# Reflections on Private Markets: the investor podcast, by episode > Reflections on Private Markets: A large private markets allocator on venture, growth and private equity from the LP seat. Source: https://millionrounds.com/podcasts/rpm-stepstone (Millionrounds; every figure on the page links to its filing or article) LPs · new episode 20 Aug 2026 # Reflections on Private Markets Hosted by **StepStone Group** A large private markets allocator on venture, growth and private equity from the LP seat. Follow on Apple PodcastsBrowse the episodes **63** episodes **9** investors heard as guests **19 min** an average episode 9 in the last 12 months ## The regulars Investors named as guests in the most episode titles on Reflections on Private Markets. [BL *1* **Bob Long** 1 episode](https://millionrounds.com/person/bob-long)[DF *1* **Darren Friedman** StepStone](https://millionrounds.com/person/darren-friedman)[JA *1* **John Avirett** Greenspring Associates](https://millionrounds.com/person/john-avirett)[JC *1* **John Coelho** StepStone](https://millionrounds.com/person/john-coelho)[LW *1* **Laura White** Capital One](https://millionrounds.com/person/laura-white-cpa-cma)[LC *1* **Lindsay Creedon** StepStone](https://millionrounds.com/person/lindsay-creedon)[SH *1* **Scott Hart** StepStone](https://millionrounds.com/person/scott-hart)[TK *1* **Tom Keck** StepStone Group](https://millionrounds.com/person/tom-keck)[VH *1* **Vincent Hsu** StepStone Group](https://millionrounds.com/person/vincent-hsu) ## Every episode 63 · page 1 of 3 - 63 **2H26 Real Estate house views** 20 Aug 2026 · 19 min About this episode In our latest episode of RPM, Jeff Giller, Partner & Head of StepStone Real Estate, and Margaret McKnight, Partner & Head of Portfolio Solutions for SRE, join co-host Maribel Yoo to discuss StepStone Real Estate's 2H26 house views on the state of the real estate market. They cover a range of topics, including how… ▶ - 62 **Beyond top quartile: what deal-level benchmarking unlocks for private market investors** 25 Jun 2026 · 27 min About this episode Host Michael Venne sits down with StepStone's Tyler Johnson and PitchBook's Paul Santarelli to discuss what's changing, and what deal-level benchmarking actually unlocks for GPs, LPs, and the market at large. In this episode: Why fund-level benchmarking leaves the most important questions unanswered How to… ▶ - 61 **Venture's shifting landscape: liquidity, selectivity, and secondaries** 9 Jun 2026 · 18 min [Stephen West](https://millionrounds.com/person/stephen-west) About this episode 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… ▶ - 60 **Finding an edge in UK private equity: Scarcity, specialism, and succession** 6 May 2026 · 17 min About this episode In this episode of RPM, Michael Venne sits down with Akhilan Nesaratnam to explore why UK private equity has quietly outperformed, despite the noisy macro backdrop. They unpack three forces shaping the market’s edge, scarcity, specialism, and succession, and what could change as the Mansion House Accord signals a new… ▶ - 59 **Implementation framework** 6 May 2026 · 22 min [David Robbins](https://millionrounds.com/person/david-robbins) About this episode In this episode of RPM, Miguel Sosa and David Robbins join co-host Anna Marcus to unpack the implementation gap holding advisors back from private markets, exploring why shifting public market dynamics demand a rethink of the traditional 60/40 portfolio, and how evergreen structures and a practical allocation framework… ▶ - 58 **Power, planets & the abyss, how AI, space, and the deep sea are shaping private markets** 21 Apr 2026 · 26 min About this episode Suzanne Tavill, Global Head of Responsible Investment, joins Michael Venne to unpack the game-changing themes explored in our two recent whitepapers: how AI-driven energy demand is sparking investment opportunities across the power ecosystem, and how falling exploration costs are reframing the deep sea and space as… ▶ - 57 **The case for emerging managers with Ted Panarese and Aditya Fontana-Raina** 11 Mar 2026 · 24 min About this episode In this episode of RPM, Ted Panarese and Aditya Fontana-Raina, New York-based Managing Directors on our private equity team, join co-host Anna Marcus to explore whether emerging managers truly represent a disproportionate source of risk, or if the opportunity has been mischaracterized. They cover: Revisiting the case… ▶Show page - 56 **Fall 2025 Real Estate House Views with Jeff Giller and Margaret McKnight** 3 Mar 2026 · 15 min About this episode In this episode of RPM, Jeff Giller, Partner and Head of Real Estate, and Margaret McKnight, Partner and Head of Portfolio Solutions for StepStone Real Estate, rejoin co-host Maribel Yoo to discuss our Fall 2025 House Views on the state of the real estate market. They cover: Market backdrop and investor sentiment… ▶Show page - 55 **Private equity discipline in uncertain conditions** 10 Dec 2025 · 16 min About this episode In this episode of RPM, Lisa Larsson, a New York-based Partner on StepStone’s Portfolio Management team, and Akash Chitrey, a La Jolla-based Senior Associate on the same team, join co-host Anna Marcus to discuss private equity liquidity and valuations, using data to show how private equity really creates and sustains… ▶Show page - 54 **Diversifying your Asia exposure with Zhiyao Ma and Hansong Qu** 7 Oct 2025 · 22 min About this episode In this episode of RPM, Zhiyao Ma and Hansong Qu, Vice Presidents on StepStone's Asia Private Equity team, join co-host Anna Marcus to discuss the investment case for Japan and India and why these markets may be top of mind for investors looking at China +1 alternatives. The focus on Japan and India (2:21) Growing… ▶Show page - 53 **Why private debt is well-suited for evergreen fund structures with Fabian Körzendörfer** 14 Aug 2025 · 26 min About this episode In this episode of RPM, Fabian Körzendörfer, a Zurich-based Partner on StepStone’s Private Debt team, joins co-host Michael Venne to discuss the benefits of private debt and why the asset class fits well with evergreen fund structures. Why evergreens (03:01) Historical performance (9:04) How to generate liquidity in… ▶Show page - 52 **Now is the time for infrastructure secondaries with Tim Rees** 2 Jul 2025 · 25 min About this episode In this episode of RPM, Tim Rees, a London-based Partner on StepStone’s Infrastructure and Real Assets team, joins co-host Michael Venne to discuss the rapid growth of infrastructure secondaries and why the market is gaining momentum. They cover: Growth of infrastructure asset class (00:51) Scale of the secondary… ▶Show page - 51 **Spring 2025 Real Estate House Views with Jeff Giller and Margaret McKnight** 26 Jun 2025 · 15 min About this episode In this episode of RPM, Jeff Giller, Partner and Head of Real Estate, and Margaret McKnight, Partner and Head of Portfolio Solutions for StepStone Real Estate, rejoin co-host Maribel Yoo to discuss our Spring 2025 House Views on the state of the real estate market. They cover: Market shifts and the new cycle… ▶Show page - 50 **Responsible use in DUT and defense investing with Suzanne Tavill and Brooke Latham** 11 Jun 2025 · 25 min [Innovation Fund](https://millionrounds.com/fund/innovation-fund) About this episode This episode of RPM features Suzanne Tavill, Partner and Head of Responsible Investment at StepStone, in conversation with Brooke Latham, Head of Sustainability at the NATO Innovation Fund. They explore what it means to invest responsibly in dual-use technologies, with a focus on the evolving concept of “responsible… ▶Show page - 49 **The future of Responsible AI with Suzanne Tavill and Paul Fehlinger** 23 Apr 2025 · 25 min About this episode 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… ▶Show page - 48 **Real Estate Liquidity Insights with Jeff Giller and Margaret McKnight** 17 Mar 2025 · 14 min About this episode In this episode of RPM, Jeff Giller, Partner and Head of Real Estate, and Margaret McKnight, Partner and Head of Portfolio Solutions for StepStone Real Estate, join co-host Anna Marcus to discuss our recent Real Estate Liquidity Insights report, which analyzes fund level cash flows and trends shaping liquidity… ▶Show page - 47 **Inside the private equity co-investment market with Geoffrey Dolan** 5 Nov 2024 · 16 min About this episode In this episode of RPM, Geoffrey Dolan, a partner on our Private Equity team in New York, joins co-host Anna Marcus to break down the competitive dynamics of the private equity co-investment market. They cover: Our GP survey (1:43); What’s driving deal flow (5:58); Co-investments' value-add (7:29); Potential… ▶Show page - 46 **Investing in climate solutions with Bhavika Vyas and Julio Friedmann** 17 Sept 2024 · 22 min About this episode 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)… ▶Show page - 45 **New frontiers in infrastructure with Simon Beer** 4 Sept 2024 · 18 min About this episode In this episode of RPM, Simon Beer, Partner, Infrastructure & Real Assets, joins co-host Michael Venne to discuss trends that are redefining the infrastructure landscape. They cover: What’s happening in data (3:11); Energy transition definition (6:58); The investment landscape (9:04); Why to invest now (11:35); Infra… ▶Show page - 44 **The emergence of Responsible AI with Suzanne Tavill** 2 Aug 2024 · 21 min About this episode In this episode of RPM, Suzanne Tavill, Partner and Head of Responsible Investment joins co-host Michael Venne to discuss the potential of Responsible AI and how private markets may influence its development. They cover: What is Responsible AI (2:16); Its relationship with ESG (5:43); Classifying risks (7:58); The… ▶Show page - 43 **Private debt in the high-rate era with Richard Schmidt and Jovan Samardzic** 11 Jun 2024 · 14 min About this episode In this episode of RPM, Richard Schmidt, Senior Analyst, Private Debt, and Jovan Samardzic, Managing Director, Private Debt Research, join co-host Michael Venne to discuss the state of the private debt market. They cover: The relative value of private debt (2:12); The impact of higher interest rates (4:42); How… ▶Show page - 42 **Spring 2024 Real Estate House Views with Jeff Giller and Margaret McKnight** 7 Jun 2024 · 14 min About this episode In this episode of RPM, Jeff Giller, Partner and Head of Real Estate, and Margaret McKnight, Partner and Head of Portfolio Solutions for StepStone Real Estate, rejoin co-host Maribel Yoo to discuss our Spring 2024 House Views on the state of the real estate market. They cover: Updates from our Fall House Views… ▶Show page - 41 **Real estate secondaries with Jeff Giller and Margaret McKnight** 15 Feb 2024 · 17 min About this episode In this episode of RPM, co-host Maribel Yoo hands the mic to Margaret McKnight, Partner and Head of Portfolio Solutions for Real Estate, to interview Jeff Giller, Partner Head of StepStone Real Estate, about our recent whitepaper, Bull market for real estate secondaries. They discuss: Why it is a bull market for… ▶Show page - 40 **Uncovering hidden value in European private equity with Akhilan, Thomas and Carlos** 9 Feb 2024 · 20 min About this episode In this episode of RPM, Akhilan Nesaratnam, Thomas Dupont and Carlos Sahuquillo from our private equity team in London join co-host Michael Venne to discuss Europe’s private equity landscape. The conversation surrounds common misconceptions about Europe’s investment opportunities, unpacking four key European sectors… ▶Show page - 39 **Unlocking infrastructure’s Middle Market with Todd Lapenna and Sean Ebsary** 22 Jan 2024 · 13 min About this episode In this episode of RPM, Todd Lapenna and Sean Ebsary from our infrastructure team, join co-host Michael Venne to discuss infrastructure’s middle market following the release of our recent whitepaper, Infrastructure’s Middle Market: An emerging opportunity. They touch on topics including: Infrastructure’s rapid… ▶Show page - 38 **Fall 2023 Real Estate House Views with Jeff Giller and Margaret McKnight** 23 Nov 2023 · 13 min About this episode 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… ▶Show page - 37 **Building a private debt portfolio with Christian Frei** 17 Nov 2023 · 18 min About this episode In this episode of RPM, Christian Frei, StepStone head of risk joins Michael Venne to discuss some of the main insights from StepStone's recent collaboration with GIC: a whitepaper that provides an overview of private debt investment opportunities and a framework for building an optimal private debt portfolio.… ▶Show page - 36 **Carbon markets with Suzanne Tavill & Ryan Ramsey** 15 Nov 2023 · 26 min About this episode In this episode of RPM, Michael and Maribel hand the reins to StepStone’s natural capital team for a primer on carbon markets and offsetting. Though these markets are imperfect and subject to criticisms, some of which we agree with, ultimately, we believe carbon markets are part of the climate solution. Join… ▶Show page - 35 **Inflation Reduction Act: Where are we really? ft. Bhavika Vyas and Julio Friedmann** 11 Oct 2023 · 25 min About this episode In this episode of RPM, we’re continuing our conversation about the Inflation Reduction Act of 2022 (IRA). More than a year out from the Act’s passing, details of the tax laws and mechanisms for deployment are being finalized. Joining co-host Maribel Yoo to revisit this topic is Bhavika Vyas, managing director and… ▶Show page - 34 **Private Debt Secondaries with John Bohill** 12 Jul 2023 · 16 min About this episode 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… ▶Show page ## Who the show talks about Firms named in its episodes, and people named in descriptions: talked about, rather than on the show. [D **David Robbins** *1*](https://millionrounds.com/person/david-robbins)[**Innovation Fund** *1*](https://millionrounds.com/fund/innovation-fund)[**StepStone Group** *1*](https://millionrounds.com/fund/stepstone-group)[S **Stephen West** *1*](https://millionrounds.com/person/stephen-west) ## More shows like this - [**Capital Allocators** Ted Seides 834 episodes](https://millionrounds.com/podcasts/capital-allocators) - [**How I Invest** David Weisburd 446 episodes](https://millionrounds.com/podcasts/how-i-invest) - [**In Good Company** Nicolai Tangen, Norges Bank Investment Management 296 episodes](https://millionrounds.com/podcasts/in-good-company) - [**Money Maze Podcast** Money Maze 246 episodes](https://millionrounds.com/podcasts/money-maze)