Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets

“The room where it happens …No one really knows how the game is playedThe art of the tradeHow the sausage gets madeWe just assume that it happens But no one else is in the room where it happens …When you got skin in the game, you stay in the gameBut you don’t get a win unless you play in the game.”Welcome back to the Alt Goes Mainstream podcast. These excerpts were in a song by Leslie Odom Jr. and Lin-Manuel Miranda from Hamilton. But they could also be applied to the conversation Laurence Tosi of WestCap and I had today.Today’s show is with someone who has been in the room where it happens. Stories and perspectives shared today were from someone who has helped turn bills into laws in private markets.Laurence Tosi has been part of building foundational technology businesses and companies in capital markets and private markets – from investing in and building Ipreo, iLevel, TMC Bonds, and Tradeweb as an executive at Merrill Lynch where he served as COO of Global Investment Banking and Trading, building Blackstone from 2008-2015 as the CFO, Management & Risk Committee Member, Head of the Tech Innovations Fund, and Blackstone Treasury Solutions Fund, and building and scaling Airbnb as CFO and Head of Payments, Customer Experience, and Corporate Development.At Merrill Lynch and Blackstone, L.T. deployed $500M of capital, returning over $1.6B without taking a loss.He's now building WestCap, a $7.6B growth investing firm that L.T. characterizes as an “operating equity firm” that helps founders and companies scale their businesses at the inflection point in between traditional venture capital and private equity. L.T. and WestCap have leveraged their collective operating knowledge to invest in a number of industry leaders, including two industry defining companies in private markets, iCapital and Addepar. They’ve also invested in the likes of SIMON, which was acquired by iCapital, GoodLeap, Sharegain, Klarna, Paxos, AccessFintech, Treasury4, Hopper, Avenue One, StubHub, and more.L.T. and I had a fascinating conversation that took us to a number of places. We discussed:Stories from building Blackstone.The deeper meaning behind Blackstone CEO Stephen Schwarzman’s comment “scale is our niche” and how “scale begets skill.”Insights L.T. and the Blackstone team had around working with the wealth channel that enabled them to transform how Blackstone and the industry worked with private wealth.Why the realization that at Blackstone, they weren’t selling to the end investor but that they were selling to the financial advisor was such a critical insight as they worked with the wealth channel.What it means to transform Blackstone from a firm into a business.Parallels and patterns L.T. took from building and investing in foundation market infrastructure businesses at Merrill Lynch and Blackstone to how they are investing in private markets at WestCap.L.T.’s learnings from a focus on customer experience and simplifying the product at Airbnb.What’s the unlock for alternatives that harmonizes the industry?Why consortium is a “bad word” but why standardization will be so critical to the next phase of private markets.Why private equity firms have the best business models in finance.The difference between being in the business of building their business between being in the business of building your business and what L.T. is trying to accomplish at WestCap.Why L.T. believes in the partnership model for alternative asset managers and why he believes that’s an enduring model.L.T., thanks so much for coming on the Alt Goes Mainstream podcast to share your wisdom, experience, and deep industry knowledge from being a pioneer in private markets.

Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives deep into one of the fastest growing independent wealth platforms in the US — Sanctuary Wealth — and how alternatives is a major ingredient to the growth of their firm and the RIA space more broadly.We have Sanctuary’s MD and Head of Alternative Investments, Patrick McGowan, and Director of Strategic Partnerships, Oksana Poznak, on the show to discuss why they believe alternative investments are a key driver of their growth and why they are so important to the development of advisor’s practices.Patrick and Oksana both bring valuable perspectives on private markets to bear.Patrick was previously a SVP and Head of Product Management at Azimut Alternative Capital Partners, the NY based GP stakes arm of Azimut Group, one of the largest independent wealth management companies in the world. This background gives him a great understanding of the GP stakes world, where he's spent a bunch of time thinking about this in terms of how it relates to the wealth channel. Prior to Azimut, Patrick was part of the Invesco Private Capital team, the $1B PE and VC arm of Invesco, where he focused on their efforts for CalSTRS SMA and a fund of funds that invested in a number of high-performing, generally smaller and emerging managers. He also worked at OC Private Capital, a JV between Carlyle and OppenheimerFunds, the advisor to a $1B close-ended interval fund focused on private credit. Prior to this role, he was a Senior Director at AI Insight, which was acquired by iCapital. He started his career at OppenheimerFunds and then worked at Altegris Investments, which was a pioneer in bringing alts to the wealth channel.Oksana brings over 20 years of experience in business development, marketing, and relationship management to Sanctuary. She was most recently Segment Marketing Director at CAIS, where she promoted alternative investment fund managers. Prior to CAIS, she held senior positions at Atria Wealth Solutions, BNY Mellon Pershing, Ladenburg Thalman, and Advisor Group.We had a fascinating discussion about the intersection of wealth and alts. We discussed: What it will take to grow Sanctuary to a $100B Super RIA.Why the wealth channel is so interested in alternatives.Why alternative asset managers are interested in working with the wealth channel.How alternative asset managers can best approach working with and educating the wealth channel.The biggest mistake alternative asset managers make when trying to work with the wealth channel.How smaller funds can partner with wealth advisors.Thanks Patrick and Oksana for coming on the show to share your thoughts and wisdom about the intersection of wealth and alts. We hope you enjoy.

Welcome to the 7th episode of a collaboration between iCapital x Alt Goes Mainstream.Here's the latest episode of the Monthly Alts Pulse, a live conversation in studio with Lawrence Calcano, the Chairman & CEO of iCapital, who as the leader of a platform that is responsible for the majority of individual and advisor-led investment flows into the alts space, has his finger on the pulse of what's happening in private markets.On this episode, Lawrence and I had a fascinating and lively discussion. We covered:Why are chemistry and collaboration key for the next wave of private markets?How is solving distribution challenges like solving logistics challenges?What does the “Amazon-ification” of private markets mean?What does it mean to meet advisors at their point of need?What parallels can we draw from internet 1.0 to the growth in private markets today?How can the industry deliver tools to help advisors create holistic portfolios with alts at the start?What’s more important - the “fin” or the “tech” in “fintech?”Thanks Lawrence for a great episode … looking forward to next month’s conversation!

A few weeks ago, the tables were turned and I sat down with David Weisburd of the 10X Capital Podcast to talk about the ongoing transformation of private markets.The wealth channel is becoming a centerpiece of the LP universe. Every alternative asset manager either has — or has to have — a strategy for working with the wealth channel in today’s private markets.We discussed:Why the wealth channel will become a prominent LP for many funds over time.How infrastructure solutions like iCapital are enabling the wealth channel to efficiently access private markets.Why GP staking will become part of the LP solution set for their exposure to private markets.Thanks David for having me on your show to discuss how private markets are rapidly changing before our eyes.

Welcome back to the Alt Goes Mainstream podcast.On today’s episode, we travel around the world of hospitality investing. We talk with Carlos Rodriguez Jr., the Founder, President, and COO of Driftwood Capital, one of the US’s leading hospitality sponsors with over $3B in hospitality assets under management. They’ve found a way to do both the traditional things in real estate investing and development well and compliment that with an innovative strategy to bring over 1,200 accredited investors on their platform as they find ways to improve how sponsors can access deals and capital.Carlos and I had a fascinating discussion about real estate and private markets. We covered:How hospitality investing was impacted by Covid and how Driftwood weathered the storm.Lessons learned from operating through Covid.Why location, location, location rings true in real estate investing.How the millennial traveler and work from home have impacted hospitality investing.The most surprising things in real estate investing over the past few years.How technology is impacting real estate investing.Thanks Carlos for coming on the show to share your insights and wisdom about hospitality investing. We hope you enjoy.

Welcome back to the Alt Goes Mainstream podcast.On today’s show, we welcome a senior member of the team at the world’s 3rd largest alternatives manager. Tyler Jayroe is a MD and Portfolio Manager in the Private Equity Group at J.P. Morgan Asset Management, which manages over $2.4 trillion of assets on behalf of a diverse group of global institutions and individual investors. Tyler’s team, the Private Equity Group, has a 40 year history of investing across private markets, covering the alternative investment spectrum and investing over $42B of capital. Tyler helps spearhead a team that invests into funds, co-investments, and secondaries across private equity, growth equity, and venture fund strategies.Tyler and I had a fascinating conversation about how an industry behemoth allocates capital across funds and strategies. We discussed:What they look for when investing into funds.Why middle market private equity is an area they have focused on.The opportunity for secondaries in the current market.The differences between a first time investor and a first time fund manager.What a scalable and replicable process really means when it comes to evaluating fund managers.Thanks Tyler for coming on the podcast to share your deep experience in private markets. Hope you enjoy.Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risks as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.This document is a general communication being provided for informational purposes only. It is educational in nature and not designed to be a recommendation for any specific investment product, strategy, plan feature or other purpose. Any examples used are generic, hypothetical and for illustration purposes only. Prior to making any investment or financial decisions, an investor should seek individualized advice from personal financial, legal, tax and other professionals that take into account all of the particular facts and circumstances of an investor’s own situation.Risk SummaryThe following considerations, which summarize some, but not all, of the risks of an investment in the representative strategy, should be carefully evaluated.General Investment RisksThere is no assurance that the investments held by the Fund will be profitable, that there will be proceeds from such investments available for distribution to Shareholders or that the Fund will achieve its investment objective. An investment in the Fund is speculative and involves a high degree of risk. Fund performance may be volatile and a Shareholder could incur a total or substantial loss of its investment. There can be no assurance that projected or targeted returns for the Fund will be achieved.Financial Market DevelopmentsVolatile conditions in the capital markets may cause limitations on the ability of companies in which the Portfolio Funds will invest to obtain capital, or subject such companies to higher costs of capital for financing. This lack of available credit could impede upon the ability of such companies to complete investments and higher costs of capital could reduce the returns of the Fund or Portfolio Funds. Changes in interest rates may adversely affect the investments held by the Fund. Changes in the general level of interest rates can affect the value of the Fund’s investments. Interest rates are highly sensitive to many factors, including governmental, monetary and tax policies, domestic and international economic and political considerations, fiscal deficits, trade surpluses or deficits, regulatory requirements and other factors beyond the control of the Fund and the companies in which the Portfolio Funds invest. Although it is expected that the Fund’s borrowings, if any, will be short-term in nature, the companies in which the Portfolio Funds invest may finance a significant portion of their activities with both fixed and floating rate debt. By financing the acquisition and development of an investment with floating rate debt, such companies and Portfolio Funds, and indirectly the Fund, will bear the risk that in the event of rising interest rates and a lack of concomitant growth in income, or any increase in underwriting standards that might limit the availability of credit, it could become difficult for such companies and Portfolio Funds to obtain refinancing. In such a case, a company or Portfolio Funds could be forced to take actions that might be disadvantageous at the time in question, such as refinancing on unfavorable terms or selling an asset. Any rise in interest rates may also significantly increase the interest expense of the companies in which the Fund and Portfolio Funds invest, causing losses and/or the inability to service debt levels. If a company in which a Portf

Welcome back to the Alt Goes Mainstream podcast.On today’s show, we welcome a long-time VC investor who brings the perspective from both sides of the pond. Fred Destin, the founder of Stride VC, a seed fund operating out of London and currently investing out of its second £123M fund, shares his views on the venture capital industry.Prior to Stride, Fred was a General Partner at Accel and Accomplice (fka Atlas Venture). He’s invested in some of venture’s big winners, including Deliveroo, Pillpack, Cazoo, Zoopla, Secret Escapes, Integral Ad Science, and more, generating over $1.4B in value to investors and a blended multiple in excess of 7x. Fred has been featured on the Forbes European Midas List a number of times. Fred and I had a fascinating conversation about the hows and the whys of early-stage venture. We discussed:How VCs can navigate the difference between decision points and discovery zones.Why a positive bias towards people can be a driver of returns in venture.Why venture capital is often a poor experience for founders.Why trust, truth, and empathy make for a strong and enduring founder relationship.Why Fred thinks that the most product of a venture capital organization is decisions.Why. and how simplicity can be core to company-building.How to evaluate risk versus reward at early-stage.How younger investors can hone their craft.The future of early-stage venture.Thanks Fred for coming on the podcast to share your wisdom on early-stage investing.

Welcome back to the Alt Goes Mainstream podcast.On today’s show, we welcome a veteran of venture, a champion of portfolio concentration, a master of micro VC. Chris Douvos has taken a mosaic of experiences as an allocator at both endowments and funds that worked on behalf of institutional investors to found Ahoy Capital in 2018, an intentionally right-sized firm focused on working with smaller, emerging VC managers. A pioneering investor in the micro VC movement, Chris has been a mainstay in venture capital for decades. At Ahoy, he discovers and partners with smaller VC funds to help drive returns for his LPs, being seen as a “bird dog in the Valley” for many institutional investors who lack the access, network, and knowledge of the early-stage venture landscape to Chris’s degree.Chris has been embedded in the venture world for years, dating back to the early 2000s. Prior to Ahoy Capital, Chris spearheaded investment efforts at Venture Investment Associates and The Investment Fund for Foundations. He initially learned the craft of private markets investing at Princeton’s University endowment, although he earned his BA and MBA from Yale.Chris and I had such a fun discussion about venture and the emerging VC landscape. We discussed:How the business of venture has changed.Why there’s always room for a Bugatti when the market has a lot of Fords and Toyotas.What he learned from Doug Leone at Sequoia in his early days as an allocator at Princeton and how it’s informed how he invests today.Why it’s tough to be a midsized fund in today’s venture market.Why he believes that concentration is key as a LP – and that diversification can lead to “diworseification.”Why he believes smaller fund sizes can lead to outperformance.Thanks Chris for coming on the podcast to share your wisdom and lessons learned from decades in venture.

Welcome to the 6th episode of a collaboration between iCapital x Alt Goes Mainstream.Here’s the latest episode of the Monthly Alts Pulse, a live conversation in studio with Lawrence Calcano, the Chairman & CEO of iCapital, who as the leader of a platform that is responsible for the majority of individual and advisor-led investment flows into the alts space, has his finger on the pulse of what’s happening in private markets.On this episode, Lawrence and I had a fun and lively discussion. We covered:Will private equity save the day?Why the “educated consumer is the best customer.”Is liquidity the threshold issue of getting more investors to participate in private markets?How 80% of the flows into alts from the wealth channel are currently driven by 20% of the advisor population … and how the next wave of advisors can understand and allocate to alts.How the industry moves from education on alts to education of how alts fit into broader portfolio construction strategies.How do we go from “talk to action” in the allocation of alts.What’s the interplay of technology innovation and product innovation in alts?What is the “technology chassis” for alts?What’s the missing piece from a technology perspective to take alts to the next level?What’s the role that tokenization can play in helping alts go mainstream?Does private markets have its connective tissue?The current status of Michael’s Monthly Bracelet Pulse, featuring Eintracht Frankfurt and Angel City FC bracelets.Thanks Lawrence for a great episode … looking forward to next month’s conversation!

Welcome to the 5th episode of a collaboration between iCapital x Alt Goes Mainstream.Here’s the latest episode of the Monthly Alts Pulse, a live conversation in studio with Lawrence Calcano, the Chairman & CEO of iCapital, who as the leader of a platform that is responsible for the majority of individual and advisor-led investment flows into the alts space, has his finger on the pulse of what’s happening in private markets.On this episode, Lawrence and I had a fun and lively discussion. We covered:How interest in alts is growing around the world.What Lawrence learned on his trips to Europe, LatAm, and Asia meeting with advisors, private banks, and GPs across those respective regions.Why each region has its own unique challenges, in large part due to different regulatory structures and wealth management market structures.How to build a global alts business while simultaneously tailoring the culture and client experience to specific client demands.Why global, brand name fund managers may resonate in different parts of the world.Why advisors are very focused on products right now that have a “modicum of liquidity.”Stories and anecdotes from Lawrence’s conversations at an event they hosted with over 200 advisors in LatAm through iCapital’s partnership with Unicorn Strategic Partners.Why being on the ground to understand different cultures and ecosystems is so important to learning and building the right organic feedback loops to structure solutions in private markets.Thanks Lawrence for a great episode … looking forward to next month’s conversation!

Today’s show brings us inside the mind of a top allocator and CIO in the private wealth world.We talk with Shannon Saccocia, the CIO of Neuberger Berman Private Wealth, a division of NB that has almost $70B of assets under management. With over 24 years of experience, Shannon brings a wealth of knowledge on private markets to bear. At NB Wealth, she works closely with investment leadership to establish market views, asset allocation, and portfolio recommendations tailored specifically for NB Private Wealth clients.Prior to joining NB, she was the CIO for 5 years at SVB Private and Boston Private Wealth, which SVB acquired in July 2021. In this capacity, she oversaw all investment management functions, including portfolio construction, asset allocation, third-party manager selection, equity and fixed income portfolio management, performance and trading.Shannon and I had a fascinating conversation on the evolution of private markets and how both allocators and GPs can think about this changing landscape. We discussed:The definition of alts and what “true alternatives” are.The changing nature of asset allocation and why alts are such a critical part of an investors’ portfolio.The evolution of fees and what investors should be paying for.Why specialized managers can win.The importance of geopolitics and macro in a world where deglobalization has an increasing impact on asset allocation.Why secondaries are an important onramp to private markets for the HNW channel.What it means to get comfortable with being uncomfortable as an investor.What the institutional investor world can learn from HNW investors.Thanks Shannon for coming on the Alt Goes Mainstream podcast to share your thoughts and wisdom on private markets.

Welcome back to the Alt Goes Mainstream podcast.Today’s show dives into the collision of culture, sports, and finance. We talk with Chase Griffin, a student-athlete and QB at UCLA, who has become a pioneer in the college athletics Name Image Likeness (NIL) movement and is the 2x winner of the NIL Male Athlete of the Year awards from the NIL Summit and Opendorse.Chase has excelled on and off the field, so he’s no stranger to success. In high school, he was the Texas Gatorade Player of the Year, and he turned down Ivy League offers to commit to UCLA. At UCLA, he’s played behind NFL draft pick Dorian Thompson-Robinson and put up strong performances on the field. Off the field, he’s been a leader in the NIL movement and an exemplary scholar-athlete, to the point where his coach at UCLA, Chip Kelly, has said, “if you could buy stock in a human, buy stock in Chase Griffin.”Chase has deftly navigated the rapidly changing landscape of the NIL to secure over 30 NIL brand deals and launched the community / charity giving platform #NILforGood. He recently joined Range Media Partners as Athlete/Creator in Residence and contributes to Range business operations across Sports, NIL, Film, TV, Music, and Social Impact.Chase and I had a fascinating discussion about how the NIL could change college sports as we know it and how it will coincide with more investment into college athletics. At a time when private equity firms are investing into companies that are part of the developing NIL ecosystem and possibly even investing into collegiate athletics conferences, Chase shares his views on the impact that the NIL and financialization of sports has on athletes, colleges, pro sports, and broader student bodies.Congrats on all the accomplishments in your young career thus far, Chase. Thanks for coming on the Alt Goes Mainstream podcast to share your experiences and wisdom on the NIL.

Welcome back to the Alt Goes Mainstream podcast.On today’s show, we bring the institutional family office perspective to private markets. We talk with Jamie Rhode, a Principal at Verdis Investment Management. Verdis is a single family office based in Philadelphia that was built on the rich legacy of the family, a major business family, that has spanned over three centuries.At Verdis, Jamie is focused on venture capital, private equity, and hedge fund investment sourcing and due diligence. She joined Verdis from Bloomberg, where she held roles in both equity research and credit analysis. Verdis is an active investor in the venture capital ecosystem, leveraging a data-driven investment approach that Jamie spearheads to allocate to mainly smaller and emerging managers. They’ve taken a very thoughtful approach to asset allocation, particularly venture, and have had a number of valuable insights on asset allocation come out of that process.Jamie and I had a fascinating discussion about the allocator’s perspective on venture capital and smaller fund managers.We discussed:Why Jamie believes that 90% of investment returns come from asset allocation strategy.Why smaller funds often drive the best returns.Why illiquidity and duration are so critical to producing outsized returns, with Verdis finding that the last 20% of the hold period of a fund producing 46% of the returns.Why Verdis believes in the strength of the YC network.The perfect fund size and portfolio construction.Why former operators may not make the best fund managers in Jamie’s view.Thanks Jamie for coming on the Alt Goes Mainstream podcast to share your wisdom and data-driven perspectives.

Welcome back to the Alt Goes Mainstream podcast.Today we bring on one of the world’s largest pre-seed investors to cover what the state of early-stage investing looks like.We welcome Maelle Gavet, the CEO of Techstars, a leading accelerator and global investment business that works with early-stage startups. Maelle has taken a background where she’s been a CEO, COO and operator at the likes of Priceline and Compass to run Techstars as they continue to transform their business. Techstars has invested in over 3,700 early-stage startups that have collectively achieved over $98B in all-time accelerator portfolio market capitalization.With a global reach and an early-stage perspective across ecosystems and sectors, Maelle was in a great position to share views on: Why being relentless makes a great founder.Why, even despite more seed funds than ever, there’s still been an increase in applications to Techstars by over 2.5x.Why Techstars can be seen as the ultimate fund-of-funds in her view.Why an actively managed index of early-stage innovation can make sense for many allocators.Thanks Maelle for coming on the Alt Goes Mainstream podcast to share your wisdom and perspectives on early-stage investing.

Welcome back to the Alt Goes Mainstream podcast.Today, we travel to London to talk with someone who has seen the evolution of the European tech ecosystem up close.We discuss the rise of Europe with Isomer Capital’s Co-Founder and Managing Partner Joe Schorge. Isomer is a pan-European fund-of-funds, co-investment, and secondaries platform that is on its way to €1B AUM. They’ve invested in 70 VC funds, including the likes of Seedcamp, Hoxton Ventures, Atlantic Labs, and leading European companies like Sorare, Refurbed, Zenjob, and more.Joe has a fascinating perspective on European’s tech ecosystem on a number of dimensions. He’s an American who moved to Europe in the late 1990s to work in tech before moving to the allocator and investor side. He worked as an investment consultant at Cambridge Associates, where he advised institutional investors in Europe and MENA on strategy, planning, and implementation that amounted to over $2B of capital across 75 transactions in private markets. He was then a Managing Director at Pomona Capital in Europe, where he focused on secondaries, fund investing, and co-investments, which paved the way for him to found Isomer as one of the early institutional pan-European fund-of-funds based in Europe.Joe and I had a rich conversation about the past, present, and future of the European tech ecosystem. We discussed:Why Europe is a great place to invest right now.Perspectives on how to build a tech ecosystem, given Joe’s deep experience and history in Europe.How they uncovered two local funds which invested in one of Europe's biggest tech successes, UiPath.The biggest opportunities in the ecosystem.Why availability of capital is not the issue for the European ecosystem.Why local funds will still win in their respective regions at pre-seed and seed.Why there are different skillsets that both investors and founders need to have to succeed in Europe.What the current market environment means for European venture.Why more institutional investors should be allocating to European venture.Thanks Joe for coming on the Alt Goes Mainstream podcast to share your wisdom and experiences about European venture and thanks to the EUVC team, Andreas Munk Holm and David Cruz e Silva, for the intro to Joe, where they together have a fantastic partnership between Isomer and EUVC.

Welcome to the 4th episode of a collaboration between iCapital x Alt Goes Mainstream.Here’s the latest episode of the Monthly Alts Pulse, a live conversation in studio with Lawrence Calcano, the Chairman & CEO of iCapital, who as the leader of a platform that is responsible for the majority of individual and advisor-led investment flows into the alts space, has his finger on the pulse of what’s happening in private markets.On this episode, Lawrence and I had a fun and lively discussion. We covered:What iCapital is seeing in the market now.How the evolution of wealth management is coinciding with the growth of alts.How the rise of the “super RIA / aggregator” can help accelerate the adoption of alts.How improving equity markets could shorten fundraising cycles for funds.How the needs of the wealth manager has evolved as wealth management platforms have evolved.Why the need for high-quality — and uniform — infrastructure and end-to-end automation is so critical to enable wealth advisors to properly participate in private markets.How iCapital is endeavoring to build the operating system for private markets through automation.Where infrastructure innovation in private markets goes from here. How and why alts will become a core part of an investors’ portfolio.How the evolution of various market structures — equities, fixed income, and products like ETFs and mutual funds — provides lessons learned for the evolution of alts market structure.Thanks Lawrence for a great episode … looking forward to next month’s conversation!

Welcome back to the Alt Goes Mainstream podcast.Startup stories are often stuff of dreams — and today’s podcast is a story about one of tech’s most unlikely venture capitalists.Journalist and professional soccer player turned immigrant turned self-proclaimed "best carwasher in San Jose" turned Persian rug salesman turned top Silicon Valley seed investor Pejman Nozad, the Co-Founder & Founding Managing Partner of Pear VC comes on the show to chronicle his journey that has crossed continents to back many of tech’s top companies. While his story has taken him many places, one thing has stayed constant — his ability to build relationships and connect with people. And that talent has enabled him to succeed in building a top seed fund in Pear with his partner and serial entrepreneur Mar Hershenson, where they have backed the likes of DoorDash, Gusto, Guardant Health, Aurora, and many more.Pejman shares everything from how to build relationships to how to build a seed fund.We discussed so many fascinating topics:What he looks for in founders.Why family is so important.How and why building relationships is so critical in early-stage investing.How Pear has built out a multitude of products and services for founders across pre-seed and seed.How companies can go from zero to product-market fit.Why some of the largest institutional LPs are interested in a dedicated pre-seed and seed strategy. I also learned that he makes some really good Persian tea, which is apparently even better than Sadaf.It was a pleasure to have you on the show, Pejman, to share a story for the ages and one that is still being written.

Welcome back to the Alt Goes Mainstream podcast.Today’s episode features a pioneer in the sustainable investing world. Bill Orum, who is a Partner at Capricorn Investment Group, has proven that investors can do well and do good at the same time. Bill and his Partners have led Capricorn, a $9B AUM sustainable investment platform serving families, foundations, and institutional investors for over 20 years as a full service OCIO and investment platform.Capricorn has been an innovator for a number of years and has evolved into a firm with three distinct but related investment strategies: an OCIO, a GP stakes business that backs asset managers focused on sustainable investing, and the Technology Impact Fund, a VC fund that manages both Capricorn capital and outside capital and is focused on backing companies providing climate solutions.Capricorn has managed to navigate a complex investing strategy — impact or sustainable investing — and the many geopolitical and governmental challenges associated with climate focused investing in order to generate impressive investment results.Bill and I had a fascinating conversation. We discussed: The evolution of impacting investing.How and why generating impact and strong financial returns aren’t necessarily mutually exclusive.How to find and seed managers.Why it’s so important to allocate capital to solving the climate challenge. How they’ve helped normalize sustainable investing.Thanks Bill for coming on the show to share your wisdom and knowledge and for being a pioneer in the sustainable investing space, something so important for the future of our planet.

Welcome back to the Alt Goes Mainstream podcast.On today’s show, we dive into the world of wealth management with one of the industry’s leaders, Haig Ariyan.Haig has seen it all. He went from someone who grew up in the advisory world as a wealth manager at Dean Witter Reynolds to ultimately becoming President and CEO of Alex Brown, America’s first investment banking firm. At Alex Brown, he oversaw 220 financial advisors and $70 billion in client assets. When Alex Brown sold to Raymond James Financial, Haig became the Head of Global Wealth Solutions. Prior to Alex Brown, Haig was Head of Deutsche Bank Wealth Management in the Americas.Haig is taking his expertise to build Arax Investment Partners. Together with RedBird Capital, an $8.6B private equity firm focused on financial services and sports and media, Arax is partnering with wealth and asset management firms and teams to build a differentiated platform that takes lessons learned and deep experience from running wealth management businesses.Haig and Arax are well-capitalized and off to a flying start. They’ve already acquired their first few wealth businesses as well as a $1B AUM broker-dealer that will give them the foundation to build on as a hybrid platform.Haig and I had a fascinating conversation about the evolution of wealth management and how alts are playing a big role in shaping the future of wealth.We discussed: What it means to be an advisor.Why Modern Portfolio Theory was such an important innovation for the industry.Why the hybrid brokerage and advisory model makes sense.How the wealth management space will continue to evolve.How alts can be a differentiator for advisor practices.How to build a platform that incentivizes advisor teams.Thanks Haig for coming on the Alt Goes Mainstream podcast to share your wealth of wisdom.

Welcome to the 3rd episode of a collaboration between iCapital x Alt Goes Mainstream.Here’s the latest episode of the Monthly Alts Pulse, a live conversation in studio with Lawrence Calcano, the CEO of iCapital, who as the leader of a platform that is responsible for the majority of individual and advisor-led investment flows into the alts space, has his finger on the pulse of what’s happening in private markets.Watch the Monthly Alts PulseOn this episode, Lawrence and I had a fun and lively discussion. We covered:What iCapital is seeing in the market now.The importance of developing long-term partnerships in business and life.Why there’s a need for advisors to understand how alts fit into overall client portfolios and innovations needed with technology and analytics through innovations like iCapital Architect.The path to including alts in model portfolios.Why alts are still sold, not bought — and how iCapital’s Marketplace may change that dynamic.How GPs needed to be educated on why and how working with the wealth channel made sense for their business.How the market has evolved to where many GPs are focused on working with the wealth channel.How things go slow and then they go fast, particularly in asset management.

Welcome back to the Alt Goes Mainstream podcast.On today's show, we have a fascinating episode that combines the macro and the micro.Nimble Partners Founder John Burbank and Partner Ken Wallace come on the show to share their unique perspectives and discuss both the nuances and intricacies of investing in private markets and early-stage venture.Nimble Partners is a technology investment platform that invests into early-stage fund managers through their manager selection program and as well as direct and co-investments into breakout performers from their fund manager relationships.John and Ken have had illustrious careers in both public markets and private markets, investing in many of the biggest technology trends and many top early-stage managers over the past 15 years.John was a top macro investor from founding Passport Capital in 2000, where he was amongst the best hedge fund managers of his time. He’s been investing into early-stage fund managers for the past decade. As a long-time macro investor, he has consistently focused on sectors and investments where technology can be disruptive and accelerate change. He’s also an investor in the Golden State Warriors, the championship winning NBA team.Ken joined John to build Nimble after a stellar career at Industry Ventures, backing a number of emerging managers, most notably Chris Sacca’s first-time Lowercase Capital fund, which at over 200x+ returns, was amongst the best performing venture funds in history. At Industry Ventures, he specialized in hybrid fund of funds strategy, originating, valuing, and managing primary fund commitments, early secondary LP investments, and direct co-investments.We had a fascinating conversation that spanned a number of topics: Why this is not the end of venture capital — and why the winners are still to going to win and win big.How global macro impacts venture capital.The framework that John and Ken use to evaluate technology trends and emerging managers.How the “portfolio manager” model can be applied to venture capital.How information is a huge edge.Why duration is the most important thing an investor can have.Thanks John and Ken for coming on the Alt Goes Mainstream podcast to share your wisdom.

Welcome back to the Alt Goes Mainstream podcast.Recently, I had the pleasure of hosting a live podcast at the Allocate Beyond Summit, where I interviewed Avy Stein and Jordan Stein from Cresset.Allocate’s founders Samir Kaji and Hana Yang brought together a fascinating and thoughtful group of allocators, family offices, and VCs for an engaging two days of discussion about private markets.At the event, I interviewed father and son duo from Cresset. Avy Stein, the Co-Founder and Co-Chairman of Cresset, and Jordan Stein, Director of Private Capital at Cresset Partners, joined me on stage to discuss how their firm has achieved astronomical growth over the past few years, largely due to their business building acumen and in part powered by their focus on private markets.Cresset is a client and family-owned award-winning multi-family office with over $40 billion in AUM that was built by founders and private equity professionals.We had a fascinating discussion that covered everything from how and why Avy and Jordan built Cresset to the evolution of the wealth management space and how private markets is playing a large role in that.Thanks Avy and Jordan for sharing your wisdom and thanks Samir and Hana for hosting such a fantastic event.

Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives into an important and growing part of the alts ecosystem: how investors can access and invest into alternatives through their retirement funds.We have Eric Satz, the CEO of Alto, a self-directed IRA custodian, with us today to discuss how he’s on a mission to provide everyday Americans with the same investment opportunity long favored by institutional investors.Alto provides custody for a wide array of alternative assets, including private companies, real estate, crypto, loans, and securitized collectibles. Alto has streamlined the process for companies, funds, and SEC registered investment platforms to include IRA investors in their offerings. They’ve partnered with firms across the alts space, including AngelList, Coinbase, EquityZen, Republic, Masterworks, and others, to enable investors to invest into private markets with their IRA.Eric is a serial entrepreneur and former investment banker. He worked at DLJ / Credit Suisse First Boston before co-founding Currenex (acquired by State Street for $564M), Plumgood Food, and Tennessee Community Ventures. His passion for entrepreneurship led him to serve on the Board of the Tennessee Valley Authority from 2015 to 2018 and he teaches an entrepreneurship class to high school students.On today’s podcast, Eric teaches us all about the merits of a self-directed IRA. He shares why and how it makes sense to use an IRA to invest into private markets investments and how he’s taking lessons learned from prior IRA businesses to build Alto.Thanks Eric for coming on the show to share your knowledge and passion for alternatives.

Welcome to the 2nd episode of a collaboration between iCapital x Alt Goes Mainstream.Here’s the latest episode of the Monthly Alts Pulse, a live conversation in studio with Lawrence Calcano, the CEO of iCapital, who as the leader of a platform that is responsible for the majority of individual and advisor-led investment flows into the alts space, has his finger on the pulse of what’s happening in private markets.On this episode, Lawrence and I had a fun and lively discussion. We covered:What iCapital is seeing in the market now.How allocators are balancing strategies that make sense right now versus strategies, like venture, that may pay off in the future.How the alts space has evolved over the past 10 years.How the change in wealth management market structure and the rise of the breakaway broker has driven alts innovation forward.Some of the biggest challenges that iCapital has encountered over the past 10 years of growth.How Lawrence & iCapital have built a platform to serve different clients on the GP and LP sides.How iCapital took inspiration from prior market structure evolutions and innovations, like ETFs and mutual funds.What companies did iCapital look to for inspiration?The importance of UI/UX in B2B financial services — and how does this change with Millennials and Gen Z’s becoming customers or users?Building the desktop real estate for alts.What does a quote from a Dirty Harry movie have to do with the growth of iCapital?

Wealth managers are increasingly participating in private markets, and for good reason. Today’s podcast is with an expert allocator in the alts space, Phil Huber, who has not only been actively investing in private markets as the CIO of $18B Savant Wealth, but has also authored a book about how advisors can approach private markets.This podcast is a must-listen for any allocator, particularly in the wealth management space, as Phil shares actionable insights for how LPs can go about building a strategy for investing in private markets and how GPs and alternative asset managers can work with the private wealth space.Phil is the CIO of $18B Savant Wealth. He comes onto the show to discuss how he approaches allocating to alts on behalf of their clients. Phil has spent much of the past 15 years thinking deeply about alts. The has culminated in him authoring a book, The Allocator’s Edge, A Modern Guide to Alternative Investments and the Future of Diversification. Phil is a Certified Financial Planner professional, has attained his Chartered Financial Analyst (CFA) designation, and is a member of the CFA Society of Chicago. Phil has been featured in a number of notable media outlets, including the WSJ, New York Times, and Bloomberg TV, and Phil recently won RIA Intel’s CIO of the Year award. He produces his own investing blog, bps and pieces, in addition to authoring his book.Thanks Phil for coming on the show to share your wisdom.

Welcome back to the Alt Goes Mainstream podcast.Today we peer into one of the most fascinating companies in private markets, AngelList, and talk with AngelList’s CEO Avlok Kohli.AngelList is building the operating system for modern startups and tech innovation, and as such, they see themselves as building a company of companies. AngelList has had almost 19,000 startups raise capital from syndicates and funds on their platform, they support over $15B in assets, and 40% of all US unicorns have had a GP invest in them through AngelList.To date, AngelList's GP business has largely been known for its marketplace and fund admin product. That changes this week when they begin to release a series of software products available to any venture firm, even if they don't run a fund on AngelList, which automates and adds intelligence to the most onerous and ambiguous parts of running a fund. It all starts with the most comprehensive and tailored banking product, built specifically for venture funds.Avlok has an impressive background as a tech founder and operator and gives us an insight into how AngelList is building their business.Avlok is the CEO at AngelList and the Founder and CEO of LegalReach. He is also the former Founder and CEO at Fairy. He created Fastbite, a food delivery service, which was acquired by Square a few months after launch and was integrated into Square’s delivery product as Fastbite by Caviar.Avlok and I had a fascinating discussion about how AngelList’s product driven culture has enabled them to evolve with customer needs and build all sorts of products and services for GPs, startups, and LPs. We discuss: What makes AngelList a n-of-1 company.How his experience at Square has informed his company building strategy at AngelList.How AngelList's data can track relative health of companies and what will make a “sustainable unicorn.”Why it’s almost impossible to compare them to a single traditional financial services company given the breadth and depth of their product offerings.Thanks Avlok for coming on the Alt Goes Mainstream podcast to share your wisdom and experiences and for all the work you're doing to power private markets.

Welcome back to the Alt Goes Mainstream podcast.Today we talk with John Avery, an executive who is leading the charge for private markets, Web3, and tokenization at one of the largest publicly traded financial services companies, FIS.FIS is one of the world’s leading financial services companies. Over 95% of the world’s banks work with FIS. Their asset management technology processes $40 trillion on an annual basis. And their products and services reach 20,000 clients globally. In the alts space, they work with the majority of the world’s largest private equity funds and alternative asset managers.FIS has a focused initiative on Web3 and digital assets. John is responsible for that initiative. John’s background spans both technology, where he was a developer in the 1990s, and financial markets, where he built capital markets software that was acquired by SunGard, which was acquired by FIS.John believes in the infrastructure promise of blockchain technology and how it can create efficiencies in private markets, so we had a fascinating conversation as we delved into how digital assets can transform private markets and how a set of evolutionary changes might deliver transformation on a revolutionary scale.Thanks John for coming on the Alt Goes Mainstream podcast to share your wisdom and experiences.

Welcome to the launch of the collaboration between iCapital x Alt Goes Mainstream.Here’s the first episode of the Monthly Alts Pulse, a live conversation in studio with Lawrence Calcano, Chairman & CEO of iCapital, who as the leader of a platform that is responsible for the majority of individual and advisor-led investment flows into the alts space, has his finger on the pulse of what’s happening in private markets.Come for education, stay for Succession.Watch the Monthly Alts PulseOn this episode, we covered a lot of ground. Lawrence and I discussed:Making sense of the current market environment.What advisors are saying about private markets and how they are investing in private markets right now.How the interest and knowledge of private markets have evolved over the past 10 years since iCapital started.The value of patience in private markets.Liquidity vs illiquidity.The arc of innovation in private markets.Why now is the time for private credit and secondaries.How technology will automate access for institutions and HNW investors.Lessons from Succession and the Wall Street Journal test.Thanks Lawrence for a great first episode … looking forward to next month’s conversation!

Welcome back to the Alt Goes Mainstream podcast.On today’s episode, we talk with Seyonne Kang, a Partner at StepStone, which acquired her former firm, Greenspring Associates. StepStone is a global private markets firm that provides customized investment and advisory solutions to some of the world’s most sophisticated investors. StepStone has a total capital responsibility of $602B of assets and has $134B of assets under management across the spectrum of private markets investments, giving them incredible purview into the current private markets landscape.At StepStone, Seyonne is a member of the private equity team, where she focuses on venture capital fund and growth equity investments.Prior to StepStone, Seyonne was a Partner at Greenspring Associates, a venture capital and growth equity firm that merged with StepStone in 2021. She spent the 7 years prior in investment management, with a focus on private capital, working at Jasper Ridge Partners and Commonfund. She also spent a decade on Wall Street in institutional equities.Seyonne and I had a fascinating conversation about the current state of venture capital and what it means for LPs and GPs. We discussed: How GPs can weather the storm.How LPs can navigate the current venture environment.Advice for emerging managers.Why secondaries might be an interesting investment opportunity right now.How newer allocators to private markets can approach investing into venture and growth.Why subject matter expertise matters for fund managers.Why Seyonne is excited about innovation and venture in the US in the current market.Thanks Seyonne for coming on the Alt Goes Mainstream podcast to share your wisdom and experiences.

Welcome back to the Alt Goes Mainstream podcast.On today’s episode, we have Sheel Mohnot, the co-founder and Partner of FinTech VC fund Better Tomorrow Ventures.Sheel is a career fintech investor and operator. He has built Better Tomorrow Ventures into an active pre-seed and seed stage fintech VC that has grown to over $225M AUM. Prior to founding BTV, he was the GP at 500 FinTech, where he was the first institutional investor in Albert, Kin, Indio, Chipper Cash, Ethic, and others. He was also an early investor in Stripe and Flexport. He also co-founded two fintech startups – FeeFighters, which was acquired by GroupOn, and Innovative Auctions.Sheel and I had a fascinating conversation about the evolution of FinTech, how to build and scale an emerging manager, the challenges of raising a first time fund, and why smaller funds can outperform.We didn’t have a chance to discuss the experience of his Taco Bell wedding in the metaverse, but congrats Sheel and Amruta on your marriage and wishing you happiness in both life and the metaverse.Thanks Sheel for coming on the Alt Goes Mainstream podcast to share your wisdom and experiences.

Welcome back to the Alt Goes Mainstream podcast.Today’s show was recorded live from AltsLA 2023 in partnership with CAIA. CAIA is the leading global professional body dedicated to alternative investment credential programs.On this episode, we speak with Daniel Joye, where he oversees Infrastructure investing at LACERA, the $58 billion AUM Los County Employees Retirement Association.Daniel and I had a fascinating conversation about how an institutional investor like LACERA approaches investing in infrastructure, the benefits of infrastructure investing, particularly in the current market environment, how to think about risk / return of infrastructure assets in a portfolio, and why investing in infrastructure is so critical to the development of cities and nations.Prior to moving back to Los Angeles and joining LACERA (he is an LA native), Daniel worked in London for Morgan Stanley, Vitol and BP with a focus on energy trading and investing.He started his career in the French Navy as a gunnery officer where he navigated the 7 seas and participated in Operation Enduring Freedom.He holds a Masters in Engineering from l'Ecole Navale (the French Naval Academy) and an MBA (with honors) from Wharton.Thanks Daniel for coming on the Alt Goes Mainstream podcast to share your views and knowledge.

Welcome back to the Alt Goes Mainstream podcast.Today’s show was recorded live from AltsLA 2023 in partnership with CAIA. CAIA is the leading global professional body dedicated to alternative investment credential programs.On this episode, we speak with Mark Anson, the CEO and CIO of Commonfund ($28B AUM). Mark and I had a fascinating discussion on private markets. We discussed:Why size discipline and sector focus defeat the explosion of capital in private markets.Why multi-manager strategies or commingled vehicles make sense for wealth managers (particularly in VC).How allocators can invest in the next Sequoia. Why the concept of lagged beta matters for allocators.How ESG and impact investing can be integrated into an investor’s portfolio.Mark Anson is the Chief Executive Officer and Chief Investment Officer of the Commonfund and Chairman of the Board of Commonfund Capital Inc. and Commonfund Asset Management Company.Previously, he was the President and Chief Investment Officer for the Bass Family Office. He was the President and Global Head of Investment Management at Nuveen Investments, a full-service asset management company with over $900 billion in assets under management.Prior to Nuveen, Mark served as the Chief Executive Officer and Chief Investment Officer for the British Telecom Pension Scheme (BTPS), the largest institutional investor in the UK with assets of £55 billion.In addition, Mark was the CEO of Hermes Pensions Management in London, a £60 billion asset management company that is wholly owned by the BTPS. Prior to joining BTPS, he served as the Chief Investment Officer of the California Public Employees' Retirement System.Thanks Mark for coming on the Alt Goes Mainstream podcast to share your views and knowledge.

Welcome back to the Alt Goes Mainstream podcast.Today’s show was recorded live from AltsLA 2023 in partnership with CAIA. CAIA is the leading global professional body dedicated to alternative investment credential programs.On this episode, we speak with Christopher Ailman, the Chief Investment Officer of one of the world’s largest institutional investors, CalSTRS.Chris and I had a fascinating conversation about all things private markets. We discussed: How one of the world’s largest institutional investors manages a portfolio with 40% exposure to private markets.How many institutional investors are really managing an 80/20 portfolio (80% equity / equity-like, 20% fixed income / fixed income-like), not a 60/40 portfolio.The current state of private markets.Why alternative investments make sense in an investors’ portfolio.The importance of “catching the wave” and investing in megatrends, like decarbonization.How the retailization of alts impacts institutional investors like large pensions and endowments.He leads an investment staff of more than 200 and oversees a portfolio valued at $307 billion as of March 31, 2023.He has more than 37 years of institutional investment experience, including tenures as CIO of the Washington State Investment Board and the Sacramento County Employees Retirement System.He represents institutional investors on the MSCI Index Editorial Advisory Board, the PRI Asset Owners Advisory Committee, the Sustainability Accounting Standards Board (SASB) Investor Advisory Group and the Toigo Foundation.He is the chair of the 300 Club and co-chair of the Milken Global Capital Markets Committee. Ailman is recognized as one of the top CIOs both in the U.S. and globally. He has received numerous awards and recognitions, including the Institute for Fiduciary Education’s CIO of the Year in 2000.Thanks Christopher for coming on the Alt Goes Mainstream podcast to share your views and knowledge.

Welcome back to the Alt Goes Mainstream podcast and hello from AltsLA.Today’s show was recorded live from AltsLA 2023 in partnership with CAIA. CAIA is the leading global professional body dedicated to alternative investment credential programs.On this episode, we speak with the 44th Vice President of the United States Dan Quayle, the Chairman of Cerberus Global Investments. We discussed the intersection of politics, private equity, people, and patience: The current state of private markets.How geopolitics plays an important role in investing.The impact of social media on financial markets.How Cerberus grew into the firm it is today.The power of patience in investing.Vice President Quayle is Chairman of Cerberus Global Investments and a member of the Firm’s senior leadership team, joining when the firm was $14B in AUM and playing a role in overseeing its growth to over $60B AUM.Prior to joining Cerberus in 1999, he served as the 44th Vice President of the United States of America to President George H. W. Bush from 1989 through 1993. In 1976, Vice President Quayle was elected to the U.S. House of Representatives and re-elected in 1978.In 1980, he was elected to the U.S. Senate and was the youngest Senator from Indiana. He was re-elected to the U.S. Senate in 1986.Following his vice presidency, Vice President Quayle authored three books, including Standing Firm: A Vice-Presidential Memoir, which was on The New York Times’ Best Seller List.He was a distinguished visiting professor at Arizona State University ’s Thunderbird School of Global Management for two years. He was also active for many years on the lecture circuit in the United States and internationally.Thanks Vice President Quayle for coming on the Alt Goes Mainstream podcast to share your views and knowledge.

Welcome back to the Alt Goes Mainstream podcast.On today’s episode, we go to Europe, and specifically Berlin, a region where some of the most exciting activity in the VC world is occurring.We have Filip Dames, a Founding Partner at Cherry Ventures, a top pan-European early-stage VC fund that has around $700M AUM, lead us in a discussion about why Europe is such a compelling place to invest and why it’s on the precipice of an incredible decade in tech.Filip has the founder DNA. Prior to Cherry, he started his first company in 2008, which was a digital marketplace for art and collectibles long before NFTs existed. He then joined Zalando as a member of the founding team, where he led business development and international expansion efforts. He founded and was the CEO of the group’s shopping club, Zalando Lounge, and left Zalando after a successful IPO in 2014 to fully focus on Cherry.In Cherry, Filip has strived to build the firm that he would have wanted as a founder. They’ve backed the likes of AUTO1 Group, FlixBus, Forto, Flink, SellerX, Infarm, and Bunch amongst others.Filip also shares a passion for helping entrepreneurs build businesses outside the tech world, as an active supporter of the Ashoka network and forming a family foundation with his wife to support education and access to entrepreneurship for families from disadvantaged backgrounds. Filip also serves on the boards of KfW Capital, a subsidiary of the German state owned investment and development bank, and the Bundesverband dt. Startups (BVDS).Filip and I had a fascinating conversation. We discussed: The evolution of the European venture ecosystem and why it’s such a compelling region to build and invest into category defining companies. How his experience as a founder informed how he’s built Cherry.How to build a VC from a business perspective.Why Filip is so excited about private markets as he shares his investment thesis in Bunch.What the future of European VC looks like.We also surprised Filip with a few questions from friends who have known him at different stages of his life, with thoughtful questions from:Steve Cherundolo, former Bundesliga professional footballer at Hannover 96 and the US Men’s National Team and Head Coach of LAFC in the MLS.Mario Goetze, current Bundesliga professional footballer at Eintracht Frankfurt and the German National Team, active investor in VC funds and startups at his firm, Companion-M, and Cherry Ventures LP.Levent Altunel and Enrico Ohnemuller, the co-founders of Bunch, where Filip and Cherry led a 7.3M EUR Seed round last summer.Thanks Filip for coming on the Alt Goes Mainstream podcast to share your wisdom and experiences.If you like this podcast, you can listen or read more about alts by subscribing at altgoesmainstream.substack.com.

Welcome back to the Alt Goes Mainstream podcast.On today’s show, we have a private equity expert who is as thoughtful and sharp as they come.Graham Elton is the Chairman of Bain & Company’s EMEA Private Equity practice, where he’s helped many of the largest PE and alts firms navigate a growing market and build successful businesses.Graham has also spearheaded the industry standard in reports — the Bain PE Practice Report — which is read by many across the industry.Many of the world’s largest GPs often turn to Graham for advice on their business due to his background as an operator, investor, and strategic consultant. He previously ran multiple media businesses – he was the CEO at Miller Freeman UK, was a MD at The Financial Times Business, a strategy director at Pearson, and a Partner at Evolution Global Partners.He serves on a number of boards, including Lane Clark & Peacock, Pageant Media, Capital Economics, SLR Consulting, and Now Teach and National Youth Centre.He was awarded a MBE for his services to the economy in the Queen’s 2020 Birthday Honours List.Graham and I had a fascinating conversation about the evolution of private equity - and what the growth of the industry has meant for GPs and LPs alike. We discussed:How the $3.7 trillion in dry powder in private equity will get put to work.The business of private equity and how funds have evolved into platforms.How the growing size of PE has paved way for the opening up of the retail channel for fundraising.What the future of private equity looks like.The narrowing differences between public and private markets.Thanks Graham for coming on the Alt Goes Mainstream podcast to share your wisdom.

Welcome back to the Alt Goes Mainstream podcast.We have a special episode today – it’s a collaboration between Alt Goes Mainstream and Venture Unlocked: Samir Kaji, the Co-Founder & CEO of Allocate and the Venture Unlocked Podcast, and I have a back and forth discussion about the future of private markets and venture. If you are an allocator to private markets or a VC fund manager, you won’t want to miss this.Samir co-founded Allocate to enable the wealth management community to be able to access high quality venture funds in the same way institutions have for years.He draws upon a background of 22 years in venture banking at First Republic and SVB, where he worked closely with and advised over 700 venture capital and private equity firms. He completed over $12B in structured debt transactions and has invested in a number of funds and companies.Samir completed the Kauffman Fellows venture program and is an active writer and podcaster with Venture Unlocked.We cover:Where is venture now and what the future looks like.Alpha vs. Beta in venture.Why VC should be included in many investors’ allocations.How LPs can approach venture in this dynamic market.How VC funds have turned into platforms, much like private equity, and what this means for the industry. Note that the podcast was recorded before the Silicon Valley Bank news, so we did not cover the topic of the banking system and its impacts on the venture ecosystem on this show.Thanks Samir for collaborating to have a rich conversation on the complexities of venture capital and the current environment.

Welcome back to the Alt Goes Mainstream podcast.On today’s podcast, we have an expert in alternative assets and fund accounting. We welcome Gareth Hewitt, a fund accounting veteran and co-founder of LemonEdge, to the show.Gareth is the CEO and Co-Founder of LemonEdge, where they are building a better, more efficient fund accounting software platform.With backing from Blackstone, Lauren Iaslovits, the founder of pioneering fund accounting software Investran (acq by SunGard), Sidekick Partners, and others deep in the PE and alts world, Gareth has been building a next generation fund accounting solution for GPs, fund admins, and investment platforms.LemonEdge’s solution has a modern core infrastructure, full multi-currency partnership accounting, system-aware fund structures and integrated waterfall technology. They've built a platform that is already used by a number of the industry's largest GPs and asset managers.Gareth is an expert in alternative assets — he was Head of UK Product Development & Sales for eFront, a unicorn focused on software for alternative investment funds, which sold to BlackRock and he then founded and ran a fund solutions business.Gareth and I had a fascinating conversation about private markets. We discussed: Why innovation in fund accounting is so critical to the evolution of private marketsHow LemonEdge is on the cutting edge of the transformation in fund accounting.How to take a problem that’s historically been solved by spreadsheets to a low code / no code platform.How the fund accounting space can be digitized and customized.When and how strategic investors can be valuable in the alts space.Thanks Gareth for coming on the show to share your wisdom and experience in private markets and let everyone know about the exciting business you’re building at LemonEdge.

Welcome back to the Alt Goes Mainstream podcast.Today’s episode of Alt Goes Mainstream features someone who is building a vertical SaaS solution for fund managers and LPs.Today’s guest is Michel Geolier, the Co-Founder and CEO of Betterfront, a b2b vertical SaaS company dedicated to private markets. He’s building a comprehensive solution to enable fund managers to more efficiently and effectively fundraise trade secondary market fund interests.Betterfront’s mission is to transform the way alternative fund managers engage, win, and retain investor by using technology, data, and analytics. Betterfront is already trusted by a number of top European VCs, including Cherry Ventures, Partech, Episode 1, and more.Michel comes at the problem of fundraising with a very unique perspective. He was previously on the LP side, where he led due diligence and fund manager selection for the Siemens’ pension fund in Germany. And he started Betterfront out of frustration for poor solutions for analyzing alternative investment funds.Michel and I had a thought-provoking conversation about the current challenges that GPs have with fundraising and how Betterfront was built to provide better solutions for GPs. We discussed how much of private markets technology is ripe for disruption and why it’s historically been difficult to build modern specialized software for private markets. We then look to the future about how Michel believes that the placement agent and secondaries businesses can be disrupted with technology and data.Thanks Michel for coming on the AGM podcast. We hope you enjoy.

Welcome back to the Alt Goes Mainstream podcast and Welcome to Wrexham.On today’s show, we go to Wrexham, the town in North Wales that has become a football (soccer) mecca due to a blend of its rich history as home to the 3rd oldest club in the world and a recent injection of Hollywood with Ryan Reynolds and Rob McElhenney buying the club.We talk with Shaun Harvey, the Advisor to the Board at Wrexham AFC, and a highly experienced football club and league CEO to discuss how teams can have success on and off the pitch.Shaun is the CEO of Wantaway Limited, where he advises football clubs, organizing bodies, and companies on all things related to the business of football. His current clients include Wrexham AFC, FIFA, Inner Circle Sports, and Macron.He’s taken his experiences as the MD at Bradford City FC, which he led to Premier League promotion, the CEO at Leeds United, and the CEO of the English Football League to Wrexham AFC, where he and the team are working to secure promotion back into the Football League and bringing a successful club back to the town of Wrexham.And they are well on their way to building a global brand in a number of respects – they are performing well on the pitch, they have created a show, Welcome to Wrexham, that has been a hit on Hulu, and their recent FA Cup home match vs Sheffield United was the most followed soccer game across ESPN’s website and digital platforms in the US.Shaun and I had a fascinating discussion. We talked about:How clubs balance on the field performance and off the field business success in a world where the evolution of entertainment and social media have turbocharged the concept of monetizing engagement.How important it is to think about the community when investing in a sports teamWhy Shaun believes “the Wrexham effect” has been a huge driver of success for their club.How lifting up a club financially and on the pitch can create tremendous economic and social benefits for the town that they play in.Thanks Shaun for coming on the Alt Goes Mainstream podcast to welcome us to Wrexham - and share why this is such an exciting and impactful project that we can all learn from.It’s always sunny in Wrexham.Thanks Steve Horowitz at Inner Circle Sports for the kind introduction to Shaun to make this episode possible.

On the latest episode of Alt Goes Mainstream, we talk with one of the pioneers of the online investment space.Today’s guest is Ben Miller, the Co-Founder and CEO of Fundrise, America’s largest direct-to-investor alternatives investment manager.Ben has tremendous experience and expertise in both the real estate space and in building innovative alternative investment technology solutions. Prior to founding Fundrise, Ben was a Managing Partner of WestMill Capital Partners and President of Western Development Corporation, where he was responsible for acquiring, developing, and financing more than $500M worth of property.In Fundrise, Ben has built a company whose aim is to use technology to build a better financial system for the individual investor, which is simpler, lower cost, more reliable, and transparent. They build software that enables the company to develop and manage investments uniquely well-positioned to grow and preserve their clients’ capital in any economic environment.Since launching America’s first online real estate investment platform in 2012, Fundrise has now become one of the largest direct-to-investor alternatives investment managers with more than 1.6 million active users, more than $3.3B of equity under management, and $7B of real estate transacted. From private credit to real estate private equity to growth-stage venture capital, Fundrise offers investors exposure to various asset classes.Ben and I had a fascinating conversation. We discussed:Fundrise’s evolution from real estate to broad based alternatives investment manager and how they got there. The evolution of the real estate market and current investment opportunities in real estate. The importance of technology in building a more efficient and low cost way for investors to access alternatives and how Fundrise has focused on this to grow their platform.Thanks Ben for coming on the AGM podcast to share your views. We hope you enjoy.

We have an exciting episode today on the Alt Goes Mainstream podcast.We are joined by Mathias Pastor, the Co-Founder of Semper, a London and Paris based company that uses liquidity to align the interests of private companies, employees and investors.Mathias and his co-founder Balthazar de Lavergne created Semper after observing that private companies are staying private longer and employees and founders need ways to unlock liquidity in a systematic, recurring way. Working at The Family, a European VC fund, Mathias saw that employees at some of their largest and fastest growing companies were paper-rich, but didn’t have the liquidity that reflected the value of their shares.Mathias and Balthazar have created a liquidity financing platform to help fast-growing private companies run recurring, end-to-end secondary transactions. They believe this can enable teams to retain talent while enabling investors to access high-quality private companies.Mathias and I had a fascinating conversation about how and why they have started with liquidity solutions for private companies, how they are approaching secondary market liquidity for both companies and investors, why recurring liquidity programs make sense for companies and employees, how employee retention for companies can be an important feature of private secondary transactions, what is beyond secondary market liquidity for a platform like Semper, and why Europe is an interesting place to start.Thanks Mathias for coming on the AGM podcast to share your insightful views on private markets.

We have a special episode today on Alt Goes Mainstream. Our guest today is Henry Ward, the CEO and co-founder of Carta, one of the most innovative and exciting companies in private markets.Henry founded Carta from the kernel of an idea and they are now trusted by over 30,000 companies, 5,000 investment funds and 2.1 million employees for cap table management, compensation management, liquidity venture capital solutions and more. They’ve raised over $1B from the likes of Silver Lake, Union Square Ventures, a16z, Tribe Capital, Meritech, and many others.Carta has been included on the Forbes World’s Best Cloud Companies, Fast Company’s Most Innovative list, and Inc’s Fastest Growing Private Companies.Henry is a serial entrepreneur who was previously the founder and CEO of Secondsight, a portfolio optimization platform for retail investors. He built Carta with a deep sense of passion for helping people to become investors in private markets and equity owners.Henry and I had a fascinating conversation, covering a lot of ground. We discussed:How he’s built Carta into a category-defining company for private markets. Why it’s beneficial to be a “plate spinning company” and how that’s good for a network effects business.Why competing with spreadsheets can create a special business – and how it leads to the creation of other successful businesses as time goes on.The ownership era and what it means for founders, employees, and investors.The future of private market liquidity.Gems on people management and company building.Thanks Henry for coming on the AGM podcast to share your wisdom. We hope you enjoy.

We believe that good things come in bunches. On the Alt Goes Mainstream podcast, we’ve covered a number of innovative ways in which more investors are now able to access alternative investments thanks to innovation in infrastructure that pools investors together.Today on the Alt Goes Mainstream podcast, we are lucky enough to peer into a market that’s creating a bunch of excitement: the early stage venture market in Europe.Levent Altunel and Enrico Ohnemuller are a big part of making alts go mainstream in Europe with their company, Bunch.In Bunch, Levent and Enrico are building the operating system for private markets investing. They’ve brought their fantastic and relevant backgrounds to bear – Levent as a Citi alum and VC investor at Paua Ventures and Enrico as a Goldman alum and a builder at FinLeap, building critical core banking and payments infrastructure – that will enable them to unlock the private markets for more investors and make these markets more efficient.Levent and Enrico have quickly figured out how to build the critical infrastructure for private markets in Europe while navigating a complex regulatory landscape and multiple jurisdictions. They’ve built compliant, regulated end-to-end infrastructure to help founders roll up smaller investors and angels and help VCs and angels to efficiently and seamlessly raise capital and manage SPVs.They are coming off a recent 7M EUR seed round led by Cherry Ventures and have already grown in leaps and bounds at a time when alts are going mainstream in Europe.Levent, Enrico, and I had a fascinating conversation. We discussed: Why they believe SPVs are the atomic unit of value for private markets.How the seedification and decentralization of private markets has created the need for better private markets infrastructure.Why they are creating the “Clean Cap Table Club.”How SPVs can help investors build a track record to launch their fund. How there are very big businesses to be built in the alts space.Levent and Enrico share a very thoughtful, nuanced view into the importance of private markets infrastructure so any investor and founder will enjoy hearing their wisdom.Thanks Levent and Enrico for coming on the Alt Goes Mainstream podcast to share your wisdom about private markets. Good things really do come in bunches.

Today on the Alt Goes Mainstream podcast, we have the third podcast in a special three part series with some of the titans in the alts world.We are partnering with CAIA, the leading global professional body in alternative investment credentialing programs, for a very special episode that dovetails with the release of their latest report on Renewed Professionalism and creating client centered outcomes for the Portfolio of the Future.We are lucky enough to have Jenny Johnson, the CEO of Franklin Templeton, one of the world’s largest asset managers with over $1.5T AUM spread across a number of specialist managers.Jenny and I had a fascinating conversation: About the evolution of the asset management industry.How companies can be considered nation-states.How to distribute alternatives to all investors in a responsible way, which is a particularly interesting perspective given that Franklin Templeton has over 25% of its $1.5T AUM in alternative assets.Why net of fees is the most important question in the fee question debate.Why now is a great time to be building in the crypto space (note: this episode was recorded prior to the recent crypto news).Jenny is the President and CEO of Franklin Templeton. She joined the firm in 1988 and held leadership roles in all major divisions of the business before becoming CEO in February 2020. She led the historic $6.5 billion acquisition of Legg Mason in 2020 and has been named to Barron’s list of the 100 Most Influential Women in US Finance.Jenny has been instrumental in building Franklin Templeton into a firm that serves clients across asset classes and has over 25% of its $1.5T AUM in alternative assets. Jenny spearheaded Franklin Templeton’s acquisitions in the alts space, including the $1.75B acquisition of secondaries PE firm Lexington Partners and private credit firm Alcentra.Jenny has managed to bring the past, present, and future together at Franklin Templeton, balancing being the third generation in the family to lead the business, helping the firm to maintain its culture through numerous acquisitions, while also looking to highly innovative corners of the investment world, like crypto and blockchain to keep Franklin Templeton ahead of the pack.Thanks Jenny for coming on the Alt Goes Mainstream Podcast to share your wisdom. It was a pleasure to have you on the show.

Today on the Alt Goes Mainstream podcast, we have the second podcast in a special three part series with some of the titans in the alts world.We are partnering with CAIA, the leading global professional body in alternative investment credentialing programs, for a very special episode that dovetails with the release of their latest report on Renewed Professionalism and creating client centered outcomes for the Portfolio of the Future.We are lucky enough to have Michelle Seitz, a stalwart and veteran of the asset management industry who is the Founder and CEO of MeydenVest Partners, LLC, a private investment firm, and was most recently the CEO of Russell Investments, one of the largest investment firms in the world with $300B in AUM and $1.2T in assets under advisement.During Michelle’s five year tenure as Chair and CEO, she helped to modernize client offerings by adding leading edge capabilities around private markets and ESG investing and elevated diversity and inclusion programs.Michelle’s illustrious career includes a number of accolades such as Barron’s Most Influential Women in U.S. Finance and American Banker’s Most Powerful Women in Finance.Prior to joining Russell, Michelle spent 22 years at William Blair, where she was CEO of William Blair Investment Management and on William Blair’s corporate board of directors for 16 years. She took the helm as CEO at the ripe old age of 35, where she led William Blair’s institutional, mutual fund, and private wealth management businesses. She drove 5 fold growth at WBIM and transformed an $11B business into a $74B global asset management firm and a five-time winner of the “Best Places to Work in Money Management.”Michelle and I had a fascinating conversation starting with how her career started with the crash of 1987 and what it meant for how she viewed the asset management world and how to focus on the client’s outcomes, the importance of portfolio construction, how and why alts may not be a fit for every investor depending on the risk, portfolio construction, fee questions, and the importance of understanding risk.Thanks Michelle for coming on the Alt Goes Mainstream podcast to share your wisdom. It was a pleasure to have you on the show.

Today on the Alt Goes Mainstream podcast, we have the first podcast in a special three part series with some of the titans in the alts world on how they’ve built and run some of the world’s largest asset managers.We have partnered with CAIA, the leading global professional body in alternative investment credentialing programs, for a very special episode that dovetails with the release of their latest report on Renewed Professionalism and creating client-centered outcomes for the Portfolio of the Future.We are lucky enough to have Luke Ellis, the CEO of Man Group, one of the largest active investment firms in the world. Man Group manages $142B (as of June 30, 2022) across a range of liquid and private markets strategies and has the central objective to deliver alpha for clients.Speaking of alpha, Luke and I had a fascinating discussion about what it means to create alpha. Luke believes that alts are all about the return the client gets and he and Man are focused on doing important work to ensure that the end client, the saver, is generating returns over time for the risk they are taking.Luke’s background has a consistent them of helping to make certain investment strategies and asset classes go mainstream. He was part of the early days of the development of the derivatives world at JP Morgan and was a pioneer in the hedge fund space, helping hedge fund of funds FRM enable hedge funds to become a mainstream part of investors’ portfolios.He’s since taken over the helm at Man Group for the past 12 years and has helped steer them become one of the most important investment management firms in the world.Please enjoy this wide ranging discussion where we talk about everything from the importance of active management to fee compression to the importance of technology in investment management to the impact of human behavior on financial markets to focusing on the end client to how Ted Lasso’s management style has informed how Luke thinks about building Man Group to enable clients to achieve alpha.Thanks to Luke and CAIA for collaborating on this important topic. We hope you enjoy.

Today on the Alt Goes Mainstream podcast, we have two guests who have built alts behemoths: the CEOs of iCapital, Lawrence Calcano, and SIMON, Jason Broder. iCapital and Simon recently completed a landmark transaction in the alts space, with the joining together of two of the largest digital platforms that enable advisors and individuals to invest into private markets through iCapital’s acquisition of SIMON. iCapital has built the leading platform to drive efficiency and alternative investing for the asset and wealth management industries. They had grown to over $138B in platform assets before acquiring SIMON, which focuses on helping financial advisors understand and manage structured investments, annuities, and other risk managed products. SIMON adds a track record of $48B of issuances in 2021 to iCapital’s platform.Lawrence and Jason both come from Goldman Sachs roots before building their building their respective businesses.Lawrence spent 17 years at Goldman and was a Partner, where he was Co-Head of the Global Technology Banking Group in the Investment Banking Division. He was a perennial winner of the Forbes Midas List award for the most influential people in venture capital in 2001, 2002, 2004, 2005, and 2006.Jason also spent almost 17 years at Goldman, where he was a Managing Director and Head of Private Investor Products Group in the Americas, which focused on the creation and distribution of structured investments to Goldman’s private wealth management management clients and third party distributors.Lawrence and Jason are both experts on product distribution of alts to the wealth community so it was a treat to have them on to discuss the anatomy of this landmark SIMON acquisition and how this revolutionizes distribution of alts products.We had a fascinating conversation. We discussed:Why this acquisition is so important for the alts space.The importance of building a one-stop shop alts investment platform for financial advisors.How important it is to comprehensively serve financial advisors.Why the platform who figures out distribution will be the winner in the alts space.How data and analytics will play a key role in educating advisors.How alts will no longer be alts, but will be mainstream, as investors think about the reconstruction of the 60/40 portfolio.Thanks Lawrence and Jason for coming on the Alt Goes Mainstream podcast. It was a pleasure to have you share your views on the continued development of the alts space.

Today on the Alt Goes Mainstream podcast we have a guest who has rich experience in the alts space.Robert Picard, who was recently tapped to become the Head of Alternatives at Hightower, a $117B AUM wealth management platform, has over 32 years of experience on the buy and sell side in alts.Robert came onto the podcast to discuss how he’s witnessed alts evolve over the past 30 years. He’s worked with top-tier asset managers, built private wealth units for banks, and is now building out Hightower’s expansive alts capabilities in-house to provide bespoke sophisticated solutions for some of the industry’s best wealth managers.Robert was recently First Republic’s MD and Head of Alternative Investments. At First Republic Private Wealth Management, he consolidated two alternative investment businesses into a single platform and generated meaningful growth in wealth management team participation in alts and fund offerings across all asset classes.Prior to First Republic, he founded and was CEO of the Rumson Ridge Group, a consultancy focused on building alternative investment platforms. Prior to Rumson Ridge, he held senior leadership positions at The Carlyle Group / Rock Creek, Optima Fund Management, RBC Capital Markets, and InfraHedge / State Street.Robert and I had a thought-provoking conversation about the evolution of alts and the importance of alts in an investor’s portfolio.We drilled down on how an expert like Robert performs manager due diligence and what he looks for in a successful fund manager, which is becoming increasingly important as many new managers enter the alts world and as new allocators look to invest into funds.

Today on the Alt Goes Mainstream podcast we have a fascinating episode with a wealth management veteran who has transformed his firm into a full fledged asset manager with significant private markets capabilities.Lorenzo Esparza is the CEO and Founding Principal at Manhattan West where he leveraged his legal, corporate, and financial experience to form the modern version of an investment firm.Lorenzo and I had a fascinating conversation that spanned the evolution of wealth management, how advisors are approaching the alts space, how platforms and tech is democratizing access to alts, and Manhattan West’s unique model.Lorenzo manages Manhattan West’s strategic direction while overseeing day to day operations. He is focused on building the firm using a top-down approach to working with clients across a broad suite of services and investment categories.Lorenzo is looking to position the firm as a leader in the investment industry serving ultra-high net worth clients, family offices and institutions across the United States.Lorenzo began his career in financial services at Alliance Bernstein before joining JP Morgan Securities. He launched Manhattan West immediately following his tenure at JP Morgan.Lorenzo is an avid Philanthropist where he supports numerous causes that benefit underprivileged youth. Active in the community, he is a former Board Member of the Richstone Family Center, the former Board Chair of the Cancer Support Community-Benjamin Center in Santa Monica, and is a former Board Member of the Stroke Association of Southern California.Thanks Lorenzo for coming on the Alt Goes Mainstream podcast. It was a pleasure to have you on the show.