The Mergermarket Private Equity Podcast

Funds editor Harriet Matthews speaks to William Barrett, co-founder and managing partner at private capital adviser Reach Capital, about the changing private capital advisory market, how the firm is advising its private equity (PE) clients to navigate primary and secondary fundraises in the current market, and what’s next for the independent placement agent. Investment banks have been building up their private fund advisory capabilities in recent years via consolidation, with notable recent deals including Houlihan Lokey’s acquisition of Triago. They have also hired staff and even engaged in joint ventures with specialised firms to offer fundraising or secondaries advice to their clients. Against this backdrop, and as an independent private capital advisor, Barrett discusses how Reach Capital has continued to develop its service offering, including the addition of private wealth capabilities. He also shares insights into how Reach Capital approaches taking on primary and secondary capital raising mandates. Given the challenging fundraising market, there are certain steps that GPs can undertake to pave the way for a successful fundraise, according to Barrett. This includes knowing your client, including the context they are operating in and the other types of investment opportunities that might be on the table for them. Lastly, Barrett shares his outlook for the primary PE fundraising market and how this will develop in the coming months, and discusses how Reach Capital is planning to continue to grow its service offering and the technology and data that supports it. Introduction – 0:42 Interview with William Barrett, Reach Capital – 2:19 Current state and evolution of the private capital advisory market – 2:27 Adapting to the needs of GP clients – 5:24 Getting comfortable with taking on primary mandates – 10:00 Taking on secondary mandates: comfort and transparency – 12:39 Advice to GPs: speak to your clients, prepare, and tailor your LP pitches – 16:07 The outlook for primary private equity fundraising – 22:07 What’s next for Reach Capital? – 24:38 You can listen to the podcast on your favourite podcasting platforms, including Spotify and Apple Podcasts. If you would like to hear more podcasts produced by ION Analytics, you can access the ION Analytics channel on Apple Podcasts. Theme music: 2012 Kick Up The Fire