Private Capital Call

This week, we’re pleased to welcome Jess Larsen, Founder & CEO of Briarcliffe Credit Partners - a premier placement agency exclusively focused on private credit. Briarcliffe specializes in fundraising services for established private credit strategies, helping firms navigate the evolving investment landscape. In our conversation, Jess shares his insights on what it takes to achieve a successful fundraise, highlighting the key criteria that distinguish top-performing GPs.

We also explore how investors are adapting to today’s economic uncertainty, including how LPs are adjusting their capital allocation strategies amid recession concerns. Finally, Jess introduces his concept of the “Six Wonders of Private Credit,” offering a unique perspective on the fundamental elements that drive success in this dynamic asset class.

This month, we’re pleased to welcome Bilal Hafeez, Founder and CEO of Macro Hive—a leading platform for global macro research and strategy serving both institutional and retail investors. Before launching Macro Hive, Bilal held senior roles at major financial institutions and has consistently been recognized as one of the top market strategists in the industry.

With rising geopolitical tensions and growing uncertainty around tariff policies, we’re eager to get Bilal’s take on policy volatility in a Trump 2.0 era. What is he seeing across the global landscape? How does he view the outlook for inflation and recession risks through 2025? What might we expect from the Fed’s interest rate policy, and how could these factors shape the broader capital markets? Most importantly, what should investors consider when positioning their portfolios—and are there sectors or strategies that could help mitigate these risks?

This month, we’re excited to welcome Tim Bray, Managing Director of Alternative Investments and Senior Portfolio Manager at GuideStone Financial Resources. With more than $23 billion in assets under management, GuideStone is one of the nation’s largest faith-based mutual fund companies. Over his 19-year tenure, Tim has played a pivotal role in expanding the firm’s alternative investments platform—overseeing approximately $3.5 billion in assets for both internal capital and external clients.

In this episode, we discuss the key macro surprises of 2024, expectations for 2025, and how factors like interest rates, inflation, and headline risks (such as tariffs) shape investment strategies. Tim also offers insights on GuideStone’s approach to asset allocation, highlighting the growing importance of private credit and how the firm balances liquidity needs with inherently illiquid investments. We’ll explore emerging segments in private credit, including Asset-Backed Financing, and close with Tim’s biggest concerns and surprises for the coming year.

This month, we are joined by Anastasia Amoroso, Managing Director and Chief Investment Strategist at iCapital. Anastasia provides expert insights into private and public market investment opportunities, helping advisors and high-net-worth clients navigate an ever-changing financial landscape. With a keen understanding of macroeconomic trends, she brings a strategic perspective on how investors can position themselves in today’s dynamic market.

In this episode, Anastasia discusses the strong economic foundations of 2025 while highlighting the uncertainties posed by inflation, policy shifts, and big tech regulation. She explores how last year’s headwinds—high rates and a slowing economy—have now turned into potential tailwinds and what new challenges are emerging. We also dive into asset allocation strategies for the year ahead, the increasing role of alternatives, and why private credit continues to see strong investor demand. Anastasia shares her thoughts on asset-backed finance as the next big opportunity in private markets and reflects on the biggest surprises of 2024—while making bold predictions about what might take investors by surprise in 2025.

This month, we have Jack Ablin, Chief Investment Officer and founding partner at Cresset Capital, a top fractional family office serving high net worth individuals and families. Jack discusses his extensive investment background dating back to the 1980s, highlighting how his strategy has evolved towards asset allocation.

Jack shares insights into the current macroeconomic landscape, particularly the shift in the bond market's competitiveness with equities and its implications for investors. He explores the attractiveness of private credit as an asset class, noting its potential as a hedge in a higher-for-longer interest rate environment. He shares his perspective on navigating private markets, advocating for a focus on middle-market opportunities and economically insensitive sectors.

This month our guest is Ron Kahn, Managing Director at Lincoln International and head of their valuations practice.

Ron sheds light on the current market dynamics, highlighting the robust performance of private companies despite lackluster M&A activity. The podcast explores the current economic climate, noting positive indicators like EBITDA growth and expectations of Fed rate cuts.

Throughout the conversation, Ron and Randy emphasize the resilience of private capital and predicting continued strength despite geopolitical uncertainties and upcoming elections. We also cover topics such as Lincoln private market index, financing costs, and the outlook for private capital and deal-making in the coming years.

This month our guest is Ed Goldstein, Partner, CIO of Coller Credit Secondaries, a leading investor in the secondary market for private assets. 

In the wake of the global financial crisis, the private credit landscape experienced a seismic shift. As the secondary market gained traction, it began to offer liquidity solutions for investors in the private credit space. Investors, motivated by reasons such as underperformance, regulatory concerns, liquidity needs, stress, and opportunistic selling, started to explore this emerging avenue for portfolio management.

The discussion shifts to credit secondaries being more of an LP market, investing for upside potential, and the necessity of diversified portfolios to mitigate risk. In essence, the private credit market, though relatively young, is showing signs of maturation and paving the way for a future characterized by specialization, strategic partnerships, and a more developed secondary market.

In this week's episode, we are honored to welcome the renowned economist, Dr. Mickey Levy. As a visiting scholar at the Hoover Institution at Stanford University and a respected member of the Shadow Open Market Committee, Dr. Levy brings a wealth of knowledge and insight.

Join us as we delve into a range of critical economic topics with Dr. Levy. Our discussion encompasses the resilience and recent slowdown of the U.S. economy, the ongoing concerns surrounding inflation, and the Federal Reserve's interest rate policy. We also examine the current state of interest rates, including both short-term rates and bond yields, and discuss the implications of persistent budget deficits and escalating national debt. Concluding our conversation, Dr. Levy shares his expert assessment of the long-term outlook for the U.S. economy.

This week our guest is Van Hesser, chief strategist at KBRA, a credit rating analysis agency. Van is also the host of his own insightful podcast, "Three Things in Credit," which I highly recommend.

In this episode, we dive into the current economic landscape, explore the concepts of economic soft landings, no landings, and where we currently stand. We also discuss the aftermath of the banking crisis earlier this year, the question of systemic risk and private capital, and how to think about the default cycle – all essential considerations for private capital investors in the coming months.

We are thrilled to have Steve Segal as our first guest on the podcast. Steve Segal, a former Executive-in-Residence and Lecturer at Boston University’s Questrom School of Business. He developed and taught a graduate level course in private equity and leverage buyouts.

Steve was a co-founding partner of J.W. Childs, investing in middle-market growth companies, primarily in the consumer products, health care services and specialty retail sectors. During his tenure the firm completed more than 40 transactions with a total transaction value in excess of $11 billion.

Today, Steve is primarily a private investor, frequently collaborating with others on early stage ventures.