Profit sharing is at the heart of the private equity incentive model: deliver LPs a certain return and keep 20 percent of the profits.

But private equity managers in the UK look set to pay a higher tax on any profit they take from such investments. The Labour government, which was voted into power in July, has said it aims to raise the tax on carried interest so it’s closer to the income tax rate of 45 percent. Doing so would raise £565 million pounds ($746 million; €671 million) in annual revenue, according to the government’s estimates.

In this episode, we sit down with Michael Graham, a partner at law firm DLA Piper who specialises in tax for private funds. Graham has been part of the consultation group providing the UK's tax authority with details on what a potential hike in carried interest tax could mean.

Graham discusses the lessons the UK can learn from other jurisdictions, why it's unlikely professionals in the UK private equity industry will leave en masse, why a flat tax rate is an attractive idea, and what 'capital at risk' may really mean.

This episode is sponsored by Bain Capital

Asia’s credit markets are the largest in the world, yet they remain heavily bank dominated. While large blue-chip businesses are well serviced, there is a material undersupply of custom, fit-for-purpose capital for SMEs, mid-market businesses and financial sponsors. This is creating a significant opportunity for direct lenders.

Asia’s credit markets are also complex and nuanced, which places a premium on managers with the right networks, insights and experience.

In this episode of the Private Debt Investor Podcast, Bain Capital’s Andrew Schantz, discusses how to navigate Asian private credit and what the future holds for an asset class having a “golden moment” across the globe.

The private equity industry has been pushing for more gender equality among GPs, LPs and intermediaries over the past decade, and the trend is now taking hold in the secondaries market, where diversity issues have historically received less attention.

In recent years, women across secondaries have been advocating for empowerment movements and forming support groups, including the Women in Secondaries network launched by Coller Capital and Akin Gump in 2020, as well as the WINS initiative backed in 2021 by five industry professionals representing the buyside, advisory, lending and legal sectors.

For those who have made it to senior roles, the priority is to retain, promote and elevate other women. In this eighth episode of the Decade of Secondaries Investing miniseries, Americas correspondent Hannah Zhang sits down with two women pioneers to discuss how the secondaries industry can promote gender equality. They are Francesca Paveri, senior managing director at investment bank Evercore, and Tori Buffery, senior director of secondaries at Nicola Wealth and senior adviser at Morningside Capital.

For full coverage of our Decade of Secondaries Investing series, including all podcast episodes and an interactive timeline, click here.

In the second episode of this miniseries, sponsored by AlixPartners, PE leaders share how they’re weathering operational and financial challenges. 

The first in a special five-part series, sponsored by AlixPartners, where we ask private equity operators how they're responding to today’s myriad challenges. 

Private Equity International is proud to present our first-ever serialized podcast, sponsored by AlixPartners. The five-part miniseries is focused on how private equity operators are finding opportunities in disruption. Listen to the first episode on August 17 right here on the Spotlight podcast channel.

We speak to Jim Roth, who co-founded LeapFrog Investments and is now founder and managing partner of Zamo Capital, about how to avoid exaggerated impact claims.

In this special episode of Spotlight, sponsored by Arrow Global, CEO Zach Lewy tells PDI editor Andy Thomson why a local approach offers unique advantages for private lenders in Europe.

Two of this year’s Women of Influence, Luxcara’s Alexandra von Bernstorff and BlackRock’s Pam Chan, discuss the challenges of starting a career in the industry.

Two professionals featured in PEI Media’s Women of Influence in Private Markets list 2022, APG’s Keren Raz and General Atlantic’s Melis Kahya Akar, discuss the challenges they faced as women in the field.

Two professionals in the asset class featured in this year’s Women of Influence list, MV Credit’s Nicole Downer and Ares Management’s Andrea Fernandez, discuss how to navigate career challenges in the industry and resist gender bias.

Two of this year’s Women of Influence, WOCstar Fund’s Gayle Jennings-O’Byrne and Supply Change Capital’s Noramay Cadena, discuss the road to success in VC.

'There is a lot of material being requested.' A recent letter from the US Securities and Exchange Commission shows the extent to which it is probing managers about their ESG claims and practices.

Specialised secondaries strategies are becoming an increasingly important part of the market. According to data complied by Secondaries Investor, 85 percent of the capital raised by secondaries funds in final closes last year was for private equity strategies; the remainder of this was for non-PE strategies, and the year before that more than one-third of capital raised was for non-PE strategies.

There is also increasing specialisation within private equity secondaries, as firms including Lexington Partners, Strategic Partners, AlpInvest Partners and LGT Capital Partners carve out teams to focus on single-asset continuation funds.

In episode seven of the Decade of Secondaries Investing miniseries, senior editor Adam Le sits down with Jeremy Coller, chief investment officer and managing partner at Coller Capital, and Yann Robard, managing partner at Dawson Partners, to discuss how far the asset class has come in terms of specialisation and cross-asset-class appeal.

• For full coverage of our Decade of Secondaries Investing series, including all podcast episodes and an interactive timeline, click here.
• Listen: "Everything you wanted to know about preferred equity"

Sachin Khajuria, a former partner at Apollo Global Management, discusses his book Two and Twenty: How the Masters of Private Equity Always Win, and why the industry needs to engage more with wider society.

Bill Green, founder of Climate Adaptive Infrastructure, explains how investors are mispricing climate risk and what needs to change.

PEI’s editorial team discusses how the feverish fundraising environment has contributed to the record $2.6trn raised by the world's biggest private equity firms, and where the growth is coming from.

Fundraising rising stars from Verdane, Development Partners International and Rede Partners discuss the future of the market.

Founder Paul Pittman discusses a defamatory attack on Farmland’s stock, as well as his firm’s forays into private farmland markets.

Infrastructure Investor sits down with Jennifer Gandin of CIM Group and Quinbrook co-founder David Scaysbrook to explore how private markets can work to curb data centres’ rising levels of greenhouse gas emissions.

The industry is staring down a portentous, menacing road of new regulations.

Infrastructure Investor uses internal data, alongside commentary from energy experts Andrey Konoplyanik, Christof Ruhl and Jonathan Stern, to discuss how the crisis might impact natural gas investing and infra portfolios.

Executives from Allianz Real Estate and The Townsend Group share the pros and cons related to the ongoing evolution of the private real estate industry.

Kathryn Leaf, head of real assets for the London-based firm, takes us inside the search and hiring process for its new real estate heads.

This episode is sponsored by Nuveen Infrastructure and NextEnergy Capital

Clean energy is key to turning the world’s net-zero ambitions into a reality, an argument few would contest. So the IEA’s 2023 World Energy Investment report, which showed that clean energy investing rose at a faster rate than investment in fossil fuels in the period between 2021 and 2023, offers plenty of cause for optimism that the world is on the right path to tackling the climate crisis.

But it’s not moving fast enough, according to the United Nations, which has warned that government commitments are falling well short of what’s required to deliver net zero by 2050. It says that billions in capital must be ploughed into the energy transition to end reliance on polluting fuels.

In this episode of Spotlight, Infrastructure Investor’s Helen Lewer speaks to Joost Bergsma, global head of clean energy at Nuveen Infrastructure, and Michael Bonte-Friedheim, founder and group CEO of NextEnergy Capital, to gauge whether institutional capital’s loyalty to the agenda has wavered amid a difficult fundraising backdrop. Their conclusion? With many LPs under-allocated to infrastructure and the fundamentals for clean energy investing still sound, they expect more capital to flow into the space in 2024 and beyond. But managers with track records will have an edge in the competition for capital.

Energy Impact Partners' Andy Lubershane doesn't question natural gas's warming potential, but explains why and how it can be a viable transition fuel that investors should consider.

Edwin Conway, senior managing director and global head of BlackRock Alternative Investors, talks to New Private Markets about the 'tremendous capital shortfall' when it comes to climate tech solutions investment and why investors will lean in more to infrastructure and private credit.

The Searchlight Capital partner and former FCC chairman believes there could be plenty of opportunity for the private sector in the $65bn funding.

Carlyle, EQT, Infrared and BPEA give their predictions for the sustainability-linked loan market in 2022.

They were billed as the next big thing in real estate fundraising and impact investing. Author David Wessel says they are not all they were cracked up to be.

Charly Weinstein discusses the accounting firm's recent deal with TowerBrook, and how the business's new 'alternative practice structure' could shake up the industry.

As the global economy recovers and buyers bump up on their allocation limits on a glut of GP-led deals, the LP market is seeing a resurgence. Mike Custar and Jake Stuiver of White Plains-based secondaries advisory M2O discuss whether now is the ideal time to take an LP portfolio deal to market.

The economic bounce-back from covid came quickly, says Randy Schwimmer of Churchill Asset Management, which caused inflation to be on everyone's minds.

Investment director Angela Du says covid added urgency to the need to build supply chains for alternative proteins and cultured meat.

Matthew Wade, IFM’s executive director for debt investments, explains approaches LPs are taking to the sector.

Post-global financial crisis, many institutional investors were forced sellers, offloading private markets exposure at hefty discounts. More than a decade on, these same institutional investors have become repeat sellers on the secondaries market, using the tool as a way to proactively manage their portfolios. How has LP sentiment toward the secondaries market changed, and what is the outlook for this mainstay of the sub-sector?

In this sixth episode of the Decade of Secondaries Investing miniseries, Secondaries Investor senior reporter Madeleine Farman sits down with Jeffrey Keay, managing director at HarbourVest Partners, and Adrian Millan, partner at PJT Park Hill. Keay and Millan take a deep dive into LP portfolio management and look at how institutional investors are using secondaries as a tool to manage private markets exposure.

We look into the evolution of programmatic secondaries sales and explore the drivers and dynamics behind why some institutional investors are repeat sellers of private markets exposure.

• For full coverage of our Decade of Secondaries Investing series, including all podcast episodes and an interactive timeline, click here
• Read: "Liquidity the primary use case for GPs looking to enter secondaries processes – PJT"
• Read: "Evercore: distressed sellers 1% of 2013 market volume"

Academic Cyril Demaria and Greenhill's Bernhard Engelien debate the role of secondaries in portfolio construction and what LPs should bear in mind.

Hugh Thomson, managing partner at Crosspoint Capital, discusses the recently issued Executive Cybersecurity Order and its potential influence on B2B and B2C companies.

Nicholas Brooks, head of economic and investment research at ICG, discusses the biggest things GPs should be concerned about in an era of inflation and potential interest rate rises.

Can private capital really solve the world's biggest challenges? Is there something wrong with the way private equity funds are raised? We discuss the rise and fall of Abraaj with Simon Clark, co-author of 'The Key Man'.

Firms should focus beyond the Commission's 'hot topic' compliance issues and understand their own individual vulnerabilities. 

Having paused, investors will once again begin expanding into more adventurous areas, says William Nicol of M&G.

Journalists across the PEI stable share their insights on an issue that has become top of mind for private fund managers and investors.

We catch up with IFM Investors executive director Tom Osborne on the new bipartisan infra plan, how to implement asset recycling in the US, PPPs, the new IFA and much more.

Co-founder Phil Black describes how the VC firm tracks diversity metrics and works with founders to grow inclusive teams.

Large amounts of capital have been raised for distressed strategies in private debt and real estate, but thanks to government support schemes, finding a home for it is proving a challenge.

This episode is sponsored by the Credit Investments Group (CIG)

Private credit has expanded exponentially in recent years, with most citing the contraction in syndicated markets as the cause of that growth. But now those markets are opening back up, and questions linger about how that will affect private credit.

So what do continued inflation and elevated interest rates mean for today's managers? What does private credit look like now, and how will it adapt to a new macroeconomic landscape? Will private credit shrink in the wake of access to public credit, or will the two co-exist to provide a full suite of financing options to their clients?

In this episode, we'll look back at the causes of private credit's recent boom, how much of that boom might continue, and what the future of lending is likely to be in the coming years. We’re joined by Kevin Lawi, private credit portfolio manager and head of origination at the Credit Investments Group in UBS Asset Management (formerly known as Credit Suisse Asset Management), along with his colleague on the public side, David Mechlin, a US portfolio manager and member of the CIG Corporate Credit Committee.

Regulators and fund managers are adapting to accommodate greater retail investor participation in private markets, say SEI's Ross Ellis and ANZU Research's Steve Unzicker. 

Founding partner and chief executive Michael Bonte-Friedheim explains why the UK-based firm created NextPower III, the only dedicated international solar fund.

I Squared Capital founder Sadek Wahba discusses why the Biden administration’s infra plan is a crucial first step, and how a US version of the World Bank could play a key role in mobilising private capital.