In this Views from the Top interview, Roc Partners' Michael Lukin breaks down some of the red tape surrounding private markets. He outlines why Australia is still playing catch-up compared to the rest of the globe when it comes to investments in unlisted assets, and names the sectors that he believes provide the best risk-adjusted returns in Australia.

He also discusses why investors may need to turn to private markets in their search for growth, and provides the best explanation for why private debt will remain on investors' radars in the coming years that I have heard in some time.

Plus, he outlines why investors need to be very wary of separating the wheat from the chaff when selecting private credit managers - that is, if the returns sound too good to be true, they probably are.

Note: This interview was recorded on Wednesday 20 March 2024.

Timecodes

0:00 - Intro
0:22 - Some background on Michael Lukin and Roc Partners
1:37 - Why financial advisers are allocating more to private markets
3:36 - The difference between private equity and private debt
4:50 - The sectors that Roc Partners invests in and why
6:35 - Why companies don't need public markets any more for capital
9:27 - Return expectations for private assets
10:46 - The next chapter of the private credit story in Australia
14:21 - M&A outlook for 2024 and beyond
15:32 - Michael's view from the top: "Always follow the money"