Fund Shack Private Equity Podcast

• Private Equity Emerging Managers: What it takes to make it

  🎧 Episode #74: Emerging Managers: What It Takes to Make ItGuests: Kim Pochon (Unigestion) & Joe Briggs (BCF )Series Launch: Fund Shack's Emerging Manager SeriesIn 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, 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 InexperiencedMost “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 AdvantageBacking 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 FundsJoe 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 FactorStrategy 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 ApartFrom 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.✅ Share this episode with your network, it's the most valuable way to help us grow🎧 Subscribe on Spotify, Apple Podcasts, YouTube or your preferred platform📄 Prefer to consume your podcast as a newsletter summary? 👉 fund-shack.substack.com🌐 Visit: www.fund-shack.com📧 Got a guest idea? Want to sponsor an episode? Email: [email protected] Shack is produced by Linear B GroupTags emerging managers, first-time funds, private equity, GP spinout, fundless sponsor, Unigestion, BCF, 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

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• Goldman Sachs & The Expanding Role of Private Markets in Wealth Portfolios

  🎧 Episode #73: The Expanding Role of Private Markets in Wealth PortfoliosGuest: Kyle D. Kniffen, Goldman Sachs Asset ManagementIn 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 sessionsSpecialist teamsOngoing reportingKniffen discusses the trade-offs between drawdown funds and evergreen formats, especially in private credit.Evergreen vehicles offer:✔️ Simpler onboarding✔️ Optional liquidity✔️ Operational easeBut also require:- Strong duration management- Secondary market integration- Disciplined product structuringGoldman 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. www.fund-shack.com 🕰️No time for the full episode: Read a summary on Substack which contains links to the best clips and quotes. https://substack.com/@privateequityfundshack📧 Sponsor or guest idea? Email [email protected] Shack is an independent media platform delivering deep-dive insights into private capital and produced by Linear B Group.

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• Bitcoin: The Alternative You Can No Longer Ignore

  Episode #72: Bitcoin - The Alternative You Can No Longer IgnoreGuest: Matthew Hougan, Chief Investment Officer, Bitwise Asset ManagementBitcoin 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 ManagementWebsite: www.bitwiseinvestments.comTwitter: @Matt_HouganTelegram: @pemeticLinkedin: 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 📧 [email protected]:00 – Intro to Matt Hougan, Fund Shack & Bitcoin relevance01:00 – Why Bitcoin is the ultimate alternative asset02:00 – Institutions entering Bitcoin: Demand and momentum03:43 – Institutional case for Bitcoin: High returns, low correlations06:03 – The blockchain as digital property infrastructure07:00 – Bitcoin as finance’s inevitable disruption09:00 – Bitcoin vs banks: Infrastructure comparison11:04 – Bitcoin’s challenge to traditional valuation logic12:03 – How institutions are categorising Bitcoin13:17 – Why Bitcoin has value: Digital service logic14:21 – Bitcoin’s fair value and addressable market15:25 – Bitcoin as global settlement currency17:03 – State actors adopting Bitcoin18:09 – Bitcoin's correlation to other assets19:30 – Why institutions find Bitcoin compelling20:12 – Institutional access: How Bitwise ETFs work22:17 – ETF security, cold storage & custody24:00 – ETF mechanism under stress: Arbitrage & NAV26:03 – Future of Bitcoin and financialisation27:56 – Lending, collateral, and credit in a Bitcoin world29:34 – Bitcoin’s influence on dollar policy31:06 – How Bitcoin changes capital markets33:15 – Programmable money: A new finance model34:52 – Advice for traditional finance professionals35:59 – Deflationary risk: Lending in a bitcoinised system37:05 – Real value vs rent-seeking in future finance38:25 – Advice for young finance professionals

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• The complexities of introducing private equity to HNWs

  Episode #71: The Realities of Private Wealth in Private MarketsGuest: Cyril Demaria-Bengochea, Julius BärWhat 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 & one of the most respected thinkers in private markets. Cyril blends academic rigour with industry expertise, drawing on his work with Invest Europe, ILPA, & the European Commission.Together, they explore the complex realities of opening private markets to individual investors, & 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, & 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, & why true democratisation needs a more nuanced strategy.⏳ Private Markets Are Three-Dimensional Long holding periods, illiquidity, & delayed returns create a "time complexity" most investors (& advisers) underestimate. Cyril emphasises that private markets require patience, planning, & portfolio redesign.🔧 Fund Structures: Not One-Size-Fits-All Closed-end funds remain dominant, but evergreen & 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 & transparency are essential if private wealth is to participate meaningfully. The industry must do more to share value & demystify risk.📢 Subscribe for More Fund Shack Episodes!Tap into the minds shaping private markets. 🔗 LinkedIn 🎧 Spotify 🍎 Apple Podcasts 📺 YouTube 🎶 Amazon Music 📞 Contact: Fund Shack is a private equity podcast & digital media channel for alternative investment professionals, produced by Linear B Group. 📧 [email protected] #PrivateEquity #PrivateWealth #PrivateMarkets #EvergreenFunds #FundStructures #JuliusBaer #CyrilDemaria #FundShack #HighNetWorth #FinancialEducation #AlternativeInvestments #PrivateCapital #JuliusBärChapters00:00 Intro 00:06 At Julius Baer, Cyril’s background & credentials00:50 The rise of private wealth & democratisation01:53 Why private wealth is hard to access03:09 How much capital is actually coming from private clients05:03 Capital limitations & structuring challenges06:15 Is the demand real or manufactured08:27 The “third dimension” of private markets: time10:09 Why traditional tools don't fit private markets11:10 Fund structures: evergreen vs closed-end13:16 Complementarity of structures & the evolving toolbox14:03 What allocation size makes private markets worthwhile16:10 Going beyond 15–20% in private portfolios17:20 Why democratisation is complex and multi-dimensional18:00 Dispersion of returns & the role of fund structures20:54 Shakespeare & the early roots of private markets21:01 Market conditions as of Q1 202524:43 The effect of tighter leverage & lower risk27:01 How much of PE returns are driven by leverage29:01 Advice for young professionals entering private markets30:54 Why staying close to the industry matters32:35 The need for broader skillsets in private equity34:46 Why the human factor still dominates deals35:06 Can private markets be made ‘cool’36:43 How sharing value could shift perceptions39:11 Communication & transparency

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• American corporate finance & the wealth of nations, with Donald H Chew

  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: [email protected]:00 Introduction to Donald H. Chew, Jr.01:12 Transformation of American corporate finance02:39 How investors reshaped corporate governance04:39 Japan problem: Why investor control matters07:09 Volkswagen vs. GM: Corporate governance case study09:56 Japan’s ‘30-year slumber’ and the role of shareholder activism12:29 China’s middle-income trap14:56 The illusion of Chinese economic success21:04 The real cause of the Global Financial Crisis27:02 The dangers of bad financial metrics32:00 The rise and fall of EVA 39:05 The overlooked role of PE in shaping corporate governance45:02 Michael Milken and the rise of private credit52:05 Best indicator of real productivity55:00 New key metric for company success1:00:02 Why Milton Friedman was right about profit1:05:00 Is America heading for recession?

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