The Distribution Podcast with Andrea Auerbach

Andrea Auerbach, Head of Private Investments, joined Brandon Sedloff on Juniper Square’s The Distribution podcast to discuss the evolving private markets landscape. Recorded at the IPEM Private Markets Conference in Paris, the conversation draws on Andrea’s 25 years of experience across private equity, venture capital, and co-investments.

Andrea traces how private markets have grown from a relatively straightforward buyout landscape into an ecosystem of thousands of specialized managers — and why headline benchmark returns often fail to reflect individual investors’ actual portfolio experiences. She explores how sector expertise, information advantages, and relationships can help allocators identify differentiated opportunities, including in the lower middle market and independent sponsor space, where alpha potential remains as larger platforms expand their reach.

The conversation also covers behavioral signals that can reveal a manager’s organizational health — how teams handle underperforming assets and treat people — offering a complementary lens for due diligence. Andrea and Brandon further examine how evergreen and semi-liquid structures are reshaping capital deployment, alongside the risks of shared assets, pricing pressure, and managing illiquidity as investors access a wider range of fund structures.

Throughout, Andrea offers a practical allocator’s perspective on building conviction, assessing managers, and maintaining diversified exposure to the private economy in an increasingly complex market. Watch the conversation below to learn more: