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Liquid Courage Video-Podcast
Primary-source thought leadership on the global private capital secondaries markets
Guest Speaker

Yann Robard

Founder and Managing Partner, Dawson Partners

Yann Robard is the Founder of Dawson Partners, a pioneer in preferred equity solutions for private equity investors. Over more than a decade, he has seen the market evolve from intensive LP education to widespread programmatic adoption, with Dawson sourcing over a trillion dollars in deal flow. Robard explains how preferred equity sits between debt and equity to allow LPs and GPs to access liquidity without crystallizing a full discount or forgoing future portfolio upside.

Topics covered on Liquid Courage:
  • Preferred equity as an alternative to selling at a discount in the secondary market
  • Accelerating LP liquidity while maintaining portfolio upside exposure
  • Lp financing versus GP financing through preferred equity structures
  • Diversified portfolio underwriting as a core discipline in structured secondaries
  • Evolution from market education to programmatic adoption over a decade
  • Secondary market volume forecasts and structured solutions market share
  • How structured secondaries enable active management of private equity books
  • Tail-end allocation management and portfolio rebalancing using preferred equity

Liquid Courage Episodes

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Welcome to Liquid Courage!

About Liquid Courage

Liquid Courage is a video-podcast presenting thought leadership and research on the global private capital secondaries markets. On a regular basis, Liquid Courage convenes expert conversations about the investment opportunities and macro themes driving the secondaries market, including GP-led transactions, continuation vehicles, LP portfolio management, and the evolving role of secondaries across private equity and private credit.

Liquid Courage is hosted by financial journalist David Snow, a long-time chronicler of the alternative investment market.