RPM - Reflections on Private Markets

This episode of RPM explores the evolving landscape of venture capital in 2026, focusing on market shifts, liquidity challenges, and strategic opportunities in secondaries and selectivity. Experts Stephen West and Anthony Giambrone sit down with Maribel Yoo to share insights on innovation, platform shifts, and future value drivers.

In this episode of RPM, Suzanne Tavill, Partner and Head of Responsible Investment at StepStone, is joined by special guest Paul Fehlinger, Director of Policy Innovation and Impact at Project Liberty Institute to discuss Responsible AI, the opportunities and challenges that come with it, and why what we see right now is just the tip of the technology iceberg. They cover: How LPs think about AI (2:10); Our observations on Responsible AI (3:50); Fair data economy (6:57) Best practices in risk management (9:08) GPs’ value proposition (12:22) How LPs can mitigate risk (16:56) See omnystudio.com/listener for privacy information.

In this episode of RPM, Bhavika Vyas, Managing Director and member of StepStone’s Private Equity team, and special guest Julio Friedmann, Chief Scientist, Carbon Direct, join co-host Maribel Yoo to revisit the conversation on energy transition investing. They evaluate the impact of the Inflation Reduction Act (IRA) two years post-enactment, highlighting advancements in climate solutions and global investment opportunities. They cover: Energy transition opportunities (2:24); Post-IRA investment risks (5:45); Project execution bottlenecks (8:05); Global investment trends (12:26); and Climate portfolio strategy (16:06). See omnystudio.com/listener for privacy information.

In this episode of RPM, Jeff Giller, Partner and Head of Real Estate, and Margaret McKnight, Partner and Head of Portfolio Solutions for Real Estate, rejoin co-host Maribel Yoo to discuss our Fall 2023 House Views on the state of the real estate market. They cover: Updates from our Spring House Views (1:49); Impact from liquidity constraints (5:15); Property trading volume (6:52); and Property type outlooks (7:57). See omnystudio.com/listener for privacy information.

In this episode of RPM, John Bohill, a partner on our private debt team, joins co-host Michael Venne to discuss the rapid growth and evolution of private debt's secondary market. Among other things, they cover: - Nuances characterizing this market (01:14); - Private debt as a liquidity tool (03:09); - Discounts being half the picture (04:54); - Data’s role in mitigating risk (08:59)See omnystudio.com/listener for privacy information.

Nature provides the building blocks for civilization, arable soil, air and water filtration, ore and minerals for extraction, and economic and recreational opportunities. In almost any other context, you would expect to pay for these services. But with nature, we are wont to expect these things for nothing. Hence the title for the white paper we released late last year, “We don't value nature.”As financiers and economists, we are wont to look at nature and try to derive an ROI. And for that reason, institutions have underrated nature—the returns were not competitive with other asset classes. Part of the reason for that is society had not properly placed a price on all the benefits and pleasure it derives from nature. And by doing so, the thinking goes, nature will find a place in investors’ portfolios. On this episode of RPM, Susanne Tavill, StepStone’s Head of Responsible Investment, discusses nature-based investing. Among other things we discuss: How better pricing can help resolve the nature crisis (9:39); The relationship between climate and nature investing (13:40); The challenges investors are facing in building a nature-based portfolio (20:32); COP15: where it succeeded and how it can improve (23:12); and How the digital divide has been a two-way street (28:58). See omnystudio.com/listener for privacy information.

In this episode of RPM, we're talking about one of the oldest industries in the world—Agriculture. From inflation concerns (4:15) and the boom in venture-capital-backed technologies (12:46) to the rise of natural capital (15:40) and the democratization of private markets (21:30), “Ag” is having a moment. Joining us to discuss these topics and more is Ryan Ramsey, a principal on our infrastructure & real assets team based in Sydney.See omnystudio.com/listener for privacy information.

In the 15th episode of RPM—Reflections on Private Markets, Aditya Raina , a principal on our private equity team summarizes the firm's 2022 outlook for private equity. He and co-host Michael Venne discuss the fundraising environment (1:10); the continuous growth of IT and software and the importance of partnering with sector specialists (5:48); how GPs are responding to price inflation (10:00); why we believe valuations are likely to moderate over the short run (14:00); and the importance of manager selection, regardless of private equity's relative outperformance as a whole (15:50).See omnystudio.com/listener for privacy information.