How often does this podcast release new episodes?

This podcast updates bi-weekly.

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This podcast is available on 10 platforms including Apple Podcasts, Spotify, and more. You can also use the RSS feed directly.

Does this podcast accept guests?

Yes, this podcast regularly features guests.

Fund Shack

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by Fund Shack

5.0(11 reviews)

84 episodes

Updated Bi-weekly

Accepts GuestsHas SponsorsLocation 🇬🇧

Podcast Authority

Beta

FairBased on show quality, social media presence, reviews, charts, and more

Quality72

Social0

YouTube86

Engagement32

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Podcast Overview

Private equity, venture capital and alternative investments - long-form podcasts with industry leaders Dive into in-depth conversations with industry leaders and gain exclusive insights into the world of private capital. 🎙️Fund Shack is dedicated to providing thought-provoking, authentic discussions with the most respected private capital managers, asset managers, professional advisers, & thought leaders. Our long-form interviews are unscripted, ensuring genuine & enriching conversations. Hosted by Ross Butler, 25 years in the private capital industry.

Language

🇺🇲

Publishing Since

5/9/2019

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🇺🇸 Charts #3

Outreach generated

Apple 142

Spotify 827

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Podcast Authority

Beta

FairBased on show quality, social media presence, reviews, charts, and more

Quality72

Social0

YouTube86

Engagement32

Learn more

Excellent Areas

Good Performance

Growth Opportunities

excellent

Episode Length

41 minutes

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poor

Publishing Consistency

Every 33 days

Recommendations available

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Recent Episodes

June 19, 2026

Beyond SpaceX: War, AI, Orbital Infrastructure and green utopia | Mark Boggett | Seraphim Space

Private Markets Podcast, Fund Shack www.fund-shack.com Space is no longer just about rockets, satellites and astronauts. In this episode, Ross Butler speaks with Mark Boggett, CEO and General Partner of Seraphim Space, about how SpaceTech is becoming a critical infrastructure layer for defence, communications, data, AI, energy and industrial activity. Following the recent SpaceX IPO, many investors are being forced to develop a view on space. But as Mark explains, SpaceX is only one part of a much broader ecosystem. Launch and Starlink may dominate the headlines, but the wider opportunity includes Earth observation, satellite communications, orbital infrastructure, in-space servicing, data platforms, defence applications, AI-enabled analysis and even the early foundations of space-based energy and computing. The conversation explores why defence is currently the main revenue engine for SpaceTech companies, particularly across dual-use technologies that serve both military and commercial markets. Mark explains how European governments are reassessing their dependence on US space capabilities, why Germany is becoming more active, and why the UK continues to produce strong SpaceTech start-ups while still facing a later-stage capital gap. Ross and Mark also examine the commercial side of the market. AI is making satellite data easier to ingest, interpret and apply across industries. Falling launch costs, particularly through Starship, may change the economics of orbital infrastructure. That could make previously speculative ideas, such as orbital data centres, in-space manufacturing and solar energy generation, more plausible over time. Mark also discusses Seraphim’s own investment model, from accelerator stage through to venture and listed growth capital. He explains why specialist knowledge matters in SpaceTech, why vertical integration can create powerful moats, and why permanent capital may be well suited to companies building the next layer of digital infrastructure in space. In this episode:<ul><li>Why space is better understood as infrastructure than as a conventional sector</li><li>Where the opportunity sits beyond SpaceX, Starlink and launch</li><li>Why defence demand is accelerating revenues across dual-use SpaceTech</li><li>How AI is changing the economics of satellite data</li><li>Why falling launch costs could unlock orbital computing and manufacturing</li><li>How orbital debris and in-space servicing are becoming investable markets</li><li>Why Seraphim uses accelerator, venture and listed growth capital structures</li></ul> Guest: Mark Boggett is CEO, General Partner and co-founder of Seraphim Space, an investment firm dedicated to the global SpaceTech market. He helped launch the world’s first venture-capital fund focused exclusively on SpaceTech in 2016. 🔗 CONNECT on LinkedIn https://www.linkedin.com/in/mark-boggett-5044631/ Seraphim’s platform spans an accelerator, early-stage venture capital and the London Stock Exchange-listed Seraphim Space Investment Trust, giving the firm exposure to businesses from formation through to growth stage. 🌐www.seraphim.vc HostRoss Butler is the founder and host of Fund Shack. He has worked around private capital for 25 years as a journalist, policy adviser and consultant, and is the author of Invest Like a Barbarian: Share in the Spoils of a Private Markets Revolution. 🔗 CONNECT on LinkedIn https://www.linkedin.com/in/rossbutler1/ 🌐 www.fund-shack.com 🔹🔹🔹🔹🔹🔹🔹🔹🔹 📘 Order Ross Butler’s book 👉 Invest Like a Barbarian: Share in the spoils of the Private Markets revolution ♾️ http://q-r.to/Invest-Like-A-Barbarian#investlikeabarbarian 🔹🔹🔹🔹🔹🔹🔹🔹🔹 Our sponsor Private Markets Capability: https://privatemarketscapability.com/ Take the PMC-Q50 assessment. https://pmc-q50.scoreapp.com

June 4, 2026

What NAV Is Really Signalling in Private Markets | Alex Branton, Nodem Capital

Private markets were built around illiquidity. Investors commit capital, managers invest it over time, and cash comes back when assets are sold. But as private equity, private credit and private markets have scaled, the industry has had to build a more sophisticated liquidity toolkit. In this episode of Private Markets Podcast, Fund Shack, Ross Butler speaks with Alex Branton, Chief Investment Officer at Nodem Capital, about what NAV really means, how NAV lending works, and why secondaries, continuation vehicles, structured secondaries and evergreen funds are becoming central to private markets. Alex explains how NAV lending sits on a spectrum. At low loan-to-value ratios, it looks like conservative credit. At higher LTVs, it begins to resemble preferred equity or structured secondaries, where the lender takes more equity-like risk and future upside is shared. The episode explores why NAV loans are controversial. They can fund an accretive acquisition, support a strong portfolio company or buy a discounted secondary position. But they can also accelerate DPI or distribute cash when the underlying assets may not be ready for exit. The structure is not the issue. The motivation is. Ross and Alex also discuss the robustness of NAV itself. NAV is not cash in the bank. It is a manager mark, shaped by comparable multiples, valuation policy, auditor review and GP judgement. For NAV loans, secondaries and evergreen funds, NAV matters because it is the reference point for buying, selling, lending and redeeming. The conversation then turns to evergreen funds and private wealth access. Alex is positive about evergreen vehicles, but warns that implied liquidity creates a challenge. Investors need to understand how NAV is constructed, how redemptions work and what happens when negative headlines trigger outflows. The episode finishes with private credit, software exposure, defaults and recent market anxiety. Alex argues that the market should distinguish between genuine credit risk and liquidity pressure inside fund structures. His view is that private credit headlines are often overstated, but underwriting standards, leverage, amend-and-extend behaviour and smaller-market lending should still be watched carefully. Topics covered include: 🔹What NAV really means in private markets🔹How NAV lending works🔹 LP-led and GP-led secondaries🔹Continuation vehicles and strip sales🔹Structured secondaries and preferred equity🔹Loan-to-value, downside protection and equity risk🔹DPI acceleration versus accretive NAV loan use cases🔹Why NAV lending is controversial🔹LPAC governance and investor alignment🔹 Why NAV is not the same as cash🔹 Secondary market pricing and bid-ask spreads🔹Evergreen funds and private wealth access🔹 NAV squeezing, or NAV stretching🔹Private credit risk, SaaS exposure and default rates🔹Why fund structure matters as much as asset quality This episode is essential listening for GPs, LPs, private credit investors, secondaries specialists, family offices, wealth advisers and anyone trying to understand how liquidity, valuation and alignment are changing across private markets. Guest: Alex Branton, Chief Investment Officer, Nodem Capital🔗 https://www.linkedin.com/in/alex-branton-b6130a27/ Host: Ross Butler, Fund Shack🔗 https://www.linkedin.com/in/rossbutler1/

May 14, 2026

Private Equity Is a Talent Business - Flor Kassai, Inflexion

Flor Kassai, Managing Partner at Inflexion, interviews with Ross Butler about how private equity thrives on talent and repeatable value creation strategies in the European mid-market.

84 total episodes available

Recent guests on Fund Shack

Guests from recent episodes — sign up to see every guest that has ever appeared on this show.

Flor Kassai

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Nigel Dawn

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David Hirschmann

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Oliver Gottschalg

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Cyril Demaria-Bengochea

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Will Dunham

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David Nowak

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Jack Weatherford

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Matteo Stefanel

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Udayan Goyal

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Adrian Letts

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William Benjamin

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See every guest on Fund Shack

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Frequently asked questions

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What is Fund Shack?: Private equity, venture capital and alternative investments - long-form podcasts with industry leaders

Dive into in-depth conversations with industry leaders and gain exclusive insights into the world of private capital.

🎙️Fund Shack is dedicated to providing thought-provoking, authentic discussions with the most respected private capital managers, asset managers, professional advisers, & thought leaders. Our long-form interviews are unscripted, ensuring genuine & enriching conversations. Hosted by Ross Butler, 25 years in the private capital industry.
How often does this podcast release new episodes?: This podcast updates bi-weekly.
Where can I listen to this podcast?: This podcast is available on 10 platforms including Apple Podcasts, Spotify, and more. You can also use the RSS feed directly.
Does this podcast accept guests?: Yes, this podcast regularly features guests.

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