In this episode, Andy Thomson meets with Raymond Wright, a portfolio manager in private markets at the London Collective Investment Vehicles, which was established in 2015 as one of eight UK Local Government Pension Scheme asset-pooling companies. Wright discusses the organisation’s private debt-focused funds of funds and how he has gone about building portfolios through client collaboration – which, by his own admission, is a process that has challenged some of his assumptions around portfolio construction. He talks about why asset-based finance, secondaries and sustainability are all favoured areas currently, but also why he has concerns about an economic downturn and private debt’s possible systemic risk. To hear more of our episodes, head to privatedebtinvestor.com/podcast or you can search and subscribe to the Private Debt Investor Podcast wherever you like to listen.