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

Welcome back to the Alt Goes Mainstream podcast.Today’s episode takes us inside the world of wealth from the perspective of one of the industry’s largest alternative asset managers that has made the wealth channel core to its firm’s DNA from the beginning.We sat down with Sean Connor, Senior Managing Director and the President & CEO of Global Private Wealth at Blue Owl Capital, a firm with almost $300B in AUM. Sean highlighted a number of key insights for navigating and working with the wealth channel as he shared lessons learned from building a successful private wealth business at a large alternative asset manager.Sean is responsible for bringing the breadth of the Blue Owl investment platform to the global private wealth market. He’s at the forefront of Blue Owl’s private wealth initiatives globally and oversees fund formation, product structure innovation, capital raising, and client servicing. He also oversees business development, marketing, and operations for Private Wealth at the firm. Prior to his current role, Sean was one of the first employees at Owl Rock (now the Direct Lending division of Blue Owl) and was responsible for building out the private wealth business.Prior to joining Blue Owl and Owl Rock, Sean served as a Managing Director of CION Investment Management for over 10 years. Sean was a member of CION’s Investment Committee and was responsible for all aspects of CION’s business including originating, underwriting, and negotiating corporate finance transactions globally. In 2020, Sean was recognized by Private Debt Investor as one of the industry’s Rising Stars.Sean and I had a fascinating conversation about what it’s like to work with the wealth channel. We discussed:* The biggest drivers of AUM growth for Blue Owl and how the wealth channel has been a major part of the firm’s story of scale.* Lessons learned from growing and scaling a private wealth business in the US and internationally.* The differences between the wealth channel a few years ago and the wealth channel today.* What the wealth channel wants and needs from its alternative asset manager partners.* Why Blue Owl focuses on investing in megatrends, like AI, digital infrastructure, and private credit.* The opportunity in the 401(k) and retirement channels.Thanks Sean for coming back on the Alt Goes Mainstream podcast to share your expertise and wisdom on private markets and private wealth.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 to Ultimus, our Sponsor01:57 Welcome to the Alt Goes Mainstream Podcast and Episode Overview02:10 Guest Introduction: Sean Connor04:07 Growth Drivers for Blue Owl04:52 Diversification and Market Strategy07:05 Brand Essence and Focus12:01 Education and The Nest15:05 Implementation Journey18:53 Customization in Wealth Management20:33 Product Structuring and Creation22:08 Wealth Management Market Structure26:06 International Expansion28:22 Building Brand Internationally30:11 Maintaining Entrepr

Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives into the nuances of enterprise software and how to build a scaled specialist alternative asset manager.We sat down in Vista’s NYC office with David Breach, Vista’s President and Chief Operating Officer.David sits on Vista’s Executive Committee, the firm’s governing and decision-making body for matters affecting its overall management and strategic direction as well as the firm’s Private Equity Management and Vista’s Private Equity Funds’ Investment Committees. David is also the Co-CEO of VistaOne, Vista’s evergreen private equity vehicle, and serves on the Investment Committee and Board of Directors. He also sits on the boards of Vista portfolio companies Jamf, Solera, and Stats Perform.David, who has been instrumental in helping the firm chart its growth path to over $100B in AUM, joined Vista in 2014 after as a career as a Partner at law firm Kirkland & Ellis, where his practice focused on the representation of private equity funds in all aspects of their business. David was a member of K&E’s 15-person global executive management committee and a founding partner of its San Francisco office.David and I had a fascinating and thought-provoking conversation about private markets and Vista’s evolution as a firm: * How and why Vista has become a “scaled specialist.”* The journey from $13B in AUM to $100B.* The opportunity in enterprise software investing and how enterprise software is an expanding market opportunity.* The reason why Vista decided to build out a dedicated wealth solutions business.* How firms can differentiate in the wealth channel.* How firms can be measured and thoughtful with how they build evergreen solutions.* The opportunity for large companies to adopt GenAI for cost-savings and revenue generation.* The skills that might be valuable in the age of AI.Thanks David for coming on the show to share your wisdom and expertise in private markets.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 to our Sponsor, Ultimus01:59 Welcome to the Alt Goes Mainstream Podcast02:07 Guest Introduction: David Breach03:01 David Breach’s Career Journey03:52 Transition to Vista Equity Partners04:13 Early Career and Legal Background06:18 Joining Vista and Initial Impressions06:43 Vista’s Vision and Growth Strategy09:35 Operational Excellence at Vista11:53 Investment Process and Alignment14:31 Scaling Vista’s Operations18:16 Building Vista’s Wealth Business18:34 Vista’s Core Values and Culture19:33 Strategic Decisions in Wealth Management21:11 Challenges and Opportunities in Wealth Channel24:29 Balancing Institutional and Wealth Investors24:56 Transparency and Investor Relations26:25 Institutional Concerns and Strategy27:34 Investors Voting with Their Feet27:38 Private Companies Staying Private Longer28:10 Liquidity Mechanisms in Private Markets28:35 Growth of the Software Industry29:22 Penetration of Alternatives in Wealth Space29:48 Belief in Pr

Welcome back to the Alt Goes Mainstream podcast.Today’s episode was filmed at ING’s HQ in Amsterdam, right after ING held its Private Markets Day. The firm has been actively building out its private markets capabilities to serve its private wealth clients so it was a treat to interview two of the people responsible for running ING’s wealth management and private markets practice.We sat down with Anneka Treon, ING’s Global Head of Private Banking, Wealth Management & Investments, and Johan Kloeze, Head of Private Banking & Wealth Management Netherlands, to discuss ING’s big ambitions in private markets.ING, which manages over €260B of invested assets across 5 million clients, has made a major push into private markets. Led by Anneka and Johan, the firm has built out a Private Markets business that has grown AUM in three years since its launch. ING has partnered with established alternative asset managers to create one of the largest evergreen fund platforms in European wealth management.Anneka, Johan, and I had a fascinating discussion about wealth management, how to bring private markets to advisors and clients, and how to educate the wealth channel about private markets. We covered:* What Anneka means by “fast money versus slow money.”* Why it’s important for advisors to bring private markets “to the kitchen table.”* How to transform savers into investors — and why that matters.* Why focus on private markets.* The challenges with building a private markets business.* Figuring out how to partner with alternative asset managers.* How and why ING has focused on curation when building its private markets platform.* The benefits and challenges of evergreen funds.Thanks Anneka and Johan for sharing your wisdom and expertise at the intersection of private markets and private wealth.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 Message from Ultimus, our Sponsor01:42 Welcome to the Alt Goes Mainstream Podcast02:03 ING’s Private Markets Day03:19 Introduction of Johan Kloeze and Anneka Treon04:07 Johan’s Background and Role05:03 Anneka’s Background and Ambitions06:59 The Importance of Private Markets08:33 Building the Private Markets Business09:50 Evergreen Fund Structures14:00 Client Education and Engagement16:47 Making Private Markets More Human20:02 Curating the Right Partners23:32 Quality and Scale in Private Markets23:39 Fast Money vs. Slow Money24:41 The Importance of a Balanced Portfolio25:44 The Importance of Manager Quality25:48 Motivations Behind Public Market Investments26:33 Backing Skilled Managers26:55 Client Experience and Speed Dating27:07 Educating Younger Clients27:17 The Role of Social Media in Investments28:24 The Dangers of Fast Money28:56 ING’s Role in Providing a Full “Bookcase” of Investment Options29:42 Challenges in Building the Private Markets Platform30:41 Operationalizing Evergreen Vehicles31:58 The Success of ING’s Private Markets Platform32:28 Anneka’s Perspective on ING’s Private Markets Strateg

Welcome back to the Alt Goes Mainstream podcast.Today’s episode was filmed live at an event during a Brookfield Oaktree Wealth Solutions RIA Council meeting in New York.Armen Panossian, the Co-CEO and Head of Performing Credit at Oaktree, and I sat down for a conversation in a Brookfield-owned building with a group of RIAs in the audience.Armen, who joined Oaktree in 2007, has been an integral part of scaling Oaktree to over $209B in AUM. Oaktree, a storied firm, particularly in distressed credit, was recently fully acquired by Brookfield, the $1T AUM alternative asset manager.Armen has a wealth of experience across different areas of credit. He is the Head of Performing Credit, where his responsibilities include oversight of the firm’s liquid and private credit strategies and as a portfolio manager within the Global Private Debt and Global Credit strategies. He also led the development of Oaktree’s CLO business.Armen and I had a fascinating and thought-provoking conversation. We covered:* The evolution of Oaktree’s business.* How the acquisition by Brookfield has helped scale Oaktree’s business.* Why private credit is more than direct lending.* The nuances of asset-based finance.* The current state of the credit markets.* How Oaktree has approached distressed credit investing.* What Armen’s memo would be if he were to write a memo like his colleague Howard Marks. * And, why his memo might be titled “this is not your grandma’s private credit” or “don’t reach for risk to deliver the right return.”Thanks Armen and the Brookfield Oaktree Wealth Solutions team for a fantastic night and Armen for sharing your wisdom and expertise with us.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 Message from our Sponsor, Ultimus01:20 Welcome to the Alt Goes Mainstream Podcast02:01 Live Event at Brookfield Oaktree Wealth Solutions RIA Council Meeting02:08 Guest Introduction: Armen Panossian04:07 Armen’s Background and Career Path04:31 Early Career and Education08:32 Joining Oaktree09:03 Oaktree’s Early Days and Growth09:28 Oaktree’s Investment Philosophy and Culture12:57 Balancing the Pessimism of a Credit Investor and Business Building13:25 Business Building and Strategy15:50 Private Credit Market Insights16:09 Scale and Strategy in Private Credit16:48 Core and Alpha in Private Credit17:26 Oaktree’s Approach to Direct Lending21:25 Public vs. Private Credit Markets23:09 Technicals and Fundamentals in Credit Markets25:58 Valuation and Risk Management26:51 Public Markets as Indicators27:03 Consumer Impact on Private Credit27:27 Market Psychology and Risk29:04 Opportunities in Life Sciences Investing29:48 Private Market Solutions for Struggling Industries29:58 Judging Business Winners and Investment Opportunities30:03 Public Sentiment and Private Investment30:18 Private Credit Headlines and Challenges30:35 Perceived vs. Actual Risks in Private Credit30:59 Credit Market Technicals: Private vs. Public31:41 Fraud Vigilance in Credit Markets3

Welcome back to the Alt Goes Mainstream podcast.Today’s episode brings the perspective of an asset management veteran who has sat on both sides of the table.We sat down in Franklin Templeton’s New York City office with George Stephan, COO of Global Wealth Management Alternatives at Franklin Templeton.George joined Franklin to continue the buildout of the firm’s Alternatives capabilities, which boasts over $264B AUM in private markets strategies that include Lexington Partners, Benefit Street Partners, and Clarion Partners. George came from KKR, where he was Head of Strategy and Business Development for the firm’s Global Client Solutions business and was also COO and Head of Investor Relations for KKR’s Global Wealth Solutions business in the Americas. Prior to KKR, George spent nine years in Morgan Stanley’s wealth management division. George is also a Board Observer at CAIS.George and I had a fascinating conversation about how to build a wealth solutions business and how advisors approach private markets. We discussed:* How has the adoption of private markets by the wealth channel evolved over the course of George’s career?* The benefits and challenges of being a traditional asset manager building out its private markets capabilities.* The breadth and depth of Franklin Templeton’s reach as a firm and how that brand and history have helped Franklin partner with the wealth channel in private markets.* How has Franklin Templeton’s family of specialists enabled the firm to leverage the expertise of specialist alternative asset managers within a larger platform?* How does the wealth channel approach private markets?* How will model portfolios be constructed and adopted by the wealth channel?* Will evergreen funds be the structure of choice for most advisors?Thanks George for coming on the show to share your expertise and wisdom at the intersection of private markets and private wealth.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 from Ultimus, our Sponsor01:55 Welcome to the Alt Goes Mainstream Podcast04:00 George Stephan’s Career Journey06:11 Building Wealth Solutions at Franklin Templeton07:05 Key Pillars for Success in Wealth Management07:39 Client Service and Operational Excellence09:31 Franklin Templeton’s Size and Scale Advantage10:26 Convergence of Public and Private Markets13:11 Strategic Acquisitions and Partnerships14:38 Unifying Private Markets Business16:40 Franklin Templeton’s Culture and Values17:46 Heritage and Long-Term Vision18:50 Innovative Solutions and Technology19:33 Building a Top 10 Private Markets Business19:59 Legacy Relationships and Branding22:42 Educating Advisors on Private Markets22:59 Comprehensive Private Markets Capabilities24:56 Strategic Partnerships in Infrastructure26:35 Future of Partnerships and Acquisitions27:21 Growing Partnerships in Private Infrastructure27:54 Advisor Perspectives on Wealth Channel Productization28:28 Manager Specialization in Private Markets29:06 I

Welcome back to the Alt Goes Mainstream podcast.Today’s interview is with a wealth management entrepreneur who created one of the most consequential wealth management technology companies that has helped to shape the industry into what it is today.Bill Crager is the Co-Founder of Envestnet, which he and his co-founder, the late Jud Bergman, grew into a public company. Bill was the CEO of Envestnet during the company’s time as both a public company and following Bain Capital’s acquisition to take the company private for $4.5B.Bill is now back at it again, joining iAltA Holdings as a Founding Partner to build a suite of businesses at the intersection of private markets and private wealth management infrastructure alongside former Ipreo CEO Scott Ganeles, former Ipreo Executive Bill Sherman, and former Blackstone CFO and WestCap Founder Laurence Tosi.Bill and I had a fascinating conversation about wealth management and private markets. We covered:* The evolution of wealthtech.* What advisors are looking for when it comes to technology.* How technology can help advisors deliver a high-quality experience to clients.* Why private markets are now playing such a big role in the business of wealth management.* What is missing in private markets infrastructure.* The role of AI in financial planning.* Why Bill wanted to go back to building again.* What is in store for iAltA.Thanks Bill for sharing your wisdom and expertise on private wealth and private markets.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 to Early Technology00:12 Sponsorship Message from Ultimus02:09 Welcome to the Alt Goes Mainstream Podcast02:12 Bill Crager’s Background and Achievements02:57 The Evolution of Wealth Management05:10 Challenges in Wealth Management Technology09:13 The Advent of Private Equity in Wealth Management10:45 Horizontal vs. Vertical Solutions in Wealth Tech17:07 The Role of Data in Wealth Management17:51 The Future of Wealth Management Technology22:58 The Evolution of UMA and Future Prospects23:45 Customization and Scale in Wealth Management25:58 The Convergence of Private and Public Markets27:44 The Role of Evergreen Funds in UMA28:52 Access to Private Markets for Average Investors29:10 The Need for Universal Product Master29:23 Intelligent Financial Environments30:11 Creating Financial Plans for Clients30:44 Client Demand for Connected Financial Lives31:14 Challenges in Holistic Financial Advice32:11 The Role of AI in Financial Services33:06 Balancing AI and Human Assurance33:22 AI’s Impact on Wealth Management34:37 Future of Financial Planning with AI37:21 Trust in Technology vs. Human Advisors38:58 The Evolution of Financial Advice39:30 Tokenization in Wealth Management40:22 Adoption Challenges of Tokenization41:40 Leveraging Technology in Wealth Management43:49 Advice for Young Financial Advisors45:05 The Future of Private Markets47:07 Building Horizontal Solutions in WealthTech47:56 The Vision for iAltA49:44 Creating

Welcome back to the Alt Goes Mainstream podcast.Today’s episode welcomes a pioneer and visionary in enterprise software investing to Alt Goes Mainstream.Robert F. Smith is the Founder, Chairman, and CEO of $100B AUM Vista Equity Partners. He sits on the firm’s Investment Committees for Vista’s Flagship, Foundation, Endeavor, and Perennial Funds and serves as a member of Vista’s Executive committee. Vista’s portfolio spans 90 enterprise software, data, and technology-enabled companies that employ over 100,000 people worldwide.He’s also heavily involved and committed to the firm’s wealth channel efforts, serving as the Chairman and Investment Committee member for VistaOne, the firm’s evergreen private equity vehicle. Since Vista’s founding, Robert has supervised on over 600 completed transactions that represent more than $330B in aggregate transaction value.Robert founded Vista after a career at Goldman Sachs in tech investment banking, where he was Co-Head of Enterprise Systems and Storage, executing and advising on over $50B in M&A activity with companies that were foundational players in the early days of the internet and technology, including Apple, Microsoft, Texas Instruments, eBay, and Yahoo.Robert has an innate understanding of technology and the trends that are shaping the way that companies and people interact with the world and conduct business. It’s no surprise that he was early in seeing the rise and impact of AI because he was early in seeing the dawn of the internet in the 1990s.Robert and I had a fascinating and thought-provoking conversation about the evolution of both enterprise software and Vista as a firm. We covered:* The early days of enterprise software and what Robert saw then that gave him conviction to focus on enterprise software as a banker and then as an investor building Vista.* The investment characteristics of enterprise software.* The power of product superiority in enterprise software.* Why “sovereignty and dominion of data” are so important — and why it matters for AI.* Can the “Rule of 40” become the “Rule of 50, 60, 70” with AI?* What aspect of AI is most impactful for companies.* How Vista approaches value creation.* What it took to scale Vista to a $100B investment platform.* Why the wealth channel is core to Vista’s business and the firm’s DNA.Thanks Robert for coming on the show to share your expertise, wisdom, and passion for enterprise software and building businesses.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.Clip #1: Vista - “it’s an elegant solution to a complex problem.”Clip #2: “If you don’t have sovereignty and dominion over workflows and datasets, you don’t have a right to exist as an enterprise software company.”Clip #3: “AI is going to feed software that’s going to eat services.”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 to Ultimus, Our Sponsor01:20 Welcome to the Alt Goes Mainstream Podcast02:05 Robert F. Smith’s Background and Career04:31 Engineering Background05:08 Early Career and Transitio

Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives into private credit and building an asset management business inside of a leading global bank.We sat down in Nomura’s NYC office with Robert Stark, the CEO of Nomura Capital Management LLC (NCM) and Head of Investment Management in the Americas for the Nomura Group.Robert brings deep experience in financial services to Nomura. He was previously the Founder & CEO of Alterum Capital Partners LLC, where he focused on building an investment management business at the intersection of private markets and RIAs. Prior to Alterum, he was a Senior Managing Director and member of the Executive Committee at FS Investments, where he was responsible for Corporate Development. He also spent 7 years at JP Morgan across Asset & Wealth Management. He joined JP Morgan from Russell Investments, where he was a member of the Executive Committee. He started his professional career at McKinsey & Company, where he was a Partner serving clients in asset management, investment banking, insurance, and private equity.Robert brings both a consultant’s analytical perspective and an operator’s practical approach to his work building the credit business at Nomura Capital Management.Robert and I had a fascinating and wide-ranging discussion about building an asset management business in a fast-growing segment of private markets: private credit. We covered:* The state of the private credit market.* How to build an asset management business.* What it takes to work with the wealth channel.* The entrepreneurial spirit of RIAs.* Open architecture vs closed architecture in private credit.* Keys to success in the evergreen fund space.Thanks Robert for coming on the show to share your wisdom and expertise on private markets and wealth 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.Clip #1: What is the next phase of private markets?Clip #2: What did you need to start a credit business?Clip #3: There must be a way to provide a broader audience with a very diverse way to access private credit.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 Message from Ultimus, our Sponsor01:57 Welcome to the Alt Goes Mainstream Podcast02:06 Guest Introduction: Robert Stark03:49 Evolution of the Asset Management Industry04:12 Regulatory Changes and Market Shifts05:39 Building an Asset Management Business07:06 Challenges in Asset Management07:43 Entrepreneurial Journey at Nomura09:56 Private Credit Market Insights11:30 Diversification in Private Credit13:05 Client-Centric Solutions in Private Credit15:19 Building a Scalable Private Credit Business16:11 Nomura’s Long-Term Commitment17:31 Public vs. Private Credit18:28 Client Needs and Investment Solutions22:01 Origination in Private Credit23:16 Open vs. Closed Architecture in Private Credit24:58 Educating Investors and Advisors27:51 Early Stages of Private Credit Solutions28:40 Future of Private Credit and Evergreen Funds29:14 Keys to Success in the Evergreen Fund Space31:08 Understanding Investor

Welcome back to the Alt Goes Mainstream podcast.Today’s episode is with an experienced private markets and distribution executive who has been educating the wealth channel and distributing private markets investment solutions at some of the industry’s largest platforms.We sat down in Prudential’s Newark studio with PGIM’s Global Head of Alternative Investments, Dominick Carlino. PGIM is the $1.4T global asset management business of Prudential Financial.At PGIM, Dominick is responsible for driving the continued development and distribution of alternative investments tailored to the firm’s wealth channel investors globally.Dominick joined the firm in 2023, bringing over 20 years of experience in alternatives distribution. He was most recently MD, Head of Alternative Investments Distribution at Merrill Lynch.Dominick and I had a fascinating conversation about the intersections between insurance and asset management and the evolution of distribution. We covered:* How the distribution of private markets investment solutions has evolved.* The benefits of an integrated platform across insurance and asset management.* Navigating the playing field of collaboration and competition between asset managers and insurance companies.* The importance of education.* How, why, and where evergreen funds will be adopted.Thanks Dom for sharing your perspectives and wisdom on insurance and private markets. 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.Clip #1: “The asset liability matching model is in our DNA.”Clip #2: How does having such a broad based platform allow PGIM to think differently about product construction?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 Message from our Sponsor, Ultimus01:18 Welcome to Alt Goes Mainstream01:55 Guest Introduction: Dominick Carlino03:56 Early Career and Transition to Distribution05:10 Experiences at Morgan Stanley and Merrill Lynch05:25 Evolution of Private Markets Distribution07:24 Wealth Management and Private Markets09:30 Joining Prudential and PGIM12:00 Prudential’s Unique Position in the Market13:31 Asset Liability Matching in Wealth Management14:59 Liquidity Risk in Private Markets17:14 Education and Evergreen Products17:52 Credit Risk in Private Credit18:35 Prudential’s Approach to Credit Risk Management19:24 Vertical Integration and Acquisitions20:49 Partnerships and Strategic Growth21:38 Future of Private Markets and Asset Management21:57 The Future of Asset Management22:11 The Race to Scale in Asset Management23:16 The Importance of Distribution23:36 Breaking Down the Product Set23:58 Innovative Product Construction24:32 Market Leadership and Capabilities24:58 Client and Advisor Preferences25:37 Simplifying Implementation26:26 Evergreen Funds and Market Trends27:01 Turnkey Options and Diversified Exposure28:05 Specialized Strategies in Private Markets29:07 Educating the Distribution Force30:16 Skills for Effective Distribution33:11 Organizational Alpha and Trust34:18 Brand Essence and Client Trust35:43 Partnership

Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives into digital infrastructure and how it powers the growth of artificial intelligence and other major trends in digitalization and electrification.We sat down in Blue Owl’s NYC office with Matt A’Hearn, an asset management entrepreneur and executive at the firm.Matt is a Senior Managing Direct at Blue Owl and Head of Digital Infrastructure. He’s responsible for leading the overall management of Digital Infrastructure, including strategy, investments, and portfolio management.Prior to joining Blue Owl, Matt was the Managing Partner and a Founder of IPI Partners, the predecessor firm to Blue Owl Digital Infrastructure. IPI was acquired by Blue Owl in 2024.Prior to founding IPI, Matt led the global investment banking practice in communications infrastructure at Moelis & Company.Matt and I had a fascinating and thought-provoking discussion about the future of digital infrastructure. We covered:* The how and the why of digital infrastructure.* Investing in data centers.* The evolution of digital infrastructure.* How to best partner with and serve the need of hyperscalers.* The importance of power generation for AI. * How there are different ways to approach gaining exposure to AI as an investment theme.Thanks Matt for coming on the show to share your wisdom and expertise in private markets and digital infrastructure.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.Clip #1: This is not just an AI story when we think about data centers and digital infrastructure.Clip #2: What is the size and scale of the capital required to be able to work with hyperscalers?Clip #3: Where does digital infrastructure as an investment opportunity fit into an investor’s portfolio?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 Our Sponsor, Ultimus01:57 Welcome to the Alt Goes Mainstream Podcast02:05 Introduction to Today’s Guest: Matt A’Hearn03:39 The Evolution of Digital Infrastructure04:50 The Importance of Digital Infrastructure05:44 Founding IPI and Early Opportunities05:58 Cloud and Data Center Growth07:15 Partnerships with Hyperscale Companies08:17 Challenges in Digital Infrastructure13:33 The Role of Power in Digital Infrastructure16:19 Site Selection and Power Acquisition19:49 Scale and Capital in Digital Infrastructure23:13 The Growing Demand for Data Centers24:15 Investment Opportunities in Digital Infrastructure26:17 The Importance of Scale in Investments26:36 Blue Owl’s Comprehensive Solutions27:10 The Acquisition of IPI Partners27:33 Looking Ahead: The Future of Digital Infrastructure27:38 Feedback from Hyperscalers28:03 Joining Blue Owl28:28 Investing in Digital Infrastructure29:36 Evolution of IPI30:04 Founding IPI30:50 Building a Differentiated Platform31:42 Partner-First Approach32:05 Early AI Insights33:19 Growth of AI and Cloud34:37 Future of AI and Cloud Capacity35:35 Digital Infrastructure in Investment Portfolios37:36 Underwriting Digital Infrastructure40:49 Hyperscalers and Data Centers41:51 Alternative

Welcome back to the Alt Goes Mainstream podcast.Today’s episode is with an experienced asset allocator who has operated at the intersection of insurance and asset management throughout his career.We sat down in Prudential’s Newark studio with PGIM’s Head of Multi-Asset and Quantitative Solutions, Phil Waldeck. Phil is responsible for nearly $140B in AUM, where the business unit leverages PGIM’s deep public and private markets expertise for the purpose of developing customized portfolio solutions to meet insurer and other investors’ unique objectives. Phil previously served as Chief Transformation Officer at Prudential, CEO of Prudential’s Workplace Solutions Group, and as president of Prudential’s retirement business, which comprised of $250B in assets. Phil was also the architect of Prudential’s pension risk transfer business, which he grew to over $170B. Phil and I had a fascinating conversation about the intersections between insurance and asset management. We covered:* The evolution of how insurers allocate to private markets.* The importance of asset liability management.* How insurers are leveraging their balance sheet to invest in private markets and collaborate with alternative asset managers.* How insurance and asset management interact and the benefits of an integrated platform.* How PGIM’s $1T in public and private credit informs how they invest.* Why insurers are allocating to private credit.Thanks Phil for sharing your perspectives and wisdom on insurance and private markets. 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.Clip #1: There’s one hundred years of PGIM and Prudential making loans to private companies for long-term liabilities.Clip #2: How is PGIM differentiated from their respected competitors?Clip #3: How does PGIM think of the total portfolio and how it relates to private markets?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 Message from our Sponsor, Ultimus01:23 Welcome to Alt Goes Mainstream Podcast02:03 Guest Introduction: Phil Waldeck03:29 Insurance and Asset Management Intersection04:39 Understanding Asset Liability Management (ALM)05:46 Liquidity and ALM in Private Markets07:17 Adoption of Private Markets by Insurers09:39 Private Credit and Public Credit12:55 Building a Robust Origination Engine14:53 Talent and Culture at PGIM15:11 Impact of Private Credit on Main Street17:18 Borrowers’ Perspective: Private vs Public Credit19:08 Blurring Lines Between Public and Private Credit19:32 Global Perspective on Credit Markets20:44 Challenges and Opportunities in Private Credit21:48 Importance of Long-Term Track Records23:44 Partnerships in Asset Management25:43 Private Markets in Insurance Portfolios27:45 Underwriting Discipline in Private Credit28:27 Growth and Scale in Private Credit29:57 Future of Private Credit Markets32:13 Balancing Liquidity and Regulation32:56 Educating Investors on Private Markets34:07 Creating the Perfect Private Credit Portfolio35:00 Diversification in Private Credit38:34 Talent Retention in Pr

Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives into the evolution of infrastructure investing with a leading scaled specialist firm in infrastructure.We sat down in Stonepeak’s Hudson Yards office with a pioneer in infrastructure investing: Mike Dorrell.Mike is the Chairman, CEO, and Co-Founder of Stonepeak, building the foundations for the firm to achieve a rapid ascent to $76B from its founding in 2011.Mike brings deep expertise to bear in the infrastructure asset class. He has over 20 years of experience investing in infrastructure, starting his career at Macquarie, where he ultimately held the title of Senior Managing Director. He then joined Blackstone, where he was a Senior Managing Director in Private Equity and Co-Head of the Infrastructure Investment group, before striking out on his own to build one of the industry’s largest infrastructure investing firms in Stonepeak.Mike and I had a fascinating and thought-provoking discussion about infrastructure investing and why it’s becoming an increasingly important part of the private capital ecosystem. We covered:* The early days of infrastructure investing.* How infrastructure investing has evolved.* How Mike’s experiences at Macquarie and Blackstone informed how he wanted to build Stonepeak.* How institutional investors have approached infrastructure investing and why individual investors should consider exposure to infrastructure assets.* Stonepeak’s DNA and what makes the firm different from other infrastructure investors.* Why being a scaled specialist is a competitive advantage.* How Stonepeak was built from scratch to scale.* How Stonepeak identified investing in data centers early on and well before the data center boom began.* Why launch a wealth solutions business and how it’s a reflection of the firm’s DNA, culture, and values.Thanks Mike for coming on the show to share your expertise, wisdom, and passion for infrastructure investing.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.Clip #1: There is a huge responsibility to owning and operating these assets.Clip #2: Infrastructure has characteristics that are sought after.Clip #3: Infrastructure assets have huge economic moats.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 Message from our Sponsor, Ultimus01:18 Welcome to the Alts Go Mainstream Podcast02:05 Introducing Mike Dorrell and Stonepeak04:09 Mike’s Early Career at Macquarie07:12 Challenges in the US Infrastructure Market12:17 Success Stories and Early Deals13:20 Privately Held Infrastructure in the US19:00 Public vs. Private Infrastructure21:34 Stonepeak’s Significant Stats25:03 Balancing Public Good and Investor Returns26:55 Challenges in Infrastructure Pricing28:52 Skills Needed for Infrastructure Investing29:48 Access to Private Markets for Individual Investors30:38 Institutional Market and Infrastructure35:05 Asset Allocation and Infrastructure35:40 Risk Spectrum in Infrastructure Investing37:58 Private Equity vs. Infrastructure Investments38:32 Institutional Allocati

Welcome back to the Alt Goes Mainstream podcast.Today’s episode provides a fascinating window into the world of private equity value creation and how AI can help transform both portfolio company and investment firm processes and operations to create value.We sat down in New York with Hg Partner and Head of Value Creation Chris Kindt to dive into how he spearheaded the growth of the firm’s in-house value creation efforts and has built a high-performing team to meet the evolving needs of portfolio companies.Chris brings 15 years of experience in architecting and driving value creation to bear, with 11 years of experience at Hg and another 8 years as a consultant at BCG and Parthenon.Chris and his team are responsible for driving value across a portfolio of 55 companies that represents over $180B in enterprise value and would represent the second largest software company in Europe after SAP if it were a conglomerate.Chris and I had a thought-provoking discussion about value creation and the impact of AI on investing and operating companies. We discussed:* How to build a high-performing value creation team.* Where value creation has the biggest impact.* How AI is transforming investment processes.* How Hg has become an “AI-first” investment firm.* Where AI will have the most impact in a company today and why agentic AI is transforming certain roles and processes within companies.* How professionals can generate the most leverage from utilizing AI — without having cognitive decline.* Why prompting and prompt engineering is so critical in the age of AI (and how you can use your weekends to perfect prompt engineering).* How a management team can buy into AI and why the current time period represents an interesting opportunity for incumbents, particularly for those building mission-critical enterprise software.Thanks Chris for sharing your expertise and wisdom on company building and AI. We hope you enjoy.Note: This episode was filmed in August 2025.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.Clip #1: What does it mean to be an AI-first culture?Clip #2: How do you think about AI as a part of value creation in portfolio companies?Clip #3: The impact of AI on software engineers.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 Message from Our Sponsor, Ultimus01:18 Welcome to the Alt Goes Mainstream Podcast02:10 Guest Introduction: Chris Kindt05:57 Value Creation at Hg07:15 Pre-Investment and Diligence Process08:11 Management Team Collaboration09:16 Areas of Impact in Value Creation11:50 Building a Cross-Functional Team13:17 Scaling the Value Creation Team13:51 Systematic Problem Solving16:31 Measuring Value Creation21:07 AI in Value Creation21:37 Internal vs External AI Applications23:07 AI First Culture23:46 Effective Use of AI Tools25:36 Prompt Engineering27:41 Experimenting with AI Agents28:07 Choosing the Right AI Models28:55 Strengths of Different AI Models29:29 Transformative Impact of AI30:09 Skills Needed for AI Integration30:22 The Role of AI in Work31:01 Philosop

Welcome back to the Alt Goes Mainstream podcast.Today’s episode is with two executives who have helped to build one of the industry’s leading alternative asset managers.In Permira Part 2, Brian Ruder joins his Co-Managing Partner and Co-CEO Dipan Patel in Permira’s London office to discuss the firm’s evolution and how the business has grown to over €80B in AUM.Both Brian and Dipan bring deep backgrounds in private equity investing to bear as they now lead the firm through its next phase of growth.Brian joined Permira in 2008 after working as a Partner at Francisco Partners. He’s Co-Managing Partner and Co-CEO of Permira, also serving on the firm’s Executive Committee and the buyout funds’ Investment Committee. He was instrumental in building the firm’s Technology sector team, which he co-led until 2023 where he worked on a number of the firm’s notable transactions, including Ancestry, Genesys, Informatica, LegalZoom, Magento, McAfee, Relativity, Zendesk, and more.Dipan joined Permira from Gores Group and is Co-Managing Partner and Co-CEO of the firm. He serves on Permira Holdings Limited Board and Permira’s Investment Committee and Executive Committee. He’s focused on technology and services investing, working on deals such as Renaissance Learning, Informatica, Axiom, Adevinta, AllTrails, Ancestry, LegalZoom, and more.Brian, Dipan, and I had a thought-provoking conversation about what it takes to build and run a scaled alternative asset manager and how to differentiate a firm and a culture. We discussed:* How the firm’s beginnings have shaped the culture that has been built and how that culture has permeated how they make investment decisions, work with companies, founders, and LPs.* The benefits and challenges of the collaborative leadership model.* How would an LP underwrite Permira’s culture?* How the firm’s European heritage helps as an investor.* The opportunity set in Europe.* The investment culture at Permira and how its structure and set up helps investment processes and decision-making.* Why software buyouts have become a larger part of the buyout investing landscape.* The Growth vs. Buyout mindset.* The advantage for technology forward incumbents.* How AI is impacting software investing and how AI is impacting services businesses.* The thought process behind launching a wealth solutions business, Permira Wealth, and how it reflects the culture of the firm.Thanks Brian and Dipan for coming on the show to share the evolution of Permira and your expertise and wisdom in private markets.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.Clip #1: Why technology businesses can be better businesses than physical product businesses.Clip #2: How velocity of change can be an indicator of a great company.Clip #3: What does it mean to be a growth oriented investor?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 Message from our Sponsor, Ultimus01:18 Welcome to the Alt Goes Mainstream podcast01:56 Welcome to Brian Ruder and Dipan Patel04:58 Brian’s Career Journey05:17 Priv

Welcome back to the Alt Goes Mainstream podcast.Today’s episode is with one of the executives who has helped to build one of the industry’s leading alternative asset managers.We sat down in Permira’s London office with Co-CEO Dipan Patel to discuss the firm’s evolution and how the business has grown to over €80B in AUM.Dipan brings a deep background in private equity investing to bear as he and his Co-CEO Brian Ruder now lead the firm through its next phase of growth.Dipan joined Permira from Gores Group and is Co-Managing Partner and Co-CEO of the firm. He serves on Permira Holdings Limited Board and Permira’s Investment Committee and Executive Committee. He’s focused on technology and services investing, working on deals such as Renaissance Learning, Informatica, Axiom, AllTrails, Ancestry, LegalZoom, and more.Dipan and I had a thought-provoking conversation about what it takes to build and run a scaled alternative asset manager and how to differentiate a firm and a culture. We discussed:* The founding story of Permira and the evolution of the firm since spinning out of Schroder Ventures in 1996.* How the firm’s beginnings have shaped the culture that has been built and how that culture has permeated how they make investment decisions, work with companies, founders, and LPs.* How would an LP underwrite Permira’s culture?* How the firm’s European heritage helps as an investor.* The opportunity set in Europe.* The investment culture at Permira and how its structure and set up helps investment processes and decision-making.* Why software buyouts have become a larger part of the buyout investing landscape.* How AI is impacting software investing and how AI is impacting services businesses.* Why the firm has expanded into credit.* The thought process behind launching a wealth solutions business, Permira Wealth, and how it reflects the culture of the firm.Thanks Dipan for coming on the show to share the evolution of Permira and your expertise and wisdom in private markets.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.Clip #1: Why strong founders can be transformational for companies.Clip #2: How does the right culture lead to better decision-making?Clip #3: “An obsession with growth in our portfolio companies.”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 Message from Ultimus, our Sponsor01:55 Welcome to the Alt Goes Mainstream Podcast03:42 Introducing Dipan Patel03:47 Discussing Distributions04:24 Selling A-Grade Businesses05:08 Flight to Quality in Investments06:49 Reflecting on Career Beginnings08:04 Lessons from Arthur Andersen and Lehman Brothers09:56 Challenges in Today's Investment World11:24 Underwriting in Unpredictable Times12:01 Basics of Private Equity17:36 Importance of Market Leadership18:21 Backing Strong Founders19:55 Permira's Co-Leadership Model20:23 Permira's Origin Story23:48 Investment Decision Process25:35 Underwriting Character in Executives27:15 Learning from Mistakes27:49 Underwriting Permira's Character28:02 Understanding Your Identity28:39

Welcome back to the Alt Goes Mainstream podcast.Today’s podcast was a conversation that was recorded live at Morningstar’s Investment Conference in Chicago earlier this year.Morningstar CEO Kunal Kapoor took time out of his packed schedule at the event to sit down with me for a thought-provoking conversation that dove into the nuances of many of the trends that are shaping private markets today.Morningstar and Kunal have quite an interesting perch in the market. They occupy a critically important function in the market: helping investors understand the data, structures, and trends in public and private markets. They provide fund ratings, investment analysis, and market data to both individual and institutional investors.As public and private markets experience increasing convergence, Morningstar finds itself at the intersection of markets that are undergoing rapid evolutions across product structures, asset allocation frameworks, and weighty questions around conceptual frameworks of liquidity, risk, volatility, concentration that are on the minds of many. Amongst the wide range of topics Kunal and I covered, one stood out: Morningstar is fiercely on the side of the investor.If there’s anyone who has a deep understanding of Morningstar’s DNA, it’s Kunal. Kunal started at Morningstar in 1997 as a data analyst, holding a variety of roles at the firm, including leadership positions in research and innovation. He served as director of mutual fund research and was part of the team that launched Morningstar Investment Services, Inc., before moving on to other roles including director of business strategy for international operations, and later, president and chief investment officer of Morningstar Investment Services. During his tenure, he has also led Morningstar.com® and the firm’s data business as well as its global products and client solutions group.Kunal and I had a fascinating and lively conversation. We covered a number of the most pressing topics in private markets today: the convergence of public and private, liquidity vs illiquidity, investor education, the importance of transparency, and the why, what, and how behind evergreen funds.Thanks Kunal for coming on the show to share your wisdom, expertise, and passion for public and private markets.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work.Clip #1: Is Wall Street smarter than Main Street?Clip #2: What it means to fight on behalf of the investor.Clip #3: When should people start to think about working with a financial advisor?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 Ultimus Sponsor Message01:18 Welcome to Alt Goes Mainstream01:55 Welcome to the Morningstar Investment Conference02:33 Convergence of Public and Private Markets03:15 Challenges in Transitioning to Private Markets03:32 Morningstar's Evolution and Impact04:29 Generating Alpha in Private Markets04:43 Importance of Time Horizon in Investments06:51 Morningstar's Role in Investor Empowerment07:15 Cost Reduction and Ownership in Mutual Funds08:34 Evergreen Funds and Transparency09:07 Challenges in Private Market Accessibility09:41 Liquidity and Fee Stru

Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives into the evolution of infrastructure investing with the leading scaled specialist firm in infrastructure.We sat down in Stonepeak’s Hudson Yards office with the firm’s Co-President Luke Taylor to discuss the inner workings of the infrastructure investing world and unpack the story of how Stonepeak’s rapid ascent has seen the firm climb to $76.3B in AUM in 14 short years.Luke brings a wealth of experience to the infrastructure investing world. He is Co-President of Stonepeak and a member of all of the firm’s investment committees. He’s been investing in infrastructure for over 20 years, joining Stonepeak from infrastructure investing pioneer Macquarie Capital.Luke and I had a fascinating and thought-provoking discussion about infrastructure investing and why it’s becoming an increasingly important part of the private capital ecosystem. We covered:* How Luke went from growing up on a sheep farm to investing in infrastructure in New York.* What Macquarie taught him about how to approach infrastructure investing.* Why he took the entrepreneurial leap to build Stonepeak and join Chairman, CEO, and Co-Founder Mike Dorrell from the firm’s earliest days.* Why infrastructure investing is more than toll roads, airports, and bridges.* How there are elements of a private equity approach to investing in, building, and operating infrastructure assets.* Where infrastructure fits in an investors’ portfolio.* Why individual investors should consider exposure to infrastructure assets.* Has infrastructure proved itself through an inflation cycle?* Why scale matters in infrastructure investing.* How Stonepeak identified investing in data centers early on and well before the data center boom began.* What type of demeanor and mindset makes for a successful infrastructure investor.Thanks Luke for coming on the show to share your expertise, wisdom, and passion for infrastructure investing.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.Clip #1: What does it take to be a truly great infrastructure investor?Clip #2: Driving value creation in infrastructure investing.Clip #3: Infrastructure as a defensive investment.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 to Ultimus Fund Solutions, our Sponsor01:18 Welcome to the Alt Goes Mainstream Podcast02:04 Guest Introduction: Luke Taylor02:45 Luke Taylor's Background and Journey04:52 Early Days at Macquarie05:47 Entrepreneurial Spirit at Macquarie08:13 Building Stonepeak10:37 Value Creation in Infrastructure12:28 Mindset of an Infrastructure Investor13:38 Balancing Long-Term and Agile Thinking14:23 Key Skills for Success16:20 Underwriting and Risk Management16:48 High Barriers to Entry19:36 Operational Intensity and Value Creation22:51 Network Effects in Infrastructure24:19 Defensive Position of Infrastructure24:49 Infrastructure in Private Markets26:37 Inflation and Infrastructure Performance27:28 Portfolio Construction and Infrastructure28:33 Productizing Infras

Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives into how operations and streamlining technology processes can be turned into a strategic advantage.We sat down with Arcesium’s MD and Head of Client and Partner Development David Nable to discuss how technology is impacting how funds manage their processes, operations, and data.David was an early employee at Arcesium, helping the firm scale and working with many of the industry’s largest asset managers across the lifecycle of an investment. David joined Arcesium after a career in fund services and fund administration that spanned senior roles at Goldman Sachs, Credit Suisse, and BNP Paribas Securities Services.David and I had a fascinating conversation. We discussed:* How David’s background in prime brokerage and fund admin helped him approach the technology problems for asset managers.* How asset managers should approach where and how technology can be a strategic advantage.* What does it mean to be a tech-forward asset manager?* How does the growth of evergreen funds impact how firms manage their data and serve investors?* What still needs to be built next to continue to improve private markets market infrastructure.Thanks David for coming on the Alt Goes Mainstream podcast to share your expertise and wisdom on private markets technology and post-investment processes.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work.Clip #1: What is the true cost of a technology solution?Clip #2: Architecting your systems and data for the future.Clip #3: Be careful with vibe coding. 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 Message from our Sponsor, Ultimus01:18 Welcome to the Alt Goes Mainstream Podcast02:05 Guest Introduction: Arcesium’s David Nable03:48 David's Career Journey04:19 Parallels Between Running and Finance05:24 Observing Industry Trends06:47 Evolution of Private Markets08:59 Impact of Technology on Investment09:54 Challenges of Scaling Investments11:40 Data-Driven Investment Strategies13:04 Technological Advancements in Finance14:15 Importance of Foundational Data18:06 Data Silos and Harmonization18:50 Case Study: Investor Relations22:22 Data-First Approach Benefits22:37 Architecting Systems for Flexibility23:31 Timing for Implementing Technology23:39 Real-World Challenges and Solutions24:10 Inflection Points in Management24:28 Logical Breakpoints for Change24:45 Preparing for New Strategies24:53 Publicly Traded Private Markets25:21 Investing in Scalable Distribution Channels25:42 Strategic Business Planning for SMAs26:09 Data Architecture and Implementation26:44 Understanding Data in Different Business Models28:16 The Role of Technology in Investment Firms28:47 Strategic CTOs and Their Impact30:46 The Paradox of Data in Decision Making32:04 Leveraging Data for Competitive Advantage33:00 The Impact of AI on Data Utilization33:43 Challenges for Mid-Sized Firms34:33 Technology as an Enabler for Niche Specialists35:24 Advice for Mid-Sized Firms on Technology Implementation36:43 Focusing on Major Technological Investments37:58 Point Solutions vs. Platforms40:29 The True Cost of Technology Solutions41

Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives into what the future of fund administration could look like with a tech-forward approach and the application of AI.We sat down with Juniper Square CEO and Co-Founder Alex Robinson to discuss how and why they’ve built a digital first fund administrator for private markets, starting with real estate and since expanding into other asset classes.Fresh off of a $130M Series D fundraise led by Ribbit Capital, Juniper Square has expanded globally, into fund administration through its acquisition of Forstone, and has launched JunieAI to bring AI to fund administration.Alex and I had a fascinating conversation. We discussed:* Why Alex started Juniper Square and how his two entrepreneurial endeavors has informed how he’s built the firm.* The problem Alex set out to solve by building Juniper Square.* After dealing with FedEx’s to make investments, how he set out to build an investor experience that was digital.* How AI will impact fund admin.* Why every GP should have an AI agent according to Alex.* Why Juniper Square decided to move from a technology firm to add fund administration capabilities in-house.* Does AI benefit larger firms or smaller firms more?Thanks Alex for coming on the Alt Goes Mainstream podcast to share your expertise and wisdom on fund administration and AI.Clip #1: “It has to be right … always.”Clip #2: “We want to be in the high-high quadrant. Very high technology. Very high service levels.”Clip #3: Every area inside of the GP should have an AI agent that is part of the team.A word from AGM podcast sponsor, Juniper SquareWhen was the last time things were easy for GPs?Fundraising remains challenging, providing liquidity to investors is even harder—and broadly speaking, most GPs are underwater operationally.It’s not about to get easier, either. Especially for managers vying for capital from the wealth channel. Sure, there’s increased demand from HNW and UNHW investors to gain private markets exposure…but managing their expectations for the investing experience is a whole different ballgame.Reams of paper and a new KYC process every single time they subscribe to a fund? Brutal.But what if committing capital to private equity, venture, and real estate funds was digital and seamless for investors — and scalable to manage for GPs?Meet Juniper Square, the fund operations partner to over 2,000 private markets GPs worldwide.Juniper Square gives GPs the connected software, data, and fund administration services needed for modern private markets. No matter how ambitious your next raise is, how many investors you manage, and how complex your investment vehicles are, Juniper Square empowers GPs to raise capital faster, reduce operational risk, and deliver a world-class investor experience.And with JunieAI, Juniper Square's enterprise-grade AI built for private markets, GPs can truly and finally unlock the power of AI to work smarter, move faster, and focus on relationships and returns.Scale your business, not your operational burdens and costs. Visit junipersquare.com/agm today to learn more.Show Notes00:00 Introduction to Alt Goes Mainstream Podcast00:03 Juniper Square: Revolutionizing Fund Management00:38 The Power of Juniper Square's AI01:38 Welcoming Alex to the Podcast01:59 Alex's Journey to Founding Juniper Square02:10 Juniper Square's Mission and Services02:39 The Early Days and Challenges03:17 The Digital Transformation of Private Markets04:20 Focusing on the GP Experience04:41 The Importance of LP Experience05:19 Overcoming Industry Challenges07:11 Real Estate: The Starting Point08:58 The Evolution of Juniper Square09:56 Technology Adoption in Private Markets12:19 The Complexity of Fund Administration14:58 Expanding Across Asset Classes17:56 Customer-Driven Development18:11 The Role of AI in Fund Management21:22 The Importance of Security and Trust23:44 The Move into Fund Administration26:26 The Full-Stack Service Approach29:00 Challenges of Integrating AI29:57 The Future of Fund Administration31:05 The Demands of Fund Administration31:53 The High Stakes of Mistakes32:05 The Relentless Workload32:30 AI's Impact on Productivity32:48 The Reality of Workforce Reduction33:22 Challenges in AI Adoption33:51 Launching JunieAI34:36 Understanding AI Models34:58 Tailoring AI for Reporting35:40 The Importance of Data Consistency36:57 AI in Software Development37:52 Customer-Centric AI Development38:17 Accuracy in Financial Reporting39:26 Limitations of AI in Financial Insights39:58 Future Improvements in AI40:41 Feeding AI the Right Context41:16 Connecting AI to Tools and Workflows42:26 The Future of Fund Administration45:18 AI's Role in Business Transformation53:13 Human vs. Computer Work54:16 Balancing AI and Human Relationships57:22 The Vision for Private Markets57:52 AI Agents in GP Work58:59 Improving GP-LP Matchmaking01:01:20 The Future of Financial Products01:03:45 Investment Strategies in Private MarketsEditing and post-production wo

Welcome back to the Alt Goes Mainstream podcast.What happens when two podcasters walk into a room? They talk.Today’s podcast turns the tables on one of the industry’s leading podcasters and content creators to have him share his story and experience as an allocator and content creator.We sat down with Ted Seides, the Founder of industry-leading podcast Capital Allocators and former President and Co-CIO of Protégé Partners and an asset allocator at the Yale Endowment.Ted has had a tremendous career at the intersection of asset allocation and content, so it was fascinating to hear his perspectives on the state of the industry and how it’s evolving from someone who talks with many of the industry’s leading minds through his podcast, Capital Allocators.Ted and I had a fascinating conversation. We discussed:* Stories and lessons learned from working with David Swensen at the Yale Endowment.* What the wealth channel can learn from institutional investors.* What Ted looked for in hedge funds and alternative asset managers when doing manager due diligence.* Ted’s bet with Buffett on hedge funds and why he’s now doing a bet on PE versus public equities.* How alternative asset managers are evolving and the pros and cons of evergreen structures.* Why and how Ted started Capital Allocators and why content is so critical to learning asset management and understanding how firms operate.Capital Allocators is one of my favorite podcast listens and Ted always delivers with high-quality and thoughtful content so it was an honor to have him on the show.Thanks Ted for sharing your expertise and wisdom on asset allocation and content and for the service you provide to everyone in the industry through education and the creation of such high-quality content for us to consume.Clip #1: Today is the hardest day to invest.Clip #2: The bet: private equity vs. S&P 500.Clip #3: The podcast found me.A word from AGM podcast sponsor, Juniper SquareWhen was the last time things were easy for GPs?Fundraising remains challenging, providing liquidity to investors is even harder—and broadly speaking, most GPs are underwater operationally.It’s not about to get easier, either. Especially for managers vying for capital from the wealth channel. Sure, there’s increased demand from HNW and UNHW investors to gain private markets exposure…but managing their expectations for the investing experience is a whole different ballgame.Reams of paper and a new KYC process every single time they subscribe to a fund? Brutal.But what if committing capital to private equity, venture, and real estate funds was digital and seamless for investors — and scalable to manage for GPs?Meet Juniper Square, the fund operations partner to over 2,000 private markets GPs worldwide.Juniper Square gives GPs the connected software, data, and fund administration services needed for modern private markets. No matter how ambitious your next raise is, how many investors you manage, and how complex your investment vehicles are, Juniper Square empowers GPs to raise capital faster, reduce operational risk, and deliver a world-class investor experience.And with JunieAI, Juniper Square's enterprise-grade AI built for private markets, GPs can truly and finally unlock the power of AI to work smarter, move faster, and focus on relationships and returns.Scale your business, not your operational burdens and costs. Visit junipersquare.com/agm today to learn more.Show Notes00:00 Introduction to our Sponsor, Juniper Square00:38 Juniper Square's AI Capabilities01:50 Guest Introduction: Ted Seides03:11 Ted's Background and Career Start04:12 Working with David Swensen04:58 Investment Principles from Yale06:16 Wealth Channel vs. Institutional Allocators06:42 David Swensen's Second Book07:38 Alpha and Beta in Private Markets08:37 Access to Top Managers13:19 Private Equity vs. Public Equities Bet15:15 Evaluating Private Equity Returns18:32 Diversification in Private Markets20:10 Lessons from Hedge Fund Evolution28:48 Investment Culture and Philosophy30:31 Evaluating Managers: Art and Science32:01 The Role of AI in Diligence Processes33:37 Market Opportunities and Edges34:06 Impactful Investment Decisions35:32 Challenges in Today's Investment Climate37:00 Behavioral Biases in Investing39:25 AI's Role in Investment Decisions41:18 Navigating Content Overload42:46 The Birth of Capital Allocators44:11 Learning from Podcasting47:20 Building a Business from a Podcast49:12 The Value of Relationships in Investing50:58 Effective Content Strategies for Managers53:49 Choosing the Right Content Modality54:50 Direct Communication vs. Mass Algorithms55:20 Brand Building vs. Direct Sales56:42 Insights from Podcast Conversations58:30 Favorite Private Market Investments01:00:11 AI's Impact on Private Markets01:01:40 Partnering with Experts in AI01:02:19 The Importance of People in Investing01:02:39 Wrapping Up the ConversationEditing and post-production work for this episode was provided by The Podcast Consultant. Join o

Welcome back to the Alt Goes Mainstream podcast.Today’s episode is about mining for investment success in enterprise software by going “an inch wide and a mile deep” with someone who is one of the industry’s most prolific private equity technology investors.We sat down with Nic Humphries in Hg’s London office. Nic is the Senior Partner and Executive Chairman of Hg and Head of the firm’s Saturn fund.Hg, one of the top 10 largest PE firms globally based on the PEI300 ranking, has built an impressive investment engine focused on mission-critical enterprise software. The firm has built a portfolio that is a “transatlantic ecosystem of software and services businesses” — representing over $180B in collective enterprise value across its 55 portfolio companies.Nic is responsible for Hg’s strategy, management, and governance. On the investing side, Nic focuses on larger software investments that provide daily-use mission critical applications for accountants, tax / compliance professionals, and designers / engineers / scientists. He has brought his electrical engineering background to bear to go a “mile deep” into a category where Hg has become an unquestioned market leader.Nic balances being both a detail-oriented specialist with a vision for both the enterprise software industry and Hg as a firm. We had a fascinating discussion about enterprise software investing, how to create European software giants, applying AI to make companies more efficient, and much more.We covered:* The origin story of Hg.* How Hg grew into one of the industry’s leading software focused private equity firms.* How an engineering mindset has helped Nic become a leading investor.* Why Hg focuses on mission-critical enterprise software and why it’s a compelling investment thesis.* Why enterprise software investing can be considered a low volatility investment strategy and how Hg has delivered consistent returns to investors.* How to effectively manage exits and DPI.* Why Europe, why now?* How AI could impact technology and services businesses.Thanks Nic for coming on the show to share your wisdom and expertise about enterprise software and private markets.Clip #1: Unprecedented portfolio consistency.Clip #2: The structural shift in private markets.Clip #3: The AI platform shift and cost revolution.A word from AGM podcast sponsor, Juniper SquareWhen was the last time things were easy for GPs?Fundraising remains challenging, providing liquidity to investors is even harder—and broadly speaking, most GPs are underwater operationally.It’s not about to get easier, either. Especially for managers vying for capital from the wealth channel. Sure, there’s increased demand from HNW and UNHW investors to gain private markets exposure…but managing their expectations for the investing experience is a whole different ballgame.Reams of paper and a new KYC process every single time they subscribe to a fund? Brutal.But what if committing capital to private equity, venture, and real estate funds was digital and seamless for investors — and scalable to manage for GPs?Meet Juniper Square, the fund operations partner to over 2,000 private markets GPs worldwide.Juniper Square gives GPs the connected software, data, and fund administration services needed for modern private markets. No matter how ambitious your next raise is, how many investors you manage, and how complex your investment vehicles are, Juniper Square empowers GPs to raise capital faster, reduce operational risk, and deliver a world-class investor experience.And with JunieAI, Juniper Square's enterprise-grade AI built for private markets, GPs can truly and finally unlock the power of AI to work smarter, move faster, and focus on relationships and returns.Scale your business, not your operational burdens and costs. Visit junipersquare.com/agm today to learn more.Show Notes00:00 Introduction to our Sponsor, Juniper Square01:37 Welcome to the Alt Goes Mainstream Podcast04:07 Nic Humphries' Background04:54 Bringing an Engineering Mindset to Investing05:24 Long-Term Business Thinking06:11 Enterprise Software Investment Strategy06:58 Growth Factors in SMB Market09:21 Impact of AI on Enterprise Software09:51 Platform Shifts in Technology11:30 Adapting to AI in Business12:36 Mission Critical Software and Market Dynamics15:28 Embedding Products and Services18:03 Organic Growth vs. Acquisitions21:32 Geographical Expansion Strategies22:28 Challenges of Expanding in Europe24:00 Underwriting for Long-Term Success24:18 Management Teams and Expansion26:59 Jurisdictional Differences in Payroll Software27:44 Investing in Market Leaders29:35 Enterprise Software Market Size30:53 Software's Ubiquity in Business33:33 Hg's Investment Strategy39:31 Consistency in Returns41:38 Understanding Recurring Revenues42:28 The Importance of Discipline in Investing43:21 Learning from Past Mistakes45:11 Maintaining Team Excitement and Focus47:18 The Role of Realization Committees48:43 Continuous Improvement Culture49:45 The Importance

Welcome back to the Alt Goes Mainstream podcast.Today’s conversation brings us beachside, featuring a live podcast from Soho Beach House in Miami with EQT Partner, Head of Private Wealth Americas Peter Aliprantis.With the backdrop of the beach behind us and the wealth community in the audience, Peter and I discussed the nuances of the wealth channel and how Peter’s experience working with wealth is brought to bear as he brings EQT’s brand and capabilities to the Americas wealth channel.Peter brings a wealth of knowledge to the private wealth solutions world, garnering over 25 years of experience in the space. Prior to joining EQT, Peter spent 12 years at TPG Angelo Gordon as a Managing Director, where he focused on new business development and intermediary distribution.Peter and I had a fascinating, lively, and thought-provoking conversation which then turned into an intellectually rich dinner discussion with the guests. Listen in — we hope you enjoy.You can also read a recent AGM Op-Ed by Peter here. Many of the themes that Peter discussed in our conversation, particularly around evergreen funds and why model portfolios are the next big innovation in private markets, were covered in his Op-Ed.Clip #1: Are more allocators looking to invest in Europe and Asia?Clip #2: How are megatrends in infrastructure changing how investors approach investing in infrastructure?Clip #3: Being global and local.A word from AGM podcast sponsor, Juniper SquareWhen was the last time things were easy for GPs?Fundraising remains challenging, providing liquidity to investors is even harder—and broadly speaking, most GPs are underwater operationally.It’s not about to get easier, either. Especially for managers vying for capital from the wealth channel. Sure, there’s increased demand from HNW and UNHW investors to gain private markets exposure…but managing their expectations for the investing experience is a whole different ballgame.Reams of paper and a new KYC process every single time they subscribe to a fund? Brutal.But what if committing capital to private equity, venture, and real estate funds was digital and seamless for investors — and scalable to manage for GPs?Meet Juniper Square, the fund operations partner to over 2,000 private markets GPs worldwide.Juniper Square gives GPs the connected software, data, and fund administration services needed for modern private markets. No matter how ambitious your next raise is, how many investors you manage, and how complex your investment vehicles are, Juniper Square empowers GPs to raise capital faster, reduce operational risk, and deliver a world-class investor experience.And with JunieAI, Juniper Square's enterprise-grade AI built for private markets, GPs can truly and finally unlock the power of AI to work smarter, move faster, and focus on relationships and returns.Scale your business, not your operational burdens and costs. Visit junipersquare.com/agm today to learn more.Show Notes00:04 Juniper Square: Revolutionizing Fund Management01:38 Welcome to the Podcast01:43 Live from Soho Beach House, Miami with EQT’s Peter Aliprantis02:43 Navigating Current Markets03:04 Volatility in Public Markets04:04 Unprecedented Market Movements05:09 Global Investment Trends05:49 Private Markets in Europe and Asia05:58 Investor Behavior and Global Opportunities07:55 Private Markets Outperforming in Europe08:05 The Wealth Channel Evolution08:35 American Exceptionalism in Investing08:56 EQT's Global Footprint09:38 Mega Trends in Global Investing10:14 Data Centers and Energy Needs12:13 Natural Gas and Carbon Capture12:55 Nuclear Energy and Modular Reactors13:42 Scale in Private Markets14:09 Evergreen Structures in Private Equity15:11 Generating Deal Flow and Co-Investment16:51 Evergreen Structures and Family-Owned Businesses17:53 Opco Structures Explained19:21 Institutional Adoption of Evergreen Structures23:16 Customizing Wealth Channel Allocations23:28 Model Portfolios in Private Markets28:02 Servicing Wealth Channel Investors30:18 Early Days in Wealth Channel Allocations30:49 Educating Investors on Alternatives31:27 Benefits of Evergreen Structures31:58 Quick Fire Questions32:15 Exciting Strategies in Private Markets33:13 Concerns in Democratizing Alternatives34:14 Using Private Markets in Portfolios35:33 Next Big Innovation: Model Portfolios35:49 Intersection of Public and Private Markets36:24 Moving Beyond the 60/40 Portfolio36:58 Conclusion and FarewellEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 12,150 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, General Atlantic, Stonepeak, Hightower, Focus Financial, Cerity Partners, and more. This is a public episode. If you would l

Welcome back to the Alt Goes Mainstream podcast.Today’s podcast is with an elite performer on and off the field who has gone from protecting quarterbacks to protecting families’ wealth.We sit down with former NFL and USC star Winston Justice, whose entrepreneurial spirit that was stoked while he was still playing in the NFL has led to a successful and impactful career in wealth management. He was recently named CEO at SageSpring Private Wealth, a $7B independent wealth management firm, as they look to grow organically and inorganically and expand their offerings in private markets for their clients.A former NFL offensive lineman, Winston played for the Philadelphia Eagles, Indianapolis Colts, and Denver Broncos from 2006 to 2015. He also co-founded an early stage investment vehicle, MJC Capital, and Elixr, a gourmet café and coffee roastery, while he was playing. He also won 2010 Walter Payton Philadelphia Man of the Year Award for his community service.He transitioned into financial services and wealth management post-career, starting at Wells Fargo Securities, where he specialized in institutional and family office advisory. He then was a portfolio manager at PIA’s Alternative Investment Group, and then an investment Manager at AllianceBernstein.Winston and I had a fascinating conversation. We discussed:* The parallels between sports and finance.* How Winston navigated the transition from professional athlete to a finance professional.* What stoked his entrepreneurial spirit.* Why wealth management is so critical to people’s lives. * Why culture fit is so important when integrating advisors into wealth management platforms through acquisition.* How private markets can add to an advisor’s practice.Thanks Winston for coming on the show to share your story, wisdom, and expertise.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work.Clip #1: Fear and purpose: how and why I prepared for life after the NFL.Clip #2: People will talk about anything … but when it comes to their finances, they are very guarded.Clip #3: What’s the wealth channel’s perspective on working with alternative asset managers?A word from AGM podcast sponsor, Juniper SquareWhen was the last time things were easy for GPs?Fundraising remains challenging, providing liquidity to investors is even harder—and broadly speaking, most GPs are underwater operationally.It’s not about to get easier, either. Especially for managers vying for capital from the wealth channel. Sure, there’s increased demand from HNW and UNHW investors to gain private markets exposure…but managing their expectations for the investing experience is a whole different ballgame.Reams of paper and a new KYC process every single time they subscribe to a fund? Brutal.But what if committing capital to private equity, venture, and real estate funds was digital and seamless for investors — and scalable to manage for GPs?Meet Juniper Square, the fund operations partner to over 2,000 private markets GPs worldwide.Juniper Square gives GPs the connected software, data, and fund administration services needed for modern private markets. No matter how ambitious your next raise is, how many investors you manage, and how complex your investment vehicles are, Juniper Square empowers GPs to raise capital faster, reduce operational risk, and deliver a world-class investor experience.And with JunieAI, Juniper Square's enterprise-grade AI built for private markets, GPs can truly and finally unlock the power of AI to work smarter, move faster, and focus on relationships and returns.Scale your business, not your operational burdens and costs. Visit junipersquare.com/agm today to learn more.Show Notes00:00 Introduction to Alt Goes Mainstream Podcast00:04 Our Sponsor, Juniper Square: Revolutionizing Fund Management00:30 Empowering GPS with Juniper Square00:38 Juniper Square's AI Innovation00:55 Visit Juniper Square01:37 Welcome to the Podcast01:41 Introducing Winston Justice03:29 Winston's Background and Education03:52 Starting in Business and Finance04:24 Transition from NFL to Finance04:57 Early Career in Financial Services06:54 The Importance of Wealth Management07:44 Planning for the Future07:58 Private Markets and Retirement Solutions08:13 Building SageSpring08:32 The Sacredness of Finances09:28 Managing Assets and Relationships12:13 Mentoring Advisors at SageSpring12:51 Client-Focused Advisors13:56 Balancing Growth and Client Service18:55 The Role of a True Fiduciary20:30 Educating Clients on Fiduciary Duty20:46 Trust in Financial Services33:02 The Future of Wealth Management36:13 Winston's Favorite Private Market Investments38:20 Conclusion and Final ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 12,100 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,

Welcome back to the Alt Goes Mainstream podcast.Today’s episode is with someone who has successfully built a wealth solutions business tailored to her firm’s unique strengths, expertise, and investment track record.Martina Sanow is a Partner at Hg and Head of Hg Wealth, where she is focused on building the firm’s wealth solutions offering built out of the $85B AUM firm, Hg, that invests in enterprise software.Hg, one of the top 10 largest PE firms globally based on the PEI 300 ranking, has built an impressive investment engine focused mission-critical enterprise software companies. The firm has built a portfolio that is a “transatlantic ecosystem of software and services businesses” — representing over $180B in collective enterprise value across its 55 portfolio companies.Martina has been at the firm for almost 16 years. She has been an integral part of building the firm into what it is today, helping Hg grow from $2B in AUM to $85B in AUM, previously as Deputy COO and now building the Hg Wealth business. Hg’s first wealth offering, Fusion, its flagship evergreen fund that provides access to non-US investors to Hg’s private equity funds and co-investment opportunities, has exceeded $1B in NAV just 12 months after its launch.Martina is thoughtful, strategic, and long-term oriented when it comes to building a solution that amplifies Hg’s strengths and resonates with the wealth channel. We had a fascinating discussion about how a scaled specialist like Hg can stand out in the wealth channel, unpacking the essence of who Hg is as a firm and how they’ve expressed who they are as they’ve built their wealth business.We covered:* Hg’s evolution as a firm.* Why Hg focuses on mission-critical enterprise software companies and why it’s a compelling investment thesis.* Building a wealth business that fits the mission, ethos, and strategy of the firm.* Understanding the complexity of evergreen funds.* How Martina and team think about managing dealflow and investor demand in their Fusion fund.* Learnings applied from HgTrust, the publicly listed UK investment trust, to figuring out how to educate and build brand in the wealth channel.* Why does ownership structure matter when it comes to building a wealth business? How being privately owned informs how Hg builds their wealth business.* Why Europe, why now?Thanks Martina for coming on the show to share your wisdom and expertise at the intersection of enterprise software, private equity, and private wealth.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work.Clip #1: Software is not a sector anymore. What’s the investment thesis for software investing?Clip #2: What are mission-critical software businesses and what do you look for in those businesses?Clip #3: Why and how to build a wealth business?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 Message from Ultimus, our Sponsor01:18 Podcast Opening Theme01:55 Introduction to Today's Guest: Martina Sanow04:48 Martina's Journey at Hg: Detailed Discussion04:55 Hg's Growth and Specialization05:20 Hg's Entrepreneurial Culture06:15 Building a Wealth Business Aligned with Hg's Cul

Welcome back to the Alt Goes Mainstream podcast.Today’s conversation dives into the current state of private markets through the lens of one of the leading GP stakes firms in the industry.We sat down with Partner and Global Co-Head of the Petershill Group at Goldman Sachs Robert Hamilton Kelly. Petershill takes minority equity stakes in established and newly-established alternative asset managers. Across its different investment vehicles, Petershill participates in the fee income from over 200 underlying funds from alternative asset management firms that are diversified across asset class, investment strategy, and investment lifecycle.Petershill’s Partner firms have well in excess of $340B in aggregate AUM and they’ve partnered with a number of the top firms and some of the industry's most recognizable names in the middle market and upper end of the market, including Clearlake, Francisco Partners, Permira, Accel-KKR, General Catalyst, Kayne Anderson Real Estate, Kennedy Lewis, and more.Rob and I had a fascinating conversation on GP stakes and the evolution of alternative asset management. We discussed:* The what, why, and how of GP stakes.* The benefits and drawbacks of GP stakes investing for GPs and LPs.* What makes a great GP.* The question of liquidity in GP stakes.* Why Petershill has generally focused on middle-market alternative asset managers.* How private markets will continue to evolve and the growing importance of the wealth channel in the evolution of asset management.Thanks Rob for coming on the show to share your wisdom and expertise in private markets and GP stakes. We hope you enjoy.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work.Clip #1: Why is today’s environment “like having sand in the gears?”Clip #2: Why would an LP invest in GP stakes?Clip #3: What is the next evolution in GP stakes?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 Notes01:54 Welcome Back to the Podcast02:06 Introducing Robert Hamilton Kelly03:35 Rob's Boat Racing Experience04:58 Lessons from Boat Racing Applied to Private Markets05:19 Current State of Private Markets05:41 Impact of Policy Changes on Private Markets06:24 Private Markets Focus on Service-Oriented Sectors07:23 Growth of Private Markets07:46 Early Days of Petershill10:30 Goldman's Role in Alternative Asset Management13:43 Insights on Valuing GP Stakes14:53 Data-Driven Investment Strategies16:56 Management Fees and Performance Fees25:31 Strategic Imperatives for Growth31:35 Managerial Skills in Private Markets34:01 Early Stage Investing and Commercial Focus34:48 Challenges and Opportunities in Capital Raising35:49 Industry Consolidation and Firm Growth36:11 The Future of Small and Mid-Market Firms38:35 The Role of GP Stakes in Wealth Channel Access40:52 Goldman's Unique Platform and Its Benefits42:56 The Importance of Capital and Strategic Advice44:58 Common Challenges Faced by GPs46:18 Why LPs Invest in GP Stakes47:45 Income Generation and Capital Growth48:44 Diversification and Allocation Strategies50:39 GP Needs and Market Data51:06 Long-Term Perspectives for LPs52:19 Portfolio Construction and Market Trends54:38 Strategic Grow

Welcome back to the Alt Goes Mainstream podcast.Today’s episode is with someone who is running the long race — in investing and in running.We sit down with prolific long distance runner, Blue Owl Capital’s Ivan Zinn, who has been a pioneer in alternative credit and asset-based finance.Ivan has had a long career in private credit. He started at DLJ before joining Leonard Green & Partners and Highbridge Capital. He then joined HBK before founding pioneering private credit firm Atalaya Capital Management, where he was also the CIO. Ivan and team grew Atalaya to over $10B in AUM from 2006 to 2024 before being acquired by Blue Owl Capital for $450M (and $800M with earnouts).As part of the transaction, Ivan became Managing Director at Blue Owl and is the Head of Alternative Credit, where the firm is now expanding its footprint due to Atalaya’s expertise. Ivan is as prolific outside of the office as he is in it — he is a long distance runner, running 100 mile races, and was a NCAA All-American tennis player, which comes as no surprise given the discipline, focus and expertise required to excel at the activities he’s done throughout his career in work and sport. He’s also a Board member of the USTA Foundation.Ivan and I had a fascinating conversation about the evolution of private credit and the growth of asset-based finance. We discussed:* How and why ABF has grown within the private credit ecosystem.* ABF’s market structure and a “trip down main street.”* The potential size of the ABF market.* Why moving assets off bank balance sheets can help the financial system.* Why private credit is a data rich asset.* Where ABF fits in a portfolio.* Why consumer credit is potentially misunderstood within private credit.Thanks Ivan for coming on the show to share your wisdom and expertise on private credit and ABF. Good luck to anyone keeping up with you on a long run though!Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work.You can also see a recent Q&A with Ivan about private credit and ABF on AGM here.Clip #1: “When your borrowing cost is zero, everything makes sense.”Clip #2: Unpacking the definition of ABF.Clip #3: Why should private credit be part of an investor’s portfolio?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 Message from our Sponsor, Ultimus01:55 Guest Introduction: Ivan Zinn03:51 Parallels Between Running and Business05:40 Founding Atalaya and Private Credit05:52 Early Days of Private Credit06:50 Impact of the GFC on Private Credit07:02 Post-GFC Opportunities08:03 Evolution of Corporate Credit08:32 Asset-Based Finance Growth09:46 FinTech and Private Credit11:29 Importance of Stable Capital17:50 Banking System and Private Credit23:41 Definitions of ABF and ABS28:38 Risk Profiles in Private Credit37:25 Consumer Credit and Perceived Risks39:06 Debunking the Cyclical Perception of Credit Risk39:55 The Utility of Credit Cards During Financial Crises40:17 The Resilience of ABS and Diversified Portfolios40:54 Surviving the GFC: A Model for Credit Analysis41:28 The Importance of Diversification in ABF42:25 Selective Approach to Consumer Credit44:20 Packaging Pr

Welcome back to the Alt Goes Mainstream podcast.Today’s episode is with the CIO of an insurance company responsible for more than $300B in assets and a major focus on private markets.Lincoln Financial EVP and CIO Jayson Bronchetti and I sat down recently at Lincon Financial’s headquarters in Radnor, Pennsylvania to discuss the increasing involvement of insurance companies in private markets.Jayson, who is a member of Lincoln Financial’s Senior Management Committee and serves as the primary investment officer to Lincoln’s Board of Directors on all investment-related matters, is responsible for more than $300B in assets across the general account portfolio and the separate account mutual fund complex. He’s also chairman of the board of directors of the Lincoln Variable Insurance Product Trust family of over 100 mutual funds. He's also on the board of the Lincoln Financial Foundation.Fresh off recent partnerships with Bain Capital and Partners Group on private markets investment products and Bain Capital taking a stake in Lincoln’s business, Jayson and I had a fascinating conversation about how insurance companies can approach private markets and how they can build unique and differentiated partnerships with asset managers.We discussed:* The evolving role of insurance companies as LPs in private markets.* Why asset and liability matching is a critical framework to allocating to private markets.* How the general account of an insurance company creates interesting opportunities for strategic relationships and partnerships with alternative asset managers.* The benefit of having a business that works with financial advisors and individuals.* The importance of educating wholesalers about private markets – and why insurance wholesalers might have an advantage in educating advisors and clients about private markets products and strategies.Thanks Jayson for coming on the show to share your wisdom and expertise about private markets and insurance.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work.Clip #1: The dynamics of a partnership — working with Bain Capital and Partners Group.Clip #2: The secular tailwinds for the growth in private markets.Clip #3: “Your tomorrow is our priority.”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 Guest Introduction: Jayson Bronchetti from Lincoln Financial01:36 Discussion on Insurance Companies in Private Markets02:22 Message from our Sponsor, Ultimus Fund Solutions04:04 Jayson’s Background and Career Start05:05 Insurance Companies in Private Markets06:33 Asset and Liability Matching08:55 Liquidity and Illiquidity in Investments11:44 Evaluating Private Market Managers13:46 Balancing Scale and Performance15:22 Evolution of Alternative Asset Managers15:32 Strategic Partnerships and Distribution Channels18:10 Leveraging Multi-Manager Platforms20:21 Recent Partnerships with Bain and Partners Group20:55 Value of Distribution Relationships21:39 Symbiotic Relationships in Private Markets23:59 Leveraging General Account for Private Markets24:32 Stewardship and Risk Management24:53 Types of Products and Degrees of Freedom25:14 Creative Strategies and Surplu

Welcome back to the Alt Goes Mainstream podcast.Today’s episode digs into how the CIO of a growing multi-billion dollar wealth management firm thinks about customization and differentiation by building out private markets capabilities.We sat down with John McArthur, Senior Partner and CIO at $3.6B AUM Krilogy. Founded in 2009, Krilogy provides comprehensive financial planning and investment management services to HNW individuals, families, and business owners.Krilogy is charting a growth path — and to chart a growth path, John and his team are thinking about how they can thoughtfully grow their business.With John at the helm as CIO, they have been strategic with their approach to private markets and have increasingly focused on ways that they can create customized and differentiated solutions for their clients.John took 11 years of experience in wealth management and financial planning at A.G. Edwards & Sons and Morgan Stanley Smith Barney to Krilogy, where he joined his former University of Missouri college football teammate, Kent Skornia, to help quarterback Krilogy and their clients to financial success.John is thoughtful in his approach to private markets and how to provide solutions to their clients. We had a fascinating discussion about how wealth management is evolving and how private markets are critical to growing a wealth management practice. We discussed:* How John and team have grown and scaled an independent wealth management firm.* How John approaches private markets — and how that approach has evolved as they work with clients of greater size.* How to balance customization and differentiation with scale.* How can asset managers effectively educate and provide solutions to the wealth channel?* What’s still missing from private markets solutions for the wealth channel?* His views on product innovation, including evergreen funds.* Advice John would give to wealth advisors looking to invest in private markets.Thanks John for coming on the show to share your wisdom and expertise on wealth management and private markets.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work.Clip #1: Loving the stress of responsibility.Clip #2: Why create customized solutions for clients?Clip #3: Getting in the game in the wealth space.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 message from our Sponsor, Ultimus Fund Solutions01:56 Welcome to the Podcast02:07 Introducing John McArthur03:52 John's Entry into Wealth Management04:33 The Role of Sports in John's Career05:58 Lessons from Big Wealth Management Firms06:34 The Journey with Krilogy07:23 Challenges and Opportunities in Wealth Management07:49 Growth and Evolution in Wealth Management07:50 Private Markets and Wealth Management08:21 Quality Control in Wealth Management10:01 Organic Growth vs. Acquisitions10:45 Client Service in Wealth Management12:07 Differentiating Wealth Management Offerings13:07 Importance of Private Markets Capabilities14:00 Creating Customized Solutions15:39 Challenges in Educating Advisors16:45 Volatility and Market Changes18:10 Private Markets in a Changing Environment18:19 Building a D

Welcome back to the Alt Goes Mainstream podcast.Today’s episode is with a private equity pioneer who has seen the industry evolve in the forty plus years he’s spent in private markets.We sat down with Steve Klinsky, the Founder and Chief Executive Officer of New Mountain Capital, which he started in 1999, and has grown to over $55B AUM with an investment platform that spans strategies across Private Equity, Credit, and Net Lease Real Estate.Steve was the Co-Founder of the Leverage Buyout Group at Goldman Sachs from 1981-1984, where he helped execute over $3B of transactions for Goldman and its clients. He then joined Forstmann Little and Co. as an Associate Partner and General Partner, helping to oversee seven private equity and debt partnerships totaling over $10B in capital.He has since built New Mountain Capital into a leading alternative asset manager that has charted a growth path. Yet the firm has remained true to its roots and mindset of its “family business background,” which has informed how New Mountain has partnered with both GPs and LPs, and it’s a DNA that is central to their recent rollout of a wealth solutions business.Steve and I had a fascinating discussion about the evolution of private markets and how to build a leading alternative asset manager that helps build businesses. We covered:* How private markets have changed since Steve began in the industry.* What it means to build “great businesses.”* How the mindset of the “family business background” has helped inform investment strategy and deepening LP relationships.* How Steve and New Mountain have navigated scaling the firm while focusing on generating returns for LPs.* How New Mountain has approached launching new strategies.* The why and how behind launching a wealth solutions business.Thanks Steve for coming on the show to share your wisdom and expertise on private markets.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work.Clip #1: What are the values that underpin building $87B of collective enterprise value?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 Message from our sponsor, Ultimus Fund Solutions01:55 Welcome to Alt Goes Mainstream01:58 Introducing Steve Klinsky and New Mountain Capital03:41 Steve's Background and Early Days in Private Equity04:00 The Beginnings of Buyouts04:39 Challenges and Opportunities in Early Private Equity06:57 Forstmann Little and Co. Era07:02 Starting New Mountain Capital07:50 New Mountain's Cultural Philosophy08:50 Investment Strategies and Successes10:27 Scaling New Mountain Capital14:25 Mid-Market Focus and Growth15:19 Opportunities in Private Equity19:27 Synergies Across Investment Strategies22:19 The Wealth Channel Focus22:53 Building the New Mountain Brand24:10 Performance and Consistency24:33 New Mountain's Edge27:18 Engaging the Wealth Channel29:14 Future Plans and Products29:28 Expanding Existing Products for Wealth Channel29:42 Industry Evolution and Major Players30:21 Wealth Channel vs. Institutional Channel31:04 Institutional Side of Private Markets31:49 New Institutions and Market Evolution32:54 Challenges in the Wealth Channel34:11 Painful Investment

Welcome back to the Alt Goes Mainstream podcast.Today we sit down with a technology and fund services veteran who has worked with many of the industry’s largest asset managers.Cesar Estrada is Private Markets Head at Arcesium, a global financial technology company delivering pre- and post-investment operations and enterprise data management solutions designed to systematize the most complex workflows.Arcesium was built from a platform developed and tested by investment and technology development firm, the D. E. Shaw Group, and launched as a joint venture with Blackstone Alternative Asset Management. J.P. Morgan, another large client, later made a strategic investment in the company, helping Arcesium further its mission: to power the entire investment lifecycle.Cesar is responsible for Arcesium’s data management and investment operations technology and services offered to private markets fund managers and investors. Previously, he served as Senior Managing Director and Alternatives Business Head for North America at State Street — a role in which he drove the growth agenda for a business with approximately $1 trillion in Assets Under Administration by leading new product launches, expansion into new client segments, strategic partnerships, and acquisitions. He served on the board of State Street Fund Services Inc. Prior to that, as a Managing Director at J.P. Morgan, Cesar led the Private Equity & Real Estate Funds Services business from launch to $350B AUA.Cesar and I had a fascinating conversation about the impact of technology and automation on private markets. We discussed:* What private markets going mainstream means for pre- and post-investment operations.* Why alternative asset managers need to have technology solutions to manage, track, and analyze data and workflows if they want to scale.* The biggest challenges alternative asset managers face as they handle the increase in data management, more funds, and more investors.* What technology or workflow solutions are still missing.* How much AI will impact technology workflows in private markets.* Why ABF has become such an important part of the private credit ecosystem.Thanks Cesar for coming on the show to share your wisdom and experience in private markets.You can also see a recent Q&A with Cesar on AGM here.If you want to learn how Arcesium is delivering the technological infrastructure required to manage the complexities of asset-based financing, you can download their white paper below and read thoughts on the asset-based finance space from Arcesium’s Private Markets Head and industry veteran Cesar Estrada.Clip #1: What are roadblocks for firms that haven’t yet adopted technology?Clip #2: How are asset managers thinking about the strategic elements of technology?Clip #3: Breaking silos and streamlining operations.Clip #4: How does technology intersect with everything that’s going on in private credit? Show Notes00:00 Introduction and Welcome to the Alt Goes Mainstream Podcast00:46 Guest Introduction: Cesar Estrada03:05 Cesar's Experience in Fund Services03:21 Evolution of Private Markets03:47 Industry Shifts and Consolidation04:16 Evolving Roles of CFOs and CTOs04:47 Entrepreneurial Itch and Joining Arcesium05:03 Building Technology Solutions for Private Markets05:22 Importance of Industry Experience in Tech Development05:50 Arcesium's Joint Venture Origins06:03 Technology Architecture and Integration07:48 Client-Centric Ownership Model07:58 Serving Large and Small Asset Managers09:12 Adapting to Client Needs10:27 Past vs. Present: Technology in Asset Management11:14 Data Silos and Integration Challenges11:47 Roadblocks to Technology Adoption13:31 Strategic Imperatives for Growth13:59 Complexity in Investment Strategies14:51 Evolving Client Needs15:34 Strategic Elements of Technology17:01 Point Solutions vs. End-to-End Solutions19:09 Role of CTO in Technology Selection20:08 Build vs. Buy: Technology Decisions21:14 Investment Team's Understanding of Technology22:03 Leveraging Technology for Growth26:12 Operational and Data Challenges in ABF27:52 Importance of Technology in ABF29:56 Wealth Channel and Evergreen Products30:58 Product Innovation in Private Markets31:43 Future of Private Markets Technology32:33 Magic Wand: Ideal Technology Solutions33:50 User Experience in B2B and B2C Contexts35:18 Adoption of New Tools and Technologies37:35 Impact of Gen AI on Operations38:40 Future of Gen AI in Asset Management40:07 Marrying People and Technology40:59 Next Steps in Post-Investment Processes43:15 Interesting Alternative Investments43:28 Personal Investment Strategies45:05 Conclusion and Final ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 11,300 thought leaders from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, EQT, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuve