Peter Lacaillade - Backing The Best Managers In Private Markets - [Invest Like the Best, EP.437]

My guest today is Peter Lacaillade . Peter is the Chief Investment Officer for Private Investments at SCS Financial and has built a notable private equity allocation platform within the wealth management industry. He shares his insights on how SCS's pooled vehicle structure has enabled them to compete with institutional giants, avoiding the adverse selection that plagues most wealth platforms. Peter shares his investment philosophy across lower middle market buyouts, emerging independent sponsors, and investing with what he believes to be category-defining managers. We discuss what separates high-quality private equity managers, the evolution of the industry toward AI-powered strategies, and private markets going mainstream. Please enjoy this conversation with Peter Lacaillade. For the full show notes, transcript, and links to mentioned content, check out the episode page ⁠⁠⁠⁠ ⁠⁠⁠⁠ ⁠⁠⁠⁠here⁠⁠⁠⁠ .⁠⁠⁠⁠⁠⁠⁠⁠ ----- This episode is brought to you by ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Ramp ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ . Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Ramp.com/invest ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to sign up for free and get a $250 welcome bonus. – This episode is brought to you by ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Ridgeline ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ . Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Head to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ridgelineapps.com ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to learn more about the platform. ----- Editing and post-production work for this episode was provided by The Podcast Consultant ( ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://thepodcastconsultant.com ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ). -- The views expressed reflect personal views of participants at the time of recording and not necessarily any third party and are subject to change. The information provided is for informational and illustrative purposes only and does not constitute investment advice or an offer to buy or sell any securities. Assets under management is an estimate that reflects total assets managed and advised on. This recording contains certain forward-looking statements that reflect the participants’ current views. These statements are subject to many risks, uncertainties and factors which may cause future events to be materially different from these statements. Statements that reference past trends or activities should not be taken as a representation that such trends or activities will necessarily continue in the future. The investment strategies and any performance discussed are strictly intended to be for illustrative purposes only and are not meant to be representative of any entire investment program. Investments risk loss of capital and there is no guarantee that an investment will achieve its investment objective. Private investments in particular involve significant risks and are intended for experienced and sophisticated investors. -- Show Notes: (00:00:00) Welcome to Invest Like the Best (00:04:31) Advantages of Private Equity Over Public Markets (00:08:59) Talent Acquisition and Growth at SCS (00:10:28) SCS's Wealth Management Strategy (00:12:42) Trends in Private Equity (00:20:14) Challenges and Risks in Private Equity (00:26:06) The State of the Wealth Management Industry (00:35:07) Lower Middle Market Buyouts and Independent Sponsors (00:49:38) Introduction to Long Lake and Its Innovative Approach (00:54:26) The Rise of Holding Companies (00:57:03) Emerging Trends in Venture Capital 01:05:44) The Role of Endowments and Liquidity Solutions (01:10:40) Jake and Frank's Partnership (01:13:57) The Kindest Thing Anyone Has Ever Done For Peter