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>

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

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.

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 equity discipline in uncertain conditions

The focus on Japan and India

Growing deal volume in Japan

Misconceptions about Japan PE

India's investment pitch

The India opportunity set

Advice for investors

In this episode of RPM, Zhiyao Ma and Hansong Qu, Vice Presidents on StepStone's Asia Private Equity team, join co-host Anna Marcus to discuss the investment case for Japan and India and why these markets may be top of mind for investors looking at China +1 alternatives.
The focus on Japan and India (2:21)
Growing deal volume in Japan (4:15)
Misconceptions about Japan PE (7:17)
India's investment pitch (8:44)
The India opportunity set (11:47)
Advice for investors (20:12)


For more on this topic, read our "Diversifying your Asia exposure" whitepaper series which includes papers on Japan private equity and India private equity. 

In this episode of RPM, Zhiyao Ma and Hansong Qu, Vice Presidents on StepStone's Asia Private Equity team, join co-host Anna Marcus&nbsp;to discuss the investment case for Japan and India and why these markets may be top of mind for investors looking at China +1 alternatives.
<ul data-editing-info="{&quot;applyListStyleFromLevel&quot;:true}">
<li>The focus on Japan and India (2:21)</li>
<li>Growing deal volume in Japan (4:15)</li>
<li>Misconceptions about Japan PE (7:17)</li>
<li>India's investment pitch (8:44)</li>
<li>The India opportunity set (11:47)</li>
<li>Advice for investors (20:12)</li>
</ul>
 For more on this topic, read our "Diversifying your Asia exposure" whitepaper series which includes papers on&nbsp;<a href="https://www.stepstonegroup.com/news-insights/diversifying-your-asia-exposure-japan-private-equity/" data-auth="NotApplicable" data-linkindex="0">Japan private equity</a>&nbsp;and&nbsp;<a href="https://www.stepstonegroup.com/news-insights/diversifying-your-asia-exposure-india-private-equity/" data-auth="NotApplicable" data-linkindex="1">India private equity</a>.&nbsp;

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

RPM - Reflections on Private Markets

RPM - Reflections on Private Markets

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