Can We Talk in Private?

On this episode of Can We Talk in Private?, co-hosts Alan Flanagan and Andrew Korz unpack their Q4 Economic Outlook, The Cost of Competition. Their conversation explores why a more competitive world, shaped by heavy spending on AI, defense, and manufacturing capacity, is driving greater demand for capital and putting upward pressure on interest rates.

Have a question for our experts? Text us for a chance to have your questions answered on the next episode.

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The stock market is near a record high and GDP continues powering along, but the mood across the country tells a very different story. Consumer sentiment remains near historic lows, as fewer than three in ten Americans believe the country is on the right track. Affordability is front and center as voters head to the polls in less than three weeks for November’s midterm elections. In this episode of Can We Talk in Private?, co-hosts Alan Flannigan and Andrew Korz are joined by Jason Cole, Managing Director and Head of Public Policy, to break down where the races st...

This week on Can We Talk in Private? we’re celebrating National Middle Market Week, an officially recognized week highlighting the highly influential, yet least understood segment of the U.S. economy. In this episode, co-hosts Alan Flannigan and Andrew Korz are joined by Doug Farren, Executive Director of the National Center for the Middle Market at The Ohio State University, the leading authority on the state of middle market firms.

Read the joint study by Future Standard and the National Center for the Middle Market: Private equity in the middle market

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Few markets drew more pessimism during the rate-hiking cycle than commercial real estate. While prices have stabilized and deal flow gradually improved, with rates now moving higher again, what lies ahead for the recovery?

In this episode of Can We Talk in Private?, co-hosts Alan Flannigan and Andrew Korz are joined by Rob Lawrence, Future Standard's Global Head of Real Estate Credit, whose real estate career spans more than three decades and multiple credit cycles. 

Rob discusses current market conditions and how they may be aligning to produce an ideal vintage for real estate lending.

AI is eating the world. And increasingly, it's eating portfolios, too. What began as a technology story funded by a handful of hyperscalers has evolved into a much broader capital markets story. As AI investment accelerates, public and private equities, credit, fixed income, infrastructure and real assets are all playing a role in financing the buildout.

In this episode of Can We Talk in Private?, co-hosts Alan Flannigan and Andrew Korz discuss their latest report, Hidden Layers: Diversification in the Age of AI, and explore how AI is increasingly shaping investment portfolios across both public and private...

Private equity co-investing has evolved from a niche institutional strategy into an increasingly important part of the private markets ecosystem. As allocators seek greater portfolio customization, fee efficiency and direct exposure to private equity value creation, co-investments have become a growing area of focus. 

In this episode, Alan Flannigan and Andrew Korz sit down with Michael Chen, Co-Head of Direct Equity Investing at Future Standard, to discuss how the co-investment market works, why sponsors offer co-investment opportunities, and what separates successful co-investment platforms from the rest. 

The conversation explores the role of GP relationships, the un...

In the first episode of Can We Talk in Private?, the new podcast from Future Standard, hosts Alan Flannigan and Andrew Korz sit down with Future Standard Chief Investment Officer Mike Kelly to share their views on the major themes driving private markets. They explore how the changing macro regime is reshaping the role of asset allocators, driving the importance of portfolio construction higher. Defining trends from the start of the year remain in focus. Capital concentration and increased geopolitical uncertainty continue reshaping the opportunity set—driving value outside the large and mega-cap segments. 

And what happens whe...

In this episode, Future Standard’s Investment Research team members Alan Flannigan and Andrew Korz break down their latest publication, Q2 2026 Mapping the Markets: Shock and Awe, a quarterly macro and cross-asset chartbook illustrating the current state of markets. 

Key takeaways

In this episode, Future Standard’s Investment Research team members Alan Flannigan and Andrew Korz sit down with Scott Burr, Senior Portfolio Manager at Future Standard, to discuss how multi-strategy investing may help investors navigate a changing macro regime.

Scott also shares how his liquid alternatives approach blends diversification with conviction, the role of liquid alternatives play alongside private markets, and how strategies go from idea to execution.

Have a question for our experts? Text us for a chance to have your questions answered on the next episode.

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In this episode, Future Standard’s Investment Research team members Alan Flannigan and Andrew Korz unpack the key themes from their Q2 2026 U.S. Economic Outlook, Sturdy, Under Strain. They examine the state of the U.S. economy entering the conflict in the Middle East, discuss the long-term implications of a shifting global landscape, and provide views on the most pressing macro themes in Q2.

The episode also features a discussion with Jason Cole, Head of Public Policy at Future Standard, who provides on-the-ground perspective on the Iran conflict, evolving tariff authorities, and Federal Reserve le...

In this episode, Future Standard’s Investment Research team members, Alan Flannigan and Andrew Korz, are joined by Rob Hoffman, Head of Credit Solutions, for a data‑driven look at what’s really happening in private credit right now. They unpack the biggest headline concerns—PIK usage, redemption activity and gates, bank financing, defaults, software exposure and valuations—and explain how structure, lender protections and income durability shape outcomes across cycles. The discussion cuts through noise to highlight where selectivity, entry discipline and manager skill can matter most for investors navigating today’s market.

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Private markets are entering 2026 at a pivotal moment. After years defined by inflation, rate volatility and compressed liquidity, investors now confront a landscape where opportunity is expanding — but not evenly. In this episode of the Future Standard Podcast, we explore why the year ahead represents an inflection point, how capital concentration is reshaping private markets and why the middle market remains a durable source value creation.

Our 2026 Outlook, Forged, Not Found, argues that the next cycle won’t reward passive allocation to private market beta. Returns will be built through specialization, operational intensity and by addressing the mark...

In a new episode, Greg Toskos (Managing Director, Head National Sales, UBS Global Wealth Management) joins Co-Heads of Global Wealth Kirsten Pickens and Ryan Robertson.

For more research insights go to https://futurestandard.com/insights

Have a question for our experts? Text us for a chance to have your questions answered on the next episode.

For more research insights go to https://futurestandard.com/insights 

In the finale of our Private Markets Outlook series, we sit down with Co-President and Chief Investment Officer Mike Kelly for an in-depth look into the new investing imperative in private markets. 

Mike joins Research team members Alan Flannigan and Andrew Korz to explore the shift from disinflation and low rates to today’s environment of volatility, inflation and uncertainty. He gives insights into how private markets offer new opportunities for growth, diversification and operational value creation—especially in the U.S. middle market.  

The Private Markets Outlook podcast series from Future Standard features special guests...

In this episode of the Private Markets Outlook series, we sit down with Scott Giardina, Managing Director and Head of Trading for Future Standard’s Global Credit Team, for an in-depth look at the current state of private credit.

Scott joins Research team members Alan Flannigan and Andrew Korz to discuss the benefit of specialization in private credit, why lender protections matter more than ever and what it means for investors.

The Private Markets Outlook podcast series from Future Standard features portfolio managers from across our firm, each bringing unique perspectives on private equity, private cr...

What’s next for private equity? We continue our Private Markets Outlook series with a discussion featuring Jorge Rossello, Managing Director, LP Secondaries. He joins Research team members Andrew Korz and Alan Flannigan to explore how private equity investors are navigating a shifting landscape. 

The Private Markets Outlook podcast series from Future Standard features special guests and portfolio managers from across our firm, each bringing unique perspectives on private equity, private credit and real estate. Subscribe and stay tuned for more.  

Related:

Follow the value, not the herd: The new private markets imperative
...

What lies ahead for CRE? We continue our Private Markets Outlook series with a discussion featuring two of our portfolio managers, Jason Landon (equity) and Rob Lawrence (credit). They join Research team members Andrew Korz and Alan Flannigan to share how major shifts in CRE are playing out on the ground. 

The Private Markets Outlook podcast series from Future Standard features special guests and portfolio managers from across our firm, each bringing unique perspectives on private equity, private credit and real estate. Subscribe and stay tuned for more. 

Have a question for our experts? Text us...

Head of Public Policy Jason Cole provides his latest briefing from Washington. Jason updates the team on critical policy developments impacting markets and shaping the Trump administration’s economic agenda. Jason joins SVP of Investment Research Andrew Korz and Investment Research Associate Alan Flannigan to cover the uncertain path forward for tariffs, the looming government shutdown and the evolution of U.S. industrial policy in an AI-driven world.

Have a question for our experts? Text us for a chance to have your questions answered on the next episode.

For more research insights go to https://fu...

Who stands to be the biggest loser if free trade starts to unwind? Who stands to gain?  

Chief Market Strategist Troy A. Gayeski, CFA dives into his latest strategy note on what trade policy may mean for equities and how investors can respond.  

Have a question for our experts? Text us for a chance to have your questions answered on the next episode.

For more research insights go to https://futurestandard.com/insights 

We dive deep into the defining trends shaping private markets in the first episode of our midyear Private Markets Outlook series. Join Andrew Korz, Senior Vice President of Investment Research, and Alan Flannigan, Investment Research Associate, as they explore the forces driving the new private markets imperative: pursuing alpha through specialization and operational excellence.  

The Private Markets Outlook podcast series will feature special guests and portfolio managers from across our firm, each bringing unique perspectives on private equity, private credit and real estate. Subscribe and stay tuned for more.  

Follow the value, no...

Join Senior Vice President of Investment Research Andrew Korz and Investment Research Associate Alan Flanigan as they explore what the latest developments in tax reform, trade policy and fiscal policy mean for the U.S. fiscal outlook and economy. They dive into the latest edition of Mapping the markets and provide clarity on what it means for investors.

Mapping the markets: Q2 2025
Is private credit a bubble?

Private credit: Steady performance through market cycles

Have a question for our experts? Text us for a chance to have your questions...

In this episode, Jennifer Garcia (Private Wealth Advisor and Managing Director of the Garcia Private Wealth Group at Wells Fargo) joins Co-Heads of Global Wealth Kirsten Pickens and Ryan Robertson to discuss her unique approach to multi-generational wealth management, what it means to lead one of the few all-women teams in financial services and how she prospects for clients.

“So, I have never cold called ever. To me, the goal was to connect with bankers so that they saw my value and then they would bring clients to me. And how could I nurture that relationship? So, th...

Who stands to be the biggest loser if free trade starts to unwind? Who stands to gain? 

Chief Market Strategist Troy A. Gayeski, CFA dives into his latest strategy note on how investors can respond to tariff-induced volatility.  

Resources:

The Galactic Mean Reversion Part II: Trade wars are not good for S&P 500 profit margins
Domestic resilience in vogue amid selloff

Have a question for our experts? Text us for a chance to have your questions answered on the next episode.

For more research insights go to https://fu...

Join the Investment Research Associate Alan Flanigan and Head of Public Policy Jason Cole for a status update on tariffs, trade and taxes. The team analyzes the post-Liberation Day path forward and what it means for investors. Jason and Alan provide expert analysis of the latest developments out of Washington D.C. and the implications for markets and the economy. 

Have a question for our experts? Text us for a chance to have your questions answered on the next episode.

For more research insights go to https://futurestandard.com/insights 

In this episode, our research team examines the latest on U.S. tariff policy and how it will impact private markets.

Join Senior Vice President of Investment Research Andrew Korz and Research Associate Alan Flannigan as they discuss the potential ramifications of tariffs on private markets. They also bring in resident expert Dan Wilk, Head of Private Equity Solutions, for his take on how tariffs will impact M&A markets, where they’ll take market sentiment and what this may mean for investors.

Resources mentioned:

Q2 2025 U.S. Economic outlook

T...

Join the Investment Research team in celebrating March’s NCAA Basketball Tournament with our annual Market Madness show. Our experts put their Sweet 16 of public and private investment strategies to the test and crown a champion in this bracket-style debate.

Senior Vice President of Investment Research Andrew Korz and Research Associate Alan Flannigan provide expert analysis of their sixteen-team field of strategies across public and private equity, real estate and credit. 

U.S. exceptionalism: At a crossroads
Anatomy of a CRE correction: The road to revival in 2025
Private markets outlook: Ref...

Can U.S. economic exceptionalism survive the transformations of our time? We analyze the underpinnings of American economic exceptionalism, weigh its resilience and provide a playbook for investing in a new era 

Join Senior Vice President of Investment Research Andrew Korz and Research Associate Alan Flannigan as they delve into their new report, U.S. exceptionalism: At a crossroads.

Have a question for our experts? Text us for a chance to have your questions answered on the next episode.

For more research insights go to https://futurestandard.com/insights 

On this episode, we’re joined by Portfolio Manager and Future Standard Head of Global Credit Andrew Beckman. We go in depth on what differentiates his approach to credit, how his team sources opportunities and his insights into credit markets today.

Andrew sits down with Chief Market Strategist Troy A. Gayeski, CFA who addresses how allocators are responding to credit’s key trends. 

Have a question for our experts? Text us for a chance to have your questions answered on the next episode.

For more research insights go to https://futurestandard.com/insights 

The Trump administration is shaking up Washington with hundreds of executive orders and an aggressive push to cut government spending. But what's important for markets and what's just media fodder?

Head of Public Policy Jason Cole examines the first weeks of the Trump administration and their implications for markets. Jason joins Senior Vice President of Investment Research Andrew Korz to address the potential impact of tariffs, tax reform and regulatory changes on key strategies. 

“If I’ve got to go into my crystal ball whether or not the Trump's tax cuts are going to get exten...

In this episode, Caroline Gundeck (Managing Director, Head of Client and Field Engagement at Morgan Stanley Private Wealth Management) joins Co-Heads of Distribution Kirsten Pickens and Ryan Robertson to share how she became one of the industry's leading community builders, her team's powerful approach to high-net-worth clients and what it takes to be successful in a "relationship business." 

"This has been and always will be a relationship business. The reason clients do business with you is because of that trusted relationship. They work with you because you can deliver everything else, but they want to work with p...

Chief Market Strategist Troy A. Gayeski, CFA, shares the key takeaways from his latest strategy note series on the post-election landscape for middle market private equity, private credit, senior commercial real estate lending and liquid multi-strategy funds.

Troy joins Content Strategist Harrison Beck to examine what new policies and continuing trends may mean for investors and allocators. He addresses valuation disparities between listed and private equities, corporate deal flow and bank consolidation, and how middle market private equity may offer compelling opportunities for GARP (growth at a reasonable price). 
 
“We're always trying to look at the...

Chief Market Strategist Troy A. Gayeski, CFA, shares the key takeaways from his new strategy note, Replacing or complementing fixed income with alternatives, examining how investors can replace or complement fixed income with alternatives. He addresses bonds and duration, the potential impact of Fed cuts, and key strategies including commercial real estate lending, corporate private credit and liquid multi-strategy.

Have a question for our experts? Text us for a chance to have your questions answered on the next episode.

For more research insights go to https://futurestandard.com/insights 

As we approach the end of 2024, sparks of life are emerging in private markets, fueling optimism for improved liquidity and a revitalized investment landscape. 

Join Executive Director of Investment Research Andrew Korz and Research Associate Alan Flannigan as they examine private markets and the outlooks for private equity, private credit and commercial real estate in 2025. 

Have a question for our experts? Text us for a chance to have your questions answered on the next episode.

For more research insights go to https://futurestandard.com/insights 

With over 20 years of experience supporting top athletes, military personal and business leaders, John Stemmerman (Senior Vice President of Performance at Exos) knows that high-performance is much more than just running a faster mile. 

John sits down with Ginevra Czech, Future Standard Director of Client Value Add Programs, to discuss practical strategies for reflection and regulation, and how these key skills can improve personal and professional performance. 

“You’re having one of those nights where it's more challenging, and something comes up where you have a conversation with your significant other and it's a challenging topic...

Voters overwhelming ushered in a new Republican majority. But what can investors expect when it comes to key issues like regulation and inflationary policy? One thing is for certain: You can bet on change.

Join Head of Public Policy Jason Cole and Chief U.S. Economist Lara Rhame as they dive into what the Trump win means for markets, policy and the economy.  

Have a question for our experts? Text us for a chance to have your questions answered on the next episode.

For more research insights go to https://futurestandard.com/insights 

In this episode, Jackie Larson (Senior Vice President of the Westside Group at RBC Wealth Management) joins Co-Heads of Global Wealth Kirsten Pickens and Ryan Robertson to discuss how to find your client’s “money language,” the way she works to empower a new generation of women in financial services and how she built an impressive career on kindness and compassion.

“Everybody has a different background as to what their upbringing was around money. And I think the sooner you can learn about the language that they are accustomed to and how they speak, if you can speak on...

Chief Market Strategist Troy A. Gayeski, CFA examines how middle market PE secondaries offer the potential for growth at a reasonable price. He addresses the potential advantages of the middle market, what makes secondaries attractive, and how middle market private equity, combined with secondaries, may help serve investor needs for growth.

Have a question for our experts? Text us for a chance to have your questions answered on the next episode.

For more research insights go to https://futurestandard.com/insights 

From public service to private wealth—Joe Brienza shares his journey to becoming a Forbes and Barron’s top-ranked financial advisor. 

In this episode, Joe Brienza (Managing Director, Clarity Advisors, UBS Private Wealth Management) joins Co-Heads of Global Wealth Kirsten Pickens and Ryan Robertson to discuss the adrenaline rush of a new client, what it means to have competition in your blood and his path from working with presidents and political consultants to helping families build wealth and plan for the future.

“I wanted to come in here and do something where at least at nights...

Join Chief U.S. Economist Lara Rhame, Executive Director of Investment Research Andrew Korz and Research Associate Alan Flannigan as they examine their outlooks for equities, credit, real estate and essential macroeconomic trends in Q4.

They discuss their view on interest rates, inflation, and the labor market—and how these key macro factors could impact the investment landscape.

Have a question for our experts? Text us for a chance to have your questions answered on the next episode.

For more research insights go to https://futurestandard.com/insights 

We are 34 days away from election day. Join FS Investments’ Chief U.S. Economist Lara Rhame and Head of Public Policy Jason Cole as they dive into the critical issues surrounding the election. While the top of the ticket gets most of the focus, control of Congress also hangs in the balance in November. 

They discuss polling data, the battleground states and the potential outcomes for the House and Senate. With an important tax debate on the horizon and heightened economic uncertainty, find out what investors need to know as we approach Election Day. Tune in for ins...