Can We Talk in Private?

This week on Can We Talk in Private? we’re celebrating National Middle Market Week, an officially recognized week highlighting the highly influential, yet least understood segment of the U.S. economy. In this episode, co-hosts Alan Flannigan and Andrew Korz are joined by Doug Farren, Executive Director of the National Center for the Middle Market at The Ohio State University, the leading authority on the state of middle market firms.

Read the joint study by Future Standard and the National Center for the Middle Market: Private equity in the middle market

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For more research insights go to https://futurestandard.com/insights 

Few markets drew more pessimism during the rate-hiking cycle than commercial real estate. While prices have stabilized and deal flow gradually improved, with rates now moving higher again, what lies ahead for the recovery?

In this episode of Can We Talk in Private?, co-hosts Alan Flannigan and Andrew Korz are joined by Rob Lawrence, Future Standard's Global Head of Real Estate Credit, whose real estate career spans more than three decades and multiple credit cycles. 

Rob discusses current market conditions and how they may be aligning to produce an ideal vintage for real estate lending.

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AI is eating the world. And increasingly, it's eating portfolios, too. What began as a technology story funded by a handful of hyperscalers has evolved into a much broader capital markets story. As AI investment accelerates, public and private equities, credit, fixed income, infrastructure and real assets are all playing a role in financing the buildout.

In this episode of Can We Talk in Private?, co-hosts Alan Flannigan and Andrew Korz discuss their latest report, Hidden Layers: Diversification in the Age of AI, and explore how AI is increasingly shaping investment portfolios across both public and private markets. 

The conversation explores how investors can think differently about diversification in an era where a single technological theme is influencing outcomes across nearly every major asset class. The discussion introduces a practical framework for identifying AI exposure, contrasts the roles of public and private markets in funding the AI buildout and reinforces why understanding the economic drivers behind portfolio returns may be becoming just as important as traditional asset allocation.

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For more research insights go to https://futurestandard.com/insights 

Private equity co-investing has evolved from a niche institutional strategy into an increasingly important part of the private markets ecosystem. As allocators seek greater portfolio customization, fee efficiency and direct exposure to private equity value creation, co-investments have become a growing area of focus. 

In this episode, Alan Flannigan and Andrew Korz sit down with Michael Chen, Co-Head of Direct Equity Investing at Future Standard, to discuss how the co-investment market works, why sponsors offer co-investment opportunities, and what separates successful co-investment platforms from the rest. 

The conversation explores the role of GP relationships, the unique dynamics of middle market co-investing and how allocators are using co-investments alongside primary funds and secondaries to build more diversified private equity portfolios. As the co-investment market continues to grow, understanding how these opportunities are sourced, evaluated, and accessed has become increasingly important for both institutional and private wealth investors.

Have a question for our experts? Text us for a chance to have your questions answered on the next episode.

For more research insights go to https://futurestandard.com/insights 

In the first episode of Can We Talk in Private?, the new podcast from Future Standard, hosts Alan Flannigan and Andrew Korz sit down with Future Standard Chief Investment Officer Mike Kelly to share their views on the major themes driving private markets. They explore how the changing macro regime is reshaping the role of asset allocators, driving the importance of portfolio construction higher. Defining trends from the start of the year remain in focus. Capital concentration and increased geopolitical uncertainty continue reshaping the opportunity set—driving value outside the large and mega-cap segments. 

And what happens when software, private equity and private credit’s long-favored industry, now faces a constant threat from AI? Where does this money go instead? The obvious answer is AI, but the playbook for success looks very different. For the first time, they provide their outlook on digital infrastructure, a rapidly growing collective of themes supporting the AI build-out and more.

As CIO Mike Kelly discusses, the path ahead in the second half is compelling but demanding. In a market focused on innovation and building the future, the discipline to remain focused on investor objectives and portfolio resilience are critical. As AI eats the world, truly differentiated sources of growth and income outside concentrated themes are increasingly valuable for investor portfolios. 

For actionable insights, enjoy the first episode of Can we talk in private?.

Have a question for our experts? Text us for a chance to have your questions answered on the next episode.

For more research insights go to https://futurestandard.com/insights 

In this episode, Future Standard’s Investment Research team members Alan Flannigan and Andrew Korz break down their latest publication, Q2 2026 Mapping the Markets: Shock and Awe, a quarterly macro and cross-asset chartbook illustrating the current state of markets. 

Key takeaways

• Supply-side shocks are occurring more frequently and driving persistent inflation volatility.
• AI CapEx is powering equity markets but also increasing concentration risk.
• Stock-bond correlation has risen, weakening traditional diversification.
• Dispersion across and within asset classes is creating opportunities for active management.
• Private market returns are increasingly driven by revenue growth, not multiple expansion.
• Diversification now requires deeper strategy selection, not just asset allocation.

Have a question for our experts? Text us for a chance to have your questions answered on the next episode.

For more research insights go to https://futurestandard.com/insights 

In this episode, Future Standard’s Investment Research team members Alan Flannigan and Andrew Korz sit down with Scott Burr, Senior Portfolio Manager at Future Standard, to discuss how multi-strategy investing may help investors navigate a changing macro regime.

Scott also shares how his liquid alternatives approach blends diversification with conviction, the role of liquid alternatives play alongside private markets, and how strategies go from idea to execution.

Have a question for our experts? Text us for a chance to have your questions answered on the next episode.

For more research insights go to https://futurestandard.com/insights 

In this episode, Future Standard’s Investment Research team members Alan Flannigan and Andrew Korz unpack the key themes from their Q2 2026 U.S. Economic Outlook, Sturdy, Under Strain. They examine the state of the U.S. economy entering the conflict in the Middle East, discuss the long-term implications of a shifting global landscape, and provide views on the most pressing macro themes in Q2.

The episode also features a discussion with Jason Cole, Head of Public Policy at Future Standard, who provides on-the-ground perspective on the Iran conflict, evolving tariff authorities, and Federal Reserve leadership changes.

Q2 2026 Economic outlook: https://www.futurestandard.com/insights/report/q2-2026-us-economic-outlook-sturdy-under-strain

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For more research insights go to https://futurestandard.com/insights 

In this episode, Future Standard’s Investment Research team members, Alan Flannigan and Andrew Korz, are joined by Rob Hoffman, Head of Credit Solutions, for a data‑driven look at what’s really happening in private credit right now. They unpack the biggest headline concerns—PIK usage, redemption activity and gates, bank financing, defaults, software exposure and valuations—and explain how structure, lender protections and income durability shape outcomes across cycles. The discussion cuts through noise to highlight where selectivity, entry discipline and manager skill can matter most for investors navigating today’s market.

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For more research insights go to https://futurestandard.com/insights 

Private markets are entering 2026 at a pivotal moment. After years defined by inflation, rate volatility and compressed liquidity, investors now confront a landscape where opportunity is expanding — but not evenly. In this episode of the Future Standard Podcast, we explore why the year ahead represents an inflection point, how capital concentration is reshaping private markets and why the middle market remains a durable source value creation.

Our 2026 Outlook, Forged, Not Found, argues that the next cycle won’t reward passive allocation to private market beta. Returns will be built through specialization, operational intensity and by addressing the market’s most pressing risks through real diversification, not diversification in name only.

Download the full outlook: https://www.futurestandard.com/insights/private-markets-outlook/forged-not-found-selectivity-shapes-outcomes-as-momentum-builds

Have a question for our experts? Text us for a chance to have your questions answered on the next episode.

For more research insights go to https://futurestandard.com/insights