Talking Capital

Capital Generation Partners

Talking Capital explores the big questions facing sophisticated, long-term investors. Join Ian Barnard and guests on a monthly basis, as they answer market and investment questions posed by our own clients, covering any asset class in any region of the world.

Capital Generation Partners LLP is authorised and regulated by the Financial Conduct Authority and is registered as an Investment Adviser by the US Securities and Exchange Commission.

This podcast and any opinions expressed do not constitute investment advice and does not constitute an oﬀer to sell or a solicitation of an oﬀer to purchase any security or any other investment or product. Nothing said during this podcast should be construed as an invitation or inducement to engage in investment activity.

All information and opinions expressed herein are current as of publication of the podcast and are subject to change without notice. The information contained in this podcast does not constitute research or recommendation from Capital Generation Partners to the listener. Capital Generation Partners makes no representation or warranty as to the accuracy or completeness of the statements or any of the information contained in this podcast and any liability therefore, including in respect to direct or indirect loss is expressly disclaimed.

Advice is given and services are supplied by Capital Generation Partners LLP and its affiliates (“CapGen”) on the basis of our terms and conditions of business, which are available upon request. No liability is accepted, or responsibility assumed, in respect of persons who are not clients of CapGen, unless expressly agreed in writing.

Please note that the value of investments referred to in this podcast and their income may go down as well as up. If you choose to invest any product referred to in this podcast, your capital will be at risk and you may lose some or all of your investment.

No compensation, monetary or non monetary, or other inducement is provided, directly or indirectly, to any external third-party guest speakers appearing on this podcast.

This podcast may not be copied, reproduced, further distributed to any other person or published, in whole or in part for any purpose. Further information, including our privacy statement, can be found on our website at www.capgenpartners.com

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20 episodes
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Avg 31 min
English

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#69
Thursday · 35 min
In conversation with Greenbriar's Noah Roy: from sector specialisation to value creation
In this episode, Ian is joined by Noah Roy, Managing Partner of Greenbriar Equity Group, a growth-oriented, sector specialist private equity investor. Together they discuss: Greenbriar's evolution and the principles behind a successful leadership transition The firm's sector-specialist investment strategy, including its focus on supply chains, logistics, aerospace and defence An example of a successful investment, illustrating Greenbriar’s approach to business building, scaling and value creation
#68
October 1 · 27 min
Private Equity: identifying specialist managers in a maturing market
In this episode, Ian is joined by Enrica Dacomo, Director and Private Equity Lead at CapGen, to discuss the theme of sector specialisation in private equity, including: The current opportunities within private equity and the case for sector specialisation Our manager research process and the importance of a proactive, long-term approach Greenbriar’s investment strategy and the rationale for selecting them as a specialist mid-market partner
#67
September 3 · 28 min
Private Equity: navigating the market through sector specialisation
In this episode, Ian is joined by Chady Jouni, CapGen's new CIO, to discuss the theme of sector specialisation in private equity, including: The current private equity landscape and its role within multi-asset portfolios Areas of opportunity within private equity The case for mid-market sector specialist managers
#66
July 2 · 31 min
In conversation with Clean Energy Transition's Per Lekander: the origins, philosophy and practice of energy investing
In this episode, Ian is joined by Per Lekander, Founder & CEO of Clean Energy Transition, a thematic investment manager which seeks to capitalise on the changes in the global energy sector. Together they discuss: Per's career in the energy sector and the origins of Clean Energy Transition The firm's investment philosophy and their approach to identifying opportunities A case study of a successful investment, from initial concept to investment and exit
#65
June 4 · 30 min
Energy Transition: opportunities, processes and manager selection
In this episode, Ian is joined by Mario Acquistapace, Investment Research Director at CapGen, to discuss the theme of energy transition, including: An overview of the energy transition landscape, including the drivers and opportunities The evolution of our investment research process Clean Energy Transition's investment strategy and our rationale for selecting them as a partner
#64
May 7 · 27 min
Energy Transition: market drivers, portfolio integration and long-term implementation
In this episode, Ian is joined by Donald McFarlan, Portfolio Management Director at CapGen, to discuss the theme of energy transition, including: Market overview: what do we mean by energy transition, what are the drivers and how can investors access this opportunity? Portfolio context: how can energy transition be integrated into client portfolios? Implementation: how are we are evolving our approach to energy transition to provide long-term exposure?
#63
April 2 · 30 min
Responsible Capital: ESG requirements, regulation and the future for commercial real estate
In this episode, Ian is joined by Ross Davies, Head of Real Estate at CapGen, to discuss the role of ESG in the real estate industry, including: The evolution of ESG requirements since the 1990s The impact of government regulation, and what this means for the future of commercial property across developers, occupiers and asset owners The impact of US policies on UK real estate and the diverging approaches to ESG
#62
March 6 · 29 min
The Iran conflict: what it means for markets, investors and portfolios
In this standalone episode, Ian is joined by Quintin Price, Chair of our Asset Allocation Committee, and Donald McFarlan, Portfolio Management Director, to discuss the investment implications of the conflict in Iran, including: What has happened, what are the implications and how should investors respond? How have markets reacted and what impact has that had on our portfolios? What are the longer-term possibilities for the conflict and what could this mean for asset allocation?
#61
March 5 · 32 min
Responsible Capital: the economics of natural capital, how to measure it and the UK's progress
In this episode, Ian is joined by Kate Russell, Managing Director of Tellus Natural Capital and Dimitri Zenghelis, Chair of our Responsible Capital Committee, to discuss: The importance of natural capital in the economic system Incorporating natural capital in economics and the role of technology and AI in measuring ecosystems The UK's progress on natural capital
#60
February 5 · 37 min
Responsible Capital: navigating Trump’s influence, China’s renewable leadership, and the progress of natural capital
In this episode, Ian is joined by Dimitri Zenghelis, Chair of our Responsible Capital Committee and Senior Associate at the Cambridge Institute for Sustainability Leadership, to discuss the evolving landscape of responsible capital, including: Trump’s impact on the progress of sustainability The transition to electrification and renewable energy and China's strategic lead in these sectors The progress of natural capital in the UK
#59
January 8 · 30 min
2026 primer: 2025 recap, private market performance and new opportunities
In this episode, Ian and Robert discuss: 2025 recap: how should we reflect on market performance in 2025? Private markets: have private markets recovered and how did our portfolios perform? Opportunities: how did the opportunities we previously highlighted perform in 2025 and what are the key opportunities for the year ahead?
#58
Dec 4, 2025 · 36 min
In conversation with Carrhae Capital's Ali Akay: exploring their selection process and investment philosophy in action
In this episode, Ian is joined by Ali Akay, Chief Investment Officer of Carrhae Capital, an investment manager specialising in emerging market equities, to discuss: How a chance conversation about the ex-prime minister of Turkey led to Ali’s career in investing How Carrhae’s best-in-class emerging market equity selection process sets them apart An example of how Carrhae’s investment philosophy works in practise
#57
Nov 6, 2025 · 30 min
Emerging Market Equities: navigating cycles, risks and opportunities
In this episode, Ian is joined by Mario Acquistapace, Investment Research Associate Director at CapGen, to discuss emerging market equities, including: An overview of the current landscape, how they've performed and the associated risks Our manager selection process Carrhae Capital's investment strategy and the rationale behind choosing them as a partner
#56
Oct 2, 2025 · 29 min
Emerging Market Equities: opportunities, risks and investment strategies
In this episode, Ian and Robert discuss emerging market equities from a macro perspective: Market overview: how have emerging market equities performed over the past year and how do we classify them? Portfolio context: what is their role in portfolios and what are the risks? Investment strategy: what are the pros and cons of active vs passive approaches?
#55
Sep 11, 2025 · 39 min
In conversation with Stoneshield Capital's Felipe Morenés: from investment strategies to opportunity identification and value creation
In this episode, Ian is joined by Felipe Morenés, Founding Partner of Stoneshield Capital, a distressed and opportunistic long-term investment firm, to discuss: Felipe's own professional journey, Stoneshield’s origins and what makes them distinctive Stoneshield's investment strategy and how they identify opportunities An example of a successful deal, from initial concept to value creation and exit
#54
Jul 10, 2025 · 21 min
Real estate: opportunities, how to access them and the selection process
In this episode, Ian is joined by Ross Davies, Head of Real Estate at CapGen, to discuss real estate, including: Current opportunities in Europe and the US Our investment selection process How to access these opportunities
#53
Jun 5, 2025 · 31 min
Real estate: market trends, its place in portfolios and the current opportunities
In this episode, Ian and Robert discuss Real Estate from a macro perspective: Market overview: how has real estate performed over recent years and what do we mean by opportunistic real estate? Portfolio context: what is the role of real estate in portfolios and what is the opportunity cost of capital? Opportunities: what does the current opportunity set look like?
#52
May 1, 2025 · 35 min
In conversation with Berkshire Partners’ Mike Ascione: investment strategies and success stories
In this episode, Ian is joined by Mike Ascione, Managing Director of Berkshire Partners, a US-based private equity manager, to discuss: Berkshire’s origins, how they have celebrated successes and learnt from mistakes, and the future of private equity as an ownership model Their investment philosophy and process An example of a transaction investment and their greatest contribution to its success
#51
Apr 3, 2025 · 26 min
Private Equity: opportunities, and the importance of building long-term relationships
In this episode, Ian is joined by Enrica Dacomo, Investment Research Director at CapGen, to discuss Private Equity from a research perspective, including: Opportunities in the US mid-market sector An exploration of our manager research and selection process How building relationships can lead to better opportunities
#50
Mar 6, 2025 · 34 min
Private Equity: from fundamentals to opportunities
In this episode, Ian and Robert discuss Private Equity from a macro perspective: First principles: what is the role of private equity in portfolios? Building a portfolio: how does this work in practice and how opportunistic can you be? Opportunities: what does the current opportunity set look like?

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