Alt Goes Mainstream

Welcome back to the Alt Goes Mainstream podcast.Today’s episode is with someone responsible for growing the footprint of one of the largest private markets businesses in the industry.We sat down at Goldman Sachs’ 200 West office with Kyle Kniffen to discuss the evolution of the firm’s work with the wealth channel and how an intensified focus on private markets is helping to drive the firm’s strategic imperatives in asset and wealth management.Kyle is a Managing Director, Global Head of Alternatives, Third Party Wealth, at Goldman Sachs, which has over $500B of AUM in private markets. He’s responsible for the distribution of both Goldman Sachs private markets products and third party products to the wealth channel.Kyle and I had a fascinating conversation about the most pressing trends and questions in private markets. We discussed:* How lessons learned from traditional asset management have helped Goldman with its private markets business.* The benefits of a broad platform when it comes to helping the wealth channel navigate private markets.* Why advisors should integrate private markets solutions.* How to build a wealth channel business.* How to think about evergreen funds versus closed end funds.* The next innovation in productization.* Why co-investments are becoming more popular with the wealth channel.* Are evergreen funds here to stay?Thanks Kyle for coming on the show to share your wisdom and expertise.Clip #1: What it means to be a “complete partner.”Clip #2: Bringing all of Goldman Sachs to every touchpoint with a client.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 Opening Remarks00:42 Guest Introduction: Kyle Kniffen from Goldman Sachs02:00 Sponsor Message: Ultimus Fund Solutions03:20 Welcome to Goldman Sachs03:23 The Importance of Education in Private Markets04:08 Kyle's Background and Journey05:08 Goldman's Heritage in Private Markets05:45 Client Demand for Thought Partnership07:13 Consultative Sales Approach07:41 Lessons from Institutional Clients13:17 Segmenting the Wealth Channel13:39 Serving Different Client Segments15:06 Customization and Differentiation15:48 Global Coverage and Relationships20:46 Balancing Goldman and Third-Party Products28:29 Balancing Closed-End Funds and Alternatives28:42 Who Should Invest in Alternatives?29:32 Asset Liability and Liquidity in Investment Strategies30:27 Technology Innovations in Private Markets31:00 Exciting Progress in Alternative Strategies31:47 Enhancing Transparency and Communication32:21 The Puzzle of Private Market Structures32:58 Post-Sale Transparency and Investor Experience34:00 Engaging Clients with Rich Content34:40 The Importance of Brand and Marketing36:53 Customization in Wealth Management38:47 Educating Advisors on Private Markets39:11 Delivering Novel Insights and Education40:35 Goldman Sachs Investment University42:50 Lessons from ETFs and Mutual Funds43:42 The Role of Performance in Adoption45:09 Tools for Advisors and Clients46:08 Understanding Private Markets' Impact on Portfolios47:38 The Future of Private Market Customization49:35 Excitement in Private Markets51:17 Advisor Interests and Innovations53:09 The Importance of Sca

Welcome back to the Alt Goes Mainstream podcast.Today’s episode is with a wealth channel veteran who has an innate and developed view of working with wealth.We sat down in the studio with Adam Bobker. Adam joined Fortress Investment Group in 2022 to build out their wealth business as Managing Director, Global Co-Head of Private Wealth Solutions. He oversees strategy, distribution, marketing, product development, and client management activities across Fortress’ investment programs.Prior to joining Fortress, Adam was a MD and Head of the Private Wealth Advisory Group at BlackRock, where he spent 22 years. He led a team focusing on private wealth management and institutional consultant channels, as well as business development for BlackRock’s hedge fund, private equity, private credit, and real asset platforms.Adam and I had a fascinating conversation about how to build a wealth solutions business. We discussed:* The entrepreneurial nature of building a business for the wealth channel.* Lessons that can be learned from other industries.* Why selling into the wealth channel is like being a doctor.* Why understanding the DNA of an asset management firm matters when building a wealth solutions business.* What Adam looks for in a successful distribution professional and when building a distribution team.* How to create scalability and leverage with a distribution team.* How to structure products for the wealth channel.* How to get into model portfolios.Thanks Adam for coming on the show to share your wisdom and expertise in private markets and wealth management.Clip #1: What is the downside to a portfolio if someone is not investing in alternatives?Clip #2: Why did you decide to go to Fortress to build a wealth solutions business?Clip #3: The Fortress DNA: innovative and pioneering.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 our Sponsor, Ultimus Fund Solutions01:18 Podcast Theme Song01:56 Welcome and Introduction to our Guest, Adam Bobker03:35 The Importance of Client Relationships04:28 Understanding Client Needs05:10 Evolution of Wealth Management06:44 Model Portfolios and Custom Solutions07:15 Education and Product Structure09:22 Strategic Partnerships in Wealth Management17:51 Technology in Wealth Management19:06 Building a Wealth Business at Fortress20:07 Innovative Strategies at Fortress20:51 Focus Areas for Fortress22:04 Evergreen Structures in Wealth Management22:56 Advisor Psychology and Evergreen Structures24:57 Suitability of Strategies for Evergreen Funds26:16 Managing Evergreen Funds28:24 Opportunities in Real Estate Credit29:20 Investor Hesitation and Education29:28 Advantages of Semi-Liquid Funds30:00 Future of Evergreen Structures30:13 Industry Flows and Semi-Liquid Funds30:47 Impact on Alternative Asset Management30:56 Consolidation and Strategy Expansion31:24 Focus on Whole Portfolio Delivery32:00 Building a Diverse Team32:52 Consultative Sales Approach33:37 Effective Communication in Wealth Management34:38 Importance of Brand in Asset Management35:24 Client Experience and Technology Providers35:51 In-House vs. Third-Party Service Providers37:05 Client Experience in Wealth Channel38:28 M

Welcome back to the Alt Goes Mainstream podcast.Today’s episode is with someone who is an expert on the RIA market and the wealth management business model.We talk with Karl Heckenberg, the President & Managing Partner of Constellation Wealth Capital, an investment firm that recently closed on a $1B debut fund dedicated to providing differentiated, long-term capital solutions to well-positioned independent wealth management firms in the $8T and growing wealth management sector.Karl’s deep experience in wealth management as both an investor, from his time as the CEO of Emigrant Partners and its affiliated company, Fiduciary Network, and time on the advisor side at Merrill Lynch, A.G. Edwards & Sons, Wells Fargo, and Charles Schwab, puts him in a position to understand the inner workings of wealth management businesses. He’s also sat on the boards of Sarasota Private Trust Company, New York Private Trust Company, and Cleveland Private Trust Company, and is currently on the board at Alternative Fund Advisors.CWC has made investments into some of the industry’s leading wealth management firms, including AlTi Global, Cresset Partners, AlphaCore, Lido, and others.Karl and I had a fascinating conversation about the evolution of the wealth management industry and why it’s become such an attractive investment opportunity. We discussed: * The intricacies of business growth and serving clients.* Why private markets are such a critical component to differentiating a wealth management firm.* Why we’ll see a $1T wealth management business in the coming years.* The parallels between the business evolution of alternative asset managers and wealth managers.Thanks Karl for coming on the show to share your wisdom and expertise at the intersection of wealth management and private markets.Clip #1: Will there be a $1T independent RIA?Clip #2: Which wealth management firms will do best and be able to grow and scale their businesses?Clip #3: What works and what doesn’t work in the RIA 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 to our Sponsor, Ultimus Fund Solutions01:57 Welcome to Alt Goes Mainstream01:59 Introducing Karl Heckenberg03:57 Karl's Background in Wealth Management06:05 Early Days of Lending to Wealth Managers07:48 Growth of the RIA Market09:10 Understanding the Independent Wealth Management Space10:44 The Evolution of Wealth Management Firms12:35 Challenges and Opportunities in Wealth Management15:55 Importance of Client Experience19:57 Good Businesses vs. Good Investments20:44 Growth and Diversification Strategies21:16 Equity Ownership and Downside Protection21:55 Minority vs. Control Investments22:44 Creating New Partners and Incentives23:07 Comparing Wealth Management to Law Firms23:49 The Role of M&A in Wealth Management24:04 High-Quality Blue Chip Firms24:52 Capital Needs and Growth25:43 Advisory Services and Value Add26:16 Similarities to GP Stakes28:32 Durability of Wealth Management Businesses30:07 Exit Strategies and Public Market Potential35:38 Compounding Returns and Distributions37:38 Legitimate Path to Exit37:46 Investor Concerns and Capital Influx37:59 Investment Categorization38:21 Flexible In

Welcome back to the Alt Goes Mainstream podcast.Today’s episode is with a private markets veteran who has been working in the wealth channel before it was considered “the wealth channel.”We sat down in the studio with Peter Aliprantis. Peter joined EQT in October 2024 as a Partner and Head of Private Wealth Americas. He’s hit the ground running to build out a wealth team in the Americas and help continue to grow the EQT brand in the US.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 conversation about everything from the early days of the wealth channel to the evolution of product innovation in private markets. We discussed:* What working in the wealth channel was like before it was called “the wealth channel.”* How to build a new brand in a different geography.* How not being the loudest voice in the room can be effective when working with the wealth channel.* How education helps to serve distribution efforts and how an innovative and unique approach to education with EQT’s ThinQ platform has helped build brand, trust, and credibility.* Why institutions are also beneficiaries of the innovation with evergreen structures that were initially designed for the wealth channel.* How product innovation will continue in the wealth channel.* How model portfolios will evolve.Thanks Peter for coming on the show to share your wisdom and expertise.Clip #1: Most important things to consider when working with the wealth channel.Clip #2: A global brand with local presence.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, Ultimus01:18 Podcast Opening Theme01:59 Introduction to Today's Guest: Peter Aliprantis04:34 Evolution of Private Wealth Distribution06:08 Impact of the Global Financial Crisis06:53 Growth of the Wealth Channel07:30 Building Strategy at Angelo Gordon08:19 Convincing Firms to Invest in Private Wealth09:23 Challenges in Private Wealth Sales10:36 Importance of Product Specialists10:58 Key Skills for Working with the Wealth Channel11:55 Comprehensive Approach to Private Wealth13:20 Joining EQT and Building a Wealth Platform13:57 EQT's Unique Position in the Market15:36 Brand Building in the Wealth Channel16:14 Expanding EQT's Presence16:53 Effective Branding Strategies17:30 Segmenting the Wealth Channel21:25 Building Relationships with RIAs22:29 Importance of Bespoke Products23:14 Institutional vs. Wealth Channel Products24:04 Evergreen Structures for Small to Mid-Sized Institutions24:35 Becoming a Solutions Provider24:46 Consultative Approach in Wealth Management25:04 Emerging Trends in Private Markets25:52 Challenges for Advisors in Private Markets26:12 Future of Model Portfolios27:11 One-Stop Shop Solutions for Clients27:42 Wealth Distribution Preferences29:02 Importance of Shelf Space29:37 Sales Strategies in Private Banks vs. Wirehouses30:20 Scaling Salesforce and Home Office Support30:40 Brand Recognition and C

Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives into the details of product innovation in private markets with a private equity veteran who has helped to pioneer a new investment structure and working with the wealth channel.We sat down at KKR’s Hudson Yards office with Alisa Wood, a Partner and Co-CEO of KKR Private Equity Conglomerate LLC (K-PEC).Alisa has been at KKR for over 20 years. She joined the firm in 2003 and is a Partner. She co-leads the firm’s innovative private equity open-ended, perpetual vehicles serving as the Co-CEO of KKR Private Equity Conglomerate LLC and as a member of the investment committee for the KKR Private Markets Equity Fund.She was previously the Global Head of the Private Markets and Real Assets Strategies Group and looked after private equity, infrastructure, energy real assets, real estate, impact, growth equity, and customized products.She sits on a number of the firm’s management and leadership committees, including the Risk & Operating Committee, the Democratized Private Equity Committee, the ESG Committee, and the Geopolitical Governance Committee.Alisa and I had a fascinating and thought-provoking conversation about private markets and working with the wealth channel. We discussed:* Why and how KKR came up with the Conglomerate structure.* Why the devil is in the detail when evaluating evergreen fund structures.* Why dealflow is essential if a firm wants to have an evergreen strategy.* Why education is so critical when working with the wealth channel.* How investors can balance evergreens and closed-end funds.* The skillsets required to manage evergreen structures.* Why culture is so critical when building a high-performing and consistent investment business.* The role that private markets can play in a portfolio and why that matters in today’s markets.Thanks Alisa for coming on the podcast to share your wisdom and expertise on private markets.Clip #1: Resonating with the wealth channel and a port in the storm.Clip #2: The winning formula.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 Welcome to the Podcast02:07 Introducing Alisa Wood03:48 KKR's Office and Culture05:10 The Importance of Culture and Collaboration at KKR06:12 Alisa's Early Career in Private Equity07:02 Evolution of Private Equity08:41 Strategic Moves in Private Equity13:02 Managing Evergreen Structures13:07 Operational Complexity in Evergreen Funds13:43 Deal Flow and Investment Strategies19:38 Alignment and Collaboration at KKR22:29 Evergreen Structures and Institutional Experience25:35 Sales Cycle and Investor Relations28:54 Employee Equity and Financial Literacy31:03 Human Capital and Leadership31:37 Empathy in Leadership32:06 Building a Community32:21 Building Community at Scale33:07 Understanding Investor Needs33:17 Facilitating Connections33:35 Addressing Hard Topics34:04 KKR's Approach to Community Building34:23 Evolution of KKR's Business Strategy35:38 Importance of Learning from Mistakes37:23 Integrating Macro Perspectives39:18 Strategic vs. Tactical Approaches39:38 Innovating Portfolio Construction40:01 Challenges in Private Mark

Welcome back to the Alt Goes Mainstream podcast.Today’s conversation features a live podcast that takes place at BTG Pactual’s NYC office for an audience in private markets.We are joined by Todd Owens, the Co-Founder and Managing Partner of Cantilever Group, where BTG Pactual is an investor.Cantilever is an independent firm focused on providing capital solutions to middle market asset managers. The firm’s capital can be used to accelerate growth, support acquisitions or liftouts, fund GP commitments, seed new strategies, facilitate generational ownership transfer, and provide liquidity to founders. Cantilever focuses on asset management firms that have enterprise values between $50M and $500M. The team has executed on over $500M of GP stakes, financing, and seeding transactions as both investors and principals. The team’s advisory experience working with stakes funds includes over 15 GP stakes transactions, multiple GP stakes portfolio financings, numerous GP and BDC IPOs, and dozens of asset management financing and control transactions.Cantilever is working with two strategic partners as they build their firm: BTG Pactual, the ~$30B market cap Brazilian bank and wealth and asset manager has invested into Cantilever’s fund, and Broadhaven Ventures, the principal investment arm of Broadhaven Capital Partners.Todd has over 30 years of experience as an advisor covering financial institutions and as a senior financial services executive. Prior to founding Cantilever, Todd has been a Partner at Broadhaven Capital Partners, an independent financial services focused investment bank that’s completed over $100B in announced M&A transaction volume, as well as the former CEO of Fifth Street Finance. Todd began his career at Goldman, Sachs & Co, spending 24 years including as a Managing Director and Partner in the Investment Banking Division.Todd and I had a fascinating conversation about the GP stakes space and why the middle market represents a compelling part of the asset management ecosystem as the industry undergoes change and consolidation. We discussed:* The early days of alternative asset managers going public.* The evolution of the GP stakes market.* The role that GP stakes investing can play in the growth of alternative asset managers.* How and why GP stakes has shades of private equity, private credit, and secondaries in a single strategy. * A tale of two cities — the upper end of the market and the middle-market.* What will liquidity look like in the GP stakes space?Thanks Todd for sharing your wisdom and views on GP stakes and asset management.Clip #1: Is GP stakes the best of all worlds?Clip #2: How big does the middle market become?Clip #3: Will the middle market continue to persist?Show Notes00:00 Welcome to the Alt Goes Mainstream Podcast00:40 Live Podcast at BTG Pactual's New York Office00:49 Introducing Todd Owens and Cantilever Group02:26 Welcome to Alt Goes Mainstream Live03:04 Todd's Background and Perspective03:42 Early Challenges in Minority Equity04:30 Alternative Asset Managers Going Public05:36 Evolution of the GP Stakes Market06:13 Understanding the Business Model06:53 Public vs. Private Market Perceptions08:44 The Role of GP Stakes in Firm Growth09:12 Different Approaches to Building a Business02:23 Lessons from advising Oaktree and Ares10:21 Sophistication in the Market10:53 Changes in Manager Skillsets11:59 Differences Between Upper and Middle Markets12:33 Opportunities in the Middle Market13:25 Strategic Value of Minority Equity Investors14:22 Market Stratification and Focus16:21 Future of the Middle Market18:17 Distribution of Private Markets to Wealth Channel19:08 Evolution of Wealth Management Industry20:29 Democratization of Alternatives21:19 GP Stakes: The Best of All Worlds?21:39 Investment Profile of GP Stakes23:29 Betting on Private Markets Growth24:18 Liquidity in the GP Stakes Space25:58 Quick Fire Questions26:05 Favorite Asset Class in 2025?26:46 Next Firm to Go Public?27:11 Complexity of Merging Firms28:06 Future of Middle Market GP Stakes28:50 Conclusion: Live Podcast Wrap-Up28:58 Thank You and Closing RemarksEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 10,500 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, Nuveen, Hg, Permira, 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 a groundbreaking partnership that could change the trajectory of how the wealth channel invests into private markets.We are joined by BlackRock’s Senior Managing Director, Head of the Americas Client Business, Co-Head of U.S. Wealth Advisory (USWA), and a member of the Global Executive Committee for BlackRock Joe DeVico and Head of Product for US Wealth & Head of Alts to Wealth Jon Diorio and Partners Group’s Partner, Co-Head of Private Wealth, Head of the New York Office, Member of the Global Executive Board, Partners Group Rob Collins to discuss their partnership on a private markets model portfolio purpose-built for the wealth channel.Joe, Jon, and Rob discuss what Rob calls in the podcast the industry’s “iPhone moment.” This model portfolio partnership that brings together BlackRock’s private markets and technology capabilities and Partners Group’s history as a pioneer in the evergreen funds space is a big moment for private markets. The partnership enables the wealth channel to seamlessly access private markets solutions, understand how it fits into a broader asset allocation model, and handles rebalancing in a turnkey fashion.We had a fascinating discussion about this partnership and why the wealth channel needs turnkey solutions such as model portfolios. We discussed:* Why model portfolios could be the “iPhone moment” for private markets.* The anatomy of the partnership between BlackRock and Partners Group to create private markets model portfolios.* How to balance personalization and customization with standardization of delivery to the wealth channel.* How to create differentiation with private markets product offerings with different product structures.* The mechanics of a private markets model portfolio.* How education plays a role in advisor adoption of private markets products and model portfolios.Thanks Joe, Jon, and Rob for sharing your wisdom and experience on public and private markets as you help bring private markets into the mainstream.Clip #1: The iPhone moment - changing the paradigm of private markets.Clip #2: Why is now the right time?Clip #3: Why is a comprehensive, turnkey solution needed?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 Sponsor01:56 Welcome to Alt Goes Mainstream Podcast01:58 Groundbreaking Partnership Announcement02:25 The Model Portfolio Partnership03:32 Live from the BlackRock Studio04:07 BlackRock's Joe DeVico and Jon Diorio, and Partners Group’s Rob Collins06:25 The Evergreen Wealth Journey07:33 The iPhone Moment for Private Markets08:18 Challenges in Private Markets Adoption08:34 The Importance of Diversified Portfolios08:54 The Sherwin-Williams Challenge09:08 The Simple Push Button Solution09:40 The Uptick in Public Market Models13:22 The Right Time for Private Markets Solutions13:48 The Role of Technology and Wrappers28:04 Evolution of Fixed Income Markets28:24 Electronification of Private Markets28:38 Educating Investors on Private Markets29:33 Importance of Excellent Execution30:04 Proving the Value of Evergreen Portfolios30:49 Building the Right Soluti

Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives into the details of distribution and how to build a high-performing global business to serve the wealth channel across brands and strategies.John Sweeney is the Chief Executive Officer of Brookfield Oaktree Wealth Solutions, a business unit that was created to harmonize the distribution efforts across the Brookfield and Oaktree brands. He previously served as Head of US Business Development and Sales for Brookfield Oaktree Wealth Solutions and was a Managing Director and Head of the Americas intermediary business at Oaktree Capital. He also served as president of Oaktree Funds from 2014-2018.Before joining the alternative asset manager side of the business, John had extensive experience working in alternative investments roles at private banks. Before joining Oaktree in 2013, he was a Managing Director and Head of Product Management and Development for the alternative investments business at Morgan Stanley. Prior to that, he was the Head of Product Management in the US for the alternative investments business of the Citi Private Bank.John and I had a fascinating and informative discussion. We covered:* How John is building Brookfield Oaktree’s wealth business.* The benefits of scale.* Wisdom from John’s Oaktree colleague Howard Marks.* How advisor education is critical to the adoption of private markets.* And much more.Thanks John for coming on the show to share your wisdom and views on private markets and working with the wealth channel.Clip #1: What has it been like having a front row seat to the growth of private markets?Clip #2: Combining Brookfield and Oaktree to build a wealth solutions business.Clip #3: Turning a challenge into a huge advantage.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, Ultimus Fund Solutions01:55 Welcome to Alt Goes Mainstream02:06 Introduction to John Sweeney02:30 John Sweeney's Career Background03:58 John's Early Career at Morgan Stanley04:34 Evolution of Alternative Investments05:15 Impact of Technology on Private Markets06:43 Service and Distribution Strategies07:36 Building Brookfield Oaktree's Wealth Business07:56 Importance of Client Service09:35 Staffing and Organizational Growth11:08 Brookfield and Oaktree Partnership12:45 Focus on Investment Solutions13:29 Understanding Client Needs14:06 Wealth Channel Strategies14:52 Focus on Real Assets and Credit16:11 Global Expansion and Market Strategy16:38 Challenges and Opportunities in Wealth Management17:48 Differentiating Large GPs18:10 Brand Building and Recognition19:05 Effective Client Engagement20:29 Insights and Education for Advisors22:39 Evergreen Funds and Client Relationships25:22 Balancing Content and Engagement27:32 Investment Philosophy and Market Context32:49 Delivering Returns and Income33:02 Accessing Evergreen Funds33:16 Compounding Returns Over Time33:23 Thinking in Decades33:34 Private Credit Evolution33:48 Experience and Results34:12 Brand and Education34:23 Distinguishing in Good and Bad Times34:51 Showcasing History and DNA35:45 Brookfield Real Estate36:07 Oaktree's Credit Roots36:28 Integrating Two Brands36:48 Building

Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives into one of the most topical trends in the evolution of wealth management platforms and their adoption of private markets.We are joined by Tom Cohn and Amita Schultes of Cerity Partners, where they discuss the recent combination of their two respective businesses, Cerity Partners, the $100B+ national wealth management firm, and Agility, a leading OCIO business.Tom and Amita discuss their merger, why there was a need to create customization for wealth investors in private markets, and how bringing on a leading OCIO business takes Cerity Partners’ capabilities to a new level as a solutions provider in private markets.Tom is the Chief Solutions Officer and a Partner in Cerity Partners’ New York office. He’s a member of the firm’s Leadership Team. He has over ten years of experience in various investment management roles, previously serving as an Investment Analyst at Spero-Smith Investment Advisors, where he was responsible for due diligence and analysis of third-party managers and assisted in global market and asset allocation research.Amita is a Partner in Cerity Partners’ New York office, managing Cerity Partners’ OCIO client portfolios. She’s a member of the OCIO Investment Committee. Amita brings over 20 years of experience as an investment consultant to bear to the firm. Before joining Cerity Partners, Amita was a Partner and Client Portfolio Manager at Agility, where she served as a voting member of Agility’s Investment Committee. Prior to Agility, she was a Partner, Managing Director, and Senior Consultant at Colonial Consulting, serving as an investment consultant for endowments, foundations, and pension plans. She also served as a Senior Consultant at Ibbotson Associates.Tom, Amita, and I had a fascinating discussion. We covered:* The why and the how behind Cerity Partners’ merger with Agility.* How wealth management platforms can balance customization and scalability.* Why scale matters in wealth management.* How alternative asset managers can differentiate when engaging with the wealth channel.Thanks Tom and Amita for coming on the show to share your views and wisdom on wealth management and private markets.Clip #1: Why did Cerity Partners decide to look externally to build OCIO capabilities rather than build in-house?Clip #2: Marrying an OCIO practice with a wealth management practice.Clip #3: Do wealth clients look at having an OCIO capability as something differentiated?Clip #4: What are the things you look for when evaluating a fund manager?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, Ultimus Fund Solutions02:05 Introducing Today's Guests, Tom Cohn and Amita Schultes07:35 Cerity Partners and Agility Merger Details08:24 Client Services at Cerity Partners09:39 OCIO and Wealth Management Synergies10:52 Why Cerity Partners Chose to Partner11:36 The Importance of Cultural Alignment13:33 The Role of OCIO in Wealth Management15:17 Cerity Partners' Approach to Private Markets16:56 Operational Excellence in Private Markets18:06 Research and Due Diligence in Manager Selection19:32 Institutional vs. Wealth Management

Welcome back to the Alt Goes Mainstream podcast.We had a chance to sit down with Blue Owl Co-CEO Marc Lipschultz recently at their Nest Network Summit for RIAs and private banks in Laguna Beach.It was a perfect setting to discuss Blue Owl’s incredible growth, which has been in part due to its unique and focused partnership with the wealth channel.Blue Owl is one of the industry’s largest alternative asset managers and has charted an impressive growth path in the nine years since its founding. Blue Owl has scaled to over $265B of AUM and has proven to be one of the top firms at raising capital from the wealth channel.Marc is a private markets industry veteran who has been instrumental in building not just one, but two of the industry’s biggest players.He spent over two decades at KKR, serving on the firm’s Management Committee, and as the Global Head of Energy and Infrastructure after joining the firm as one of the first 20 employees. He then partnered with Blackstone GSO Founder Doug Ostrover and Goldman Sachs Partner and Co-Head of Leveraged Finance Craig Packer to co-found Owl Rock Capital Partners, the predecessor firm to Blue Owl’s Credit platform. Owl Rock combined with Dyal Capital Partners to become the publicly traded entity Blue Owl in May 2021 and has since grown to over $265B in AUM and $2.2B in revenue.Owl Rock and now, Blue Owl’s, flight is emblematic of the evolution of alternative asset managers. Marc and I had a fascinating conversation. We discussed: * How Blue Owl’s growth highlights trends that have propelled alternative asset management into the mainstream.* Why scale matters.* Their focus on private credit, data centers, and digitalization.* Their focus on private wealth. * The power of permanent capital.Thanks Marc for coming on the show to share your wisdom and expertise in private markets.You can also see a recent Q&A with Marc on AGM here.A number of the themes discussed by Marc in the podcast and Q&A appear in Blue Owl’s 2025 Market Outlook. You can read Blue Owl’s 2025 Market Outlooks across Credit, Real Estate, and GP Strategic Capital, where their teams outline themes that are top of mind and how it will impact their respective sectors.Clip #1: How Blue Owl’s business was designed with wealth in mind from the very start: equal access to institutional opportunities.Clip #2: Blue Owl’s focus on partnership with clients and how client needs might lead to Credit, Real Assets, and GP Stakes.Clip #3: Why Blue Owl acquired IPI and how it fits into the Blue Owl family.Show Notes00:00 Welcome to the Alt Goes Mainstream Podcast00:57 Blue Owl's Growth and Success01:10 Marc's Background and Career02:23 The Setting: Laguna Beach02:30 Focus on Wealth Management02:47 Marc's Journey in Private Markets03:28 Early Days at KKR05:22 Building Owl Rock and Blue Owl05:47 Concept of Growth in Private Markets06:41 The Role of Culture in Success08:35 Operationalizing Culture10:12 Focus on Wealth Channel10:33 Democratization of Alts12:02 Building a Firm for Individual Investors16:43 Unified Wealth Platform19:06 Balancing One-Stop Shop and Customization24:22 Brand and Strategy29:56 Scale in Private Markets33:13 Meeting the Needs of Large Borrowers33:21 Understanding Market Spreads33:47 High-End Market Dynamics34:16 Cost of Capital and Borrowing Limits35:14 Predictability, Privacy, and Partnership36:16 Trends in Private Credit36:29 The One-Stop Shop Concept36:57 Risk Management in Credit37:48 Maintaining Low Loss Rates38:44 Impact of Scale on Credit Quality40:27 Private vs. Public Financing40:54 Growth in Asset-Backed Financing41:16 Strategic Business Orientation42:34 Skating to Where the Puck is Going47:58 Permanent Capital Advantage48:39 Flexibility in Loan Terms51:26 Building a Purpose-Built Firm54:15 The Role of Culture in Business and Sports55:34 Lessons from the Washington Commanders and Tampa Bay Lightning55:41 Leadership and Performance56:37 Good Fortune and Success57:00 Commitment to Culture and Outcome57:26 Powerful Culture in Sports58:06 People: The Core of Success58:59 Wrapping Up the ConversationEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 9,900 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, Nuveen, Hg, Permira, 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 an industry titan who has been on the forefront of the intersection of alts and wealth.We talk with Stephanie Drescher, Partner, Chief Client and Product Development Officer at Apollo and a member of the firm’s Leadership Team. She oversees the Client and Product Solutions Group (CPS), which includes Apollo’s Global Wealth Management Solutions, Institutional Sales, and Global Product teams. She is also involved with Apollo’s strategic investments in private markets, as a Board Observer at iCapital and a Board Member at Vega.Stephanie is responsible for leading Apollo’s global wealth buildout, which is one of the firm’s strategic priorities. They’ve invested heavily in educational resources and have built out a specialized team to work with the wealth channel. Apollo has set a goal of achieving $150B from its global wealth business by 2029 and, in 2024, under Stephanie’s leadership the global wealth business exceeded the total capital raised in 2023 from the wealth channel.Before joining Apollo in 2004, Stephanie was with JP Morgan for 10 years, working primarily in its Alternative Investment Group.Stephanie and I had a fascinating conversation about how to build and scale a business in the wealth channel. We discussed:* What is safe and what is risky?* How can investors approach asset allocation and portfolio construction?* How working with institutional investors has influenced and helped Stephanie think through how to work with investors in the wealth channel.* The anatomy of building a wealth business.* How critical is brand building when working with the wealth channel?Thanks Stephanie for coming on the show to share your wisdom and expertise on private markets and work with the wealth channel.Clip #1: How does Apollo approach private markets?Clip #2: Privates are no longer a nice to have; they are a need to have.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 Solutions01:55 Welcome Back to Alt Goes Mainstream02:04 Introducing Stephanie Drescher03:55 Stephanie's Journey at Apollo04:14 Focus on Institutional Clients04:43 Strategic Focus on Wealth Channels05:05 Learning from Different LPs05:27 Early Days at J.P. Morgan08:04 Importance of Communication08:17 Transparency and Client Centric Approach08:56 Educational Initiatives at Apollo10:07 Apollo Academy Engagement10:42 Content Creation Strategy11:37 Combining Short and Long Form Content11:43 Direct Client Communication12:00 Distribution and Marketing12:26 Client Centric Approach13:06 Creating a Narrative for Private Markets13:40 Defining Private Markets14:34 Public vs. Private Markets15:50 Changing Definitions in Private Markets16:18 Impact of 2022 on Public Markets17:02 Concentration in Public Markets17:41 Benefits of Private Markets18:17 Helping Clients Understand Private Markets18:44 Developing Accessible Solutions19:45 Client Focused Solutions19:51 Balancing Client Needs and Market Nuances20:15 Apollo's Origination Capability22:12 Athene's Role in Apollo's Strategy24:26 Tax Efficiency in Private Markets25:39 Wealth Channel vs. Instituti

Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives into an important and growing part of the private markets ecosystem: how investors can access and invest into alternatives through their retirement funds.We have Eric Satz, the Founder & CEO of Alto, a self-directed IRA custodian, with us today to discuss how he’s on a mission to provide everyday Americans with the same investment opportunity long favored by institutional investors.Alto provides custody for a wide array of alternative assets, including private companies, real estate, crypto, loans, and securitized collectibles. Alto has streamlined the process for companies, funds, and SEC-registered investment platforms to include IRA investors in their offerings. They’ve partnered with firms across the alts space, including AngelList, Coinbase, EquityZen, Republic, Masterworks, and others, to enable investors to invest into private markets with their IRA.Eric is a serial entrepreneur and former investment banker. He worked at DLJ / Credit Suisse First Boston before co-founding Currenex (acquired by State Street for $564M), Plumgood Food, and Tennessee Community Ventures. His passion for entrepreneurship led him to serve on the Board of the Tennessee Valley Authority from 2015 to 2018 and he teaches an entrepreneurship class to high school students.On today’s podcast, Eric teaches us all about the merits of a self-directed IRA. We had a fascinating discussion about why and how it makes sense to use an IRA to invest into private markets investments and how he’s taking lessons learned from prior IRA businesses to build Alto.We discussed:* Rethinking retirement investing.* The evolution of the self-directed IRA market.* Alto’s vision: TurboTax for IRAs.* Structural challenges with using IRAs for private markets investments.* The role of technology with streamlining retirement investing.* The evolution in investor awareness of retirement investing.* The importance of duration matching.Thanks Eric for coming on the show to share your knowledge and passion for alternatives.Clip #1: What's the reasons why more people haven't put private markets investments in their self-directed IRAs?Clip #2: How and when do investors start thinking about using a retirement account to invest in private markets?Clip #3: Unlocking private market access to the wealth channel with a self-directed IRA.Clip #4: Working with the financial advisor.Show Notes00:00 Welcome to the Alt Goes Mainstream Podcast00:51 Diving into Private Markets with Eric Satz01:22 Alto's Mission and Partnerships01:33 Eric Satz's Entrepreneurial Journey01:57 The Merits of Self-Directed IRAs02:01 TurboTax for IRAs02:05 Retirement Accounts and Private Market Investments02:29 Welcoming Eric to the Podcast02:37 The Evolution of Private Markets and IRAs02:52 The Beginnings of Alto03:14 Challenges in Self-Directed IRA Investing05:12 Matching Long-Term Assets with Long-Term Savings05:53 Growth of IRA Accounts06:52 Private Market Investments in IRAs07:53 Barriers to Private Market Investments08:09 Psychological and Structural Challenges09:22 The Role of Technology in IRA Investments09:31 AngelList Partnership and User Experience10:43 Investor Journey in Private Markets11:24 Educating Investors and Advisors14:03 The Evolution of Financial Advisors15:03 The Importance of Illiquidity in Investments18:30 Current Income and Tax Advantages18:58 The Younger Generation and Volatile Investments19:39 Compounding Returns in Private Markets20:22 Asset Management and Diversification21:36 The Role of Infrastructure Solutions25:38 Alto's Marketplace and Crypto IRA27:41 Friction in IRA Investments29:49 Success of Alto's Technology30:56 Partnerships with Major Asset Managers31:43 The Growing Wealth Channel32:41 Direct to Consumer vs. Intermediary Models34:12 Educating Financial Advisors34:42 Boots on the Ground Education35:13 The Role of Financial Advisors in Private Markets36:46 Unlocking Retirement Funds for Private Investments37:45 The Role of Asset Managers in Education39:05 Brokerages and Private Market Investments41:06 Challenges in Asset Review42:17 Future of Private Market Investments43:12 Alto's Vision for the Future44:46 The Role of Defined Contribution Plans45:52 Legitimacy and Participation in Private Markets46:13 Private Equity in Retirement Solutions47:11 Diversification in Public vs. Private Markets48:02 Borrowing Against Private Market Holdings48:44 Regulatory Differences in 401k’s and IRAs51:20 Common Sense in Investment Regulations52:41 Exciting Future Investments53:56 Conclusion and Final ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 9,600 thought leaders from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, EQT, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Hightower, Focus Financial, Cerity Partners,

Welcome back to the Alt Goes Mainstream podcast.Today’s guest is an industry leader in wealth management who has been very active in private markets.Mike Tiedemann is a pioneer in the wealth management space in a number of ways.He's at the helm of the first pure play publicly traded wealth management business, AlTi Global. AlTi, a $72B AUM platform, came out of a merger between Mike's successful and highly regarded wealth management and alternatives business, Tiedemann Advisors, which merged with Alvarium.Founded in 1999, Tiedemann grew into a global company under Mike's leadership, expanding across geographies and building out a Trust Company and an alternatives manager on its way to overseeing $29B AUA.Mike has since run the combined company of AlTi Global as CEO, where they've built a global wealth management and alternatives platform. They are also backed by Allianz and Constellation Wealth Capital as they continue to serve many UHNW families worldwide.Mike is very well-versed in private markets given his deep expertise in allocating to many of the industry's best leading managers so we had a fascinating conversation about the intersection of private markets and wealth management.We discussed:* The business of wealth management.* The evolution of the wealth management industry.* Why understanding private markets is so critical for wealth managers.* The advantages of being a global wealth management business.* The experience of being a publicly traded pure play wealth management firm.* How to structure investments for global clients.* The need to customize private markets portfolio construction as a way to differentiate versus other wealth management platforms.Thanks Mike for coming on the show to share your views and wisdom on wealth management and private markets.This conversation is for informational purposes only and should not be construed as investment advice. It does not endorse or recommend any specific investments, products, or strategies. The opinions shared regarding investment approaches, risk allocations, and portfolio decisions are purely for discussion and do not constitute formal recommendations.Any statements, assertions, or views regarding past or future market events or investment approaches are based on the speaker’s beliefs and do not necessarily reflect those of the firm as a whole, unless explicitly stated with supporting sources. Additionally, some statements may be forward-looking in nature, and actual outcomes may differ materially from expectations.Clip #1: The evolution of the wealth management industry.Clip #2: The nuances of being a global wealth manager.Clip #3: The positives and negatives of being a publicly traded wealth management firm.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 Ultimus Fund Solutions01:18 Alt Goes Mainstream Theme Song01:58 Introducing Mike Tiedemann05:28 Lessons from Mike’s Early Career in Brazil05:44 Importance of Liquidity06:57 Geopolitics and Investing09:24 Private Markets and Wealth Management09:47 History of Tiedemann Advisors10:26 Evolution of Multi-Strategy Firms11:33 Challenges in Manager Selection16:31 Growth and Scale in We

Welcome back to the Alt Goes Mainstream podcast.Today’s episode features an industry leader who has pioneered working with the wealth channel.We talk with Joan Solotar, the Global Head of Private Wealth Solutions at Blackstone, where she also serves on the firm’s Management Committee. Joan has been responsible for leading Blackstone’s impressive work in the wealth channel. She’s grown the firm’s footprint in private wealth to over $250B in assets across Blackstone funds, making the wealth channel comprise roughly a quarter of Blackstone’s $1T AUM.Blackstone Private Wealth Solutions’ mission is to bring institutional quality products across a broad spectrum of alternative asset classes to high net worth clients and their advisors.Before joining Blackstone in 2007, Joan was Head of Equity Research at Bank of America Securities and a highly ranked Institutional Investor All Star financial services analyst at Credit Suisse and Donaldson, Lufkin & Jenrette. She also serves on the Board of Directors at First Eagle Investment Management.Joan and I had a fascinating conversation about how to build and scale a business in the wealth channel. We discussed:* How Blackstone built a $250B AUM business in the wealth channel across Blackstone funds.* How Joan’s background in equity research helped her as she built a business for the wealth channel.* The early days of building Blackstone’s Private Wealth Solutions business.* Where, why, and how private markets can fit into a portfolio.* How model portfolios will evolve.* Why private markets are no longer an alternative.* How to build an effective brand in asset management.Thanks Joan for coming on the show to share your wisdom and expertise on private markets and your work with the wealth channel.Clip #1: How early are we?Clip #2: How do you educate the wealth channel about private markets?Clip #3: There is no alternative.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, Ultimus Fund Solutions02:02 Guest Introduction: Joan Solotar03:26 Welcoming Joan to the Podcast03:45 Joan's Career Journey05:21 Building a Business in the Wealth Channel06:59 Early Challenges in Private Wealth07:49 Challenges and Skepticism08:39 Convincing Advisors and Building Trust10:16 Growth and Market Development10:57 Current State of Wealth Channel Allocations11:02 Growth in Private Wealth11:18 Spring Training in Wealth Channel12:02 Needle Movers in Wealth Channel12:29 Expanding Offerings and Deepening Relationships13:01 Importance of Sticky Assets13:17 Evolution of Wealth Management and Private Markets13:42 Liquidity vs. Illiquidity14:58 Educating Advisors on Private Investments16:21 Client Demand and Advisor Tools17:35 Portfolio Construction and Branding18:16 Early Days of Portfolio Construction with Alts18:46 Naming the Asset Classes19:54 Importance of Private Investments20:01 Growth-Oriented Portfolios21:26 Ease of Use in Private Investments22:06 Model Portfolios and Private Investments23:01 Advisor Trust and Brand25:01 Differentiated Experience at Blackstone25:07 Client Interaction and Support26:30 Commitment from Blackstone Leadership28:29 Complexity of Wealth Channel Sales29:19 L

Welcome back to the Alt Goes Mainstream podcast.Alt Goes Mainstream was live from $1.2T AUM asset manager Nuveen’s nPowered conference, a two-day event bringing together Nuveen thought leaders and industry experts to explore challenges and opportunities in private markets.We interviewed some of Nuveen’s senior leadership on site to hear their views and perspectives on private markets, working with the wealth channel, and product innovation.We sat down with Keith Jones, the Global Head of Alternative Investments Product for Nuveen, and a member of the Extended Leadership Team. He’s responsible for the development and ongoing management of alternative investment products distributed through Nuveen’s institutional, wealth management, and retirement channels globally.Keith and I had a fascinating conversation about product innovation in the wealth channel, how to educate and market products specifically designed for the wealth channel, and why it’s not a “one-size-fits-all” approach.Thanks Keith for coming on the Alt Goes Mainstream podcast to share your wisdom and expertise. We hope you enjoy.Clip #1: It starts with the clients.Clip #2: Turning the battleship.Clip #3: How does brand intersect with the creation and structuring of products?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 Solutions01:18 Podcast Opening Theme01:55 Welcome to Alt Goes Mainstream02:19 Interview with Keith Jones: Background and Role05:11 Product Innovation in Wealth Channel05:23 Structuring Products for Wealth Channel06:19 Client-Centric Approach07:08 Challenges in Structuring Products07:50 Importance of Brand11:03 Nuveen's Real Estate Focus12:04 Feedback from Distribution Teams13:00 Product Governance13:48 Wealth vs. Institutional Channels17:03 Institutional Learnings from Wealth Channel18:46 Operational Considerations and Education19:30 FinTech Solutions19:51 Subscription Process21:04 Reporting Challenges21:46 Unlocking Investor Allocation22:55 Retirement Channel Opportunities23:14 Education and Alternatives24:26 Model Portfolios25:22 Tokenization and Liquidity26:18 Client-Centric Product Structuring27:28 Communication and Alignment30:45 Evergreen Structures31:46 PM Skillset Evolution33:14 Future of Product Innovation34:53 Fee Compression in Alternatives38:15 Diversification Benefits40:17 Industry Collaboration41:47 Conclusion and ThanksJoin over 9,000 thought leaders from top private markets firms like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, CVC, TPG, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen 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.Alt Goes Mainstream was live from $1.2T AUM asset manager Nuveen’s nPowered conference, a two-day event bringing together Nuveen thought leaders and industry experts to explore challenges and opportunities in private markets.We interviewed some of Nuveen’s senior leadership on site to hear their views and perspectives on private markets, working with the wealth channel, and product innovation.We sat down with Jeff Carlin, Senior Managing Director, Head of Global Wealth Advisory Services at Nuveen, and a member of the Senior Leadership Team. He’s responsible for leading the placement, distribution, and support of all products through the US Wealth distribution channel.Jeff and I had a fascinating conversation about working with the wealth channel and how Nuveen has created products to serve this growing investor segment.Thanks Jeff for coming on the Alt Goes Mainstream podcast to share your wisdom and expertise on private markets, private wealth, and distribution. We hope you enjoy.Clip #1: Building indispensable partnerships by creating trust.Clip #2: Taking success in public markets to private markets.Clip #3: How do you outcompete other firms and build an outperforming distribution organization?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, Ultimus Fund Solutions01:55 Podcast Introduction02:01 Live from Nuveen's nPowered Conference02:26 Jeff Carlin's Career Journey and Role at Nuveen06:28 Evolution of Wealth Distribution07:24 Changes in Advisor Discretion09:06 Consultative Selling Approach10:30 Hiring Distribution Professionals12:42 Building Trust with Advisors13:57 Nuveen's Conservative Approach14:41 Indispensable Partnerships15:42 Macro vs. Micro Focus17:33 Private Markets in Wealth Channels20:12 Global Wealth Management20:43 Regional Differences in Investment Themes21:16 Challenges in European Markets22:24 Focus on Global Financial Institutions24:32 Structural and Non-Structural Advantages27:12 Outcompeting in Distribution29:08 Vision for Private Market Solutions29:15 Portfolio Solutions Group's Role29:55 Balancing Third-Party and Proprietary Products30:18 Impact of Fund Allocation Decisions31:09 Challenges in Wealth Channel Distribution32:02 Complexities of Private Market Investments32:24 Client Understanding and Implementation33:00 Drawdown Features and Client Preferences33:12 Perpetual Vehicles in Private Credit33:56 Simplifying Private Market Investments34:28 Managing Capital Calls and Cash Flows36:47 Evergreen Structures in Private Markets37:12 Future of Private Market Vehicles38:41 Technological Innovations in Private Markets38:58 Blockchain and Distributed Ledger Technology39:52 Adoption of New Technologies40:56 Excitement for Private Market Investments41:51 Engaging Younger Investors42:25 Impact of Technology on Investment Behavior50:16 Advisor Education and Private Markets52:08 Addressing Client Concerns About Private Markets53:27 Importance of Client-Centric Approach55:00 Evolving Terminology in Private Markets56:13 Importance of Words in Financial Communication56:24 Closing Remarks and Future OutlookJoin over 8,500 thought lead

Welcome back to the Alt Goes Mainstream podcast.Today’s episode is with a founder who is building mission-critical software for private equity firms.I sat down in Citywire’s London studio with Venkat Subramaniam, the Co-Founder of DealsPlus, to discuss why he has built a digital solution to streamline, digitize, and automate the management of complex holding and capital structures for private equity firms.Historically, private equity firms have relied on humans and manual processes to manage and track cap tables, transactions, and entities. This process has required significant human intervention and has often been rife with errors, making deals harder to consummate and transactions. Venkat has taken his 15 years of experience advising private equity managers on cross-border transactions, most recently as an Associate Partner at EY UK, to build DealsPlus to create a single source of truth for capital structures for private equity firms. DealsPlus works with a number of industry-leading private equity firms and is backed by a private equity firm with $38B in AUM.Venkat and I had a fascinating conversation about the challenges private equity firms face with managing and tracking transactions and portfolio companies. We discussed:* Why it’s been so hard to create a cap table management solution for private equity.* Why it's much harder to build software for private equity firms than venture capital firms.* How private markets can move from the Excel Age to the Digital Age.* How to build software that provides a single source of truth.* The atomic unit of value in private markets.* Building an end-to-end platform versus building a point solution.* What’s next in post-investment ops tech innovation?Thanks Venkat for coming on the show to share your thoughts and wisdom on private markets tech.Clip #1: What is the hardest problem to solve right now?Clip #2: Are there going to be more point solutions or one-size-fits-all solutions?Clip #3: What’s the “wow” feature on DealsPlus?Clip #4: Is it harder to build for larger firms or smaller firms?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, Ultimus01:56 Welcome to Alt Goes Mainstream02:10 What is DealsPlus?02:33 Venkat's Background and Experience03:01 The Complexity of Cap Table Management03:10 Building a Single Source of Truth03:49 Building DealsPlus04:07 Venkat's Tax Advisory Experience04:22 Complex Structures in Private Equity04:53 The Need for Better Solutions05:30 War Stories in Private Equity06:31 Lack of Uniformity in Transactions07:00 Technology's Role in Private Equity07:44 The Impact of Cloud Computing08:38 Consumerization of Enterprise Software08:57 Moving from Excel to Digital09:18 Excel's Strengths and Weaknesses10:24 Connecting Front and Back Office14:24 Recurring Pain Points14:49 Focus on Cap Table Management15:28 Complexity in Private Equity vs. Venture16:29 Building the Platform17:33 Stakeholder Management19:53 Time Savings with DealsPlus21:50 Integrating Technology into Workflows22:15 Best in Class Solutions24:49 Size of Fund and Complexity26:58 Impact on Smaller vs. Larger Funds28:44 Network Effects in Technology Solutions30:04 The W

Welcome back to the Alt Goes Mainstream podcast.Today’s episode is with a founder who is building mission-critical valuation and portfolio monitoring software for alternative asset managers.We are joined by Yann Magnan, the Co-Founder and CEO of 73 Strings, to discuss how valuation work and portfolio monitoring is moving from manual to automated and why that’s so important for the industry. 73 Strings has leveraged AI and automation to more seamlessly and cost-effectively extract data, monitor portfolios, and streamline middle-office processes for valuations. 73 Strings works with a number of the industry’s top alternative asset managers and has received investment from Blackstone, Fidelity International Strategic Ventures, and Broadhaven Ventures, amongst others.Yann has brought his experience as a senior member of the Duff & Phelps team, where he was EMEA Market Leader and member of the Global Operating Committee and as a Partner at EY’s Transaction Advisory Services to help bring valuation and portfolio monitoring solutions into the mainstream.Yann and I had a fascinating conversation about how technology innovation is impacting private markets. We discussed:* The challenges with manual valuation services businesses.* How to create uniformity and standardization with private markets fund performance data.* How AI is changing private markets post-investment reporting processes.* Does automation in private markets help big funds or small funds more?* The evolution of post-investment private markets market structure.* The biggest technology innovation still missing from private markets.* Why the growth of the wealth channel and evergreen funds increases the need for more streamlined reporting and valuation solutions.Thanks Yann for coming on the show to share your views and wisdom on private markets.Clip #1: Can there be standardization and uniformity in the valuation process?Clip #2: Will AI be smart enough to do a better job of the qualitative side of valuation work?Clip #3: How does 73 Strings handle different companies reporting metrics in different ways?Clip #4: What does the convergence of the wealth channel and the rise of evergreen structures mean for post-investment processes?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 Message01:56 Welcome to the Podcast02:05 Introducing Yann Magnan and 73 Strings03:56 Yann's Background and Experience04:05 The Genesis of 73 Strings04:35 Challenges in Manual Valuation05:27 The Role of AI in Valuation09:43 The Importance of Human Judgment11:42 Accountability in Valuation Reporting13:03 Collaboration with Service Providers14:21 Handling Diverse Data Sources15:08 Automation and Standardization16:24 Impact of Automation on Human Processes17:44 Growth of the Wealth Channel and Evergreen Funds18:44 Acceleration of Valuation Needs19:34 Retail Investors and Private Capital20:00 Frequency and Robustness of Valuation20:28 Industry Readiness for Evergreen Structures20:51 Technological Implications of Increased Frequency21:13 Daily Valuation in Public and Private Assets21:32 Technology Infrastructure in Asset Management21:39 Industry Resilience and Rapid Adaptat

Welcome back to the Alt Goes Mainstream podcast.Today’s guest is an expert in financial services and capital markets who has experience as both a strategic investor and a VC.We welcome Rana Yared, a General Partner at Balderton, where she co-leads their Growth Fund. She came to Balderton in 2020 from across the pond, where she was a Partner at Goldman Sachs, first in the Principal Strategic Investments Group, a balance sheet investing team, and later in GS Growth, when the group became part of the GS Growth efforts that began to take in outside LP capital. At Goldman, Rana oversaw investments in Financial Technology and Enterprise Technology as well as the commercialization of Goldman’s technology assets in both NYC and London. She represented Goldman on the boards of Tradeweb, NAV, Vestwell, New York Shipping Exchange, and Swapclear @ LCH. She currently serves on the board of Tradeweb in an independent capacity.Coming off of a fundraise of $1.3B in new capital across early and growth stage funds at Balderton, Rana and I discussed what LPs were interested in and why Europe is a compelling investment ecosystem. We had a fascinating discussion about:* Revolutionary and evolutionary innovations in financial services and private markets, including the likes of iCapital, Tradeweb, Revolut.* Why global tech companies can be built in Europe, with Revolut, a Balderton portfolio company, as an example.* Why London and Europe are compelling fintech and financial services ecosystems.* How LPs should look at the European investment opportunity.* Differences and benefits / drawbacks of being a strategic / permanent capital investor versus being an independent VC fund.* The importance of being a risk manager in venture.Thanks Rana for coming on the show to share your wisdom and views on Europe, venture, and private markets. We hope you enjoy.Clip #1: Are the technological changes in financial services evolutionary or revolutionary?Clip #2: Can European companies become massive without having to go outside of Europe?Clip #3: What is most exciting about European venture?Clip #4: The durability of a fintech founder.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 Ultimus Sponsor Message01:59 Introducing Balderton Capital Partner, Rana Yared04:16 Rana's Journey from Goldman Sachs to Balderton04:25 Transition from Investment Banking to VC06:26 Insights on Financial Services and Market Structure06:37 Investing in Market Structure09:05 Disruptive vs. Evolutionary Innovations in Fintech12:53 Partnering with Incumbents14:31 The Importance of Durability and Product Velocity18:11 Strategic Investing vs. Venture Capital21:21 Investing in the European Ecosystem27:06 The Exciting Potential of Revolut and European FinTech27:21 FinTech Giants in Germany27:54 European Companies' International Advantage28:55 Investor's Perspective on European Expansion29:48 The Role of Venture Capital in Europe29:22 Challenges and Strategies for European Investors30:20 The Importance of Local Presence30:55 The Future of European Ecosystems31:28 US VCs Entering Europe32:15 Bridging the Talent Gap34:02 Mentorship and Expertise35:52 The Role of LPs and Eu

Welcome back to the Alt Goes Mainstream podcast.Today’s episode is with someone who has experienced the growth and evolution of the credit space from different vantage points.We welcome Alona Gornick, a Managing Director, Senior Investment Strategist, and Co-Head of the Chicago Office for Churchill Asset Management, a firm with $50B committed capital that is a provider of financing solutions to middle market private equity firms and their portfolio companies. Churchill is an investment-specialist affiliate of Nuveen, the asset manager of TIAA.Alona provides investment insights across the private capital spectrum to the investment community – and has a particular focus on working with the Private Wealth and Retail channels. She works closely with Nuveen’s global distribution team to deepen relationships with and educate Churchill’s investors and partners.Alona leverages her experience in capital markets, investor relations, and credit investing from working at the likes of Nuveen, Golden Gate Capital, and Oaktree Capital Management.Alona and I had a fascinating conversation. We discussed:* The evolution of credit investing.* The opportunities and risks in private credit.* Are we in a private credit bubble?* Why the product specialist role is critical for working with the wealth channel.* The power of scale, particularly in private credit, and how it helps alternative asset managers win deals and invest.* The strategic benefit of platforms and permanent capital.Thanks Alona for coming on the show to share your views and wisdom on private markets. We hope you enjoy.Clip #1: You don't find these credit deals on a Bloomberg terminal.Clip #2: Is this the right time for private credit?Clip #3: Where does the wealth channel think private credit fits into a portfolio? Clip #4: How much does structure matter?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 Solutions01:18 Welcome to the Podcast02:00 Guest Introduction: Alona Gornick03:45 Alona's Career Path and Experience06:59 Growth of Middle Market Direct Lending07:41 Changes in the Credit Landscape10:21 The Importance of Size and Scale in Private Credit13:27 Deal Structuring and Market Evolution14:46 Impact of High Rate Environment16:06 Private Credit Returns and Underwriting20:53 Investor Questions and Market Insights21:24 Educating Investors on Private Credit23:43 Private Credit in Wealth Portfolios24:09 Diversification Benefits of Private Credit24:24 Yield Premium in Private Credit26:40 Private Credit vs. Private Equity27:06 Exploring Private Equity and Private Debt27:24 Transitioning from Public to Private Credit27:49 The Role of a Product Specialist28:09 Balancing Risks and Benefits28:49 Relating to Advisors with Real Examples29:40 The Importance of Education in Allocation30:25 Diverse Viewpoints on Alternative Asset Managers31:48 Challenges in Access to Capital33:26 The Significance of Hiring Quality People34:12 Non-Traditional Backgrounds in Specialist Roles36:29 Patience and Commitment in Educating Investors39:13 The Hardest Part of Educating the Wealth Channel40:47 The Role of Structure in Education44:21 Concerns About the Future of Private

Welcome back to the Alt Goes Mainstream podcast.Today’s show features a guest who brings a wealth of common sense to wealth management and asset allocation.We talk with Ben Carlson, the Director of Institutional Asset Management at Ritholtz Wealth Management, a $5B AUM wealth management firm. He’s managed institutional portfolios for his entire career. He started out with an institutional investment consulting firm, where he deployed portfolio strategies and created investment plans for foundations, endowments, pensions, hospitals, insurance companies, and HNW individuals. More recently, he was part of the portfolio management team for an investment office that managed a large endowment fund for a charitable organization.Ben is a student of markets and asset allocation, which is clear from the knowledge he shares daily and weekly with his blog, A Wealth of Common Sense, and his podcast Animal Spirits with Michael Batnick and Ben Carlson. He’s also authored four books about saving, investing, and money. He was named to the Investment News 40 Under 40 list of top financial advisors in 2017.Ben and I had a fascinating conversation about the adoption of alternatives in the wealth channel and the whys and hows of asset allocation. We discussed:* Why asset allocation is the most important aspect of an investment plan.* The question of whether or not investors now have too much choice?* Why Ben documents every investment decision he makes.* The benefits of private markets and the pitfalls of private markets.* His biggest lesson learned in investing.* Why crypto has helped younger investors become more comfortable with volatility (for better or worse).* The future of wealth management and what won’t change about the advisor / client relationship.* The power of content creation and how it helps him approach investing.Thanks Ben for coming on the show to share your wisdom and experience in investing and asset allocation. We hope you enjoy.Clip #1: Applying lessons learned as an institutional allocator to the wealth channel.Clip #2: The Ritholtz culture.Clip #3: How can advisors get smarter about private markets?Clip #4: What was the hardest part about creating content and building a brand?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 Sponsor: Introduction to Ultimus Fund Solutions01:56 Meet Ben Carlson: Wealth Management Expert02:17 Ben Carlson's Career Journey02:55 Insights on Asset Allocation03:11 The Importance of Documenting Investment Decisions03:14 Private Markets: Benefits and Pitfalls04:34 Early Career Lessons04:58 Asset Allocation Strategies06:06 Navigating Investment Choices07:10 The Complexity of Investment Strategies09:46 Institutional vs. Wealth Management10:19 Communication in Institutional Investing12:35 The 60/40 Portfolio Debate23:20 Advisors and Alternatives27:17 Thresholds for Investing27:48 Differentiating Through Culture28:41 Defining and Evaluating Culture29:20 Transparency and Client Relationships29:57 Partnering with the Right Clients30:19 Qualitative Manager Selection31:53 Content Creation and Transparency34:22 Building a Brand from Scratch37:49 Advice for Young Advisors39:31 Compounding in Private Mark

Welcome back to the Alt Goes Mainstream podcast.Today’s podcast illustrates just how far private markets have come. We dive into the world of GP stakes with Sean Ward, Senior Managing Director from Blue Owl’s GP Strategic Capital Platform, where he was a founding partner and is responsible for helping to oversee the firm that has done the lion’s share of GP stakes investing.Blue Owl’s GP Strategic Capital business, which started out as Dyal Capital Partners, has accounted for over 61% of the total capital raised in the GP stakes space, closing on over $33.3B across their 7 funds and managing $57.8B AUM. They’ve taken minority ownership stakes in many of the industry’s leading alternative asset managers, accounting for 85%+ of all GP stakes deals $600M or greater in size.Sean is a Senior Managing Director of Blue Owl Capital, Inc. and a member of the firm’s Board of Directors. He also serves as a member of the GP Strategic Capital Investment Team. Prior to joining Dyal Capital Partners, the predecessor firm to Blue Owl’s GP Strategic Capital platform, Sean was a Vice President at Lehman Brothers and held several roles at Neuberger Berman after it became an independent firm, including Senior Counsel for Neuberger’s alternatives business. Sean was also a lawyer at Covington & Burling LLP and Davis Polk & Wardwell LLP.Sean and I had a fascinating conversation about the evolution of private markets through the parallel evolution of the GP stakes space. We discussed:* The early days of the GP stakes industry.* What it was like to convince GPs and LPs why stakes made sense.* How the $1B GP commitment by Bain Capital in their fund post-GFC really opened everyone’s eyes to the need to tap into financing as firms grew their fund size and their business.* A “cash in” rather than a “cash out.” Why GP stakes investing is mainly about positive selection since managers are choosing to sell a stake in their business.* How alternative asset management has evolved as a business.* How GP stakes investments have elements of bond-like coupons from cashflows due to management fees and option value from the upside of carry.* Why GP stakes investments are “the most diversified single line item investment one can make in private markets.”* Where allocators bucket GP stakes investments.* What makes a great GP stakes investor.* The power of permanent capital.* The different paths to liquidity in GP stakes investments.Thanks Sean for coming on the show to share your views and wisdom on private markets. We hope you enjoy.Clip #1: Why would a GP give up equity in a valuable business?Clip #2: Alternative asset managers are coming to Blue Owl from a position of strength.Clip #3: How do you underwrite your stake investments?Clip #4: Where does a stake investment fit in 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 Sponsor Message01:17 Podcast Opening and Theme02:00 Guest Introduction: Sean Ward from Blue Owl GP Strategic Capital04:21 Sean Ward's Career Journey05:14 The Evolution of GP Stakes Investing06:23 The Start of GP Stakes at Blue Owl06:57 Raising the First Fund07:09 The Growth of Blue Owl's GP Stakes07:

Welcome back to the Alt Goes Mainstream podcast.Today’s episode is a special show with Ben Harrison, the Co-Founder of DealCloud, which is now part of Intapp, where he is President, Industries.Ben is a former banker and private equity professional at Falfurrias Capital Partners who went on to co-found DealCloud to make the process of managing deals and relationships for alternative asset managers and related industry service providers more streamlined and seamless.Ben and team have done just that at Intapp DealCloud. They’ve built a unified deal and relationship management software business that is more than just a CRM. They’ve integrated a CRM function with business development, marketing, pipeline, deal management, fundraising, and investor relations features into a single platforms to enable firms in private markets to better run their day to day processes. They have a roster of over 2,500 customers, which includes many of the industry’s leading alternative asset managers.Ben and I had a fascinating conversation about the evolution of enterprise software that serves private markets and why it’s such a large and growing opportunity, which was shared through the lens of an experienced and successful operator in this space who has grown his business to hundreds of millions in ARR that both alternative asset managers and founders and operators in private markets software will find interesting. We discussed:* Why scale matters in enterprise software just like it does in alternative asset management.* The strategic question of building a comprehensive end-to-end software solution versus building a point solution.* What are alternative asset managers looking for when building or buying software solutions for their business?* How are alternative asset managers thinking about data and tech differently?* Why and how the TAM for software solutions for private markets is growing in lockstep with AUM industry growth.* How data helps investors make better decisions.* Where AI can help automate processes for alternative asset managers.* Is AI over- or under-hyped?Thanks Ben for sharing your thoughts and wisdom of building an industry-leading software company for private markets and for Intapp and DealCloud’s partnership with Alt Goes Mainstream. We hope you enjoy.Clip #1: The intersection of dollars and data — the case for cost and time savings.Clip #2: Intapp — helping people make better decisions.Clip #3: The paradigm shift in enterprise software.Show Notes00:00 Introduction and Background03:54 Building Industry-Specific Software Solutions08:02 Strategic Approach: Point Solutions vs. End-to-End Solutions13:11 Evolution of Alternative Asset Management and its Impact on Software Solutions16:24 Benefits of Technology for Large and Small Firms19:11 Building Software for Large Managers vs. Small Managers23:10 Technology's Impact on Firms' Efficiency and Productivity25:49 The Role of Technology in Professional Development28:24 Key Features and Benefits of DealCloud's Software Platform32:00 The Future of Technology in the Alternative Asset Management Industry35:49 Unlocking the Potential of Technology38:46 The Shift Towards a User-Friendly and Automated User Experience45:18 The Importance of Data-Driven Decision-Making52:21 Growth Opportunities in the Private Markets Industry01:04:16 The Role of AI in Enhancing Software CapabilitiesJoin over 6,100 thought leaders from top private markets firms like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, CVC, TPG, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, 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.Recently, AGM partnered with Pangea to bring together a group of executives in private markets and wealth management in London for a live AGM podcast featuring Cheri Belski of T. Rowe Price, one of the largest asset managers in the world with over $1.59T AUM. Cheri is the Global Head of Product at T. Rowe Price, where she's responsible for setting the vision for T. Rowe Price's product development and their strategy in private markets. Cheri also chairs the Product Strategy Committee and is a member of the Investment Management Steering Committee. She is also a vice president of T. Rowe Price Group, Inc., T. Rowe Price Investment Services, Inc., and T. Rowe Price Associates, Inc. Cheri has been with T. Rowe Price since 1997.Cheri and I had a wide-ranging conversation on private markets. We discussed:* Why did T. Rowe Price look to add alternatives offerings?* How traditional asset managers have approached adding private markets capabilities.* Why T. Rowe Price acquired Oak Hill Advisors.* Build, buy, or partner to add alternatives?* Who will win the distribution battle in the wealth channel — traditional asset managers or alternative asset managers?* Opportunities and challenges with product construction and innovation for the wealth channel.* What the future holds for private markets.Please enjoy this fascinating conversation with Cheri. Thanks Cheri for sharing your wisdom and experience. We hope you enjoy.Clip #1: Why alts now? Why not.Show Notes00:00 Introduction: Going Mainstream00:40 Welcome to Alt Goes Mainstream Podcast00:43 Live Podcast in London with Cheri Belski00:54 Cheri Belski's Role at T. Rowe Price01:19 Discussion on Private Markets and Traditional Asset Managers01:37 Podcast Begins: Marylanders in London01:59 Host Introduction: Michael Sidgmore02:31 T. Rowe Price's Venture into Alternatives04:35 Why T. Rowe Price is Entering Alts05:46 Building, Buying, or Partnering in Alts07:09 Acquisition of Oak Hill Advisors07:13 Integration Challenges and Successes12:06 Brand Strategy in Alternatives14:36 Distribution Strategies for Alts16:20 Traditional vs. Alternative Asset Managers19:36 Challenges and Opportunities in Private Markets19:41 Advisor Relationships and Education22:29 Product Construction and Client Needs24:36 Challenges in Private Markets25:44 Future of Alternative Investments26:20 Conclusion and FarewellJoin over 6,000 thought leaders from top private markets firms like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, 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 is with Alex Chaloff, the CIO of a large and sophisticated private wealth management firm that is very active in private markets.Alex is Chief Investment Officer of Bernstein’s $125B+ private wealth management unit within $725B AUM AllianceBernstein. He was previously the Head of Alternative Asset Strategies. Prior to joining Bernstein in 2005, he was a MD for Wilshire Associates, serving on the firm’s investment committee. Prior to that, he worked in fund accounting operations at a global custodian in Boston.Alex and I had a fascinating conversation about: * How to approach private markets asset allocation.* Why he’s doing the job that he always wanted to do.* How to think about portfolio construction.* The importance of patience.* The questions about liquidity.* Why structure matters.Thanks Alex for coming on the show to share your wisdom and views.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.Clip #1: Why infrequent reporting can be a good thing.Clip #2: Stress testing a portfolio.Clip #3: The next generation of investors - they invest very differently.Clip #4: The massive amount of capital sloshing around in private debt is real.Show Notes00:00 Introduction and Sponsor Message01:18 Podcast Theme Song01:35 Welcome to the Podcast01:59 Introducing Alex Chaloff03:01 Alex Chaloff's Career Journey03:49 Transition to Bernstein04:16 Current Role and Responsibilities05:26 Investment Strategy and Market Insights06:58 Active vs Passive Investment11:35 Middle Market Focus14:26 Evaluating Fund Managers18:28 Lessons Learned in Fund Management20:51 Allocating to Private Markets22:38 Liquidity and Risk Management27:01 Current Market Opportunities31:01 The Perception of Infrequent Reporting31:38 Private Wealth and Market Fluctuations32:21 Understanding Liquidity Concerns32:54 The Future of Private Market Investments33:38 Challenges in Public Market Benchmarks34:45 GP and LP Dynamics in Private Markets36:58 Product Innovation in Private Markets38:30 Evergreen Structures and Asset Allocation39:20 Vintage Diversification Strategy42:07 Lessons from the Current Market Cycle42:30 Next Generation Investors and Impact Investing46:13 Double Bottom Line Investing48:24 Concerns in Private Debt Markets51:33 Opportunities in Venture Capital54:36 Favorite Alternative Investments and Future TrendsJoin over 5,900 thought leaders from top private markets firms like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, 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

I went into The Compound and came out alive.Recently, I joined Michael Batnick and Ben Carlson of Ritholtz Wealth Management on their Animal Spirits podcast by The Compound. It is a fantastic show that produces frank and thoughtful conversations on markets and the wealth management world. They invited me on their show to discuss why alts are going mainstream.We had a great conversation on the animal spirits of alts and we unpacked the opportunities and challenges ahead for private markets, wealth managers, and the alternative asset managers looking to work with the wealth channel. We covered:* Why I don’t like the term “downstreaming of alts.”* The size and scale of the opportunity with the wealth channel.* Why and how it can make sense for the wealth channel to allocate to alts.* The changing nature of asset allocation from slices of a pie to buckets and spectrums.* The concept of liquidity.* The attractiveness of evergreen funds for both GPs and LPs.* Are private markets in a bubble?* Why GP stakes are a compelling investment opportunity given structural trends in private markets.* Can private markets be indexed (and should they be)?Thanks Michael and Ben for having me on the show. Really enjoyed the conversation and it was a pleasure to join you. Michael and Ben are fantastic and thoughtful asset allocators and commentators in investing and wealth management. If you don’t already listen to their podcast or read their commentary on markets, you can check out their blogs below:Michael Batnick’s The Irrelevant Investor.Ben Carlson’s A Wealth of Common Sense.Join over 5,800 thought leaders from top private markets firms like Blackstone, Apollo, Goldman Sachs, Ares, KKR, Carlyle, Fidelity, iCapital, Franklin Templeton, 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.On today’s episode, we are joined by Mercer Investments’ US Financial Intermediaries Leader Gregg Sommer and CAIS’ MD and Head of Investments Neil Blundell.Gregg and Neil bring deep experience and backgrounds in private markets to discuss how alternatives can be further adopted by the wealth channel.Gregg is Mercer’s US Financial Intermediaries Leader, serving US wealth management and family office clients. He is a member of Mercer’s Wealth Leadership Team, Wealth Management Strategic Research and Investment Committees, and the Investment Policy Committee. He joined Mercer’s Investments business in 2009 and is based in Denver. Gregg began his career at U.S. Trust and over the last 35 years has held several executive positions in the investment industry. He has a comprehensive investment, business, and risk management background and has managed many successful investment teams focused on risk assessment, asset allocation, due diligence, portfolio management, organizational evaluation, and financial analysis across both private and public investment strategies. Gregg served as Chief Financial and Operating Officer of a firm that managed real estate and private equity and debt portfolios and has been a Principal and Portfolio Risk Officer for RCM, a Commodity Trading Advisor. Additionally, he was a founding Partner at Global Trading Partners, a trading firm focused on global market relationships.Neil brings over 20 years of experience in private markets to CAIS. He recently worked at Invesco as the Global Head of Client Solutions and Alternatives for the Investment Solutions team. He was responsible for developing and managing over $90B in customized multi-asset investment strategies spanning both traditional and alternative solutions and was a member of the team’s executive committee, investment committee, and chair of the alternative investment committee. Prior to Invesco, Neil was at BlackRock for 10+ years, where he was most recently Managing Director and Alternatives Platform Head within the Institutional Client Business.Gregg, Neil, and I had a fascinating discussion about how the wealth channel can approach alternatives and how they can think about both diligence and customization. We covered:* The case for alternatives.* How advisors currently approach alternatives and how they can think about it differently going forward.* How to think about portfolio construction that includes alternatives.* How alts can help advisors differentiate their practice and attract clients.* Following the fast river in a career and why alternatives are “the fast river.”* The meaning of “structure over strategy.”* The rise in popularity of evergreen funds.Thanks Gregg and Neil for coming on the show to share your views and experience in private markets. We hope you enjoy.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.Clip #1: How are advisors allocating to alts?Clip #2: How much does brand matter in private markets?Clip #3: What are advisors worried about in private markets?Clip #4: What goes into evaluating alternatives managers?Show Notes00:00 Introduction to Sponsor, Ultimus Fund Solutions01:17 Podca

Welcome back to the Alt Goes Mainstream podcast.Today’s episode features a guest who has consistently and astutely figured out the growth areas in private markets.We are joined by Manulife’s new Global Head of Private Markets Anne Valentine Andrews. She’s responsible for the strategy, business development, and growth of Manulife Investment Management’s private markets business. Manulife has a platform that spans real estate, infrastructure, timber, agriculture, private equity, and credit.Anne has a comprehensive and informed purview of both private markets trends and of the different asset classes. She brings together the CIOs from each asset class in the Manulife business and works with the global product group to drive private markets product innovation across the institutional, retail, and retirement channels.Anne has a wealth of experience in private markets and in infrastructure in particular. She joined Manulife from BlackRock, where she was most recently Global Head of Infrastructure and Real Estate. Previously, she was Co-Head and Chief Operating Officer for the Morgan Stanley infrastructure platform and was a Director at Macquarie Bank.Anne and I had a fascinating conversation about the evolution of private markets and how to build out a private markets investment platform and its brand. We discussed:* How to approach building a private markets investment platform at an industry behemoth.* Why culture matters at an investment firm.* The continued consolidation of alternative asset managers.* What it means to connect real assets with real money.* How to build a brand and educate investors.* How to bring private markets investment opportunities into retirement accounts.* The opportunity in infrastructure investing.Thanks Anne for coming on the show to share your experience and wisdom on private markets. We hope you enjoy.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.Clip #1: How infrastructure has “become a real allocation in investors’ portfolios.”Clip #2: Building a comprehensive private markets investment platform at Manulife.Clip #3: Connecting real assets to real money and building the world that we live in.Show Notes00:00 Introduction and Sponsor Message from Ultimus Fund Solutions01:18 Podcast Opening and Guest Introduction03:39 Anne Valentine Andrews' Career Journey04:42 Evolution of the Infrastructure Investments05:41 Infrastructure’s Resilience and Growth06:27 Building a Private Markets Platform14:28 Challenges and Strategies in Making Acquisitions17:12 Evaluating Culture and Integration in Asset Management18:47 Building a Comprehensive Platform20:20 Educating Investors and Expanding Access23:29 Future of Alternatives in Retirement Accounts26:43 Platformization of Alternatives28:01 Building and Marketing a Trustworthy Brand in Financial Services29:30 Learning from Other Industries: Amazon's Influence31:15 The Evolution of Asset Management31:57 Adapting to Market Changes and Mega Trends33:34 The Importance of Long-Term Investment Strategies34:33 Decarbonization and Natural Capital35:32 The Importance of Long-Term Thinking40:02 Connecting Real Assets to Real Money45:42 Risks and Opportunities in Infrastructure Invest

Welcome back to the Alt Goes Mainstream podcast.Today’s episode is one of evergreen importance. We talk with one of the pioneers in the evergreen fund space.Rob Collins, a Partner, Co-Head of Private Wealth, and Head of the New York office and a member of the Global Executive Board at Partners Group, a $147B+ AUM alternative asset manager, joins the podcast to discuss how Partners Group started the evergreen fund space in the early 2000s.Rob has deeply evolved perspectives on both evergreen funds and working with the wealth channel. He leads Partners Group’s US private wealth and defined contribution practice and is President, Portfolio Manager, and Member of the Board of Managers of Partners Group Private Equity (Master Fund), LLC. He also chairs Partners Group USA’s Investment Committee. He joined the firm in 2005, only 4 years after Partners Group was the first firm to launch an evergreen private equity structure.Rob and I had a fascinating conversation about what evergreen funds are, the mechanics of how they work, and why they can make sense for investors — both individual and institutions. We discussed:* What Partners Group saw in the early 2000s that made them decide to create the evergreen private equity fund structure.* Why it’s taken the industry time to adopt evergreen funds.* How to think about returns with evergreen funds.* Why institutions — in addition to wealth advisors — have used evergreen funds.* Why the time, money, and liability questions of private equity fund investments make evergreens a fit for many advisors.* The importance of compounding and how it relates to evergreen funds.* The challenges and nuances with managing evergreen funds.* Why “life is too short for capital calls.”* How does private equity go from being sold to being bought?* What can the industry do to continue to remove pain points for the wealth channel?Thanks Rob for coming on the show to share your thoughts and wisdom on private markets and the importance of one of the biggest trends in private markets, evergreen funds. We hope you enjoy.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.Clip #1: It’s “an infinite responsibility.”Clip #2: Why is the evergreen structure incredibly powerful for the mass affluent investor?Clip #3: What are the right characteristics of a top distribution professional for the wealth channel?Show Notes00:00 Introduction to Ultimus Fund Solutions01:18 Podcast Opening and Theme Song01:52 Welcome to Alt Goes Mainstream01:59 Introducing Rob Collins and Evergreen Funds02:24 Rob Collins' Background and Role at Partners Group04:18 Growth and Innovation at Partners Group05:46 Evergreen Solutions for Clients07:02 The Importance of Flexibility in Evergreen Funds09:56 Evergreen Funds vs. Traditional Structures11:38 The Rise of Evergreen Funds29:48 Challenges and Risks of Evergreen Structures30:01 Balancing Growth and Performance in Evergreen Funds34:57 Challenges for General Partners35:40 Expanding with New Products36:23 Trends in Private Markets36:56 Evergreen Funds and Private Companies37:27 Life is Too Short for Capital Calls38:52 Shift from Public to Private Markets40:24 Liquidity in Evergreen Funds41:50 Building a Resilie

Welcome back to the Alt Goes Mainstream podcast.His career started when someone said to him, “well, have you thought about venture capital? We don’t think that you’d be any good at it.”The rest is history.Today’s episode features one of the legends of the venture capital industry.Peter Barris joined New Enterprise Associates in 1992 after a storied operating career as President and COO at Legent Corporation and an executive at GE Information Services. He served as Managing General Partner and Chairman of NEA from 1999 to March 2024. Under Peter’s leadership, NEA saw tremendous success, growing into one of the world’s largest venture capital firms and raising the largest-ever venture capital fund a number of times. Today, NEA’s AUM stands over $25B.Peter was responsible for investing in a number of foundational and industry-transforming technology companies, including Salesforce.com, UUNET, Groupon, WebMD, Workday, CareerBuilder, Tempus, and more.It was an honor to talk with Peter, who has such rich perspectives as both an operator and investor.We had a fascinating discussion about the early days of venture capital and how the industry has evolved. We covered:* The inside story of how almost every other Partner said no but Peter's investment turned out to be a 75x return.* What's the “best characteristic and the death characteristic” of an entrepreneur?* In today's hypercompetitive market do VCs have enough time to make good decisions?* Why the world of venture capital is about influence.* What does it mean to earn an entrepreneur’s trust as a VC?* Why VCs with operating backgrounds can bring unique value to startups.* How NEA came up with the term "Venture Growth Equity."* How can a VC tell that a founder is good at experimentation and that they have the good judgment?* Why specialization and domain expertise are prerequisites in today’s venture industry.* The importance of relying on instinct to make great investments.* Why the business plan that is bet on is not always the business plan that ultimately succeeds.Thanks Peter for coming on the show. It was an honor and a pleasure to hear your views on the evolution of an industry and for you to share your wisdom and experiences.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.Clip #1: How Peter became a venture capitalist.Clip #2: The world of venture capital is about influence.Clip #3: The inside story of how almost every other Partner said no but Peter's investment turned out to be a 75x return.Clip #4: How can a VC earn the trust of a founder?Clip #5: How NEA found the white spaces in the VC industry to grow into a multi-billion dollar firm.Show Notes00:00 Introduction and Sponsor Message from Ultimus01:55 Guest Introduction: Peter Barris01:59 Peter Barris' Career Beginnings as an Operator03:43 How Peter decided to join NEA04:31 Early Days at NEA12:30 First Investment Experience – The world of venture capital is about influence15:07 How to Influence a Company when You Don’t Control the Company21:48 Scaling Businesses: When Scale Can be a Moat - The Groupon Example26:41 The Art of Experimentation29:16 The Most Important Characteristic of Successful Entrepreneurs and the Death Charac

Welcome back to the Alt Goes Mainstream podcast.Today’s episode features the architects behind one of the industry’s faster growing wealth management platforms, NewEdge.We welcome NewEdge CEO, Managing Partner, and Co-Founder Rob Sechan and NewEdge CIO Cameron Dawson.Both Rob and Cameron have a wealth of experience in both wealth management and private markets. Rob has over two decades of experience in financial services, beginning his career as a financial advisor at Morgan Stanley, before running a family office business as a Managing Director at Lehman Brothers. He later joined UBS as a Managing Director and Head of the Intellectual Capital Subcommittee, where he helped guide the firm’s tactical investment process for wealthy families and institutional clients before founding NewEdge in 2020. Cameron was the Chief Market Strategist at Fieldpoint Private Securities and a Senior Equity Analyst at Bank of America before joining NewEdge as CIO.Since its founding in 2020, NewEdge has grown to over $44B AUM, supports over 300 financial advisors. NewEdge has built a platform that combines wealth management, technology, custody, research, and alternatives capabilities. They’ve built out a sophisticated private markets investment practice, which we unpacked in detail on today’s podcast.Rob, Cameron, and I had a fascinating discussion. We covered:* The transformation in wealth management and the approach that NewEdge has taken in the independent wealth channel.* The evolution of Super RIAs.* The role of alternatives in wealth management. * Navigating client psyche and market cycles.* The importance of due diligence and why fee discipline matters in private markets.* The importance of liquidity in a client's portfolio.* Why portfolio construction is key in the wealth channel.Thanks Rob and Cameron for coming on the show to share your thoughtful views on wealth management and 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.Clip #1: Rob - we want to be cutting edge.Clip #2: Cameron - how does NewEdge do things differently?Clip #3: Rob - embracing change in the wealth management industry.Clip #4: Cameron - how funds can engage with the wealth channel.Show Notes00:00 Introduction and Ultimus Sponsor Message01:21 Welcome to the Podcast02:03 Introducing NewEdge Wealth and the Guests02:20 Rob Sechan's Journey in Wealth Management07:46 Cameron Dawson's Perspective on NewEdge11:45 The Role of Alternatives in Wealth Management20:09 The Evolution of Super RIAs24:10 Investment Strategies and Client Focus31:31 Balancing Proactivity and Client Sensitivity31:56 The Importance of Transparency and Differentiation32:30 Navigating Client Psyche and Market Cycles33:33 The Role of Alternatives in Portfolios36:05 Private Equity Opportunities and Challenges38:00 Fee Discipline and Alpha Generation51:57 Engaging with Wealth Channels56:52 Favorite Alternative Investments59:27 Conclusion and Final ThoughtsJoin over 4,900 thought leaders from top private markets firms like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, and more. This is a public episode. If you would like

Welcome back to the Alt Goes Mainstream podcast.On today’s show, we turned the tables. We welcomed famed podcast co-host of Animal Spirits and The Compound and Friends and writer at The Irrelevant Investor, and Managing Partner and Director of Research at $4B AUM Ritholtz Wealth Management Michael Batnick to come on the show to share a wealth manager’s perspective on private markets.Michael’s career has taken a number of fascinating turns. He started selling insurance, before a chance meeting on the platform of the subway station with Josh Brown of Ritholtz Wealth Management after a New York Knicks loss led to a job offer to work with Josh at RWM. At Ritholtz, Michael has been an integral part of the team that has helped to drive the firm’s growth, leading with content and education. Each of the firm’s Partners have built impressive content platforms across blogs, books, and podcasts. Their thoughtful approaches to investing come through in their work — and it’s translated to how they think about private markets. Michael provided interesting viewpoints on why alternatives have yet to be adopted by many advisors and the challenges with adopting alternatives products.Michael and I had a fascinating discussion at the intersection of wealth and alts. Michael and I covered:* His journey into wealth management and the lessons he has learned along the way.* The importance of education and networking in the wealth management industry.* How he thinks about risk in public and private markets.* The evolution of wealth management as a business.* Why alternatives products are still sold and not bought.* The importance of staying focused on fundamentals and long-term investing.* The workflow challenges that alternative investments have for a wealth management firm.* How and why content can develop views, educate, and build brand in wealth management and private markets.Thanks Michael for coming on the show to share your thoughts and wisdom on investing.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.Clip #1: How did a Knicks loss lead to Michael’s career in wealth management?Clip #2: “Who’s saying we need to invest in privates?”Clip #3: Why are advisors afraid of private markets?Clip #4: Public markets vs. private markets tension and “calling it what it is.”Show Notes02:03 Introduction to Alt Goes Mainstream 02:43 Guest Introduction: Michael Batnick 03:00 Michael's Early Career and Challenges 07:26 Meeting Josh Brown and Career Breakthrough 08:35 Lessons from the Insurance World 09:20 Creating Content and Building a Brand 10:58 Investing Philosophy and Market Insights 14:27 Young Investors and Market Psychology 19:13 Public vs. Private Markets 29:25 Advisors and Private Investments 34:21 Customization and Differentiation in Private Markets 34:50 Challenges in Pitching Investments to Clients 35:09 Operational Hurdles in Alternative Investments 35:34 The Role of Relationship Managers 36:16 Building and Managing Alts Portfolios 43:04 Market Dynamics and Investment Strategies 53:43 Content Creation in Wealth Management 58:53 The Future of Wealth Management with AI 01:01:46 Quick Fire Round: Market Predictions and Insights 01:05:19 Conclusion and Final

Welcome back to the Alt Goes Mainstream podcast.Today’s episode features a masterclass in private markets from a guest who has seen it all.Jim Strang is a deeply experienced private equity professional who has been part of the industry as a GP, LP, investor, consultant, and now a teacher, board member, and advisor to a number of firms.I’d probably have to spend a good few pages going through everything that Jim has done and is currently doing in private markets. He’s a practitioner and a teacher, an expert and an operator. After an illustrious career that was punctuated as Chairman EMEA of Hamilton Lane, one of the largest LPs in private markets globally, he now serves in a number of board and advisor roles, which include Chairman of the Board at HgCapital Trust plc, Senior Advisor to CVC Capital Partners, Advisor at Bain & Company, and Director at Pictet Alternative Advisors.Jim and I had a fascinating conversation about the evolution of private markets and what the future holds for large and small funds alike, as well as LPs. We discussed:* The step function changes that take private markets from $15T to $30T of AUM.* Why traditional asset managers may struggle to replicate the capabilities of alternative asset managers in private markets.* The importance of partnerships having a clear ambition and alignment if they want to build a scaled platform.* The challenges that managers in the middle face as large platforms and specialist managers are the differentiated firms in the eyes of LPs.* Why GPs need to find innovative solutions to address the needs of different types of investors.* Why building a strong brand is crucial to success in the wealth channel.Thanks Jim for coming on the show to share your wisdom and experience on 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.Clip #1: Private markets are like Hotel California.Clip #2: Is it better to be private or public as an alternative asset manager?Clip #3: Is scale a defensible moat? … and “Consulting is about what you know, investing is about what you think”Clip #4: What characterizes the current state of private markets?Clip #5: Are partnerships the right governance model for alignment?Show Notes00:00 Introduction and Sponsor Message02:06 Podcast Theme Song02:44 Guest Introduction: Jim Strang02:52 Jim Strang's Career Overview05:35 State of Private Markets: Challenges and Opportunities08:04 Fundraising Dynamics in Private Equity11:25 European Private Equity: Evolution and Insights15:01 Scaling Challenges and Ambitions in Private Equity25:41 Technology and Innovation in Private Equity32:47 Challenges in Organizational Analysis33:56 Psychological Assessments in Investment Decisions35:48 Effective Questioning Techniques for LPs36:29 Transparency and Culture in Investment Firms37:34 Evolution of Asset Management38:41 Public vs. Private Asset Managers40:27 Generational Shifts in Private Equity Firms44:12 Growth and Democratization of Private Markets48:40 Liquidity Challenges in Private Markets54:45 Quick Fire Round: Insights on Private Markets01:00:10 Entertainment Investments: Music Royalties and Sports01:04:02 Conclusion and Final ThoughtsJoin over 4,800 thought lead

Welcome back to the Alt Goes Mainstream podcast.Today’s podcast is a special show with 3i Members co-founder Mark Gerson.Alt Goes Mainstream’s first sponsor is 3i Members, an investing network built on community, collaboration and capital that was co-founded by Mark Gerson, Billy Libby, and Teddy Gold. 3i Members is a global deal network for accomplished private investors. Members uncover, share, and diligence high-quality investment opportunities in private markets. The network offers more than just investment opportunities, providing access to expert databases, legal services, international events and retreats, masterclasses, asset allocation workshops, and other resources.Mark is a serial entrepreneur who has built a number of communities that have revolved around some form of crowdsourcing.In addition to founding 3i Members, Mark founded Gerson Lehman Group, a knowledge brokerage and primary research firm, that figured out how to use the power of community to serve its customers. He also founded United Hatzalah, a crowd-sourced system of volunteer first response that enables Israelis to be treated within the moments separating life from death following any medical trauma. He also co-founded and is the Chairman of African Mission Healthcare, which enables Christian medical missionaries to provide clinical care, training, and medical infrastructure for people throughout Africa. From co-founding United Hatzalah of Israel to building a unique community in the private markets space with 3i Members, Mark shares his experiences and the profound impact of community and crowdsourcing in both philanthropy and private markets. The episode dives into the intricacies of building capable, engaged communities, the conceptual differences between a network and a community, and the unique approach of 3i Members in creating a collaborative investing landscape. We discussed:* Mark’s journey and the significance of pro-social behaviors and intellectual curiosity among investors. * How 3i Members facilitates a space for private investors to share, scrutinize, and engage with high-quality investment opportunities. * The importance of asking the right questions in investment. * ROI-based philanthropy* The value of non-transactional relationships within communities.Thanks Mark for coming on the show to share your stories and wisdom.Chapters00:00 Welcome to the Mainstream: The Alt Goes Mainstream Podcast Intro00:42 Introducing 3i Members: A New Era of Investing01:11 Mark Gerson's Journey: Building Communities and Crowdsourcing Success02:59 The Power of Community in Crowdsourced First Response07:59 3i Members: Crowdsourcing in the Investment World09:44 The Art of Building and Maintaining Quality Networks12:02 The Philosophy of No-Selling in Building Trust and Community14:59 Engineering Serendipity: Fostering Organic Growth and Engagement19:59 Investment Strategies and Learning from the 3i Community24:40 The Future of Investing with 3i Members34:51 ROI in Philanthropy: A New Approach to Giving40:09 Closing ThoughtsJoin over 4,700 thought leaders from top private markets firms like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, 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 podcast provided us with an in-depth tour of financial markets with a student of both finance and history. And what a tour guide we had. Marc Rubinstein, an investment professional with 25 years of experience researching and investing in financial services joined us on the show.Marc started his career as an equity research analyst, where he ultimately became a MD at Credit Suisse, leading the European banking sector equity research group before joining Lansdowne Partners. Lansdowne was one of Europe’s largest hedge funds, where he was a Partner and managed the award-winning $4B global long/short financials equity fund.Clip #1: The rules of thumb with systemic risk and excessive growth in financial services.He retired from Lansdowne in 2016 and, after going back to school to obtain his MBA from LBS, he launched Net Interest, a wildly popular and incredibly thoughtful newsletter on financial sector themes. I find Marc’s thoughts and views on Net Interest equal parts insightful and digestible. Marc is also an active value investor and early-stage fintech investor, where he was an early investor in Revolut. He’s also a contributor to Bloomberg Opinion.Clip #2: Zuckerman’s Curse and the story of John PaulsonMarc and I had a fascinating conversation about a number of themes that are defining private markets. We discussed:* Why most businesses are marketplaces and what that means for how one should evaluate a business.* Whether or not private credit is a systemic risk.* Why the Silicon Valley Bank crisis occurred and why private credit firms are filling the void.* Where to look for new asset classes and how they become institutionalized.* The nuts and bolts of alternative asset managers as businesses.* Why pod shops have featured in the hedge fund world and why PE and VC will have different versions of pod shops.* Why content is key for financial services businesses.* How financial media has evolved and why the narrative arc of companies is a perspective that Marc enjoys covering.Thanks Marc for coming on the Alt Goes Mainstream podcast to share your wisdom.Clip #3: The evolution of media in financial services.ChaptersIntroduction and BackgroundGetting into the World of FinanceBanks Today and the Rise of Alternative Asset ManagersRegulatory Concerns and Private CreditSystemic Risk and Excessive GrowthIdentifying Risks in Private CreditScale and Returns in Asset ManagementThe Growth of Large Platforms in Private MarketsThe Equilibrium of Scale and ReturnsThe Convergence of Traditional and Alternative Asset ManagementThe Trend of Evergreen Funds in Private MarketsThe Acquisition of GIP by BlackRockThe Competition Between BlackRock and BlackstoneThe Merging of Traditional and Alternative Asset ManagementThe Future of Active ManagementLessons from the Financial CrisisThe Impact of Media on Financial ServicesThe Trend of Permanent Capital in Private MarketsThe Evolution of Media in Financial ServicesThe Role of Content in Financial ServicesThe Importance of Understanding Financial Services HistoryThe Relevance of Deep Analysis in Financial ServicesValue Creation through ContentDifferent Paths for Content BusinessesPurity of Content in Financial ServicesThe Future of Content in Financial ServicesThe Impact of AI on Investment RecommendationsThe Value of Artisanal Work and IntelligencePod Shops in Private MarketsGP Stakes as an Analogy to Pod ShopsThe Psychology of Discounting Private MarketsThe Growth and Sustainability of Private MarketsInfrastructure as an Interesting Alternative InvestmentJoin over 4,600 thought leaders from top private markets firms like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, 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 an enabler of the micro VC movement who has now scaled his business into one of the industry’s larger fund administrators. Braughm Ricke is the Founder and CEO of Aduro Advisors, a leading fund administrator that has carved out a sterling reputation in the VC world.He's grown the business to over $114B+ AUA and over 450+ customers, that counts many of the leading VC funds, including Lowercarbon, Cowboy Ventures, Ahoy Capital, Craft, Haystack, Boost VC, and others, as customers. They've also managed to combine a high-quality service with innovative technology and a partnership strategy that has enabled them to differentiate from other fund admins.Clip #1: Starting Aduro to solve for the next big trend in VC.Prior to founding Aduro, Braughm was the founding CFO of True Ventures, a leading Silicon Valley VC fund. Braughm is incredibly knowledgeable about the private markets space more generally and is also an active investor in the private markets startup ecosystem, investing early in the likes of Carta, Allocate, Passthrough, Arch, and others.Clip #2: Is AI going to change fund administration?Braughm and I had a fascinating conversation about the evolution of fund administration. We discussed:* Why Braughm started with emerging managers and the unmet need he saw to serve them.* Why he believed the emerging manager landscape would grow.* How he’s moved upstream beyond venture capital clients.* How fund admin can integrate technology.* Will AI change fund administration?* Advice Braughm would give to founders building in private markets.Thanks Braughm for coming on the Alt Goes Mainstream podcast to share your wisdom on building a core infrastructure provider for private markets.Clip #3: What is missing from a technology perspective that takes fund admin to the next level?Clip #4: Will Aduro always be a services first business?Join over 4,500 thought leaders from top private markets firms like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, 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 is with a fintech founder who has scaled one of the larger private markets investing platforms for individual investors.Michael Weisz is the Founder and CEO of Yieldstreet, a leading private markets investing platform, with more than 450K members and $3.9B invested (as of October 2023). An award-winning entrepreneur, he co-founded Yieldstreet in 2015 with the ambition to provide individual investors with access to curated private market assets typically reserved for institutions. As CEO, Michael leads Yieldstreet’s strategic vision to make alternatives a fundamental piece of investor portfolios.Clip #1: Opening up the “billionaire’s playground.”Before Yieldstreet, Michael held a variety of positions across the specialty finance spectrum, including founding Soli Capital. Previously, Michael was Vice President at a New York-based credit opportunities hedge fund with $1.2B under management.Clip #2: The Yieldstreet experienceMichael and I had a fascinating conversation about the evolution of private markets and how to deliver investment opportunities directly to consumers. We discussed the business evolution of Yieldstreet, how they work with both individuals and advisors, and what he thinks is important when it comes to providing investors with access to private markets.Thanks Michael for coming on the Alt Goes Mainstream podcast to share your thoughtful views on private markets.Clip #3: “We don’t want to be Blackstone with a website.”Clip #4: “It always starts and ends with the customer.”Join over 4,500 thought leaders from top private markets firms like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, 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 with an internet legend provides an illuminating window into how the past can help inform us about the future.Steve Case is a pioneer and a visionary. He built one of the foundational companies of the internet, AOL, that brought America and the world online. As one of America’s best-known and most accomplished entrepreneurs, Steve has spent the past 39 years building, investing in, and shaping business policy for many industry-defining companies.His entrepreneurial career began in 1985 when he co-founded America Online. Under Steve’s leadership, AOL became the world’s largest and most valuable internet company. AOL was the first internet company to go public, and one of the best performing stocks of 1990s, delivering 11,616% return to shareholders. At its peak, nearly half of internet users in the U.S. used AOL.Clip #1: Building an internet company when only 3% of people were online 1 hour / week.Steve has since built another successful company, Revolution, a Washington, D.C.-based investment firm that backs entrepreneurs at every stage of their development. Revolution Growth has invested nearly $1 billion in growth-stage companies including Sweetgreen, Tempus, Tala, DraftKings, and CLEAR. Revolution Ventures has invested in almost 30 companies, including Framebridge and SRS Acquiom. Revolution’s Rise of the Rest Seed Fund has invested in over 200 startups in 100 US cities, building critical ecosystem development for entrepreneurship across the country.Clip #2: What happens when the internet meets the real world?Steve’s passion for helping entrepreneurs has extended to the policy world. He was the founding chair of the Startup America Partnership, an effort launched at the White House in 2011 to accelerate high-growth entrepreneurship around the country. He was also the founding co-chair of the National Advisory Council on Innovation & Entrepreneurship, and a member of President Obama’s Council on Jobs and Competitiveness, where he chaired the subcommittee on entrepreneurship. He was also instrumental in passing the JOBS (Jumpstart Our Business Startups) Act and the Investing in Opportunities Act. He’s also the Chairman of the Case Foundation, which he established with his wife, Jean, in 1997 and together in 2010 they joined The Giving Pledge.Steve is also the author of the New York Times bestselling book, “The Third Wave: An Entrepreneur’s Vision of the Future and The Rise of the Rest: How Entrepreneurs in Surprising Places are Building the American Dream,” which has ended up serving as a fantastic blueprint for the next wave of the internet.Steve and I had a fascinating and illuminating conversation, full of lessons learned from building the first wave of the internet that can be applied to building and investing in companies today.We discussed:* How Steve and his team built AOL into the world’s largest and most valuable internet company at a time when 3% of people were using the internet for 1 hour a day.* How revolutions happen in evolutionary ways.* The three waves of the internet and why Steve believes that the third wave is much more complex and will require the ability to navigate policy and partnerships.* Lessons he learned as a founder to build a successful and diversified investment firm in Revolution.* How emerging technology ecosystems can build thriving startup communities, starting with “tentpole companies.”* How the things that happen to you shape how you live your life and on “living a life that’s full with passion and urgency.”Thanks Steve for coming on the Alt Goes Mainstream podcast to share your wisdom, lessons learned, and visionary views of the future. It was an honor and a pleasure to have you on the show.Clip #3: Revolution, “investing where the puck is going.”Clip #4: Giving rise to the rest.Join over 4,400 thought leaders from top private markets firms like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, 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 takes us into the world of technology with an expert in private markets tech.Griff Norville is a Managing Director and Head of Technology Solutions at Hamilton Lane, the $903B AUM (*Inclusive of $120.2B in discretionary assets under management and $782.9B in non-discretionary assets under management, as of December 31, 2023) global alternative asset manager. Griff leads the firm’s tech-enabled analytics, forecasting, and investment diligence platform, Cobalt LPTM and related portfolio reporting services, and co-heads the firm’s Technology Committee.Griff focuses on building proprietary tools and strategically partnering or investing into private markets fintech companies as part of the firm’s efforts to drive digital transformation within the industry. Griff also leverages his background on the investment side to help inform how he thinks about technology transformation within private markets. He previously co-led Hamilton Lane’s research team, where he was responsible for leveraging data to assess market trends and advice clients on investment and portfolio construction strategy. Clip #1: The potential and promise of tokenization in private markets.Griff and I had a fascinating conversation about the evolution of private markets technology and why it’s an exciting time for innovation in the space. We discussed:* How private markets are moving from the Stone Age and Excel age to the digital age.* Why most GPs are still underinvested in technology.* How Griff approaches the build, buy, invest question.* Why Cobalt was so foundational to Hamilton Lane’s work in private markets.* How technology innovation has driven product innovation when working with the wealth channel.* What comes next for technology in private markets.Thanks Griff for coming on the show to share your thoughts and wisdom on how technology is impacting private markets and for the work you’re doing to invest in technology that’s transforming the space.Clip #2: How technology innovation can reduce friction for the wealth channel.Clip #3: What separates the winners from the losers in private markets?Clip #4: What are wealth managers worried about with private markets?Join over 4,400 thought leaders from top private markets firms like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, 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 we have the operator’s view on the show. We bring in someone who rose up the ranks of a private equity-backed software company to be CEO of that company — ECi Software Solutions — that now generates over $500M in revenue and $200M in EBITDA.We welcome Ron Books, now an Operating Partner at Carlyle and the CEO at Net Health, a Carlyle portfolio company. He also sits on a number of boards for Carlyle.He is now the Chairman and is the former CEO of ECi Software Solutions, a leading global provider of cloud-based software for SMEs, which he successful sold to Leonard Green & Partners for a multi-billion dollar exit. Ron started with ECi when it was a startup company and rose in the organization to serve as VP Sales, then COO, and then CEO, a position which he held from 2009 to 2021. While serving as CEO, Ron and his team developed and executed a strategic plan that included overseeing 46 M&A transactions and a successful software license to cloud migration across nearly a dozen platforms. They received investment from — and sold the business to — Insight Partners, Carlyle, Apax Partners, Goldman Sachs, and most recently, Leonard Green & Partners. Under his leadership as CEO, ECi grew from less than $50M in revenue to over $500M and a sale of the company in 2020 at a multi-billion dollar valuation.Ron has all the hallmarks of a successful entrepreneur — energetic yet thoughtful, a tireless work ethic, the ability to connect with customers and employees, and loyalty to both customers and employees.Clip #1: Developing discipline in process and team when bringing in private equity.Ron and I had a fascinating conversation about what it takes to build a great company and culture and how to work with private equity given that he’s been on both sides of the table. We discussed:* Lessons learned from growing a business to $500M in revenue and $200M in EBITDA.* How he built and grew ECi through acquisitions and globalizing the business.* Why culture matters and how to vet for culture in the hiring process.* Stories from the challenges and successes of integrating 41 companies via M&A.* How founders should think about working with private equity firms.* How founders can get the most out of their board members and operating partners.* The transition from CEO to Operating Executive back to CEO.Thanks Ron for coming on the show to share your wisdom and experiences that are an invaluable source of learnings for both founders and investors.Clip #2: Venture vs. Private Equity - who to bring in to help your company.Clip #3: Lessons learned from doing 46 M&A transactions.Clip #4: The value of working with an Operating Partner.Join over 4,300 thought leaders from top private markets firms like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, 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 takes us inside the world of wealth from the perspective of one of the industry’s largest alternative asset managers.We are joined by Sean Connor, the President & CEO, Global Private Wealth at Blue Owl Capital, a firm with over $160B 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.Clip #1: The opportunity to “do it differently” in the wealth channel.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, negotiating, and 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:* How and why it’s so difficult to work with the wealth channel.* Why the wealth channel is not a new phenomenon, yet why it’s still relatively untapped in terms of alternative asset managers understanding how to work with the wealth channel.* How Blue Owl’s wealth business works across its three different investment platforms.* Why scale matters in certain areas of private markets.* Why the wealth channel is not one channel, but rather an agglomeration of different customer types and geographies.* How the market is evolving where a one-stop-shop type firm may be how much of the wealth channel interacts with private markets.* What it means for distribution professionals to understand their client and the daily demands of a wealth manager's business when educating the wealth channel on alternatives products.* Why education of the wealth channel should focus more on holistic education and less on selling product.* Why the wealth channel matters when it comes to alternative asset managers acquiring other alternative asset managers.Thanks Sean for coming on the Alt Goes Mainstream podcast to share such actionable and thoughtful insights on how firms can work with wealth.Clip #2: Why scale matters in private markets.Join over 4,300 thought leaders from top private markets firms like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, 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 takes us inside the mind of a tech titan who is at the forefront of shaping the market structure evolution in private markets.John Stecher is the Chief Technology Officer at Blackstone. He’s responsible for all aspects of technology across the firm and advises the firm’s investment teams as well as acts as a resource to portfolio companies on technology-related matters. John and the team at Blackstone have invested in iCapital, Canoe, 73 Strings, LemonEdge, amongst others.Clip #1: How technology creates leverage points for investors.It’s also his background in other areas of technology and consumer financial services that stands out – and provides insights and lessons learned for how to build technology within private markets. Prior to joining Blackstone, John was a Managing Director, the Chief Technology Officer, and the Chief Innovation Officer at Barclays. He was also a member of the Barclays Technology Management Committee. Prior to joining Barclays in 2017, he worked at Goldman Sachs, where he held a variety of senior management and engineering roles across the firm’s capital markets and technology divisions, and most recently built their Marcus-branded consumer finance division. He also worked at IBM, where he was appointed an IBM Master Inventor, where he delivered / created over 45 patents across several diverse problem spaces.John and I had a fascinating conversation about how technology is core to both the business Blackstone is building and the businesses they invest into. We discussed:* How Blackstone leverages technology internally and externally to create value.* Why alts are still sold, not bought.* Why he sees the biggest evolution happening in the finance and accounting space within private markets — and what innovations are being built there.* Why the front office of private markets will still require human intervention despite technology advancements.* Why the alts space needs systematization.* How product structure innovation (i.e. evergreen funds, etc.) is driving technology innovation.* How private markets are becoming more consumer oriented.Clip #2: Hear John share his views on AI.Thanks John for coming on the Alt Goes Mainstream podcast to share your wisdom and experience of building core technology for capital markets and private markets.Join over 4,200 thought leaders from top private markets firms like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, 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 we have an incredible discussion that spans the world of private credit and the growth of women’s sports — and how those two topics intersect in the guest’s daily life.Chris Long founded Palmer Square Capital Management, an approximately $29B+ asset manager focused on corporate and structured credit with offices in Kansas City and London, in June 2009. Currently, he serves as Chairman, CEO, and Portfolio Manager. Since inception, Chris has been successful in building one of the premier credit investment firms in the world that includes clients across institutions, family offices, RIAs, bank / trust, and broker dealers. Prior to starting Palmer Square, Chris built a deep investment background at some of the top financial firms in the world, including Morgan Stanley, TH Lee Putnam Ventures, and JP Morgan.In December 2020, Chris added the title of Professional Sports Team Owner, as he joined Co-Founder and Owner Angie Long and Co-Owner Brittany Mahomes in bringing a National Women’s Soccer League franchise to Kansas City. The KC Current launched on an extraordinary timeline, playing its first professional match just 124 days after the franchise was announced. As owners, Chris, Angie, Brittany, and recent addition to ownership Kansas City Chiefs star Patrick Mahomes, have had a clear vision for not only establishing the best women’s soccer club in the world, but also having the KC Current serve as a model for all of women’s sports, which was no more apparent than with the recent completion of their new stadium, a $124M project that is the first soccer stadium specifically for a women’s professional soccer team.Chris serves on the National Women’s Soccer League’s (NWSL) Board of Governors and Expansion Committee as well as on the Executive Committee of the Kansas City 2026 World Cup Bid. Chris was recently recognized for winning the prestigious Kansas City Sports Commission’s 2022 Sports Executive of the Year and Sports Business Journal’s 2022 Power Players — Women’s Sports. He and his wife Angie were inducted into the 2023 Junior Achievement of Greater Kansas City Business Hall of Fame.Chris and I had a fascinating conversation that spanned the world of credit and sports team ownership and investing — and how those two worlds are coming together. We discussed:* How Chris and his team built a $29B asset manager in the credit space.* Why he believes that private credit’s growth does not represent a systemic risk despite a more lax lending environment due to increased capital inflows and increased competition for good deals.* Why he believes the one-stop-shop will emerge in credit for both borrowers and LPs.* Why a background in credit and investing has been invaluable in understanding how to navigate the business side of building and running a sports franchise.* How Chris decided to buy a NWSL team with his wife and co-founder Angie.* Why Chris believes investing in women’s soccer in the US is like “buying the Boston Celtics in the 1960s.”* Why owning your own facilities as a sports team is a huge lever to increase revenues and drive enterprise value.* How driving business initiatives for a sports team can help build the community and build the roster.Thanks Chris for coming on the show to share invaluable insights into building elite performers in both the world of finance and the world of women’s soccer. Good luck this season with the Current — I’ll be rooting for you, except when you play Angel City FC 😉.Join over 4,100 thought leaders from private markets firms like Blackstone, Apollo, Goldman Sachs, KKR, Carlyle, Ares, Blue Owl, Fidelity, iCapital, Franklin Templeton, Vanguard, & more.This material is for informational purposes and is prepared by Palmer Square Capital Management LLC (“Palmer Square”), is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are as of date of publication and are subject to change. The information and opinions contained in this material are derived from proprietary and nonproprietary sources deemed by Palmer Square to be reliable and are not guaranteed as to accuracy or completeness. This material may contain ’forward looking’ information that is not purely historical in nature. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader. Past performance is not indicative of current or future results. This information provided is neither tax nor legal advice and investors should consult with their own advisors before making investment decisions. Investment involves risk including possible loss of principal. 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 deep into one of the fastest growing independent wealth platforms in the US — Sanctuary Wealth — and how alternatives is a major ingredient to the growth of their firm and the RIA space more broadly.We have Sanctuary’s MD and Head of Alternative Investments, Patrick McGowan, and Director of Strategic Partnerships, Oksana Poznak, on the show to discuss why they believe alternative investments are a key driver of their growth and why they are so important to the development of advisor’s practices.Patrick and Oksana both bring valuable perspectives on private markets to bear.Patrick was previously a SVP and Head of Product Management at Azimut Alternative Capital Partners, the NY based GP stakes arm of Azimut Group, one of the largest independent wealth management companies in the world. This background gives him a great understanding of the GP stakes world, where he's spent a bunch of time thinking about this in terms of how it relates to the wealth channel. Prior to Azimut, Patrick was part of the Invesco Private Capital team, the $1B PE and VC arm of Invesco, where he focused on their efforts for CalSTRS SMA and a fund of funds that invested in a number of high-performing, generally smaller and emerging managers. He also worked at OC Private Capital, a JV between Carlyle and OppenheimerFunds, the advisor to a $1B close-ended interval fund focused on private credit. Prior to this role, he was a Senior Director at AI Insight, which was acquired by iCapital. He started his career at OppenheimerFunds and then worked at Altegris Investments, which was a pioneer in bringing alts to the wealth channel.Oksana brings over 20 years of experience in business development, marketing, and relationship management to Sanctuary. She was most recently Segment Marketing Director at CAIS, where she promoted alternative investment fund managers. Prior to CAIS, she held senior positions at Atria Wealth Solutions, BNY Mellon Pershing, Ladenburg Thalman, and Advisor Group.We had a fascinating discussion about the intersection of wealth and alts. We discussed: * What it will take to grow Sanctuary to a $100B Super RIA.* Why the wealth channel is so interested in alternatives.* Why alternative asset managers are interested in working with the wealth channel.* How alternative asset managers can best approach working with and educating the wealth channel.* The biggest mistake alternative asset managers make when trying to work with the wealth channel.* How smaller funds can partner with wealth advisors.Thanks Patrick and Oksana for coming on the show to share your thoughts and wisdom about the intersection of wealth and alts. We hope you enjoy.Join over 3,900 thought leaders from top private markets firms like Blackstone, Apollo, Goldman Sachs, Ares, KKR, Carlyle, Blue Owl, Fidelity, iCapital, Franklin Templeton, J.P. Morgan, 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

A few weeks ago, the tables were turned and I sat down with David Weisburd of the 10X Capital Podcast to talk about the ongoing transformation of private markets. The wealth channel is becoming a centerpiece of the LP universe. Every alternative asset manager either has — or has to have — a strategy for working with the wealth channel in today’s private markets.We discussed:* Why the wealth channel will become a prominent LP for many funds over time.* How infrastructure solutions like iCapital are enabling the wealth channel to efficiently access private markets.* Why GP staking will become part of the LP solution set for their exposure to private markets.Thanks David for having me on your show to discuss how private markets are rapidly changing before our eyes.Join over 3,700 thought leaders from top private markets firms like Blackstone, Apollo, Goldman Sachs, Ares, KKR, Carlyle, Fidelity, iCapital, Franklin Templeton, 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.On today’s episode, we travel around the world of hospitality investing. We talk with Carlos Rodriguez Jr., the Founder, President, and COO of Driftwood Capital, one of the US’s leading hospitality sponsors with over $3B in hospitality assets under management. They’ve found a way to do both the traditional things in real estate investing and development well and compliment that with an innovative strategy to bring over 1,200 accredited investors on their platform as they find ways to improve how sponsors can access deals and capital.Carlos and I had a fascinating discussion about real estate and private markets. We covered:* How hospitality investing was impacted by Covid and how Driftwood weathered the storm.* Lessons learned from operating through Covid.* Why location, location, location rings true in real estate investing.* How the millennial traveler and work from home have impacted hospitality investing.* The most surprising things in real estate investing over the past few years.* How technology is impacting real estate investing.Thanks Carlos for coming on the show to share your insights and wisdom about hospitality investing. We hope you enjoy.Join over 3,450 thought leaders from top private markets firms like Blackstone, Apollo, Goldman Sachs, Ares, KKR, Carlyle, Blue Owl, Fidelity, iCapital, Franklin Templeton, J.P. Morgan, 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.On today’s show, we welcome a senior member of the team at the world’s 3rd largest alternatives manager. Tyler Jayroe is a MD and Portfolio Manager in the Private Equity Group at J.P. Morgan Asset Management, which manages over $2.4 trillion of assets on behalf of a diverse group of global institutions and individual investors. Tyler’s team, the Private Equity Group, has a 40 year history of investing across private markets, covering the alternative investment spectrum and investing over $42B of capital. Tyler helps spearhead a team that invests into funds, co-investments, and secondaries across private equity, growth equity, and venture fund strategies.Tyler and I had a fascinating conversation about how an industry behemoth allocates capital across funds and strategies. We discussed:* What they look for when investing into funds.* Why middle market private equity is an area they have focused on.* The opportunity for secondaries in the current market.* The differences between a first-time investor and a first-time fund manager.* What a scalable and replicable process really means when it comes to evaluating fund managers.Thanks Tyler for coming on the podcast to share your deep experience in private markets. Hope you enjoy.Join over 3,350 thought leaders from top private markets firms like Blackstone, Apollo, Goldman Sachs, Ares, KKR, Carlyle, Blue Owl, Fidelity, iCapital, Franklin Templeton, J.P. Morgan, and more.Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risks as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.This document is a general communication being provided for informational purposes only. It is educational in nature and not designed to be a recommendation for any specific investment product, strategy, plan feature or other purpose. Any examples used are generic, hypothetical and for illustration purposes only. Prior to making any investment or financial decisions, an investor should seek individualized advice from personal financial, legal, tax and other professionals that take into account all of the particular facts and circumstances of an investor’s own situation.Risk SummaryThe following considerations, which summarize some, but not all, of the risks of an investment in the representative strategy, should be carefully evaluated.General Investment RisksThere is no assurance that the investments held by the Fund will be profitable, that there will be proceeds from such investments available for distribution to Shareholders or that the Fund will achieve its investment objective. An investment in the Fund is speculative and involves a high degree of risk. Fund performance may be volatile and a Shareholder could incur a total or substantial loss of its investment. There can be no assurance that projected or targeted returns for the Fund will be achieved.Financial Market DevelopmentsVolatile conditions in the capital markets may cause limitations on the ability of companies in which the Portfolio Funds will invest to obtain capital, or subject such companies to higher costs of capital for financing. This lack of available credit could impede upon the ability of such companies to complete investments and higher costs of capital could reduce the returns of the Fund or Portfolio Funds. Changes in interest rates may adversely affect the investments held by the Fund. Changes in the general level of interest rates can affect the value of the Fund’s investments. Interest rates are highly sensitive to many factors, including governmental, monetary and tax policies, domestic and international economic and political considerations, fiscal deficits, trade surpluses or deficits, regulatory requirements and other factors beyond the control of the Fund and the companies in which the Portfolio Funds invest. Although it is expected that the Fund’s borrowings, if any, will be short-term in nature, the companies in which the Portfolio Funds invest may finance a significant portion of their activities with both fixed and floating rate debt. By financing the acquisition and development of an investment with floating rate debt, such companies and Portfolio Funds, and indirectly the Fund, will bear the risk that in the event of rising interest rates and a lack of concomitant growth in income, or any increase in underwriting standards that might limit the availability of credit, it could become difficult for such companies and Portfolio Funds to obtain refinancing. In such a case, a company or Portfolio Funds could be forced to take actions that might be disadvantageous at the time in question, such as refinancing on unfavorable terms or selling an asset. Any rise in interest rates

Welcome back to the Alt Goes Mainstream podcast.On today’s show, we welcome a long-time VC investor who brings the perspective from both sides of the pond. Fred Destin, the founder of Stride VC, a seed fund operating out of London and currently investing out of its second £123M fund, shares his views on the venture capital industry.Prior to Stride, Fred was a General Partner at Accel and Accomplice (fka Atlas Venture). He’s invested in some of venture’s big winners, including Deliveroo, Pillpack, Cazoo, Zoopla, Secret Escapes, Integral Ad Science, and more, generating over $1.4B in value to investors and a blended multiple in excess of 7x. Fred has been featured on the Forbes European Midas List a number of times. Fred and I had a fascinating conversation about the hows and the whys of early-stage venture. We discussed:* How VCs can navigate the difference between decision points and discovery zones.* Why a positive bias towards people can be a driver of returns in venture.* Why venture capital is often a poor experience for founders.* Why trust, truth, and empathy make for a strong and enduring founder relationship.* Why Fred thinks that the most product of a venture capital organization is decisions.* Why and how simplicity can be core to company-building.* How to evaluate risk versus reward at early-stage.* How younger investors can hone their craft.* The future of early-stage venture.Thanks Fred for coming on the podcast to share your wisdom on early-stage investing.Join over 3,160 thought leaders from top private markets firms like Blackstone, Apollo, Goldman Sachs, Ares, KKR, Carlyle, Blue Owl, Fidelity, iCapital, Franklin Templeton, 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.On today’s show, we welcome a veteran of venture, a champion of portfolio concentration, a master of micro VC. Chris Douvos has taken a mosaic of experiences as an allocator at both endowments and funds that worked on behalf of institutional investors to found Ahoy Capital in 2018, an intentionally right-sized firm focused on working with smaller, emerging VC managers. A pioneering investor in the micro VC movement, Chris has been a mainstay in venture capital for decades. At Ahoy, he discovers and partners with smaller VC funds to help drive returns for his LPs, being seen as a “bird dog in the Valley” for many institutional investors who lack the access, network, and knowledge of the early-stage venture landscape to Chris’s degree.Chris has been embedded in the venture world for years, dating back to the early 2000s. Prior to Ahoy Capital, Chris spearheaded investment efforts at Venture Investment Associates and The Investment Fund for Foundations. He initially learned the craft of private markets investing at Princeton’s University endowment, although he earned his BA and MBA from Yale.Chris and I had such a fun discussion about venture and the emerging VC landscape. We discussed:* How the business of venture has changed.* Why there’s always room for a Bugatti when the market has a lot of Fords and Toyotas.* What he learned from Doug Leone at Sequoia in his early days as an allocator at Princeton and how it’s informed how he invests today.* Why it’s tough to be a midsized fund in today’s venture market.* Why he believes that concentration is key as a LP – and that diversification can lead to “diworseification.”* Why he believes smaller fund sizes can lead to outperformance.Thanks Chris for coming on the podcast to share your wisdom and lessons learned from decades in venture.Join over 3,000 thought leaders from top private markets firms like Blackstone, Goldman Sachs, Apollo, Ares, KKR, Carlyle, Blue Owl, Fidelity, iCapital, Franklin Templeton, 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

Today’s show brings us inside the mind of a top allocator and CIO in the private wealth world.We talk with Shannon Saccocia, the CIO of Neuberger Berman Private Wealth, a division of NB that has almost $70B of assets under management. With over 24 years of experience, Shannon brings a wealth of knowledge on private markets to bear. At NB Wealth, she works closely with investment leadership to establish market views, asset allocation, and portfolio recommendations tailored specifically for NB Private Wealth clients.Prior to joining NB, she was the CIO for 5 years at SVB Private and Boston Private Wealth, which SVB acquired in July 2021. In this capacity, she oversaw all investment management functions, including portfolio construction, asset allocation, third-party manager selection, equity and fixed income portfolio management, performance and trading.Shannon and I had a fascinating conversation on the evolution of private markets and how both allocators and GPs can think about this changing landscape. We discussed:* The definition of alts and what “true alternatives” are.* The changing nature of asset allocation and why alts are such a critical part of an investors’ portfolio.* The evolution of fees and what investors should be paying for.* Why specialized managers can win.* The importance of geopolitics and macro in a world where deglobalization has an increasing impact on asset allocation.* Why secondaries are an important onramp to private markets for the HNW channel.* What it means to get comfortable with being uncomfortable as an investor.* What the institutional investor world can learn from HNW investors.Thanks Shannon for coming on the Alt Goes Mainstream podcast to share your thoughts and wisdom on private markets.Join over 2,700 thought leaders from top private markets firms like Blackstone, Goldman Sachs, Apollo, Ares, Fidelity, iCapital, Franklin Templeton, 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