aligning incentives and structuring teams to deploying data and AI in real assets, this is a masterclass in how private equity really creates value.

#PrivateEquity #Brookfield #ValueCreation #FundShack #AdrianLetts #PrivateMarkets #OperationalExcellence #AI #AlternativeInvestments #Leadership

Private markets are no longer on the sidelines. With listed companies shrinking and private companies multiplying, alternatives are becoming a core component of diversified portfolios.

In this episode of Fund Shack, Ross Butler speaks with William Benjamin, Head of Alternative Solutions at HSBC Asset Management, about how alternatives are evolving and why investors haven’t “missed the boat” in the 2020s.

Benjamin discusses:

• Why private equity, credit, infrastructure, and venture capital are central to HSBC’s $75bn alternatives platform
  

• The growth of evergreen fund structures and what investors should look for in managers
  

• The challenges and opportunities of democratizing access to private markets
  

• How HSBC leverages its global footprint to source opportunities beyond New York and London
  

• The cultural and career dynamics of talent in alternatives
  

This conversation explores how one of the world’s largest financial institutions is positioning itself in alternatives, and why Benjamin believes the next phase of growth will be defined not just by institutions, but by the increasing participation of high-net-worth investors.

🔹🔹🔹🔹🔹

👉 Subscribe to Fund Shack for more in-depth conversations on private markets and the future of investment.

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💼 Learn more at:

HSBC Asset Management

🌐 www.assetmanagement.hsbc.co.uk

William Benjamin, Head of Alternative Solutions at HSBC Asset Management

🔗 https://www.linkedin.com/in/w-benjamin/

Ross Butler Founder and Host Fund Shack

🌐 www.fund-shack.com

CONNECT on Linkedin

www.linkedin.com/in/rossbutler1/

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00:00 – Introduction: William Benjamin, HSBC Asset Management
01:03 – Why alternatives are becoming mainstream
02:13 – Haven’t investors missed the boat?
03:49 – Diversification and resilient portfolios
04:36 – Democratization of private markets
05:00 – Evergreen funds: what investors should know
06:22 – Private equity & HSBC’s global sourcing edge
09:46 – Private credit: diversification and risk management
13:43 – Infrastructure, venture capital & new opportunities
16:24 – $75bn in alternatives: HSBC’s growth outlook
19:53 – Talent, culture & career advice in alternatives
23:12 – Data, digital platforms & evergreen structures
28:12 – The five-year outlook for private markets

🔹🔹🔹🔹🔹

#PrivateEquity
#PrivateMarkets
#AlternativeInvestments
#FundShack
#HSBCAssetManagement
#EvergreenFunds
#PrivateCredit
#InfrastructureInvesting
#VentureCapital
#PortfolioDiversification
#WealthManagement
#InstitutionalInvestors
#HNWInvesting
#AssetManagement
#InvestmentStrategies

Alex van Someren has spent his career at the frontier of technology, venture capital, and national security. From joining Acorn Computers as a teenager, the company that seeded ARM Holdings, to co-founding cryptography firm nCipher, becoming a partner at Amadeus Capital Partners, and later serving as the UK’s Chief Scientific Adviser for National Security, his career offers unique insight into how capital and innovation shape geopolitics.

In this episode, Alex explains how the UK’s National Security Strategic Investment Fund (NSIF) mirrors DARPA-backed venture in the US, why government must learn to take risk to access frontier technology, and the realities of venture capital returns. He discusses the hype and risks around artificial intelligence, the disruptive potential of quantum computing, the fragility of semiconductor supply chains, and the ESG debate around nuclear energy and small modular reactors.

For investors, entrepreneurs, and policymakers, this conversation maps the crucial intersection of capital, technology, and defence in a changing global order.

🔹🔹🔹🔹🔹

Thank you to our episode partner

Brookfield Private Equity: Global leader in acquiring and driving operational transformation in industrials and essential business services.

For more information, visit:

www.brookfield.com/it-takes-industry

🔹🔹🔹🔹🔹

👉 Subscribe to Fund Shack for more in-depth conversations on private markets and the future of investment.

🔹🔹🔹🔹🔹

💼 Learn more at:

Paladin Capital Group

🌐 www.paladincapgroup.com

Alex van Someren

www.paladincapgroup.com/people/alex-van-someren/

Ross Butler Founder and Host Fund Shack

🌐 www.fund-shack.com

CONNECT on Linkedin

www.linkedin.com/in/rossbutler1/

🔹🔹🔹🔹🔹

Alex van Someren, Fund Shack, Venture Capital, Private Equity, National Security, Defence Technology, Dual-use Technology, Cryptography, nCipher, Amadeus Capital Partners, Acorn Computers, ARM Holdings, National Security Strategic Investment Fund, NSIF, DARPA, Government Venture Capital, AI, Artificial Intelligence, Large Language Models, Quantum Computing, Post-Quantum Cryptography, National Cyber Security Centre, NCSC, Semiconductor Supply Chain, CHIPS Act, National Semiconductor Strategy, Space Technology, Satellites, ESG, Nuclear Energy, Small Modular Reactors, Fusion Energy, Private Markets, Technology Innovation, Geopolitics, UK Venture Capital, Silicon Valley, Defence Spending, NATO, Paladin Capital, Calypso AI, Emerging Technologies, Risk and Innovation, Venture Returns

0:00 – Introduction

0:40 – From teenage coder to Acorn Computers and ARM Holdings

2:33 – Leaving school at 17: self-taught entrepreneur

3:26 – Building nCipher and cryptography’s real-world applications

5:27 – Dual use: civilian vs. national security technology

7:21 – The hidden history of venture capital and DARPA

8:58 – The UK’s National Security Strategic Investment Fund (NSIF)

10:42 – Risk, government spending, and culture clash with VC

15:53 – “If you aren’t losing at least half your money…”

20:08 – The US CHIPS Act and Europe’s semiconductor challenge

29:23 – Venture capital’s boom in defence spending

36:18 – AI is over-hyped, over-used, and makes us stupid

40:30 – Defending the corporate AI stack (Paladin & Calypso)

44:00 – Quantum computing: encryption at risk

47:38 – Why space is now accessible to schoolchildren

51:31 – ESG and nuclear: small modular reactors, fusion, and energy policy

56:10 – Why making money in venture capital is so hard

59:05 – Closing reflections

🎧 Episode #74: Emerging Managers: What It Takes to Make It

Guests: Kim Pochon (Unigestion) & Joe Briggs (BCF Advisory)

Series Launch: Fund Shack's Emerging Manager Series

In this launch episode of Fund Shack’s Emerging Manager Series, Ross Butler speaks with Kim Pochon, Global Head of Primary Investments at Unigestion, and Joe Briggs, Founder of BCF Advisory, to explore what it really takes to build a successful first-time private equity fund.

With LP appetite growing for new franchises, this episode unpacks the strategic, structural, and psychological factors that separate enduring platforms from short-lived experiments.

🧱 Why “Emerging” Doesn’t Mean Inexperienced
Most “emerging managers” are seasoned investors; what’s new is their journey into firm-building. While GPs may dislike the label, it matters deeply to LPs allocating to this segment.

💡 Early Access = Long-Term Advantage
Backing a first-time fund is about more than returns, it’s about gaining long-term partners. Kim Pochon shares how Unigestion’s early bets have evolved into deep collaborations across continuation vehicles, co-investments, and secondaries.

🛠️ The Rise of Independent Sponsors and Hybrid Funds
Joe Briggs outlines how deal-by-deal models, mini-funds, and short-duration strategies are allowing first-time managers to build track records and LP trust, without raising blind pool capital on Day 1.

👥 Team Dynamics: The Critical Risk Factor
Strategy is important, but people matter more. LPs scrutinise equity splits, decision-making processes, and team chemistry. Execution risk is often people risk.

🔥 Why Founders Spin Out, and What Sets Them Apart
From high-paid roles to high-risk launches, Joe and Kim explore what drives professionals to strike out on their own, and why the best emerging managers have a clear purpose and strong conviction.

📈 “Know Why You Deserve to Exist”
As Briggs puts it, emerging GPs must clearly articulate why their platform should exist, what differentiates it, and how it delivers value to LPs from Day 1.

🔗 Fund Shack is an independent podcast serving the global private capital industry.

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Fund Shack is produced by Linear B Group

Tags

emerging managers, first-time funds, private equity, GP spinout, fundless sponsor, Unigestion, BCF Advisory, private equity podcast, Fund Shack, Ross Butler, LP allocations, fundraising, private markets, private capital, institutional investors, evergreen funds, independent sponsor model, PE fund structure, LP/GP alignment, continuation vehicles

🎧 Episode #73: The Expanding Role of Private Markets in Wealth Portfolios

Guest: Kyle D. Kniffen, Goldman Sachs Asset Management

In this Fund Shack episode, recorded live at SuperReturn in Berlin, Ross Butler speaks with Kyle D. Kniffen, Managing Director and Global Head of Alternatives for Third Party Wealth at Goldman Sachs Asset Management. With over $500 billion in alternative assets under management, Goldman Sachs is at the forefront of delivering institutional-grade private markets strategies to the private wealth segment.

Kniffen outlines how the shift from public to private markets is reshaping modern portfolios, and how Goldman Sachs is using open-architecture, multi-asset solutions to unlock access for high-net-worth investors.

The number of public companies has declined. Innovation now happens in private markets. For wealth managers, private equity, private credit, and real assets are becoming core exposures, not niche allocations.

Goldman Sachs is responding with evergreen structures, simplified tax reporting, and lower minimums, but also stresses the need for investor education and clarity around liquidity expectations.

Institutions typically allocate 20–30% to alternatives; individual investors? Just 5%. Goldman Sachs is investing heavily in curriculum-style education for wealth advisers and clients, covering everything from "what are alternatives?" to live updates on market trends.

Delivery channels include:

• Custom sessions

• Specialist teams

• Ongoing reporting

Kniffen discusses the trade-offs between drawdown funds and evergreen formats, especially in private credit.

Evergreen vehicles offer:
✔️ Simpler onboarding
✔️ Optional liquidity
✔️ Operational ease

But also require:
- Strong duration management
- Secondary market integration
- Disciplined product structuring

Goldman applies the same innovative lens to private equity, infrastructure, and real asset, blending directs and secondaries to reduce duration risk while preserving alpha.

Diversification is key, but so is alignment. Goldman invests its own balance sheet and employee capital alongside clients. Transparency, robust reporting, and post-sale service are core to the client experience.

For most wealth clients, alternatives remain a new frontier. This creates enormous opportunity for firms that combine performance with education, care, and long-term partnership. Goldman Sachs is positioning itself as a trusted guide for wealth managers navigating this complexity.

Thank you to our episode partner, Edelman Smithfield, a specialist PR and communications consultancy for the financial markets. Their expertise in private capital spans fundraising, strategic positioning, portfolio communications, and reputation management.

🔗 Learn more: edelmansmithfield.com

📤 Share this episode with your network, Follow & Subscribe it's the most valuable way to support our growth.

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🕰️No time for the full episode: Read a summary on Substack which contains links to the best clips and quotes.

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Email katie@linearb.media

Fund Shack is an independent media platform delivering deep-dive insights into private capital and produced by Linear B Group.

Episode #72: Bitcoin - The Alternative You Can No Longer Ignore

Guest: Matthew Hougan, Chief Investment Officer, Bitwise Asset Management

Bitcoin has evolved from a retail phenomenon to a macro asset that institutions can no longer afford to ignore. In this episode of Fund Shack, Ross Butler speaks with Matthew Hougan, CIO at Bitwise Asset Management, the firm behind the first crypto index fund and over $10B in assets.

A pioneer of ETFs and now a leader in crypto investing, Matthew explains why Bitcoin is becoming a core component of modern portfolios, how it compares to gold, and why it's poised to reshape global finance.

💼 From Retail to Institutional Adoption Bitcoin is no longer fringe. U.S. Bitcoin ETFs now manage $37B+, with institutional capital driving a third of inflows. Bitwise’s AUM has grown 10x in 18 months.

📈 Portfolio Construction: Bitcoin as an Alternative Asset Allocators are rethinking Bitcoin’s place, not tech, not equity, but an alternative. With low correlation, high returns, and now ETF access, 1–2% allocations are improving portfolio Sharpe ratios.

⚖️ Bitcoin vs. Gold... and Beyond Think of Bitcoin as programmable, portable, real-time gold. Its market cap is under $2T vs. gold’s $21T, highlighting significant upside for long-term believers in the “digital gold” thesis.

🌐 Bitcoin as Neutral Global Collateral In a fragmenting geopolitical world, Bitcoin may serve as a non-political, global settlement asset, used across borders, free from government control.

🧠 Finance on the Blockchain From instant loans to on-chain collateral, crypto markets offer faster, transparent alternatives to traditional finance. Hougan sees DeFi merging with TradFi, not replacing it, but upgrading it.

🗣 Advice for Financial Professionals Matthew’s call to action: experiment, learn, and get ahead. Just as ETFs reshaped investing, Bitcoin could reshape finance. Start small. Learn fast. Stay relevant.

--------------------------------------------

📩  Matthew Hougan, CIO of Bitwise Asset Management

Website: www.bitwiseinvestments.com

Twitter: @Matt_Hougan

Telegram: @pemetic

Linkedin: https://www.linkedin.com/in/matthew-hougan/

📢 Subscribe for More Fund Shack Episodes and tap into the minds shaping private markets.

🔗 LinkedIn : https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7159157815326949376

 📺 YouTube: https://www.youtube.com/@PrivateEquityPodcastFundShack?sub_confirmation=1

 📞 Contact:  Fund Shack is a private equity podcast and digital media channel for alternative investment professionals

 📧 katie@linearb.media

Chapters

00:00 – Intro to Matt Hougan, Fund Shack & Bitcoin relevance

01:00 – Why Bitcoin is the ultimate alternative asset

02:00 – Institutions entering Bitcoin: Demand and momentum

03:43 – Institutional case for Bitcoin: High returns, low correlations

06:03 – The blockchain as digital property infrastructure

07:00 – Bitcoin as finance’s inevitable disruption

09:00 – Bitcoin vs banks: Infrastructure comparison

11:04 – Bitcoin’s challenge to traditional valuation logic

12:03 – How institutions are categorising Bitcoin

13:17 – Why Bitcoin has value: Digital service logic

14:21 – Bitcoin’s fair value and addressable market

15:25 – Bitcoin as global settlement currency

17:03 – State actors adopting Bitcoin

18:09 – Bitcoin's correlation to other assets

19:30 – Why institutions find Bitcoin compelling

20:12 – Institutional access: How Bitwise ETFs work

22:17 – ETF security, cold storage & custody

24:00 – ETF mechanism under stress: Arbitrage & NAV

26:03 – Future of Bitcoin and financialisation

27:56 – Lending, collateral, and credit in a Bitcoin world

29:34 – Bitcoin’s influence on dollar policy

31:06 – How Bitcoin changes capital markets

33:15 – Programmable money: A new finance model

34:52 – Advice for traditional finance professionals

35:59 – Deflationary risk: Lending in a bitcoinised system

37:05 – Real value vs rent-seeking in future finance

38:25 – Advice for young finance professionals

Episode #71: The Realities of Private Wealth in Private Markets

Guest: Cyril Demaria-Bengochea, Julius Bär

What happens when private equity pivots from institutional capital to private wealth? In this episode, Ross Butler speaks with Cyril Demaria-Bengochea, Head of Private Market Strategy at Julius Bär and one of the most respected thinkers in private markets. Cyril blends academic rigour with industry expertise, drawing on his work with Invest Europe, ILPA, and the European Commission.

Together, they explore the complex realities of opening private markets to individual investors, and why true democratisation may still be a long way off.

🏢 From Institutions to Individuals As institutional funding slows, fund managers are turning to private wealth, but it's not a simple swap. Cyril unpacks why $5M+ investors still struggle to access private equity meaningfully, and how portfolio construction must adapt to this fragmented investor base.

📊 Evergreen Funds & the Democratisation Myth Despite the buzz, evergreen vehicles still represent just 1–2% of AUM. Cyril explains why they are a tool, not a solution, and why true democratisation needs a more nuanced strategy.

⏳ Private Markets Are Three-Dimensional Long holding periods, illiquidity, and delayed returns create a "time complexity" most investors (and advisers) underestimate. Cyril emphasises that private markets require patience, planning, and portfolio redesign.

🔧 Fund Structures: Not One-Size-Fits-All Closed-end funds remain dominant, but evergreen and semi-liquid structures are gaining traction. Cyril foresees a future where fund structures are matched to investor objectives, not trends.

📉 Fundraising, Dealmaking & Dry Powder While fundraising has slowed, especially in VC, buyout strategies remain active, with managers deploying capital via smaller, lower-leverage deals focused on operational value. Dry powder is declining—suggesting a more disciplined cycle ahead.

💬 Rethinking Communication in Private Markets Cyril argues that better education and transparency are essential if private wealth is to participate meaningfully. The industry must do more to share value and demystify risk.

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------------------------------------------------📞 Contact: Fund Shack is a private equity podcast and digital media channel for alternative investment professionals, produced by Linear B Group.

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🌐 linearb.media

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#PrivateEquity #PrivateWealth #PrivateMarkets #EvergreenFunds #FundStructures #JuliusBaer #CyrilDemaria #FundShack #HighNetWorth #FinancialEducation #AlternativeInvestments #IlliquidityPremium #Buyouts #PrivateCapital #JuliusBär

Donald H. Chew, Jr., founding editor of the Journal of Applied Corporate Finance, joins Ross Butler on Fund Shack to discuss the evolution of corporate finance and its impact on national wealth. Based on his latest book, The Making of Modern Corporate Finance, Chew explores the shareholder revolution, Japan’s stagnation, China’s middle-income trap, and private equity’s role in reshaping global markets. A masterclass in corporate & financial governance, offering insights into how corporate finance fuels economic prosperity.

📉 The Shareholder Revolution & the 1980s Breakup of Conglomerates

🦬 Corporate America in the 1970s suffered from inefficiency, with large conglomerates prioritizing stability over investor returns. The 1980s shareholder revolution broke up these inefficient structures, restoring a focus on productivity and capital efficiency, in contrast to Japan’s stagnation.

🎌 Japan’s Corporate Governance Failure: For three decades, Japan’s economy has stagnated as corporate structures resist shareholder influence and fail to optimize capital allocation. The lack of investor control has slowed productivity and exacerbated demographic challenges, leading to economic decline.

🐉 China’s Middle-Income Trap & Market Manipulation: Chew argues that China’s financial system mimics American capitalism in appearance but lacks key investor protections. State-controlled enterprises dominate capital allocation, IPO markets are manipulated, and foreign investors face barriers, all of which prevent sustained long-term economic growth.

🏢 Private Equity as a Force for Good: Despite criticism, private equity and activist investors drive corporate efficiency by restructuring underperforming companies. By enforcing financial discipline, improving governance, and maximizing efficiency, PE has been a key driver of economic growth.

🌍 The Global Financial Crisis: A Political Incentive Problem: Rather than a failure of capitalism, the 2008 crisis was driven by government policies encouraging subprime lending. Political incentives distorted the housing market, leading to systemic financial risk that was amplified by European banks.

📈 The Future of Corporate Finance & National Prosperity: Chew emphasizes that corporate finance is the foundation of national wealth creation. The U.S. stock market serves as a leading indicator of economic productivity, outperforming global peers due to a dynamic, investor-driven corporate culture.

♻️ ESG: Enhancing Value or Distorting Priorities? The debate over ESG investing centers on whether it aligns with shareholder value or imposes politically driven constraints. Chew contrasts Milton Friedman’s shareholder primacy with Michael Jensen’s concept of enlightened shareholder value maximization, arguing that long-term profitability must remain central to corporate decision-making.

🔗 SUBSTACK

https://privateequitypodcastfundshack.substack.com/

👉 LinkedIn https://www.linkedin.com/company/fund-shack/

📧 Katie Mitchell: katie@linearb.media

CHAPTERS

00:00 Introduction to Donald H. Chew, Jr.

01:12 Transformation of American corporate finance

02:39 How investors reshaped corporate governance

04:39 Japan problem: Why investor control matters

07:09 Volkswagen vs. GM: Corporate governance case study

09:56 Japan’s ‘30-year slumber’ and the role of shareholder activism

12:29 China’s middle-income trap

14:56 The illusion of Chinese economic success

21:04 The real cause of the Global Financial Crisis

27:02 The dangers of bad financial metrics

32:00 The rise and fall of EVA

39:05 The overlooked role of PE in shaping corporate governance

45:02 Michael Milken and the rise of private credit

52:05 Best indicator of real productivity

55:00 New key metric for company success

1:00:02 Why Milton Friedman was right about profit

1:05:00 Is America heading for recession?

Raja Hadji-Touma, Partner at Corsair Capital and Head of European Buyouts, discusses Corsair's focus on asset-light businesses in financial services, technology, and business services. He explains Corsair's thematic approach to identifying trends and opportunities, emphasizing hands-on value creation, digitization, and scaling businesses through operational and strategic improvements.

Insights Specialization and Evolution Corsair Capital, originally part of JP Morgan, began as a solution to recapitalize troubled financial institutions after the U.S. Savings and Loan crisis. Over time, the firm shifted focus from capital-intensive businesses to asset-light services and technology within the financial services ecosystem. This evolution allows Corsair to focus on operational efficiency and scalable growth, targeting sectors like insurance distribution, fund administration, and B2B payments.

Value Creation and Hands-On Approach Corsair prioritizes active value creation by establishing clear 100-day and long-term strategic plans with management teams. Their approach involves operational improvements, talent development, and technology enhancements. With a focus on institutionalizing businesses, Corsair utilizes operating partners to assess organizational needs, streamline go-to-market strategies, and execute M&A strategies for growth.

Market Trends and Opportunities The firm targets fragmented markets, especially within insurance distribution and B2B payments, leveraging consolidation opportunities to scale businesses. Raja highlights the impact of AI and automation as key trends driving efficiency and new investment avenues. Corsair also sees regulatory requirements as growth catalysts, creating demand for compliance-related services and technologies.

Sector Focus: Building Platforms in Niche Markets Corsair focuses on mid-sized businesses with EBITDA between $5-20 million, scaling them to $50-70 million through buy-and-build strategies. The firm emphasizes recurring revenue models, high cash flow conversion, and resilience against economic cycles. Their thematic approach allows them to identify promising sectors and proactively source deals, often in bilateral settings.

Outlook and Strategic Growth: Despite slower deal flow in 2024, Corsair remains optimistic about the next six to nine months as private equity adjusts to market conditions. With strong sector tailwinds, such as digital transformation and regulatory compliance, Corsair continues to back businesses positioned for long-term value creation and consolidation opportunities.

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 Fund Shack is a private equity podcast and global media channel for alternative investment professionals.

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Arjun Raghavan, CEO of Partners Capital is the man private equity executives trust with their money. And not just them. Partners Capital has evolved from managing private equity executives’ wealth to overseeing $60 billion for smaller endowments, family offices, and foundations globally.

In this conversation, Arjun speaks to Ross Butler about the firm's "Advanced Endowment Approach", emphasizing diversification, resilience, and early-stage access to niche opportunities. 

Origins and Growth Partners Capital was founded in 2001 to offer investment management services inspired by the endowment model. Initially focused on private equity partners, the firm expanded to serve smaller institutional clients and family offices. Under Arjun’s leadership, the firm scaled operations globally, now managing $60 billion across Europe, Asia, and the US.

Twin-Engine Investment Philosophy Central to Partners Capital’s strategy is the twin-engine model. The beta engine focuses on cost-efficient diversification across traditional and alternative asset classes. Meanwhile, the alpha engine targets illiquid, high-return opportunities, providing both resilience and enhanced returns. Together, these engines ensure robust portfolio performance through cycles.

Adapting to Market Dynamics In a challenging market environment marked by concentrated gains in public equities and the saturation of alternatives, Partners Capital remains agile. It prioritises resilience through true diversification, embracing strategies like private debt, venture capital, and specialist asset management. 

#PrivateEquityPodcast #AdvancedEndowmentApproach #PartnersCapital #PrivateEquity #Diversification #FamilyOffices #EndowmentModel #AlternativeInvestments #FundShackPodcast #ArjunRaghavan

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 Fund Shack is a private equity podcast and global media channel for alternative investment professionals.

Fund Shack is produced by Linear B Group. ⁠Linear B Group

Ross Butler speaks with Edward Talmor-Gera, Founder and CEO of NewVest, and Matthew Chapman, Director at NewVest. NewVest is a pioneering company providing low-cost, diversified index funds for private equity, private debt, and other private market strategies — revolutionizing how investors access private markets. Insights: Why Passive Investing in Private Markets is Revolutionary Edward explains how indexing challenges traditional notions about private equity by providing diversified exposure to the market’s average return, which has consistently outperformed the median. He reveals that 70% of private equity funds in any vintage year underperform the pooled average, making an index approach both efficient and attractive. Debunking Myths About Private Equity Performance Edward and Matthew address a common myth: that trying to select top-performing funds is the only way to succeed in private equity. They share data proving that relative performance persistence among fund managers is statistically limited, making an index strategy a reliable alternative. NewVest’s Unique Approach Fund Structure: NewVest employs a no-management-fee structure, charging only a low carry. 

Access to Top Funds: NewVest invests in the 50 largest private equity and private debt funds each year, gaining near-complete access to the top players in the industry, including Blackstone, KKR, and Carlyle.

Diversification and Cost Efficiency: By weighting investments according to target fund sizes, NewVest offers exposure to the asset class while drastically reducing fees and risk compared to active fund selection.

The Evolution of Private Markets Investing Matthew emphasizes how passive instruments complement active strategies, allowing investors to focus on areas where they can achieve true alpha while leveraging the stability of an index for broader diversification.

Future Plans and the Vision for Private Markets NewVest envisions a future where passive investing in private markets is as ubiquitous as it is in public markets. They aim to introduce sector-specific and niche indices, such as clean tech or geographic-focused products, and even indices for first-time funds.

Aligning Interests and Democratizing Access Edward shares how NewVest’s alignment with LPs and innovative approach is attracting institutions, family offices, and even individual investors. 

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 Fund Shack is a private equity podcast and global media channel for alternative investment professionals.

Fund Shack is produced by Linear B Group. ⁠Linear B Group⁠

Ross Butler speaks with David Whileman, Partner at Inflexion Private Equity, about the untapped potential of minority private equity investments. David shares how minority investing provides entrepreneurs with the resources to scale without selling their businesses.

The conversation explores the fund’s strategy, its impact on portfolio companies, and the competitive advantages of minority investments in addressing a vast market underserved by traditional private equity.

The Untapped Potential of Minority Investments: David explains how minority investing offers private equity benefits without requiring businesses to sell outright. This approach opens private equity to 75% of companies that are not typically for sale, particularly family-owned or entrepreneur-led businesses.

Inflexion's Partnership Capital Fund Performance: Since launching in 2015, the fund has raised £1.75 billion, completed 24 investments, and exited nine, including several that achieved exceptional growth. David emphasizes the fund’s ability to serve as the first institutional investor for established companies averaging £350 million in value.

Building Trusted Relationships: Key to minority investing is fostering trust and alignment with entrepreneurs. David highlights how Partnership Capital avoids prescriptive exit strategies, allowing for collaborative decisions that benefit both investors and business owners.

Expanding Globally and Corporate Partnerships: Inflexion has extended its reach across Europe and recently into corporate partnerships, where it supports divisions of large corporations seeking independence while maintaining alignment with their parent companies.

Value Creation Beyond Capital: Inflexion delivers more than funding, offering expertise in talent management, technology adoption, pricing strategies, and global expansion. Its offices worldwide provide portfolio companies with the tools to enter new markets and scale effectively.

Cultural Fit and Talent Recruitment: David underlines the importance of hiring professionals with emotional intelligence and entrepreneurial mindsets. He describes Inflexion’s team as diverse and collaborative, ensuring alignment with the needs of entrepreneurs.

RW Blears: Our sponsor for this episode is RW Blears, a UK law firm specialising in fund management. If you are a UK venture capital manager or growth investor and need a trusted legal adviser, visit https://blears.com/

#PrivateEquity #MinorityInvesting #PartnershipCapital #InflexionPrivateEquity #Entrepreneurship #BusinessGrowth #PrivateEquityPodcast #DavidWhileman #FundShack #AlternativeInvestments #CollaborativeInvesting #PrivateEquityInsights #RossButler

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 Fund Shack is a private equity podcast and global media channel for alternative investment professionals.

Fund Shack is produced by Linear B Group. ⁠Linear B Group⁠

How Partners Group is cracking the DC pension market in the UK, with Joanna Asfour

Founded in mid-1990s, Partners Group launched its first vehicle accessible to individual investors in the early naughties. Today it is at the frontline of the democratisation of private equity.

In this episode, Ross Butler speaks to Joanna Asfour, the firm’s global head of consultant relations, to discuss how private equity can help DC pensioners in the UK access private markets.

We look particularly at the benefits that private markets exposure can bring to a pension fund, as well as some of the complexities around the management of such less liquid investments. We al LTAFs, the UK equivalent of ELTIFs and the various nuances of providing relatively simple access to the asset class for DC pension trustees.

Top insight
The UK DC market will be worth about a trillion by 2030. It’s a £100bn opportunity for private markets. There’s been sub-£5bn invested so far.
i.e. This is going to be big!

Historical Context and Current Position
Partners Group has been a pioneer in making private markets accessible to individual investors since the early 2000s. The firm currently manages around 150 billion euros in assets, with private wealth being a rapidly growing segment.

Democratization of Private Markets
The term democratization refers to broadening access beyond institutional investors to include individuals, such as DC pension scheme members and wealth management clients.
This trend is seen as mutualization, akin to what mutual funds did for public markets.

Regulatory and Operational Challenges
The key challenge has been the regulatory and operational barriers that limit DC pension schemes from investing in private markets.
The introduction of the Long-Term Asset Fund (LTAF) by the FCA has been crucial in providing a UK-authorized fund structure suitable for DC schemes.

LTAF as a Solution:
LTAFs are designed to meet the specific needs of DC pension schemes, allowing them to blend private markets into their default fund arrangements.
This structure addresses both regulatory requirements and the operational demands of life insurance platforms that manage many DC pension schemes.

Implementation Considerations:
Trustees need to consider where in the pension lifecycle private market allocations are most appropriate, particularly focusing on the growth accumulation phase.
There is a need to balance liquidity management and stress test the potential impact of including private markets in DC schemes.

Performance and Valuation:
Performance fees and daily valuations are critical aspects that need to be managed to ensure fair treatment of all investors in an evergreen fund format.
Partners Group has developed robust systems to handle daily valuations and liquidity management, drawing on their long experience with similar fund structures.

#privateequity #democratisation #fundraising #privatewealth #privatemarkets #LTAFs #alternativeassets

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 Fund Shack is a private equity podcast and global media channel for alternative investment professionals.

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