In part two of our interview series, we explore how private equity can continue expanding its global footprint and what it will take to thrive in a multipolar world.

The co-managing partner of Bain Capital takes us inside of their remarkably diversified portfolio, where venture capital, private equity, real estate, and credit don't just coexist—they actively reinforce each other.If you'd like to stay up to date with my weekly series of posts on LinkedIn, you can follow me here.

Host Hugh MacArthur takes the hot seat in this special episode about the future of private equity.You can access the original, full-length interview here. If you'd like to stay up to date with Hugh's weekly posts on LinkedIn, follow him here.

2024 is shaping up to be a surprisingly robust year for private equity deal activity.

[This series originally aired on November 21, 2019] Absent certain market conditions, buyer beware.

[This episode originally aired on March 21, 2023] As margins shrink, private equity houses are rediscovering the vital importance of operational due diligence.

A small, but growing cohort of investors are taking mid-sized  companies private and driving substantial margin improvements.

Deals and exits are flat, and fundraising is down, but the real story is the tension beneath the numbers.For a deeper discussion, join our live webinar on July 9. Read Bain's 2024 Midyear Private Equity Report, here.   

Karen Khalaf, one of Bain's leading experts in sovereign wealth funds, explains how a little knowledge can go a long way on the fundraising trail.

Jim Strang, chairman of HgCapital Trust, joins us for a wide-ranging conversation about the future of the private equity industry.If you'd like to stay up to date with my weekly series on LinkedIn, follow me here.

We explore a fresh approach to modeling and managing risk.

In part two of our series, Thoma Bravo’s leading enterprise software investor explains how they continue to find exit opportunities and source new deals.

We ask one of Thoma Bravo’s leading enterprise software investors why 2023 could be a “significantly better” year for deal making.

Private equity firms are developing measures of success that go far beyond carbon footprints.

We ask Bain’s leading macro expert about the “last mile” of rate cuts in the US, and whether Europe has miles to go.

We seem to have entered a period of eerie calm, but will it last?Read Bain & Company’s 2024 Global Private Equity Report here.Join my live webinar on March 19th here. 

In part two of our interview, we explore the principles and strategies that enable the industry’s top-performing GP’s to deliver persistent returns.

A pioneering investor talks to us about challenging the industry’s conventions.

Tom Callahan, CEO of NASDAQ Private Market, argues that today’s liquidity crisis could mark a turning point for secondaries markets.

Nigel Dawn, senior managing director at Evercore, explains how GPs and LPs are discovering new tools and techniques to finance deals.

We asked two of Bain’s leading experts on commercial excellence to take us to the cutting edge of investor relations.

As inflation trends downward, should investors plan for a lower interest rate environment in 2024 — and even the possibility of deflation?

Today on the show, I have a lively conversation with Ashby Monk, the executive director of the Stanford Research Initiative on Long Term Investing. Ashby studies the inner workings of pension funds, sovereign wealth funds, endowments and foundations —  in short all of those LPs that sit somewhere in between the public and private sectors.“That means that they are optimizing for things that are not entirely evident to just the casual observer,” Ashby says.In this episode of Dry Powder, I ask Ashby to take us inside the $140 trillion universe of long-term investing and help us understand what exactly these organizations are optimizing for.If you'd like to stay up to date with my weekly series on LinkedIn, follow me here.

In part two of our interview series, we explore Vista’s approach to AI and how it connects to the company’s founding story.

We ask Vista’s CEO how he continues to do deals at an astonishing clip, despite the challenging conditions of today’s market.If you'd like to stay up to date with my weekly series on LinkedIn, follow me here.

In part two of our fund-raising series, we’ll dig into the tools, tactics, and technologies that enable general partners to tailor their pitches to key decision makers within institutions.

As competition for capital intensifies, a one-size-fits-all approach to institutional investors will no longer suffice.

We ask the founding team at Greater Share about their intriguing new approach to philanthropic funding and how they’ve already garnered support from some of the world’s leading GPs.

In part two of our macro series, we explore the risks and rewards of public-private partnerships.

We ask Karen Harris, the managing director of Bain’s Macro Trends Group, whether the economy could emerge from this period of rate hikes unscathed.If you'd like to stay up to date with my weekly series on LinkedIn, follow me here.

In part two of our interview series, we ask Steve how he recruits and retains a team of all-star players.If you'd like to stay up to date with my weekly series of posts on LinkedIn, you can follow me here.

The longtime chairman and now senior advisor at Bain capital explains why he is “as excited” to be involved in the private equity industry today as he was 30 years ago.If you'd like to stay up to date with my weekly series of posts on LinkedIn, you can follow me here.

In the second part of our interview series with WCAS, we explore how they “co-cover” the healthcare and tech industries, together.

We ask Welsh Carson how they identify the next generation of leaders within the firm and how they extend those practices to their wider ecosystem of partners and advisors.I've also launched a weekly series of posts on LinkedIn, which you can follow  here.

In such a severely capital-constrained environment, you need to give your LP’s  confidence that you’ll be able to deliver real results over the next five years. Read our latest research on the fundraising slowdown and how top private equity firms are learning to sell, here.I've also started a weekly series of posts on LinkedIn, which you can follow here.

Deal activity, exits and fundraising are all sharply down, but the fear of a recession is also subsiding. So what’s holding investors back?Read Bain's Private Equity Midyear Report 2023, here.You can also find our latest research on the fundraising slowdown and how top private equity firms are learning to sell, here.I've also started a weekly series of posts on LinkedIn, which you can follow here.

On the previous episode of Dry Powder, Ian Charles, managing partner at Arctos Sports Partners, took us inside his approach to sports investing. It was a master class in sector specialization and value creation that you don’t want to miss, but Ian has always tended to go after nonobvious opportunities.“I grew up in a small town in Alaska,” he says. “One of the things that you always heard as a kid was if you go out on the frozen lake, make sure you’re not around too many of your friends. It’s actually safer to be all alone.”Today on the show, I ask Ian how he helped bring about a series of innovations in the secondaries market at Arctos, which launched a new strategy this week expanding into broader private markets. We’ll reflect on the creative transaction structures that have made secondaries more accessible and efficient.I've also started a series of weekly posts on LinkedIn, which you can follow here.

Ian Charles, the managing partner of Arctos’ Sports Partners, takes us inside the world of sports investing.

Christian Sinding, the CEO and managing partner of EQT Group, joins us for our first live recording. We explore when deal markets will finally stir to life and how EQT takes intelligent risks in a period of overwhelming of uncertainty.

We asked Bain’s leading macro expert whether the dollar’s status as a global reserve currency is really under threat.

Karen Harris, the head of Bain’s Macro Trends Group, returns to the show for a conversation on interest rates, bank runs and an unusual mix of economic indicators. 

We consider whether the launch of a few tokenized funds amounts to an interesting experiment on the blockchain or the beginning of a powerful secular trend.If you'd like to learn more about the democratization of private equity, I recommend you listen to our interviews with the CEOs of Titanbay, Moonfare and Opto Investments.I've also started a series of weekly posts on LinkedIn, which you can follow here. 

We asked the CEO of Opto Investments to take us inside their eye-opening series A round and why they’re pursuing Registered Investment Advisors with a laser-like focus.If you haven’t heard our interviews with the CEOs of Moonfare and Titanbay, I highly recommend you go back and listen to those episodes as well.I've also started a series of weekly posts on LinkedIn. If you're interested in receiving those updates, follow my LinkedIn profile, here.

We asked the CEO of Moonfare what it takes to get ordinary investors up to speed and investing in private equity with confidence.If you haven't heard my interview with another early mover in this space, the CEO of Titanbay, I highly recommend you go back and listen to those episodes as well. I've also started a series of weekly posts on LinkedIn. If you're interested in receiving those updates, follow my LinkedIn profile, here.

Too many business leaders lack a clear and granular understanding of profitability, but a few organizations are visualizing profits in startling detail.

As margins shrink, private equity houses are rediscovering the vital importance of operational due diligence.

Deal activity was on track for another record-setting year, until the wheels came off.Read the full 2023 Global Private Equity Report, below:https://www.bain.com/insights/topics/global-private-equity-report/

Behind the scenes at Davos, attendees were coming to terms with a fracturing world, a cascade of risks and, despite it all, a silver lining.Today on Dry Powder, Karen Harris, managing director of Bain's Macro Trends Group, shares her key insights from Davos and how private equity investors are dealing with the emergent risks and opportunities of a multipolar world.Listen to her previous appearances on Dry Powder, below:Macro Risks: Everything, Everywhere, All at Once Macro Risks: Keep It Simple

Private equity firms are racing to build out their Web3 capabilities, from deal sourcing to diligence to the bleeding edge of tokenization fund management.  Further Reading: For Digital Assets, Private Markets Offer the Greatest Opportunities

Investors have been funding a massive build out of Web3 infrastructure, despite the turmoil over the past year.Further ReadingWeb3 Could Rewrite the Rules of User IdentitySnap Chart: How Much Is Web3 Disrupting Your Industry? 

In part two of our interview with the CEO of Titanbay, we discuss the regulatory and behavioral hurdles that have prevented private equity from accessing roughly half of the world's sources of capital — and to what extent digital platforms can lower those barriers to entry.

We asked the CEO of Titanbay how digital platforms could open up private equity deals to a whole new class of investors.

Hg’s Matthew Brockman describes the technological trends that could reshape the workplace for decades to come.

Hg’s Matthew Brockman explains how sector specialization can deliver surprisingly stable returns.

A raft of new public policies will not only reshape portfolios, they could also transform the way private equity houses run and grow their businesses on the ground.

The debate around ESG is heating up, but it may shed light on the future of ESG investing.Further ReadingClosing the ESG Measurement Gap in Private EquityDecarbonization: How Private Equity Can Make It WorkPrivate Equity Investors Debate the Best Path Forward on ESGBusinesses Urge SEC to Consider Mergers in Climate-Disclosure Rule 

Home in on the mission critical risks to your portfolio and don’t sweat the details.

Faced with an unprecedented confluence of macro risks, we asked Bain’s leading macro expert to game out the possible outcomes for the global economy, from best to worst case scenarios.

In Bain’s 2022 Midyear Private Equity Report, we help you plan for scenarios, not certainty.Read the full report here: https://www.bain.com/insights/shifting-gears-private-equity-report-midyear-2022/

The field is evolving fast. Here’s how investors can stay ahead.

Translate technical jargon into actionable recommendations.Learn more about Bain's Tech Insights Group here: https://www.bain.com/industry-expertise/private-equity/tech-due-diligence/

You don't need the keys to the source code to learn an awful lot about a business from the outside, in.Learn more about Bain's Tech Insights Group here: https://www.bain.com/industry-expertise/private-equity/tech-due-diligence/

Discover how leading private equity firms are making their ESG agendas more measurable and ultimately more manageable.

ESG awareness has gone global. Learn how leading private equity firms are now springing into action.

We consider the intensifying competition for tech, the rise of growth equity investing and the critical importance of sector expertise.Read the full report here: bain.com/privateequityreport

By just about any measure, private equity set a remarkable new standard during 2021.Read the full report here: bain.com/privateequityreport

Track inflationary pressures across the portfolio and help management teams combat shared threats together.

Private equity firms must look beyond their cost cutting playbook and develop a pricing strategy that can weather an inflationary storm.

You can’t be good at everything in such a vast and competitive deal space, but you can focus.

The worlds of fintech and financial services are merging into one.

There are no shortcuts, but there are breakthroughs.

An industry that has historically lagged on diversity may be poised to take the lead.

The industry has not only bounced back, it has tripled in size.Read the full report here:  Private Equity’s Wild First-Half Ride

One of Europe’s leading tech investors describes how Hg adopts the latest breakthroughs in advanced analytics, AI, and machine learning “as fast as we possibly can.”

One of Europe’s leading tech investors describes how Hg drilled down from industry to sector to sub-sector, and discovered its “sweet spot” for investing.

Your value creation plan is the key to building a strong team, setting clear goals and delivering results.Read the full report here: https://www.bain.com/insights/talent-decisions-global-private-equity-report-2021/

We consider a conceptual shift that has enormous implications for how the public and private sectors work together.

We take stock of a remarkable year of changes to the healthcare sector, fueled by innumerable acts of “healthcare heroism.” 

We consider a critical question from this year’s Global Private Equity Report. Read the full report here.

We consider the rebound from a remarkably strange year.

As close as we’ll ever get to a unified theory of tech investing.

Bain’s inaugural report on the state of the industry examines how leading companies are investing in AI and automation, the hybrid cloud, the Internet of Things, flexible supply chains, virtual sales and other tools to increase resilience and accelerate growth.Read the full 2020 tech report here: https://www.bain.com/insights/topics/technology-report/

Bain’s inaugural report on the state of the industry examines how leading companies are investing in AI and automation, the hybrid cloud, the Internet of Things, flexible supply chains, virtual sales and other tools to increase resilience and accelerate growth.Read the full 2020 tech report here: https://www.bain.com/insights/topics/technology-report/

Isolate the ESG indicators that really matter to your portfolio.

Use ESG to energize the entire workforce, from the C-suite to the frontline.

Embed ESG in a value creation plan and the rest will come naturally.

Green technology is changing the calculus of investing.

Covid-19 has forced the industry to contend with these three trends.

Between video calls and advanced analytics, just how much of the deal pipeline can go digital?

Dry powder is at a record high, but how will it be put to work?

How can investors gain a foothold, even as the ground shifts beneath their feet?

Could the service models emerging today alter the course of healthcare permanently?

What are the risks and rewards of investing after a lockdown?

China is open for business, but it's hardly business as usual.

Prepare for six potential rebound scenarios, today.

Take command and control of distressed assets across the portfolio.

Here's how to keep the deal pipeline flowing, despite it all.

What's your zone of competence? Inquiring LP's want to know.

The case for a curiously resilient industry

Get the long story short.

Deal data — truly credible, granular deal data — will change the way the PE industry works.

Get the essential data and trends of 2019 to inform your 2020 strategy.

Build a sales team that can deliver top-line returns for years to come.

Learn how to spot opportunities for top-line growth from the outside, in.

Spot real synergies — not imagined ones — and create a company that's built to last.

Absent these market conditions, buyer beware.

Spot disruptive tech, before it snaps down on your deal.

Learn about the tools — and power tools — that can help diligence teams model every moving part of a deal.

The margin equation keeps breaking down. Piece it back together again with integrated due diligence.

Go deeper, in part two of this series on advanced analytics. We'll explore the frontiers of the field, its technological breakthroughs and breakdowns.

The race to the cutting edge of advanced analytics has begun. Get up to speed, fast.