In this episode of Top of the Ops, we take a look at how private markets’ ‘retailisation’ efforts are progressing.

We interview Tim Boole, head of product management and co-head of structuring at Schroders Capital, about the growing popularity of evergreen structures and how managers are coping with the operational burdens associated with serving greater volumes of wealth investors.

While it is the largest managers who account for the bulk of this market activity, are they setting templates that the midmarket will want to follow?

In this episode of TOTO, we look at how private markets managers are investing in their tech and data teams to meet future challenges.

We interview Josko Grljevic, the chief technology officer at Mayfair Equity Partners and hear his views on ROI for in-house tech spend and how GPs should move to a 'rent' rather than 'buy' model for software.

Grljevic is Mayfair's first ever CTO and it is a role that remains rare in the midmarket, so we also ask him about the drivers for this strategic hire.

This episode of the podcast takes a look at independent sponsors, their unique operating models and why LP interest is rising

After The Drawdown’s attempt earlier this year to raise our own fund but eventually pivoting to the deal-by-deal model, TOTO sits down and discusses alignment with LPs, valuations and independent sponsors in the spotlight.

For this episode, we sat down with Jason Howard, COO/CFO and partner at Headway Capital Partners to unpack the topic from his unique perspective as both a GP and LP for independent sponsors, specifically.

The latest episode looks at the roles of accountability and technology in developing a standardised and transparent valuations process

Following our tour through GPs’ valuation studios, TOTO sits down and discusses the findings, in light of the publication of the FCA’s review of valuation processes which pointed towards independence and managing conflicts of interests as areas of improvement.

We speak to Ryan McNelley, managing director and EMEA portfolio valuation leader within Kroll’s valuation service line, about the roles technology and accountability play in creating a standardised and transparent valuation process.

TOTO takes another trip to the DORA dentist to see if there is any greater clarity on the implications of the EU’s latest mega-regulation, following its less than perfect introduction in January 2024.

We speak to Adrian Whelan, managing director and global head of market intelligence for investor services at Brown Brothers Harriman, about how he has been advising his clients on DORA, and the opportunities the regulation presents to the best prepared managers.

In the first episode of Top of the Ops in 2025, The Drawdown’s editorial gang discusses the importance of operational due diligence and how it is weighed differently depending on whether a firm is an emerging or established manager.

Following on from our recent cover story ‘ODDenheimer’, we speak to Peter Haskopoulos, founder and managing director of Petra Funds Group, who regularly works with emerging managers. We discuss the particularities of ODD for emerging managers and what they can do to prepare.

In this episode The Drawdown team discusses the chances of defaults for NAV facilities raised against a PE buyout fund. Given the chasm between perceptions of market participants and market observers on the risk of these facilities, could the truth lie somewhere in the middle?
Following on from our recent cover story Anatomy of default, we speak to Samantha Hutchinson, partner at King & Spalding, about the risk of default for NAV facilities, why these transactions are coming under increased regulatory and press scrutiny and whether the fund finance industry requires greater transparency.

This latest episode of Top of the Ops sees The Drawdown team assess the challenges of succession planning in PE operations. As the industry elders enter retirement, how can firms ensure the next generation of CFOs and COOs are prepared to take over?
Picking up from our recent cover story, No country for old men, we speak to Khuram Bajwa, director at executive search firm One Ten Associates about how to hire future operational leaders and ensure your team has the right balance between specialists and generalists.

In this episode of Top of the Ops, The Drawdown team debates whether the operations of US private funds are beginning to look more European due to regulatory and investor pressures.

Following on from our recent cover story, Bridging the Atlantic, we investigate whether the global nature of private markets means the gap between the US and Europe in terms of operational complexity has narrowed, despite the SEC’s proposed Private Fund Adviser Rules being quashed in court.

To help us analyse the difference between US and European operations, we speak to Amy Knapp, partner and COO at Corsair Capital, a US-based firm that also has a team in London.

The latest episode of Top of the Ops, The Drawdown’s podcast in which the editorial team discusses a recent cover feature, is all about diversity and inclusion.

In the corresponding article - Ecosystemic Change - we investigate the commonly accepted narrative that LPs are the main drivers behind DEI initiatives in private equity and what GPs can do to make the industry more inclusive for everyone.

Enter: Lucie Mills, partner for value creation and ESG at Northedge. Her focus is on creating an inclusive environment. Because if your firm is inclusive, diversity will naturally follow. Lucie’s thoughts guided the editorial team in this episode of TOTO.

The Drawdown trio tickles your eardrums once more, with our monthly podcast accompanying our latest cover feature. This time, we talk about gen AI trends. But with some substance - trust us.
The cover story, entitled Strength Tr -AI- ning, examines how technological innovation is linked with operational resilience. It focuses on the emerging use of gen AI in operations with Microsoft Copilot, legal tech and in valuations processes. 
We attempt to satiate our avid listeners with what the cover feature did not have scope for: addressing AI risk management techniques and adopting the appropriate guardrails. For this, we were guided by our conversation with CTO at Sure Valley Ventures, John Frizelle.
Click on the link to listen to what John has to say.

The Drawdown team is back again, this month discussing talent attraction and retention in private equity.
Following on from a recent cover story on PE’s relative attractiveness as a career destination, we speak to Kerry Heaton, chief people officer at Hg, about how her firm is adapting its offer to younger generations.
We assess how central the promise of carried interest is to PE’s appeal and how GPs are working hard to create the right culture for their employees.

The latest from your favourite PE operations editorial team!

In this episode, we’re talking fund finance and credit rating agencies off the back of The Drawdown’s latest cover feature. The issue gave shape and form to the ominous third party which has recently sneaked up on the fund finance marketplace.

In conversation with Gopal Narsimhamurthy, managing director and global head of fund ratings at KBRA, we discuss his view on the increase of rating providers in this space, what it means for industry dynamics and the role agencies play in private equity.

Whether or not this is the beginning of a beautiful friendship, we’re too early in the story to say. But one thing is certain: Credit rating agencies are here to stay.

In this podcast, Real Deals is joined by British Patient Capital’s Christine Hockley to discuss the importance of patient capital, what VCs must do to appeal to LPs and how GPs can build a value proposition that aligns with their investors’ interests.

In this exclusive podcast, Real Deals reporter Xhulio Ismalaj is joined by Richard Burrett, chief sustainability officer at early-stage cleantech investor Earth Capital, where he also holds a board director position.
During the discussion, he covers the breadth of competing reporting requirements, the volume of activity it creates for GPs, the importance of materiality and the inherent issue with ESG reports as they currently are.
To find out more about the topic, check out Real Deals’ recent article on ESG reporting below, in which we speak to representatives from ICG, Livingbridge and Suma Capital.

Your favourite PE operations editorial team is back!

This time, the trio tackles evergreen fund structures, off the back of The Drawdown’s latest cover feature on the challenges of setting up semi-liquid fund structures for traditionally closed-ended fund managers.

The Drawdown speaks to Luc Maruenda of Eurazeo, who explains how to set up an evergreen structure. We discuss the complexities of managing liquidity expectations, potential investors to target, navigation fluctuations in the economy, and much more.

The hows and whys of the strategy are uncovered, but the decision to launch an evergreen fund remains up to you.

What if you were to found a private equity firm that entirely outsourced the investment function and focused solely on operations? Impossible dream or the future direction of the market?
The Drawdown speaks to Stephen Branagan of Pantheon Ventures, who argues that it might not be such a crazy concept as it first appears. With LP and regulatory demands ever increasing and tech stacks increasingly complex, a firm specialising in ops could have an advantage when marketing to investors. 
Stephen and The Drawdown team discuss the pros and cons of an operations-first approach and whether this dream could ever become reality.

The Drawdown is joined by a panel of tokenisation experts to discuss how the technology can be used in private markets.

Jack Chong is an entrepreneur in residence at White Star Capital, based in New York. Prior to that, he spent time developing a bond issuance asset tokenisation company for sustainable finance. His current business endeavour aims to remove barriers for asset managers looking to adopt tokenisation.

Steven Lightstone is a regulatory partner in the investment management team at Morgan Lewis, based in the firm’s London office. He has particular experience advising the alternative asset industry on fintech and cryptoasset regulation.

Finally, Myles Milston joins us from Globacap, the fintech company he co-founded in 2017. Based in the UK, the firm focuses on digitalising private market workflows. Milston’s background is in banking and technology, and he is keen to bridge the gap between both industries.

Together, we discuss what tokenisation is and how it can be used in the field of private markets. We tackle the regulatory and operational barriers, and share some tips on how to overcome them.

The Drawdown is joined by Sarah Peasey, director of European ESG investing at Neuberger Berman, for a discussion on what ESG really means for each employee within the GP house. As sustainable regulation and technology continue to develop in tandem, more and more GPs are looking to define their internal ESG culture. We discuss how Neuberger Berman created a culture of ESG, from the training employees can access to the importance of an independent ESG advisory council, among other initiatives.

Real Deals is joined by Lukas Ingelheim and Dan Bender, co-founders at Code & Co, and Peter Waleczek, managing partner at Flex Capital, for a case study on how the GP and tech due diligence provider are working together. As technical due diligence evolves, Code & Co highlights exactly what its work entails and the red flags it looks out for, plus how it differs from IT due diligence, digital due diligence, or cyber due diligence.