Morgan Stanley's Head & CIO of Private Equity Solutions: The Ultimate Deep Dive into PE Investing
The Wall Street SkinnyShow Notes
Send us Fan Mail Buckle up, because this week we're sitting down with Neha Champaneria Markle, who runs the Private Equity Solutions group at Morgan Stanley Investment Management.Neha walks us through the entire private equity landscape and answers the questions you've been dying to ask an insider including: - Is "AI is going to destroy software and therefore private equity"? - Why are fundraising cycles getting longer?- What does vintage year really tell you about a fund's performance? - What's actually a "good" DPI, IRR, and TVPI- Why does every fund somehow claim to be top quartile? She also pulls back the curtain on subscription credit lines and how GPs use them to juice early IRRs, gives us a definition of "fund of funds" and "co-investment" that actually makes sense, and settles the score on whether PE investing is really just "volatility laundering".As the walls around private equity are coming down, it’s important to understand which sectors are secretly crushing it, how managers actually get selected, the fee structures, and what the "democratization of private markets" really means for returns going forward. Shop our Self Paced Courses: Investment Banking & Private Equity Fundamentals HEREFixed Income Sales & Trading HERE Subscribe to our Substack: https://substack.com/@thewallstreetskinny
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Everyone in the financial media is telling you the same story: Scott Bessent's surprise Treasury buyback announcement is a thumb on the scale of the bond market, and it's making Kevin Warsh's job at the Fed harder. But what if the headlines have it exactly backwards? What if the Treasury Secretary is actually running interference for the one thing the Fed Chair can't do himself? Fresh off asking Bessent this question face-to-face at the Charlotte Economic Club, Jen breaks down why she thinks there's a stealth rate hike hiding inside what looks like yield suppression, and why the best way to understand it is a three-act magic trick straight out of The Prestige.