NextWave Private Equity

Listen to the NextWave Private Equity podcast series, where Bridget Walsh, EY Global Private Equity Leader, will speak with industry leaders to discuss emerging opportunities and industry trends shaping the global private equity landscape. The views reflected in this podcast are the views of the author and do not necessarily reflect the views of the global EY organization or its member firms.

PE Pulse: key takeaways from Q1 2025 05/01/2025

PE Pulse: key takeaways from Q1 2025 In Q1 2025, private equity firms saw a 45% rise in deal volume compared to the previous year. However, rising trade tensions are creating caution among investors. Many firms may limit capital deployment in the coming months, yet a higher-than-average risk tolerance indicates readiness to seize new opportunities. Firms are focusing on operational improvements within their portfolios and exploring sectors like aerospace and defense. Additionally, the return of corporate acquirers has boosted exit activity, reflecting a dynamic shift in the private equity landscape amid ongoing uncertainty. Visit to view this quarter’s summary. /episode/index/show/nextwavepe/id/36385375

Talent's role as a strategic differentiator 03/04/2025

Talent's role as a strategic differentiator Matt Breitfelder, Partner, and Global Head of Human Capital at Apollo in conversation with Bridget Walsh, EY Global Head of Private Equity. In this episode Matt shares his insights about the role of talent and optimising personal performance in the asset management industry. The views of third parties set out in this podcast are not necessarily the views of the global EY organization or its member firms. Moreover, they should be seen in the context of the time they were made. /episode/index/show/nextwavepe/id/35527805

Differentiated Opportunities for Special Situations Investing 02/13/2025

Differentiated Opportunities for Special Situations Investing Angelo Rufino, Partner and Head of Special Situations in North America and Head of Corporate Special Situations in Europe for Bain Capital, joins Bridget Walsh, EY Global Head of Private Equity. In this episode Angelo shares his insights on the differentiated opportunities for Special Situations investing. 17 mins. The views of third parties set out in this podcast are not necessarily the views of the global EY organization or its member firms. Moreover, they should be seen in the context of the time they were made. /episode/index/show/nextwavepe/id/35271350

PE Pulse: key takeaways from Q4 2024 01/28/2025

PE Pulse: key takeaways from Q4 2024 Private equity enters 2025 with strong expectations amid favorable market conditions. In 2024, PE firms announced US$565b in deals, a 25% increase in value and 20% in volume from the previous year. Confidence is high, with 73% of GPs expecting increased deployment activity. Factors driving this optimism include narrowing valuation gaps, increased asset availability, and improved macro visibility. Exit activity is also expected to rise, driven by secondary buyouts. Additionally, GPs anticipate a surge in IPOs and a continued focus on AI and private markets buildout. Visit to view this quarter’s summary. Key takeaways: PE firms enter 2025 with US$1.4t in dry powder; 73% of GPs expect increased deployment activity in the next six months. Supply chain issues ranked as a top concern, with 70% of GPs working with portfolio companies to assess these issues in light of proposed tariffs. GPs’ top expectation for this year is an increase in IPOs, with companies in strong market positions well placed to go public. /episode/index/show/nextwavepe/id/35051145

PE Pulse: key takeaways from Q3 2024 11/25/2024

PE Pulse: key takeaways from Q3 2024 The private equity (PE) market is bouncing back, with deal activity picking up thanks to clearer economic indicators and better financing options. Despite this dealmaking boost, exits are slower, posing challenges for investors and firms. The tech sector stands out, attracting significant PE interest due to favorable financing conditions, signaling a trend of increased tech-focused deals ahead. Visit to view this quarter’s summary. Key takeaways: PE deals experience a significant surge in 2024, especially in the second and third quarters, buoyed by growing market confidence, clearer economic indicators and improved financing conditions. The technology sector, fueled by advancements in artificial intelligence (AI) and cloud computing, leads growth, with a notable increase in demand for high-quality assets indicating a market primed for capital investment. Exit strategies encounter headwinds, with a downturn in value and sluggish IPO activity, prompting a shift in investor focus toward cash flow, while PE firms continue to pursue disciplined, strategic acquisitions and business expansion. /episode/index/show/nextwavepe/id/34137211

How tech is unlocking the private wealth opportunity for Private Equity 09/19/2024

How tech is unlocking the private wealth opportunity for Private Equity In this episode on the NextWave Private Equity Podcast, Matt Brown Founder, CEO and Chairman of CAIS, joins Bridget Walsh to discuss how technology can unlock private wealth for private equity. Technology is revolutionizing the private wealth market, enabling independent advisors to access alternative investments and compete with larger firms. Founder, CEO and Chairman of CAIS, Matt Brown, shares his platform's role in streamlining the investment process and the importance of education in advisor empowerment. Listen to the discussion for insights about the future of private equity and the growing opportunities for asset managers in a market ripe for change. Key takeaways: CAIS is leveling the playing field for independent advisors, granting them entry into the realm of alternative investments with cutting-edge technology. By simplifying the investment lifecycle, CAIS enhances accessibility and operational ease, broadening the scope for high-caliber alternative investment opportunities. Envisioning a shift in wealth management, CAIS is at the forefront, championing technology to foster a more inclusive and diversified investment landscape. /episode/index/show/nextwavepe/id/33026247

PE Pulse: five takeaways from Q2 2024 07/25/2024

PE Pulse: five takeaways from Q2 2024 Pete Witte, EY Global Private Equity Lead Analyst, explores the key themes and market dynamics from Q2 2024 that are top of mind for Private Equity (PE) investors. PE Pulse is a quarterly report and corresponding podcast miniseries that provides analysis and insights on private equity market activity and trends. Visit to view this quarter’s summary. In this episode, Pete Witte, EY Global Private Equity Lead Analyst, explores into the market environment for private equity, offering a comprehensive analysis of the current trends, deals, and the overall financing landscape. /episode/index/show/nextwavepe/id/32277277

PE Pulse: Five takeaways from Q1 2024 04/26/2024

PE Pulse: Five takeaways from Q1 2024 Pete Witte, EY Global Private Equity Lead Analyst, explores the key themes and market dynamics from Q1 2024 that are top of mind for Private Equity (PE) investors. PE Pulse is a quarterly report and corresponding podcast miniseries that provides analysis and insights on private equity market activity and trends. Visit to view this quarter’s summary. In this episode, we will provide a quick rundown on some of the trends and the themes that we're seeing in the market with respect to deals, the credit environment and how the macro situation is going to impact dealmaking over the course of the year. /episode/index/show/nextwavepe/id/30973613

The opportunities in GP stakes investing 04/12/2024

The opportunities in GP stakes investing In this episode of the NextWave Private Equity podcast, Avi Kalichstein, co-founder and CEO of Hunter Point Capital, joins host Bridget Walsh to discuss the growing market for GP stakes. The private equity landscape is shifting, with strategic capital becoming a vital piece of the puzzle. Hunter Point Capital's CEO, Avi Kalichstein, shares his insights on the nuances of GP stakes investing. Listen to find out how strategic alliances and smart capital solutions are key to thriving in the modern financial ecosystem. Key takeaways: Hunter Point Capital champions strategic growth for investment managers, essential for navigating the economic shifts and enhancing value in private equity. Investment selection hinges on proven success, cultural alignment and potential for expansion, coupled with tailored strategic guidance. Hunter Point Capital is pioneering new ways to support GPs with innovative financing solutions, reflecting the sector's growth and the need for diverse capital strategies. /episode/index/show/nextwavepe/id/30764793

The evolving middle market landscape 03/08/2024

The evolving middle market landscape In this episode, Flor Kassai, Head of the Buyout Fund at Inflexion Private Equity Partners, a leading mid-market private equity fund, joins our host Bridget Walsh, EY Global Private Equity Leader, to discuss the evolving middle market landscape. /episode/index/show/nextwavepe/id/30257513

Democratization of private markets 02/12/2024

Democratization of private markets In this episode of the NextWave Private Equity podcast, Oi-Yee Choo, CEO of ADDX, joins host Bridget Walsh to discuss tokenization and democratization of private markets. Blockchain is reshaping private investing, and Oi-Yee Choo, CEO of ADDX, shares how on the EY NextWave Private Equity podcast. Listen to find out how this technology is making private markets more accessible and what it means for the future of investment. Key takeaways: ADDX is breaking down barriers for individual investors to participate in private equity and credit markets through innovative blockchain technology. The use of blockchain enables fractional investment opportunities, providing liquidity and broader access to high-quality private market investments. ADDX foresees a transformation in wealth management and private equity, with technology like blockchain paving the way for more inclusive and efficient investment structures. /episode/index/show/nextwavepe/id/29911173

PE Pulse: Five takeaways from Q4 2023 01/11/2024

PE Pulse: Five takeaways from Q4 2023 Pete Witte, EY Global Private Equity Lead Analyst, explores the key themes and market dynamics from 4Q 2023 that are top of mind for Private Equity (PE) investors. PE Pulse is a quarterly report and corresponding podcast miniseries that provides analysis and insights on private equity market activity and trends. Visit to view this quarter’s summary. In this episode, we will provide a quick rundown of how last year shook out and some of the things that we expect for 2024. All the important themes and trends and how we think the macro environment is going to impact private equity in terms of deployment, fundraising, financing exits and some of the longer-term impacts as well. And we'll also take a look at some really interesting survey data that we've been collecting over the last few weeks. /episode/index/show/nextwavepe/id/29427648

What’s next for tech 11/10/2023

What’s next for tech Software’s been a powerful theme for PE investors for much of the last decade, representing between one-quarter and one-third of total PE deployment. David Humphrey, Partner in the Technology, Media & Telecommunications Vertical and Co-Head of Bain Capital’s North American Private Equity business, discusses the philosophy into investing in the tech space. /episode/index/show/nextwavepe/id/28588133

PE Pulse: five takeaways from 3Q 2023 10/25/2023

PE Pulse: five takeaways from 3Q 2023 Pete Witte, EY Global Private Equity Lead Analyst, explores the key themes and market dynamics from 3Q 2023 that are top of mind for Private Equity (PE) investors. PE Pulse is a quarterly report and corresponding podcast miniseries that provides analysis and insights on private equity market activity and trends. Visit to view this quarter’s summary. In this episode, Pete reviews PE deal activity, which continues to accelerate while visibility into interest rate trajectories and macro volatility begins to recede. /episode/index/show/nextwavepe/id/28395326

PE Pulse: five takeaways from 2Q 2023 08/21/2023

PE Pulse: five takeaways from 2Q 2023 Pete Witte, EY Global Private Equity Lead Analyst, explores the key themes and market dynamics from 2Q 2023 that are top of mind for Private Equity (PE) investors. PE Pulse is a quarterly report and corresponding podcast miniseries that provides analysis and insights on private equity market activity and trends. Visit to view this quarter’s summary. In this episode, Pete reviews the recent PE landscape and modest uptick on European resurgence. /episode/index/show/nextwavepe/id/27805809

PE Pulse: five takeaways from 1Q 2023 05/22/2023

PE Pulse: five takeaways from 1Q 2023 Pete Witte, EY Global Private Equity Lead Analyst, explores the key themes and market dynamics from 1Q 2023 that are top of mind for Private Equity (PE) investors. PE Pulse is a quarterly report and corresponding podcast miniseries that provides analysis and insights on private equity market activity and trends. Visit to view this quarter’s summary. In this episode, we will provide a quick rundown of what we’re seeing in the private equity space. All the important themes and trends, and how today’s macro environment is impacting PE – in terms of deployment, fundraising, financing, and some of the longer-term impacts. /episode/index/show/nextwavepe/id/26915634

The growth of retail investors in the private equity markets 05/10/2023

The growth of retail investors in the private equity markets In this episode of the NextWave Private Equity podcast, Bridget Walsh, EY Global Private Equity Leader, will be discussing the entrance of retail investors in the private equity market with Jenny Johnson, CEO of Franklin Templeton. /episode/index/show/nextwavepe/id/26801562

How the private equity secondaries market is coming of age 02/28/2023

How the private equity secondaries market is coming of age In this episode, Mark Benedetti, Co-Head of Ardian US, joins our host Bridget Walsh, EY Global Private Equity Leader, to discuss the growing role of secondaries in the private equity market. /episode/index/show/nextwavepe/id/26076156

PE Pulse: five takeaways from 4Q 2022 01/30/2023

PE Pulse: five takeaways from 4Q 2022 Pete Witte, EY Global Private Equity Lead Analyst, explores the key themes and market dynamics from 4Q 2022 that are top of mind for PE investors. PE Pulse is a quarterly report and corresponding podcast miniseries that provides analysis and insights on private equity market activity and trends. Visit to view this quarter’s summary. 2022 was an incredibly dynamic year for the private equity (PE) industry, characterized by growth, innovation, creativity and the trademark resiliency that has defined the industry since its inception. The first half of the year saw a deal environment that carried over much of the momentum from 2021’s record levels of activity and the second half of the year saw PE firms become increasingly cautious in the face of rising inflationary pressures, the macro impacts of the war in Ukraine, a widening valuations gap, and widespread dislocation in the financing markets that restricted access to PE’s traditional sources of financing. /episode/index/show/nextwavepe/id/25770270

PE Pulse: five takeaways from 3Q 2022 11/14/2022

PE Pulse: five takeaways from 3Q 2022 Pete Witte, EY Global Private Equity Lead Analyst, explores the key themes and market dynamics from 3Q 2022 that are top of mind for PE investors. PE Pulse is a quarterly report and corresponding podcast miniseries that provides analysis and insights on private equity market activity and trends. Visit to view this quarter’s summary. The PE sector continued to experience a number of cyclical headwinds in the third quarter, as rising interest rates, growing concerns of a recession, deteriorating macro sentiment and challenges in the financing markets all conspired to limit firms’ ability to execute new transactions. At the same time, however, firms continue to position themselves for long-term strategic growth, with new product launches and innovations, and by tapping new sources of capital that will allow the industry to continue to grow. /episode/index/show/nextwavepe/id/25001565

What PE is outsourcing to create value [re-release] 10/13/2022

What PE is outsourcing to create value [re-release] Greg Schooley, EY-Parthenon US Value Creation Leader, joins Winna Brown to discuss what tasks PE is outsourcing across business functions such as finance, IT, HR and customer service to create value. The path to successful value creation in private equity (PE) today goes beyond typical levers such as G&A cost-cutting, sales force effectiveness and strategic sourcing. It’s about an approach that leverages digital tools including automation, strategic outsourcing and advanced analytics. Going forward, PE-owned companies of all sizes may need to look at outsourcing as a way to access cutting-edge technologies and capabilities that can lead to revenue growth opportunities, in addition to reducing costs. /episode/index/show/nextwavepe/id/23541875

Why mentoring matters for women in PE [re-release] 09/22/2022

Why mentoring matters for women in PE [re-release] Pam Jackson, CEO of Level20, joins Winna Brown to reveal how mentorship programs can help women build long-term careers in PE. According to a report that EY teams recently published on diversity, equity and inclusiveness (DEI), the private equity industry’s ability to meet stakeholder demands, access capital, win deals and compete for talent is increasingly contingent on progress against DEI metrics. Talent management has become the number two strategic priority across PE firms of all sizes, second only to asset growth. DEI initiatives are now proliferating in private equity as the industry begins to address how its culture has historically impeded diversity. Level20 is a non-profit organization based in the UK that is dedicated to improving gender diversity in the European PE industry and specifically in senior leadership roles at PE firms. Read “Can PE win deals if it doesn’t deal with DEI?”: Calculate how long it will take to achieve your diversity goals: Ten ways male PE leaders can support and mentor their female colleagues: Serve as role models and mentors Engage with colleagues who are different from yourself Encourage women to realize their value Promote stories of inspiring women Engage in small interventions Embody inclusive leadership Give cultural shifts time to come to fruition Build a diverse talent pipeline from the bottom over time Recognize that recruiting senior women is not a “quick win” Model how long it will take to achieve your diversity goals with the /episode/index/show/nextwavepe/id/23541872

How PE firms can win tech deals [re-release] 09/01/2022

How PE firms can win tech deals [re-release] In this episode, Laura Grattan, Managing Director at Crosspoint Capital, and Jeff Vogel, Head of the Software Strategy Group at EY-Parthenon, join Winna Brown to explore how PE firms can position themselves to win tech deals in today’s highly competitive market. Contact Laura: Contact Jeff: According to the latest EY PE Pulse report, 2021 was the year of the tech deal: 30% of total capital deployed last year was allocated to technology companies. The technology sector, once just another industry vertical, now permeates every sector, claiming an ever-increasing share of deals as more companies differentiate themselves based on their technology regardless of the industry in which they sit or serve. Crosspoint Capital focuses on the cybersecurity, privacy and infrastructure software sectors. PE firms that choose a niche specialization in the tech sector can bring deep sector expertise that translates to value creation for their portfolio companies. In an increasingly competitive tech environment, PE firms that focus on a highly targeted category of assets can find themselves in a differentiated position. They are able to quickly discern where to spend time, recognize the opportunities and limitations of an asset, and identify patterns indicative of future success. Three characteristics of today’s tech deal environment include: Increasing presence of and need for club deals Increasing speed at which deals are clearing Developing deal theses early /episode/index/show/nextwavepe/id/23541857

A note from Winna 09/01/2022

A note from Winna To the NextWave Private Equity audience: Since February of 2020, just before the covid-19 pandemic uprooted all of our lives, the EY global private equity team has turned to this podcast series to discuss the topics and insights that are top-of-mind for our audience of PE executives and practitioners. From the bottom of my heart, thank you! For listening, for giving us your time and for trusting us to deliver best-in-class perspectives. Over the next couple of months, we will re-publish some of our most downloaded and talked-about episodes about tech deals, DEI and other timely topics. These are some of our best episodes, and when you listen, you will surely understand why. Thanks for tuning in! Winna Brown, EY Americas ESG Private Equity Leader /episode/index/show/nextwavepe/id/23613353

How Brightstar balances value and values when implementing ESG 08/11/2022

How Brightstar balances value and values when implementing ESG Maha Eltobgy, Chief Sustainability Officer and Managing Director at Brightstar Capital Partners, joins Winna Brown to explore how operating executives can effectively communicate the value prop of ESG at the portco level. ESG is top of mind for PE executives right now. According to the 2022 EY Global Private Equity survey, ESG is one of the top four strategic priorities listed by PE firms. 42% of the largest fund managers seriously consider ESG in their decision-making process, while a further 39% say they consider ESG issues seriously in certain risk areas. ESG is a top priority for firms, but effectively implementing ESG strategy and principles across the portfolio remains challenging. Five ways PE can navigate the implementation of ESG strategy and principles across the portfolio include: Win trust of management teams Start with employee retention and engagement Meet the portfolio company where they are in their journey Demonstrate how ESG values translate to business value Translate ESG principles into tangible, actionable initiatives /episode/index/show/nextwavepe/id/23760554

PE Pulse: five takeaways from 2Q 2022 08/03/2022

PE Pulse: five takeaways from 2Q 2022 Pete Witte, EY Global Private Equity Lead Analyst, explores the key themes and market dynamics from 2Q 2022 that are top of mind for PE investors. PE Pulse is a quarterly report and corresponding podcast miniseries that provides analysis and insights on private equity market activity and trends. Visit to view this quarter’s summary. PE firms will continue to remain active as they seek to continue to deploy more than US$1.4t in dry powder available for new deals. While market volatility, inflationary pressures and rising interest rates are combining to make the investment landscape far more challenging than a year ago, in many instances, PE firms will look to new strategies and investment themes that provide increased resilience against a macro backdrop for which few modern playbooks exist. /episode/index/show/nextwavepe/id/23901141

How geopolitical power shifts will affect investment opportunities 07/21/2022

How geopolitical power shifts will affect investment opportunities Famke Krumbmüller, EY EMEIA Leader, Global Geostrategic Business Group, joins Winna Brown to discuss how shifts in geopolitical power will affect growth and investment opportunities. As a result of the war in Ukraine, three major power blocs are emerging, and it has become critical for companies to understand the allies of the markets in which they are invested. Developed markets are leading one bloc, with the EU and the US having reached new levels of cooperation. Relatedly, the North Atlantic Treaty Organization (NATO) has been reinvigorated. Russia is leading a small bloc of countries, including several autocracies. A significant number of emerging markets, including China and India, are not aligning with either of these blocs, preferring to pursue a more neutral or transactional stance. Several strategic sectors (i.e., farming and medical equipment, agriculture and food commodities, and critical infrastructure) have come into focus due to their relevance to national security and economic growth and the resulting geostrategic competition between these great powers in those strategic sectors. Cross-border deals have decreased as a share of global M&A in favor of more regional and intra-area deals. In this emerging multipolar world, companies are likely to see increased government intervention in their supply chains, limitations on or rejections of cross-border investments, export controls, restrictive trade measures and greater regulatory scrutiny. Three priorities companies can incorporate to adjust to the new geopolitical environment include: Assess current and future political risks annually. Establish a cross-functional geostrategic team. Refine the company strategy to match new geopolitical realities. /episode/index/show/nextwavepe/id/23727071

What ESG means to KKR 06/30/2022

What ESG means to KKR Elizabeth Seeger, Managing Director of Sustainable Investing at KKR, joins Winna Brown to discuss why KKR views ESG as a business opportunity that both creates and protects value over time. ESG has skyrocketed to the top of many PE firms’ list of strategic priorities in the past couple of years. PE firms that may have historically viewed ESG as a “nice to have” or a “check the box” exercise, are now increasingly considering ESG to be a business issue that is embedded in the business, not peripheral to it. PE firms such as KKR that were early adopters of and believers in ESG are now in a position not only to lead the charge to net zero, but to share their learnings with other firms that may be earlier on their ESG journey. At KKR, ESG is viewed as a way to both protect and enhance value over time and is managed alongside other business issues. KKR is focused on climate change, data and integrating ESG issues and subject matter expertise into the investment process. The firm views ESG data not as a way to score potential targets, but to identify a pathway to managing ESG-related risk sover the duration of the hold period. Lastly, KKR has identified three measurable ESG pillars across the portfolio regardless of industry: climate, human capital and data responsibility (cybersecurity and data privacy). PE has an interesting role to play in the transition to net zero, and firms are likely to focus on 6 key areas: Creating and protecting value through ESG Building and deploying teams of resources and expertise Integrating climate and ESG considerations into investment processes Launching standalone ESG or impact funds Spotlighting portfolio companies that are addressing critical environmental and social challenges Collaborating and knowledge sharing to share solutions and best practices /episode/index/show/nextwavepe/id/23581277

What’s in store for SPACs 06/09/2022

What’s in store for SPACs Karim Anani, EY Americas Financial Accounting and Advisory Services Transactions Leader, and Mark Schwartz, Head of IPO and SPAC Capital Markets Advisory, join Winna Brown to explore why SPACs remain highly relevant despite market volatility and regulatory headwinds. Contact Karim: Contact Mark: In 2021, more than 40% of new public companies listed through mergers with SPACs. While SPACs have been around for decades, the boom of the last few years has dominated its narrative in the marketplace. Today, there are hundreds of SPACs seeking “transactable” targets that face potential liquidation in the next year or so if deals aren’t made. Against this backdrop, SPAC sponsors are operating in an extremely choppy market environment for SPACs and other new issues, and recently proposed SEC regulation has increased uncertainty in an already uneasy deal-making environment. Today’s episode explores why SPACs remain highly relevant in EY dialogue with operating companies and their backers despite the market and regulatory headwinds. What is in store for SPACs over the next one to two years and beyond? Recent innovation and complexity in SPAC mergers Evolving negotiation dynamics in recent dealmaking processes Ongoing evolution of what makes an attractive operating company for a SPAC merger Transforming and adapting of SPACs in the face of the current challenges /episode/index/show/nextwavepe/id/23372795

What PE sees in professional sports [re-publish] 06/02/2022

What PE sees in professional sports [re-publish] [Episode originally published 12/16/2021] Tyler Brewster, Senior Director at EY-Parthenon, joins Winna Brown to reveal the drivers behind PE’s increasing presence in pro sports and explore both the opportunities and risks for investors. Contact Tyler: Private equity (PE) is now undeniably present in the world of professional sports. According to Pitchbook, over the past 18 months, PE firms have taken on passive stakes in professional sports franchises and leagues after the NBA, MLB and Major League Soccer loosened ownership rules to include institutional investors. In addition, funds focused on sports have begun to emerge. According to Pitchbook, the total value of PE investments in sports teams and leagues has doubled in the past three years from US$3.3b in 2018 to US$7.1b in 2021. This episode dives into the current drivers, opportunities and risks shaping PE’s presence in the sports industry. We discuss why this is an attractive industry for investors, the opportunities for continued growth such as media rights, asset diversification, and digital transformation, as well as the reputational risks and considerations for PE as it steps into the sports industry spotlight. /episode/index/show/nextwavepe/id/23307227

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