Balentic Edge

Are markets broken — or just changing?In this episode of Balentic Edge, Kasper Wichmann sits down with Balentic’s in-house expert Alex to unpack Hamilton Lane’s latest market outlook, Pandora’s Box, and what it signals for private markets.They explore why this moment represents a structural shift, not just a cyclical downturn — and why AI is emerging as the single most important investment theme.Key takeaways:Why AI dominates everything: how it reshapes growth, returns, and portfolio constructionWhat markets are really signalling: strong performance masking structural fragilityHow LP strategy must evolve: navigating concentration, liquidity pressure, and manager selectionFor LPs, GPs, and allocators, this episode provides a sharp, actionable view on positioning portfolios in an uncertain and probabilistic environment.This is a must-listen for anyone serious about private markets today.Disclaimer:The views and opinions expressed in this podcast are those of the individual speakers and guests and do not necessarily reflect the views of Balenti or any affiliated entity. This podcast is provided for informational and educational purposes only. It does not constitute investment advice, legal advice, or any other form of professional advice, nor does it constitute an offer or solicitation to buy or sell any financial instrument, security, or investment strategy in any jurisdiction. Certain statements may be forward-looking in nature and are based on current expectations, assumptions, and beliefs. Actual outcomes may differ materially due to risks, uncertainties, and other factors. Listeners should seek independent professional advice before making any investment or financial decisions.

In this special episode of Balentic Edge, Kasper Wichmann is joined by Alex, Balentic’s in-house private markets expert, to unpack what leading 2026 outlooks are really telling us.They explore liquidity as a strategic constraint, the rise of operational value creation, growing dispersion between managers, and why AI’s real opportunity lies in infrastructure rather than software narratives.A must-listen for LPs, GPs, and allocators preparing for a structurally different private markets environment.Disclaimer:The views are those of the host and guests and are provided for informational purposes only. They do not represent the views of any employer or affiliated entity. Nothing herein constitutes investment, legal, tax, or business advice, or an offer, solicitation, or recommendation to buy or sell any security. References to funds or companies are illustrative only. Please consult your own advisers before making decisions.

In this episode of Balentic Edge, Kasper is joined by Craig MacDonald, Partner at HarbourVest and portfolio manager for the firm’s evergreen private equity solutions. Together they unpack how one of the world’s most established private markets platforms is rethinking portfolio construction, secondaries, and liquidity in a world of “private for longer”. Craig shares candid views on backward diversification, NAV squeezing, valuation frameworks, evergreen carry structures, and how to manage semi-liquid products without losing alignment. We also touch on the globalisation of private markets, the return of exits, and what really keeps an evergreen PM up at night. If you’re an LP, GP, or allocator thinking about evergreen exposure, secondaries, or semi-liquid structures, this is a highly relevant listen that will help frame the right questions for your own program.

🎸 Can a song become an asset class?And can private equity make artists immortal?In this episode, Kasper Wichmann speaks with Natalia Fontecha, Partner and Head of Capital Raising at PopHouse Entertainment, the Swedish firm applying a private equity playbook to music rights and reinventing how cultural IP is owned, scaled, and monetised.PopHouse sits at the crossroads of creativity and capital, where evergreen music catalogues become value-creation engines - and where AI, immersive experiences, and global licensing are just the beginning.In this episode, you’ll learn:Why music is emerging as an uncorrelated, defensible asset class for institutional LPsWhat an artist-centric investment model looks like - from ABBA to avatar showsHow PopHouse raised a record first-time fund in the toughest fundraising environment in a decadeFor LPs, GPs, and allocators exploring differentiated deal flow, IP-based revenue, or the next frontier of alternatives, this is a must-listen.Disclaimer:The views are those of the host and guests and are provided for informational purposes only. They do not represent the views of any employer or affiliated entity. Nothing herein constitutes investment, legal, tax, or business advice, or an offer, solicitation, or recommendation to buy or sell any security. References to funds or companies are illustrative only. Please consult your own advisers before making decisions.

Guest: Clare Murray, Co-Founding Partner at Blume EquityHost: Kasper Wichmann, Founder of BalenticEurope’s climate opportunity is growing - but the capital gap between early-stage VC and buyout remains. Clare Murray joins Balentic Edge to discuss Blume Equity’s approach to growth-stage climate investing, the balance of returns vs impact, partner dynamics, and what Europe must do to lead globally in decarbonisation.Our website: www.balentic.comDisclaimer: The views are those of the host and guests and are provided for informational purposes only. They do not represent the views of any employer or affiliated entity. Nothing herein constitutes investment, legal, tax or business advice or a recommendation to buy or sell any security.

Can a buyout-style discipline fix venture’s power-law problem?Founding partner Amit Zutshi (Morphosis) shares a repeatable VC playbook for private markets, LP insights, and GP fundraising with a focus on AI infrastructure and enterprise deeptech.Disclaimer:The views are those of the host and guests and are provided for informational purposes only. They do not represent the views of any employer or affiliated entity. Nothing herein constitutes investment, legal, tax, or business advice, or an offer, solicitation, or recommendation to buy or sell any security. References to funds or companies are illustrative only. Please consult your own advisers before making decisions.

Is Europe funding its fintech future or exporting it at Series B? A candid panel on private markets, LP insights, GP fundraising, and financial sovereignty in Europe’s venture ecosystem.In this special Balentic Edge episode from Nordic FinTech Week, host Kasper Wichmann joins Kim Rosenkilde (moderator), Christian Lindström-Lage (SEB), Toby Trieble (FinTech Collective), and Rune Ullbach (pension allocator) to examine Europe’s venture capital equation. The panel explores private markets dynamics, LP insights on portfolio construction and risk-adjusted returns, and the persistent tilt of GP fundraising toward US-led growth rounds.Key themes include regulatory fragmentation and Solvency II, Europe’s dependence on US technology stacks and the push for financial sovereignty, and why top-down IC conviction (not safety nets) determines pension allocations to venture. The guests debate whether Europe’s diversity is a drag or an edge, how banks act as strategic LPs for early signal and partnerships, and what it takes to achieve consistent fund-returners in Europe.If you’re an LP, GP, or allocator weighing Europe vs. US exposure, this episode offers a grounded view of capital flows, performance consistency, and the realpolitik behind 3x net targets.Disclaimer:The views are those of the host and guests and are provided for informational purposes only. They do not represent the views of any employer or affiliated entity. Nothing herein constitutes investment, legal, tax, or business advice, or an offer, solicitation, or recommendation to buy or sell any security. References to funds or companies are illustrative only. Please consult your own advisers before making decisions.

In this episode of Balentic Edge, Kasper Wichmann sits down with Julien Marencic, Managing Partner at Jera Capital, to unpack a disciplined approach to the secondary market - from industrial-grade origination and selection to portfolio construction across cycles. What does quality really look like in secondaries when discounts don’t guarantee returns? Julien lays out Jera Capital’s engineer-like playbook: scale origination to widen the funnel, apply ruthless selection to avoid misallocation of time and capital, and maintain a tight feedback loop by converting pre-investment models into live monitoring tools. The discussion compares LP secondaries vs GP-led continuation vehicles, explaining where multiples, liquidity timing, and alignment truly differ. Julien and Kasper explore evergreen fund structures focused on sub-€50m deals, an under-served third of the market that attracts only ~5% of secondary capital, and how pacing across vintages helps avoid the J-curve and overpaying at peaks. Julien also tackles today’s risk realities: NAV loans, leverage in a non-zero-rate world, distribution dynamics, and how to assess GP incentives (including valuation “POP” before exit). Finally, they cover syndication access, being a “good counterparty,” and what LPs should do when those election notices hit their inbox.If you care about private markets, LP insights, GP-led continuation vehicles, evergreen funds, and navigating NAV loans and leverage, this one’s for you.👇 Useful LinksSubscribe to the Balentic YouTube channel: https://www.youtube.com/channel/UCK9ln9JrGyEFRlyPkCtMdvAVisit Balentic: https://www.balentic.comFollow us on LinkedIn: https://www.linkedin.com/company/balentic/#PrivateMarkets #LPInsights #Secondaries #Fundraising #BalenticEdgeAboutBalentic empowers private markets with expert-built tools and data to streamline fundraising and discovery. Orca, our AI-powered platform, transforms how LPs and GPs connect through smart filters, transparent data, and thematic insights.For inquiries: [email protected]: The views are those of the host and guests and are provided for informational purposes only. They do not represent the views of any employer or affiliated entity. Nothing herein constitutes investment, legal, tax, or business advice, or an offer, solicitation, or recommendation to buy or sell any security. References to funds or companies are illustrative only. Please consult your own advisers before making decisions.

What do unicorns, power laws, and fund returners have in common?In this episode of Balentic Edge, Kasper Wichmann sits down with David Clark, CIO and Managing Director at Vencap, to unpack the data-driven truths shaping venture capital. Together they explore why “average” venture funds are a losing bet, how fund returners rather than unicorns drive portfolio outcomes, why LPs should focus on the top 1% of exits worth $10B or more, and what it takes to build lasting VC strategies across cycles.Whether you’re an LP, GP, or allocator, this is a must-listen conversation about navigating venture capital with discipline, data, and long-term perspective. Disclaimer: This podcast is provided for informational purposes only and reflects the personal views of the host and guest. It does not represent the views of any affiliated organizations, nor does it constitute investment, legal, tax, or business advice. Listeners should consult their own professional advisors before making any investment decisions.

Defence investing has quietly moved from exclusion to opportunity - reshaping private equity, venture capital, infrastructure, and private credit.In this special solo edition of Balentic Edge, Kasper Wichmann, CEO and founder of Balentic, explores the drivers behind re-emergence of defence investment: shifting geopolitics, rising capital flows, and new technology layers from satellites to cybersecurity.He unpacks the evolving manager landscape, LP risks and opportunities, ESG considerations, and why private markets, not public equities, are at the forefront of this transformation.If you’re an LP, GP, or private markets professional, this episode offers a clear framework for approaching defence responsibly while capturing long-term value.Listen now to understand how to approach defence effectively.

In this episode of Balentic Edge, host Kasper Wichmann is joined by Matt Evans, Partner at Bain Capital Special Situations, to explore the secular trends reshaping hard asset investing. From aviation and supply chain disruption to U.S. manufacturing, Matt shares how Bain approaches opportunities in industries that are both capital-intensive and globally interconnected. The discussion also dives into risk management - why outcomes look more like a fan than a dot - and what that means for allocators navigating uncertainty. If you’re interested in how LPs can think about aviation, industrials, and private credit in today’s market, this episode is for you.

What makes a venture manager truly stand out and why do so many LPs miss the winners?In our latest episode, Jamie Rhode, Partner at Screendoor, joins Balentic CEO Kasper Wichmann to break down the misunderstood role of timing, the power of access, and what it really takes to succeed in early-stage VC.A must-listen for anyone navigating fund-of-funds strategy and long-term capital compounding.

In this episode, Diana Tenkova, founder of Institutional Quality, joins Kasper Wichmann to unpack what it truly takes to stand out in today’s private markets. From the credibility gap in GP storytelling to the real risks and overlooked advantages of emerging managers, this is a clear look at how capital raising is evolving - and what both GPs and LPs need to do differently.

In this episode of Balentic Edge, Matt Curtolo - seasoned LP and private markets advisor - joins Kasper Wichmann to unpack why top-quartile chasing is a myth, how small LPs can turn agility into edge, and what smart sourcing looks like in a noisy, access-constrained market. From manager selection to AI, to inbox overload, this episode is packed with clarity for LPs and GPs alike.

In this special episode* of Balentic Edge, Kasper is joined by our Balentic in-house private markets expert Alex who unpacks the NAV loan revolution reshaping private equity. Learn why GPs are turning to NAV-based financing, the risks for LPs, and how this trend could redefine fund liquidity strategies.*This is an AI generated podcast based on the Balentic Insights blog post of the same name

n this episode of Balentic Edge, Gaurav Bhandari, Managing Partner & CIO at Long Arc Capital, joins Kasper to discuss building capital-efficient, high-conviction platforms in fintech and enterprise software. From avoiding the hype cycle to scaling with precision, Gaurav shares what sets Long Arc apart and why the best firms are still to come.

In this episode of Balentic Edge, host Kasper Wichmann is joined by veteran equity analyst Simon Powell to unpack the $50 trillion opportunity at the heart of energy transition. With themes driving capital allocation across private markets, energy is quickly emerging as the most urgent—and investable—theme of all. From EVs and green infrastructure to adaptation strategies and mitigation plays, Simon shares why much of this isn’t yet priced in, how LPs can position themselves along the entire value chain, and why patient capital may have the edge. If you want to understand where the real alpha lies in climate-focused investing—and what private markets might be overlooking—this episode is for you.

In this special edition* of Balentic Edge, we share our insights from SuperReturn International Berlin - Europe’s flagship private equity gathering.From LP liquidity concerns to continuation vehicles, from Berlin street parties to geopolitical tailwinds - SuperReturn 2025 had it all.We break down the biggest themes shaping private markets today:Why infrastructure and private debt are drawing record commitmentsHow continuation vehicles became mainstream (and controversial)What Bono, socks, and riot police say about the state of the industryA candid take on what really went down, and what it means for GPs, LPs, and everyone navigating today’s increasingly complex landscape.---*This is an AI generated podcast based on the Balentic Insights blog post of the same name.

In this conversation, Thomas Friedberger, Group Deputy CEO and Co-CIO of Tikehau Capital, discusses the evolution of Tikehau Capital, its investment philosophy, and the strategic focus on aerospace and defense sectors. He highlights the changing landscape of defense investments, the importance of resilience in economic value creation, and the potential for high growth in these sectors. Friedberger emphasizes the need for European collaboration to build champions in defense and the role of expertise in navigating market challenges. The discussion also touches on the long-term trends in investment strategies and the significance of dual-use technologies for European sovereignty.

In this episode, host Kasper Wichmann sits down with Eric Marchand, Partner at Collyer Capital, an independent private equity and venture capital fund manager based in Singapore. Together, they explore why Southeast Asia is often overlooked by European LPs, and how Collyer’s strategy offers a differentiated, risk-aware approach to tapping into the region’s long-term growth potential. From demographic megatrends to the real story behind FX volatility, Eric lays out the case for geographic and return driver diversification — and shares an insider anecdote about a deal that went dramatically wrong for others, but not for them.

Joseph Li, Managing Director at C Capital, joins Balentic Edge to unpack the real story behind Asia’s private equity landscape. From career insights to LP misconceptions, he makes the case for why the region deserves a closer look—and what C Capital is doing differently.

In this episode of Balentic Edge, host Olga Sachura explores why thematic investing is gaining traction in private markets. Investors are no longer just asking about asset classes—they want to know what future they’re backing. From energy transition and AI to demographic shifts, themes are shaping capital allocation like never before. Olga is joined by Balentic CEO Kasper Wichmann and advisor Yair Shacked to discuss how LPs and GPs are adapting, the challenges of finding thematic investment opportunities, and how digital platforms like Orca are making it easier to navigate this evolving landscape. If you’re looking to understand the forces driving private market investments, this episode is for you.