In this episode of RPM, Ted Panarese and Aditya Fontana-Raina, New York-based Managing Directors on our private equity team, join co-host Anna Marcus to explore whether emerging managers truly represent a disproportionate source of risk, or if the opportunity has been mischaracterized. They cover:

• Revisiting the case for emerging managers (3:02)
• What the data says about early-fund outperformance (4:12)
• The ideal Fund I profile (6:41)
• Risks with Fund I investing (11:15)
• Building a disciplined emerging manager playbook (13:52)
• Risk management at the program and portfolio level (16:36)
• Key takeaways (21:32)

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In this episode of RPM, Jeff Giller, Partner and Head of Real Estate, and Margaret McKnight, Partner and Head of Portfolio Solutions for StepStone Real Estate, rejoin co-host Maribel Yoo to discuss our Fall 2025 House Views on the state of the real estate market. They cover:

• Market backdrop and investor sentiment (00:58)
• Deployment concerns (2:33)
• Maturity wall and recap opportunities (05:40)
• Addressing the fundamentals (8:31) 
• Sector and regional outlooks (9:44)
• Investor frustrations and takeaways (12:21)

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In this episode of RPM, Lisa Larsson, a New York-based Partner on StepStone’s Portfolio Management team, and Akash Chitrey, a La Jolla-based Senior Associate on the same team, join co-host Anna Marcus to discuss private equity liquidity and valuations, using data to show how private equity really creates and sustains value, even amid uncertain macro conditions. They cover:

• Why liquidity and valuations matter in 2025 (1:07)
• What the data reveals about performance (1:41)
• Evolving exit pathways (4:04)
• Private equity valuations (8:05)
• How private equity creates value (11:45)
• Discipline in a volatile market (13:48)

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In this episode of RPM, Zhiyao Ma and Hansong Qu, Vice Presidents on StepStone's Asia Private Equity team, join co-host Anna Marcus to discuss the investment case for Japan and India and why these markets may be top of mind for investors looking at China +1 alternatives.

• The focus on Japan and India (2:21)
• Growing deal volume in Japan (4:15)
• Misconceptions about Japan PE (7:17)
• India's investment pitch (8:44)
• The India opportunity set (11:47)
• Advice for investors (20:12)

For more on this topic, read our "Diversifying your Asia exposure" whitepaper series which includes papers on Japan private equity and India private equity. 

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In this episode of RPM, Fabian Körzendörfer, a Zurich-based Partner on StepStone’s Private Debt team, joins co-host Michael Venne to discuss the benefits of private debt and why the asset class fits well with evergreen fund structures.

• Why evergreens (03:01)
• Historical performance (9:04)
• How to generate liquidity in PD (12:49)
• Benefits for institutions vs. individuals (19:05)
• Co-investments in evergreens (22:02)
• Key considerations (25:25)

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In this episode of RPM, Tim Rees, a London-based Partner on StepStone’s Infrastructure and Real Assets team, joins co-host Michael Venne to discuss the rapid growth of infrastructure secondaries and why the market is gaining momentum. They cover:

• Growth of infrastructure asset class (00:51)
• Scale of the secondary market (03:26)
• Drivers of growth in infra secondaries (05:19)
• Synergies from primaries and co-investments (09:36)
• Advice for new investors (19:39)
• Diversification and other considerations (22:23)

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In this episode of RPM, Jeff Giller, Partner and Head of Real Estate, and Margaret McKnight, Partner and Head of Portfolio Solutions for StepStone Real Estate, rejoin co-host Maribel Yoo to discuss our Spring 2025 House Views on the state of the real estate market. They cover:

• Market shifts and the new cycle (:50);
• US real estate landscape (1:55);
• Best practices amid volatility (5:51);
• European outlook (8:29);
• US policy risks and opportunities (9:02);
• Real estate capital raising (12:50)

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This episode of RPM features Suzanne Tavill, Partner and Head of Responsible Investment at StepStone, in conversation with Brooke Latham, Head of Sustainability at the NATO Innovation Fund. They explore what it means to invest responsibly in dual-use technologies, with a focus on the evolving concept of “responsible use.”

• Defense spending (1:33)
• Changing nature of threats (5:03)
• Responsible use with NIF (7:35)
• Real-world examples (11:02)
• The importance of accountability (15:20)
• The role of the asset owner (17:35)

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This episode of RPM features Suzanne Tavill, Partner and Head of Responsible Investment at StepStone, in conversation with Brooke Latham, Head of Sustainability at the NATO Innovation Fund. They explore what it means to invest responsibly in dual-use technologies, with a focus on the evolving concept of “responsible use.”

• Defense spending (1:33)
• Changing nature of threats (5:03)
• Responsible use with NIF (7:35)
• Real-world examples (11:02)
• The importance of accountability (15:20)
• The role of the asset owner (17:35)

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In this episode of RPM, Suzanne Tavill, Partner and Head of Responsible Investment at StepStone, is joined by special guest Paul Fehlinger, Director of Policy Innovation and Impact at Project Liberty Institute to discuss Responsible AI, the opportunities and challenges that come with it, and why what we see right now is just the tip of the technology iceberg. They cover:

• How LPs think about AI (2:10);
• Our observations on Responsible AI (3:50);
• Fair data economy (6:57)
• Best practices in risk management (9:08)
• GPs’ value proposition (12:22)
• How LPs can mitigate risk (16:56)

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