In this episode of RPM, John Bohill, a partner on our private debt team, joins co-host Michael Venne to discuss the rapid growth and evolution of private debt's secondary market. Among other things, they cover:

- Nuances characterizing this market (01:14);

- Private debt as a liquidity tool (03:09);

- Discounts being half the picture (04:54);

- Data’s role in mitigating risk (08:59)

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As bond yields have risen, some investors have been questioning whether direct lending (DL) offers the same value proposition as it once did, but yields are only part of the equation. In this episode of RPM, Fabian Körzendörfer, a Managing Director on our private debt team, joins co-host Maribel Yoo to discuss how direct lending may offer attractive risk-adjusted returns. They discuss:

• DL’s lower duration risk (01:08);
• How direct lenders limit credit risk (2:57);
• Liquidity features of DL (5:36)
• Volatility of DL (9:40); and
• DL’s drawdowns (11:29)

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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 Real Estate join co-host Maribel Yoo to discuss our recently released Spring 2023 House Views. They discuss:

• Key takeaways from the House Views (01:26);
• Opportunities in distressed buys (03:22);
• The repricing period (04:24);
• Property types most attractive now (07:56);
• Attractive vintages ahead (09:22).

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When the economy shrinks, institutions tend to seek reassurance from larger, more established private equity fund managers. This comes at the expense of small, emerging and by extension, diverse managers, which some regard as riskier than their larger, “more proven” counterparts. In this episode of RPM, Daniel Krikorian, a principal on our private equity team, joins co-host Michael Venne to discuss why investors should fight the urge to cut back on SBO and if anything, lean in. They discuss:

• Attractive features of SBO (01:35);
• Market volatility’s effect on SBO (11:30);
• Challenges SBO can present (16:49); and
• How diversity ties into SBO (19:54)

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In this episode of RPM, Bhavika Vyas, managing director and member of the Responsible Investing Team, as well as special guest Julio Friedmann, chief scientist at Carbon Direct, join co-host Maribel Yoo to discuss the Inflation Reduction Act of 2022 (IRA). They cover:

• An overview of the IRA (00:32);
• Scope and impact (06:51);
• Transforming business models (10:14)
• Considerations for investors (17:18); and
• Future policies and regulation (26:15)

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In this episode of RPM, Lisa Larsson, managing director on our portfolio management team, joins co-host Michael Venne to discuss the recently trending net asset value (NAV) lending. They discuss:

• The definition of NAV lending (0:48);
• Why NAV lending is regaining popularity in recent times (02:36);
• How the heightened interest rate environment is affecting the performance of these structures (07:48);
• How potential buyers can get comfortable with taking part in one of these transactions (10:58).

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Over the next five years, private capital assets under management are projected to grow from $10 trillion to $17 trillion. One of the leading reasons: the individual investor. In this episode of RPM, Bob Long, CEO of StepStone Private Wealth joins Michael Venne to discuss this trend. Among other things they cover: 

• The historical barriers to entry (3:24);
• The emergence of tender funds (8:12);
• An overview of two of our retail products (12:48); and
• Liquidity management (18:56)

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In this episode of RPM, Aditya Raina and Laura White, two members of our Private Equity team, join co-host Maribel Yoo to discuss StepStone’s 2023 outlook for private equity. They discuss:

• Key market observations and its impact on the PE fundraising environment (00:48);
• PE transaction activity (02:48);
• Secondary market opportunity for the PE asset class (09:40);
• ESG considerations and impact investing in PE (12:34); and
• Opportunities across market cycles (17:32)

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Nature provides the building blocks for civilization, arable soil, air and water filtration, ore and minerals for extraction, and economic and recreational opportunities. In almost any other context, you would expect to pay for these services. But with nature, we are wont to expect these things for nothing. Hence the title for the white paper we released late last year, “We don't value nature.”
As financiers and economists, we are wont to look at nature and try to derive an ROI. And for that reason, institutions have underrated nature—the returns were not competitive with other asset classes. Part of the reason for that is society had not properly placed a price on all the benefits and pleasure it derives from nature. And by doing so, the thinking goes, nature will find a place in investors’ portfolios. On this episode of RPM, Susanne Tavill, StepStone’s Head of Responsible Investment, discusses nature-based investing. Among other things we discuss:

• How better pricing can help resolve the nature crisis (9:39);
• The relationship between climate and nature investing (13:40); 
• The challenges investors are facing in building a nature-based portfolio (20:32);
• COP15: where it succeeded and how it can improve (23:12); and
• How the digital divide has been a two-way street (28:58).

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In this episode of RPM, Ariel Goldblatt and Mark Tsang, senior members of our private debt team join co-host Maribel Yoo to discuss StepStone’s 2023 outlook for private debt. They discuss:

• Key drivers impacting the private debt market (00:43);
• Why invest in private debt in this market (03:33);
• Factors driving the growth and performance of private credit (05:45)
• The current investment environment in the next 12 months (07:43); and
• The difference between defense and offense when it  comes to private debt (10:48)

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