Selecting suitable private equity funds is not the same as reliably predicting future outperformers. In Fund Shack episode #92, John Renkema, Partner and Head of Private Markets at Avida International, joins Ross Butler to discuss the work behind an institutional LP's investment programme: portfolio construction, diversification, commitment pacing and alignment of interests.

Drawing on 24 years at APG, John challenges the emphasis on forecasting winners among established institutional funds. He is not arguing that selection is pointless: access, negotiated terms and portfolio fit still matter. He also distinguishes this market from venture capital, smaller buyouts and emerging managers, where the selection challenge can be different.

IN THIS EPISODE

• Fund selection: choosing suitable managers versus predicting future outperformance.
• Portfolio construction: diversification across sectors, regions, strategies and vintage years.
• Commitment pacing: maintaining the capacity to invest when liquidity becomes scarce.
• Governance and incentives: committed capital, fund terms and who receives the carried interest.
• Continuation funds and LP–GP relationships: why “sell or roll” does not settle every conflict, and why professional distance matters.

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EPISODE PARTNER: SRS ACQUIOM

Thank you to our Episode Partner, SRS Acquiom.

SRS Acquiom provides a comprehensive platform to help manage merger and acquisition transactions and bilateral and syndicated loan facilities.

https://www.srsacquiom.com/eu/

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CHAPTERS

00:00:00 The LP's Role

00:04:54 Beyond Fund Selection

00:10:18 Governance and Diversification

00:18:17 Terms and Continuation Funds

00:25:22 Building an LP Programme

00:30:29 Understanding Investment Risk

00:32:52 Partners or Clients?

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ABOUT JOHN RENKEMA

John Renkema is Partner and Head of Private Markets at Avida International. He previously managed a global private equity portfolio at APG. At Avida, his work focuses on independent advice to limited partners, particularly around private markets strategy and governance.

Avida International:

https://www.avida-int.com/

John Renkema on LinkedIn:

https://www.linkedin.com/in/john-renkema-02198a/

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ABOUT FUND SHACK

Fund Shack explores the decisions, incentives and investment strategies shaping private markets, through in-depth interviews with investors and industry specialists and focused analysis with Ross Butler.

Ross Butler is the founder and host of Fund Shack and the author of Invest Like a Barbarian: Share in the Spoils of a Private Markets Revolution.

Explore our episodes, transcripts and articles:

https://fund-shack.com/

Fund Shack newsletter on Substack:

https://privateequitypodcastfundshack.substack.com/

Fund Shack newsletter on LinkedIn:

https://www.linkedin.com/newsletters/privateequity-with-fund-shack-7159157815326949376/

Ross Butler's book:

http://q-r.to/Invest-Like-A-Barbarian

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Suggest a guest, sponsorship and content partnerships: Katie@linearB.media

Follow Fund Shack on your podcast app for more conversations on private equity, private credit, infrastructure, secondaries and private wealth access.

Does traditional ESG due diligence actually help private equity investors manage risk, or can it become part of the problem?

Ross Butler speaks with Rupert Evill, Founder of Ethics Insight, about business ethics, integrity risk, fraud and due diligence in private markets. They explore why investors should look beyond policies and compliance checklists to understand the context, controls, culture and incentives inside a business.

Rupert also explains why due diligence should be forward-looking. An investment can fundamentally change a company by accelerating growth, introducing new markets, decentralising decision-making and putting management teams under new pressures.

IN THIS EPISODE

• Why integrity risk may be more useful than conventional business ethics
• The importance of context, controls and culture
• Why ESG box-ticking can distract from genuine risk management
• How AI is changing due diligence and compliance
• Why investment itself can create new portfolio company risks
• What whistleblowing and speak-up cultures reveal about a business
• How investors should think about fraud, corruption and political risk
• What founder due diligence can reveal about management and culture
• Why impact investing still requires rigorous commercial risk management

ABOUT RUPERT EVILL

Rupert Evill is Founder of Ethics Insight and has 25 years of frontline experience across more than 80 countries.

His work spans investigations, intelligence, political risk, due diligence, crisis response, integrity risk and human rights. Rupert is a Certified Fraud Examiner and author of Bootstrapping Ethics, with postgraduate study in communication, behaviour and credibility analysis and Cambridge training in business sustainability.

TIMESTAMPS

00:00 Business ethics, integrity risk and private equity

03:03 Context, controls and culture

06:37 ESG box-ticking, AI and due diligence

11:05 Whistleblowing, speak-up culture and fraud prevention

17:55 How investment changes portfolio company risk

21:05 Corruption, emerging markets and political risk

25:01 Fraud risk, compliance and corporate integrity

32:31 Founder due diligence and portfolio company culture

35:32 What should private equity investors monitor across a portfolio?

42:12 Supply chains, ESG, impact investing and responsible investment

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GUEST

Rupert Evill

Founder, Ethics Insight

🔗 Connect on LinkedIn:

https://www.linkedin.com/in/rupert-evill/

🌐 Ethics Insight:

https://www.ethicsinsight.co/

📧 Contact:

https://www.ethicsinsight.co/contact/

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ABOUT FUND SHACK

Fund Shack explores private equity, private credit and the wider private markets industry through long-form conversations with leading investors, advisers and practitioners.

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HOST

Ross Butler is the founder and host of Fund Shack. He has worked around private capital for 25 years as a journalist, policy adviser and consultant, and is the author of Invest Like a Barbarian: Share in the Spoils of a Private Markets Revolution.

🔗 Connect on LinkedIn:

https://www.linkedin.com/in/rossbutler1/

🌐 Fund Shack:

https://www.fund-shack.com/

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📘 ORDER ROSS BUTLER’S BOOK

Invest Like a Barbarian: Share in the Spoils of a Private Markets Revolution

http://q-r.to/Invest-Like-A-Barbarian

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Interested in joining Fund Shack as a guest or exploring sponsorship opportunities?

Contact Katie at Katie@linearB.media to discuss upcoming episodes, editorial themes and partnership opportunities.

Brazil offers one of Latin America’s deepest private capital markets, with opportunities across private equity, private credit, infrastructure, agriculture, critical minerals and distressed investing. Success requires local networks, thematic focus and a clear understanding of currency risk.

Ross Butler speaks with Tim Chamberlain of Brunel Partners about why global investors remain underallocated to Latin America, where capital scarcity creates opportunity, and why private market structures may suit volatile economies.

• Why Brazil is often the best entry point into Latin America
• Agriculture, critical minerals and infrastructure
• Brazilian private credit and FIAGRO
• Distressed investing and complex capital structures
• Currency exposure and the cost of hedging
• Brazilian family offices, pension funds and precatórios

Tim argues that the strongest investment cases are usually thematic rather than broad regional allocations. Brazil’s scale, legal framework and domestic capital markets create depth, while high interest rates and conservative bank lending can leave middle-market companies short of flexible finance.

The discussion also examines currency risk at asset level. A Brazilian business may earn revenue from exports, commodities, dollar-linked contracts or inflation-linked concessions, so its economic exposure can differ from the currency in which a fund is denominated.

Brazil may benefit from demand for data centres, renewable energy, agricultural production and critical resources. Private capital can provide patient finance, negotiated governance and specialist expertise where conventional markets remain limited.

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#PrivateEquity #PrivateCapital #Brazil #LatinAmerica #PrivateCredit

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About Tim Chamberlain

Tim Chamberlain is based in São Paulo and works with Brunel Partners, a placement and advisory firm connecting Latin American managers, entrepreneurs and investment opportunities with global institutional capital.

Tim began his career in Asia before joining Eurekahedge and opening its New York office. He moved to Brazil in 2010 and helped establish Brunel Partners in 2014.

🔗 CONNECT on LinkedIn

🌐 Brunel Partners

📧 contact@brunel-partners.com.br

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Host: Ross Butler is the founder and host of Fund Shack. He has worked around private capital for 25 years as a journalist, policy adviser and consultant, and is the author of Invest Like a Barbarian: Share in the Spoils of a Private Markets Revolution.

🔗 CONNECT on LinkedIn

🌐 Fund Shack

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📘 Order Ross Butler’s book

👉 Invest Like a Barbarian: Share in the spoils of the Private Markets revolution

#investlikeabarbarian

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Important informationThis conversation was recorded ahead of Brazil’s October 2026 presidential election. Political observations and market conditions reflect the position at the time of recording.

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Interested in joining Fund Shack as a guest or exploring sponsorship opportunities?

Contact Katie at Katie@linearB.media to discuss upcoming episodes, editorial themes and partnership options.