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Can 'skin in the game' make a real difference for investors? Does Mark Zuckerburg regret not selling Facebook for $1Billion to Yahoo when he was only 22?

In today’s episode of The Exchange, Managing Partner Craig Emanuel sits down with Lawrence Lam, Founder of Lumenary Investment Management and Author of the book The Founder Effect: Three Pillars of Success in Founder-Led Companies. The book explores a simple but powerful question: Why do some companies led by their founders massively outperform markets, while others flame out spectacularly? Lawrence argues that founder-led businesses often possess unique advantages but only when certain traits are present.

Disclaimer:
The information in this podcast series is for general financial educational purposes only, should not be considered financial advice and is only intended for wholesale clients. That means the information does not consider your objectives, financial situation or needs. You should consider if the information is appropriate for you and your needs. You should always consult your trusted licensed professional adviser before making any investment decision.

Let us know your thoughts, questions, and who you want to hear from next!

In this episode of The Exchange, Charles Troian sits down with Adam
Reisler, Partner in the Infrastructure and Real Assets team at StepStone Group,
to explore how infrastructure has evolved from a niche institutional allocation
into one of the fastest-growing asset classes in private markets.

Adam reflects on how the opportunity set has expanded well beyond traditional
assets such as toll roads and utilities into digital infrastructure, energy transition
and the power systems required to support the global build-out of AI and data
centres. He also shares how the asset class has matured over the past two
decades and why infrastructure today offers a unique combination of defensive
characteristics and structural growth.

The conversation explores the rise of infrastructure secondaries, how investors
gain access to high-quality assets that rarely come to market, and why deep
data, manager relationships and disciplined underwriting are critical in
navigating an increasingly complex private markets landscape.

Disclaimer:
The information in this podcast series is for general financial educational purposes only, should not be considered financial advice and is only intended for wholesale clients. That means the information does not consider your objectives, financial situation or needs. You should consider if the information is appropriate for you and your needs. You should always consult your trusted licensed professional adviser before making any investment decision.

Let us know your thoughts, questions, and who you want to hear from next!

In this episode of The Exchange, Ryan Loehr sits down with Mark Bryan, Managing Partner at Pemba Capital Partners, to explore what happens when deep capital markets experience meets hands-on private equity ownership.

After two decades in listed markets - including leading research on IPOs for MYOB, ELMO, Whispir and ReadyTech - Mark shares why he moved into private equity and how that shift changed his view on value creation, leadership and long-term strategy.

The conversation unpacks what separates true strategic partners from financial buyers, when founders should consider bringing in growth capital, and how private equity can help professionalise businesses through management depth, operational discipline and structured buy-and-build strategies. Mark also shares insights from Pemba and discusses how AI, sector focus and disciplined origination are shaping the next phase of mid-market investing in Australia.

For founders and families navigating growth, institutional capital or long-term transition planning, this episode offers a grounded look at how to think about partnership, scale and strategic alignment.

Disclaimer:
The information in this podcast series is for general financial educational purposes only, should not be considered financial advice and is only intended for wholesale clients. That means the information does not consider your objectives, financial situation or needs. You should consider if the information is appropriate for you and your needs. You should always consult your trusted licensed professional adviser before making any investment decision.