Private Market Talks: Conversations and insights on the private markets with private capital’s leading figures.

How do you invest with conviction in an uncertain market?

In this episode of Private Market Talks, Lorne Somerville, Managing Partner at CVC Capital Partners and co-head of North American Private Equity, joins partner Howard Beber to share how CVC is approaching today’s environment.

Lorne explains how instability is shaping investment strategy, with a more selective approach in the U.S. and a focus on businesses with consistent cash flow and clear growth potential. He also discusses how CVC leverages its global network and founder partnerships to compete in a highly developed market.

The conversation explores how valuation gaps and slower deal activity are influencing deployment, where the firm is finding opportunity, and how AI can support diligence while requiring careful oversight.

Lorne also shares his outlook for the next 12 to 24 months and what it will take for deal activity to accelerate.

How are private equity and private credit adapting to a more complex market?

In this episode of Private Market Talks, Jason Strife, senior managing director and head of junior capital and private equity solutions at Churchill Asset Management, joins partner Howard Beber to discuss today’s private market landscape. Jason shares how Churchill’s middle-market platform brings together direct lending, junior capital, co-investments and secondaries to serve private equity sponsors. He also discusses why manager expertise and disciplined portfolio construction are critical in a more complex market.

During the conversation, Jason and Howard explore what Churchill is seeing in early 2026 deal activity, the staying power of GP-led secondaries, shifting approaches to diligence and structuring in a more uncertain environment and what separates truly top-quartile managers. Jason also shares his outlook for the year ahead and the professional advice that has stayed with him throughout his career.

What’s driving the growth of GP stakes investing, and where is the opportunity today?

In this episode of Private Market Talks, Todd Milligan, co-head of RidgeLake Partners, joins partner Howard Beber to discuss the evolution of GP stakes and why the middle market has become a key focus for long-term partnerships. Todd shares how RidgeLake approaches minority equity investments, the role GP stakes can play in growth and succession planning and why culture and alignment matter more than ever.

During the conversation, Todd and Howard also explore how LP perceptions have shifted, how deals are sourced in a relationship-driven market and what’s ahead for GP stakes as private markets continue to mature.

In this episode of Private Market Talks, Michael Psaros, Co-Founder and Co-Managing Partner of KPS Capital Partners, joins Howard Beber to discuss KPS’s disciplined, operations-focused approach to industrial investing.

Michael shares how his roots in a steel town shaped his career, why KPS measures success through absolute value creation and how the firm is navigating global technology and manufacturing shifts.

He also reflects on leadership, long-term partnerships and the culture that has guided KPS’ success for more than three decades.

In this new episode of Private Market Talks, Andrea Auerbach, Global Head of Private Investments at Cambridge Associates, joins us to discuss the evolution of private markets, from fundraising slowdowns and liquidity challenges to the expanding role of AI in investment strategy.

Andrea shares her perspective from over two decades of experience on how investors can navigate today’s complex environment and why the most compelling opportunities may be emerging right now.