This week, we're joined by ⁠⁠David Robinson⁠, the James and Gail Vander Weide Professor at ⁠Duke University's Fuqua School of Business⁠ and Research Director of ⁠Duke Innovation and Entrepreneurship⁠ Initiative. An internationally recognized expert in private equity, venture capital, and entrepreneurial finance, his research has been featured in The New York Times, The Wall Street Journal, the Financial Times, and The Economist. He also advises the Swedish House of Finance, the Private Equity Research Council, and a range of private equityfirms and technology startups.⁠In this episode, David shares key takeaways from his widely read paper "⁠⁠Why is Private Lending So Popular⁠" ⁠(⁠co-author with Melanie Wallskog) and challenges some of the most common misconceptions about how private credit really works. He breaks down how business development companies (BDCs) work, the regulatory constraints that shape their risk and return profile, and why retail investors are increasingly bumping up against liquidity limits in non-traded vehicles. David also addresses the redemption fears sweeping the market and why he believes the underlying fundamentals of private credit remain strong despite near-term turbulence. He closes with a forward-looking take on the potential inclusion of private credit in 401(k) plans and why, despite today's uncertain market environment, he sees careers in private markets as full of opportunity for the next generation.

This week, we're joined by David Robinson, the James and Gail Vander Weide Professor at Duke University's Fuqua School of Business and Research Director of Duke Innovation and Entrepreneurship Initiative. An internationally recognized expert in private equity, venture capital, and entrepreneurial finance, his research has been featured in The New York Times, The Wall Street Journal, the Financial Times, and The Economist. He also advises the Swedish House of Finance, the Private Equity Research Council, and a range of private equityfirms and technology startups.In this episode, David shares key takeaways from his widely read paper "Why is Private Lending So Popular" (co-author with Melanie Wallskog) and challenges some of the most common misconceptions about how private credit really works. He breaks down how business development companies (BDCs) work, the regulatory constraints that shape their risk and return profile, and why retail investors are increasingly bumping up against liquidity limits in non-traded vehicles. David also addresses the redemption fears sweeping the market and why he believes the underlying fundamentals of private credit remain strong despite near-term turbulence. He closes with a forward-looking take on the potential inclusion of private credit in 401(k) plans and why, despite today's uncertain market environment, he sees careers in private markets as full of opportunity for the next generation.

This week, we’re pleased to welcome Ryan Eisenman, co-founder and CEO of Arch, the leading operating system for private markets. Arch helps investors and advisors manage private credit, private equity, hedge funds, and real estate in one place, modernizing a historically manual, portal-by-portal experience. With more than seven years leading the firm, Ryan brings a practical perspective on where private markets are headed and how technology can help.In the conversation, Ryan breaks down how the private investment workflow has evolved since Arch launched, why the “buying and owning” experience is still far more complex than in public markets, and where the industry needs more standardization and transparency. We also discuss how AI is starting to improve diligence and reporting-especially by summarizing investor letters and pulling key terms from dense documents-so investors can spend less time on rote tasks and more time on analysis. Ryan closes with lessons from building Arch, early challenges winning institutional trust, and advice for young entrepreneurs.

To celebrate Churchill's 20th anniversary, I am honored to finally welcome my longtime business partner and closest friend, Ken Kencel, to the podcast for the very first time. Ken is President and CEO of Churchill Asset Management, a $64 billion private capital manager providing customized financing solutions to U.S. middle market private equity firms and their portfolio companies. With over 35 years in the industry, he is one of the most respected voices in private capital, a frequent commentator on Bloomberg, CNBC, and The Wall Street Journal, named one of Private Debt Investor's 30 ChangeMakers, and most recently the recipient of a Lifetime Achievement Award from The M&A Advisor.In this episode, we cover the full arc, from launching Churchill in 2006 right into the Global Financial Crisis, to building one of the most differentiated private capital platforms in the market today. Ken shares why the core middle market remains the best kept secret in private credit, how private equity sponsor relationships have transformed the way capital is deployed, and what it took to build Churchill through key partnerships, from TIAA and Nuveen, to Arcmont, to Temasek and Hunter Point. We also look ahead at where the next wave of capital is coming from, including retail investors and insurance, what will separate the managers from the pack, and why culture may be the most underrated competitive advantage in asset management.

Today, we are pleased to welcome Ellen Zentner, Chief Economic Strategist and Global Head of Thematic and Macro Investing at Morgan Stanley Wealth Management. In her role, Ellen combines her passion for economics with a talent for guiding investors through turbulent times. She is also a member of the Treasury Borrowing Advisory Committee, where she advises the U.S. Treasury Department on the economy and debt management, and was recently recognized as one of Barron's 100 Most Influential Women in Finance.In this episode, Ellen walks us through the biggest lessons from 2025, the Year of the Tariff, and what has shifted as we head into 2026. We dig into the economic indicators she watches most closely, from the labor market to whether people are dining out. We explore what the AI boom really means for asset allocators, which adjacent sectors may offer smarter entry points than chasing AI directly, and how to think about where we are in the cycle when markets move on a dime. We close with Ellen's outlook on rates, housing, and what she sees as the biggest potential upside surprise of the year.Note: This podcast was recorded on January 20, 2026. Views expressed reflect opinions at the time of recording and may not represent current perspectives.

This month, we're pleased to welcome Jake Miller, Co-Founder and Chief Solutions Officer of Opto Investments, a private markets investment platform that helps wealth managers build, fundraise for, and manage private markets programs. A former Bridgewater investor, Jake co-founded Opto with the mission of making private investing more accessible. He's passionate about sensible long-term investing, creating systematic investment processes, and transforming complex market dynamics into clear insights that help investors better understand their portfolios.In this episode, Jake shares his perspective on the evolution of fintech in asset management, exploring how AI and generative technologies are breaking through operational bottlenecks that have long plagued the industry. He discusses why the traditional 60/40 portfolio strategy may no longer serve investors in today's evolving interest-rate environment and why financial advisors and wealth clients are increasingly turning to private markets for alpha and portfolio diversification. Jake also reflects on the biggest surprises of 2025, what he's watching for in 2026 amid inflationary pressures and potential recession risks, and offers guidance for young professionals navigating today's rapidly changing technology landscape - emphasizing the growing importance of critical thinking and historical context over pure technical skills as AI continues to advance.

This month, we’re excited to welcome Michael Ashley Schulman, Partner and Chief Investment Officer at Running Point, a multifamily office offering personalized financial services including investment management, estates and trusts, tax, and insurance. Michael leads Running Point’s global investment strategies and impact assessments across public and private markets and brings 20+ years of experience managing institutional and high-net-worth portfolios across fixed income, equities, hedge funds, real estate, and private investments.In this episode, Michael shares his perspective on today’s market environment and where he sees AI-driven investment opportunities emerging. He also discusses how he helps high-net-worth and private wealth clients navigate market uncertainty, his approach to selecting investment managers, his biggest surprise so far in 2025, and where he sees the most compelling opportunities across the wealth channel next.

This month, we’re delighted to welcome Don Calcagni, Chief Investment Officer of Mercer Advisors, a full-service wealth management firm overseeing $90 billion in assets. Don leads the strategic direction of Mercer Advisors' investment platform, chairs the firm’s investment committee, and manages all investment-related communications. His expertise encompasses fiduciary oversight, economics, financial mathematics, portfolio management, and corporate finance.In this episode, Don shares his five key strategies for building a fortress balance sheet for investors. He discusses what private wealth investors should look for when selecting a private capital manager, explores the three dimensions of diversification, and offers his perspective on headlines surrounding potential overvaluation in private credit. Don also provides insight into investor psychology amid changing interest rates—and reveals his biggest surprise for 2025.

This month, we're delighted to welcome Aaron Sack, Head of Morgan Stanley Capital Partners (MSCP), a leading middle market private equity platform specializing in privately negotiated equity investments throughout North America. With 29 years of industry experience, Aaron leads investment strategy, portfolio management, board service, fundraising, and chairs the MSCP investment committee.In this episode, Aaron provides insight into the dynamic middle market private equity landscape, highlighting the importance of operational value creation and collaborative partnerships with founders and business owners. He shares how MSCP focuses on essential service sectors, fosters business growth, and navigates today’s market challenges, while emphasizing private equity’s essential role in empowering small and midsize companies. Aaron also offers guidance for young professionals considering a career in private equity.

This month, we’re pleased to welcome Richard Miller, Group Managing Director and Chief Investment Officer of TCW Private Credit Group, which specializes in providing senior secured loans to U.S. middle market borrowers. With more than 30 years of capital markets experience, Rick leads TCW’s private credit investment strategy and portfolio construction, and has been recognized on the Institutional Investor “All American High Yield Research Team” for six consecutive years.In this episode, Rick addresses some of the most pressing questions facing U.S. middle market direct lending amid ongoing macro uncertainty: Is the opportunity still as attractive as in years past? Is too much money chasing too few deals? Are spreads compressing as interest rates fall, and how real are risks like defaults and losses in private credit? Rick also shares the year's biggest surprises, his outlook for the future, and practical advice for those considering a career in this dynamic sector.