David Lyon – Hybrid Capital Solutions for Private Assets (EP.471)

In this episode of Capital Allocators, Ted Seides interviews David Lyon, Managing Director and Head of Capital Solutions at Neuberger Berman, about his three-decade-long career in finance. Lyon recounts his early experiences in investment banking, hedge funds, and private equity, highlighting key lessons learned about risk management, organizational structure, and incentive alignment. The conversation explores the evolution of private credit, the challenges facing private equity, and the role of capital solutions in addressing liquidity needs. Lyon details Neuberger Berman's approach to providing flexible capital, emphasizing the importance of sourcing, industry expertise, and a neutral position within the private equity ecosystem. He also shares his insights on portfolio construction, risk management, and the qualities he seeks in management teams.