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The private secondary market has transformed from informal, ad-hoc deals to a sophisticated $3 trillion asset class. In this episode, Jack Cassel, Senior Vice President and Head of Listings at Nasdaq, joins host Tanya Suba-Tang to unpack how private companies, employees, and investors are navigating liquidity needs long before IPOs.

Discover how companies manage cap tables, why secondary transactions differ from traditional venture funding, and how market sentiment has shaped growth from the post-2008 era through today's innovation boom.

Whether you're an employee holding private stock, an investor seeking new opportunities, or a finance professional tracking market evolution, this episode delivers the insights you need to understand one of the fastest-evolving frontiers in finance.

If you'd like to learn more about the show, have a topic or speaker to suggest, or would like to leave us a comment, email podcast@cfa-sf.org.


This podcast is produced by CFA Society San Francisco, a not-for-profit professional association, providing professional learning and career resources to over 13,000 investment industry professionals worldwide. To learn more about CFA Society San Francisco, visit our website or connect with us on LinkedIn.

The information contained in this podcast does not constitute financial or investment advice. Please consult your own financial advisor for information concerning your specific situation.

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On this CHATS segment of the "Financial Perspectives" podcast, William Reynolds hosts a dynamic conversation with Josh Hile - CEO of Citizen Mint - as they explore how impact investing in private markets is transforming the investment landscape by delivering competitive financial returns while addressing critical global challenges.

The traditional investment paradigm has long separated profit-seeking activities from philanthropic endeavors—but that's changing rapidly. Josh explains how younger investors are rejecting this binary approach, instead seeking investments that generate returns while creating positive outcomes for society and the environment. This shift coincides with extraordinary market opportunities in sectors addressing urgent needs like renewable energy infrastructure, affordable housing, and innovative private equity structures.

We dive deep into the compelling risk-return profiles of impact investments that challenge common misconceptions. Renewable infrastructure investments typically deliver 12-14% returns with half the volatility of public markets. Affordable housing can achieve 15% IRRs with remarkably stable tenancy and recession-resistant characteristics. These aren't concessionary investments—they're powerful portfolio diversifiers that happen to create meaningful positive change.

The conversation explores how artificial intelligence is dramatically reshaping energy demands, creating unprecedented opportunities in sustainable infrastructure. By 2030, US data centers alone will become the sixth-largest energy consumer globally, driving massive capital deployment toward renewable energy solutions.

Whether you're an experienced investor or just beginning to explore how your portfolio can reflect your values, this episode provides actionable insights into an investment approach that refuses to compromise between purpose and profit. Listen now to discover how private market impact investments could transform your portfolio while helping address society's most pressing challenges.

If you'd like to learn more about the show, have a topic or speaker to suggest, or would like to leave us a comment, email podcast@cfa-sf.org.


This podcast is produced by CFA Society San Francisco, a not-for-profit professional association, providing professional learning and career resources to over 13,000 investment industry professionals worldwide. To learn more about CFA Society San Francisco, visit our website or connect with us on LinkedIn.

The information contained in this podcast does not constitute financial or investment advice. Please consult your own financial advisor for information concerning your specific situation.

Send us a message!

The Great Wealth Transfer will move $124 trillion by 2048, according to recent data from Cerulli Associates. But the most revolutionary aspect? Women will inherit approximately 70% of this unprecedented wealth transfer.

Sylvia Kwan, PhD, CFA, CAIA - CEO and CIO of Ellevest - breaks down this seismic shift during our conversation, revealing that $54 trillion will go to surviving spouses (95% of whom are women) while another $46 trillion flows to younger generations. For many women, particularly those from older generations who delegated financial management to partners, this represents their first opportunity to independently control substantial assets.

What makes this transition particularly fascinating is how differently these beneficiaries approach investing. Women typically view investing as a means to achieving specific financial goals rather than simply beating market benchmarks. Both women and younger generations seek investments that align with personal values and generate positive social and environmental impact alongside financial returns. There's also growing skepticism about the traditional 60-40 portfolio, with younger investors gravitating toward alternative investments, private markets, and technology-enabled platforms that offer greater personalization and control.

Financial firms hoping to thrive during this transition must adapt accordingly. Beyond upgrading technology infrastructure to meet digital-first expectations, companies need to develop highly personalized offerings, expand beyond conventional stock-bond allocations, and create frameworks that help clients align investments with personal values. As Sylvia wisely advises, regardless of market conditions, success still comes down to fundamentals: create a well-diversified long-term plan and stick with it through inevitable volatility. Ready to prepare for this unprecedented wealth transfer? Listen now to gain invaluable insights that could reshape your approach to wealth management.

If you'd like to learn more about the show, have a topic or speaker to suggest, or would like to leave us a comment, email podcast@cfa-sf.org.


This podcast is produced by CFA Society San Francisco, a not-for-profit professional association, providing professional learning and career resources to over 13,000 investment industry professionals worldwide. To learn more about CFA Society San Francisco, visit our website or connect with us on LinkedIn.

The information contained in this podcast does not constitute financial or investment advice. Please consult your own financial advisor for information concerning your specific situation.