varostreamAlt Goes Mainstream podcast is the place to turn to for interviews with some of the brightest and most experienced minds in the world at the intersection private markets and wealth management. AGM dives into investment strategies like private equity (PE), private credit, venture capital (VC), secondaries, GP stakes, infrastructure, real estate, wealth management, and comprehensively covers tools and frameworks for approaching private markets, such as asset allocation, evergreen funds, model portfolios, and more. For anyone looking to invest into private markets (from experienced wealth managers to family offices to the individual investor looking for a more diversified investment portfolio), you’ll hear inside stories from executives and founders at some of the world’s largest financial institutions, alternative asset managers firms, and wealth management firms. More than a personal finance podcast, Alt Goes Mainstream dives deep into trends, investment strategies, firm building lesson
Episodes
Lowercarbon Capital’s Chris Sacca and Caie Kelley - investing in the powerhouses driving the new energy economy
Welcome back to the Alt Goes Mainstream podcast. One of the best-performing venture investors in history is back in the saddle. And this time, he’s bringing the stampede to invest in some of the most consequential companies of our time. For Chris Sacca, the seeds of investing in energy were sown 23 years ago when he was building data centers for Google. His investing career went into full bloom with Lowercase Capital, the venture firm he founded in 2010 with $8.4M in capital. Thanks to early investments in Uber, Twitter, Stripe, Instagram, Blue Bottle Coffee, Docker, Optimizely, and others, Lowercase’s first fund returned over 204x DPI and around 250x MOIC. For his second act, he is going bigger to solve massive problems that require real solutions across energy, power, water, AI, transmission, and nuclear fusion. He and his wife, Crystal, co-founded Lowercarbon Capital (and are the firm’s largest LPs) to invest in companies that own every part of the electrical stack, from sunlight to socket. Chris and Crystal have built out a stellar team to match the opportunity in front of them by bringing together the requisite ingredients to be an expert and differentiated investor in energy, advanced manufacturing, nuclear fusion, and transmission. General Partner Clay Dumas was previously Chief of Staff in the White House Office of Digital Strategy. The firm’s most recent General Partner to join the ranks is Caie Kelley, who leads the firm’s Growth investing efforts. Caie brings to bear a background in private equity at Permira and investing in climate startups at Ashton Kutcher and Guy Oseary’s Sound Ventures and output so considerable that the Lowercarbon team calls her “CaieGPT,” despite that output being human-generated. Irrespective of political regime, geopolitical chokepoints, and supply chain reconfiguration, the world was in dire need of better, faster, safer, cheaper, and cleaner energy alternatives. Chris, Clay, Caie and team at Lowercarbon set out to invest in new energy and manufacturing companies that could become the foundation of the new energy economy when Lowercarbon launched in 2021. In that time, national security, energy security, geopolitical tensions, reorienting of supply chains, and a hotter earth have all undergone seismic shifts. Lowercarbon has invested across the energy stack to back companies addressing these challenges and building the foundation of the new economy. There’s a lot to play for here on Earth, as Chris noted in the podcast, saying, “Mars is for quitters. If we are going to Mars, we are giving up on what we have here.” And what we have here is what this fascinating conversation with Chris and Caie focused on. We covered: Why climate may not be the best way to describe Lowercarbon’s investing activities. How big is the energy market? Why Lowercarbon avoids investing in “science projects.” What it takes to underwrite investing in hardware and hard tech companies. How Lowercarbon unearths “fundamentally different technologies that are providing fundamentally different costs,” according to Caie. Lessons learned from Lowercase and how to know when to bet big on an investment. Why the likes of Antora, Crux, Fuse Energy, Base Power, Panthalassa, Cloover, Solar Square, Commonwealth Fusion, Emerald AI, and more could be such consequential companies. Why the Lowercarbon team are “unapologetic capitalists.” Bios Caie Kelley, General Partner Caie is a General Partner at Lowercarbon Capital, where she focuses primarily on growth stage opportunities and provides a quantitative lens to the team’s deep tech and science-backed work. Prior to Lowercarbon, she was at SOUNDWaves, the climate-focused venture arm of Sound Ventures, where she built out the team’s sustainability strategy, helped raise the fund’s first external capital, and backed founders at multiple stages of growth across batteries, alternative materials, circularity, and climate software. Prior to Sound, Caie was at Permira, an $80b private equity fund based in New York, where she focused on technology and industrial services growth-stage businesses. Caie started her career in the technology investment banking group at JP Morgan in both San Francisco and New York, where she advised IPO-ready companies on how to graduate to the “real world” (public markets). Caie holds a bachelor’s degree in economics from Harvard College, where she graduated Summa Cum Laude and Phi Beta Kappa, and where she wrote a very, very long thesis on Southeast Asia and first became painfully aware of the disparate effects of climate change on developing parts of the world. Caie grew up in the Bay Area with two biologists as parents but is now a Southern California loyalist — she currently lives in Los Angeles where she spends her free time consuming reality television and staying up to date with pop culture discourse, and going on flat walks in the sun with friends. Chris Sacca, Founder & Managing Partner Chris is the co-founder of Lowercarbon Capital, backing the world’s most ambitious and scalable decarbonization solutions across energy, industrial materials, transportation, carbon removal, and advanced manufacturing. The portfolio spans countless companies, each proving to the world that hard-tech climate solutions are just good business. Alongside his wife, Crystal, Chris also co-founded Lowercase Capital, best known for its very early investments in Uber, Twitter, Instagram, Twilio, Docker, Optimizely, Blue Bottle Coffee, and Stripe, making it one of the most successful venture funds in history. The performance of the Lowercase funds vaulted Chris to the number-two spot on the Forbes Midas List and landed him a place on Vanity Fair’s New Establishment list before he shifted in 2017 from broad-based venture capital to focus on climate innovation, philanthropy, and creative pursuits. Before becoming an investor, Chris served as Head of Special Initiatives at Google, where he founded and co-led the Access division. His projects included Google’s multi-billion-dollar initiatives for the 700MHz and TV white-spaces spectrum, culminating in Google’s $4.7 billion bid in the FCC spectrum auction. Chris oversaw billions of dollars of global energy projects and co-led the siting and acquisition of groundbreaking data centers in Oregon, Georgia, and the Netherlands. Chris helped expand the company’s global fiber-optic and undersea cable footprint, drove many of Google’s business development and M&A transactions, and was a founding team member of the company’s New Business Development division. In recognition of his accomplishments, Chris was among the first Google employees ever to receive the Google Founders’ Award, the company’s highest internal honor. Earlier in his career, Chris practiced law at Fenwick & West, representing startups, venture firms, and multinational corporations in financings, M&A, and licensing deals, and later held executive roles, including General Counsel and Head of Corporate Development, at one of the world’s largest streaming and digital media companies, Speedera Networks, later acquired by Akamai. For almost 20 years, Chris has been a fixture on television, radio, podcasts, in ...
1:31:17Nomura Asset Management International’s Shawn Lytle - pizza, patterns in asset management, and private markets
Welcome back to the Alt Goes Mainstream podcast. What happens when you bring Tokyo-Neapolitan style pizza to New York? You get one of the hottest new reservations in a city full of top restaurants and pizza spots. Are there similarities between pizza and asset management? Different styles of pizza appeal to different people. Same in asset management. But there is one constant: the way the pizza is made matters. At Pizza Studio Tamaki, the Tokyo-Neapolitan pizza is made with acclaimed pizzaiolo’s Subasa Tamaki’s dough flown in directly from Japan. Every detail matters. Every flavor is unique. And it all blends together into a unique pizza experience. That’s something Nomura Asset Management International is aiming to do in the U.S. with both public and private markets. We recently sat down at Pizza Studio Tamaki for a live podcast with Nomura Asset Management International CEO Shawn Lytle, with the wealth channel in the audience, to discuss pizza, patterns in asset management, and private markets. Shawn’s deep experience working for a number of the industry’s largest asset managers and understanding of what the wealth channel needs across public and private markets set the table for a great discussion on the evolution of asset management, how culture impacts how firms work with the wealth channel, and how to bring an international brand into the U.S. market. We ate the pizza while we podcasted, and we even did a pizza rating. Spoiler alert, PST was really good. So was the podcast. Bio Shawn is Chief Executive Officer of Nomura Asset Management International, where he is responsible for overseeing the business, investment teams, and strategies for clients. He joined Nomura Asset Management as part of Nomura’s acquisition of Macquarie Asset Management’s US and European public investments business in 2025. He also serves as the President of Nomura Funds (formerly, Macquarie Funds) and oversees registered vehicle governance in the US and Europe. Shawn is a member of the Nomura Asset Management International Executive Committee. He has more than 30 years of asset management experience. Before joining Macquarie in 2015, he held several management and equity investment roles at UBS Asset Management and various roles at J.P. Morgan Asset Management. Shawn is a member of the Investment Company Institute (ICI) Executive Committee. He is also a board member of OppNet and Philadelphia Financial Scholars, in addition to being the former Chairman of the National Association of Securities Professionals (NASP). He earned a Bachelor of Science in marketing from The McDonough School of Business at Georgetown University. Thanks, Shawn, for sharing your expertise, wisdom, and passion about asset management and private markets. Show Notes 00:00 Tokyo Pizza Meets NYC 01:07 Ultimus Fund Solutions Sponsor Message 02:05 Meet Shawn Lytle 02:18 Why Japanese Pizza Studio Tamaki 05:09 Four Firms Four Cultures 06:10 Craftsmanship And Consistency 06:52 Bringing Nomura To US 07:21 What Great Managers Share 09:00 Choosing The Right Partner 10:29 Curated Menus Fewer Managers 12:50 Beta Is Free Alpha Matters 13:48 Nomura Platform Advantages 15:39 Winning In Japan ETFs 17:11 Sports Marketing Lessons 22:29 Private Markets Next Wave 27:59 Pizza Rating And Wrap Up A Word from Our Sponsor, Ultimus This 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 at ultimusfundsolutions.com or email info@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream. Editing and post-production work for this episode was provided by The Podcast Consultant.
29:21Arcesium’s Jeb Altonaga - where data and decision-making intersect to drive "operational mastery"
Welcome back to the Alt Goes Mainstream podcast. Today’s podcast dives into the world of data and decision-making in private markets. We were in the studio with private markets polymath Jeb Altonaga. Jeb is SVP, Head of Business Development in Private Markets at Arcesium, where they have built a financial management data platform aimed at solving the data normalization problem across public and private markets. Jeb’s multihyphenate background puts him in a position to see the data challenges for GPs and LPs alike from all different angles as Arcesium works to take unstructured data and turn it into structured data and insights to help asset managers run their businesses more efficiently and serve LPs better. Jeb’s background spans Citadel, where he was Head of Relationship Management & Operations in Asia-Pacific, to being an LP as the COO at Blue Pool, a large family office based in Asia, to running capital formation and as COO at Australian activist investment firm Sandon Capital. He joined Arcesium in August 2025 to spearhead the execution of business strategy and the product roadmap for Arcesium’s software solutions in private markets. We had such a fascinating discussion given the various vantage points that Jeb has had in private markets. We covered: How to think about data normalization and why it matters. Where and when transparency makes sense. Which asset classes may benefit from less transparency. What secondary markets might do to transparency in private markets. What a tradable market in private markets could look like. The evolution of private credit’s market structure. What Jeb would make more efficient about private markets. Why it’s important to be a lifelong learner. Bio Jeb Altonaga leads business development for Arcesium’s Private Markets segment, drawing on over 25 years in alternative investments, capital formation and funds management. He founded Clearglass Capital Partners, a private capital advisory firm, and previously served as COO at Sandon Capital in Sydney and Partner & COO at Blue Pool Capital (& Pinyin) in Hong Kong and began his buy-side career at Citadel Investment Group in Chicago. Jeb holds an MBA from NYU Stern and has served on the board of Hedge Funds Care Asia. Thanks, Jeb, for sharing your wisdom, expertise, and passion about public and private markets. Show Notes 00:00 Welcome to Alt Goes Mainstream 01:25 A Message from Ultimus Fund Solutions 02:22 Jeb’s Career Path and Lessons 04:05 Why Jeb Joined Arcesium 04:40 From Loan Tapes to AI 06:33 Building in Private Markets 07:26 The Missing Middle Layer 08:55 Do GPs and LPs Want Standards 10:38 LPs Must Drive Change 11:33 Family Office Perspective 14:23 AI Adoption for Different Generations 18:11 Private Markets Need a Desktop 21:02 APIs versus SFTP plumbing 23:25 Evergreens and Secondaries Push Transparency 28:49 Secondaries as Portfolio Tool 29:11 Transparency vs Information Edge 29:48 Private Equity Transparency Limits 30:10 Why Private Credit Opens Up 31:48 Market Structure Highway Analogy 33:08 Tech Stitching Private Data 34:14 Golden Source Data Layer 35:19 Arcesium Intelligence Agents 35:39 Front to Back Platform Buildout 36:50 Why Firms Differ on Same Stack 39:27 Tech First Culture as Edge 41:04 Private Credit Marketplace Debate 43:41 Liquidity Mismatch and Gates 46:24 Secondary Trading Tech Readiness 47:37 Security Master Fix and Wrap A Word from Our Sponsor, Ultimus This 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 at ultimusfundsolutions.com or email info@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream. Editing and post-production work for this episode was provided by The Podcast Consultant.
53:10Clarion Partners’ Josh Pristaw - an industrious approach to real estate investing
Welcome back to the Alt Goes Mainstream podcast. Today’s podcast dives into the world of real estate with one of the industry’s largest managers and investors in industrial real estate. We sat down in Franklin Templeton’s New York City office with real estate veteran Josh Pristaw, Managing Director, President of Clarion Partners, a $73.3B AUM real estate investment firm within Franklin Templeton’s alternatives platform. Josh discussed data and durable demographics, which are drivers of the deeply researched investment process that his team at Clarion employs to invest in industrial real estate. Josh’s background, which spans developing shopping centers to investing in real estate in Brazil to running one of the industry’s leading single-family rental investing platforms at Pretium, has helped him lead Clarion, one of the industry’s largest industrial real estate investment platforms. Josh and I had a fascinating conversation, connecting data and demographics to actionable insights in real estate investing. We covered: The durable demographic and secular trends driving Clarion’s investment strategy in healthcare real estate. How 10,000 people turning 80 years old in the US daily is creating an “aging in place” dynamic that is impacting housing supply and self-storage demand. Why industrial demand is tied to e-commerce growth. How Clarion takes a quantitative approach to real estate investing, evaluating sub-markets using recursive factor analysis. How diversification and liquidity drive Clarion’s open-ended fund strategy, with 95% of the firm’s $73.3B in AUM residing in open-ended funds. Why data centers pose liquidity, capex, valuation, and concentration challenges for open-ended fund vehicles. Bio Josh Pristaw, equity owner and Managing Director, is President of Clarion Partners. He is a member of the Firm’s Executive Board, Investment Committee, and the Board of Directors for Clarion Partners Holdings, LLC. He joins Clarion from Pretium, where he served as Senior Managing Director and Head of Pretium’s real estate platform. Prior to Pretium, Josh co-founded GTIS Partners. He has more than two decades of real estate experience across property sectors and functions, including acquisitions, asset management, portfolio development, and capital markets. He joined Clarion Partners in 2025 and has been working in the industry since 1997. Josh graduated from Dartmouth College, B.A. (1997). Thanks, Josh, for sharing your wisdom, expertise, and passion about real estate investing and your data-driven approach to the asset class. Show Notes 00:00 Introduction 01:14 Message from Ultimus Fund Solutions, Our Sponsor 02:44 Josh Career Origins 03:55 Real Estate Scale Shifts 04:51 Understand Demographics and Mega Trends 05:35 Senior Housing Supply Gap 07:12 Housing Turnover and Storage 08:24 Data Models Across Sectors 09:21 Data Driven Allocation Lens 09:57 Four Drivers of Returns 12:16 Timing Bets and Liquidity 15:17 Lessons Learned From Building In Brazil 18:06 Invitation Homes Data Ops 19:44 Clarion Data Science Edge 21:06 Quant Meets Relationships 22:11 Asset Class Specialists 23:16 Industrial Demand Megatrends 23:32 Ecommerce Trillion Wave 24:16 Efficiency And Taller Warehouses 4:58 Robotics Power Premium 26:54 Infrastructure Constraints 29:44 Why Not Data Centers 34:27 Supply Glut More Sellers 33:10 Liquidity Supply Imbalance 36:12 Evergreen Fund Playbook 39:26 Portfolio Rotation Discipline 41:16 Career Advice and Wrap Up A Word from Our Sponsor, Ultimus This 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 at ultimusfundsolutions.com or email info@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream. Editing and post-production work for this episode was provided by The Podcast Consultant.
43:14EQT's Christian Sinding - "Why not" Europe and building the €1 trillion company
Welcome back to the Alt Goes Mainstream podcast. Today’s podcast takes us to Oslo, Norway, for a very special conversation with Christian Sinding, the former CEO of one of the industry’s leading alternative asset managers, EQT. Christian’s hometown of Oslo provided an ideal setting to showcase both the Nordic heritage that represents EQT’s DNA and the global ambitions of the firm (and one of its portfolio companies, 1X) that is looking to fund Europe’s first €1T company. Christian has been one of the leaders in the alternative asset management industry. He was most recently the CEO of EQT, where he steered the firm on an impressive growth path as a public company and helped scale the firm to almost €300B AUM. He’s now focused on another ambitious project: the Scaleup Europe Fund, a fund that EQT is managing and has support from the European Commission to invest in Europe’s most promising technology companies. With 1X Tech’s NEO humanoid robot joining us for part of the discussion, Christian and I had a fascinating conversation about the past, present, and future of alternative asset management and Europe’s technology ecosystem. Christian and I discussed: The evolution of EQT and alternative asset management. What Europe needs in order to fund the future. How Europe can harmonize its capital markets infrastructure. What it will take to create the €1T company. What it means for companies to have global ambition. The what, why, and how behind EQT’s Scaleup Europe Fund. Why EQT’s Scaleup Europe Fund invested in ICEYE and Lovable. Why EQT invested in 1X. How Christian’s “why not” attitude can take Europe’s technology ecosystem to the next level. Come for the conversation with Christian, stay until the end to meet NEO. Bio Christian Sinding is an Institutional Partner at EQT with nearly 30 years of experience at the firm. He served as CEO and Managing Partner from 2019 to May 2025, during which EQT quadrupled in size, becoming the fourth-largest company listed on the Swedish stock exchange. As CEO, Christian oversaw EQT’s public listing on Nasdaq Stockholm in 2019 and guided the firm’s development as a publicly listed organization, with a strong focus on governance, transparency and long-term, responsible ownership. Prior to becoming CEO, Christian served as Head of EQT Equity from 2011, where he played a central role in building EQT’s core investment franchise and expanding the firm’s international footprint. Under his leadership, EQT scaled from a market value of approximately €6 billion at listing to around €40 billion in 2025, further strengthening its position as a global leader in private markets. Christian chairs the EQT Council and the Global Investment Forum, serves as Chair of the Investment Committee for the Scaleup Europe fund, and serves on the Investment Committees for EQT Equity and EQT Future. He is also a board member of the EQT Foundation, supporting EQT’s long-term societal engagement. Christian brings deep experience in leadership, governance, public markets and long-term value creation, with a focus on resilience and partnering with founders and management teams to build durable, globally competitive businesses. Thanks, Christian, for sharing your passion, expertise, and wisdom about private markets and building companies and for such a fascinating conversation. Show Notes 00:00 Meet NEO, the 1X Robot 00:06 Europe’s $10B Gap 00:18 The “Why Not” Mindset 00:29 Lovable and The Trillion Euro Ambition 01:37 A Message From Our Sponsor, Ultimus Fund Solutions 02:35 Welcome Christian Sinding 02:40 Nordic Edge on Innovation 05:38 EQT Origins and DNA 08:01 Inspiring Change Not Control 08:36 Full Potential Planning 10:46 Troika Model Explained 13:42 Winning After the IPO 16:14 Capital Markets Playbook 20:56 Why Venture and Growth 28:44 Europe’s Innovation Gap 28:56 Politics Push Reform 29:37 Why Europe Can Win 30:47 Building Bigger Markets 31:18 A European Nasdaq Dream 32:28 From Local To Global 33:36 Founder Ambition Shifts 34:40 Lovable Trillion Dollar Vision 35:32 EU Inc And Capital Reforms 36:56 Private Longer Needs Capital 37:52 Scaleup Europe Fund Explained 39:53 What Makes It Different 43:02 Defining Success And Flywheel 46:47 The “Why Not” Mentality 48:58 Some Time With NEO, The 1X Robot A Word from Our Sponsor, Ultimus This 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 at ultimusfundsolutions.com or email info@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream. Editing and post-production work for this episode was provided by The Podcast Consultant.
52:40KKR’s Pete Stavros - a culture of ownership - live from AGM’s RIA Field Trip
Welcome back to the Alt Goes Mainstream podcast. Today’s podcast unpacks the importance of ownership and equity, and how the world’s largest private equity firm (source: PEI 300) has helped create a culture of ownership within its portfolio companies and more broadly across the industry. With the backdrop of KKR’s studio in New York and the firm fresh off the heels of celebrating its 50th Anniversary, we sat down with KKR’s Co-Head of Global Private Equity Pete Stavros for a live conversation during AGM’s RIA Field Trip to discuss how culture can be a competitive advantage and how it defines much of what KKR does both internally and with its portfolio companies. Pete has not only been a leading private equity investor at one of the industry’s largest firms, but he’s also been a pioneer in one of the industry’s most important initiatives: enabling employees of private equity-backed companies to share in ownership of the companies where they work. The firm’s Broad-Based Employee Ownership has delivered on its promise in many ways, with KKR’s recent 14x (and $4.75B) exit on CoolIT providing all 650 CoolIT employees with cash payouts that ranged from approximately one year to more than eight years of annual pay, which, as Pete noted in our conversation, was “life-changing for many employees.” Pete and I had a fascinating conversation about the culture of ownership at KKR, the evolution of the firm’s private equity platform, why it’s so important to make employees owners, and how it’s created a ripple effect in the industry. We covered: KKR’s “we not I” culture. Why the most important trend in private equity going forward will be a shift from “balance sheet and income statement arbitrage to total cultural transformation.” Why and how culture is an advantage — and how KKR sustains its competitive advantage. The power of a scaled platform and why the division of labor is important as firms grow. What Pete means by “persistence in process.” How can companies encourage people to act like owners, and why is it so important for employee retention and productivity? How can sharing equity ownership be used as a tool to change culture? The impact the private equity industry can have through its ability to cascade change. Bio Pete Stavros (NewYork) joined KKR in 2005 and is Co-Head of Global Private Equity. This includes oversight of assets across Europe, Asia and the Americas and traditional large and mid-cap private equity, core and growth equity. Prior to this role, Pete served as Co-Head of the Americas Private Equity platform. He is a member of several investment committees at KKR. As an investor, Pete has helped lead a number of successful investments across sectors and sizes, including HCA Healthcare, Nielsen, Gardner Denver / Ingersoll Rand, Capsugel, Capital Safety, Hyperion, Flow Control Group, Charter Next Generation, Minnesota Rubber and Plastics, Geostabilization International, Crosby Group and CHI Overhead Doors. Prior to becoming Co-Head of Americas Private Equity, Pete led the Industrials industry team where he pioneered an innovative employee engagement and ownership model. This approach has been successfully implemented at more than 90 KKR companies and has positively impacted more than 200,000 workers. Pete is the Founder and Chairman of Ownership Works, a non-profit focused on building a worker ownership movement globally and enhancing the financial resiliency of the workforce. The goal of Ownership Works is to create more than $20 billion of wealth for working families over the next decade. Pete is also the Founder and Chairman of Expanding ESOPs, an organization focused on dramatically expanding the number of Employee Stock Ownership Plans (ESOPs) in corporate America. Prior to joining KKR, Pete was an investor with GTCR Golder Rauner, where he was an investor in the healthcare sector. He holds a B.S. in Chemistry, magna cum laude, from Duke University and an M.B.A. with high distinction, Baker Scholar, from Harvard Business School. Thanks, Pete, for sharing your wisdom, expertise, and passion on private equity and making everyone an owner. Show Notes 00:00 Live From AGM Field Trip at KKR Studio In NYC 00:29 A Message From Ultimus Fund Solutions 02:00 Meet Pete Stavros 02:09 The Story of Joining KKR 02:33 From Interviews To NYC 03:08 All About Collaboration 03:02 A No Star Culture 04:03 How Culture Is Sustained 04:43 Ritz-Carlton Analogy 05:23 No Star Culture 05:29 Culture Shapes Investing 05:54 Platform Resources Edge 06:24 Capital Markets Bench 06:41 Macro And Ops Experts 06:52 Making Resources Work 07:52 Consistency And Process 08:40 Evolving Value Creation 08:46 Gardner Denver / Ingersoll Rand Case 09:25 Value Engineering Method 10:09 Warehouse Teardown 10:54 Customer Feedback Loop 11:25 Sixty Million In Savings 11:50 Culture As The Next Frontier 12:16 Defining Transformation 12:27 Workforce Crisis Stats 13:08 Problems Are Global 14:28 Underwriting Culture Risk 15:12 Leadership Makes It Work 16:00 Ownership Done Right 17:06 BBEO Origins 19:10 Early Mistakes Learned 19:30 Scaling To 85 Companies 19:59 CoolIT Exit Results 20:48 Closing The Wealth Loop 21:12 Financial Literacy Journey 21:45 Truck Loan Lesson 23:39 Building Resilience Stack 24:15 Exit Support Package 24:37 Industry Adoption 25:40 Ownership Works Launch 27:04 Street Loan Cautionary Tale 28:00 Why Share The Playbook 30:02 Taking Ownership Global 30:56 International Rollout 31:31 Local Culture Differences 32:15 State Of Private Equity 32:40 Is Software Dead 33:09 KKR Software Approach 34:26 AI At Portfolio Scale 34:55 One Hundred Thirty Tests 35:35 Buying The Fear Trade 35:49 Accounting Is Not Dead 37:08 Closing Thoughts A Word from Our Sponsor, Ultimus This 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 at ultimusfundsolutions.com or email info@ultimusfundsolutions....
37:24I Squared's Dr. Sadek Wahba - it's time to "Build"
Welcome back to the Alt Goes Mainstream podcast. We went to Miami to sit down with the professor of infrastructure investing and Founder, Chairman, and Managing Partner of I Squared, Dr. Sadek Wahba. Sadek has blended academic knowledge and a practical approach to infrastructure investing to build I Squared into a $60B infrastructure investment firm in 14 years, some of which he has adroitly distilled into the 2024 book that he authored, Build: Investing in America’s Infrastructure. We had such a fascinating and wide-ranging discussion that I’ve decided to break down our conversation into chapters. “We are enormously boring by design”: From the World Bank to building a $60B infrastructure investing behemoth [00:00:00–00:16:19] Sadek has been investing in a category, infrastructure, that he calls “invsible until it’s missing.” He’s brought experience as an economist at The World Bank and running Morgan Stanley Infrastructure as CEO to bear as he has built out I Squared into a leading infrastructure investment firm. Some notable quotes from this chapter: “You open your tap water, you never think where the water comes from … So you take a lot of that for granted.” “For better or worse, it may say something about us being enormously boring, but the only thing we do is infrastructure.” “With the boom in AI, and the need for power and data centers … add another five-plus trillion dollars that will need to be invested in transmission lines, power generation, data centers, fiber optics and all sorts of infrastructure.” No free lunch: ownership, regulation, and the ghost of Flint [00:16:19–00:32:40] U.S. infrastructure has shifted from private ownership to overleveraged municipalities. Sadek breaks down what has gone wrong with different infrastructure investment models around the world by dissecting who owns an asset, who manages it, who regulates it, and why collapsing those three roles into one is exactly what happened in Flint, Michigan. Some notable quotes from this chapter: “I’m sorry to say, but there’s no free lunch. Whether it’s a public good or not, that public good requires inputs, produces an output, and someone has to pay for it.” “There are three things that matter when you think about infrastructure: the ownership of the asset, who manages it, and who regulates it. If the entity that owns, manages, and regulates it are the same, you have a problem.” “They managed it, they regulated it, and they owned it. So if I wanted to complain to the regulator … the manager is the regulator. But the real owner is the manager who’s also the regulator.” (Sadek on what happened in the Flint, Michigan water crisis). If it sounds too good to be true, it probably is [00:32:40–00:51:06] Sadek takes us inside I Squared’s investing playbook. He discusses why they walked away from a Norwegian gas deal promising 14-15% returns, and why regulatory risk is the hardest thing to underwrite. Sadek also shares where he believes value is created in the next decade. If it’s too good to be true, then it’s probably not true. And that, for me, is rule number one.” “How can you make a return of 14%, 15% on something which is a hundred percent regulated and where you take very little risk? That, to me, doesn’t exist.” “The adoption of AI technology is probably the single biggest opportunity we see in infrastructure over the coming years.” Fishing in a different pond: the mid-market and the democratization of infrastructure [00:51:06–01:07:19] Sadek explains how a firm that has a $15B fund to deploy still focuses on the “mid-market,” why banks have abandoned the $50-100M loan, and why individual investors can play a role in financing assets that they use every day. “Our funds could be $15B in size … people say, “You’re joking, right? That’s not mid-market” And the answer is, well, no, it is … because we invest globally.” “I hope the day comes where most airports in the US are not owned by funds, but they’re publicly listed. Instead of being owned by a municipality, you and I can buy the shares of that company.” “If regulators are not paid, they’re not incentivized to do a good job.” Onshoring, national security, and what drives Sadek [01:07:19–01:17:15] Sadek shares why private capital can help fill the gap for funding infrastructure needs as growing government debt makes it harder for governments to keep footing the bill. He also discusses the case for onshoring beyond politics and what motivates him. “Private capital will per force play a critical role if you want to maintain sustainable economic growth rates. If you want lower per capita income, if you want higher unemployment … then don’t have the private sector invest in it.” “I can think of two reasons [for onshoring] that have nothing to do with politics: national security, and supply chain issues." “What drives me is to be able to produce something that people find useful, that people use to better their lives. And if you can do that in any small way, I think that’s enormously rewarding.” Bio Dr. Sadek Wahba is Chairman and Managing Partner of I Square Capital, an independent global infrastructure investment manager based in Miami, Florida, with $60 billion in assets under management. He has worked at Morgan Stanley where he was the CEO of Morgan Stanley Infrastructure, a global platform for infrastructure investment and as an economist at The World Bank. Sadek is an advocate for transformative approaches to infrastructure investment and a frequent commentator about the need for more investment in infrastructure to promote sustainable economic growth. He was a presidential appointment to the National Infrastructure Advisory Council, which advises the White House on reducing the physical and cyber risks and improving the security and resilience of critical infrastructure in the U.S. He was part of the expert committee on the World Economic Forum’s first report on global infrastructure investments and was named Global Infrastructure Personality of the Year twice, as well as Global Infrastructure Personality of the Decade, by Private Equity International (PEI). He frequently appears on Bloomberg, CNBC, Nasdaq, and other networks, including Op-eds in the Financial Times and other leading journals. He holds a Ph.D. in economics from Harvard University, an M.Sc. in economics from the London School of Economics (LSE) and a B.A. in economics from the American University in Cairo. He is a published author on economic research and one of his publications was selected by MIT as one of their 50 most influential papers in the last 50 years His book Build: Investing in America’s Infrastructure published by Georgetown University Press published in 2024 is in its second printing. Sadek is a Senior Fellow at the Development Res...
1:16:26Golub Capital’s David Golub - inside the mind of one of private credit’s pioneers
Welcome back to the Alt Goes Mainstream podcast. We went to Golub Capital’s New York office to sit down with Co-CEO David Golub. David Golub and his brother Lawrence both started their careers in private equity. It was their experiences in private equity in the 1990s that turned them into private credit pioneers. Lawrence and David have built Golub Capital into a $95B private credit behemoth, largely due to their pioneering decision to create the “one-stop” unitranche loan solution for sponsor-backed companies after spotting a gap in the sponsor finance market. Fast forward over 30 years, and Golub Capital is one of the leaders in private credit. David discussed how Golub has spent the balance of its life as a scaled specialist credit manager “honing the competitive advantages” that make the firm so unique. Golub has built a cadre of 200 high-quality sponsor relationships with many of the industry’s top private equity firms, which call on them when they are seeking sponsor financing for their companies. David and I had a fascinating conversation that covered everything from the early days of private credit to the story of pioneering unitranche loans to what LPs should look for in GPs to the psychology of relationships and partnerships. We discussed: What David and Lawrence saw in the early days of private equity informed how they decided to build Golub. Why the unitranche loan became popular with private equity sponsors. What Golub looks for in relationships with private equity sponsors. Why focus has been a key driver of scaling Golub’s business. What LPs should ask GPs when evaluating their fund and firm. Why LPs should evaluate GPs based on how GPs think about their own business. The psychology of relationships and partnerships. How David’s experience being surrounded by a family of psychologists and psychiatrists has given him an edge in investing, negotiating, and building win-win relationships. Bio David Golub is Co-Chief Executive Officer of Golub Capital, a market-leading, award-winning direct lender and experienced private credit manager. As of April 1, 2026, Golub Capital had over $90 billion of capital under management, a gross measure of invested capital including leverage. Golub Capital partners with institutional investors and family offices, offering tailored solutions for investors’ credit asset strategies. The Firm specializes in delivering reliable, creative and compelling financing solutions to companies backed by private equity sponsors. Golub Capital has been a top 3 U.S. Middle Market Bookrunner each year from 2008 through Q1 2026 for senior secured loans of up to $500 million for leveraged buyouts. Golub Capital has been consistently recognized with industry awards, including Lender of the Year, Americas (Private Debt Investor, 2014, 2015, 2016, 2018, 2021, 2022, 2023, 2024) Lender of the Decade, Americas (Private Debt Investor, 2023), Senior Lender of the Decade, Americas (Private Debt Investor, 2023), Senior Lender of the Year, Americas (Private Debt Investor, 2015, 2016, 2017, 2019, 2020, 2023, 2025) and BDC Manager of the Year, Americas (Private Debt Investor, 2015, 2016, 2017, 2023). Mr. Golub is active in charitable and civic organizations. Mr. Golub is a member of the Founder’s Council of the Michael J. Fox Foundation for Parkinson’s Research, where he was the first board Chairman and a long-time director. Mr. Golub is Co-Founder and Chair of the Golub Capital Nonprofit Board Fellows Network, which operates at 20 leading business schools; its mission is to make nonprofit boards more effective by training hundreds of MBA students each year to become highly skilled nonprofit directors. Mr. Golub is a member of the Association of Marshall Scholars’ Director’s Circle and previously was a member of the Stanford Graduate School of Business Advisory Council. He has served on the boards of the Loan Syndications and Trading Association, the Hudson Guild and the World Policy Institute. Mr. Golub is on the board of directors of Burton Snowboards and has served on the boards of numerous public and private companies. Prior to joining Golub Capital in 2003, Mr. Golub was a Managing Director of Centre Partners, a leading middle market private equity firm, and of Corporate Partners, a Lazard-sponsored $1.5 billion private equity fund formed to acquire significant minority stakes in established companies. Mr. Golub earned his AB degree magna cum laude in Government from Harvard College. He received an MPhil in International Relations from Oxford University, where he was a Marshall Scholar, and an MBA from Stanford Graduate School of Business, where he was an Arjay Miller Scholar. Thanks, David, for sharing your wisdom, expertise, and passion about private credit, the business of asset management, and the psychology of relationships. Show Notes 00:00 Introduction 01:23 A Message from Ultimus Fund Solutions, Our Sponsor 02:26 David’s Career Shift to Credit 06:07 Sponsor Finance Market Gap 10:56 Unitranche Origins 12:47 Crisis As Catalyst 14:25 Distressed Value Lens 16:21 What Makes A Good Business 19:39 Relationships And Game Theory 21:26 Capital Isn’t Proprietary 25:39 Being First Call 26:21 Managing Growth Carefully 27:29 Fundraising Versus Opportunity 28:08 Only The Paranoid Survive 29:17 Staying A Specialist 29:45 Capacity And Performance 32:47 Scale As Advantage 36:23 Raising Capital Follows Winners 37:12 Future PE Picks Few Lenders 37:52 Credit Partner as A Signal 38:37 Doing Homework on Sponsors 39:02 Big “n” Investing Mindset 39:16 Risk Real vs Perceived 41:30 Press Noise and Redemptions 42:22 Darwinian Moment Ahead 42:54 Why Terms Improve Next 44:42 Portfolio Stress Reality Check 47:51 Junior Debt Trouble Spot 48:10 Underwriting the Manager 51:06 Ask the Why 52:00 What Keeps You Up at Night 54:13 Culture of Constructive Doubt 54:57 Testing Analytical Thinking 55:53 Building the Wealth Channel 56:45 Early Days Wealth Fundraising 58:11 Diversifying the Investor Base 01:00:45 Decades Mindset and Focus 01:01:35 Specialization and Infrastructure 01:02:39 More of the Same 01:03:21 Adjacencies Like GP Secondaries 01:03:42 Continuation Vehicles Rationale 01:05:22 Psychology and Relationships 01:06:48 Problem Solving Builds Trust 01:07:51 Authenticity Over Tactics 01:09:23 Closing Reflections A Word from Our Sponsor, Ultimus This 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 busin...
1:10:08Davidson Kempner’s James Li - “no situation is too complex”
Welcome back to the Alt Goes Mainstream podcast. Today’s podcast takes us to the heart of New York City to talk with James Li, the President and Partner of Davidson Kempner, a firm that was an early participant in the merger arbitrage, distressed debt, and opportunistic credit industries. Davidson Kempner’s heritage lies in cutting through complexity to find value. Founded in 1983, Davidson Kempner’s origins began in merger arbitrage, distressed debt, and opportunistic credit. The firm, which now has around 1,800 clients, began accepting outside capital in 1987 and has since built out its investment platform to include convertible arbitrage, long / short equities, asset-based lending, and real estate strategies. Davidson Kempner has since grown to almost $40B in AUM across public and private markets strategies. The firm has a penchant for navigating complex situations across public and private markets to opportunistically uncover value, noting that “no situation is too complex for [them].” James unpacked how the firm’s family office DNA has evolved across three generations of leadership into a scaled investment platform across public and private markets to inform the firm’s relative value investing perspective. James and I had a fascinating conversation on a number of pressing topics at the intersection of public and private markets. We covered: How do public market feedback loops inform private market investments? How post-GFC growth in private equity has created “indigestion” in the system. What the current state of private equity means for capital solutions opportunities. Why distressed and opportunistic credit can be countercyclical. What it means to be a relative value investor and how Davidson Kempner navigates different sectors, markets, geographies, and asset classes. What deglobalization means for investing in private markets. Why are allocators shifting toward absolute return strategies? How Davidson Kempner’s family office DNA has informed how they approach working with the wealth channel. Bio James Li is the President and a Partner at Davidson Kempner. Mr. Li also co-manages the Client Partnerships & Business Development department and oversees the Firm’s Capital Markets, Strategy and Treasury Teams. He joined the Firm in 2018 and is based in the New York office. Before joining Davidson Kempner, Mr. Li was a Managing Director in the Client Relationship Management and Strategy Group at Goldman, Sachs & Co. Mr. Li received a B.S. from Columbia University. Thanks, James, for sharing your wisdom, expertise, and passion about public and private markets and your approach to investing in complex situations. Show Notes 00:00 Live From Davidson Kempner’s Office in NYC 01:36 A Message from Ultimus Fund Solutions 02:37 Introduction to James Li 03:36 Career Roots At Goldman 05:16 Discovering Davidson Kempner 06:13 Three Generations Of Leadership 06:42 Family Office DNA 08:23 Investing In Complexity 10:44 Where Complexity Pays 12:20 Liquid Versus Private Feedback 13:37 Macro Shifts And Deglobalization 16:01 Finding Edge In Less Crowded Markets 17:28 Private Capital Indigestion 18:47 Capital Solutions Playbook 20:48 Building Operating Capabilities 25:59 Allocator Shift In Credit 31:26 Hedge Funds Return 32:12 Post GFC Lessons 32:48 Fees Volatility Gating 33:13 Evergreen Vehicle Design 34:04 Liquidity Over Leverage 34:15 Leverage Risk Explained 35:14 Semi Liquid Marking Issues 35:36 Flows Back To Hedge Funds 36:26 Wealth Channel Education 37:14 Merger Arb Basics 38:34 Global Credit Toolkit 39:18 Portfolio Velocity Risk 40:58 Investment-Led Ownership 43:43 Scale Competition Edge 44:28 Restructuring Repayment Focus 45:43 Building Wealth Business 54:07 Firm Vision And DNA A Word from Our Sponsor, Ultimus This 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 at ultimusfundsolutions.com or email info@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream. Editing and post-production work for this episode was provided by The Podcast Consultant.
58:44Ardian’s Ava Mallin - “managing money is managing emotion”
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. We spoke with Ava Mallin, Managing Director, US Private Wealth Solutions at Ardian. Ava brings a distinctive approach to how she works with the wealth channel. She emphasized that asset managers should treat capital as a client’s legacy rather than “just dollars.” Speaking of legacy, Ardian is a firm with a rich legacy. The firm was born in 1996, when AXA’s Chairman, Claude Bébéar, chairman of AXA, asked Dominique Senequier to create a private equity arm for the insurer. And so AXA Private Equity was born. The firm’s first fund launched with a $100M French Buyout fund and two external clients. Today, Ardian stands tall as a giant in private markets, spanning asset classes and managing over $200B AUM. As a firm that provides investment solutions and customized strategies, Ardian thinks deeply about the breadth and depth of its relationships with LPs. Ava brings this perspective to bear in the wealth channel, which was evident in our conversation. Ava shared how she brings a uniquely human perspective to fundraising and partnering with the wealth channel. She believes managing money is managing emotion, which is critical for GPs to understand how wealth advisors manage their relationships with clients. We had a fascinating conversation, covering: The importance of understanding the human and emotional side that it takes to build enduring partnerships with LPs. Why US LPs have a growing interest in diversification and want exposure to Europe. Why secondaries is a partnership business with LPs and GPs. The importance of educating the wealth channel on private markets. Why Ardian prefers the term “evergreen” over “semi-liquid.” Why GPs should work with the wealth channel only if they have true commitment to the channel and top-down support from senior leadership. Bio Ava Mallin joined Ardian in 2022. She is responsible for Private Wealth relationships in the US. Prior to joining Ardian, she spent seven years at Carlyle in their Private Wealth group. She is based in New York. Thanks, Ava, for sharing your wisdom, expertise, and passion for how you approach working with the wealth channel and your focus on EQ as part of building relationships with advisors that enable them to treat their clients' capital as legacy. Show Notes 00:00 Live From iCapital Connect 00:23 A Message From Ultimus Fund Solutions 01:21 Meet Ardian’s Ava Mallin 01:48 Money And Emotion 03:11 Ardian Culture And Fit 03:45 Secondaries Partnership Model 04:45 Building US Wealth Business 05:59 Evergreen Liquidity Mindset 07:26 Educating Advisors And Clients 09:02 Brand And Leadership Support 10:13 Authenticity In Sales 11:28 Listening And Curiosity 12:29 Just Because You Can, Doesn’t Mean You Should 13:31 Getting Firmwide Buy In 14:11 Wealth Channel Challenges 14:47 Closing Thoughts A Word from Our Sponsor, Ultimus This 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 at ultimusfundsolutions.com or email info@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream. Editing and post-production work for this episode was provided by The Podcast Consultant.
15:30Franklin Templeton’s Dave Donahoo - “start with the end client” - live from AGM’s RIA Field Trip
Welcome back to the Alt Goes Mainstream podcast. We were live from AGM’s RIA Field Trip at Franklin Templeton’s New York office in Madison Square Park with Franklin Templeton’s Head of Private Markets - Americas Wealth Management Dave Donahoo to discuss the nuances of serving the wealth channel. Dave brings the perspective of someone who has seen the wealth channel handle multiple market cycles and an understanding of both traditional and alternative asset management, while always keeping the outcome for the end investor in mind. Dave started his career in the depths of the 2008 financial crisis at T. Rowe Price, where he worked with individual investors. He rose up the ranks of T. Rowe Price and then joined Blackstone as a Principal in the firm’s Private Wealth Solutions business before moving to Franklin Templeton as Head of Private Markets - Americas Wealth Management. Unpacking nuances in private markets, Dave discussed why he believes a “family of specialists” with a “narrow scope” is critical for a private markets investment platform and how a traditional asset manager can approach building brand in private markets. We had a fascinating discussion, covering: How Dave’s background starting his career working with individual investors has informed how he approaches creating solutions for the wealth channel. Why LPs want to do more with fewer partners and what this means for GPs. Specialists vs. generalists. Why RIAs have “cold call fatigue.” What RIAs want from a product perspective and why differentiation, trust, and proactive client service are top of the list. How asset managers can approach brand-building. The product innovation roadmap and what the path to 401(k) and DC products might look like. Thanks, Dave, for sharing a fascinating window into the wealth channel and for your passion, expertise, and dedication to providing private markets solutions to the wealth channel. Show Notes 00:04 Live from Franklin Templeton RIA Field Trip 00:07 Meet Dave Donahoo 02:31 Lehman Day One Story 03:15 Thrown Into the Phone Queues 03:37 Teacher Call and Investor Fear 04:53 Start With the End Client 05:26 From T Rowe to Blackstone 05:53 Blackstone Wealth Playbook 07:18 Why Franklin Was the Fit 08:09 Traditional Manager Advantages 09:09 Platform Synergies in Wealth 10:16 Challenges of Going Private 10:36 Brand Transformation Story 11:44 Internal Alignment and Change 12:16 What the Brand Should Signal 12:50 Specialist Managers Philosophy 13:44 Building Perpetuals the Right Way 14:13 Defining the Right Structure 15:44 Evergreen Structure Depends 16:09 Secondaries Structure Choice 18:10 Infrastructure Partnership Model 20:02 Preserving Investment Cultures 21:50 Data and AI Cross Collaboration 24:17 Macro Insights Across Platforms 25:47 Product Innovation Roadmap 27:06 Private Markets in 401k Plans 27:53 What Model Portfolios Mean 29:06 What RIAs Want Most 30:21 Client Service and Honesty A Word from Our Sponsor, Ultimus This 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 at ultimusfundsolutions.com or email info@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream. Editing and post-production work for this episode was provided by The Podcast Consultant.
32:06RIT Capital Partners' Maggie Fanari - why permanent capital is a privilege
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 unique 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. Taking a family office mindset and applying that investment mindset for investors in RIT. 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. Bio Maggie 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. This podcast was recorded on 15 June 2026, and therefore all RIT data is provided as at 31/05/2026. Show Notes 00:42 Meet Maggie Fanari 03:44 Teachers’ Pension Roots 04:51 Top Down Meets Bottom Up 05:50 Allocating In New Paradigm 06:15 Diversification Returns 07:02 Volatility Creates Opportunity 07:22 What Makes RIT Unique 08:08 Compounding With Downside 09:41 Brand Opens Doors 10:05 Backing Emerging Managers 11:57 Co-Invest Importance 12:36 Returns And Realizations 13:22 Great Co-Investor Playbook 15:02 Building AI Theme Exposure 16:06 Sourcing Deals Like SpaceX 16:37 Public Private Value Split 20:09 Public Themes And Sovereignty 20:58 Moats And Terminal Value 24:06 Permanent Capital Edge 25:07 Oversubscribed Fund Access 26:46 Underwriting And Discipline 27:17 Why AI Needs Capital 27:49 Anthropic Growth Math 28:15 Databricks Scale Comparison 28:41 Can Funds Get Bigger 30:22 FOMO And Chasing 30:47 Portfolio Allocation Guardrails 31:47 Permanent Capital Advantage 32:13 Right Sized Private Exposure 32:51 Liquidity And Realizations 33:28 Owning Winners At Scale 34:11 Private To Public Hold 34:41 Re Underwriting Post IPO 35:38 Retail Investor Impact 36:20 Public Market Liquidity Needs 37:57 Why Investment Trusts Work 38:56 Discounts As Margin Safety 40:08 How Shareholders Allocate 41:03 Sentiment Shifts In Cycles 42:02 What Makes Great Managers 43:14 Manager Edge Examples 45:02 AI And Finding Leaders 46:56 Consolidation And Differentiation 47:51 Being A Great LP Partner 48:50 Macro Lens As Edge 49:42 Private Signals Inform Public 50:48 Culture One Team One NAV 51:28 Risk And Scenario Analysis 52:59 Multipolar World Investing 54:14 Geopolitics In Diligence 55:10 Permanent Capital Best Of Both A Word from Our Sponsor, Ultimus This 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 at ultimusfundsolutions.com or email info@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream. Editing and post-production work for this episode was provided by The Podcast Consultant.
57:06Wellington Management's Mike Trihy - going long on evergreen funds: AGM Live from SuperReturn
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. How the market may shake out and why structure must match the asset, the client, and the liquidity terms. LP composition, evergreens vs. drawdowns across wealth and institutions, and the role of partnerships. What the potential wave of mega IPOs could mean for DPI, exits, and private market fundraising. Bio As 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 Notes 00:00 Live from SuperReturn Berlin 00:12 Meet Mike Trihy 02:06 Defining the Perfect Evergreen 02:27 Evergreen vs Drawdown DNA 02:42 Deal Flow Isn’t Everything 03:01 Portfolio Construction Focus 03:20 Cashflow Planning Mindset 03:33 Operations and Valuations 03:47 Sales and Flow Forecasting 04:03 Regulation and Complexity 04:11 Fiduciary Growth Discipline 04:46 Do Firms Have the Toolkit 05:20 Scale vs Boutique Nuances 05:42 When Bottom Up Fails 06:18 The Deal Flow Constraint 06:44 Should There Be More 07:00 Shakeout and Quality Wins 08:07 No One Best Wrapper 08:28 Matching Assets and Clients 09:43 LP Mix and Herding Risk 11:34 Evergreens Future in Wealth 13:21 Public Markets DNA Advantage 14:56 Partnerships and Mega IPOs 17:07 Private Markets Stay Private 18:52 DPI and Exit Wave Impact 20:17 Public vs Private Valuations 22:21 What Happens Faster Slower 24:08 Closing
24:41Investcorp Strategic Capital Group's Anthony Maniscalco - the evolution of GP stakes
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. Bio Anthony 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 Notes 00:00 Live From Berlin 00:15 Meet Anthony Maniscalco 02:56 Early Staking Was Hedge Funds 03:05 Banks And Prime Brokerage 03:40 Private Equity Hits A Wall 03:53 Shift To Private Equity Stakes 04:30 Why Stakes Are Attractive 04:54 Locked In Fee Streams 05:31 Carry And Diversification 06:06 How LPs Classify Stakes 06:59 Three Allocation Buckets 07:55 Strategic Access Flywheel 09:05 Tougher Fundraising Today 09:19 Why Middle Market 09:05 Fundraising Help For GPs 10:55 Underwriting Growth Readiness 12:15 Primary Capital Use Of Proceeds 12:49 Why Equity Is Worth It 14:46 Talent Retention And Next Gen 15:46 Wealth Channel Fit 18:23 Portfolio Construction Framework 19:36 Why Venture Is Harder 23:23 From Fund To Firm 24:34 Liquidity And Exit Paths 27:35 Prefs, Debt, And New Solutions 38:41 Continuation Vehicles Flywheel 41:02 Closing Thoughts
41:47Coller Capital's Jake Elmhirst - secondaries coming in first: AGM Live at SuperReturn
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 and its first GP-led investment in 1996. Today, Coller 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 have GP-led continuation vehicles become a popular solution? Why secondaries make sense for private wealth investors. Bio Jake 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 Notes 00:00 Live in Berlin Intro 00:39 Jake Elmhirst’s Career Journey 02:08 Wealth Channel Lessons 05:06 Farming Roots Detour 07:34 Secondaries Liquidity Fix 09:26 Continuation Vehicles Impact 11:21 Wealth Channel and Scale 13:21 Why Secondaries Work 15:15 Core Holding for Wealth 16:31 Discount Versus Quality 18:43 Underwriting in CV Era 20:56 Evergreen Portfolio Mix 21:56 Future of Solutions 23:02 Toolbox Expansion Ideas 24:55 Why Scale Matters 25:53 Discount Nuance Explained 27:30 Active Portfolio Management 28:45 Closing Thoughts
29:32Goldman Sachs' Kyle Kniffen - the arc of alternatives at Goldman Sachs: AGM Live at SuperReturn
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 earning the distinction of being a top-5 alternatives manager by AUM across both traditional and alternative asset managers. Today, Goldman has grown its alternatives business to over $625B in AUM. 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 focus of the conversation 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 are evergreens 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 framework Why 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. Bio Kyle 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 Notes 00:00 AGM Live from SuperReturn Berlin 00:22 Meet Kyle Kniffin 01:10 Wealth Meets Private Markets 01:37 Big Pools Little Allocation 02:24 Alt Strategies Explosion 03:04 Lessons from Hedge Funds 03:34 Start with Client Goals 03:53 Risk Liquidity Tradeoffs 04:10 Portfolio Utility First 04:25 Holistic Private Markets 04:44 Fit and Terms Matter 05:07 Setting Expectations 05:32 Product Innovation Shift 05:52 Evergreens and Flexibility 06:10 Monthly Access and Tactics 06:39 Evergreen Growth Rates 06:45 Education and Dispersion 07:15 Why Evergreens Exist 07:41 Diversification Lower Minimums 08:04 Operational Simplicity 08:21 Evergreen Nuance Phase One 08:47 Goldman in Third Party Wealth 09:26 Institutions Buying Evergreens 10:31 LP Mix and Liquidity Caps 11:36 Institutionalizing Wealth Platforms 13:29 Goldman Platform Advantage 14:46 Feeding the Evergreen Engine 15:13 GeoWealth and Model Portfolios 15:45 T Rowe Price Collaboration 16:12 Build vs Buy Partner Balance 16:42 Industry Ventures Acquisition 17:33 Goldman Alts Heritage 18:35 Pioneering GP Stakes 19:45 Secondaries Since 1998 20:12 Apex of Private Markets 21:08 Will Secondaries Be Core 21:48 Max Flexibility for Wealth 22:42 Customization vs Scale 23:16 Flagships Then Bespoke 23:49 Lessons from Private Wealth 25:10 Broader Menu of Privates 25:34 Closing Thoughts
23:36Sagard's Paul Desmarais III - building the next generation alternative asset manager: AGM Live at SuperReturn
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. Bio Paul 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. Show Notes 00:00 Live From SuperReturn 00:10 Meet Paul Desmarais III 01:06 Family Business Roots 01:23 G1 Entrepreneur Mindset 01:35 Launching Sagard 2016 01:51 Generational Reinvention 02:02 Early Spark To Build 03:40 Learning From Mistakes 04:33 By Entrepreneurs For Entrepreneurs 04:45 Sagard Origin Story 04:58 Power Corp Alternatives Gap 05:43 Starting With Credit 06:10 Serving Beyond The Family 06:46 Alignment With Family Capital 07:19 Customer First Performance 07:44 Team Money Invested 07:53 Generational Time Horizon 08:47 Patience Builds Partnerships 09:22 Innovation In The DNA 09:39 Regional To Global Champions 09:53 Why Reinvention Matters 10:26 Platform Strategy Mix 11:02 Pillars Of The Firm 11:25 Fintech Ecosystem Flywheel 11:35 Building The Competitive Moat 12:07 Emerging Managers Advantage 12:41 Synergies At Scale 13:08 Designing Collaboration 13:47 Incentives And Shared Carry 15:07 Values Drive Culture 23:25 Legacy And Entrepreneur Impact 24:39 Closing Thanks
25:13Brookfield's Anuj Ranjan - "own the boring that makes exciting possible": AGM Live at SuperReturn
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, which spans private equity, infrastructure, real estate, credit, and energy. 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 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. Why is today the era of “roll up your sleeves private equity?” How Brookfield is approaching value creation in industrial companies. Where Brookfield believes it can leverage AI to create post-deal operational value. Why Brookfield partnered with OpenAI to create DeployCo in order to scale enterprise AI deployment. Where are we in the adoption curve of physical AI and robotics? Bio Anuj 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 Notes 00:00 Welcome to SuperReturn 00:07 Meet Anuj Ranjan 00:55 From Software to Finance 02:03 Building India and Mideast 02:48 India Deal Frenzy 03:17 Five Years of Patience 03:22 Learning Before Buying 03:28 First True Buyouts 04:06 Profits and Team Growth 04:16 Taking Model Global 04:32 Growth Amid Headwinds 04:58 Roll Up Sleeves Private Equity Era 05:06 Operational Value Creation 05:12 Brookfield Platform DNA 05:33 Balance Sheet Advantage 05:54 Long-Term Investing 06:12 Patience Gets Rewarded 07:14 Testing Tech on Balance Sheet 07:32 Owning What’s Next 07:41 AI Needs Hard Assets 07:58 Brookfield at the Center 09:09 One Firm Collaboration 09:51 Platform Informs Deals 11:27 Westinghouse Nuclear Bet 15:19 Picking the Right Carve Outs 16:34 Pricing Power Example 17:51 From Five to Twelve 18:59 Why Carve Outs Win Now 20:05 AI for Industrial Ops 20:53 Data Before AI 22:12 Predictive Maintenance Story 23:31 Physical AI and Robotics 24:52 Digitizing the Physical World 25:33 Humanoid Robotics Timeline 26:28 Deploying AI at Scale 26:56 Execution Beats Innovation 27:52 Best AI Investment Thesis 28:00 Buying Boring Businesses 28:52 AI Ready Leadership Team 29:30 Hiring Real Tech Leaders 30:00 Blockbuster vs Netflix 30:43 Closing Reflections
31:24Vista Equity Partners' Monti Saroya - "harnessing" the power of AI in the enterprise: AGM Live at SuperReturn
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 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. 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 at Cisco Systems and Siebel Systems. Through this lens, and drawing on 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. The Linux lesson for AI. 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. Bio Monti 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 Notes 00:00 Intro: Live from SuperReturn 00:10 Meet Monti Saroya 00:20 Why AI Matters Now 00:41 Career Origins Cisco 00:57 Building Internet 1.0 01:21 Infrastructure Before Apps 01:25 From Compute to Giants 01:38 AI as New Buildout 01:56 Internet 1.0 Lessons 02:17 Change Slower Then Bigger 02:48 Consumer Adoption First 03:08 What We Underestimate 03:26 AI Like Electricity 03:41 Three Layer AI Stack 04:03 Cloud Providers Layer 04:15 App Layer Value Capture 04:26 What Is the App Layer 04:41 Software Needs Humans 05:25 Agents System of Action 05:53 Where Agents Impact Today 06:20 Engineering Productivity Gains 07:29 Augment Not Replace 07:51 Rearchitecting With AI 08:16 Harnesses Around Intelligence 09:17 Routing Cuts Compute Cost 09:26 Model Choice and Governance 10:55 Enterprise Goals Drive AI 11:51 Workflow Context Is Key 12:47 SambaNova Compute Economics 14:27 Token Subsidies Ending 15:39 Open Source Next Wave 16:02 Linux Lesson for AI 17:03 Deploying Is the Hard Part 17:40 Vista Agentic Factory 18:42 Avoiding Services Trap 19:05 Where Value Gets Created 19:32 NeoCloud Inference Centers 20:21 Harness Companies and Moats 21:05 Enterprise Software Reality Check 21:51 CFOs Demand ROI Metrics 22:44 Word Association Game 23:15 Workflow Specific Future 23:48 Sovereign AI Is Coming 24:24 Wrap Up and Thanks
25:02Apax's Andrew Sillitoe and Mitch Truwit - buying complexity for value in the middle market: AGM Live from SuperReturn
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 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. 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 a unique 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. Bios Andrew 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. Boards Andrew has previously served on the boards of Inmarsat, King, Intelsat, Orange Switzerland and TDC. 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 is a graduate of Vassar College where he received a BA in Political Science. He also holds an MBA from the Harvard Business School. Boards 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 serves on the charitable boards of the Apax Foundation, the John McEnroe Tennis Project, Posse and StreetSquash. 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 Notes 00:00 Meet Apax co-CEOs, Andrew Sillitoe and Mitch Truwit 00:26 Andrew’s Origins at Apax 00:47 Private Equity Then vs Now 01:25 Apax Growth and Values 01:45 Curiosity as a Differentiator 02:04 Mitch’s Operator Background 02:56 Why Mitch Joined Apax 03:40 Defining the Middle Market 04:14 Why Sub-Billion EV Works 04:59 Middle Market Talent Gap 05:20 Carve Outs as a Strategy 05:29 TRADER Corporation - Canada App Turnaround 06:12 Scaled Platform Advantage 07:14 Digital DNA and AI Wave 07:50 Top Line Growth Lever 08:36 Add-ons and TAM Expansion 09:33 ECI Case Study Roll Up 10:07 Integration Over Collection 10:28 Exit Options in a Bigger PE World 10:59 Building for Multiple Buyers 11:45 Fund Size Discipline 12:34 Choosing Returns Over AUM 13:16 Understanding Firm DNA 14:01 Global Micro Investing 14:49 Making Global Pods Work 15:50 Scale Specialization Flexibility 17:08 Where to Invest Now 19:23 Buying Complexity for Value 20:15 Moats and Investment Committee 22:13 Why Middle Market Excites Them 23:19 Future of PE and AI at Scale 24:50 Impact Insight Tenacity Culture 25:54 Obligation to Dissent Story 26:55 Aspirational Brand Analogy 27:48 Wrap Up and Thanks
28:30Blackstone's Farhad Karim - a "relentless" focus on serving private wealth
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 as chairman of 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. Show Notes 00:33 A Message from Our Sponsor, Ultimus Fund Solutions 02:14 Farhad’s Blackstone Journey 03:37 Speed and Certainty Culture 04:07 Real Estate to Wealth Channel Parallels 05:04 Building for Local Markets 06:16 On-the-Ground Coverage Worldwide 07:45 Education at Scale 08:52 How Well Advisors Understand Private Markets 10:45 Early Innings Adoption 12:09 Packaging Private Markets Products 13:46 Simplicity vs Customization 14:39 Consolidation and Institutionalization 19:14 Global Trends Localization 19:33 Scale and Deal Competition 20:11 AI Advantage in Investing 20:53 Portfolio Ops AI Playbook 21:42 Private Markets Risk Setup 22:17 Noise Versus Facts 22:57 Fighting False Narratives 23:42 Wealth Channel Narrative 24:18 Why Private Markets Matter 25:10 Investing Through Geopolitics 26:25 Evergreen Versus Drawdown 27:21 Discipline Over Structure 28:28 Semi-liquid as a Feature 29:17 Evergreen for Founders 30:39 Evergreen Mindset and Compounding 32:01 Owning the Narrative Direct 35:22 Fiduciary Seriousness Balance 36:15 Relentless Culture Explained 38:39 Closing Footnotes (Timestamp 02:46.7): Largest owners of commercial real estate in Europe. (Timestamp 31:33.0): Reference to Class I annualized, inception-to-date return from January 2017. A Word from Our Sponsor, Ultimus This 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 at ultimusfundsolutions.com or email info@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream.
38:58Hightower's Larry Restieri - building a $1T RIA and operating at the intersection of private markets and private wealth
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 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. Show Notes 00:15 Meet Larry Restieri 01:22 Sponsor Message from Ultimus Fund Solutions 05:37 Larry Career Journey 11:21 Why Hightower 12:02 Next Wealth Evolution 14:37 Democratizing Alternatives 17:08 Education And Expectations 18:14 GPs And Distribution 19:49 Big Versus Niche Managers 22:09 Platform Due Diligence 23:20 NEPC And Hightower One 26:18 Trillion Dollar RIAs 27:42 What Advisors Want 28:57 Building Hightower One 29:27 Signature Wealth Brand 30:41 Acquiring The Bahnsen Group 31:57 Why Brand Matters 32:22 The Volkswagen Brand Analogy 34:15 Culture and Community 36:34 Hightower 3.0 Strategy 37:59 Open Architecture Explained 41:04 Private Equity Exits 43:06 Multiples and Deal Discipline 44:49 Markets and Cash Flow 46:20 Private Markets Adoption 49:10 GPs Serving RIAs 52:33 Closing Reflections A Word from Our Sponsor, Ultimus This 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 at ultimusfundsolutions.com or email info@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream. Editing and post-production work for this episode was provided by The Podcast Consultant.
50:39Oak Hill Advisors' Eric Muller - operating at the intersection of public and private credit: live from iCapital Connect
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. Eric Muller is Portfolio Manager & Partner, CEO - BDCs for Oak Hill Advisors (OHA). Oak Hill, which was acquired by T. Rowe Price in December 2021, has $112B AUM across performing and distressed credit-related investments in North America, Europe and other geographies. Eric shares responsibility for leading OHA’s private credit business and has primary management responsibility for OHA’s BDCs. Prior to joining OHA in 2018, Mr. Muller worked in Goldman Sachs’ Merchant Banking Division, where he was a Partner in the Private Credit Group, responsible for leading its private senior lending business in North America and managing vehicles that invested across the spectrum of the credit market. With credit on the minds of many, Eric provided a nuanced perspective on the current state of the credit markets and where to uncover both opportunity and risk in the market. Eric and I had a fascinating conversation about the current state of private credit. We discussed: How his experience in private equity has informed how he approaches credit investing. What are the risk / reward trade-offs in private credit? Why credit investors need to be pessimists. How LPs should evaluate private credit firms and why the ability to do workouts matters. How do private equity sponsors pick their credit partners? Why private credit firms might have higher recovery rates than liquid credit markets. How OHA’s combination with T. Rowe Price has helped the firm productize for the wealth channel. What are misconceptions about private credit risk and liquidity? Where are the opportunities in liquid credit versus illiquid credit? Thanks, Eric, for sharing your wisdom, expertise, and passion for private credit and private markets. Show Notes 00:00 Relative Value Lens 00:11 A Message from Ultimus Fund Solutions 01:08 Live at iCapital Connect 01:46 Early Career at Goldman 01:59 Mezzanine Fund Era 02:23 GFC Timing Advantage 02:51 Running Private Credit 03:03 Joining Oak Hill 04:15 PE Lessons for Credit 04:30 Different Investor Questions 04:56 Credit Risk Reward Mindset 05:45 Optimistic Pessimist 06:16 Downside With Right Tail 06:47 Workouts and Distressed Skills 08:02 Private vs Liquid Recoveries 08:19 Aligned Lenders in Private 08:54 Sponsor Relationships Matter 09:22 Choosing the Right Partners 10:46 Volatility Reveals Behavior 11:22 Is Capital Commodity 12:39 OHA Distressed DNA 13:31 Crossroads of Markets 14:26 Challenges of Unconstrained 15:22 Risk Spectrum for LPs 16:19 T Rowe Deal Rationale 17:18 Democratizing Alts Access 19:10 One Ticker Multi Strategy 20:28 Liquidity Wrappers Tradeoffs 21:49 Quasi Liquid Reality Check 22:35 Liquid vs Illiquid Risk 23:27 Diligence Questions for LPs 24:33 Origination Edge and Speed 26:19 Public-Private Financing Choice 26:55 Alts in Target Date Funds 28:41 Private Credit Misconceptions 30:30 Closing Thoughts A Word from Our Sponsor, Ultimus This 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 at ultimusfundsolutions.com or email info@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream. Disclosures The views expressed are the interviewee’s, are subject to change without notice, and may differ from those of other T. Rowe Price associates. Information and opinions are derived from proprietary and nonproprietary sources deemed to be reliable; the accuracy of those sources is not guaranteed. This material does not constitute a distribution, offer, invitation, recommendation, or solicitation to sell or buy any securities. It does not constitute investment advice and should not be relied upon as such. Investors should seek independent legal and financial advice, including advice as to tax consequences, before making any investment decision. Some or all alternative investments may not be suitable for certain investors. Alternative investments are typically speculative and involve a substantial degree of risk. Each fund and account may be leveraged and engage in other speculative practices that may increase the risk of investment loss. Investors must realize that they could lose all or a substantial amount of their investment. In addition, the fees and expenses charged may be higher than the fees and expenses of other investment alternatives, which will reduce profits. T. Rowe Price has $1.7T total assets under management and OHA has $112B assets under management as of March 31, 2026. In the United States, securities are offered through T. Rowe Price Investment Services, Inc., a broker dealer, registered with the U.S. Securities and Exchange Commission and a member of FINRA. Securities are offered through T. Rowe Price Investment Services, Inc., and advisory services are offered by Oak Hill Advisors, L.P. OHA is a T. Rowe Price company. T. Rowe Price Investment Services, Inc. and Oak Hill Advisors, L.P. are affiliated. 5629822
31:04Oaktree's Danielle Poli - private credit: "boring is beautiful" - live from AGM's RIA Field Trip
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. Show Notes 00:00 Live Podcast Intro 00:06 Meet Danielle Poli 00:17 Contrarian Mindset 00:34 Our Sponsor, Ultimus Fund Solutions 01:32 Where Private Credit Stands Today 02:22 Bifurcation and ABF Rise 02:59 Liquid vs Private Convergence 03:36 Danielle’s Career Background 04:13 Why Liquidity Matters 04:39 Dislocation Advantages 05:10 Risk Return Tradeoffs 05:18 Liquidity Premium Compression 05:41 Covenants and Complexity 06:01 Not All Private Credit is Equal 06:34 Corporate vs Asset-Backed 07:05 Why ABF Diversifies 07:30 How Allocators Fund ABF 07:49 Credit Taking Share from Equities 08:49 Tough Direct Lending Vintages 09:22 Rates Shock and Leverage 09:43 AI Disrupts Software Credit 10:41 Oaktree Software Underweight 12:01 Underwriting Software Post AI 12:57 Inside the Investment Committee 13:57 Selling Rallies and Positioning 31:30 Closing Thoughts A Word from Our Sponsor, Ultimus This 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 at ultimusfundsolutions.com or email info@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream.
32:27Breaking bread at Franklin Templeton's Private Markets RIA Advisory Council - Franklin Templeton's Dave Donahoo and Summit Wealth Group's Chelsea Ganey
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 at 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. Thanks, Dave and Chelsea, for such a thoughtful and fascinating conversation. Show Notes 00:00 A message from Ultimus, our Sponsor 00:57 Meet The Guests 01:07 Private Markets Are Eating World 01:29 Why Create RIA Council 01:49 Franklin Client-First DNA 02:09 From Public To Private 02:43 Listening Beyond Product 03:07 Peer To Peer Insights 04:12 Chelsea On The Benefits of Advisory Council 04:36 Inbox Overload And Filtering 05:10 Serving Diverse RIA Needs 06:15 Many RIAs Within One 06:30 What CIOs Need Most 06:54 Educating Advisors At Scale 07:32 GPs Must Listen Better 08:26 What Education Really Means 09:01 Repeatable Advisor Resources 09:54 Avoid Oversimplifying Complexity 10:30 Education Shifts To Choice 11:50 Balancing Choice And Customization 13:13 Centralized Menu For Scale 15:10 Sober Selling And Integrity 16:30 Franklin Private Markets Platform 17:59 Specialist Managers Model 18:28 Infrastructure Partnership Play 19:22 Do More With Less Managers 21:04 Holistic Options For Advisors 21:47 Where Product Innovation Goes 22:23 Sun Moon Stars Aligning 22:53 Future Access 401k Models 23:12 Start With Investment Why 23:29 Allocator Innovation Lens 24:09 Models Versus Customization 24:35 Why Innovation Matters 24:53 No One Right Way 25:18 Whats Still Missing 25:33 Scaling And The Middle 25:55 Magic Wand Question 26:19 Plumbing And Reporting 26:32 Perpetual Structure Tradeoffs 26:46 Protecting Investment Integrity 27:30 Long Term Over Short Term 27:42 Need More CIO Mindsets 28:03 Strategic Allocation For Alts 28:50 Chelsea On Strategic Framing 29:34 Making Liquidity Intuitive 30:06 Educating On Liquidity Risk 30:29 Private Markets Risk Reframe 31:32 Dave On Portfolio Construction 32:14 Standardizing Industry Terms 32:42 Building Trust With Liquidity 33:45 A Fun Question 38:10 Client Analogies That Stick 40:43 Fat Pitch Opportunities Today 42:53 Closing Thoughts And Thanks A Word from Our Sponsor, Ultimus This 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 at ultimusfundsolutions.com or email info@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream.
43:20Juventus' Giorgio Chiellini - life lessons in sports and business from a world-class performer on and off the field
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 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. Note: this episode was filmed in October 2025 with a plan to publish the conversation around the World Cup. Show Notes 00:00 Split Second Decision 01:06 A Message from Our Sponsor, Ultimus 02:10 Meet Giorgio Chiellini 04:17 What Is the Juventus Creator Lab 04:36 Building Fans Through Content 05:27 Football Brand Goes Global 06:15 Revenue From Winning 06:43 Two Hearts One Club 07:52 Winning Versus Storytelling 08:40 Fans Everywhere Now 09:27 Too Many Games Problem 09:51 Stakeholders and Calendar 11:00 Owner Advice Communication 11:28 From Kid to Club 14:12 Film Study for Matches 15:02 The Saka Tactical Foul 17:26 Social Media and Mental Health 29:32 US World Cup Reality 29:45 Grassroots Long Game 30:09 MLS and USL Momentum 30:14 Stadiums and Growth 30:20 MLS Season vs Playoffs 30:46 Supporters Shield Incentives 31:11 Travel and Rest Mentality 31:33 Europe Stakes Comparison 31:54 Highlights Era Question 32:24 Bite-Sized Sports Culture 33:40 Choosing What to Watch 33:55 Sports Must Adapt 34:33 Owners Business View 35:15 TV Rights and Strategy 36:05 Institutional Money Trend 36:42 Why Funds Love Sports 37:04 Balancing Profit and Emotion 38:12 Fiduciary Duty vs Winning 39:15 Permanent Capital Advantage 40:42 Mission Values Legacy 41:54 Juventus DNA and Family 44:31 Leadership Lessons Learned 45:38 From Captain to Executive 47:05 Humanity and Energy 48:21 Player to Business Challenges 50:00 Investing in Italian Startups 51:47 How He Picks Investments 52:43 Innovation and AI in Sport 53:16 Favorite Alternative Investment 54:34 Profitability and Winning 55:21 Closing A Word from Our Sponsor, Ultimus This 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 at ultimusfundsolutions.com or email info@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream. Editing and post-production work for this episode was provided by The Podcast Consultant.
55:43Bank of America's Mark Sutterlin - why being a good investor in private markets is table stakes
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. Show Notes 00:00 Investor Edge Beyond Returns 00:32 Sponsor Message from Ultimus 01:41 Meet Mark Sutterlin 04:15 Advisor Trust and Responsibility 04:24 Penetration Across Wealth Tiers 04:38 Scaling Alts Across Books 04:49 Evergreen to Drawdown Spectrum 05:12 Building the Shelf Challenge 05:32 Evergreen Role in Portfolios 05:42 Serving Broad Client Needs 06:06 Optionality Not One Product 06:20 Diligence as Core Identity 06:48 Nuance in Private Credit 07:27 Long-Term Themes Overlay 07:56 Core and Satellite Question 08:28 Drawdown vs Evergreen Tradeoffs 08:48 Advisor Client Feedback Loop 09:25 Evergreens Now Dominate Flows 09:49 Evergreen Growing Pains 10:14 Education and Expectations 10:42 Rotation Within Evergreens 11:11 Who Can Run Evergreens Well 11:35 Scale Deal Flow Allocation Policy 12:29 Post Sale Servicing Matters 12:52 How Managers Should Service 13:23 Transparency Builds Loyalty 14:03 Vetting Managers for Private Banks 14:45 Investor Skill Is Table Stakes 15:22 Thousand Funds Deep Diligence 16:07 Unpacking Firm DNA 16:23 Private Wealth Is High Touch 16:53 Eyes Wide Open Expectations 17:14 Best GPs Listen and Adapt 18:12 Customization Versus Scale 19:13 Specialists and Custom Funds 19:57 Proposal Tools for Advisors 20:43 Menu Design From Client Needs 21:25 Differentiation in UHNW 22:31 Co-Invest and Capacity Access 24:43 Tech DLT and Streamlining 25:38 Biggest Blocker Education Gap 26:45 Misconception Complexity 27:52 Alts Invitationals Bootcamp 29:45 Where Advisors Are Today 30:16 What Why How Framework 31:32 Implementation Needs Support 31:51 Scaling the Alts Business 32:45 Open Architecture Platform 33:01 Lifecycle Ops Risk Controls 33:40 Where to Invest Next 33:53 Infrastructure and DLT Readiness 34:42 Future Growth Sources 35:37 Advisors Yet to Adopt 36:00 Balanced Growth Outlook 36:58 Client Sentiment Today 38:11 Patience and Long-Term Adoption 38:51 Next Gen Investor Mindset 40:43 Defining a Manager’s Edge 41:23 Specialization and Storytelling 42:31 Building a Menu of Edges 42:47 Business Plan Plus Open Mind 43:44 Advice for GPs Pitching Merrill 44:39 Platform Differentiation and Exclusivity 46:47 What Worries Mark Today 48:19 Excited About AI and Infrastructure 50:42 Wrap Up and Thanks A Word from Our Sponsor, Ultimus This 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 at ultimusfundsolutions.com or email info@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream. Editing and post-production work for this episode was provided by The Podcast Consultant.
51:43iCapital's Kunal Shah - the private markets mindset wealth managers need: live from iCapital Connect
Welcome to the 20th episode of the Alts Pulse, a collaboration between iCapital x Alt Goes Mainstream. In the latest episode of the Alts Pulse, we were live from iCapital Connect. iCapital Managing Director, Head of Private Asset Research & Model Portfolios, Kunal Shah, and I had a conversation about how to marry an institutional allocator’s mindset with the nuances of serving wealth clients. Kunal brings an institutional allocator’s mindset to the wealth channel. At iCapital, he’s focused on the identification, selection, and due diligence of private equity funds offered on the Flagship Platform. Prior to iCapital, Kunal was a Principal in the private markets group at Meketa Investment Group, a leading global investment consultant serving pension funds, endowments and foundations, and family offices. In that role, Kunal was responsible for leading and managing private equity fund investments. He joined Meketa in 2006 and invested globally, covering buyouts, venture capital, private debt, natural resources, and infrastructure investments. He also developed and led Meketa’s secondary funds purchase practice. Kunal has also served on various LP advisory boards. Prior to Meketa, Kunal was an analyst at The Vanguard Group. Kunal and I finally turned all those hallway conversations we had at iCapital’s old office of 441 Lexington into a podcast! We had a fascinating discussion about how to evaluate alternative asset managers and what makes a great manager. We covered: How should wealth managers approach private markets? Why it’s important to “always be committed” rather than try to time vintages. Are evergreen structures a “game changer” for the wealth channel and a foundational piece for model portfolios? What features does a GP need to run an evergreen fund structure? What does the centralization of the CIO function and OCIO consolidation in the wealth channel mean for GPs? Thanks, Kunal, for sharing your passion, wisdom, and expertise at the intersection of private markets and private wealth, and for a great conversation that tied together how private markets and private wealth are changing as new product structures and product innovation take shape.
17:31Benefit Street Partners' Michael Comparato - the opportunity in commercial real estate credit
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. Show Notes 00:00 Meet Michael Comparato 01:17 Real Estate Roots 03:25 Early Lessons and Purpose 03:35 Hurricanes And Tenants 05:05 Story Over Spreadsheet 06:49 Why Origination Wins 08:43 Family Business Ethos 10:59 Trust And Transparency 11:27 Lending Through Covid 13:05 Structuring For Uncertainty 13:56 Boom Times Underwriting Shifts 16:54 Crowded Class A Trade 18:19 Are Values Fair Today 21:46 Operator Shakeout 23:59 Scale and Market Structure 26:16 Banks Pull Back Credit 27:59 Private Credit Fills Gap 29:24 Who Holds Last Dollar Risk 29:29 Returns and Competition 30:35 Competition Compresses Yields 30:58 Maturity Wall Myth 33:05 How Investors Bucket Credit 36:04 Wealth Channel Opportunity 37:49 Why Credit Beats Equity Now 41:58 Megatrends and AI Fears 44:40 Shelter and Multifamily Focus 46:11 Community and Social Real Estate 48:16 Real Estate Constant Evolution 51:06 CRE Credit vs Direct Lending 53:21 Final Wrap and Outro A Word from Our Sponsor, Ultimus This 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 at ultimusfundsolutions.com or email info@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream.
53:4873 Strings' Yann Magnan - unlocking valuation intelligence in private markets
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 Yann for coming on the show to share your expertise, insights, and passion about private markets. Show Notes 00:00 AI Since Day One 01:06 A Message from our Sponsor, Ultimus 02:02 Introduction to Yann Magnan 04:11 From Manual To Automated 04:44 Excel Google Email 04:58 Cloud And Early AI 05:07 Governed Auditable Process 05:30 Founding 73 Strings 05:36 Two Valuation Platforms 05:55 Scaling With Alts Growth 06:28 Evergreen Acceleration 06:54 Retail Investor Expectations 07:09 Transactions Need Fresh NAVs 07:44 Valuations For Transactions 08:14 Continuation Vehicles Context 08:42 Reporting To Trading Shift 09:07 Illiquid Vs Liquid Compare 09:18 Mimicking Public Markets 09:43 Valuation Philosophy Changes 10:27 Back Office To Front Office 11:25 New Stakeholders To Balance 11:59 Why Private Must Feel Public 12:20 Transparency And Liquidity 13:18 Is Liquidity Good 15:11 Evergreen Process Differences 16:09 Higher Frequency Requirements 18:00 Tech Leverage Points 18:53 People Plus Technology 19:44 Portfolio Data As DNA 21:02 No Single Valuation Standard 21:47 Consistency Over Time 22:20 Human In The Loop 22:42 Art And Science Framework 24:03 No One Best Method 24:55 Wealth Channel Education 25:30 What LPs Should Ask 26:46 What Top GPs Want 27:38 Global Tech Adoption 28:49 Fundraising Drives Ops 30:23 AI Data Extraction Story 31:48 Standardizing Data Labels 32:21 Data Model Requirements 32:52 Is Data A Moat 33:14 Turning Data Into Insights 33:54 Scale Versus Specialization 35:04 Tech Helps Small Managers 36:21 AI Impact On All Funds 36:44 Starting Before GenAI Boom 37:42 ML And NLP Foundations 38:40 Agents Accelerate Valuations 39:26 Overnight Valuation Refresh 39:57 More Frequent Valuations 40:10 Limits Of Daily Data 41:03 Explainability And Trust 41:42 Next Market Structure Shift 42:09 Digital GP LP Data Sharing 43:12 Interconnection Needs Trust 43:46 Closing Thanks A Word from Our Sponsor, Ultimus This 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 at ultimusfundsolutions.com or email info@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream. Editing and post-production work for this episode was provided by The Podcast Consultant.
44:16Hamilton Lane's Hartley Rogers - pioneering private markets: Live from iCapital Connect
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. Prior to joining Hamilton Lane in 2003, Hartley was a Managing Director in the private equity fund management areas at Morgan Stanley and at Credit Suisse. He started his career on Wall Street in 1981. 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 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. I’m really excited to share this conversation with you all, as it’s equal parts invigorating and informative. Thanks Hartley for sharing your wisdom, expertise, and passion about private markets. Show Notes 00:00 Hamilton Lane -Then and Now 03:55 Hartley’s Origin Story 04:39 Hamilton Lane’s Consulting Roots 04:57 From Consulting to OCIO Partner 05:15 Scaling Changed the Job 06:53 Why Clients Still Need Help 07:15 Trillions in Private Markets 07:44 Mega-Managers and Complements 08:56 Finding Smaller Manager Alpha 09:20 Middle Market Opportunity 09:47 Why Companies Stay Private 10:56 Churn and New Entrants 11:17 GP Skillset Has Expanded 11:51 From Leverage to Operations 12:02 Data Transforms Underwriting 12:43 Hamilton Lane Data Advantage 13:33 Secondaries and Evergreen Rise 14:04 Evergreen Design and Liquidity 14:40 Why The Wealth Channel Prefers Evergreens 15:41 Evergreen Diversification Needs 16:47 Allocating Core vs Satellite 18:44 Evergreens Evolve Like ETFs 34:27 Closing A Word from Our Sponsor, Ultimus This 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 at ultimusfundsolutions.com or email info@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream. Hamilton Lane Disclaimer: The views expressed herein are those of the speaker as of the date of recording and are subject to change. This content is for informational and educational purposes only and does not constitute investment advice, an offer to sell, or a solicitation of an offer to buy any security or investment product.
35:47Lincoln International's Brian Garfield - how is AI impacting private markets valuations?
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. Show Notes 00:00 AI Hype Reality Check 01:01 A Message From Our Sponsor, Ultimus 01:57 Introducing Brian Garfield 04:12 Art Versus Science in Valuations 04:55 Tech Automation Transparency 06:07 Valuation For New Investors 07:35 Entry Price Anchor 08:51 From Entry To Exit 10:06 Cycles And The Public Versus Private Gap 10:45 Lincoln Private Market Index 11:55 AI And Software Bifurcation 16:36 Private Market Health Signals 17:49 2021 Vintage Leverage Trap 19:47 Exit Logjam Continuation Vehicles 21:06 Winners Path To Exits 22:37 Deal Flow Thawing 23:33 Capital Shifts and Yields 25:56 Underwriting Discipline Today 28:52 AI Winners and Specialists 30:38 Energy Shock and Valuations 35:11 Public Private Convergence 36:17 Indexes and Transparency 38:03 Evergreen Cadence Shift 41:26 Standardization and Data Tech 43:09 AI Querying and Backtesting 46:42 Wrap Up A Word from Our Sponsor, Ultimus This 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 at ultimusfundsolutions.com or email info@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream. Editing and post-production work for this episode was provided by The Podcast Consultant.
47:36Bridgepoint's Xavier Robert - building a "middle market global champion"
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 provide 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 Notes 00:00 Welcome and Setting 00:36 Bridgepoint Origins 02:14 Team Culture Ownership 03:33 Platform Full Circle 04:06 Partnering With Founders 06:06 Why Middle Market 08:29 Exits and Market Shifts 10:12 Value Creation Playbook 12:07 Bridgepoint Competitive Edge 14:05 Europe Local Advantage 16:15 Europe Returns Misconceptions 17:26 US Firms and Competition 18:29 Geopolitics and Expansion 19:57 Middle East Growth Story 20:45 Wealth Channel Strategy 21:48 Why Private Markets Win 22:25 Responsible Access For Wealth 23:11 Building An Evergreen Platform 25:40 Why Combine Infra And PE 28:35 Evergreen Deal Allocation 30:42 Scaling Funds Without Dilution 32:41 Kyriba Deal Lessons 36:34 What Excites Middle Market 37:45 Building Asset Management Today 39:27 Global Middle Market Ambition 40:49 Full Circle Closing Thoughts * Note: This episode was originally recorded in January 2026.
41:12AlphaCore Wealth Advisory's Dick Pfister - Wealth management with alpha at its core: live from iCapital Connect
Welcome to the 19th episode of the Alts Pulse, a collaboration between iCapital x Alt Goes Mainstream. In the latest episode of the Alts Pulse, we were live from iCapital Connect. AlphaCore Wealth Advisory CEO & Founder Dick Pfister and I had a nuanced discussion about the intersection of wealth management, technology, and private markets. Dick is a pioneer of providing the wealth channel with access to private markets. He’s also a serial entrepreneur in both wealth management and private markets, bringing 25 years of experience across wealth advisory and financial services to bear as he builds AlphaCore. In 2015, he founded AlphaCore, which has become a leading wealth advisory firm. He serves as AlphaCore’s CEO and is a managing member of the Investment Committee. As a partner at Altegris, Dick democratized access to elite asset managers previously not available to the mainstream investor. In 2010, Dick and his partners sold Altegris to a Fortune 500 company. Dick and I had a fascinating discussion about the evolution of wealth management. We covered: How Dick’s background in trading and private markets informed the creation of AlphaCore Wealth Advisory. Lessons learned from pioneering alts access with Altegris. What’s in a name, AlphaCore edition. Why there’s “alpha” beyond investing in wealth management. How AlphaCore leverages technology to enhance the client experience and streamline workflows for advisors. How the trend of increasing centralization of the CIO function is changing how advisors allocate to private markets. Thanks Dick for a great conversation tying together how private markets and private wealth are increasingly interlinked and woven into a wealth client’s financial life. Show Notes 00:00 Welcome 00:47 Dick’s Trading Roots and Altegris 02:05 AlphaCore Origin Story 03:55 Alpha Beyond Investing 05:50 Private Markets and Liquidity 07:39 Tech Workflows and Proposals 09:47 AI and Risk Factor Tools 11:03 Risk Buckets in Alternatives 12:42 Advisor Education and Holding Power 13:56 Growth Through Acquisitions 17:18 Differentiating in Private Markets Today 20:49 Open Architecture vs Centralization 22:15 Scaling Models and Venture Access 26:05 Next Frontier of Education and Content 27:56 Clients, Social Media, and Human Advice 29:05 AI Threats and Opportunities 29:39 Closing Thanks
30:00HarbourVest's John Toomey - over 40 years of "earning investors' trust"
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. Show Notes 00:00 Welcome to Alt Goes Mainstream 01:16 Sponsor Message Ultimus 02:11 Meet John Toomey 04:44 HarbourVest Then vs Now 05:32 LP Demands Transparency 07:21 Why Outsource Private Markets 09:02 Programmatic Portfolio Building 10:35 Earning Trust at Scale 12:17 Building Blocks for Clients 14:50 GP Needs and Access Points 16:49 Co-Investment Value Proposition 23:16 Big vs Niche Managers 27:04 Evergreen Funds and Wealth 30:55 Wealth Platform Consolidation 31:35 Who Can Build Evergreens 33:03 Evergreen Portfolio Ingredients 35:12 How Wealth Wants Access 36:27 Centralized CIO Model Shift 37:26 Manager Selection Matters 38:59 Diversification Versus Alpha 40:39 Funding Private Allocations 43:07 Secondaries As Onramp 44:47 Institutional Program Evolution 48:57 Institutions Using Evergreens 50:54 Liquidity And LP Mix 53:05 What Creates Manager Edge 56:05 Data Insights And Echoes 58:12 Closing Thoughts A Word from Our Sponsor, Ultimus This 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 at ultimusfundsolutions.com or email info@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream. Disclosures HarbourVest Partners, LLC is a registered investment adviser under the Investment Advisers Act of 1940. This material is solely for informational purposes and should not be viewed as a current or past recommendation or an offer to sell or the solicitation to buy securities or adopt any investment strategy. The opinions expressed herein represent the current, good faith views of the author(s) at the time of publication, are not definitive investment advice, and should not be relied upon as such. This material has been developed internally and/or obtained from sources believed to be reliable; however, HarbourVest does not guarantee the accuracy, adequacy or completeness of such information. There is no assurance that any events or projections will occur, and outcomes may be significantly different than the opinions shown here. This information, including any projections concerning financial market performance, is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. The information contained herein must be kept strictly confidential and may not be reproduced or redistributed in any format without the express written approval of HarbourVest. Nothing herein should be construed as a solicitation, offer, recommendation, representation of suitability, legal advice, tax advice, or endorsement of any security or investment and should not be relied upon by you in evaluating the merits of investing in HarbourVest funds or in any other investment decision. Editing and post-production work for this episode was provided by The Podcast Consultant.
58:55Stonepeak Credit's Ryan Roberge - building an infrastructure credit strategy
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. Show Notes 00:00 Hard Asset Diversification 00:25 Welcome to Alt Goes Mainstream 01:01 Message from our Sponsor, Ultimus 02:07 Meet Ryan Roberge 04:16 Ryan Career Origins 04:52 From Banking to TPG 05:25 King Street Credit Training 06:07 Equity To Credit Shift 07:04 Downside First Mindset 07:48 What Is Infrastructure Credit 08:08 Three Core Sectors 08:25 Asset Level Underwriting 09:02 Capital Intensive Returns 09:51 Thinking Like An Owner 10:44 Funding Gap And AI Tailwinds 11:01 Why Direct Lending Misses It 12:29 Construction And Collateral Value 13:15 Capital Markets Spectrum 15:56 Private Credit Vs Infra Credit 18:55 Where It Fits In Portfolios 24:36 Data Centers Tech Risk 31:04 Cycle Risk Reality Check 31:32 Long Duration Mindset 32:13 Loan Horizon Framework 32:40 Asset First Underwriting 32:53 Maintenance Capex Truth 33:59 Stress Testing Recovery 34:13 Capital Flood Into Infra 35:14 Theme Chasing Warning 36:02 Why Skip Renewables 36:20 Bigger Deals Cheaper Money 36:51 ABF And Insurance Capital 37:17 Non-IG Hard Asset Logic 38:11 Scale Keeps IG Away 38:25 Key Underwriting Risks 38:34 Loan To Value Reality 39:01 Fiber To Home Case Study 40:09 Growth Platform Underwrite 41:01 Hiring For Credit Mindset 42:23 Downside Recovery Culture 43:10 Contrarian AI Insight 44:07 Circular Demand Red Flags 46:39 Data Center Risk Filters 49:20 Investor Demand And Closing A Word from Our Sponsor, Ultimus This 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 at ultimusfundsolutions.com or email info@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream. Editing and post-production work for this episode was provided by The Podcast Consultant.
1:01:46Bloomberg's Brad Foster - driving the convergence between public and private markets
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 Notes 00:00 Scaling Private Markets 01:12 Welcome to the Alt Goes Mainstream Podcast 02:13 Brad Foster’s Background 04:31 From Trading to Bloomberg 05:27 Client Empathy Product Mindset 06:25 Fixed Income as Blueprint 07:11 Bloomberg Shaping Market Structure 08:19 Electronification Turning Points 09:10 Efficiency and Regulation Drivers 09:45 Blurring Public and Private Credit 10:34 Three Legs of Credit 11:43 Why Borrowers Go Private 13:09 Missing Data and Workflow 13:57 Security Master Foundations 16:12 Transparency and Retail Pressure 22:07 Private Deal Data Uploads 22:29 Same Analytics for Private 22:50 Sold Not Bought Debate 23:43 When Private Gets Liquid 24:38 Desktop Real Estate Idea 26:21 Reimagining Terminal with AI 27:21 Chat as Market Connector 28:19 Build Buy Partner Strategy 28:51 Bloomberg Private Track Record 30:09 Daphne Investment Rationale 30:58 Fixing GP LP Workflow 32:01 Most Valuable Data Masters 33:45 Taxonomy as Missing Piece 34:49 Standardizing Valuation Methods 35:29 Extending Evaluated Pricing 37:27 Liquidity Versus Illiquidity 40:18 Portfolio Risk for Asset Owners 44:16 Foundations to Scale Privates Editing and post-production work for this episode was provided by The Podcast Consultant.
46:20Brookfield Asset Management's David Nowak - "earn your seat" private equity
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 conversation 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. Show Notes 00:00 Cold Open 00:51 A Message from our Sponsor, Ultimus 01:48 Welcome to Alt Goes Mainstream and David Nowak 03:30 Brookfield Culture is We Not I 04:48 Leadership Succession and Humility 06:22 Earn Your Seat Mindset 06:30 Owner Operator Alignment 08:23 Maax Bath Case Study 09:34 Roll Up Your Sleeves Private Equity 11:31 Operators on the Team 12:06 Secondments Train Investors 12:53 Underwriting with Reality Checks 13:58 Platform Advantage and Insights 16:46 How Collaboration Actually Works 18:56 Long Term Patient Capital 21:07 Value Creation Playbook 24:38 Contrarian Deals and Valuation Nuance 27:41 Underwriting Operating Change 27:55 Fixable vs Hard Problems 29:16 Winning Management Buy In 30:00 Early Wins and Focus 30:25 Humility on the Ground 31:06 Listening in Founder Talks 32:09 Stretching Young Leaders 33:23 Flat Structure Decision Table 34:24 Scaling Without Losing Culture 35:06 Open Space and Mobility 35:50 Cross Office Deal Teams 37:20 Fund Size and Return Pressure 38:23 Shift to Quality Businesses 39:25 Good Business or Cheap 40:13 Risk First Capital Protection 41:50 Graphite Electrode Auction Win 43:45 Diligence - Then Move Fast 48:14 Curiosity Apprenticeship and AI A Word from Our Sponsor, Ultimus This 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 at ultimusfundsolutions.com or email info@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream. Editing and post-production work for this episode was provided by The Podcast Consultant.
54:55EQT's Lennart Blecher - active ownership of real assets
It all comes back to the DNA. The firms that know who they are will know who to be. You can learn a lot about an investment firm by listening to what they say. Alt Goes Mainstream’s AGM Originals Series - The DNA: Capturing Culture - is dedicated to capturing the DNA of a firm by listening to what they say. The first season of The DNA stars EQT. In Stockholm, at EQT’s AIM this past summer, I sat down for conversations with nine EQT executives. Each executive came from different parts of the firm — and different parts of the world. Each had fascinating backgrounds and stories about how they ended up in private markets and worked to build EQT. But there was a single throughline threaded throughout all of the discussions: the consistency and frequency that each executive talked about the firm’s mission, vision, culture, and values. That’s why it all comes back to the DNA. Episode 3 features EQT's Lennart Blecher. Lennart Blecher joined EQT Partners in April 2007 and is the Chairperson of EQT Real Assets. Lennart holds a Master of Law degree from the University of Lund, Sweden and has studied at the University of Dallas, Texas - Academy of US & International Law. Prior to joining EQT Partners, Lennart was from 2004 to 2007 Managing Director and Senior Banker in the investment bank of Unicredit/HypoVereinsbank in Munich. From 2002 to 2004, Lennart was Managing Director at GE Commercial Finance in London. Between 1987 until 2002, he held various position in the ABB Group, in Zurich such as General Counsel for the ABB Financial Services Group, President and Business Area Manager for ABB Structured Finance and ABB Equity Ventures. Lennart has held various non executive positions in European banks and reinsurance companies. Lennart is a member of the EQT Executive Committee and is a Chairperson of the Infrastructure Partners Investment Committee. Please enjoy this conversation with one of the industry's leaders in Lennart Blecher. You can stream all the episodes on AGM’s YouTube channel at AltGoesMainstreamAGM. Show Notes 00:00 Why the DNA Matters 01:04 Meet EQT and Lennart Blecher 01:40 From Law to Industry 05:40 Building EQT Infrastructure 09:44 Infrastructure Megatrends 11:01 Old vs New Infrastructure 12:45 Digital Energy Convergence 14:56 Active Ownership Playbook 16:26 Scale and Credibility 17:43 Wallenberg Values Culture 20:05 Educating Investors 21:29 Who Owns Assets Long Term 22:47 Platform People Limits 23:44 Doing Good Good Business 24:34 Underwriting People Culture 25:18 Closing Thoughts
26:21Stable Asset Management's Erik Serrano Berntsen - what it takes to build a great alternative asset management firm
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. 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. Show Notes 00:00 Likeability Wins 00:37 Welcome to the Alt Goes Mainstream Podcast 01:50 Introduction to Erik Serrano Berntsen and Stable 04:08 Why the Name Stable 06:26 From Benchmarks to Solutions 05:31 Branding as Alts Evolve 08:11 Stable’s Two Market Gaps 08:47 Fixing LP / GP Misalignment 09:29 GP Stakes Alignment Model 09:59 Non-Market Risks vs. Operating System 11:15 How Edge Changes with Scale 14:06 Three Edges to Underwrite 16:18 Founders Think in Decades 19:53 Timing Cycles and Strategy Drift 23:31 Seed vs Acceleration Playbook 25:39 Evergreen Capital Goes Mainstream 29:01 Smaller Managers Winning Evergreen 31:19 Wealth Channel Core vs Specialist 33:25 Evergreen vs Drawdowns Debate 34:03 Evergreen by Asset Class 35:47 GP Stakes Lifecycle 38:29 Picking Tides and Boats 39:03 Specialist Strategy Edge 40:15 Podshopification in Private Markets 41:55 What Drives New GP Formation 44:52 Self Awareness as Edge 46:31 Always Be Sourcing 48:23 Founder to Founder Trust 50:37 Lessons Running Stable 53:23 Building the GP Operating System 59:00 Capital as a Service 01:01:43 Stigma Fades in GP Stakes 01:05:18 How to Spot Manager Edge 01:08:47 Founders to Emulate 01:10:35 Communication and Closing Thoughts A Word from Our Sponsor, Ultimus This 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 at ultimusfundsolutions.com or email info@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream. Editing and post-production work for this episode was provided by The Podcast Consultant.
1:11:55MSCI's Luke Flemmer - "bringing clarity to investment decisions"
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. Show Notes 00:00 “Data Wants to be Free” 00:28 Welcome to the Alt Goes Mainstream Podcast 01:02 Sponsor Spotlight: Ultimus Fund Solutions 01:57 Private Markets, Data, and Market Structure 02:17 Meet MSCI’s Luke Flemmer 04:26 From Robotics to Finance: Automation Needs Standardization 05:18 Fixed Income’s Transformation: From Trading Floors to E-Trading 06:42 Connecting the Data Across the Lifecycle 07:58 Harmonized Data → Transparency → Liquidity 08:44 Scaling vs Information Asymmetry 10:38 What More Transparency Does to Returns and Alpha 11:15 Benchmarking Privates Like Publics: PMEs and Comparable Data 12:35 Manager Skill and Illiquidity Premium 14:14 Company-Level Data & Bilateral Origins 16:19 The Ship of Theseus Parable and Should Privates Become Public? 23:17 COVID, Denominator Effect, and LP Scrutiny 23:50 The New Baseline for Private Funds 24:15 Wealth Channel Tailwinds and the Rise of Active LP Portfolio Management 25:23 Using Public Liquidity to Balance Private Illiquidity 26:15 The 85/15 Public-Private Index: Why Blend Public Equity with Private Equity 27:16 Daily Pricing Private Equity: Solving the “Stale Marks” Problem 28:15 Smoothing, Stickiness and Forced Secondary Sales 29:20 What Tech/Data You Need to Nowcast PE Daily (and What’s Still Missing) 30:31 Price Formation Feeding Better Indexes 31:34 From Secondaries to Derivatives: Lessons from Fixed Income NAVs 33:14 Building Trust in Private Benchmarks: Data Scale and Adoption Over Cycles 33:53 Unlocking 401(k)s: What Must Be True for Wealth to Go Big in Privates 37:05 Liquidity, Suitability, Risk & Factor Decomposition 39:05 Durable Private Markets Alpha (and the Index Question) 41:51 Standardizing the Language: Defining “Liquidity” and MSCI as the Connective Tissue (Wrap) A Word from Our Sponsor, Ultimus This 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 at ultimusfundsolutions.com or email info@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream. Editing and post-production work for this episode was provided by The Podcast Consultant.
47:49AGM Unscripted: Goldman Sachs' Jeff Fine - An Investor’s Guide to Private Markets
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 Notes 01:05 Welcome to the Alt Goes Mainstream Podcast 02:08 Jeff Fine's Background and Career Journey 03:43 Sophistication in the Market 05:05 The Role of Product Specialists 07:16 Talent and Resourcing in Asset Management 08:01 The War for Talent in Asset Management 09:07 Investment Performance as a Priority 10:05 Balancing Origination and LP Demand 11:42 Meeting Client Needs in Wealth Channel 12:06 Transparency and Risk Communication 12:59 Growth in Private Markets 18:07 Global Capital and Diversification 19:31 Smart Allocation in Private Markets 20:58 Private Credit as a Yield Instrument 22:23 The Role of Insurance in Private Markets 24:33 Customization and Scale in Private Markets 28:55 Trends in LP Relationships 30:39 Strategic Partnerships and Cost Efficiency 31:40 Concerns About Market Valuations 32:43 Belief in a Transformative Future 35:24 Advice for LPs in Current Market 36:21 Conclusion and Final Thoughts Editing and post-production work for this episode was provided by The Podcast Consultant.
37:08AGM Unscripted: Goldman Sachs' Michael Bruun - Driving Value in Private Equity Through Network and Innovation
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, 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. 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 Notes 00:56 Welcome to the Alt Goes Mainstream Podcast 02:04 Michael Bruun's Background and Career 02:31 Evolution of Private Equity 03:14 Impact of Market Changes on Private Equity 03:43 Operational Value Creation 04:50 Importance of Value Creation Resources 05:33 Driving EBITDA Growth 06:04 Goldman's Value Acceleration Resources 07:18 Focus on Data and AI 08:27 AI in Different Sectors 11:22 Goldman's Investment Strategy 14:28 Scale and Capital in Private Equity 15:40 Co-Investments and Evergreen Vehicles 18:11 Flexibility in Private Markets 23:53 Navigating Volatility 24:59 Post-Investment Operations 25:23 Goldman Sachs Engineering 26:05 Future of Private Equity 27:39 CEO AI Academy 28:01 Conclusion and Final Thoughts Editing and post-production work for this episode was provided by The Podcast Consultant.
28:17AGM Unscripted: Goldman Sachs' Harold Hope - Secondaries: A Primary Consideration
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 Notes 00:35 Welcome to the Alt Goes Mainstream Podcast 01:26 Harold Hope’s Background and Entry into Secondaries 02:13 Evolution of the Secondaries Market 02:30 Drivers of Change in the Market 02:43 Innovations in the Secondary Market 04:45 Skill Sets Required in Secondaries 05:42 Valuation and Investment Strategies 07:14 Continuation Vehicles (CVs) Explained 09:27 Impact of Private Companies Staying Private Longer 10:47 Acquisition of Industry Ventures 12:01 Specialized Teams in Secondaries 13:14 Goldman's Unique Position in Secondaries 14:28 Leveraging Data and AI in Secondaries 15:47 Recent Trends and Market Dynamics 16:42 Future Growth of the Secondaries Market 17:10 Secondaries as an On-Ramp for Retail Investors 18:15 Closing Thoughts and Future Outlook Editing and post-production work for this episode was provided by The Podcast Consultant.
18:54AGM Unscripted: Goldman Sachs' Kristin Olson - The Evolution of Alternatives: Bridging Private Markets and Wealth
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 evolving needs of an investor, and why education and financial media are becoming increasingly important tools for investors. We discussed: Lessons 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 can access innovation by investing in 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. The next evolution in private markets education for the wealth channel investor. 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 Notes 00:41 Welcome to the Alt Goes Mainstream Podcast 01:35 Kristin Olson's Background and Career Evolution 01:59 The Evolution of Alternative Investments 02:46 Lessons from Goldman Wealth Clients 03:36 Diversification and Education in Alternatives 04:23 Serving Broader Wealth Channels 05:37 Balancing Customization and Scale 07:20 Survey Insights on Millennial Investors 08:44 Building the Goldman Sachs Brand for the Future 09:43 The Importance of Education in Alternatives 10:53 Early Adoption of Private Markets in Wealth Channels 12:28 Consolidation and Partnerships in Private Markets 16:42 Advice for New Investors in Private Markets Editing and post-production work for this episode was provided by The Podcast Consultant.
18:10AGM Unscripted: Goldman Sachs' James Reynolds - From Mezzanine to Moats: Over a Quarter-Century of Goldman Sachs Private Credit
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 Notes 00:39 Welcome to the Alt Goes Mainstream Podcast 01:30 James Reynolds' Background 02:44 Evolution of Private Credit 03:12 Direct Origination and Financing Solutions 04:08 Growth in Private Credit Market 05:55 Importance of Origination 06:29 Goldman Sachs' Competitive Edge 08:38 Expanding Universe of Credit 10:22 Harmonization of Goldman Sachs 12:01 Private Credit Deployment Strategies 14:15 Current State of Private Credit 17:16 Building an Investment Culture 18:31 Traits of a Great Credit Investor 20:52 Assessing the Business of Asset Management 22:43 Opportunities in Europe 26:10 Concerns in Private Credit 27:28 Optimistic Pessimism in Private Credit 27:59 Conclusion and Closing Remarks Editing and post-production work for this episode was provided by The Podcast Consultant.
28:16AGM Unscripted: Goldman Sachs' Matt Gibson - Navigating the Future of Alternatives: Scale, Supply, and Geopolitics
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. The 2025 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. Our first conversation was with Matt Gibson, who is head of the Client Solutions Group within Goldman Sachs Asset Management. Prior to his current role, Matt served as co-head of the Technology, Media and Telecommunications Group in the Investment Banking Division from 2021 to 2023. Before that Matt served as co-head of One Goldman Sachs from 2019 to 2021 and served as global co-head of Client Coverage within Investment Banking Services from 2015 to 2020. He joined Goldman Sachs in 2001 as an associate and was named managing director in 2008 and partner in 2010. Prior to joining the firm, Matt was a US naval officer for five years, working in a variety of capacities on two different US Navy ships. During this time, Matt’s service centered on operations in the Western Pacific, Persian Gulf, Mediterranean Sea and Adriatic Sea. Matt serves on the US Naval Academy Board of Trustees and the Global Advisory Board for the Kellogg School of Management at Northwestern University. Matt earned a BS in Political Science from the United States Naval Academy in 1994 and an MBA from the Kellogg School of Management at Northwestern University in 2001. Matt and I had a fascinating conversation about Goldman’s evolution of its private markets strategy and how the firm’s “One Goldman Sachs” initiative has enabled them to bring the entire firm to bear as it helps deliver solutions for both wealth and institutional clients. We covered: How Matt’s experiences across the firm inform the way he approaches solving needs for clients. The how and the why behind the “One Goldman Sachs” initiative. Goldman’s client-centric approach. Why it matters to be an early mover in certain instances in private markets. Goldman’s approach to partnerships in private markets. The power of the platform and how Goldman leverages its platform to help its private markets efforts. The importance of understanding geopolitics in today’s increasingly complicated investing world. Thanks Matt for sharing your expertise, wisdom, and passion for private markets and private wealth. Show Notes 00:42 Welcome to the Alt Goes Mainstream Podcast 00:56 Goldman Sachs Alternatives Conference Overview 01:09 Interview with Matt Gibson 02:26 Matt Gibson's Career Journey 02:50 The Importance of Client Engagement 03:17 One Goldman Sachs Initiative 04:13 Commercial and Cultural Impact of One Goldman Sachs 05:11 Convergence of Public and Private Markets 06:04 Growth in Retail and Institutional Alternatives 07:44 Balancing Customization with Scale 08:23 Leveraging the Goldman Sachs Platform 10:10 Origination and Investment Banking Synergy 11:23 Infusing Goldman Sachs Culture 12:34 Private Markets Culture and Strategy 13:35 Building Capabilities Through Partnerships 15:19 LP Relationships and Private Markets Evolution 16:44 Strategic Decisions in Private Markets 19:13 Agility in Product Strategy 21:08 Serving Clients in Private Markets 25:41 Geopolitical Considerations in Investing 28:06 Mega Trends and Geopolitics 29:47 Future of Private Markets 30:37 Conclusion and Final Thoughts Editing and post-production work for this episode was provided by The Podcast Consultant.
34:04Lexington Partners' Taylor Robinson - secondaries in the spotlight
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. Show Notes 00:00 A Different Way of Thinking About Private Equity 00:43 Welcome to the Alt Goes Mainstream Podcast 01:20 Introduction to Taylor Robinson 02:35 Taylor Robinson's Background and Career 04:25 The Evolution of the Secondaries Market 05:20 Impact of the Financial Crisis on Secondaries 06:34 Growth and Liquidity in Private Markets 07:13 Current State of the Secondaries Market 07:29 Traditional vs. GP-Led Secondary Deals 09:18 Challenges and Opportunities for Institutional LPs 11:22 Active Portfolio Management Strategies 13:06 Driving Returns and Gaining Edge 14:46 Evaluating and Partnering with GPs 16:30 Nuances of the Secondary Market 17:22 Market Dynamics and Investment Strategies 18:04 The Role of Data and Technology 19:35 Regulation and Standardization in Private Markets 20:08 Evolving Focus of Secondaries Firms 20:51 Investment Horizons and Return Expectations 22:17 Primary vs. Secondary Fund Investing 27:07 Specialization and Diversification in Private Equity 28:41 Managing Favorite Assets 28:49 Diversified Portfolio Nuances 29:37 Generating Alpha in Secondaries 30:22 Asset Selection and Value Drivers 31:09 Consistent Investor Experience 33:53 Comparing Secondaries and Primaries 35:51 Evaluating Secondaries Over Time 37:18 Evergreen Funds and New Structures 38:11 Benefits of Locked-Up Capital 40:34 Challenges in Evergreen Space 41:39 Wealth Channel and Scale 43:04 Skillset for Secondaries Investors 45:16 Intellectual Curiosity and Success 47:45 Industry Trends and GP Consolidation 49:16 Understanding Market Dynamics 50:18 Training and Retention at Lexington 50:41 Future of Secondary Markets 52:54 Misconceptions About Secondaries 54:31 Shifting Mindsets on Discounts 54:54 Consistent Returns Through Cycles 55:42 Secondaries as a Real Asset Class 56:16 Excitement for Future Growth 56:22 Conclusion and Farewell Editing and post-production work for this episode was provided by The Podcast Consultant.
56:30Ultimus Fund Solutions' Gary Tenkman - building the core fund administration infrastructure to make private markets go mainstream
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. Show Notes 01:01 Introduction to the Alt Goes Mainstream Podcast 01:10 Gary Tenkman: A Pioneer in Fund Administration 01:17 Ultimus Fund Solutions: An Overview 01:50 Innovations in Private Markets 02:02 Gary's Career Journey 02:20 The Evolution of Fund Administration 02:38 Challenges in Fund Services for Evergreen Structures 02:46 The Role of Technology in Fund Administration 06:58 Automation and Data Standardization 11:15 AI in Fund Administration 12:09 Fund Level vs. Asset Level Data 13:16 Lessons from the Mutual Fund Industry 13:58 Product Innovation in Private Markets 18:30 Navigating the Evergreen Space 23:20 Distribution Strategies for Private Markets 25:35 The Importance of Service Providers 26:50 The Evolution of Ultimus Fund Solutions 27:19 Evolution of Ultimus: The Early Days 28:02 Client-Centric Focus: The Key to Success 28:16 Investing in Technology and Growth 28:35 Mergers and Acquisitions: Building Scale 28:58 Private Side Expansion and Momentum 29:40 Challenges and Solutions in Private Markets 30:40 Client-Centric Culture: What It Means 31:34 Delivering High-Quality Client Service 32:28 Maintaining Culture Amidst Growth 33:27 Industry Consolidation: A Historical Perspective 34:09 New Partnerships and Investments 35:26 Future M&A Opportunities 35:43 Stone Point's Investment in Ultimus 36:34 Growth in Private Funds and Evergreen Structures 37:29 Convergence of Public and Private Markets 38:05 Hybrid Product Structures: Opportunities and Challenges 39:45 Regulatory Challenges in Retail Alts 40:58 Education and Adoption in Private Markets 45:54 401k and Retirement Space: Unlocking Potential 48:04 Exciting Trends in Private Markets Editing and post-production work for this episode was provided by The Podcast Consultant.
51:01Goldman Sachs' Sara Naison-Tarajano - working with the apex of the wealth channel
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. Show Notes 00:00 Introduction: 26 Years at Goldman Sachs 00:59 Welcome to the Alt Goes Mainstream Podcast 01:05 Meet Sara Naison-Tarajano 03:07 Sara's Career Path 04:51 Intellectual Curiosity in Finance 05:29 The Role of Derivatives 06:59 Transition to Wealth Management 07:51 Goldman's Culture of Creativity 08:48 The Birth of Apex 09:12 Why Apex? 10:48 Serving Family Offices 11:25 The Apex Model 12:46 Early Days of Apex 14:09 Family Offices and Direct Deals 16:12 The Growing Role of Family Offices 19:56 Misconceptions About Family Offices 23:26 Engaging the Next Generation 34:29 Liquidity in Private Markets 34:41 Decline in Public Companies 34:52 Access to Capital in Private Markets 35:14 Emerging Trends in Private Markets 35:36 Focus on Secondaries 36:02 Family Offices and Secondaries 38:19 Goldman's Secondary Market 38:56 Goldman's Acquisition of Industry Ventures 39:55 Family Offices' Investment Strategies 40:14 US vs Global Family Offices 40:38 Private Markets and Inflation 42:42 Advice for Wealth Channel Investors 43:02 Illiquidity Premium in Private Markets 43:56 Importance of Vintaging 44:28 Evergreen Funds vs Drawdown Funds 47:22 International Family Offices 49:27 Geopolitical Concerns and Investments 52:55 Mega Trends in Investing 54:15 Infrastructure and AI 56:16 Simple Wealth Management Strategies 58:57 Private Credit and Fixed Income 01:00:48 Risks in Private Markets 01:02:22 Future of Apex and Wealth Management Editing and post-production work for this episode was provided by The Podcast Consultant.
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