Fund Shack Private Equity Podcast

Private equity, venture capital and alternative investments - long-form podcasts with industry leadersDive into in-depth conversations with industry leaders and gain exclusive insights into the world of private capital.🎙️Fund Shack is dedicated to providing thought-provoking, authentic discussions with the most respected private capital managers, asset managers, professional advisers, & thought leaders. Our long-form interviews are unscripted, ensuring genuine & enriching conversations. Hosted by Ross Butler, 25 years in the private capital industry.

Fund Shack Private Equity Podcast is a business podcast hosted by Fund Shack, with 66 episodes on record and a Required Pod Score of 80. PitchCentric scores this show on Booking Probability, Listen Score, and live audience signals refreshed every 24 hours.

Fund Shack hosts Fund Shack Private Equity Podcast, a business show with 66 episodes published.

Our AI reads these to draft pitches. Use them as grounding for a pitch that cites a real guest and a specific topic.

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  Episode #90

  Private Capital in Brazil: Where Are the Best Opportunities?

  Aug 4, 202634 min

  Brazil offers one of Latin America’s deepest private capital markets, with opportunities across private equity, private credit, infrastructure, agriculture, critical minerals and distressed investing. Success requires local networks, thematic focus and a clear understanding of currency risk. Ross Butler speaks with Tim Chamberlain of Brunel Partners about why global investors remain underallocated to Latin America, where capital scarcity creates opportunity, and why private market structures may suit volatile economies. Why Brazil is often the best entry point into Latin America Agriculture, critical minerals and infrastructure Brazilian private credit and FIAGRO Distressed investing and complex capital structures Currency exposure and the cost of hedging Brazilian family offices, pension funds and precatórios Tim argues that the strongest investment cases are usually thematic rather than broad regional allocations. Brazil’s scale, legal framework and domestic capital markets create depth, while high interest rates and conservative bank lending can leave middle-market companies short of flexible finance. The discussion also examines currency risk at asset level. A Brazilian business may earn revenue from exports, commodities, dollar-linked contracts or inflation-linked concessions, so its economic exposure can differ from the currency in which a fund is denominated. Brazil may benefit from demand for data centres, renewable energy, agricultural production and critical resources. Private capital can provide patient finance, negotiated governance and specialist expertise where conventional markets remain limited. #PrivateEquity #PrivateCapital #Brazil #LatinAmerica #PrivateCredit About Tim Chamberlain Tim Chamberlain is based in São Paulo and works with Brunel Partners, a placement and advisory firm connecting Latin American managers, entrepreneurs and investment opportunities with global institutional capital. Tim began his career in Asia before joining Eurekahedge and opening its New York office. He moved to Brazil in 2010 and helped establish Brunel Partners in 2014. CONNECT on LinkedIn Brunel Partners contact@brunel-partners.com.br Host: Ross Butler is the founder and host of Fund Shack. He has worked around private capital for 25 years as a journalist, policy adviser and consultant, and is the author of Invest Like a Barbarian: Share in the Spoils of a Private Markets Revolution. CONNECT on LinkedIn Fund Shack Order Ross Butler’s book Invest Like a Barbarian: Share in the spoils of the Private Markets revolution #investlikeabarbarian Important informationThis conversation was recorded ahead of Brazil’s October 2026 presidential election. Political observations and market conditions reflect the position at the time of recording. Interested in joining Fund Shack as a guest or exploring sponsorship opportunities? Contact Katie at Katie@linearB.media to discuss upcoming episodes, editorial themes and partnership options.

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  Episode #89

  Private Equity in 2026: Why “12 is the new five” | Emilio Domingo, Bain & Company

  Jul 2, 202626 min

  Private equity is entering a tougher operating environment, where cheap debt and multiple expansion can no longer be relied on to deliver returns. In this episode of Fund Shack, Ross Butler speaks with Emilio Domingo, Partner in Bain & Company’s London office and Chief Commercial Officer for Bain’s EMEA Private Equity practice, about Bain’s latest private equity outlook, the idea that “12 is the new five”, and what it means for GPs, LPs and portfolio company management teams. In this episode, we cover: 🔹Why Bain says “12 is the new five” for private equity 🔹Why average buyouts may now need much higher EBITDA growth to achieve similar returns 🔹Why margin expansion has contributed surprisingly little to private equity returns 🔹The “leaky bucket” problem of inflation, price erosion and supply chain shocks 🔹Why scale, specialisation and accumulated experience are becoming more important 🔹How private equity balances value creation playbooks with entrepreneurial management 🔹Bain’s view of full potential diligence 🔹Why speed matters in private equity transformation 🔹The rise of the Chief Transformation Officer 🔹How AI is changing investment teams, value creation teams and portfolio companies 🔹Whether AI will favour emerging managers or scaled private equity platforms 🔹Why private equity-backed companies may have an edge in AI adoption 🔹Bain’s outlook for private equity and the industry’s liquidity challenge Chapters: 00:00 Why “12 is the new five” changes private equity 02:46 The new EBITDA growth challenge for buyouts 04:34 Why margin expansion has been so difficult 07:26 Why scale and specialisation are becoming critical 09:44 Private Markets Capability sponsor message 10:39 Value creation, governance and entrepreneurial management 12:57 The art of building a world-class value creation plan 14:33 Why speed matters in private equity transformation 15:51 The rise of the Chief Transformation Officer 17:23 How AI is changing private equity investing 20:11 Will AI favour emerging managers or the largest firms? 22:23 Why private equity could become the AI winner 23:41 Bain’s outlook for the future of private equity 🔹🔹🔹🔹🔹🔹🔹🔹🔹 Guest bio: Emilio Domingo is a Partner in Bain & Company’s London office and Chief Commercial Officer for Bain’s EMEA Private Equity practice. In this role, Emilio drives the commercial agenda for Bain’s regional private equity practice, helping the firm bring its capabilities, solutions and products to financial investor clients. 🔗 CONNECT on LinkedIn https://www.linkedin.com/in/emiliodomingo/ 🌐 https://www.bain.com/industry-expertise/private-equity/ 🔹🔹🔹🔹🔹🔹🔹🔹🔹 Host: Ross Butler is the founder and host of Fund Shack. He has worked around private capital for 25 years as a journalist, policy adviser and consultant, and is the author of Invest Like a Barbarian: Share in the Spoils of a Private Markets Revolution. 🔗 CONNECT on LinkedIn https://www.linkedin.com/in/rossbutler1/ 🌐 www.fund-shack.com 🔹🔹🔹🔹🔹🔹🔹🔹🔹 📘 Order Ross Butler’s book 👉 Invest Like a Barbarian: Share in the spoils of the Private Markets revolution ♾️ http://q-r.to/Invest-Like-A-Barbarian #investlikeabarbarian 🔹🔹🔹🔹🔹🔹🔹🔹🔹 About our sponsor: Private Markets Capability for Wealth Advisers Clients are increasingly asking not only whether they should invest in private markets, but how private equity and private credit fit within a portfolio, what the liquidity trade-offs are and what the underlying risks actually look like. The PMC-Q50 was developed to help advisers test their preparedness before those conversations take place. The free assessment takes around 25 minutes and produces a personalised private markets capability profile. It identifies where knowledge is strong, where it may need sharpening and which areas should be prioritised next. Take the PMC-Q50 assessment. https://pmc-q50.scoreapp.com 🔹🔹🔹🔹🔹🔹🔹🔹🔹

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  Episode #88

  Beyond SpaceX: War, AI, Orbital Infrastructure and green utopia | Mark Boggett | Seraphim Space

  Jun 19, 20261h 10m

  Private Markets Podcast, Fund Shack www.fund-shack.com Space is no longer just about rockets, satellites and astronauts. In this episode, Ross Butler speaks with Mark Boggett, CEO and General Partner of Seraphim Space, about how SpaceTech is becoming a critical infrastructure layer for defence, communications, data, AI, energy and industrial activity. Following the recent SpaceX IPO, many investors are being forced to develop a view on space. But as Mark explains, SpaceX is only one part of a much broader ecosystem. Launch and Starlink may dominate the headlines, but the wider opportunity includes Earth observation, satellite communications, orbital infrastructure, in-space servicing, data platforms, defence applications, AI-enabled analysis and even the early foundations of space-based energy and computing. The conversation explores why defence is currently the main revenue engine for SpaceTech companies, particularly across dual-use technologies that serve both military and commercial markets. Mark explains how European governments are reassessing their dependence on US space capabilities, why Germany is becoming more active, and why the UK continues to produce strong SpaceTech start-ups while still facing a later-stage capital gap. Ross and Mark also examine the commercial side of the market. AI is making satellite data easier to ingest, interpret and apply across industries. Falling launch costs, particularly through Starship, may change the economics of orbital infrastructure. That could make previously speculative ideas, such as orbital data centres, in-space manufacturing and solar energy generation, more plausible over time. Mark also discusses Seraphim’s own investment model, from accelerator stage through to venture and listed growth capital. He explains why specialist knowledge matters in SpaceTech, why vertical integration can create powerful moats, and why permanent capital may be well suited to companies building the next layer of digital infrastructure in space. In this episode: Why space is better understood as infrastructure than as a conventional sector Where the opportunity sits beyond SpaceX, Starlink and launch Why defence demand is accelerating revenues across dual-use SpaceTech How AI is changing the economics of satellite data Why falling launch costs could unlock orbital computing and manufacturing How orbital debris and in-space servicing are becoming investable markets Why Seraphim uses accelerator, venture and listed growth capital structures Guest: Mark Boggett is CEO, General Partner and co-founder of Seraphim Space, an investment firm dedicated to the global SpaceTech market. He helped launch the world’s first venture-capital fund focused exclusively on SpaceTech in 2016. 🔗 CONNECT on LinkedIn https://www.linkedin.com/in/mark-boggett-5044631/ Seraphim’s platform spans an accelerator, early-stage venture capital and the London Stock Exchange-listed Seraphim Space Investment Trust, giving the firm exposure to businesses from formation through to growth stage. 🌐www.seraphim.vc HostRoss Butler is the founder and host of Fund Shack. He has worked around private capital for 25 years as a journalist, policy adviser and consultant, and is the author of Invest Like a Barbarian: Share in the Spoils of a Private Markets Revolution. 🔗 CONNECT on LinkedIn https://www.linkedin.com/in/rossbutler1/ 🌐 www.fund-shack.com 🔹🔹🔹🔹🔹🔹🔹🔹🔹 📘 Order Ross Butler’s book 👉 Invest Like a Barbarian: Share in the spoils of the Private Markets revolution ♾️ http://q-r.to/Invest-Like-A-Barbarian#investlikeabarbarian 🔹🔹🔹🔹🔹🔹🔹🔹🔹 Our sponsor Private Markets Capability: https://privatemarketscapability.com/ Take the PMC-Q50 assessment. https://pmc-q50.scoreapp.com

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  Episode #87

  What NAV Is Really Signalling in Private Markets | Alex Branton, Nodem Capital

  Jun 4, 202650 min

  Private markets were built around illiquidity. Investors commit capital, managers invest it over time, and cash comes back when assets are sold. But as private equity, private credit and private markets have scaled, the industry has had to build a more sophisticated liquidity toolkit. In this episode of Private Markets Podcast, Fund Shack, Ross Butler speaks with Alex Branton, Chief Investment Officer at Nodem Capital, about what NAV really means, how NAV lending works, and why secondaries, continuation vehicles, structured secondaries and evergreen funds are becoming central to private markets. Alex explains how NAV lending sits on a spectrum. At low loan-to-value ratios, it looks like conservative credit. At higher LTVs, it begins to resemble preferred equity or structured secondaries, where the lender takes more equity-like risk and future upside is shared. The episode explores why NAV loans are controversial. They can fund an accretive acquisition, support a strong portfolio company or buy a discounted secondary position. But they can also accelerate DPI or distribute cash when the underlying assets may not be ready for exit. The structure is not the issue. The motivation is. Ross and Alex also discuss the robustness of NAV itself. NAV is not cash in the bank. It is a manager mark, shaped by comparable multiples, valuation policy, auditor review and GP judgement. For NAV loans, secondaries and evergreen funds, NAV matters because it is the reference point for buying, selling, lending and redeeming. The conversation then turns to evergreen funds and private wealth access. Alex is positive about evergreen vehicles, but warns that implied liquidity creates a challenge. Investors need to understand how NAV is constructed, how redemptions work and what happens when negative headlines trigger outflows. The episode finishes with private credit, software exposure, defaults and recent market anxiety. Alex argues that the market should distinguish between genuine credit risk and liquidity pressure inside fund structures. His view is that private credit headlines are often overstated, but underwriting standards, leverage, amend-and-extend behaviour and smaller-market lending should still be watched carefully. Topics covered include: 🔹 What NAV really means in private markets 🔹 How NAV lending works 🔹 LP-led and GP-led secondaries 🔹 Continuation vehicles and strip sales 🔹 Structured secondaries and preferred equity 🔹 Loan-to-value, downside protection and equity risk 🔹 DPI acceleration versus accretive NAV loan use cases 🔹 Why NAV lending is controversial 🔹 LPAC governance and investor alignment 🔹 Why NAV is not the same as cash 🔹 Secondary market pricing and bid-ask spreads 🔹 Evergreen funds and private wealth access 🔹 NAV squeezing, or NAV stretching 🔹 Private credit risk, SaaS exposure and default rates 🔹 Why fund structure matters as much as asset quality This episode is essential listening for GPs, LPs, private credit investors, secondaries specialists, family offices, wealth advisers and anyone trying to understand how liquidity, valuation and alignment are changing across private markets. Guest: Alex Branton, Chief Investment Officer, Nodem Capital 🔗 https://www.linkedin.com/in/alex-branton-b6130a27/ Host: Ross Butler, Fund Shack 🔗 https://www.linkedin.com/in/rossbutler1/

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  Episode #86

  Private Equity Is a Talent Business - Flor Kassai, Inflexion

  May 14, 202630 min

  Flor Kassai, Managing Partner and Head of Buyout at Inflexion, joins Ross Butler to discuss European mid-market private equity, talent, origination and repeatable value creation. Flor argues that private equity is more of a talent business than an investment business. In her view, getting the right management team into a company is the central variable in whether a deal can scale, adapt and create value. This episode explores how Inflexion thinks about dealmaking in 2026, including the importance of pricing power, margin quality, sub-sector expertise and repeatable playbooks. Flor explains how Inflexion has built depth in areas such as testing, inspection, certification and compliance, veterinary roll-ups, fund administration, corporate services, skincare, wealth management and even darts. The discussion also covers direct origination in the European mid-market. Flor explains why trust is built over years, not meetings, and why local presence still matters in a world increasingly shaped by AI and data-led sourcing. The conversation includes Inflexion’s relationship with Easyfairs founder Eric Everard, its expansion beyond the UK into Benelux, the Nordics and DACH, and its use of continuation funds to extend ownership of high-quality assets. Also discussed: Why 2026 is a tricky but attractive environment for disciplined private equity investors How Inflexion repeats sub-sector playbooks across strategies and geographies Why management teams and talent are central to private equity value creation How direct origination works in founder-led and relationship-driven markets When buy-and-build works, and when organic growth is the better answer Why continuation funds can be a good structure when the next phase of value creation is clear What Nodor reveals about finding value in unexpected mid-market niches Flor’s career journey from Argentina to JP Morgan, Wharton, Bain, Hg and Inflexion Watch the full episode and explore more private markets insights at Fund Shack. 🔹🔹🔹🔹🔹🔹 About our guest Flor Kassai is Managing Partner and Head of Buyout at Inflexion. She leads Inflexion’s buyout strategy and has been closely involved in the firm’s growth across the UK and Northern Europe. 🔗https://www.linkedin.com/in/florencia-kassai-a711b2/ 🌐 https://www.inflexion.com/people/flor-kassai/ 🔹🔹🔹🔹🔹🔹 About our host Ross Butler 🔗 CONNECT on LinkedIn https://www.linkedin.com/in/rossbutler1/ 🌐 www.fund-shack.com 📘 Order Ross Butler’s book: Invest Like a Barbarian: Share in the spoils of the Private Markets revolution ♾️ http://q-r.to/Invest-Like-A-Barbarian #investlikeabarbarian 🔹🔹🔹🔹🔹🔹 🏢 Private Markets Capability – 5-Minute Assessment Private markets are moving into the adviser channel faster than most firms are building real capability. This short diagnostic looks at how consistently your team can explain, challenge and navigate private markets in client conversations. In less than 5 minutes, you’ll see: Where your capability is strong Where it varies across individuals Where your firm may be exposed as the market evolves No preparation required. Instant score and clear next step. 👉 Take the assessment: https://private-markets-capability-assessment.scoreapp.com/ 🔹🔹🔹🔹🔹🔹

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