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.

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.

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.

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.

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

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.

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.

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Today’s episode brings infrastructure investing to life — literally.

We sat down in and walked through one of Stonepeak’s data center assets with Managing Director and CEO of SP+ INFRA, Cyrus Gentry.

Cyrus has played an integral role in Stonepeak’s rapid ascent as a firm and the growth of its wealth solutions business, Stonepeak+, joining early in the firm’s history and helping the firm grow to approximately $80B in AUM.

Cyrus brings a private equity perspective to infrastructure investing. Prior to Stonepeak, he held investing roles at BC Partners and Advent International. He also serves as one of the Church Commissioners for the Church of England, who hold responsibility for managing the Church’s £11.1B permanent endowment fund.

Cyrus and I had a fascinating and thought-provoking discussion about infrastructure investing and why and how it can fit within a wealth client’s portfolio. We covered:

• How Cyrus’ background in private equity investing has transferred over to investing in infrastructure.
• The opportunity and risks of data center investing.
• The risk of overbuilding in data centers.
• Why location matters for data centers.
• What makes interconnection data centers attractive data center assets.
• How Cyrus and Stonepeak have built their wealth solutions business and how they’ve endeavored to be different in how they’ve built out the business.
• How Stonepeak’s wealth business is a reflection of the firm’s DNA.

Thanks Cyrus for coming on the show to share your expertise, wisdom, and passion for infrastructure investing and working with the wealth channel.

Show Notes
00:00 Introduction and Sponsor Message

01:57 Welcome to the Alt Goes Mainstream Podcast

02:04 Introducing Cyrus Gentry and Stonepeak

00:00 Introduction and Sponsor Message

03:25 Cyrus's Journey from Private Equity to Infrastructure

04:56 Understanding Infrastructure Investing

06:10 The Importance of Moats in Infrastructure

06:57 Differences Between Private Equity and Infrastructure

07:38 Stonepeak's Growth and Strategy

09:06 Specialization in Infrastructure Investment

09:54 Balancing Long-Term Horizons with Industry Changes

11:15 The Role of Data Centers in Modern Life

14:43 Investment Perspectives on Connectivity

15:55 Challenges in Infrastructure Investing

17:10 Executing Value Creation Plans

19:06 Structured Capital in Infrastructure Deals

21:17 Trends and Scale in Infrastructure Investment

22:43 Patience and Discipline in Investment

23:34 Global Expansion and Strategy Diversification

24:09 Collaborative Approach with Corporates

24:42 Capital and Problem Solving

25:02 Building Stonepeak Wealth Solutions

25:30 Infrastructure Asset Class Benefits

25:47 Strategic Planning and Vision

26:05 Creation of Stonepeak-Plus

26:15 Early Discussions on Wealth Business

27:32 Team Dynamics and Entrepreneurial DNA

27:59 Understanding the Wealth Market

28:56 Educating Investors on Infrastructure

29:50 Allocating Infrastructure in Portfolios

30:07 Global Perspectives on Infrastructure

32:18 Learning from Institutional Investors

33:19 Common Questions from Wealth Channel

34:02 Mega Trends and Investment Strategies

34:46 Core, Core Plus, and Value Add Assets

36:12 AI and Data Centers

40:20 Power and Energy in Data Centers

42:34 Local and Global Investment Strategies

44:12 Geopolitical Risks and Infrastructure

46:36 Lessons Learned and Future Outlook

Editing and post-production work for this episode was provided by The Podcast Consultant.

A word from AGM podcast sponsor, Ultimus Fund Solutions

This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.

To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.

Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com.

We thank Ultimus for their support of alts going mainstream.

Today’s episode takes us inside the world of wealth from the perspective of one of the industry’s largest alternative asset managers that has made the wealth channel core to its firm’s DNA from the beginning.

We sat down with Sean Connor, Senior Managing Director and the President & CEO of Global Private Wealth at Blue Owl Capital, a firm with almost $300B in AUM. Sean highlighted a number of key insights for navigating and working with the wealth channel as he shared lessons learned from building a successful private wealth business at a large alternative asset manager.

Sean is responsible for bringing the breadth of the Blue Owl investment platform to the global private wealth market. He’s at the forefront of Blue Owl’s private wealth initiatives globally and oversees fund formation, product structure innovation, capital raising, and client servicing. He also oversees business development, marketing, and operations for Private Wealth at the firm. Prior to his current role, Sean was one of the first employees at Owl Rock (now the Direct Lending division of Blue Owl) and was responsible for building out the private wealth business.

Prior to joining Blue Owl and Owl Rock, Sean served as a Managing Director of CION Investment Management for over 10 years. Sean was a member of CION’s Investment Committee and was responsible for all aspects of CION’s business including originating, underwriting, and negotiating corporate finance transactions globally. In 2020, Sean was recognized by Private Debt Investor as one of the industry’s Rising Stars.

Sean and I had a fascinating conversation about what it’s like to work with the wealth channel. We discussed:

• The biggest drivers of AUM growth for Blue Owl and how the wealth channel has been a major part of the firm’s story of scale.
• Lessons learned from growing and scaling a private wealth business in the US and internationally.
• The differences between the wealth channel a few years ago and the wealth channel today.
• What the wealth channel wants and needs from its alternative asset manager partners.
• Why Blue Owl focuses on investing in megatrends, like AI, digital infrastructure, and private credit.
• The opportunity in the 401(k) and retirement channels.

Thanks Sean for coming back on the Alt Goes Mainstream podcast to share your expertise and wisdom on private markets and private wealth.

Show Notes
00:00 Introduction to Ultimus, our Sponsor

01:57 Welcome to the Alt Goes Mainstream Podcast and Episode Overview

02:10 Guest Introduction: Sean Connor

04:07 Growth Drivers for Blue Owl

04:45 Diversification and Market Strategy

05:17 Focus on Private Credit and Real Assets

06:54 Brand Essence and Market Leadership

11:25 Client Education and The Nest

14:21 Implementation Challenges in Wealth Channel

17:56 Customization in Wealth Management

19:20 Product Structuring and Client Needs

23:41 International Expansion and Market Strategy

26:23 Building Brand Internationally

28:01 Maintaining Entrepreneurial Culture

28:42 Challenges and Success in Scaling

30:38 Future Growth Areas in Wealth Business

30:42 Evolution of the Wealth Business

31:08 Expanding Product Strategies

31:37 Growth Opportunities in the US Market

32:23 Global Expansion and Execution

33:01 Retirement Market Potential

34:10 Bringing Parity to Retirement Ecosystem

35:19 Challenges and Opportunities in Retirement

35:39 Regulatory Changes and Education

36:38 Long-Term Investment Strategies

39:03 Private Credit and Direct Lending

40:47 Market Structure and Underwriting

43:47 Competition and Market Share

45:54 Private Companies and Direct Lending

47:56 Digital Infrastructure and AI

50:18 AI Bubble Concerns

51:46 Risk Management in Digital Infrastructure

55:11 Focus on Downside Protection

56:12 Future Investment Strategies

57:23 Excitement for the Future

59:13 Closing Remarks

Editing and post-production work for this episode was provided by The Podcast Consultant.

A word from AGM podcast sponsor, Ultimus Fund Solutions

This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.

To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.

Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com.

We thank Ultimus for their support of alts going mainstream.

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 2 features EQT's Jean Eric Salata.

Jean Eric Salata is the Chairperson EQT Asia and Head of Private Capital Asia. Jean started the regional Asian private equity investment program for UK-based Baring Private Equity Partners Ltd in 1997 and later led the management buyout of this program in 2000 to establish BPEA as an independent Firm. He has since been responsible for the investment activity of BPEA until 2022, when the company joined forces with EQT and was renamed BPEA EQT.

Prior to BPEA, Jean was a Director of Hong Kong-based AIG Global Investment Corporation (Asia) Ltd., the Asian private equity investment arm of AIG. Prior to that, Jean was the Executive Vice President of Finance of Shiu Wing Steel, a Hong Kong-based industrial concern, and prior to that a management consultant with Bain & Company based in Hong Kong, Sydney, and Boston.

Jean holds a B.S. (Hons) in Finance and Economics from the Wharton School of the University of Pennsylvania, where he graduated magna cum laude.

Please enjoy this conversation with one of the industry's leaders in Jean Eric Salata.

You can stream all the episodes on AGM’s YouTube channel at AltGoesMainstreamAGM.

Show Notes
00:00 Introduction: The DNA of Firms

00:34 Conversations with EQT Executives

01:05 Jean Salata: Chairperson of EQT Asia

01:32 Jean's Early Life and Career

02:26 Journey to Asia

03:28 Cultural Comparisons and Private Equity

04:45 The Asian Private Equity Market

05:09 Structural Alpha in Asia

06:12 Shareholder Activism in Japan

06:45 Liquidity in Indian Stock Market

08:10 Evolution of BPEA's Strategy

10:16 Challenges and Opportunities in Asia

11:42 EQT's Partnership and Culture

12:04 Building a Lasting Enterprise

13:23 Industry Consolidation Trends

14:54 Growth Opportunities in Asia

15:24 Rebalancing Capital to Asia

16:07 Underpenetration in Private Equity

18:17 Family Businesses and Generational Change

18:46 Wallenberg Heritage and EQT's Reputation

20:02 Long-term Growth in Asia

20:50 Mid-Market Growth Fund

21:21 Exit Market in Asia

23:01 Perceived vs. Actual Risk in Asia

23:49 Thematic Investing and Value Creation

24:32 Alpha in Asian Markets

25:35 Intellectual Stimulation in Asia

26:44 Leadership and Continuous Learning

28:38 Motivation and Career Development

31:12 Conclusion and Final Thoughts

In the latest episode of the Alts Pulse, a live conversation in studio with Lawrence Calcano, the Chairman & CEO of iCapital, Lawrence and I go global. We discussed his recent trip to Asia to peer into the nuances of the different wealth management markets around the globe.

As the leader of a platform with over $300B of assets that is responsible for the majority of individual and advisor-led investment flows into the alts space, Lawrence and iCapital have their finger on the pulse of what’s happening in private markets across the globe.

Lawrence and I had a fascinating discussion. We covered:

• Lawrence’s recent trip to Asia and the pulse on the ground.
• Asia’s growing interest in private markets.
• How wealth management market structures differ across the globe and what it means for alternatives distribution.
• Data-driven personalization for investors.

Thanks Lawrence for a great conversation … look forward to the next episode!

Show Notes
00:00 Introduction to the Latest Episode of the Alts Pulse

00:18 Insights from Asia

00:40 Comparing Asia and US in Private Markets

01:43 Wealth Management Market Structure

02:06 iCapital's Focus on Technology

02:49 Advisors' Allocation to Alternatives

03:13 Evergreen Products and Client Needs

03:53 HSBC and iCapital Surveys

04:22 Global Adoption of Evergreen Products

05:13 Distribution and Education in Private Markets

06:15 Model Portfolios and Custom Exposures

08:03 Strategic Distribution for GPs

08:19 Global Distribution Expansion

12:33 Personalization in Wealth Management

14:01 Data-Driven Personalization

14:45 Private Banks and Alternative Allocations

16:37 Thoughts About GPs and Distribution

17:24 Balancing Personalization and Scale

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 1 features EQT Founder and Chairperson Conni Jonsson. 

Conni founded EQT Partners AB in 1994. He has been Managing Partner since the company's foundation and as from March 1, 2014, Conni is full time working Chairperson.

Prior to founding EQT Partners AB, Conni was employed by the Wallenberg Family Holding Company for seven years as Executive Vice President.

Conni Jonsson graduated from the University of Linkoping in 1984, Bachelor of Science with majors in Economic Analysis and Accounting & Finance, and he has participated in the Program for Management Development at the Harvard Business School.

Please enjoy this conversation with one of the industry's leaders in Conni Jonsson.

You can stream all the episodes on AGM’s YouTube channel at AltGoesMainstreamAGM.

Show Notes

00:00 The DNA: Capturing Culture Episode 1

00:21 EQT's Origins and Global Reach

01:38 Conni Jonsson's Background and Journey

02:00 Founding EQT: Embracing Uniqueness

04:03 Balancing Responsibility and Financial Outcomes

05:09 The Wallenberg Family's Influence

06:36 Long-Term Thinking in Investing

07:20 Operationalizing Long-Term Values

08:13 EQT's Distinct Investment Approach

10:12 The Importance of Culture in Business

11:28 EQT's Focus on Core Competencies

12:53 Global Investment Strategies

13:20 Engaging with Institutional and Wealth Investors

14:15 Educating the Wealth Channel

17:10 Diversification and Global Exposure

18:19 Investing in Asia: Structural Alpha

20:40 Mitigating Political Risks

20:47 Future Skills in Private Markets

22:51 Aligning Good Business with Good Returns

24:38 Conclusion: The Winner Takes It All

Today’s episode dives into the nuances of enterprise software and how to build a scaled specialist alternative asset manager.

We sat down in Vista’s NYC office with David Breach, Vista’s President and Chief Operating Officer.

David sits on Vista’s Executive Committee, the firm’s governing and decision-making body for matters affecting its overall management and strategic direction as well as the firm’s Private Equity Management and Vista’s Private Equity Funds’ Investment Committees. David is also the Co-CEO of VistaOne, Vista’s evergreen private equity vehicle, and serves on the Investment Committee and Board of Directors. He also sits on the boards of Vista portfolio companies Jamf, Solera, and Stats Perform.

David, who has been instrumental in helping the firm chart its growth path to over $100B in AUM, joined Vista in 2014 after as a career as a Partner at law firm Kirkland & Ellis, where his practice focused on the representation of private equity funds in all aspects of their business. David was a member of K&E’s 15-person global executive management committee and a founding partner of its San Francisco office.

David and I had a fascinating and thought-provoking conversation about private markets and Vista’s evolution as a firm: 

• How and why Vista has become a “scaled specialist.”
• The journey from $13B in AUM to $100B.
• The opportunity in enterprise software investing and how enterprise software is an expanding market opportunity.
• The reason why Vista decided to build out a dedicated wealth solutions business.
• How firms can differentiate in the wealth channel.
• How firms can be measured and thoughtful with how they build evergreen solutions.
• The opportunity for large companies to adopt GenAI for cost-savings and revenue generation.
• The skills that might be valuable in the age of AI.

Thanks David for coming on the show to share your wisdom and expertise in private markets.

Show Notes
00:00 Introduction to our Sponsor, Ultimus

01:59 Welcome to the Alt Goes Mainstream Podcast

02:07 Introducing David Breach

03:30 David Breach's Career Journey

05:22 Transition to Vista Equity Partners

06:03 Joining Vista and Initial Impressions

06:30 Vista's Vision and Growth

09:03 Operational Excellence at Vista

10:35 Investment Strategy and Alignment

13:27 Scaling Vista's Operations

16:44 Building Vista's Wealth Business

17:04 Vista's Core Values and DNA

19:29 Strategic Decisions in Wealth Management

20:19 Educating on the Wealth Space

20:46 Modeling and Investment Decisions

21:42 Hiring and Team Building

22:07 Balancing Opportunity and Capacity

22:29 Evaluating Firm's Commitment

23:47 Institutional Investors' Concerns

24:48 Addressing Investor Concerns

25:22 Industry Trends in Private Markets

26:16 The Growth of Private Software Companies

28:46 The Resilience of Software Businesses

29:36 Diversification in Software Investments

30:33 The Role of Generative AI in Software

32:54 Operational Improvements with GenAI

33:32 Product Enhancements with GenAI

33:49 Agentification of Software

34:51 Financial Impact of AI on Software Companies

36:41 GenAI in Middle Market Companies

37:25 Vista's Edge in GenAI

38:27 CEO Perspectives on GenAI

39:04 Encouraging AI Adoption in Companies

42:37 The Human Element in the Age of AI

43:26 Preparing Teams for AI Integration

45:37 Advising Wealth Managers on GenAI

48:26 Vista's Vision for the Future

49:49 Building a Software Investing Factory

50:42 Excitement for the Future

Editing and post-production work for this episode was provided by The Podcast Consultant.

A word from AGM podcast sponsor, Ultimus Fund Solutions

This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.

To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.

Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com.

We thank Ultimus for their support of alts going mainstream.

Today’s episode was filmed at ING’s HQ in Amsterdam, right after ING held its Private Markets Day. The firm has been actively building out its private markets capabilities to serve its private wealth clients so it was a treat to interview two of the people responsible for running ING’s wealth management and private markets practice.

We sat down with Anneka Treon, ING’s Global Head of Private Banking, Wealth Management & Investments, and Johan Kloeze, Head of Private Banking & Wealth Management Netherlands, to discuss ING’s big ambitions in private markets.

ING, which manages over €260B of invested assets across 5 million clients, has made a major push into private markets. Led by Anneka and Johan, the firm has built out a Private Markets business that has grown AUM in three years since its launch. ING has partnered with established alternative asset managers to create one of the largest evergreen fund platforms in European wealth management.

Anneka, Johan, and I had a fascinating discussion about wealth management, how to bring private markets to advisors and clients, and how to educate the wealth channel about private markets. We covered:

• What Anneka means by “fast money versus slow money.”
• Why it’s important for advisors to bring private markets “to the kitchen table.”
• How to transform savers into investors — and why that matters.
• Why focus on private markets.
• The challenges with building a private markets business.
• Figuring out how to partner with alternative asset managers.
• How and why ING has focused on curation when building its private markets platform.
• The benefits and challenges of evergreen funds.

Thanks Anneka and Johan for sharing your wisdom and expertise at the intersection of private markets and private wealth.

Show Notes
00:00 Message from our Sponsor, Ultimus

01:43 Welcome to the Alt Goes Mainstream Podcast

01:57 Introduction to Johan Kloeze and Anneka Treon

03:19 Guest Welcome and Backgrounds

04:05 Johan's Journey at ING

05:07 Anneka's Background and Ambitions

06:58 The Importance of Private Markets

07:56 Wealth Creation and Preservation

08:25 Building the Private Markets Business

14:55 Educational Approach to Private Markets

16:19 Making Private Markets Human

20:54 Curating the Right Managers

23:02 Slow Money vs Fast Money

24:07 The Bookcase Analogy

24:21 Cash Flow Dynamics

24:27 The Importance of a Stable Financial Foundation

24:53 The Role of Quality Managers in Investment

25:16 Motivations Behind Public vs. Private Markets

26:13 Educating Younger Clients on Slow Money

28:04 The Role of ING in Providing Diverse Investment Options

28:47 Challenges in Building a Private Markets Platform

29:46 The Success of Evergreen Vehicles

31:25 Anneka's Perspective on ING's Private Markets Strategy

32:18 Humanizing Private Markets

32:54 Opportunities in the ELTIF Space

34:24 Educating Clients on Private Markets

36:29 The Future of ING's Private Markets Platform

37:43 Balancing Digital and Human Approaches

38:49 The Importance of Simplifying Investment Concepts

38:57 The Role of Liquidity in Private Markets

39:53 Lessons Learned in Building an Investment Platform

41:38 The Entrepreneurial Spirit of ING's Clients

42:46 The Need for Harmonization in Private Markets

44:36 The Growth Roadmap for ING's Private Markets

45:07 The Future of Private Markets Investments

Editing and post-production work for this episode was provided by The Podcast Consultant.

A word from AGM podcast sponsor, Ultimus Fund Solutions

This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.

To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.

Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com.

We thank Ultimus for their support of alts going mainstream.

Today’s episode was filmed live at an event during a Brookfield Oaktree Wealth Solutions RIA Council meeting in New York.

Armen Panossian, the Co-CEO and Head of Performing Credit at Oaktree, and I sat down for a conversation in a Brookfield-owned building with a group of RIAs in the audience.

Armen, who joined Oaktree in 2007, has been an integral part of scaling Oaktree to over $209B in AUM. Oaktree, a storied firm, particularly in distressed credit, was recently fully acquired by Brookfield, the $1T AUM alternative asset manager.

Armen has a wealth of experience across different areas of credit. He is the Head of Performing Credit, where his responsibilities include oversight of the firm’s liquid and private credit strategies and as a portfolio manager within the Global Private Debt and Global Credit strategies. He also led the development of Oaktree’s CLO business.

Armen and I had a fascinating and thought-provoking conversation. We covered:

• The evolution of Oaktree’s business.
• How the acquisition by Brookfield has helped scale Oaktree’s business.
• Why private credit is more than direct lending.
• The nuances of asset-based finance.
• The current state of the credit markets.
• How Oaktree has approached distressed credit investing.
• What Armen’s memo would be if he were to write a memo like his colleague Howard Marks. 
• And, why his memo might be titled “this is not your grandma’s private credit” or “don’t reach for risk to deliver the right return.”

Thanks Armen and the Brookfield Oaktree Wealth Solutions team for a fantastic night and Armen for sharing your wisdom and expertise with us.

Show Notes
00:00 Message from Ultimus, our Sponsor

01:59 Welcome to the Alt Goes Mainstream Podcast

04:02 Armen Panossian’s Background

04:22 Early Career and Education

05:42 Transition to Finance

08:04 Joining Oaktree

08:25 Oaktree's Early Days

09:25 Investment Philosophy and Growth

12:05 Balancing Pessimism and Business Building

14:49 Private Credit Market Overview

15:45 Core vs. Alpha in Private Credit

20:06 Public vs. Private Credit

21:39 Technicals and Fundamentals in Credit Markets

24:17 Valuation and Risk Management

25:22 Consumer Impact on Private Credit

25:46 Public Markets as Indicators

26:38 Oaktree's Historical Success

26:48 Howard Marks' Investment Philosophy

26:58 Market Dynamics and Investment Strategies

27:18 Opportunities in Life Sciences

27:58 Public vs. Private Market Solutions

28:27 Understanding Private Credit Risks

29:05 Credit Market Technicals

29:41 Fraud Vigilance in Credit Markets

30:07 Oaktree's Opportunistic Credit Approach

31:56 Rescue Lending and Sector-Specific Opportunities

32:37 Asset-Backed Finance Explained

34:52 Impact of Banking Regulations

35:24 Current Trends in Asset-Backed Finance

39:47 Navigating the Private Credit Ecosystem

40:50 Brookfield and Oaktree Partnership

42:09 Wealth Channel Investment Strategies

43:40 Brookfield and Oaktree: A Unique Partnership

45:45 Concerns in Private Credit

48:03 Advisors' Guide to Private Credit

50:47 Howard's Memos and Investment Philosophy

52:44 Evolving Private Credit Landscape

53:48 Conclusion and Final Thoughts

Editing and post-production work for this episode was provided by The Podcast Consultant.

A word from AGM podcast sponsor, Ultimus Fund Solutions

This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.

To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.

Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com.

We thank Ultimus for their support of alts going mainstream.

Today’s episode brings the perspective of an asset management veteran who has sat on both sides of the table.

We sat down in Franklin Templeton’s New York City office with George Stephan, COO of Global Wealth Management Alternatives at Franklin Templeton.

George joined Franklin to continue the buildout of the firm’s Alternatives capabilities, which boasts over $264B AUM in private markets strategies that include Lexington Partners, Benefit Street Partners, and Clarion Partners. George came from KKR, where he was Head of Strategy and Business Development for the firm’s Global Client Solutions business and was also COO and Head of Investor Relations for KKR’s Global Wealth Solutions business in the Americas. Prior to KKR, George spent nine years in Morgan Stanley’s wealth management division. George is also a Board Observer at CAIS.

George and I had a fascinating conversation about how to build a wealth solutions business and how advisors approach private markets. We discussed:

• How has the adoption of private markets by the wealth channel evolved over the course of George’s career?
• The benefits and challenges of being a traditional asset manager building out its private markets capabilities.
• The breadth and depth of Franklin Templeton’s reach as a firm and how that brand and history have helped Franklin partner with the wealth channel in private markets.
• How has Franklin Templeton’s family of specialists enabled the firm to leverage the expertise of specialist alternative asset managers within a larger platform?
• How does the wealth channel approach private markets?
• How will model portfolios be constructed and adopted by the wealth channel?
• Will evergreen funds be the structure of choice for most advisors?

Thanks George for coming on the show to share your expertise and wisdom at the intersection of private markets and private wealth.

Show Notes
00:00 Introduction to our Sponsor, Ultimus

01:55 Welcome to the Podcast

02:03 Guest Introduction: George Stephan

03:59 George's Career Journey

04:12 Building Wealth Solutions at Franklin Templeton

06:06 Key Pillars for Success in Wealth Management

07:31 Client Service and Operational Excellence

09:04 Strategic Approach to Wealth Management

10:15 Convergence of Public and Private Markets

10:48 Advisor Needs and Solutions

13:31 Franklin Templeton's Private Markets Business

14:23 Unifying Private Markets Business

15:01 Cross Collaboration and Investment Decisions

15:43 Cultural Alignment in Acquisitions

16:35 Franklin Templeton's Core Principles

17:15 Heritage and Long-Term Thinking

21:30 Brand Evolution and Market Perception

24:19 Strategic Partnerships in Private Markets

25:56 Future of Partnerships and Acquisitions

26:57 Winners and Losers in Partnerships

27:10 Advisor's Perspective on Productization

27:43 Allocating to Public and Private Markets

28:21 Innovation in Private Markets

29:05 Challenges and Opportunities in Wealth Management

29:56 The Future of Multi-Asset Solutions

30:17 Operational Complexity in Private Markets

31:27 The Need for Digital Transformation

31:59 Adoption of Distributed Ledger Technology (DLT)

32:46 Evolving Technology in Wealth Management

33:49 Impact of Market Efficiency on Returns

35:13 Dispersion in Private Markets Performance

37:17 Scale and Investment Integrity

38:44 Building Capabilities in Franklin Alternatives

40:10 Partnering with Asset Managers

41:36 Keys to Building a Wealth Solutions Business

42:16 Hiring for Private Markets Expertise

43:39 Educating the Industry on Private Markets

45:48 Evergreen Structures in Private Markets

49:45 Exciting Trends in Private Markets

Editing and post-production work for this episode was provided by The Podcast Consultant.

A word from AGM podcast sponsor, Ultimus Fund Solutions

This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.

To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.

Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com.

We thank Ultimus for their support of alts going mainstream.

Today’s interview is with a wealth management entrepreneur who created one of the most consequential wealth management technology companies that has helped to shape the industry into what it is today.

Bill Crager is the Co-Founder of Envestnet, which he and his co-founder, the late Jud Bergman, grew into a public company. Bill was the CEO of Envestnet during the company’s time as both a public company and following Bain Capital’s acquisition to take the company private for $4.5B.

Bill is now back at it again, joining iAltA Holdings as a Founding Partner to build a suite of businesses at the intersection of private markets and private wealth management infrastructure alongside former Ipreo CEO Scott Ganeles, former Ipreo Executive Bill Sherman, and former Blackstone CFO and WestCap Founder Laurence Tosi.

Bill and I had a fascinating conversation about wealth management and private markets. We covered:

• The evolution of wealthtech.
• What advisors are looking for when it comes to technology.
• How technology can help advisors deliver a high-quality experience to clients.
• Why private markets are now playing such a big role in the business of wealth management.
• What is missing in private markets infrastructure.
• The role of AI in financial planning.
• Why Bill wanted to go back to building again.
• What is in store for iAltA.

Thanks Bill for sharing your wisdom and expertise on private wealth and private markets.

Show Notes
00:00 Introduction to Early Technology

00:12 Sponsorship Message from Ultimus

02:09 Welcome to the Alt Goes Mainstream Podcast

02:12 Introduction to Bill Crager

04:19 Building Envestnet and Early Challenges

05:06 Evolution of Wealth Management

07:00 Adoption of Technology in Wealth Management

08:39 Private Equity's Role in Wealth Management

10:17 Horizontal vs. Vertical Solutions

14:11 Challenges in Wealth Management Technology

16:22 Data and Technology in Wealth Management

22:41 Customization and Future of UMA

24:30 Impact of Data on Private Markets

26:30 Evergreen Funds and UMAs

27:45 Fusion of Public and Private Markets

28:07 Data Inputs for Financial Advice

28:33 Building Financial Plans at Scale

28:59 The Need for Holistic Financial Connectivity

29:35 Challenges in Data Flow and Infrastructure

30:29 The Role of AI in Financial Planning

30:49 Balancing Machine Learning with Human Assurance

31:35 AI's Impact on Financial Advice

32:40 Future of Financial Planning with AI

35:06 Trust in Technology vs. Human Advisors

35:19 The Emotional Component of Financial Advice

36:31 The Evolution of Wealth Management

37:02 Tokenization in Wealth Management

37:46 Adoption Challenges of Tokenization

38:56 Leveraging Technology in Wealth Management

39:27 The Future of Financial Advisors

40:59 Advice for Young Financial Advisors

42:10 The Role of Technology in Private Markets

43:48 The Vision Behind iAltA

44:46 Building Horizontal Solutions

46:14 Creating Bridges in Financial Infrastructure

51:00 The Future of Financial Advice Industry

Editing and post-production work for this episode was provided by The Podcast Consultant.

A word from AGM podcast sponsor, Ultimus Fund Solutions

This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.

To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.

Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com.

We thank Ultimus for their support of alts going mainstream.

Today’s episode welcomes a pioneer and visionary in enterprise software investing to Alt Goes Mainstream.

Robert F. Smith is the Founder, Chairman, and CEO of $100B AUM Vista Equity Partners. He sits on the firm’s Investment Committees for Vista’s Flagship, Foundation, Endeavor, and Perennial Funds and serves as a member of Vista’s Executive committee. Vista’s portfolio spans 90 enterprise software, data, and technology-enabled companies that employ over 100,000 people worldwide.

He’s also heavily involved and committed to the firm’s wealth channel efforts, serving as the Chairman and Investment Committee member for VistaOne, the firm’s evergreen private equity vehicle. Since Vista’s founding, Robert has supervised on over 600 completed transactions that represent more than $330B in aggregate transaction value.

Robert founded Vista after a career at Goldman Sachs in tech investment banking, where he was Co-Head of Enterprise Systems and Storage, executing and advising on over $50B in M&A activity with companies that were foundational players in the early days of the internet and technology, including Apple, Microsoft, Texas Instruments, eBay, and Yahoo.

Robert has an innate understanding of technology and the trends that are shaping the way that companies and people interact with the world and conduct business. It’s no surprise that he was early in seeing the rise and impact of AI because he was early in seeing the dawn of the internet in the 1990s.

Robert and I had a fascinating and thought-provoking conversation about the evolution of both enterprise software and Vista as a firm. We covered:

• The early days of enterprise software and what Robert saw then that gave him conviction to focus on enterprise software as a banker and then as an investor building Vista.
• The investment characteristics of enterprise software.
• The power of product superiority in enterprise software.
• Why “sovereignty and dominion of data” are so important — and why it matters for AI.
• Can the “Rule of 40” become the “Rule of 50, 60, 70” with AI?
• What aspect of AI is most impactful for companies.
• How Vista approaches value creation.
• What it took to scale Vista to a $100B investment platform.
• Why the wealth channel is core to Vista’s business and the firm’s DNA.

Thanks Robert for coming on the show to share your expertise, wisdom, and passion for enterprise software and building businesses.

Show Notes
00:00 Introduction to Ultimus, Our Sponsor

01:20 Welcome to the Alt Goes Mainstream Podcast

02:05 Robert F. Smith's Background and Career

04:33 Robert's Engineering Background

04:58 Chemical Engineering and Business Management

05:25 Early Career Projects and Productivity

06:42 Vista's Systemic Process Improvement

07:08 Enterprise Software Investment Strategy

11:11 Product Superiority and Execution Excellence

16:03 AI's Impact on Enterprise Software

22:58 Cultural Importance in Enterprise Software

28:05 Enterprise Software Investment Profile

28:45 Founding Vista and Early Market Insights

29:08 Mission Criticality in Enterprise Software

29:57 Economic Rent Capture Opportunities

30:36 Transitioning to Hosted Environments

31:37 Rule of 40 and Gen AI Efficiency

32:56 Cost Dynamics and Gen AI

33:35 Customer Support and Sales Efficiency

35:04 Agentic AI and Exponential Opportunities

36:37 Challenges in Enterprise AI Implementation

39:08 Internal Use of AI at Vista

43:49 Managing Agents vs. Human Interaction

44:31 Creative Uses of AI

45:00 Defining Gen AI and Agentic AI

46:28 Enterprise Software and Agentic AI

47:30 Impact of AI on Companies

50:17 Evolution of Vista and New Investors

50:42 Democratizing Investment Opportunities

51:47 AI in Wealth Management

52:55 Conclusion and Final Thoughts

Editing and post-production work for this episode was provided by The Podcast Consultant.

A word from AGM podcast sponsor, Ultimus Fund Solutions

This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.

To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.

Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com.

We thank Ultimus for their support of alts going mainstream.

Today’s episode dives into private credit and building an asset management business inside of a leading global bank.

We sat down in Nomura’s NYC office with Robert Stark, the CEO of Nomura Capital Management LLC (NCM) and Head of Investment Management in the Americas for the Nomura Group.

Robert brings deep experience in financial services to Nomura. He was previously the Founder & CEO of Alterum Capital Partners LLC, where he focused on building an investment management business at the intersection of private markets and RIAs. Prior to Alterum, he was a Senior Managing Director and member of the Executive Committee at FS Investments, where he was responsible for Corporate Development. He also spent 7 years at JP Morgan across Asset & Wealth Management. He joined JP Morgan from Russell Investments, where he was a member of the Executive Committee. He started his professional career at McKinsey & Company, where he was a Partner serving clients in asset management, investment banking, insurance, and private equity.

Robert brings both a consultant’s analytical perspective and an operator’s practical approach to his work building the credit business at Nomura Capital Management.

Robert and I had a fascinating and wide-ranging discussion about building an asset management business in a fast-growing segment of private markets: private credit. We covered:

• The state of the private credit market.
• How to build an asset management business.
• What it takes to work with the wealth channel.
• The entrepreneurial spirit of RIAs.
• Open architecture vs closed architecture in private credit.
• Keys to success in the evergreen fund space.

Thanks Robert for coming on the show to share your wisdom and expertise on private markets and wealth management.

A word from AGM podcast sponsor, Ultimus Fund Solutions

This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.

To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.

Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com.

We thank Ultimus for their support of alts going mainstream.

Show Notes
00:00 Message from Ultimus, our Sponsor

01:57 Welcome to the Alt Goes Mainstream Podcast

02:06 Guest Introduction: Robert Stark

03:18 Building an Asset Management Business

03:42 Evolution of Asset Management Industry

04:01 Regulatory Environment and Market Structure

05:12 Challenges in Asset Management

08:24 Importance of the Right People

08:44 Private Credit Business at Nomura

09:59 Diversification in Private Credit

10:47 Secular Trends in Private Credit

11:15 Client-Centric Solutions

19:00 Origination in Private Credit

20:07 Open vs. Closed Architecture

22:45 Product Development and Client Feedback

24:22 Early Stages of Private Credit Solutions

25:43 Future of Evergreen Funds

27:29 Investor Interests and Needs

27:47 Building a Trusted Brand

28:18 Challenges of Entrepreneurship

28:46 Capital and Talent Requirements

29:23 Nomura's Long-Term Vision

30:12 Nomura's Wealth Management Legacy

30:49 Expanding in the US Market

31:32 Japanese Investment Culture

32:07 Open Architecture Strategy

32:34 Global Network and Client Access

34:32 Challenges of Working with RIAs

36:19 Fiduciary Alignment

37:04 Partnerships and Client Success

37:56 Strategic Acquisitions

39:50 Evolution of the RIA Segment

44:44 Long-Term Business Planning

46:39 Future of Private Markets

Editing and post-production work for this episode was provided by The Podcast Consultant.

Today’s episode is with an experienced private markets and distribution executive who has been educating the wealth channel and distributing private markets investment solutions at some of the industry’s largest investment platforms.

We sat down in Prudential’s Newark studio with PGIM’s Global Head of Alternative Investments, Dominick Carlino. PGIM is the $1.4T global asset management business of Prudential Financial.

At PGIM, Dominick is responsible for driving the continued development and distribution of alternative investments tailored to the firm’s wealth channel investors globally.

Dominick joined the firm in 2023, bringing over 20 years of experience in alternatives distribution. He was most recently MD, Head of Alternative Investments Distribution at Merrill Lynch.

Dominick and I had a fascinating conversation about the intersections between insurance and asset management and the evolution of distribution. We covered:

• How the distribution of private markets investment solutions has evolved.
• The benefits of an integrated platform across insurance and asset management.
• Navigating the playing field of collaboration and competition between asset managers and insurance companies.
• The importance of education.
• How, why, and where evergreen funds will be adopted.

Thanks Dominick for sharing your perspectives and wisdom on insurance and private markets. We hope you enjoy.

A word from AGM podcast sponsor, Ultimus Fund Solutions

This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.

To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.

Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com.

We thank Ultimus for their support of alts going mainstream.

Show Notes
00:00 Message from our Sponsor, Ultimus

01:18 Welcome to Alt Goes Mainstream

01:55 Guest Introduction: Dominick Carlino

03:34 Dom’s Background and Career Journey

03:55 Early Career and Transition to Alternatives

05:03 Experience at Morgan Stanley and Merrill Lynch

05:18 Evolution of Private Markets Distribution

07:08 Wealth Channel and Private Markets

09:08 Joining Prudential and PGIM

10:25 Prudential's Capabilities and Strategy

12:47 Asset Liability Matching in Private Markets

14:22 Liquidity Risk and Private Markets

16:16 Education and Evergreen Funds

17:06 Credit Risk in Private Credit

18:14 Vertical Integration and Acquisitions

19:35 Partnerships and Strategic Growth

20:22 Market Shakeout and Scale

22:09 Product Set and Innovation

23:24 Advisor and Client Needs

24:45 Evergreen Funds and Market Trends

26:13 Specialized Strategies in Private Markets

26:41 Distribution and Education

28:16 Skills for Effective Distribution

30:54 Organizational Alpha and Trust

31:56 Brand and Stability

33:11 Partnerships and Long-term Solutions

33:49 Insurance and Tax-Advantaged Strategies

34:12 Asset Managers and Insurance Partnerships

35:42 Private Markets in Retirement Plans

36:17 Future of Private Markets

36:41 Keys to Winning in Private Markets

37:29 Prudential's Competitive Advantages

37:48 Conclusion and Guest Farewell

The opinions expressed in this podcast are those of the author and do not reflect the views or opinions of PGIM, Inc. PGIM, Inc. is not responsible, endorses nor confirms its accuracy. All trademarks and other intellectual property used or displayed are the ownership of their respective owners. Unless noted otherwise in this podcast, PGIM, Inc. is not affiliated with, nor  endorses any mentioned company or any linked third-party content.
 
PGIM and its affiliates may develop and publish research that is independent of, and different than, the recommendations contained herein. PGIM’s personnel other than the author(s), such as sales, marketing and trading personnel, may provide oral or written market commentary or ideas to PGIM’s clients or prospects or proprietary investment ideas that differ from the views expressed herein.

Editing and post-production work for this episode was provided by The Podcast Consultant.

Today’s episode dives into digital infrastructure and how it powers the growth of artificial intelligence and other major trends in digitalization and electrification.

We sat down in Blue Owl’s NYC office with Matt A’Hearn, an asset management entrepreneur and executive at the firm.

Matt is a Senior Managing Direct at Blue Owl and Head of Digital Infrastructure. He’s responsible for leading the overall management of Digital Infrastructure, including strategy, investments, and portfolio management.

Prior to joining Blue Owl, Matt was the Managing Partner and a Founder of IPI Partners, the predecessor firm to Blue Owl Digital Infrastructure. IPI was acquired by Blue Owl in 2024.

Prior to founding IPI, Matt led the global investment banking practice in communications infrastructure at Moelis & Company.

Matt and I had a fascinating and thought-provoking discussion about the future of digital infrastructure. We covered:

• The how and the why of digital infrastructure.
• Investing in data centers.
• The evolution of digital infrastructure.
• How to best partner with and serve the need of hyperscalers.
• The importance of power generation for AI. 
• How there are different ways to approach gaining exposure to AI as an investment theme.

Thanks Matt for coming on the show to share your wisdom and expertise in private markets and digital infrastructure.

A word from AGM podcast sponsor, Ultimus Fund Solutions

This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.

To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.

Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com.

We thank Ultimus for their support of alts going mainstream.

Show Notes
00:00 Our Sponsor, Ultimus

01:57 Welcome to the Alt Goes Mainstream Podcast

02:05 Guest Introduction: Matt A’Hearn

03:36 Evolution of Digital Infrastructure

04:02 Founding IPI Partners

04:15 Digital Infrastructure and AI

05:35 Early Challenges in Data Center Investing

06:13 Cloud Growth and Hyperscale Companies

07:05 Partnerships with Hyperscalers

08:07 Financing Hyperscalers

10:14 AI and Cloud: A Generational Opportunity

11:51 Supply and Demand Dynamics in AI

13:21 Power and Infrastructure Challenges

14:55 Site Selection and Power Considerations

17:53 Scale and Capital Requirements

22:32 Data Center Capacity Needs

23:35 Investment Opportunities in Digital Infrastructure

24:21 Blue Owl's Capital Strategy

26:25 The Blue Owl Transaction

26:35 Capital Needs in the Industry

26:58 Feedback from Hyperscalers

27:18 Joining Blue Owl

27:51 Founding IPI

28:50 Building the Firm

30:38 Differentiating IPI

31:36 Early AI Insights

32:26 AI and Cloud Growth

34:41 Investment Opportunities in Digital Infrastructure

35:27 Risk-Adjusted Investment Strategies

36:39 Underwriting Digital Infrastructure

38:22 Capital Allocation in Tech Companies

39:17 Meta and Data Center Development

40:41 Alternative Asset Management in Tech

41:45 Merging Investment Cultures

43:19 Challenges and Opportunities

43:53 Wealth Channel Expansion

45:51 Evergreen Structures and Long-Term Investments

50:50 Future of Digital Infrastructure

Editing and post-production work for this episode was provided by The Podcast Consultant.

Today’s episode is with an experienced asset allocator who has operated at the intersection of insurance and asset management throughout his career.

We sat down in Prudential’s Newark studio with  PGIM’s Head of Multi-Asset and Quantitative Solutions, Phil Waldeck. Phil is responsible for nearly $140B in AUM, where the business unit leverages PGIM’s deep public and private markets expertise for the purpose of developing customized portfolio solutions to meet insurer and other investors’ unique objectives. 

Phil previously served as Chief Transformation Officer at Prudential, CEO of Prudential’s Workplace Solutions Group, and as president of Prudential’s retirement business, which comprised of $250B in assets. Phil was also the architect of Prudential’s pension risk transfer business, which he grew to over $170B. 

Phil and I had a fascinating conversation about the intersections between insurance and asset management. We covered:

• The evolution of how insurers allocate to private markets.
• The importance of asset liability management.
• How insurers are leveraging their balance sheet to invest in private markets and collaborate with alternative asset managers.
• How insurance and asset management interact and the benefits of an integrated platform.
• How PGIM's $1T in public and private credit informs how they invest.
• Why insurers are allocating to private credit.

Thanks Phil for sharing your perspectives and wisdom on insurance and private markets. We hope you enjoy.

A word from AGM podcast sponsor, Ultimus Fund Solutions

This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.

To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.

Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com.

We thank Ultimus for their support of alts going mainstream.

Show Notes
00:00 Message from our Sponsor, Ultimus

01:23 Welcome to Alt Goes Mainstream Podcast

02:03 Guest Introduction: Phil Waldeck

03:29 Insurance and Asset Management Intersection

04:51 Understanding Asset Liability Management (ALM)

05:41 Liquidity and Private Markets

07:08 ALM in Wealth Management

10:44 Private Credit and Insurers

11:31 Private Credit Flavors and Strategies

12:42 Origination and Credit Culture

14:32 Talent and Culture at PGIM

15:06 Private Credit's Role in the Economy

17:01 Borrowers Choosing Private Over Public Credit

18:36 Public and Private Credit Blurring Lines

19:00 Global Credit Capabilities

20:09 Fewer Manager Relationships in Private Markets

24:57 Challenges in Private Markets

27:02 Underwriting Discipline in Private Credit

27:34 Private Credit Market Growth

30:22 Global Opportunities in Private Credit

31:01 Future of Private Markets

31:30 Regulatory Framework and Governance

31:57 Educating Investors on Private Markets

33:06 Creating the Perfect Private Credit Portfolio

33:57 Diversification in Private Credit

34:36 Advisors' Role in Private Credit Investing

35:07 Wealth Channel Choices and Shelf Space

35:53 Farm to Table Analogy in Private Credit

37:32 Talent and Scale in Private Credit

38:54 Maintaining Culture in Large Firms

39:33 Conclusion and Final Thoughts

The opinions expressed in this podcast are those of the author and do not reflect the views or opinions of PGIM, Inc. PGIM, Inc. is not responsible, endorses nor confirms its accuracy. All trademarks and other intellectual property used or displayed are the ownership of their respective owners. Unless noted otherwise in this podcast, PGIM, Inc. is not affiliated with, nor  endorses any mentioned company or any linked third-party content.
 
PGIM and its affiliates may develop and publish research that is independent of, and different than, the recommendations contained herein. PGIM’s personnel other than the author(s), such as sales, marketing and trading personnel, may provide oral or written market commentary or ideas to PGIM’s clients or prospects or proprietary investment ideas that differ from the views expressed herein.

Editing and post-production work for this episode was provided by The Podcast Consultant.

Today’s episode dives into the evolution of infrastructure investing with a leading scaled specialist firm in infrastructure.

We sat down in Stonepeak’s Hudson Yards office with a pioneer in infrastructure investing: Mike Dorrell.

Mike is the Chairman, CEO, and Co-Founder of Stonepeak, building the foundations for the firm to achieve a rapid ascent to $76B from its founding in 2011.

Mike brings deep expertise to bear in the infrastructure asset class. He has over 20 years of experience investing in infrastructure, starting his career at Macquarie, where he ultimately held the title of Senior Managing Director. He then joined Blackstone, where he was a Senior Managing Director in Private Equity and Co-Head of the Infrastructure Investment group, before striking out on his own to build one of the industry’s largest infrastructure investing firms in Stonepeak.

Mike and I had a fascinating and thought-provoking discussion about infrastructure investing and why it’s becoming an increasingly important part of the private capital ecosystem. We covered:

• The early days of infrastructure investing.
• How infrastructure investing has evolved.
• How Mike’s experiences at Macquarie and Blackstone informed how he wanted to build Stonepeak.
• How institutional investors have approached infrastructure investing and why individual investors should consider exposure to infrastructure assets.
• Stonepeak’s DNA and what makes the firm different from other infrastructure investors.
• Why being a scaled specialist is a competitive advantage.
• How Stonepeak was built from scratch to scale.
• How Stonepeak identified investing in data centers early on and well before the data center boom began.
• Why launch a wealth solutions business and how it’s a reflection of the firm’s DNA, culture, and values.

Thanks Mike for coming on the show to share your expertise, wisdom, and passion for infrastructure investing.

A word from AGM podcast sponsor, Ultimus Fund Solutions

This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.

To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.

Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com.

We thank Ultimus for their support of alts going mainstream.

Show Notes

00:00 Message from our Sponsor, Ultimus

01:18 Welcome to the Alt Goes Mainstream Podcast

02:10 Guest Introduction: Mike Dorrell

03:58 Mike's Journey to Stonepeak

06:46 Challenges in the US Infrastructure Market

11:09 Successes and Setbacks in Infrastructure Deals

12:06 Privately Held Infrastructure in the US

17:05 Public vs. Private Infrastructure

18:34 Impact of Infrastructure on Daily Life

19:16 Stonepeak's Significant Market Presence

22:10 Balancing Public Good and Investor Returns

22:53 Regulation and Good Judgment in Infrastructure

23:55 Challenges in Privatization

25:52 Skills Needed for Infrastructure Investing

26:29 Access to Infrastructure for Individual Investors

27:10 Institutional Market's Experience with Infrastructure

30:50 Asset Allocation and Infrastructure

33:40 Private Equity vs. Infrastructure Investments

34:10 Institutional Allocation Trends

34:46 Patience and Peace of Mind in Investing

35:14 Warren Buffet's Investment Philosophy

35:38 Biggest Risks in Infrastructure

35:50 Electric Utility Asset Risks

36:28 Data Center Business Risks

37:02 Evaluating Data Center Investments

38:46 Economic Differences: Building vs. Buying Data Centers

40:21 Pricing Power in Data Centers

46:03 Connectivity Data Centers Explained

49:16 Navigating Infrastructure as an Asset Class

50:09 Finding the Right Assets at Fair Prices

50:27 The Evolution of Infrastructure Investing

53:31 Founding Stonepeak

57:20 Raising Capital in Early Days

59:46 Lessons from Blackstone

01:01:22 Building a Strong Investment Culture

01:03:37 Maintaining Culture While Scaling

01:06:20 The Importance of the Wealth Channel

01:07:41 Focus on Quality and Customer Experience

01:08:33 Cycling and Business Philosophy

01:09:26 The Importance of Investment Decisions

01:10:27 Final Thoughts on Investment Process

Editing and post-production work for this episode was provided by The Podcast Consultant.

Today’s episode provides a fascinating window into the world of private equity value creation and how AI can help transform both portfolio company and investment firm processes and operations to create value.

We sat down in New York with Hg Partner and Head of Value Creation Chris Kindt to dive into how he spearheaded the growth of the firm’s in-house value creation efforts and has built a high-performing team to meet the evolving needs of portfolio companies.

Chris brings 15 years of experience in architecting and driving value creation to bear, with 11 years of experience at Hg and another 8 years as a consultant at BCG and Parthenon.

Chris and his team are responsible for driving value across a portfolio of 55 companies that represents over $180B in enterprise value and would represent the second largest software company in Europe after SAP if it were a conglomerate.

Chris and I had a thought-provoking discussion about value creation and the impact of AI on investing and operating companies. We discussed:

• How to build a high-performing value creation team.
• Where value creation has the biggest impact.
• How AI is transforming investment processes.
• How Hg has become an “AI-first” investment firm.
• Where AI will have the most impact in a company today and why agentic AI is transforming certain roles and processes within companies.
• How professionals can generate the most leverage from utilizing AI – without having cognitive decline.
• Why prompting and prompt engineering is so critical in the age of AI (and how you can use your weekends to perfect prompt engineering).
• How a management team can buy into AI and why the current time period represents an interesting opportunity for incumbents, particularly for those building mission-critical enterprise software.

Thanks Chris for sharing your expertise and wisdom on company building and AI. We hope you enjoy.

Note: this episode was filmed in August 2025.

A word from AGM podcast sponsor, Ultimus Fund Solutions

This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.

To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.

Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com.

We thank Ultimus for their support of alts going mainstream.

Show Notes
00:00 Message from our Sponsor, Ultimus

01:18 Welcome to the Alt Goes Mainstream Podcast

02:10 Guest Introduction: Chris Kindt

03:58 Chris Kindt’s Background and Journey

05:43 Value Creation at Hg

06:55 Pre-Investment and Diligence Process

07:44 Management Team Dynamics

08:40 Common Value Creation Interventions

11:14 Building a Cross-Functional Team

12:31 Scaling the Value Creation Team

15:40 Measuring Value Creation Impact

17:49 Investment Philosophy: Inch Wide, Mile Deep

19:28 Partnerships with Management Teams

20:03 Embedding AI in Value Creation

20:24 Internal vs External AI Applications

21:47 AI First Culture

22:18 Effective AI Utilization

24:04 Prompt Engineering and Whispering

26:25 Choosing the Right AI Models

26:50 AI Models: Strengths and Weaknesses

27:42 Transformative Impact of AI

28:21 Skills Needed in the AI Era

28:26 AI's Role in Investment Firms

28:55 Core Insights and Judgements

29:04 The Core Skillset and Efficiency

29:12 Philosophical Questions on AI and Talent Development

30:18 Building Grit in the Age of AI

31:12 Maintaining Discipline with AI

32:08 AI as a Value Creation Lever

32:35 Operational Efficiency and Copilots

33:43 Emergence of Reasoning Models and Agentic Frameworks

34:31 10x Efficiency in Engineering

36:24 Challenges in Implementing AI

37:16 AI Immersion Strategy Days

39:52 Organizational Agility and AI

42:15 AI's Impact on Investment Strategies

43:26 AI in Mergers and Acquisitions

45:29 The Importance of Proprietary Data

47:12 AI Fatigue and Disillusionment

48:07 Building AI Products and Agentic Products

48:58 Hg's Internal AI Incubator

49:59 The Next Wave of AI

51:19 Voice and Multimodality in AI

51:55 Globalization and Internationalization of AI

53:35 Overestimating and Underestimating AI's Impact

54:54 The Competitive Landscape of AI

55:42 The Future of Value Creation with AI

56:23 Conclusion and Final Thoughts

Editing and post-production work for this episode was provided by The Podcast Consultant.

Today’s episode is with two executives who have helped to build one of the industry’s leading alternative asset managers.

In Permira Part 2, Brian Ruder joins his Co-Managing Partner and Co-CEO Dipan Patel in Permira’s London office to discuss the firm’s evolution and how the business has grown to over €80B in AUM.

Both Brian and Dipan bring deep backgrounds in private equity investing to bear as they now lead the firm through its next phase of growth.

Brian joined Permira in 2008 after working as a Partner at Francisco Partners. He’s Co-Managing Partner and Co-CEO of Permira, also serving on the firm’s Executive Committee and the buyout funds’ Investment Committee. He was instrumental in building the firm’s Technology sector team, which he co-led until 2023 where he worked on a number of the firm’s notable transactions, including Ancestry, Genesys, Informatica, LegalZoom, Magento, McAfee, Relativity, Zendesk, and more.

Dipan joined Permira from Gores Group and is Co-Managing Partner and Co-CEO of the firm. He serves on Permira Holdings Limited Board and Permira’s Investment Committee and Executive Committee. He’s focused on technology and services investing, working on deals such as Renaissance Learning, Informatica, Axiom, Adevinta, AllTrails, Ancestry, LegalZoom, and more.

Brian, Dipan, and I had a thought-provoking conversation about what it takes to build and run a scaled alternative asset manager and how to differentiate a firm and a culture. We discussed:

• How the firm’s beginnings have shaped the culture that has been built and how that culture has permeated how they make investment decisions, work with companies, founders, and LPs.
• The benefits and challenges of the collaborative leadership model.
• How would an LP underwrite Permira’s culture?
• How the firm’s European heritage helps as an investor.
• The opportunity set in Europe.
• The investment culture at Permira and how its structure and set up helps investment processes and decision-making.
• Why software buyouts have become a larger part of the buyout investing landscape.
• The Growth vs. Buyout mindset.
• The advantage for technology forward incumbents.
• How AI is impacting software investing and how AI is impacting services businesses.
• The thought process behind launching a wealth solutions business, Permira Wealth, and how it reflects the culture of the firm.

Thanks Brian and Dipan for coming on the show to share the evolution of Permira and your expertise and wisdom in private markets.

A word from AGM podcast sponsor, Ultimus Fund Solutions