by Moonfare
Steffen Pauls, Founder and CEO of Moonfare, speaks to leading investment managers from across the private equity and venture capital industry to uncover the key topics and trends that are shaping private markets now and may do so in the future. Subject to eligibility, capital at risk.
Language
🇺🇲
Publishing Since
4/5/2023
Pitch yourself as a guest, propose sponsorships, or reach out directly to the host.
July 7, 2026
<p>Steve Klinsky has been in private equity since before it was an industry. He co-founded Goldman Sachs' first buyout group in 1981, later had a front-row seat at the famous RJR Nabisco deal and, in 1999, started New Mountain Capital by rejecting the then-prevalent debt-heavy style of dealmaking. Today, the firm manages $60bn, has a negligible loss rate and recently closed a record fund against a difficult market.¹</p><p><br></p><p>In conversation with Steffen Pauls, Klinsky explains the thinking behind their track record and where he believes private equity is heading next. Here are a just couple of key takeaways:</p><p><br></p><p><strong>Defensive growth as a filter</strong></p><p>New Mountain operates across 12 sectors and 25 subsectors, all selected for their ability to hold up regardless of the macro environment. "It's like building your house on solid ground," Klinsky says. "You want to be in an industry that can do well whether times are good or bad."</p><p><br></p><p><strong>The great opportunity of the mid-market</strong></p><p>Klinsky argues it is easier to take a company from $500mn to $2bn than from $10bn to $40bn as there are more buyers, more room to grow and more things a founder never had the chance to do.</p><p><br><strong>The distribution backlog is a 2021 problem</strong></p><p>The companies stuck in portfolios today are largely those bought at peak valuations in 2021. "Companies being bought now may be some of the best buys ever, six years from now," Klinsky argues.</p><p><br></p><p><strong>Private equity only works if you pick the right manager</strong></p><p>With thousands of funds in the market, Klinsky believes the asset class delivers for investors who select well and fails those who don't. "The job of identifying a good fund from a bad fund is a very sophisticated, difficult task."</p><p><br>¹ <a href="https://www.newmountaincapital.com/new-mountain-capital-llc-new-mountain-issues-social-dashboard-report-for-the-period-ended-december-31-2025/">New Mountain 2026</a></p><p><br></p><p><u>Important notice:</u> This content is for informational purposes only. Moonfare does not provide investment advice. You should not construe any information or other material provided as legal, tax, investment, financial, or other advice. If you are unsure about anything, you should seek financial advice from an authorised advisor. Past performance is not a reliable guide to future returns. Don’t invest unless you’re prepared to lose all the money you invest. Private equity is a high-risk investment and you are unlikely to be protected if something goes wrong. Subject to eligibility. Please see <a href="https://www.moonfare.com/disclaimers">https://www.moonfare.com/disclaimers</a>.</p>
January 27, 2026
<p><a href="https://www.moonfare.com/deal-talk/hemant-taneja-deal-talk?utm_medium=organic_social&utm_source=spotify&utm_campaign=education&utm_content=dt_hemant" target="_blank" rel="noopener noreferer">This edition of Deal Talk</a> features a conversation with Hemant Taneja, CEO of General Catalyst, one of the world’s most prominent venture firms with more than $40 billion in assets under management and a portfolio of over 800 companies, including Stripe, Airbnb, Canva and Snap.</p><p><br></p><p>Taneja’s background is notable: born in Delhi and raised in Boston from the age of 15, he went on to earn five degrees from MIT, founded and sold a mobile software company early in his career, and joined General Catalyst in 2002 as an entrepreneur-in-residence. He later became Managing Director and, in 2021, CEO.</p><p><br></p><p>He has also emerged as one of the industry’s leading advocates for responsible innovation, emphasising accountability, ethics and long-term societal impact in AI and technology.</p><p><br></p><p>The discussion with Steffen Pauls, Moonfare’s Founder and co-CEO, explored General Catalyst’s playbook for investing through uncertain markets, the opportunities emerging in Europe and India, and Taneja’s view on why market bubbles can sometimes be beneficial.</p><p><br></p><p>Here're a couple of highlights from the conversation:</p><p><br></p><p><strong>Why bubbles can be a good thing</strong></p><p>When a bubble forms, it mobilises many of the world’s smartest people and a significant amount of capital to pursue breakthrough ideas. We saw this with the early internet—many companies didn’t survive, but it also produced Google, Meta and Amazon. The same happened with the cloud era, which led to the rise of major SaaS companies.</p><p>We’re seeing a similar dynamic with AI. Not every company receiving funding today will succeed, and there will be capital losses. But from an investment perspective, this is one of the most interesting moments to be active. Periods like this often produce extraordinary outcomes.</p><p><br></p><p><strong>What makes a great founder</strong></p><p>The founders we work with — the ones who build category-defining companies — are strong leaders who are absolutely obsessed with learning. After we back them, you can see them develop into global leaders in the way they think and build their companies. They have magnetic personalities that attract teams, customers and partners, and they constantly strive for excellence.</p><p><br></p><p><strong>India: sleeping giant of entrepreneurship</strong></p><p>India is highly entrepreneurial, and people there live and breathe this entrepreneurial spirit. Many have strong technical expertise and know how to build high-quality technology. There is also a cultural movement underway, with younger generations increasingly wanting to start companies. This is unlocking a great deal of latent potential, similar to what we’ve seen in Silicon Valley.</p><p><br></p><p>Learn more about our Deal Talk series: https://moonfa.re/4k6dV5l </p><p><br></p><p><br></p><p>Important notice: This content is for informational purposes only. Moonfare does not provide investment advice. You should not construe any information or other material provided as legal, tax, investment, financial, or other advice. If you are unsure about anything, you should seek financial advice from an authorised advisor. Past performance is not a reliable guide to future returns. Don’t invest unless you’re prepared to lose all the money you invest. Private equity is a high-risk investment and you are unlikely to be protected if something goes wrong. Subject to eligibility. Please see <a href="https://www.moonfare.com/disclaimers">https://www.moonfare.com/disclaimers</a>.</p>
October 8, 2025
<p>Bryan Taylor, a Managing Partner at Advent International, brings decades of experience in technology investing. He joined the firm in 2019 and currently serves as Head of the Technology Investment Team.In this conversation, hosted by Steffen Pauls, Moonfare Founder and CEO, Bryan discusses the evolution of technology investing, the impact of tariffs on private equity and AI investment opportunities — among a number of other topics that are top-of-mind for many investors in 2025. Deal Talk series features candid 1-on-1 conversations with leading global private equity dealmakers, who provide valuable and actionable insights — exclusively for the Moonfare community. You can find out more about the upcoming webinars and rewatch the past ones on our website: https://www.moonfare.com/webinars </p>
Discover related shows you might enjoy
Hugh MacArthur, Bain & Company
Dwarkesh Patel
All-In Podcast, LLC
Goldman Sachs
Bloomberg
Financial Times
The Wall Street Journal
Chris Williamson
The Wall Street Journal
Have a different question and can't find the answer you're looking for? Reach out to our support team by sending us an email and we'll get back to you as soon as we can.
Steffen Pauls, Founder and CEO of Moonfare, speaks to leading investment managers from across the private equity and venture capital industry to uncover the key topics and trends that are shaping private markets now and may do so in the future.
Subject to eligibility, capital at risk.
This podcast updates weekly.
This podcast is available on 8 platforms including Apple Podcasts, Spotify, and more. You can also use the RSS feed directly.
Yes, this podcast regularly features guests.
Pod Engine is not affiliated with, endorsed by, or officially connected with any of the podcasts displayed on this platform. We operate independently as a podcast discovery and analytics service.
All podcast artwork, thumbnails, and content displayed on this page are the property of their respective owners and are protected by applicable copyright laws. This includes, but is not limited to, podcast cover art, episode artwork, show descriptions, episode titles, transcripts, audio snippets, and any other content originating from the podcast creators or their licensors.
We display this content under fair use principles and/or implied license for the purpose of podcast discovery, information, and commentary. We make no claim of ownership over any podcast content, artwork, or related materials shown on this platform. All trademarks, service marks, and trade names are the property of their respective owners.
While we strive to ensure all content usage is properly authorized, if you are a rights holder and believe your content is being used inappropriately or without proper authorization, please contact us immediately at hey@podengine.ai for prompt review and appropriate action, which may include content removal or proper attribution.
By accessing and using this platform, you acknowledge and agree to respect all applicable copyright laws and intellectual property rights of content owners. Any unauthorized reproduction, distribution, or commercial use of the content displayed on this platform is strictly prohibited.