MJ Hudson podcasts: Recent Episodes
MJ Hudson
MJ Hudson is the one-stop-shop solutions provider to the asset management industry, specialising in private markets and alternative investments. Here, we provide podcasts on various finance topics including; marketing, ESG, secondaries, private markets, fund management and more.
•Introducing hosts, Donata Haque-Bernutz and Larissa Machiels.
•Get to know our guest, Elena Espinoza, Senior Lead of Social Issues and Acting Head of Governance at Principles for Responsible Investment (PRI).
•How the PRI conceptualizes diversity, equity, and inclusion (DEI).
•Why companies and investors disproportionately focus on diversity over equity and inclusion.
•The conversation around diversity and why it has largely been centered on gender.
•How investors need to think about other characteristics like race and religion.
•Why a focus on intersectionality is a requirement for impactful DEI.
•An overview of important DEI regulatory developments and legislation in European markets, the UK, Canada, and the US.
•How public policy and broader legislation affect diversity, equity, and inclusion.
•Why impactful DEI legislation needs to be tailored for each country’s unique demography.
•An overview of the business case for DEI.
•The risks and opportunities associated with DEI.
•The concept of groupthink and the benefits of cognitive diversity.
•Suggestions for how to measure and monitor inclusion in your business.
•Learn about the multi-year work program that the PRI has set up.
•A breakdown of their best practices and how to implement them.
MJ Hudson’s Martina Colombo interviewed Craig MacDonald, Managing Director of HarbourVest and head of their Dublin office.
We discuss the following topics:
• Fees – is this still the top incentive for LPs?
• The good and bad of secondaries
• Latest trends in co-investments
• Continuation funds versus secondary funds
• SPACS – how does the PE world feel about them?
Eamon Devlin interviews Peter Jensen Ph.D., 10x Olympic trainer and Canadian sports coach. During the call we discussed:
• How to deal with set backs and challenges.
• The importance of thinking on your feet to improve your independant performance.
• The 'Pirate Ship' analogy.
• Peter shared some great stories from his impressive career as a sports coach.
We interviewed Alice Murray, Editor of The Drawdown. During the interview we discussed the following topics:
• How private equity is perceived by those on the outside, such as the mainstream media and the general public.
• Has private equity got a public image crisis?
• If so, what can be done to facilitate greater transparency and access to information?
We interviewed Betsy Butterick, the coach's coach and communication specialist. Betsy Butterick suggests extra resources (listed below) which come highly recommended for those who wish to learn more about the art of communication and teamwork. During the interview, we discuss the following topics:
• Communication during a crisis – tips and errors to avoid
• How to better communicate with Gen Z
• Understanding the science behind listening and how to become better at it
• Building culture through communication
• How to better communicate whilst strengthening relationships
• How to deal with difficult conversations
Eamon Devlin hosts an LP-focused virtual panel discussion on LP-led secondaries, joined by: Andre Aubert, Partner, LGT - Delaney Brown, Head of PE Funds & Secondaries, CPP Investments - Petra Bukovec, Partner, Pantheon - Nic Morandi, Managing Director & Head of Europe, Strategic Partners, Blackstone - Thomas Liaudet, Partner, Campbell Lutyens.
We discuss the following topics:
• LP-led Secondaries – latest trends and concerns.
• Who is selling? Current pricing and use of leverage.
• Bear traps to avoid.
• Why secondaries deals abort and how to avoid errors.
• Tips on ways to keep sane during lock-down…
Hosts Eamon Devlin and rising star Lauren Burton interview Antoine Drean, Founder & Chairman of Triago. We discuss the following topics:
• What are the (real) PE super trends?
• Problems of going from a small industry with high returns to a large industry with low(er) returns.
• Secondaries: GP-leds. Liquid - more liquid than small listed stocks.
• Digital world for PE. Paint a picture in the next 10 years.
• M&A - Manager M&A - trends and issues
• 10 predictions for the PE industry.
• Competition - buyouts - too many players?
Throughout the last decades, ESG has changed dramatically. Now more than ever we face increased demand for data, transparency and reporting from stakeholders. So, let’s take some time to pause for a moment and take stock of what is actually happening in the present day, and how we see next-gen ESG (really) developing from a data driven approach.
The podcast provides access to a variety of ESG experts with ranging views and experiences and covers the following topics:
• What does good ESG look like today and what will it look like in the next few years?
• How do GPs overcome the challenges posed by a rapidly changing ESG environment to ensure they become best in class?
• ESG data can support broader ESG objectives and provide competitive advantages, but what does taking a data driven approach to ESG actually mean in practice?
• The ESG evolution – new (and changing) reporting standards, compliance processes, and pitfalls to avoid.
• What are the new set of investors’ ESG demands and how do you live up to them?
We interviewed Lindsey McMurray, Co-Founder & Managing Partner, Pollen Street Capital. During the interview we discussed:
• Spinning out from RBS, what to avoid and how to get free WiFi…
• Building a female-founded GP.
• What are the core values of a sustainable GP?
• The pros of selling part of a GP to a third party.
• How to build right and what to avoid re raising capital.
• The actual risks of having permanent capital and why it may not be so permanent.
• Why social mobility is no longer a priority.
Our hosts Eamon Devlin and Paul Durban, interview William "Bill" Sacher, Partner & Head of Private Credit, New York, Adams Street Partners. During the interview, we discuss the following topics:
• Growth of private credit and latest private credit opportunities.
• How will private credit operate when government Covid-related funding is turned off?
• Default rates and threats to be aware of re private credit.
• How LBO funding has changed re the debt funding.
• Private credit returns + return premium.
• Tips to borrowers.
We interviewed Kate Bingham, former Chair of the UK Vaccine Taskforce, and Managing Partner of SV Health Investors. During the interview we discussed:
• Kate's role as Chair of the UK Vaccine Taskforce and how she and her team initiated the program,
• The challenges they faced,
• How they delivered on vaccine procurement.
• How a VC mindset can help to fix global problems such as pandemics.
• SV's history and funds (including dementia and biotech).
• Impact funds – challenges and opportunities.
We interviewed Helen Steers, Partner, Pantheon Ventures. During the interview we discussed:
• Level 20 - origins, latest developments.
• Listed private equity – democratisation of PE, advantages and disadvantages of listed PE.
• Listed private equity – who is winning? NAV discounts – but some are trading at a premium, whilst otherare not
• Can listed private equity help democratise the industry?
• LP Concerns - ESG developments, Disclosure, Transparency, Diversity & Inclusion, GAIN.
• Image of private equity;– getting better or…?
• Co-investments – what are latest trends and issues?
We interviewed Adam Le, Senior Editor for Private Equity International Media's private equity publications (including Private Equity International and Secondaries Investor).
During the interview we discussed:
• What the secrets are to getting better PE press coverage?
• What it's like to be a journalist covering private equity?
• What are the challenges and rewards?
• How the industry deals with scandals.
We interviewed Oliver Gottschalg, founder of MJ Hudson Fund Performance Analytics (formerly PERACS GmbH), a leading provider of quantitative analytics for the private equity industry. We discuss:
• Why is performance so hard to get right?
• LP looks at portfolios / adjustments.
• Issues with IRR.
• Credit lines - impact on performance.
• Fund performance analytics solutions.
We interviewed Joshua Blaine, Senior Managing Director of Strategic Partners, Blackstone's secondary private fund of funds business. During the call we discussed:
• Market growth and ratio to primaries.
• Leverage - pricing in this market.
• Who is selling?
• GP-led secondaries trends and issues.
• Fundraising.
Whitney Lutgen interviews Gabrielle "Ellie" Rubenstein. During the call we cover the following topics:
• Founding a first-time fund and being a female founder.
• The growth of impact funds and food investment.
• What is good culture and defining bad culture.
• Dealing with fame and its related pressure.
We interviewed Michael Bonte-Friedheim, Founder of NextEnergy Capital, the renewable energy asset manager. During the call we discussed:
• The growth of the solar energy sector and multitude of new investment opportunities.
• How solar assets generate cashflow and dividends throughout the life of the fund and yield expected returns on exit.
• How lower costs (and government subsidies) and carbon pricing are fuelling the growing demand
• What can be done to promote genuine ESG in our industry instead of just green washing.
We interviewed Nick Mitra, Vice Chair, Fund Finance Association. During the call we discussed:
• LP defaults - information vacuums and the need for better industry data
• Fund finance products, market resilience, and industry trends such as the growth of new entrants
• NAV / preferred equity deals
• ESG-focused subscription lines.
We interviewed Steffen Pauls, Founder and CEO of Moonfare. During the call we discussed the growing trend towards raising LP capital from individuals and how Moonfare is helping to break down the traditional barriers to entry in private equity. Steffen offered frank and direct answers to some challenging questions that others might have avoided, which made for an excellent interview.
Steffen Pauls discusses multiple topics with us, including:
• New access to capital for GPs
• The changing face of LPs: how individual investors are becoming more prevalent
• Barriers to entry to PE opportunities
• Democratising private equity: enabling access
• How technology is speeding up the investment process
Host, Eamon Devlin, interviews Mirja Lehmler-Brown, Managing Director and Partner at Hayfin. Eamon and Mirja will discuss the following topics:
• What financing options do stressed GPs have today?
• GP-led deals - trends and issues.
• NAV valuations - are they real?
• Why are there so few femal-founded PE businesses / providers?
• Nomenclature - secondaries, co-investments, primaries.
• LPACs - good and bad points.
We interviewed Kjartan Rist, Founding Partner of Concentric, to discuss the following topics:
• State of play for Europeam VC.
• What returns to expect? Are U.S. VCs better?
• What mistakes has European VC made?
• What is VC activism?
Eamon Devlin and Brian Ferguson discuss the following topics:
• Optimal performance – how do we operate at maximum capacity?
• Effective teams & leadership – defining qualities and strategies for teams in any capacity to maximise impact.
• Technology & change – how to incorporate technology into team dynamics.
• “The Arena”- what can elite performers from a wide range of industries learn from each other?
• The evolution of healthcare in the face of Covid – will this create real change?
We interviewed Peter Burns, CEO of Commonfund Capital, a world leading LP. During the call we discussed the following topics:
• LPs - what type of LPs have been selling during lock down
• Secondaries overview of Covid pricing
• LPACs and how they have value
• SPACs - the key risks of SPACs and what LPs do not like
• Subscription lines - how they should be used
• PE fund fees - if management fees should be charged on a committed capital basis
• Long term funds - whether these make sense or not
• Spin-outs - key tips for new teams
This virtual conference will be of interest to directors and senior executives of AIM companies, pension, wealth and asset managers, Limited Partnerships and investors in companies admitted to trading on AIM looking to understand more about ESG (Environmental, Social and Governance) factors, including why these are now cited as key drivers in investors’ investment decisions and how these factors are taking centre stage of non-financial reporting.
Key takeaways:
• 18-months ago, ESG formed 1% of the conversation with investors. Today, it is one of the key driving forces in the investment decision making process.
• Companies can no longer ‘talk-the-talk’. It is now imperative for companies to integrate strong ESG practices within their business operations, being too ‘small’ is not an excuse anymore.
• Leadership is necessary: management must act decisively to ensure stable and effective ESG practice.
• Convergence in reporting will be important to ensure the long run ‘success’ of ESG. Furthermore, whilst everyone is reporting on ESG, not every business is doing it well.
• The focus is still on ‘E’, but things are changing. More attention is now being placed on S and G.
• ESG performance alongside financials is going to grow in importance for investors, both in terms of underlying companies but also fund managers as well.
• Similarly, AIM companies can learn that they can derive value by integrating ESG into their processes and policies to enable continued stakeholder engagement and access to the capital markets.
We interviewed Michael Moore, Director General of the BVCA to discuss the following topics:
• The state of UK private equity market.
• UK private equity post-Brexit.
• Fees.
• Private equity's image - is it getting better?
Eamon Devlin interviews Nigel Kershaw, OBE, Chair of The Big Issue and its new platform for everyone in the UK to start positive impactful investing, The Big Exchange. Nigel believes now is the time to challenge what the trillions of pounds in our ISAs, pensions and savings is being used for and is focused on finding business solutions to the climate and social crisis we all face.
In this session, we discuss:
• Nigel’s vision for a better future.
• Can we build back better?
• What harm does greenwashing have in finance?
• The Big Exchange. How will it transform finance?
We interviewed Michael Woolhouse, Managing Partner of TPG’s Secondaries business. The following was discussed with Michael:
• Debt levels in the secondaries market.
• How is the secondaries market “really” doing?
• How to run a GP-led restructuring (and how not to).
• Expected return levels for secondaries.
Eamon Devlin interviews England rugby legend turned successful businessman, Matt Dawson, MBE. We discuss Matt’s transition from England World Cup-winning scrumhalf to strategic advisor to a number of companies including, Sodexo, the management services company, and Instant Group, the real estate business.
Amongst other things, they tackle:
• How are PE firms changing their real estate needs since COVID?
• Matt’s insights into building and leading successful teams.
• What lessons learned from professional sport can (and cannot) be applied to business?
• How to perform at your best under the most pressure.
Eamon Devlin interviews Miguel Zurita, Managing Partner of Altamar Capital Partners. Miguel co-manages the private equity business - primaries, secondaries and co-investments, and as Co-Chief Investment Officer he sits on every investment committee of the Altamar Funds.
Eamon and Miguel discuss the following topics:
• How have funds of funds changed?
• What are the challenges?
• Growth of Altamar Capital Partners
• Role of secondaries
• Separate managed accounts
Eamon Devlin interviews Wol Kolade. Wol is Managing Partner of Livingbridge, which he joined 27 years ago. Livingbridge is one of the UK’s most successful and well-known mid-market private equity firms, dedicated to helping businesses grow faster by putting in place strategies to focus on what really matters.
Eamon and Wol discuss the following topics:
• How will GPs develop from here?
• What makes a good (and bad) management team?
• What threats do GPs face today?
• Diversity and BLM
Eamon Devlin interviews veteran cyber security and investing expert, Robert Ackerman. Robert "Bob" is one of Forbes’ Top 100 Technology Investors and was named as one of two leading cyber security investors in the world by Cyber Defense magazine.
During the call, Eamon and Bob discuss the following topics and how they relate to PE and VC:
• How resilient is cyber security investing in private equity?
• How is the pandemic accelerating the digital transformation of cyber security and is shaping the future of the industry?
• The fight to protect data and assets from cyberattacks involving malware, phishing, AI, cryptocurrency and more.
• Separating the myth from reality in high-profile and widely reported stories such as TikTok and Huawei.
In this Live Discussion, Eamon Devlin, and Senior Associate Whitney Lutgen interview George Anson. In this interview we gain knowledge from George about his time at HarbourVest Partners and now with Level 20, with great focus on the importance of diversity and inclusion.
George Anson was the Managing Director and Partner of HarbourVest Partners, the global private equity firm until his retirement in July 2017. He founded the London office of HarbourVest Partners in 1990 and was responsible for their European and overseas investment activities. George has served on HarbourVest’s Executive Management Committee, and was the Chairman of Invest Europe from 2013-14. He also served on the Board of Directors of HarbourVest Global Private Equity Limited, the London-listed investment company, from 2007-2012.
George has been the Chair of Level 20, a gender diversity organisation since 2018; he is a former member of the Board of Trustees of Asthma UK (2015-2019), the medical charity; and is a member of the Board of Trustees of The Watts Gallery – Artists’ Village, the Surrey-based museum based on the works of G F Watts.
Professor David Robinson, Duke University’s Fuqua School of Business was interviewed by Eamon Devlin. Eamon Devlin and Professor Robinson discussed the following topics:
• Private equity liquidity - explained and related issues.
• The importance of academia in private equity.
• Buyout funds performance numbers.
• Review of recent live debate between David Robinson and Ludovic Phalippou.
In this Live Discussion, we interview Thierry Baudon, Chair of Invest Europe, to discuss the following topics:
• The need for good quality data.
• Should Invest Europe be limited to just Europe?
• What can be done with non-compliant members' Goal of Invest Europe and related hurdles?
• The british governments approach to Brexit.
In this live discussion, Eamon Devlin interviews Jon Moulton, the PE and VC veteran, to cover the following topics:
• Use of subscription lines and related dangers.
• Behaviour of large VCs during recent fundraisings.
• Do we need the Future Fund?
• What mistakes is PE currently making?
• Advice for new GPs.
Eamon Devlin interviews Delaney Brown of CPP Investments, to discuss the following topics:
• Will we see more or fewer LPs going direct?
• Has power swung from GPs back to LPs?
• How will the crisis impact GP / LP relationship?
• The impact on first-time funds.
• What will PE look like in two years time?
• What is the number on issue in PE?
We interview Jennifer Choi, Managing Director of Industry Affairs at ILPA to discuss:
• What pressures are LPs under right now?
• Fund finance.
• How will the crisis impact GP / LP relationship?
• What’s next for ILPA?
• Does PE need more regulation?
We interview Kaye Wiggins, Private Capital Correspondent at the Financial Times, to learn more about:
• Private equity’s relationship with the media and the public
• The coverage PE receives
• What it's like to cover the industry as a journalist.
We interview Jim Strang of Hamilton Lane, provides his insights on management fees, hurdles, secondaries and Piggy Banks. We also discuss the following topics:
• What pressures are LPs under right now?
• How will this crisis change the GP / LP relationship?
• What can the industry do better?
• What has been PE's biggest mistake?
• Three things to make PE better for LPs and GPs.
Saloni Joshi and Eamon Devlin, provide an update on the secondaries market and discuss the following topics with Ben Pearce, Partner, Campbell Lutyens, the secondaries advisory business:
• Market overview (volume and pricing)
• How secondaries operated in the GFC
• Common transaction structures
• LPA amendments and issues to be aware of
• Purchase and sale agreements
• Top tips (mistakes to avoid)
Our hosts, Edyta Brozyniak and Eamon Devlin, take the time to discuss the following topics:
• How are Management Fees changing (amount, timing and payment)?
• How were Management Fees addressed during the GFC?
• The fundraising process
• Management Fee debates
• Reducing fund sizes
• Equalization issues
• LPA amendments
• Mistakes for GPs to avoid
Eamon Devlin leads the session and interview Mark McDonald, Global Head of Private Equity at DWS, the asset management firm.
Some GPs, and fast, need to raise capital for their portfolio companies:
• What options do GPs have to raise emergency capital for their portfolio?
• Is portfolio companies' debt being been traded?
• Preferred equity and single asset solutions.
• Are recycling provisions being triggered?
• How was this issue addressed during the GFC?
• Mistakes for GPs to avoid.