This week on Sweat Capital, we sit down with Blue Owl Managing Director Marc Pillemer – an Australian who’s built a global career inside one of the world’s leading alternative asset managers with over $300B AUM.

Marc takes us inside how GP staking actually works - from sourcing deals, to evaluating culture and strategy, to deciding which investment firms will endure over the next 10–20 years. He breaks down the art of saying no, the importance of long-term relationships, and why permanence, alignment and discipline sit at the centre of every great deal.

We also dive into his journey from actuarial studies at Macquarie to Goldman Sachs in Hong Kong and New York, Blackstone’s GP stakes platform, and ultimately Blue Owl - where he now helps shape one of the most active investing strategies in global alternatives.

If you’re interested in private markets, building a career in finance, or understanding how elite investors think, this is a must-listen.

Follow Sweat Capital:

• Instagram
• LinkedIn

Paul Tranter, CFO of Boston Consulting Group, joins Will and Charlie from his home in Boston, USA to share his remarkable story from a boy on the farm to a global leader in management consulting.

We explore:

• Paul’s unique path to university, including going back to complete Year 12 at the age of 22 and how he considers this decision to be the “turning point” of his life
• His pathway into management consulting at BCG
• The impact that Harvard had on Paul’s personal development
• His role as Global CFO at Boston Consulting Group

A great lesson in how to use adversity as a catalyst for growth and why grit can take you to places you have never dreamed (in Paul’s case the 61st floor of an office building!).

We hope you enjoy!

Steven Marshall (President, American Australian Association; Former Premier of South Australia) joins Will and Charlie to unpack a career spent at the crossroads of public service, business and international engagement. We dig into Steven’s time leading South Australia (2018–2022) and the tough, high-stakes decisions he made during the COVID outbreaks.

We trace his beginnings, his move from state politics into international advocacy, and what his new role at the American Australian Association actually involves — building networks, trade links and people-to-people ties between Australia and the United States.

A major thread of the conversation is why Australians keep punching above their weight in the U.S. - the cultural traits and networks that help people land at the very top of global firms.

A great listen if you have global aspirations for your career.

***

Follow us for BTS content and to stay up to date with the show!

• ⁠Spotify⁠
• ⁠Apple Podcasts⁠
• ⁠YouTube⁠
• ⁠LinkedIn⁠
• ⁠Instagram

It's been a huge October at Sweat Capital, and there's a lot to catch up on.

In this monthly recap, Charlie, Will, and Dimitri discuss:

• The whirlwind launch and rebrand of the show
• Charlie and Will's trip to New York to interview world-class investors like Matthew McLennan
• Lessons we've taken from conversations about value investing, career ambition, and not sweating the small stuff.
• BTS from the International Mining and Resources Conference (IMARC) 2025
• What makes Aussies stand out globally
• What's in store for November

We hope you enjoy and thank you so much to everyone for all of your support!

Means the world.

***

THiNK Substack: https://thinkbypan.substack.com/

Follow us for BTS content and to stay up to date with the show!

• Spotify
• Apple Podcasts
• YouTube
• LinkedIn
• Instagram
• TikTok
• X

This episode was recorded on 24 November 2025 at the University of Sydney's CreateSpace.

This episode was recorded OnAir @ IMARC. For more information on the world's biggest mining conference and how to get involved, visit imarcglobal.com.

From Wollongong to leading a team of over 160,000 staff as CEO of Anglo American, Mark Cutifani CBE is an example of how Australia’s best are amongst the most elite mining executives across the globe.

In this episode, we unpack…

• How Mark self-funded his way through university
• How he thinks through complex business problems by combining his on-the-ground technical experience with a commercial lens
• The importance of meaningfully engaging with middle management, particularly the General Managers

A rare conversation with one of mining's most renowned corporate leaders.

***

Follow Sweat Capital on all platforms to stay up to date:

• Instagram
• LinkedIn
• TikTok
• X

In this episode, we sit down with Matthew McLennan, Head of the Global Value team at First Eagle Investments, in his New York City office for a rare, wide-ranging conversation on investing, temperament, and compounding wisdom over time.

Matthew shares stories from his childhood in rural Queensland, lessons from mentors at Goldman Sachs in both Sydney and London, and what he learned stepping into senior leadership at First Eagle during the GFC in 2008.

We explore:

• How his early mistakes shaped his discipline
• The lessons he learned in the Asset Management Team at Goldman Sachs
• Why patience, humility, and temperament are undervalued in modern markets
• The rise of passive and AI investing — and what it means for value investors
• His best advice to his younger self

A rare conversation with one of the most thoughtful investors of our time.

This episode was recorded on 19 September 2025.

In this episode, we sit down with Larry Anthony AO – third-generation Federal MP and former Minister for Social Security in the Howard government – for a deep dive into life in and out of Parliament.

We cover the early days of his political career, including his unconventional campaign methods (including riding a push bike around Byron Bay), his infamous hungover Question Time appearance in Parliament, and what it's really like managing the largest spending portfolio in the Commonwealth in his role as Minister for Social Security.

We also dig into the mechanics of being a Cabinet Minister, the behind-the-scenes workings of government, and how a young person can look to get a start in a political career.

Plus, Larry shares his reflections on the Anthony family's political legacy, the transition from Parliament to business, and his work today as Chairman of the SAS Group.

It's an honest look at politics, legacy, and leadership – from someone who's lived it all.

We hope you enjoy!

Follow our socials:

• LinkedIn
• Instagram
• X
• TikTok

Welcome to the first episode of Sweat Capital – the next chapter in our journey of exploring ambition, effort, and the long game in business and life.

In this launch episode, we introduce the new brand, share what Sweat Capital stands for, and set the stage for the conversations ahead. At its core, Sweat Capital is about doing the daily work, making the most of opportunities, and building something real over time – careers, companies, and character – with no shortcuts.

Joining us is Dimitri Gremos, Head of Creative & Strategy at Sweat Capital, who has played a key role in shaping the brand’s identity and vision. Dimitri takes us behind the scenes of the rebrand, how we landed on Sweat Capital, and what listeners can expect from this new era of the podcast.

If you’ve been with us since the early days, thank you for being part of the journey. If you’re new here, welcome – we’re just getting started.

This episode was filmed at the University of Sydney's ThinkSpace.

Martijn Wilder AM has spent decades at the intersection of climate, capital, and policy—shaping the way governments and private markets respond to the challenge of decarbonisation.

In this episode, we unpack Martijn’s career journey—from starting out in law and founding Pollination Group, to playing a key role in the National Reconstruction Fund and sitting on boards like WWF and the Clean Energy Finance Corporation. He shares what drew him to emerging markets and frontier projects, how he thinks about sustainable investing, and why public-private partnerships are crucial for climate outcomes.

We also dig into Australia’s policy landscape, the future of energy and innovation, and what advice he has for young people who want to build a meaningful career in climate or capital.

Andrew Purcell – Energy, Emerging Markets, and the Value of Going Off-Piste

From investment banking in Hong Kong to drilling exploration wells in Cuba, Andrew Purcell has built a career that defies convention. In this episode, we sit down with the Executive Chairman of Melbana Energy to explore how and why he’s always chosen to operate in the world’s harder-to-navigate markets.

We talk about his early leap from banking into energy and infrastructure, what keeps him committed to jurisdictions like Cuba, and the strategic thinking behind deals like the recent Santos farm-in. Andrew also shares reflections from decades of investing across Asia—Indonesia, Thailand, Malaysia—and the lessons he's learned about political risk, capital allocation, and long-term conviction.