Asset-based lending has come of age, but its evolution has made it challenging to put it in a homogeneous category or asset class, given its complexity and diversity of the underlying universe. From receivables and real estate to royalties and R&D, the range of collateral backing these loans raises questions about ABL's position within the broader private credit complex. In this episode, we attempt to define the history and parameters of ABL, including how loans are structured, as well as cr...
Jun 24, 2025•1 hr 43 min•Season 2Ep. 10
Despite being thousands of years old, China’s current economic and political system began to take shape only in the late 20th century, particularly following the economic reforms initiated in the late 1970s. Today, China represents one of the largest economies in the world, a breeding ground for innovation, and an exciting capital market increasingly open to foreigners. However, recent policy swings and geopolitical events have called many items into question - is China investable? Is it possibl...
May 27, 2025•2 hr 37 min•Season 2Ep. 9
With the tectonic plates in trade, geopolitics, economics, and national security seemingly shifting under our feet in real time, we stepped back to talk about some of the major themes defining the future of this industry. With a lens towards the current uncertainty and risk of global regime change, we examined where our profession, and particularly private capital, is likely to evolve. No one was better equipped to guide us than Casey Quirk co-founder and current Global Head of Investor Relation...
Apr 29, 2025•1 hr 2 min•Season 2Ep. 8
After many booms, busts, and shakeouts in crypto markets, the pump seems primed for broader adoption in institutional portfolios. Are we really doing this? How might a seemingly crypto-friendly Trump Administration fuel further adoption in the largest capital market in the world? In this episode, we use history as a guide, exploring the phases of crypto adoption and wrestling with whether we're truly in a new era or if the headlines are overhyping reality. Join us and our guests, Robbie Mitchnic...
Mar 25, 2025•1 hr 51 min•Season 2Ep. 7
Greedy sinners or enterprising saints? The growth of private equity's influence on the economy can no longer be ignored. Like it or not, private equity's reach surrounds our daily lives and its impact on society can be felt across all sectors of the economy. In this episode, we outline a more balanced middle between the extremes of proponents and detractors and highlight two virtuous examples of how private capital is being used for social and financial good. Introduction : (0:48) Halftime : (46...
Feb 25, 2025•1 hr 27 min•Season 2Ep. 6
What do co-investments, secondaries, joint ventures, and NAV lending have in common? To some, they sound like complex investment vehicles - to us, they represent the cutting-edge tools reshaping how asset owners build portfolios. Gone are the days of relying solely on the binary choice between insourcing or outsourcing investment capabilities. Today’s institutional investors have a dynamic, customizable toolkit at their fingertips, empowering them to craft strategies that truly serve their stake...
Jan 28, 2025•2 hr 2 min•Season 2Ep. 5
How does a legacy private capital partnership who has thrived solely in the institutional draw down LP ecosystem, assemble the apparatus to begin distributing those strategies to the individual investor? When client acquisition and conversations, investor sophistication, product design, culture, operational support etc. are all fundamentally different...where do they start in this overhaul? What challenges and pitfalls have they experienced along the way? What battle scars and advice can they sh...
Dec 31, 2024•1 hr 50 min•Season 2Ep. 4
AI dominates headlines and investment conferences these days…often to excess. Sensational stories like “Here’s the robot that will steal your job” and charges of “Disrupt, transform or die” fill our feeds and raise fearmongering narratives that channel Issac Asimov’s I-Robot or James Cameron’s Skynet--of course from the Terminator series. Quant shops, hedge funds, and algorithmic trading firms have embedded AI in their models for over a decade. But have we hit a tipping point where applications ...
Nov 26, 2024•1 hr 36 min•Season 2Ep. 3
Today’s asset management business has quickly transformed into a race to build out a stable of thoroughbreds--investment strategies across a spectrum of conventional public equity and debt as well as offerings across the continuum of private capital--equity, credit, secondaries, real estate, infrastructure etc. What makes recent history particularly unique are the crossover deals from traditional managers with alternative managers. For several decades, traditional long only mutual fund shops and...
Oct 29, 2024•1 hr 41 min•Season 2Ep. 2
No investor claims to be short-term but in the face of the seductive siren call of the emotionally volatile markets, even the most disciplined of investors buckles at the knees. The apparatus and systems in which we work---governance, investment policy, benchmarks, asset allocation frameworks, compensation systems along with the behavioral spiral that haunts us all in times of market trauma tend to perpetuate herd mentality. With the help of some of the best minds on the subject, we work to defi...
Sep 30, 2024•1 hr 48 min•Season 2Ep. 1
Welcome back to season 2 of Capital Decanted… well, almost! John Bowman, CFA teases the episode and the “greatest asset in investing” – can you guess what it is? Find out on September 30!
Sep 23, 2024•2 min
Private Credit has risen from obscurity within the private equity financing world to a greater than $2T asset class in just over a decade. In this episode, we examine the conditions (M&A, debankification, regulation, staying private longer) that accelerated post the GFC that created a torrent of issuance and demand for private credit across direct lending, asset backed credit, structured credit, and innovative special situations. And more importantly, we debate whether we’ve come a little to...
Aug 20, 2024•1 hr 45 min
Private Markets Valuations…do these quarterly marks properly represent fair value or are they make believe…contrived from the fictional world of GP machinations? Do these interim valuations, as one commentator put it, “not matter;” or as another proclaimed provocatively, are they simply a case of “volatility laundering.” Is the gap or “lag” with public market equivalents relevant…are we anchoring to the right bogey…or arbitrarily comparing objective value to an emotionally manic patient, to para...
Aug 13, 2024•1 hr 38 min
After a four decade relative period of global stability, the world order has fractured and grown more unpredictable. The new multi-polar reality poses a major problem for leaders and investors as our traditional guardrails, narratives, and structures seem less useful. How should an investor integrate geopolitical trends into their investment thesis and what pitfalls and common mistakes should we watch out for? Guests: Anastasia Titarchuk, CIO, New York State Common Retirement Fund Marko Papic, P...
Aug 06, 2024•1 hr 40 min
Since the arrival of Modern Portfolio Theory (MPT) in the early 1950’s by the legendary Harry Markowitz, the industry has been sturdily anchored to this philosophy and all of it’s artifacts when constructing portfolios. In recent years, however, an enterprising handful of large institutional asset owners have begun challenging the common wisdom of a strategic asset allocation approach given it tends to breed silo behavior, unhealthy competition for resources and attention, unrecognized duplicati...
Jul 30, 2024•1 hr 42 min
Permanent Capital or GP Stakes structures aim to take further advantage of long-dated patient capital in private markets. Furthermore, they allow the LP to participate in additional cash flow streams with the GP that are elusive in a traditional fund structure. In other words, it allows LPs to get exposure to a variety of alternative asset managers as minority owners in the GPs themselves. But does this provide a purer incentive alignment of investors and GPs or simply split allegiance and atten...
Jul 23, 2024•1 hr 39 min
It’s another coming of age story on Capital Decanted. In this case, since Dayton Carr conceived the space in 1984, we’ve seen private capital secondaries morph from a niche set of transactions of distressed limited partner selling to a more than $600B asset management and liquidity tool utilized by the most sophisticated LPs and GPs in the world and now devoid of the original stigma that plagued these activities. We’ll examine that winding and explosive history of their beginning and then tackle...
Jul 02, 2024•1 hr 43 min•Season 1Ep. 14
Blockchain, Bitcoin and Bubbles, oh my. No technology in history has caused more rancor and division for investors than crypto and blockchain. But does history teach us that passion might portend something special? With the help of the most authoritative crypto investor on the planet, A16z’s Chris Dixon, we explore the history of computing platform evolution and the conditions to identify the next one while avoiding frothy FOMO. We discuss how to construct a responsible framework for investing i...
Jun 11, 2024•2 hr 1 min•Season 1Ep. 13
One of the key doctrines of modern investment management is diversification, and yet it is remarkably absent from team construction across all spectrums of the investment profession. Countless studies have shown that there is a diversity premium for organizational performance, capital allocation and indeed, investment outcomes and yet we seem trapped in mid teen representation of women. More concerningly, progress seems to have stagnated in recent years. In this episode we lament the lack of imp...
May 21, 2024•1 hr 42 min•Season 1Ep. 12
Private Credit has risen from obscurity within the private equity financing world to a greater than $2T asset class in just over a decade. In this episode, we examine the conditions (M&A, debankification, regulation, staying private longer) that accelerated post the GFC that created a torrent of issuance and demand for private credit across direct lending, asset backed credit, structured credit, and innovative special situations. And more importantly, we debate whether we’ve come a little to...
Apr 30, 2024•1 hr 44 min•Season 1Ep. 11
Permanent Capital or GP Stakes structures aim to take further advantage of long-dated patient capital in private markets. Furthermore, they allow the LP to participate in additional cash flow streams with the GP that are elusive in a traditional fund structure. In other words, it allows LPs to get exposure to a variety of alternative asset managers as minority owners in the GPs themselves. But does this provide a purer incentive alignment of investors and GPs or simply split allegiance and atten...
Apr 09, 2024•1 hr 38 min•Season 1Ep. 10
Since the arrival of Modern Portfolio Theory (MPT) in the early 1950’s by the legendary Harry Markowitz, the industry has been sturdily anchored to this philosophy and all of it’s artifacts when constructing portfolios. In recent years, however, an enterprising handful of large institutional asset owners have begun challenging the common wisdom of a strategic asset allocation approach given it tends to breed silo behavior, unhealthy competition for resources and attention, unrecognized duplicati...
Mar 19, 2024•1 hr 42 min•Season 1Ep. 9
The Outsourced Chief Investment Officer—once a last resort option for sub-scale capital pools looking to avoid the hassle and cost of building their own investment office to today, a multi-trillion dollar subset of the asset management profession and arguably the hottest structural trend in the industry. Take a listen while we examine: What insights and opportunities led to the creation of this segment of organizations and why has that exploded in the ensuing four decades? What defines a success...
Feb 27, 2024•1 hr 27 min•Season 1Ep. 8
After a four decade relative period of global stability, the world order has fractured and grown more unpredictable. The new multi-polar reality poses a major problem for leaders and investors as our traditional guardrails, narratives, and structures seem less useful. How should an investor integrate geopolitical trends into their investment thesis and what pitfalls and common mistakes should we watch out for? Introduction (0:48) Halftime (46:00) Guests (49:50) Guests: Anastasia Titarchuk, CIO, ...
Feb 06, 2024•1 hr 39 min•Season 1Ep. 7
In order for the capital markets system to continually grow in its transparency, efficiency and fairness, it needs a combination of free market ingenuity and regulatory protection. With the meteoric rise and importance of alternative investments in the past decade, did the SEC strike that balance correctly with the new Private Advisors Rule? Directionally, probably yes but certainly the details are far from perfect and unintended consequences are inevitable. With an aim to provide a practical gu...
Jan 17, 2024•1 hr 49 min•Season 1Ep. 6
This episode had to happen. The origin story of this show necessitated it. And what better timing then to release it as our holiday special when many of you around the world will be sitting around the table with family and friends, breaking bread and sharing a bottle of fine fermented grape juice. But beyond our passion for drinking and socializing around wine, is there an investable asset class here yet? We examine the history of wine investing, the lifecycle of the grape, and the very unique i...
Dec 19, 2023•1 hr 33 min•Season 1Ep. 5
A healthy culture is the oxygen by which you accomplish the work of the organization. It breathes life and vitality into the collective work of the enterprise. It gives meaning and connection to a shared purpose or goal. And it is predictive of sustainable outsized investment performance. And yet, cultivating healthy organizations have rarely been a defining characteristic of the investment industry. Why? And how can we accelerate the profession’s social license with a renewed focus on culture? ...
Nov 28, 2023•1 hr 49 min•Season 1Ep. 4
Most agree that healthy investment committee governance is table stakes for meeting investment outcomes over the long term and yet, it is probably the least discussed element of the investment management value chain. Why is the pursuit of governance excellence often ignored? Are there models of separation of duties between board and staff that we should be aiming for? Can strong governance actually improve or juice investment returns? Is it a source of alpha that is largely unharvested? Introduc...
Nov 09, 2023•1 hr 47 min•Season 1Ep. 3
Democratization is a word loaded with independence, equal access and even Americana, it’s a concept that conjures up a binary and heated debate about fairness and liberty of choice but is democratization always good? Is it the government’s role to restrict individual citizens from what they deem risky assets or should we simply demand standards of transparency and reporting and trust adults with their own money? Listen in to find out more! Introduction (0:47) Halftime (53:30) Guests (59:23) Gues...
Oct 17, 2023•1 hr 50 min•Season 1Ep. 2
Private Markets Valuations…do these quarterly marks properly represent fair value or are they make believe…contrived from the fictional world of GP machinations? Do these interim valuations, as one commentator put it, “not matter;” or as another proclaimed provocatively, are they simply a case of “volatility laundering.” Is the gap or “lag” with public market equivalents relevant…are we anchoring to the right bogey…or arbitrarily comparing objective value to an emotionally manic patient, to para...
Sep 26, 2023•1 hr 37 min•Season 1Ep. 1
