RPM - Reflections on Private Markets – Détails, épisodes et analyse

In this episode of RPM, Tim Rees, a London-based Partner on StepStone’s Infrastructure and Real Assets team, joins co-host Michael Venne to discuss the rapid growth of infrastructure secondaries and why the market is gaining momentum. They cover:

• Growth of infrastructure asset class (00:51)
• Scale of the secondary market (03:26)
• Drivers of growth in infra secondaries (05:19)
• Synergies from primaries and co-investments (09:36)
• Advice for new investors (19:39)
• Diversification and other considerations (22:23)

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In this episode of RPM, Jeff Giller, Partner and Head of Real Estate, and Margaret McKnight, Partner and Head of Portfolio Solutions for StepStone Real Estate, rejoin co-host Maribel Yoo to discuss our Spring 2025 House Views on the state of the real estate market. They cover:

• Market shifts and the new cycle (:50);
• US real estate landscape (1:55);
• Best practices amid volatility (5:51);
• European outlook (8:29);
• US policy risks and opportunities (9:02);
• Real estate capital raising (12:50)

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In this episode of RPM, Jeff Giller, Partner and Head of Real Estate, and Margaret McKnight, Partner and Head of Portfolio Solutions for StepStone Real Estate, rejoin co-host Maribel Yoo to discuss our Spring 2024 House Views on the state of the real estate market. They cover:

• Updates from our Fall House Views (1:38);
• Opportunities in non-core assets and distressed properties (2:41);
• Property trading volume (5:45);
• Trends in capital deployment (8:14); and
• Property type outlooks (10:06).

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In this episode of RPM, co-host Maribel Yoo hands the mic to Margaret McKnight, Partner and Head of Portfolio Solutions for Real Estate, to interview Jeff Giller, Partner Head of StepStone Real Estate, about our recent whitepaper, Bull market for real estate secondaries. They discuss:

• Why it is a bull market for RE secondaries (01:22);
• Comparing GP- and LP-led secondaries (06:50);
• Why we like GP-led secondaries (10:55).

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In this episode of RPM, Akhilan Nesaratnam, Thomas Dupont and Carlos Sahuquillo from our private equity team in London join co-host Michael Venne to discuss Europe’s private equity landscape. The conversation surrounds common misconceptions about Europe’s investment opportunities, unpacking four key European sectors and the topics of our recent papers: European small and middle market buyouts, the Nordic region, European growth equity and European healthcare. They discuss:

• Our history as European PE managers (02:23);
• Unpacking Europe’s headline risk (08:13);
• Opportunities in growth investing (09:41);
• Recent small market outperformance (13:13);
• The Nordics’ growth potential (15:25); 
• Health investments and digitalization (18:24).

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In this episode of RPM, Todd Lapenna and Sean Ebsary from our infrastructure team, join co-host Michael Venne to discuss infrastructure’s middle market following the release of our recent whitepaper, Infrastructure’s Middle Market: An emerging opportunity. They touch on topics including:

• Infrastructure’s rapid two-decade growth (1:55);
• Infra's performance as an inflation hedge (3:20);
• Why to invest through the private markets (6:19);
• The advantages of smaller managers (7:09).

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In this episode of RPM, Jeff Giller, Partner and Head of Real Estate, and Margaret McKnight, Partner and Head of Portfolio Solutions for Real Estate, rejoin co-host Maribel Yoo to discuss our Fall 2023 House Views on the state of the real estate market. They cover:

• Updates from our Spring House Views (1:49);
• Impact from liquidity constraints (5:15);
• Property trading volume (6:52); and
• Property type outlooks (7:57).

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In this episode of RPM, Christian Frei, StepStone head of risk joins Michael Venne to discuss some of the main insights from StepStone's recent collaboration with GIC: a whitepaper that provides an overview of private debt investment opportunities and a framework for building an optimal private debt portfolio. They cover a range of topics including: 

• The genesis of the project (1:53);
• How investors regard private debt (5:29); 
• Optimizing for risk and return (7:15); 
• Stress loss as a risk measure (10:06);
• Tactical versus strategic considerations (14:11).

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In this episode of RPM, Michael and Maribel hand the reins to StepStone’s natural capital team for a primer on carbon markets and offsetting. Though these markets are imperfect and subject to criticisms—some of which we agree with—ultimately, we believe carbon markets are part of the climate solution. Join StepStone’s global head of responsible investment, Suzanne Tavill, and Ryan Ramsey, a principal on StepStone’s infrastructure team as they cover a range of topics from: 

• Defining key terms (1:20); 
• Carbon neutral versus net zero (6:27); 
• Compliance and voluntary markets (9:10); 
• Pricing dynamics (12:02); and  
• Recent criticisms (17:13). 

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In this episode of RPM, we’re continuing our conversation about the Inflation Reduction Act of 2022 (IRA). More than a year out from the Act’s passing, details of the tax laws and mechanisms for deployment are being finalized. Joining co-host Maribel Yoo to revisit this topic is Bhavika Vyas, managing director and member of the responsible investment team at StepStone and special guest Julio Friedmann, Chief Scientist at Carbon Direct. Our guests cover:

• A refresher on IRA (01:32);
• Projects awaiting clarification (04:00);
• Political durability (11:00)
• Global landscape and the effects of the IRA (15:35); and
• Investment opportunity remains (20:00)

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