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Episode Guide: 16% of LP Liquidity Comes from Continuation Vehicles

Continuation vehicles drive 16% of LP liquidity. Learn how top-quartile GPs institutionalize CVs and overhaul PE plumbing to track value creation.

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Episode Guide

Masters of Scale — "The new rules of brand building, with Wieden+Kennedy CEO"

Runtime: 30 min | Host: Bob Safian | Guest: Neal Arthur, Neil Barrie

For: CEOs and marketing leaders grappling with brand strategy in a volatile market.

Masters of Scale CEO Neal Arthur argues that brand building is now a CEO-level responsibility, not just marketing's, given the explosion of customer touchpoints. The episode highlights the shift towards pragmatic, emotionally resonant messaging over ideological, and the agency's surprising embrace of AI to scale creativity without replacing human talent.

"I think a CEO today is actually responsible for the brand because they're in charge of the vast majority of consumer touch points." — Neal Arthur

Connects to:Brand building as a CEO's job

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Founders — "#428 How Claude Shannon Worked"

Runtime: 51 min | Host: David Senra | Guest: Claude Shannon, Vannevar Bush

For: Leaders seeking inspiration on unconventional approaches to problem-solving and intellectual pursuits.

This episode profiles Claude Shannon, the "father of information theory," emphasizing his unique blend of abstract reasoning and practical building. It delves into his indifference to traditional success metrics, his pursuit of "curious, serious play," and how his introversion fueled prolific output across diverse fields like mathematics, engineering, and investing.

"I've been working on three different ideas simultaneously, and strangely enough, it seems a more productive method than sticking to one problem." — Claude Shannon

Connects to:Claude Shannon's unique work philosophy

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The Private Equity Podcast, by Raw Selection — "Secondaries Are No Longer a Liquidity Tool. They’re a Private Equity Strategy with Adrian Siew, Rothschild & Co"

Runtime: 16 min | Host: Alex Rawlings | Guest: Adrian Siew

For: GPs, LPs, and advisors navigating the evolving landscape of private equity exits and liquidity.

Adrian Siew from Rothschild & Co explains how continuation vehicles (CVs) have transformed from last-resort liquidity tools into strategic options for GPs. He highlights their crucial role in providing liquidity to LPs amidst longer hold periods and slower exit activity, emphasizing that CVs are now a mainstream, dedicated capital market.

"I do think every sponsor out there and every private equity firm will at one stage in their life cycle, look at, consider doing a CV. And I would say the majority will probably end up doing one eventually as well." — Adrian Siew

Connects to:Continuation Vehicles (CVs)

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Acquired — "Disney: The Renaissance and the Empire"

Runtime: 273 min | Host: Ben Gilbert and David Rosenthal | Guest: Roy E. Disney, Ron Miller

For: Anyone interested in corporate turnarounds, media strategy, and the enduring power of IP.

This deep dive chronicles Disney's near-demise in the mid-80s and its subsequent resurgence under Michael Eisner and Frank Wells, leading to the "Disney Renaissance." It details the pivotal role of animation, the explosion of home video, and the strategic acquisitions of Pixar, Marvel, and Lucasfilm that reshaped Disney into a modern media empire.

"In 1983, their stock dropped from $82 to $52 that the company was worth more if you sold it for parts than actually running it." — David Rosenthal

Connects to:Disney

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Odd Lots — "Brad Setser on the US's Unusual Japanese Yen Intervention"

Runtime: 42 min | Host: Bloomberg | Guest: Brad Setser

For: Investors and strategists tracking global currency markets and monetary policy.

Brad Setser discusses the US's unusual intervention to strengthen the yen, focusing on why the Bank of Japan has hesitated to raise rates despite inflation. He reveals surprising dynamics in East Asian currencies and argues Japan's fiscal position is healthier than commonly perceived, challenging the narrative of its massive debt.

"The bank of Japan has worked for so long to get inflation back to 2. They don't want to prematurely cut off this shift in behavior to kind of. They don't want to fall back into the zero rate, zero inflation economy." — Brad Setser

Connects to:Bank of Japan (BOJ)

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The Prof G Pod with Scott Galloway — "Sam Harris on The Democrats’ Far-Left Problem"

Runtime: 69 min | Host: Scott Galloway | Guest: Sam Harris

For: Anyone concerned with political polarization, the impact of social media, and the future of AI.

Scott Galloway and Sam Harris unpack the erosion of trust in expertise, the amplification of extremism by social media, and the Democratic Party's struggle with its far-left wing. The conversation also pivots to the "attention economy," the role of mindfulness, and Harris's deep concerns about an AI arms race.

"The problem for Democrats is they seem to be getting ready to commit suicide by not clearly drawing the line, as our friend Bill Maher did in that last essay on Friday night... This is a communist organization." — Sam Harris

Connects to:Attention Economy

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Invest Like the Best with Patrick O'Shaughnessy — "Gavin Baker - AI Market Jitters - [Invest Like the Best, EP.485]"

Runtime: 65 min | Host: Patrick O'Shaughnessy | Guest: Gavin Baker

For: Investors, founders, and operators in the AI space trying to make sense of market signals.

Gavin Baker argues that public market jitters around AI are disconnected from strong on-the-ground demand. Despite stock corrections, underlying fundamentals like GPU availability and token growth are accelerating. He highlights the impact of open-source models, the game theory of compute acquisition, and Nvidia's misunderstood business model.

"I don't think anyone in 24 or 25 thought that the prices of old GPUs would be going vertical. Everybody thought, hey, we're going to be smart, we're going to sign these long term contracts. And to some degree, like a lot of the Neo clouds had to do that because they needed an offtake agreement to finance the GPUs." — Gavin Baker

Connects to:Acute compute shortage and worsening

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Private Equity Funcast — "Private Equity's About to Get a Lot Less Private (w/ Kevin Hsu of Lumonic)"

Runtime: 62 min | Host: Jim Milbery and Devin Mathews | Guest: Kevin Hsu

For: Private equity and credit fund managers, operating partners, and LPs focused on data infrastructure and portfolio monitoring.

Kevin Hsu, founder of Lumonic, reveals that a surprising 40-60% of PE and credit funds still use spreadsheets for portfolio tracking, creating a significant lag in data. He advocates for firms to attempt building their own monitoring solutions first and discusses the inevitable convergence of public and private markets, demanding real-time data and robust infrastructure.

"60% [of private credit funds] are on spreadsheets. Three years ago, that number was 80. Private equity is actually pretty different. This might actually surprise people, but it's closer to 40% are in spreadsheets." — Kevin Hsu

Connects to:Private Equity Infrastructure

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How I Built This with Guy Raz | Wondery — "MadeGood: Salma and Nima Fotovat Lost Their First Business.They Grew Their Next One Into a Snack Giant."

Runtime: 66 min | Host: Guy Raz | Guest: Nima Fotovat, Salma Fotovat

For: Entrepreneurs, founders, and executives in the CPG space navigating growth, setbacks, and strategic decisions.

Siblings Nima and Salma Fotovat share their extraordinary journey, from losing their first successful snack bar business to building MadeGood, a multi-million-dollar allergen-free snack giant. The episode highlights their resilience, the strategic use of contract manufacturing to fund growth, and their commitment to owning the supply chain.

"Building the brand is really hard. Get an advisor. What is brand positioning? Why do we need to exist? What problem are we solving?" — Nima Fotovat

Connects to:MadeGood

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Masters of Scale — "Always be the challenger"

Runtime: 29 min | Host: Jeff Berman | Guest: Jesse Cole

For: Innovators, leaders, and marketers looking to disrupt traditional industries through unique customer experiences.

Jesse Cole, founder of the Savannah Bananas, details his radical "fans first" approach to sports entertainment, prioritizing unique experiences over conventional revenue strategies. He shares insights into embracing a challenger brand mindset, constant experimentation, and building an organizational culture fueled by energy and joy.

"We spent zero dollars on marketing. We invest on the experience. So most people, I think when they think about marketing is like, you got to go promote something to get people to want to buy something or take on a service. What we think about is how do you make your experience so remarkable that you capture that and just share that?" — Jesse Cole

Connects to:Joy as a business driver

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Dare to Lead with Brené Brown — "Leading Under Pressure with Rebecca Lowe"

Runtime: 85 min | Host: Brené Brown | Guest: Rebecca Lowe

For: Leaders, particularly women in male-dominated fields, seeking to build resilience, communicate effectively, and lead with authenticity under pressure.

Renowned sports broadcaster Rebecca Lowe shares her journey in a male-dominated industry, emphasizing that meticulous preparedness, not confidence, is her superpower. She discusses managing strong personalities on live television, the gendered challenges women face, and the critical importance of creating safe and worthwhile environments for speaking up.

"Do not confuse presence with preparedness. Preparedness is the unlock to fun, to going off script a little bit because you are ready." — Rebecca Lowe

Connects to:Preparation over Confidence

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