Investors are facing one of the most challenging backdrops in recent years

amid slowing economic growth, rising inflation, and geopolitical conflicts.

I'm Allison Nathan and this is exchanges at Goldman Sachs, great investors.

In this special series, Allison Mass, chairman of our investment banking division,

and Katie Koch, Chief Investment

Officer of Public Equities in our Asset Management Division, speak with the

world's most respected investors about their investing strategies, career trajectories, and their outlook for markets and economies.

Sandra Horbach, who is co-head of U.S. buyout and growth at the Carlisle Group, is a trailblazer in the private equity industry.

Allison Maas spoke with Sandra as part of our exchanges at Goldman Sachs Great Investor Series.

Allison, you're personally friends with Sandra and have said that she's one of the smartest people you know.

What were you most excited to talk to her about?

Well, what was really interesting to hear from Sandra is what it was like in the 80s, you know, in private equity.

She worked for one of the most prominent independent private equity firms

and Candelie, one of the only independent private equity firms back then

for Smith Little. And most of the private. independent private equity firms back then, enforcement little.

And most of the private equity firms in the 80s,

when she was there, were affiliated with banks.

And they weren't as independent.

So it was basically, Forrestman Little and K K K-K-R

were sort of the two big ones back then.

And so I was really interested to hear her stories

from the 80s, what it was like in private equity,

...