RPM - Reflections on Private Markets

Hosted by StepStone Group

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Aug 2026

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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.

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August 20, 2026Episode 6218 min

2H26 Real Estate house views

In our latest episode of RPM, Jeff Giller, Partner & Head of StepStone Real Estate, and Margaret McKnight, Partner & Head of Portfolio Solutions for SRE, join co-host Maribel Yoo to discuss StepStone Real Estate's 2H26 house views on the state of the real estate market. They cover a range of topics, including how current real estate pricing seems to be near the bottom of the cycle, which is creating a compelling entry point for investment. There is dislocation in the market and pressure to sell certain assets. Therefore, while macro uncertainty is high, we are cautiously optimistic about property fundamentals.

June 25, 2026Episode 6126 min

Beyond top quartile: what deal-level benchmarking unlocks for private market investors

Host Michael Venne sits down with StepStone's Tyler Johnson and PitchBook's Paul Santarelli to discuss what's changing — and what deal-level benchmarking actually unlocks for GPs, LPs, and the market at large. In this episode: Why fund-level benchmarking leaves the most important questions unanswered How to separate alpha from beta in manager evaluation What the PitchBook × StepStone partnership makes possible — and what stays confidential Where the private markets data stack is headed as retail investors enter the asset class Key takeaway: The real unlock isn't a new data set — it's a new default. A world where "show me the comparables" is easy to answer raises the bar for how GPs pitch and how LPs pick. Now live: SPI Deal Benchmarking, the deal-level benchmarking solution from StepStone and PitchBook, is available now. Fund managers and service providers can access it through the PitchBook platform . Investors can access it through SPI by StepStone .

June 9, 2026Episode 6017 min

Venture's shifting landscape: liquidity, selectivity, and secondaries

This episode of RPM explores the evolving landscape of venture capital in 2026, focusing on market shifts, liquidity challenges, and strategic opportunities in secondaries and selectivity. Experts Stephen West and Anthony Giambrone sit down with Maribel Yoo to share insights on innovation, platform shifts, and future value drivers.

May 6, 2026Episode 5916 min

Finding an edge in UK private equity: Scarcity, specialism, and succession

In this episode of RPM, Michael Venne sits down with Akhilan Nesaratnam to explore why UK private equity has quietly outperformed, despite the noisy macro backdrop. They unpack three forces shaping the market’s edge—scarcity, specialism, and succession—and what could change as the Mansion House Accord signals a new wave of domestic capital and competition.

May 6, 2026Episode 5821 min

Implementation framework

In this episode of RPM, Miguel Sosa and David Robbins join co-host Anna Marcus to unpack the implementation gap holding advisors back from private markets—exploring why shifting public market dynamics demand a rethink of the traditional 60/40 portfolio, and how evergreen structures and a practical allocation framework can help advisors bridge the divide.

April 21, 2026Episode 5726 min

Power, planets & the abyss — how AI, space, and the deep sea are shaping private markets

Suzanne Tavill , Global Head of Responsible Investment, joins Michael Venne to unpack the game-changing themes explored in our two recent whitepapers: how AI-driven energy demand is sparking investment opportunities across the power ecosystem, and how falling exploration costs are reframing the deep sea and space as an extension of Earth’s industrial base. How energy sources are powering AI (1:57) The role of private capital (6:19) Practical bottlenecks around AI growth (8:52) Remapping of geostrategic value (13:09) Resources and opportunities in space and the deep sea (15:11) What’s next (21:55)

January 22, 202116 min

Private Equity Co-investments with Darren Friedman and Lindsay Creedon

In our fourth episode, StepStone Partners Darren Friedman and Lindsay Creedon discuss Private Equity co-investments – some of the whys and hows including the rationale for co-investments, key ingredients for success and their market insights on current trends. Timestamps: In the fourth episode of RPM, co-heads of StepStone’s co-investment practice Lindsay Creedon and Darren Friedman join co-host Graziella Scassillo to explain why co-investments are gaining favor with investors (0:40); GPs' rationale for offering co-investments (2:54); tips for creating a successful co-investment program (8:41); and the outlook for co-investments in 2021 (11:24). See omnystudio.com/listener for privacy information.

February 25, 202214 min

Marc-Andre Mittermayer & Marc Lickes: Insurance Companies

In the 17th episode of RPM—Reflections on Private Markets, senior members of our private debt team, Marc-Andre Mittermayer and Marc Lickes join co-host Michael Venne to discuss insurance companies--namely, the reasons they are looking for alternatives to fixed-income investments (2:11); how private markets can help them meet their myriad investment-related goals (5:29); the affect regulatory policy has on an insurer's investment options (7:05); and some of the traits insurers should look for in an investment manager or advisor (9:30). See omnystudio.com/listener for privacy information.

October 7, 202521 min

Diversifying your Asia exposure with Zhiyao Ma and Hansong Qu

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 . See omnystudio.com/listener for privacy information.

October 8, 202122 min

Carl Prins: Carbon Footprinting & Going Net Zero

In part two of RPM's climate change special, Carl Prins , the CEO of Pathzero and an expert on carbon footprinting, joins StepStone's head of responsible investment, Suzanne Tavill, to discuss some of the more technical aspects that companies pledging to go net zero will encounter. They cover the types (or "scopes") of emissions and how to measure them (4:00); how measuring portfolio-level emissions helps GPs think about long-term risks (12:12); and why setting a shadow price for carbon is critical for companies that wish to become carbon neutral (19:04). See omnystudio.com/listener for privacy information.