Fund finance has become one of the fastest evolving and most operationally demanding areas of private capital. As facilities grow in scale and complexity and as liquidity, regulation and lender dynamics continue to shift, managers are increasingly looking for smarter, more reliable ways to manage the operational burden.

In this episode of The Validus View, CEO Kevin Lester speaks with Laila Ismail, Fund Finance Advisory Associate and Conor Murray Product Lead, Fund Finance Ops about how fund finance has transformed in recent years, why operational challenges have intensified and how technology and expertise together are reshaping the way managers run their facilities.

The conversation traces the rise of fund finance from a “nice-to-have” to a critical tool for liquidity and portfolio flexibility, and explores how new entrants, tighter pricing and more bespoke structures are redefining the market. Kevin, Laila and Conor then share the story behind Fund Finance Ops, a purpose-built operating model developed in collaboration with clients to streamline processes, reduce manual risk and offer real-time visibility across facilities.

Looking forward, the team discusses how data, integration and AI will influence the next era of fund finance operations and why scalable, technology-enabled infrastructure is becoming essential for managers navigating an increasingly complex private markets landscape.

Key Highlights

• How fund finance has evolved from a convenience to a strategic necessity for private capital managers
• Why liquidity uncertainty, lender behaviour, and market structure have accelerated the need for more efficient operational processes
• The story behind Fund Finance Ops: how client demand, advisory insight, and technology development converged
• Real-world operational challenges: reliance on spreadsheets, reconciliation gaps, and growing facility volumes
• How real-time data and shared visibility help sponsors strengthen lender relationships and negotiate better outcomes
• The role of technology and AI in improving accuracy, documentation review, and scalability
• What the next chapter of fund finance will require as facilities expand, structures become more bespoke, and regulatory scrutiny increases

Fifteen years ago, Validus was founded with a simple but ambitious goal: to bring sophisticated risk management and hedging expertise to the private capital sector. In this special anniversary episode of The Validus View, CEO Kevin Lester is joined by Marc Cogliatti, Head of Market Risk Strategies (UK), and Haakon Blakstad, Chief Commercial Officer (Oslo), to reflect on the firm’s journey from a small startup in Windsor to a global advisory and technology leader.

Together, they discuss how macroeconomic shifts, from the global financial crisis and Brexit to the rise of private credit, have shaped both the industry and Validus itself. The conversation explores how the firm’s services and technology have evolved in tandem with client needs.

Looking ahead, the trio share their perspectives on the opportunities and challenges facing private capital in a rapidly changing market, and how Validus continues to evolve: expanding across geographies, embracing technology and remaining true to its entrepreneurial roots.

This episode is both a look back at how far Validus has come and a look forward at the future of risk management in private markets.

Key Highlights

• The story of Validus’ growth from a startup to a global partner for the private capital industry.
• Lessons from key macro events: from the financial crisis and Brexit to today’s market volatility.
• How innovation and technology have shaped the firm’s evolution.
• The growing sophistication of private capital firms in managing FX and rate risk.
• What the future holds for the industry - and for Validus - as it expands into Asia and beyond.

The U.S. dollar has long been the cornerstone of global finance, but shifts in markets and investor sentiment are raising new questions about its future. In this episode of The Validus View, CEO Kevin Lester sits down with CIO Kambiz Kazemi to explore the forces shaping the dollar’s trajectory and what they mean for private capital and institutional investors. They discuss the gradual erosion of the dollar’s dominance, why the euro and renminbi have yet to take its place, and whether its safe haven reputation still holds. The conversation also looks at why Canadian institutional investors hedge the dollar less than their global peers, the advantages of a more tactical approach to currency hedging, and the potential economic risks on the horizon. Packed with insights on macro trends and practical takeaways, this is a timely discussion for anyone navigating today’s interconnected markets.