Capital Decanted

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 possible to develop a long-term view despite short-term geopolitical headwinds? And, most importantly, will the many years of progress toward economic and political pragmatism win the day? We're joined by China private capital investor pioneer, Ed Grefenstette, CEO and CIO of the Dietrich Foundation.

Introduction: (2:09)

Halftime: (1:22:17)

Guest: (1:30:26)

Guest:

Ed Grefenstette, CEO and CIO, The Dietrich Foundation

Episode Sources

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 crucial due diligence and portfolio construction considerations. To help us explore these topics, we're joined by Greg Turk, Deputy CIO of Illinois Police Officers' Pension Investment Fund, and Cedric Henley, Partner and Chief Risk Officer of Specialty Finance at SLR Capital Partners.

Introduction: (2:08)

Halftime: (58:18)

Guest: (1:03:50)

Guests:

• Cedric Henley, Partner and Chief Risk Officer of Specialty Finance at SLR Capital Partners

• Greg Turk, Deputy CIO, Head of Private Markets, Illinois Police Officers Pension Investment Fund

Episode Sources

Live from the Wyoming Blockchain Symposium, we sat down with three of the earliest pioneers in the space to discuss the unprecedented political, regulatory and market momentum of crypto and blockchain. Franklin Templeton’s Jenny Johnson, SALT and Skybridge Capital’s Anthony Scaramucci, and Pantera Capital’s Dan Morehead joined us to explore the need for bipartisanship, the current use cases for the technology platform, and more. 

Guests:

Jenny Johnson, CEO, Franklin Templeton

Anthony Scaramucci, Founder and Managing Partner, Skybridge Capital; Founder and Chairman, SALT

Dan Morehead, Founder and Managing Partner, Pantera Capital

Financial engineering or operational value add? As private equity's growth has evolved over several decades, the mechanics of deal structure, capital structure, and motivations have undergone changes across several eras. No longer just the barbarians at the gate anymore, many private equity firms have turned their attention from balance sheet gymnastics to delivering actual operating expertise for portfolio companies. In this episode of Capital Decanted, we answer important questions - what is driving this evolution? How are deal structures different today vs. in the late 1980s? And what is the playbook for a segment of the industry trying to deliver true value? To help us answer these questions, we are joined by Jacob Kotzubei, Co-President of Platinum Equity.

Introduction: (0:48)

Halftime: (52:00)

Guest: (58:31)

Guest: Jacob Kotzubei, Co-President, Platinum Equity

Episode Sources

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 crucial due diligence and portfolio construction considerations. To help us explore these topics, we're joined by Greg Turk, Deputy CIO of Illinois Police Officers' Pension Investment Fund, and Cedric Henley, Partner and Chief Risk Officer of Specialty Finance at SLR Capital Partners.

Introduction: (0:48)

Halftime: (57:12)

Guest: (1:02:45)

Guests:

• Cedric Henley, Partner and Chief Risk Officer of Specialty Finance at SLR Capital Partners

• • Greg Turk, Deputy CIO, Head of Private Markets, Illinois Police Officers Pension Investment Fund

  
  Episode Sources

  
  

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 possible to develop a long-term view despite short-term geopolitical headwinds? And, most importantly, will the many years of progress toward economic and political pragmatism win the day? We're joined by China private capital investor pioneer, Ed Grefenstette, CEO and CIO of the Dietrich Foundation.

Introduction: (0:48)

Halftime: (1:20:43)

Guest: (1:28:52)

Guest:

Ed Grefenstette, CEO and CIO, The Dietrich Foundation

Episode Sources

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 Relations at Bain, Kevin Quirk.

Introduction: (0:48)

Guest: (6:50)

Guest:

Kevin Quirk, Global Head of Investor Relations, Bain Capital

Episode Sources

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 Mitchnick of BlackRock and Greg Tusar of Coinbase, to explore further.

Introduction: (0:48)

Halftime: (1:01:46)

Guests: (1:07:58)

Guests:

Greg Tusar, Head of Institutional Product, Coinbase

Robert Mitchnick, Head of Digital Assets, BlackRock

Episode Sources

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: (46:25)

Guests: (52:13)

Guests:

Pete Stavros, Co-Head, Global Private Equity, KKR

Daryn Dodson, Founder, Managing Partner, Illumen Capital

Episode Sources

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 stakeholders. Join industry leaders Scott Chan and Molly Murphy as they dive into this exciting evolution, unpack the innovative investment vehicles driving change, and discuss the challenges and opportunities in implementation.

Introduction: (0:48)

Halftime: (59:28)

Guests: (1:05:57)

Guests:

Molly Murphy, Chief Investment Officer, OCERS

Scott Chan, CFA, Chief Investment Officer, CalSTRS

Episode Sources