RedeCast

About RedeCast

What does it take to build a world-class private markets firm? Hosted by Scott Church, founder and Senior Partner at Rede Partners, RedeCast brings you candid conversations with the heavyweights who have shaped our industry and the changemakers forging its future. Each episode explores how our guests built their businesses, the defining challenges they faced along the way, and how they’re navigating today’s rapidly changing investment environment.

Publisher

Rede Partners

Category

business · business

Language

en

Explicit

No

First episode

13 May 2026

Latest episode

7 Sept 2026

Latest episodes

7 episodes in the feed.

1. 

   7 Sept 2026

   Phil Fretwell, AshGrove Capital: Business Model Beats Business Size

   In the final episode of season one, Scott Church is joined by Phil Fretwell, Managing Partner of AshGrove Capital, for a conversation about building an independent credit manager in Europe and lending into software businesses at a moment when the technology underneath them is changing fast. Phil began his career in leveraged finance at Barclays before helping to establish the European operations of two large US asset managers. In 2019, he set up AshGrove from scratch alongside two partners, and closed the debut fund during the first year of the pandemic. He is candid about how hard that was, and why an independent firm focused on credit is something of an oxymoron: you need entrepreneurs, and you need people who think relentlessly about the downside. The conversation works through the two pillars of the AshGrove strategy. First, deliberately operating in a less competitive segment of the market, where supply and demand dynamics allow for stronger documentation, better covenants and lower detachment points. Second, the conviction that business model is a better barometer of risk than business size, which is what drives the firm's focus on B2B software and tech services. Phil is direct on where he thinks the consensus on AI and software is wrong, why the discount applied to solid but unspectacular software businesses looks overdone, and why the revenue opportunity from AI gets far less attention than the cost one. He also explains why AshGrove chose Copenhagen rather than the more obvious Nordic option, what a shareholder buyout says about a firm being honest with itself, and the two career lessons he keeps coming back to. In this episode: Why there was a gap for an independent, founder-led lender in the European lower mid-market What it actually takes to raise a debut credit fund, and what COVID taught them about foundations Why DPI became the question in the second raise, and how a high-velocity strategy answers it Business model over business size, and what makes a good software borrower Underwriting when the tech stack could look materially different in eighteen months Where the market is mispricing software assets, and the revenue case for AI Vertical software, defined niches and why disintermediation is harder than it looks Culture in a firm where nobody is paid enough to make a marginal decision Choosing Copenhagen over Stockholm, and keeping one investment standard across offices Listening to your gut, and why nobody ever says they acted too early Rede Disclaimer The information discussed in this podcast is for general information purposes only and does not constitute financial advice, investment recommendation, invitation or inducement to engage in investment activity or an offer to buy or sell any financial product. The views expressed are those of the speakers as at the time of the recording and do not necessarily reflect those of Rede Partners or the firm employing the guest speaker (Guest) or any of their respective affiliates. The information discussed, including any forward-looking statements, should not be relied upon for any purpose and listeners should seek independent professional advice before making any investment decisions. References to specific companies or products are for illustrative purposes only and do not constitute an endorsement or recommendation. None of the content should be copied, distributed or reproduced. Past performance, where indicated, is not a guarantee or reliable indicator of future results. Any references to past performance, track records, or investment returns are for illustrative purposes only. Actual results may differ materially from any projections, estimates, or implied performance discussed. Rede Partners is engaged by its clients to market their funds and the firm employing the Guest and/or its affiliates is or has been a client of Rede. In the U.S. Rede Partners operates through its wholly owned subsidiary, Rede Partners Americas LLC, which is a registered broker dealer with the Securities and Exchange Commission and a member of the Financial Industry Regulatory Authority, Inc. Rede is not a current advisory client or fund investor of its client funds, although its partners and employees themselves invest in client funds via a pooled vehicle established for such purpose which may have negotiated beneficial economic terms in connection therewith (e.g., reduced or no management fees and/or carried interest). For providing its services, Rede is entitled to cash compensation paid by the client rather than the client fund. Rede has a significant economic incentive to solicit investors to commit capital to their clients' funds, resulting in a material conflict of interest on its part. No compensation has been received by Rede Partners in connection with the Guest's participation in this recording and the views discussed herein do not constitute an endorsement or testimonial of Guest, its employer or its private funds. The information contained in the Podcast is believed to be accurate as of the date of publication and will not be updated or supplemented to reflect subsequent events.

2. 

   17 Aug 2026

   Ian Cash, Alchemy Partners: The Courage to Zig When Others Zag

   Scott Church is joined by Ian Cash of Alchemy Partners for a conversation about special situations investing in Europe, and why a strategy built on buying what others are selling requires as much temperament as it does analysis. Ian established Alchemy's Special Opportunities business in 2006, two years before the global financial crisis, and has spent his career in European distressed debt and special situations since the early 1990s. He explains the two premises the business was founded on, why he considers the strategy all-terrain rather than cyclical, and why the hardest and most important work is answering a deceptively simple question: is this a good business? The conversation moves through why Europe remains structurally attractive despite being harder to navigate than the US, how theme-based sourcing has shaped two decades of activity in sectors like UK house-building and telecoms, and Ian's candid assessment of private credit's growth, the pressure now showing in public windows into that market, and what a pullback in dry powder could mean for credit pricing. Ian also reflects on moving from a bank trading desk to a closed-end fund, why alignment changes completely when profit share sits years out rather than at the end of each calendar year, and why a partner-owned firm with no interest in building enterprise value ends up making different decisions. In this episode: The fund structure and credit cycle premises behind Alchemy Special Opportunities Why special situations returns are driven by regulatory, capital, market and technology cycles rather than the economic cycle The characteristics of a bad business, and why avoiding them is the primary defence against losses Why Europe's fragmentation is a feature rather than a flaw Theme-based sourcing and the durability of certain sector ideas Ian's view on private credit growth, gated retail structures and where default rates sit today The contrarian temperament, diversification in time, and why you can never buy at the bottom Trust, meritocracy and what a stable partnership actually does for a firm RedeCast Legal Disclaimer The information discussed in this podcast is for general information purposes only and does not constitute financial advice, investment recommendation, invitation or inducement to engage in investment activity or an offer to buy or sell any financial product. The views expressed are those of the speakers as at the time of the recording and do not necessarily reflect those of Rede Partners or the firm employing the guest speaker (Guest) or any of their respective affiliates. The information discussed, including any forward-looking statements, should not be relied upon for any purpose and listeners should seek independent professional advice before making any investment decisions. References to specific companies or products are for illustrative purposes only and do not constitute an endorsement or recommendation. None of the content should be copied, distributed or reproduced. Past performance, where indicated, is not a guarantee or reliable indicator of future results. Any references to past performance, track records, or investment returns are for illustrative purposes only. Actual results may differ materially from any projections, estimates, or implied performance discussed. Rede Partners is engaged by its clients to market their funds and the firm employing the Guest and/or its affiliates is or has been a client of Rede. In the U.S. Rede Partners operates through its wholly owned subsidiary, Rede Partners Americas LLC, which is a registered broker-dealer with the Securities and Exchange Commission and a member of the Financial Industry Regulatory Authority, Inc. Rede is not a current advisory client or fund investor of its client funds, although its partners and employees themselves invest in client funds via a pooled vehicle established for such purpose which may have negotiated beneficial economic terms in connection therewith (e.g., reduced or no management fees and/or carried interest). For providing its services, Rede is entitled to cash compensation paid by the client rather than the client fund. Rede has a significant economic incentive to solicit investors to commit capital to their clients' funds, resulting in a material conflict of interest on its part. No compensation has been received by Rede Partners in connection with the Guest's participation in this recording and the views discussed herein do not constitute an endorsement or testimonial of Guest, its employer or its private funds. The information contained in the Podcast is believed to be accurate as of the date of publication and will not be updated or supplemented to reflect subsequent events.

3. 

   29 Jun 2026

   Reynir Indahl, Summa Equity: Why the World's Biggest Challenges Are Private Equity's Greatest Opportunity

   Reynir Indahl is the Founder and Managing Partner of Summa Equity, a thematic private equity firm investing in businesses that solve structural global challenges across its four focus themes: circularity, energy transition, sustainable food and tech-enabled resilience. Founded in 2016, Summa has raised around €4 billion across three funds and made over 30 platform investments with 16 exits. The firm operates from offices across Northern Europe and is one of the few firms in European private equity to have built a differentiated platform that has invested in these themes from day one. In this episode, Reynir shares the founding story of Summa, the contrarian conviction that companies solving global challenges would outperform their peers and why the data is now proving that thesis. We explore how Summa navigated the political headwinds around ESG, why Reynir deliberately avoided the impact label early on and what it really takes to build a purpose-driven firm that attracts the right people whilst retaining strong commercial discipline. Key themes from this conversation: Why solving global challenges and generating strong returns are not in conflict The aha moment when Summa proved the win-win thesis with Soterra, Sweden's leading recycling business Navigating the ESG political backlash and why Reynir sees the green boom and bust as ultimately healthy for the industry Why Summa narrowed from three broad megatrends to four specific themes and dropped healthcare entirely How geopolitical uncertainty around energy, food and materials has become a net tailwind for Summa's portfolio The pandemic test — why every Summa portfolio company outperformed expectations when employees were genuinely connected to the mission Building an organisation where deep domain experts and great investors work as one rather than two separate teams The decision to go it alone rather than launch under an existing platform What Reynir would tell his 2016 self about what was going to be harder than expected RedeCast Legal Disclaimer The information discussed in this podcast is for general information purposes only and does not constitute financial advice, investment recommendation, invitation or inducement to engage in investment activity or an offer to buy or sell any financial product. The views expressed are those of the speakers as at the time of the recording and do not necessarily reflect those of Rede Partners or the firm employing the guest speaker (Guest) or any of their respective affiliates. The information discussed, including any forward-looking statements, should not be relied upon for any purpose and listeners should seek independent professional advice before making any investment decisions. References to specific companies or products are for illustrative purposes only and do not constitute an endorsement or recommendation. None of the content should be copied, distributed or reproduced. Past performance, where indicated, is not a guarantee or reliable indicator of future results. Any references to past performance, track records, or investment returns are for illustrative purposes only. Actual results may differ materially from any projections, estimates, or implied performance discussed. Rede Partners is engaged by its clients to market their funds and the firm employing the Guest and/or its affiliates is or has been a client of Rede. In the U.S. Rede Partners operates through its wholly owned subsidiary, Rede Partners Americas LLC, which is a registered broker-dealer with the Securities and Exchange Commission and a member of the Financial Industry Regulatory Authority, Inc. Rede is not a current advisory client or fund investor of its client funds, although its partners and employees themselves invest in client funds via a pooled vehicle established for such purpose which may have negotiated beneficial economic terms in connection therewith (e.g., reduced or no management fees and/or carried interest). For providing its services, Rede is entitled to cash compensation paid by the client rather than the client fund. Rede has a significant economic incentive to solicit investors to commit capital to their clients' funds, resulting in a material conflict of interest on its part. No compensation has been received by Rede Partners in connection with the Guest's participation in this recording and the views discussed herein do not constitute an endorsement or testimonial of Guest, its employer or its private funds. The information contained in the Podcast is believed to be accurate as of the date of publication and will not be updated or supplemented to reflect subsequent events.

4. 

   18 May 2026

   Nic Humphries, Hg: How to drive intelligent compounding in the age of AI

   Nic Humphries is Senior Partner and Executive Chairman of Hg, Europe's largest software investor managing assets across nearly 60 businesses. Over 25 years Nic has helped transform Hg from a small division of Mercury Asset Management into a hyper-specialised, institutional-grade platform that has consistently delivered strong returns with the vast majority of realised investments returning multiples of invested capital. Few people in European private equity have seen more technology cycles, made more consequential bets or thought more carefully about what it actually means to build a firm that compounds over decades. In this episode Nic traces the pivotal decision to go sector-specialist in technology at a time when most of his partners thought it was career suicide. He gives a remarkably candid account of blowing up his first two investments in the early 1990s and what that taught him about the circle of competence, why he walked away from being CEO because he had passed the threshold of managerial incompetence, and how Hg's engineering mindset has shaped everything from deal execution to succession planning. He also gives the most direct and considered take on AI we have heard across this series, framing it as a once-in-20-year platform shift and an execution game pure and simple. Key themes from this conversation: The founding decision to go sector specialist and why it took two years of internal debate to get there Why most private equity is extractive and why product innovation is the only true path to long term compounding returns Hg's Catalyst program, 100 AI engineers on the balance sheet loaned directly into portfolio companies How blowing up two investments in 1993 led directly to the inch wide mile deep philosophy Succession done right, servant leadership and why nobody at Hg actually wants to be CEO The AI platform shift, why Hg sees it as an execution game and what the portfolio is doing about it today Building a firm that treats investors, founders and counterparties with equal respect over 25 years RedeCast Legal Disclaimer The information discussed in this podcast is for general information purposes only and does not constitute financial advice, investment recommendation, invitation or inducement to engage in investment activity or an offer to buy or sell any financial product. The views expressed are those of the speakers as at the time of the recording and do not necessarily reflect those of Rede Partners or the firm employing the guest speaker (Guest) or any of their respective affiliates. The information discussed, including any forward-looking statements, should not be relied upon for any purpose and listeners should seek independent professional advice before making any investment decisions. References to specific companies or products are for illustrative purposes only and do not constitute an endorsement or recommendation. None of the content should be copied, distributed or reproduced. Past performance, where indicated, is not a guarantee or reliable indicator of future results. Any references to past performance, track records, or investment returns are for illustrative purposes only. Actual results may differ materially from any projections, estimates, or implied performance discussed. Rede Partners is engaged by its clients to market their funds and the firm employing the Guest and/or its affiliates is or has been a client of Rede. In the U.S. Rede Partners operates through its wholly owned subsidiary, Rede Partners Americas LLC, which is a registered broker-dealer with the Securities and Exchange Commission and a member of the Financial Industry Regulatory Authority, Inc. Rede is not a current advisory client or fund investor of its client funds, although its partners and employees themselves invest in client funds via a pooled vehicle established for such purpose which may have negotiated beneficial economic terms in connection therewith (e.g., reduced or no management fees and/or carried interest). For providing its services, Rede is entitled to cash compensation paid by the client rather than the client fund. Rede has a significant economic incentive to solicit investors to commit capital to their clients’ funds, resulting in a material conflict of interest on its part. No compensation has been received by Rede Partners in connection with the Guest’s participation in this recording and the views discussed herein do not constitute an endorsement or testimonial of Guest, its employer or its private funds. The information contained in the Podcast is believed to be accurate as of the date of publication and will not be updated or supplemented to reflect subsequent events.

5. 

   18 May 2026

   Mike Mortimer, GHO Capital: Why the Best Healthcare Investors Don't Compete with the Big Guys, They Sell to Them

   Mike Mortimer is Co-Founder and Managing Partner of GHO Capital, Europe's leading specialist investor in healthcare. Founded in 2014 with partners Alan MacKay and Andrea Ponti, GHO has grown from a first time fund of €660 million to a fourth fund of €2.5 billion, with €9 billion in AUM and a team of 75+ professionals spanning biopharma, medtech, health tech and life science tools. Scott and Mike go back to GHO's debut fundraise, making this a particularly candid conversation about what it really takes to build a specialist firm that endures. In this episode, Mike traces the founding vision behind GHO, built on the conviction that healthcare was a global endeavour being served by firms thinking locally. We explore how GHO navigated a global pandemic, the current wave of regulatory and geopolitical uncertainty, and why Mike believes sustained profitable growth is the only strategy that holds up regardless of what the market throws at you. Mike also shares a remarkably honest take on people decisions, succession planning and what he would tell his fund one self today. Key themes from this conversation: Why GHO saw a global opportunity others were missing in 2014 How the pandemic tested and ultimately validated their investment philosophy The role of technical expertise and deep networks in winning founder trust Building a we culture not a me culture across 18 nationalities Why GHO deliberately stays in the mid market and sells to the big guys rather than competing with them Succession planning done right, transparency with LPs and building a firm that outlives its founders The people decision Mike wishes he had made faster RedeCast Legal Disclaimer The information discussed in this podcast is for general information purposes only and does not constitute financial advice, investment recommendation, invitation or inducement to engage in investment activity or an offer to buy or sell any financial product. The views expressed are those of the speakers as at the time of the recording and do not necessarily reflect those of Rede Partners or the firm employing the guest speaker (Guest) or any of their respective affiliates. The information discussed, including any forward-looking statements, should not be relied upon for any purpose and listeners should seek independent professional advice before making any investment decisions. References to specific companies or products are for illustrative purposes only and do not constitute an endorsement or recommendation. None of the content should be copied, distributed or reproduced. Past performance, where indicated, is not a guarantee or reliable indicator of future results. Any references to past performance, track records, or investment returns are for illustrative purposes only. Actual results may differ materially from any projections, estimates, or implied performance discussed. Rede Partners is engaged by its clients to market their funds and the firm employing the Guest and/or its affiliates is or has been a client of Rede. In the U.S. Rede Partners operates through its wholly owned subsidiary, Rede Partners Americas LLC, which is a registered broker-dealer with the Securities and Exchange Commission and a member of the Financial Industry Regulatory Authority, Inc. Rede is not a current advisory client or fund investor of its client funds, although its partners and employees themselves invest in client funds via a pooled vehicle established for such purpose which may have negotiated beneficial economic terms in connection therewith (e.g., reduced or no management fees and/or carried interest). For providing its services, Rede is entitled to cash compensation paid by the client rather than the client fund. Rede has a significant economic incentive to solicit investors to commit capital to their clients’ funds, resulting in a material conflict of interest on its part. No compensation has been received by Rede Partners in connection with the Guest’s participation in this recording and the views discussed herein do not constitute an endorsement or testimonial of Guest, its employer or its private funds. The information contained in the Podcast is believed to be accurate as of the date of publication and will not be updated or supplemented to reflect subsequent events.

6. 

   18 May 2026

   David H. Wasserman, Recognize: Why Digital Services is Private Equity's Most Exciting Opportunity

   David H. Wasserman is Co-Founder and Managing Partner of Recognize, a New York based private equity firm investing in digital services businesses at the intersection of services and software. Founded in 2020 alongside Francisco D'Souza and Charles Phillips, former CEOs of Cognizant and Infor respectively, Recognize was built on a simple but contrarian insight — that private equity had largely ignored the space where technology services meets IP, and that the next generation of enterprise technology winners would live exactly there. In this episode David shares the origin story of Recognize, born from a chance conversation at a celebration dinner in 2019 and stress tested almost immediately by COVID. He explains why three people who had already made it in their careers felt compelled to start something from scratch, what surprised them most about the journey so far and how the tectonic shifts in AI are reshaping both their portfolio and their investment thesis. David also gives a genuinely candid take on the SaaS disruption debate, drawing on an e-commerce analogy that reframes the whole conversation. And he closes with career lessons that have stayed with him throughout his career. Key themes from this conversation: The serendipitous origin story of Recognize and how COVID became a catalyst not a blocker Why digital services was the overlooked gap between software and venture investing in 2019 How AI is reshaping the tech stack and what that means for where Recognize invests The SaaS disruption debate, roadkill versus resilience and why complexity is the deciding factor Building culture from within, lessons from a basketball coach The difference between edge and energy as a leader Why the thin line between success and failure is the most important career lesson David ever received RedeCast Legal Disclaimer The information discussed in this podcast is for general information purposes only and does not constitute financial advice, investment recommendation, invitation or inducement to engage in investment activity or an offer to buy or sell any financial product. The views expressed are those of the speakers as at the time of the recording and do not necessarily reflect those of Rede Partners or the firm employing the guest speaker (Guest) or any of their respective affiliates. The information discussed, including any forward-looking statements, should not be relied upon for any purpose and listeners should seek independent professional advice before making any investment decisions. References to specific companies or products are for illustrative purposes only and do not constitute an endorsement or recommendation. None of the content should be copied, distributed or reproduced. Past performance, where indicated, is not a guarantee or reliable indicator of future results. Any references to past performance, track records, or investment returns are for illustrative purposes only. Actual results may differ materially from any projections, estimates, or implied performance discussed. Rede Partners is engaged by its clients to market their funds and the firm employing the Guest and/or its affiliates is or has been a client of Rede. In the U.S. Rede Partners operates through its wholly owned subsidiary, Rede Partners Americas LLC, which is a registered broker-dealer with the Securities and Exchange Commission and a member of the Financial Industry Regulatory Authority, Inc. Rede is not a current advisory client or fund investor of its client funds, although its partners and employees themselves invest in client funds via a pooled vehicle established for such purpose which may have negotiated beneficial economic terms in connection therewith (e.g., reduced or no management fees and/or carried interest). For providing its services, Rede is entitled to cash compensation paid by the client rather than the client fund. Rede has a significant economic incentive to solicit investors to commit capital to their clients’ funds, resulting in a material conflict of interest on its part. No compensation has been received by Rede Partners in connection with the Guest’s participation in this recording and the views discussed herein do not constitute an endorsement or testimonial of Guest, its employer or its private funds. The information contained in the Podcast is believed to be accurate as of the date of publication and will not be updated or supplemented to reflect subsequent events.

7. 

   13 May 2026

   John Tough, Energize Capital: Why Climate Tech Entrepreneurs Deserve a Specialist Investor

   John Tough is Co-Founder and Managing Partner of Energize Capital, a Chicago based climate software investor focused on the intersection of software, services and the energy transition. Since founding Energize, John has built one of the few specialist firms backing companies from Series B through to profitable growth buyouts across climate, industrials and built environment. In this episode John traces his career from bioethanol banker in Chicago to Kleiner Perkins investor to operator at Choose Energy, and explains why that combination of finance, investing and operational experience became the blueprint for Energize. We explore what it really means to build a specialist firm, why John believes generalist investors are leaving the climate market at exactly the wrong moment and how AI is creating an entirely new wave of budget for the companies Energize backs. Key themes from this conversation: Why climate tech deserves a specialist investor and why John has never doubted that conviction Building a world class firm from Chicago without the Silicon Valley playbook The co head structure that shapes how Energize makes decisions Being early is being wrong — how Energize uses proprietary data to know when to lean in Why AI is creating the fastest emergence of budget in Energize's history Decision making frameworks and the power of knowing who to call Career advice from John to his 21 year old self RedeCast Legal Disclaimer The information discussed in this podcast is for general information purposes only and does not constitute financial advice, investment recommendation, invitation or inducement to engage in investment activity or an offer to buy or sell any financial product. The views expressed are those of the speakers as at the time of the recording and do not necessarily reflect those of Rede Partners or the firm employing the guest speaker (Guest) or any of their respective affiliates. The information discussed, including any forward-looking statements, should not be relied upon for any purpose and listeners should seek independent professional advice before making any investment decisions. References to specific companies or products are for illustrative purposes only and do not constitute an endorsement or recommendation. None of the content should be copied, distributed or reproduced. Past performance, where indicated, is not a guarantee or reliable indicator of future results. Any references to past performance, track records, or investment returns are for illustrative purposes only. Actual results may differ materially from any projections, estimates, or implied performance discussed. Rede Partners is engaged by its clients to market their funds and the firm employing the Guest and/or its affiliates is or has been a client of Rede. In the U.S. Rede Partners operates through its wholly owned subsidiary, Rede Partners Americas LLC, which is a registered broker-dealer with the Securities and Exchange Commission and a member of the Financial Industry Regulatory Authority, Inc. Rede is not a current advisory client or fund investor of its client funds, although its partners and employees themselves invest in client funds via a pooled vehicle established for such purpose which may have negotiated beneficial economic terms in connection therewith (e.g., reduced or no management fees and/or carried interest). For providing its services, Rede is entitled to cash compensation paid by the client rather than the client fund. Rede has a significant economic incentive to solicit investors to commit capital to their clients’ funds, resulting in a material conflict of interest on its part. No compensation has been received by Rede Partners in connection with the Guest’s participation in this recording and the views discussed herein do not constitute an endorsement or testimonial of Guest, its employer or its private funds. The information contained in the Podcast is believed to be accurate as of the date of publication and will not be updated or supplemented to reflect subsequent events.

Reach and audience

Public platform figures. Ratings count people who left a rating, not total listeners.

Apple Podcasts (US)

5.0 / 5

2 ratings

Contact RedeCast

Guest appearances

Books guests

Based on episode analysis; this does not confirm that the show is currently accepting guests.