Evercore: Flow of Funds with Glenn Schorr

In this packed episode, Glenn Schorr sits down with Vista’s President David Breach for a discussion covering everything from how AI won’t kill software, but in fact make it better, how the power of incumbency is helping software adapt, embrace and be the delivery mechanism for agentic tools, and how the industry is looking to rearchitect pricing strategies as we moved from the software-as-a-service world to one of software-as-a-worker. And of course, covered current trends across software private equity and how Vista is thinking about the upcoming debt maturity wall. **Episode Timestamped Overview:** 00:00 Introduction and episode setup02:07 Vista Equity Partners overview and business model05:15 David Breach’s unique professional background07:20 Market anxiety, public perception, and the GenAI “elephant in the room”13:14 Comparing SaaS/cloud shift to today’s AI transformation16:34 How to regain confidence: KPIs and what Vista looks at21:16 How Vista underwrites AI risk and opportunity25:47 The power of incumbency and real-world examples30:13 Vista’s institutionalized approach to helping portfolio companies adapt to AI36:27 Evolving monetization: Usage vs. outcome-based models40:42 Compute costs, hyperscaler relationships, and scale44:20 Investment opportunities in the current market49:35 What LPs want to know about GenAI and portfolio resilience52:24 Exit environment and outlook for software PE55:08 Key takeaways and closing remarks ***Applicable current disclosures regarding the companies discussed in this video are available at the offices of Evercore ISI: 55 East 52nd Street, New York, NY 10055, and at the following site: [evercoreisi.mediasterling.com/disclosure⁠](http://evercoreisi.mediasterling.com/disclosure%E2%81%A0) 

Join Glenn Schorr as he sits down with Lauren Basmadjian, Partner and Global Head of Liquid Credit at Carlyle, for a deep dive into the world of CLOs (Collateralized Loan Obligations). This episode of Evercore’s Flow of Funds podcast demystifies the CLO market, covering how CLOs are structured, the mechanics of cash flow, the array of risk/return opportunities, and the evolving investor landscape.Lauren Basmadjian draws on her 25 years in the industry to explain how CLOs act as “mini banks,” why the market is so resilient, and which types of investors are drawn to each tranche.Whether you’re new to structured credit or a market veteran, this episode delivers insights into one of today’s most dynamic asset classes.**Episode Timestamped Overview:**00:00 Welcome and Introduction00:16 Lauren Basmadjian Background & Carlyle's Liquid Credit Platform03:01 CLO Structure Explained05:18 CLO Tranches: Risk, Return, and Investor Profiles07:50 CLOs vs. Other Securitized Products09:27 CLO Fees, Resets, and Manager Upside12:13 Scalability and Managing Large CLO Platforms14:12 Banks’ Role & Loan Sourcing15:34 Who Buys CLO Tranches?18:22 Risk Retention & Equity Tranche Limiting Factors20:35 Managing CLO Credit Risk & Recovering from Defaults22:59 Performance, Active Management, and Avoiding Defaults25:06 Structural Protections: OC Test26:12 What Defines "Good" CLO Performance?27:30 Biggest Risks for CLO Investors28:26 Default & Recovery Rates in CLOs29:15 Liability Management Exercises (LMEs) Explained30:43 Risks to Managers—Fees and OC Breaches32:24 Reinvestment Risk & Market Conditions34:03 Major Manager Mistakes and Importance of Position Sizing34:52 Pricing, Returns, and Volatility's Silver Lining37:29 Measuring CLO Manager Performance38:26 Market Growth, Resets, and Industry Dynamics40:01 Direct Lending, Tailwinds, and Supply/Demand Trends42:16 Credit Cycles and Current Portfolio Data44:18 Default Rates: Now and Ahead45:51 Where the Losses Typically Land in CLOs47:32 What Differentiates Top CLO Managers49:13 Carlyle’s Loan Sourcing & Bank Relationships51:23 Marketing Performance and Opportunities for Growth52:33 Looking Forward: Trends and Fee-Paying Opportunities53:55 Speed Bumps & The State of the Software Sector57:40 AI at Carlyle: Real World Applications59:21 What Could Really Change the CLO Market60:35 European Capital Rules & Insurance Investors60:45 One Big Misunderstanding: CDOs vs. CLOs61:02 Wrap Up and Closing RemarksApplicable current disclosures regarding the companies discussed in this video are available at the offices of Evercore ISI: 55 East 52nd Street, New York, NY 10055, and at the following site: [evercoreisi.mediasterling.com/disclosure⁠](http://evercoreisi.mediasterling.com/disclosure%E2%81%A0)

Glenn Schorr welcomes legendary investor Steve Eisman, renowned for his market-shaking calls before the global financial crisis, to uncover what could be brewing beneath the so-far “safe” surface of private credit and direct lending.Journey through key moments where Steve Eisman was years ahead of consensus on everything from the dismantling of Glass-Steagall to the demise of subprime lending, to the heart of 2008 itself. Together, they break down why today's market "is not a leverage story," how unprecedented exposure in private credit may drive a rolling cycle of restructurings, and whether the industry’s golden age of growth has been a genius move—or just a mirage in the absence of a credit cycle.Gain insight into why strong banks may avert systemic disaster, why private equity’s “lack of volatility” is an illusion, and how AI, receding software multiples, and refinancing walls could force the next big reckoning—not just bad vintages. Full of candid stories, historical lessons, and unfiltered opinions, this episode gives you a rare view into both the vigilance and optimism needed for today’s markets.Episode Timestamped Overview:00:00 Introduction: Who is Steve Eisman and why his calls matter01:32 Glass-Steagall, broker M&A, and early career inspiration06:01 The fall of consumer finance companies and the power of granular data12:06 The Great Financial Crisis: inside stories and data vs. narrative18:05 Today’s private credit: what’s different, what’s at risk21:17 Hidden leverage and stress points: software, refinancing, and AI28:35 Resilience in the US economy and historic loss rates31:08 Why this isn’t a leverage crisis—mistaking no credit cycle for genius33:45 Volatility washing in private equity and the illusion of low risk39:30 Will bad vintages become great opportunities? Institutional and retail impact40:11 Closing reflections: Is there a forest through the trees today—or just a period of market adjustment?Applicable current disclosures regarding the companies discussed in this video are available at the offices of Evercore ISI: 55 East 52nd Street, New York, NY 10055, and at the following site: evercoreisi.mediasterling.com/disclosure⁠

What if you could eliminate the anxiety of chasing the highest yield on your cash—and earn thousands in extra income without ever switching banks? In this episode of Evercore's Flow of Funds, host Glenn Schorr sits down with Gary Zimmerman, founder and CEO of MaxMyInterest, who reveals the secret to turning cash—a supposedly “boring” asset—into a source of meaningful alpha.You’ll hear how a former investment banker’s frustration during the 2008 financial crisis sparked a fintech platform now managing cash for clients from the “bottom 98% of the top 1%” to ultra-high-net-worth households. Gary Zimmerman shares why most advisors vastly underestimate how much cash their clients really hold, and how Max has solved the friction that keeps investors from maximizing yield and safety. He also provides eye-opening insights into the evolving world of AI in banking, the misperception of “too big to fail” banks, and the real reason why banks and RIAs alike are embracing Max as a friend—not a foe.Key highlights:The origin story: how a near-bank-failure sparked a $40k alpha opportunity (Gary Zimmerman)Why cash “alpha” is a real—and neglected—source of returnsHow Max helps clients, advisors, and banks win at the same time, without disrupting existing relationshipsThe behavioral blind spots around cash—exposed with hard numbersReal talk on AI, cybersecurity, tokenization, and the future of digital bankingEpisode Overview00:00 – Introduction to Evercore’s Private Markets and Wealth Forum00:16 – Glenn Schorr introduces Gary Zimmerman and tees up the cash alpha topic02:03 – What is Max? The purpose, origin, and how it works06:38 – Growth journey, friction points, and how Max found its market12:17 – Value for clients, advisors, and banks—and why Max is friend, not foe19:49 – Rates, performance, and concrete value for end clients21:25 – Max Private: New offering for RIAs and UHNW clients26:35 – Real-time settlement, behavioral economics, and cash management29:13 – The role (and limits) of AI in banking, and cybersecurity issues33:19 – Tokenization, stablecoins, and the risks of new digital products38:48 – Max vs. brokered sweep solutions—lower risk, more control40:11 – Industry rate cycles, customer apathy, and Max’s steady value42:16 – Too big to fail, due diligence, and how Max protects clients48:39 – Pricing, how Max makes money, and no conflicts of interest50:56 – Global possibilities vs. massive US opportunity53:23 – One-click consolidated tax reporting and ease of use54:05 – Closing thoughts and summaryApplicable current disclosures regarding the companies discussed in this video are available at the offices of Evercore ISI: 55 East 52nd Street, New York, NY 10055, and at the following site: evercoreisi.mediasterling.com/disclosure⁠

What if we told you that only around 1% of the massive $17 trillion corporate credit market is managed systematically—leaving a huge opportunity for those who dare to innovate? In this episode of Evercore's Flow of Funds, host Glenn Schorr sits down with Kelly Young, CEO of Acadian Asset Management, and Scott Richardson, Head of Systematic Credit, for an eye-opening look into the world of systematic credit investing.You'll get a behind-the-scenes view of how Acadian leverages advanced data science, machine learning, and transparency to bring rigor and discipline to credit markets. The guests break down what sets their approach apart from traditional managers, discuss the explosive growth and future potential of systematic credit, and address common misconceptions about AI and “black box” investing. Plus, you'll hear candid insights on the rise of private credit and what environments foster alpha in systematic strategies.Key highlights:Why systematic investing is poised for major growth in credit marketsWhat “black box” really means—and why Acadian opens the lidHow AI and machine learning enhance but don’t replace human insightThe advantages of being a liquidity provider in fixed income marketsWhere institutional investor demand stands today, and the road aheadTimestamped Overview:00:00 - Introduction and episode goals01:17 - Acadian Asset Management overview & systematic investing defined02:54 - Key differentiators and transparency vs. black box04:01 - Scott Richardson’s background and systematic credit introduction05:19 - What is systematic credit and why does it matter now07:08 - Market size, active vs. passive, and potential opportunity09:25 - Factors and security selection—building uncorrelated portfolios11:02 - Private credit trends and the effect on public markets14:38 - Market conditions: alpha vs. beta, environments for success16:48 - Capacity constraints and liquidity18:08 - AI, machine learning, GenAI—how tech fits into investing20:11 - Leveraging Acadian’s data and technology platforms22:14 - Analyst roles and process transparency24:17 - Institutional investor perspective and education26:16 - Systematic vs. passive: alpha and market positioning27:11 - The future of systematic credit and Acadian’s vision28:44 - Liquidity, scale, and closing thoughts29:03 - Outro and disclaimers**Applicable current disclosures regarding the companies discussed in this video are available at the offices of Evercore ISI: 55 East 52nd Street, New York, NY 10055, and at the following site: https://evercoreisi.mediasterling.com/disclosure⁠

What if the hidden backbone of America’s Main Street—the massive, complex world of asset-backed finance and alternative credit—was not only bigger than you imagined, but also teeming with overlooked investment opportunities? In this episode of Evercore's Flow of Funds, host Glenn Schorr sits down with Ivan Zinn, the head of alternative credit at Blue Owl, to give listeners a rare, behind-the-scenes look at how the alternative credit landscape is evolving and why its $10+ trillion market is “hiding in plain sight.”Key highlights include:The true scale and diversity of alternative credit and asset-backed finance, and how it powers the everyday economy.Why banks have largely stepped away from this space—and why private market lenders (with the right data and discipline) are poised to take their place.How Ivan Zinn and Blue Owl approach risk management, data science, and partnership to consistently deliver high yields with low credit losses—even during economic slowdowns.The competitive barriers, required skillsets, and why this market remains difficult for new entrants to truly scale.What investors and LPs should expect as the asset-backed finance world matures, and how allocation trends are changing across institutional and wealth channels.Dive in to learn why volatility is sometimes an asset, how careful “box-building” and portfolio construction drive resilience, and what the next wave of alternative credit could mean for portfolios seeking diversification and yield.Episode Overview00:00 Introduction & Goal Setting01:26 Ivan Zinn’s Background & Adélaïde’s Evolution03:21 Strategic Shift & Blue Owl Partnership05:27 Defining & Sizing Alternative Credit08:05 Asset Class Buckets: Financial, Hard, Other10:03 Where Financing Happens Now—Bank Exit, Private Market Entry17:07 Economic Volatility & Finding Value21:38 Risk Management, Dynamic Forward Flow & Data Science30:06 Competitive Landscape vs. Direct Lending35:20 Quant Team, Asset Surveillance & Picking Up Early Warning Signs38:21 Loss Ratios, Underwriting Through Cycles43:05 Interval Fund Launch & Portfolio Construction46:35 Allocation Trends—Fixed Income vs. Alternatives50:48 Educating the Wealth Channel & Future Opportunity53:36 Closing Remarks & Outro***Applicable current disclosures regarding the companies discussed in this video are available at the offices of Evercore ISI: 55 East 52nd Street, New York, NY 10055, and at the following site: http://evercoreisi.mediasterling.com/disclosure⁠

What if the most powerful wealth strategy isn’t about how much you make, but how much you keep?On this episode of Evercore's Flow of Funds, host Glenn Schorr sits down with elite UBS advisors Nick Pepe and Joe Vogler, who reveal the surprising engine driving massive value for clients: strategic tax planning and holistic wealth coordination that goes far beyond traditional investing.You’ll discover how this high-performing team turns complex challenges—like business liquidity, intergenerational wealth transfer, and alternative investments—into streamlined, high-touch solutions for 150 ultra-wealthy families. Learn how “tax alpha” can beat market returns, hear real examples of game-changing philanthropic strategies and estate setups, and get the inside scoop on how the industry’s most successful teams stay ahead.Key Highlights:The hidden math problem facing today’s wealth advisorsHow lending and creative cash management separate great advisory teams from the packWhy ultra-wealthy clients are embracing private investments and how to access these “velvet rope” opportunitiesActionable insights on trust, estate, and multigenerational planning—making technical topics practical for any listenerEpisode Overview:00:00 Introduction and the UBS team’s structure01:30 How they “quarterback” all aspects of client wealth02:26 Fee structure and value-added services03:10 Business owner and lending support05:33 Tackling taxes: philanthropy, transfer & tax alpha06:01 Career journeys and UBS home office resources09:05 Lending’s critical role in client relationships11:14 Evolving cash management in a rising rate environment13:32 Demographic shifts: advisor aging, next-gen training16:13 Tax-aware investing and direct indexing explained21:12 Asset location and the magic of PPVAs26:38 Private markets & alternatives: why, what & how33:13 Estate planning, real-life strategies, and teaching moments39:11 Closing thoughts & episode wrap-upTune in for practical wisdom and behind-the-scenes insights that could change how you think about wealth—forever.**Applicable current disclosures regarding the companies discussed in this video are available at the offices of Evercore ISI: 55 East 52nd Street, New York, NY 10055, and at the following site: evercoreisi.mediasterling.com/disclosure⁠

What if we told you that Morgan Stanley’s alternative investments platform only lets less than 10% of the funds they review onto their shelves—and that this selectivity is exactly what's turning the entire wealth management industry on its head?In this episode of the Private Markets and Wealth Forum with Glenn Schorr, you’ll hear how Morgan Stanley’s scale, innovation, and relentless dedication to client outcomes have transformed its alternative investments business from a select group of power users raising $6-$7 billion a year, to a game-changing platform managing over $250 billion.Jed Finn, Head of Wealth Management, and Allison Nest, Head of Investment Solution Products, pull back the curtain on how their team’s relentless focus on operational due diligence, open architecture, and customized product development sets them apart. Discover why over 70% of Morgan Stanley advisors now utilize alternatives, how major growth initiatives are pulling in first-time users, and what they believe the future holds for competition, democratization, and product innovation in private markets—even as “passive” investing tries to find its foothold.Key highlights you can’t miss:The secret “special sauce” behind Morgan Stanley’s ALTS platform and why it’s fueling exponential growthHow exclusive, first-access deals and relentless due diligence protect clients and change the industry’s risk calculusThe real story on RIAs, custodians, tech-enabled platforms, and why Morgan Stanley will never “white label” its advantageEye-opening innovation: Single-ticket, turn-key alt solutions lowering the barrier for clients and advisors alikeThe candid outlook on fees, manager selection, and why alternatives are still sold—not boughtTimestamped Overview:[00:00] Intro & episode framework[00:16] Meet Jed Finn, Allison Nest, and an overview of Morgan Stanley’s wealth platform[03:09] Allison Nest’s background & journey in building the alts business[06:19] The “special sauce” of Morgan Stanley’s alternative investments organization[08:46] Why operational due diligence is a true differentiator[10:57] State of the platform: assets, penetration, and advisor adoption[13:13] Strategies to drive further adoption—education, ease, and innovation[16:04] Single-ticket ALTS innovation and client outcomes[20:29] How selective is the platform? Due diligence and manager onboarding[25:01] Relationship model with asset managers & servicing the platform[28:36] RIAs, democratization, and why Morgan Stanley’s scale is hard to match[33:10] Why Morgan Stanley will never be a white-label backbone[34:24] Alternatives in retirement channels & target date innovation[36:49] Fees, competition, and replicating institutional pricing[38:35] Will passive investing ever disrupt private markets?[42:41] Closing: Outlook for ALTS penetration and Morgan Stanley’s growth path***Applicable current disclosures regarding the companies discussed in this video are available at the offices of Evercore ISI: 55 East 52nd Street, New York, NY 10055, and at the following site: https://evercoreisi.mediasterling.com/disclosure⁠

What if the public markets you thought were the center of finance... are no longer the only markets that matter?Get ready to discover why trillions of dollars are quietly migrating into alternative assets—and what this seismic shift means for everyone from financial advisors to everyday investors.In this kickoff episode of the Private Markets and Wealth Forum, host Glenn Schorr uncovers the ongoing transformation in capital markets: companies staying private longer, private credit competing with banks, and the rapid "democratization" of alternative investments.You'll learn how the blurring lines between public and private, institutional and retail, and asset versus wealth management are fundamentally reshaping the financial landscape.Plus, Glenn Schorr previews provocative questions future episodes will tackle—like whether private credit is becoming the new banking system, and if semi-liquid funds are the next great ETF innovation or the next liquidity stress test.If you're looking to understand the forces driving change across private markets and wealth management—beyond just the headlines— PMWF will be your first stop.***Applicable current disclosures regarding the companies discussed in this video are available at the offices of Evercore ISI: 55 East 52ndStreet, New York, NY 10055, and at the following site:  https://evercoreisi.mediasterling.com/disclosure