RPM - Reflections on Private Markets

Spring 2025 Real Estate House Views with Jeff Giller and Margaret McKnight

StepStone Group — Thu, 26 Jun 2025 16:16:12 GMT

In this episode of RPM, Jeff Giller, Partner and Head of Real Estate, and Margaret McKnight, Partner and Head of Portfolio Solutions for StepStone Real Estate, rejoin co-host Maribel Yoo to discuss our Spring 2025 House Views on the state of the real estate market. They cover:

Market shifts and the new cycle (:50);
US real estate landscape (1:55);
Best practices amid volatility (5:51);
European outlook (8:29);
US policy risks and opportunities (9:02);
Real estate capital raising (12:50)

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The future of Responsible AI with Suzanne Tavill and Paul Fehlinger

StepStone Group — Wed, 23 Apr 2025 13:02:00 GMT

In this episode of RPM, Suzanne Tavill, Partner and Head of Responsible Investment at StepStone, is joined by special guest Paul Fehlinger, Director of Policy Innovation and Impact at Project Liberty Institute to discuss Responsible AI, the opportunities and challenges that come with it, and why what we see right now is just the tip of the technology iceberg. They cover:

How LPs think about AI (2:10);
Our observations on Responsible AI (3:50);
Fair data economy (6:57)
Best practices in risk management (9:08)
GPs’ value proposition (12:22)
How LPs can mitigate risk (16:56)

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Aditya Raina and Laura White: The 2023 Private Equity Outlook

StepStone Group — Mon, 30 Jan 2023 10:35:54 GMT

In this episode of RPM, Aditya Raina and Laura White, two members of our Private Equity team, join co-host Maribel Yoo to discuss StepStone’s 2023 outlook for private equity. They discuss:

Key market observations and its impact on the PE fundraising environment (00:48);
PE transaction activity (02:48);
Secondary market opportunity for the PE asset class (09:40);
ESG considerations and impact investing in PE (12:34); and
Opportunities across market cycles (17:32)

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Bob Long: Improving Access to Private Markets

StepStone Group — Thu, 02 Feb 2023 10:00:57 GMT

Over the next five years, private capital assets under management are projected to grow from $10 trillion to $17 trillion. One of the leading reasons: the individual investor. In this episode of RPM, Bob Long, CEO of StepStone Private Wealth joins Michael Venne to discuss this trend. Among other things they cover:

The historical barriers to entry (3:24);
The emergence of tender funds (8:12);
An overview of two of our retail products (12:48); and
Liquidity management (18:56)

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Linda Romanovska: Europe's Sustainable Finance program and drive to Net Zero

StepStone Group — Mon, 04 Oct 2021 07:54:00 GMT

In part one of RPM's climate change special, Linda Romanovska, an expert in sustainable finance and one of the architects of the EU's climate change program, joins StepStone's head of responsible investment, Suzanne Tavill, to discuss the intricacies and finer points of the EU's climate program including its origins (1:50); how the Taxonomy, SFDR disclosure regimes, and various other policy tools work together to create the three "pillars" of the EU's sustainability framework; how the EU defines sustainability (15:18); and how new focus areas in the updated finance program including its data repository will help standardize climate reporting (17:30).

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Inside the private equity co-investment market with Geoffrey Dolan

StepStone Group — Tue, 05 Nov 2024 08:44:48 GMT

In this episode of RPM, Geoffrey Dolan, a partner on our Private Equity team in New York, joins co-host Anna Marcus to break down the competitive dynamics of the private equity co-investment market. They cover:

Our GP survey (1:43);
What’s driving deal flow (5:58);
Co-investments' value-add (7:29);
Potential challenges for LPs (11:46);
How LPs can stand out (13:24); and
Strong co-investment portfolios (14:28).

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Inflation, the recovery and input prices with Tom Keck

StepStone Group — Mon, 26 Jul 2021 08:06:00 GMT

In the 9th episode of RPM—Reflections on Private Markets, head of research and portfolio management Tom Keck summarizes current market conditions (00:30), explains how StepStone is positioned with respect to inflation and interest rate risk (02:08), discusses where the risks and opportunities post-Covid may lie (04:18), and explores what effect higher input prices and interest rates would have on private markets (07:35).

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Private Debt Secondaries with John Bohill

StepStone Group — Wed, 12 Jul 2023 21:35:30 GMT

In this episode of RPM, John Bohill, a partner on our private debt team, joins co-host Michael Venne to discuss the rapid growth and evolution of private debt's secondary market. Among other things, they cover:

- Nuances characterizing this market (01:14);

- Private debt as a liquidity tool (03:09);

- Discounts being half the picture (04:54);

- Data’s role in mitigating risk (08:59)

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Building to Zero, Inflation Reduction Act, a platform for growth

StepStone Group — Sun, 12 Mar 2023 23:17:34 GMT

In this episode of RPM, Bhavika Vyas, managing director and member of the Responsible Investing Team, as well as special guest Julio Friedmann, chief scientist at Carbon Direct, join co-host Maribel Yoo to discuss the Inflation Reduction Act of 2022 (IRA). They cover:

An overview of the IRA (00:32);
Scope and impact (06:51);
Transforming business models (10:14)
Considerations for investors (17:18); and
Future policies and regulation (26:15)

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Inflation Reduction Act: Where are we really? ft. Bhavika Vyas and Julio Friedmann

StepStone Group — Wed, 11 Oct 2023 00:20:00 GMT

In this episode of RPM, we’re continuing our conversation about the Inflation Reduction Act of 2022 (IRA). More than a year out from the Act’s passing, details of the tax laws and mechanisms for deployment are being finalized. Joining co-host Maribel Yoo to revisit this topic is Bhavika Vyas, managing director and member of the responsible investment team at StepStone and special guest Julio Friedmann, Chief Scientist at Carbon Direct. Our guests cover:

A refresher on IRA (01:32);
Projects awaiting clarification (04:00);
Political durability (11:00)
Global landscape and the effects of the IRA (15:35); and
Investment opportunity remains (20:00)

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Private equity discipline in uncertain conditions

StepStone Group — Wed, 10 Dec 2025 15:07:38 GMT

In this episode of RPM, Lisa Larsson, a New York-based Partner on StepStone’s Portfolio Management team, and Akash Chitrey, a La Jolla-based Senior Associate on the same team, join co-host Anna Marcus to discuss private equity liquidity and valuations, using data to show how private equity really creates and sustains value, even amid uncertain macro conditions. They cover:

Why liquidity and valuations matter in 2025 (1:07)
What the data reveals about performance (1:41)
Evolving exit pathways (4:04)
Private equity valuations (8:05)
How private equity creates value (11:45)
Discipline in a volatile market (13:48)

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Aditya Raina: The 2022 Private Equity Outlook

StepStone Group — Sat, 15 Jan 2022 10:33:00 GMT

In the 15th episode of RPM—Reflections on Private Markets, Aditya Raina , a principal on our private equity team summarizes the firm's 2022 outlook for private equity. He and co-host Michael Venne discuss the fundraising environment (1:10); the continuous growth of IT and software and the importance of partnering with sector specialists (5:48); how GPs are responding to price inflation (10:00); why we believe valuations are likely to moderate over the short run (14:00); and the importance of manager selection, regardless of private equity's relative outperformance as a whole (15:50).

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Now is the time for infrastructure secondaries with Tim Rees

StepStone Group — Wed, 02 Jul 2025 15:34:30 GMT

In this episode of RPM, Tim Rees, a London-based Partner on StepStone’s Infrastructure and Real Assets team, joins co-host Michael Venne to discuss the rapid growth of infrastructure secondaries and why the market is gaining momentum. They cover:

Growth of infrastructure asset class (00:51)
Scale of the secondary market (03:26)
Drivers of growth in infra secondaries (05:19)
Synergies from primaries and co-investments (09:36)
Advice for new investors (19:39)
Diversification and other considerations (22:23)

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Unlocking infrastructure’s Middle Market with Todd Lapenna and Sean Ebsary

StepStone Group — Mon, 22 Jan 2024 16:24:26 GMT

In this episode of RPM, Todd Lapenna and Sean Ebsary from our infrastructure team, join co-host Michael Venne to discuss infrastructure’s middle market following the release of our recent whitepaper, Infrastructure’s Middle Market: An emerging opportunity. They touch on topics including:

Infrastructure’s rapid two-decade growth (1:55);
Infra's performance as an inflation hedge (3:20);
Why to invest through the private markets (6:19);
The advantages of smaller managers (7:09).

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Real Estate Liquidity Insights with Jeff Giller and Margaret McKnight

StepStone Group — Mon, 17 Mar 2025 08:34:37 GMT

In this episode of RPM, Jeff Giller, Partner and Head of Real Estate, and Margaret McKnight, Partner and Head of Portfolio Solutions for StepStone Real Estate, join co-host Anna Marcus to discuss our recent Real Estate Liquidity Insights report, which analyzes fund level cash flows and trends shaping liquidity in the real estate market. They cover:

Deployment trends (1:35);
Technical factors (2:16);
Behavioral factors (5:02);
Lack of sales and distributions (7:28);
The opportunity for investors (12:17).

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John Coelho - Growth equity

StepStone Group — Mon, 18 Jul 2022 14:34:52 GMT

In this episode of RPM, we're talking about growth equity with partner John Coelho.

However you define "growth," its champions regard it as a proverbial Goldilocks that offers VC upside with buyout-type risk (1:01).
After analyzing 25,000+ private equity deals in SPI, we found that growth delivered a higher multiple than VC and lower loss rates than buyouts (11:05). This was especially true of investments in the software sector, which for several years has been the fastest growing and best performing sector in private equity.
Because growth equity companies tend to be profitable and less reliant upon leverage, we find them to be particularly attractive during periods of market uncertainty (13:21).

Because growth contains parts of both buyouts and VC, and it is in a strong position to benefit from technological tailwinds, it should be an important part of any well rounded private equity portfolio.

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Investing in climate solutions with Bhavika Vyas and Julio Friedmann

StepStone Group — Tue, 17 Sep 2024 07:52:54 GMT

In this episode of RPM, Bhavika Vyas, Managing Director and member of StepStone’s Private Equity team, and special guest Julio Friedmann, Chief Scientist, Carbon Direct, join co-host Maribel Yoo to revisit the conversation on energy transition investing. They evaluate the impact of the Inflation Reduction Act (IRA) two years post-enactment, highlighting advancements in climate solutions and global investment opportunities.

They cover:

Energy transition opportunities (2:24);
Post-IRA investment risks (5:45);
Project execution bottlenecks (8:05);
Global investment trends (12:26); and
Climate portfolio strategy (16:06).

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Ryan Ramsey: Agriculture

StepStone Group — Wed, 04 May 2022 05:45:11 GMT

In this episode of RPM, we're talking about one of the oldest industries in the world—Agriculture. From inflation concerns (4:15) and the boom in venture-capital-backed technologies (12:46) to the rise of natural capital (15:40) and the democratization of private markets (21:30), “Ag” is having a moment. Joining us to discuss these topics and more is Ryan Ramsey, a principal on our infrastructure & real assets team based in Sydney.

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Qi Liu: Daily Valuation Engine

StepStone Group — Mon, 22 Aug 2022 20:37:58 GMT

In this episode of RPM, Qi Liu from our data, science and engineering team discusses one of our newest tools – the daily valuation engine (DVE). Typically, private market investors must wait anywhere from two to four months after quarter end to see how the value of their portfolios has changed; DVE, as the name implies, allows them to make this estimate well before general partners report. Among other things, we discuss:

How DVE’s accuracy compares with alternative approaches (3:40);
The mathematical principles (8:06) and key data inputs (12:14) that the model relies on; and
Some of the ways in which investors might use DVE, from annual reporting to allocation planning (16:57).

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Private Equity Co-investments with Darren Friedman and Lindsay Creedon

StepStone Group — Fri, 22 Jan 2021 15:53:00 GMT

In our fourth episode, StepStone Partners Darren Friedman and Lindsay Creedon discuss Private Equity co-investments – some of the whys and hows including the rationale for co-investments, key ingredients for success and their market insights on current trends.

Timestamps: In the fourth episode of RPM, co-heads of StepStone’s co-investment practice Lindsay Creedon and Darren Friedman join co-host Graziella Scassillo to explain why co-investments are gaining favor with investors (0:40); GPs' rationale for offering co-investments (2:54); tips for creating a successful co-investment program (8:41); and the outlook for co-investments in 2021 (11:24).

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Marc-Andre Mittermayer & Marc Lickes: Insurance Companies

StepStone Group — Fri, 25 Feb 2022 16:21:00 GMT

In the 17th episode of RPM—Reflections on Private Markets, senior members of our private debt team, Marc-Andre Mittermayer and Marc Lickes join co-host Michael Venne to discuss insurance companies--namely, the reasons they are looking for alternatives to fixed-income investments (2:11); how private markets can help them meet their myriad investment-related goals (5:29); the affect regulatory policy has on an insurer's investment options (7:05); and some of the traits insurers should look for in an investment manager or advisor (9:30).

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NAV Lending for Institutional Portfolios: Lisa Larsson

StepStone Group — Tue, 28 Feb 2023 10:10:20 GMT

In this episode of RPM, Lisa Larsson, managing director on our portfolio management team, joins co-host Michael Venne to discuss the recently trending net asset value (NAV) lending. They discuss:

The definition of NAV lending (0:48);
Why NAV lending is regaining popularity in recent times (02:36);
How the heightened interest rate environment is affecting the performance of these structures (07:48);
How potential buyers can get comfortable with taking part in one of these transactions (10:58).

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Private debt in the high-rate era with Richard Schmidt and Jovan Samardzic

StepStone Group — Tue, 11 Jun 2024 15:22:35 GMT

In this episode of RPM, Richard Schmidt, Senior Analyst, Private Debt, and Jovan Samardzic, Managing Director, Private Debt Research, join co-host Michael Venne to discuss the state of the private debt market. They cover:

The relative value of private debt (2:12);
The impact of higher interest rates (4:42);
How middle-market companies are performing (6:57);
What’s ahead for default and loss rates (8:20); and
The outlook for direct lending volumes (10:26).

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Diversifying your Asia exposure with Zhiyao Ma and Hansong Qu

StepStone Group — Tue, 07 Oct 2025 14:33:51 GMT

In this episode of RPM, Zhiyao Ma and Hansong Qu, Vice Presidents on StepStone's Asia Private Equity team, join co-host Anna Marcus to discuss the investment case for Japan and India and why these markets may be top of mind for investors looking at China +1 alternatives.

The focus on Japan and India (2:21)
Growing deal volume in Japan (4:15)
Misconceptions about Japan PE (7:17)
India's investment pitch (8:44)
The India opportunity set (11:47)
Advice for investors (20:12)

For more on this topic, read our "Diversifying your Asia exposure" whitepaper series which includes papers on Japan private equity and India private equity.

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Scott Hart - State of private markets

StepStone Group — Sat, 24 Oct 2020 14:34:00 GMT

In the first episode of RPM—Reflections on Private Markets, StepStone Co-CEO Scott Hart joins co-host Michael Venne to discuss how private markets have performed since the onset of Covid-19 (0:25); the various “shapes” of the recovery (5:55); the diversifying potential of secondaries and co-investments (8:43); and the importance of deal sourcing in a competitive valuation environment (11:11).

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Carl Prins: Carbon Footprinting & Going Net Zero

StepStone Group — Fri, 08 Oct 2021 14:13:00 GMT

In part two of RPM's climate change special, Carl Prins, the CEO of Pathzero and an expert on carbon footprinting, joins StepStone's head of responsible investment, Suzanne Tavill, to discuss some of the more technical aspects that companies pledging to go net zero will encounter. They cover the types (or "scopes") of emissions and how to measure them (4:00); how measuring portfolio-level emissions helps GPs think about long-term risks (12:12); and why setting a shadow price for carbon is critical for companies that wish to become carbon neutral (19:04).

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Building a private debt portfolio with Christian Frei

StepStone Group — Fri, 17 Nov 2023 08:48:16 GMT

In this episode of RPM, Christian Frei, StepStone head of risk joins Michael Venne to discuss some of the main insights from StepStone's recent collaboration with GIC: a whitepaper that provides an overview of private debt investment opportunities and a framework for building an optimal private debt portfolio. They cover a range of topics including:

The genesis of the project (1:53);
How investors regard private debt (5:29);
Optimizing for risk and return (7:15);
Stress loss as a risk measure (10:06);
Tactical versus strategic considerations (14:11).

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Responsible use in DUT and defense investing with Suzanne Tavill and Brooke Latham

StepStone Group — Wed, 11 Jun 2025 15:58:42 GMT

This episode of RPM features Suzanne Tavill, Partner and Head of Responsible Investment at StepStone, in conversation with Brooke Latham, Head of Sustainability at the NATO Innovation Fund. They explore what it means to invest responsibly in dual-use technologies, with a focus on the evolving concept of “responsible use.”

Defense spending (1:33)
Changing nature of threats (5:03)
Responsible use with NIF (7:35)
Real-world examples (11:02)
The importance of accountability (15:20)
The role of the asset owner (17:35)

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Trailer

StepStone Group — Fri, 16 Oct 2020 09:03:00 GMT

StepStone Group explores the world of Private Markets through conversations with our thought leaders on key developments across private equity, private debt, real estate, and infrastructure. In each episode a member of StepStone’s investment team will discuss the data, trends, and insights helping shape investors' portfolios.

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Evolution of Private Markets with Jason Ment

StepStone Group — Sun, 19 Sep 2021 08:27:00 GMT

In the 10th episode of RPM—Reflections on Private Markets, StepStone President and Co-COO Jason Ment discusses the history of and outlook for private markets. We discuss the secular trends behind the industry's growth and development (3:27), the ways in which the sponsor community has evolved (4:41) and how regarding LPs as long-term partners and GP-led secondaries have been part of this maturation process (8:15). Finally, he explains why he believes GPs are up to the challenge that greater oversight would entail (13:46).

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Fall 2023 Real Estate House Views with Jeff Giller and Margaret McKnight

StepStone Group — Thu, 23 Nov 2023 09:46:42 GMT

In this episode of RPM, Jeff Giller, Partner and Head of Real Estate, and Margaret McKnight, Partner and Head of Portfolio Solutions for Real Estate, rejoin co-host Maribel Yoo to discuss our Fall 2023 House Views on the state of the real estate market. They cover:

Updates from our Spring House Views (1:49);
Impact from liquidity constraints (5:15);
Property trading volume (6:52); and
Property type outlooks (7:57).

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Nature-based investing: Suzanne Tavill

StepStone Group — Tue, 24 Jan 2023 10:57:19 GMT

Nature provides the building blocks for civilization, arable soil, air and water filtration, ore and minerals for extraction, and economic and recreational opportunities. In almost any other context, you would expect to pay for these services. But with nature, we are wont to expect these things for nothing. Hence the title for the white paper we released late last year, “We don't value nature.”
As financiers and economists, we are wont to look at nature and try to derive an ROI. And for that reason, institutions have underrated nature—the returns were not competitive with other asset classes. Part of the reason for that is society had not properly placed a price on all the benefits and pleasure it derives from nature. And by doing so, the thinking goes, nature will find a place in investors’ portfolios. On this episode of RPM, Susanne Tavill, StepStone’s Head of Responsible Investment, discusses nature-based investing. Among other things we discuss:

How better pricing can help resolve the nature crisis (9:39);
The relationship between climate and nature investing (13:40);
The challenges investors are facing in building a nature-based portfolio (20:32);
COP15: where it succeeded and how it can improve (23:12); and
How the digital divide has been a two-way street (28:58).

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The emergence of Responsible AI with Suzanne Tavill

StepStone Group — Fri, 02 Aug 2024 08:05:54 GMT

In this episode of RPM, Suzanne Tavill, Partner and Head of Responsible Investment joins co-host Michael Venne to discuss the potential of Responsible AI and how private markets may influence its development.

They cover:

What is Responsible AI (2:16);
Its relationship with ESG (5:43);
Classifying risks (7:58);
The value creation chain (13:03); and
How commercial harm can manifest (16:19)

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Covid-19 Private Debt Market Update with Marcel Schindler and Christian Frei

StepStone Group — Fri, 12 Mar 2021 12:32:00 GMT

In our fifth episode, StepStone Partners Christian Frei and Marcel Schindler discuss how Direct Lending as an institutional asset class has successfully passed a significant test in the current scenario and give an update on the Private Debt market. Are things “back to normal” or is it just a first impression?

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Carbon markets with Suzanne Tavill & Ryan Ramsey

StepStone Group — Wed, 15 Nov 2023 09:18:09 GMT

In this episode of RPM, Michael and Maribel hand the reins to StepStone’s natural capital team for a primer on carbon markets and offsetting. Though these markets are imperfect and subject to criticisms—some of which we agree with—ultimately, we believe carbon markets are part of the climate solution. Join StepStone’s global head of responsible investment, Suzanne Tavill, and Ryan Ramsey, a principal on StepStone’s infrastructure team as they cover a range of topics from:

Defining key terms (1:20);
Carbon neutral versus net zero (6:27);
Compliance and voluntary markets (9:10);
Pricing dynamics (12:02); and
Recent criticisms (17:13).

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Why private debt is well-suited for evergreen fund structures with Fabian Körzendörfer

StepStone Group — Thu, 14 Aug 2025 07:50:23 GMT

In this episode of RPM, Fabian Körzendörfer, a Zurich-based Partner on StepStone’s Private Debt team, joins co-host Michael Venne to discuss the benefits of private debt and why the asset class fits well with evergreen fund structures.

Why evergreens (03:01)
Historical performance (9:04)
How to generate liquidity in PD (12:49)
Benefits for institutions vs. individuals (19:05)
Co-investments in evergreens (22:02)
Key considerations (25:25)

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Responsible Investment with Suzanne Tavill

StepStone Group — Mon, 29 Mar 2021 06:38:00 GMT

In the sixth episode of RPM—Reflections on Private Markets, partner and head of responsible investment Suzanne Tavill joins Michael Venne to discuss the rise and evolution of responsible investing. We cover the actions asset owners are undertaking to address social inequality and climate change (4:45); what the EU's new Taxonomy means for LPs long term (6:32); similar measures being taken by other countries (9:20); and how governmental actions may figure into LPs' ESG frameworks (11:00).

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New frontiers in infrastructure with Simon Beer

StepStone Group — Wed, 04 Sep 2024 09:35:51 GMT

In this episode of RPM, Simon Beer, Partner, Infrastructure & Real Assets, joins co-host Michael Venne to discuss trends that are redefining the infrastructure landscape. They cover:

What’s happening in data (3:11);
Energy transition definition (6:58);
The investment landscape (9:04);
Why to invest now (11:35);
Infra as an inflation hedge (15:17)

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Nitin Malik: Developing Your People

StepStone Group — Tue, 08 Mar 2022 14:30:00 GMT

In the 18th episode of RPM—Reflections on Private Markets, StepStone's Head of Talent Development Nitin Malik joins co-host Michael Venne to discuss the importance of culture in today's white-hot labor market. They discuss a number of topics including what L&D says about a company's culture (2:09); the nexus between L&D and diversity equity & inclusion (4:20); and what HR teams have learned from TikTok (6:03).

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Fall 2025 Real Estate House Views with Jeff Giller and Margaret McKnight

StepStone Group — Tue, 03 Mar 2026 13:00:00 GMT

In this episode of RPM, Jeff Giller, Partner and Head of Real Estate, and Margaret McKnight, Partner and Head of Portfolio Solutions for StepStone Real Estate, rejoin co-host Maribel Yoo to discuss our Fall 2025 House Views on the state of the real estate market. They cover:

Market backdrop and investor sentiment (00:58)
Deployment concerns (2:33)
Maturity wall and recap opportunities (05:40)
Addressing the fundamentals (8:31)
Sector and regional outlooks (9:44)
Investor frustrations and takeaways (12:21)

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Fabian Körzendörfer: Relative Attractiveness of Direct Lending

StepStone Group — Thu, 15 Jun 2023 19:57:31 GMT

As bond yields have risen, some investors have been questioning whether direct lending (DL) offers the same value proposition as it once did, but yields are only part of the equation. In this episode of RPM, Fabian Körzendörfer, a Managing Director on our private debt team, joins co-host Maribel Yoo to discuss how direct lending may offer attractive risk-adjusted returns. They discuss:

DL’s lower duration risk (01:08);
How direct lenders limit credit risk (2:57);
Liquidity features of DL (5:36)
Volatility of DL (9:40); and
DL’s drawdowns (11:29)

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Impact Investing with Bhavika Vyas

StepStone Group — Fri, 04 Jun 2021 09:25:00 GMT

In the 7th episode of RPM—Reflections on Private Markets, Bhavika Vyas a managing director on our responsible investment team joins Graziella Scassillo to discuss one of the hottest trends in financial services—impact investing. We cover our proprietary impact taxonomy, which helps us to build portfolios focusing on the themes that are important to our clients (2:00); how investors' understanding of their role in addressing social and environmental issues has changed (5:30); the benefits to coalescing around existing ESG and impact frameworks (9:24); and why investor interest in Climate Tech has been renewed (13:00).

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Real estate secondaries with Jeff Giller and Margaret McKnight

StepStone Group — Thu, 15 Feb 2024 08:30:32 GMT

In this episode of RPM, co-host Maribel Yoo hands the mic to Margaret McKnight, Partner and Head of Portfolio Solutions for Real Estate, to interview Jeff Giller, Partner Head of StepStone Real Estate, about our recent whitepaper, Bull market for real estate secondaries. They discuss:

Why it is a bull market for RE secondaries (01:22);
Comparing GP- and LP-led secondaries (06:50);
Why we like GP-led secondaries (10:55).

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Christian Frei - Strategic Asset Allocation

StepStone Group — Wed, 11 Nov 2020 17:12:00 GMT

In the second episode of RPM—Reflections on Private Markets, StepStone Head of Risk Christian Frei joins co-host Graziella Scassillo to discuss the opportunities and challenges inherent in developing an SAA for private markets (1:02); how SAA can contribute to portfolio performance (3:52); some of the finer statistical points that portfolio managers need to be aware of (9:15); and how LPs are thinking about their portfolios in the context of Covid-19 (11:17).
RPM is available on Apple Podcasts, Spotify, Stitcher and anywhere you normally get your podcasts. Subscribe today!

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Ariel Goldblatt and Mark Tsang: The 2023 Private Debt Outlook

StepStone Group — Tue, 24 Jan 2023 10:48:16 GMT

In this episode of RPM, Ariel Goldblatt and Mark Tsang, senior members of our private debt team join co-host Maribel Yoo to discuss StepStone’s 2023 outlook for private debt. They discuss:

Key drivers impacting the private debt market (00:43);
Why invest in private debt in this market (03:33);
Factors driving the growth and performance of private credit (05:45)
The current investment environment in the next 12 months (07:43); and
The difference between defense and offense when it comes to private debt (10:48)

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Margaret Kuhlow: Bridging the Worlds of Nature and Finance

StepStone Group — Wed, 10 Nov 2021 09:00:00 GMT

In part four of RPM's climate change special, Suzanne Tavill, StepStone head of responsible investment, hosts Margaret Kuhlow, Global Finance Practise Leader for WWF, to explain why today biodiversity and climate change have to be considered as interrelated systems and why this topic is relevant for our global economy (00:45). Margaret leads us through goals and plans defined by the post-2020 global biodiversity framework (06:53); WWF’s perspective on this framework (11:30); and how biodiversity can be incorporated into the evaluation and valuation of financial assets (15:28). To conclude, Margaret explores WWF findings about the abovementioned interrelationships (19:25). You can find reports and studies mentioned in the podcast on our show page.

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Spring 2024 Real Estate House Views with Jeff Giller and Margaret McKnight

StepStone Group — Fri, 07 Jun 2024 07:51:34 GMT

In this episode of RPM, Jeff Giller, Partner and Head of Real Estate, and Margaret McKnight, Partner and Head of Portfolio Solutions for StepStone Real Estate, rejoin co-host Maribel Yoo to discuss our Spring 2024 House Views on the state of the real estate market. They cover:

Updates from our Fall House Views (1:38);
Opportunities in non-core assets and distressed properties (2:41);
Property trading volume (5:45);
Trends in capital deployment (8:14); and
Property type outlooks (10:06).

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Uncovering hidden value in European private equity with Akhilan, Thomas and Carlos

StepStone Group — Fri, 09 Feb 2024 08:07:06 GMT

In this episode of RPM, Akhilan Nesaratnam, Thomas Dupont and Carlos Sahuquillo from our private equity team in London join co-host Michael Venne to discuss Europe’s private equity landscape. The conversation surrounds common misconceptions about Europe’s investment opportunities, unpacking four key European sectors and the topics of our recent papers: European small and middle market buyouts, the Nordic region, European growth equity and European healthcare. They discuss:

Our history as European PE managers (02:23);
Unpacking Europe’s headline risk (08:13);
Opportunities in growth investing (09:41);
Recent small market outperformance (13:13);
The Nordics’ growth potential (15:25);
Health investments and digitalization (18:24).

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Real Estate - Secondaries with Kieran Farrelly

StepStone Group — Sun, 06 Dec 2020 08:32:00 GMT

In the third episode of RPM—Reflections on Private Markets, partner Kieran Farrelly joins co-host Michael Venne to discuss some of the characteristics that real estate and private equity secondaries have in common (0:36); our approach to arbitraging inefficiencies (6:00); and real estate secondaries as an all-weather strategy (8:43).

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China Healthcare with Vincent Hsu and Zhiyao Ma

StepStone Group — Tue, 22 Jun 2021 16:07:00 GMT

In the 8th episode of RPM—Reflections on Private Markets, Private Equity team members Vincent Hsu and Zhiyao Ma join Michael Venne to discuss China's Private Equity healthcare market. We cover how StepStone is organized in China (0:42); changes in the types of investors pursuing China healthcare (4:18); why investors should invest in China healthcare through a private market vehicle (8:50); and how GPs and LPs have responded to this dynamic investment opportunity (10:31).

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John Avirett : VC Market Landscape

StepStone Group — Mon, 17 Oct 2022 07:31:12 GMT

In this episode of RPM, John Avirett, a partner on our venture capital and growth equity team discusses the venture capital ecosystem as we navigate this challenging economic environment. With the right market conditions, and venture capital’s ability to navigate volatile markets, perhaps now is the time to take a closer look at this strategy. We discuss:

Fundraising trends for the remainder of 2022 into 2023 (0:38);
The current environment’s impact on investments (4:49) and liquidity (9:46); and
Why now is an opportune time to be investing in venture capital (13:47)

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Ariel Goldblatt and Mark Tsang: The 2022 Private Debt Outlook

StepStone Group — Wed, 02 Feb 2022 08:56:00 GMT

In the 16th episode of RPM—Reflections on Private Markets, senior members of our private debt team, Ariel Goldblatt and Mark Tsang, join co-host Graziella Scassillo to discuss the outlook for private debt. They discuss the asset class's performance history (00:31); how managers have responded to fiscal and monetary intervention (2:08); how markets differ region to region (3:06); how liquidity needs of borrowers and lenders alike create investment opportunities (07:04); and tools for navigating the market going forward (10:14).

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Christian Frei - Geopolitical uncertainty

StepStone Group — Mon, 13 Jun 2022 16:20:22 GMT

The Ukraine crisis has taken a more negative turn than we would have hoped. While it becomes clearer what Russia's objectives may be, considerable uncertainty remains. In our twentieth episode, StepStone Partner and Head of Risk, Christian Frei, discusses this uncertainty and how private markets are faring.

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Why Now’s the Time to Lean in to SBO

StepStone Group — Wed, 15 Mar 2023 09:39:07 GMT

When the economy shrinks, institutions tend to seek reassurance from larger, more established private equity fund managers. This comes at the expense of small, emerging and by extension, diverse managers, which some regard as riskier than their larger, “more proven” counterparts. In this episode of RPM, Daniel Krikorian, a principal on our private equity team, joins co-host Michael Venne to discuss why investors should fight the urge to cut back on SBO and if anything, lean in. They discuss:

Attractive features of SBO (01:35);
Market volatility’s effect on SBO (11:30);
Challenges SBO can present (16:49); and
How diversity ties into SBO (19:54)

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Jeff Giller and Margaret McKnight: Spring 2023 Real Estate House Views

StepStone Group — Mon, 24 Apr 2023 08:38:23 GMT

In this episode of RPM, Jeff Giller, Partner and Head of Real Estate, and Margaret McKnight, Partner and Head of Portfolio Solutions for Real Estate join co-host Maribel Yoo to discuss our recently released Spring 2023 House Views. They discuss:

Key takeaways from the House Views (01:26);
Opportunities in distressed buys (03:22);
The repricing period (04:24);
Property types most attractive now (07:56);
Attractive vintages ahead (09:22).

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The case for emerging managers with Ted Panarese and Aditya Fontana-Raina

StepStone Group — Wed, 11 Mar 2026 13:00:00 GMT

In this episode of RPM, Ted Panarese and Aditya Fontana-Raina, New York-based Managing Directors on our private equity team, join co-host Anna Marcus to explore whether emerging managers truly represent a disproportionate source of risk, or if the opportunity has been mischaracterized. They cover:

Revisiting the case for emerging managers (3:02)
What the data says about early-fund outperformance (4:12)
The ideal Fund I profile (6:41)
Risks with Fund I investing (11:15)
Building a disciplined emerging manager playbook (13:52)
Risk management at the program and portfolio level (16:36)
Key takeaways (21:32)

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Jean-Marc Champagne: Filling the Funding Gap In Nature-Based Investing

StepStone Group — Mon, 25 Oct 2021 08:56:00 GMT

In part three of RPM's climate change special, Jean-Marc Champagne the head of bankable nature solutions at the WWF, joins StepStone's head of responsible investment, Suzanne Tavill, to discuss new ways of bringing private sector capital into the natural capital sector. They discuss why the Taskforce on Nature-related Financial Disclosures could be a gamechanger for biodiversity (4:00); why bankable nature solutions are critical to filling the fund gap in conservation (5:40); concrete examples that prove nature-based solutions entail more than just forestry or sustainable agriculture (11:40); and how the WWF and its partners are redefining the concept of seed financing (16:35).

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