The biggest topic this year driving everything is private markets. I would categorize that in two ways. The first is liquidity, and the second is the changing structure of the industry. So liquidity has been an issue for several years, and it all comes down to why aren't dollars coming out at the back end the way they

used to? It's a really tricky question because if you think about making a pizza, you need dough

and cheese and sauce and toppings. And in private equity, you need equity capital. Well, there's tons of

dry powder, trillion two of dry powder.

You need debt capital, and there's almost an infinite amount of corporate private credit available.

You need companies that are willing to transact, and there's tens of thousands of private

companies, and now there's 10,000 private equity-owned businesses, a fair amount of which are

later in the life of that investment chapter. So there's a lot of businesses that need to transact.

You have all these ingredients in place. So how come there's no pizza? And the answer is,

the oven's not on.

I'm Ted Sides, and this is Capital Allocators.

Today's episode is our annual year-in review.

Our CEO, Hank and I, cover investment trends across private and public markets and top-of-mind issues for allocators.

We then discuss highlights of the podcast in our efforts to improve discoverability of

great episodes, outstanding asset management fintech products, and Capital Allocators

University.

With the year in review, we also kick off

our countdown of the most popular episodes of 2025. We'll drop two this week and the top three

next week. Coming in at number five is Adrian Melly from Eagle Capital. It's a fun, nuanced

exploration of applying the most sophisticated tools of

hedge fund investing to long-only public equities. And at number four, it's Alex Sasserdote from

Whale Rock Capital. Alex is a passionate TMT investor who describes how he finds companies

...