Podcast
Balentic Edge
Hosted by Balentic · EN
Balentic Edge delivers sharp, no-fluff conversations on private markets. Hear from GPs, LPs, and experts shaping the future - from thematic investing to tech-driven deal flow. Quick, smart, and always on the edge.
12episodes
Episodes
Newest firstAll episodes
Liquidity, NAV Lending and the Real Cost of Waiting
2w ago00:31:52Tap to summarizePrivate markets may not have underpriced asset quality so much as the cost of time. As exits slow and holding periods extend, delayed distributions are changing portfolio economics for LPs and putting greater scrutiny on how GPs create liquidity.Kasper speaks with Alex Branton, CIO and founding partner of Nodem Capital, about NAV lending, extended J-curves and the difference between productive liquidity management and genuine portfolio stress.In this episode:Why liquidity risk begins with realistic expectationsGood and bad uses of NAV lendingHow LPs can identify a credible repayment pathRe-underwriting valuations and longer distribution cyclesAsset-liability mismatches in evergreen structuresWhy public markets may deserve renewed attentionChaptersIntroductionFrom allocator to GP to liquidity providerHow NAV lending worksWhen NAV financing helps and when it should worry LPsThe cost of time and the reset in liquidity assumptionsHow LPs should triage and re-underwrite portfoliosExtended J-curves and portfolio constructionPrivate credit and asset-liability mismatchesWhat happens if distributions remain mutedOpportunities for cash-rich investorsQuick-fire: overrated and overlooked risksKey TakeawaysClosingLinksGuest LinkedIn: https://www.linkedin.com/in/alex-branton-b6130a27/ Guest firm: https://nodem.com/ Balentic Edge: https://balentic.com/balentic-edge/ Orca by Balentic: https://balentic.com/DisclaimerThis content is for informational purposes only and does not constitute investment advice, an offer or a solicitation. Views expressed are those of the speakers and may not represent those of their organisations. Any references to firms, funds or investments are made solely for discussion and educational purposes.
Transcribe →Private Markets Reset: AI, Risk, and Hidden Concentration
Apr 2900:08:55Tap to summarizeAre markets broken — or just changing?In this episode of Balentic Edge, Kasper Wichmann sits down with Balentic’s in-house expert Alex to unpack Hamilton Lane’s latest market outlook, Pandora’s Box, and what it signals for private markets.They explore why this moment represents a structural shift, not just a cyclical downturn — and why AI is emerging as the single most important investment theme.Key takeaways:Why AI dominates everything: how it reshapes growth, returns, and portfolio constructionWhat markets are really signalling: strong performance masking structural fragilityHow LP strategy must evolve: navigating concentration, liquidity pressure, and manager selectionFor LPs, GPs, and allocators, this episode provides a sharp, actionable view on positioning portfolios in an uncertain and probabilistic environment.This is a must-listen for anyone serious about private markets today.Disclaimer:The views and opinions expressed in this podcast are those of the individual speakers and guests and do not necessarily reflect the views of Balenti or any affiliated entity. This podcast is provided for informational and educational purposes only. It does not constitute investment advice, legal advice, or any other form of professional advice, nor does it constitute an offer or solicitation to buy or sell any financial instrument, security, or investment strategy in any jurisdiction. Certain statements may be forward-looking in nature and are based on current expectations, assumptions, and beliefs. Actual outcomes may differ materially due to risks, uncertainties, and other factors. Listeners should seek independent professional advice before making any investment or financial decisions.
Transcribe →The Operational Era: Finding Liquidity and Value at High Altitude
Dec 3100:11:12Tap to summarizeIn this special episode of Balentic Edge, Kasper Wichmann is joined by Alex, Balentic’s in-house private markets expert, to unpack what leading 2026 outlooks are really telling us.They explore liquidity as a strategic constraint, the rise of operational value creation, growing dispersion between managers, and why AI’s real opportunity lies in infrastructure rather than software narratives.A must-listen for LPs, GPs, and allocators preparing for a structurally different private markets environment.Disclaimer:The views are those of the host and guests and are provided for informational purposes only. They do not represent the views of any employer or affiliated entity. Nothing herein constitutes investment, legal, tax, or business advice, or an offer, solicitation, or recommendation to buy or sell any security. References to funds or companies are illustrative only. Please consult your own advisers before making decisions.
Transcribe →Backward Diversification, Forward Momentum: Inside HarbourVest’s Evergreen Strategy
Dec 1700:41:13Tap to summarizeIn this episode of Balentic Edge, Kasper is joined by Craig MacDonald, Partner at HarbourVest and portfolio manager for the firm’s evergreen private equity solutions. Together they unpack how one of the world’s most established private markets platforms is rethinking portfolio construction, secondaries, and liquidity in a world of “private for longer”. Craig shares candid views on backward diversification, NAV squeezing, valuation frameworks, evergreen carry structures, and how to manage semi-liquid products without losing alignment. We also touch on the globalisation of private markets, the return of exits, and what really keeps an evergreen PM up at night. If you’re an LP, GP, or allocator thinking about evergreen exposure, secondaries, or semi-liquid structures, this is a highly relevant listen that will help frame the right questions for your own program.
Transcribe →Where Creativity Meets Capital: The Rise of Music as an Asset Class
Dec 300:25:36Tap to summarize🎸 Can a song become an asset class?And can private equity make artists immortal?In this episode, Kasper Wichmann speaks with Natalia Fontecha, Partner and Head of Capital Raising at PopHouse Entertainment, the Swedish firm applying a private equity playbook to music rights and reinventing how cultural IP is owned, scaled, and monetised.PopHouse sits at the crossroads of creativity and capital, where evergreen music catalogues become value-creation engines - and where AI, immersive experiences, and global licensing are just the beginning.In this episode, you’ll learn:Why music is emerging as an uncorrelated, defensible asset class for institutional LPsWhat an artist-centric investment model looks like - from ABBA to avatar showsHow PopHouse raised a record first-time fund in the toughest fundraising environment in a decadeFor LPs, GPs, and allocators exploring differentiated deal flow, IP-based revenue, or the next frontier of alternatives, this is a must-listen.Disclaimer:The views are those of the host and guests and are provided for informational purposes only. They do not represent the views of any employer or affiliated entity. Nothing herein constitutes investment, legal, tax, or business advice, or an offer, solicitation, or recommendation to buy or sell any security. References to funds or companies are illustrative only. Please consult your own advisers before making decisions.
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Financing the Missing Middle: How Blume Equity Scales Europe’s Climate Champions
Oct 2900:29:17Tap to summarizeGuest: Clare Murray, Co-Founding Partner at Blume EquityHost: Kasper Wichmann, Founder of BalenticEurope’s climate opportunity is growing - but the capital gap between early-stage VC and buyout remains. Clare Murray joins Balentic Edge to discuss Blume Equity’s approach to growth-stage climate investing, the balance of returns vs impact, partner dynamics, and what Europe must do to lead globally in decarbonisation.Our website: www.balentic.comDisclaimer: The views are those of the host and guests and are provided for informational purposes only. They do not represent the views of any employer or affiliated entity. Nothing herein constitutes investment, legal, tax or business advice or a recommendation to buy or sell any security.
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Buyout Discipline in VC: Morphosis’ Playbook for Repeatable Wins
Oct 2200:31:49Tap to summarizeCan a buyout-style discipline fix venture’s power-law problem?Founding partner Amit Zutshi (Morphosis) shares a repeatable VC playbook for private markets, LP insights, and GP fundraising with a focus on AI infrastructure and enterprise deeptech.Disclaimer:The views are those of the host and guests and are provided for informational purposes only. They do not represent the views of any employer or affiliated entity. Nothing herein constitutes investment, legal, tax, or business advice, or an offer, solicitation, or recommendation to buy or sell any security. References to funds or companies are illustrative only. Please consult your own advisers before making decisions.
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SPECIAL EDITION - Unlocking Private Capital to Power Europe's Tech Future
Oct 800:26:02Tap to summarizeIs Europe funding its fintech future or exporting it at Series B? A candid panel on private markets, LP insights, GP fundraising, and financial sovereignty in Europe’s venture ecosystem.In this special Balentic Edge episode from Nordic FinTech Week, host Kasper Wichmann joins Kim Rosenkilde (moderator), Christian Lindström-Lage (SEB), Toby Trieble (FinTech Collective), and Rune Ullbach (pension allocator) to examine Europe’s venture capital equation. The panel explores private markets dynamics, LP insights on portfolio construction and risk-adjusted returns, and the persistent tilt of GP fundraising toward US-led growth rounds.Key themes include regulatory fragmentation and Solvency II, Europe’s dependence on US technology stacks and the push for financial sovereignty, and why top-down IC conviction (not safety nets) determines pension allocations to venture. The guests debate whether Europe’s diversity is a drag or an edge, how banks act as strategic LPs for early signal and partnerships, and what it takes to achieve consistent fund-returners in Europe.If you’re an LP, GP, or allocator weighing Europe vs. US exposure, this episode offers a grounded view of capital flows, performance consistency, and the realpolitik behind 3x net targets.Disclaimer:The views are those of the host and guests and are provided for informational purposes only. They do not represent the views of any employer or affiliated entity. Nothing herein constitutes investment, legal, tax, or business advice, or an offer, solicitation, or recommendation to buy or sell any security. References to funds or companies are illustrative only. Please consult your own advisers before making decisions.
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Secondaries with an Edge: Julien Marencic on Smart Allocation
Sep 2400:36:17Tap to summarizeIn this episode of Balentic Edge, Kasper Wichmann sits down with Julien Marencic, Managing Partner at Jera Capital, to unpack a disciplined approach to the secondary market - from industrial-grade origination and selection to portfolio construction across cycles. What does quality really look like in secondaries when discounts don’t guarantee returns? Julien lays out Jera Capital’s engineer-like playbook: scale origination to widen the funnel, apply ruthless selection to avoid misallocation of time and capital, and maintain a tight feedback loop by converting pre-investment models into live monitoring tools. The discussion compares LP secondaries vs GP-led continuation vehicles, explaining where multiples, liquidity timing, and alignment truly differ. Julien and Kasper explore evergreen fund structures focused on sub-€50m deals, an under-served third of the market that attracts only ~5% of secondary capital, and how pacing across vintages helps avoid the J-curve and overpaying at peaks. Julien also tackles today’s risk realities: NAV loans, leverage in a non-zero-rate world, distribution dynamics, and how to assess GP incentives (including valuation “POP” before exit). Finally, they cover syndication access, being a “good counterparty,” and what LPs should do when those election notices hit their inbox.If you care about private markets, LP insights, GP-led continuation vehicles, evergreen funds, and navigating NAV loans and leverage, this one’s for you.👇 Useful LinksSubscribe to the Balentic YouTube channel: https://www.youtube.com/channel/UCK9ln9JrGyEFRlyPkCtMdvAVisit Balentic: https://www.balentic.comFollow us on LinkedIn: https://www.linkedin.com/company/balentic/#PrivateMarkets #LPInsights #Secondaries #Fundraising #BalenticEdgeAboutBalentic empowers private markets with expert-built tools and data to streamline fundraising and discovery. Orca, our AI-powered platform, transforms how LPs and GPs connect through smart filters, transparent data, and thematic insights.For inquiries: edge@balentic.comDisclaimer: The views are those of the host and guests and are provided for informational purposes only. They do not represent the views of any employer or affiliated entity. Nothing herein constitutes investment, legal, tax, or business advice, or an offer, solicitation, or recommendation to buy or sell any security. References to funds or companies are illustrative only. Please consult your own advisers before making decisions.
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Cracking the Venture Code: Power Laws & Fund Returners
Sep 1700:34:56Tap to summarizeWhat do unicorns, power laws, and fund returners have in common?In this episode of Balentic Edge, Kasper Wichmann sits down with David Clark, CIO and Managing Director at Vencap, to unpack the data-driven truths shaping venture capital. Together they explore why “average” venture funds are a losing bet, how fund returners rather than unicorns drive portfolio outcomes, why LPs should focus on the top 1% of exits worth $10B or more, and what it takes to build lasting VC strategies across cycles.Whether you’re an LP, GP, or allocator, this is a must-listen conversation about navigating venture capital with discipline, data, and long-term perspective. Disclaimer: This podcast is provided for informational purposes only and reflects the personal views of the host and guest. It does not represent the views of any affiliated organizations, nor does it constitute investment, legal, tax, or business advice. Listeners should consult their own professional advisors before making any investment decisions.
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