Dry Powder: The Private Equity Podcast
Hugh MacArthur, Chairman of Bain & Company's Global Private Equity practice, interviews leading experts on the trends and opportunities that will redefine the private equity industry.
Episodes
The Infrastructure Opportunities Hiding in Plain Sight w/ NOVA Infrastructure’s Allison Kingsley and Chris Beall
We ask the co-founders of NOVA Infrastructure about the investment opportunities flying beneath the radar of large infrastructure investors, and the value that can be created by professionalizing smaller businesses.
Building the New Economy w/ Ares' Kipp deVeer
In part two of our interview series, Ares Co-President Kipp deVeer explains where the firm sees the strongest opportunities in the “new economy," and why it’s moving from financing data centers to building them.
Looking Beneath the Private Credit Headlines w/ Ares' Kipp deVeer
We ask the Co-President of Ares what’s really happening in the private credit market, the advantages of being a scale player, and where he sees performance dispersion among managers.
Where AI Is (and Isn’t) Creating Value
We asked six leading investors at Vista, Hg, Advent, CVC, KKR, and Apollo where AI is creating value today—and what it will take to unlock the next wave of transformations.
Exits, AI and Asking 'What’s Next?' w/ Advent International's John Maldonado
In part two of our interview with Advent’s Managing Partner, we explore how the firm is navigating longer holding periods, harder exits, and rapid technological change — while staying true to its core.
Pond Skipping w/ Advent International's John Maldonado
We ask Advent’s Managing Partner and Co-Head of North America how they’ve combined deep sector expertise with true global scale.
Looking Over the Horizon w/ CVC's Rob Lucas
In part two of our interview series with the CEO of CVC, we explore how they’re navigating one of the toughest fundraising markets in decades, their firm-wide embrace of AI and why he considers Europe one of the world’s most compelling markets for generating alpha.
Himalayan Heights w/ CVC's Rob Lucas
CVC CEO Rob Lucas explains how climbing the world's highest mountains—from the Seven Summits to K2—has helped shape the leadership philosophy behind one of the world's leading private equity firms.
Employee Ownership at Scale w/ KKR's Pete Stavros
In part two of our interview series, Pete Stavros shares how KKR has scaled employee ownership to 85 companies and 200,000 frontline workers — and why it can be a powerful performance lever when done right.
The Hard Truth About Operational Excellence w/ KKR's Pete Stavros
KKR's Co-Head of Global Private Equity and Partner reveals the rigorous, long-term discipline required to drive real operational improvements.
Bain's Private Equity Midyear Report 2026: Executive Summary
Private equity is not in a crisis — rather, it’s stuck. The issue isn’t capital; it’s confidence.
Read Bain’s 2026 Midyear Private Equity Report here.
Register for our live webinar here.
Software as a Coworker w/ Vista's Robert Smith
The CEO of Vista Equity Partners explains what it will take to win the “agentic revolution.”
Exiting Well in Tough Markets w/ Apollo’s David Sambur
In part two of our interview series, the Co-Head of Private Equity at Apollo shares how they return capital well ahead of schedule and how they’re applying “clean sheet thinking” to AI.
Buying Well at Scale w/ Apollo’s David Sambur
We ask the Co-Head of Private Equity at Apollo how he scours “less trafficked” parts of the market and how his team spreads ideas across a disparate set of industries, from casinos to airlines to auto-parts.
New Normal, New Opportunities w/ Triton’s Peder Prahl
In part two of our interview series, we ask the CEO of Triton how higher interest rates, constrained leverage, and rising macro uncertainty are creating fresh opportunities for disciplined investors.
Buying Before the Theme w/ Triton’s Peder Prahl
We ask the founding CEO of Triton how he invests in areas “before they become themes," and how he has built an organization that is both deeply entrepreneurial and strictly disciplined.
Infrastructure's Next Frontiers w/ Stonepeak’s Michael Dorrell
In part two of our infrastructure series, the Stonepeak CEO explains how he’s zeroing in on investment opportunities across the energy sector and why logistics infrastructure could see surging demand in an era of deglobalization.
Mastering the Infrastructure Cycle w/ Stonepeak’s Michael Dorrell
We ask a pioneer of modern infrastructure how to invest across booms, busts, and technological revolutions.
Dry Powder: Live from NEXUS 2026
Jennifer Choi, CEO of ILPA, joins us for a wide-ranging conversation on the current mood among LPs, the mainstreaming of continuation vehicles, and the accelerating race to retail capital.
Bain & Company’s Global Private Equity Report 2026: Executive Summary
A glance at the top-line numbers would suggest the industry is gaining traction, but is it?
Read the full 2026 Global Private Equity Report, here.
Register for our webinar on March 5, here.
Megafund Capabilities on a Mid-market Budget w/ Gryphon's David Andrews
In part two of our interview with Gryphon’s co-CEO, we discover why his $11 billion firm built a 40-person ops team—something most middle-market firms wouldn’t even contemplate.
Spotting the Downturn Early and Coming Out Ahead w/ Gryphon's David Andrews
We ask the co-CEO of Gryphon Investors how he foresaw one of the harshest cycles in the industry’s history and when he thinks it may finally break.
What Kind of AI Cycle Are We Actually In?
The question for investors is not whether AI will boom or bust, but who may be unwittingly subsidizing the buildout.
Macro Update: What Could Derail 2026?
Bain’s leading macroeconomic expert examines the cracks beneath the surface of the US market and how investors should prepare for post-globalization realities.
Nothing Is Fundamentally Broken … Yet Again
If you follow me on LinkedIn, you’ve probably seen some of my weekly musings on the state of the private equity industry. One post from earlier this year struck a particular nerve. Titled “It’s Time to Clean Out the PE Attic,” it began with this observation: “There’s a musty corner in every LP’s private equity portfolio—a collection of tail-end buyout funds that quietly aged past their prime.” Tha
Yards After the Catch w/ TA’s Hythem El-Nazer
In part two of our interview series, we explore how TA hits the ground running on value creation.
Finding a Needle in a Haystack w/ TA’s Hythem El-Nazer
How does TA find the time — and the manpower — to sift through 40,000 companies a year?
Early Innings w/ Goldman Sachs’ Kristin Olson
In part two of our interview series with Kristin Olson, Global Head of Alternatives for Wealth at Goldman Sachs, we consider how Goldman Sachs is positioning itself for scale and just how far the industry is from truly democratizing private markets.
Building the Future of Private Wealth Portfolios w/ Goldman Sachs’ Kristin Olson
Kristin Olson, global head of alternatives for wealth at Goldman Sachs, explains how her team is preparing for more than 30% yearly growth in the individual investor space.
Bending the Revenue Curve w/ Permira’s Dipan Patel
Permira’s Co-CEO reveals how a sector-embedded, operator-led value creation team drives revenue growth across their portfolio.
Scaling Across the Pond w/ Permira’s Dipan Patel
Permira’s Co-CEO explains how his firm has successfully scaled across Europe and the U.S. in equal measure.
Competitive Advantages and Carve-Outs w/ TPG’s Steve Ellis
In part two of our interview series, we explore how the impact lens can enhance carve-outs — from deal sourcing to execution.
When Impact Investing Reaches Critical Mass w/ TPG’s Steve Ellis
A pioneer in the realm of impact investing explains how The Rise Funds have scaled over the last decade—and why they're hitting “escape velocity.”
Private Equity’s Liquidity Wake-Up Call
On June 23, I joined the Capital Allocators podcast to discuss some of the pressing challenges facing the private equity industry today, with a particular focus on the ongoing liquidity crisis. This is an unprecedented and, I would argue, an underappreciated problem for the industry. We should be talking about it more, and that’s why we’re sharing this excerpt with you today. I’d like to thank the
Alone on the Ice w/ Arctos' Ian Charles
[This episode originally aired on July 12, 2023] In part two of our conversation with Ian Charles, we reflect on a career of consummate innovation in the secondaries market.
In a League of His Own w/ Arctos' Ian Charles
[This episode originally aired on June 22, 2023] Ian Charles, the managing partner of Arctos’ Sports Partners, takes us inside the world of sports investing.
Is the Classic Buyout Model Still Working?
[This episode originally aired on March 1, 2021] We consider a critical question from Bain & Company's Global Private Equity Report.
Gen AI in Private Equity: Game Changer or Work in Progress?
On April 24, I joined the Spotlight On podcast for a conversation about the future of private equity. Naturally, we talked about the game-changing promise of generative AI, but I also sounded a note of caution. While we’ve seen remarkable enthusiasm and activity in deal sourcing operations and portfolio management, what we haven’t yet seen is the kind of deep impact that many are talking about an
Bain’s 2025 Midyear Private Equity Report: Executive Summary
Amid a turbulent year, is the industry poised for more of the same or a sudden turnaround?Read Bain's 2025 Midyear Private Equity Report here. Register for Bain's Private Equity Midyear Report 2025 Webinar on July 16 here.
A $140 Trillion Riddle, Wrapped in a Mystery, Inside of an Enigma
[This episode originally aired on December 7, 2023] Today on the show, I have a lively conversation with Ashby Monk, the executive director of the Stanford Research Initiative on Long Term Investing. Ashby studies the inner workings of pension funds, sovereign wealth funds, endowments and foundations — in short all of those LPs that sit somewhere in between the public and private sectors.“That me
Navigating the Evolution of Private Equity: An Interview with Hugh MacArthur
This past December, I joined the M&A Science Podcast for a wide ranging interview about my 30 year career at Bain and the evolution of the private equity industry. My host did a superb job of walking us through the pivotal moments when the industry was forced to reinvent itself. In this current moment of uncertainty, the interview serves as a timely reminder of how quickly the industry can chang
The Rise and Rise of the Secondary Market w/ Lexington Partners’ Wilson Warren
A 30-year veteran shares why the secondary market’s growth continues to surprise him.
NAV Loans Under the Microscope w/ 17Capital’s Pierre-Antoine de Selancy
We ask a leading provider of NAV loans about the enthusiasm and the skepticism around a growing trend.
Full Speed Ahead w/ Hamilton Lane’s Erik Hirsch
In the second of our two-part series, we ask the Co-CEO of Hamilton Lane how they’re building an analytics engine that can serve both institutional and individual investors.
Warp Speed w/ Hamilton Lane’s Erik Hirsch
Hamilton Lane's Co-CEO takes us inside the rapid buildout of private market infrastructure.
Where Infrastructure Deals Are Heading
In part two of our infrastructure series, we take a closer look at which sub-sectors are heating up, and how opportunities across energy and tech are converging.
Infrastructure’s New Playbook
Infrastructure deals are evolving, and private capital could play a pivotal role in the space.
Dry Powder: Live From NEXUS 2025
Today on Dry Powder, we’re sharing a live recording from this year’s NEXUS conference in Orlando, Florida. My guest is Brian Bernasek, Co-Head of Americas Corporate Private Equity at Carlyle. We had a wide-ranging discussion about his market outlook for 2025, how he thinks about sector expertise at scale, the rising cost of alpha, and, of course, AI. Our conversation touches on many of the key the
Bain & Company’s 2025 Global Private Equity Report: Executive Summary
We cover three overarching themes from this year’s report, including clear evidence of an industry recovery, continuing challenges for GP’s, and strategies for winning the future.Register for our Global Private Equity Report 2025 Webinar on March 13, here.Read the full 2025 Global Private Equity Report, here.
From Startups to Scale-Ups w/ Insight Partners’ Deven Parekh
We asked the managing director of Insight Partners how they invest across venture capital, growth equities and buyouts.Register for our Global Private Equity Report 2025 Webinar on March 13, here.
Profile of an Industry Innovator w/ TPG’s Jim Coulter
Jim Coulter reflects on the legacy of his co-founder, David Bonderman, while asking whether the industry still makes room for unorthodox investors like him today.
The Leaders Strategy w/ GTCR’s Collin Roche
In an industry where management change out rates hover around 50%, GTCR stands out as a remarkable exception.
Macro Update: The Expanding Frontiers of Automation
From strawberry-picking to brick-laying, automation is revolutionizing unexpected corners of the workforce.
Macro Update: Navigating Inflation and Policy Shifts Under a New Administration
With inflation easing and public markets on the rise, the key questions are whether the Federal Reserve has overcorrected and how the new administration will impact the path to recovery.
Tech Sector Update: Waiting for a Recovery
A few big ticket deals have raised hopes of a rebound, but investors are still wondering when deal activity will return to normal, or what normative will even look like in the coming year.
Game Changers in Generative AI w/ Hg’s David Toms
In part two of our interview series, we explore how generative AI is prompting a radical reconsideration of how software is priced and deployed at scale.
Early Wins in Generative AI w/ Hg’s David Toms
Hg’s head of research shares some of the more remarkable use cases of generative AI and what they reveal about the future of work.
Where Tech Meets Patient Care
Healthcare IT has the potential to not only make the industry more efficient but also to revolutionize patient care.
Adapting to a Multipolar World w/ Bain Capital’s David Gross
In part two of our interview series, we explore how private equity can continue expanding its global footprint and what it will take to thrive in a multipolar world.
The Cross-Platform Playbook w/ Bain Capital’s David Gross
The co-managing partner of Bain Capital takes us inside of their remarkably diversified portfolio, where venture capital, private equity, real estate, and credit don't just coexist—they actively reinforce each other.If you'd like to stay up to date with my weekly series of posts on LinkedIn, you can follow me here.
A Deep Dive into Private Equity’s Future
Host Hugh MacArthur takes the hot seat in this special episode about the future of private equity.You can access the original, full-length interview here. If you'd like to stay up to date with Hugh's weekly posts on LinkedIn, follow him here.
The Case for ‘Guarded Optimism’ in the Healthcare Sector
2024 is shaping up to be a surprisingly robust year for private equity deal activity.
Buy-and-Build: Deal Breakers and Deal Makers
[This series originally aired on November 21, 2019] Absent certain market conditions, buyer beware.
The Renewed Urgency of Operational Due Diligence
[This episode originally aired on March 21, 2023] As margins shrink, private equity houses are rediscovering the vital importance of operational due diligence.
The Take-Private Playbook
A small, but growing cohort of investors are taking mid-sized companies private and driving substantial margin improvements.
Bain’s 2024 Midyear Private Equity Report: Executive Summary
Deals and exits are flat, and fundraising is down, but the real story is the tension beneath the numbers.For a deeper discussion, join our live webinar on July 9. Read Bain's 2024 Midyear Private Equity Report, here.
A Savvier Approach to Sovereign Wealth Funds
Karen Khalaf, one of Bain's leading experts in sovereign wealth funds, explains how a little knowledge can go a long way on the fundraising trail.
Dry Powder: Live from SuperReturn 2024
Jim Strang, chairman of HgCapital Trust, joins us for a wide-ranging conversation about the future of the private equity industry.If you'd like to stay up to date with my weekly series on LinkedIn, follow me here.
Rethinking Risk w/ Charlesbank’s Michael Choe
We explore a fresh approach to modeling and managing risk.
Exit Strategies w/ Thoma Bravo’s Holden Spaht
In part two of our series, Thoma Bravo’s leading enterprise software investor explains how they continue to find exit opportunities and source new deals.
When the Dam Breaks on Tech Deals w/ Thoma Bravo’s Holden Spaht
We ask one of Thoma Bravo’s leading enterprise software investors why 2023 could be a “significantly better” year for deal making.
Data-Driven Impact Investing w/ Bridgespan’s William Foster
Private equity firms are developing measures of success that go far beyond carbon footprints.
Macro Update: Calm, but Not Stable
We ask Bain’s leading macro expert about the “last mile” of rate cuts in the US, and whether Europe has miles to go.
Bain & Company’s 2024 Global Private Equity Report: Executive Summary
We seem to have entered a period of eerie calm, but will it last?Read Bain & Company’s 2024 Global Private Equity Report here.View my webinar on March 19th here.
The Key to Persistent Performance w/ TPG’s Jim Coulter
In part two of our interview, we explore the principles and strategies that enable the industry’s top-performing GP’s to deliver persistent returns.
Breaking the Tablets w/ TPG’s Jim Coulter
A pioneering investor talks to us about challenging the industry’s conventions.
The Evolution of the Secondaries Market: From Crisis to Opportunity
Tom Callahan, CEO of NASDAQ Private Market, argues that today’s liquidity crisis could mark a turning point for secondaries markets.
The Rise of the Secondaries Market: From Backwater to Boomtown
Nigel Dawn, senior managing director at Evercore, explains how GPs and LPs are discovering new tools and techniques to finance deals.
Inside the Modern Investor Relations Team
We asked two of Bain’s leading experts on commercial excellence to take us to the cutting edge of investor relations.
Macro Update: The Flip Side of Inflation
As inflation trends downward, should investors plan for a lower interest rate environment in 2024 — and even the possibility of deflation?
