Dry Powder: The Private Equity Podcast

Hugh MacArthur, Bain & Company

Hugh MacArthur, Chairman of Bain & Company's Global Private Equity practice, interviews leading experts on the trends and opportunities that will redefine the private equity industry.

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20 episodes
Updated Wednesday

Episodes20

Newest first

Wednesday · 18 min
Looking Over the Horizon w/ CVC's Rob Lucas
In part two of our interview series with the CEO of CVC, we explore how they’re navigating one of the toughest fundraising markets in decades, their firm-wide embrace of AI and why he considers Europe one of the world’s most compelling markets for generating alpha.
July 22 · 26 min
Himalayan Heights w/ CVC's Rob Lucas
CVC CEO Rob Lucas explains how climbing the world's highest mountains—from the Seven Summits to K2—has helped shape the leadership philosophy behind one of the world's leading private equity firms.
July 1 · 17 min
Employee Ownership at Scale w/ KKR's Pete Stavros
In part two of our interview series, Pete Stavros shares how KKR has scaled employee ownership to 85 companies and 200,000 frontline workers — and why it can be a powerful performance lever when done right.
June 23 · 26 min
The Hard Truth About Operational Excellence w/ KKR's Pete Stavros
KKR's Co-Head of Global Private Equity and Partner reveals the rigorous, long-term discipline required to drive real operational improvements.
June 8 · 12 min
Bain's Private Equity Midyear Report 2026: Executive Summary
Private equity is not in a crisis — rather, it's stuck.
June 2 · 33 min
Software as a Coworker w/ Vista's Robert Smith
The CEO of Vista Equity Partners explains what it will take to win the “agentic revolution.”
May 26 · 19 min
Exiting Well in Tough Markets w/ Apollo’s David Sambur
In part two of our interview series, the Co-Head of Private Equity at Apollo shares how they return capital well ahead of schedule and how they’re applying “clean sheet thinking” to AI.
May 19 · 23 min
Buying Well at Scale w/ Apollo’s David Sambur
We ask the Co-Head of Private Equity at Apollo how he scours “less trafficked” parts of the market and how his team spreads ideas across a disparate set of industries, from casinos to airlines to auto-parts.
April 21 · 14 min
New Normal, New Opportunities w/ Triton’s Peder Prahl
In part two of our interview series, we ask the CEO of Triton how higher interest rates, constrained leverage, and rising macro uncertainty are creating fresh opportunities for disciplined investors.
April 7 · 27 min
Buying Before the Theme w/ Triton’s Peder Prahl
We ask the founding CEO of Triton how he invests in areas “before they become themes," and how he has built an organization that is both deeply entrepreneurial and strictly disciplined.
March 24 · 15 min
Infrastructure's Next Frontiers w/ Stonepeak’s Michael Dorrell
In part two of our infrastructure series, the Stonepeak CEO explains how he’s zeroing in on investment opportunities across the energy sector and why logistics infrastructure could see surging demand in an era of deglobalization.
March 10 · 23 min
Mastering the Infrastructure Cycle w/ Stonepeak’s Michael Dorrell
We ask a pioneer of modern infrastructure how to invest across booms, busts, and technological revolutions.
February 25 · 28 min
Dry Powder: Live from NEXUS 2026
Jennifer Choi, CEO of ILPA, joins us for a wide-ranging conversation on the current mood among LPs, the mainstreaming of continuation vehicles, and the accelerating race to retail capital.
February 23 · 16 min
Bain & Company’s Global Private Equity Report 2026: Executive Summary
A glance at the top-line numbers would suggest the industry is gaining traction, but is it?
February 17 · 11 min
Megafund Capabilities on a Mid-market Budget w/ Gryphon's David Andrews
In part two of our interview with Gryphon’s co-CEO, we discover why his $11 billion firm built a 40-person ops team—something most middle-market firms wouldn’t even contemplate.
February 3 · 14 min
Spotting the Downturn Early and Coming Out Ahead w/ Gryphon's David Andrews
We ask the co-CEO of Gryphon Investors how he foresaw one of the harshest cycles in the industry’s history and when he thinks it may finally break.
January 20 · 13 min
What Kind of AI Cycle Are We Actually In?
The question for investors is not whether AI will boom or bust, but who may be unwittingly subsidizing the buildout.
January 13 · 22 min
Macro Update: What Could Derail 2026?
Bain’s leading macroeconomic expert examines the cracks beneath the surface of the US market and how investors should prepare for post-globalization realities.
Dec 16, 2025 · 5 min
Nothing Is Fundamentally Broken … Yet Again
Host Hugh MacArthur reflects on an emotionally turbulent year, the data underlying the noise, and the potential for a turnaround in 2026.
Dec 9, 2025 · 13 min
Yards After the Catch w/ TA’s Hythem El-Nazer
In part two of our interview series, we explore how TA hits the ground running on value creation.

Dry Powder: The Private Equity Podcast

Looking Over the Horizon w/ CVC's Rob Lucas

Himalayan Heights w/ CVC's Rob Lucas

Employee Ownership at Scale w/ KKR's Pete Stavros

The Hard Truth About Operational Excellence w/ KKR's Pete Stavros

Bain's Private Equity Midyear Report 2026: Executive Summary

Software as a Coworker w/ Vista's Robert Smith

Exiting Well in Tough Markets w/ Apollo’s David Sambur

Buying Well at Scale w/ Apollo’s David Sambur

New Normal, New Opportunities w/ Triton’s Peder Prahl

Buying Before the Theme w/ Triton’s Peder Prahl

Infrastructure's Next Frontiers w/ Stonepeak’s Michael Dorrell

Mastering the Infrastructure Cycle w/ Stonepeak’s Michael Dorrell

Dry Powder: Live from NEXUS 2026

Bain & Company’s Global Private Equity Report 2026: Executive Summary

Megafund Capabilities on a Mid-market Budget w/ Gryphon's David Andrews

Spotting the Downturn Early and Coming Out Ahead w/ Gryphon's David Andrews

What Kind of AI Cycle Are We Actually In?

Macro Update: What Could Derail 2026?

Nothing Is Fundamentally Broken … Yet Again

Yards After the Catch w/ TA’s Hythem El-Nazer