A Conversation on Portfolio Management with Ilya Zlotnik and Michael Grayson

What if you could invest in top private companies before they go public, and at a significant discount?In this episode, Michael Grayson, Portfolio Manager at First Trust Capital Management, breaks down two of the most powerful (and misunderstood) strategies in private markets: co-investments and secondaries.We explore:-The key difference between fund investing vs. co-investing-How investors can avoid high management and performance fees-Why secondaries can offer 40–50% discounts on high-quality companies-Real-world examples, including investments in Reddit and SpaceX-How smaller, nimble investors can outperform large institutions-The importance of alignment and avoiding adverse selection biasThis conversation pulls back the curtain on how sophisticated investors access private equity deals—and why structure matters just as much as the opportunity.Whether you're new to private markets or looking to sharpen your edge, this is a must-watch.