Dry Powder: The Private Equity Podcast
- Episodes
- 173
- Released
- weekly
- Latest episode
- Nov 10, 2026
About the 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 173
When Fund Selection Is No Longer Enough w/ HarbourVest’s John Toomey
The CEO of HarbourVest explains why picking the right funds is no longer enough and how investors can generate returns after they commit. Disclosure:HarbourVest Partners, LLC (“HarbourVest”) is a registered …
Show notes
The CEO of HarbourVest explains why picking the right funds is no longer enough and how investors can generate returns after they commit.
Disclosure:
HarbourVest Partners, LLC (“HarbourVest”) is a registered investment adviser under the Investment Advisers Act of 1940. This material is solely for informational purposes and should not be viewed as a current or past recommendation or an offer to sell or the solicitation to buy securities or adopt any investment strategy. The opinions expressed herein represent the current, good faith views of the author(s) at the time of publication, are not definitive investment advice, and should not be relied upon as such. This material has been developed internally and/or obtained from sources believed to be reliable; however, HarbourVest does not guarantee the accuracy, adequacy, or completeness of such information. There is no assurance that any events or projections will occur, and outcomes may be significantly different than the opinions shown here. This information, including any projections concerning financial market performance, is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons.
Nothing herein should be construed as a solicitation, offer, recommendation, representation of suitability, legal advice, tax advice, or endorsement of any security or investment and should not be relied upon by you in evaluating the merits of investing in HarbourVest funds or in any other investment decision.
For a full list of risks, please see Important Information and Risk Factors
Relationships First w/ Inflexion’s Flor Kassai
The firm’s head of buyout discusses how to spot management teams worth waiting years for and why the best deals can take a decade to come together.
The AI Tailwind Nobody Expected w/ Brookfield’s Anuj Ranjan
In the second part of our conversation, we ask the CEO of Brookfield’s Private Equity Group why the world may be underestimating the demand for power and computing capacity—and which industrial businesses are …
Show notes
In the second part of our conversation, we ask the CEO of Brookfield’s Private Equity Group why the world may be underestimating the demand for power and computing capacity—and which industrial businesses are already benefiting.
The AI Opportunity in 'Boring' Businesses w/ Brookfield’s Anuj Ranjan
The CEO of Brookfield's Private Equity Group shares why some of the most exciting AI opportunities may be hiding in industrial businesses that still barely use Excel.
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 …
Show notes
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 …
Show notes
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 …
Show notes
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.” That post went somewhat viral nearly five months ago, and the question I’d ask today is whether the attic has gotten any cleaner.
Today on Dry Powder, we’ll strip away the emotions around tariffs and examine the underlying market data. I’ll also discuss whether 2026 could mark a return to exits and dealmaking at scale.
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.
These are the latest 40 of 173 episodes. You’ll find older episodes in the podcast’s feed.
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