Welcome back to The Private Equity Podcast, by Raw Selection. In this week's episode, Alex Rawlings speaks with Cari Lodge, a seasoned investor with 25 years in private equity secondaries. They explore the market’s rapid growth from $2 billion to $160 billion, the increasing need for liquidity, and how secondaries optimize portfolio management. Cari discusses GP-led secondaries, continuation funds, and the market’s evolution, offering key insights into future opportunities in this space.

Breakdown:

[00:00] Introduction to the episode and guest, Cari Lodge, Managing Director and Head of Secondaries at CF Private Equity.

[00:28] Cari’s background, her start in secondaries, and how the market has expanded from $2 billion to $160 billion.

[01:45] Common mistake in private equity: Holding assets too long. How increasing holding periods from 5.7 years to 6.7 years impacts returns.

[03:34] Why firms miss exit opportunities. The importance of DPI and how delaying exits can lead to the same returns years later.

[04:29] Explanation of secondaries for newcomers. The role of LP secondaries, GP-led solutions, and the growing demand for liquidity.

[06:53] The benefits of secondaries for investors, including diversification, shorter duration, and strong IRRs and ROIs.

[08:49] Demand for GP-led secondaries, continuation funds, and LP transactions. How secondaries are now part of active portfolio management.

[10:42] The future of secondaries. Market expected to grow from $160 billion to $200–220 billion in 2024, but constrained by capital and human resources.

[12:33] Challenges holding the market back. Capital constraints, lack of resources, and evolving perceptions of secondaries.

[14:21] Why Cari loves the secondaries market. Exposure to 1,200+ private equity funds, constant evolution, and a collaborative industry.

[17:12] Key trends in private equity. The impact of higher interest rates, valuations, and the growing focus on liquidity solutions.

[20:32] Secondaries' role in providing liquidity. Now contributing 15–20% of total private equity liquidity.

[22:28] How secondaries adapt to market cycles. Benefits in both up and down markets, shifting from a distress play to a mainstream strategy.

[23:22] Cari’s recommended reads: The Economist, Private Equity Analyst, and What It Takes by Steve Schwarzman.

[25:14] How to reach Cari Lodge. Best contact method: LinkedIn.

[25:45] Closing thoughts. Recap of insights and encouragement to subscribe to The Private Equity Podcast.

Thank you for tuning in!

Connect with Cari here.

To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.

Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com.

Welcome Back to another episode of the Private Equity Podcast, In this episode, Alex Rawlings sits down with Tracie Kelly, Director of Marketing at Exellere Partners, to explore the evolving role of marketing within private equity firms. Tracie shares insights into how marketing contributes to deal origination, firm differentiation, and relationship-building with investment bankers, founders, and advisors. She also discusses the increasing importance of internal marketing functions and how private equity firms can leverage branding to stand out in a competitive market.

Breakdown:

[00:00] – Introduction to the episode and guest, Tracie Kelly, Director of Marketing at Exelir Partners
[00:31] – Tracie’s background: 20+ years in private equity marketing and origination
[01:30] – The common mistakes PE firms make regarding technology adoption
[02:36] – The role of marketing in private equity firms vs. traditional deal origination
[03:51] – How Tracie’s firm integrates marketing with deal sourcing
[05:35] – Tracie’s journey into private equity marketing and how she shaped the role
[07:04] – How KRG Capital (now Mountain Gate) grew from $200M to $2.5B
[08:27] – Why private equity firms should consider hiring internal marketing professionals
[09:57] – Marketing’s role in brand awareness and differentiation in private equity
[10:54] – Current market conditions: Post-2021 deal flow and valuation challenges
[11:51] – The future of private equity: What to expect in Q2, Q3, and beyond
[12:20] – Tracie’s book and podcast recommendations for professionals
[14:15] – The challenge of diversity in private equity and encouraging women in the industry
[16:41] – Why Tracie loves working in private equity and the dynamic nature of investments
[18:06] – How to connect with Tracie Kelly (LinkedIn: Tracie Kelly at Exelir Partners)[18:35] – Closing remarks and thank you for tuning in

Thank you for tuning in!

Connect with Tracie Here

To get the newest Private Equity episodes, you can subscribe on iTunes or Spotify here.

Lastly, if you have any feedback on the podcast or want to reach out to Alex with any questions, send an email to alex.rawlings@raw-selection.com.

Welcome to The Private Equity Podcast by Raw Selection, hosted by Alex Rawlings. Brent Burnett, Head of Infrastructure and Real Assets at Hamilton Lane, shares insights on infrastructure growth, key trends, and the 2025 outlook. Tune in for a deep dive into its role in PE.

Breakdown:

[00:00] Welcome to the Raw Selection Private Equity Podcast with host Alex Rawlings and guest Brent Burnett, Head of Infrastructure and Real Assets at Hamilton Lane.

[00:30] Brent shares his background in infrastructure investing and career journey.

[01:22] How Brent’s experience in real estate and industrial assets shaped his focus.

[02:17] Brent’s role in launching a real assets fund and joining Hamilton Lane.

[03:06] Growing interest in infrastructure investments and Hamilton Lane’s outlook for 2025.

[03:59] Increasing allocations to private infrastructure in both private wealth and institutional sectors.

[04:56] Infrastructure’s role in AI, energy transition, and supply chain optimization.

[05:48] Interest rate impacts on infrastructure investments and risk classifications.

[07:10] Core plus and value-add infrastructure offsetting interest rate pressures through growth.

[08:07] How secondary market pricing and asset valuation have adjusted.

[09:29] Breaking down valuation trends in power, transportation, telecom, and environmental assets.

[09:57] Data centers and renewable energy—hot sectors with valuation risks.

[10:53] Renewable energy valuation trends and cautious investment approaches.

[11:48] Stable valuation trends in other infrastructure sectors.

[13:14] Political impact on infrastructure investing, including policy shifts in the US and UK.

[14:11] Infrastructure growth drivers—data telecom and renewable energy.

[15:09] Challenges in expanding data center capacity, including power and water constraints.

[15:39] Role of renewable energy tax credits in US policy and investment strategy.

[17:02] Historical renewable capacity growth under different US administrations.

[18:27] Low likelihood of drastic policy changes affecting renewable energy investments.

[20:18] Fundraising challenges and market dynamics in infrastructure.

[21:20] Expectations for improved fundraising conditions in 2025.

[22:43] How difficult fundraising conditions benefit co-investment strategies.

[23:11] Brent’s positive outlook for deal flow in 2025 and accountability joke.

[23:39] Alex highlights Raw Selection’s executive search services for private equity firms.

[24:07] Hamilton Lane’s evergreen funds expanding access to private infrastructure investments.

[24:35] Benefits of infrastructure investments—income, appreciation, and diversification.

[26:54] Brent shares his favorite books, podcasts, and influences.

[27:21] Recommended business podcasts, including Dry Powder and In Good Company.

[27:49] Interest in psychology and behavioral economics through Hidden Brain.

[28:49] Books Brent is reading: Atomic Habits, The Comfort Crisis, and Empire of the Summer Moon.

[30:41] A mix of professional and entertainment reading for learning and growth.

[31:08] How to connect with Brent on LinkedIn for further discussions.

[32:02] Closing remarks and thanks to listeners of The Private Equity Podcast.

Thanks for listening!
Connect with Brent Burnett here
Subscribe on iTunes or Spotify. For questions, email alex.rawlings@raw-selection.com.