RPM - Reflections on Private Markets

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)
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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)
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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)
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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.
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In this episode of RPM, Fabian Körzendörfer, a Zurich-based Partner on StepStone’s Private Debt team, joins co-host Michael Venne to discuss the benefits of private debt and why the asset class fits well with evergreen fund structures.
Why evergreens (03:01)
Historical performance (9:04)
How to generate liquidity in PD (12:49)
Benefits for institutions vs. individuals (19:05)
Co-investments in evergreens (22:02)
Key considerations (25:25)
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