PODCAST · business
Liquid Courage
by liquidcouragepod
Let's take a deep dive into the private capital secondaries opportunity! Hosted by David Snow in partnership with Upwelling and Piper Sandler. Produced in partnership with leading secondaries advisory firms Upwelling Capital and Piper Sandler, Liquid Courage is led by financial journalist David Snow, the former Editor-in-Chief of PEI Media. Liquid Courage is a video-podcast presenting thought leadership and research on the global private capital secondaries markets. Liquid Courage delivers market intelligence and strategic insights into the $500 billion private capital secondaries market, where transaction volume has
Episodes
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Demand Outstrips Supply For CV Trophy Assets
Investors chasing high-quality continuation vehicle deals are running into a supply problem, says Zach Schneider, partner at Twin Bridge Capital Partners. Schneider joins Joncarlo Mark, a partner at Upwelling Capital, and Liquid Courage host David Snow to explain why a “flight to quality” is...
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Why Investors are Clamoring for Evergreen Funds
Evergreen funds have grown rapidly because they make private markets more accessible, according to Brian Gildea, Managing Director of Evergreen Portfolio Solutions at Hamilton Lane. In a wide-ranging conversation with Joncarlo Mark, founder of Upwelling Capital, and Liquid Courage host David…
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Avoid 'traps' in oil and gas, says Ares secondaries Investor
Investors should be cautious about the oil and gas price resurgence, says Eddie Keith, head of infrastructure secondaries investing at Ares. Upstream oil and gas are fundamentally incompatible with infrastructure secondaries, Keith tells Liquid Courage. Keith draws on deep experience across…
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European Secondaries are Rapidly Evolving
The European secondaries landscape mirrors its US counterpart in structure but diverges sharply in size, fragmentation, and the mechanics that govern how continuation vehicles get done, according to Sebastien Burdel, a Partner in Ares Secondaries Group and Oliver Altendorf, a Director at Piper...
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Data Center Deals are Appearing on the Secondaries Radar
Data center owners are turning to the infrastructure secondaries market for capital, and getting pushback over unrealistic valuations, says Eddie Keith, Partner and Head of Infrastructure Secondaries in the Ares Secondaries Group. In a fascinating conversation, Keith tells Liquid Courage how...
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GP Transitions: When and How to Install a Replacement Fund Manager
The private equity market has a zombie-firm problem, and in some cases, chronic misalignment that develops between LPs and GPs can best be remedied by the removal and replacement of the GP team. But how is this complicated and sensitive task accomplished? James O’Donnell of Gibson Dunn, Joncarlo...
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Why Bridgepoint and Newbury Combined for Middle-Market Secondaries
What are the benefits of a private equity firm with a history of primary, direct investing combining with a secondaries specialist? Chris Jaroch and Pete Labbat of Bridgepoint count the ways. In a fascinating conversation with Liquid Courage’s Joncarlo Mark and David Snow, Jaroch and Labbat…
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How to Spot a Zombie Fund Before It's Too Late
The best time to take on a zombie fund is early in its long, nearly interminable life, is the key finding of this deep dive into private equity and private credit zombie funds. Indeed, it is possible to spot the potential for long-term underperformance in private equity and private credit fund as...
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Continuation Vehicles are Here for Good, but Are LPs Ready to Roll?
All about the rise of continuation vehicles in private equity from the limited partner point of view. This deep-dive Liquid Courage conversation includes Sarah Farrell, Managing Principal and Head of Private Equity Europe and Asia at Allstate, Katrina Liao, a Partner at Coller Capital, Joncarlo...
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Credit Market Shifts Unlock Secondaries Value
As the investing public is now learning, “credit” and “liquidity” do not always pair well. This and many other facets of the rapidly growing credit secondary market are discussed in this Liquid Courage conversation between Ed Goldstein, Partner and CIO of Coller Credit Secondaries, and Eric…
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Ares Management's Nate Walton Says Secondaries are 'About Growth not Challenge'
GP demand for private equity secondary solutions is more about upside maximization than liquidity, says Nate Walton, the head of Ares Management's $42 billion secondaries business. In a wide-ranging and enjoyable conversation with Liquid Courage's Joncarlo Mark and David Snow, Walton, Partner and...
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In the Booming Secondary Market, Structured Solutions are Going Mainstream
In the booming structured-solutions segment of the private capital secondary market, “having your cake and eating it too” means gaining liquidity while also staying exposed to additional upside, say experts from Dawson Partners, Crestline Investors and Upwelling Capital. In this episode of Liquid...
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Venture Capital Has an $8 Trillion Liquidity Problem
Venture capital is a massive, diverse market that has a massive, diverse liquidity problem, secondaries experts tell Liquid Courage. Employees of large, private tech companies are seeking liquidity for their shares; limited partners in venture capital funds want to be bought out; venture...
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Downmarket Continuation Vehicles Have Many Upsides
Continuation-vehicle investments are often more attractive at the smaller end of the private equity market, where capital for continued growth is scarce, GP alignment is material and exit routes are plentiful, secondary experts at Neuberger Berman, Piper Sandler and Upwelling Capital tell Liquid...
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What's Ahead for Secondaries? 'Exponential Growth,' Says Piper Sandler
Having been present at the infancy of private capital secondaries, John Robertshaw and Ryan Schlitt of Piper Sander nevertheless remain awe-struck at the continued growth of the market, they tell Liquid Courage. In this episode, Liquid Courage interviews the leaders of Piper Sandler's private...
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Don't Worry About the Discount, Secondary Seller
When should you sell your interest in a private equity fund? Around year nine, according to new research from Upwelling Capital. Allow Liquid Courage to explain. This fascinating conversation among secondaries market insiders includes Ryan Binette, Managing Director and Co-head of Secondary…
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ABOUT THIS SHOW
Let's take a deep dive into the private capital secondaries opportunity! Hosted by David Snow in partnership with Upwelling and Piper Sandler.
Produced in partnership with leading secondaries advisory firms Upwelling Capital and Piper Sandler, Liquid Courage is led by financial journalist David Snow, the former Editor-in-Chief of PEI Media. Liquid Courage is a video-podcast presenting thought leadership and research on the global private capital secondaries markets. Liquid Courage delivers market intelligence and strategic insights into the $500 billion private capital secondaries market, where transaction volume has
HOSTED BY
liquidcouragepod
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Frequently Asked Questions
How many episodes does Liquid Courage have?
Liquid Courage currently has 16 episodes available on PodParley. New episodes are automatically indexed when they're published to the podcast feed.
What is Liquid Courage about?
Let's take a deep dive into the private capital secondaries opportunity! Hosted by David Snow in partnership with Upwelling and Piper Sandler. Produced in partnership with leading secondaries advisory firms Upwelling Capital and Piper Sandler, Liquid Courage is led by financial journalist David...
How often does Liquid Courage release new episodes?
Liquid Courage has 16 episodes. Check the episode list to see recent publication dates and frequency.
Where can I listen to Liquid Courage?
You can listen to Liquid Courage on PodParley by clicking any episode. We provide an embedded audio player for direct listening, and you can also subscribe via your preferred podcast app using the RSS feed.
Who hosts Liquid Courage?
Liquid Courage is created and hosted by liquidcouragepod.
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