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Blue Owl Capital's Ivan Zinn - running the long race in private credit

Play Episode Listen Later Jun 18, 2025 70:09


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!You can also see a recent Q&A with Ivan about private credit and ABF on AGM here.Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM's podcasts.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 gharris@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Show Notes00:00 Introduction and Message from our Sponsor, Ultimus01:57 Introducing Ivan Zinn03:49 Parallels Between Running and Business05:32 Early Days of Private Credit06:52 Post-GFC Changes in Private Credit07:31 Evolution of Atalaya's Business Model08:21 Growth of Asset-Based Finance09:38 FinTech's Role in Private Credit11:09 Importance of Stable Capital Sources21:09 Concentration Risks in Private Credit22:27 Defining Asset-Based Finance (ABF)22:53 Different Flavors of ABF27:43 Investor Exposure and Risk in Private Credit29:46 Direct Lending vs. Public Credit36:02 Consumer Credit and Perceived Risks37:36 Debunking the Cyclical Perception of Credit Risk38:22 The Utility of Credit Cards During Financial Crises38:44 The Resilience of ABS and Diversified Portfolios39:07 The Role of Data Science in Credit Analysis39:32 Surviving the GFC: A Benchmark for Credit Pools39:53 Diversification in ABF and Private Credit40:48 Selective Approach to Consumer Credit41:36 The Importance of Manager Selection in Credit Investing42:11 Private Market Transactions and Large Announcements42:40 The Journey from Atalaya to Blue Owl43:25 Challenges in Institutional Fundraising and Capital Formation44:20 The Need for Diverse Capital Sources45:43 Integration and Cultural Fit with Blue Owl46:16 The Role of Data Science and Innovation in Credit50:22 The Wealth Channel and Private Credit50:50 Private Credit as a Fixed Income Replacement52:34 Transparency and Market Structure in Private Credit55:55 Educating Investors on Private Credit57:48 The Evolution and Adoption of ABF01:00:15 The Growth of Private Credit Market01:01:28 Challenges and Opportunities in Private Credit01:03:45 The Importance of Scale in Credit Investing01:04:28 Vertical Integration in Financing01:05:26 Relentless Forward Progress in Credit Investing01:06:31 Memorable Investments and Risk-Reward Balance Editing and post-production work for this episode was provided by The Podcast Consultant.

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Lincoln Financial's Jayson Bronchetti - the role of insurance companies in private markets

Play Episode Listen Later Jun 5, 2025 51:34


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.Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM's podcasts.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 gharris@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Show Notes00:40 Introduction to Jayson Bronchetti02:20 Sponsor Message: Ultimus Fund Solutions03:37 Welcome to the Podcast04:03 Jayson's Background in Private Markets04:57 Evolution of Insurance Companies in Private Markets06:37 Symbiotic Relationship Between GPs and Insurers08:40 Understanding Liquidity and Illiquidity11:19 Diligencing Private Markets Managers13:25 Balancing Scale and Performance14:09 Boots on the Ground: Sourcing Edge14:42 Evolution of Alternative Asset Managers14:53 Lincoln's Unique Position in the Market19:32 Strategic Partnerships with Bain and Partners Group20:03 The Value of Distribution Relationships22:14 The Democratization of Alternative Investments22:49 The Intersection of Private Markets, Wealth, and Insurance23:10 Approaching Private Markets with the General Account24:18 Launching Strategies with Bain and Partners Group24:50 Incubating New Strategies for Retail Consumers25:16 Building a Customized Investment Strategy25:45 Designing Purposeful Investment Funds26:00 Ensuring Accessibility and Proper Wrappers26:08 Liquidity and Product Matching26:15 Seeding Strategies with the General Account26:58 One Lincoln Approach27:12 Finding Opportunities in the Seams27:46 Balancing General Account and Distribution Needs28:07 Product Innovation in the Wealth Channel28:53 Healthy Tension in Product Design31:51 Importance of Asset Liability Management33:05 Educating the Distribution Team34:47 Training Modules for Wholesalers36:28 Boots on the Ground: The Power of Relationships37:45 Simplifying Complex Products40:44 Democratizing Alternative Investments41:10 Straddling Institutional and Individual Mindsets41:35 Integrating Private Markets into Retirement Products43:13 Future of Private Markets in Retirement Portfolios43:57 Product Innovation and Technology45:15 Private Markets in Insurance Products47:16 Focus on Private Credit49:38 Risks in Private Credit50:29 Excitement for the Future of Private Markets51:01 Conclusion and Final Thoughts Disclosure from Lincoln Financial Registration statements for each of the evergreen funds have been filed with the Securities and Exchange Commission and are available from the EDGAR database on the SEC's website (www.sec.gov). The information in the registration statements is not complete and may be changed. The securities of neither fund may be sold until its registration statement is effective. An investor should consider the investment objectives, risks, charges and expenses of each fund carefully before investing. This and other information about each fund will be contained in the fund's final prospectus, which investors should read carefully when available from t...

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Krilogy's John McArthur - charting an RIA's growth path by building out private markets capabilities

Play Episode Listen Later Jun 3, 2025 40:22


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.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 gharris@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Show Notes00:00 Introduction and Message from our Sponsor, Ultimus Fund Solutions01:54 Welcome to Alt Goes Mainstream02:06 Introducing John McArthur03:51 John's Journey into Wealth Management04:23 The Role of Sports in John's Career05:47 Lessons from Big Wealth Management Firms06:21 Krilogy's Growth and Strategy07:25 Challenges and Opportunities in Wealth Management07:36 Private Markets and Customization08:04 Growth Strategies and Quality Control09:29 Client Service and Organic Growth11:26 Differentiating Wealth Management Offerings12:23 Importance of Private Markets13:14 Creating Customized Solutions14:53 Educating Advisors on Private Markets15:54 Volatility and Market Changes17:04 Private Markets in a New Economic Environment17:24 Building a Diverse Private Fund19:50 Client Understanding of Private Markets20:25 Educating Advisors and Clients22:15 Behavioral Bias in Investing23:42 Long-Term Investing Mindset24:08 Compounding and Diversification24:41 Challenges in Advisor Education25:46 Effective Education Strategies27:01 The Role of Storytelling in Education27:22 Future of Education in Wealth Management27:35 Sourcing and Access in Private Markets28:46 Networking and Building Trust29:26 Customization and Differentiation in Wealth Management30:34 Combining Big Brands and Niche Funds31:47 The Importance of Being in the Game32:13 Advice for Wealth Managers32:24 Evergreen Fund Structures33:16 Navigating the Evergreen Environment34:29 Portfolio Construction in Private Markets35:25 Operational Benefits of Evergreen Funds36:05 Model Portfolios in Wealth Management36:53 Favorite and Contrarian Investment Ideas38:49 Real Estate Market Opportunities39:09 Large vs. Niche Real Estate Managers39:52 Conclusion and Final ThoughtsDisclosure from KrilogyInvestments involve risk and unless otherwise stated, are not guaranteed. Past performance is not a guarantee of future results. Be sure to first consult with a qualified financial advisor and/or tax professional before implementing any strategy discussed herein.Editing and post-production work for this episode was provided by The Podcast Consultant.

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New Mountain Capital's Steve Klinsky - building a business that builds businesses

Play Episode Listen Later May 27, 2025 53:41


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.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 gharris@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Show Notes00:00 Message from our sponsor, Ultimus Fund Solutions01:23 Podcast Theme and Opening02:03 Guest Introduction: Steve Klinsky04:00 Steve's Early Career in Private Equity05:39 The Evolution of Private Equity06:55 Forstmann Little and Co. Experience07:36 Founding New Mountain Capital08:08 New Mountain's Investment Philosophy08:25 Family Business Influences08:56 New Mountain's Cultural Values09:13 Working with Entrepreneurs and Management Teams10:15 Scaling New Mountain Capital13:35 Investment Strategies and Talent14:45 Opportunities and Challenges in Private Equity15:03 Mid-Market Focus and Growth Opportunities16:10 Impact of Industry Growth on Mid-Market Firms16:50 Product Innovation in Private Markets18:40 Synergy Between Investment Strategies20:20 Growth and Future of New Mountain Capital21:10 Engaging the Wealth Channel21:40 Building the New Mountain Brand23:07 New Mountain's Edge and Performance24:20 Engaging the Wealth Channel25:50 Customization and Differentiation in Wealth Management27:17 Strategies for Wealth Channel Engagement27:39 Productization for the Wealth Channel28:05 Industry Evolution and Consolidation28:40 Wealth Channel vs Institutional Channel29:44 Institutional Side of Private Markets29:59 Historical Perspective on Institutional Changes30:47 Challenges and Investment Strategies for the Wealth Channel32:03 Investment Lessons34:48 Common Threads in Successful Investments35:53 Leveraging AI and Technology in Investments37:56 Value Creation in Services Businesses38:42 Effective Value Creation Levers39:38 Growth and Team Building at New Mountain41:04 Starting New Mountain in 199943:00 Navigating Market Turbulence44:57 Private Markets vs Public Markets45:53 Lessons from Private Markets for Public Investors47:47 Importance of Price in Investing49:24 Building a Strong Team50:05 Global Investment Strategies50:47 Future Investment Excitement51:58 Focus on Wealth Channel52:13 Growth in Secondaries and Continuation Vehicles52:42 Industry Evolution and Firm Growth53:11 Conclusion and Final Thoughts  Editing and post-production work for this episode was provided by The Podcast Consultant.

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Arcesium's Cesar Estrada - data silos and technology integrations in private markets

Play Episode Listen Later May 22, 2025 41:15


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 that 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.Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM's podcasts.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 here and read thoughts on the asset-based finance space from Arcesium's Private Markets Head and industry veteran Cesar Estrada.Show Notes00:00 Introduction and Welcome to the Alt Goes Mainstream Podcast00:39 Guest Introduction: Cesar Estrada02:37 Cesar's Background02:57 Cesar's Career Path03:35 Evolution of Fund Services Industry04:49 Arcesium's Core Competencies05:06 Technology in Private Markets05:27 Arcesium's Joint Venture Origins06:12 Technology Architecture07:11 Client-Centric Ownership Model07:18 Building for the Biggest07:46 Solving Complex Problems08:44 Challenges and Solutions in Data Management10:28 Data Silos in Asset Management10:53 Roadblocks to Technology Adoption11:41 Operations and Technology Bottlenecks12:31 Strategic Imperatives for Growth14:20 Hiring and Strategy in Asset Management15:55 Point Solutions vs. End-to-End Solutions17:27 Role of the CTO18:21 Build vs. Buy Decision19:22 Investment Team's Understanding of Technology19:22 The Impact of AI and Future Innovations20:07 Technology's Leverage for Smaller Firms21:36 Consolidation in Private Markets22:22 Technology for Scaling Firms22:40 Flexibility in Private Markets23:05 Technology in Private Credit and ABF25:35 Volume Problem in ABF25:55 Data Ecosystem in ABF27:10 Wealth Channel and Evergreen Products28:04 Product Innovation in Private Markets28:45 Future of Private Markets30:05 Technology Selection Process30:51 User Experience in Technology31:40 Consumer Experience in Private Markets33:06 Hands-On Technology Evaluation33:42 Reducing Operational Headcount34:02 Gen AI in Asset Management35:33 Future Impact of Gen AI36:20 Marrying People and Technology37:01 Next Phase in Asset Management Technology39:16 Cesar's Personal Investment Views40:40 Conclusion and Final ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant. 

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Monthly Alts Pulse Ep. 16: Live from iCapital Connect - the technology perspective of model portfolios and UMAs with GeoWealth and iCapital

Play Episode Listen Later May 21, 2025 16:34


Welcome to the 16th episode of the Monthly Alts Pulse, a collaboration between iCapital x Alt Goes Mainstream. We were live from iCapital Connect's conference in Phoenix to announce a ground-breaking partnership in private markets: a collaboration between BlackRock, iCapital, and GeoWealth, where models that include both public and private markets exposure through a unified managed account (UMA) are now available to advisors.I sat down with Jack Hannah, the President & COO of GeoWealth, and Michael Doniger, SVP, Partnerships at iCapital, to discuss the technology and market structure innovation of the UMA and how private markets can play a role in model portfolios.In this live, unscripted episode, Jack, Michael, and I had a fascinating and lively discussion. We covered:An introduction to the partnership between BlackRock, iCapital, and GeoWealth.Incorporating private markets into UMAs.The private markets integration workflow.Customization and “sleeving” in UMAs.Thanks Jack and Michael for a great episode … looking forward to next month's Monthly Alts Pulse conversation!Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM's podcasts.Show Notes00:00 Introduction and Guest Welcome00:34 Evolution of UMAs in Private Markets01:03 Incorporating Alternatives into UMAs01:32 Private Markets Integration Workflow02:41 Challenges and Solutions in UMA Implementation03:32 Customization and Sleeving in UMAs04:32 Client-Centric Solutions and Advisor Needs05:21 Early Adoption of Private Market Solutions06:17 Building a Robust Model Marketplace08:37 Future of Model Portfolios and UMAs13:10 Post-Investment Processes and Technology14:17 Data Solutions and Performance Reporting15:06 Growth Projections for UMAs and Private Markets16:09 Conclusion and Final Thoughts16:12 Closing Remarks and Thank You

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Goldman Sachs' Kyle Kniffen - standing on the shoulders of Goldman Sachs to be "a complete partner" for the wealth channel

Play Episode Listen Later May 13, 2025 53:22


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.Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM's podcasts.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 gharris@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Show Notes00:42 Introduction to the Podcast and our Guest02:00 A message from our Sponsor, Ultimus Fund Solutions04:06 Kyle's Background and Journey04:18 Wealth Channel Strategies and Insights05:06 Goldman's Heritage in Private Markets05:28 Client Demand for Thought Partnership06:13 Public Markets Perspective07:07 Consultative Sales Approach07:21 Lessons from Institutional Segment09:05 Quality of Investment Flow10:51 Serving the Third Party Wealth Channel12:53 Client Segmentation and Customization15:16 Global Reach and Relationship Building22:43 Product Innovation and Future Trends27:12 Balancing Client Needs in Alternative Investments27:47 Who Should Invest in Alternatives?28:36 Asset Liability and Liquidity in Investment Strategies29:28 Technology Innovations in Private Markets30:00 Exciting Progress in Alternative Strategies30:46 Transparency and Communication in Investments31:14 The Puzzle of Private Market Structures31:54 Post-Sale Transparency and Investor Experience33:27 Engaging Clients Through Brand and Marketing35:37 Customization in Wealth Management37:24 Educating Advisors on Private Markets37:47 Delivering Unique Insights and Education39:01 Goldman Sachs Investment University41:09 Lessons from ETFs and Mutual Funds41:54 The Importance of Performance and Education43:11 Tools for Advisors and Real-Life Applications44:06 Understanding Private Markets' Impact on Portfolios47:19 Excitement Around Private Equity Secondaries49:02 Advisors' Interests in Tax-Advantaged Strategies49:47 The Role of Liquidity in Private Markets50:35 The Importance of Scale in Private Markets51:38 Future of Private Equity Secondaries52:14 The Permanency of Secondary Markets52:52 Conclusion: The Benefits of a Global Platform Editing and post-production work for this episode was provided by The Podcast Consultant.

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Fortress Investment Group's Adam Bobker - Combining experience and innovation to build a wealth solutions business

Play Episode Listen Later May 9, 2025 56:58


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.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 gharris@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM's podcasts.Show Notes00:00 Introduction to our Sponsor, Ultimus Fund Solutions01:23 Podcast Theme Song02:01 Introduction to Today's Guest: Adam Bobker02:40 Building a Wealth Solutions Business03:40 The Importance of Client Relationships04:09 Understanding Client Needs05:10 Evolution of Wealth Management07:04 The Role of Education in Wealth Management07:14 Innovative Investment Structures08:22 Model Portfolios and Custom Solutions13:05 Strategic Partnerships in Wealth Management17:30 The Importance of Technology in Wealth Management18:18 Adam's Transition to Fortress18:36 Building a Wealth Business at Fortress19:00 Innovative Strategies at Fortress20:13 Focus Areas for Fortress Wealth Business21:22 Evergreen Structures in Wealth Management22:08 Advisor Psychology and Evergreen Structures23:57 Suitability of Strategies for Evergreen Funds25:14 Managing Evergreen Funds27:12 Opportunities in Real Estate Credit27:55 Investor Hesitation and Education28:03 Immediate Exposure with Semi-Liquid Funds28:33 Are Evergreen Structures Better for Investors?28:39 The Future of Investment Strategies28:57 Industry Flows and Semi-Liquid Funds29:20 Impact on Alternative Asset Management29:29 Consolidation and Strategy Expansion29:58 Focus on Whole Portfolio Delivery30:31 Building a Strong Team31:17 Consultative Sales Approach31:56 Effective Communication in Wealth Management32:58 Importance of Brand in Asset Management33:38 Client Experience and Technology Providers34:03 In-House vs. Third-Party Services36:34 Mainstreaming Private Markets37:24 Commitment to Wealth Channel39:11 Transforming Investment Strategies39:50 Art and Science of Portfolio Construction42:08 Transparency and Liquidity in Private Markets43:05 Product Innovation and Asset Liability Mismatch45:45 Evergreen vs. Closed-End Funds47:27 Evolution of Fund of Funds Business48:22 Wealth Platforms and Private Markets49:51 Convergence of Institutional and Wealth Management51:10 Future of Alternative Asset Management51:54 Fee Compression in the Industry53:07 Raising Allocation to Alternatives55:14 Innovative and Pioneering Strategies Editing and post-production work for this episode was provided by The Podcast Consultant.

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Constellation Wealth Capital's Karl Heckenberg - why there will be a $1T independent wealth management firm

Play Episode Listen Later May 7, 2025 67:04


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 independent 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.Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM's podcasts.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 gharris@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Show Notes00:00 Introduction to our Sponsor, Ultimus Fund Solutions01:18 Podcast Opening Theme01:57 Introduction to Today's Guest: Karl Heckenberg03:57 Karl Heckenberg's Background and Career Journey06:10 Early Days of Wealth Management07:41 Post-GFC Evolution of RIAs08:59 Understanding the Independent Wealth Management Space10:15 Growth and Scale in Wealth Management12:17 Challenges and Opportunities in Wealth Management15:02 Importance of Client Experience19:34 Investment Strategies in Wealth Management20:07 Ownership and Equity Distribution20:54 Minority vs. Control Investments23:08 M&A in Wealth Management23:23 High-Quality Firms and Client Experience23:59 Capital Needs and Growth24:55 Advisory Services and Value Addition25:32 Comparisons with GP Stakes27:39 Durability and Resilience of Wealth Management Firms29:08 Exit Strategies and Public Market Potential29:40 Valuations and Capital Providers31:46 Future of Public Market Exits34:24 Compounding Growth and Returns35:05 Distribution and Liquidity35:34 Investment Grade Assets and Equity Returns35:47 Answering Key Investment Questions36:38 Investor Concerns and Market Dynamics36:59 Investment Buckets and Flexibility37:25 Private Wealth vs Institutional Investors38:02 Network Effects and Synergies38:27 Hesitations and Value Add of Constellation39:13 Collaborative Best Practices39:43 LP Side and Fundraising Timing40:08 Understanding the Wealth Channel40:24 Retail Distribution and Success Strategies41:05 Product Structuring and Client Diversification41:19 Impact of Technology on Wealth Management42:26 Importance of Private Markets Knowledge43:44 Diversification and Institutional Approach44:52 Challenges and Opportunities in Private Markets46:20 Advisors' Education and Differentiation48:26 Balancing Customization and Scalability49:32 Operational Efficiency and Retail Products51:16 Listening to Wealth Channel Needs51:30 Yield-Oriented Products and Diversification53:28 Educational Resources and Client Engagement54:14 Growth of Wealth Channel and Private Equity55:50 Consolidation and Future of Wealth Space58:35 Succession Planning and Client Experience01:04:37 Future of Wealth Management and Private Markets01:06:05 Closing Thoughts and Future Predictions Editing and post-production work for this episode was provided by The Podcast Consultant.

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Monthly Alts Pulse Ep. 15: Live from iCapital Connect - announcing the BlackRock, iCapital, GeoWealth unified managed account partnership

Play Episode Listen Later May 2, 2025 14:48


Welcome to the 15th episode of the Monthly Alts Pulse, a collaboration between iCapital x Alt Goes Mainstream.We were live from iCapital Connect's conference in Phoenix to announce a ground-breaking partnership in private markets: a collaboration between BlackRock, iCapital, and GeoWealth, where models that include both public and private markets exposure through a unified managed account (UMA) are now available to advisors.I sat down with Lawrence Calcano, the Chairman & CEO of iCapital and Jaime Magyera, Managing Director, Co-Head of US Wealth Business, Senior Sponsor for Retirement Business, BlackRock, to discuss the details on their partnership and why a UMA that integrates both public and private market investments for wealth advisors is the next phase of adoption of private markets by the wealth channel.In this live, unscripted episode, Lawrence, Jaime, and I had a fascinating and lively discussion. We covered:An introduction to the partnership between BlackRock, iCapital, and GeoWealth.Current challenges advisors face when allocating to private markets.Why customization and scalability matters.The market structure evolution.The future of public-private models.Thanks Lawrence and Jaime for a great episode … looking forward to next month's Monthly Alts Pulse conversation!

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EQT's Peter Aliprantis - bringing EQT's success to the US wealth market

Play Episode Listen Later Apr 30, 2025 48:21


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.Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM's podcasts.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 gharris@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Show Notes00:00 Introduction and Message from our Sponsor, Ultimus01:57 Welcome to the Podcast02:05 Introducing Peter Aliprantis02:20 Peter's Career Background03:31 Early Days in Private Wealth04:25 Changes in Wealth Distribution05:55 Post-Financial Crisis Shifts06:37 Growth of the Wealth Channel07:14 Building a Wealth Business at Angelo Gordon07:59 Convincing Firms to Invest in Wealth08:59 Importance of Investment Teams10:18 Key Skills for Wealth Channel Success12:46 Joining EQT and Brand Building13:07 Building EQT's Wealth Platform14:56 Brand Building in the Wealth Channel15:32 Expanding EQT's Presence16:10 Strategies for Engaging the Wealth Channel16:45 Segmenting the Wealth Channel19:57 Challenges in RIA Relationships20:28 Importance of Relationship Building21:25 Bespoke Products for Wealth Channel22:10 Institutional vs. Wealth Channel Products22:56 Evergreen Structures for Institutions23:20 Future Trends in Wealth Management23:27 Becoming a Solutions Provider in the RIA Channel23:47 Creating Model Portfolios25:31 The Future of Wealth Management27:04 Challenges for Smaller Firms27:38 Importance of Shelf Space28:35 Sales Strategies in Private Banks29:42 The Role of Scale in Wealth Channels30:27 Balancing Growth and Performance31:07 Global Investment Strategies and Performance33:13 Building a Brand in the U.S. Wealth Channel34:29 Differentiating in the Wealth Channel36:43 Advisory vs. Sales Approach38:18 Evergreen Funds vs. Drawdown Structures39:53 Investor Psychology and Evergreen Structures41:41 Changing Dynamics of Private Markets43:01 Family-Owned Business Culture44:30 Nordic Cultural Values45:15 Long-Term Mindset in Private Equity45:53 Building the Wealth Business46:14 Bespoke Products for Wealth Channels46:42 Seeding Evergreen Structures47:08 The Race to Win the Wealth Channel47:29 Manager Diversification47:08 The Race to Win the Wealth Channel47:59 Conclusion and Final Thoughts Editing and post-production work for this episode was provided by The Podcast Consultant.

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KKR's Alisa Wood - innovating in private markets

Play Episode Listen Later Apr 23, 2025 61:55


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.Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM's podcasts.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 gharris@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Show Notes00:00 Introduction and Message from our Sponsor, Ultimus01:55 Welcome to the Alt Goes Mainstream Podcast02:07 Introducing Alisa Wood02:14 Alisa Wood's Background and Role at KKR03:48 KKR's Office and Culture06:05 Evolution of Private Equity06:51 Early Days at KKR08:26 Strategic Moves in Private Equity12:41 Managing Evergreen Structures13:58 Operational Complexity in Evergreen Funds16:59 Deal Flow and Investment Strategies21:37 Institutional vs. Individual Investors23:44 Sales Cycle and Investor Relations26:35 Employee Equity and Financial Literacy29:41 Evolution of Private Equity Value Creation30:17 Human Capital and Leadership30:57 Building Community at Scale31:59 The Importance of Returns and Connection32:21 Building Community Through Hard Topics32:46 Best in Class Advisors and Community Building33:14 Shifting Business Strategies at KKR33:47 The Role of Chief Economist and Macro Issues34:24 Learning from Mistakes and Evolving35:52 Integrating Resources for Better Investment Decisions38:08 Strategic vs. Tactical Approaches38:28 The 40-30-30 Framework38:52 Challenges in Public and Private Markets39:25 The Importance of Controlling Investments39:51 Changing Market Correlations and Returns40:47 The Complexity of Private Market Choices41:45 The Role of Large Managers in Evergreens44:42 Family-Owned Businesses and Evergreen Structures47:58 Success in the Wealth Channel49:40 Balancing Illiquidity and Investment Opportunities50:05 The Psychology of Evergreen Investments52:51 Growing the Evergreen Business54:53 The Next Big Innovation: 401k Integration55:42 The Importance of Education and Community56:10 Defining Private Equity and Industry Standards57:23 The Role of Trade Associations and Education59:17 The Future of Private Market Investments01:01:23 Real People, Real Money: The Impact of Private MarketsEditing and post-production work for this episode was provided by The Podcast Consultant.

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Cantilever Group's Todd Owens - GP stakes: the best of all worlds? (live from New York)

Play Episode Listen Later Apr 17, 2025 28:35


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.Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM's podcasts.Show Notes00:38 Welcome to the Alt Goes Mainstream Podcast00:40 Live Podcast at BTG Pactual's New York City Office00:49 Introducing Todd Owens and Cantilever Group02:26 Welcome to Alt Goes Mainstream Live03:04 Todd's Background and Perspective03:29 The Early Days of Minority Equity04:28 Alternative Asset Managers Going Public04:53 The Success of Public Offerings05:32 Evolution of the GP Stakes Market05:58 The Financial Crisis and Market Evolution06:14 Understanding the Asset Management Business06:47 Public vs. Private Market Perceptions08:07 Middle Market Opportunities08:37 The Role of GP Stakes in Firm Growth09:05 Different Approaches to Building a Business09:15 Lessons from advising Oaktree and Ares09:27 Strategic Planning in Asset Management10:14 Sophistication in the Middle Market10:45 The Future of GP Stakes and Asset Management11:48 Differences Between Upper and Middle Markets14:46 Opportunities in the Lower Middle Market16:03 The Persistence of the Middle Market17:58 Wealth Channel and Private Markets18:48 Evolution of Wealth Management20:04 Democratization of Alternatives20:24 GP Stakes as an Investment Strategy20:54 GP Stakes: The Best of All Worlds?20:59 Investment Strategies and Market Trends22:08 Private Credit vs. GP Stakes22:58 Betting on Private Markets Growth23:17 Long Duration Capital in GP Stakes23:47 Liquidity in the GP Stake Space24:22 Managing Portfolio and Realizations25:01 The Need for Liquidity Solutions25:19 Quick Fire Questions25:26 Favorite Asset Class in 2025?26:06 Next Firm to Go Public?26:16 Challenges of Merging Large Firms27:21 Future of Middle Market GP Stakes28:07 Conclusion: Live Podcast Wrap-Up28:12 Thank You and Closing Remarks Editing and post-production work for this episode was provided by The Podcast Consultant.

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BlackRock's Joe DeVico and Jonathan Diorio and Partners Group's Rob Collins - “an iPhone moment for private markets"

Play Episode Listen Later Apr 9, 2025 54:58


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.Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM's podcasts.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 gharris@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Show Notes00:00 Introduction to our Sponsor, Ultimus Fund Solutions01:18 Alt Goes Mainstream Theme Song01:56 Introduction to Today's Episode01:58 Groundbreaking Partnership Announcement03:32 Welcome to the BlackRock Studio04:05 Backgrounds of Joe and Jon from BlackRock05:48 Rob's Background and Perspective07:13 Why this is an iPhone Moment for Private Markets07:55 Challenges in Private Markets Adoption12:48 Why Now is the Right Time16:11 The Importance of Partnership21:51 Building a Brand in Private Markets26:48 Evolution of Fixed Income Markets27:10 Electronification of Private Markets27:21 Educating the Wealth Channel28:13 Importance of Excellent Execution28:44 Proving Performance in Private Markets29:27 Building the Right Solution29:48 Client Demand for Private Market Access30:34 Customizing Asset Allocation31:41 Transparency in Model SMAs32:21 Blurring Lines Between Public and Private Markets33:12 Foundational Equity in Private Markets34:15 Combining Public and Private Solutions35:25 Democratization of Private Markets36:19 Active vs. Passive in Private Markets37:58 Challenges in Market Adoption38:28 Scalability and Diversification39:27 Evergreen Funds and Capital Deployment42:03 Seismic Shift in Private Markets42:47 Future of Private Market Solutions49:59 Personalization in Portfolio Building50:53 Patience and Private Markets51:00 Final Thoughts on Private Market Innovation54:41 Conclusion and Podcast OutroEditing and post-production work for this episode was provided by The Podcast Consultant.

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Going Public with Evercore's Glenn Schorr - Ep. 3: The "Final Four"

Play Episode Listen Later Apr 2, 2025 47:30


Welcome back to Going Public with Evercore's Glenn Schorr.On the latest episode of Going Public, we dive for the loose balls in private markets' March Madness as Glenn shares his thoughts on why it's important to separate the forest from the trees when it comes to why certain firms make his “Final Four.”We cover some of the most pressing topics in alternative asset management, including:Separating the forest from the trees — dissecting alternative asset manager stock performance versus long-term business performance.Views on the exit environment and what it means for alternative asset manager stock performance.Where and why does scale matter?Are banks and alternative asset managers enemies, frenemies, or collaborators, particularly in areas like private credit?Why does Glenn believe the secular growth trends of private markets and how that impacts alts managers is a fat pitch?In the spirit of March Madness, Glenn shares his bracketology on which firms make his “Final Four.”Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM's podcasts.Making private markets more public — with expert analysisAlt Goes Mainstream has partnered with an expert who has seen the evolution of alternative asset managers from their early days.Glenn Schorr is a Senior MD and Senior Research Analyst at Evercore ISI, where he covers brokers, banks, asset managers, and trust banks as an analyst. He has covered financials since 2000 and started coverage of alternative asset managers when the first firms went public.He's consistently come up as one of the most thoughtful and well-respected analysts in the space. He balances deep research with a creative flair (just read one of the titles of his research reports and you can see his love of the game). He's been named to Institutional Investor's All-America Research Team for his coverage, most recently ranking #2 and runner up in 2023, #1 and #2 in 2022. Prior to Evercore, Glenn was a Senior MD at Nomura, serving as the lead financials analyst. Listen in as Glenn shares market stories, the evolution of alternative asset managers as businesses, the biggest and most exciting trends in private markets based on what the industry's largest players are doing, and we go “around the horn” for his analysis on the publicly traded firms.Show Notes00:00 Introduction and Countdown00:06 Going Mainstream00:45 Welcome to the Series00:58 Meet Glenn Schorr01:31 Market Stories and Trends01:54 Live from Evercore02:04 Earnings and Market Volatility02:07 Secular Growth Businesses02:39 Anticipation and Uncertainty03:26 Alternative Managers' Performance04:36 Private Markets and Infrastructure05:53 Valuation and Market Corrections07:28 Investment Opportunities in Market Downturns07:54 Fundraising and Fee Related Earnings08:01 Capital Raising Challenges09:36 Super Alts Firms12:22 Brand and Consistency13:16 Acquisitions and Growth Strategies15:33 Banks vs. Alternative Managers16:26 Private Credit and Direct Lending24:45 Asset Classes Shifting from Public to Private Markets25:09 Duration Mismatch in Banking and Loans25:32 Regulatory and Capital Arbitrage26:01 Flexibility in Private Markets26:30 Impact of Stock Prices on Strategic Acquisitions27:01 Stock Deals and Control in Acquisitions28:29 Accretive Acquisitions and Capital Raising31:29 Scale Benefits in Private Markets31:50 Big Ticket Transactions and Scale33:05 Investor Understanding of Scale in Private Markets33:37 Challenges in Public Market Investment in Alternative Managers36:50 Long-Term Trends in Private Markets38:03 Risks in Private Markets38:55 Transparency and Oversight in Private Markets39:30 Thematic Investing and Long-Term Trends40:31 Private Markets Framework for Public Stocks41:30 Emotional Investing and Long-Term Capital43:25 Geopolitical and Economic Policy Impacts45:38 March Madness: Top 4 Manager Picks47:09 Conclusion and Final ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant.Company Coverage and DisclosuresEvercore ISIGlenn Schorr| Ticker | Company| APO | Apollo Global Management, Inc.| BAC | Bank of America Corporation| Glenn Schorr holds a long position in equity securities of Bank of America Corporation.| BK | Bank of New York Mellon Corp.| Glenn Schorr holds a long position in equity securities of Bank of New York Mellon Corp.| BLK | BlackRock, Inc.| BlackRock, Inc. is a client of Evercore LLC, and Evercore LLC has provided investment banking services to BlackRock, Inc. in the last 12 months.| Evercore ISI or an affiliate expects to receive or intends to seek compensation for investment banking services from BlackRock, Inc. within the next three months.| Glenn Schorr holds a long position in equity securities of Blackrock Inc.| BX | Blackstone, Inc.| Blackstone, Inc. is a client of Evercore LLC, and Evercore LLC has provided investment banking services to Blackstone, Inc. in the last 12 months.| Evercore ISI or an affiliate expects to receive or intends to seek compensation for investment banking services from Blackstone, Inc. within the next three months.| An employee, employee's immediate family member, director or consultant of Evercore ISI or one of its affiliates (but not the covering research analyst or a member of the covering research analyst's household) is an officer, director or advisory board member of Blackstone, Inc.| Evercore ISI or an affiliate has received compensation from Blackstone, Inc. for investment banking services in the last 12 months.| Analyst has a financial interest in a private equity fund managed by Blackstone, Inc.| Glenn Schorr holds a long position in equity securities of Blackstone, Inc.| OWL | Blue Owl Capital, Inc| Evercore ISI or an affiliate has acted as a manager or co-manager of a public offering of securities by Blue Owl Capital, Inc in the last 12 months.| Blue Owl Capital, Inc is a client of Evercore LLC, and Evercore LLC has provided investment banking services to Blue Owl Capital, Inc in the last 12 months.| Evercore ISI or an affiliate has received compensation from Blue Owl Capital, Inc for investment banking services in the last 12 months.| BSIG | BrightSphere Investment| C | Citigroup, Inc.| An employee, employee's immediate family member, director or consultant of Evercore ISI or one of its affiliates (b...

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Brookfield Oaktree Wealth Solutions' John Sweeney - building a high-performing wealth solutions business

Play Episode Listen Later Mar 27, 2025 58:55


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.Thanks John for coming on the show to share your wisdom and views on private markets and working with the wealth channel.Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM's podcasts.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 gharris@ultimusfundsolutions.com.We 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 Sweeney03:58 John's Early Career at Morgan Stanley04:34 Evolution of Alternative Investments05:15 Impact of Technology on Private Markets06:42 Service and Distribution Strategy09:33 Building Brookfield Oaktree's Wealth Business11:16 Brookfield and Oaktree Acquisition12:42 Creating Investment Solutions14:07 Understanding the Wealth Channel15:05 Global Distribution Strategy17:52 Importance of Brand and Service19:06 Effective Client Engagement21:09 Advisors vs. Institutional Investors22:27 Evergreen Funds and Distribution25:09 Balancing Content and Engagement27:15 Investment Philosophy and Market Context29:36 Risk Control and Consistency30:53 Generational Wealth Transfer31:40 Educating the Next Generation of Investors32:04 Long-Term Track Record and Conclusion32:18 Delivering Returns and Long-Term Success32:31 Accessing Evergreen Funds32:45 Compounding Returns Over Time32:52 Thinking in Decades32:57 Private Credit and Economic Cycles33:16 Experience and Results33:41 Brand and Experience in Private Markets34:55 Marketing and History35:12 Brookfield Real Estate Introduction35:34 Oaktree's Credit Roots35:55 Integrating Two Brands36:15 Building Solutions and Partnerships39:03 Global Presence and Scale39:13 Navigating Wealth Channel Conversations40:34 Competing in Various Deal Sizes41:16 Exploring Secondary Markets41:56 Private Capital Opportunities42:50 Survey Insights on Alternatives44:04 Global Wealth Channel Strategies44:44 Regional Strategies and Local Teams47:42 Building a Culture of Shared Success48:42 Educating Advisors49:43 Early Stages of Wealth Channel51:41 Model Portfolios and Solutions56:32 The Appeal of Music Royalties and Human Connection58:14 Conclusion and Final ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant.

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Cerity Partners' Tom Cohn and Amita Schultes - combining an OCIO with a $100B wealth management practice

Play Episode Listen Later Mar 19, 2025 61:29


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.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 gharris@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Show Notes00:00 Introduction to our Sponsor, Ultimus Fund Solutions02:05 Guest Introduction: Tom Cohn and Amita Schultes07:32 Merger Benefits and Synergies08:19 Client Services and Customization09:32 OCIO and Wealth Management Integration10:45 Why Partner Now?11:40 Cultural Alignment and Expertise12:38 Amita's Perspective on the Partnership13:16 Wealth Management as Institutional LPs14:23 Cerity Partners' Institutional Approach14:54 Private Markets Evolution16:25 Operational Excellence in Private Markets17:35 Research and Manager Selection20:56 Investment Objectives and Customization22:27 Institutional and Wealth Client Synergies28:16 Access and Long-term Relationships30:06 Customization and Scalability32:20 Educational Component in Client Investments32:36 Framework for Custom Portfolios33:10 Resource Allocation for Customization33:47 Importance of OCIO Business34:16 Next Innovation in Investment Solutions34:38 Turnkey Solutions for Operational Complexities35:39 Model Solutions and Manager Selection36:34 Combining OCIO and Wealth Management Practices37:32 Evolving Structures in Private Markets37:54 Workflows and Technology in Private Markets38:39 Client Experience and Operational Expertise39:37 Defining Private Markets41:13 Importance of Clear Definitions41:54 Role and Goals of Private Market Investments44:15 Partnerships and Mergers at Cerity Partners47:05 Evaluating Investment Managers49:06 Trust in General Partner Relationships51:16 Identifying Manager's Edge53:24 Training and Methodology in Manager Selection55:51 Challenges for Managers with Wealth Channel Capital56:47 Operational Challenges for Smaller Managers58:06 Future Trends in Alternative Investments01:01:00 Conclusion and Final Thoughts Editing and post-production work for this episode was provided by The Podcast Consultant.

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Blue Owl's Marc Lipschultz - skate to where the puck is going

Play Episode Listen Later Mar 13, 2025 58:09


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 $250B 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 $250B 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.Show Notes00:00 Welcome to the Alt Goes Mainstream Podcast00:42 Interview with Marc Lipschultz00:57 Blue Owl's Growth and Success01:10 Marc's Background and Career03:20 Marc's Journey at KKR03:31 The Early Days of Private Markets05:18 Building Owl Rock and Blue Owl05:45 Growth at KKR and Blue Owl06:17 Lessons from KKR07:21 Serving Investors and Delivering Results08:29 Operationalizing Culture09:42 Serving Investors with Excellence10:04 Focus on the Wealth Channel10:25 Democratization of Alts11:54 Building a Firm to Serve Individuals13:41 Building a Scalable Firm16:23 Unified Wealth Platform18:42 Balancing Customization and Scale23:48 Brand and Trust in Private Markets26:27 Opportunities in Private Markets28:38 Acquisition of IPI and Strategic Growth28:53 The Role of Scale in Private Markets31:10 Growth and Competition in Private Credit32:19 Challenges in Moving from Base to High-End Markets32:30 Meeting the Needs of Large Borrowers32:38 Market Dynamics and Spread Variations33:03 High-End Market Realities33:31 Cost of Capital and Borrowing Limits34:28 Predictability, Privacy, and Partnership35:12 Natural Market Boundaries35:41 Secular Trends in Private Credit35:43 The One-Stop Shop Concept36:10 Risk Management in Credit36:15 Concentration Risks in Credit vs. Equity37:01 Maintaining Low Loss Rates37:40 Impact of Capital on Credit Performance38:25 Durability of Large Companies39:44 Private Financing Trends40:28 Strategic Business Orientation40:52 Growth Trends and Market Focus41:46 Skating to Where the Puck is Going46:48 Permanent Capital and Business Strategy50:19 Building a Purpose-Built Firm52:51 Lessons from the Washington Commanders and Tampa Bay Lightning53:15 The Role of Culture in Business and Sports55:13 Intentionality and Good Fortune55:52 Commitment to Culture and Values57:04 People as the Core of Success57:46 Wrapping Up the Conversation and Closing Remarks Editing and post-production work for this episode was provided by The Podcast Consultant.

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Apollo's Stephanie Drescher - what is safe, what is risky?

Play Episode Listen Later Mar 5, 2025 55:09


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.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 gharris@ultimusfundsolutions.com.We 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. Institutional Investors25:48 Solving for Tax Challenges25:53 Listening to Client Needs27:31 Avoiding K1s and Capital Costs28:17 Process and Adoption of Private Markets29:07 Investing in Technology30:08 Insights from Technology Investments31:06 Shared Industry Solutions32:02 Digital Outreach and Thought Leadership32:38 Apollo's Brand and Public Presence33:02 B2B2C Relationships33:10 Building Apollo's Brand33:50 Communicating Apollo's Value Proposition34:04 Reaching the End Client35:39 Media Presence and Brand Awareness36:59 Tangible Impact of Private Credit37:35 Evolution of Private Credit38:14 Role of Asset Backed Credit38:46 Alternative Asset Managers in Financial Markets39:18 Partnerships and Convergence39:48 Discretionary Allocations40:11 401(k) Business and Retirement Goals41:18 Focus on Net Return41:52 Provocative Questions on Liquidity43:00 Consistency of Messaging43:26 Innovative Parts of Apollo's Business43:49 Changing Definitions of Alternatives45:23 Phases of Adoption in Wealth Channel47:00 Strategic Focus on Partnerships52:39 Balancing Scale and Customization53:26 Personal Reflections and Future Investments54:48 Conclusion and Farewell

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Alto's Eric Satz - retirement assets: the next frontier for private markets?

Play Episode Listen Later Feb 26, 2025 51:05


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.Show Notes00:00 Introduction: Going Mainstream00:38 Welcome to Alt Goes Mainstream Podcast00:52 Introducing Eric Satz and Alto01:33 Eric's Background and Entrepreneurial Journey01:57 The Mission of Alto02:01 The TurboTax for IRAs02:05 The Importance of Retirement Accounts in Private Markets02:29 Welcoming Eric to the Podcast02:37 The Evolution of Private Markets and IRAs02:51 The Beginnings of Alto03:13 Challenges in Self-Directed IRAs03:54 The Vision for Self-Directed IRAs04:28 Changing Conventional Wisdom on Retirement Investing05:40 The Demographics of the IRA Industry06:21 The Growth of IRA Accounts06:38 The Allocation to Alternative Assets07:36 Barriers to Private Market Investments in IRAs07:50 Psychological Barriers to Alternative Investments08:35 Structural Challenges in Using IRAs for Private Investments08:53 The Role of Technology in Streamlining Investments09:02 The Launch of Alto with AngelList10:05 The User Journey in Private Market Investments10:43 The Role of Financial Advisors11:10 Educating Investors on Private Markets12:25 The Evolution of Investor Knowledge12:35 The Importance of Tax-Advantaged Investments13:11 The Financial Advisor's Perspective14:05 The Benefits of Illiquidity in Private Markets15:54 The Role of Large Asset Managers16:17 The Branding of Private Markets16:45 The Growth of Athene and Financial Advisors16:57 The Importance of Current Income in Retirement Accounts17:43 The Younger Generation's Investment Behavior18:05 The Impact of Evergreen Fund Structures19:04 The Role of Asset Management Firms20:02 The Future of Private Market Solutions20:15 The Role of Alto in Private Market Investments20:54 The Importance of Infrastructure in Private Markets21:44 The Evolution of Alto's Business Model21:50 The Growing Awareness of Private Markets23:57 The Role of the Alto Marketplace24:35 The Inclusion of Crypto in IRAs25:17 The Challenges of Transitioning Assets to IRAs25:50 The Impact of Friction on Investment Decisions27:46 The Success of Alto's Technology28:35 The Role of Funds in Promoting IRAs29:36 The Future of Private Markets and Wealth Channels31:11 The Role of Financial Advisors in Private Markets31:58 Educating Financial Advisors on IRAs32:13 The Importance of Conferences and Networking47:13 The Future of Private Markets and Retirement Accounts47:32 The Role of Regulations in Private Market Investments50:27 Conclusion: The Potential of Retirement Accounts in Private MarketsEditing and post-production work for this episode was provided by The Podcast Consultant.

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AlTi Global's Mike Tiedemann - when wealth management goes global

Play Episode Listen Later Feb 19, 2025 61:37


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.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 gharris@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Show Notes00:00 Introduction and Message from our Sponsor Ultimus Fund Solutions01:18 Podcast Theme Song01:55 Welcome to Alt Goes Mainstream01:58 Introducing Mike Tiedemann05:26 Lessons from Mike's Early Career in Brazil06:51 Geopolitics and Investing09:10 Private Markets Insight09:33 History of Tiedemann Advisors11:13 Evolution of Wealth Management13:18 Challenges in Wealth Management13:40 Multi-Strategy Managers16:23 Client Needs and Expectations17:58 Global Expansion and Services20:25 Investment Differentiation23:11 Tax Efficiency in Investments24:23 Partnerships and Collaborations26:18 Decision to Go Public27:52 Benefits of Being Public28:00 Challenges of Going Public28:49 Building a Permanent Business28:59 The Importance of Permanent Capital in Wealth Management29:11 Wealth Management Business Longevity29:54 Public Company Dynamics30:15 Surviving Market Downturns: Strategies for Wealth Management Firms31:12 Industry Consolidation32:00 Global Wealth Management Focus32:54 Regional Wealth Hubs34:08 Nuances of Global Markets35:30 Structuring for Global Clients37:19 Creating Scalable Private Market Offerings38:27 Differentiating in Private Markets40:11 Tax Efficiency in Alternatives40:52 Innovative Investment Structures41:19 Partnerships with Managers41:58 Public vs. Private Wealth Management43:44 Brand and Public Listing Impact 45:35 Future of Wealth Management47:26 Technology and AI in Wealth Management48:38 Talent and Retention50:48 Skills for Modern Wealth Managers51:57 Next Gen Client Demands53:11 Exciting Trends in Private Markets54:40 Capital Flows and Private Credit56:33 Challenges in Private Markets58:16 Favorite Alternative Investments01:01:05 Concluding Thoughts 

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Blackstone's Joan Solotar - early innings for private markets? It's still spring training

Play Episode Listen Later Feb 12, 2025 43:41


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.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 gharris@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Show Notes00:00 Message from our Sponsor, Ultimus Fund Solutions01:18 Alt Goes Mainstream Theme Song02:02 Guest Introduction: Joan Solotar03:45 Joan's Background 05:00 Early Days at Blackstone06:39 Challenges in Private Wealth Business08:31 Convincing Advisors10:44 Growth of Private Wealth Business11:12 Advisor Allocation to Private Markets13:27 Understanding Liquidity and Risk14:36 Educating Advisors on Private Markets15:55 Client Demand for Private Markets17:08 Portfolio Construction and Alternatives20:56 Ease of Use in Private Investments21:23 Model Portfolios and Private Investments22:32 Advisor Relationships with Blackstone24:10 Differentiating Blackstone's Experience25:19 Commitment to Advisors25:40 Commitment from Blackstone's Leadership27:27 Complexity of Selling Private Investments28:54 Blackstone's Growth and Future Goals29:53 Importance of Brand and Marketing31:14 Integration of Marketing and Sales31:38 Educating Blackstone's Team31:56 Blackstone's Training Programs34:50 Weekly Global Meetings36:44 Humanizing Blackstone's Team39:07 Blackstone's Holiday Video40:14 Consumer-Facing Investments41:27 Joan's Favorite Investment Theme: AI41:59 Blackstone's AI Investment Strategy43:19 Conclusion of the PodcastEditing and post-production work for this episode was provided by The Podcast Consultant.

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Live from Nuveen's nPowered Conference: Nuveen's Keith Jones - structuring products for success

Play Episode Listen Later Jan 30, 2025 40:17


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.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 gharris@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Show Notes00:00 Introduction to Ultimus Fund Solutions01:55 Welcome to Alt Goes Mainstream01:58 Live from Nuveen's nPowered Conference02:19 Conversation with Keith Jones03:25 Keith Jones' Background04:04 Nuveen and TIAA Collaboration04:47 Keith's Role at Nuveen05:01 Product Innovation in Wealth Channel05:15 Structuring Products for Wealth Channel05:37 Client-Centric Approach at Nuveen06:59 Challenges in Structuring Products07:39 Credibility and Brand Importance09:36 Client Experience and Reporting09:46 Brand and Credibility in Product Creation10:40 Nuveen's Real Estate Focus11:38 Feedback from Distribution Teams12:33 Product Governance at Nuveen13:19 Institutional vs. Wealth Channel16:35 Evergreen Structures18:08 Operational Considerations18:51 FinTech Solutions in Structuring31:48 Future of Product Innovation32:20 Real Assets and Farmland33:25 Fee Compression in Alternatives36:13 Balancing Competing Forces36:51 Importance of Diversification38:34 Industry Collaboration for Change39:12 Conclusion and Final Thoughts39:58 Closing Remarks

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Live from Nuveen's nPowered Conference: Nuveen's Jeff Carlin - "It's all about the end client"

Play Episode Listen Later Jan 22, 2025 53:33


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 talked 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.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 gharris@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Show Notes00:00 Introduction to our Sponsor, Ultimus Fund Solutions01:58 Live from Nuveen's nPowered Conference02:26 Jeff Carlin's Role at Nuveen02:33 Nuveen's Wealth Business03:28 Jeff Carlin's Career Background06:43 Evolution of Wealth Distribution06:56 Changes in Advisor Discretion09:52 Consultative Selling in Wealth Management10:04 Hiring Distribution Professionals12:10 Building Trust with Advisors14:03 Indispensable Partnerships16:41 Public vs. Private Markets19:14 Global Wealth Management19:44 Regional Differences in Distribution20:59 Focus on Specific Channels23:15 Structural and Non-Structural Advantages in Distribution27:32 Public and Private Market Strategies27:43 Portfolio Solutions Group27:57 Allocating to Private Markets28:19 Balancing Third-Party and Own Products28:43 Advisor's Role in Portfolio Construction29:28 Challenges in Wealth Channel Distribution29:36 SMA Business vs. Private Markets30:14 Intricacies of Private Market Investments30:35 Client Understanding and Implementation31:09 Drawdown Structures and Client Needs31:16 Perpetual Vehicles in Private Credit31:53 Simplifying Private Fund Investments33:00 Managing Capital Calls and Cash Flows34:45 Evergreen Structures in Private Markets35:10 Future of Private Market Investments36:20 Technology and Structural Innovations36:52 Blockchain and Distributed Ledger Technology37:40 Adoption of New Technologies38:29 Excitement About Private Markets39:18 Generational Differences in Investment40:11 Education and Intergenerational Wealth Transfer41:23 Gamification and Investment Psychology47:08 Advisor Education and Private Markets48:49 Changing Perceptions of Private Markets52:41 Conclusion and Final Thoughts

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DealsPlus' Venkat Subramaniam - building a single source of truth for private markets

Play Episode Listen Later Jan 16, 2025 39:37


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.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 gharris@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Show Notes00:00 Introduction and message from Ultimus01:59 Introducing Venkat Subramaniam and DealsPlus03:57 Venkat's Career Journey05:07 The Genesis of DealsPlus05:09 Challenges in Transaction Management06:25 The Lack of Uniformity in Private Equity Processes06:54 The Impact of Technology on Private Equity07:33 The Role of Cloud Computing08:24 The Consumerization of Enterprise Software09:04 Excel vs. Specialized Software09:34 The Importance of Cap Table Management10:04 Connecting Front Office and Back Office10:30 Building Effective Software Solutions13:24 Recurring Pain Points in Private Equity14:47 The Complexity of Private Equity Cap Tables15:44 Building a Platform for Private Equity16:43 Stakeholder Management in Private Equity18:50 Impact of Technology on Fund Operations20:25 Integrating DealsPlus into Workflows21:06 Best-in-Class Applications and Data Integration23:33 The Impact of Fund Size on Complexity25:42 Technology Adoption in Private Equity27:09 Network Effects in Private Equity Technology37:41 The Future of Private Markets Technology39:14 Conclusion and Closing Remarks

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73 Strings' Yann Magnan - the opportunity for AI to automate private markets

Play Episode Listen Later Jan 8, 2025 45:18


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.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 gharris@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Show Notes00:00 Introduction and Sponsor Message01:56 Welcome to Alt Goes Mainstream02:05 Introducing Yann Magnan and 73 Strings03:56 Yann's Background in Valuation Services04:33 The Inefficiencies of Manual Valuation05:20 The Genesis of 73 Strings06:11 The Importance of Experience in Private Markets06:24 Automating Valuation Processes08:32 Challenges in Standardizing Valuation09:13 The Role of Human Judgment in Valuation10:24 AI's Potential in Valuation11:10 Accountability in Automated Valuation12:47 73 Strings' Data Handling and Partnerships14:07 Standardizing Data Across Portfolios15:44 Impact of Automation on Human Processes17:02 Growth of the Wealth Channel and Evergreen Funds17:59 Accelerating Need for Better Valuation Software19:37 Challenges of High-Frequency Reporting19:59 Technological Implications of Daily Valuation20:31 Private Assets and Technology Infrastructure20:44 Industry Resilience and Smart People20:59 Forefront Firms and Blackstone Partnership21:48 Valuation Process and Data Control23:11 Extensibility to Other Asset Classes24:12 73 Strings' Versatile Platform25:13 Howard Marks on Asset Allocation25:52 Atomic Unit of Value in Valuations27:31 Data Sharing Across Business Units30:24 Automation Benefits for Large and Small Firms31:33 Building Technology for Large Firms34:16 Trust and Experience in Client Relationships35:09 Strategic Investors and Their Value37:37 Industry Participation and Standardization39:13 Maturity and Cost of Technology40:22 Future of Data in Private Markets41:39 Convergence of Private and Public Markets42:11 Volatility and Transparency in Private Markets43:14 Attracting Retail Investors44:41 Conclusion and Final Thought

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Monthly Alts Pulse Ep. 14: Taking the pulse of private markets with iCapital Chairman & CEO Lawrence Calcano

Play Episode Listen Later Dec 26, 2024 21:33


Welcome to the 14th episode of the Monthly Alts Pulse, a collaboration between iCapital x Alt Goes Mainstream. Here's the latest episode of the Monthly Alts Pulse, a live conversation in studio with Lawrence Calcano, the Chairman & CEO of iCapital. As the leader of a platform with over $200B of assets that is responsible for the majority of individual and advisor-led investment flows into the alts space, Lawrence and iCapital have their finger on the pulse of what's happening in private markets.On this episode, Lawrence and I had a fascinating and lively discussion. We covered:Has private markets moved from access as table stakes to customization and differentiation?What are the different phases of private markets — and how has iCapital built solutions for each?Is data the oil for private markets?How will model portfolios fit into the wealth channel's adoption of private markets?If advisors now have access to private markets, how do they differentiate?How does the trend of OCIOs being acquired by wealth managers factor into the continued evolution of wealth channel adoption of private markets?The nuances of diligence on fund managers.Why do private markets “start and stop at the advisor's desktop?”What's the interplay between brand, access, and customization?Thanks Lawrence for a great episode … looking forward to next month's conversation!Show Notes00:00 Introduction00:23 Trends in Wealth Management: Customization and Differentiation00:46 The Evolution of Private Markets Access01:28 Building Bespoke Programs for Advisors01:50 The Importance of Better Fit for Clients02:26 Infrastructure and Customization in Wealth Channels02:39 Phases of Evolution in Wealth Management03:29 Expanding Product Access and Automation03:49 Creating an Operating System for Wealth Management04:30 The Role of Model Portfolios04:56 The Role of Technology and Tools in Customization05:21 Differentiation Through Custom Solutions06:17 Understanding Customization in Wealth Markets07:11 The Role of Diligence in Wealth Management09:40 Reconciling Efficiency and Thoughtful Allocation09:59 Advisors' Role in Customization and Differentiation10:08 The Advisor's Role in Client Education11:01 The Future of Secondary Markets and Evergreen Products12:07 Tools for Advisors: Information and Fit14:57 The Importance of Education and Technology16:17 Product Innovation and Customization19:23 Conclusion: Balancing Tensions in Wealth Management

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Investing with an Evergreen Lens Series with iCapital and Vista Equity Partners, KKR, Hamilton Lane: Ep. 3 - Hamilton Lane's Stephanie Davis

Play Episode Listen Later Dec 19, 2024 38:27


Everyone is talking about evergreens.Alt Goes Mainstream has collaborated with iCapital and Co-Founder & Managing Partner, Head of Portfolio Management Nick Veronis to dive into the evergreen question with some of the leading practitioners in private markets.This three part series with industry experts from Vista Equity Partners, KKR, and Hamilton Lane shines a light on one of the fastest-growing areas in private markets and its impact on the wealth channel.The three part series features:Vista Equity Partners Managing Director, Global Head of Private Wealth Solutions Dan Parant.KKR Managing Director, Head of Americas, Global Wealth Solutions (GWS) Doug Krupa.Hamilton Lane Managing Director, Co-Head US Private Wealth Solutions Stephanie Davis.Please enjoy the third episode of the series as Nick and I talk with Hamilton Lane's Stephanie Davis.Show Notes00:00 Introduction: Setting the Stage00:17 Early Days in the Evergreen Space00:33 Stephanie's Journey into Private Wealth00:40 From Merrill Lynch to Hamilton Lane01:15 The Evolution of Alternative Investments02:09 Success in Early Evergreen Structures02:23 Challenges and Innovations in Distribution03:01 Nick's Perspective on the Evergreen Space03:20 Hamilton Lane's Thought Leadership03:50 The Importance of Private Companies04:29 The Evolution of Evergreen Funds05:11 Optimal Structures for Evergreen Funds05:35 Target Audience and Distribution Strategies06:25 Commitment to Evergreen Structures06:50 Multi-Manager Approach and Diversification07:18 Adoption of Private Capital by Advisors07:49 The Role of Private Equity in Evergreen Funds08:50 The Importance of Fee Efficiency09:45 Educating Investors on Evergreen Structures15:00 The Power of Compounding in Evergreen Funds16:02 Institutional Interest in Evergreen Funds21:54 The Role of Liquidity in Evergreen Investments22:28 Educating Advisors and Clients25:48 Challenges in Advisor Education28:14 Allocation Strategies for Evergreen Funds31:22 The Future of Evergreen Structures31:36 3.0 in the Evergreen Space34:07 Manager Selection in Private Markets35:18 The Evolving Relationship of Public and Private Markets36:03 Closing Thoughts and Key Takeaways36:33 Disclaimer and Informational Purposes

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Investing with an Evergreen Lens Series with iCapital and Vista Equity Partners, KKR, Hamilton Lane: Ep. 2 - KKR's Doug Krupa

Play Episode Listen Later Dec 18, 2024 41:00


Everyone is talking about evergreens.Alt Goes Mainstream has collaborated with iCapital and Co-Founder & Managing Partner, Head of Portfolio Management Nick Veronis to dive into the evergreen question with some of the leading practitioners in private markets.This three part series with industry experts from Vista Equity Partners, KKR, and Hamilton Lane shines a light on one of the fastest-growing areas in private markets and its impact on the wealth channel.The three part series features:Vista Equity Partners Managing Director, Global Head of Private Wealth Solutions Dan Parant.KKR Managing Director, Head of Americas, Global Wealth Solutions (GWS) Doug Krupa.Hamilton Lane Managing Director, Co-Head US Private Wealth Solutions Stephanie Davis.Please enjoy the second episode of the series as Nick and I talk with KKR's Doug Krupa.Show Notes00:23 Doug's Background in Private Markets01:18 Early Career as a Financial Advisor01:55 Understanding Overfunded Pensions02:47 Focus on Making Private Markets Accessible03:12 Building Innovative Solutions at KKR03:25 Evolution of Wealth and Asset Management03:55 Challenges in Private Markets05:05 Partnering with KKR05:55 KKR's Commitment to the Wealth Channel06:04 Innovations in Fund Structures06:59 The Conglomerate Model07:15 KKR's Approach to Wealth Channel07:46 Expanding Access to Private Markets08:34 Delivering the Same Investment Experience09:36 Maslow's Hierarchy of Needs for Wealth Channel09:59 Legislation and Access to Private Markets12:56 Evergreen Structures vs. Conglomerate Model17:37 Investor Behavior in Evergreen Structures18:12 Adoption of Evergreen Strategies21:24 Educating the Industry on Evergreen22:55 The Shift from Public to Private Markets24:00 KKR's Educational Initiatives26:06 Rebranding Alternatives as Private Markets28:53 Partnerships and Hybrid Solutions29:04 Market Structure Evolutions31:11 Future of Private Markets32:32 Dominant Players in Private Markets34:18 Rapid Adoption of Evergreen Strategies34:59 Disruption in the Industry35:18 Final Thoughts on Private Markets38:58 Closing Remarks39:06 Disclaimer and Legal Information40:55 Copyright Information

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Investing with an Evergreen Lens Series with iCapital and Vista Equity Partners, KKR, Hamilton Lane: Ep. 1 - Vista Equity Partners' Dan Parant

Play Episode Listen Later Dec 17, 2024 43:45


Everyone is talking about evergreens.Alt Goes Mainstream has collaborated with iCapital and Co-Founder & Managing Partner, Head of Portfolio Management Nick Veronis to dive into the evergreen question with some of the leading practitioners in private markets.This three part series with industry experts from Vista Equity Partners, KKR, and Hamilton Lane shines a light on one of the fastest-growing areas in private markets and its impact on the wealth channel.The three part series features:Vista Equity Partners Managing Director, Global Head of Private Wealth Solutions Dan Parant.KKR Managing Director, Head of Americas, Global Wealth Solutions (GWS) Doug Krupa.Hamilton Lane Managing Director, Co-Head US Private Wealth Solutions Stephanie Davis.Please enjoy the first episode of the series as Nick and I talk with Vista Equity Partners' Dan Parant. Show Notes00:19 Welcome and Guest Introduction00:39 Vista's Founding and Early Days02:05 Vista's Growth and Achievements03:11 Dan's Background and Role at Vista04:07 Enterprise Software Investment Thesis05:11 The Resilience of Enterprise Software07:11 The Private Market Advantage07:25 Constructing Portfolios for Wealth Channels08:13 The Shift from Public to Private Markets09:52 Evergreen Funds and Their Benefits11:06 Evergreen Strategies in Software Investing12:01 Advantages of Evergreen Structures13:09 The Role of Private Equity in Evergreen Funds13:17 Private Companies Staying Private Longer 19:25 Vista's Approach to Different Company Sizes20:28 Growth vs. Yield in Evergreen Strategies21:11 The Importance of Scale in Evergreen Funds24:24 Challenges of Managing Evergreen Structures26:12 The Discipline of Manager Selection28:41 Educating Investors on Evergreen Structures30:08 Omnichannel Education Strategies31:04 Product-Specific Education32:00 Understanding Liquidity in Evergreen Funds33:37 Structuring Liquidity Parameters36:17 The Future of Evergreen Strategies39:45 Closing Remarks and Final Thoughts40:17 Legal & Compliance Information

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Going Public with Evercore's Glenn Schorr - Ep. 2

Play Episode Listen Later Dec 5, 2024 43:58


Welcome back to Going Public with Evercore's Glenn Schorr.On the latest episode of Going Public, we drop the beat on F.R.E.A.M. Paying homage to Wu-Tang Clan's song “C.R.E.A.M.” (“Cash rules everything around me”), Glenn discusses why “Fees rule everything around me” in asset management. We cover some of last quarter's most pressing topics in alternative asset management, including:How alternative asset managers balance fee generation with returns.Does major growth still lie ahead for alternative asset managers?Why “fees rule everything around me,” but so does alpha generation.Why does distribution (almost always) win in asset management?What's the most valuable aspect of a publicly traded alts manager having a public currency?What is Glenn keeping his eye on for next quarter?Making private markets more public — with expert analysisAlt Goes Mainstream has partnered with an expert who has seen the evolution of alternative asset managers from their early days.Glenn Schorr is a Senior MD and Senior Research Analyst at Evercore ISI, where he covers brokers, banks, asset managers, and trust banks as an analyst. He has covered financials since 2000 and started coverage of alternative asset managers when the first firms went public.He's consistently come up as one of the most thoughtful and well-respected analysts in the space. He balances deep research with a creative flair (just read one of the titles of his research reports and you can see his love of the game). He's been named to Institutional Investor's All-America Research Team for his coverage, most recently ranking #2 and runner up in 2023, #1 and #2 in 2022. Prior to Evercore, Glenn was a Senior MD at Nomura, serving as the lead financials analyst. Listen in as Glenn shares market stories, the evolution of alternative asset managers as businesses, the biggest and most exciting trends in private markets based on what the industry's largest players are doing, and we go “around the horn” for his analysis on the publicly traded firms. Show Notes00:00 Introduction00:38 Meet Glenn Schorr01:52 Wu-Tang Clan and Asset Management02:40 F.R.E.A.M.: Fees Rule Everything Around Me02:49 Public Investors and Revenue Streams03:47 Balancing Fee Growth and Investment Returns05:50 Talent Migration and Fee Justification06:38 Migration to Private Markets07:07 Deregulation and Its Impact09:31 Structural Challenges for Banks09:58 Growth in Alternative Asset Management12:19 Wealth Channel and Private Markets13:13 Private Equity Performance15:37 Education Process for Investors16:27 Perpetual Private Equity Products17:35 Model Portfolios: The Next Frontier21:00 Distribution and Asset Management24:24 Corporate Strategy and Partnerships in Asset Management27:10 Public vs. Private Firms29:56 Acquisitions and Growth Strategies31:09 Specialty Managers and Market Trends33:12 Big TAMs and Investment Opportunities36:15 Consolidation in the Industry38:16 Surprises and Trends in the Quarter39:44 Deployment and Investment Grade Private Credit40:03 Credit Cycles and Market Concerns41:15 Data Centers and AI Investments41:54 Size and Scale in Asset Management45:19 Bank and Asset Manager Partnerships46:15 Looking Ahead: Thoughts on the Next Quarter47:10 Conclusion and Final ThoughtsCompany Coverage and DisclosuresEvercore ISIGlenn Schorr| Ticker | Company | APO | Apollo Global Management, Inc. | BAC | Bank of America Corporation | Glenn Schorr holds a long position in equity securities of Bank of America Corporation. | BK | Bank of New York Mellon Corp. | Glenn Schorr holds a long position in equity securities of Bank of New York Mellon Corp. | BLK | BlackRock, Inc. | BlackRock, Inc. is a client of Evercore LLC, and Evercore LLC has provided investment banking services to BlackRock, Inc. in the last 12 months. | Evercore ISI or an affiliate expects to receive or intends to seek compensation for investment banking services from BlackRock, Inc. within the next three months. | Glenn Schorr holds a long position in equity securities of Blackrock Inc. | BX | Blackstone, Inc. | Blackstone, Inc. is a client of Evercore LLC, and Evercore LLC has provided investment banking services to Blackstone, Inc. in the last 12 months. | Evercore ISI or an affiliate expects to receive or intends to seek compensation for investment banking services from Blackstone, Inc. within the next three months. | An employee, employee's immediate family member, director or consultant of Evercore ISI or one of its affiliates (but not the covering research analyst or a member of the covering research analyst's household) is an officer, director or advisory board member of Blackstone, Inc. | Evercore ISI or an affiliate has received compensation from Blackstone, Inc. for investment banking services in the last 12 months. | Analyst has a financial interest in a private equity fund managed by Blackstone, Inc. | Glenn Schorr holds a long position in equity securities of Blackstone, Inc. | OWL | Blue Owl Capital, Inc | Evercore ISI or an affiliate has acted as a manager or co-manager of a public offering of securities by Blue Owl Capital, Inc in the last 12 months. | Blue Owl Capital, Inc is a client of Evercore LLC, and Evercore LLC has provided investment banking services to Blue Owl Capital, Inc in the last 12 months. | Evercore ISI or an affiliate has received compensation from Blue Owl Capital, Inc for investment banking services in the last 12 months. | BSIG | BrightSphere Investment | C | Citigroup, Inc. | An employee, employee's immediate family member, director or consultant of Evercore ISI or one of its affiliates (but not the covering research analyst or a member of the covering research analyst's household) is an officer, director or advisory board member of Citigroup, Inc. | Glenn Schorr holds a long position in equity securities of Citigroup, Inc. | BEN | Franklin Resources, Inc. | Glenn Schorr holds a long position in equity securities of Franklin Resources, Inc. | GS | Goldman Sachs Group Inc. | IVZ | Invesco Ltd. | JPM | JPMorgan Chase & Co. | Glenn Schorr holds a long position in equity securities of JPMorgan Chase & Co. | KKR | KKR & Co. Inc. | KKR & Co. Inc. is a client of Evercore LLC, and Evercore LLC has provided investment banking services to KKR & Co. Inc. in the last 12 months. | Evercore ISI or an affiliate has received comp...

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Balderton's Rana Yared - a masterclass on building global companies out of Europe

Play Episode Listen Later Nov 21, 2024 50:31


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.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 gharris@ultimusfundsolutions.com.We 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 European Investment Opportunities37:23 Challenges for European Pensions and Endowments38:49 Innovations in Fund Structures41:27 The Impact of Governmental Participation in Venture42:22 Exciting Opportunities in European Venture43:10 FinTech's Massive Potential43:59 Europe's Unique Financial Services Advantages44:53 Geopolitical Concerns for Investors45:51 Lessons from War Studies Applied to Investing47:11 The Future of Retirement Investments in Europe49:13 The Importance of Patience in Investing

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Churchill Asset Management's Alona Gornick - the evolution of private credit, the power of permanent capital, and the importance of the product specialist

Play Episode Listen Later Nov 14, 2024 54:51


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.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 gharris@ultimusfundsolutions.com.We 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 Credit47:00 The Growth Potential of Private Credit49:38 The Most Interesting Alternative Investment50:15 The Opportunity in Private Equity Secondaries52:47 Private Credit Secondaries: A Nascent Space54:17 Primary and Secondary Considerations in Credit54:34 Conclusion and Final Thoughts

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What's Your Edge?: StepStone Private Wealth's Bob Long

Play Episode Listen Later Nov 7, 2024 57:59


Today marks the launch of a new show on Alt Goes Mainstream: What's Your Edge?Every person, every company, every fund has something that makes them special.Makes them stand out from the crowd.Gives them an unfair advantage.Tips the scales in favor of success.In this episode,  I ask our special guest, Bob Long, “What's Your Edge?”Bob Long is CEO of StepStone Group's Stepstone Private Wealth. He has three decades of experience in the private markets and has led investment teams for global firms in both the general partner and the limited partner role. He has served as the CEO of two publicly-traded companies focused on expanding private market access for high net worth investors.Prior to StepStone Private Wealth, Bob was the CEO of OHA Investment Corporation, a publicly-traded specialty finance company. Previously, he co-founded Conversus Capital, the largest publicly traded fund of third-party private equity funds with $3 billion of AUM and served as its CEO. Previously, he led Bank of America's $7 billion strategic capital division. Early in his career, Bob served as the lead in-house counsel for a large portion of Bank of America's Investment Banking Division and worked as a securities lawyer for a major law firm.A recognized industry leader, Bob was named one of 50 “GameChangers” by Private Equity International, has been profiled in the WSJ, and hosted CNBC Squawk Box Europe on numerous occasions.On today's podcast, Bob and I discuss the nuances of evergreen funds and the unique features and offerings of StepStone Private Wealth's evergreen strategies.Thanks Bob for coming on the show to share your wisdom, experience, and your edge.Show Notes00:00 Introduction00:38 Welcome to What's Your Edge?01:01 Meet StepStone Private Wealth CEO Bob Long: A Leader in Private Markets03:09 Lessons from Public Markets04:34 Evergreen Fund Structure05:27 Benefits of Evergreen Funds06:25 Immediate Investment Advantage07:20 Evergreen Funds and Financial Advisors07:35 Evergreen Fund Liquidity08:04 StepStone's Approach to Evergreen Funds09:09 StepStone's Strategy and Structure09:32 Balancing Inflows and Outflows10:34 Importance of Deal Flow11:04 Balancing Liquidity and Returns11:56 StepStone's Competitive Advantage13:52 Portfolio Construction14:57 Diversification in Private Markets16:06 Evergreen Fund Structures19:44 Liquidity in Private Markets27:57 Key Takeaways for Investors29:53 Operational Due Diligence Essentials30:13 Key Questions for Evergreen Fund Structures30:36 Understanding Fee Structures30:42 Management Fees and Leverage31:33 Incentive Fees Explained32:19 Administrative Costs and Transparency32:34 Fee Compression in Evergreen Funds34:11 Portfolio Construction Strategies34:24 Investing in Secondaries37:10 Psychology of Allocators38:04 Accessibility and Minimum Investments38:43 Investor Profiles and Strategies40:36 Transparency and Performance41:40 Rebalancing and Evergreen Funds43:10 Model Portfolios and Private Markets45:19 StepStone's Investor-Centric Approach46:15 StepStone's Competitive Edge48:31 Growth of Secondaries and Private Markets51:37 Future Trends in Private Markets55:30 Philanthropy and Purposeful Stewardship

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Ritholtz Wealth Management's Ben Carlson - bringing a wealth of common sense to asset allocation

Play Episode Listen Later Oct 30, 2024 52:13


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.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 gharris@ultimusfundsolutions.com.We 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 Markets40:06 Behavioral Benefits of Private Markets41:17 Excitement in Private Markets41:56 Evolving Fund Structures42:28 Defining Alternatives43:48 Younger Investors and Volatility46:55 Future of Wealth Management47:53 Private Equity in Wealth Management48:58 Favorite Alternative Investments51:44 Conclusion and Final Thoughts

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Blue Owl GP Strategic Capital's Sean Ward - transforming GP stakes into an industry

Play Episode Listen Later Oct 23, 2024 66:27


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.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 gharris@ultimusfundsolutions.com.We 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 Stakes07:31 The Importance of Legal Background in GP Stakes09:48 Convincing LPs and GPs11:14 The Importance of GP Commitments15:23 Strategic Value Beyond Capital24:45 Succession Planning in Private Equity26:02 Impact of Market Conditions on GP Stakes29:26 Underwriting and Returns in GP Stakes36:33 Cash Flow and Diversification in GP Stakes Investments37:48 Understanding the Trade-offs in GP Stakes Investing38:35 Narrow Distribution of Potential Outcomes40:09 The Importance of Diverse Professional Backgrounds40:45 Collaborative Partnerships in GP Stakes41:34 Traits of a Great Alternative Asset Manager43:49 The Next Frontier: Private Wealth45:13 Middle Market Strategy and Partnerships49:34 The Evolution and Future of Private Markets53:19 Liquidity in GP Stakes Investments58:26 The Power of Permanent Capital01:00:28 Is GP Stakes Better Than SaaS?01:02:43 Exemplary Models for Growth in Asset Management01:05:47 Conclusion and Final Thoughts

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HGGC's Steve Young & True North Advisors' Scott Wood - "the score takes care of itself" on the field and in investing

Play Episode Listen Later Oct 16, 2024 56:46


Welcome back to the Alt Goes Mainstream podcast.Today's episode welcomes two elite performers in Steve Young of HGGC and Scott Wood of True North Advisors, where they talk about how they formed a partnership based on shared values.Steve's private equity firm, $7B AUM HGGC, took a minority stake in Scott's independent wealth management firm, $3.9B AUM True North Advisors, as part of their broader wealth management investment thesis.After an illustrious 15 year Hall of Fame career as a three-time Super Bowl winning quarterback of the San Francisco 49ers, Steve embarked on second act to found HGGC that has rivaled his career on the field. Over the past 17 years, HGGC has grown to a $7B private equity firm that has completed 600 portfolio investments.After working on Wall Street where clients were not being fiduciarily served, Scott's journey as a registered independent advisor started in 2000, when he and his partner Mark Gehlbach decided to pioneer the fee-only  model to eliminate conflicts of interest in the client advisor relationship. The foundation they built has led to the growth of a firm that now stands at over 3.9B in AUM, with a large portion of that capital, $812M allocated to alternatives. Steve, Scott, and I had a fascinating conversation about how they've built their respective investment firms, the importance of values and culture, and how they create abundant, fulfilling relationships. We discussed:Why “the score takes care of itself.”How and why defining the relationship up front is key in advisor M&A.How to assess culture fit when merging or acquiring advisors and wealth management firms.The importance of alternatives for better serving the client in an advisor's practice.The concept of “decading” and why long-term thinking is critical in business and life.Thanks Steve and Scott for sharing your thoughts and decades of wisdom on business building, investing, and partnership.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 gharris@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Show Notes00:00 Introduction and Sponsor Message01:17 Welcome to the Podcast01:59 Meet the Guests: Steve Young and Scott Wood02:22 Steve Young's Journey from the NFL to Private Equity06:13 Scott Wood's Path to Founding True North Advisors09:13 Building a Scalable and Collaborative Wealth Management Firm12:22 Need for a Partner12:57 Choosing HGGC: The Importance of Culture and Values in Business13:30 HGGC's Investment Philosophy15:03 Cultural Alignment in Partnerships22:25 Evaluating Cultural Fit in Partnerships22:40 Evaluating Cultural Fit27:12 Governance and Day Two Operations27:53 Commitment to Cultural Integrity28:19 Navigating Cultural Fit in Wealth Management28:55 Wealth Management Growth and Consolidation29:40 The Role of Private Equity in Wealth Management30:03 Changing Wealth Management Engagement31:07 Challenges and Opportunities in Wealth Management Consolidation32:22 True North's Unique Business Model33:01 The Impact of Private Equity on Wealth Management34:42 Exit Strategies and Long-Term Vision39:39 Building an Alternatives Platform40:31 Decading: Long-Term Thinking40:53 Evolution of Alternatives Strategy45:13 Simplifying Complex Investments46:37 Fee Structures and Client Alignment47:24 M&A Opportunities and Relationships48:37 Mentorship and Professional Relationships52:56 Future of Alternative Investments55:56 Closing Thoughts and Reflections

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Going Public Ep. 1 with Evercore's Glenn Schorr

Play Episode Listen Later Oct 9, 2024 54:30


Today marks the launch of a new show on Alt Goes Mainstream: Going Public with Evercore's Glenn Schorr.17 years ago, there wasn't a single alternative asset manager that was part of the public markets. Today, not only are a number of the industry's largest firms public, but in 2024, the industry's largest alternative asset manager, Blackstone, entered the S&P 500.Understanding the inner workings, strategic moves, and financial performance of the industry's largest players can help to explain many of the trends that are making alternatives become mainstream and these firms become mainstays in the financial services ecosystem.Going Public will make private markets more public with expert analysis.Glenn Schorr is a Senior MD and Senior Research Analyst at Evercore ISI, where he covers brokers, banks, asset managers, and trust banks as an analyst. He has covered financials since 2000 and started coverage of alternative asset managers when the first firms went public.He's consistently come up as one of the most thoughtful and well-respected analysts in the space. He balances deep research with a creative flair (just read one of the titles of his research reports and you can see his love of the game). He's been named to Institutional Investor's All-America Research Team for his coverage, most recently ranking #2 and runner up in 2023, #1 and #2 in 2022. Prior to Evercore, Glenn was a Senior MD at Nomura, serving as the lead financials analyst. Listen in as Glenn shares market stories, the evolution of alternative asset managers as businesses, the biggest and most exciting trends in private markets based on what the industry's largest players are doing, and we go “around the horn” for his analysis on the publicly traded firms. Show Notes00:38 Introduction to the Going Public Series and award-winning Wall Street Analyst, Glenn Schorr01:54 Glenn's Career Journey03:08 The Early Days of Alts Managers Going Public03:26 Skepticism and Challenges in Going Public04:06 Investor Skepticism and Challenges07:00 Transformation and Tipping Points09:03 Structural Tailwinds and Market Trends10:57 The Decision to Go Public vs. Staying Private12:39 Ambition and Vision in Asset Management14:51 The Distribution vs. Manufacturing Debate17:03 Lessons from Traditional Asset Management18:55 Discipline and Growth in the Alts Market20:03 The Future of Public and Private Markets20:50 The Role of Distribution in Asset Management21:59 Success Stories and Acquisition Strategies23:02 Manufacturing Competency vs. Acquisitions24:40 The Rise of Private Markets26:07 How Alternative Managers Make Money27:02 Valuation Factors for Alternative Managers28:44 Profitability and Margins in Asset Management29:23 Building a Business: Costs and Competitive Advantages29:50 The Moat of Success in Business30:15 Challenges for Traditional Asset Managers30:56 The Importance of Vision and Technology31:22 Scaling a Business with Proven Success31:40 Insurance Asset Management: Strategic Moves and Structural Advantages32:17 Structural Advantages in Asset Management33:05 The Rise of Private Credit Managers34:43 The Impact of Interest Rates on Private Credit Managers35:32 Navigating Rate Sensitivity in Capital Markets38:25 Deployment and Monetization in Asset Management39:08 The Challenge of Dry Powder in Private Equity41:14 The Role of Deployment in Investment Success41:46 The Resilience of Publicly Traded Alts Managers43:26 Spotlight on Blackstone's Growth and Innovation46:38 KKR's Global Expansion and Innovation48:41 Apollo's Market Leadership and Challenges50:11 Blue Owl's Strategic Investments and Challenges53:56 TPG's Public Transition and Growth55:11 Carlyle's Progress and Future Challenges56:11 Looking Ahead: Key Trends and ExpectationsDisclosuresEvercore ISIGlenn SchorrCompany Coverage and DisclosuresTicker      CompanyAPO         Apollo Global Management, Inc.BAC         Bank of America CorporationGlenn Schorr holds a long position in equity securities of Bank of America Corporation.BK            Bank of New York Mellon Corp.Glenn Schorr holds a long position in equity securities of Bank of New York Mellon Corp.BLK          BlackRock, Inc.Glenn Schorr holds a long position in equity securities of BlackRock Inc.BX            Blackstone, Inc.Blackstone, Inc. is a client of Evercore LLC, and Evercore LLC has provided investment banking services to Blackstone, Inc. in the last 12 months.Evercore ISI or an affiliate expects to receive or intends to seek compensation for investment banking services from Blackstone, Inc. within the next three months.An employee, employee's immediate family member, director or consultant of Evercore ISI or one of its affiliates (but not the covering research analyst or a member of the covering re advisory board member of Blackstone, Inc..Evercore ISI or an affiliate has received compensation from Blackstone, Inc. for investment banking services in the last 12 months.Analyst has a financial interest in a private equity fund managed by Blackstone, Inc.Glenn Schorr holds a long position in equity securities of Blackstone, Inc.OWL         Blue Owl Capital, Inc.Evercore ISI or an affiliate has acted as a manager or co-manager of a public offering of securities by Blue Owl Capital, Inc in the last 12 months.Blue Owl Capital, Inc is a client of Evercore LLC, and Evercore LLC has provided investment banking services to Blue Owl Capital, Inc in the last 12 months.Evercore ISI or an affiliate has received compensation from Blue Owl Capital, Inc for investment banking services in the last 12 months.BSIG        BrightSphere InvestmentC               Citigroup, Inc.An employee, employee's immediate family member, director or consultant of Evercore ISI or one of its affiliates (but not the covering research analyst or a member of the covering re advisory board member of Citigroup, Inc.Glenn Schorr holds a long position in equity securities of Citigroup, Inc.BEN          Franklin Resources, Inc.Glenn Schorr holds a long position in equity securities of Franklin Resources, Inc.GS            Goldman Sachs Group Inc.IVZ           Invesco Ltd.JPM        &nb...

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Monthly Alts Pulse Ep. 12: Taking the pulse of private markets and the future of AI and automation in private markets with Eileen Duff, Managing Partner & Chief Client Success Officer at iCapital

Play Episode Listen Later Oct 4, 2024 26:15


Welcome to the 12th episode of the Monthly Alts Pulse, a collaboration between iCapital x Alt Goes Mainstream.This month's episode features one of iCapital's senior executives, Eileen Duff, Managing Partner & Chief Client Success Officer, and a private markets veteran who was Head of Alternative Investments, North America for Credit Suisse for a number of years. At iCapital, she oversees Investor Relations, Enterprise Integration, and Client Operations teams to optimize the client experience. Eileen has had a number of senior and instrumental roles at iCapital. She's also a member of iCapital's Operating Committee. She was previously Head of Fund Management & Research for iCapital, where she was responsible for origination and development of new investment products and lifecycle management of existing offerings. She also led Distribution for iCapital, leading the sales and relationship management function after joining from Credit Suisse.iCapital, as the leading platform that is responsible for the majority of individual and advisor-led investment flows into the alts space, has its finger on the pulse of what's happening in private markets.Eileen and I had a fascinating and lively discussion about how technology innovation, and AI and automation in particular, are revolutionizing alternative investments and how technology can drive growth and operational efficiency. We covered:How and why alternatives distribution has evolved. The importance of meeting clients where they are.The evolution of wealth channel strategies.How much does structure matter?When and why Eileen saw registered funds as a major driver of the future growth of private markets well before they became mainstream.The impact of registered and evergreen funds on operations and fund administration.Where will the biggest efficiencies come from in the automation of post-investment processes?How AI and automation will enhance operational efficiency?Thanks Eileen for a great episode … looking forward to next month's Monthly Alts Pulse conversation!

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Cantilever Group's Todd Owens - the untapped opportunity in GP stakes

Play Episode Listen Later Sep 25, 2024 48:32


Welcome back to the Alt Goes Mainstream podcast.Today's podcast dives into the continued innovation in the GP stakes space with someone who has advised some of the industry's largest firms on their businesses and going public.We are joined by Todd Owens, the Co-Founder and Managing Partner of Cantilever Group. Cantilever is an independent firm focused on providing capital solutions to middle market asset managers. Their 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. They focus on businesses that have enterprise values between $50mm and $500mm. The team has executed on over $500M of GP stake, financing, and seeding transactions as both investors and principals. Their 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 near $30B market cap Brazilian bank and wealth and asset manager has committed 9 figures into Cantilever's fund, and Broadhaven Ventures, the venture capital 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 $90B 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 discussion about how funds are becoming firms and why there's an investment opportunity around that transformation. We discussed:The evolution of alternative asset managers from Todd's perspective as a banker to many alternative asset managers.Why GP stakes has become a solution for alternative asset managers.Why and how alternative asset managers are businesses and why it can make sense for them to take investment to grow.The benefits of GP stakes for investors and why the growing AUM of private markets means investors could benefit from exposure to GP ownership.The risks and challenges with GP stakes as an investment strategy.Why the middle market is an underserved and attractive segment in alternative asset management.What the currency of consolidation will look like in alternative asset management.What it means to grow and evolve a business as an alternative asset manager.Thanks Todd for coming on the show to share your wisdom and experience on the evolution of asset management from your 30 years in the industry. 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 gharris@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Show Notes00:00 Introduction and Sponsor Message01:18 Podcast Opening and Theme01:59 Introduction to Todd Owens and Cantilever Group03:10 Todd Owens' Career Background04:39 Early Days of Alternative Asset Management08:28 Challenges and Opportunities in Alternative Asset Management10:00 Cantilever's Focus on the Middle Market11:35 Investment Opportunities in the Middle Market13:50 Identifying and Investing in Promising Managers16:24 Insights from Working with Founders18:42 Sizing Up the Middle Market Opportunity19:49 Sourcing and Structuring Investments21:16 Offering Diverse Financial Solutions23:15 Evaluating and Picking the Right Managers25:54 Identifying Investment Opportunities26:16 Winning Deals: Strategies and Insights26:51 Providing Strategic Capital and Advisory27:58 Focusing on Growth and Diversification29:18 Underwriting and Growth Expectations31:15 Exit Strategies and Market Dynamics33:13 Diversification and Portfolio Construction34:29 Revenue Streams and Valuation35:54 Cantilever's Market Edge37:33 Strategic Partnerships and Support39:01 Founders' Perspective and Industry Insights41:01 Cantilever's Unique Value Proposition42:40 Leadership and Influences43:34 Concerns and Challenges46:05 Reflections and Future Outlook

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Intapp's Ben Harrison - using data and automation to transform private markets

Play Episode Listen Later Sep 18, 2024 60:58


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.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 Capabilities

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T. Rowe Price's Cheri Belski - how a $1.59T asset manager is approaching private markets: AGM x Pangea Private Markets Live Podcast

Play Episode Listen Later Sep 10, 2024 26:45


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.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 Farewell

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Bernstein Private Wealth Management's Alex Chaloff - how the CIO of a $125B wealth manager navigates private markets

Play Episode Listen Later Sep 4, 2024 60:55


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 gharris@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.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 Jurney03:49 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 Trends

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[Repost] Animal Spirits: Alt Goes Mainstream with Michael Sidgmore

Play Episode Listen Later Aug 28, 2024 51:17


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.

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Mercer Investments' Gregg Sommer & CAIS' Neil Blundell - following the fast river of alts

Play Episode Listen Later Aug 14, 2024 49:47


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 gharris@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Show Notes00:00 Introduction to Sponsor, Ultimus Fund Solutions01:17 Podcast Opening and Guest Introduction01:58 Guest Backgrounds and Career Highlights03:43 Discussion on Wealth Channel and Alternatives03:51 The Case for Alternatives07:47 The Evolution of Private Debt08:23 The Moment It Clicked for Alts12:08 Institutional vs. Wealth Channel Approaches13:54 Educating the Wealth Channel15:47 Evergreen Funds and Wealth Channel19:29 Generational Wealth Transfer20:04 Current Market Trends and Private Markets25:29 Importance of Due Diligence in Alternatives26:33 Advisor Allocation Trends26:53 Expected Allocations in the Next Year27:07 Private Equity and Credit Insights27:17 Real Estate and Hedge Funds Outlook27:27 Emerging Infrastructure Strategies27:47 CAIS Platform Overview28:17 Transactional Volume Trends28:36 Registered Funds Growth29:30 Institutional vs. Wealth Channel Behavior30:25 Customization in Private Markets31:22 Technology's Role in Wealth Management35:52 The Importance of Brand in Investments39:26 Strategic Partnerships in Wealth Management39:56 Concerns About Private Markets Growth43:36 Evaluating Manager's Edge45:54 Future of Alternative InvestmentsDisclosureThis content is for institutional investors and for information purposes only. It does not contain investment, financial, legal, tax or any other advice and should not be relied upon for this purpose. The materials are not tailored to your particular personal and/or financial situation. If you require advice based on your specific circumstances, you should contact a professional adviser. Opinions expressed are those of the speakers as of the date of the recording, are subject to change without notice and do not necessarily reflect Mercer's opinions.

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Manulife's Anne Valentine Andrews - connecting real assets with real money and the world of infrastructure investing

Play Episode Listen Later Aug 8, 2024 55:00


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 gharris@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.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 Investment48:03 The Role of Scale in Private Markets in Infrastructure49:21 Future of Alternative InvestmentsThe views and opinions expressed in this podcast are those of the speakers, are subject to change as market and other conditions warrant, and do not constitute investment advice or a recommendation regarding any specific product or security. There is no guarantee that the investment strategy discussed will be successful or achieve any particular level of results. Any economic or market performance information is historical and is not indicative of future results, and no forecasts are guaranteed. Investing involves risks, including the potential loss of principal.Financial markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments. The information provided does not take into account the suitability, investment objectives, financial situation, or particular needs of any specific person.All overviews and commentary are intended to be general in nature and for current interest. While helpful, these overviews are no substitute for professional tax, investment or legal advice. Clients and prospects should seek professional advice for their particular situation. Neither Manulife Investment Management, nor any of its affiliates or representatives (collectively “Manulife Investment Management”) is providing tax, investment or legal advice. Manulife Investment Management paper titled U.S. farmland investment returns: continued gains in 2022; 5/19/23. NCREIF collects U.S. farmland property-level performance realized by institutional investments and reports the aggregated results within its Farmland Property Index (FPI). Manulife Investment Management is a participating member in the FPI. The index requires participating managers to report all eligible properties. Usage of this data is not an offer to buy or sell properties.Manulife, Manulife Investment Management, Stylized M Design, and Manulife Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license.Man...

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Monthly Alts Pulse Ep. 11: Taking the pulse of private markets with Dan Vene, Co-Founder & Managing Partner, Head of Investment Solutions, iCapital

Play Episode Listen Later Jul 30, 2024 26:03


Welcome to the 11th episode of a collaboration between iCapital x Alt Goes Mainstream. We changed up this month's episode, welcoming iCapital Co-Founder and Managing Partner, Head of Investment Solutions Dan Vene to the show to discuss the evolution of private markets and the launch of iCapital's Marketplace. iCapital, as the leading platform that is responsible for the majority of individual and advisor-led investment flows into the alts space, has its finger on the pulse of what's happening in private markets.Dan and I had a fascinating and lively discussion about the evolution of the industry through the lens of iCapital's growth and maturation, which has most recently included the creation of iCapital Marketplace. We discussed:Can alternative investments help you sleep at night?Public markets vs. private markets?What are the benefits of private markets?Are there evolving perspectives on liquidity?What potential market catalysts could further shift investments from public to private investments?How and why have fund managers had success on Marketplace?What's the new world order for investing?Thanks Dan for a great episode … looking forward to next month's Monthly Alts Pulse conversation!

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Partners Group's Rob Collins - The how and why of evergreens: one of the most exciting trends in private markets

Play Episode Listen Later Jul 18, 2024 65:05


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.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 Resilient Diversified Portfolio43:05 Managing Investor Expectations44:26 Control in Portfolio Construction46:48 Positioning Evergreen Funds52:13 Evergreen vs. Closed-End Funds54:43 Innovating Asset Allocation Frameworks57:12 Educating Distribution Professionals01:00:26 Consultative Sales Approach for Evergreen Sales Professionals01:02:03 Future Growth in Private Markets01:03:47 Rob's Favorite Alternative Investment01:04:42 Conclusion and Final ThoughtsA 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 gharris@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.

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iCapital Chairman & CEO Lawrence Calcano - Driving efficiency across the entire value chain to transform private markets

Play Episode Listen Later Jul 10, 2024 41:15


Welcome back to the Alt Goes Mainstream podcast.I've been having many conversations with GPs and LPs over the past few months — and it feels like we've reached a point in private markets where both sides are trying to figure out how to navigate this space, from a product perspective and a technology perspective. To better understand these issues, I asked Lawrence Calcano, Chairman & CEO of iCapital, the largest platform in the space and a business that is in the middle of much of the flows of activity between GPs and LPs, to come back on the show to dive deeper into these topics.The main topic of conversation? The evolution of the different service models that enable GPs to unlock access to private markets for more LPs.As private markets welcomes more investors to the space, the how becomes as important as the why. How can investors gain access to private markets in ways that work for them?How can alternative asset managers better serve those investors? How can this all be done in a responsible, thoughtful way that sets up both investors and private markets for success in the long-term?Lawrence and I had a fascinating conversation. We discussed:How can operational efficiency across the entire value chain lower fees?Where do technological innovations like distributed ledger and AI factor into industry transformation?How important is education in driving adoption of alternative investments?How model portfolios and customization can transform the investor experience.Platform versus point solutions.Overestimating and underestimating market trends and market size.Why effortless is a myth.Thanks Lawrence for coming on the Alt Goes Mainstream podcast to share your thoughtful perspectives on the industry and its continued evolution.Show Notes00:00 Introduction to Ultimus Fund Solutions01:18 Welcome to Alt Goes Mainstream and Introduction to Lawrence Calcano02:26 Navigating Private Markets03:36 Holistic Solutions for GPs and LPs03:57 Importance of Education in Alts04:46 Understanding Alts in Portfolios06:50 Lowering Fees Across the Chain07:32 Technology and Tools for Advisors08:36 Success in the Wealth Channel10:21 Investment Product Innovations11:44 Direct Relationships in Private Markets13:26 Operationalizing Cost Structure Changes14:21 The Role of AI and Data14:43 Fee Evolution in Private Markets15:31 Operationalizing New Workflows16:06 Long-Term Industry Investments18:37 Collaboration in the Industry and Education20:34 Model Portfolios and Customization23:04 Addressing Liquidity Concerns24:18 Democratization of Private Markets25:14 Platform vs. Point Solutions31:14 The Importance of Scale38:53 Moving Fast and Moving Slow 40:33 Conclusion and Final ThoughtsA 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 gharris@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.

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NEA's Peter Barris - From operator to VC legend, how Peter transformed NEA into a venture juggernaut

Play Episode Listen Later Jul 3, 2024 62:31


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.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 Characteristic30:40 The Groupon Investment: A Case Study33:08 The Evolution of Venture Capital Decision Making33:58 Specialization and Competition in Modern Venture Capital38:10 How NEA Came Up with the Term: Venture Growth Equity46:04 The Impact of Scale in Venture Capital50:49 The Future of Venture Capital and Industry Evolution59:16 Lessons Learned in Venture Capital01:02:08 Conclusion and Final ThoughtsA 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 gharris@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.

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NewEdge's Rob Sechan and Cameron Dawson - growing a cutting edge $44B platform to serve the wealth channel

Play Episode Listen Later Jun 26, 2024 59:56


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.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 ThoughtsA 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 gharris@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.

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