Level Capital Club

In this episode, we sit down with Jules Ferrer, co-founder of Rift Capital, a Paris-based private markets firm providing investors with access to high-growth private companies. 

Jules explains how the pre-IPO market has evolved into an increasingly attractive asset class as companies stay private longer, and why family offices and institutional investors are seeking direct exposure to leading technology businesses.

We cover:
•The rise of pre-IPO investing and why companies are staying private longer
•How Rift Capital structures co-investment vehicles and sources opportunities through primary and secondary transactions
•Why family offices are increasingly investing directly through SPVs, seeking greater flexibility and shorter investment horizons
•How investors underwrite pre-IPO opportunities, including supply and demand dynamics, revenue growth, valuations, and company fundamentals
•The importance of networks, relationships, and speed in securing allocations in highly sought-after private companies
•Key investment opportunities across AI, fintech, robotics, energy, healthcare, and China's technology ecosystem
•The role of secondary markets in providing liquidity to early investors and venture fund LPs
•The IPO outlook and why companies increasingly choose to remain private longer
•The emergence of frontier AI startups as a new investment category, combining exceptional teams, significant capital, and ambitious technologies

Follow Level Capital Club on LinkedIn: https://www.linkedin.com/levelcapitalclub

Follow Jules Ferrer on Linkedin:
https://www.linkedin.com/in/jules-ferrer/


Timestamps:
00:00–01:00 Introduction
01:00–04:00 Jules Ferrer's background and the Rift Capital investment model
04:00–08:00 The growth of pre-IPO investing and family office demand
08:00–13:00 Risk, returns, and pre-IPO exit strategies
13:00–18:00 Investment underwriting, company fundamentals, and access
18:00–23:00 Key sectors and emerging opportunities
23:00–29:00 Secondary markets, liquidity, and LP stakes
29:00–32:00 The IPO market outlook
32:00–35:00 Why companies are staying private longer
35:00–40:00 Frontier AI and the next generation of investment opportunities

In this episode  we sit down with Todor Donchev, Managing Director at Meantime Advisory, a boutique secondary advisory firm serving GPs and LPs globally.

Todor walks us through his 12-year journey in secondaries (Lazard, Actis, EBRD) and why he launched Meantime Advisory nearly six years ago to provide bespoke secondary solutions, initially focused on emerging markets and now spanning complex transactions worldwide.

We cover:

• The history of the secondary market, from the first-ever LP stake sale in 1979 to today's record $230B+ in annual transaction volume
  
  
• The rise of GP-led deals and continuation vehicles, and why single-asset CVs now drive roughly half of GP-led volume
  
  
• Key growth drivers: illiquidity, stagnant M&A/IPO markets, and the shift of secondaries from a "distressed asset" stigma to a mainstream portfolio management tool
  
  
• How buyers actually underwrite secondaries: why cash flow profile matters more than NAV discounts, and how risk is priced across VC vs. buyout strategies
  
  
• The boom in smaller (sub-$10M) LP secondary transactions and increased competition at that end of the market
  
  
• Two real-world case studies: a complex Latin American GP default resolved through a preferred equity structure and later a single-asset SPV, and a two-and-a-half-week emergency liquidity solution for an LP
  
  

Follow Level Capital Club on linkedin:   / levelcapitalclub 

Meantime Advisory: https://www.meantimeadvisory.com/
Todor Donchev:   / todor-donchev-6b097126 


timestamps:
00:00–00:40 Intro
00:40–01:58 Todor's background & how he entered secondaries
01:58–04:20 Why Meantime Advisory was founded
04:20–10:40 The evolution of the secondary market
10:40–18:04 Why GP-led secondaries exploded
18:04–23:03 How secondary transactions are underwritten
23:03–29:28 Valuation: NAV vs cash flow reality
29:28–35:17 Discounts, premiums & today's pricing
35:17–39:01 Where the best opportunities are today
39:01–50:16 Case study: solving a complex GP liquidity situation
50:16–54:22 Case study: delivering liquidity in two weeks
54:22  Closing thoughts

We have the pleasure to welcome Matthias Dux, Co-Founder at Avellinia Capital to discuss how asset-backed lending fits within the broader private credit ecosystem. In this interview, we explore how ABL structures work in practice, how lenders underwrite and secure collateralized portfolios, and why this segment has seen strong growth across Europe.

We also discuss the advantages of asset-backed lending from both the borrower and investor perspective, the role of diversification for family offices and institutional allocators.

Find Matthias Dux on Linkedin: https://www.linkedin.com/in/matthias-dux/
Avellinia Website: https://avellinia.com/

Timestamps: 
00:00 – Introduction & Matthias Dux background
03:15 – What asset-backed lending is & how it fits private credit
07:35 – How ABL structures work in practice (SPVs, collateral, underwriting)
15:30 – Managing risk, depreciation & protecting lender capital
24:25 – Why companies choose asset-backed lending over equity or banks
31:10 – Why investors and family offices allocate to ABL
38:10 – European market opportunities & manager selection
44:35 – Dry powder, scalability & deployment in private credit
48:55 – Final thoughts & conclusion

In this episode of the Family Office Strategic Series, we speak with Nicolas Charles, generational wealth strategist and CEO of Danty, about how family offices can better align investment strategy with governance structures and long-term legacy objectives across generations.

While many families focus primarily on financial capital, Nicolas explains why most generational wealth challenges arise from communication gaps, lack of preparation of the next generation, and misalignment between family purpose and investment structures.

The conversation explores how families can institutionalise decision-making while preserving entrepreneurial spirit, transfer wisdom effectively across generations, and integrate technology into modern family office strategy.

This discussion is particularly relevant for family office principals, next-generation members, private market investors, and advisors working with ultra-high-net-worth families.

Nicolas charles linkedin: https://www.linkedin.com/in/nicholascharles1/

Timestamps

0:00 – 3:10
Introduction: Interview overview and Nicolas Charles’ background in generational wealth strategy and advising ultra-high-net-worth families

3:10 – 8:20
How family offices and HNWIs can better align investment strategy with governance structures and long-term legacy goals

8:20 – 17:15
The importance of preserving a family office’s original sector expertise across generations — and its impact on long-term success

17:15 – 22:55
Balancing institutional discipline with entrepreneurial agility inside a family office

22:55 – 27:45
How knowledge and wisdom should be transferred effectively across generations

27:45 – 30:00
Why gaining experience outside the family business is critical for next-generation members

30:00 – 35:00
The role of a “family investment pool” in supporting individual members’ investment initiatives

35:00 – 39:50
How technology supports the institutionalisation and professionalisation of family offices

39:50 – 42:07
Closing reflections and key takeaways on preserving wealth across generations

 Are continuation vehicles a structural shift in private equity — or simply a cyclical response to today’s market?

Continuation vehicles, also known as GP-led secondaries, are a rapidly growing — yet still relatively emerging — segment of private markets.

According to the latest continuation study by Schroders, transaction volumes are approaching $50B in 2024, representing a 27% compound annual growth rate since 2015.

With this growth, we wanted to better understand what is truly driving the market.

We had the opportunity to speak with Andriy Panasenko, Founder of Renaissance Advisory, who brings more than two decades of experience across private equity and consulting.

In our discussion, we explored:
 • The current state of the continuation vehicle market
 • Whether the growth is structural or cyclical
 • What types of companies are best suited for continuation vehicles
 • The benefits for LPs — and the key considerations to keep in mind

New Interview – Live from the Meliá International Hotel, London

We’re joined by Margareth Gonzalez, Founder and CEO of Capital Variation, a strategic capital advisory firm operating across the US and EMEA markets.

In this exclusive conversation, we explore:

• How Capital Variation has grown into a known name in the SME advisory space, supporting companies across Europe and the United States with capital formation.
• SME growth from both operational and investment perspectives.
• The emergence of defense as a developing asset class and its implications for investors.
• The impact of “America First” policy on cross-border capital flows and global markets.
• Capital Variation’s philanthropic initiatives, with a focus on women’s empowerment and financial literacy

Linkedin: https://www.linkedin.com/in/margarethgonzalez/
Capital variation website: https://capitalvariation.com/

𝐅𝐚𝐦𝐢𝐥𝐲 𝐎𝐟𝐟𝐢𝐜𝐞 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜 𝐒𝐞𝐫𝐢𝐞𝐬 #1

Our guest is Darla G. Wilton, an executive leader and change agent in organizational development, strategic planning & execution, and leadership known for turning strategy into real value‑creation.

𝐄𝐩𝐢𝐬𝐨𝐝𝐞 𝐭𝐢𝐭𝐥𝐞: “𝐅𝐚𝐦𝐢𝐥𝐲 𝐎𝐟𝐟𝐢𝐜𝐞 𝐆𝐨𝐯𝐞𝐫𝐧𝐚𝐧𝐜𝐞: 𝐅𝐫𝐨𝐦 𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐥 𝐂𝐨𝐧𝐭𝐫𝐨𝐥 𝐭𝐨 𝐈𝐧𝐬𝐭𝐢𝐭𝐮𝐭𝐢𝐨𝐧𝐚𝐥 𝐃𝐢𝐬𝐜𝐢𝐩𝐥𝐢𝐧𝐞.”


𝐖𝐞’𝐥𝐥 𝐛𝐞 𝐝𝐢𝐠𝐠𝐢𝐧𝐠 𝐢𝐧𝐭𝐨:
- What governance really means in a Family Office (beyond documents)
- How the FO landscape is evolving around principals and rising‑gen
- The role of experts and independent boards where they add real value
- Operating models that hold under stress, not just in presentations

This series is a collaboration between The Family Office Strategist, led by Mahir Eyvazov, and Level Capital Club, led by Tugdual Level-Chitrit.