Podcasts about ultimus

Welcome back to the Alt Goes Mainstream podcast.Today's episode welcomes a pioneer and visionary in enterprise software investing to Alt Goes Mainstream.Robert F. Smith is the Founder, Chairman, and CEO of $100B AUM Vista Equity Partners. He sits on the firm's Investment Committees for Vista's Flagship, Foundation, Endeavor, and Perennial Funds and serves as a member of Vista's Executive committee. Vista's portfolio spans 90 enterprise software, data, and technology-enabled companies that employ over 100,000 people worldwide.He's also heavily involved and committed to the firm's wealth channel efforts, serving as the Chairman and Investment Committee member for VistaOne, the firm's evergreen private equity vehicle. Since Vista's founding, Robert has supervised on over 600 completed transactions that represent more than $330B in aggregate transaction value.Robert founded Vista after a career at Goldman Sachs in tech investment banking, where he was Co-Head of Enterprise Systems and Storage, executing and advising on over $50B in M&A activity with companies that were foundational players in the early days of the internet and technology, including Apple, Microsoft, Texas Instruments, eBay, and Yahoo.Robert has an innate understanding of technology and the trends that are shaping the way that companies and people interact with the world and conduct business. It's no surprise that he was early in seeing the rise and impact of AI because he was early in seeing the dawn of the internet in the 1990s.Robert and I had a fascinating and thought-provoking conversation about the evolution of both enterprise software and Vista as a firm. We covered:The early days of enterprise software and what Robert saw then that gave him conviction to focus on enterprise software as a banker and then as an investor building Vista.The investment characteristics of enterprise software.The power of product superiority in enterprise software.Why “sovereignty and dominion of data” are so important — and why it matters for AI.Can the “Rule of 40” become the “Rule of 50, 60, 70” with AI?What aspect of AI is most impactful for companies.How Vista approaches value creation.What it took to scale Vista to a $100B investment platform.Why the wealth channel is core to Vista's business and the firm's DNA.Thanks Robert for coming on the show to share your expertise, wisdom, and passion for enterprise software and building businesses.Show Notes00:00 Introduction to Ultimus, Our Sponsor01:20 Welcome to the Alt Goes Mainstream Podcast02:05 Robert F. Smith's Background and Career04:33 Robert's Engineering Background04:58 Chemical Engineering and Business Management05:25 Early Career Projects and Productivity06:42 Vista's Systemic Process Improvement07:08 Enterprise Software Investment Strategy11:11 Product Superiority and Execution Excellence16:03 AI's Impact on Enterprise Software22:58 Cultural Importance in Enterprise Software28:05 Enterprise Software Investment Profile28:45 Founding Vista and Early Market Insights29:08 Mission Criticality in Enterprise Software29:57 Economic Rent Capture Opportunities30:36 Transitioning to Hosted Environments31:37 Rule of 40 and Gen AI Efficiency32:56 Cost Dynamics and Gen AI33:35 Customer Support and Sales Efficiency35:04 Agentic AI and Exponential Opportunities36:37 Challenges in Enterprise AI Implementation39:08 Internal Use of AI at Vista43:49 Managing Agents vs. Human Interaction44:31 Creative Uses of AI45:00 Defining Gen AI and Agentic AI46:28 Enterprise Software and Agentic AI47:30 Impact of AI on Companies50:17 Evolution of Vista and New Investors50:42 Democratizing Investment Opportunities51:47 AI in Wealth Management52:55 Conclusion and Final ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant.

Welcome back to the Alt Goes Mainstream podcast.Today's episode dives into private credit and building an asset management business inside of a leading global bank.We sat down in Nomura's NYC office with Robert Stark, the CEO of Nomura Capital Management LLC (NCM) and Head of Investment Management in the Americas for the Nomura Group.Robert brings deep experience in financial services to Nomura. He was previously the Founder & CEO of Alterum Capital Partners LLC, where he focused on building an investment management business at the intersection of private markets and RIAs. Prior to Alterum, he was a Senior Managing Director and member of the Executive Committee at FS Investments, where he was responsible for Corporate Development. He also spent 7 years at JP Morgan across Asset & Wealth Management. He joined JP Morgan from Russell Investments, where he was a member of the Executive Committee. He started his professional career at McKinsey & Company, where he was a Partner serving clients in asset management, investment banking, insurance, and private equity.Robert brings both a consultant's analytical perspective and an operator's practical approach to his work building the credit business at Nomura Capital Management.Robert and I had a fascinating and wide-ranging discussion about building an asset management business in a fast-growing segment of private markets: private credit. We covered:The state of the private credit market.How to build an asset management business.What it takes to work with the wealth channel.The entrepreneurial spirit of RIAs.Open architecture vs closed architecture in private credit.Keys to success in the evergreen fund space.Thanks Robert for coming on the show to share your wisdom and expertise on private markets and wealth management.Show Notes00:00 Message from Ultimus, our Sponsor01:57 Welcome to the Alt Goes Mainstream Podcast02:06 Guest Introduction: Robert Stark03:18 Building an Asset Management Business03:42 Evolution of Asset Management Industry04:01 Regulatory Environment and Market Structure05:12 Challenges in Asset Management08:24 Importance of the Right People08:44 Private Credit Business at Nomura09:59 Diversification in Private Credit10:47 Secular Trends in Private Credit11:15 Client-Centric Solutions19:00 Origination in Private Credit20:07 Open vs. Closed Architecture22:45 Product Development and Client Feedback24:22 Early Stages of Private Credit Solutions25:43 Future of Evergreen Funds27:29 Investor Interests and Needs27:47 Building a Trusted Brand28:18 Challenges of Entrepreneurship28:46 Capital and Talent Requirements29:23 Nomura's Long-Term Vision30:12 Nomura's Wealth Management Legacy30:49 Expanding in the US Market31:32 Japanese Investment Culture32:07 Open Architecture Strategy32:34 Global Network and Client Access34:32 Challenges of Working with RIAs36:19 Fiduciary Alignment37:04 Partnerships and Client Success37:56 Strategic Acquisitions39:50 Evolution of the RIA Segment44:44 Long-Term Business Planning46:39 Future of Private MarketsEditing and post-production work for this episode was provided by The Podcast Consultant.

Welcome back to the Alt Goes Mainstream podcast.Today's episode is with an experienced private markets and distribution executive who has been educating the wealth channel and distributing private markets investment solutions at some of the industry's largest investment platforms.We sat down in Prudential's Newark studio with PGIM's Global Head of Alternative Investments, Dominick Carlino. PGIM is the $1.4T global asset management business of Prudential Financial.At PGIM, Dominick is responsible for driving the continued development and distribution of alternative investments tailored to the firm's wealth channel investors globally.Dominick joined the firm in 2023, bringing over 20 years of experience in alternatives distribution. He was most recently MD, Head of Alternative Investments Distribution at Merrill Lynch.Dominick and I had a fascinating conversation about the intersections between insurance and asset management and the evolution of distribution. We covered:How the distribution of private markets investment solutions has evolved.The benefits of an integrated platform across insurance and asset management.Navigating the playing field of collaboration and competition between asset managers and insurance companies.The importance of education.How, why, and where evergreen funds will be adopted.Thanks Dominick for sharing your perspectives and wisdom on insurance 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 Message from our Sponsor, Ultimus01:18 Welcome to Alt Goes Mainstream01:55 Guest Introduction: Dominick Carlino03:34 Dom's Background and Career Journey03:55 Early Career and Transition to Alternatives05:03 Experience at Morgan Stanley and Merrill Lynch05:18 Evolution of Private Markets Distribution07:08 Wealth Channel and Private Markets09:08 Joining Prudential and PGIM10:25 Prudential's Capabilities and Strategy12:47 Asset Liability Matching in Private Markets14:22 Liquidity Risk and Private Markets16:16 Education and Evergreen Funds17:06 Credit Risk in Private Credit18:14 Vertical Integration and Acquisitions19:35 Partnerships and Strategic Growth20:22 Market Shakeout and Scale22:09 Product Set and Innovation23:24 Advisor and Client Needs24:45 Evergreen Funds and Market Trends26:13 Specialized Strategies in Private Markets26:41 Distribution and Education28:16 Skills for Effective Distribution30:54 Organizational Alpha and Trust31:56 Brand and Stability33:11 Partnerships and Long-term Solutions33:49 Insurance and Tax-Advantaged Strategies34:12 Asset Managers and Insurance Partnerships35:42 Private Markets in Retirement Plans36:17 Future of Private Markets36:41 Keys to Winning in Private Markets37:29 Prudential's Competitive Advantages37:48 Conclusion and Guest FarewellThe opinions expressed in this podcast are those of the author and do not reflect the views or opinions of PGIM, Inc. PGIM, Inc. is not responsible, endorses nor confirms its accuracy. All trademarks and other intellectual property used or displayed are the ownership of their respective owners. Unless noted otherwise in this podcast, PGIM, Inc. is not affiliated with, nor  endorses any mentioned company or any linked third-party content. PGIM and its affiliates may develop and publish research that is independent of, and different than, the recommendations contained herein. PGIM's personnel other than the author(s), such as sales, marketing and trading personnel, may provide oral or written market commentary or ideas to PGIM's clients or prospects or proprietary investment ideas that differ from the views expressed herein.Editing and post-production work for this episode was provided by The Podcast Consultant.

Welcome back to the Alt Goes Mainstream podcast.Today's episode dives into digital infrastructure and how it powers the growth of artificial intelligence and other major trends in digitalization and electrification.We sat down in Blue Owl's NYC office with Matt A'Hearn, an asset management entrepreneur and executive at the firm.Matt is a Senior Managing Direct at Blue Owl and Head of Digital Infrastructure. He's responsible for leading the overall management of Digital Infrastructure, including strategy, investments, and portfolio management.Prior to joining Blue Owl, Matt was the Managing Partner and a Founder of IPI Partners, the predecessor firm to Blue Owl Digital Infrastructure. IPI was acquired by Blue Owl in 2024.Prior to founding IPI, Matt led the global investment banking practice in communications infrastructure at Moelis & Company.Matt and I had a fascinating and thought-provoking discussion about the future of digital infrastructure. We covered:The how and the why of digital infrastructure.Investing in data centers.The evolution of digital infrastructure.How to best partner with and serve the need of hyperscalers.The importance of power generation for AI. How there are different ways to approach gaining exposure to AI as an investment theme.Thanks Matt for coming on the show to share your wisdom and expertise in private markets and digital infrastructure.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 Our Sponsor, Ultimus01:57 Welcome to the Alt Goes Mainstream Podcast02:05 Guest Introduction: Matt A'Hearn03:36 Evolution of Digital Infrastructure04:02 Founding IPI Partners04:15 Digital Infrastructure and AI05:35 Early Challenges in Data Center Investing06:13 Cloud Growth and Hyperscale Companies07:05 Partnerships with Hyperscalers08:07 Financing Hyperscalers10:14 AI and Cloud: A Generational Opportunity11:51 Supply and Demand Dynamics in AI13:21 Power and Infrastructure Challenges14:55 Site Selection and Power Considerations17:53 Scale and Capital Requirements22:32 Data Center Capacity Needs23:35 Investment Opportunities in Digital Infrastructure24:21 Blue Owl's Capital Strategy26:25 The Blue Owl Transaction26:35 Capital Needs in the Industry26:58 Feedback from Hyperscalers27:18 Joining Blue Owl27:51 Founding IPI28:50 Building the Firm30:38 Differentiating IPI31:36 Early AI Insights32:26 AI and Cloud Growth34:41 Investment Opportunities in Digital Infrastructure35:27 Risk-Adjusted Investment Strategies36:39 Underwriting Digital Infrastructure38:22 Capital Allocation in Tech Companies39:17 Meta and Data Center Development40:41 Alternative Asset Management in Tech41:45 Merging Investment Cultures43:19 Challenges and Opportunities43:53 Wealth Channel Expansion45:51 Evergreen Structures and Long-Term Investments50:50 Future of Digital InfrastructureEditing and post-production work for this episode was provided by The Podcast Consultant.

Welcome back to the Alt Goes Mainstream podcast.Today's episode is with an experienced asset allocator who has operated at the intersection of insurance and asset management throughout his career.We sat down in Prudential's Newark studio with  PGIM's Head of Multi-Asset and Quantitative Solutions, Phil Waldeck. Phil is responsible for nearly $140B in AUM, where the business unit leverages PGIM's deep public and private markets expertise for the purpose of developing customized portfolio solutions to meet insurer and other investors' unique objectives. Phil previously served as Chief Transformation Officer at Prudential, CEO of Prudential's Workplace Solutions Group, and as president of Prudential's retirement business, which comprised of $250B in assets. Phil was also the architect of Prudential's pension risk transfer business, which he grew to over $170B. Phil and I had a fascinating conversation about the intersections between insurance and asset management. We covered:The evolution of how insurers allocate to private markets.The importance of asset liability management.How insurers are leveraging their balance sheet to invest in private markets and collaborate with alternative asset managers.How insurance and asset management interact and the benefits of an integrated platform.How PGIM's $1T in public and private credit informs how they invest.Why insurers are allocating to private credit.Thanks Phil for sharing your perspectives and wisdom on insurance and private markets. We hope you enjoy.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, Ultimus01:23 Welcome to Alt Goes Mainstream Podcast02:03 Guest Introduction: Phil Waldeck03:29 Insurance and Asset Management Intersection04:51 Understanding Asset Liability Management (ALM)05:41 Liquidity and Private Markets07:08 ALM in Wealth Management10:44 Private Credit and Insurers11:31 Private Credit Flavors and Strategies12:42 Origination and Credit Culture14:32 Talent and Culture at PGIM15:06 Private Credit's Role in the Economy17:01 Borrowers Choosing Private Over Public Credit18:36 Public and Private Credit Blurring Lines19:00 Global Credit Capabilities20:09 Fewer Manager Relationships in Private Markets24:57 Challenges in Private Markets27:02 Underwriting Discipline in Private Credit27:34 Private Credit Market Growth30:22 Global Opportunities in Private Credit31:01 Future of Private Markets31:30 Regulatory Framework and Governance31:57 Educating Investors on Private Markets33:06 Creating the Perfect Private Credit Portfolio33:57 Diversification in Private Credit34:36 Advisors' Role in Private Credit Investing35:07 Wealth Channel Choices and Shelf Space35:53 Farm to Table Analogy in Private Credit37:32 Talent and Scale in Private Credit38:54 Maintaining Culture in Large Firms39:33 Conclusion and Final ThoughtsThe opinions expressed in this podcast are those of the author and do not reflect the views or opinions of PGIM, Inc. PGIM, Inc. is not responsible, endorses nor confirms its accuracy. All trademarks and other intellectual property used or displayed are the ownership of their respective owners. Unless noted otherwise in this podcast, PGIM, Inc. is not affiliated with, nor  endorses any mentioned company or any linked third-party content. PGIM and its affiliates may develop and publish research that is independent of, and different than, the recommendations contained herein. PGIM's personnel other than the author(s), such as sales, marketing and trading personnel, may provide oral or written market commentary or ideas to PGIM's clients or prospects or proprietary investment ideas that differ from the views expressed herein.Editing and post-production work for this episode was provided by The Podcast Consultant.

In this episode of the Leadership in Learning podcast, host Randy Goruk welcomes Daniel McCauley, Director of Engineering and Business Development for Ultimus Engineering. They dive into the critical role of effective communication in high-performing construction and engineering teams, exploring how miscommunication can lead to costly mistakes, project delays, and safety issues. Daniel shares insights from his diverse career; from his early passion for sports and competition to his leadership roles in large corporations and eventually founding his own engineering firm. The conversation covers adapting communication styles for different stakeholders, the value and limitations of personality assessments, building and nurturing professional relationships, and practical strategies for improving communication within teams and across industries. Listeners will learn: ·         Actionable tips for young professionals, leaders, engineers, and anyone looking to foster stronger collaboration and more successful project outcomes. ·         The critical role of effective communication in preventing costly mistakes and delays in engineering and construction projects. ·         How communication styles differ among engineers, architects, contractors, and project stakeholders and why adaptability is essential. ·         The value and appropriate use of personality assessments to improve team understanding and communication. ·         The importance of clarifying assumptions and questions to avoid misunderstandings and errors. ·         How joining organizations like Toastmasters can enhance public speaking and leadership skills. ·         Practical advice for non-engineers (e.g., contractors, subcontractors) on how to communicate more effectively with technical teams. ·         Common mistakes leaders make in sharing too much or too little information, and how to find the right balance. ·         Why building and nurturing professional relationships is vital for career growth and project success. ·         Actionable networking tactics, such as using reminders and keeping in touch intentionally, to maintain connections. ·         The mindset of continuous learning and being open to feedback to improve communication outcomes. Daniel McCaulley LinkedIn: https://www.linkedin.com/in/danielmccaulley/ Website: www.UltimusEngineering.com Phone: 972-825-7741

Welcome back to the Alt Goes Mainstream podcast.Today's episode dives into the evolution of infrastructure investing with a leading scaled specialist firm in infrastructure.We sat down in Stonepeak's Hudson Yards office with a pioneer in infrastructure investing: Mike Dorrell.Mike is the Chairman, CEO, and Co-Founder of Stonepeak, building the foundations for the firm to achieve a rapid ascent to $76B from its founding in 2011.Mike brings deep expertise to bear in the infrastructure asset class. He has over 20 years of experience investing in infrastructure, starting his career at Macquarie, where he ultimately held the title of Senior Managing Director. He then joined Blackstone, where he was a Senior Managing Director in Private Equity and Co-Head of the Infrastructure Investment group, before striking out on his own to build one of the industry's largest infrastructure investing firms in Stonepeak.Mike and I had a fascinating and thought-provoking discussion about infrastructure investing and why it's becoming an increasingly important part of the private capital ecosystem. We covered:The early days of infrastructure investing.How infrastructure investing has evolved.How Mike's experiences at Macquarie and Blackstone informed how he wanted to build Stonepeak.How institutional investors have approached infrastructure investing and why individual investors should consider exposure to infrastructure assets.Stonepeak's DNA and what makes the firm different from other infrastructure investors.Why being a scaled specialist is a competitive advantage.How Stonepeak was built from scratch to scale.How Stonepeak identified investing in data centers early on and well before the data center boom began.Why launch a wealth solutions business and how it's a reflection of the firm's DNA, culture, and values.Thanks Mike for coming on the show to share your expertise, wisdom, and passion for infrastructure investing.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, Ultimus01:18 Welcome to the Alt Goes Mainstream Podcast02:10 Guest Introduction: Mike Dorrell03:58 Mike's Journey to Stonepeak06:46 Challenges in the US Infrastructure Market11:09 Successes and Setbacks in Infrastructure Deals12:06 Privately Held Infrastructure in the US17:05 Public vs. Private Infrastructure18:34 Impact of Infrastructure on Daily Life19:16 Stonepeak's Significant Market Presence22:10 Balancing Public Good and Investor Returns22:53 Regulation and Good Judgment in Infrastructure23:55 Challenges in Privatization25:52 Skills Needed for Infrastructure Investing26:29 Access to Infrastructure for Individual Investors27:10 Institutional Market's Experience with Infrastructure30:50 Asset Allocation and Infrastructure33:40 Private Equity vs. Infrastructure Investments34:10 Institutional Allocation Trends34:46 Patience and Peace of Mind in Investing35:14 Warren Buffet's Investment Philosophy35:38 Biggest Risks in Infrastructure35:50 Electric Utility Asset Risks36:28 Data Center Business Risks37:02 Evaluating Data Center Investments38:46 Economic Differences: Building vs. Buying Data Centers40:21 Pricing Power in Data Centers46:03 Connectivity Data Centers Explained49:16 Navigating Infrastructure as an Asset Class50:09 Finding the Right Assets at Fair Prices50:27 The Evolution of Infrastructure Investing53:31 Founding Stonepeak57:20 Raising Capital in Early Days59:46 Lessons from Blackstone01:01:22 Building a Strong Investment Culture01:03:37 Maintaining Culture While Scaling01:06:20 The Importance of the Wealth Channel01:07:41 Focus on Quality and Customer Experience01:08:33 Cycling and Business Philosophy01:09:26 The Importance of Investment Decisions01:10:27 Final Thoughts on Investment ProcessEditing and post-production work for this episode was provided by The Podcast Consultant.

Welcome back to the Alt Goes Mainstream podcast.Today's episode provides a fascinating window into the world of private equity value creation and how AI can help transform both portfolio company and investment firm processes and operations to create value.We sat down in New York with Hg Partner and Head of Value Creation Chris Kindt to dive into how he spearheaded the growth of the firm's in-house value creation efforts and has built a high-performing team to meet the evolving needs of portfolio companies.Chris brings 15 years of experience in architecting and driving value creation to bear, with 11 years of experience at Hg and another 8 years as a consultant at BCG and Parthenon.Chris and his team are responsible for driving value across a portfolio of 55 companies that represents over $180B in enterprise value and would represent the second largest software company in Europe after SAP if it were a conglomerate.Chris and I had a thought-provoking discussion about value creation and the impact of AI on investing and operating companies. We discussed:How to build a high-performing value creation team.Where value creation has the biggest impact.How AI is transforming investment processes.How Hg has become an “AI-first” investment firm.Where AI will have the most impact in a company today and why agentic AI is transforming certain roles and processes within companies.How professionals can generate the most leverage from utilizing AI – without having cognitive decline.Why prompting and prompt engineering is so critical in the age of AI (and how you can use your weekends to perfect prompt engineering).How a management team can buy into AI and why the current time period represents an interesting opportunity for incumbents, particularly for those building mission-critical enterprise software.Thanks Chris for sharing your expertise and wisdom on company building and AI. We hope you enjoy.Note: this episode was filmed in August 2025.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, Ultimus01:18 Welcome to the Alt Goes Mainstream Podcast02:10 Guest Introduction: Chris Kindt03:58 Chris Kindt's Background and Journey05:43 Value Creation at Hg06:55 Pre-Investment and Diligence Process07:44 Management Team Dynamics08:40 Common Value Creation Interventions11:14 Building a Cross-Functional Team12:31 Scaling the Value Creation Team15:40 Measuring Value Creation Impact17:49 Investment Philosophy: Inch Wide, Mile Deep19:28 Partnerships with Management Teams20:03 Embedding AI in Value Creation20:24 Internal vs External AI Applications21:47 AI First Culture22:18 Effective AI Utilization24:04 Prompt Engineering and Whispering26:25 Choosing the Right AI Models26:50 AI Models: Strengths and Weaknesses27:42 Transformative Impact of AI28:21 Skills Needed in the AI Era28:26 AI's Role in Investment Firms28:55 Core Insights and Judgements29:04 The Core Skillset and Efficiency29:12 Philosophical Questions on AI and Talent Development30:18 Building Grit in the Age of AI31:12 Maintaining Discipline with AI32:08 AI as a Value Creation Lever32:35 Operational Efficiency and Copilots33:43 Emergence of Reasoning Models and Agentic Frameworks34:31 10x Efficiency in Engineering36:24 Challenges in Implementing AI37:16 AI Immersion Strategy Days39:52 Organizational Agility and AI42:15 AI's Impact on Investment Strategies43:26 AI in Mergers and Acquisitions45:29 The Importance of Proprietary Data47:12 AI Fatigue and Disillusionment48:07 Building AI Products and Agentic Products48:58 Hg's Internal AI Incubator49:59 The Next Wave of AI51:19 Voice and Multimodality in AI51:55 Globalization and Internationalization of AI53:35 Overestimating and Underestimating AI's Impact54:54 The Competitive Landscape of AI55:42 The Future of Value Creation with AI56:23 Conclusion and Final ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant.

Welcome back to the Alt Goes Mainstream podcast.Today's episode is with two executives who have helped to build one of the industry's leading alternative asset managers.In Permira Part 2, Brian Ruder joins his Co-Managing Partner and Co-CEO Dipan Patel in Permira's London office to discuss the firm's evolution and how the business has grown to over €80B in AUM.Both Brian and Dipan bring deep backgrounds in private equity investing to bear as they now lead the firm through its next phase of growth.Brian joined Permira in 2008 after working as a Partner at Francisco Partners. He's Co-Managing Partner and Co-CEO of Permira, also serving on the firm's Executive Committee and the buyout funds' Investment Committee. He was instrumental in building the firm's Technology sector team, which he co-led until 2023 where he worked on a number of the firm's notable transactions, including Ancestry, Genesys, Informatica, LegalZoom, Magento, McAfee, Relativity, Zendesk, and more.Dipan joined Permira from Gores Group and is Co-Managing Partner and Co-CEO of the firm. He serves on Permira Holdings Limited Board and Permira's Investment Committee and Executive Committee. He's focused on technology and services investing, working on deals such as Renaissance Learning, Informatica, Axiom, Adevinta, AllTrails, Ancestry, LegalZoom, and more.Brian, Dipan, and I had a thought-provoking conversation about what it takes to build and run a scaled alternative asset manager and how to differentiate a firm and a culture. We discussed:How the firm's beginnings have shaped the culture that has been built and how that culture has permeated how they make investment decisions, work with companies, founders, and LPs.The benefits and challenges of the collaborative leadership model.How would an LP underwrite Permira's culture?How the firm's European heritage helps as an investor.The opportunity set in Europe.The investment culture at Permira and how its structure and set up helps investment processes and decision-making.Why software buyouts have become a larger part of the buyout investing landscape.The Growth vs. Buyout mindset.The advantage for technology forward incumbents.How AI is impacting software investing and how AI is impacting services businesses.The thought process behind launching a wealth solutions business, Permira Wealth, and how it reflects the culture of the firm.Thanks Brian and Dipan for coming on the show to share the evolution of Permira and your expertise and wisdom in private markets.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, Ultimus01:18 Welcome to Alt Goes Mainstream01:56 Introducing Brian Ruder and Dipan Patel04:44 Private Equity and Technology04:54 Brian's Career Journey06:51 Dipan's Career Journey11:44 AI's Role in Modern Investing12:38 AI in Services and Technology13:27 Permira's Sector-Focused Approach13:54 AI's Broader Impact on Industries17:27 Leadership and Innovation in Private Equity18:49 Underwriting Deals in the AI Era18:53 Importance of Market Leadership21:58 Technology Forward Incumbents24:00 Permira's Continuous Innovation24:26 Building the Business of Permira24:36 Dipan's Perspective on Firm Growth25:35 Core Values and Their Impact26:39 Investment Strategies and Sector Focus27:19 Fluid Team Dynamics28:04 Growth vs. Buyout Mindset29:45 Long-Term Investment Philosophy30:29 Driving Terminal Value30:50 Optimizing Long-Term Profitability31:55 Case Studies: Informatica and Ancestry.com32:58 Skillsets for Growth-Oriented Investing33:26 Assessing Long-Term Outcomes34:09 Empowering Long-Term Thinking34:30 Big Picture Thinking in Investments38:05 Co-Leadership Model39:38 Challenges of Co-Leadership40:37 Permira's Entrepreneurial Culture43:14 Diversifying Capital Base44:58 Educating the Wealth Channel46:29 Permira's Brand in the Wealth Channel47:10 Future Evolution of PermiraEditing and post-production work for this episode was provided by The Podcast Consultant.

Welcome back to the Alt Goes Mainstream podcast.Today's episode is with one of the executives who has helped to build one of the industry's leading alternative asset managers.We sat down in Permira's London office with Co-CEO Dipan Patel to discuss the firm's evolution and how the business has grown to over €80B in AUM.Dipan brings a deep background in private equity investing to bear as he and his Co-CEO Brian Ruder now lead the firm through its next phase of growth.Dipan joined Permira from Gores Group and is Co-Managing Partner and Co-CEO of the firm. He serves on Permira Holdings Limited Board and Permira's Investment Committee and Executive Committee. He's focused on technology and services investing, working on deals such as Renaissance Learning, Informatica, Axiom, AllTrails, Ancestry, LegalZoom, and more.Dipan and I had a thought-provoking conversation about what it takes to build and run a scaled alternative asset manager and how to differentiate a firm and a culture. We discussed:The founding story of Permira and the evolution of the firm since spinning out of Schroder Ventures in 1996.How the firm's beginnings have shaped the culture that has been built and how that culture has permeated how they make investment decisions, work with companies, founders, and LPs.How would an LP underwrite Permira's culture?How the firm's European heritage helps as an investor.The opportunity set in Europe.The investment culture at Permira and how its structure and set up helps investment processes and decision-making.Why software buyouts have become a larger part of the buyout investing landscape.How AI is impacting software investing and how AI is impacting services businesses.Why the firm has expanded into credit.The thought process behind launching a wealth solutions business, Permira Wealth, and how it reflects the culture of the firm.Thanks Dipan for coming on the show to share the evolution of Permira and your expertise and wisdom in private markets.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, Ultimus01:55 Welcome Back to the Alt Goes Mainstream Podcast02:03 Introduction to Permira and our guest, Dipan Patel03:47 Discussion on Distributions and Market Conditions04:19 Selling A-Grade Businesses in Current Market05:03 Flight to Quality in Times of Stress06:07 Reflecting on Career and Lessons Learned06:29 Early Career Experiences at Arthur Andersen and Lehman Brothers07:29 Impact of Early Career on Leadership Style09:04 Challenges in Today's Investment Environment10:15 Underwriting in Unpredictable Times10:45 Locating Good Companies for Investment14:31 Importance of Market Leadership14:59 Partnering with Founders and Executive Teams16:22 Permira's Co-Leadership Model19:49 Investment Decision Process at Permira21:02 Underwriting Character in Executives22:54 Permira's Organizational Character and Culture23:29 Understanding Organizational Culture23:54 Thriving in Chaos: The Concept of Anti-Fragility24:51 Capital Flows in Private Markets25:26 Developing Investment Theses25:54 Strategic Exit Channels26:24 Supply Creates Its Own Demand27:24 The Necessity of Access to Private Markets28:10 Managing Stress Moments in Private Markets28:50 Navigating Industry Evolutions29:20 Focusing on Core Strengths30:09 Balancing Growth and Differentiation31:21 Investing in Growth and Buyout Businesses32:26 Synergies Between Growth and Mature Businesses33:38 Risk Spectrum in Investments34:27 Understanding Runway and Market Position35:42 Disruption vs. Destruction in AI36:49 Investing in Platform Shifts37:58 Control and Duration in Private Equity39:08 The Role of AI in Incumbent Success40:25 Cultural Adaptability to AI42:21 Specialism vs. Generalism in Investing43:56 Professional Services and AI45:27 Future Investment Ideas46:34 Mission Critical Investing47:28 Conclusion and Final ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant.

Welcome back to the Alt Goes Mainstream podcast.Today's podcast was a conversation that was recorded live at Morningstar's Investment Conference in Chicago earlier this year.Morningstar CEO Kunal Kapoor took time out of his packed schedule at the event to sit down with me for a thought-provoking conversation that dove into the nuances of many of the trends that are shaping private markets today.Morningstar and Kunal have quite an interesting perch in the market. They occupy a critically important function in the market: helping investors understand the data, structures, and trends in public and private markets. They provide fund ratings, investment analysis, and market data to both individual and institutional investors.As public and private markets experience increasing convergence, Morningstar finds itself at the intersection of markets that are undergoing rapid evolutions across product structures, asset allocation frameworks, and weighty questions around conceptual frameworks of liquidity, risk, volatility, concentration that are on the minds of many. Amongst the wide range of topics Kunal and I covered, one stood out: Morningstar is fiercely on the side of the investor.If there's anyone who has a deep understanding of Morningstar's DNA, it's Kunal. Kunal started at Morningstar in 1997 as a data analyst, holding a variety of roles at the firm, including leadership positions in research and innovation. He served as director of mutual fund research and was part of the team that launched Morningstar Investment Services, Inc., before moving on to other roles including director of business strategy for international operations, and later, president and chief investment officer of Morningstar Investment Services. During his tenure, he has also led Morningstar.com® and the firm's data business as well as its global products and client solutions group.Kunal and I had a fascinating and lively conversation. We covered a number of the most pressing topics in private markets today: the convergence of public and private, liquidity vs illiquidity, investor education, the importance of transparency, and the why, what, and how behind evergreen funds.Thanks Kunal for coming on the show to share your wisdom, expertise, and passion for public and private markets.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, Ultimus01:18 Podcast Opening and Theme01:55 Welcome to the Morningstar Investment Conference02:29 Convergence of Public and Private Markets03:12 Challenges in Transitioning to Private Markets05:26 Morningstar's Evolution and Impact06:59 Morningstar's Role in Reducing Costs08:15 Evergreen Funds and Transparency08:48 Complexities in Private Market Structures09:36 Liquidity and Innovation in Private Markets12:27 Investor Education and Common Language14:34 Comparing Public and Private Market Investments16:28 Standardized Documentation and Regulation18:00 Educating Investors on Private Markets18:52 Morningstar's Style Box for Private Markets19:14 Data Availability and Analysis20:24 Evaluating Different Investment Structures21:09 Public-Private Partnerships and Transparency21:38 Philosophical Questions on Private Markets22:58 Behavioral Aspects of Illiquidity24:00 Evergreen Funds as Buy and Hold Vehicles24:15 Asset Allocation and Evergreen Structures25:16 Investor Behavior and Market Volatility25:25 Individual Investors vs. Advisors26:32 Stability of Retail Assets26:56 Retail Brokerage Apps and Crypto Trading27:15 Impact of Social Media on Young Investors27:29 Exposure to Private Markets28:01 Market Drawdowns and Young Investors28:27 Advisor-Led Models vs. Self-Directed Investing28:57 Investor Behavior Across Different Age Groups30:06 Morningstar's Role in Investor Validation30:50 Morningstar's Independent Voice32:01 Transparency in Private Markets32:24 PitchBook and Data Transparency33:02 Challenges in Private Market Data33:26 Tipping Point in Transparency34:54 Private Market Indices35:37 Challenges in Benchmarking Private Markets36:29 Lessons from Public Markets37:12 Evolution of Private Markets37:37 Future of Private Markets38:41 Fee Structures in Private Markets39:38 Operational Burden in Private Markets40:50 Pre-Trade Market Structure41:16 Access to Private Markets for All Investors43:06 Returns and Diversification in Private Markets44:51 Building Portfolios in a Lower Return Environment47:15 Brand vs. Performance in Alternative Assets49:18 Favorite Alternative InvestmentsEditing and post-production work for this episode was provided by The Podcast Consultant.

Welcome back to the Alt Goes Mainstream podcast.Today's episode dives into the evolution of infrastructure investing with the leading scaled specialist firm in infrastructure.We sat down in Stonepeak's Hudson Yards office with the firm's Co-President Luke Taylor to discuss the inner workings of the infrastructure investing world and unpack the story of how Stonepeak's rapid ascent has seen the firm climb to $76.3B in AUM in 14 short years.Luke brings a wealth of experience to the infrastructure investing world. He is Co-President of Stonepeak and a member of all of the firm's investment committees. He's been investing in infrastructure for over 20 years, joining Stonepeak from infrastructure investing pioneer Macquarie Capital.Luke and I had a fascinating and thought-provoking discussion about infrastructure investing and why it's becoming an increasingly important part of the private capital ecosystem. We covered:How Luke went from growing up on a sheep farm to investing in infrastructure in New York.What Macquarie taught him about how to approach infrastructure investing.Why he took the entrepreneurial leap to build Stonepeak and join Chairman, CEO, and Co-Founder Mike Dorrell from the firm's earliest days.Why infrastructure investing is more than toll roads, airports, and bridges.How there are elements of a private equity approach to investing in, building, and operating infrastructure assets.Where infrastructure fits in an investors' portfolio.Why individual investors should consider exposure to infrastructure assets.Has infrastructure proved itself through an inflation cycle?Why scale matters in infrastructure investing.How Stonepeak identified investing in data centers early on and well before the data center boom began.What type of demeanor and mindset makes for a successful infrastructure investor.Thanks Luke for coming on the show to share your expertise, wisdom, and passion for infrastructure investing.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 Theme01:55 Episode Overview: Infrastructure Investing02:04 Guest Introduction: Luke Taylor02:45 Luke Taylor's Background and Journey04:49 Early Days at Macquarie07:19 Transition to Stonepeak08:04 Building Stonepeak 10:13 Value Creation in Infrastructure11:59 Mindset of an Infrastructure Investor13:08 Balancing Long-Term and Agile Thinking15:42 Key Drivers of Value Creation16:10 Underwriting and Risk Management18:00 Operational Intensity and Asset Utilization21:51 Network Effects in Infrastructure23:19 Infrastructure as a Defensive Investment26:13 Portfolio Construction and Infrastructure26:39 Private Infrastructure and Yield Benefits27:29 Productizing Infrastructure Investments27:41 Equity, Credit, and Real Estate Strategies29:23 Thematic and Opportunistic Investing29:53 Data Centers and Early Investments30:06 Identifying Investment Opportunities30:14 Evolution of Data Centers30:58 Interconnection Hubs and Carrier Hotels31:32 AI Boom and Data Centers33:22 Investing in AI Through Infrastructure34:42 Underwriting AI Thematics35:04 Capital Needs in Data Centers35:32 Downside Protection in AI Investments36:49 Navigating Increased Capital in Infrastructure37:35 Durability of Cash Flow in Infrastructure38:40 Scaling Stonepeak's Infrastructure Investments39:18 Diversification in Infrastructure Investments41:47 Developing an Edge in Origination42:36 Structural Elements in Deal Sourcing42:57 Competition and Market Structure43:26 New Entrants in Infrastructure43:44 Building New Assets in Infrastructure43:54 Exits and Evergreen Funds46:27 Private Wealth and Infrastructure51:25 Challenges in Starting a Wealth Business51:51 Deal Flow and Product Construction53:50 Volatile Markets and Opportunities54:20 Interest Rate Risks in Infrastructure55:18 Favorite Infrastructure Opportunities57:01 Closing Thoughts and Full CircleEditing and post-production work for this episode was provided by The Podcast Consultant.

Welcome back to the Alt Goes Mainstream podcast.Today's episode dives into how operations and streamlining technology processes can be turned into a strategic advantage.We sat down with Arcesium's MD and Head of Client and Partner Development David Nable to discuss how technology is impacting how funds manage their processes, operations, and data.David was an early employee at Arcesium, helping the firm scale and working with many of the industry's largest asset managers across the lifecycle of an investment. David joined Arcesium after a career in fund services and fund administration that spanned senior roles at Goldman Sachs, Credit Suisse, and BNP Paribas Securities Services.David and I had a fascinating conversation. We discussed:How David's background in prime brokerage and fund admin helped him approach the technology problems for asset managers.How asset managers should approach where and how technology can be a strategic advantage.What does it mean to be a tech-forward asset manager?How does the growth of evergreen funds impact how firms manage their data and serve investors?What still needs to be built next to continue to improve private markets market infrastructure.Thanks David for coming on the Alt Goes Mainstream podcast to share your expertise and wisdom on private markets technology and post-investment processes.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 Solutions01:52 Welcome to the Alt Goes Mainstream Podcast02:04 Guest Introduction: David Nable03:46 David's Career Beginnings04:15 Parallels Between Running and Finance05:19 Observing Industry Trends06:45 Evolution of Private Markets08:45 Impact of Technology on Investment09:40 Challenges in Scaling Investments11:20 Data-Driven Investment Strategies12:50 Technological Advancements in Finance13:52 Importance of Foundational Data17:31 Data Silos and Harmonization18:14 Case Study: Investor Relations21:25 Data-First Approach Benefits21:51 Timing for System Architecture23:21 Inflection Points for Managers23:37 Logical Breakpoints in Strategy23:44 New Strategies and Geographies23:47 Adapting to New Asset Classes23:50 Distribution Channels and Partnerships23:56 Preparing for Future Growth24:00 Publicly Traded Private Markets24:14 Tackling Technological Challenges24:24 Philosophies on Illiquidity24:25 Conclusion and Future Outlook24:29 Investing in Scalable Distribution Channels25:12 Architecting Technology Systems for Business Growth25:44 Understanding Data in Different Business Models27:10 Strategic Role of Technology in Investment Firms29:35 The Paradox of Data in Decision Making30:49 Competitive Advantage Through Faster Information31:45 Impact of AI and Technology on Firm Sizes32:31 Challenges for Mid-Sized Firms33:13 Technology as an Enabler for Niche Specialists34:03 Advice for Mid-Sized Firms on Technology Implementation35:10 Focus on Big Technology Investments35:29 Point Solutions vs. Platforms in Private Markets38:52 Cost of Technology Solutions39:06 Integration Challenges with Multiple Systems40:59 Arcesium's Technology Platforms43:18 Simplifying Complex Investments46:13 Future of Software Innovation in Private Markets46:39 AI as a Game Changer in Private Markets47:34 Efficiency Gains Through AI48:05 Actionable Advice on Using AI48:15 Caution Against Vibe Coding48:58 Importance of Proper Technologists49:23 Timing of Technology Implementation49:29 Conclusion and Final ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant.

Welcome back to the Alt Goes Mainstream podcast.Today's episode is with someone who has successfully built a wealth solutions business tailored to her firm's unique strengths, expertise, and investment track record.Martina Sanow is a Partner and Head of Hg Wealth, where she is focused on building the firm's wealth solutions offering built out of the $85B AUM firm, Hg, that invests in enterprise software.Hg, one of the top 10 largest PE firms globally based on the PEI 300 ranking, has built an impressive investment engine focused mission-critical enterprise software companies. The firm has built a portfolio that is a “transatlantic ecosystem of software and services businesses” — representing over $180B in collective enterprise value across its 55 portfolio companies.Martina has been at the firm for almost 16 years. She has been an integral part of building the firm into what it is today, helping Hg grow from $2B in AUM to $85B in AUM, previously as Deputy COO and now building the Hg Wealth business. Hg's first wealth offering, Fusion, its flagship evergreen fund that provides access to non-US investors to Hg's private equity funds and co-investment opportunities, has exceeded $1B in NAV just 12 months after its launch.Martina is thoughtful, strategic, and long-term oriented when it comes to building a solution that amplifies Hg's strengths and resonates with the wealth channel. We had a fascinating discussion about how a scaled specialist like Hg can stand out in the wealth channel, unpacking the essence of who Hg is as a firm and how they've expressed who they are as they've built their wealth business.We covered:Hg's evolution as a firm.Why Hg focuses on mission-critical enterprise software companies and why it's a compelling investment thesis.Building a wealth business that fits the mission, ethos, and strategy of the firm.Understanding the complexity of evergreen funds.How Martina and team think about managing dealflow and investor demand in their Fusion fund.Learnings applied from HgTrust, the publicly listed UK investment trust, to figuring out how to educate and build brand in the wealth channel.Why does ownership structure matter when it comes to building a wealth business? How being privately owned informs how Hg builds their wealth business.Why Europe, why now?Thanks Martina for coming on the show to share your wisdom and expertise at the intersection of enterprise software, private equity, and private wealth.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 Ultimus, our Sponsor01:55 Welcome to the Podcast01:58 Introducing Martina Sanow04:36 Martina's Background and Experience05:10 Hg's Specialization in Software05:57 Building a Team and Culture06:54 Importance of Cognitive Diversity07:26 Building a Diverse Team09:28 Innovating in Wealth Business10:14 Hg's Strategic Mindset11:51 Hg's Entrepreneurial Journey12:00 Maintaining Entrepreneurial Culture13:10 Specialization in B2B Software14:47 Focus on DPI and Cash Back16:17 Criteria for A-Quality Businesses16:58 Investing in Mission Critical Software18:11 Visma Case Study19:23 Challenges and Opportunities in Europe33:13 Evergreen Structures: Impact on Investment Teams33:44 Balancing Capital Raising and Deal Flow34:13 Investment Strategies and Allocation34:54 Managing Subscriptions and Demand35:53 Balancing Wealth and Institutional Demand36:06 Privately Owned Firm Benefits36:37 Realization Committee and Evergreen Structures37:52 Long-Term Company Partnerships39:11 Liquidity Management Challenges39:55 Investor Strategies for Evergreen Funds41:40 Institutional Adoption of Evergreen Funds42:48 Evolution of Institutional Mindset43:26 Retail vs. Wealth Investors44:01 Listed Trust and Wealth Business Insights45:54 Building the Wealth Business47:29 Strategic Importance of Wealth Capital48:54 Innovation in Wealth Management49:28 Partnerships and Holistic Solutions50:58 Future of Wealth Management Products52:44 Brand Building and Education55:00 Software as a Core Investment56:19 Community and Founder Investments59:28 Value Creation and Network Benefits01:00:15 Portfolio Synergies and Acquisitions01:01:36 Concluding Thoughts and Favorite InvestmentsEditing and post-production work for this episode was provided by The Podcast Consultant.

Welcome back to the Alt Goes Mainstream podcast.Today's conversation dives into the current state of private markets through the lens of one of the leading GP stakes firms in the industry.We sat down with Partner and Global Co-Head of the Petershill Group at Goldman Sachs Robert Hamilton Kelly. Petershill takes minority equity stakes in established and newly-established alternative asset managers. Across its different investment vehicles, Petershill participates in the fee income from over 200 underlying funds from alternative asset management firms that are diversified across asset class, investment strategy, and investment lifecycle.Petershill's Partner firms have well in excess of $340B in aggregate AUM and they've partnered with a number of the top firms and some of the industry's most recognizable names in the middle market and upper end of the market, including Clearlake, Francisco Partners, Permira, Accel-KKR, General Catalyst, Kayne Anderson Real Estate, Kennedy Lewis, and more.Rob and I had a fascinating conversation on GP stakes and the evolution of alternative asset management. We discussed:The what, why, and how of GP stakes.The benefits and drawbacks of GP stakes investing for GPs and LPs.What makes a great GP.The question of liquidity in GP stakes.Why Petershill has generally focused on middle-market alternative asset managers.How private markets will continue to evolve and the growing importance of the wealth channel in the evolution of asset management.Thanks Rob for coming on the show to share your wisdom and expertise in private markets and GP stakes. We hope you enjoy.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 Theme02:06 Guest Introduction: Robert Hamilton Kelly03:32 Rob's Boat Racing Experience03:45 Parallels Between Boat Racing and Private Markets04:57 Current State of Private Markets05:14 Impact of Policy Changes on Private Markets06:53 Growth of the Private Markets Industry07:09 Early Days of Petershill07:26 Goldman's Role in Alternative Asset Management09:26 Valuing GP Stakes and Alternative Asset Managers10:01 Insights on Alternative Asset Managers12:36 Valuing GP Stakes13:22 Data-Driven Investment Strategies15:34 Management Fees and Performance Fees16:28 Growth and Evolution of Firms23:16 Strategic Imperatives for Growth26:15 Managerial Skills and Industry Dynamics30:55 Commercialization in Platform Management31:07 Challenges and Opportunities in Capital Raising31:53 Industry Consolidation Predictions32:29 Growth and Consolidation in Private Markets33:31 The Role of Mid-Market Firms34:15 GP Stakes and Wealth Channel Access36:12 Goldman's Unique Platform and Services37:57 The Importance of Strategic Advice39:39 Common Challenges for GPs40:33 Evolving LP and GP Stakes Dynamics40:44 Why LPs Invest in GP Stakes42:00 Income Generation and Capital Growth42:49 Diversification in GP Stakes43:05 Private Markets Exposure44:01 Entry Points into Private Markets45:07 Long-Term Exposure and Portfolio Construction47:00 Investing in Private Credit48:10 Evaluating GP Stakes Investments49:38 Data and Performance in GP Stakes52:04 Growth Path of Private Markets52:23 Valuing Alternative Asset Managers55:41 Liquidity in GP Stakes57:09 Structural Changes in GP Stakes57:35 The Evolution of Private Markets58:11 Future of Venture and Growth Sectors58:56 Private Credit Products and Market Share59:29 Maturation of Private Markets59:52 Conclusion and Final Thoughts

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.

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...

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

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 

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.

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

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

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

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

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

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

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

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

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

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

How did Gary Tenkman go from a first-generation college graduate who felt like a fish out of water in finance to CEO of Ultimus Fund Solutions, a $475+ AUI award-winning fund? It sure wasn't easy. It took grit. It took being willing to get uncomfortable, fail, and learn (rinse, repeat). Grab your headphones and get ready for a backstory chock-full of lessons from places you'd least expect. Listen in as Gary discusses: His backstory — from first-generation college student paying his own way to rocking the CEO seat The importance of being willing to get uncomfortable, fail, and learn (rinse, repeat)What it looks like to be an introvert in a very forward-facing CEO role How being an introvert is one of the things that makes him a great leader The power of strategic scaling – why he considers culture first and profit second when considering acquisitions More about Gary Tenkman: Gary Tenkman is Chief Executive Officer of Ultimus Fund Solutions, the largest independent registered fund administrator and one of the largest private fund administrators in the U.S.  As CEO, Gary works closely with the Ultimus executive team and board members with responsibility for providing strategic growth, financial, and operational leadership for Ultimus and its over 900 employees. Gary has over 30 years of experience in the financial services industry. He joined Ultimus in 2014 as COO and was named CEO in 2019. Gary currently also serves on the Board of Governors for the Investment Company Institute.Resources mentioned in this episode:Book: Get Out of My Life, but First Could You Drive Me & Cheryl to the Mall: A Parent's Guide to the New Teenager, Factfulness: Ten Reasons We're Wrong about the World--And Why Things Are Better Than You Think - - -Make The Boutique Investment Collective part of your Billion Dollar Backstory. Gain access to invaluable resources, expert coaches, and a supportive community of other boutique founders, fund managers, and investment pros. Join Havener Capital's exclusive membership

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

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.

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...

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.

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.

Joel is a near death experiencer with a wild story to tell about the afterlife. Is it the brain just doing what chemicals do when we die, is it a spiritual experience or is it both? Does a near death experience prove life after death? Keep that third eye open!Find Joel on Instagram---> https://www.instagram.com/joeliousultimus_/10% OFF Rife Machine---> https://rifemachine.myshopify.com/?rfsn=7689156.6a9b5cSign up for our Patreon go to-> Patreon.com/cultofconspiracypodcastTo Sign up for our Rokfin go to --> Rokfin.com/cultofconspiracy To find the Meta Mysteries Podcast---> https://open.spotify.com/show/6IshwF6qc2iuqz3WTPz9Wv?si=3a32c8f730b34e7950% OFF Adam&Eve products---> :adameve.com (promo code : CULT)10% OFF Orgonite ! ---> https://oregon-ite.com/?sca_ref=5029405.hji3fNHxUdCult Of Conspiracy Linktree ---> https://linktr.ee/cultofconspiracyBecome a supporter of this podcast: https://www.spreaker.com/podcast/cult-of-conspiracy--5700337/support.

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.

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.

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