Dry Powder: The Private Equity Podcast
Navigating the Evolution of Private Equity: An Interview with Hugh MacArthur
At a moment of heightened uncertainty, we reflect on the industry’s watershed moments.
This past December, I joined the M&A Science Podcast for a wide-ranging interview about my 30-year career at Bain and the evolution of the private equity industry. I’m not often invited to take a longitudinal view of the industry, but my host did a superb job of walking us through the pivotal moments when private equity was forced to reinvent itself.
You can listen to this episode of Dry Powder and catch future episodes by subscribing on Apple Podcasts, Google Podcasts, Spotify, or wherever you may listen.
In this current moment of uncertainty, the interview serves as a timely reminder of how quickly the industry can change—and is often forced to. What you’re about to hear are a few excerpts from our discussion, lightly edited for brevity and clarity.
I’d like to thank my host, Kison Patel, for the opportunity to share this timely conversation with our audience. If you’d like to see the full interview, visit the M&A Science Podcast here.
The Private Equity Podcast
In our podcast series, Bain's Hugh MacArthur interviews leading experts on the trends and opportunities that will redefine the private equity industry.
First published in mayo 2025