Ep. 138: Victoria Ivashina on Whether Private Markets Will Trigger a Crisis 

Victoria is Professor of Finance and Head of the Finance Unit at Harvard Business School. She is also the faculty chair of the Global Initiative for the Middle East and North Africa (MENA) region. She is a Research Associate at the National Bureau of Economic Research (NBER), a Research Fellow at the Center for Economic Policy Research (CEPR), a Visiting Scholar at the Federal Reserve Bank of Boston, and a member of the Model Validation Council at the Board of Governors of the Federal Reserve System. Victoria co-heads Harvard Business School’s Private Capital Initiative and Private Equity and Venture Capital (PEVC) executive education program. She is a co-author of Patient Capital: The Challenges and Promises of Long-Term Investing and Private Equity: A Case Book. In this podcast we discuss: 

1. What is patient capital? 
2. Characteristics of long-term investing 
3. Private equity, private debt, venture capital 
4. Types of investors in these asset market 
5. What led to growth in private markets? 
6. Has private equity outperformed public markets? 
7. Growth and constraints in private debt 
8. Types of private lending vehicles 
9. Comparison with CLOs 
10. Types of covenants in loans 
11. How will inflation and higher rates impact private markets? 
12. Could private markets create systemic risk? 
13. Books mentioned:  War and Peace (Tolstoy).  

You can follow Victoria’s work here and here. You can get her latest book here. 

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(The commentary contained in the above article does not constitute an offer or a solicitation, or a recommendation to implement or liquidate an investment or to carry out any other transaction. It should not be used as a basis for any investment decision or other decision. Any investment decision should be based on appropriate professional advice specific to your needs.)