Private Capital

Conversations with investment and business thought leaders, founders, and experts geared toward the family office executive or family principal. Join host Joe Reilly as we learn from the best in the investment and business world. Great stories, analysis and insights you can use in a family office context.

Kathryn Leaf - CEO of Pantheon on the Rise of Secondaries 12/07/2025

Kathryn Leaf - CEO of Pantheon on the Rise of Secondaries Kathryn Leaf is the CEO of Pantheon, a $76 billion private equity firm that has been doing secondaries, among other things, for decades. We had a deep discussion with her about the dramatic growth in the market. Her perspectives on the current state of PE secondaries, as well as evergreen and continuation funds, were fascinating, and the market has a ways to go, she notes: “There has been about $600 billion of capital raised by secondary funds that’s servicing a roughly $15 trillion private market asset class.” We also talk about doing infrastructure at scale, right sizing funds, finding talent, and the inefficiencies in the secondary market. Kathryn Leaf is the CEO of Pantheon, a global private markets investment firm with a forty-year history. As a member of the firm’s Partnership Board and International Investment Committee, she oversees Pantheon’s $76B platform, which includes private equity, private credit, infrastructure, and real assets. Kathryn joined Pantheon in 2008, where she co-led investments and later became Global Head of Real Assets. In 2012, she established Pantheon’s infrastructure platform, now one of the world’s largest. Kathryn has driven the expansion of the firm’s private wealth platform, including the AMG Pantheon Fund and the AMG Pantheon Private Credit Solutions Fund. With over 25 years in private markets, Kathryn previously worked at GIC, the Singapore sovereign wealth fund, Centre Partners, and Morgan Stanley. She holds a degree in Modern Languages from Oxford University. Pantheon site: If you like these discussions, please subscribe or leave a review. NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening. Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast. FOLLOW JOE: WEBSITE: INHERITANCE PODCAST: If you like this show, leave us a rating or review. I appreciate it. S4E16 ©2025 Joe Reilly /episode/index/show/a7d3e241-0b75-4db9-ae63-189f81b6480e/id/39311505

Avi Kalichstein - GP Stakes at Hunter Point Capital 11/11/2025

Avi Kalichstein - GP Stakes at Hunter Point Capital Today’s guest is Avi Kalichstein, the CEO of Hunter Point Capital. He’s deeply invested in the rapidly expanding world of private equity stakes. We delve into the influence of his father, a renowned pianist, and his early career at Goldman Sachs, where he met Chris Flowers, who significantly impacted his career. Flowers sent him to Japan to work on revitalizing Shinsei Bank, which was an education in cultural nuances. We also discuss his meeting with Bennett Goodman and the decision to establish Hunter Point. The conversation also covers the evolution of private equity stakes, their unique approach to viewing firms as businesses rather than just funds, the size of the market, barriers to entry, valuation models, and how transactions are made with long-term commitments in mind. It’s an in-depth exploration of the GP stakes landscape. Avi Kalichstein co-founded Hunter Point Capital and serves as its Chief Executive Officer. Before founding Hunter Point Capital, he was a Managing Principal at Easterly, a firm investing in and building investment management businesses. Previously, Avi was a Managing Director at J.C. Flowers, where he helped build a pre-eminent financial services-focused private equity firm, ultimately growing its AUM to over $10 billion. Prior to joining J.C. Flowers, he served as Head of Corporate Development at Shinsei Bank in Japan and began his career in the financial institutions group at Goldman Sachs. Avi earned his B.A. in Mathematics and Economics, magna cum laude, from Brown University. Please enjoy my interview with Avi Kalichstein. Hunter Point Capital: If you like these discussions, please subscribe or leave a review. NOTE: This podcast is provided for general and educational purposes only and is not intended to constitute legal, tax, securities, or investment advice or a recommended course of action in any given situation. All opinions and views constitute our judgments as of the date of production and are subject to change at any time without notice. This information is provided for illustrative purposes only and is not a prediction, projection, or guarantee of future performance. All investing is subject to market risk, including the loss of principal. Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast. FOLLOW JOE: WEBSITE: INHERITANCE PODCAST: If you like this show, leave us a rating or review. I appreciate it. S4E15 ©2025 Joe Reilly /episode/index/show/a7d3e241-0b75-4db9-ae63-189f81b6480e/id/38999095

Lawrence Calcano - The Private Markets Revolution 10/31/2025

Lawrence Calcano - The Private Markets Revolution Lawrence Calcano, CEO of iCapital, began his path to finance with a surprising fork in the road, a theater audition on the very same day as his Morgan Stanley interview. That moment set the stage for a remarkable career shaped by both creativity and strategy. Lawrence discovered that the same skills that bring a story to life on stage are just as essential in building successful teams and businesses. From helping to build Goldman Sachs’ East Coast Tech Group in the early 1990s when the internet was a “fire hose” of innovation to witnessing the highs of the Netscape IPO and the lessons of the dot-com collapse, Lawrence has had a front-row seat to the evolution of technology and capital markets. Now, as the leader of iCapital, he shares how the firm has invested over $700 million in technology to tackle one of wealth management’s biggest challenges: expanding access to alternative investments for high-net-worth investors. Calcano opens up about the early skepticism from fund managers, the “chicken-and-egg” dynamics of building a two-sided marketplace, and how a relentless focus on education, access, and automation helped iCapital reshape the industry. Lawrence Calcano is the Chairman and CEO of iCapital, the world’s alternative investment marketplace. Since 2013, he has led the strategic vision and guidance that has defined iCapital as a leading financial technology provider iCapital now services more than $270 billion in client assets on the platform across more than 1,760 funds and 106,000 underlying accounts and has 16 offices worldwide Lawrence has appeared on the Forbes Midas List five times. Prior to joining iCapital, Lawrence was a partner and managing director at Goldman, Sachs & Co. for over seventeen years, including serving as the co-head of the Global Technology Banking Group within the Investment Banking Division. He was responsible for all aspects of technology financing for the internet, digital & e-commerce, software, services & hardware client businesses. He began his career at Morgan Stanley. Outside of technology, Lawrence’s other passion is mental health & wellbeing, and this has led him to serve as a director of Vibrant Emotional Health (formerly the Mental Health Association of NY) for more than 10 years. Lawrence received a BA from the College of the Holy Cross and graduated from the Amos Tuck School of Business at Dartmouth College as a Tuck Scholar. Please enjoy my interview with Lawrence Calcano. iCapital website: If you like these discussions, please subscribe or leave a review. NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening. Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast. FOLLOW JOE: WEBSITE: INHERITANCE PODCAST: If you like this show, leave us a rating or review. I appreciate it. S4E14 ©2025 Joe Reilly /episode/index/show/a7d3e241-0b75-4db9-ae63-189f81b6480e/id/38870755

Arjun Raghavan - Returns With Resilience 10/17/2025

Arjun Raghavan - Returns With Resilience Partners Capital is a $60 billion asset manager that outsources investments for institutions including family offices, foundations, and endowments. The firm was founded with particularly sophisticated clients, most of them private equity partners, which I covered in my previous podcast with founder Stan Miranda. Today we talk to his successor, Arjun Raghavan, who has continued to grow and expand the firm as well as its thought leadership. We talk about his own personal beginnings in India and his consulting and quant background, then talk about how one builds a global business for high-end clientele, and also discuss their evolved point of view on the endowment model, something Arjun has written about. I highly recommend Partners’ white papers on the endowment model, building a family office, and how private equity partners invest their own money. Arjun Raghavan joined Partners Capital in London in 2007 and is the global Chief Executive Officer. He serves on the Board of Directors and the Global Investment Committee. Arjun previously led Portfolio Construction and established the firm’s Asian operations in Singapore and Hong Kong. Before joining Partners Capital, he was a Director at Quantiva Capital, an equities hedge fund, and a consultant at Accenture focused on corporate strategy. Arjun earned an MBA with Distinction from INSEAD and an engineering degree from the Indian Institute of Technology, Mumbai. Please enjoy my interview with Arjun Raghavan. Partners Capital: Arjun’s White Paper on the Endowment Model: Private Capital Interview with Stan Miranda: If you like these discussions, please subscribe or leave a review. NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening. Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast. FOLLOW JOE: WEBSITE: INHERITANCE PODCAST: If you like this show, leave us a rating or review. I appreciate it. S4E13 ©2025 Joe Reilly /episode/index/show/a7d3e241-0b75-4db9-ae63-189f81b6480e/id/38623835

Shirl Penney - Champions and Breakouts 10/04/2025

Shirl Penney - Champions and Breakouts Today’s guest is Shirl Penney, founder and CEO of Dynasty Financial Partners, which is a comprehensive platform that allows wealth advisors to go independent and form their own RIA. Shirl’s story starts with a thrift store suit and a bus ticket and leads to the helm of this billion-dollar firm. We start off talking about the inefficiencies and economics of horseracing, Shirl’s passion outside of work. We then go through the formation story of Dynasty post-GFC, their early challenges with technology and data, what the decision is like for a team to break out and start their own firm, their M&A advisory business, and the current hot market for RIAs, and his lessons learned. Shirl Penney is the founder, CEO, and member of the Board of Directors of Dynasty Financial Partners, one of the leading advocates and platforms for independent wealth advisor firms. Since its launch in 2010, Dynasty has grown to support more than 500 financial advisors across 55 independent firms that collectively manage more than $120B assets under management. Prior to Dynasty, Shirl worked at Citi Smith Barney in various leadership roles, including director of private wealth management and head of executive financial services. Shirl is from Eastport, Maine, and graduated from Bates College. He and his family live in St. Petersburg, where they are active in numerous charitable causes focused on education, poverty, ALS, and veteran services. Please enjoy my interview with Shirl Penney. Dynasty Partners: If you like these discussions, please subscribe or leave a review. NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening. Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast. FOLLOW JOE: WEBSITE: INHERITANCE PODCAST: If you like this show, leave us a rating or review. I appreciate it. S4E12 ©2025 Joe Reilly /episode/index/show/a7d3e241-0b75-4db9-ae63-189f81b6480e/id/38467065

Adam Waterous - M&A Mastery in Oil and Gas 09/21/2025

Adam Waterous - M&A Mastery in Oil and Gas Adam Waterous is the founder of Waterous Energy Fund, the largest private equity fund in Canada’s oil and gas sector. He gives us a masterclass on the past fifty years of oil and gas investing. From humble roots and with no background in oil and gas, he pioneered the competitive sales process in Canada, identified the critical shift in the market and technology after 2012, used a value investing strategy influenced by Buffett to build his firm, and tells us about the importance of finding good rock and the power of consolidation. Adam Waterous began his career in management consulting with McKinsey & Company in Toronto, then transitioned to mergers and acquisitions at First Boston in New York. In 1991, he co-founded Waterous & Co., an investment banking firm specializing in the energy sector, which was later acquired by Scotiabank in 2005. At Scotiabank, he served as Global Head of Investment Banking, where he completed over 250 transactions valued at over $200 billion. In 2017, he founded the Waterous Energy Fund, a private equity firm focused on the Canadian energy sector, which under his leadership built . from scratch into one of Canada's largest oil companies through strategic acquisitions and organic growth. Adam is a graduate of Western Ontario University and Harvard Business School. Please enjoy my interview with Adam Waterous. Waterous Energy Fund website: If you like these discussions, please subscribe or leave a review. NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening. Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast. FOLLOW JOE: WEBSITE: INHERITANCE PODCAST: If you like this show, leave us a rating or review. I appreciate it. S4E11 ©2025 Joe Reilly /episode/index/show/a7d3e241-0b75-4db9-ae63-189f81b6480e/id/38300120

Roger Ferguson - The Making of a Policymaker 09/06/2025

Roger Ferguson - The Making of a Policymaker Hello and welcome to the Private Capital podcast. I’m Joe Reilly, head of Circulus Group, a network for family offices based in Greenwich, Connecticut. Our next family office summit is on November 20th in New York. It will feature Jose Minaya, Head of Investments at BNY, and former podcast guest Ken Kencel, president and CEO of Churchill Asset Management. Please subscribe at to stay in the loop. Roger Ferguson, former Vice Chairman of the Federal Reserve, has had a compelling professional and intellectual career. In our candid and wide-ranging interview, we learn valuable lessons from his father and Paul Volcker, his learning economics during the 1970s inflation, unrest in Chile, and coal strikes in the UK. We learn what makes a good Fed governor. We also learn about Greenspan’s thought process, “Fed Speak,” and his essential moves on the morning of 9/11. Additionally, we gain insights into the last mile of inflation and the bursting of asset bubbles. I don’t know if I have ever covered so much ground in a single interview, which I know you will enjoy. Roger W. Ferguson, Jr. is the Executive Chairman of Andalusian Credit Partners. Mr. Ferguson served as the 17th Vice Chairman of the Board of Governors of the United States Federal Reserve System from 1999 to 2006 and as a member of the Board of Governors of the United States Federal Reserve System since 1997. After leaving the United States Federal Reserve, Mr. Ferguson served as the President and CEO of TIAA ($1.4 trillion of AUM) from 2008 to 2021. Mr. Ferguson has been a member of the Board of Directors of Alphabet Inc. since 2016. Mr. Ferguson is currently the Steven A. Tananbaum Distinguished Fellow for International Economics at the Council on Foreign Relations. From 2006–2008, Mr. Ferguson worked at Swiss Re, a global reinsurance company, where he served as Chairman of the firm’s America Holding Corporation, Head of Financial Services, and a member of the Executive Committee. Mr. Ferguson has also worked as an Associate and Partner at McKinsey & Company. Mr. Ferguson holds a B.A. in Economics, a Doctoral degree in Economics, and a Juris Doctor degree, all from Harvard University. Please enjoy my conversation with Roger Ferguson. Andalusian website: If you like these discussions, please subscribe or leave a review. NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening. Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast. FOLLOW JOE: WEBSITE: INHERITANCE PODCAST: If you like this show, do me a favor and send it to someone you think would enjoy it. Just copy the link into an email or text. I appreciate it. S4E9 ©2025 Joe Reilly /episode/index/show/a7d3e241-0b75-4db9-ae63-189f81b6480e/id/38112510

Andy Unanue - Family Culture and Family Capital 08/14/2025

Andy Unanue - Family Culture and Family Capital Today we are traveling through one of the great family business stories, that of Goya Foods, the formation of their family office, and the creation of a free-standing private equity firm that focuses on family businesses called AUA Partners. Andy Unanue is the founder and Managing Partner of AUA Private Equity Partners, an operationally focused, lower middle-market investment firm with expertise in supporting and growing family-owned and demographic-driven businesses. Andy is a member of AUA Private Equity’s Investment Committee, and under his leadership, AUA has deployed over $600 million of capital to date. AUA’s business model is driven by Andy’s own family background. He is a member of the Unanue family, which owns and runs Goya Foods, the largest producer of Spanish- and Latin-American foods in the United States. Andy’s grandfather, Prudencio, founded the company in 1936, and Andy’s father, Joe, was a legendary CEO of the company himself. Andy was a leader of Goya for many years, ultimately serving as its Chief Operating Officer before founding AUA. Andy currently serves on several corporate boards, including Raymundos Food Group and Westminster Pet. Additionally, he serves on several not-for-profit boards, including his family’s charitable foundation, The C&J Unanue Foundation. Andy is a member of the University of Miami’s Dean’s Advisory Committee, the New America Alliance, and is on the Columbia University Medical Center’s Board of Advisors. Andy received his M.B.A. from the Thunderbird School of Global Management and his B.B.A. from the University of Miami. Please enjoy my conversation with Andy Unanue. AUA Website: Circulus Substack: If you like these discussions, please subscribe or leave a review. NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening. Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast. FOLLOW JOE: WEBSITE: INHERITANCE PODCAST: If you like this show, do me a favor and send it to someone you think would enjoy it. Just copy the link into an email or text. I appreciate it. S4E9 ©2025 Joe Reilly /episode/index/show/a7d3e241-0b75-4db9-ae63-189f81b6480e/id/37817675

Jeff Collins - Care Bears and Cargo Planes 07/12/2025

Jeff Collins - Care Bears and Cargo Planes There’s a vast landscape of valuable but unconventional assets out there, but how do you find them, filter them, and properly value them? What frameworks can you use to understand them and how can you integrate them into a portfolio? Jeff Collins of Cloverlay, a seasoned investor in niche assets for decades, loves to explore these esoteric and overlooked opportunities. We delve into various topics, including litigation finance, data centers, the intellectual property behind Care Bears, refurbishing cargo planes, purchasing whiskey barrels, and modeling future revenues for Phantom of the Opera. Jeff shares his insights on how he selects these assets, mobilizes capital to catalyze their growth, and defines their exit strategies. Cloverlay is located in Pennsylvania and currently manages about $2 billion. As the Managing Partner, Jeff Collins oversees the firm's investment strategy and serves on its Investment Committee. Jeff founded Cloverlay after a successful career at Morgan Stanley, where he was a Managing Director in the Alternative Investment Partners group. In that role, he was a key member of the Private Markets Investment Committee, responsible for leading complex investments in special situations and buyouts around the world. His background also includes private equity investing at Petra Capital Partners and investment banking at Robertson Stephens. He holds an M.B.A. from The Wharton School and a bachelor's degree in Politics from Princeton University. Please enjoy my conversation with Jeff Collins. Circulus Substack: Cloverlay website: If you like these discussions, please subscribe or leave a review. NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening. Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast. FOLLOW JOE: WEBSITE: INHERITANCE PODCAST: If you like this show, do me a favor and send it to someone you think would enjoy it. Just copy the link into an email or text. I appreciate it. S4E8 ©2025 Joe Reilly /episode/index/show/a7d3e241-0b75-4db9-ae63-189f81b6480e/id/37385985

Joan Solotar - Scale as Advantage at Blackstone 05/04/2025

Joan Solotar - Scale as Advantage at Blackstone Joan Solotar is global head of Blackstone Private Wealth and a member of the firm’s management committee. Joan’s career tracks the fascinating evolution of Wall Street in the past thirty years. Joan worked on three notable IPOs: DLJ in 1995, Goldman Sachs in 1999, and Blackstone in 2007, and we discuss the strategic reasons behind them. She was tapped to lead the development of Blackstone’s private wealth group, which has since grown to $250 billion. We talk about the state of the industry she covered in the 1990s, the challenge of building a two-sided marketplace in private wealth, Blackstone’s management committee, how they prioritize, and the wisdom of building businesses organically. Before joining Blackstone in 2007, Ms. Solotar was Head of Equity Research at Bank of America Securities and a highly ranked Institutional Investor All Star financial services analyst at Credit Suisse and Donaldson, Lufkin & Jenrette. Ms. Solotar is a member of the Board of Trustees of East Harlem Tutorial Program and East Harlem Scholars Academies. She wrote a Harvard Business Review article entitled, and co-authored, Ms. Solotar received a BS in Management Information Systems from the State University of New York at Albany and an MBA in Finance from New York University. Please enjoy my conversation with Joan Solotar. Circulus Substack: If you like these discussions, please subscribe or leave a review. NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening. Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast. FOLLOW JOE: WEBSITE: INHERITANCE PODCAST: If you like this show, do me a favor and send it to someone you think would enjoy it. Just copy the link into an email or text. I appreciate it. S4E7 ©2025 Joe Reilly /episode/index/show/a7d3e241-0b75-4db9-ae63-189f81b6480e/id/36425395

Mark Strauch - Fishing in a Different Pond 04/09/2025

Paul Carbone - The Advantage of Family Capital 03/29/2025

Paul Carbone - The Advantage of Family Capital Today we are going to hear the story of one of the most interesting firms to spring from a significant family office. JB and Tony Pritzker approached today’s guest, Paul Carbone, with the idea of expanding their direct investments into a free-standing firm called Pritzker Private Capital. Paul takes us through that journey and we discuss the importance of a well-defined value system, the benefits of family capital, partnering with other families, the difference between flexible and patient capital, the problem with club deals, and why direct investing is not for everyone. Paul Carbone is Co-Founder and Vice Chairman of Pritzker Private Capital. In 2012, Paul joined PPC’s predecessor company and later PPC as a managing partner and led the firm’s growth and development for more than ten years. Prior to PPC, Paul was the director and managing partner of Robert W. Baird & Co.’s Private Equity Group after serving as co‐director of investment banking responsible for Mergers and Acquisitions Advisory. Previously, Paul was senior vice president in the Investment Banking Group at Kidder, Peabody & Co. Paul received his MBA from Harvard Business School and his B.A., Phi Beta Kappa, from The College of the University of Chicago. Please enjoy my conversation with Paul Carbone. Pritzker Private Capital: University of Chicago Booth School of Business Family Office Initiative: Circulus Substack: If you like these discussions, please subscribe or leave a review. NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening. Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast. FOLLOW JOE: WEBSITE: INHERITANCE PODCAST: If you like this show, do me a favor and send it to someone you think would enjoy it. Just copy the link into an email or text. I appreciate it. ©2025 Joe Reilly /episode/index/show/a7d3e241-0b75-4db9-ae63-189f81b6480e/id/35920325

Jason Mudrick - The Debt Landscape 03/16/2025

Matt Fleissig - The Service Matrix 02/20/2025

Matt Fleissig - The Service Matrix Today, we're charting the remarkable trajectory of a wealth management powerhouse: Pathstone. Joining us is Matt Fleissig, co-founder and CEO. Pathstone is a great case study for the major trends in wealth management over the last ten years. Pathstone’s DNA was from the well-known Harris MyCFO, which was the original dot-com family office formed by the founders of Netscape and WebMD. Pathstone has since grown into a firm managing and advising on a remarkable $162 billion in assets. Matt has been a key architect of this growth story, and we'll explore how they navigated the complexities of multiple prominent acquisitions, how they developed their unique business model which has turned services into a revenue generator rather than a cost, and their recent notable acquisition of the $45 billion Hall Capital. Earlier in Matt’s career, he held positions at Harris MyCFO Investment Advisory as a Principal and at Ayco, a Goldman Sachs Company, as a Financial Planner. He was a member of Harris Bank’s Outside Advisor Review Committee, which directed manager due diligence, search, and selection for the bank’s $60 billion platform, and was also a member of Harris Bank’s Investment Management Committee. Matt earned a Bachelor of Arts in Economics from Muhlenberg College and an MBA in Finance from Fairleigh Dickinson University. Please enjoy my conversation with Matt Fleissig. Pathstone: Circulus Substack: If you like these discussions, please subscribe or leave a review. NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening. Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast. FOLLOW JOE: WEBSITE: INHERITANCE PODCAST: If you like this show, do me a favor and send it to someone you think would enjoy it. Just copy the link into an email or text. I appreciate it. ©2025 Joe Reilly /episode/index/show/a7d3e241-0b75-4db9-ae63-189f81b6480e/id/35370485

Michael Fisch - Buying Market Leaders 02/05/2025

Michael Fisch - Buying Market Leaders Michael Fisch is a founder and the CEO of American Securities, a $23 billion private equity firm that originated in the Rosenwald family office. This is a great story of a fabled family office turning their investment DNA into a thriving private equity firm by buying market-leading businesses. William Rosenwald, son of Julius Rosenwald who built Sears Roebuck, started the family office back in the 1940s, investing in private companies. Michael’s mentor, Chuck Klein, took them to the next level in the 1980s and offered a role to 30-year-old Michael, who turned around and proposed building what became American Securities today. We talk about their first acquisition, why they seek out market leaders, the growth of the firm, and overcoming bottlenecks, and their unique resource group that creates efficiencies and growth in their underlying companies. Before founding American Securities, he was a partner in two private equity funds, a consultant in the Paris office of Bain & Company, and a professional in the mergers and acquisitions department of Goldman Sachs. Michael received a BA in Economics and Policy Studies from Dartmouth College, where he is a Member of the President’s Leadership Council, and an MBA from Stanford University’s Graduate School of Business, where he has been a guest lecturer since 2006. Michael serves as a Director of the 1162 Foundation, a Member of the Atlantic Council’s Executive Committee of the Board of Directors, and Chairman of the Advisory Council of its Freedom and Prosperity Center, a Member of the Board of Trustees of Northwell Health, and Chair of the Board of Trustees of Princeton Theological Seminary. He has authored a number of articles and appeared as a guest on national television programs, all on private equity and investing. Please enjoy my conversation with Mike Fisch. American Securities: Circulus Substack: If you like these discussions, please subscribe or leave a review. NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening. Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast. FOLLOW JOE: WEBSITE: INHERITANCE PODCAST: If you like this show, do me a favor and send it to someone you think would enjoy it. Just copy the link into an email or text. I appreciate it. ©2025 Joe Reilly /episode/index/show/a7d3e241-0b75-4db9-ae63-189f81b6480e/id/35166230

Jim Tananbaum - AI and the Language of Biology 01/17/2025

Jim Tananbaum - AI and the Language of Biology Today’s guest is Jim Tananbaum of Foresite Capital. One of the most exciting places AI is revolutionizing is drug discovery, so I was very excited to have Jim on today. Jim Tananbaum is the founder and chief executive officer of Foresite Capital, a U.S.-focused healthcare investment firm founded in 2011 that has approximately $3.5 billion in assets under management. During the last three decades, Jim has been a thought partner for some of the most impactful and fastest-growth companies of their generation, including: 10x Genomics, Amerigroup, and Jazz Pharmaceuticals. Jim’s first success came while he was still at Harvard Business School when he co-founded GelTex Pharmaceuticals, which brought two drugs to market and was acquired in 1999 for $1.4 billion. Jim was the founding chief executive of Theravance, Inc., a co-founder of Prospect Ventures, and a partner of Sierra Ventures. Jim studied engineering at Yale and earned an MD from Harvard Medical School, an MBA from Harvard Business School, and graduated from the Harvard MIT HST program. We discuss what it takes to start a drug company, breakthroughs in obesity, AI, and the challenge of data in drug discovery, understanding the language of biology, advances in pain and cancer research, and his thoughts on brain implants. Please enjoy my conversation with Jim Tananbaum. Foresite Capital: Jim’s Homepage: If you like these discussions, please subscribe or leave a review. NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening. Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast. FOLLOW JOE: WEBSITE: INHERITANCE PODCAST: https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964 If you like this show, do me a favor and send it to someone you think would enjoy it. Just copy the link into an email or text. I appreciate it. ©2025 Joe Reilly /episode/index/show/a7d3e241-0b75-4db9-ae63-189f81b6480e/id/34900995

Mark Gerson - Master of Networks 12/29/2024

David Salem - Know What You Own 12/08/2024

Jennifer Prosek - Power of Storytelling 11/11/2024

Jennifer Prosek - Power of Storytelling Jennifer Prosek has built a powerhouse communications firm by focusing on asset management. She asked herself, "Why does the financial industry not care about its brand, and why are they so on the back foot about everything?" I was particularly keen to talk to her about how firms struggle to differentiate, especially as formerly low-profile parts of the industry, such as private equity funds, now look to expanding across the wealth channel and begin to look more like consumer brands. We talk about how she built her firm from small beginnings; how family offices should think about their story; being prepared for a crisis in advance; educating financial advisors; how to go from high-level awareness down the funnel to actual ROI; how to navigate Milken and Davos; and the future of AI in communications. Jennifer Prosek is the founder and managing partner of Prosek Partners, a leading integrated marketing and communications firm with offices in nine cities around the world. The firm was named the best financial communications and marketing firm by PRovoke Media in 2023. Jennifer was also listed personally on The Wall Street Journal’s “Most Influential Decision Markers” list in 2023 and 2024. She is the author of two books, “Army of Entrepreneurs” and “Raising Can-Do Kids.” Jennifer is on the board of the Mount Sinai Health System and the Museum of the City of New York and she received her MBA from Columbia University and a B.A. in English Literature from Miami University. Jen is also known for her pithy sayings, and we managed to get a new one from her. Please enjoy my conversation with Jennifer Prosek. “Reaching for Retail” Prosek report: Army of Entrepreneurs: Raising Can-Do Kids: NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening. Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast. FOLLOW JOE: Substack: INHERITANCE PODCAST: If you like this show, do me a favor and send it to someone you think would enjoy it. Just copy the link into an email or text. I appreciate it. ©2024 Joe Reilly /episode/index/show/a7d3e241-0b75-4db9-ae63-189f81b6480e/id/33890272

Zoe Cruz - Morgan Stanley to DeFi 10/29/2024

Michael Weisz - Yieldstreet 09/16/2024

Michael Weisz - Yieldstreet Michael Weisz has a real knack for finding unconventional opportunities and a strong entrepreneurial spirit. He cut his teeth in real estate, but quickly found his nuanced understanding of mis-priced risk prepared him for creative investments like litigation and receivable finance and strategies like loans to professional athletes during lockouts. We talk about the development of the Yieldstreet platform, how they think about the wide variety of offerings they have from fine art to CLO’s, the democratization of finance, and the international scaling of the firm. Michael is the Founder and CEO of Yieldstreet, the leading private market investing platform, with more than 500k members and $5.7 billion invested. An award-winning entrepreneur, he co-founded Yieldstreet in 2015 with an ambition of providing individual investors access to curated private market assets typically reserved for institutions. As CEO, Michael leads Yieldstreet’s strategic vision to make alternatives a fundamental piece of investor portfolios. Before Yieldstreet, Michael held a variety of positions across the specialty finance spectrum, including founding Soli Capital. Previously, Michael was Vice President at a New York-based credit opportunities hedge fund with $1.2B under management. WEBSITE: NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening. Joe Reilly is the CEO of Circulus Group an educational forum for family offices, and the host of the Inheritance Podcast. FOLLOW JOE: WEBSITE: ubstack.com INHERITANCE PODCAST: https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964 If you like this show, do me a favor and send it to someone you think would enjoy it. Just copy the link into an email or text. I appreciate it. ©2024 Joe Reilly /episode/index/show/a7d3e241-0b75-4db9-ae63-189f81b6480e/id/33078872

Ted Seides - Private Equity Deals 09/06/2024

Ted Seides - Private Equity Deals Today’s guest is Ted Seides from Capital Allocators podcast. I first did a print interview with Ted exactly seven years ago, when he had just completed his first book So You Want to Start a Hedge Fund? and had just started his podcast. Since then he has written two more books, Capital Allocators and today’s topic Private Equity Deals and now has one of the top investment podcasts in the world, with over 400 episodes. Private Equity Deals is a set of engaging case studies derived from his podcast series, and is an excellent and detailed read, delving deeply into fifteen different deals. Ted Seides is the host of Capital Allocators, which includes podcasts, gatherings and advisory. He was formerly co-founder of Protege Partners, which was a leading multi-billion dollar hedge fund seeder, where he was President and co-CIO. Ted is also well known for his famous bet with Warren Buffett, a charitable wager pitting hedge funds against the S&P 500. Ted began his career under the tutelage of David Swensen at the Yale University Investments office. Ted graduated with honors from Yale and received an MBA from Harvard Business School. I’m grateful to Ted for getting me into podcasting. He told me it was fun and easy and you get to talk to really interesting people, and he was absolutely right. Please enjoy my conversation with Ted Seides. Private Equity Deals: https://www.amazon.com/Private-Equity-Deals-dealmaking-professionals/dp/1804090735 Capital Allocators on Apple Podcasts: https://podcasts.apple.com/us/podcast/capital-allocators-inside-the-institutional/id1223764016 NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening. Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast. FOLLOW JOE: WEBSITE: ubstack.com INHERITANCE PODCAST: https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964 If you like this show, do me a favor and send it to someone you think would enjoy it. Just copy the link into an email or text. I appreciate it. /episode/index/show/a7d3e241-0b75-4db9-ae63-189f81b6480e/id/32949182

Greg Fleming - Rockefeller Capital Managment 08/11/2024

Greg Fleming - Rockefeller Capital Managment Greg Fleming is the President and Chief Executive Officer of Rockefeller Capital Management, a role he has held since the firm, formerly known as Rockefeller & Co., launched in March 2018. Greg and I discuss the pivotal Lehman weekend in September of 2008 when he was instrumental in the sale of Merrill Lynch to Bank of America, his thoughts on organic growth and mergers in wealth management, the founding of Rockefeller Capital with Viking and building on the legacy of the Rockefeller family office, growing from $18 billion to $140 billion in six years, the importance of horizontal connectivity in a large organization and his belief that nice guys can finish first. Prior to Rockefeller, Greg was the President of Morgan Stanley Wealth Management and Morgan Stanley Investment Management. Before joining Morgan Stanley in 2010, he served as President and Chief Operating Officer of Merrill Lynch, and previously ran Merrill’s Global Investment Banking business. Greg joined Merrill Lynch as an investment banker in 1992. He had also been a principal at Booz Allen Hamilton. Greg is a Phi Beta Kappa, summa cum laude graduate of Colgate University with a bachelor’s degree in Economics. He received his J.D. from Yale Law School. Please enjoy my conversation with Greg Fleming. WEBSITE: https://www.rockco.com/bios/gregory-j-fleming/ If you like these discussions, please subscribe or leave a review. NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening. Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast. FOLLOW JOE: WEBSITE: REQUEST AN INVITE TO OUR FALL SUMMIT: https://forms.gle/YNesjsJb8rwuzkW5A INHERITANCE PODCAST: https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964 If you like this show, do me a favor and send it to someone you think would enjoy it. Just copy the link into an email or text. I appreciate it. ©2024 Joe Reilly /episode/index/show/a7d3e241-0b75-4db9-ae63-189f81b6480e/id/32531637

Ken Kencel - President and CEO of Churchill Asset Management 07/07/2024

Ken Kencel - President and CEO of Churchill Asset Management Ken Kencel is the President & CEO of Churchill Asset Management, a $50 billion dollar platform serving over 700 institutional clients. He shared valuable insights on the growing private credit market, the evolution of the industry, his first job at Drexel, working at Carlyle and then going out on his own to start Churchill from scratch. We also discuss the nuances of the art of the covenent and finish with Ken’s desert island discs. Ken started his career in M&A at Drexel Bernham Lambert, founded the high yield finance business at Chase Securities, and was head of leveraged finance at RBC as well as Indosuez Capital. He was president and CEO of Churchill Financial group, which was sold to Carlyle where he served as a Managing director before starting Churchill Asset Management. Ken graduated magna cum laude from Georgetown and has a JD from Northwestern. Please enjoy my conversation with Ken Kencel. WEBSITE: https://www.churchillam.com If you like these discussions, please subscribe or leave a review. NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening. Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast. FOLLOW JOE: WEBSITE: We are hosting our first family office event in New York on September 19th, 2024. If you are are a single family office and would like to attend, you can request an invite below. We are happy to have Steve Tananbaum of GoldenTree, Zoe Cruz of Menai Financial and Torsten Slok of Apollo joining us, and will be covering private equity, fintech and the global macro outlook. I hope you can join us. REQUEST AN INVITE TO OUR FALL SUMMIT: https://forms.gle/893q6qEXZEvVigSM7 INHERITANCE PODCAST: https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964 If you like this show, do me a favor and send it to someone you think would enjoy it. Just copy the link into an email or text. I appreciate it. ©2024 Joe Reilly /episode/index/show/a7d3e241-0b75-4db9-ae63-189f81b6480e/id/32035627

Jason Schwarz - Wilshire's Content Engine 06/27/2024

Jason Schwarz - Wilshire's Content Engine Jason Schwarz is Deputy Chief Executive Officer and President at Wilshire, which currently manages over $100 billion in assets and advises on $1.3 trillion. Jason was raised in a legal family, but his path diverged from the expected, fueled by a desire to carve his own niche. He told me, “I think you see this with sons and daughters of successful parents," he mused. "One path is to follow in the same direction, the other is to go in one's own direction. And I chose that." This decision led him westward, where he immersed himself in the ever-evolving realm of investments, including a side trip to Hanoi. We talk about what makes an effective consultant, the burgeoning OCIO business, what he learned from legendary founder Dennis Tito, and the transformation Wilshire underwent following its acquisition by Motive and CC Partners, where Schwarz played a pivotal role in streamlining previously siloed divisions. Jason joined Wilshire in 2005 and has held a number of increasingly senior roles within the firm, including establishing Wilshire as a leading provider of investment solutions for financial intermediaries, advisors and their clients and ultimately overseeing all of the firm’s business segments. Jason holds a BA in Government from Hamilton College and an MBA from the Marshall School of Business. Please enjoy my conversation with Jason Schwarz. WEBSITE: https://www.wilshire.com/ If you like these discussions, please subscribe or leave a review. NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening. Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast. FOLLOW JOE: WEBSITE: INHERITANCE PODCAST: https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964 If you like this show, do me a favor and send it to someone you think would enjoy it. Just copy the link into an email or text. I appreciate it. ©2024 Joe Reilly /episode/index/show/a7d3e241-0b75-4db9-ae63-189f81b6480e/id/31922347

Anthony Scaramucci - The Capital Artist 06/08/2024

Anthony Scaramucci - The Capital Artist Anthony Scaramucci, is the founder and managing partner of Skybridge Capital and the SALT Conference. We had a wide ranging and candid conversation about his new book, his path from Port Washington to the White House, navigating the cutthroat world of Wall Street and politics, adapting his investment style to survive, and the importance of non-transactional networking. Anthony Scaramucci is the founder and managing partner of SkyBridge Capital and founder and chairman of the SALT conference. Prior to founding SkyBridge in 2005, Scaramucci co-founded investment partnership Oscar Capital Management, which was sold to Neuberger Berman in 2001. Earlier, he worked in Private Wealth Management at Goldman Sachs. Scaramucci briefly served as Chief Strategy Officer of the Export-Import (EXIM) Bank and as White House Communications Director in 2017. He is a member of the Council on Foreign Relations (CFR) and a board member of the Federal Enforcement Homeland Security Foundation. He is the author of five books.and he holds a BA in Economics from Tufts University and a JD from Harvard Law School. Please enjoy my conversation with the always engaging Anthony Scaramucci. SkyBridge Capital: https://www.skybridge.com/ X: If you like these discussions, please subscribe or leave a review. NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening. Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast. FOLLOW JOE: WEBSITE: INHERITANCE PODCAST: https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964 If you like this show, do me a favor and send it to someone you think would enjoy it. Just copy the link into an email or text. I appreciate it. ©2024 Joe Reilly /episode/index/show/a7d3e241-0b75-4db9-ae63-189f81b6480e/id/31661517

Carin-Isabel Knoop - Executive Director of the Harvard Business School Research and Case Writing Division 05/29/2024

Scott Sperling - Co-CEO of Thomas H. Lee Partners 05/03/2024

Michael Tiedemann - CEO of AlTi Tiedemann Global 04/05/2024

Michael Tiedemann - CEO of AlTi Tiedemann Global Michael Tiedemann is a founding partner and chief executive officer of AlTi Tiedemann Global, a publicly traded $70 billion investment firm. He is also a member of the firm’s board of directors and chairman of the firm’s internal investment committee. We talk about starting the business with his father, Carl Tiedemann, the former president of DLJ, spinning up a wealth manager from scratch after the dot-com collapse, the importance of having an operator mentality, finding great talent, and Mike’s thoughts on venture, private debt, growth in the wealth management space and being deliberate. Michael began his career working for Tiedemann Investment Group (TIG) as an emerging markets research analyst. In 1994, he joined the equity research group at Banco Garantia, one of Brazil’s leading investment banks, living in Brazil for two years. Later, Michael ran their equity sales and trading operations out of New York, where he worked closely with Garantia’s top-ranked hedge fund-of-fund group. In 1998, when Credit Suisse acquired Garantia, he remained there, heading up their sales trading efforts for Latin America, until he left to start Tiedemann Advisors in 2000. Michael has been a selected speaker at a number of financial and regulatory associations around the country. In 2012, the Henry Street Settlement honored Michael for his contribution to charitable causes, and most recently in 2017 Michael received the Impact Award for his contribution to fighting poverty by the River Fund of New York. Michael received a Bachelor of Arts degree in psychology from Ohio Wesleyan University. If you like these discussions, please subscribe or leave a review. Please enjoy my excellent talk with Mike Tiedemann. NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening. Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast. FOLLOW JOE: WEBSITE: INHERITANCE PODCAST: https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964 If you like this show, do me a favor and send it to someone you think would enjoy it. Just copy the link into an email or text. I appreciate it. ©2024 Joe Reilly /episode/index/show/a7d3e241-0b75-4db9-ae63-189f81b6480e/id/30692748

Alex Chaloff - CIO of Bernstein Private Wealth Management 03/21/2024

Alex Chaloff - CIO of Bernstein Private Wealth Management Alex Chaloff is the CIO of Bernstein Private Wealth Management. We had a great conversation talking about his personal litmus test for a manager, what to do with lagging funds, the advantages of scale, and the importance of having a sleep coach. Please enjoy my talk with Alex Chaloff. Alex Chaloff is the Chief Investment Officer of Bernstein Private Wealth Management. Before his current role, he served as head of Alternative Asset Strategies. Alex was also a Senior Investment Strategist and Co-head of Bernstein’s Private Client Investment Policy Group, the decision-making body for the private client business. The PCIPG provides asset allocation, investment, and risk management advice for high-net-worth clients, endowments, and foundations. Before joining Bernstein in 2005, he was a managing director at Wilshire Associates, serving on the firm’s investment committee. At Wilshire, Alex structured the investment programs of Fortune 500 companies and developed the portfolio construction for multiple mutual fund complexes, serving as Chief Financial Officer for several fund families. Prior to that, he worked in fund accounting operations at a global custodian in Boston. Alex earned a BA in government and politics from the University of Maryland, College Park, and an MBA with a concentration in finance from the Marshall School of Business at the University of Southern California. NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening. Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast. FOLLOW JOE: WEBSITE: INHERITANCE PODCAST: https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964 If you like this show, do me a favor and send it to someone you think would enjoy it. Just copy the link into an email or text. I appreciate it. ©2024 Joe Reilly /episode/index/show/a7d3e241-0b75-4db9-ae63-189f81b6480e/id/30488013

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