No development has impacted the private equity market over the past year like the rise of semi-liquid and evergreen funds. Semi-liquid/evergreen funds are similar to mutual funds in that investors can buy in one day, sell another day and access a seeded portfolio from the moment capital is invested.
GPs seemed to launch some kind of semi-liquid fund on a weekly basis last year, with ICG, Pantheon, Coller Capital and Ardian being examples of firms that launched or said they would launch such vehicles last year.
In this episode, we sit down with Richard Hope, co-head of investments at global asset manager Hamilton Lane, to discuss semi-liquid funds and why they're one of the hottest topics in private markets.
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10:10
The energy transition’s next era
This episode is sponsored by Nuveen and Quinbrook Infrastructure Partners
The state of renewable energy is a series of contradictions. On the one hand, solar panels are cheaper, but they may not stay that way with the threat of tariffs from the incoming Trump Administration. Distributed energy and behind-the-meter power generation are promising, but there are persistent structural obstacles, especially around microgrids. Meanwhile, AI projects require more and more energy while so many grids are already struggling to meet current needs.
So what does this mean for energy investors today? Will the Trump Administration curb progress on renewables in favour of fossil fuels, or will energy demands boost every alternative available? Where are the opportunities worth pursuing and what technologies are living up to their promise?
In this episode, we’ll discuss these questions and more with Don Dimitrievich, the senior managing director and portfolio manager for energy infrastructure credit at Nuveen, and David Scaysbrook, a co-founder and managing partner of Quinbrook Infrastructure Partners.
This episode first appeared on The Infrastructure Investor Podcast on 9 January 2025
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24:36
Secrets to raising a first-time fund in 2025
What does it take for new teams – first-time GPs and spin-out GPs – to succeed in today’s environment? That's a question we put to Warren Hibbert, founder and managing partner at Asante Capital, a placement agent and advisory firm.
Asante has raised capital for firms including GRO Capital, eevolve, Maguar Capital Partners and Artá Capital. The firm was the second-most active placement agent for private equity emerging manager capital-raising in Private Equity International's Placement Agent Ranking 2024, having helped sponsors raise $2.21 billion in capital over the relevant period.
In this episode, Hibbert discusses how to set a target for a first-time fund, why track record and team cohesion are critical, and why emerging managers in today's environment need to hold a one-and-done final close.
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19:19
NZ Super on why a total portfolio approach can both help and hinder PE portfolios
California Public Employees' Retirement System, the US's largest public pension, last year introduced to its board a radically different method of investing: the total portfolio approach.
TPA has already been adopted by multiple sovereign investors around the world, including Australia's Future Fund and the New Zealand Superannuation Fund.
In this episode, PEI Group Hong Kong bureau chief Alex Lynn sits down with Doug Bell, investment strategy director at NZ Super, to discuss the benefits and disadvantages of TPAs when constructing a private equity portfolio capable of delivering long-term results.
NZ Super has NZ$80.4 billion ($46 billion; €44 billion) in assets under management and is now led by two new co-CIOs. It began the process of rebuilding its buyouts portfolio from scratch this year.
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24:41
The ‘good boring’ approach to private credit
This episode is sponsored by Golub Capital
Private credit has enjoyed massive growth for more than a decade, but there are real questions about what happens when conditions are less favourable. How can lenders that launched during the good times continue to succeed when the market changes?
David Golub of Golub Capital knows from experience. Golub Capital was founded 30 years ago and has performed well in all kinds of market conditions. One of Golub Capital’s strengths involves a ’good boring’ approach, which aims to minimise the excitement of market swings and focus on delivering consistently for its stakeholders.
In this episode, David discusses Golub Capital's founding and its evolution through the financial crisis and the pandemic. We'll look at how cultivating close, long-term relationships with sponsors can improve every stage of the deal process, and why remaining focused on companies in resilient sectors where the firm has deep expertise has helped Golub Capital remain consistent, even in times of ‘bad interesting’.
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