Alt Goes Mainstream

Welcome back to the Alt Goes Mainstream podcast.Today’s podcast takes us to the heart of London, where we sat down with Maggie Fanari, the CEO of J Rothschild Capital Management Limited, manager of RIT Capital Partners plc.RIT blends a rich heritage with a modern approach to both asset allocation and private markets.Lord Jacob Rothschild founded Rothschild Investment Trust in 1971. RIT listed on the London Stock Exchange with total assets of £280M. Today, the firm stands tall as one of the UK’s largest investment trusts with over £4.7B of total assets.The firm’s permanent capital and family office heritage have enabled the firm to think long-term, according to Maggie. “Permanent capital is a privilege,” she said.Maggie has brought an institutional allocator’s background to RIT. She joined as CEO of RIT from Ontario Teachers’ Pension Plan in 2024, where she was Senior Managing Director, Global Group Head of High Conviction Equities at OTPP, which has a global mandate to invest in public and private companies.Maggie and I had a fascinating discussion about how the firm invests across public and private markets, balancing both top-down portfolio construction and bottom-up asset selection. We covered:How RIT has aimed to compound wealth over time.Why top-down portfolio construction and bottom-up asset allocation are equally important.How can investors capture as much growth, limit market volatility, and compound growth over a long period of time?How RIT finds uniuqe and different managers in private markets, which includes some of the top investors in the world.What market structure changes mean for investing across public and private markets?How to invest when the world order has changed.Why permanent capital is a privilege.How to be early to a theme rather than chase the trend.Why RIT decided to invest in SpaceX, Anthropic, OpenAI, Databricks, and Epic Systems.Where do investors bucket RIT into their asset allocation?What is a manager’s edge and how can they apply that edge with consistency?Why depth of network matters for private markets managers.Why RIT invested in firms like Thrive, Greenoaks, and Ribbit.BioMaggie Fanari is the CEO of J. Rothschild Capital Management Limited (JRCM) , investment manager for RIT Capital Partners plc. She is Chair of JRCM’s Investment Committee.Maggie was previously Senior Managing Director, Global Group Head of High Conviction Equities at Ontario Teachers’ Pension Plan, which has a global mandate to invest in public and private companies.At Ontario Teachers’, she served as a member of many of the pension plan’s investment committees. She was involved in the execution of investments across a variety of asset classes (private and public), including supporting the development and execution of the venture and growth business.Before joining Ontario Teachers’, Maggie worked at KPMG and Scotia Capital. Maggie is a chartered accountant and a CFA charter holder. She also holds a BBA from the Schulich School of Business at York University and ICD.D certification from the Institute of Corporate Directors.Maggie served as a non-executive director on the Board of RIT Capital Partners plc from April 2019 to February 2024.Thanks, Maggie, for sharing your wisdom, expertise, and passion across public and private markets and your thoughtful perspectives from your experiences as an institutional investor.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.Learn more: ultimusfundsolutions.com or email [email protected] thank Ultimus for their support of alts going mainstream.Show Notes00:00 RIT Edge And Heritage02:49 Maggie Fanari’s Career Path04:38 Teachers’ Lessons On Allocation06:04 New Market Paradigm07:39 RIT Strategy And Track Record10:36 Backing Top Private Managers12:31 Co-Invest Playbook17:27 SpaceX And Public Private Value21:59 Moats Data And Permanent Capital26:45 Oversubscribed Funds And Size28:22 AI Rounds And Valuations30:05 Fund Size Expansion Debate31:58 Avoiding FOMO Staying Disciplined34:00 Private Allocation And Liquidity35:20 Holding Winners Post IPO37:36 Retail Investors And Market Structure39:20 Listed Trusts Discounts And NAV41:07 Long Term Holders And Asymmetry43:03 Sentiment Cycles In Private Markets44:39 Picking Managers And Edge47:53 AI And Venture Consolidation50:50 Being A Valuable LP Partner52:51 Cross Asset Insights One Team54:43 Risk Geopolitics And Resilience58:39 Permanent Capital Best Of Both01:00:18 ClosingJoin over 17,000 Substack subscribers & followers and 44,000 LinkedIn and podcast followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hamilton Lane, StepStone, Partners Group, General Atlantic, Hightower, Focus Financial, Corient, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.We sat down with Mike Trihy, Head of Portfolio Management for the Venture Growth Evergreen strategy at Wellington Management.We were live from Berlin, which becomes the “capital of private capital” in June as private equity industry leaders make the annual pilgrimage to the city for one of the marquee private equity conferences, SuperReturn Berlin.With Prosek Partners and former Bloomberg TV journalist Deirdre Bolton as my producer, along with her team, we took over a Tiny Space cabin to hold big conversations with some of the industry’s leading alternative asset managers.Wellington Management has a rich heritage as an independently owned asset manager. The firm, which has taken a research-driven approach and long-term thinking to active management in public markets and, increasingly, in private markets, is nearing its 100-year anniversary. Wellington has grown to over $1.3T in AUM and is the largest sub-advisor in the world.Mike joined from Bow River Capital to run Wellington’s Venture Growth Evergreen strategy, which will focus on direct growth and venture investments, secondaries, and select fund investments. Mike brings deep expertise in the evergreen fund management space, co-founding and scaling Bow River’s evergreen private markets platform and working as a portfolio manager at evergreen pioneer Partners Group.Mike and I had a fascinating discussion about the current state of evergreen funds and the venture and growth investing market. We covered:The evolution of evergreen private markets funds.The convergence of public and private investing.Lessons learned from building and managing evergreen funds at Partners Group and Bow River.The importance of portfolio construction, liquidity planning, and evergreen fund operations.Which firms are well-positioned to run and manage evergreen funds?Partnerships in asset management.BioAs lead portfolio manager for the Venture Growth Evergreen (“VGE”) strategy, Mike is responsible for overall portfolio construction and allocation of capital across direct growth and venture investments, secondaries, and select fund investments. He also oversees risk management, liquidity management, and cash flow forecasting for the evergreen fund.Prior to joining Wellington Management in 2025 Mike was a portfolio manager at Bow River Capital, where he co-founded and scaled their evergreen private markets platform while overseeing the fund’s investment activity across multiple private markets asset classes. Prior to Bow River, he was a portfolio manager at Partners Group where he was responsible for portfolio construction and asset allocation for evergreen products and custom separate account mandates. He started his investment career at wealth-focused listed private equity firm Red Rocks Capital.Mike graduated from the University of Colorado with a degree in finance, and he is a CFA and CAIA charterholder.Thanks, Mike, for sharing your wisdom, expertise, and perspectives on private markets and evergreen funds.Show Notes00:00 Live from SuperReturn Berlin00:24 Meet Mike Trihy01:35 Evergreens Explained02:28 Evergreen Vs Drawdown02:49 Deal Flow Reality Check03:01 Portfolio Construction First03:33 Ops And Valuations03:47 Sales And Flow Forecasting04:13 Fiduciary Growth Mindset04:48 Do Firms Have The Tools05:24 Scale Vs Boutique Tradeoffs06:25 Deal Volume Constraint06:53 Should There Be More07:05 Near Term Shakeout07:51 Quality Wins Long Term08:19 Is There A Best Wrapper08:25 Matching Asset Client Structure08:41 Interval Fund Fit09:35 Avoid Liquidity Mismatch10:01 LP Mix And Herding Risk11:30 2022 Denominator Effect11:57 Evergreen Future Adoption13:51 Public Markets DNA Advantage15:37 Build Buy Or Partner17:20 Mega IPOs And Private Value19:59 DPI Impact And Exit Wave21:33 Public Vs Private Valuations23:53 What Happens Faster Slower25:47 ClosingJoin over 16,900 Substack subscribers & followers and 44,000 LinkedIn and podcast followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hamilton Lane, StepStone, Partners Group, General Atlantic, Hightower, Focus Financial, Corient, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.We sat down with Anthony Maniscalco, the Managing Partner and Business Head of Investcorp Strategic Capital Group (ISCG).We were live from Berlin, which becomes the “capital of private capital” in June as private equity industry leaders make the annual pilgrimage to the city for one of the marquee private equity conferences, SuperReturn Berlin.With Prosek Partners and former Bloomberg TV journalist Deirdre Bolton as my producer, along with her team, we took over a Tiny Space cabin to hold big conversations with some of the industry’s leading alternative asset managers.Investcorp has been a pioneer in private equity. Since its founding in 1982, the firm has grown from a “boutique Gulf firm” into a global and diversified alternative asset manager.Investcorp launched its Strategic Capital Group (SCG) (GP stakes) business long after its founding in 1982. But the firm brought in a pioneer to launch and build SCG into a leading GP stakes firm, which now has over $2.2B of AUM.Anthony has been involved in GP stakes from the industry’s early days. He was a founding member of Blackstone Strategic Capital Holdings, a $3.3B private, permanent capital vehicle focused on acquiring minority interests in alternative asset manager GPs. He was also a Managing Director of the Hedge Fund Solutions business at The Blackstone Group. Prior to joining Investcorp, Anthony was a Managing Director and Co-Head of Credit Suisse Anteil Capital Partners.Launched in 2019, Investcorp’s SCG acquires minority interests in alternative asset managers, particularly GPs that manage longer-duration private capital strategies. SCG has completed 12 investments since inception.Anthony and I had a fascinating conversation about the evolution of GP stakes and the benefits of GP stakes for investors. We covered:Why have stakes shifted from hedge funds to alternative asset managers?Why the features of the alternative asset management business model (contracted management fees, locked-up capital, less key-person risk) can make for a good GP stake investment.Why a GP would sell an equity stake in its firm to finance its growth.Unpacking the middle-market GP landscape and where middle-market GPs need help growing their firm.The evolution from fund to firm and what’s next for GP stakes.BioAnthony Maniscalco is the Managing Partner and Business Head of Investcorp Strategic Capital Group (ISCG), based in New York. ISCG is focused on providing capital solutions to the GPs of mid-sized private market alternative asset managers. ISCG closed its inaugural fund in the Spring of 2022 and currently manages over $2.2 billion of AUM. In his current role, Mr. Maniscalco is focused on managing the overall business, sourcing new investment opportunities, advising portfolio GPs and is the chairperson of the Investment Committee.Prior to his current role, Mr. Maniscalco was a Managing Director and Co-Head of Credit Suisse Anteil Capital Partners. Prior to this, he was Managing Director of the Hedge Fund Solutions business at The Blackstone Group. At Blackstone, he was a founding member and on the investment committee of Blackstone Strategic Capital Holdings, a USD 3.3 billion private, permanent capital vehicle focused on acquiring minority interests in alternative asset manager GPs.Prior to Blackstone, Mr. Maniscalco was Head of Alternative Asset Management Banking at Barclays (and its predecessor Lehman Brothers) within its Financial Institutions Group. Prior to this role, Mr. Maniscalco was head of the Media and Telecom vertical within Lehman Brothers’ Leveraged Finance Group.Early in his career, he worked at Bank of America and its predecessor Continental Bank in Chicago, focused on high-yield, mezzanine, syndicated bank loans, and interim financing products.Anthony holds a B.S. from Indiana University (2026 College Football National Champions!) and an M.B.A. from the University of Chicago.Thanks, Anthony, for sharing your expertise, wisdom, and passion about GP stakes and the business of alternative asset management.Show Notes00:00 Live From SuperReturn00:27 Meet Anthony Maniscalco02:22 Early Stakes Were Hedge Funds04:03 Private Equity Stakes Inflection04:56 Why GP Stakes Invest Well05:19 Locked-In Fee Cashflows05:58 Carry And Diversification06:34 Where LPs Bucket Stakes07:32 Today’s Allocation Buckets08:29 Stakes As Strategic Access09:05 The LP-GP Flywheel10:12 Catalyzing Fundraising Growth10:40 Capital Formation Support11:32 Underwriting Growth Readiness12:05 Scalability And Persistence12:57 Primary Capital Use Of Proceeds13:12 Why Sell Expensive Equity14:33 Equity Plus Prefs And Debt14:56 Barbell Market And Wealth15:35 Talent Retention And Next Gen16:41 Wealth Channel Strategy Fit17:21 Underwriting Middle Market Plays19:31 Portfolio Construction Framework19:56 Where Buyout Works Today20:59 Why Venture Is Harder22:13 Hardest Middle Market Questions23:11 What Creates Manager Edge24:03 Fund Three Minimum Rule24:57 From Fund To Firm26:15 Liquidity And Exit Paths27:20 Deal Level Vs Fund Liquidity28:15 Strategic Buyers And Realizations28:54 Fund Leverage And Bonds29:24 Rise Of Prefs And Debt30:16 Multi Solution Stakes Platform31:02 GP Stakes For Wealth Investors32:09 Downside Protection And Speed32:47 Still Upside With Equity33:25 Alignment Is Everything34:36 Cash In Not Cash Out35:38 Do Stakes Improve Performance36:43 Growth Keeps Firms Stable37:08 What’s Faster And Slower37:29 Is The Market Really Crowded38:23 Mid-Market TAM Opportunity39:47 New Liquidity Tools Emerging40:20 Continuation Vehicles Boost Economics41:04 CV Market Impact On Stakes42:03 Helping GPs Launch CVs43:06 When M&A ReturnsJoin over 16,900 Substack subscribers & followers and 44,000 LinkedIn and podcast followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hamilton Lane, StepStone, Partners Group, General Atlantic, Hightower, Focus Financial, Corient, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.We sat down with Jake Elmhirst, Partner, Head of Private Wealth Secondaries Solutions and Head of Capital Formation at Coller Capital.We were live from Berlin, which becomes the “capital of private capital” in June as private equity industry leaders make the annual pilgrimage to the city for one of the marquee private equity conferences, SuperReturn Berlin.With Prosek Partners and former Bloomberg TV journalist Deirdre Bolton as my producer, along with her team, we took over a Tiny Space cabin to hold big conversations with some of the industry’s leading alternative asset managers.Coller Capital has been a pioneer in the rapidly growing secondaries market. Coller’s tagline? “First in secondaries.”Coller might be “first in secondaries.” The industry they focus on has moved to the forefront of private markets. Secondaries are coming in first for many LPs, in part because secondaries are now an active portfolio management solution for LPs (LP-led secondaries) and a way for LPs and GPs to continue to invest in the growth and value appreciation of some of their funds’ best assets (GP-led secondaries).The firm completed its first secondaries transaction in 1990. Today, Collar has $55B in AUM (as of 3/31/26).Jake joined Coller after a long career at UBS, where he partnered with Coller from a few different vantage points co-founding and co-leading the Private Funds Group within UBS Investment Bank and leading the Private Markets effort within UBS Global Wealth Management. His perspective on Coller was very much a reason why he decided to leave his farm in Yorkshire (as a 23rd generation farmer!) to join Coller as they build out their wealth efforts.Jake and I had a fascinating conversation about the evolution of secondaries and how they are increasingly “solutions” for LPs and GPs. We covered:Jake’s experience witnessing the rise of the early days of private markets and how that’s shaped how he thinks about secondaries today.Why secondaries are becoming “solutions” for LPs and GPs.Why secondaries can be a core portfolio holding.The features of secondaries.The drivers of the increase in LP-led sales.Why GP-led continuation vechicles have become a popular solution.Why secondaries make sense for private wealth investors.BioJake is a Partner and Head of Private Wealth Secondaries Solutions and Head of Capital Formation. He is based in the firm’s London office.Prior to joining Coller Capital in April 2022, Jake spent 25 years at UBS where he led the Private Markets effort within UBS Global Wealth Management, based in London. Prior to that, Jake co-founded and co-led the Private Funds Group within UBS Investment Bank, based in New York.He previously worked at Freshfields in London, where he qualified as a solicitor working in the Tax Team with a focus on collective investment schemes.Jake has a degree in Law (LLB) from the University of Bristol.Jake Elmhirst is a registered representative of Parallel Distributors LLC.Thanks, Jake, for sharing your wisdom, expertise, and passion in private markets, private wealth, and secondaries.Show Notes00:00 Live from SuperReturn Berlin00:30 Meet Jake Elmhirst05:49 23 Generations on the Farm06:17 Black Death Family History06:40 Farming Meets Secondaries07:19 Spotting the Window07:44 Secondaries as Solutions08:25 LP Liquidity Crunch09:15 GP Exit Alternatives09:49 Continuation Vehicles Explained10:59 Limits of CV Adoption12:01 Buying With the GP12:32 Small Funds and Wealth Channel13:46 Consolidation and Niche Winners14:12 Secondaries in Portfolios14:51 Why Secondaries Work16:46 Core Holding for Wealth18:11 Quality Versus Discount20:24 Underwriting Skills Shift20:51 Coller’s Asset Focus DNA21:42 LP Burden in CV Decisions22:50 Evergreen Portfolio Mix23:49 Beyond Fund of Funds24:24 Scaling Custom Solutions25:12 Expanding the Toolbox27:19 Why Scale Matters28:35 Discount Misconceptions30:05 Active Portfolio ManagementJoin over 16,900 Substack subscribers & followers and 44,000 LinkedIn and podcast followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hamilton Lane, StepStone, Partners Group, General Atlantic, Hightower, Focus Financial, Corient, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.We sat down with Kyle Kniffen, Managing Director, Global Head of Alternatives, Third Party Wealth at Goldman Sachs.We were live from Berlin, which becomes the “capital of private capital” in June as private equity industry leaders make the annual pilgrimage to the city for one of the marquee private equity conferences, SuperReturn Berlin.With Prosek Partners and former Bloomberg TV journalist Deirdre Bolton as my producer, along with her team, we took over a Tiny Space cabin to hold big conversations with some of the industry’s leading alternative asset managers.A little over two years ago, I wrote on AGM about how, at $456B in AUM in alternatives, Goldman Sachs was a “sleeping giant” in private markets. In reality, Goldman is anything but a sleeping giant in private markets, having started its private equity business in 1984 and garnering the distinction of being a top 5 alternatives manager by AUM across both traditional and alternative asset managers.Today, Goldman has grown to over $625B AUM in its alternatives business.The firm has expanded its platform with the acquisition of Industry Ventures and a partnership with T. Rowe Price to deliver public and private markets solutions to the wealth channel, and, most recently, the creation of its Alternative Investment Platform to provide HNW clients with direct access to private companies.The evolution of Goldman’s Alternatives business reflects a thoughtful, measured approach to understanding the needs of wealth channel investors and finding the utility and purpose of strategy, product, and product structure.That was much of the conversation that Kyle and I had in Berlin. We discussed the objective and utility of private markets in a portfolio. We covered:The growth of evergreen funds.Why evergreens are the product structure of choice.Why evergreens are also appealing to institutional allocators, insurance companies, and UHNW investors.How GPs and LPs are approaching LP composition to evergreen vehicles.The next wave of product innovation.The build, buy, partner frameworkWhy Goldman is so excited about the GeoWealth partnership and what the future of model portfolios look like.What is not known but should be known about the Goldman Alternatives franchise.BioKyle Kniffen is a managing director in the Client Solutions Group within Goldman Sachs Asset Management. He serves as global head of Alternatives for Third Party Wealth (TPW), overseeing client strategy for the firm’s TPW clients globally, delivering the power of the Alternatives investing platform to a broad set of individual investors through our partnerships with financial intermediary clients and their advisors, including Private Banks, Broker-Dealers, RIAs and other distribution platforms. Kyle partners closely with leadership across our Alternatives franchise to develop products that meet our clients’ evolving needs. He is also co-chair of the AWM Global Distribution Working Group.Prior to this role, Kyle was in Alternative Capital Markets (ACM), serving as head of ACM for Goldman Sachs Ayco and leading coverage for One Goldman Sachs financial sponsors globally. He joined Goldman Sachs in 2018 as a vice president in ACM and was named managing director in 2021.Prior to joining Goldman Sachs, Kyle led a variety of distribution and product management teams for Bank of America’s Alternative Investment Group within their Global Wealth and Investment Management division.Kyle is a board member for the Institute of Portfolio Alternatives (IPA), and a member of The Economic Club of New York. Kyle earned a BA from Gettysburg College.Thanks, Kyle, for sharing your wisdom, expertise, and passion about private markets and serving the wealth channel.Show Notes00:00 AGM Live from SuperReturn Berlin00:22 Meet Kyle Kniffin01:10 Wealth Meets Private Markets01:37 Big Pools Little Allocation02:24 Alt Strategies Explosion03:04 Lessons from Hedge Funds03:34 Start with Client Goals03:53 Risk Liquidity Tradeoffs04:10 Portfolio Utility First04:25 Holistic Private Markets04:44 Fit and Terms Matter05:07 Setting Expectations05:32 Product Innovation Shift05:52 Evergreens and Flexibility06:10 Monthly Access and Tactics06:39 Evergreen Growth Rates06:45 Education and Dispersion07:15 Why Evergreens Exist07:41 Diversification Lower Minimums08:04 Operational Simplicity08:21 Evergreen Nuance Phase One08:47 Goldman in Third Party Wealth09:26 Institutions Buying Evergreens10:31 LP Mix and Liquidity Caps11:36 Institutionalizing Wealth Platforms13:29 Goldman Platform Advantage14:46 Feeding the Evergreen Engine15:13 GeoWealth and Model Portfolios15:45 T Rowe Price Collaboration16:12 Build vs Buy Partner Balance16:42 Industry Ventures Acquisition17:33 Goldman Alts Heritage18:35 Pioneering GP Stakes19:45 Secondaries Since 199820:12 Apex of Private Markets21:08 Will Secondaries Be Core21:48 Max Flexibility for Wealth22:42 Customization vs Scale23:16 Flagships Then Bespoke23:49 Lessons from Private Wealth25:10 Broader Menu of Privates25:34 Closing ThoughtsJoin over 16,800 Substack subscribers & followers and 44,000 LinkedIn and podcast followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hamilton Lane, StepStone, Partners Group, General Atlantic, Hightower, Focus Financial, Corient, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.We sat down with Paul Desmarais III, the Co-Founder, Chairman, and CEO of Sagard, the fast-growing $46B global multi-strategy alternative asset manager.We were live from Berlin, which becomes the “capital of private capital” in June as private equity industry leaders make the annual pilgrimage to the city for one of the marquee private equity conferences, SuperReturn Berlin.With Prosek Partners and former Bloomberg TV journalist Deirdre Bolton as my producer, along with her team, we took over a Tiny Space cabin to hold big conversations with some of the industry’s leading alternative asset managers.Sagard combines a rich history and heritage of building asset management businesses with a modern approach to building a global alternative asset manager.Paul’s deep understanding of the industry comes from being part of a family of multiple generations of asset management pioneers in Canada who have built some of the industry’s largest financial services businesses.Paul is the “next first generation” of asset management pioneers to come out of the Desmarais family. He started Sagard with $400M in seed capital in 2016 and, in ten short years, has grown the platform into a global multi-strategy alternative asset manager with over $46B.Sagard’s mission to empower founders by being a business that builds businesses shines through in the approach Paul and the team have taken in building Sagard. The firm has incubated, built, and acquired asset management talent and firms to scale across strategy and geography into the global platform that it is today.Paul and I had a fascinating conversation about the business of asset management and why Sagard exists to serve entrepreneurs around the world. We covered:Sagard’s entrepreneurial DNA.What does it mean to build a business that builds businesses?Being the “next first generation.”How Sagard approaches the buy, build, partner framework of asset management businesses.How Sagard has expanded its platform across asset classes and strategies.How to build a global, multi-strategy asset management brand.Why specialization matters in asset management.How to approach the wealth channel.The decentralized pod shop model.The future of private markets.BioPaul Desmarais III is the Chairman and CEO of Sagard, an alternative asset management firm active in venture capital, private equity, credit, and real estate.Paul has led Sagard since 2016, along with a handful of close partners bound by a common vision: partnering with entrepreneurs to catalyze transformation in our investments and communities. Sagard has experienced outstanding growth, with assets under management increasing to over $46B.Under Paul, Sagard has built a global network of expertise that helps companies lead, embrace, and stay ahead of disruptive trends, expanding activity in North America, Europe, and the Middle East. Paul engages actively in growing Sagard companies. Within the Sagard ecosystem, Paul is the Executive Chairman and Co-Founder of Portage (fintech & financial services investing) and the Chairman and Co-Founder of Diagram (venture builder). Within the investment portfolios, he is the Chairman of Wealthsimple, Novisto, and Sagard Wealth, and a director of Nesto and Midas. Paul also sits on the board of Empower, the number two 401(k) business in the U.S.Thanks, Paul, for sharing your wisdom, expertise, and passion about private markets, private wealth, and building enduring asset management businesses.Show Notes00:00 Live From Berlin01:09 Meet Paul Desmarais III, Family Legacy Builder01:50 Sagard Origin Story02:19 Early Entrepreneurial Spark03:01 Risk And Reinvention04:22 Mission To Empower Founders04:59 By Entrepreneurs For Entrepreneurs05:13 Why Sagard Started05:40 Alternatives And Innovation06:14 Credit Plus Venture07:08 Customer First Alignment09:13 Generational Time Horizon09:26 Patience In Partnerships10:03 Innovation As Moat11:11 Platform Strategy Mix11:53 Platform Pillars Next Steps13:00 Emerging Managers Flywheel14:00 Scaling Collaboration14:44 Incentives And Shared Carry16:11 Values Create Moat16:38 Choosing The Right Partners17:51 Building A Joint Vision18:12 Hiring Builders Early19:21 Long-Term Greedy Culture19:37 Future Of Alternatives20:05 Specialization Over Mega Deals21:17 Decentralized Pod Model23:19 One Brand Or Many25:00 Legacy And Founder Impact26:18 Closing ThoughtsJoin over 16,800 Substack subscribers & followers and 44,000 LinkedIn and podcast followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hamilton Lane, StepStone, Partners Group, General Atlantic, Hightower, Focus Financial, Corient, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.We sat down with Brookfield Private Equity CEO Anuj Ranjan.We were live from Berlin, which becomes the “capital of private capital” in June as private equity industry leaders make the annual pilgrimage to the city for one of the marquee private equity conferences, SuperReturn Berlin.With Prosek Partners and former Bloomberg TV journalist Deirdre Bolton as my producer, along with her team, we took over a Tiny Space cabin to hold big conversations with some of the industry’s leading alternative asset managers.Brookfield has a rich legacy as an asset owner and operator of some of the “businesses that drive the global economy.” Brookfield is a firm where skin in the game (~25% of every fund includes an investment from Brookfield’s balance sheet) meets scale and synergies across its investment platform.Now, they are looking to own what’s next.What will the next era of private equity require? A different approach, according to Brookfield Private Equity CEO Anuj Ranjan.The conversation that Anuj and I had in the Tiny Space cabin covered big themes.Brookfield is investing in the megatrends that are driving the world’s economy across its platform, from digitalization to decarbonization to deglobalization. The firm’s focus on industrials in its private equity business makes it well equipped to invest in essential companies, as Brookfield aptly describes their investment focus as “own[ing] the boring that makes the exciting possible.”Anuj and I had a fascinating conversation about the current state of private equity and what it will take to drive value in a new era for the industry where “12 is the new 5.” We covered:Brookfield’s history as an owner-operator.How the firm’s long-term perspective informs its investments in and ownership of private equity-backed companies.Anuj’s experience investing in India was an exercise in patience and how it’s informed his investment career.Why today is the era of “roll up your sleeves private equity.”How Brookfield is approaching value creation in industrial companies.Where Brookfield believes they can leverage AI to create post-deal operational value creation.Why Brookfield partnered with OpenAI to create DeployCo in order to scale enterprise AI deployment.Where we are in the adoption curve of physical AI and robotics.BioAnuj Ranjan is Chief Executive Officer of Brookfield’s Private Equity Group and Brookfield Business Corporation. In this role, Mr. Ranjan is responsible for the investments, operations, and expansion of the Private Equity business, in addition to managing Brookfield’s external strategic partnerships. He is a member of Brookfield’s Executive Committee.Mr. Ranjan joined Brookfield in 2006 and has held various positions within the company and its affiliates. He established and previously led Brookfield’s India and Middle East operations.Mr. Ranjan holds a Master of Business Administration degree from Ivey Business School at Western University and a Bachelor of Science degree from the University of Alberta.Thanks, Anuj, for sharing your wisdom, expertise, and passion about private markets and how to create value through operating companies better.Show Notes00:00 Introduction00:23 Meet Anjun Ranjan02:02 Brookfield Goes Global02:07 First Private Equity Fund02:20 Moving Around the World02:26 Building in India and MENA02:39 Emerging Markets Lessons02:45 Industrial Investing in Growth03:14 Deal Frenzy in India03:38 Why the Bubble Burst03:42 Five Years of Patience03:48 Learning via Portfolio Entry03:54 First Big India Buys04:12 Scaling the India Playbook04:14 Proving Institutional Control04:32 India Results at Scale04:46 Exporting the Model04:53 From Regions to Global PE05:03 Growing Through Headwinds05:31 Roll Up Your Sleeves Private Equity05:40 Operational Value Creation05:48 Brookfield Platform DNA06:18 Balance Sheet Advantage06:30 Long-Term Investing Culture06:50 Rewarded for Waiting07:18 Middle East Long Game07:57 Testing Tech on Balance Sheet08:15 Owning What’s Next08:26 AI Needs Land and Power09:57 Platform Collaboration Culture10:38 Cross-Platform Underwriting12:23 Westinghouse Nuclear Bet13:57 Energy Transition Tailwinds14:13 Why Carve Outs Are Hard14:33 People Make the Carve Out15:50 Picking the Right Divisions17:07 Transformational Underwriting17:42 Pricing Power Playbook19:03 From Five to Twelve Returns20:17 Carve Outs Create Alpha21:25 AI for Industrial Efficiency22:13 Data Before AI23:34 Predictive Maintenance Example24:57 Physical AI and Robotics26:26 Digitizing the Factory Floor26:52 When Robotics Clicks28:06 DeployCo with OpenAI28:34 From Innovation to Execution29:31 Best AI Investment Angle29:38 Buying Boring Businesses30:32 Building the Right Team31:21 Hiring Tech Leaders31:53 Blockbuster vs Netflix32:38 Closing ReflectionsJoin over 16,800 Substack subscribers & followers and 44,000 LinkedIn and podcast followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hamilton Lane, StepStone, Partners Group, General Atlantic, Hightower, Focus Financial, Corient, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.We sat down with Vista Equity Partners’ Senior Managing Director, Co-Head of Flagship Fund, Monti Saroya.We were live from Berlin, which becomes the “capital of private capital” in June as the private equity’s industry leaders make the annual pilgrimage to the city for one of the marquee private equity conferences, SuperReturn Berlin.Much of the SuperReturn conference is centered on fundraising. GPs take up every available space — from hotel rooms to Tiny Space cabins that line the parking spots on Budapester Strasse outside of the InterContinental conference venue — to conduct meetings with LPs.With Prosek Partners and former Bloomberg TV journalist Deirdre Bolton as my producer, along with her team, we took over a Tiny Space cabin to hold big conversations with some of the industry’s leading alternative asset managers.Vista Equity Partners has been a pioneer in enterprise software investing. They have been at the forefront of every major technology platform shift, whether it was on-prem to cloud, the adoption of enterprise software, and now the agentification of the enterprise with AI.The $103B AUM scaled specialist software investor has dedicated its efforts to building “mission critical” enterprise software companies that organizations can’t live without.Monti has had a front row seat in building and developing both infrastructure and software that the technology industry can’t live without. He brings to bear the perspective of someone who lived through the early days of the internet from his time working at Cisco Systems and Siebel Systems. Through this lens, as well as his experience investing in enterprise software companies since joining Vista in 2008, Monti is able to make sense of where, how, and why AI will be adopted within the enterprise and what it means for both operators and investors.This conversation with Monti was one of the most illuminating conversations I’ve had on AI recently. He pieced together so much of what is happening in AI today, covering:The different layers of AI adoption.Why “harness” companies can be valuable.Where AI agents are having the most impact on a business.Why open source is the next wave of the AI buildout.Why Monti is so excited about the firm’s investment in SambaNova.Do “harness” companies have a moat?Why the moats for many AI companies might surprise you.Why sovereign AI is the next big thing.BioMonti Saroya joined Vista Equity Partners in 2008 and is Co-Head of the Vista Flagship Fund and sits on its Investment Committee.Additionally, Monti serves as a member of Vista’s Executive Committee, the firm’s governing and decision- making body for matters affecting its overall management and strategic direction, and Vista’s Private Equity Management Committee, the firm’s decision-making body for matters affecting Vista’s overall private equity platform.Monti is also the Co-Chief Executive Officer of VistaOne, Vista’s evergreen private equity vehicle, and serves on the Investment Committee. Monti helps lead Vista’s artificial intelligence initiatives, driving the firm’s approach to AI adoption through strategic partnerships and the deployment of AI-enabled infrastructure and capabilities across the platform and portfolio ecosystem.He currently sits on the boards of Acumatica, Allvue Systems, Avalara, Cloud Software Group, Duck Creek, Finastra, Infoblox, Playlist, Smartsheet, Solera, among others. Monti was actively involved in the firm’s investments in Apptio, Cvent (NASDAQ: CVT), Datto (formerly NYSE: MSP), Marketo, PowerSchool (formerly NYSE: PWSC), SumTotal, The ACTIVENetwork, and Transfirst, among others.Prior to Vista, Monti worked as a Senior Research Analyst for JMP Securities, where he provided research for buy-side clients on public on-demand (SaaS) companies. Monti previously worked as an Associate on the enterprise software/applications team. Before JMP, Monti worked at Siebel Systems in a sales capacity for the CRM On Demand division. Prior to Siebel, Monti worked for Cisco Systems in various operations roles.Thanks Monti for sharing your wisdom, expertise, and passion about AI, enterprise software, and technology transformations.Show Notes00:00 Intro: Live from SuperReturn Berlin00:21 Meet Monti Saroya00:51 Career Origins Cisco and Siebel01:12 Building Internet Infrastructure02:17 Internet Lessons for AI02:38 Adoption Moves Slower03:34 What We Underestimate04:09 AI Value Stack Layers04:56 Why the App Layer Wins05:12 From Screens to Agents06:28 Agents Boost Productivity06:56 Engineering Impact Today08:55 Harnesses and Model Routing13:49 Token Costs and SambaNova14:49 Hosting Cost Shock15:13 Finding Cheaper Hardware15:23 Token Pricing Reality16:02 Public Markets Raise Prices16:15 Should You Build It16:34 Open Weight Pivot17:10 Why Open Source Wins17:13 Linux vs Unix Lesson17:38 China Open Model Lead17:50 Enough Intelligence Threshold18:19 Deployment Is The Bottleneck18:58 Building An AI Factory20:03 Avoiding Services Trap20:26 Where Value Accrues Next25:25 Sovereign AI Is ComingJoin over 16,800 Substack subscribers & followers and 44,000 LinkedIn and podcast followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hamilton Lane, StepStone, Partners Group, General Atlantic, Hightower, Focus Financial, Corient, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.We were live from Berlin, which becomes the “capital of private capital” in June as the private equity’s industry leaders make the annual pilgrimage to the city for one of the marquee private equity conferences, SuperReturn Berlin.Much of the SuperReturn conference is centered on fundraising. GPs take up every available space — from hotel rooms, to Tiny Space cabins lining the parking spots on Budapester Strasse outside of the InterContinental conference venue — to conduct meetings with LPs.With Prosek Partners’ and former Bloomberg TV journalist Deirdre Bolton as my producer and her team, we took over a Tiny Space cabin to hold big conversations with some of the industry’s leading alternative asset managers.Our first conversation was with Apax Co-CEOs Andrew Sillitoe and Mitch Truwit.Apax is one of the pioneers in the private equity industry. The firm’s rich history dates back to the 1970s, when its founders, Alan Patricof (US), Sir Ronald Cohen (UK), and Maurice Tchénio (France), came together to establish the first US-UK partnership firm in private equity. During that time period, the firm backed Steve Jobs and the first iteration of Apple. The UK and US firms merged in 1981, laying the foundation for Apax.Today, Apax stands at over $80B in aggregate funds raised. The firm underwent its second leadership transition in 2014, when Andrew and Mitch were elected as Co-CEOs, succeeding Martin Halusa, who became Chairman.Apax sits in an interesting position. They are a scaled platform that focuses on the middle market. They operate across three sectors, Tech, Services, and Digital / Consumer, infusing a digital DNA and value creation team into everything they do. Their platform spans “a mile wide and a mile deep,” which is what much of the conversation between Andrew, Mitch, and me unpacked.We had a fascinating discussion about the current state of private equity and the middle market, why Apax focuses on “density-driven business models,” why the firm focuses on carveouts in the middle market, what’s underappreciated about the middle market, why it’s important to “buy in the right neighborhood and fix it up,” and how the firm’s core values of “having impact through insight and tenacity” drive every decision they make.BiosAndrew Sillitoe has been Co-CEO of Apax since 2014. He is Chairman of the Apax Global Investment Committee and the Digital Investment Committee, amongst others. He is also a member of the Apax Executive Committee. He has been based in London since joining the Firm in 1998, focusing on Tech & Telco investments. Andrew has been involved in a number of investments including Inmarsat, Intelsat, King, Orange Switzerland, TIVIT, TDC and Unilabs. Prior to joining Apax, Andrew was a consultant at LEK. Andrew holds an MA in Politics, Philosophy and Economics from the University of Oxford and an MBA from INSEAD.Mitch Truwit is Co-CEO of Apax, based in New York. Prior to joining Apax in 2006, Mitch was the President and CEO of Orbitz Worldwide between 2005 and 2006 and was the Executive Vice President and Chief Operating Officer of priceline.com between 2001 and 2005. Mitch serves as a Board member of Openlane and Trade Me. Prior boards include Advantage Sales & Marketing, Assured Partners, Dealer.com, Bankrate, Garda World, Hub International, Trader Canada, Boats Group and Quality Distribution Inc. Mitch is a graduate of Vassar College where he received a BA in Political Science. He also holds an MBA from the Harvard Business School.Thanks, Andrew and Mitch, for a fascinating conversation and for sharing your expertise, wisdom, and passion at the intersection of investing and operating in private equity.Show Notes00:00 Meet Apax’s co-CEOs, Andrew Sillitoe and Mitch Truwit00:39 Andrew on Industry Change and Apax’s Evolution01:12 Private Equity: From Cottage Industry to Scale01:26 The Purpose of Private Equity01:44 Apax Growth and Professionalization02:07 Values and Venture Roots02:36 Mitch’s Journey from Operator to Investor03:30 Building the Operating Platform at Apax04:10 Defining the Middle Market04:45 Why Sub-Billion EV Works05:00 Exit Options and Liquidity05:32 Capability Gaps in Management Teams06:04 TRADER Corporation - Canada App Turnaround06:50 Apax’s Digital DNA and Carve-Outs Approach07:28 Choosing the Harder Path07:55 Digital DNA and AI Wave08:34 Top Line Growth Lever09:26 Add-ons and TAM Expansion10:28 ECI Roll Up Example11:05 Integration vs. Not Just Buying11:27 Market Structure and Selling Well12:50 Fund Size Discipline13:42 Returns Over AUM15:12 Global Pods Micro Investing17:11 Scale Specialization Flexibility18:34 Future Proof Investing in AI Era21:54 Moat and Investment Committee23:58 Why Middle Market Is Underloved25:09 Next Decade Alpha and AI26:54 Impact Through Insight Tenacity28:01 Apax Culture: An Obligation to Dissent29:07 Aspirational Brands30:04 Wrap UpJoin over 16,800 Substack subscribers & followers and 44,000 LinkedIn and podcast followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hamilton Lane, StepStone, Partners Group, General Atlantic, Hightower, Focus Financial, Corient, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.Today’s podcast takes us to the heart of Mayfair in London, where Blackstone Private Wealth COO Farhad Karim shared the firm’s history and evolution in Europe.He took a walk down memory lane to discuss the firm’s 25th anniversary in Europe as we walked through Berkeley Square from Blackstone’s current office to their new office at the other end of the square, highlighting how the firm has become the largest owner of commercial real estate in Europe and the importance of building a local presence in the region.Farhad took on the role of Chief Operating Officer of Blackstone Private Wealth in 2024 after a career at Blackstone that included serving as Chairman and Chief Operating Officer of Blackstone Europe and holding a senior leadership role in the firm’s Real Estate business.Farhad and I had a fascinating discussion about the evolution of Blackstone’s business in Europe and the firm’s Private Wealth business globally. We covered:Why it’s important to “meet people where they are at.”What Farhad learned from his experience running Blackstone Europe.Building and expanding Blackstone’s Private Wealth business.How Blackstone will continue to be a pioneer in private wealth.The next phase of product innovation in the wealth channel.How an international perspective has shaped Farhad's approach to building the Private Wealth business.Harmonizing the institutional and private wealth businesses when delivering solutions to LPs.The human element of working with wealth.What it means to be “relentless.”Perspectives on evergreen funds.The scale of opportunity, information, and access.Thanks, Farhad, for sharing your wisdom, expertise, and passion about private markets and private wealth.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.Learn more: ultimusfundsolutions.com or email [email protected] thank Ultimus for their support of alts going mainstream.Show Notes00:33 A Message from Ultimus Fund Solutions02:11 Farhad’s Blackstone Journey03:14 What Hasn’t Changed at Blackstone04:14 Parallels Between Real Estate and the Wealth Channel05:16 Building for Local Markets08:01 Scaling Advisor and Investor Education09:12 How Well Advisors Understand Private Markets11:15 Early Innings of Adoption12:39 Productization and New Fund Structures14:20 Simplicity Versus Choice for Investors15:13 Wealth Consolidation and Institutionalization17:26 Aligning Wealth and Institutional Capital19:08 Scale Advantage and Deal Access19:56 Scale And Global Lens20:21 Deal Competition And Pricing20:59 AI advantage across platform22:36 Risks in private markets24:37 Explaining Private Markets26:20 Investing Through Volatility27:41 Evergreen Vs Drawdown29:49 Semi liquid is a feature32:03 How To Use Evergreens33:32 Owning The Narrative36:56 Relentless Fiduciary Focus37:53 Relentless As Culture39:55 Closing ThoughtsFootnotes(Timestamp 02:47.8): Largest owners of commercial real estate in Europe.(Timestamp 33:01.1): Reference to Class I annualized, inception-to-date return from January 2017.Join over 16,800 Substack subscribers & followers and 44,000 LinkedIn and podcast followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hamilton Lane, StepStone, Partners Group, General Atlantic, Hightower, Focus Financial, Corient, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives deep into the world of wealth management with someone whose career is emblematic of the intersection of private markets and private wealth.We sat down with Larry Restieri, the CEO of Hightower.Larry is the CEO and a member of the Board of Directors at Hightower, a national wealth management firm that empowers financial advisors to deliver sophisticated investment and financial services to clients.Larry joined the firm in June 2025 from Goldman Sachs, where he was a Partner. Larry served as the CEO of Goldman’s AYCO business, which specializes in workplace financial planning and private wealth advisory services.He held a variety of leadership roles at Goldman across its wealth and asset management divisions, including heading up the Alternative Capital Markets business.Larry and I had a fascinating conversation about the continuing convergence of private markets and private wealth from someone who was at the forefront of this industry transformation. We covered:The evolution of private markets within the wealth channel.Lessons learned from Larry’s time building Goldman’s Alternative Capital Markets business and the AYCO business.The path to building Hightower into a $1T RIA.The “Volkswagen model of wealth management.”The build-out of Hightower’s Signature Wealth brand.What does the continued buildout of private equity-backed platforms mean for the evolution of wealth management?What drives financial advisors?The benefits of the independent RIA model.How and why wealth clients should be thinking about private markets.Thanks, Larry, for sharing your wisdom, expertise, and passion at the intersection of private markets and private wealth.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.Learn more: ultimusfundsolutions.com or email [email protected] thank Ultimus for their support of alts going mainstream.Show Notes00:30 Meet Larry Restieri01:25 A Message from Ultimus Fund Solutions02:35 Larry’s Career Story08:44 Why Hightower CEO09:28 Next Evolution Wealth10:29 RIA Platform And Tech12:16 Democratizing Alternatives13:28 Selling Illiquidity Correctly15:02 Education Avoids Surprises18:05 Platform Scale And Choice28:58 Signature Wealth Brand29:21 Growth Targets Ahead29:50 Platform Benefits Deal29:58 Acquiring The Bahnsen Group30:58 Inorganic Growth Model31:26 Client Brand Question32:02 Volkswagen Brand Model32:43 Why Brand Matters33:37 Values Across Teams34:01 Building Unified Culture35:04 Advisor Community Summit35:49 Why Keep Independence36:33 Hightower 3.0 Strategy38:09 Advisor Client Connection38:44 Defining Open Architecture40:12 Private Equity Impact42:29 Exit Paths Going Public44:09 M&A Multiples Pressure46:05 Market Cycles and Rates47:48 Private Markets Allocation49:32 Advisor Private Market Fears51:10 GPs Serving RIAs Better52:05 Enterprise GP Partnerships53:06 Non-Obvious Alt Take54:50 Closing ReflectionsJoin over 16,700 Substack subscribers & followers and 44,000 LinkedIn and podcast followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hamilton Lane, StepStone, Partners Group, General Atlantic, Hightower, Focus Financial, Corient, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.We were live from AGM’s RIA Field Trip at Brookfield’s New York office at Brookfield Place with Oaktree Managing Director and Co-Portfolio Manager Danielle Poli to unpack why private credit is at a crossroads and why dispersion is growing.Danielle has a unique perch to form a developed view on the current state of private credit. She sits at the intersection of public and private credit, providing her with perspectives on where opportunities and risks lie across the liquidity spectrum.Danielle is a founding member of Oaktree’s Global Credit strategy and its Investment Committee, which was established in 2017. She’s been an important contributor to its growth into a scaled multi-asset credit platform. She previously led Oaktree’s product specialist group, which she helped build into a global team supporting credit, private equity, and real estate. She joined Oaktree in 201 and has nearly two decades of experience in private markets. She has been named to Barron’s list of the 100 Most Influential Women in U.S. Finance.Danielle and I had a fascinating conversation about the current state of private credit, where cracks might be emerging and where to find pockets of opportunity amid the dislocations. We covered:Why is boring beautiful in private credit?Where are we in the credit cycle?Why it’s important to have a contrarian mindset.Where, why, and how dispersion is rising in credit.How to underwrite software investments post-AI.Why asset-backed finance can be a diversifier.Why now could be the time to prepare for opportunistic and rescue lending opportunities, as maturities are fast approaching.How to balance public and private credit investing.Thanks, Danielle, for sharing your wisdom, expertise, and passion about private credit.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.Learn more: ultimusfundsolutions.com or email [email protected] thank Ultimus for their support of alts going mainstream.Show Notes00:00 Live Podcast Intro00:17 Contrarian Mindset00:34 Intro to our Sponsor, Ultimus Fund Solutions01:51 Where Private Credit Stands Today02:13 Market Testing And Bifurcation02:34 Private Credit Evolves Beyond Corporate03:33 Danielle Poli Background04:23 Why Liquidity Matters Now04:49 Dislocation And Price Discovery04:59 Structuring Power In Private Markets05:22 Risk Return And Spread Compression05:51 Paid For Illiquidity Plus Covenants06:16 Asset-Backed Finance Diversifier06:52 Corporate Vs Asset-Backed Underwriting07:20 Why Ring-Fenced Cash Flows Win07:51 How Allocators Fund ABF08:11 Credit Taking Share From Equities09:12 Tough Direct Lending Vintages09:49 Rates Shock And Leverage Reality10:10 AI Disrupts Software Credit11:09 Oaktree Underweight Software12:32 Underwriting Software Post AI13:31 Inside The Investment Committee14:35 Selling Rallies And Staying Humble15:07 Busted Converts Playbook15:55 Liquid Credit Helps Private Discipline17:07 Why Do Both Public And Private17:40 Transparency And Extend or Pretend18:58 PIK Interest Red Flags19:58 Stress Under The Surface20:14 Triple C Spreads And Maturity Wall21:27 Why Dispersion Is Rising21:55 Risk Migrates To Loans And Private23:00 Oaktree Contrarian Playbook23:22 Complacency Vs Real Tailwinds24:34 Brookfield Platform AI Insights25:40 Exuberant Financing Warning Signs26:28 Equity Vs Credit For AI Buildout27:10 Allocating Between Equity And Credit27:52 Valuations Signal Lower Equity Returns29:14 What CIOs Should Tell Clients30:00 Rescue Lending Opportunity Ahead31:39 Signals And Timing The Cycle32:04 Hybrid Products And Barbell Allocations32:36 Core Income Plus ABF Deals33:06 Memo Title - Boring Is Beautiful34:30 Closing Thanks And OutroJoin over 16,600 Substack subscribers & followers and 44,000 LinkedIn and podcast followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hamilton Lane, StepStone, Partners Group, General Atlantic, Hightower, Focus Financial, Corient, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.We were live from AGM’s RIA Field Trip at Brookfield’s New York office at Brookfield Place with Oaktree Managing Director and Co-Portfolio Manager Danielle Poli to unpack why private credit is at a crossroads and why dispersion is growing.Danielle has a unique perch to form a developed view on the current state of private credit. She sits at the intersection of public and private credit, providing her with perspectives on where opportunities and risks lie across the liquidity spectrum.Danielle is a founding member of Oaktree’s Global Credit strategy and its Investment Committee, which was established in 2017. She’s been an important contributor to its growth into a scaled multi-asset credit platform. She previously led Oaktree’s product specialist group, which she helped build into a global team supporting credit, private equity, and real estate. She joined Oaktree in 201 and has nearly two decades of experience in private markets. She has been named to Barron’s list of the 100 Most Influential Women in U.S. Finance.Danielle and I had a fascinating conversation about the current state of private credit, where cracks might be emerging and where to find pockets of opportunity amid the dislocations. We covered:Why is boring beautiful in private credit?Where are we in the credit cycle?Why it’s important to have a contrarian mindset.Where, why, and how dispersion is rising in credit.How to underwrite software investments post-AI.Why asset-backed finance can be a diversifier.Why now could be the time to prepare for opportunistic and rescue lending opportunities, as maturities are fast approaching.How to balance public and private credit investing.Thanks, Danielle, for sharing your wisdom, expertise, and passion about private credit.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.Learn more: ultimusfundsolutions.com or email [email protected] thank Ultimus for their support of alts going mainstream.Show Notes00:00 Live Podcast Intro00:17 Contrarian Mindset00:34 Intro to our Sponsor, Ultimus Fund Solutions01:51 Where Private Credit Stands Today02:13 Market Testing And Bifurcation02:34 Private Credit Evolves Beyond Corporate03:33 Danielle Poli Background04:23 Why Liquidity Matters Now04:49 Dislocation And Price Discovery04:59 Structuring Power In Private Markets05:22 Risk Return And Spread Compression05:51 Paid For Illiquidity Plus Covenants06:16 Asset-Backed Finance Diversifier06:52 Corporate Vs Asset-Backed Underwriting07:20 Why Ring-Fenced Cash Flows Win07:51 How Allocators Fund ABF08:11 Credit Taking Share From Equities09:12 Tough Direct Lending Vintages09:49 Rates Shock And Leverage Reality10:10 AI Disrupts Software Credit11:09 Oaktree Underweight Software12:32 Underwriting Software Post AI13:31 Inside The Investment Committee14:35 Selling Rallies And Staying Humble15:07 Busted Converts Playbook15:55 Liquid Credit Helps Private Discipline17:07 Why Do Both Public And Private17:40 Transparency And Extend or Pretend18:58 PIK Interest Red Flags19:58 Stress Under The Surface20:14 Triple C Spreads And Maturity Wall21:27 Why Dispersion Is Rising21:55 Risk Migrates To Loans And Private23:00 Oaktree Contrarian Playbook23:22 Complacency Vs Real Tailwinds24:34 Brookfield Platform AI Insights25:40 Exuberant Financing Warning Signs26:28 Equity Vs Credit For AI Buildout27:10 Allocating Between Equity And Credit27:52 Valuations Signal Lower Equity Returns29:14 What CIOs Should Tell Clients30:00 Rescue Lending Opportunity Ahead31:39 Signals And Timing The Cycle32:04 Hybrid Products And Barbell Allocations32:36 Core Income Plus ABF Deals33:06 Memo Title - Boring Is Beautiful34:30 Closing Thanks And OutroJoin over 16,600 Substack subscribers & followers and 44,000 LinkedIn and podcast followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hamilton Lane, StepStone, Partners Group, General Atlantic, Hightower, Focus Financial, Corient, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.Building community is central to enabling an industry to grow. There are few better ways to build community and foster trusted relationships than to break bread.As the wealth channel continues to expand its adoption of private markets, peer-to-peer learning becomes ever more important. Sharing experiences and perspectives is what will help the wealth channel adopt private-market solutions thoughtfully and responsibly.That’s what happened at Franklin Templeton’s Private Markets RIA Advisory Council event and dinner at BLACKBARN recently. Bread was broken. Relationships were built.We also found time to record a podcast around a dinner table with Franklin Templeton’s Head of Private Markets - Americas Wealth Management Dave Donahoo and Summit Wealth Group’s CIO Chelsea Ganey. The discussion granted access to a direct, honest, and raw window into perspectives on how asset managers and wealth managers can work together to educate one another and help move the industry forward. And yes, bread was broken before and after the podcast.Please enjoy this fantastic conversation with Dave and Chelsea on the state of private markets and private wealth and how both asset managers and wealth managers can balance customization and differentiation with scale.The dinner table provided a perfect setting to discuss what’s on the menu in private markets and private wealth. We covered:Why there’s no free lunch, just dinner.Are private markets eating the world?Creating curated menus for advisors.The recipes for success in private markets distribution.Thanks, Dave and Chelsea, for such a thoughtful and fascinating conversation.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.Learn more: ultimusfundsolutions.com or email [email protected] thank Ultimus for their support of alts going mainstream.Show Notes00:00 Sponsor Intro by Ultimus00:57 Meet The Guests, Dave Donahoo and Chelsea Ganey01:07 Private Markets Everywhere01:30 Why FormT he Franklin Templeton RIA Advisory Council01:51 Franklin Client-First DNA02:11 The New Franklin Templeton03:05 Beyond Product Feedback03:48 Chelsea On The Value of The Advisory Council04:31 Networking Beats Inbox Noise05:23 Serving Diverse RIAs06:28 Inside One RIA Many Needs07:47 What GPs Should Do Better08:47 Education That Actually Sticks09:55 From White Papers To Tools10:50 Education Then Vs Now11:42 Choice Changes The Pitch12:21 Customization Vs Scale13:26 Centralized CIO Menus15:51 Sober Selling Long Term17:13 Franklins Specialist Platform18:19 Why Specialists Win19:17 Infrastructure Partnership Play20:13 More With Less Managers22:10 Advisor Level Efficiency22:46 Whats Next Product Innovation23:23 Integrity First Adoption24:36 Allocator Lens Shift25:00 Innovation Options Overview25:15 Model Portfolios Debate26:03 Customization Versus Scale26:29 What Private Markets Lack26:44 Meeting In The Middle27:07 Magic Wand Question27:31 Plumbing And Reporting27:45 Ease Without Dilution28:00 Lexington Structure Constraints28:44 Long Term Over Short Term28:56 Need More CIO Mindset29:17 Strategic Allocation Framework29:34 Avoiding Whipsaw Flows30:08 Chelsea On Strategic Thinking30:24 Integrating Alts In Portfolios30:57 Advisor Conversation Shift31:32 Educating On Liquidity31:43 Reframing Private Risk32:07 Control And Recovery Benefits33:07 Dave On Liquidity Risk33:52 Stop Saying Semi Liquid34:19 Structural Liquidity And Trust35:23 Dinner Props And Buckets35:57 Starter Main Dessert Picks36:16 Real Estate Equity Starter36:51 Secondaries Main Course37:11 Real Estate Credit Dessert38:04 Diversify Early Or Regret39:37 Strategic Neutral Analogy40:00 Client Analogies That Work40:34 Zillow House Price Lesson41:40 Baseball Patience Mindset42:52 Fat Pitch Question43:01 Chelsea On Secondaries Credit43:59 Dave Singles Versus Homers44:42 Lead Off Batter Story45:02 No Free Lunch Just Dinner45:40 Closing Thanks And OutroJoin over 16,400 Substack subscribers & followers and 44,000 LinkedIn and podcast followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hamilton Lane, StepStone, Partners Group, General Atlantic, Hightower, Focus Financial, Corient, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.We went to a mecca of football to film the latest episode. This conversation takes us to Turin, Italy, where we were in the Juventus Creator Lab with Italian football (I mean soccer for the Americans) legend and one of the best defenders of all time Giorgio Chiellini.Giorgio’s career and playing style were defined by Juventus’ very motto, fino alla fine (“until the end”). It’s also a mentality that he brings to every aspect of life on and off the pitch.After an illustrious playing career at one of the world’s biggest clubs, Juventus, and a career that also included two World Cup appearances for Italy and winning the Euro 2020 as the Captain of Italy, Giorgio came back home to Turin rejoin the club where he starred for 17 years: Juventus. Giorgio has gone from the pitch to the boardroom, helping to lead Juventus as the Director of Football Strategy. He has brought the player’s perspective to the business side of football, balancing the nuances of sports and business.Despite the demands that Giorgio faced on the field as a player to maintain a standard of play at the highest levels of the game, he found time during his career to pursue his passion for business. He received his MBA while playing for Juventus and also was involved in the player development side in his final years as a player at LAFC. More recently, he became an investor in LAFC and in Mercury13, a multi-club investor in women’s football teams, including FC Como. He’s also an active investor in the European startup community.Giorgio and I had a wide-ranging and fascinating conversation that covered several dimensions of the business of sport. We discussed:How can sports clubs chase the trifecta, in Giorgio’s view: “sustainable, profitable, and a winner?”How teams, owners, and investors can balance both the sport and business aspects of the game.What it means for sports now that players can have bigger social followings than their clubs or leagues.How Juventus has built and amplified its brand through initiatives like the Creator Lab.How clubs like Juventus can help players build their off-field brand while maintaining a high-quality on-field product.How Giorgio’s work off the field while playing informed how he wanted to spend his time post-career in business.What Giorgio’s day-to-day is like as Director of Football Strategy for Juventus.Why Giorgio invested in LAFC and what he thinks about the future of the MLS.What American owners and investors can learn from European soccer clubs and owners, and what European clubs and owners can learn from American owners and investors.Thanks, Giorgio, for sharing your wisdom, expertise, and enthusiasm at the intersection of sports and business and fino alla fine.Note: this episode was filmed in October 2025 with a plan to publish the conversation around the World Cup.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.Learn more: ultimusfundsolutions.com or email [email protected] thank Ultimus for their support of alts going mainstream.Show Notes00:00 Split Second Decision01:06 A Message from Our Sponsor, Ultimus02:10 Meet Giorgio Chiellini04:31 What Is the Juventus Creator Lab05:12 Clubs Becoming Global Brands05:33 Football Business Then vs Now05:47 Global Reach and Media Rights06:22 Brand Value and Revenue Streams07:52 On-Pitch vs Off-Pitch Business08:23 Winning vs Storytelling08:59 Global Fans and Virtuous Cycle09:49 Too Many Games Problem10:16 Stakeholders and Calendar Control11:31 Communication Fixes Tension12:02 Player to Management Journey13:49 Why He Studied While Playing18:19 Mental Health and Social Media31:14 US Soccer Outlook31:40 Grassroots Takes Time32:04 MLS and USL Growth32:23 MLS Season Motivation32:39 Supporters Shield Math33:15 Travel and Rotation33:42 Europe vs MLS Stakes34:04 Highlights Culture Shift35:16 How Fans Watch Now36:15 Sports Must Adapt36:54 Owners Business Response37:11 Leagues Changing Formats37:47 TV Rights Going Global38:37 Institutional Money Trend39:14 Why Investors Love Sports39:54 Balancing Profit and Growth40:44 Sport Is Emotional40:51 Fiduciary Duty vs Winning42:01 Permanent Capital Juventus44:58 Mission Culture Values46:22 Club and City Identity47:49 Leadership Lessons LearnedEditing and post-production work for this episode was provided by The Podcast Consultant.Join over 16,400 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hamilton Lane, StepStone, Partners Group, General Atlantic, Hightower, Focus Financial, Corient, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.Today’s conversation provides a fascinating window into the world of how one of the industry’s largest wealth managers approaches private markets.We sat down with the man who holds the keys to the kingdom.Mark Sutterlin is the Head of Alternative Investments within the Investment Solutions Group at Bank of America. He leads the firm’s strategy and platform development across hedge funds, private credit, private equity, physical precious metals, and real estate, delivering a broad spectrum of institutional-grade investment solutions to advisors and their clients.Mark brings the advisor’s perspective to bear as he builds the alternative investments menu for Merrill and Bank of America Private Bank and helps educate advisors and clients on how and where to thoughtfully and appropriately include private markets in portfolios.Mark and I had a fascinating discussion. We covered:How GPs can work with private banks.What one of the largest private wealth allocators looks for in GPs.How Merrill approaches different product structures to deliver solutions across the wealth client spectrum.What constitutes a manager’s edge.I loved this conversation with Mark, who takes such a thoughtful approach and brings a true passion to helping clients and advisors build and protect wealth.Thanks, Mark, for sharing your expertise, wisdom, and passion on private markets and private wealth.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.Learn more: ultimusfundsolutions.com or email [email protected] thank Ultimus for their support of alts going mainstream.Show Notes00:00 Investor Edge Beyond Returns00:32 Sponsor Message from Ultimus01:29 Meet Mark Sutterlin03:27 From Advisor to Alts Lead03:34 Lessons From 200804:12 Trust And Advisor Duty04:27 Serving HNW And UHNW04:51 Evergreen To Drawdown Spectrum05:19 Building The Alts Shelf05:52 Platform Design Principles06:35 Diligence As Core Identity07:04 Nuance In Private Credit07:40 Long Term Themes Overlay08:17 Core Satellite Portfolio Mix09:57 Evergreens Take The Lead10:23 Evergreen Growing Pains10:50 Education And Expectations11:49 Who Can Run Evergreens12:40 Allocation Policy And Scale13:07 Post-Sale Servicing Matters13:40 Manager Service Playbook14:57 Vetting Manager Fit17:11 DNA Of A Firm18:24 Speaking Advisor Language19:27 Customization Versus Scale20:23 UHNW Specialist Support21:28 Tools For Custom Proposals22:40 Feedback Loop Builds Menu23:15 Differentiation In UHNW23:52 What Merrill Expects From GPs24:15 Capacity Co-Invest And Access25:04 Next Frontier Experiential Change26:23 Planning Tools For Alts26:41 DLT And Private Markets27:02 Fixing Fragmented Workflows27:21 Streamlining To Drive Adoption27:42 Biggest Blocker Education Gap28:13 Advisor Intimidation And Misperceptions28:37 Shared Responsibility To Educate28:58 Misconception Complexity Fear29:39 Controls And Simple Narrative30:09 Alts Invitationals Bootcamp31:09 Why The Lightbulb Moment Happens31:33 Advisors Stretched Thin32:11 What Why How Spectrum34:12 Implementation Still The Gap34:32 Scaling The Alts Platform35:37 Open Architecture Product Depth35:54 Lifecycle Infrastructure And Controls36:34 Where To Invest Next37:28 Growth Mix Existing Vs New38:40 Advisors Yet To Adopt39:41 Client Sentiment And Experience41:26 Patience And Long Term Comfort42:04 Next Gen Investors And Time Horizon44:11 Manager Edge And Storytelling46:07 Menu Construction And Gatekeepers48:24 Platform Differentiation And Exclusivity50:43 Liquidity Headlines And Real Risks52:24 Excited About AI And Themes54:58 Closing Reflections And Wrap UpEditing and post-production work for this episode was provided by The Podcast Consultant.Join over 16,400 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hamilton Lane, StepStone, Partners Group, General Atlantic, Hightower, Focus Financial, Corient, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.Today’s episode brings commercial real estate credit investing to life with someone who has real estate in his blood. Michael Comparato’s grandfather started building single-family homes in upstate New York in 1946. He built his first shopping center in 1958. Michael was born into a family where he was on construction sites from a young age. At 13, he was doing landscaping. At 15, he was hanging drywall. Today, Michael is a Senior Managing Director, Head of Real Estate and Portfolio Manager with Benefit Street Partners, as well as Chief Executive Officer of Franklin BSP Realty Trust, Inc (NYSE: FBRT). He also serves on the US Executive Committee.Prior to joining BSP in 2015, Michael was Head of U.S. Equity Investments at Ladder Capital. Before that, he was President at Bank Atlantic Commercial Mortgage Capital.Benefit Street Partners is part of Franklin Templeton’s family of specialists in private markets. BSP is a specialized private credit firm with over $92B in AUM. The firm manages a wide range of private credit strategies, including direct lending, special situations, commercial real estate debt, infrastructure debt, asset-backed finance, structured credit, and liquid credit. It also manages a non-traded Business Development Company and publicly-listed mortgage REIT.Since BSP was acquired by Franklin Templeton in 2019, it has partnered with the $1.7T investment manager to expand how it structures various products and funds, enabling more access to the private credit asset class for wealth investors.From his perch as the Head of BSP’s Real Estate business, Michael has the perspective of how one of the industry’s scaled real estate investment firms is approaching commercial real estate credit and where the firm sees opportunity.Michael and I had a fascinating conversation about the evolution of CRE credit and why now might be an interesting time in the CRE credit space. We covered:Why CRE, why now.What bank retrenchment means for CRE credit investors today.The relative resilience of multi-family.The maturity wall myth.Is the “extend and pretend” activity a reality?How AI impacts commercial real estate.Thanks Michael for sharing your passion, wisdom, and expertise on commercial real estate credit.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.Learn more: ultimusfundsolutions.com or email [email protected] thank Ultimus for their support of alts going mainstream.Show Notes00:00 Meet Michael Comparato00:40 Message from Ultimus, our Sponsor02:05 Real Estate in His Blood03:18 Hands On Early Lessons03:41 Finance Meets Real Estate04:13 Hurricane Shopping Center Stories05:15 The Human Side of Property06:13 Story Over Spreadsheet07:50 Why Origination Beats Buying09:48 Family Business Ethos11:06 Relationships Still Matter12:18 Trust and Transparency12:49 Navigating Recent Dislocation14:01 Lending Through COVID14:47 Structuring for Uncertainty15:32 Boom Times Underwriting Shifts18:39 Crowded at the Top28:42 Banks Pull Back, Private Credit Steps In31:22 Banks Shed CRE Risk32:06 Who Gets Paid for Risk32:22 Euphoric Returns Fade33:09 Competition Compresses Yields33:40 Maturity Wall Myth33:59 Extend and Pretend Reality34:23 Taking the Asset Back34:42 Post Hike Loanbook Shift34:54 Hardline Loan Modifications35:54 Real Estate Credit Allocation36:46 Why Institutions Buy In38:27 Equity to Credit Rotation39:10 Wealth Channel On-Ramp40:05 Why Real Assets Win41:04 Why Now for CRE Credit43:18 Credit vs Equity Horizon44:15 Opportunity Set Today45:27 WFH and AI Megatrends48:30 Shelter Beats Disruption50:08 Communities and Reinvention52:23 Real Estate Constant Evolution55:30 CRE Credit vs Direct Lending58:03 Closing ThanksEditing and post-production work for this episode was provided by The Podcast Consultant.Join over 16,200 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hamilton Lane, StepStone, Partners Group, General Atlantic, Hightower, Focus Financial, Corient, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.Today’s episode 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, Growth Equity at Goldman Sachs Alternatives, Hamilton Lane, Golub, 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 and AI are impacting private markets and perspectives on valuation work today. 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 for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.Learn more: ultimusfundsolutions.com or email [email protected] thank Ultimus for their support of alts going mainstream.Show Notes00:00 AI Since Day One01:06 A Message from our Sponsor, Ultimus02:02 Introduction to Yann Magnan04:15 Valuations: From Manual To Automated06:47 Evergreen Funds Shift08:25 Valuations Now Drive Trades13:12 Transparency And Liquidity16:20 Evergreen Ops Requirements18:35 Tech Leverage In Valuation21:02 Data As The Single Source22:45 Why Valuations Differ23:31 Consistency In Valuations24:10 Humans Versus AI26:00 No Single Best Method26:56 Educating Wealth Investors28:15 GP Valuation Uniformity29:27 Global Tech Adoption30:33 Why Tech Helps Fundraising31:30 Data Extraction And Insights34:35 Standardizing Portfolio Data36:11 Scale Versus Expertise38:22 AI Agents In Valuation40:37 Governance And Explainability44:00 Digital GP LP Data Sharing45:29 Trust And Closing ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant.Join over 16,000 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hamilton Lane, StepStone, Partners Group, General Atlantic, Hightower, Focus Financial, Corient, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.We were live from iCapital Connect’s conference in Phoenix, where we sat down with some of the industry’s leaders across asset management and wealth management.Hartley Rogers is a pioneer in private markets. He is the Executive Co-Chairman of Hamilton Lane, where he plays a significant role in investing and client relationship activities, as well as in strategic and organizational development. He is a Member of the Investment Committees and is the Chairman of the Board of Directors.This was a thoroughly fascinating conversation. Hartley’s wealth of knowledge made for a nuanced discussion that married the evolution of the business of asset management with why and how product structure innovation has unfolded as it has in private markets. We also dove into an area that is Hartley’s passion: venture capital and the innovation economy.We covered:Hamilton Lane’s evolution scaling from 50 people in a single office to 800 people across 22 offices.The transformation from investment consulting into a solutions provider and asset manager for investors.The importance of data, tools, access, and portfolio construction to manage the increasing complexity of private markets.How will the wealth channel invest in private markets?The misconceptions of evergreens being “ATMs.”What is the “special sauce” in constructing an evergreen portfolio?How secondaries can help feed the evergreen fund engine.What defines a manager’s edge.What private markets strategies excite Hartley.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.Learn more: ultimusfundsolutions.com or email [email protected] thank Ultimus for their support of alts going mainstream.Show Notes00:00 Hamilton Lane Then and Now01:33 Introduction to our Sponsor, Ultimus03:57 Hartley’s Career Origins04:44 Hamilton Lane’s Consulting Roots05:21 Outsourcing Partner Today05:53 Scaling Changed the Job07:13 Private Markets Explosion08:25 Mega Managers and Complements09:32 Why Middle Market Matters11:32 GP Skillset Evolves12:18 Underwriting in the Data Era13:01 Data Advantage in Secondaries13:51 Secondaries Enable Evergreens14:25 Evergreen Works Across Strategies15:01 Why Wealth Needs Evergreens16:04 Deal Flow and Diversification17:10 How Allocators Use Evergreens18:08 Evergreen vs Drawdown Balance19:12 Evergreens Like ETFs20:22 Structures Still Early Days21:09 Who Gets What Exposure22:28 What Defines Manager Edge23:48 Commitment and Alignment Test34:51 Misconceptions and Closing PicksEditing and post-production work for this episode was provided by The Podcast Consultant.Join over 15,900 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hamilton Lane, StepStone, Partners Group, General Atlantic, Hightower, Focus Financial, Corient, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives into the nuances of the numbers to discuss valuations, underwriting, and the state of private markets.We sat down with Brian Garfield, Managing Director and Global Head of the Portfolio Valuations practice within Lincoln International’s Valuations and Opinions Group.Brian provides valuation and transaction opinion services to public and private alternative asset managers. He leads a team of over 225 professionals, providing strategic oversight for the Global Portfolio Valuation practice which includes both our Portfolio Valuation and Asset Backed Finance teams situated across North America, EMEA and APAC. Brian’s team also produces the Lincoln Private Market Index, Lincoln Senior Debt Index, and Lincoln Default Index.Brian and his team specialize in estimating the fair value for an array of financial instruments, including direct investments in senior, unitranche and subordinated loans, as well as preferred equity, common equity, option and warrants. His expertise also includes valuing secondary fund interests, co-investments, and GP stakes.Prior to joining Lincoln, Brian spent more than six years at Duff & Phelps, LLC, where he advised a wide range of alternative asset managers.Brian and I had a fascinating conversation about the current state of valuations and underwriting in private markets. We discussed:How is AI impacting SaaS company valuations?Taking stock of the current fundamentals of private companies.Is the “iceberg of deals” melting?How indices and benchmarks are bringing a “deeper level of transparency than price” to a market.How is continuation vehicle activity impacting private markets?How has the growth of evergreen funds impacted the world of valuations?Thanks Brian for sharing your expertise, insights, and passion about private markets and valuations.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.Learn more: ultimusfundsolutions.com or email [email protected] thank Ultimus for their support of alts going mainstream.Show Notes00:00 AI Hype Reality Check01:01 A Message From Our Sponsor, Ultimus01:57 Introducing Brian Garfield04:16 Art Versus Science in Valuations05:00 Tech And Automation06:15 Valuation For New Investors07:45 Anchoring To Purchase Price09:03 Entry Versus Exit Nuance10:23 Private Versus Public Multiples11:03 Lincoln Private Market Index12:17 AI And Software Bifurcation17:13 Key Market Health Signals18:34 2021 Vintage Leverage Logjam20:42 Exit Delays And Continuation Vehicles22:05 Winners, Losers, And CVs23:28 Iceberg of Exits24:41 Private Credit Yields Shift27:10 Underwriting Gets Scrubbed30:18 AI and Specialist Edge32:15 Energy Shock Valuation Risk36:48 Public Private Convergence41:47 Evergreen Valuation Cadence43:16 Tech Standards and AI Queries45:41 Backtesting and Transparency48:23 Closing ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant.Join over 15,800 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.Today’s episode unpacks the nuances of the middle market investing landscape with an industry expert who spearheads one of the leading middle market investment platforms.We sat down in Bridgepoint’s London office with Partner and Chief Investment Officer Xavier Robert.Xavier is a Partner of Bridgepoint and Chief Investment Officer, where he’s been a member of the firm for almost 28 years. He is a member of the Firm’s Group Management Committee and Investment Advisory Committee. He currently sits on the boards of MiQ, Kyriba, and Qualitest. He was previously a Board Member and Chair of the Remuneration Committee at eFront, which the firm sold to BlackRock. Prior to joining Bridgepoint, he worked at Total and Ernst & Young.Xavier and I had a fascinating and nuanced discussion about why the middle market is a compelling segment in the market and how Bridgepoint has expanded across asset classes. We discussed:How Bridgepoint’s origins as part of NatWest Banking Group helped to shape the firm’s early days as an independent investment platform.The “entrepreneurial story” of Bridgepoint.The story of Bridgepoint’s IPO and how everyone from the CEO to the receptionist all had shares in the company pre-IPO.The importance of being local in markets across Europe but operating as a single team.The expansion of Bridgepoint’s platform across credit, infrastructure, and secondaries.Why Europe, why now.Why the middle market is an attractive segment for investment.Sizing up the middle market investment opportunity and how the size and scale of middle market companies provides investors with more control of exit outcomes.What drives returns in the middle market.Why and how Bridgepoint has approached working with the wealth channel.Thanks Xavier for coming on the show to share your wisdom, expertise, and passion for private markets, investing, and the European mid-market.Show Notes00:00 Welcome and Setting00:36 Bridgepoint Origins02:14 Ownership Culture03:33 Full Circle Platform04:25 Partnering Values06:06 Why Middle Market08:29 Exits and Liquidity10:12 Value Creation Playbook12:06 Bridgepoint Edge14:05 Europe Local Advantage16:15 Europe vs US Returns18:29 Geopolitics and Expansion19:39 Middle East Growth20:45 Wealth Channel Shift21:25 Wealth Channel Thesis22:23 Responsible Access Design23:11 Evergreen Platform Needs25:40 Why Combine Infra28:35 Evergreen Deal Allocation30:40 Fund Growth Performance32:41 Kyriba Deal Lessons36:34 Middle Market Opportunity37:45 Building Asset Manager40:36 Closing Vision Goal*Note: This episode was recorded in January 2026.Editing and post-production work for this episode was provided by The Podcast Consultant.Join over 15,700 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives into the nuances of private markets with one of the industry’s leaders.We sat down with HarbourVest CEO John Toomey, where he leads a firm that has over $160B in AUM and has over 43 years of experience across primary funds, secondary transactions, direct co-investments, and building customized programs for LPs.John has been at HarbourVest for almost 30 years, joining the firm in 1997 as an Analyst in the Direct team. He spent 10 years as one of the leaders of the Secondary business before serving on Global Investment Committees for nearly a decade. He also served as the original CFO for the HarbourVest Global Private Equity vehicle, which went public in 2007 on Euronext Amsterdam.John is also a member of the Firm’s Conflicts Committee, Sustainable Investing Council, and DEI Council. He received a BA (cum laude) in Chemistry and Physics from Harvard University and an MBA from Harvard Business School.John and I had a fascinating and thought-provoking conversation about the evolution of private markets as an industry. We covered:The biggest differences between private markets in the 1990s and private markets today.How private markets has evolved over the past 30 years.What LPs are looking for today in their manager relationships.Do LPs want more choice or less?Why LPs, both institutions and wealth investors, might outsource private markets capabilities.How the institutionalization of private wealth platforms is shaping how alternative asset managers partner with the wealth channel.Where scale matters for alternative asset managers.Where allocators should be “narrow and limited” with their GP relationships and where allocators should be diversified.What is required for managers that launch and manage evergreen vehicles.The why and the how behind launching a private wealth solutions business.Thanks John for coming on the show to share your wisdom, expertise, and passion for private markets.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.Learn more: ultimusfundsolutions.com or email [email protected] thank Ultimus for their support of alts going mainstream.Show Notes01:17 Message from our Sponsor, Ultimus02:12 Meet John Toomey04:36 HarbourVest’s Early Days05:34 LP Needs Then Versus Now07:37 Why Outsource Private Markets09:27 Program Approach Explained11:00 Earning LP Trust12:53 Building Blocks And Scale14:20 GP Needs And Access Points17:35 Co-Invest Partnership Model18:54 Middle Market Diversification21:26 Punching Above Weight24:22 Big Or Niche Debate27:25 Investing In Data And AI28:27 Evergreens And Wealth Channel30:34 Scale Needed For Evergreens31:43 Multi Manager Future32:39 Wealth Platform Consolidation33:08 Who Can Build Evergreens34:45 Evergreen Deal Flow Mix36:58 How Wealth Wants Access38:20 Centralized CIO Trend39:21 Manager Selection Matters40:56 Diversification Versus Alpha42:41 Funding From Public Markets45:16 Starting Private Equity Today46:54 Institutional Program Evolution51:13 Institutions Using Evergreens53:16 Liquidity And LP Transparency55:40 What Creates Manager Edge58:54 Non-Obvious Data Insights01:01:05 Closing ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant.Join over 15,600 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.Welcome back to the Alt Goes Mainstream podcast.Today’s conversation unpacks an emerging category within infrastructure investing that has a compelling set of market forces and mega trend tailwinds.We sat down in Stonepeak’s New York office with Stonepeak Credit Partner and Senior Managing Director Ryan Roberge.Ryan brings a diverse set of experiences to bear that helped him build an infrastructure credit business at Stonepeak. He previously covered the energy and infrastructure sectors for King Street, a New York-based hedge fund focused on distressed, special situations, and event driven credit investing. Prior to King Street, Ryan worked in the Energy group at TPG Capital, a large global alternative asset manager. Ryan started his career in Credit Suisse’s Energy Investment Banking Group. He received a Bachelor of Science in Finance from Louisiana State University.Ryan and I had a fascinating conversation on why infrastructure credit’s time is now. We covered:How Ryan’s background across energy investment banking, energy private equity, and distressed and special situations energy and infrastructure investing all help when investing in infrastructure credit.Why infrastructure credit is a specialized, capital-intensive strategy.How to underwrite data center risk.Contrarian AI insights.The biggest risks in infrastructure credit investing.How and why infrastructure credit is different from other areas of private credit and direct lending.How a specialist investment platform can help inform where to invest in infrastructure credit.Thanks Ryan for coming on the podcast to share your expertise, wisdom, and passion for infrastructure and credit.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.Learn more: ultimusfundsolutions.com or email [email protected] thank Ultimus for their support of alts going mainstream.Show Notes00:00 Hard Asset Diversification00:25 Welcome to Alt Goes Mainstream01:01 Message from our Sponsor, Ultimus02:06 Meet Ryan Roberge04:16 Ryan Career Origins04:52 From Banking to TPG05:30 Distressed Credit at King Street06:13 Equity Lessons for Credit07:13 Downside First Mindset07:59 What Is Infrastructure Credit08:19 Three Core Sectors08:37 Asset Level Underwriting09:14 Capital Intensive Returns10:07 Thinking Like an Owner10:38 Macro Tailwinds and Funding Gap11:21 Why Direct Lending Misses It12:59 Construction and Value Underwrite13:47 Capital Markets Spectrum16:03 Infra Credit vs Direct Lending18:31 Middle Market First Lien Focus19:53 Portfolio Fit and Diversification25:29 Data Centers Hard Asset Tech Risk26:40 Underwriting Data Center Terminal Value28:25 Are Investors Missing Risks29:00 Deal Structures and Loan to Cost30:31 Investing Across the Value Chain32:01 Mobile Power and Cycle Risk33:15 Long Duration View Ahead33:37 Loan Horizon Framework34:26 Asset First Underwriting34:44 Maintenance Capex Reality35:48 Stress Testing Downside36:02 Capital Flood into Infra36:35 Funding Gap Tailwind37:08 Theme Chasing Pitfalls37:57 Why Skip Renewables38:17 Bigger Deals Cheaper Money38:48 ABF Insurance Capital Rise39:15 Non-IG Hard Asset Risk40:13 Why Not Investment Grade40:27 Key Underwriting Risks40:37 True Loan to Value41:07 Fiber To Home Case Study42:17 Growth Platform Underwrite43:10 Skills For Infra Credit43:28 Team Backgrounds44:39 Downside Ownership Mindset45:26 Contrarian AI Insight46:25 Circular Demand Warning49:07 Data Center Risk Playbook51:52 Investor Demand And Wrap UpEditing and post-production work for this episode was provided by The Podcast Consultant.Join over 15,600 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.Today’s episode takes us to a hub of market structure, a powerhouse of trading, and a crossroads of public and private markets to discuss how private markets are in the midst of a market structure evolution.We sat down at Bloomberg’s NYC headquarters with Bloomberg’s Head of Fixed Income & Private Markets Brad Foster to discuss how technology and data are driving a convergence between public and private markets, particularly as it relates to the credit space.Brad is the Head of Fixed Income & Private Markets at Bloomberg, where he’s focused on delivering the data, analytics, and tools clients need to power public and private market investment strategies and workflows. Brad joined Bloomberg in June 2017 to lead its Enterprise Data Content business as well as its Fixed Income Evaluated Pricing (BVAL) offering. He was appointed Head of Fixed Income, including Securitized Products, in early 2023 and Head of Fixed Income & Private Markets in early 2024. Prior to joining Bloomberg, Brad spent almost 20 years on the sell-side in multiple locations, including London, Tokyo, and New York, for Deutsche Bank as a Managing Director in Global Markets across Global Finance, Fixed Income & Currencies, Structured Finance, Special Situations, Structured Lending and Front Office Risk Management, including CVA and Counterparty Risk, where he managed a team that built a Cross-Product Risk and Portfolio Margining Platform. Prior to Deutsche Bank, he was at Credit Suisse in the Market Risk Management Group.Brad and I had a fascinating conversation about public and private credit and how data and technology are shaping these markets. We covered:How Bloomberg’s history shaping other market structures are informing how private markets market structure is evolving.How public and private credit are converging.Definitions and perspectives on liquidity vs illiquidity, what’s risky and what’s not risky.What private markets needs from a market infrastructure perspective to scale.Why borrowers are choosing private credit and the investment grade private credit option.How Bloomberg is approaching private credit and private markets market structure.Bloomberg’s build vs. buy vs. partner strategy with private markets tech.Thanks Brad for sharing your wisdom, expertise, and passion at the intersection of credit, market structure, and financial technology.Show Notes00:00 Scaling Private Markets01:45 Welcome to the Alt Goes Mainstream Podcast04:29 Brad Foster’s Background05:28 Client Empathy Product07:13 Fixed Income Lessons08:48 Efficiency and Electronification10:00 Credit Spectrum Converges11:58 Why Borrowers Go Private13:37 Foundational Data Plumbing15:07 Asset Owners Portfolio View16:53 Transparency Versus Alpha19:43 Market Structure Endgame21:15 Bloomberg Terminal Workflow23:35 Bought Not Sold24:54 Secondary Markets Rise25:46 Desktop Real Estate28:24 Chat For Deal Flow29:25 Build Buy Partner32:05 Daphne Workflow Fix33:09 Master Data Matters34:58 Need Industry Taxonomy36:09 Standardizing Valuations38:54 Transparency And Liquidity42:01 Portfolio Risk Tools44:25 Agree On Definitions46:11 Scaling For Growth47:42 Closing ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant.Join over 15,400 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.Today’s episode unpacks how to build a private equity firm within one of the largest and most unique investment platforms in private markets.We sat down in Brookfield Asset Management’s Brookfield Place office in downtown NY with David Nowak, the President of Brookfield’s Private Equity Group.David and I dove into a conversation about the private equity industry, Brookfield’s approach to private equity, and how the firm’s culture and DNA shapes how they work with portfolio companies and LPs.David has overall responsibility for the Private Equity Group’s North American business. He also serves as Chief Executive Officer of Brookfield Private Equity Fund. He joined Brookfield in 2011. He holds a MBA degree from Duke University, where he graduated as a Fuqua Scholar, and a Bachelor of Laws degree from the University of Western Ontario.David and I had a fascinating discussion about private equity and the Brookfield platform. We covered:* How Brookfield’s owner-operator alignment informs how they approach private equity investing and their partnerships with portfolio companies.* How the industry has gone from “roll your dice private equity to roll up your sleeves private equity.”* Why and how the firm has a “blue collar work ethic.”* The firm’s flat structure and a culture of collective effort, humility, and “earning your seat.”* Why Brookfield’s private equity business focuses on complex carve outs.* Why it’s important for investors to “think like an operator.”* How the firm approaches value creation and the importance of understanding value creation levers even before making an investment.* How Brookfield’s broader platform provides the private equity business with insights and subject matter expertise.* The story behind Brookfield’s Westinghouse investment.* What it means to look for “unloved businesses.”* Why private equity is an apprenticeship business and how AI might impact the next generation of private equity leaders.Thanks David for sharing your expertise, wisdom, and passion for private equity and company and culture-building.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.Learn more: ultimusfundsolutions.com or email [email protected] thank Ultimus for their support of alts going mainstream.Show Notes00:00 Cold Open00:51 A Message from our Sponsor, Ultimus01:48 Welcome to David Nowak03:33 Brookfield Culture - We Not I04:46 Succession Humility and Earn Your Seat06:23 Owner Operator Alignment08:27 Maax Bath Turnaround Story09:42 Roll Up Your Sleeves Private Equity11:42 Operators on the Team12:20 Secondments Train Investors13:07 Platform Edge and Insights14:58 Westinghouse Nuclear Thesis15:58 Collaboration Across Platform18:12 Long-Term Playbook Mindset20:28 Value Creation - Three-Part Framework24:07 Contrarian Not Thematic25:57 Valuation Nuance - Graphite Example27:38 Fixable vs Hard Problems28:51 Winning Management Buy-In30:03 Humility in Diligence31:50 Stretching Young Leaders34:12 Scaling Culture Globally37:14 Fund Size and Returns39:22 Quality vs Cheap Framework41:50 Graphtech Value Creation43:48 Upfront Work and Speed46:05 Defining High Quality47:27 Treating People Right48:33 Curiosity in Private Equity50:39 AI and Apprenticeship52:08 Blue Collar Lessons54:27 Closing ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant.Join over 15,300 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives into what it takes to start, build, and scale an alternative asset manager.We sat down in Stable Asset Management’s London office with Erik Serrano Berntsen.Erik is the CEO of Stable, where he defines and executes the firm’s investment strategy. Stable is one of the largest and most tenured GP stake builders globally. The firm manages around $5B in assets and has built over 40 firms since 2006.Stable makes strategic seed and acceleration investments to launch and scale alternatives GPs across public and private markets. With offices in New York, London, and Palm Beach, the firm backs investment firm Founders who understand that extraordinary performance requires building exceptional organizations.Committed to education as a catalyst for change, Erik supports the LSE Alternative Investments Conference — the world’s largest student conference for alternatives, which is how we met 16 years ago — as well as Girls Who Invest and Girls Are Investors. Stable backs 100 Women in Finance and is a Founding Partner of the 10,000 Interns Foundation.Erik holds a BA in Politics, Philosophy, and Economics from Keble College, Oxford, and an MBA with honors and a concentration in Finance from the University of Chicago Booth School of Business.Erik and I had a fascinating conversation about what it takes to be a great investor and build a unique investment firm. We discussed:* How the business of asset management has evolved since 2006.* What is the “operating system” of an asset management business?* The incentives gap between LPs and GPs — and how that evolves as GPs scale.* How GP seeding and GP stakes can be a solution to LP / GP misalignment.* How to discern a manager’s “edge” and how “edge” can change with firm growth.* The most non-obvious trait that makes for a great asset management founder.* The nuances of evergreen structures and which strategies might be better suited for evergreen structures.* The merits of the GP stakes investment strategy for LPs.Thanks Erik for sharing your wisdom, expertise, and passion about GP stakes and asset management.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.Learn more: ultimusfundsolutions.com or email [email protected] thank Ultimus for their support of alts going mainstream.Show Notes00:00 Likeability Wins00:55 Welcome to the Alt Goes Mainstream Podcast01:50 Introduction to Erik Serrano Berntsen and Stable04:08 Why they named the firm Stable05:38 Branding as Alts Evolve06:47 From Benchmarks to Solutions08:22 What Stable Does08:57 LP / GP Misalignment09:35 GP Stakes Solution10:09 Non-Market Risks11:45 How Edge Changes with Scale14:25 Three Edges to Underwrite16:43 Founders Think Long Term16:55 Project Legends20:28 Timing Cycles and Strategy Drift24:14 Seed vs Acceleration Playbook26:24 Evergreen Capital Goes Mainstream32:25 Wealth Channel Core vs Niche35:25 Strategy and Scale Matrix35:52 Private Equity Liquidity Challenge34:46 Evergreens by Strategy37:06 GP Stakes Lifecycle40:34 Specialist Credit Edge41:52 “Podshopification” in Private Markets44:02 Founder Supply Drivers46:34 Self Awareness Edge48:22 Always Be Sourcing50:16 Founder Led Alignment50:37 Founder to Founder Trust55:28 Operating System Playbook59:46 Valuing Asset Managers01:04:08 Stigma Is Fading01:07:48 What Is Manager Edge01:11:14 Firms to Emulate01:14:24 Final Wrap UpEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 15,200 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives into how data and market structure are shaping private markets.We sat down in MSCI’s New York office with Luke Flemmer, the Head of Private Assets at MSCI to discuss how standardization and normalization of data can help bring efficiency, transparency, and liquidity to private markets.Luke brings a unique perspective to private markets. He was previously Managing Director, Head of Digital Strategy for Alternative Investments at Goldman Sachs Asset Management, and was Co-Founder and CEO of Lab49, a global solutions provider of investment and risk technology to asset managers and investment banks.When the ION Group acquired Lab49, Luke became Co-Head of ION’s Capital Markets Division, delivering software and solutions to the group’s global financial services customer base.Earlier in his career, Luke worked in the fields of robotics and artificial intelligence. He is a CFA charterholder.Luke and I had a fascinating conversation about private markets market structure and how MSCI is playing a role in driving standardization, normalization, and transparency of data in private markets. We covered:* Parallels to market structure evolutions in equities, fixed income, FX, and derivatives.* Tradeoffs of transparency for private markets participants.* What it will take to build transparency and price formation in private markets.* Where investors will still be able to find durable alpha.* What standardization and normalization of data means for secondary markets.* Analogies between Greek mythology and private markets.* How secondaries has gone from a trade to a portfolio management tool.* How index creation will impact private markets.Thanks Luke for sharing your wisdom, expertise, and passion at the intersection of private markets and market structure.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.Learn more: ultimusfundsolutions.com or email [email protected] thank Ultimus for their support of alts going mainstream.Show Notes00:30 Welcome to the Alt Goes Mainstream Podcast01:07 Sponsor Intro: Ultimus Fund Solutions02:09 Meet MSCI’s Luke Flemmer05:38 Wall Street Lessons: Fixed Income’s Electronification07:00 From FX to Private Assets: The Data-Rich Value Chain08:01 Harmonized Data → Liquidity09:35 The Transparency Tradeoff: Who Wins, Who Loses?11:42 What Efficiency Does to Private Market Spreads13:49 Decomposing Private Equity Alpha: Manager Skill and Illiquidity15:45 Building Blocks, Benchmarking and Total Portfolio20:56 Parable of the Ship of Theseus: Should Private Markets Become Public Markets?26:20 How LP Pressure Changed Reporting26:57 Denominator Effect and the Push Toward Active LP Portfolio Management28:05 Balancing Liquidity Across Public and Private29:06 The Public/Private Blend Index: Why 85/15 Matters30:08 Solving the “Stale Mark” Problem31:18 Smoothing, Stickiness, and Forced Secondary Sales32:34 What It Takes to Nowcast PE Daily: Marks and Public Market Correlations33:51 Secondaries as a Pricing Flywheel: Faster Price Formation, Better Models35:01 Lessons from Fixed Income NAVs36:55 Building Trust in Private Benchmarks: Data Scale and Adoption Over Cycles37:42 Unlocking the Wealth Channel (and 401(k)s): What Must Be True First41:20 Advisor Pain Points: Liquidity Reality Checks and Factor Decomposition42:57 Durable Alpha in Private Equity and Credit44:50 Indexing Private Equity: Return Tracker, Replication, and the ETF Bridge46:52 Standardizing the Language (Liquidity) and MSCI as the Market’s Connective TissueEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 15,100 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.The Goldman Sachs Alternatives Summit “convened leaders across finance, geopolitics, technology, and culture” to discuss themes driving global markets.2025’s Alternatives Summit was about “navigating a world in flux,” as the firm’s recap of its event noted.The event aimed to help investors cut through the noise and put together the pieces of the puzzle in a dynamic and increasingly complex world.Alt Goes Mainstream joined the event to have unscripted conversations with Goldman Sachs Alternatives leaders to cut through the noise by unpacking key themes and trends at the intersection of private markets and private wealth.In this special series, we went behind the scenes and interviewed six Goldman Sachs Alternatives leaders about their current thinking on private markets and how the firm has built and evolved its private markets capabilities.This conversation was with Jeff Fine, Partner, Global Co-Head of Alternatives Capital Formation within Goldman Sachs Asset Management, with responsibility for capital raising, product strategy, research and investor relations across private equity, private credit, real assets, secondaries, GP stakes and hedge funds/liquid alternatives.Jeff is a member of the Real Estate Investment Committee and Urban Investment Group Investment Committee. Jeffrey is also on the boards of GS Real Estate Investment Trust and GS Real Estate Finance Trust. Previously, he was Global Head of Real Estate Client Solutions for Goldman Sachs Asset Management and a senior real estate investor in the Merchant Banking Division for more than 20 years. Jeffrey joined Goldman Sachs in 2002 in the Merchant Banking Division as an Analyst. He was named Managing Director in 2012 and Partner in 2018. Jeff is Chairman of the Dyson School Advisory Council and a member of the SC Johnson College of Business Leadership Council at Cornell University. He is a member of the Cornell Endowment’s Risk, Liquidity, and Operations Subcommittee and the Board of Directors of the Pension Real Estate Association Foundation. Jeffrey is also a member of the Council on Foreign Relations and the Met Council at the Brookings Institution.Jeff and I had a fascinating conversation about the intersection of private markets and private wealth, fundraising trends, and the growing role of insurers and the wealth channel in private markets capital formation. We covered:The evolving private markets landscape.The important role of the product specialist.The impact of AI on investing and what it means for private markets.What it takes to be a great investor.The importance of the value creation process in driving investment value.The future of capital formation in private markets.Thanks Jeff for sharing your wisdom, expertise, and passion about private markets and private wealth.Show Notes01:12 Welcome to the Alt Goes Mainstream Podcast02:20 Jeff Fine’s Background and Career Journey03:49 The Evolving Private Markets Landscape05:29 The Role of Product Specialists in Wealth Channels06:31 Blurring Lines Between Sales and Investment07:52 Balancing Investment and Client Needs08:06 The Importance of Resourcing and Talent08:53 Challenges in the Fundraising Environment11:03 Balancing Investment and Client Needs13:17 Transparency and Client Communication14:00 The Future of Private Markets and Capital Formation14:21 Growth in Private Markets19:20 Global Capital and Diversification21:33 Smart Allocation in Private Markets23:06 Private Credit as a Yield Instrument23:59 The Role of Insurance in Private Markets26:51 Customization and Scale in Private Markets28:31 Balancing Customization and Operational Efficiency31:34 Trends in LP Relationships33:19 Strategic Partnerships and Cost Efficiency34:21 Concerns About Market Valuations35:41 Belief in Future Growth37:16 The Importance of Scale37:48 Advice for LPs in the Current Market39:31 Conclusion and Final ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.The Goldman Sachs Alternatives Summit “convened leaders across finance, geopolitics, technology, and culture” to discuss themes driving global markets.2025’s Alternatives Summit was about “navigating a world in flux,” as the firm’s recap of its event noted.The event aimed to help investors cut through the noise and put together the pieces of the puzzle in a dynamic and increasingly complex world.Alt Goes Mainstream joined the event to have unscripted conversations with Goldman Sachs Alternatives leaders to cut through the noise by unpacking key themes and trends at the intersection of private markets and private wealth.In this special series, we went behind the scenes and interviewed six Goldman Sachs Alternatives leaders about their current thinking on private markets and how the firm has built and evolved its private markets capabilities.This conversation was with Michael Bruun, Partner, Global Co-Head of Private Equity within Goldman Sachs Asset Management.He is a member of the Goldman Sachs Asset Management International Management Committee, Asset Management (AM) Private Equity Investment Committee, AM Growth Equity Investment Committee, AM Sustainable Investing Investment Committee, Asset & Wealth Management Inclusion and Diversity Council and is a member of the Goldman Sachs Firmwide Client Franchise Committee. In 2021, Michael was named Head of EMEA Private Equity within Goldman Sachs Asset Management and from 2019 to 2021, he was Head of Private Equity and Growth Equity investing for India. Michael joined the Merchant Banking Division in 2010 and worked in London and New York. Prior to that, he was a member of the Nordic Mergers & Acquisitions team in the Investment Banking Division (IBD), after initially joining IBD in 2005. Michael joined Goldman Sachs as an Analyst in the Fixed Income, Currency and Commodities Division in 2004. He was named Managing Director in 2013 and partner in 2016. Michael serves on the boards of Advania, Kahoot!, LRQA, Norgine, Synthon and Trackunit. He is a founding partner of the Human Practice Foundation in Denmark and a trustee in the UK. Michael earned a BA in Economics from the University of Copenhagen.Michael and I had a fascinating conversation about private equity, today’s investing environment, the hardest part about investing today, and how product innovation is impacting private equity’s market structure. We discussed:How investors can approach allocating to private equity today.The toolkit required to generate returns in private equity today.The importance of network and operating partners in value creation.How new product innovation and new structures like evergreens and continuation vehicles are changing growth equity and private equity.The importance of understanding macro in a new world order of geopolitics and a new world order of investing.The skillsets that investors need to have to be a good investor in today’s investing environment.The hardest part about investing today.Thanks Michael for sharing your wisdom, expertise, and passion about private equity.Show Notes00:57 Welcome to the Alt Goes Mainstream Podcast01:12 Introducing Michael Bruun01:51 Michael’s Career Journey02:20 Evolution of Private Equity02:50 Impact of Market Changes on Returns03:35 Operational Value Creation04:20 Importance of Value Creation Resources05:06 Driving EBITDA Growth05:58 Segments of Value Acceleration07:13 Focus on Data and AI08:31 AI in Different Market Segments11:38 Goldman Sachs’ Broader Platform12:13 Network and Insights at Goldman Sachs14:46 Importance of Scale in Private Equity16:00 Co-Investments and Evergreen Vehicles18:33 Flexibility in Private Markets19:50 Allocating to Private Equity Today20:28 Differentiation Through Resources24:27 Navigating Volatility25:35 Post-Investment Operations26:00 Goldman Sachs Engineering26:56 Excitement for the Future of Private Equity28:21 CEO AI Academy28:46 Conclusion and Wrap-UpEditing and post-production work for this episode was provided by The Podcast Consultant. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.The Goldman Sachs Alternatives Summit “convened leaders across finance, geopolitics, technology, and culture” to discuss themes driving global markets.2025’s Alternatives Summit was about “navigating a world in flux,” as the firm’s recap of its event noted.The event aimed to help investors cut through the noise and put together the pieces of the puzzle in a dynamic and increasingly complex world.Alt Goes Mainstream joined the event to have unscripted conversations with Goldman Sachs Alternatives leaders to cut through the noise by unpacking key themes and trends at the intersection of private markets and private wealth.In this special series, we went behind the scenes and interviewed six Goldman Sachs Alternatives leaders about their current thinking on private markets and how the firm has built and evolved its private markets capabilities.This conversation was with Harold Hope, Partner, Global Head of Vintage Strategies, one of the world's largest secondary fund managers, in the External Investing Group (XIG) within Goldman Sachs Asset Management.He is also Chair of the XIG Vintage Funds Committee and a member of the XIG Real Estate Strategies Investment Committee and the XIG GP Strategies Investment Committee. Harold joined Goldman Sachs in 1999 as an Associate in Leveraged Finance and Corporate Finance within the Investment Banking Division and moved to the Alternative Investments & Manager Selection (now XIG) private equity business in 2001. He was named Managing Director in 2006 and Partner in 2016. Prior to joining the firm, Harold worked as a financial analyst at the investment banking boutique Bowles Hollowell Conner & Co. Harold earned a BA in Economics and Political Science from the University of North Carolina.Harold and I had a fascinating and timely conversation about the growth and evolution of the secondaries market. We discussed:Perspectives from Harold’s early days in secondaries 25 years ago, when Goldman had raised its first $400M fund in secondaries and when the secondaries industry was doing around $2B per year in transaction volume.How the secondaries market is vastly different from five years ago.The evolution of innovation in the secondaries market.Why problem-solving is a defining feature of secondaries.What is the right skillset required to be a great secondaries investor?Why secondaries is fundamentally a valuation oriented business.Are secondaries returns driven by buying high-quality assets or by buying at steep discounts?Misconceptions about continuation vehicles and how the trend of private companies staying private longer impacts CVs.The how and the why behind Goldman’s recent acquisition of Industry Ventures and why Goldman is excited about the opportunity set in venture and growth secondaries.Why scale matters in secondaries.Why secondaries might not become a traded market like the bank loan market and why secondaries may not fully achieve standardization because managers may not want completely uniform standardization.Why secondaries can be an on-ramp to private markets for private wealth investors.Thanks Harold for sharing your wisdom, expertise, and passion about secondaries and private markets.Show Notes00:35 Welcome to the Alt Goes Mainstream Podcast01:12 Introduction to Harold Hope02:19 The Changing Landscape of the Secondaries Market04:55 Skills and Strategies in the Secondaries Business05:58 Valuation Approaches in Secondaries07:38 Continuation Vehicles and Market Misconceptions11:23 Goldman Sachs’ Industry Ventures Acquisition12:49 Specialized Teams and the Importance of Scale13:55 Goldman Sachs’ Unique Position in Secondaries15:14 The Role of Data and AI in Secondaries17:42 Future Growth and Opportunities in Secondaries18:33 Secondaries as an On-Ramp for Retail Investors19:23 Conclusion and Final ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.The Goldman Sachs Alternatives Summit “convened leaders across finance, geopolitics, technology, and culture” to discuss themes driving global markets.2025’s Alternatives Summit was about “navigating a world in flux,” as the firm’s recap of its event noted.The event aimed to help investors cut through the noise and put together the pieces of the puzzle in a dynamic and increasingly complex world.Alt Goes Mainstream joined the event to have unscripted conversations with Goldman Sachs Alternatives leaders to cut through the noise by unpacking key themes and trends at the intersection of private markets and private wealth.In this special series, we went behind the scenes at the Goldman Sachs Alternatives Conference and interviewed six Goldman Sachs Alternatives leaders about their current thinking on private markets and how the firm has built and evolved its private markets capabilities.This conversation was with Kristin Olson, Partner, Global Head of Alternatives for Wealth within Asset & Wealth Management and a member of the Management Committee. In her role, she oversees the global alternatives platform and alternatives product strategy across wealth client businesses. Kristin joined Goldman Sachs in 1998 as an Analyst in the Financial Institutions Group in the Investment Banking Division. She was named Managing Director in 2008 and Partner in 2014. Kristin is a member of the Cold Spring Harbor Laboratory, a leading research institution focusing on cancer, neuroscience, plant biology, genomics, and bioinformatics, and is a member of the Georgetown University Board of Regents. Kristin earned a BS in International Economics, magna cum laude, from Georgetown University in 1998.Kristin and I had a fascinating conversation about private markets, private wealth, how to approach strategic and tactical asset allocation, the evolvingLessons learned from working with Goldman Private Wealth clients that the firm has applied to how they approach serving client needs across the wealth channel with private markets solutions.Why Millennials are interested in investing in private markets.How investors access innovation through private markets.How can alternative asset managers approach educating the client and investor of the future?How private markets fits into a strategic asset allocation framework.What’s the next evolution in private markets education for the wealth channel investor?What is the main source of information about private markets for investors?The future of implementation, model portfolios, and hybrid products in private markets.Thanks Kristin for sharing your wisdom, expertise, and passion at the intersection of private markets and private wealth.Show Notes00:00 Introduction to Asset Allocation at Goldman Sachs00:42 Welcome to the Alt Goes Mainstream Podcast01:20 Interview with Kristin Olson: Background and Career02:44 Evolution and Education in Private Markets04:27 Serving Different Wealth Channels06:06 Product Innovation and Strategy07:31 Survey Insights and Future Trends08:30 Connecting with Younger Investors09:59 The Future of Education in Alternatives12:50 Consolidation and Partnerships14:54 Product Innovation and Strategy17:15 Advice for New Investors in Private Markets18:02 Conclusion and Wrap-UpEditing and post-production work for this episode was provided by The Podcast Consultant. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.The Goldman Sachs Alternatives Summit “convened leaders across finance, geopolitics, technology, and culture” to discuss themes driving global markets.2025’s Alternatives Summit was about “navigating a world in flux,” as the firm’s recap of its event noted.The event aimed to help investors cut through the noise and put together the pieces of the puzzle in a dynamic and increasingly complex world.Alt Goes Mainstream joined the event to have unscripted conversations with Goldman Sachs Alternatives leaders to cut through the noise by unpacking key themes and trends at the intersection of private markets and private wealth.In this special series, we went behind the scenes at the Goldman Sachs Alternatives Conference and interviewed six Goldman Sachs Alternatives leaders about their current thinking on private markets and how the firm has built and evolved its private markets capabilities.This conversation was with James Reynolds, Global Co-Head of Private Credit within Goldman Sachs Asset Management. He also serves as Chief Executive Officer of Goldman Sachs Asset Management International.James is Co-Chair of the Asset Management Private Credit Investment Committee, as well as a member of the Management Committee, Partnership Committee, the European Management Committee and the EMEA Talent Council. James joined Goldman Sachs in 2000 as an Analyst and was named Managing Director in 2007 and Partner in 2010. James is a trustee of Greenhouse Sports and serves as a member of the Corporation Development Committee of the Massachusetts Institute of Technology (MIT). James earned a BS from the École Nationale des Ponts et Chaussées in 1998 and an MSc from MIT in 2000.James and I had a fascinating conversation about Goldman’s extensive history in private credit and the current market dynamics. We covered:Why all capital coming into the private credit industry is not created equal.How Goldman’s culture of “partnership, collaboration, and the right incentives” provides them with an edge in origination.Why James is an “optimistic pessimist.”Narrative versus reality in private credit markets today.What creates alpha in private credit.How to build an investment culture and, in credit, how to build an investment culture that “doesn’t feel pressure to deploy.”Why many investors are focusing on Europe.How the entire platform of Goldman Sachs helps them in private credit.Thanks James for sharing your expertise, wisdom, and passion for private credit, private markets, and private wealth.Show Notes00:00 Introduction: Investment Culture in Private Credit00:40 Welcome to the Alt Goes Mainstream Podcast01:33 James Reynolds’ Background and Career Journey02:05 Early Days of Private Credit03:01 Evolution and Growth of Private Credit03:30 Direct Origination and Financing Solutions04:31 Growth and Capital in Private Credit06:37 Importance of Origination in Private Credit07:05 Goldman Sachs’ Competitive Edge09:19 Global Perspective and Market Trends11:10 One Goldman: Unified Solutions14:49 Navigating Market Trends and Deployments16:04 Investment Culture and Minimizing Defaults18:42 Investment Culture and Team Dynamics20:13 Traits of a Great Credit Investor22:51 Assessing the Business of Asset Management24:58 Opportunities in European Credit Market28:49 Concerns and Future of Private CreditEditing and post-production work for this episode was provided by The Podcast Consultant. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives into the rapidly expanding world of secondaries with a senior leader at one of the pioneering firms in the secondaries space.We sat down at Franklin Templeton’s New York office with Taylor Robinson, a Partner on the Secondary team at Lexington Partners, which has over $77B in total capitalization and is part of Franklin Templeton’s family of private markets funds and strategies.Taylor, who joined the firm in 2008, is primarily focused on the origination, evaluation, and execution of secondary opportunities, including partnership and GP-led transactions. He’s also a member of Lexington’s ESG Steering Committee.Taylor and I had a fascinating conversation about the current state of the secondaries market. We covered many of the hot button topics and trends that are shaping the secondaries market, including:* Why secondaries have become an integral part of many LPs portfolios.* How secondaries have become a portfolio management tool for LPs.* The rise of GP-led secondaries.* Why not all CVs are created equal.* Why secondaries can be a good on-ramp to private markets for wealth channel investors.* What the future holds for secondaries.Thanks Taylor for coming on the show to share your expertise and wisdom about private markets and secondaries.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.Show Notes00:00 A Different Way of Thinking About Private Equity01:21 Welcome to the Alt Goes Mainstream Podcast01:31 Meet Taylor Robinson from Lexington Partners02:03 The Evolution of the Secondaries Market02:36 Taylor Robinson’s Career Journey03:16 Joining Lexington Partners During the Financial Crisis04:49 The Growth of the Secondaries Market05:46 Impact of the Financial Crisis on Secondaries06:11 The Role of Liquidity in Market Growth06:59 Current State of the Secondaries Market07:39 Focus Areas in the Secondary Market07:55 Traditional vs. GP-Led Secondary Deals09:06 The Importance of Liquidity10:26 Challenges for Institutional LPs11:39 Active Portfolio Management15:48 Evaluating and Partnering with GPs16:50 The Role of Information and Relationships20:53 Future of Secondary Markets and Regulation23:58 Primary vs. Secondary Fund Investing28:01 Nuances in Secondary Market Strategies32:29 Asset Selection in Secondary Markets32:50 Value Drivers in Secondary Deals33:32 Consistent Return Generation34:44 Specialization in Secondary Markets35:12 Different Ways to Make Returns36:35 Comparing Secondary and Primary Funds38:38 Evaluating Secondary Funds40:20 Evergreen Funds and Secondary Investments44:07 Challenges in Evergreen Space45:01 Investor Preferences and Structures45:26 Wealth Channel and Capital Raising46:50 Skillset for Secondary Investors49:11 Importance of Intellectual Curiosity50:17 Underrated Skills for Success52:03 Industry Trends and GP Consolidation53:36 Understanding Market Dynamics54:58 Training and Retention at Lexington55:25 Future of Secondary Markets56:07 Scale and Growth Potential57:56 Misconceptions About Secondary Markets59:44 Shifting Mindsets on Secondary Investments01:01:10 Evolution of the Secondary Market01:01:39 Conclusion and Final ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant.Join over 14,800 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives into the rapidly expanding world of secondaries with a senior leader at one of the pioneering firms in the secondaries space.We sat down at Franklin Templeton’s New York office with Taylor Robinson, a Partner on the Secondary team at Lexington Partners, which has over $77B in total capitalization and is part of Franklin Templeton’s family of private markets funds and strategies.Taylor, who joined the firm in 2008, is primarily focused on the origination, evaluation, and execution of secondary opportunities, including partnership and GP-led transactions. He’s also a member of Lexington’s ESG Steering Committee.Taylor and I had a fascinating conversation about the current state of the secondaries market. We covered many of the hot button topics and trends that are shaping the secondaries market, including:* Why secondaries have become an integral part of many LPs portfolios.* How secondaries have become a portfolio management tool for LPs.* The rise of GP-led secondaries.* Why not all CVs are created equal.* Why secondaries can be a good on-ramp to private markets for wealth channel investors.* What the future holds for secondaries.Thanks Taylor for coming on the show to share your expertise and wisdom about private markets and secondaries.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.Show Notes00:00 A Different Way of Thinking About Private Equity01:21 Welcome to the Alt Goes Mainstream Podcast01:31 Meet Taylor Robinson from Lexington Partners02:03 The Evolution of the Secondaries Market02:36 Taylor Robinson’s Career Journey03:16 Joining Lexington Partners During the Financial Crisis04:49 The Growth of the Secondaries Market05:46 Impact of the Financial Crisis on Secondaries06:11 The Role of Liquidity in Market Growth06:59 Current State of the Secondaries Market07:39 Focus Areas in the Secondary Market07:55 Traditional vs. GP-Led Secondary Deals09:06 The Importance of Liquidity10:26 Challenges for Institutional LPs11:39 Active Portfolio Management15:48 Evaluating and Partnering with GPs16:50 The Role of Information and Relationships20:53 Future of Secondary Markets and Regulation23:58 Primary vs. Secondary Fund Investing28:01 Nuances in Secondary Market Strategies32:29 Asset Selection in Secondary Markets32:50 Value Drivers in Secondary Deals33:32 Consistent Return Generation34:44 Specialization in Secondary Markets35:12 Different Ways to Make Returns36:35 Comparing Secondary and Primary Funds38:38 Evaluating Secondary Funds40:20 Evergreen Funds and Secondary Investments44:07 Challenges in Evergreen Space45:01 Investor Preferences and Structures45:26 Wealth Channel and Capital Raising46:50 Skillset for Secondary Investors49:11 Importance of Intellectual Curiosity50:17 Underrated Skills for Success52:03 Industry Trends and GP Consolidation53:36 Understanding Market Dynamics54:58 Training and Retention at Lexington55:25 Future of Secondary Markets56:07 Scale and Growth Potential57:56 Misconceptions About Secondary Markets59:44 Shifting Mindsets on Secondary Investments01:01:10 Evolution of the Secondary Market01:01:39 Conclusion and Final ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant.Join over 14,800 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.Today’s episode features a pioneer who has been building the core infrastructure that is making private markets go mainstream.We talk with Gary Tenkman, a 30-year veteran of the fund administration world who is the CEO of Ultimus Fund Solutions. Ultimus serves over 450 clients and 2,300 funds, representing $725B of assets under administration, all handled by a team of over 1,100 professionals. Ultimus, which is backed by private equity firm, GTCR and, more recently, Stone Point, is able to help investment managers navigate a growing array of challenges that include elaborate fund structures and evolving compliance requirements. Gary has built a business that combines the best of technology and human experts in fund administration to serve many of the industry’s largest funds. Ultimus has also been a big part of the ability for private markets to innovate with evergreen and interval fund structures since they have the necessary infrastructure and services to help fund managers launch, run, and administer evergreen structures.Prior to joining Ultimus as CEO, Gary was Head of North American Operations at another large fund service provider, where he was responsible for service delivery for all clients in the region. During his 16 years there, he held leadership positions in alternative investment fund services, European fund services, and US fund services.Gary and I had fascinating conversation about the evolution of fund administration and how fund administration in private markets has changed with the growing interest in evergreen and interval funds. We discussed:* How fund administration has changed over the 30 years Gary has been in the industry.* Will the evergreen fund industry mirror the growth and evolution of the mutual fund industry?* The gap that Gary and Ultimus saw in private markets fund administration.* Why fund services for evergreen fund structures is very complex and hard to do well.* How technology can provide leverage to fund administration.* Will AI impact fund administration?* Why fund services are a compelling investment category for private equity.Thanks Gary for coming on the show to share your wisdom and experience and thanks for your support of Alt Goes Mainstream. The work you’re doing at Ultimus is making a big impact on evolving the industry, so it’s an honor to have you partner with AGM. We hope you enjoy.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.Show Notes00:58 Welcome to the Alt Goes Mainstream Podcast01:07 Introducing Gary Tenkman and Ultimus Fund Solutions02:00 Gary’s Background and Experience03:43 Gary’s Journey in Fund Administration04:31 Public vs. Private Market Fund Administration04:50 Growth Areas in Fund Administration07:05 Automation and Standardization in Fund Administration08:34 Challenges in Data Standardization11:50 AI’s Role in Fund Administration12:55 Fund Level vs. Asset Level Data14:02 Lessons from the Mutual Fund Industry14:54 Product Innovation in Private Markets19:51 Guiding Firms in the Evergreen Space30:06 Founding of Ultimus30:38 Client-Centric Approach30:59 Investing in Technology and Growth31:18 Mergers and Acquisitions31:44 Scaling in Private Markets32:44 Challenges and Agility33:40 Client-Centric Culture34:18 Winning Awards and Client Retention34:43 High-Quality Client Service35:38 Maintaining Culture Through Growth36:50 Industry Consolidation37:37 Partnerships and Investments39:02 Future M&A Opportunities39:27 Stone Point’s Investment40:41 Growth in Evergreen Structures41:33 Convergence of Public and Private Markets42:11 Hybrid Product Structures43:57 Regulatory Challenges45:23 Education in Private Markets51:02 Private Markets in the Retirement Space53:33 Excitement for the FutureEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 14,700 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.Today’s episode brings us to the apex of the wealth channel. We sat down in Goldman Sachs’ HQ at 200 West with Sara Naison-Tarajano, a Partner and Global Head of Private Wealth Management Capital Markets and Global Head of Goldman Sachs Apex Family Office Coverage. Sara is also responsible for the One Goldman Sachs Family Office initiative in the Americas.Sara has been at Goldman Sachs for over 26 years, where she’s worked in a number of roles across the firm, equipping her with a multi-disciplinary background that is brought to bear in her current role leading a global platform that delivers multi-asset investing, financing, and direct investment opportunities to some of the world’s largest family offices. Goldman Sachs Apex Family Office Coverage now serves more than 600 family offices across the globe.Sara and I had a fascinating discussion about the growing intersection between private markets and private wealth and what some of the wealth channel’s largest investors find interesting and differentiated in private markets. We covered:* How Sara expected to spend one year at Goldman and it turned into 26 years at the firm.* How her background in derivatives structuring in public markets has helped her approach private markets — and what investors in private markets can learn from being exposed to public markets.* Why Sara decided to create Goldman Sachs Apex to build a dedicated group to help large family offices invest directly into private markets.* How Apex is related to Goldman’s “One Goldman Sachs” initiative.* How the power of the platform helps to differentiate Goldman’s wealth management business.* What lessons the wealth channel can learn from how the UHNW and billionaire family office segment approaches private markets.* Takeaways from the Goldman Sachs Family Office Insights Report.* How the wealth channel can engage the next generation clients and how private markets play a role in reaching the next gen.Thanks Sara for coming on the Alt Goes Mainstream podcast to share your expertise and wisdom on private markets and working with the wealth channel.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.Show Notes00:21 Goldman Sachs: A Journey of 26 Years00:41 Welcome to the Alt Goes Mainstream Podcast01:05 Introduction to Sara Naison-Tarajano03:09 Sara’s Unexpected Career at Goldman04:56 Intellectual Curiosity in Financial Services05:36 The Fascination with Derivatives07:18 Transition to Wealth Management08:06 Goldman’s Culture of Creativity and Entrepreneurship08:33 The Rise of Family Offices09:30 The Creation and Vision of Apex11:10 Apex: Serving Sophisticated Family Offices12:21 The Unique Deal Flow of Apex13:12 Early Days and Evolution of Apex16:46 Family Offices as Co-Investors20:25 Misconceptions About Family Offices22:09 Next Generation and Family Offices26:19 Engaging the Next Generation27:41 Long-Term Vision in Wealth Management28:54 Balancing Fast Growth and Long-Term Vision33:03 Public Markets Insights for Private Investors36:31 Access to Capital in Private Markets36:58 Emerging Trends in Private Markets37:25 The Rise of Secondaries37:52 Family Offices and Secondaries39:00 Private Credit and Secondaries39:23 The Permanence of Secondaries40:56 Goldman’s Acquisition in the Secondary Space41:54 Family Offices’ Investment Strategies42:17 US vs Global Family Offices42:49 Private Markets and Inflation44:50 Advice for Wealth Channel Investors45:46 The Importance of Liquidity Planning46:39 Evergreen Funds vs Drawdown Funds49:46 Internationalization of Family Offices52:02 Geopolitical Concerns and Investments53:19 Hedging Strategies for Family Offices55:51 Mega Trends in Investing57:41 AI and Infrastructure Investments59:27 Simple Wealth Management Strategies01:02:12 Fixed Income and Private Credit01:03:09 Understanding Investment Terms01:04:17 Risks in Private Markets01:05:20 Cybersecurity Concerns01:06:06 The Future of Apex01:09:56 Entrepreneurial Endeavors in Wealth ManagementEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 14,600 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.Today’s episode brings infrastructure investing to life — literally.We sat down in and walked through one of Stonepeak’s data center assets with Managing Director and CEO of SP+ INFRA, Cyrus Gentry.Cyrus has played an integral role in Stonepeak’s rapid ascent as a firm and the growth of its wealth solutions business, Stonepeak+, joining early in the firm’s history and helping the firm grow to approximately $80B in AUM.Cyrus brings a private equity perspective to infrastructure investing. Prior to Stonepeak, he held investing roles at BC Partners and Advent International. He also serves as one of the Church Commissioners for the Church of England, who hold responsibility for managing the Church’s £11.1B permanent endowment fund.Cyrus and I had a fascinating and thought-provoking discussion about infrastructure investing and why and how it can fit within a wealth client’s portfolio. We covered:* How Cyrus’ background in private equity investing has transferred over to investing in infrastructure.* The opportunity and risks of data center investing.* The risk of overbuilding in data centers.* Why location matters for data centers.* What makes interconnection data centers attractive data center assets.* How Cyrus and Stonepeak have built their wealth solutions business and how they’ve endeavored to be different in how they’ve built out the business.* How Stonepeak’s wealth business is a reflection of the firm’s DNA.Thanks Cyrus for coming on the show to share your expertise, wisdom, and passion for infrastructure investing and working with the wealth channel.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at [email protected] thank Ultimus for their support of alts going mainstream.Show Notes00:00 Introduction and Sponsor Message01:57 Welcome to the Alt Goes Mainstream Podcast02:04 Introducing Cyrus Gentry and Stonepeak03:39 Cyrus’s Background in Private Equity04:10 Transition from Private Equity to Infrastructure04:42 Understanding Infrastructure Investing05:33 Key Characteristics of Infrastructure Assets06:28 Defining Moats in Infrastructure07:30 Differences Between Private Equity and Infrastructure08:05 Stonepeak’s Growth and Strategy09:09 Specialization in Infrastructure Sectors10:10 Balancing Long-Term Horizons with Industry Changes11:52 Importance of Data Centers14:09 Consumer Impact of Infrastructure Assets15:26 Investment Perspective on Connectivity16:44 Challenges in Infrastructure Investing19:27 Value Creation in Private Markets19:57 Structured Capital and Deal Flow22:18 Trends and Scale in Infrastructure Investing25:40 Enabling Corporate Growth26:08 Building Wealth Solutions at Stonepeak26:29 Strategic Partnerships and Market Fit27:19 Founding Stonepeak-Plus27:29 Early Discussions on Wealth Business27:52 Top-Down and Bottom-Up Thinking28:57 Team Dynamics and Risk-Taking30:16 Educating Investors on Infrastructure30:36 Infrastructure in Wealth Portfolios31:30 Global Infrastructure Opportunities33:43 Learning from Institutional Allocators34:49 Key Questions from Wealth Channel35:37 Mega Trends and Investment Strategies36:24 Core, Core Plus, and Value Add Assets37:51 AI and Data Center Investments40:09 Interconnection Hubs vs. Co-Location42:47 Power and Data Center Synergy46:35 Navigating Political and Regulatory Risks48:58 Lessons Learned in Infrastructure Investing51:17 The Fundamental Role of InfrastructureEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 14,500 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.Today’s episode takes us inside the world of wealth from the perspective of one of the industry’s largest alternative asset managers that has made the wealth channel core to its firm’s DNA from the beginning.We sat down with Sean Connor, Senior Managing Director and the President & CEO of Global Private Wealth at Blue Owl Capital, a firm with almost $300B in AUM. Sean highlighted a number of key insights for navigating and working with the wealth channel as he shared lessons learned from building a successful private wealth business at a large alternative asset manager.Sean is responsible for bringing the breadth of the Blue Owl investment platform to the global private wealth market. He’s at the forefront of Blue Owl’s private wealth initiatives globally and oversees fund formation, product structure innovation, capital raising, and client servicing. He also oversees business development, marketing, and operations for Private Wealth at the firm. Prior to his current role, Sean was one of the first employees at Owl Rock (now the Direct Lending division of Blue Owl) and was responsible for building out the private wealth business.Prior to joining Blue Owl and Owl Rock, Sean served as a Managing Director of CION Investment Management for over 10 years. Sean was a member of CION’s Investment Committee and was responsible for all aspects of CION’s business including originating, underwriting, and negotiating corporate finance transactions globally. In 2020, Sean was recognized by Private Debt Investor as one of the industry’s Rising Stars.Sean and I had a fascinating conversation about what it’s like to work with the wealth channel. We discussed:* The biggest drivers of AUM growth for Blue Owl and how the wealth channel has been a major part of the firm’s story of scale.* Lessons learned from growing and scaling a private wealth business in the US and internationally.* The differences between the wealth channel a few years ago and the wealth channel today.* What the wealth channel wants and needs from its alternative asset manager partners.* Why Blue Owl focuses on investing in megatrends, like AI, digital infrastructure, and private credit.* The opportunity in the 401(k) and retirement channels.Thanks Sean for coming back on the Alt Goes Mainstream podcast to share your expertise and wisdom on private markets and private wealth.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at [email protected] thank Ultimus for their support of alts going mainstream.Show Notes00:00 Introduction to Ultimus, our Sponsor01:57 Welcome to the Alt Goes Mainstream Podcast and Episode Overview02:10 Guest Introduction: Sean Connor04:07 Growth Drivers for Blue Owl04:52 Diversification and Market Strategy07:05 Brand Essence and Focus12:01 Education and The Nest15:05 Implementation Journey18:53 Customization in Wealth Management20:33 Product Structuring and Creation22:08 Wealth Management Market Structure26:06 International Expansion28:22 Building Brand Internationally30:11 Maintaining Entrepreneurial Culture31:15 Challenges and Strategies31:39 Leadership and Team Continuity32:44 Teaching and Hiring Strategies33:14 Growth Areas in Wealth Business33:26 Evolution of Wealth Business33:57 Opportunities in Private Markets34:14 Growth Opportunities in the US35:02 Global Expansion and Execution35:33 Retirement Market Potential36:04 Regulatory and Adoption Challenges36:57 Retirement Ecosystem Parity38:08 Education and Product Innovation41:51 Private Credit and Direct Lending44:21 Market Structure and Underwriting46:07 Private Companies and Direct Lending46:38 Wealth Channel and Private Credit47:05 Managing Capital Influx52:06 Digital Infrastructure Opportunities52:41 AI and Cloud Computing56:19 Risk Management in Digital Infrastructure01:00:01 Focus on Downside Protection01:01:07 Future Strategies and ExcitementEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 14,400 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives into the nuances of enterprise software and how to build a scaled specialist alternative asset manager.We sat down in Vista’s NYC office with David Breach, Vista’s President and Chief Operating Officer.David sits on Vista’s Executive Committee, the firm’s governing and decision-making body for matters affecting its overall management and strategic direction as well as the firm’s Private Equity Management and Vista’s Private Equity Funds’ Investment Committees. David is also the Co-CEO of VistaOne, Vista’s evergreen private equity vehicle, and serves on the Investment Committee and Board of Directors. He also sits on the boards of Vista portfolio companies Jamf, Solera, and Stats Perform.David, who has been instrumental in helping the firm chart its growth path to over $100B in AUM, joined Vista in 2014 after as a career as a Partner at law firm Kirkland & Ellis, where his practice focused on the representation of private equity funds in all aspects of their business. David was a member of K&E’s 15-person global executive management committee and a founding partner of its San Francisco office.David and I had a fascinating and thought-provoking conversation about private markets and Vista’s evolution as a firm: * How and why Vista has become a “scaled specialist.”* The journey from $13B in AUM to $100B.* The opportunity in enterprise software investing and how enterprise software is an expanding market opportunity.* The reason why Vista decided to build out a dedicated wealth solutions business.* How firms can differentiate in the wealth channel.* How firms can be measured and thoughtful with how they build evergreen solutions.* The opportunity for large companies to adopt GenAI for cost-savings and revenue generation.* The skills that might be valuable in the age of AI.Thanks David for coming on the show to share your wisdom and expertise in private markets.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at [email protected] thank Ultimus for their support of alts going mainstream.Show Notes00:00 Introduction to our Sponsor, Ultimus01:59 Welcome to the Alt Goes Mainstream Podcast02:07 Guest Introduction: David Breach03:01 David Breach’s Career Journey03:52 Transition to Vista Equity Partners04:13 Early Career and Legal Background06:18 Joining Vista and Initial Impressions06:43 Vista’s Vision and Growth Strategy09:35 Operational Excellence at Vista11:53 Investment Process and Alignment14:31 Scaling Vista’s Operations18:16 Building Vista’s Wealth Business18:34 Vista’s Core Values and Culture19:33 Strategic Decisions in Wealth Management21:11 Challenges and Opportunities in Wealth Channel24:29 Balancing Institutional and Wealth Investors24:56 Transparency and Investor Relations26:25 Institutional Concerns and Strategy27:34 Investors Voting with Their Feet27:38 Private Companies Staying Private Longer28:10 Liquidity Mechanisms in Private Markets28:35 Growth of the Software Industry29:22 Penetration of Alternatives in Wealth Space29:48 Belief in Private Markets30:27 Expanding Exposure to Private Markets31:11 Enterprise Software in Investment Portfolios31:39 Resilience of Software Businesses32:31 Diversification in Software Investments33:37 AI Revolution in Enterprise Software36:10 Operational Improvements with GenAI36:52 Product Enhancements with GenAI38:06 Revenue Opportunities with GenAI38:20 Cost Savings vs. Revenue Generation40:20 Middle Market Opportunities with GenAI41:08 Vista’s Edge in GenAI Expertise42:57 Encouraging AI Adoption46:17 Skills for the AI AgeEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 14,100 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.Today’s episode was filmed at ING’s HQ in Amsterdam, right after ING held its Private Markets Day. The firm has been actively building out its private markets capabilities to serve its private wealth clients so it was a treat to interview two of the people responsible for running ING’s wealth management and private markets practice.We sat down with Anneka Treon, ING’s Global Head of Private Banking, Wealth Management & Investments, and Johan Kloeze, Head of Private Banking & Wealth Management Netherlands, to discuss ING’s big ambitions in private markets.ING, which manages over €260B of invested assets across 5 million clients, has made a major push into private markets. Led by Anneka and Johan, the firm has built out a Private Markets business that has grown AUM in three years since its launch. ING has partnered with established alternative asset managers to create one of the largest evergreen fund platforms in European wealth management.Anneka, Johan, and I had a fascinating discussion about wealth management, how to bring private markets to advisors and clients, and how to educate the wealth channel about private markets. We covered:* What Anneka means by “fast money versus slow money.”* Why it’s important for advisors to bring private markets “to the kitchen table.”* How to transform savers into investors — and why that matters.* Why focus on private markets.* The challenges with building a private markets business.* Figuring out how to partner with alternative asset managers.* How and why ING has focused on curation when building its private markets platform.* The benefits and challenges of evergreen funds.Thanks Anneka and Johan for sharing your wisdom and expertise at the intersection of private markets and private wealth.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at [email protected] thank Ultimus for their support of alts going mainstream.Show Notes00:00 Message from Ultimus, our Sponsor01:42 Welcome to the Alt Goes Mainstream Podcast02:03 ING’s Private Markets Day03:19 Introduction of Johan Kloeze and Anneka Treon04:07 Johan’s Background and Role05:03 Anneka’s Background and Ambitions06:59 The Importance of Private Markets08:33 Building the Private Markets Business09:50 Evergreen Fund Structures14:00 Client Education and Engagement16:47 Making Private Markets More Human20:02 Curating the Right Partners23:32 Quality and Scale in Private Markets23:39 Fast Money vs. Slow Money24:41 The Importance of a Balanced Portfolio25:44 The Importance of Manager Quality25:48 Motivations Behind Public Market Investments26:33 Backing Skilled Managers26:55 Client Experience and Speed Dating27:07 Educating Younger Clients27:17 The Role of Social Media in Investments28:24 The Dangers of Fast Money28:56 ING’s Role in Providing a Full “Bookcase” of Investment Options29:42 Challenges in Building the Private Markets Platform30:41 Operationalizing Evergreen Vehicles31:58 The Success of ING’s Private Markets Platform32:28 Anneka’s Perspective on ING’s Private Markets Strategy33:18 Humanizing Private Markets33:59 Opportunities in the ELTIF Space35:09 Educational Efforts for New Investors37:49 The Future of ING’s Wealth Business38:20 The Importance of Personal Approach39:09 Balancing Digital and Traditional Investment Models42:10 The Role of Private Markets in Client Portfolios48:57 Conclusion and Final ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 14,000 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.Today’s episode was filmed live at an event during a Brookfield Oaktree Wealth Solutions RIA Council meeting in New York.Armen Panossian, the Co-CEO and Head of Performing Credit at Oaktree, and I sat down for a conversation in a Brookfield-owned building with a group of RIAs in the audience.Armen, who joined Oaktree in 2007, has been an integral part of scaling Oaktree to over $209B in AUM. Oaktree, a storied firm, particularly in distressed credit, was recently fully acquired by Brookfield, the $1T AUM alternative asset manager.Armen has a wealth of experience across different areas of credit. He is the Head of Performing Credit, where his responsibilities include oversight of the firm’s liquid and private credit strategies and as a portfolio manager within the Global Private Debt and Global Credit strategies. He also led the development of Oaktree’s CLO business.Armen and I had a fascinating and thought-provoking conversation. We covered:* The evolution of Oaktree’s business.* How the acquisition by Brookfield has helped scale Oaktree’s business.* Why private credit is more than direct lending.* The nuances of asset-based finance.* The current state of the credit markets.* How Oaktree has approached distressed credit investing.* What Armen’s memo would be if he were to write a memo like his colleague Howard Marks. * And, why his memo might be titled “this is not your grandma’s private credit” or “don’t reach for risk to deliver the right return.”Thanks Armen and the Brookfield Oaktree Wealth Solutions team for a fantastic night and Armen for sharing your wisdom and expertise with us.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at [email protected] thank Ultimus for their support of alts going mainstream.Show Notes00:00 Message from our Sponsor, Ultimus01:20 Welcome to the Alt Goes Mainstream Podcast02:01 Live Event at Brookfield Oaktree Wealth Solutions RIA Council Meeting02:08 Guest Introduction: Armen Panossian04:07 Armen’s Background and Career Path04:31 Early Career and Education08:32 Joining Oaktree09:03 Oaktree’s Early Days and Growth09:28 Oaktree’s Investment Philosophy and Culture12:57 Balancing the Pessimism of a Credit Investor and Business Building13:25 Business Building and Strategy15:50 Private Credit Market Insights16:09 Scale and Strategy in Private Credit16:48 Core and Alpha in Private Credit17:26 Oaktree’s Approach to Direct Lending21:25 Public vs. Private Credit Markets23:09 Technicals and Fundamentals in Credit Markets25:58 Valuation and Risk Management26:51 Public Markets as Indicators27:03 Consumer Impact on Private Credit27:27 Market Psychology and Risk29:04 Opportunities in Life Sciences Investing29:48 Private Market Solutions for Struggling Industries29:58 Judging Business Winners and Investment Opportunities30:03 Public Sentiment and Private Investment30:18 Private Credit Headlines and Challenges30:35 Perceived vs. Actual Risks in Private Credit30:59 Credit Market Technicals: Private vs. Public31:41 Fraud Vigilance in Credit Markets32:08 Oaktree’s Approach to Opportunistic Credit34:05 Rescue Lending and Market Opportunities34:38 Sector-Specific Lending: Life Sciences and Asset-Backed Finance35:27 Asset-Backed Finance Market Dynamics36:02 Oaktree’s History in Asset-Backed Finance37:20 Banking Regulations and Lending Practices38:47 Investment Opportunities in Unrated Asset-Backed Finance42:39 Navigating the Private Credit Ecosystem43:07 Oaktree’s Growth and Brookfield Partnership45:14 Wealth Channel Investment Strategies46:42 Brookfield and Oaktree’s Unique DNA48:56 Concerns and Opportunities in Private Credit54:26 Howard’s Memos and Investment Philosophy58:03 Conclusion and Final ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 14,000 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.Today’s episode brings the perspective of an asset management veteran who has sat on both sides of the table.We sat down in Franklin Templeton’s New York City office with George Stephan, COO of Global Wealth Management Alternatives at Franklin Templeton.George joined Franklin to continue the buildout of the firm’s Alternatives capabilities, which boasts over $264B AUM in private markets strategies that include Lexington Partners, Benefit Street Partners, and Clarion Partners. George came from KKR, where he was Head of Strategy and Business Development for the firm’s Global Client Solutions business and was also COO and Head of Investor Relations for KKR’s Global Wealth Solutions business in the Americas. Prior to KKR, George spent nine years in Morgan Stanley’s wealth management division. George is also a Board Observer at CAIS.George and I had a fascinating conversation about how to build a wealth solutions business and how advisors approach private markets. We discussed:* How has the adoption of private markets by the wealth channel evolved over the course of George’s career?* The benefits and challenges of being a traditional asset manager building out its private markets capabilities.* The breadth and depth of Franklin Templeton’s reach as a firm and how that brand and history have helped Franklin partner with the wealth channel in private markets.* How has Franklin Templeton’s family of specialists enabled the firm to leverage the expertise of specialist alternative asset managers within a larger platform?* How does the wealth channel approach private markets?* How will model portfolios be constructed and adopted by the wealth channel?* Will evergreen funds be the structure of choice for most advisors?Thanks George for coming on the show to share your expertise and wisdom at the intersection of private markets and private wealth.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at [email protected] thank Ultimus for their support of alts going mainstream.Show Notes00:00 Introduction from Ultimus, our Sponsor01:55 Welcome to the Alt Goes Mainstream Podcast04:00 George Stephan’s Career Journey06:11 Building Wealth Solutions at Franklin Templeton07:05 Key Pillars for Success in Wealth Management07:39 Client Service and Operational Excellence09:31 Franklin Templeton’s Size and Scale Advantage10:26 Convergence of Public and Private Markets13:11 Strategic Acquisitions and Partnerships14:38 Unifying Private Markets Business16:40 Franklin Templeton’s Culture and Values17:46 Heritage and Long-Term Vision18:50 Innovative Solutions and Technology19:33 Building a Top 10 Private Markets Business19:59 Legacy Relationships and Branding22:42 Educating Advisors on Private Markets22:59 Comprehensive Private Markets Capabilities24:56 Strategic Partnerships in Infrastructure26:35 Future of Partnerships and Acquisitions27:21 Growing Partnerships in Private Infrastructure27:54 Advisor Perspectives on Wealth Channel Productization28:28 Manager Specialization in Private Markets29:06 Innovation and Product Development Trends29:53 Challenges and Opportunities for Large Asset Managers30:46 The Future of Multi-Asset Products31:10 Operational Complexity in Private Markets32:23 The Need for Digital Transformation32:56 Adoption of Distributed Ledger Technology (DLT)33:47 Industry-Wide Technology Evolution34:51 Impact of Market Efficiency on Returns35:39 Performance and Client Experience in Private Markets37:30 Scale and Investment Integrity39:53 Building Capabilities in Franklin Alternatives40:48 Partnering with Asset Managers42:58 Keys to Building a Wealth Solutions Business43:41 Hiring for Private Markets Expertise45:08 Educating the Industry on Private Markets47:21 Evergreen Structures and Long-Term Investment51:38 Exciting Trends in Private MarketsEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 13,900 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.Today’s interview is with a wealth management entrepreneur who created one of the most consequential wealth management technology companies that has helped to shape the industry into what it is today.Bill Crager is the Co-Founder of Envestnet, which he and his co-founder, the late Jud Bergman, grew into a public company. Bill was the CEO of Envestnet during the company’s time as both a public company and following Bain Capital’s acquisition to take the company private for $4.5B.Bill is now back at it again, joining iAltA Holdings as a Founding Partner to build a suite of businesses at the intersection of private markets and private wealth management infrastructure alongside former Ipreo CEO Scott Ganeles, former Ipreo Executive Bill Sherman, and former Blackstone CFO and WestCap Founder Laurence Tosi.Bill and I had a fascinating conversation about wealth management and private markets. We covered:* The evolution of wealthtech.* What advisors are looking for when it comes to technology.* How technology can help advisors deliver a high-quality experience to clients.* Why private markets are now playing such a big role in the business of wealth management.* What is missing in private markets infrastructure.* The role of AI in financial planning.* Why Bill wanted to go back to building again.* What is in store for iAltA.Thanks Bill for sharing your wisdom and expertise on private wealth and private markets.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at [email protected] thank Ultimus for their support of alts going mainstream.Show Notes00:00 Introduction to Early Technology00:12 Sponsorship Message from Ultimus02:09 Welcome to the Alt Goes Mainstream Podcast02:12 Bill Crager’s Background and Achievements02:57 The Evolution of Wealth Management05:10 Challenges in Wealth Management Technology09:13 The Advent of Private Equity in Wealth Management10:45 Horizontal vs. Vertical Solutions in Wealth Tech17:07 The Role of Data in Wealth Management17:51 The Future of Wealth Management Technology22:58 The Evolution of UMA and Future Prospects23:45 Customization and Scale in Wealth Management25:58 The Convergence of Private and Public Markets27:44 The Role of Evergreen Funds in UMA28:52 Access to Private Markets for Average Investors29:10 The Need for Universal Product Master29:23 Intelligent Financial Environments30:11 Creating Financial Plans for Clients30:44 Client Demand for Connected Financial Lives31:14 Challenges in Holistic Financial Advice32:11 The Role of AI in Financial Services33:06 Balancing AI and Human Assurance33:22 AI’s Impact on Wealth Management34:37 Future of Financial Planning with AI37:21 Trust in Technology vs. Human Advisors38:58 The Evolution of Financial Advice39:30 Tokenization in Wealth Management40:22 Adoption Challenges of Tokenization41:40 Leveraging Technology in Wealth Management43:49 Advice for Young Financial Advisors45:05 The Future of Private Markets47:07 Building Horizontal Solutions in WealthTech47:56 The Vision for iAltA49:44 Creating Bridges in Financial Services53:13 The Importance of Culture in Business54:52 Future of the Financial IndustryEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 13,900 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.Today’s episode welcomes a pioneer and visionary in enterprise software investing to Alt Goes Mainstream.Robert F. Smith is the Founder, Chairman, and CEO of $100B AUM Vista Equity Partners. He sits on the firm’s Investment Committees for Vista’s Flagship, Foundation, Endeavor, and Perennial Funds and serves as a member of Vista’s Executive committee. Vista’s portfolio spans 90 enterprise software, data, and technology-enabled companies that employ over 100,000 people worldwide.He’s also heavily involved and committed to the firm’s wealth channel efforts, serving as the Chairman and Investment Committee member for VistaOne, the firm’s evergreen private equity vehicle. Since Vista’s founding, Robert has supervised on over 600 completed transactions that represent more than $330B in aggregate transaction value.Robert founded Vista after a career at Goldman Sachs in tech investment banking, where he was Co-Head of Enterprise Systems and Storage, executing and advising on over $50B in M&A activity with companies that were foundational players in the early days of the internet and technology, including Apple, Microsoft, Texas Instruments, eBay, and Yahoo.Robert has an innate understanding of technology and the trends that are shaping the way that companies and people interact with the world and conduct business. It’s no surprise that he was early in seeing the rise and impact of AI because he was early in seeing the dawn of the internet in the 1990s.Robert and I had a fascinating and thought-provoking conversation about the evolution of both enterprise software and Vista as a firm. We covered:* The early days of enterprise software and what Robert saw then that gave him conviction to focus on enterprise software as a banker and then as an investor building Vista.* The investment characteristics of enterprise software.* The power of product superiority in enterprise software.* Why “sovereignty and dominion of data” are so important — and why it matters for AI.* Can the “Rule of 40” become the “Rule of 50, 60, 70” with AI?* What aspect of AI is most impactful for companies.* How Vista approaches value creation.* What it took to scale Vista to a $100B investment platform.* Why the wealth channel is core to Vista’s business and the firm’s DNA.Thanks Robert for coming on the show to share your expertise, wisdom, and passion for enterprise software and building businesses.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.Clip #1: Vista - “it’s an elegant solution to a complex problem.”Clip #2: “If you don’t have sovereignty and dominion over workflows and datasets, you don’t have a right to exist as an enterprise software company.”Clip #3: “AI is going to feed software that’s going to eat services.”A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at [email protected] thank Ultimus for their support of alts going mainstream.Show Notes00:00 Introduction to Ultimus, Our Sponsor01:20 Welcome to the Alt Goes Mainstream Podcast02:05 Robert F. Smith’s Background and Career04:31 Engineering Background05:08 Early Career and Transition to Banking08:30 Insights from Goldman Sachs09:18 Enterprise Software Investment Strategy11:37 Product Superiority and Execution Excellence13:02 Vista’s Approach to Value Creation16:32 AI’s Impact on Enterprise Software17:49 Underwriting Criteria for Enterprise Software18:53 Challenges and Opportunities in Enterprise Software20:15 Future of Enterprise Software with AI23:32 Cultural Elements for Success24:49 Importance of Contracts in Enterprise Software28:44 Vista’s Best Practices29:23 Enterprise Software’s Risk-Return Profile29:56 Conclusion and Final Thoughts30:06 Introduction to Enterprise Software Investment31:05 The Stability of Enterprise Software31:53 Transitioning to Hosted Environments32:18 Economic Benefits of Hosted Solutions32:43 Stacking Economic Rent Curves32:58 The Rule of 40 in Software Investment33:59 Impact of Gen AI on Development Costs34:59 GenAI in Customer Support35:25 GenAI in Sales Processes36:02 From Rule of 40 to Rule of 7036:31 Agentic Tools and Exponential Opportunities38:07 Challenges in Enterprise AI Implementation38:54 AI in Personal Productivity vs. Enterprise40:56 Vista’s Internal Use of AI41:17 The Role of AI Agents at Vista44:12 Data Sovereignty in AI Models44:58 Skills Needed in the Age of AI47:08 Generative AI vs. Traditional AI48:02 Agentic AI in Enterprise Software49:42 The Future Impact of AI on Companies52:35 Vista’s Wealth Business and AI54:07 AI for Wealth Managers55:18 Conclusion and Final ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 13,800 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives into private credit and building an asset management business inside of a leading global bank.We sat down in Nomura’s NYC office with Robert Stark, the CEO of Nomura Capital Management LLC (NCM) and Head of Investment Management in the Americas for the Nomura Group.Robert brings deep experience in financial services to Nomura. He was previously the Founder & CEO of Alterum Capital Partners LLC, where he focused on building an investment management business at the intersection of private markets and RIAs. Prior to Alterum, he was a Senior Managing Director and member of the Executive Committee at FS Investments, where he was responsible for Corporate Development. He also spent 7 years at JP Morgan across Asset & Wealth Management. He joined JP Morgan from Russell Investments, where he was a member of the Executive Committee. He started his professional career at McKinsey & Company, where he was a Partner serving clients in asset management, investment banking, insurance, and private equity.Robert brings both a consultant’s analytical perspective and an operator’s practical approach to his work building the credit business at Nomura Capital Management.Robert and I had a fascinating and wide-ranging discussion about building an asset management business in a fast-growing segment of private markets: private credit. We covered:* The state of the private credit market.* How to build an asset management business.* What it takes to work with the wealth channel.* The entrepreneurial spirit of RIAs.* Open architecture vs closed architecture in private credit.* Keys to success in the evergreen fund space.Thanks Robert for coming on the show to share your wisdom and expertise on private markets and wealth management.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.Clip #1: What is the next phase of private markets?Clip #2: What did you need to start a credit business?Clip #3: There must be a way to provide a broader audience with a very diverse way to access private credit.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at [email protected] thank Ultimus for their support of alts going mainstream.Show Notes00:00 Message from Ultimus, our Sponsor01:57 Welcome to the Alt Goes Mainstream Podcast02:06 Guest Introduction: Robert Stark03:49 Evolution of the Asset Management Industry04:12 Regulatory Changes and Market Shifts05:39 Building an Asset Management Business07:06 Challenges in Asset Management07:43 Entrepreneurial Journey at Nomura09:56 Private Credit Market Insights11:30 Diversification in Private Credit13:05 Client-Centric Solutions in Private Credit15:19 Building a Scalable Private Credit Business16:11 Nomura’s Long-Term Commitment17:31 Public vs. Private Credit18:28 Client Needs and Investment Solutions22:01 Origination in Private Credit23:16 Open vs. Closed Architecture in Private Credit24:58 Educating Investors and Advisors27:51 Early Stages of Private Credit Solutions28:40 Future of Private Credit and Evergreen Funds29:14 Keys to Success in the Evergreen Fund Space31:08 Understanding Investor Needs31:27 Building a Trusted Brand31:40 Importance of Nomura’s Support31:57 Challenges of Starting Up32:25 Capital and Talent Requirements33:04 Nomura’s Long-Term Vision33:52 Nomura’s Wealth Management Legacy34:30 Expanding in the US Market35:13 Japanese Market Insights35:50 Open Architecture Strategy36:19 Global Client Network36:58 Focus on RIA Client Segment38:21 Challenges with RIA Clients39:18 Entrepreneurial Spirit in RIAs40:13 Fiduciary Alignment41:01 RIA Firms as Partners41:55 Strategic Acquisitions43:49 Evolving Wealth Management Space46:50 Team Structure and Coverage49:03 Long-Term Business Plan51:05 Investor Education55:33 Future of Private Markets58:59 Continuous InnovationEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 13,800 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.Today’s episode is with an experienced private markets and distribution executive who has been educating the wealth channel and distributing private markets investment solutions at some of the industry’s largest platforms.We sat down in Prudential’s Newark studio with PGIM’s Global Head of Alternative Investments, Dominick Carlino. PGIM is the $1.4T global asset management business of Prudential Financial.At PGIM, Dominick is responsible for driving the continued development and distribution of alternative investments tailored to the firm’s wealth channel investors globally.Dominick joined the firm in 2023, bringing over 20 years of experience in alternatives distribution. He was most recently MD, Head of Alternative Investments Distribution at Merrill Lynch.Dominick and I had a fascinating conversation about the intersections between insurance and asset management and the evolution of distribution. We covered:* How the distribution of private markets investment solutions has evolved.* The benefits of an integrated platform across insurance and asset management.* Navigating the playing field of collaboration and competition between asset managers and insurance companies.* The importance of education.* How, why, and where evergreen funds will be adopted.Thanks Dom for sharing your perspectives and wisdom on insurance and private markets. We hope you enjoy.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.Clip #1: “The asset liability matching model is in our DNA.”Clip #2: How does having such a broad based platform allow PGIM to think differently about product construction?A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at [email protected] thank Ultimus for their support of alts going mainstream.Show Notes00:00 Message from our Sponsor, Ultimus01:18 Welcome to Alt Goes Mainstream01:55 Guest Introduction: Dominick Carlino03:56 Early Career and Transition to Distribution05:10 Experiences at Morgan Stanley and Merrill Lynch05:25 Evolution of Private Markets Distribution07:24 Wealth Management and Private Markets09:30 Joining Prudential and PGIM12:00 Prudential’s Unique Position in the Market13:31 Asset Liability Matching in Wealth Management14:59 Liquidity Risk in Private Markets17:14 Education and Evergreen Products17:52 Credit Risk in Private Credit18:35 Prudential’s Approach to Credit Risk Management19:24 Vertical Integration and Acquisitions20:49 Partnerships and Strategic Growth21:38 Future of Private Markets and Asset Management21:57 The Future of Asset Management22:11 The Race to Scale in Asset Management23:16 The Importance of Distribution23:36 Breaking Down the Product Set23:58 Innovative Product Construction24:32 Market Leadership and Capabilities24:58 Client and Advisor Preferences25:37 Simplifying Implementation26:26 Evergreen Funds and Market Trends27:01 Turnkey Options and Diversified Exposure28:05 Specialized Strategies in Private Markets29:07 Educating the Distribution Force30:16 Skills for Effective Distribution33:11 Organizational Alpha and Trust34:18 Brand Essence and Client Trust35:43 Partnerships and Distribution36:54 Insurance and Asset Management Synergies39:08 Future of Private MarketsThe 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. Join over 13,600 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives into digital infrastructure and how it powers the growth of artificial intelligence and other major trends in digitalization and electrification.We sat down in Blue Owl’s NYC office with Matt A’Hearn, an asset management entrepreneur and executive at the firm.Matt is a Senior Managing Direct at Blue Owl and Head of Digital Infrastructure. He’s responsible for leading the overall management of Digital Infrastructure, including strategy, investments, and portfolio management.Prior to joining Blue Owl, Matt was the Managing Partner and a Founder of IPI Partners, the predecessor firm to Blue Owl Digital Infrastructure. IPI was acquired by Blue Owl in 2024.Prior to founding IPI, Matt led the global investment banking practice in communications infrastructure at Moelis & Company.Matt and I had a fascinating and thought-provoking discussion about the future of digital infrastructure. We covered:* The how and the why of digital infrastructure.* Investing in data centers.* The evolution of digital infrastructure.* How to best partner with and serve the need of hyperscalers.* The importance of power generation for AI. * How there are different ways to approach gaining exposure to AI as an investment theme.Thanks Matt for coming on the show to share your wisdom and expertise in private markets and digital infrastructure.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.Clip #1: This is not just an AI story when we think about data centers and digital infrastructure.Clip #2: What is the size and scale of the capital required to be able to work with hyperscalers?Clip #3: Where does digital infrastructure as an investment opportunity fit into an investor’s portfolio?A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at [email protected] thank Ultimus for their support of alts going mainstream.Show Notes00:00 Our Sponsor, Ultimus01:57 Welcome to the Alt Goes Mainstream Podcast02:05 Introduction to Today’s Guest: Matt A’Hearn03:39 The Evolution of Digital Infrastructure04:50 The Importance of Digital Infrastructure05:44 Founding IPI and Early Opportunities05:58 Cloud and Data Center Growth07:15 Partnerships with Hyperscale Companies08:17 Challenges in Digital Infrastructure13:33 The Role of Power in Digital Infrastructure16:19 Site Selection and Power Acquisition19:49 Scale and Capital in Digital Infrastructure23:13 The Growing Demand for Data Centers24:15 Investment Opportunities in Digital Infrastructure26:17 The Importance of Scale in Investments26:36 Blue Owl’s Comprehensive Solutions27:10 The Acquisition of IPI Partners27:33 Looking Ahead: The Future of Digital Infrastructure27:38 Feedback from Hyperscalers28:03 Joining Blue Owl28:28 Investing in Digital Infrastructure29:36 Evolution of IPI30:04 Founding IPI30:50 Building a Differentiated Platform31:42 Partner-First Approach32:05 Early AI Insights33:19 Growth of AI and Cloud34:37 Future of AI and Cloud Capacity35:35 Digital Infrastructure in Investment Portfolios37:36 Underwriting Digital Infrastructure40:49 Hyperscalers and Data Centers41:51 Alternative Asset Management Capabilities42:57 Merging Investment Cultures44:35 Challenges of Integration45:11 Opportunities in the Wealth Channel47:59 Evergreen Structures and Digital Infrastructure49:50 Scale and Competition in Private Markets52:20 Future Trends in Digital InfrastructureEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 13,500 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.Today’s episode is with an experienced asset allocator who has operated at the intersection of insurance and asset management throughout his career.We sat down in Prudential’s Newark studio with  PGIM’s Head of Multi-Asset and Quantitative Solutions, Phil Waldeck. Phil is responsible for nearly $140B in AUM, where the business unit leverages PGIM’s deep public and private markets expertise for the purpose of developing customized portfolio solutions to meet insurer and other investors’ unique objectives. Phil previously served as Chief Transformation Officer at Prudential, CEO of Prudential’s Workplace Solutions Group, and as president of Prudential’s retirement business, which comprised of $250B in assets. Phil was also the architect of Prudential’s pension risk transfer business, which he grew to over $170B. Phil and I had a fascinating conversation about the intersections between insurance and asset management. We covered:* The evolution of how insurers allocate to private markets.* The importance of asset liability management.* How insurers are leveraging their balance sheet to invest in private markets and collaborate with alternative asset managers.* How insurance and asset management interact and the benefits of an integrated platform.* How PGIM’s $1T in public and private credit informs how they invest.* Why insurers are allocating to private credit.Thanks Phil for sharing your perspectives and wisdom on insurance and private markets. We hope you enjoy.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.Clip #1: There’s one hundred years of PGIM and Prudential making loans to private companies for long-term liabilities.Clip #2: How is PGIM differentiated from their respected competitors?Clip #3: How does PGIM think of the total portfolio and how it relates to private markets?A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at [email protected] thank Ultimus for their support of alts going mainstream.Show Notes00:00 Message from our Sponsor, Ultimus01:23 Welcome to Alt Goes Mainstream Podcast02:03 Guest Introduction: Phil Waldeck03:29 Insurance and Asset Management Intersection04:39 Understanding Asset Liability Management (ALM)05:46 Liquidity and ALM in Private Markets07:17 Adoption of Private Markets by Insurers09:39 Private Credit and Public Credit12:55 Building a Robust Origination Engine14:53 Talent and Culture at PGIM15:11 Impact of Private Credit on Main Street17:18 Borrowers’ Perspective: Private vs Public Credit19:08 Blurring Lines Between Public and Private Credit19:32 Global Perspective on Credit Markets20:44 Challenges and Opportunities in Private Credit21:48 Importance of Long-Term Track Records23:44 Partnerships in Asset Management25:43 Private Markets in Insurance Portfolios27:45 Underwriting Discipline in Private Credit28:27 Growth and Scale in Private Credit29:57 Future of Private Credit Markets32:13 Balancing Liquidity and Regulation32:56 Educating Investors on Private Markets34:07 Creating the Perfect Private Credit Portfolio35:00 Diversification in Private Credit38:34 Talent Retention in Private Credit40:04 Cultural Challenges in Scaling40:27 Maintaining Quality in a Scaled Platform40:47 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. Join over 13,400 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives into the evolution of infrastructure investing with a leading scaled specialist firm in infrastructure.We sat down in Stonepeak’s Hudson Yards office with a pioneer in infrastructure investing: Mike Dorrell.Mike is the Chairman, CEO, and Co-Founder of Stonepeak, building the foundations for the firm to achieve a rapid ascent to $76B from its founding in 2011.Mike brings deep expertise to bear in the infrastructure asset class. He has over 20 years of experience investing in infrastructure, starting his career at Macquarie, where he ultimately held the title of Senior Managing Director. He then joined Blackstone, where he was a Senior Managing Director in Private Equity and Co-Head of the Infrastructure Investment group, before striking out on his own to build one of the industry’s largest infrastructure investing firms in Stonepeak.Mike and I had a fascinating and thought-provoking discussion about infrastructure investing and why it’s becoming an increasingly important part of the private capital ecosystem. We covered:* The early days of infrastructure investing.* How infrastructure investing has evolved.* How Mike’s experiences at Macquarie and Blackstone informed how he wanted to build Stonepeak.* How institutional investors have approached infrastructure investing and why individual investors should consider exposure to infrastructure assets.* Stonepeak’s DNA and what makes the firm different from other infrastructure investors.* Why being a scaled specialist is a competitive advantage.* How Stonepeak was built from scratch to scale.* How Stonepeak identified investing in data centers early on and well before the data center boom began.* Why launch a wealth solutions business and how it’s a reflection of the firm’s DNA, culture, and values.Thanks Mike for coming on the show to share your expertise, wisdom, and passion for infrastructure investing.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.Clip #1: There is a huge responsibility to owning and operating these assets.Clip #2: Infrastructure has characteristics that are sought after.Clip #3: Infrastructure assets have huge economic moats.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at [email protected] thank Ultimus for their support of alts going mainstream.Show Notes00:00 Message from our Sponsor, Ultimus01:18 Welcome to the Alts Go Mainstream Podcast02:05 Introducing Mike Dorrell and Stonepeak04:09 Mike’s Early Career at Macquarie07:12 Challenges in the US Infrastructure Market12:17 Success Stories and Early Deals13:20 Privately Held Infrastructure in the US19:00 Public vs. Private Infrastructure21:34 Stonepeak’s Significant Stats25:03 Balancing Public Good and Investor Returns26:55 Challenges in Infrastructure Pricing28:52 Skills Needed for Infrastructure Investing29:48 Access to Private Markets for Individual Investors30:38 Institutional Market and Infrastructure35:05 Asset Allocation and Infrastructure35:40 Risk Spectrum in Infrastructure Investing37:58 Private Equity vs. Infrastructure Investments38:32 Institutional Allocation Trends38:47 The Case for Infrastructure in Portfolios39:10 Patience and Peace of Mind in Investing39:38 Warren Buffet’s Investment Philosophy40:03 Biggest Risks in Infrastructure40:15 Regulatory Risks in Electric Utilities40:59 Operational Questions in Data Centers41:44 Evaluating Data Center Investments43:40 The Economics of Building vs. Buying Data Centers45:30 Pricing Power in Data Centers47:04 AI’s Impact on Data Center Demand48:26 Valuing Data Center Investments51:49 Connectivity Data Centers Explained53:39 Network Effects in Connectivity Data Centers56:01 Challenges in Infrastructure Asset Pricing56:18 Evolution of Infrastructure as an Asset Class59:39 Founding Stonepeak01:04:05 Experiences in Raising Capital for Infrastructure Funds01:06:23 Lessons from Blackstone01:07:36 Building a Strong Investment Culture01:10:36 Scaling Stonepeak01:12:48 Stonepeak’s Wealth Channel Initiative01:15:49 Cycling and Investment Philosophy01:17:50 Final Thoughts on Investment ProcessEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 13,300 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

Welcome back to the Alt Goes Mainstream podcast.Today’s episode provides a fascinating window into the world of private equity value creation and how AI can help transform both portfolio company and investment firm processes and operations to create value.We sat down in New York with Hg Partner and Head of Value Creation Chris Kindt to dive into how he spearheaded the growth of the firm’s in-house value creation efforts and has built a high-performing team to meet the evolving needs of portfolio companies.Chris brings 15 years of experience in architecting and driving value creation to bear, with 11 years of experience at Hg and another 8 years as a consultant at BCG and Parthenon.Chris and his team are responsible for driving value across a portfolio of 55 companies that represents over $180B in enterprise value and would represent the second largest software company in Europe after SAP if it were a conglomerate.Chris and I had a thought-provoking discussion about value creation and the impact of AI on investing and operating companies. We discussed:* How to build a high-performing value creation team.* Where value creation has the biggest impact.* How AI is transforming investment processes.* How Hg has become an “AI-first” investment firm.* Where AI will have the most impact in a company today and why agentic AI is transforming certain roles and processes within companies.* How professionals can generate the most leverage from utilizing AI — without having cognitive decline.* Why prompting and prompt engineering is so critical in the age of AI (and how you can use your weekends to perfect prompt engineering).* How a management team can buy into AI and why the current time period represents an interesting opportunity for incumbents, particularly for those building mission-critical enterprise software.Thanks Chris for sharing your expertise and wisdom on company building and AI. We hope you enjoy.Note: This episode was filmed in August 2025.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.Clip #1: What does it mean to be an AI-first culture?Clip #2: How do you think about AI as a part of value creation in portfolio companies?Clip #3: The impact of AI on software engineers.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at [email protected] thank Ultimus for their support of alts going mainstream.Show Notes00:00 Message from Our Sponsor, Ultimus01:18 Welcome to the Alt Goes Mainstream Podcast02:10 Guest Introduction: Chris Kindt05:57 Value Creation at Hg07:15 Pre-Investment and Diligence Process08:11 Management Team Collaboration09:16 Areas of Impact in Value Creation11:50 Building a Cross-Functional Team13:17 Scaling the Value Creation Team13:51 Systematic Problem Solving16:31 Measuring Value Creation21:07 AI in Value Creation21:37 Internal vs External AI Applications23:07 AI First Culture23:46 Effective Use of AI Tools25:36 Prompt Engineering27:41 Experimenting with AI Agents28:07 Choosing the Right AI Models28:55 Strengths of Different AI Models29:29 Transformative Impact of AI30:09 Skills Needed for AI Integration30:22 The Role of AI in Work31:01 Philosophical Questions on AI and Talent Development32:21 Building Grit in the Age of AI33:18 Maintaining Discipline with AI34:15 AI as a Value Creation Lever34:42 Operational Efficiency and AI35:40 Emergence of Reasoning Models36:03 Agentic Frameworks in AI36:41 AI’s Impact on Engineering Efficiency37:50 Partnerships and AI Agents38:42 Challenges in Implementing AI39:42 AI Immersion Strategy Days42:26 Organizational Agility and AI43:11 AI in Fund Administration43:55 AI and Market Adaptation44:53 AI in Investment Strategies46:07 AI and M&A Strategies47:25 Developing AI Products In-House48:12 Vertical Expertise and AI49:55 AI Fatigue and Disillusionment51:07 Building AI Products and Incubators51:58 AI Product Platforms and Talent52:48 Future Waves of AI Impact54:55 Globalization and AI56:38 Long-Term Value of AIEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 13,300 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com