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Most business owners aren't ready to sell. 

Not because they don't want to. Because the structure, the documents, and the conversations that make a deal work, they never happened. 

Managing Partner Tim Whybourne sat down with Christine Fleer and Rebecca Zwier of Arnold Bloch Leibler, the firm behind 40% of Australia's AFR Rich List, to talk about what exit-ready actually looks like. 

 The short version: the families who get the best outcomes start preparing years before anyone makes an offer. 

They discuss in this episode of The Exchange: 

→ The structural traps that quietly cost sellers at the deal table 

→ What the ATO is coming for, and what to fix before they do 

→ Why you should be doing due diligence on your buyer, not just the other way around 

→ How to pass on wealth to the next generation without taking away their reason to work for it. 

If you own a business, or advise someone who does, this one is not to be missed. 

Listen here for the entire interview:  

Disclaimer: 
The information in this podcast series is for general financial educational purposes only, should not be considered financial advice and is only intended for wholesale clients.  That means the information does not consider your objectives, financial situation or needs.  You should consider if the information is appropriate for you and your needs.  You should always consult your trusted licensed professional adviser before making any investment decision. 

Let us know your thoughts, questions, and who you want to hear from next!

In this episode of The Exchange, Tim Whybourne sits down with Jonathan Belz, Global CEO and Co-Founder of BFA Global Investors, an investment manager built to give Asia-Pacific family offices and sophisticated investors direct access to top-tier US venture managers and transformative private companies. Jonathan brings more than twenty years of experience across Goldman Sachs, Credit Suisse, and the Victor Smorgon Group, and has been behind some of the most notable private market allocations in Australia, including early positions in Anthropic, OpenAI, and SpaceX.  

Together, they explore why the most significant value creation of our lifetime is happening in private markets, how AI is compounding on top of technology cycles that are still far from mature, and why the opportunity beneath the hyper-scalers is larger than most investors appreciate. They also unpack the structure and investment thesis behind BFA's Vintage Fund, covering fund selection, co-investment access, return targets, and how to think about liquidity over a five-to-ten-year horizon.

Disclaimer: 
The information in this podcast series is for general financial educational purposes only, should not be considered financial advice and is only intended for wholesale clients.  That means the information does not consider your objectives, financial situation or needs.  You should consider if the information is appropriate for you and your needs.  You should always consult your trusted licensed professional adviser before making any investment decision. 

Let us know your thoughts, questions, and who you want to hear from next!

In this episode of The Exchange, Charles Troian sits down with Michael Lukin, Partner at Roc Partners, to explore why the Australian mid-market remains one of the most compelling and undercapitalized opportunities in private equity today. 

With 30 years in the industry, beginning at Macquarie Bank before a management buyout formed Roc Partners in 2014, Michael brings a rare depth of perspective on how the asset class has evolved. He breaks down why the $50 million to $1 billion segment of the Australian market is structurally underserved by capital, how private equity has shifted from financial engineering to genuine operational value creation, and which sectors are attracting the most conviction right now. 

The conversation also covers Roc's Summit Fund, their evergreen vehicle built to give private wealth investors simpler, more flexible access to Australian mid-market private equity, and why buyout is better suited to that structure than venture capital. 

If you've been thinking about how private equity fits into a long-term portfolio, this episode is a good place to start.

Disclaimer: 
The information in this podcast series is for general financial educational purposes only, should not be considered financial advice and is only intended for wholesale clients.  That means the information does not consider your objectives, financial situation or needs.  You should consider if the information is appropriate for you and your needs.  You should always consult your trusted licensed professional adviser before making any investment decision. 

Let us know your thoughts, questions, and who you want to hear from next!

30 June is closer than most people are ready for.

If this has been a strong financial year — or you're carrying a tax liability you haven't yet addressed — there are still options on the table. But not for long.

Tim Whybourne, CFA sits down with estate planning lawyer Rachael Rofe for a candid hour on intergenerational wealth transfer, tax strategy, and structured giving. Rachael spent a decade leading Australia's largest donor-advised giving fund — helping more than 700 families direct over $500 million in philanthropic capital — before returning to private practice. She knows this space as well as anyone.

Australia is entering the largest intergenerational wealth transfer in its history. Most families aren't ready — not legally, and not relationally. This conversation covers both.

What we get into:

• Why silence is the single biggest mistake wealthy families make — and how unspoken, unequal decisions fracture families after the will is read
• Why a basic will no longer cuts it: super, family trusts, and jointly held assets all pass outside it
• Binding death benefit nominations and the death benefits tax of up to 17% most people don't see coming
• Division 296 and the quirk that can leave some beneficiaries taxed on super they never inherit
• The proposed budget changes to testamentary trust taxation — and why discretionary testamentary trusts still belong in even modest estate plans
• Structured giving before 30 June: turning a tax liability into impact you direct
• Prenups, binding financial agreements, and protecting wealth passed during your lifetime
• What a genuinely successful wealth transition looks like — confident, capable, and loved

Disclaimer: 
The information in this podcast series is for general financial educational purposes only, should not be considered financial advice and is only intended for wholesale clients.  That means the information does not consider your objectives, financial situation or needs.  You should consider if the information is appropriate for you and your needs.  You should always consult your trusted licensed professional adviser before making any investment decision. 

Let us know your thoughts, questions, and who you want to hear from next!

In this episode of The Exchange by EW&L, Tim Whybourne sits down with Jeff Schulz, Head of Economic and Market Strategy at ClearBridge Investments, to discuss the forces shaping the next decade of investing.

Jeff is the architect of ClearBridge’s widely followed Anatomy of a Recession framework, a dashboard tracking key indicators across the U.S. economy to identify shifts in recession risk and market conditions.

Together, they explore whether the Federal Reserve’s cutting cycle is over, if elevated equity valuations are a warning sign or misunderstood, and whether the recent rotation in market leadership has staying power. They also discuss geopolitical tensions, energy security, and whether the world has enough energy infrastructure to support the AI revolution.

The conversation also dives into the long-term implications of artificial intelligence, from its potential impact on unemployment and productivity to whether universal basic income could eventually become reality.

This is a wide-ranging discussion on markets, macro-economics, AI, geopolitics and what the investment landscape could look like over the next 10 years.

Disclaimer: 
The information in this podcast series is for general financial educational purposes only, should not be considered financial advice and is only intended for wholesale clients.  That means the information does not consider your objectives, financial situation or needs.  You should consider if the information is appropriate for you and your needs.  You should always consult your trusted licensed professional adviser before making any investment decision. 

Let us know your thoughts, questions, and who you want to hear from next!

EW&L's Tim Whybourne sat down with Mark Arnold and Jason Orthman, CIO and Deputy CIO of Hyperion Asset Management, to talk through what may be the most consequential investment backdrop of our careers. 

Hyperion manages over $13 billion with a single conviction: find companies that compound earnings at double-digit rates and hold them long enough for the market to agree. In practice, that requires a pain tolerance most investors don't have. 

In this episode, Mark and Jason make the case that quality growth stocks, the ones most people think are expensive, are deeply undervalued on a 10-year view. They walk through how they repositioned ahead of the SaaS unwind, why they see AI as a structural shift rather than a theme, and what it means to own the full stack rather than bet on individual applications. 

Their forecast: 25% EPS growth across the portfolio. The current drawdown, in their view, is the entry point. 

Disclaimer: 
The information in this podcast series is for general financial educational purposes only, should not be considered financial advice and is only intended for wholesale clients.  That means the information does not consider your objectives, financial situation or needs.  You should consider if the information is appropriate for you and your needs.  You should always consult your trusted licensed professional adviser before making any investment decision. 

Let us know your thoughts, questions, and who you want to hear from next!

In this episode of The Exchange, Charles Troian sits down with Sueann Yeo, Managing Director and Head of Asia-Pacific Private Wealth Client Relations and Capital Raising at EQT, one of the world’s leading private markets investment firms. 

Sueann shares insights into EQT’s investment philosophy and how the firm’s Nordic heritage of active ownership shapes its approach to building better businesses through operational improvement and long-term value creation. She also discusses the growing role of private wealth in private markets and how platforms such as EQT Nexus are expanding access to institutional-quality private equity strategies for individual investors. 

The conversation explores the structural opportunities EQT sees across Europe and Asia, why complexity and fragmentation can create attractive investment opportunities, and how investors should think about incorporating private markets into long-term portfolio construction. 

For investors seeking global diversification and exposure to private markets, this episode offers a thoughtful perspective on where opportunities may lie in the next phase of the asset class’s evolution.

Disclaimer: 
The information in this podcast series is for general financial educational purposes only, should not be considered financial advice and is only intended for wholesale clients.  That means the information does not consider your objectives, financial situation or needs.  You should consider if the information is appropriate for you and your needs.  You should always consult your trusted licensed professional adviser before making any investment decision. 

Let us know your thoughts, questions, and who you want to hear from next!

EW&L's Tim Whybourne sat down with Libby Cantrill, Managing Director and Head of Public Policy at PIMCO, one of the most sought-after voices at the intersection of Washington and Wall Street. 

With $2 trillion under management and 20 years translating political complexity into investment insight, Libby doesn't deal in noise. She deals in signal. 

In this conversation, Tim and Libby covered: 

→ Why markets consistently misread Washington's power structure 

→ The Iran conflict and what elevated oil prices mean for the US consumer 

 → America's $36 trillion debt problem and the 2033 inflection point nobody is talking about 

→ The 2026 midterms and the single variable that matters most to markets 

 → Why China's technological ambition is the underpriced geopolitical risk of our time 

One of the most substantive macro conversations we've had on the show. Essential listening for anyone serious about understanding how policy shapes portfolios. 

Disclaimer: 
The information in this podcast series is for general financial educational purposes only, should not be considered financial advice and is only intended for wholesale clients.  That means the information does not consider your objectives, financial situation or needs.  You should consider if the information is appropriate for you and your needs.  You should always consult your trusted licensed professional adviser before making any investment decision. 

Let us know your thoughts, questions, and who you want to hear from next!

Can 'skin in the game' make a real difference for investors? Does Mark Zuckerburg regret not selling Facebook for $1Billion to Yahoo when he was only 22? 

In today’s episode of The Exchange, Managing Partner Craig Emanuel sits down with Lawrence Lam, Founder of Lumenary Investment Management and Author of the book The Founder Effect: Three Pillars of Success in Founder-Led Companies. The book explores a simple but powerful question: Why do some companies led by their founders massively outperform markets, while others flame out spectacularly? Lawrence argues that founder-led businesses often possess unique advantages but only when certain traits are present. 

Disclaimer: 
The information in this podcast series is for general financial educational purposes only, should not be considered financial advice and is only intended for wholesale clients.  That means the information does not consider your objectives, financial situation or needs.  You should consider if the information is appropriate for you and your needs.  You should always consult your trusted licensed professional adviser before making any investment decision. 

Let us know your thoughts, questions, and who you want to hear from next!

In this episode of The Exchange, Charles Troian sits down with Adam
Reisler, Partner in the Infrastructure and Real Assets team at StepStone Group,
to explore how infrastructure has evolved from a niche institutional allocation
into one of the fastest-growing asset classes in private markets.

Adam reflects on how the opportunity set has expanded well beyond traditional
assets such as toll roads and utilities into digital infrastructure, energy transition
and the power systems required to support the global build-out of AI and data
centres. He also shares how the asset class has matured over the past two
decades and why infrastructure today offers a unique combination of defensive
characteristics and structural growth.

The conversation explores the rise of infrastructure secondaries, how investors
gain access to high-quality assets that rarely come to market, and why deep
data, manager relationships and disciplined underwriting are critical in
navigating an increasingly complex private markets landscape.

Disclaimer: 
The information in this podcast series is for general financial educational purposes only, should not be considered financial advice and is only intended for wholesale clients.  That means the information does not consider your objectives, financial situation or needs.  You should consider if the information is appropriate for you and your needs.  You should always consult your trusted licensed professional adviser before making any investment decision.