Dry Powder: The Private Equity Podcast
Episodes
Nothing Is Fundamentally Broken … Yet Again
16 Dec 2025
Contributed by Lukas
If you follow me on LinkedIn, you’ve probably seen some of my weekly musings on the state of the private equity industry. One post from earlier this...
Yards After the Catch w/ TA’s Hythem El-Nazer
09 Dec 2025
Contributed by Lukas
In part two of our interview series, we explore how TA hits the ground running on value creation.
Finding a Needle in a Haystack w/ TA’s Hythem El-Nazer
02 Dec 2025
Contributed by Lukas
How does TA find the time — and the manpower — to sift through 40,000 companies a year?
Early Innings w/ Goldman Sachs’ Kristin Olson
11 Nov 2025
Contributed by Lukas
In part two of our interview series with Kristin Olson, Global Head of Alternatives for Wealth at Goldman Sachs, we consider how Goldman Sachs is posi...
Building the Future of Private Wealth Portfolios w/ Goldman Sachs’ Kristin Olson
28 Oct 2025
Contributed by Lukas
Kristin Olson, global head of alternatives for wealth at Goldman Sachs, explains how her team is preparing for more than 30% yearly growth in the indi...
Bending the Revenue Curve w/ Permira’s Dipan Patel
14 Oct 2025
Contributed by Lukas
Permira’s Co-CEO reveals how a sector-embedded, operator-led value creation team drives revenue growth across their portfolio.
Scaling Across the Pond w/ Permira’s Dipan Patel
30 Sep 2025
Contributed by Lukas
Permira’s Co-CEO explains how his firm has successfully scaled across Europe and the U.S. in equal measure.
Competitive Advantages and Carve-Outs w/ TPG’s Steve Ellis
16 Sep 2025
Contributed by Lukas
In part two of our interview series, we explore how the impact lens can enhance carve-outs — from deal sourcing to execution.
When Impact Investing Reaches Critical Mass w/ TPG’s Steve Ellis
02 Sep 2025
Contributed by Lukas
A pioneer in the realm of impact investing explains how The Rise Funds have scaled over the last decade—and why they're hitting “escape velocity.”...
Private Equity’s Liquidity Wake-Up Call
19 Aug 2025
Contributed by Lukas
On June 23, I joined the Capital Allocators podcast to discuss some of the pressing challenges facing the private equity industry today, with a partic...
Alone on the Ice w/ Arctos' Ian Charles
05 Aug 2025
Contributed by Lukas
[This episode originally aired on July 12, 2023] In part two of our conversation with Ian Charles, we reflect on a career of consummate innovation in ...
In a League of His Own w/ Arctos' Ian Charles
22 Jul 2025
Contributed by Lukas
[This episode originally aired on June 22, 2023] Ian Charles, the managing partner of Arctos’ Sports Partners, takes us inside the world of sports i...
Is the Classic Buyout Model Still Working?
08 Jul 2025
Contributed by Lukas
[This episode originally aired on March 1, 2021] We consider a critical question from Bain & Company's Global Private Equity Report.
Gen AI in Private Equity: Game Changer or Work in Progress?
24 Jun 2025
Contributed by Lukas
On April 24, I joined the Spotlight On podcast for a conversation about the future of private equity. Naturally, we talked about the game-changing ...
Bain’s 2025 Midyear Private Equity Report: Executive Summary
10 Jun 2025
Contributed by Lukas
Amid a turbulent year, is the industry poised for more of the same or a sudden turnaround?Read Bain's 2025 Midyear Private Equity Report here. Regist...
A $140 Trillion Riddle, Wrapped in a Mystery, Inside of an Enigma
27 May 2025
Contributed by Lukas
[This episode originally aired on December 7, 2023] Today on the show, I have a lively conversation with Ashby Monk, the executive director of the Sta...
Navigating the Evolution of Private Equity: An Interview with Hugh MacArthur
13 May 2025
Contributed by Lukas
This past December, I joined the M&A Science Podcast for a wide ranging interview about my 30 year career at Bain and the evolution of the private equ...
The Rise and Rise of the Secondary Market w/ Lexington Partners’ Wilson Warren
29 Apr 2025
Contributed by Lukas
A 30-year veteran shares why the secondary market’s growth continues to surprise him.
NAV Loans Under the Microscope w/ 17Capital’s Pierre-Antoine de Selancy
15 Apr 2025
Contributed by Lukas
We ask a leading provider of NAV loans about the enthusiasm and the skepticism around a growing trend.
Full Speed Ahead w/ Hamilton Lane’s Erik Hirsch
08 Apr 2025
Contributed by Lukas
In the second of our two-part series, we ask the Co-CEO of Hamilton Lane how they’re building an analytics engine that can serve both institutiona...
Warp Speed w/ Hamilton Lane’s Erik Hirsch
01 Apr 2025
Contributed by Lukas
Hamilton Lane's Co-CEO takes us inside the rapid buildout of private market infrastructure.
Where Infrastructure Deals Are Heading
25 Mar 2025
Contributed by Lukas
In part two of our infrastructure series, we take a closer look at which sub-sectors are heating up, and how opportunities across energy and tech are ...
Infrastructure’s New Playbook
18 Mar 2025
Contributed by Lukas
Infrastructure deals are evolving, and private capital could play a pivotal role in the space.
Dry Powder: Live From NEXUS 2025
12 Mar 2025
Contributed by Lukas
Today on Dry Powder, we’re sharing a live recording from this year’s NEXUS conference in Orlando, Florida. My guest is Brian Bernasek, Co-Head of ...
Bain & Company’s 2025 Global Private Equity Report: Executive Summary
03 Mar 2025
Contributed by Lukas
We cover three overarching themes from this year’s report, including clear evidence of an industry recovery, continuing challenges for GP’s, and s...
From Startups to Scale-Ups w/ Insight Partners’ Deven Parekh
25 Feb 2025
Contributed by Lukas
We asked the managing director of Insight Partners how they invest across venture capital, growth equities and buyouts.Register for our Global Private...
Profile of an Industry Innovator w/ TPG’s Jim Coulter
11 Feb 2025
Contributed by Lukas
Jim Coulter reflects on the legacy of his co-founder, David Bonderman, while asking whether the industry still makes room for unorthodox investors lik...
The Leaders Strategy w/ GTCR’s Collin Roche
30 Jan 2025
Contributed by Lukas
In an industry where management change out rates hover around 50%, GTCR stands out as a remarkable exception.
Macro Update: The Expanding Frontiers of Automation
14 Jan 2025
Contributed by Lukas
From strawberry-picking to brick-laying, automation is revolutionizing unexpected corners of the workforce.
Macro Update: Navigating Inflation and Policy Shifts Under a New Administration
07 Jan 2025
Contributed by Lukas
With inflation easing and public markets on the rise, the key questions are whether the Federal Reserve has overcorrected and how the new administrati...
Tech Sector Update: Waiting for a Recovery
17 Dec 2024
Contributed by Lukas
A few big ticket deals have raised hopes of a rebound, but investors are still wondering when deal activity will return to normal, or what normative w...
Game Changers in Generative AI w/ Hg’s David Toms
10 Dec 2024
Contributed by Lukas
In part two of our interview series, we explore how generative AI is prompting a radical reconsideration of how software is priced and deployed at sca...
Early Wins in Generative AI w/ Hg’s David Toms
03 Dec 2024
Contributed by Lukas
Hg’s head of research shares some of the more remarkable use cases of generative AI and what they reveal about the future of work.
Where Tech Meets Patient Care
05 Nov 2024
Contributed by Lukas
Healthcare IT has the potential to not only make the industry more efficient but also to revolutionize patient care.
Adapting to a Multipolar World w/ Bain Capital’s David Gross
22 Oct 2024
Contributed by Lukas
In part two of our interview series, we explore how private equity can continue expanding its global footprint and what it will take to thrive in a mu...
The Cross-Platform Playbook w/ Bain Capital’s David Gross
15 Oct 2024
Contributed by Lukas
The co-managing partner of Bain Capital takes us inside of their remarkably diversified portfolio, where venture capital, private equity, real estate,...
A Deep Dive into Private Equity’s Future
26 Sep 2024
Contributed by Lukas
Host Hugh MacArthur takes the hot seat in this special episode about the future of private equity.You can access the original, full-length interview h...
The Case for ‘Guarded Optimism’ in the Healthcare Sector
29 Aug 2024
Contributed by Lukas
2024 is shaping up to be a surprisingly robust year for private equity deal activity.
Buy-and-Build: Deal Breakers and Deal Makers
22 Aug 2024
Contributed by Lukas
[This series originally aired on November 21, 2019] Absent certain market conditions, buyer beware.
The Renewed Urgency of Operational Due Diligence
15 Aug 2024
Contributed by Lukas
[This episode originally aired on March 21, 2023] As margins shrink, private equity houses are rediscovering the vital importance of operational due d...
The Take-Private Playbook
30 Jul 2024
Contributed by Lukas
A small, but growing cohort of investors are taking mid-sized companies private and driving substantial margin improvements.
Bain’s 2024 Midyear Private Equity Report: Executive Summary
28 Jun 2024
Contributed by Lukas
Deals and exits are flat, and fundraising is down, but the real story is the tension beneath the numbers.For a deeper discussion, join our live webina...
A Savvier Approach to Sovereign Wealth Funds
18 Jun 2024
Contributed by Lukas
Karen Khalaf, one of Bain's leading experts in sovereign wealth funds, explains how a little knowledge can go a long way on the fundraising trail.
Dry Powder: Live from SuperReturn 2024
06 Jun 2024
Contributed by Lukas
Jim Strang, chairman of HgCapital Trust, joins us for a wide-ranging conversation about the future of the private equity industry.If you'd like to sta...
Rethinking Risk w/ Charlesbank’s Michael Choe
21 May 2024
Contributed by Lukas
We explore a fresh approach to modeling and managing risk.
Exit Strategies w/ Thoma Bravo’s Holden Spaht
07 May 2024
Contributed by Lukas
In part two of our series, Thoma Bravo’s leading enterprise software investor explains how they continue to find exit opportunities and source new d...
When the Dam Breaks on Tech Deals w/ Thoma Bravo’s Holden Spaht
30 Apr 2024
Contributed by Lukas
We ask one of Thoma Bravo’s leading enterprise software investors why 2023 could be a “significantly better” year for deal making.
Data-Driven Impact Investing w/ Bridgespan’s William Foster
22 Apr 2024
Contributed by Lukas
Private equity firms are developing measures of success that go far beyond carbon footprints.
Macro Update: Calm, but Not Stable
04 Apr 2024
Contributed by Lukas
We ask Bain’s leading macro expert about the “last mile” of rate cuts in the US, and whether Europe has miles to go.
Bain & Company’s 2024 Global Private Equity Report: Executive Summary
11 Mar 2024
Contributed by Lukas
We seem to have entered a period of eerie calm, but will it last?Read Bain & Company’s 2024 Global Private Equity Report here.View my webinar on Mar...
The Key to Persistent Performance w/ TPG’s Jim Coulter
22 Feb 2024
Contributed by Lukas
In part two of our interview, we explore the principles and strategies that enable the industry’s top-performing GP’s to deliver persistent return...
Breaking the Tablets w/ TPG’s Jim Coulter
15 Feb 2024
Contributed by Lukas
A pioneering investor talks to us about challenging the industry’s conventions.
The Evolution of the Secondaries Market: From Crisis to Opportunity
23 Jan 2024
Contributed by Lukas
Tom Callahan, CEO of NASDAQ Private Market, argues that today’s liquidity crisis could mark a turning point for secondaries markets.
The Rise of the Secondaries Market: From Backwater to Boomtown
16 Jan 2024
Contributed by Lukas
Nigel Dawn, senior managing director at Evercore, explains how GPs and LPs are discovering new tools and techniques to finance deals.
Inside the Modern Investor Relations Team
09 Jan 2024
Contributed by Lukas
We asked two of Bain’s leading experts on commercial excellence to take us to the cutting edge of investor relations.
Macro Update: The Flip Side of Inflation
19 Dec 2023
Contributed by Lukas
As inflation trends downward, should investors plan for a lower interest rate environment in 2024 — and even the possibility of deflation?
A $140 Trillion Riddle, Wrapped in a Mystery, Inside of an Enigma
07 Dec 2023
Contributed by Lukas
Today on the show, I have a lively conversation with Ashby Monk, the executive director of the Stanford Research Initiative on Long Term Investing. As...
Back to the Future w/ Vista’s Robert F. Smith
21 Nov 2023
Contributed by Lukas
In part two of our interview series, we explore Vista’s approach to AI and how it connects to the company’s founding story.
Defying the Down Market w/ Vista’s Robert F. Smith
14 Nov 2023
Contributed by Lukas
We ask Vista’s CEO how he continues to do deals at an astonishing clip, despite the challenging conditions of today’s market.If you'd like to stay...
Fine-Tune Your Fund-Raising Game
26 Oct 2023
Contributed by Lukas
In part two of our fund-raising series, we’ll dig into the tools, tactics, and technologies that enable general partners to tailor their pitches to ...
Level Up Your Fund-Raising Game
19 Oct 2023
Contributed by Lukas
As competition for capital intensifies, a one-size-fits-all approach to institutional investors will no longer suffice.
One Small Step for Private Equity, One Giant Leap for Philanthropy
06 Oct 2023
Contributed by Lukas
We ask the founding team at Greater Share about their intriguing new approach to philanthropic funding and how they’ve already garnered support from...
Macro Update: I'm From the Government and I'm Here to Invest
21 Sep 2023
Contributed by Lukas
In part two of our macro series, we explore the risks and rewards of public-private partnerships.
Macro Update: Are We Out of the Woods Yet?
14 Sep 2023
Contributed by Lukas
We ask Karen Harris, the managing director of Bain’s Macro Trends Group, whether the economy could emerge from this period of rate hikes unscathed.I...
How to Recruit and Retain a Team of All-Stars w/ Bain Capital’s Stephen Pagliuca
31 Aug 2023
Contributed by Lukas
In part two of our interview series, we ask Steve how he recruits and retains a team of all-star players.If you'd like to stay up to date with my week...
Upward and Onward In an Uncertain Environment w/ Bain Capital’s Stephen Pagliuca
24 Aug 2023
Contributed by Lukas
The longtime chairman and now senior advisor at Bain capital explains why he is “as excited” to be involved in the private equity industry today a...
Dual Sector Expertise w/ Welsh, Carson, Anderson & Stowe
15 Aug 2023
Contributed by Lukas
In the second part of our interview series with WCAS, we explore how they “co-cover” the healthcare and tech industries, together.
A Tale of Leadership Transition w/ Welsh, Carson, Anderson & Stowe
08 Aug 2023
Contributed by Lukas
We ask Welsh Carson how they identify the next generation of leaders within the firm and how they extend those practices to their wider ecosystem of p...
Put Fundraising on the Front Burner
24 Jul 2023
Contributed by Lukas
In such a severely capital-constrained environment, you need to give your LP’s confidence that you’ll be able to deliver real results over the n...
Bain’s Private Equity Midyear Report 2023: Executive Summary
17 Jul 2023
Contributed by Lukas
Deal activity, exits and fundraising are all sharply down, but the fear of a recession is also subsiding. So what’s holding investors back?Read Bain...
Alone on the Ice: A Conversation with Arctos' Ian Charles
12 Jul 2023
Contributed by Lukas
On the previous episode of Dry Powder, Ian Charles, managing partner at Arctos Sports Partners, took us inside his approach to sports investing. It wa...
In a League of His Own: A Conversation with Arctos' Ian Charles
22 Jun 2023
Contributed by Lukas
Ian Charles, the managing partner of Arctos’ Sports Partners, takes us inside the world of sports investing.
Dry Powder: Live from SuperReturn
08 Jun 2023
Contributed by Lukas
Christian Sinding, the CEO and managing partner of EQT Group, joins us for our first live recording. We explore when deal markets will finally stir to...
Preparing for a Post-Dollar Era
01 Jun 2023
Contributed by Lukas
We asked Bain’s leading macro expert whether the dollar’s status as a global reserve currency is really under threat.
Macro Update: A Strange Brew
25 May 2023
Contributed by Lukas
Karen Harris, the head of Bain’s Macro Trends Group, returns to the show for a conversation on interest rates, bank runs and an unusual mix of econo...
Inside the Race to Tokenize Capital w/ HgCapital Trust’s Jim Strang
16 May 2023
Contributed by Lukas
We consider whether the launch of a few tokenized funds amounts to an interesting experiment on the blockchain or the beginning of a powerful secular ...
Inside the Race to Retail Capital w/ Opto Investments’ Mark Machin
02 May 2023
Contributed by Lukas
We asked the CEO of Opto Investments to take us inside their eye-opening series A round and why they’re pursuing Registered Investment Advisors with...
Inside the Race to Retail Capital w/ Moonfare's Steffen Pauls
25 Apr 2023
Contributed by Lukas
We asked the CEO of Moonfare what it takes to get ordinary investors up to speed and investing in private equity with confidence.If you haven't heard ...
Visualize Profits With Precision, Not Platitudes
18 Apr 2023
Contributed by Lukas
Too many business leaders lack a clear and granular understanding of profitability, but a few organizations are visualizing profits in startling detai...
The Renewed Urgency of Operational Due Diligence
21 Mar 2023
Contributed by Lukas
As margins shrink, private equity houses are rediscovering the vital importance of operational due diligence.
The 2023 Global Private Equity Report: Executive Summary
27 Feb 2023
Contributed by Lukas
Deal activity was on track for another record-setting year, until the wheels came off.Read the full 2023 Global Private Equity Report, below:https://w...
Macro Update: Waiting to Exhale
02 Feb 2023
Contributed by Lukas
Behind the scenes at Davos, attendees were coming to terms with a fracturing world, a cascade of risks and, despite it all, a silver lining.Today on D...
Where to Invest With Web3
16 Dec 2022
Contributed by Lukas
Private equity firms are racing to build out their Web3 capabilities, from deal sourcing to diligence to the bleeding edge of tokenization fund manage...
Where to Begin With Web3
13 Dec 2022
Contributed by Lukas
Investors have been funding a massive build out of Web3 infrastructure, despite the turmoil over the past year.Further ReadingWeb3 Could Rewrite the R...
The Long Road to the ‘Other Half’ of the Capital Market
22 Nov 2022
Contributed by Lukas
In part two of our interview with the CEO of Titanbay, we discuss the regulatory and behavioral hurdles that have prevented private equity from access...
Are Retail Investors Finally Within Reach?
15 Nov 2022
Contributed by Lukas
We asked the CEO of Titanbay how digital platforms could open up private equity deals to a whole new class of investors.
An Enduring Strategy for Just About Any Time
25 Oct 2022
Contributed by Lukas
Hg’s Matthew Brockman describes the technological trends that could reshape the workplace for decades to come.
A Resilient Strategy for Uncertain Times
18 Oct 2022
Contributed by Lukas
Hg’s Matthew Brockman explains how sector specialization can deliver surprisingly stable returns.
How ESG Could Reshape the Real Economy
23 Sep 2022
Contributed by Lukas
A raft of new public policies will not only reshape portfolios, they could also transform the way private equity houses run and grow their businesses ...
How ESG Went from a Focal Point to a Flash Point
16 Sep 2022
Contributed by Lukas
The debate around ESG is heating up, but it may shed light on the future of ESG investing.Further ReadingClosing the ESG Measurement Gap in Private Eq...
Macro Risks: Keep It Simple
13 Sep 2022
Contributed by Lukas
Home in on the mission critical risks to your portfolio and don’t sweat the details.
Macro Risks: Everything, Everywhere, All at Once
06 Sep 2022
Contributed by Lukas
Faced with an unprecedented confluence of macro risks, we asked Bain’s leading macro expert to game out the possible outcomes for the global economy...
Is It the Worst of Times?
29 Jul 2022
Contributed by Lukas
In Bain’s 2022 Midyear Private Equity Report, we help you plan for scenarios, not certainty.Read the full report here: https://www.bain.com/insights...
Tech Due Diligence: From Here On Out
15 Jul 2022
Contributed by Lukas
The field is evolving fast. Here’s how investors can stay ahead.
Tech Due Diligence: From Bits and Bytes to Dollars and Cents
05 Jul 2022
Contributed by Lukas
Translate technical jargon into actionable recommendations.Learn more about Bain's Tech Insights Group here: https://www.bain.com/industry-expertise/p...
Tech Due Diligence: From the Outside, In
28 Jun 2022
Contributed by Lukas
You don't need the keys to the source code to learn an awful lot about a business from the outside, in.Learn more about Bain's Tech Insights Group her...
ESG at the Tipping Point: From Measurement to Management
27 Apr 2022
Contributed by Lukas
Discover how leading private equity firms are making their ESG agendas more measurable and ultimately more manageable.
ESG at the Tipping Point: From Awareness to Action
20 Apr 2022
Contributed by Lukas
ESG awareness has gone global. Learn how leading private equity firms are now springing into action.
The 2022 Global Private Equity Report: Three Essential Trends
09 Mar 2022
Contributed by Lukas
We consider the intensifying competition for tech, the rise of growth equity investing and the critical importance of sector expertise.Read the full r...
The 2022 Global Private Equity Report: Market Overview
07 Mar 2022
Contributed by Lukas
By just about any measure, private equity set a remarkable new standard during 2021.Read the full report here: bain.com/privateequityreport