Alt Goes Mainstream

Welcome back to the Alt Goes Mainstream podcast.Today’s episode takes us to a hub of market structure, a powerhouse of trading, and a crossroads of public and private markets to discuss how private markets are in the midst of a market structure evolution.We sat down at Bloomberg’s NYC headquarters with Bloomberg’s Head of Fixed Income & Private Markets Brad Foster to discuss how technology and data are driving a convergence between public and private markets, particularly as it relates to the credit space.Brad is the Head of Fixed Income & Private Markets at Bloomberg, where he’s focused on delivering the data, analytics, and tools clients need to power public and private market investment strategies and workflows. Brad joined Bloomberg in June 2017 to lead its Enterprise Data Content business as well as its Fixed Income Evaluated Pricing (BVAL) offering. He was appointed Head of Fixed Income, including Securitized Products, in early 2023 and Head of Fixed Income & Private Markets in early 2024. Prior to joining Bloomberg, Brad spent almost 20 years on the sell-side in multiple locations, including London, Tokyo, and New York, for Deutsche Bank as a Managing Director in Global Markets across Global Finance, Fixed Income & Currencies, Structured Finance, Special Situations, Structured Lending and Front Office Risk Management, including CVA and Counterparty Risk, where he managed a team that built a Cross-Product Risk and Portfolio Margining Platform. Prior to Deutsche Bank, he was at Credit Suisse in the Market Risk Management Group.Brad and I had a fascinating conversation about public and private credit and how data and technology are shaping these markets. We covered:How Bloomberg’s history shaping other market structures are informing how private markets market structure is evolving.How public and private credit are converging.Definitions and perspectives on liquidity vs illiquidity, what’s risky and what’s not risky.What private markets needs from a market infrastructure perspective to scale.Why borrowers are choosing private credit and the investment grade private credit option.How Bloomberg is approaching private credit and private markets market structure.Bloomberg’s build vs. buy vs. partner strategy with private markets tech.Thanks Brad for sharing your wisdom, expertise, and passion at the intersection of credit, market structure, and financial technology.Show Notes00:00 Scaling Private Markets01:45 Welcome to the Alt Goes Mainstream Podcast04:29 Brad Foster’s Background05:28 Client Empathy Product07:13 Fixed Income Lessons08:48 Efficiency and Electronification10:00 Credit Spectrum Converges11:58 Why Borrowers Go Private13:37 Foundational Data Plumbing15:07 Asset Owners Portfolio View16:53 Transparency Versus Alpha19:43 Market Structure Endgame21:15 Bloomberg Terminal Workflow23:35 Bought Not Sold24:54 Secondary Markets Rise25:46 Desktop Real Estate28:24 Chat For Deal Flow29:25 Build Buy Partner32:05 Daphne Workflow Fix33:09 Master Data Matters34:58 Need Industry Taxonomy36:09 Standardizing Valuations38:54 Transparency And Liquidity42:01 Portfolio Risk Tools44:25 Agree On Definitions46:11 Scaling For Growth47:42 Closing ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant.Join over 15,400 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.Today’s episode unpacks how to build a private equity firm within one of the largest and most unique investment platforms in private markets.We sat down in Brookfield Asset Management’s Brookfield Place office in downtown NY with David Nowak, the President of Brookfield’s Private Equity Group.David and I dove into a conversation about the private equity industry, Brookfield’s approach to private equity, and how the firm’s culture and DNA shapes how they work with portfolio companies and LPs.David has overall responsibility for the Private Equity Group’s North American business. He also serves as Chief Executive Officer of Brookfield Private Equity Fund. He joined Brookfield in 2011. He holds a MBA degree from Duke University, where he graduated as a Fuqua Scholar, and a Bachelor of Laws degree from the University of Western Ontario.David and I had a fascinating discussion about private equity and the Brookfield platform. We covered:* How Brookfield’s owner-operator alignment informs how they approach private equity investing and their partnerships with portfolio companies.* How the industry has gone from “roll your dice private equity to roll up your sleeves private equity.”* Why and how the firm has a “blue collar work ethic.”* The firm’s flat structure and a culture of collective effort, humility, and “earning your seat.”* Why Brookfield’s private equity business focuses on complex carve outs.* Why it’s important for investors to “think like an operator.”* How the firm approaches value creation and the importance of understanding value creation levers even before making an investment.* How Brookfield’s broader platform provides the private equity business with insights and subject matter expertise.* The story behind Brookfield’s Westinghouse investment.* What it means to look for “unloved businesses.”* Why private equity is an apprenticeship business and how AI might impact the next generation of private equity leaders.Thanks David for sharing your expertise, wisdom, and passion for private equity and company and culture-building.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.Learn more: ultimusfundsolutions.com or email [email protected] thank Ultimus for their support of alts going mainstream.Show Notes00:00 Cold Open00:51 A Message from our Sponsor, Ultimus01:48 Welcome to David Nowak03:33 Brookfield Culture - We Not I04:46 Succession Humility and Earn Your Seat06:23 Owner Operator Alignment08:27 Maax Bath Turnaround Story09:42 Roll Up Your Sleeves Private Equity11:42 Operators on the Team12:20 Secondments Train Investors13:07 Platform Edge and Insights14:58 Westinghouse Nuclear Thesis15:58 Collaboration Across Platform18:12 Long-Term Playbook Mindset20:28 Value Creation - Three-Part Framework24:07 Contrarian Not Thematic25:57 Valuation Nuance - Graphite Example27:38 Fixable vs Hard Problems28:51 Winning Management Buy-In30:03 Humility in Diligence31:50 Stretching Young Leaders34:12 Scaling Culture Globally37:14 Fund Size and Returns39:22 Quality vs Cheap Framework41:50 Graphtech Value Creation43:48 Upfront Work and Speed46:05 Defining High Quality47:27 Treating People Right48:33 Curiosity in Private Equity50:39 AI and Apprenticeship52:08 Blue Collar Lessons54:27 Closing ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant.Join over 15,300 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get

Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives into what it takes to start, build, and scale an alternative asset manager.We sat down in Stable Asset Management’s London office with Erik Serrano Berntsen.Erik is the CEO of Stable, where he defines and executes the firm’s investment strategy. Stable is one of the largest and most tenured GP stake builders globally. The firm manages around $5B in assets and has built over 40 firms since 2006.Stable makes strategic seed and acceleration investments to launch and scale alternatives GPs across public and private markets. With offices in New York, London, and Palm Beach, the firm backs investment firm Founders who understand that extraordinary performance requires building exceptional organizations.Committed to education as a catalyst for change, Erik supports the LSE Alternative Investments Conference — the world’s largest student conference for alternatives, which is how we met 16 years ago — as well as Girls Who Invest and Girls Are Investors. Stable backs 100 Women in Finance and is a Founding Partner of the 10,000 Interns Foundation.Erik holds a BA in Politics, Philosophy, and Economics from Keble College, Oxford, and an MBA with honors and a concentration in Finance from the University of Chicago Booth School of Business.Erik and I had a fascinating conversation about what it takes to be a great investor and build a unique investment firm. We discussed:* How the business of asset management has evolved since 2006.* What is the “operating system” of an asset management business?* The incentives gap between LPs and GPs — and how that evolves as GPs scale.* How GP seeding and GP stakes can be a solution to LP / GP misalignment.* How to discern a manager’s “edge” and how “edge” can change with firm growth.* The most non-obvious trait that makes for a great asset management founder.* The nuances of evergreen structures and which strategies might be better suited for evergreen structures.* The merits of the GP stakes investment strategy for LPs.Thanks Erik for sharing your wisdom, expertise, and passion about GP stakes and asset management.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.Learn more: ultimusfundsolutions.com or email [email protected] thank Ultimus for their support of alts going mainstream.Show Notes00:00 Likeability Wins00:55 Welcome to the Alt Goes Mainstream Podcast01:50 Introduction to Erik Serrano Berntsen and Stable04:08 Why they named the firm Stable05:38 Branding as Alts Evolve06:47 From Benchmarks to Solutions08:22 What Stable Does08:57 LP / GP Misalignment09:35 GP Stakes Solution10:09 Non-Market Risks11:45 How Edge Changes with Scale14:25 Three Edges to Underwrite16:43 Founders Think Long Term16:55 Project Legends20:28 Timing Cycles and Strategy Drift24:14 Seed vs Acceleration Playbook26:24 Evergreen Capital Goes Mainstream32:25 Wealth Channel Core vs Niche35:25 Strategy and Scale Matrix35:52 Private Equity Liquidity Challenge34:46 Evergreens by Strategy37:06 GP Stakes Lifecycle40:34 Specialist Credit Edge41:52 “Podshopification” in Private Markets44:02 Founder Supply Drivers46:34 Self Awareness Edge48:22 Always Be Sourcing50:16 Founder Led Alignment50:37 Founder to Founder Trust55:28 Operating System Playbook59:46 Valuing Asset Managers01:04:08 Stigma Is Fading01:07:48 What Is Manager Edge01:11:14 Firms to Emulate01:14:24 Final Wrap UpEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 15,200 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, Cerity Pa

Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives into how data and market structure are shaping private markets.We sat down in MSCI’s New York office with Luke Flemmer, the Head of Private Assets at MSCI to discuss how standardization and normalization of data can help bring efficiency, transparency, and liquidity to private markets.Luke brings a unique perspective to private markets. He was previously Managing Director, Head of Digital Strategy for Alternative Investments at Goldman Sachs Asset Management, and was Co-Founder and CEO of Lab49, a global solutions provider of investment and risk technology to asset managers and investment banks.When the ION Group acquired Lab49, Luke became Co-Head of ION’s Capital Markets Division, delivering software and solutions to the group’s global financial services customer base.Earlier in his career, Luke worked in the fields of robotics and artificial intelligence. He is a CFA charterholder.Luke and I had a fascinating conversation about private markets market structure and how MSCI is playing a role in driving standardization, normalization, and transparency of data in private markets. We covered:* Parallels to market structure evolutions in equities, fixed income, FX, and derivatives.* Tradeoffs of transparency for private markets participants.* What it will take to build transparency and price formation in private markets.* Where investors will still be able to find durable alpha.* What standardization and normalization of data means for secondary markets.* Analogies between Greek mythology and private markets.* How secondaries has gone from a trade to a portfolio management tool.* How index creation will impact private markets.Thanks Luke for sharing your wisdom, expertise, and passion at the intersection of private markets and market structure.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.Learn more: ultimusfundsolutions.com or email [email protected] thank Ultimus for their support of alts going mainstream.Show Notes00:30 Welcome to the Alt Goes Mainstream Podcast01:07 Sponsor Intro: Ultimus Fund Solutions02:09 Meet MSCI’s Luke Flemmer05:38 Wall Street Lessons: Fixed Income’s Electronification07:00 From FX to Private Assets: The Data-Rich Value Chain08:01 Harmonized Data → Liquidity09:35 The Transparency Tradeoff: Who Wins, Who Loses?11:42 What Efficiency Does to Private Market Spreads13:49 Decomposing Private Equity Alpha: Manager Skill and Illiquidity15:45 Building Blocks, Benchmarking and Total Portfolio20:56 Parable of the Ship of Theseus: Should Private Markets Become Public Markets?26:20 How LP Pressure Changed Reporting26:57 Denominator Effect and the Push Toward Active LP Portfolio Management28:05 Balancing Liquidity Across Public and Private29:06 The Public/Private Blend Index: Why 85/15 Matters30:08 Solving the “Stale Mark” Problem31:18 Smoothing, Stickiness, and Forced Secondary Sales32:34 What It Takes to Nowcast PE Daily: Marks and Public Market Correlations33:51 Secondaries as a Pricing Flywheel: Faster Price Formation, Better Models35:01 Lessons from Fixed Income NAVs36:55 Building Trust in Private Benchmarks: Data Scale and Adoption Over Cycles37:42 Unlocking the Wealth Channel (and 401(k)s): What Must Be True First41:20 Advisor Pain Points: Liquidity Reality Checks and Factor Decomposition42:57 Durable Alpha in Private Equity and Credit44:50 Indexing Private Equity: Return Tracker, Replication, and the ETF Bridge46:52 Standardizing the Language (Liquidity) and MSCI as the Market’s Connective TissueEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 15,100 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktr

Welcome back to the Alt Goes Mainstream podcast.The Goldman Sachs Alternatives Summit “convened leaders across finance, geopolitics, technology, and culture” to discuss themes driving global markets.2025’s Alternatives Summit was about “navigating a world in flux,” as the firm’s recap of its event noted.The event aimed to help investors cut through the noise and put together the pieces of the puzzle in a dynamic and increasingly complex world.Alt Goes Mainstream joined the event to have unscripted conversations with Goldman Sachs Alternatives leaders to cut through the noise by unpacking key themes and trends at the intersection of private markets and private wealth.In this special series, we went behind the scenes and interviewed six Goldman Sachs Alternatives leaders about their current thinking on private markets and how the firm has built and evolved its private markets capabilities.This conversation was with Jeff Fine, Partner, Global Co-Head of Alternatives Capital Formation within Goldman Sachs Asset Management, with responsibility for capital raising, product strategy, research and investor relations across private equity, private credit, real assets, secondaries, GP stakes and hedge funds/liquid alternatives.Jeff is a member of the Real Estate Investment Committee and Urban Investment Group Investment Committee. Jeffrey is also on the boards of GS Real Estate Investment Trust and GS Real Estate Finance Trust. Previously, he was Global Head of Real Estate Client Solutions for Goldman Sachs Asset Management and a senior real estate investor in the Merchant Banking Division for more than 20 years. Jeffrey joined Goldman Sachs in 2002 in the Merchant Banking Division as an Analyst. He was named Managing Director in 2012 and Partner in 2018. Jeff is Chairman of the Dyson School Advisory Council and a member of the SC Johnson College of Business Leadership Council at Cornell University. He is a member of the Cornell Endowment’s Risk, Liquidity, and Operations Subcommittee and the Board of Directors of the Pension Real Estate Association Foundation. Jeffrey is also a member of the Council on Foreign Relations and the Met Council at the Brookings Institution.Jeff and I had a fascinating conversation about the intersection of private markets and private wealth, fundraising trends, and the growing role of insurers and the wealth channel in private markets capital formation. We covered:The evolving private markets landscape.The important role of the product specialist.The impact of AI on investing and what it means for private markets.What it takes to be a great investor.The importance of the value creation process in driving investment value.The future of capital formation in private markets.Thanks Jeff for sharing your wisdom, expertise, and passion about private markets and private wealth.Show Notes01:12 Welcome to the Alt Goes Mainstream Podcast02:20 Jeff Fine’s Background and Career Journey03:49 The Evolving Private Markets Landscape05:29 The Role of Product Specialists in Wealth Channels06:31 Blurring Lines Between Sales and Investment07:52 Balancing Investment and Client Needs08:06 The Importance of Resourcing and Talent08:53 Challenges in the Fundraising Environment11:03 Balancing Investment and Client Needs13:17 Transparency and Client Communication14:00 The Future of Private Markets and Capital Formation14:21 Growth in Private Markets19:20 Global Capital and Diversification21:33 Smart Allocation in Private Markets23:06 Private Credit as a Yield Instrument23:59 The Role of Insurance in Private Markets26:51 Customization and Scale in Private Markets28:31 Balancing Customization and Operational Efficiency31:34 Trends in LP Relationships33:19 Strategic Partnerships and Cost Efficiency34:21 Concerns About Market Valuations35:41 Belief in Future Growth37:16 The Importance of Scale37:48 Advice for LPs in the Current Market39:31 Conclusion and Final ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.The Goldman Sachs Alternatives Summit “convened leaders across finance, geopolitics, technology, and culture” to discuss themes driving global markets.2025’s Alternatives Summit was about “navigating a world in flux,” as the firm’s recap of its event noted.The event aimed to help investors cut through the noise and put together the pieces of the puzzle in a dynamic and increasingly complex world.Alt Goes Mainstream joined the event to have unscripted conversations with Goldman Sachs Alternatives leaders to cut through the noise by unpacking key themes and trends at the intersection of private markets and private wealth.In this special series, we went behind the scenes and interviewed six Goldman Sachs Alternatives leaders about their current thinking on private markets and how the firm has built and evolved its private markets capabilities.This conversation was with Michael Bruun, Partner, Global Co-Head of Private Equity within Goldman Sachs Asset Management.He is a member of the Goldman Sachs Asset Management International Management Committee, Asset Management (AM) Private Equity Investment Committee, AM Growth Equity Investment Committee, AM Sustainable Investing Investment Committee, Asset & Wealth Management Inclusion and Diversity Council and is a member of the Goldman Sachs Firmwide Client Franchise Committee. In 2021, Michael was named Head of EMEA Private Equity within Goldman Sachs Asset Management and from 2019 to 2021, he was Head of Private Equity and Growth Equity investing for India. Michael joined the Merchant Banking Division in 2010 and worked in London and New York. Prior to that, he was a member of the Nordic Mergers & Acquisitions team in the Investment Banking Division (IBD), after initially joining IBD in 2005. Michael joined Goldman Sachs as an Analyst in the Fixed Income, Currency and Commodities Division in 2004. He was named Managing Director in 2013 and partner in 2016. Michael serves on the boards of Advania, Kahoot!, LRQA, Norgine, Synthon and Trackunit. He is a founding partner of the Human Practice Foundation in Denmark and a trustee in the UK. Michael earned a BA in Economics from the University of Copenhagen.Michael and I had a fascinating conversation about private equity, today’s investing environment, the hardest part about investing today, and how product innovation is impacting private equity’s market structure. We discussed:How investors can approach allocating to private equity today.The toolkit required to generate returns in private equity today.The importance of network and operating partners in value creation.How new product innovation and new structures like evergreens and continuation vehicles are changing growth equity and private equity.The importance of understanding macro in a new world order of geopolitics and a new world order of investing.The skillsets that investors need to have to be a good investor in today’s investing environment.The hardest part about investing today.Thanks Michael for sharing your wisdom, expertise, and passion about private equity.Show Notes00:57 Welcome to the Alt Goes Mainstream Podcast01:12 Introducing Michael Bruun01:51 Michael’s Career Journey02:20 Evolution of Private Equity02:50 Impact of Market Changes on Returns03:35 Operational Value Creation04:20 Importance of Value Creation Resources05:06 Driving EBITDA Growth05:58 Segments of Value Acceleration07:13 Focus on Data and AI08:31 AI in Different Market Segments11:38 Goldman Sachs’ Broader Platform12:13 Network and Insights at Goldman Sachs14:46 Importance of Scale in Private Equity16:00 Co-Investments and Evergreen Vehicles18:33 Flexibility in Private Markets19:50 Allocating to Private Equity Today20:28 Differentiation Through Resources24:27 Navigating Volatility25:35 Post-Investment Operations26:00 Goldman Sachs Engineering26:56 Excitement for the Future of Private Equity28:21 CEO AI Academy28:46 Conclusion and Wrap-UpEditing and post-production work for this episode was provided by The Podcast Consultant. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.The Goldman Sachs Alternatives Summit “convened leaders across finance, geopolitics, technology, and culture” to discuss themes driving global markets.2025’s Alternatives Summit was about “navigating a world in flux,” as the firm’s recap of its event noted.The event aimed to help investors cut through the noise and put together the pieces of the puzzle in a dynamic and increasingly complex world.Alt Goes Mainstream joined the event to have unscripted conversations with Goldman Sachs Alternatives leaders to cut through the noise by unpacking key themes and trends at the intersection of private markets and private wealth.In this special series, we went behind the scenes and interviewed six Goldman Sachs Alternatives leaders about their current thinking on private markets and how the firm has built and evolved its private markets capabilities.This conversation was with Harold Hope, Partner, Global Head of Vintage Strategies, one of the world's largest secondary fund managers, in the External Investing Group (XIG) within Goldman Sachs Asset Management.He is also Chair of the XIG Vintage Funds Committee and a member of the XIG Real Estate Strategies Investment Committee and the XIG GP Strategies Investment Committee. Harold joined Goldman Sachs in 1999 as an Associate in Leveraged Finance and Corporate Finance within the Investment Banking Division and moved to the Alternative Investments & Manager Selection (now XIG) private equity business in 2001. He was named Managing Director in 2006 and Partner in 2016. Prior to joining the firm, Harold worked as a financial analyst at the investment banking boutique Bowles Hollowell Conner & Co. Harold earned a BA in Economics and Political Science from the University of North Carolina.Harold and I had a fascinating and timely conversation about the growth and evolution of the secondaries market. We discussed:Perspectives from Harold’s early days in secondaries 25 years ago, when Goldman had raised its first $400M fund in secondaries and when the secondaries industry was doing around $2B per year in transaction volume.How the secondaries market is vastly different from five years ago.The evolution of innovation in the secondaries market.Why problem-solving is a defining feature of secondaries.What is the right skillset required to be a great secondaries investor?Why secondaries is fundamentally a valuation oriented business.Are secondaries returns driven by buying high-quality assets or by buying at steep discounts?Misconceptions about continuation vehicles and how the trend of private companies staying private longer impacts CVs.The how and the why behind Goldman’s recent acquisition of Industry Ventures and why Goldman is excited about the opportunity set in venture and growth secondaries.Why scale matters in secondaries.Why secondaries might not become a traded market like the bank loan market and why secondaries may not fully achieve standardization because managers may not want completely uniform standardization.Why secondaries can be an on-ramp to private markets for private wealth investors.Thanks Harold for sharing your wisdom, expertise, and passion about secondaries and private markets.Show Notes00:35 Welcome to the Alt Goes Mainstream Podcast01:12 Introduction to Harold Hope02:19 The Changing Landscape of the Secondaries Market04:55 Skills and Strategies in the Secondaries Business05:58 Valuation Approaches in Secondaries07:38 Continuation Vehicles and Market Misconceptions11:23 Goldman Sachs’ Industry Ventures Acquisition12:49 Specialized Teams and the Importance of Scale13:55 Goldman Sachs’ Unique Position in Secondaries15:14 The Role of Data and AI in Secondaries17:42 Future Growth and Opportunities in Secondaries18:33 Secondaries as an On-Ramp for Retail Investors19:23 Conclusion and Final ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.The Goldman Sachs Alternatives Summit “convened leaders across finance, geopolitics, technology, and culture” to discuss themes driving global markets.2025’s Alternatives Summit was about “navigating a world in flux,” as the firm’s recap of its event noted.The event aimed to help investors cut through the noise and put together the pieces of the puzzle in a dynamic and increasingly complex world.Alt Goes Mainstream joined the event to have unscripted conversations with Goldman Sachs Alternatives leaders to cut through the noise by unpacking key themes and trends at the intersection of private markets and private wealth.In this special series, we went behind the scenes at the Goldman Sachs Alternatives Conference and interviewed six Goldman Sachs Alternatives leaders about their current thinking on private markets and how the firm has built and evolved its private markets capabilities.This conversation was with Kristin Olson, Partner, Global Head of Alternatives for Wealth within Asset & Wealth Management and a member of the Management Committee. In her role, she oversees the global alternatives platform and alternatives product strategy across wealth client businesses. Kristin joined Goldman Sachs in 1998 as an Analyst in the Financial Institutions Group in the Investment Banking Division. She was named Managing Director in 2008 and Partner in 2014. Kristin is a member of the Cold Spring Harbor Laboratory, a leading research institution focusing on cancer, neuroscience, plant biology, genomics, and bioinformatics, and is a member of the Georgetown University Board of Regents. Kristin earned a BS in International Economics, magna cum laude, from Georgetown University in 1998.Kristin and I had a fascinating conversation about private markets, private wealth, how to approach strategic and tactical asset allocation, the evolvingLessons learned from working with Goldman Private Wealth clients that the firm has applied to how they approach serving client needs across the wealth channel with private markets solutions.Why Millennials are interested in investing in private markets.How investors access innovation through private markets.How can alternative asset managers approach educating the client and investor of the future?How private markets fits into a strategic asset allocation framework.What’s the next evolution in private markets education for the wealth channel investor?What is the main source of information about private markets for investors?The future of implementation, model portfolios, and hybrid products in private markets.Thanks Kristin for sharing your wisdom, expertise, and passion at the intersection of private markets and private wealth.Show Notes00:00 Introduction to Asset Allocation at Goldman Sachs00:42 Welcome to the Alt Goes Mainstream Podcast01:20 Interview with Kristin Olson: Background and Career02:44 Evolution and Education in Private Markets04:27 Serving Different Wealth Channels06:06 Product Innovation and Strategy07:31 Survey Insights and Future Trends08:30 Connecting with Younger Investors09:59 The Future of Education in Alternatives12:50 Consolidation and Partnerships14:54 Product Innovation and Strategy17:15 Advice for New Investors in Private Markets18:02 Conclusion and Wrap-UpEditing and post-production work for this episode was provided by The Podcast Consultant. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.The Goldman Sachs Alternatives Summit “convened leaders across finance, geopolitics, technology, and culture” to discuss themes driving global markets.2025’s Alternatives Summit was about “navigating a world in flux,” as the firm’s recap of its event noted.The event aimed to help investors cut through the noise and put together the pieces of the puzzle in a dynamic and increasingly complex world.Alt Goes Mainstream joined the event to have unscripted conversations with Goldman Sachs Alternatives leaders to cut through the noise by unpacking key themes and trends at the intersection of private markets and private wealth.In this special series, we went behind the scenes at the Goldman Sachs Alternatives Conference and interviewed six Goldman Sachs Alternatives leaders about their current thinking on private markets and how the firm has built and evolved its private markets capabilities.This conversation was with James Reynolds, Global Co-Head of Private Credit within Goldman Sachs Asset Management. He also serves as Chief Executive Officer of Goldman Sachs Asset Management International.James is Co-Chair of the Asset Management Private Credit Investment Committee, as well as a member of the Management Committee, Partnership Committee, the European Management Committee and the EMEA Talent Council. James joined Goldman Sachs in 2000 as an Analyst and was named Managing Director in 2007 and Partner in 2010. James is a trustee of Greenhouse Sports and serves as a member of the Corporation Development Committee of the Massachusetts Institute of Technology (MIT). James earned a BS from the École Nationale des Ponts et Chaussées in 1998 and an MSc from MIT in 2000.James and I had a fascinating conversation about Goldman’s extensive history in private credit and the current market dynamics. We covered:Why all capital coming into the private credit industry is not created equal.How Goldman’s culture of “partnership, collaboration, and the right incentives” provides them with an edge in origination.Why James is an “optimistic pessimist.”Narrative versus reality in private credit markets today.What creates alpha in private credit.How to build an investment culture and, in credit, how to build an investment culture that “doesn’t feel pressure to deploy.”Why many investors are focusing on Europe.How the entire platform of Goldman Sachs helps them in private credit.Thanks James for sharing your expertise, wisdom, and passion for private credit, private markets, and private wealth.Show Notes00:00 Introduction: Investment Culture in Private Credit00:40 Welcome to the Alt Goes Mainstream Podcast01:33 James Reynolds’ Background and Career Journey02:05 Early Days of Private Credit03:01 Evolution and Growth of Private Credit03:30 Direct Origination and Financing Solutions04:31 Growth and Capital in Private Credit06:37 Importance of Origination in Private Credit07:05 Goldman Sachs’ Competitive Edge09:19 Global Perspective and Market Trends11:10 One Goldman: Unified Solutions14:49 Navigating Market Trends and Deployments16:04 Investment Culture and Minimizing Defaults18:42 Investment Culture and Team Dynamics20:13 Traits of a Great Credit Investor22:51 Assessing the Business of Asset Management24:58 Opportunities in European Credit Market28:49 Concerns and Future of Private CreditEditing and post-production work for this episode was provided by The Podcast Consultant. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives into the rapidly expanding world of secondaries with a senior leader at one of the pioneering firms in the secondaries space.We sat down at Franklin Templeton’s New York office with Taylor Robinson, a Partner on the Secondary team at Lexington Partners, which has over $77B in total capitalization and is part of Franklin Templeton’s family of private markets funds and strategies.Taylor, who joined the firm in 2008, is primarily focused on the origination, evaluation, and execution of secondary opportunities, including partnership and GP-led transactions. He’s also a member of Lexington’s ESG Steering Committee.Taylor and I had a fascinating conversation about the current state of the secondaries market. We covered many of the hot button topics and trends that are shaping the secondaries market, including:* Why secondaries have become an integral part of many LPs portfolios.* How secondaries have become a portfolio management tool for LPs.* The rise of GP-led secondaries.* Why not all CVs are created equal.* Why secondaries can be a good on-ramp to private markets for wealth channel investors.* What the future holds for secondaries.Thanks Taylor for coming on the show to share your expertise and wisdom about private markets and secondaries.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.Show Notes00:00 A Different Way of Thinking About Private Equity01:21 Welcome to the Alt Goes Mainstream Podcast01:31 Meet Taylor Robinson from Lexington Partners02:03 The Evolution of the Secondaries Market02:36 Taylor Robinson’s Career Journey03:16 Joining Lexington Partners During the Financial Crisis04:49 The Growth of the Secondaries Market05:46 Impact of the Financial Crisis on Secondaries06:11 The Role of Liquidity in Market Growth06:59 Current State of the Secondaries Market07:39 Focus Areas in the Secondary Market07:55 Traditional vs. GP-Led Secondary Deals09:06 The Importance of Liquidity10:26 Challenges for Institutional LPs11:39 Active Portfolio Management15:48 Evaluating and Partnering with GPs16:50 The Role of Information and Relationships20:53 Future of Secondary Markets and Regulation23:58 Primary vs. Secondary Fund Investing28:01 Nuances in Secondary Market Strategies32:29 Asset Selection in Secondary Markets32:50 Value Drivers in Secondary Deals33:32 Consistent Return Generation34:44 Specialization in Secondary Markets35:12 Different Ways to Make Returns36:35 Comparing Secondary and Primary Funds38:38 Evaluating Secondary Funds40:20 Evergreen Funds and Secondary Investments44:07 Challenges in Evergreen Space45:01 Investor Preferences and Structures45:26 Wealth Channel and Capital Raising46:50 Skillset for Secondary Investors49:11 Importance of Intellectual Curiosity50:17 Underrated Skills for Success52:03 Industry Trends and GP Consolidation53:36 Understanding Market Dynamics54:58 Training and Retention at Lexington55:25 Future of Secondary Markets56:07 Scale and Growth Potential57:56 Misconceptions About Secondary Markets59:44 Shifting Mindsets on Secondary Investments01:01:10 Evolution of the Secondary Market01:01:39 Conclusion and Final ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant.Join over 14,800 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives into the rapidly expanding world of secondaries with a senior leader at one of the pioneering firms in the secondaries space.We sat down at Franklin Templeton’s New York office with Taylor Robinson, a Partner on the Secondary team at Lexington Partners, which has over $77B in total capitalization and is part of Franklin Templeton’s family of private markets funds and strategies.Taylor, who joined the firm in 2008, is primarily focused on the origination, evaluation, and execution of secondary opportunities, including partnership and GP-led transactions. He’s also a member of Lexington’s ESG Steering Committee.Taylor and I had a fascinating conversation about the current state of the secondaries market. We covered many of the hot button topics and trends that are shaping the secondaries market, including:* Why secondaries have become an integral part of many LPs portfolios.* How secondaries have become a portfolio management tool for LPs.* The rise of GP-led secondaries.* Why not all CVs are created equal.* Why secondaries can be a good on-ramp to private markets for wealth channel investors.* What the future holds for secondaries.Thanks Taylor for coming on the show to share your expertise and wisdom about private markets and secondaries.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.Show Notes00:00 A Different Way of Thinking About Private Equity01:21 Welcome to the Alt Goes Mainstream Podcast01:31 Meet Taylor Robinson from Lexington Partners02:03 The Evolution of the Secondaries Market02:36 Taylor Robinson’s Career Journey03:16 Joining Lexington Partners During the Financial Crisis04:49 The Growth of the Secondaries Market05:46 Impact of the Financial Crisis on Secondaries06:11 The Role of Liquidity in Market Growth06:59 Current State of the Secondaries Market07:39 Focus Areas in the Secondary Market07:55 Traditional vs. GP-Led Secondary Deals09:06 The Importance of Liquidity10:26 Challenges for Institutional LPs11:39 Active Portfolio Management15:48 Evaluating and Partnering with GPs16:50 The Role of Information and Relationships20:53 Future of Secondary Markets and Regulation23:58 Primary vs. Secondary Fund Investing28:01 Nuances in Secondary Market Strategies32:29 Asset Selection in Secondary Markets32:50 Value Drivers in Secondary Deals33:32 Consistent Return Generation34:44 Specialization in Secondary Markets35:12 Different Ways to Make Returns36:35 Comparing Secondary and Primary Funds38:38 Evaluating Secondary Funds40:20 Evergreen Funds and Secondary Investments44:07 Challenges in Evergreen Space45:01 Investor Preferences and Structures45:26 Wealth Channel and Capital Raising46:50 Skillset for Secondary Investors49:11 Importance of Intellectual Curiosity50:17 Underrated Skills for Success52:03 Industry Trends and GP Consolidation53:36 Understanding Market Dynamics54:58 Training and Retention at Lexington55:25 Future of Secondary Markets56:07 Scale and Growth Potential57:56 Misconceptions About Secondary Markets59:44 Shifting Mindsets on Secondary Investments01:01:10 Evolution of the Secondary Market01:01:39 Conclusion and Final ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant.Join over 14,800 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.Today’s episode features a pioneer who has been building the core infrastructure that is making private markets go mainstream.We talk with Gary Tenkman, a 30-year veteran of the fund administration world who is the CEO of Ultimus Fund Solutions. Ultimus serves over 450 clients and 2,300 funds, representing $725B of assets under administration, all handled by a team of over 1,100 professionals. Ultimus, which is backed by private equity firm, GTCR and, more recently, Stone Point, is able to help investment managers navigate a growing array of challenges that include elaborate fund structures and evolving compliance requirements. Gary has built a business that combines the best of technology and human experts in fund administration to serve many of the industry’s largest funds. Ultimus has also been a big part of the ability for private markets to innovate with evergreen and interval fund structures since they have the necessary infrastructure and services to help fund managers launch, run, and administer evergreen structures.Prior to joining Ultimus as CEO, Gary was Head of North American Operations at another large fund service provider, where he was responsible for service delivery for all clients in the region. During his 16 years there, he held leadership positions in alternative investment fund services, European fund services, and US fund services.Gary and I had fascinating conversation about the evolution of fund administration and how fund administration in private markets has changed with the growing interest in evergreen and interval funds. We discussed:* How fund administration has changed over the 30 years Gary has been in the industry.* Will the evergreen fund industry mirror the growth and evolution of the mutual fund industry?* The gap that Gary and Ultimus saw in private markets fund administration.* Why fund services for evergreen fund structures is very complex and hard to do well.* How technology can provide leverage to fund administration.* Will AI impact fund administration?* Why fund services are a compelling investment category for private equity.Thanks Gary for coming on the show to share your wisdom and experience and thanks for your support of Alt Goes Mainstream. The work you’re doing at Ultimus is making a big impact on evolving the industry, so it’s an honor to have you partner with AGM. We hope you enjoy.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.Show Notes00:58 Welcome to the Alt Goes Mainstream Podcast01:07 Introducing Gary Tenkman and Ultimus Fund Solutions02:00 Gary’s Background and Experience03:43 Gary’s Journey in Fund Administration04:31 Public vs. Private Market Fund Administration04:50 Growth Areas in Fund Administration07:05 Automation and Standardization in Fund Administration08:34 Challenges in Data Standardization11:50 AI’s Role in Fund Administration12:55 Fund Level vs. Asset Level Data14:02 Lessons from the Mutual Fund Industry14:54 Product Innovation in Private Markets19:51 Guiding Firms in the Evergreen Space30:06 Founding of Ultimus30:38 Client-Centric Approach30:59 Investing in Technology and Growth31:18 Mergers and Acquisitions31:44 Scaling in Private Markets32:44 Challenges and Agility33:40 Client-Centric Culture34:18 Winning Awards and Client Retention34:43 High-Quality Client Service35:38 Maintaining Culture Through Growth36:50 Industry Consolidation37:37 Partnerships and Investments39:02 Future M&A Opportunities39:27 Stone Point’s Investment40:41 Growth in Evergreen Structures41:33 Convergence of Public and Private Markets42:11 Hybrid Product Structures43:57 Regulatory Challenges45:23 Education in Private Markets51:02 Private Markets in the Retirement Space53:33 Excitement for the FutureEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 14,700 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.Today’s episode brings us to the apex of the wealth channel. We sat down in Goldman Sachs’ HQ at 200 West with Sara Naison-Tarajano, a Partner and Global Head of Private Wealth Management Capital Markets and Global Head of Goldman Sachs Apex Family Office Coverage. Sara is also responsible for the One Goldman Sachs Family Office initiative in the Americas.Sara has been at Goldman Sachs for over 26 years, where she’s worked in a number of roles across the firm, equipping her with a multi-disciplinary background that is brought to bear in her current role leading a global platform that delivers multi-asset investing, financing, and direct investment opportunities to some of the world’s largest family offices. Goldman Sachs Apex Family Office Coverage now serves more than 600 family offices across the globe.Sara and I had a fascinating discussion about the growing intersection between private markets and private wealth and what some of the wealth channel’s largest investors find interesting and differentiated in private markets. We covered:* How Sara expected to spend one year at Goldman and it turned into 26 years at the firm.* How her background in derivatives structuring in public markets has helped her approach private markets — and what investors in private markets can learn from being exposed to public markets.* Why Sara decided to create Goldman Sachs Apex to build a dedicated group to help large family offices invest directly into private markets.* How Apex is related to Goldman’s “One Goldman Sachs” initiative.* How the power of the platform helps to differentiate Goldman’s wealth management business.* What lessons the wealth channel can learn from how the UHNW and billionaire family office segment approaches private markets.* Takeaways from the Goldman Sachs Family Office Insights Report.* How the wealth channel can engage the next generation clients and how private markets play a role in reaching the next gen.Thanks Sara for coming on the Alt Goes Mainstream podcast to share your expertise and wisdom on private markets and working with the wealth channel.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.Show Notes00:21 Goldman Sachs: A Journey of 26 Years00:41 Welcome to the Alt Goes Mainstream Podcast01:05 Introduction to Sara Naison-Tarajano03:09 Sara’s Unexpected Career at Goldman04:56 Intellectual Curiosity in Financial Services05:36 The Fascination with Derivatives07:18 Transition to Wealth Management08:06 Goldman’s Culture of Creativity and Entrepreneurship08:33 The Rise of Family Offices09:30 The Creation and Vision of Apex11:10 Apex: Serving Sophisticated Family Offices12:21 The Unique Deal Flow of Apex13:12 Early Days and Evolution of Apex16:46 Family Offices as Co-Investors20:25 Misconceptions About Family Offices22:09 Next Generation and Family Offices26:19 Engaging the Next Generation27:41 Long-Term Vision in Wealth Management28:54 Balancing Fast Growth and Long-Term Vision33:03 Public Markets Insights for Private Investors36:31 Access to Capital in Private Markets36:58 Emerging Trends in Private Markets37:25 The Rise of Secondaries37:52 Family Offices and Secondaries39:00 Private Credit and Secondaries39:23 The Permanence of Secondaries40:56 Goldman’s Acquisition in the Secondary Space41:54 Family Offices’ Investment Strategies42:17 US vs Global Family Offices42:49 Private Markets and Inflation44:50 Advice for Wealth Channel Investors45:46 The Importance of Liquidity Planning46:39 Evergreen Funds vs Drawdown Funds49:46 Internationalization of Family Offices52:02 Geopolitical Concerns and Investments53:19 Hedging Strategies for Family Offices55:51 Mega Trends in Investing57:41 AI and Infrastructure Investments59:27 Simple Wealth Management Strategies01:02:12 Fixed Income and Private Credit01:03:09 Understanding Investment Terms01:04:17 Risks in Private Markets01:05:20 Cybersecurity Concerns01:06:06 The Future of Apex01:09:56 Entrepreneurial Endeavors in Wealth ManagementEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 14,600 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.Today’s episode brings infrastructure investing to life — literally.We sat down in and walked through one of Stonepeak’s data center assets with Managing Director and CEO of SP+ INFRA, Cyrus Gentry.Cyrus has played an integral role in Stonepeak’s rapid ascent as a firm and the growth of its wealth solutions business, Stonepeak+, joining early in the firm’s history and helping the firm grow to approximately $80B in AUM.Cyrus brings a private equity perspective to infrastructure investing. Prior to Stonepeak, he held investing roles at BC Partners and Advent International. He also serves as one of the Church Commissioners for the Church of England, who hold responsibility for managing the Church’s £11.1B permanent endowment fund.Cyrus and I had a fascinating and thought-provoking discussion about infrastructure investing and why and how it can fit within a wealth client’s portfolio. We covered:* How Cyrus’ background in private equity investing has transferred over to investing in infrastructure.* The opportunity and risks of data center investing.* The risk of overbuilding in data centers.* Why location matters for data centers.* What makes interconnection data centers attractive data center assets.* How Cyrus and Stonepeak have built their wealth solutions business and how they’ve endeavored to be different in how they’ve built out the business.* How Stonepeak’s wealth business is a reflection of the firm’s DNA.Thanks Cyrus for coming on the show to share your expertise, wisdom, and passion for infrastructure investing and working with the wealth channel.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at [email protected] thank Ultimus for their support of alts going mainstream.Show Notes00:00 Introduction and Sponsor Message01:57 Welcome to the Alt Goes Mainstream Podcast02:04 Introducing Cyrus Gentry and Stonepeak03:39 Cyrus’s Background in Private Equity04:10 Transition from Private Equity to Infrastructure04:42 Understanding Infrastructure Investing05:33 Key Characteristics of Infrastructure Assets06:28 Defining Moats in Infrastructure07:30 Differences Between Private Equity and Infrastructure08:05 Stonepeak’s Growth and Strategy09:09 Specialization in Infrastructure Sectors10:10 Balancing Long-Term Horizons with Industry Changes11:52 Importance of Data Centers14:09 Consumer Impact of Infrastructure Assets15:26 Investment Perspective on Connectivity16:44 Challenges in Infrastructure Investing19:27 Value Creation in Private Markets19:57 Structured Capital and Deal Flow22:18 Trends and Scale in Infrastructure Investing25:40 Enabling Corporate Growth26:08 Building Wealth Solutions at Stonepeak26:29 Strategic Partnerships and Market Fit27:19 Founding Stonepeak-Plus27:29 Early Discussions on Wealth Business27:52 Top-Down and Bottom-Up Thinking28:57 Team Dynamics and Risk-Taking30:16 Educating Investors on Infrastructure30:36 Infrastructure in Wealth Portfolios31:30 Global Infrastructure Opportunities33:43 Learning from Institutional Allocators34:49 Key Questions fr