In this episode, Ian and Robert discuss:

1. 2025 recap: how should we reflect on market performance in 2025?
2. Private markets: have private markets recovered and how did our portfolios perform?
3. Opportunities: how did the opportunities we previously highlighted perform in 2025 and what are the key opportunities for the year ahead?

In this episode, Ian is joined Ali Akay, Chief Investment Officer of Carrhae Capital, an investment manager specialising in emerging market equities, to discuss:

• How a chance conversation about the ex-prime minister of Turkey led to Ali’s career in investing
• How Carrhae’s best-in-class emerging market equity selection process sets them apart
• An example of how Carrhae’s investment philosophy works in practise

In this episode, Ian is joined by Mario Acquistapace, Investment Research Associate Director at CapGen, to discuss emerging market equities, including:

• An overview of the current landscape, how they've performed and the associated risks
• Our manager selection process
• Carrhae Capital's investment strategy and the rationale behind choosing them as a partner

In this episode, Ian and Robert discuss emerging market equities from a macro perspective:

• Market overview: how have emerging market equities performed over the past year and how do we classify them?
• Portfolio context: what is their role in portfolios and what are the risks?
• Investment strategy: what are the pros and cons of active vs passive approaches?

In this episode, Ian is joined by Felipe Morenés, Founding Partner of Stoneshield Capital, a distressed and opportunistic long-term investment firm, to discuss:

• Felipe's own professional journey, Stoneshield’s origins and what makes them distinctive
• Stoneshield's investment strategy and how they identify opportunities
• An example of a successful deal, from initial concept to value creation and exit

In this episode, Ian is joined by Ross Davies, Head of Real Estate at CapGen, to discuss real estate, including:

• Current opportunities in Europe and the US
• Our investment selection process
• How to access these opportunities

In this episode, Ian and Robert discuss Real Estate from a macro perspective:

• Market overview: how has real estate performed over recent years and what do we mean by opportunistic real estate?
• Portfolio context: what is the role of real estate in portfolios and what is the opportunity cost of capital?
• Opportunities: what does the current opportunity set look like?

In this episode, Ian is joined by Mike Ascione, Managing Director of Berkshire Partners, a US-based private equity manager, to discuss:

• Berkshire’s origins, how they have celebrated successes and learnt from mistakes, and the future of private equity as an ownership model
• Their investment philosophy and process
• An example of a transaction investment and their greatest contribution to its success

In this episode, Ian is joined by Enrica Dacomo, Investment Research Director at CapGen, to discuss Private Equity from a research perspective, including:

• Opportunities in the US mid-market sector
• An exploration of our manager research and selection process
• How building relationships can lead to better opportunities

In this episode, Ian and Robert discuss Private Equity from a macro perspective:

• First principles: what is the role of private equity in portfolios?
• Building a portfolio: how does this work in practice and how opportunistic can you be?
• Opportunities: what does the current opportunity set look like?