Alt Goes Mainstream

Welcome back to the Alt Goes Mainstream podcast.Today’s episode provides a fascinating window into the world of private equity value creation and how AI can help transform both portfolio company and investment firm processes and operations to create value.We sat down in New York with Hg Partner and Head of Value Creation Chris Kindt to dive into how he spearheaded the growth of the firm’s in-house value creation efforts and has built a high-performing team to meet the evolving needs of portfolio companies.Chris brings 15 years of experience in architecting and driving value creation to bear, with 11 years of experience at Hg and another 8 years as a consultant at BCG and Parthenon.Chris and his team are responsible for driving value across a portfolio of 55 companies that represents over $180B in enterprise value and would represent the second largest software company in Europe after SAP if it were a conglomerate.Chris and I had a thought-provoking discussion about value creation and the impact of AI on investing and operating companies. We discussed:* How to build a high-performing value creation team.* Where value creation has the biggest impact.* How AI is transforming investment processes.* How Hg has become an “AI-first” investment firm.* Where AI will have the most impact in a company today and why agentic AI is transforming certain roles and processes within companies.* How professionals can generate the most leverage from utilizing AI — without having cognitive decline.* Why prompting and prompt engineering is so critical in the age of AI (and how you can use your weekends to perfect prompt engineering).* How a management team can buy into AI and why the current time period represents an interesting opportunity for incumbents, particularly for those building mission-critical enterprise software.Thanks Chris for sharing your expertise and wisdom on company building and AI. We hope you enjoy.Note: This episode was filmed in August 2025.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.Clip #1: What does it mean to be an AI-first culture?Clip #2: How do you think about AI as a part of value creation in portfolio companies?Clip #3: The impact of AI on software engineers.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at [email protected] thank Ultimus for their support of alts going mainstream.Show Notes00:00 Message from Our Sponsor, Ultimus01:18 Welcome to the Alt Goes Mainstream Podcast02:10 Guest Introduction: Chris Kindt05:57 Value Creation at Hg07:15 Pre-Investment and Diligence Process08:11 Management Team Collaboration09:16 Areas of Impact in Value Creation11:50 Building a Cross-Functional Team13:17 Scaling the Value Creation Team13:51 Systematic Problem Solving16:31 Measuring Value Creation21:07 AI in Value Creation21:37 Internal vs External AI Applications23:07 AI First Culture23:46 Effective Use of AI Tools25:36 Prompt Engineering27:41 Experimenting with AI Agents28:07 Choosing the Right AI Models28:55 Strengths of Different AI Models29:29 Transformative Impact of AI30:09 Skills Needed for AI Integration30:22 The Role of AI in Work31:01 Philosop

Welcome back to the Alt Goes Mainstream podcast.Today’s episode is with two executives who have helped to build one of the industry’s leading alternative asset managers.In Permira Part 2, Brian Ruder joins his Co-Managing Partner and Co-CEO Dipan Patel in Permira’s London office to discuss the firm’s evolution and how the business has grown to over €80B in AUM.Both Brian and Dipan bring deep backgrounds in private equity investing to bear as they now lead the firm through its next phase of growth.Brian joined Permira in 2008 after working as a Partner at Francisco Partners. He’s Co-Managing Partner and Co-CEO of Permira, also serving on the firm’s Executive Committee and the buyout funds’ Investment Committee. He was instrumental in building the firm’s Technology sector team, which he co-led until 2023 where he worked on a number of the firm’s notable transactions, including Ancestry, Genesys, Informatica, LegalZoom, Magento, McAfee, Relativity, Zendesk, and more.Dipan joined Permira from Gores Group and is Co-Managing Partner and Co-CEO of the firm. He serves on Permira Holdings Limited Board and Permira’s Investment Committee and Executive Committee. He’s focused on technology and services investing, working on deals such as Renaissance Learning, Informatica, Axiom, Adevinta, AllTrails, Ancestry, LegalZoom, and more.Brian, Dipan, and I had a thought-provoking conversation about what it takes to build and run a scaled alternative asset manager and how to differentiate a firm and a culture. We discussed:* How the firm’s beginnings have shaped the culture that has been built and how that culture has permeated how they make investment decisions, work with companies, founders, and LPs.* The benefits and challenges of the collaborative leadership model.* How would an LP underwrite Permira’s culture?* How the firm’s European heritage helps as an investor.* The opportunity set in Europe.* The investment culture at Permira and how its structure and set up helps investment processes and decision-making.* Why software buyouts have become a larger part of the buyout investing landscape.* The Growth vs. Buyout mindset.* The advantage for technology forward incumbents.* How AI is impacting software investing and how AI is impacting services businesses.* The thought process behind launching a wealth solutions business, Permira Wealth, and how it reflects the culture of the firm.Thanks Brian and Dipan for coming on the show to share the evolution of Permira and your expertise and wisdom in private markets.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.Clip #1: Why technology businesses can be better businesses than physical product businesses.Clip #2: How velocity of change can be an indicator of a great company.Clip #3: What does it mean to be a growth oriented investor?A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at [email protected] thank Ultimus for their support of alts going mainstream.Show Notes00:00 Message from our Sponsor, Ultimus01:18 Welcome to the Alt Goes Mainstream podcast01:56 Welcome to Brian Ruder and Dipan Patel04:58 Brian’s Career Journey05:17 Priv

Welcome back to the Alt Goes Mainstream podcast.Today’s episode is with one of the executives who has helped to build one of the industry’s leading alternative asset managers.We sat down in Permira’s London office with Co-CEO Dipan Patel to discuss the firm’s evolution and how the business has grown to over €80B in AUM.Dipan brings a deep background in private equity investing to bear as he and his Co-CEO Brian Ruder now lead the firm through its next phase of growth.Dipan joined Permira from Gores Group and is Co-Managing Partner and Co-CEO of the firm. He serves on Permira Holdings Limited Board and Permira’s Investment Committee and Executive Committee. He’s focused on technology and services investing, working on deals such as Renaissance Learning, Informatica, Axiom, AllTrails, Ancestry, LegalZoom, and more.Dipan and I had a thought-provoking conversation about what it takes to build and run a scaled alternative asset manager and how to differentiate a firm and a culture. We discussed:* The founding story of Permira and the evolution of the firm since spinning out of Schroder Ventures in 1996.* How the firm’s beginnings have shaped the culture that has been built and how that culture has permeated how they make investment decisions, work with companies, founders, and LPs.* How would an LP underwrite Permira’s culture?* How the firm’s European heritage helps as an investor.* The opportunity set in Europe.* The investment culture at Permira and how its structure and set up helps investment processes and decision-making.* Why software buyouts have become a larger part of the buyout investing landscape.* How AI is impacting software investing and how AI is impacting services businesses.* Why the firm has expanded into credit.* The thought process behind launching a wealth solutions business, Permira Wealth, and how it reflects the culture of the firm.Thanks Dipan for coming on the show to share the evolution of Permira and your expertise and wisdom in private markets.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.Clip #1: Why strong founders can be transformational for companies.Clip #2: How does the right culture lead to better decision-making?Clip #3: “An obsession with growth in our portfolio companies.”A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at [email protected] thank Ultimus for their support of alts going mainstream.Show Notes00:00 Message from Ultimus, our Sponsor01:55 Welcome to the Alt Goes Mainstream Podcast03:42 Introducing Dipan Patel03:47 Discussing Distributions04:24 Selling A-Grade Businesses05:08 Flight to Quality in Investments06:49 Reflecting on Career Beginnings08:04 Lessons from Arthur Andersen and Lehman Brothers09:56 Challenges in Today's Investment World11:24 Underwriting in Unpredictable Times12:01 Basics of Private Equity17:36 Importance of Market Leadership18:21 Backing Strong Founders19:55 Permira's Co-Leadership Model20:23 Permira's Origin Story23:48 Investment Decision Process25:35 Underwriting Character in Executives27:15 Learning from Mistakes27:49 Underwriting Permira's Character28:02 Understanding Your Identity28:39

Welcome back to the Alt Goes Mainstream podcast.Today’s podcast was a conversation that was recorded live at Morningstar’s Investment Conference in Chicago earlier this year.Morningstar CEO Kunal Kapoor took time out of his packed schedule at the event to sit down with me for a thought-provoking conversation that dove into the nuances of many of the trends that are shaping private markets today.Morningstar and Kunal have quite an interesting perch in the market. They occupy a critically important function in the market: helping investors understand the data, structures, and trends in public and private markets. They provide fund ratings, investment analysis, and market data to both individual and institutional investors.As public and private markets experience increasing convergence, Morningstar finds itself at the intersection of markets that are undergoing rapid evolutions across product structures, asset allocation frameworks, and weighty questions around conceptual frameworks of liquidity, risk, volatility, concentration that are on the minds of many. Amongst the wide range of topics Kunal and I covered, one stood out: Morningstar is fiercely on the side of the investor.If there’s anyone who has a deep understanding of Morningstar’s DNA, it’s Kunal. Kunal started at Morningstar in 1997 as a data analyst, holding a variety of roles at the firm, including leadership positions in research and innovation. He served as director of mutual fund research and was part of the team that launched Morningstar Investment Services, Inc., before moving on to other roles including director of business strategy for international operations, and later, president and chief investment officer of Morningstar Investment Services. During his tenure, he has also led Morningstar.com® and the firm’s data business as well as its global products and client solutions group.Kunal and I had a fascinating and lively conversation. We covered a number of the most pressing topics in private markets today: the convergence of public and private, liquidity vs illiquidity, investor education, the importance of transparency, and the why, what, and how behind evergreen funds.Thanks Kunal for coming on the show to share your wisdom, expertise, and passion for public and private markets.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work.Clip #1: Is Wall Street smarter than Main Street?Clip #2: What it means to fight on behalf of the investor.Clip #3: When should people start to think about working with a financial advisor?A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at [email protected] thank Ultimus for their support of alts going mainstream.Show Notes00:00 Ultimus Sponsor Message01:18 Welcome to Alt Goes Mainstream01:55 Welcome to the Morningstar Investment Conference02:33 Convergence of Public and Private Markets03:15 Challenges in Transitioning to Private Markets03:32 Morningstar's Evolution and Impact04:29 Generating Alpha in Private Markets04:43 Importance of Time Horizon in Investments06:51 Morningstar's Role in Investor Empowerment07:15 Cost Reduction and Ownership in Mutual Funds08:34 Evergreen Funds and Transparency09:07 Challenges in Private Market Accessibility09:41 Liquidity and Fee Stru

Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives into the evolution of infrastructure investing with the leading scaled specialist firm in infrastructure.We sat down in Stonepeak’s Hudson Yards office with the firm’s Co-President Luke Taylor to discuss the inner workings of the infrastructure investing world and unpack the story of how Stonepeak’s rapid ascent has seen the firm climb to $76.3B in AUM in 14 short years.Luke brings a wealth of experience to the infrastructure investing world. He is Co-President of Stonepeak and a member of all of the firm’s investment committees. He’s been investing in infrastructure for over 20 years, joining Stonepeak from infrastructure investing pioneer Macquarie Capital.Luke and I had a fascinating and thought-provoking discussion about infrastructure investing and why it’s becoming an increasingly important part of the private capital ecosystem. We covered:* How Luke went from growing up on a sheep farm to investing in infrastructure in New York.* What Macquarie taught him about how to approach infrastructure investing.* Why he took the entrepreneurial leap to build Stonepeak and join Chairman, CEO, and Co-Founder Mike Dorrell from the firm’s earliest days.* Why infrastructure investing is more than toll roads, airports, and bridges.* How there are elements of a private equity approach to investing in, building, and operating infrastructure assets.* Where infrastructure fits in an investors’ portfolio.* Why individual investors should consider exposure to infrastructure assets.* Has infrastructure proved itself through an inflation cycle?* Why scale matters in infrastructure investing.* How Stonepeak identified investing in data centers early on and well before the data center boom began.* What type of demeanor and mindset makes for a successful infrastructure investor.Thanks Luke for coming on the show to share your expertise, wisdom, and passion for infrastructure investing.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.Clip #1: What does it take to be a truly great infrastructure investor?Clip #2: Driving value creation in infrastructure investing.Clip #3: Infrastructure as a defensive investment.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at [email protected] thank Ultimus for their support of alts going mainstream.Show Notes00:00 Introduction to Ultimus Fund Solutions, our Sponsor01:18 Welcome to the Alt Goes Mainstream Podcast02:04 Guest Introduction: Luke Taylor02:45 Luke Taylor's Background and Journey04:52 Early Days at Macquarie05:47 Entrepreneurial Spirit at Macquarie08:13 Building Stonepeak10:37 Value Creation in Infrastructure12:28 Mindset of an Infrastructure Investor13:38 Balancing Long-Term and Agile Thinking14:23 Key Skills for Success16:20 Underwriting and Risk Management16:48 High Barriers to Entry19:36 Operational Intensity and Value Creation22:51 Network Effects in Infrastructure24:19 Defensive Position of Infrastructure24:49 Infrastructure in Private Markets26:37 Inflation and Infrastructure Performance27:28 Portfolio Construction and Infrastructure28:33 Productizing Infras

Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives into how operations and streamlining technology processes can be turned into a strategic advantage.We sat down with Arcesium’s MD and Head of Client and Partner Development David Nable to discuss how technology is impacting how funds manage their processes, operations, and data.David was an early employee at Arcesium, helping the firm scale and working with many of the industry’s largest asset managers across the lifecycle of an investment. David joined Arcesium after a career in fund services and fund administration that spanned senior roles at Goldman Sachs, Credit Suisse, and BNP Paribas Securities Services.David and I had a fascinating conversation. We discussed:* How David’s background in prime brokerage and fund admin helped him approach the technology problems for asset managers.* How asset managers should approach where and how technology can be a strategic advantage.* What does it mean to be a tech-forward asset manager?* How does the growth of evergreen funds impact how firms manage their data and serve investors?* What still needs to be built next to continue to improve private markets market infrastructure.Thanks David for coming on the Alt Goes Mainstream podcast to share your expertise and wisdom on private markets technology and post-investment processes.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work.Clip #1: What is the true cost of a technology solution?Clip #2: Architecting your systems and data for the future.Clip #3: Be careful with vibe coding. A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at [email protected] thank Ultimus for their support of alts going mainstream.Show Notes00:00 Message from our Sponsor, Ultimus01:18 Welcome to the Alt Goes Mainstream Podcast02:05 Guest Introduction: Arcesium’s David Nable03:48 David's Career Journey04:19 Parallels Between Running and Finance05:24 Observing Industry Trends06:47 Evolution of Private Markets08:59 Impact of Technology on Investment09:54 Challenges of Scaling Investments11:40 Data-Driven Investment Strategies13:04 Technological Advancements in Finance14:15 Importance of Foundational Data18:06 Data Silos and Harmonization18:50 Case Study: Investor Relations22:22 Data-First Approach Benefits22:37 Architecting Systems for Flexibility23:31 Timing for Implementing Technology23:39 Real-World Challenges and Solutions24:10 Inflection Points in Management24:28 Logical Breakpoints for Change24:45 Preparing for New Strategies24:53 Publicly Traded Private Markets25:21 Investing in Scalable Distribution Channels25:42 Strategic Business Planning for SMAs26:09 Data Architecture and Implementation26:44 Understanding Data in Different Business Models28:16 The Role of Technology in Investment Firms28:47 Strategic CTOs and Their Impact30:46 The Paradox of Data in Decision Making32:04 Leveraging Data for Competitive Advantage33:00 The Impact of AI on Data Utilization33:43 Challenges for Mid-Sized Firms34:33 Technology as an Enabler for Niche Specialists35:24 Advice for Mid-Sized Firms on Technology Implementation36:43 Focusing on Major Technological Investments37:58 Point Solutions vs. Platforms40:29 The True Cost of Technology Solutions41

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

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

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

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

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

Welcome back to the Alt Goes Mainstream podcast.Today’s episode is with someone who has successfully built a wealth solutions business tailored to her firm’s unique strengths, expertise, and investment track record.Martina Sanow is a Partner at Hg and Head of Hg Wealth, where she is focused on building the firm’s wealth solutions offering built out of the $85B AUM firm, Hg, that invests in enterprise software.Hg, one of the top 10 largest PE firms globally based on the PEI 300 ranking, has built an impressive investment engine focused mission-critical enterprise software companies. The firm has built a portfolio that is a “transatlantic ecosystem of software and services businesses” — representing over $180B in collective enterprise value across its 55 portfolio companies.Martina has been at the firm for almost 16 years. She has been an integral part of building the firm into what it is today, helping Hg grow from $2B in AUM to $85B in AUM, previously as Deputy COO and now building the Hg Wealth business. Hg’s first wealth offering, Fusion, its flagship evergreen fund that provides access to non-US investors to Hg’s private equity funds and co-investment opportunities, has exceeded $1B in NAV just 12 months after its launch.Martina is thoughtful, strategic, and long-term oriented when it comes to building a solution that amplifies Hg’s strengths and resonates with the wealth channel. We had a fascinating discussion about how a scaled specialist like Hg can stand out in the wealth channel, unpacking the essence of who Hg is as a firm and how they’ve expressed who they are as they’ve built their wealth business.We covered:* Hg’s evolution as a firm.* Why Hg focuses on mission-critical enterprise software companies and why it’s a compelling investment thesis.* Building a wealth business that fits the mission, ethos, and strategy of the firm.* Understanding the complexity of evergreen funds.* How Martina and team think about managing dealflow and investor demand in their Fusion fund.* Learnings applied from HgTrust, the publicly listed UK investment trust, to figuring out how to educate and build brand in the wealth channel.* Why does ownership structure matter when it comes to building a wealth business? How being privately owned informs how Hg builds their wealth business.* Why Europe, why now?Thanks Martina for coming on the show to share your wisdom and expertise at the intersection of enterprise software, private equity, and private wealth.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work.Clip #1: Software is not a sector anymore. What’s the investment thesis for software investing?Clip #2: What are mission-critical software businesses and what do you look for in those businesses?Clip #3: Why and how to build a wealth business?A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at [email protected] thank Ultimus for their support of alts going mainstream.Show Notes00:00 Introduction and Message from Ultimus, our Sponsor01:18 Podcast Opening Theme01:55 Introduction to Today's Guest: Martina Sanow04:48 Martina's Journey at Hg: Detailed Discussion04:55 Hg's Growth and Specialization05:20 Hg's Entrepreneurial Culture06:15 Building a Wealth Business Aligned with Hg's Cul

Welcome back to the Alt Goes Mainstream podcast.Today’s conversation dives into the current state of private markets through the lens of one of the leading GP stakes firms in the industry.We sat down with Partner and Global Co-Head of the Petershill Group at Goldman Sachs Robert Hamilton Kelly. Petershill takes minority equity stakes in established and newly-established alternative asset managers. Across its different investment vehicles, Petershill participates in the fee income from over 200 underlying funds from alternative asset management firms that are diversified across asset class, investment strategy, and investment lifecycle.Petershill’s Partner firms have well in excess of $340B in aggregate AUM and they’ve partnered with a number of the top firms and some of the industry's most recognizable names in the middle market and upper end of the market, including Clearlake, Francisco Partners, Permira, Accel-KKR, General Catalyst, Kayne Anderson Real Estate, Kennedy Lewis, and more.Rob and I had a fascinating conversation on GP stakes and the evolution of alternative asset management. We discussed:* The what, why, and how of GP stakes.* The benefits and drawbacks of GP stakes investing for GPs and LPs.* What makes a great GP.* The question of liquidity in GP stakes.* Why Petershill has generally focused on middle-market alternative asset managers.* How private markets will continue to evolve and the growing importance of the wealth channel in the evolution of asset management.Thanks Rob for coming on the show to share your wisdom and expertise in private markets and GP stakes. We hope you enjoy.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work.Clip #1: Why is today’s environment “like having sand in the gears?”Clip #2: Why would an LP invest in GP stakes?Clip #3: What is the next evolution in GP stakes?A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at [email protected] thank Ultimus for their support of alts going mainstream.Show Notes01:54 Welcome Back to the Podcast02:06 Introducing Robert Hamilton Kelly03:35 Rob's Boat Racing Experience04:58 Lessons from Boat Racing Applied to Private Markets05:19 Current State of Private Markets05:41 Impact of Policy Changes on Private Markets06:24 Private Markets Focus on Service-Oriented Sectors07:23 Growth of Private Markets07:46 Early Days of Petershill10:30 Goldman's Role in Alternative Asset Management13:43 Insights on Valuing GP Stakes14:53 Data-Driven Investment Strategies16:56 Management Fees and Performance Fees25:31 Strategic Imperatives for Growth31:35 Managerial Skills in Private Markets34:01 Early Stage Investing and Commercial Focus34:48 Challenges and Opportunities in Capital Raising35:49 Industry Consolidation and Firm Growth36:11 The Future of Small and Mid-Market Firms38:35 The Role of GP Stakes in Wealth Channel Access40:52 Goldman's Unique Platform and Its Benefits42:56 The Importance of Capital and Strategic Advice44:58 Common Challenges Faced by GPs46:18 Why LPs Invest in GP Stakes47:45 Income Generation and Capital Growth48:44 Diversification and Allocation Strategies50:39 GP Needs and Market Data51:06 Long-Term Perspectives for LPs52:19 Portfolio Construction and Market Trends54:38 Strategic Grow

Welcome back to the Alt Goes Mainstream podcast.Today’s episode is with someone who is running the long race — in investing and in running.We sit down with prolific long distance runner, Blue Owl Capital’s Ivan Zinn, who has been a pioneer in alternative credit and asset-based finance.Ivan has had a long career in private credit. He started at DLJ before joining Leonard Green & Partners and Highbridge Capital. He then joined HBK before founding pioneering private credit firm Atalaya Capital Management, where he was also the CIO. Ivan and team grew Atalaya to over $10B in AUM from 2006 to 2024 before being acquired by Blue Owl Capital for $450M (and $800M with earnouts).As part of the transaction, Ivan became Managing Director at Blue Owl and is the Head of Alternative Credit, where the firm is now expanding its footprint due to Atalaya’s expertise. Ivan is as prolific outside of the office as he is in it — he is a long distance runner, running 100 mile races, and was a NCAA All-American tennis player, which comes as no surprise given the discipline, focus and expertise required to excel at the activities he’s done throughout his career in work and sport. He’s also a Board member of the USTA Foundation.Ivan and I had a fascinating conversation about the evolution of private credit and the growth of asset-based finance. We discussed:* How and why ABF has grown within the private credit ecosystem.* ABF’s market structure and a “trip down main street.”* The potential size of the ABF market.* Why moving assets off bank balance sheets can help the financial system.* Why private credit is a data rich asset.* Where ABF fits in a portfolio.* Why consumer credit is potentially misunderstood within private credit.Thanks Ivan for coming on the show to share your wisdom and expertise on private credit and ABF. Good luck to anyone keeping up with you on a long run though!Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work.You can also see a recent Q&A with Ivan about private credit and ABF on AGM here.Clip #1: “When your borrowing cost is zero, everything makes sense.”Clip #2: Unpacking the definition of ABF.Clip #3: Why should private credit be part of an investor’s portfolio?A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at [email protected] thank Ultimus for their support of alts going mainstream.Show Notes00:00 Introduction and Message from our Sponsor, Ultimus01:55 Guest Introduction: Ivan Zinn03:51 Parallels Between Running and Business05:40 Founding Atalaya and Private Credit05:52 Early Days of Private Credit06:50 Impact of the GFC on Private Credit07:02 Post-GFC Opportunities08:03 Evolution of Corporate Credit08:32 Asset-Based Finance Growth09:46 FinTech and Private Credit11:29 Importance of Stable Capital17:50 Banking System and Private Credit23:41 Definitions of ABF and ABS28:38 Risk Profiles in Private Credit37:25 Consumer Credit and Perceived Risks39:06 Debunking the Cyclical Perception of Credit Risk39:55 The Utility of Credit Cards During Financial Crises40:17 The Resilience of ABS and Diversified Portfolios40:54 Surviving the GFC: A Model for Credit Analysis41:28 The Importance of Diversification in ABF42:25 Selective Approach to Consumer Credit44:20 Packaging Pr

Welcome back to the Alt Goes Mainstream podcast.Today’s episode is with the CIO of an insurance company responsible for more than $300B in assets and a major focus on private markets.Lincoln Financial EVP and CIO Jayson Bronchetti and I sat down recently at Lincon Financial’s headquarters in Radnor, Pennsylvania to discuss the increasing involvement of insurance companies in private markets.Jayson, who is a member of Lincoln Financial’s Senior Management Committee and serves as the primary investment officer to Lincoln’s Board of Directors on all investment-related matters, is responsible for more than $300B in assets across the general account portfolio and the separate account mutual fund complex. He’s also chairman of the board of directors of the Lincoln Variable Insurance Product Trust family of over 100 mutual funds. He's also on the board of the Lincoln Financial Foundation.Fresh off recent partnerships with Bain Capital and Partners Group on private markets investment products and Bain Capital taking a stake in Lincoln’s business, Jayson and I had a fascinating conversation about how insurance companies can approach private markets and how they can build unique and differentiated partnerships with asset managers.We discussed:* The evolving role of insurance companies as LPs in private markets.* Why asset and liability matching is a critical framework to allocating to private markets.* How the general account of an insurance company creates interesting opportunities for strategic relationships and partnerships with alternative asset managers.* The benefit of having a business that works with financial advisors and individuals.* The importance of educating wholesalers about private markets – and why insurance wholesalers might have an advantage in educating advisors and clients about private markets products and strategies.Thanks Jayson for coming on the show to share your wisdom and expertise about private markets and insurance.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work.Clip #1: The dynamics of a partnership — working with Bain Capital and Partners Group.Clip #2: The secular tailwinds for the growth in private markets.Clip #3: “Your tomorrow is our priority.”A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at [email protected] thank Ultimus for their support of alts going mainstream.Show Notes00:00 Guest Introduction: Jayson Bronchetti from Lincoln Financial01:36 Discussion on Insurance Companies in Private Markets02:22 Message from our Sponsor, Ultimus Fund Solutions04:04 Jayson’s Background and Career Start05:05 Insurance Companies in Private Markets06:33 Asset and Liability Matching08:55 Liquidity and Illiquidity in Investments11:44 Evaluating Private Market Managers13:46 Balancing Scale and Performance15:22 Evolution of Alternative Asset Managers15:32 Strategic Partnerships and Distribution Channels18:10 Leveraging Multi-Manager Platforms20:21 Recent Partnerships with Bain and Partners Group20:55 Value of Distribution Relationships21:39 Symbiotic Relationships in Private Markets23:59 Leveraging General Account for Private Markets24:32 Stewardship and Risk Management24:53 Types of Products and Degrees of Freedom25:14 Creative Strategies and Surplu

Welcome back to the Alt Goes Mainstream podcast.Today’s episode digs into how the CIO of a growing multi-billion dollar wealth management firm thinks about customization and differentiation by building out private markets capabilities.We sat down with John McArthur, Senior Partner and CIO at $3.6B AUM Krilogy. Founded in 2009, Krilogy provides comprehensive financial planning and investment management services to HNW individuals, families, and business owners.Krilogy is charting a growth path — and to chart a growth path, John and his team are thinking about how they can thoughtfully grow their business.With John at the helm as CIO, they have been strategic with their approach to private markets and have increasingly focused on ways that they can create customized and differentiated solutions for their clients.John took 11 years of experience in wealth management and financial planning at A.G. Edwards & Sons and Morgan Stanley Smith Barney to Krilogy, where he joined his former University of Missouri college football teammate, Kent Skornia, to help quarterback Krilogy and their clients to financial success.John is thoughtful in his approach to private markets and how to provide solutions to their clients. We had a fascinating discussion about how wealth management is evolving and how private markets are critical to growing a wealth management practice. We discussed:* How John and team have grown and scaled an independent wealth management firm.* How John approaches private markets — and how that approach has evolved as they work with clients of greater size.* How to balance customization and differentiation with scale.* How can asset managers effectively educate and provide solutions to the wealth channel?* What’s still missing from private markets solutions for the wealth channel?* His views on product innovation, including evergreen funds.* Advice John would give to wealth advisors looking to invest in private markets.Thanks John for coming on the show to share your wisdom and expertise on wealth management and private markets.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work.Clip #1: Loving the stress of responsibility.Clip #2: Why create customized solutions for clients?Clip #3: Getting in the game in the wealth space.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at [email protected] thank Ultimus for their support of alts going mainstream.Show Notes00:00 Introduction and message from our Sponsor, Ultimus Fund Solutions01:56 Welcome to the Podcast02:07 Introducing John McArthur03:52 John's Entry into Wealth Management04:33 The Role of Sports in John's Career05:58 Lessons from Big Wealth Management Firms06:34 The Journey with Krilogy07:23 Challenges and Opportunities in Wealth Management07:49 Growth and Evolution in Wealth Management07:50 Private Markets and Wealth Management08:21 Quality Control in Wealth Management10:01 Organic Growth vs. Acquisitions10:45 Client Service in Wealth Management12:07 Differentiating Wealth Management Offerings13:07 Importance of Private Markets Capabilities14:00 Creating Customized Solutions15:39 Challenges in Educating Advisors16:45 Volatility and Market Changes18:10 Private Markets in a Changing Environment18:19 Building a D

Welcome back to the Alt Goes Mainstream podcast.Today’s episode is with a private equity pioneer who has seen the industry evolve in the forty plus years he’s spent in private markets.We sat down with Steve Klinsky, the Founder and Chief Executive Officer of New Mountain Capital, which he started in 1999, and has grown to over $55B AUM with an investment platform that spans strategies across Private Equity, Credit, and Net Lease Real Estate.Steve was the Co-Founder of the Leverage Buyout Group at Goldman Sachs from 1981-1984, where he helped execute over $3B of transactions for Goldman and its clients. He then joined Forstmann Little and Co. as an Associate Partner and General Partner, helping to oversee seven private equity and debt partnerships totaling over $10B in capital.He has since built New Mountain Capital into a leading alternative asset manager that has charted a growth path. Yet the firm has remained true to its roots and mindset of its “family business background,” which has informed how New Mountain has partnered with both GPs and LPs, and it’s a DNA that is central to their recent rollout of a wealth solutions business.Steve and I had a fascinating discussion about the evolution of private markets and how to build a leading alternative asset manager that helps build businesses. We covered:* How private markets have changed since Steve began in the industry.* What it means to build “great businesses.”* How the mindset of the “family business background” has helped inform investment strategy and deepening LP relationships.* How Steve and New Mountain have navigated scaling the firm while focusing on generating returns for LPs.* How New Mountain has approached launching new strategies.* The why and how behind launching a wealth solutions business.Thanks Steve for coming on the show to share your wisdom and expertise on private markets.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work.Clip #1: What are the values that underpin building $87B of collective enterprise value?A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at [email protected] thank Ultimus for their support of alts going mainstream.Show Notes00:00 Message from our sponsor, Ultimus Fund Solutions01:55 Welcome to Alt Goes Mainstream01:58 Introducing Steve Klinsky and New Mountain Capital03:41 Steve's Background and Early Days in Private Equity04:00 The Beginnings of Buyouts04:39 Challenges and Opportunities in Early Private Equity06:57 Forstmann Little and Co. Era07:02 Starting New Mountain Capital07:50 New Mountain's Cultural Philosophy08:50 Investment Strategies and Successes10:27 Scaling New Mountain Capital14:25 Mid-Market Focus and Growth15:19 Opportunities in Private Equity19:27 Synergies Across Investment Strategies22:19 The Wealth Channel Focus22:53 Building the New Mountain Brand24:10 Performance and Consistency24:33 New Mountain's Edge27:18 Engaging the Wealth Channel29:14 Future Plans and Products29:28 Expanding Existing Products for Wealth Channel29:42 Industry Evolution and Major Players30:21 Wealth Channel vs. Institutional Channel31:04 Institutional Side of Private Markets31:49 New Institutions and Market Evolution32:54 Challenges in the Wealth Channel34:11 Painful Investment

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

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