The Private Equity Podcast, by Raw Selection

The episode covers continuation vehicles with reasonable depth - Adrian articulates key shifts (narrative focus, GP alignment, capital availability) and explains why the market has grown. However, there is substantial padding: the host's questions are often broad or scaffolding remarks, Adrian repeats points (e.g., 'narrative is key' appears multiple times), and there are filler exchanges like the World Cup reference. A B2B operator learns the current thinking on continuation vehicles, but not at a high density per minute.

“The first is that there is much more capital dedicated to these opportunities.”

“The GP should be a net buyer of the asset rather than a net seller.”

Adrian presents the secondaries/continuation vehicle framing as relatively novel ('They're a Private Equity Strategy' vs. liquidity tool), but the substance is largely industry orthodoxy: focus on narrative, GP alignment, portfolio optionality, and the need for a clear exit path. These are standard deal criteria already well-established in the secondaries market. There is no contrarian insight or first-principles reasoning that would surprise a seasoned PE operator.

“Secondaries Are No Longer a Liquidity Tool. They're a Private Equity Strategy.”

“Narrative is key. The reasons for pursuing the continuation vehicle option need to be supported by the right merits.”

Adrian Siew is a Managing Director at Rothschild & Co co-heading GP Solutions, a relevant operator in the secondaries/continuation vehicle space with clear deal-doing experience. He demonstrates practical knowledge and has clearly worked on these transactions. However, he is not a household name, not a founder or CEO of a major PE shop, and his positioning is advisory rather than principal. He is credible but not exceptional in caliber for a B2B podcast.

“My name is Adrian Siew. I'm a Managing Director here at Rothschild & Co. I joined the firm recently to co-lead the GP Solutions practice, which is focused primarily on continuation vehicle opportunities for our sponsor clients.”

“I have completed deals where that was the case and the transaction still worked.”

The episode relies heavily on generalisations and market claims without hard data. Adrian cites percentages ('80% of top 100 GPs have completed a continuation vehicle', '15-16% of distributions in 2025'), but these lack sourcing or context. There are no named companies, specific deal metrics, IRRs, or timelines beyond vague references to 'three to six years'. The anecdotal 'I have completed deals' is thin evidence. A PE operator would need more concrete examples.

“If you look at the top 100 GPs or private equity firms in the world, around 80% have completed a continuation vehicle.”

“If you look at distributions in 2025 and ask what percentage was driven by continuation vehicle transactions, the general market consensus is around 15% to 16% of all liquidity returned to LPs.”

The host (Alex) asks competent but soft questions that rarely push back or probe for specifics. Questions are mostly open-ended invitations for Adrian to explain industry frameworks ('What is one mistake...', 'How should investors assess...'), rather than sharp follow-ups or challenges. When Adrian makes claims (e.g., '80% have completed'), there is no request for data source. The conversation reads as a friendly, structured advisory tour rather than investigative journalism. No productive disagreement.

“Without pointing out the obvious economic conditions affecting private equity, what is your take on why continuation vehicles are so prevalent and growing so quickly at this point?”

“What is one mistake you see private equity firms making, and what would you suggest they do differently?”