Privcap Audio: Private Capital Talk

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: Jeffrey Liu of Ernst Young Capital Advisors gives an overview of MA trends in the technology space. He describes why mid-sized technology companies can no longer be "all things to all people," spurring the need to divest, possibly in partnership with PE firms. Sponsored by Ernst Young.

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: Firing a family member - it is hard to find a more gut-wrenching decision to make, and yet the three experts who join this fascinating panel discussion have seen this drama unfold many times in private equity backed businesses. These and other stories are shared by Chris Masto, Senior Managing Director at FFL, Jeffrey Bunder, Global Private Equity Leader for Ernst Young, and Deepak Sindwani, a Partner at Bain Capital in the third of a three part thought-leadership series called “Igniting Growth and Innovation: Private Capital and Entrepreneurs.” The first segment is “What It’s Like to be a Growth Company.” The second is “Marriage Tips For Entrepreneurs and Their Capital Partners.” The segment ends with an expert QA with Bunder of Ernst Young, the sponsor of this series. Topics discussed include FFL’s successful partnership with the founder of Milestone AV Technologies, who at first showed “visceral resistance” to pursuing a strategy favored by his private equity backers. Also shared: how GPs deal with founders who run personal expenses through the company, and why a change to the role of the founder is such a delicate, but critical, topic.

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: Meet the man charged with building the private equity platform of the world’s largest asset manager: BlackRock. In a wide-ranging interview with Privcap, Russell Steenberg, Managing Director and Global Head of BlackRock Private Equity Partners, discusses BlackRock’s ambitions in the alternative investment space and its strategy for acquisitions, such as the recent purchase of Swiss RE’s fund-of-funds business. Steenberg also discusses the “natural evolution” of the separate accounts business, why “knowing how to play the cycle” is so important for private equity success, what he looks for in GPs, his admiration for industry pioneers Joseph Rice and John Vogelstein, and why he believes “we have only scratched the surface on private equity” and its potential for growth. (Also, don’t miss Steenberg’s participation in the Privcap thought-leadership series, “New Rules for Private Equity Fundraising.” Registered users of Privcap may access this 12-minute, chaptered video program, full transcript, audio-only version, as well as Privcap’s entire archive of thought-leadership content. Register here – it’s free and quick.

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: Charlie O’Donnell, the founder of Brooklyn Bridge Ventures, says the NYC borough is a natural place to because some “50 percent of the startup community in New York lives in Brooklyn.” O’Donnell discusses the types of “very early stage” opportunities he looks for, what life is like as a single-partner VC firm, and the move from social networking to online work collaboration seen in platforms like GitHub. Registered users of Privcap may access this 8-minute, chaptered video program, full transcript, audio-only version, as well as Privcap’s entire archive of thought-leadership content. Register here – it’s free and quick

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: When TPG founder David Bonderman first asked Edward Norton to lead a responsible-investment initiative at the mega-firm, he made it clear that the ESG program was to be part of the business of the firm and to help investment professionals make better decisions, according to Norton, a Senior Advisor to TPG and one of three expert panelists in this fascinating conversation. Norton is joined by Beth Lowery, also a Senior Advisor to TPG as well as Bryan Corbett, Principal for Government and Regulatory Affairs at The Carlyle Group. The three describe the genesis of their firms’ respective environmental, social and governance (ESG) functions, discuss the importance of firm culture and “tone at the top,” and share insights into the challenge of tracking portfolio company initiatives and measuring success. This is the first of a two-part series. Click here to read a report on responsible investing from PwC. Click here to learn about an ESG tool for the private equity sector developed by Environmental Defense Fund. Registered users of Privcap may access this 16-minute, chaptered video program, full transcript, audio-only version, as well as Privcap’s entire archive of thought-leadership content. Register here – it’s free and quick

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: The strength of publicly traded business development companies, or BDCs, is their ability to lend up and down the capital structure, filling a void when more traditional avenues of finance are unavailable, says Leonard Tannenbaum, CEO of Fifth Street Finance.  In this candid interview, the outspoken Tannenbaum discusses the flexibility of the BDC structure, its benefits for borrowers, and how to optomize a lending portfolio for a BDC's own investors. Registered users of Privcap may access this 5-minute, chaptered video program, full transcript, audio-only version, as well as Privcap’s entire archive of thought-leadership content. Register here – it’s free and quick

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: Is “we have operating skills” the new “we have proprietary deal flow?” According to our three fundraising experts, an intense LP focus on industry and operating expertise is driving private equity fundraising commitments as well as GP marketing strategies. “Demonstrate Deep Insight” is the second “new rule” of private equity fundraising in this Privcap thought leadership series includingJohn Greenwood, Advisor at Pantheon Ventures, Mounir Guen, Founder and CEO of MVision Private Equity Advisers, and Russell Steenberg, Managing Director and Global Head of BlackRock Private Equity Partners. (The first rule is “Expect Everything to be More Difficult”). In this rollicking conversation, our experts discuss the need to measure value-add techniques, the difference between good operators and good “stock selectors,” the growing focus on loss ratios and problem-deal management, reference calls, and how to spot an ineffective operating advisor. Registered users of Privcap may access this 11-minute, chaptered video program, full transcript, audio-only version, as well as Privcap’s entire archive of thought-leadership content. Register here – it’s free and quick

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: James Robinson, Co-Founder and Managing Partner of RRE Ventures, gives a brilliant overview of the revolution underway in manufacturing, including the changes to daily life that 3-D printing will bring to businesses and consumers. Midway through his interview with Privcap, he declares: “In 10 years everybody in this room will have a 3-D printer. . . in their kitchen.” Robinson also describes the investment thesis behind his firm’s investment in 3-D printer company MakerBot, which he says is enjoying “multi-hundred percent growth.” Registered users of Privcap may access this 7-minute, chaptered video program, full transcript, audio-only version, as well as Privcap’s entire archive of thought-leadership content. Register here – it’s free and quick

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: “The New Rules of Private Equity Fundraising” is a five-segment thought-leadership series that presents five “new rules” for GPs attempting to win capital commitments in a changed private equity investor landscape. Rule No. 1 is: Expect everything to be more difficult. Analyzing this market reality is a panel of experts including John Greenwood, Advisor at Pantheon Ventures, Mounir Guen, Founder and CEO ofMVision Private Equity Advisers, and Russell Steenberg, Managing Director and Global Head ofBlackRock Private Equity Partners. The program concludes with an expert Q8A with Mounir Guen of MVision, the sponsor of this series. Topics discussed include: why fundraising now costs more, takes longer, requires more travel and is just generally harder, why certain target fund sizes may make fundraising problematic, the challenges of long investor checklists, the influence of Canadian-style GP disintermediation, and the importance of the US as a fundraising destination. Registered users of Privcap may access this 11-minute, chaptered video program, full transcript, audio-only version, as well as Privcap’s entire archive of thought-leadership content. Register here – it’s free and quick

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: What might cause a private equity GP to back away from a healthcare investment? Let us count the dealbreakers: problems in manufacturing, in management, in quality of earnings, clinical compliance, referral sources, reimbursement. The healthcare space is so perilous today that due diligence has become more important than ever understanding risk. The fourth a four-part Privcap thought leadership series features James Elrod, Managing Director and Co-Head of the Healthcare Group for Vestar Capital Partners, Sherrill Neff, Founding Partner of Quaker Partners, and Tammy Hill, Partner for Transaction Advisory Services at McGladrey. The first video segment is “How Risky is Healthcare Investing?” The second is “Healthcare Thesis: Two GPs Share Deal Details.” The third is “What’s Driving Healthcare Deal Flow?” The segment also includes an expert Q8A with Hill of McGladrey, the sponsor of this series. Registered users of Privcap may access this 9-minute, chaptered video program, full transcript, audio-only version, as well as Privcap’s entire archive of thought-leadership content. Register here – it’s free and quick

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: The oil and gas business is attractive in part because “with volatility comes opportunity” for private investors, according to Ronald Montalbano, Senior Managing Director and Group Head in the US Oil 8 Gas M8A Capital division of Ernst 8 Young Capital Advisors. In an interview with Privcap, Montalbano discusses the role of private capital in the space, the increased competition among investors, what is required for a public-market listing, the growing interest in master limited partnerships and why oil and gas investing is such a natural fit for emerging markets private equity. Registered users of Privcap may access this 6-minute, chaptered video program, full transcript, audio-only version, as well as Privcap’s entire archive of thought-leadership content. Register here – it’s free and quick

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: The second in a three-part series on ESG in emerging markets private equity, “GP ‘Buy-In’ and Implementation of ESG” brings together two major backers of emerging-markets GP: Jeremy Cleaver, Portfolio Director of Africa at CDC Group and Dushy Sivanithy, a Principal at Pantheon Ventures, together with Sandile Hlophe, Africa Service Line Managing Partner for Transaction Advisory Services at Ernst 8 Young. The program concludes with an expert Q8A with Sandile Hlophe of Ernst 8 Young, the sponsor of this series. Topics discussed include: How the CDC (funded by the UK government) helps the GPs to which it commits capital develop and maintain programs for creating value via environmental, sustainability and governance excellence. Also: where GPs can find resources to help them install and improve ESG programs, the relative challenge of working with GPs in the developed markets, and the progress made by investment groups across Africa. Registered users of Privcap may access this 13-minute, chaptered video program, full transcript, audio-only version, as well as Privcap’s entire archive of thought-leadership content. Register here – it’s free and quick

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: It’s been said many times, and it remains true – partnering with a private equity firm for long-term growth is a bit like getting married. You’d better make sure you choose the right partner because breaking up can be a real mess. Chris Masto, Senior Managing Director at FFL, Jeffrey Bunder, Global Private Equity Leader for Ernst 8 Young, and Deepak Sindwani, a Partner at Bain Capital Ventures share their expert perspectives in the second of a three part thought-leadership series called “Igniting Growth and Innovation: Private Capital and Entrepreneurs.” The first segment is “What It’s Like to be a Growth Company.” The segment ends with an expert Q8A with Bunder of Ernst 8 Young, the sponsor of this series. Topics discussed include: Alignment problems that can emerge post-deal, including issues related to management roles, strategic vision and focus, how the personality of the entrepreneur can become an issue, and founders and investors sometimes do not see eye to eye on frugality. Registered users of Privcap may access this 17-minute, chaptered video program, full transcript, audio-only version, as well as Privcap’s entire archive of thought-leadership content. Register here – it’s free and quick

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: Sheryl Schwartz, managing director of Perseus, knows a thing or two about raising funds from limited partners—she was one. So when she joined the GP side from her job running alternative investments for TIAA-CREF, she brought a wealth of insight as she went out to sell Perseus’s first mezzanine fund. In this in-depth interview, Schwartz describes life from both sides of the bargaining table; outlines the opportunities in mezzanine lending to smaller businesses; and details the challenges of co-investing for even the most sophisticated, resource-rich LP. Registered users of Privcap may access this 11-minute, chaptered video program, full transcript, audio-only version, as well as Privcap’s entire archive of thought-leadership content. Register here – it’s free and quick

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: The playbook has changed for institutional investors in 2013, according to Henry McVey, Member and Head of Global Macro and Asset Allocation at KKR. In a wide-ranging interview with Privcap, McVey outlines his views on a model portfolio best positioned for the changing macro environment. At the top of his list – an aversion to government bonds in favor of corporate credits. McVey also analyzes the “extreme measures” of the Fed, argues for an allocation to direct lending, tells why he prefers niche stocks and private equity in the emerging markets over “national champion” stocks, and explains why inflation forecasting remains so challenging. Registered users of Privcap may access this 10-minute, chaptered video program, audio-only version, as well as Privcap’s entire archive of thought-leadership content. Register here – it’s free and quick.