RPM - Reflections on Private Markets

Hosted by StepStone Group

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Aug 2026

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About the show

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)

February 2, 202322 min

Bob Long: Improving Access to Private Markets

Over the next five years, private capital assets under management are projected to grow from $10 trillion to $17 trillion. One of the leading reasons: the individual investor. In this episode of RPM, Bob Long, CEO of StepStone Private Wealth joins Michael Venne to discuss this trend. Among other things they cover: The historical barriers to entry (3:24); The emergence of tender funds (8:12); An overview of two of our retail products (12:48); and Liquidity management (18:56) See omnystudio.com/listener for privacy information.

November 15, 202326 min

Carbon markets with Suzanne Tavill & Ryan Ramsey

In this episode of RPM , Michael and Maribel hand the reins to StepStone’s natural capital team for a primer on carbon markets and offsetting. Though these markets are imperfect and subject to criticisms—some of which we agree with—ultimately, we believe carbon markets are part of the climate solution. Join StepStone’s global head of responsible investment, Suzanne Tavill, and Ryan Ramsey, a principal on StepStone’s infrastructure team as they cover a range of topics from: Defining key terms (1:20); Carbon neutral versus net zero (6:27); Compliance and voluntary markets (9:10); Pricing dynamics (12:02); and Recent criticisms (17:13). See omnystudio.com/listener for privacy information.

February 28, 202314 min

NAV Lending for Institutional Portfolios: Lisa Larsson

In this episode of RPM, Lisa Larsson, managing director on our portfolio management team, joins co-host Michael Venne to discuss the recently trending net asset value (NAV) lending. They discuss: The definition of NAV lending (0:48); Why NAV lending is regaining popularity in recent times (02:36); How the heightened interest rate environment is affecting the performance of these structures (07:48); How potential buyers can get comfortable with taking part in one of these transactions (10:58). See omnystudio.com/listener for privacy information.

August 22, 202220 min

Qi Liu: Daily Valuation Engine

In this episode of RPM, Qi Liu from our data, science and engineering team discusses one of our newest tools – the daily valuation engine (DVE). Typically, private market investors must wait anywhere from two to four months after quarter end to see how the value of their portfolios has changed; DVE, as the name implies, allows them to make this estimate well before general partners report. Among other things, we discuss: How DVE’s accuracy compares with alternative approaches (3:40); The mathematical principles (8:06) and key data inputs (12:14) that the model relies on; and Some of the ways in which investors might use DVE, from annual reporting to allocation planning (16:57). See omnystudio.com/listener for privacy information.