This week on Sweat Capital, we are joined by Stellar Health CEO, Michael Meng.

Mike’s transition from what many would see as a dream job, Principal at a high performing private equity firm, into taking a chance on a somewhat spontaneous opportunity is interesting in itself. But the challenge he took on certainly raised our eyebrows…

A core goal of aligning the interests of health insurers, care providers and patients is something that many people would dismiss as utopian thinking. However, by leveraging their proprietary technology platform and >200 strong team, Stellar Health are doing just that.

A must listen for anyone who is curious about the way that tech can impact problems in ways that we had never thought possible.

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We'll see you in the next one.

This episode was recorded on 22 October 2025, OnAir @ IMARC. For more information on the world's biggest mining conference and how to get involved, visit ⁠⁠imarcglobal.com⁠⁠.

In this episode of Sweat Capital, we’re joined by Bryan Quinn, Managing Director of Aurelia Metals, to unpack what it’s really like stepping out of big mining and into the driver’s seat of a mid-cap resource company.

Bryan shares the lessons he learned moving from large, global firms to running a mid-cap miner – where capital allocation, operational discipline and decision-making hit very differently. We explore how Aurelia is positioning itself for the next phase of base metals growth, why these commodities matter in a changing global economy, and how leadership looks when every decision truly counts.

We also chat about their key asset in the Cobar Basin – one of Australia’s most prospective and under-appreciated mineral districts – discussing its geology, infrastructure advantages, and why it remains central to Aurelia’s long-term strategy.

If you’re interested in mining, commodities, or what it takes to lead a resource company through cycles of volatility and opportunity, this episode offers a rare, on-the-ground perspective.

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Keep playing the long game.

This week on Sweat Capital, we welcome back Anthony Liveris, our first-ever returning guest – and for good reason.

Anthony is the CEO of Proto Axiom, Australia’s first company creation and investment platform for the life sciences, and someone who’s shaping the direction of the industry in real time.

In this episode, we explore why the life sciences industry is poised to become Australia’s breakout industry, the momentum Anthony is seeing across research, capital formation and talent, and how Proto Axiom has evolved since we last spoke. From scientific breakthroughs to commercialisation pathways, Anthony lays out the structural advantages Australia has - and what needs to happen next to compete globally.

We also explore what life is actually like as a young CEO operating in a field defined by long timelines, high uncertainty and massive upside.

If you’re interested in the future of frontier science, investing in uncertainty, or building high-conviction companies from the ground up, this should be a great listen.

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We'll see you in the next one,

Keep playing the long game.

In this month’s internal Sweat Capital pod, we unpack a few things that have shaped how we’re thinking about the show and our own careers lately – starting with the power of simply asking for advice. We talk about why vulnerability builds connection, why you don’t need a formal “mentor” to get world-class guidance, and how your own experiences can become a real competitive edge.

We also break down the learnings from our first truly “sort-of viral” clip – what worked, what didn’t, and what it means for how we approach short-form going forward.

Finally, we run through what we’re planning for the Sweat Capital offsite: tightening our strategy, getting clearer on our brand, and building the systems that will help us improve the show.

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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.

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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.

***

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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/

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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.

***

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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.