The Private Capital podcast spent a delightful afternoon with François de Visscher, a fourth-generation family member of the Belgian multinational firm Bekaert, which was founded in 1880. François has been a longtime and respected consultant and banker to family offices and family businesses, and it was a real pleasure to listen to his accumulated wisdom. We spoke about what families get right and wrong about direct investing, where families have an edge over private equity funds, and how to compete for top talent against the Street. Most interesting of all were the rules their family created for joining the family business. By requiring education and experience outside the business, family members often found their own successful careers outside the family business.

François M. de Visscher is a Belgium-born advisor with more than 30 years of experience advising business-owning families across the United States, Canada, Europe, the Middle East, and Latin America. He advises family ownership groups, family offices, and family companies on liquidity, capital needs, intergenerational wealth transfers, governance, restructuring, and mergers and acquisitions. In 1990, he founded de Visscher & Co., a leading independent advisory firm for family and closely held companies that has advised more than 300 family enterprises worldwide. He previously founded Wall Street's first Family Business Group at Smith Barney and most recently co-founded FODIS LP and Family Capital Partners, and serves as a senior advisor and associate partner at Cambridge Advisors to Family Enterprise.

François is a shareholder and former director of his own family's global enterprise, N.V. Bekaert S.A., headquartered in Belgium and founded by his great-grandfather in 1880. Today, the Bekaert Group generates approximately $5 billion in annual sales, operates in more than 120 countries, and is publicly traded while remaining controlled by the Bekaert family across five generations. Mr. de Visscher has served on the company's board of directors and as a member of the family council.

François is Honorary Consul of Belgium in the United States. He holds a Bachelor of Economics (Honors) from Université Catholique de Louvain, and an MBA from Rutgers University.

Please enjoy my conversation with François de Visscher.

de Visscher Advisors: https://www.devisscher.com/about-us

FODIS LP: https://www.fodisllc.com

If you like these discussions, please subscribe or leave a review.

NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening.

Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast.

FOLLOW JOE: https://twitter.com/joereillyjr

WEBSITE: https://circulus.substack.com/

INHERITANCE PODCAST: https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964

If you like this show, leave us a rating or review. I appreciate it.

S5E2

©2026 Joe Reilly

We think of the markets as complex systems but today's guest André Perold, sees it as a fascinating puzzle of human behavior, asymmetric information, and 'beautiful inefficiencies.' André is a legendary figure in the world of finance. He has worked with Harry Markowitz, Jack Treynor and Bill Sharpe and is a longtime Harvard Business School professor, a board member at Vanguard, and the co-founder of HighVista Strategies. André has spent his career deconstructing how markets work and where they break. In this episode, we discuss the illusion of liquidity, the dramatic rise and fall of internal management at the Harvard Endowment, and why the best investment theory is the one that either tells you exactly what to do or makes you rich by being wrong. We'll also find out the specific traits André looks for when trying to spot the next generation of investment talent

André is a Co-Founder and Chief Investment Officer of HighVista Strategies and a Partner of the firm. He was previously the George Gund Professor of Finance and Banking at the Harvard Business School and served as the Chair of the Finance Faculty. André's research and teaching were in investment management and the capital markets, for which he won numerous awards. André is a Board Member of The Vanguard Group and RIT Capital Partners and has served on the board of Mass General Brigham. He received a bachelor's with honors from the University of Witwatersrand and an masters and PhD from Stanford University.

Please enjoy my conversation with André Perold.

HighVista Strategies: https://www.highvistastrategies.com

If you like these discussions, please subscribe or leave a review.

NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening.

Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast.

FOLLOW JOE: https://twitter.com/joereillyjr

WEBSITE: https://circulus.substack.com/

INHERITANCE PODCAST: https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964

If you like this show, leave us a rating or review. I appreciate it.

S5E1

©2026 Joe Reilly

Kathryn Leaf is the CEO of Pantheon, a $76 billion private equity firm that has been doing secondaries, among other things, for decades. We had a deep discussion with her about the dramatic growth in the market. Her perspectives on the current state of PE secondaries, as well as evergreen and continuation funds, were fascinating, and the market has a ways to go, she notes: "There has been about $600 billion of capital raised by secondary funds that's servicing a roughly $15 trillion private market asset class." We also talk about doing infrastructure at scale, right sizing funds, finding talent, and the inefficiencies in the secondary market.

Kathryn Leaf is the CEO of Pantheon, a global private markets investment firm with a forty-year history. As a member of the firm's Partnership Board and International Investment Committee, she oversees Pantheon's $76B platform, which includes private equity, private credit, infrastructure, and real assets. Kathryn joined Pantheon in 2008, where she co-led investments and later became Global Head of Real Assets. In 2012, she established Pantheon's infrastructure platform, now one of the world's largest. Kathryn has driven the expansion of the firm's private wealth platform, including the AMG Pantheon Fund and the AMG Pantheon Private Credit Solutions Fund. With over 25 years in private markets, Kathryn previously worked at GIC, the Singapore sovereign wealth fund, Centre Partners, and Morgan Stanley. She holds a degree in Modern Languages from Oxford University.

Pantheon site: https://www.pantheon.com

If you like these discussions, please subscribe or leave a review.

NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening.

Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast.

FOLLOW JOE: https://twitter.com/joereillyjr

WEBSITE: https://circulus.substack.com/

INHERITANCE PODCAST: https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964

If you like this show, leave us a rating or review. I appreciate it.

S4E16

©2025 Joe Reilly

Today's guest is Avi Kalichstein, the CEO of Hunter Point Capital. He's deeply invested in the rapidly expanding world of private equity stakes. We delve into the influence of his father, a renowned pianist, and his early career at Goldman Sachs, where he met Chris Flowers, who significantly impacted his career. Flowers sent him to Japan to work on revitalizing Shinsei Bank, which was an education in cultural nuances. We also discuss his meeting with Bennett Goodman and the decision to establish Hunter Point. The conversation also covers the evolution of private equity stakes, their unique approach to viewing firms as businesses rather than just funds, the size of the market, barriers to entry, valuation models, and how transactions are made with long-term commitments in mind. It's an in-depth exploration of the GP stakes landscape.

Avi Kalichstein co-founded Hunter Point Capital and serves as its Chief Executive Officer. Before founding Hunter Point Capital, he was a Managing Principal at Easterly, a firm investing in and building investment management businesses. Previously, Avi was a Managing Director at J.C. Flowers, where he helped build a pre-eminent financial services-focused private equity firm, ultimately growing its AUM to over $10 billion. Prior to joining J.C. Flowers, he served as Head of Corporate Development at Shinsei Bank in Japan and began his career in the financial institutions group at Goldman Sachs. Avi earned his B.A. in Mathematics and Economics, magna cum laude, from Brown University.

Please enjoy my interview with Avi Kalichstein.

Hunter Point Capital: https://www.hunterpointcapital.com/

If you like these discussions, please subscribe or leave a review.

NOTE: This podcast is provided for general and educational purposes only and is not intended to constitute legal, tax, securities, or investment advice or a recommended course of action in any given situation. All opinions and views constitute our judgments as of the date of production and are subject to change at any time without notice. This information is provided for illustrative purposes only and is not a prediction, projection, or guarantee of future performance. All investing is subject to market risk, including the loss of principal.

Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast.

FOLLOW JOE: https://twitter.com/joereillyjr

WEBSITE: https://circulus.substack.com/

INHERITANCE PODCAST: https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964

If you like this show, leave us a rating or review. I appreciate it.

S4E15

©2025 Joe Reilly

Lawrence Calcano, CEO of iCapital, began his path to finance with a surprising fork in the road, a theater audition on the very same day as his Morgan Stanley interview. That moment set the stage for a remarkable career shaped by both creativity and strategy.

Lawrence discovered that the same skills that bring a story to life on stage are just as essential in building successful teams and businesses. From helping to build Goldman Sachs' East Coast Tech Group in the early 1990s when the internet was a "fire hose" of innovation to witnessing the highs of the Netscape IPO and the lessons of the dot-com collapse, Lawrence has had a front-row seat to the evolution of technology and capital markets.

Now, as the leader of iCapital, he shares how the firm has invested over $700 million in technology to tackle one of wealth management's biggest challenges: expanding access to alternative investments for high-net-worth investors. Calcano opens up about the early skepticism from fund managers, the "chicken-and-egg" dynamics of building a two-sided marketplace, and how a relentless focus on education, access, and automation helped iCapital reshape the industry.

Lawrence Calcano is the Chairman and CEO of iCapital, the world's alternative investment marketplace. Since 2013, he has led the strategic vision and guidance that has defined iCapital as a leading financial technology provider iCapital now services more than $270 billion in client assets on the platform across more than 1,760 funds and 106,000 underlying accounts and has 16 offices worldwide Lawrence has appeared on the Forbes Midas List five times.

Prior to joining iCapital, Lawrence was a partner and managing director at Goldman, Sachs & Co. for over seventeen years, including serving as the co-head of the Global Technology Banking Group within the Investment Banking Division. He was responsible for all aspects of technology financing for the internet, digital & e-commerce, software, services & hardware client businesses. He began his career at Morgan Stanley.

Outside of technology, Lawrence's other passion is mental health & wellbeing, and this has led him to serve as a director of Vibrant Emotional Health (formerly the Mental Health Association of NY) for more than 10 years.

Lawrence received a BA from the College of the Holy Cross and graduated from the Amos Tuck School of Business at Dartmouth College as a Tuck Scholar.

Please enjoy my interview with Lawrence Calcano.

iCapital website: https://icapital.com

If you like these discussions, please subscribe or leave a review.

NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening.

Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast.

FOLLOW JOE: https://twitter.com/joereillyjr

WEBSITE: https://circulus.substack.com/

INHERITANCE PODCAST: https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964

If you like this show, leave us a rating or review. I appreciate it.

S4E14

©2025 Joe Reilly

Partners Capital is a $60 billion asset manager that outsources investments for institutions including family offices, foundations, and endowments. The firm was founded with particularly sophisticated clients, most of them private equity partners, which I covered in my previous podcast with founder Stan Miranda. Today we talk to his successor, Arjun Raghavan, who has continued to grow and expand the firm as well as its thought leadership. We talk about his own personal beginnings in India and his consulting and quant background, then talk about how one builds a global business for high-end clientele, and also discuss their evolved point of view on the endowment model, something Arjun has written about. I highly recommend Partners' white papers on the endowment model, building a family office, and how private equity partners invest their own money.

Arjun Raghavan joined Partners Capital in London in 2007 and is the global Chief Executive Officer. He serves on the Board of Directors and the Global Investment Committee. Arjun previously led Portfolio Construction and established the firm's Asian operations in Singapore and Hong Kong. Before joining Partners Capital, he was a Director at Quantiva Capital, an equities hedge fund, and a consultant at Accenture focused on corporate strategy. Arjun earned an MBA with Distinction from INSEAD and an engineering degree from the Indian Institute of Technology, Mumbai.

Please enjoy my interview with Arjun Raghavan.

Partners Capital: https://partners-cap.com

Arjun's White Paper on the Endowment Model: https://partners-cap.com/wp-content/uploads/Intellectual-Capital-Risk-Managed-Endowment-Approach-2019.pdf

Private Capital Interview with Stan Miranda: Private Capital Podcast

If you like these discussions, please subscribe or leave a review.

NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening.

Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast.

FOLLOW JOE: https://twitter.com/joereillyjr

WEBSITE: https://circulus.substack.com/

INHERITANCE PODCAST: https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964

If you like this show, leave us a rating or review. I appreciate it.

S4E13

©2025 Joe Reilly

Today's guest is Shirl Penney, founder and CEO of Dynasty Financial Partners, which is a comprehensive platform that allows wealth advisors to go independent and form their own RIA. Shirl's story starts with a thrift store suit and a bus ticket and leads to the helm of this billion-dollar firm. We start off talking about the inefficiencies and economics of horseracing, Shirl's passion outside of work. We then go through the formation story of Dynasty post-GFC, their early challenges with technology and data, what the decision is like for a team to break out and start their own firm, their M&A advisory business, and the current hot market for RIAs, and his lessons learned.

Shirl Penney is the founder, CEO, and member of the Board of Directors of Dynasty Financial Partners, one of the leading advocates and platforms for independent wealth advisor firms. Since its launch in 2010, Dynasty has grown to support more than 500 financial advisors across 55 independent firms that collectively manage more than $120B assets under management.

Prior to Dynasty, Shirl worked at Citi Smith Barney in various leadership roles, including director of private wealth management and head of executive financial services.

Shirl is from Eastport, Maine, and graduated from Bates College. He and his family live in St. Petersburg, where they are active in numerous charitable causes focused on education, poverty, ALS, and veteran services.

Please enjoy my interview with Shirl Penney.

Dynasty Partners: https://dynastyfinancialpartners.com

If you like these discussions, please subscribe or leave a review.

NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening.

Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast.

FOLLOW JOE: https://twitter.com/joereillyjr

WEBSITE: https://circulus.substack.com/

INHERITANCE PODCAST: https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964

If you like this show, leave us a rating or review. I appreciate it.

S4E12

©2025 Joe Reilly

Adam Waterous is the founder of Waterous Energy Fund, the largest private equity fund in Canada's oil and gas sector. He gives us a masterclass on the past fifty years of oil and gas investing. From humble roots and with no background in oil and gas, he pioneered the competitive sales process in Canada, identified the critical shift in the market and technology after 2012, used a value investing strategy influenced by Buffett to build his firm, and tells us about the importance of finding good rock and the power of consolidation.

Adam Waterous began his career in management consulting with McKinsey & Company in Toronto, then transitioned to mergers and acquisitions at First Boston in New York. In 1991, he co-founded Waterous & Co., an investment banking firm specializing in the energy sector, which was later acquired by Scotiabank in 2005. At Scotiabank, he served as Global Head of Investment Banking, where he completed over 250 transactions valued at over $200 billion. In 2017, he founded the Waterous Energy Fund, a private equity firm focused on the Canadian energy sector, which under his leadership built Strathcona Resources Ltd. from scratch into one of Canada's largest oil companies through strategic acquisitions and organic growth. Adam is a graduate of Western Ontario University and Harvard Business School.

Please enjoy my interview with Adam Waterous.

Waterous Energy Fund website: https://waterous.com

If you like these discussions, please subscribe or leave a review.

NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening.

Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast.

FOLLOW JOE: https://twitter.com/joereillyjr

WEBSITE: https://circulus.substack.com/

INHERITANCE PODCAST: https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964

If you like this show, leave us a rating or review. I appreciate it.

S4E11

©2025 Joe Reilly

Hello and welcome to the Private Capital podcast. I'm Joe Reilly, head of Circulus Group, a network for family offices based in Greenwich, Connecticut. Our next family office summit is on November 20th in New York. It will feature Jose Minaya, Head of Investments at BNY, and former podcast guest Ken Kencel, president and CEO of Churchill Asset Management. Please subscribe at https://circulus.substack.com/ to stay in the loop.

Roger Ferguson, former Vice Chairman of the Federal Reserve, has had a compelling professional and intellectual career. In our candid and wide-ranging interview, we learn valuable lessons from his father and Paul Volcker, his learning economics during the 1970s inflation, unrest in Chile, and coal strikes in the UK. We learn what makes a good Fed governor. We also learn about Greenspan's thought process, "Fed Speak," and his essential moves on the morning of 9/11. Additionally, we gain insights into the last mile of inflation and the bursting of asset bubbles. I don't know if I have ever covered so much ground in a single interview, which I know you will enjoy.

Roger W. Ferguson, Jr. is the Executive Chairman of Andalusian Credit Partners. Mr. Ferguson served as the 17th Vice Chairman of the Board of Governors of the United States Federal Reserve System from 1999 to 2006 and as a member of the Board of Governors of the United States Federal Reserve System since 1997.

After leaving the United States Federal Reserve, Mr. Ferguson served as the President and CEO of TIAA ($1.4 trillion of AUM) from 2008 to 2021. Mr. Ferguson has been a member of the Board of Directors of Alphabet Inc. since 2016.

Mr. Ferguson is currently the Steven A. Tananbaum Distinguished Fellow for International Economics at the Council on Foreign Relations. From 2006–2008, Mr. Ferguson worked at Swiss Re, a global reinsurance company, where he served as Chairman of the firm's America Holding Corporation, Head of Financial Services, and a member of the Executive Committee. Mr. Ferguson has also worked as an Associate and Partner at McKinsey & Company.

Mr. Ferguson holds a B.A. in Economics, a Doctoral degree in Economics, and a Juris Doctor degree, all from Harvard University.

Please enjoy my conversation with Roger Ferguson.

Andalusian website: https://www.andalusian.com

If you like these discussions, please subscribe or leave a review.

NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening.

Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast.

FOLLOW JOE: https://twitter.com/joereillyjr

WEBSITE: https://circulus.substack.com/

INHERITANCE PODCAST: https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964

If you like this show, do me a favor and send it to someone you think would enjoy it. Just copy the link into an email or text. I appreciate it.

S4E9

©2025 Joe Reilly

Today we are traveling through one of the great family business stories, that of Goya Foods, the formation of their family office, and the creation of a free-standing private equity firm that focuses on family businesses called AUA Partners.

Andy Unanue is the founder and Managing Partner of AUA Private Equity Partners, an operationally focused, lower middle-market investment firm with expertise in supporting and growing family-owned and demographic-driven businesses. Andy is a member of AUA Private Equity's Investment Committee, and under his leadership, AUA has deployed over $600 million of capital to date.

AUA's business model is driven by Andy's own family background. He is a member of the Unanue family, which owns and runs Goya Foods, the largest producer of Spanish- and Latin-American foods in the United States. Andy's grandfather, Prudencio, founded the company in 1936, and Andy's father, Joe, was a legendary CEO of the company himself. Andy was a leader of Goya for many years, ultimately serving as its Chief Operating Officer before founding AUA.

Andy currently serves on several corporate boards, including Raymundos Food Group and Westminster Pet. Additionally, he serves on several not-for-profit boards, including his family's charitable foundation, The C&J Unanue Foundation. Andy is a member of the University of Miami's Dean's Advisory Committee, the New America Alliance, and is on the Columbia University Medical Center's Board of Advisors.

Andy received his M.B.A. from the Thunderbird School of Global Management and his B.B.A. from the University of Miami.

Please enjoy my conversation with Andy Unanue.

AUA Website: https://auaequity.com/

Circulus Substack: https://circulus.substack.com/

If you like these discussions, please subscribe or leave a review.

NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening.

Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast.

FOLLOW JOE: https://twitter.com/joereillyjr

WEBSITE: https://circulus.substack.com/

INHERITANCE PODCAST: https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964

If you like this show, do me a favor and send it to someone you think would enjoy it. Just copy the link into an email or text. I appreciate it.

S4E9

©2025 Joe Reilly