Privcap Audio: Private Capital Talk

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: Silicon Valley and Boston are packed with venture capitalists, meaning there’s money to be made for those willing to travel outside the neighborhood, says Bryce Youngren, General Partner with growth equity firm Polaris Venture Partners. In this insightful conversation, Youngren gives a tour of the world outside the venture capital strongholds, and describes how to source good deals and talent regardless of location. He also discusses Polaris’s business incubator, Dogpatch Labs, which helps turn fledging businesses into mature, profitable ones, and details the ripe market for growth equity capital for investors with the expertise—and the cash—to help a company succeed. Registered users of Privcap may access the 9-minute chaptered video program, the full transcript and the audio-only version, as well as Privcap’s entire archive of thought-leadership content. Register here - it’s quick and it’s free

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: A charged political climate and the Dodd-Frank Act have given the SEC greater power to oversee the private equity industry, says Robert Kaplan, a partner at Debevoise 8 Plimpton. In this informative session, Kaplan outlines the new regulatory mandates, how the SEC is implementing them, and how best to prepare for an on-site SEC examination. It’s essential viewing for any general partners hoping to successfully navigate the new regulatory regime in the US. Registered users of Privcap may access the 8-minute chaptered video program, the full transcript and the audio-only version, as well as Privcap’s entire archive of thought-leadership content. Register here - it’s quick and it’s free

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: Step inside the idea-generation techniques of two major private equity firms and gain insight into the ways these investors form detailed views about macroeconomic and sector trends before looking for deals. This fascinating program is the second in a three-part series about investment decision-makingfeaturing Richard Lawson, Managing Partner and Co-Founder at Huntsman Gay Global Capital,Douglas Londal, Managing Director at New Mountain Capital and Daniel Galante, National Managing Partner of Transaction Advisory Services at Grant Thornton. The first program in this series is “Culture of Collaborative Investing.” Topics discussed: New Mountain’s firm-wide “Deep Dive” process in which “seniority has no monopoly on wisdom,” why private equity firms are moving toward narrower and narrower sub-sector expertise, why ideas without actionable deals mean nothing, and the important differences between primary and secondary research in forming investment theses. The segment also includes an expertQ8A with Daniel Galante of Grant Thornton, the sponsor of this thought-leadership series. Registered users of Privcap may access the 16-minute chaptered video program, the full transcript and the audio-only version, as well as Privcap’s entire archive of thought-leadership content. Register here - it’s quick and it’s free

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: The investment professionals of Thomas H. Lee Partners no longer “latch ourselves on” to growth the way they did in the 1980s, but rather deploy operating talent to drive returns, according to the firm’s Co-President, Scott Sperling. In a wide-ranging interview with Privcap, Sperling discusses the evolution of his firm’s operating strategy, how it is now able to turn around the fortunes companies like Warner Music, what it was like to get “beat badly” during mid-2000s buyout auctions, and how the firm models out success without the deal size and “quantum of leverage” available during the buyout boom. Sperling also describes a core investment thesis of THL today, which is looking for “companies that help companies.” Registered users of Privcap may access the 13-minute chaptered video program, the full transcript and the audio-only version, as well as Privcap’s entire archive of thought-leadership content. Register here - it’s quick and it’s free

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: Experienced corporate executives are increasingly being lured to private equity roles, whether for a new challenge or to cash in on years of operating experience. But the relatively unstructured and meritocratic culture of private equity is not a perfect fit for everyone. Our panel of experts explains compensation structures, the trend toward operating partners in private equity firms, and the skills necessary to make a successful transition. This authoritative conversation features Michael Feiner, Head of Human Capital at Irving Place Capital; Ben Sanders, a Principal in Korn/Ferry International’s private equity practice; and Mark Emery, President of the U.S. Operations Group at The Jordan Company. This is an exceptional group to guide your private equity career: Feiner oversees firm- and portfolio-level human capital issues for a major private equity firm, following a distinguished career managing people issues in the corporate world; Sanders specializes in private equity for a preeminent search firm; and Emery leads an operations team, a group with ever-increasing importance in the industry. This program is the last of a three-part series on building a career in private equity. Part 1 is "Launching Your Career in Private Equity." Part 2 is "Advancement and Mentorship in Private Equity." Registered users of Privcap may access this 15-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: People who thrive in a private equity firm tend to be "coachable" and "learners," according to our expert panel. This program reveals how to make your mark, whether on a deal team or as an operations professional, and how to get ahead while building strong relationships along the way. They answer the tough questions: What is the path to becoming a partner at a private equity firm? And what options do you have when that ambition doesn't play out? This authoritative conversation features Michael Feiner, Head of Human Capital at Irving Place Capital; Ben Sanders, a Principal in Korn/Ferry International’s private equity practice; and Mark Emery, President of the U.S. Operations Group at The Jordan Company. This is an exceptional group to guide your private equity career: Feiner oversees firm- and portfolio-level human capital issues for a major private equity firm, following a distinguished career managing people issues in the corporate world; Sanders specializes in private equity for a preeminent search firm; and Emery leads an operations team, a group with ever-increasing importance in the industry. This program is the second of a three-part series on building a career in private equity. Part 1 is "Launching Your Career in Private Equity." Part 3 is “Making the Switch to Private Equity.” 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: Are you a recent college or B-school graduate plotting a career in private equity? Our expert panel provides the career intelligence you need to understand an industry that’s not known for transparency. This authoritative conversation features Michael Feiner, Head of Human Capital at Irving Place Capital; Ben Sanders, a Principal in Korn/Ferry International’s private equity practice; and Mark Emery, President of the U.S. Operations Group at The Jordan Company. Topics discussed: What is the right background and personality for a private equity career? How is headcount changing within private equity firms? Do you need to come from a "pedigree" school to break in? This is an exceptional group to guide your private equity career: Feiner oversees firm- and portfolio-level human capital issues for a major private equity firm, following a distinguished career managing people issues in the corporate world; Sanders specializes in private equity for a preeminent search firm; and Emery leads an operations team, a group with ever-increasing importance in the industry. This program is the first of a three-part series on building a career in private equity. Part 2 is "Advancement and Mentorship in a Private Equity Firm." Part 3 is "Making the Switch to Private Equity." Registered users of Privcap may access this 15-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: Private equity is in "the front seat” of today’s booming oil and gas market, according to Dan Revers, Managing Partner at energy-focused private equity firm ArcLight Capital Partners. While competition has increased as GP after GP has entered the energy space, the “opportunity set has exploded” for investing in energy assets. In a fascinating conversation with Privcap, Revers discusses why his firm has moved away from power assets in favor of oil and gas opportunities; how more and more LPs are growing interested in the space; and why energy investing requires a combination of different alterative investment strategies. He also reveals what separates GPs with deep expertise from ones that are more likely to participate--and overpay--in auctions; explains why politics is his “least favorite risk;” and outlines the perils of interstate pipelines. Registered users of Privcap may access this 10-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 creation of a “very depressing spreadsheet” detailing missed opportunities prompted KKR'ssenior leadership to expand beyond private equity, according to Scott Nuttall, head of the firm's Global Capital and Asset Management Group. In a wide-ranging interview with Privcap, Nuttall sheds new light on KKR's transformation from private equity-only powerhouse to multi-asset class, global financial services competitor. He also responds to concerns of misalignment between the firm’s private LPs and public shareholders, analyzes the supply/demand imbalance in the global energy and infrastructure markets, and describes the firm’s “measured” approach to Brazil. Nuttall also outlines the economic recovery through the lens of the firm's portfolio companies, and says that Asia continues to provide opportunities for outsized growth. Registered users of Privcap may access the 15-minute chaptered video program, the full transcript and the audio-only version, as well as Privcap’s entire archive of thought-leadership content. Register here - it’s quick and it’s free

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: The “tremendous results” that large private equity firms are beginning to see from their green portfolio programs are available to the middle-market as well, argues Tom Murray, Managing Director of Corporate Partnerships at the Environmental Defense Fund (EDF). In an interview with Privcap, Murray discusses the growing awareness among private equity executives that economic as well as environmental benefits can be had as a result of establishing sustainability programs similar to those created by The Carlyle Group, KKR and Oak Hill Capital Partners in partnership with the EDF. Murray discusses the results of a new study about ESG in private equity, the concern that middle-market GPs have that green-portfolio programs will not be effective at their end of the market, the $1.8 million in costs and 440,000 pounds of waste that were reduced at a Carlyle portfolio company recently, and a new EDF program called Climate Corps that places MBA students in private equity firms to establish sustainability programs. Registered users of Privcap may access the 9-minute chaptered video program, the full transcript and the audio-only version, as well as Privcap’s entire archive of thought-leadership content. Register here - it’s quick and it’s free

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: What kind of business gets a venture capitalist’s attention? According to Rory O’Driscoll, Managing Director of Scale Venture Partners, the kind that has a chance of getting very big, very fast, and not only by dint of hard work. O’Driscoll explains the importance of entrepreneurs backed by strong investment partners and mega-trends, the awkward conversation that takes place when a CEO asks an investor to become a board member, why it is destructive for the founder and board to have divergent strategic visions, and why the VC/entrepreneur relationship is not all about “touchy, feely stuff.” (See also Privcap’s interview with Scale Venture’s Kate Mitchell). 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 Latin American ecosystem linking entrepreneurs and venture capital firms is growing, but continues to present challenges for those seeking to create and back innovative businesses, according to this fascinating panel discussion featuring Susana Garcia-Robles, Principal Investment Officer of the Multilateral Investment Fund (a division of IADB), Ariel Muslera, a Partner at Buenos Aires-based CAP Ventures and Philip Bass, Global Private Equity Markets Leader for Ernst 8 Young. The conversation is moderated by Scott Voss, a Managing Director at HarbourVest Partners. Topics discussed include signs of progress in the Latin American venture capital market, cultural issues surrounding entrepreneurship, the degree to which Latin American startups are globally focused, the challenges of the exit market, and why Latin America needs more good stories, like the recent exit of a VC-backed Mexican company that generated a 2000 percent IRR to investors. This program is sponsored by Ernst 8 Young. See also this program about backing Latin American entrepreneurs in later-stage deals. Voss and Garcia-Robles are board members of the Latin America Private Equity 8 Venture Capital Association (LAVCA). Don't miss the upcoming Nov 7 LAVCA Colombia Forum in Bogota. 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: The private equity market will be profoundly affected by the huge supply of unexited portfolio companies, and secondaries strategies will increasingly play a role in providing badly needed liquidity, according to Ian Charles, a Partner at Landmark Partners. In a Privcap interview, Charles describes the trends behind two high-profile fund-restructuring deals by which some LPs were taken out of mature funds managed by Willis Stein 8 Partner and Behrman Capital, while other LPs stayed on with revised partnership terms. Also discussed: The value “trapped in funds that are over 10 years old,” and why pricing competition means secondaries buyers must hunt for deals in misunderstood pockets of the market. Charles will be among the many experts presenting at the upcoming IIR conference, Market Leaders in Secondaries, to be held December 4 in New York. Learn more and register here. Registered users of Privcap may access the 8-minute chaptered video program, the full transcript and the audio-only version, as well as Privcap’s entire archive of thought-leadership content. Register here - it’s quick and it’s free

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: How can private equity investors make money in the banking sector? It first helps to have deep industry expertise, advises W. Kirk Wycoff, Managing Partner of Patriot Financial Partners, a Philadelphia-based firm that specializes in investing in small- to medium-sized community banks. In a fascinating conversation with Privcap, Wycoff gives an authoritative overview of the state of the banking sector today, with its 8,000 individual bank holding companies. Wycoff shares his analysis on how banks are being valued in the current market, why more banks have not failed, why consolidation has not taken place to the degree once expected, the paths to exit for bank investors, how new regulations will hit small banks hardest, and why finding sophisticated CEOs is difficult at Patriot’s targeted end of the banking spectrum. Registered users of Privcap may access the 11-minute chaptered video program, the full transcript and the audio-only version, as well as Privcap’s entire archive of thought-leadership content. Register here - it’s quick and it’s free

THIS IS AN AUDIO-ONLY VERSION OF A VIDEO INTERVIEW FOUND ON PRIVCAP.COM. VIEW THE FULL VIDEO HERE: Private equity firms are groups of investment professionals who must jointly agree on how to deploy the capital and resources of the firm. What kinds of firms come together to make good, informed decisions? In the first of a three-part series about investment decisions, three experts discuss the culture of collaborative investing that must be in place at a private equity firm in order for it to thrive. Richard Lawson, Managing Partner and Co-Founder at Huntsman Gay Global Capital, Douglas Londal, Managing Director at New Mountain Capital and Daniel Galante, National Managing Partner of Transaction Advisory Services at Grant Thornton, share their views about the ingredients for deal success. This is required viewing for anyone who wants to better understand key differences between private equity firms. Topics discussed include how LPs scrutinize investment committee procedures, the innovative ways that leading GPs build consensus and collaboration within the partnership, how disagreements are resolved, how the ideas of younger professionals are integrated into decision making, how to avoid creating "fiefdoms" within the firm, and what compensation model is "so dangerous" for the health of a firm. The segment also includes an expert Q8A with Daniel Galante of Grant Thornton, the sponsor of this thought-leadership series. Registered users of Privcap may access the 18-minute chaptered video program, the full transcript and the audio-only version, as well as Privcap’s entire archive of thought-leadership content. Register here - it’s quick and it’s free