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...

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...

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.  See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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).  See omnystudio.com/listener for privacy information.

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 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...

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...

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...

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...

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...

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...

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...

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). See omnystudio.com/listener for privacy information.

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). See...

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...

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...

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? See omnystudio.com/listener for privacy information.

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'...

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). See omnystudio.com/listener for privacy information.

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...

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). See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.