The relative value of private debt

The impact of higher interest rates

How middle-market companies are performing

What’s ahead for default and loss rates

The outlook for direct lending volumes

In this episode of RPM, Richard Schmidt, Senior Analyst, Private Debt, and Jovan Samardzic, Managing Director, Private Debt Research, join co-host Michael Venne to discuss the state of the private debt market. They cover:
The relative value of private debt (2:12);
The impact of higher interest rates (4:42);
How middle-market companies are performing (6:57);
What’s ahead for default and loss rates (8:20); and
The outlook for direct lending volumes (10:26).

In this episode of RPM, Richard Schmidt, Senior Analyst, Private Debt, and Jovan Samardzic, Managing Director, Private Debt Research, join co-host Michael Venne to discuss the state of the private debt market. They cover:
<ul>
<li>The relative value of private debt (2:12);</li>
<li>The impact of higher interest rates (4:42);</li>
<li>How middle-market companies are performing (6:57);</li>
<li>What’s ahead for default and loss rates (8:20); and</li>
<li>The outlook for direct lending volumes (10:26).</li>
</ul>

StepStone Group explores the world of Private Markets through conversations with our thought leaders on key developments across private equity, private debt, real estate, and infrastructure. In each episode a member of StepStone’s investment team will discuss the data, trends, and insights helping shape investors' portfolios.

StepStone Group explores the world of Private Markets through conversations with our thought leaders on key developments across private equity, private debt, real estate, and infrastructure. In each episode a member of StepStone&rsquo;s investment team will discuss the data, trends, and insights helping shape investors' portfolios.

RPM - Reflections on Private Markets

Rpm - Reflections on Private Markets (Season 1)

StepStone Group explores the world of Private Markets through conversations with our thought leaders on key developments across private equity, private debt, real estate, and infrastructure. In each episode a member of StepStone’s investment team will discuss the data, trends, and insights helping shape investors' portfolios.

Private debt in the high-rate era with Richard Schmidt and Jovan Samardzic

Revisiting the case for emerging managers

What data says about early-fund outperformance

The ideal Fund I profile

Risks with Fund I investing

Building disciplined emerging manager playbook

Risk management at program and portfolio level

Key takeaways

In this episode of RPM, Ted Panarese and Aditya Fontana-Raina, New York-based Managing Directors on our private equity team, join co-host Anna Marcus to explore whether emerging managers truly represent a disproportionate source of risk, or if the opportunity has been mischaracterized. They cover:
Revisiting the case for emerging managers (3:02)
What the data says about early-fund outperformance (4:12)
The ideal Fund I profile (6:41)
Risks with Fund I investing (11:15)
Building a disciplined emerging manager playbook (13:52)
Risk management at the program and portfolio level (16:36)
Key takeaways (21:32)

In this episode of RPM, Ted Panarese and Aditya Fontana-Raina, New York-based Managing Directors on our private equity team, join co-host Anna Marcus to explore whether emerging managers truly represent a disproportionate source of risk, or if the opportunity has been mischaracterized. They cover:
<ul>
<li>Revisiting the case for emerging managers (3:02)</li>
<li>What the data says about early-fund outperformance (4:12)</li>
<li>The ideal Fund I profile (6:41)</li>
<li>Risks with Fund I investing (11:15)</li>
<li>Building a disciplined emerging manager playbook (13:52)</li>
<li>Risk management at the program and portfolio level (16:36)</li>
<li>Key takeaways (21:32)</li>
</ul>

The case for emerging managers with Ted Panarese and Aditya Fontana-Raina

Market backdrop and investor sentiment

Deployment concerns

Maturity wall and recap opportunities 

Addressing the fundamentals

Sector and regional outlooks

Investor frustrations and takeaways

In this episode of RPM, Jeff Giller, Partner and Head of Real Estate, and Margaret McKnight, Partner and Head of Portfolio Solutions for StepStone Real Estate, rejoin co-host Maribel Yoo to discuss our Fall 2025 House Views on the state of the real estate market. They cover:
Market backdrop and investor sentiment (00:58)
Deployment concerns (2:33)
Maturity wall and recap opportunities (05:40)
Addressing the fundamentals (8:31) 
Sector and regional outlooks (9:44)
Investor frustrations and takeaways (12:21)

In this episode of RPM,&nbsp;Jeff Giller, Partner and Head of Real Estate, and&nbsp;Margaret McKnight, Partner and Head of Portfolio Solutions for StepStone Real Estate, rejoin co-host&nbsp;Maribel Yoo&nbsp;to discuss our&nbsp;Fall 2025 House Views&nbsp;on the state of the real estate market. They cover:
<ul>
<li>Market backdrop and investor sentiment (00:58)</li>
<li>Deployment concerns (2:33)</li>
<li>Maturity wall and recap opportunities (05:40)</li>
<li>Addressing the fundamentals (8:31)&nbsp;</li>
<li>Sector and regional outlooks (9:44)</li>
<li>Investor frustrations and takeaways (12:21)</li>
</ul>

Fall 2025 Real Estate House Views with Jeff Giller and Margaret McKnight

Why liquidity and valuations matter in 2025

What the data reveals about performance

Evolving exit pathways

Private equity valuations

How private equity creates value

Discipline in a volatile market

In this episode of RPM, Lisa Larsson, a New York-based Partner on StepStone’s Portfolio Management team, and Akash Chitrey, a La Jolla-based Senior Associate on the same team, join co-host Anna Marcus to discuss private equity liquidity and valuations, using data to show how private equity really creates and sustains value, even amid uncertain macro conditions. They cover:

 
Why liquidity and valuations matter in 2025 (1:07)
What the data reveals about performance (1:41)
Evolving exit pathways (4:04)
Private equity valuations (8:05)
How private equity creates value (11:45)
Discipline in a volatile market (13:48)

In this episode of RPM, Lisa Larsson, a New York-based Partner on StepStone&rsquo;s Portfolio Management team, and Akash Chitrey, a La Jolla-based Senior Associate on the same team, join co-host Anna Marcus to discuss private equity liquidity and valuations, using data to show how private equity really creates and sustains value, even amid uncertain macro conditions. They cover:
&nbsp;
<ul>
<li>Why liquidity and valuations matter in 2025 (1:07)</li>
<li>What the data reveals about performance (1:41)</li>
<li>Evolving exit pathways (4:04)</li>
<li>Private equity valuations (8:05)</li>
<li>How private equity creates value (11:45)</li>
<li>Discipline in a volatile market (13:48)</li>
</ul>

Private debt in the high-rate era with Richard Schmidt and Jovan Samardzic

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RPM - Reflections on Private Markets

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