Today’s show is a preview of a mini-series coming in a few months, where I’ll be speaking with some of the preeminent leaders in private equity to learn more about what the continuing insatiable interest in the asset class is all about.   Paul Salem is a Senior Managing Director Emeritus at Providence Equity. Providence is a premier private equity and asset management firm focused on media, communications, education, software and services with $49 billion in asset commitments. Paul joined Providence when it was a $171 million media focused boutique in 1992 and became an integral part of the firm’s growth and success ever since until retiring a year ago. Paul considers himself the luckiest guy in the world, which you can hear more about in a TED talk he delivered a few years ago.   Our conversation covers Paul’s entry to the business, the benefits of specialization, Providence’s nice guy advantage, and the development of the firm over three decades.  We then turn to the competitive landscape for deals, value of operating partners, evolution of private equity, advice for allocators in the space, and life after stepping away from the business.   Learn More Subscribe: Apple | Spotify | Google   Follow Ted on twitter at @tseides or LinkedIn Subscribe Monthly Mailing List  Read the Transcript 

Fran Kinniry is a twenty-three year veteran at the Vanguard Group, where he’s led the teams that spearhead Vanguard’s research into new products. Fran helped Vanguard enter the direct advice business, developed Vanguard’s Advisor Alpha concept, started its Investment Strategy Group, and most recently heads Vanguard’s latest initiative investing in private equity. Our conversation covers an overview of Vanguard business, Fran’s three roles over a quarter century at the firm, behavioral coaching, and the firm’s foray into private equity. We discuss the research process leading to the introduction of private equity, potential scale across institutional and retail clients, timing of the decision, fees, and manager selection.  We then close discussing Vanguard’s cooperative ownership model, compensation, and the future of index fund. When the industry’s leading index fund manager known for low-cost investing steps into high-cost private equity after years of research that showed the benefits of the asset class, those calling for the abandonment of active management should take notice. Like all other practitioners in active management, Fran and Vanguard preach outcomes over costs. Learn More Subscribe: Apple | Spotify | Google  Follow Ted on twitter at @tseides or LinkedIn Subscribe Monthly Mailing List  Read the Transcript