07: CLO’s Explained: How they Work and What Drives Returns with Lauren Basmadjian

10: Choosing Wisely: Where ICG Invests and Where It Doesn't

Discover why disciplined focus and organic growth are powering ICG’s global ascent—and learn how long-term partnerships with major pension funds and a unique balance sheet approach are setting new standards in private markets. What does it take to build a global asset manager without relying on acquisitions, and how are client relationships evolving as the industry consolidates? In this episode, Glenn Schorr sits down with David Bicarrequi and Brian Spenner of ICG to unpack the firm’s growth from $15B to nearly $130B in AUM. Hear about ICG’s disciplined expansion in the U.S., their commitment to differentiated investment strategies (especially in private credit), and why scale and performance—not just AUM growth—define their culture. The conversation covers client consolidation trends, scaling in infrastructure and real estate, partnerships like the Amundi collaboration for wealth distribution, and why ICG’s hands-on, aligned investment approach matters more than ever. Episode Highlights & Timeline: [00:00] Flow of Funds introduction; who is ICG? [01:22] ICG overview—history, growth, and organic expansion [02:31] Personal backgrounds—career journeys at ICG [03:23] The firm’s culture: organic growth, not acquisitions [04:11] Industry tailwinds and structural risks in private markets[06:23] How and why LP relationships are consolidating [08:26] Partnership-driven client structures and allocation [10:11] Where ICG is scaling and exploring new asset classes [11:30] ICG’s approach to private credit in US vs. Europe [13:43] European market complexity and ICG’s edge [16:39] US credit market, BDC redemptions, and ICG’s model [18:15] Technology exposure within ICG’s credit platform [19:23] The long-game mindset: balance of heritage and diversification [20:11] Insurance clients and balance sheet strategy [21:59] Growth and future of the asset-backed market [23:49] Daily marks and liquidity in private credit—pros and cons [24:46] ICG’s vision for wealth management and Amundi partnership [27:16] Launching new funds with Amundi; product and branding strategy [30:14] Strategic use of the ICG balance sheet for innovation and alignment [32:27] LP alignment and the impact of ICG’s balance sheet investment [33:20] Dry powder, patient deployment, and fundraising outlook [34:27] Areas of greatest growth and LP interest across ICG’s platform [35:52] Performance, reputation, and the flywheel effect [36:47] Closing thoughts and episode wrap-up Applicable current disclosures regarding the companies discussed in this video are available at the offices of Evercore ISI: 55 East 52nd Street, New York, NY 10055, and at the following site: evercoreisi.mediasterling.com/disclosure⁠ [http://evercoreisi.mediasterling.com/disclosure%E2%81%A0]

09: SEI: The Connective Tissue of Modern Finance

What if the “connective tissue” of asset management, fund administration, and wealth advice isn’t who you think it is? In this episode, Glenn Schorr sits down with Ryan Hicke, CEO of SEI, to pull back the curtain on a 58-year-old financial giant that’s quietly shaping the future of the industry. Find out why leading alternative asset managers are suddenly rushing to outsource, how the explosion of private credit is changing the game, and what SEI is doing to capitalize on the AI revolution. Ryan Hicke also shares candid insights on the company’s culture shift, the evolving wealth management landscape, and why transparency and speed are becoming as crucial as investment performance. Plus, a surprising connection between basketball and business success! Episode Overview:00:00 Introduction to SEI’s unique position and business mix03:08 Evolution of outsourcing in public and private markets05:39 Early adoption by private credit and asset classes07:50 Scale, client concentration, and the future of consolidation09:08 SEI’s role and growth in private credit11:15 The nuts and bolts of fund administration and daily NAV13:18 Partnerships, transparency, and the future of alternative products16:16 Collaborations to penetrate the retirement and wealth channels17:46 Technical debt, infrastructure, and organic growth philosophy20:09 Asset management trends and fee pressure22:29 Growth areas: tax optimization, digital infrastructure, AI25:31 Data, automation, and the disruptive force of AI29:14 Defending the moat: Incumbency, Copilot, and strategic culture32:29 Cash sweep modernization and tech for wealth managers33:51 Stratos acquisition: rationale and long-term strategy36:36 Scaling Stratos and the “enterprise RIA” trend38:27 Balancing advisor relationships with internal growth40:07 Lightning round: tokenized funds, international expansion42:29 Leadership transition, culture change, and core priorities44:29 Growth drivers for the next few years44:47 The basketball-biz connection—finishing with heart Applicable current disclosures regarding the companies discussed in this video are available at the offices of Evercore ISI: 55 East 52nd Street, New York, NY 10055, and at the following site: evercoreisi.mediasterling.com/disclosure⁠ [http://evercoreisi.mediasterling.com/disclosure%E2%81%A0]

08: Software, Soft Where? How Vista Equity Partners Is Evolving In The AI Era

In this packed episode, Glenn Schorr sits down with Vista’s President David Breach for a discussion covering everything from how AI won’t kill software, but in fact make it better, how the power of incumbency is helping software adapt, embrace and be the delivery mechanism for agentic tools, and how the industry is looking to rearchitect pricing strategies as we moved from the software-as-a-service world to one of software-as-a-worker. And of course, covered current trends across software private equity and how Vista is thinking about the upcoming debt maturity wall.   **Episode Timestamped Overview:**   00:00 Introduction and episode setup 02:07 Vista Equity Partners overview and business model 05:15 David Breach’s unique professional background 07:20 Market anxiety, public perception, and the GenAI “elephant in the room” 13:14 Comparing SaaS/cloud shift to today’s AI transformation 16:34 How to regain confidence: KPIs and what Vista looks at 21:16 How Vista underwrites AI risk and opportunity 25:47 The power of incumbency and real-world examples 30:13 Vista’s institutionalized approach to helping portfolio companies adapt to AI 36:27 Evolving monetization: Usage vs. outcome-based models 40:42 Compute costs, hyperscaler relationships, and scale 44:20 Investment opportunities in the current market 49:35 What LPs want to know about GenAI and portfolio resilience 52:24 Exit environment and outlook for software PE 55:08 Key takeaways and closing remarks   *** Applicable current disclosures regarding the companies discussed in this video are available at the offices of Evercore ISI: 55 East 52nd Street, New York, NY 10055, and at the following site: [evercoreisi.mediasterling.com [http://evercoreisi.mediasterling.com/]/disclosure⁠](http://evercoreisi.mediasterling.com/disclosure%E2%81%A0 [http://evercoreisi.mediasterling.com/disclosure%E2%81%A0])

07: CLO’s Explained: How they Work and What Drives Returns with Lauren Basmadjian

Join Glenn Schorr as he sits down with Lauren Basmadjian, Partner and Global Head of Liquid Credit at Carlyle, for a deep dive into the world of CLOs (Collateralized Loan Obligations). This episode of Evercore’s Flow of Funds podcast demystifies the CLO market, covering how CLOs are structured, the mechanics of cash flow, the array of risk/return opportunities, and the evolving investor landscape.Lauren Basmadjian draws on her 25 years in the industry to explain how CLOs act as “mini banks,” why the market is so resilient, and which types of investors are drawn to each tranche.Whether you’re new to structured credit or a market veteran, this episode delivers insights into one of today’s most dynamic asset classes. **Episode Timestamped Overview:** 00:00 Welcome and Introduction 00:16 Lauren Basmadjian Background & Carlyle's Liquid Credit Platform 03:01 CLO Structure Explained 05:18 CLO Tranches: Risk, Return, and Investor Profiles07:50 CLOs vs. Other Securitized Products 09:27 CLO Fees, Resets, and Manager Upside12:13 Scalability and Managing Large CLO Platforms 14:12 Banks’ Role & Loan Sourcing 15:34 Who Buys CLO Tranches? 18:22 Risk Retention & Equity Tranche Limiting Factors 20:35 Managing CLO Credit Risk & Recovering from Defaults 22:59 Performance, Active Management, and Avoiding Defaults 25:06 Structural Protections: OC Test 26:12 What Defines "Good" CLO Performance? 27:30 Biggest Risks for CLO Investors 28:26 Default & Recovery Rates in CLOs 29:15 Liability Management Exercises (LMEs) Explained 30:43 Risks to Managers—Fees and OC Breaches 32:24 Reinvestment Risk & Market Conditions 34:03 Major Manager Mistakes and Importance of Position Sizing 34:52 Pricing, Returns, and Volatility's Silver Lining 37:29 Measuring CLO Manager Performance 38:26 Market Growth, Resets, and Industry Dynamics 40:01 Direct Lending, Tailwinds, and Supply/Demand Trends 42:16 Credit Cycles and Current Portfolio Data 44:18 Default Rates: Now and Ahead 45:51 Where the Losses Typically Land in CLOs 47:32 What Differentiates Top CLO Managers 49:13 Carlyle’s Loan Sourcing & Bank Relationships 51:23 Marketing Performance and Opportunities for Growth52:33 Looking Forward: Trends and Fee-Paying Opportunities53:55 Speed Bumps & The State of the Software Sector 57:40 AI at Carlyle: Real World Applications 59:21 What Could Really Change the CLO Market 60:35 European Capital Rules & Insurance Investors 60:45 One Big Misunderstanding: CDOs vs. CLOs 61:02 Wrap Up and Closing Remarks Applicable current disclosures regarding the companies discussed in this video are available at the offices of Evercore ISI: 55 East 52nd Street, New York, NY 10055, and at the following site: [evercoreisi.mediasterling.com [http://evercoreisi.mediasterling.com/]/disclosure⁠](http://evercoreisi.mediasterling.com/disclosure%E2%81%A0 [http://evercoreisi.mediasterling.com/disclosure%E2%81%A0])

06: Steve Eisman's Perspectives on Private Credit & Why It's Probably Not 2008

Glenn Schorr welcomes legendary investor Steve Eisman, renowned for his market-shaking calls before the global financial crisis, to uncover what could be brewing beneath the so-far “safe” surface of private credit and direct lending. Journey through key moments where Steve Eisman was years ahead of consensus on everything from the dismantling of Glass-Steagall to the demise of subprime lending, to the heart of 2008 itself. Together, they break down why today's market "is not a leverage story," how unprecedented exposure in private credit may drive a rolling cycle of restructurings, and whether the industry’s golden age of growth has been a genius move—or just a mirage in the absence of a credit cycle. Gain insight into why strong banks may avert systemic disaster, why private equity’s “lack of volatility” is an illusion, and how AI, receding software multiples, and refinancing walls could force the next big reckoning—not just bad vintages. Full of candid stories, historical lessons, and unfiltered opinions, this episode gives you a rare view into both the vigilance and optimism needed for today’s markets. Episode Timestamped Overview: 00:00 Introduction: Who is Steve Eisman and why his calls matter01:32 Glass-Steagall, broker M&A, and early career inspiration06:01 The fall of consumer finance companies and the power of granular data12:06 The Great Financial Crisis: inside stories and data vs. narrative18:05 Today’s private credit: what’s different, what’s at risk21:17 Hidden leverage and stress points: software, refinancing, and AI28:35 Resilience in the US economy and historic loss rates31:08 Why this isn’t a leverage crisis—mistaking no credit cycle for genius33:45 Volatility washing in private equity and the illusion of low risk39:30 Will bad vintages become great opportunities? Institutional and retail impact40:11 Closing reflections: Is there a forest through the trees today—or just a period of market adjustment? Applicable current disclosures regarding the companies discussed in this video are available at the offices of Evercore ISI: 55 East 52nd Street, New York, NY 10055, and at the following site: evercoreisi.mediasterling.com/disclosure⁠ [http://evercoreisi.mediasterling.com/disclosure%E2%81%A0]