{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Stewart Squared","title":"Episode #104: 36,000 Companies, One Metric: What DPI Did to Private Equity","html":"","width":"100%","height":180,"duration":4120,"description":"In this episode of the Stewart Squared podcast, host Stewart Alsop sits down with his father Stewart Alsop II to unpack how private equity, venture capital, and growth equity have evolved—and possibly converged—since the 2008 financial crisis. They explore how massive liquidity injections in 2020 fueled a PE buying spree, why the distinctions between investment categories are blurring as everyone gets measured by the same metrics (DPI—distributions per investment), and whether the whole system is starting to break down. The conversation touches on everything from SPACs making a comeback to Elon Musk's SpaceX IPO, the financialization of restaurants, and how even the meaning of terms like \"bank\" and \"cash\" are shifting in real time. In the final segment, they bring on surprise guest Tommy Yu, CEO and founder of TurnOn Technologies, to discuss closed-loop payment systems, stored value, and why traditional finance people struggle to see beyond Visa and Mastercard logos even when companies like Starbucks are sitting on $2 billion in unredeemed gift card float.\nTimestamps\n00:00 Introduction and experimental format with a surprise guest, discussing private equity shifts from 2008 through 2023 and massive liquidity changes fueling PE buyouts\n05:00 Historical perspective on venture capital evolution starting from the seventies, pension fund rule changes allowing risky investments, and the emergence of hedge funds and private equity differentiation\n10:00 Growth equity versus private equity distinctions, SPACs making a comeback after previous failures, and the shrinking number of public companies from 7000 to 4000\n15:00 The fundamentals of capitalism and time value of money, government money printing increasing liquidity, and how pension funds now invest heavily in alternative assets\n20:00 DPI measurement becoming universal across all investment types, distinguishing between realized and unrealized gains, and how capital calling works in venture funds\n25:00 Limited...","thumbnail_url":"https://img.transistorcdn.com/QlC48R1fevmul8S_Y7L1P2WUMnEKqwNUR7TBsNqFHaE/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS84NDMx/NWQ0MWQ1Y2NkNjhk/ZDI1NWE0MTUyN2Q5/Zjg0NS53ZWJw.webp","thumbnail_width":300,"thumbnail_height":300}