Welcome back to the Alt Goes Mainstream podcast.
Today’s episode dives into private credit and building an asset management business inside of a leading global bank.
We sat down in Nomura’s NYC office with Robert Stark, the CEO of Nomura Capital Management LLC (NCM) and Head of Investment Management in the Americas for the Nomura Group.
Robert brings deep experience in financial services to Nomura. He was previously the Founder & CEO of Alterum Capital Partners LLC, where he focused on building an investment management business at the intersection of private markets and RIAs. Prior to Alterum, he was a Senior Managing Director and member of the Executive Committee at FS Investments, where he was responsible for Corporate Development. He also spent 7 years at JP Morgan across Asset & Wealth Management. He joined JP Morgan from Russell Investments, where he was a member of the Executive Committee. He started his professional career at McKinsey & Company, where he was a Partner serving clients in asset management, investment banking, insurance, and private equity.
Robert brings both a consultant’s analytical perspective and an operator’s practical approach to his work building the credit business at Nomura Capital Management.
Robert and I had a fascinating and wide-ranging discussion about building an asset management business in a fast-growing segment of private markets: private credit. We covered:
Thanks Robert for coming on the show to share your wisdom and expertise on private markets and wealth management.
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.
Welcome back to the Alt Goes Mainstream podcast.
Today’s episode is with an experienced private markets and distribution executive who has been educating the wealth channel and distributing private markets investment solutions at some of the industry’s largest investment platforms.
We sat down in Prudential’s Newark studio with PGIM’s Global Head of Alternative Investments, Dominick Carlino. PGIM is the $1.4T global asset management business of Prudential Financial.
At PGIM, Dominick is responsible for driving the continued development and distribution of alternative investments tailored to the firm’s wealth channel investors globally.
Dominick joined the firm in 2023, bringing over 20 years of experience in alternatives distribution. He was most recently MD, Head of Alternative Investments Distribution at Merrill Lynch.
Dominick and I had a fascinating conversation about the intersections between insurance and asset management and the evolution of distribution. We covered:
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.
Welcome back to the Alt Goes Mainstream podcast.
Today’s episode dives into digital infrastructure and how it powers the growth of artificial intelligence and other major trends in digitalization and electrification.
We sat down in Blue Owl’s NYC office with Matt A’Hearn, an asset management entrepreneur and executive at the firm.
Matt is a Senior Managing Direct at Blue Owl and Head of Digital Infrastructure. He’s responsible for leading the overall management of Digital Infrastructure, including strategy, investments, and portfolio management.
Prior to joining Blue Owl, Matt was the Managing Partner and a Founder of IPI Partners, the predecessor firm to Blue Owl Digital Infrastructure. IPI was acquired by Blue Owl in 2024.
Prior to founding IPI, Matt led the global investment banking practice in communications infrastructure at Moelis & Company.
Matt and I had a fascinating and thought-provoking discussion about the future of digital infrastructure. We covered:
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.
Welcome back to the Alt Goes Mainstream podcast.
Today’s episode is with an experienced asset allocator who has operated at the intersection of insurance and asset management throughout his career.
We sat down in Prudential’s Newark studio with PGIM’s Head of Multi-Asset and Quantitative Solutions, Phil Waldeck. Phil is responsible for nearly $140B in AUM, where the business unit leverages PGIM’s deep public and private markets expertise for the purpose of developing customized portfolio solutions to meet insurer and other investors’ unique objectives.
Phil previously served as Chief Transformation Officer at Prudential, CEO of Prudential’s Workplace Solutions Group, and as president of Prudential’s retirement business, which comprised of $250B in assets. Phil was also the architect of Prudential’s pension risk transfer business, which he grew to over $170B.
Phil and I had a fascinating conversation about the intersections between insurance and asset management. We covered:
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.
Welcome back to the Alt Goes Mainstream podcast.
Today’s episode dives into the evolution of infrastructure investing with a leading scaled specialist firm in infrastructure.
We sat down in Stonepeak’s Hudson Yards office with a pioneer in infrastructure investing: Mike Dorrell.
Mike is the Chairman, CEO, and Co-Founder of Stonepeak, building the foundations for the firm to achieve a rapid ascent to $76B from its founding in 2011.
Mike brings deep expertise to bear in the infrastructure asset class. He has over 20 years of experience investing in infrastructure, starting his career at Macquarie, where he ultimately held the title of Senior Managing Director. He then joined Blackstone, where he was a Senior Managing Director in Private Equity and Co-Head of the Infrastructure Investment group, before striking out on his own to build one of the industry’s largest infrastructure investing firms in Stonepeak.
Mike and I had a fascinating and thought-provoking discussion about infrastructure investing and why it’s becoming an increasingly important part of the private capital ecosystem. We covered:
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.
Welcome back to the Alt Goes Mainstream podcast.
Today’s episode provides a fascinating window into the world of private equity value creation and how AI can help transform both portfolio company and investment firm processes and operations to create value.
We sat down in New York with Hg Partner and Head of Value Creation Chris Kindt to dive into how he spearheaded the growth of the firm’s in-house value creation efforts and has built a high-performing team to meet the evolving needs of portfolio companies.
Chris brings 15 years of experience in architecting and driving value creation to bear, with 11 years of experience at Hg and another 8 years as a consultant at BCG and Parthenon.
Chris and his team are responsible for driving value across a portfolio of 55 companies that represents over $180B in enterprise value and would represent the second largest software company in Europe after SAP if it were a conglomerate.
Chris and I had a thought-provoking discussion about value creation and the impact of AI on investing and operating companies. We discussed:
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.
Welcome back to the Alt Goes Mainstream podcast.
Today’s episode is with two executives who have helped to build one of the industry’s leading alternative asset managers.
In Permira Part 2, Brian Ruder joins his Co-Managing Partner and Co-CEO Dipan Patel in Permira’s London office to discuss the firm’s evolution and how the business has grown to over €80B in AUM.
Both Brian and Dipan bring deep backgrounds in private equity investing to bear as they now lead the firm through its next phase of growth.
Brian joined Permira in 2008 after working as a Partner at Francisco Partners. He’s Co-Managing Partner and Co-CEO of Permira, also serving on the firm’s Executive Committee and the buyout funds’ Investment Committee. He was instrumental in building the firm’s Technology sector team, which he co-led until 2023 where he worked on a number of the firm’s notable transactions, including Ancestry, Genesys, Informatica, LegalZoom, Magento, McAfee, Relativity, Zendesk, and more.
Dipan joined Permira from Gores Group and is Co-Managing Partner and Co-CEO of the firm. He serves on Permira Holdings Limited Board and Permira’s Investment Committee and Executive Committee. He’s focused on technology and services investing, working on deals such as Renaissance Learning, Informatica, Axiom, Adevinta, AllTrails, Ancestry, LegalZoom, and more.
Brian, Dipan, and I had a thought-provoking conversation about what it takes to build and run a scaled alternative asset manager and how to differentiate a firm and a culture. We discussed:
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
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
01:56 Introducing Brian Ruder and Dipan Patel
04:44 Private Equity and Technology
04:54 Brian's Career Journey
06:51 Dipan's Career Journey
11:44 AI's Role in Modern Investing
12:38 AI in Services and Technology
13:27 Permira's Sector-Focused Approach
13:54 AI's Broader Impact on Industries
17:27 Leadership and Innovation in Private Equity
18:49 Underwriting Deals in the AI Era
18:53 Importance of Market Leadership
21:58 Technology Forward Incumbents
24:00 Permira's Continuous Innovation
24:26 Building the Business of Permira
24:36 Dipan's Perspective on Firm Growth
25:35 Core Values and Their Impact
26:39 Investment Strategies and Sector Focus
27:19 Fluid Team Dynamics
28:04 Growth vs. Buyout Mindset
29:45 Long-Term Investment Philosophy
30:29 Driving Terminal Value
30:50 Optimizing Long-Term Profitability
31:55 Case Studies: Informatica and Ancestry.com
32:58 Skillsets for Growth-Oriented Investing
33:26 Assessing Long-Term Outcomes
34:09 Empowering Long-Term Thinking
34:30 Big Picture Thinking in Investments
38:05 Co-Leadership Model
39:38 Challenges of Co-Leadership
40:37 Permira's Entrepreneurial Culture
43:14 Diversifying Capital Base
44:58 Educating the Wealth Channel
46:29 Permira's Brand in the Wealth Channel
47:10 Future Evolution of Permira
Editing and post-production work for this episode was provided by The Podcast Consultant.
We are back with the latest Going Public with Evercore’s Glenn Schorr.
On this episode of Going Public, we unpack the rollercoaster of the past few months in private markets for alternative asset managers. Private markets is much more than private equity — and this episode dives into nuances of specific strategies and what it means for alternative asset managers’ businesses.
We discussed:
Making private markets more public — with expert analysis
Alt Goes Mainstream has partnered with an expert who has seen the evolution of alternative asset managers from their early days.
Glenn Schorr is a Senior MD and Senior Research Analyst at Evercore ISI, where he covers brokers, banks, asset managers, and trust banks as an analyst.
He has covered financials since 2000 and started coverage of alternative asset managers when the first firms went public.
He’s consistently come up as one of the most thoughtful and well-respected analysts in the space. He balances deep research with a creative flair (just read one of the titles of his research reports and you can see his love of the game). He’s been named to Institutional Investor’s All-America Research Team for his coverage, most recently ranking #2 and runner up in 2023, #1 and #2 in 2022. Prior to Evercore, Glenn was a Senior MD at Nomura, serving as the lead financials analyst.
Listen in as Glenn shares market stories, the evolution of alternative asset managers as businesses, the biggest and most exciting trends in private markets based on what the industry’s largest players are doing, and we go “around the horn” for his analysis on the publicly traded firms.
Show Notes
00:00 Introduction and Countdown
00:15 Introduction to Alt Goes Mainstream
00:48 Meet Glenn Schorr: Wall Street Analyst
02:08 Market Trends and Earnings Season
02:15 Impact of Tariffs and Market Activity
03:20 M&A and IPO Activity
03:35 Private Equity and Market Dynamics
04:34 Optimism in the Market
06:11 Fundraising and Stock Prices
06:52 Private Credit and Infrastructure
08:31 Scale and Diversification
10:19 Perpetual Capital and Investor Mindset
13:51 Mega Trends and Long-Term Investments
15:50 Real Estate and Market Cycles
17:14 Long-Term View on Asset Managers
20:04 Fee Structures and Performance
24:15 Wealth Channel and Operational Challenges
26:17 Institutional vs. Retail Investors
28:41 Public vs. Private Markets
31:01 Ceiling on Capital Raising
31:42 Stewardship and Capacity Management
33:03 Private Credit Market
33:27 Direct Lending Market
33:43 Competitive Banking Landscape
33:55 Current State of Direct Lending
34:22 Private Credit Market Expansion
34:52 Investment Grade Private Credit
36:19 Banks vs. Private Credit
37:39 Banks' Adaptation Strategies
38:53 Private Credit Market Size
41:01 Insurance and Private Markets
41:44 Apollo's Insurance Strategy
43:45 Insurance Balance Sheet Power
44:32 Insurance and Wealth Channels
44:54 Private Wealth Return Hurdles
46:47 Product Innovation in Private Markets
47:00 Alternative Asset Managers' Strategies
49:43 Wealth Channel Product Choices
50:39 Approval Process for Wealth Platforms
52:29 Third-Party Evaluators in Private Markets
53:28 Convergence of RIAs and Investment Consultants
54:15 Distribution Strategies for Asset Managers
55:39 Servicing and Education in Private Markets
56:16 Segmenting the Wealth Channel
56:43 Morgan Stanley's Advisor Strategies
57:45 Notable Developments in Private Markets
59:19 Optimism in Financial Markets
01:00:39 Concluding Thoughts and Future Outlook
Editing and post-production work for this episode was provided by The Podcast Consultant.
Company Coverage and Disclosures
Evercore ISI
Glenn Schorr
| Ticker | Company
| AAMI | Acadian Asset Management
| APO | Apollo Global Management, Inc.
| BAC | Bank of America Corporation
| | Glenn Schorr holds a long position in equity securities of Bank of America Corporation.
| BK | Bank of New York Mellon Corp.
| | Bank of New York Mellon Corp. is a client of Evercore LLC, and Evercore LLC has provided investment banking services to Bank of New York Mellon Corp. in the last 12 months.
| | Evercore ISI or an affiliate has received compensation from Bank of New York Mellon Corp. for investment banking services in the last 12 months.
| | Glenn Schorr holds a long position in equity securities of Bank of New York Mellon Corp.
| BLK | BlackRock, Inc.
| | BlackRock, Inc. is a client of Evercore LLC, and Evercore LLC has provided investment banking services to BlackRock, Inc. in the last 12 months.
| | Evercore ISI or an affiliate expects to receive or intends to seek compensation for investment banking services from BlackRock, Inc. within the next three months.
| | Glenn Schorr holds a long position in equity securities of Blackrock Inc.
| BX | Blackstone, Inc.
| | Blackstone, Inc. is a client of Evercore LLC, and Evercore LLC has provided investment banking services to Blackstone, Inc. in the last 12 months.
| | Evercore ISI or an affiliate expects to receive or intends to seek compensation for investment banking services from Blackstone, Inc. within the next three months.
| | An employee, employee's immediate family member, director or consultant of Evercore ISI or one of its affiliates (but not the covering research analyst or a member of the covering research analyst's household)is an officer, director or advisory board member of Blackstone, Inc..
| | Evercore ISI or an affiliate has received compensation from Blackstone, Inc. for investment banking services in the last 12 months.
| | Analyst has a financial interest in a private equity fund managed by Blackstone, Inc..
| | Glenn Schorr holds a long position in equity securities of Blackstone, Inc.
| | A member of Benjamin Rubin's household holds a long position in equity securities of Blackstone, Inc.
| OWL | Blue Owl Capital, Inc
| C | ...
Welcome back to the Alt Goes Mainstream podcast.
Today’s episode is with one of the executives who has helped to build one of the industry’s leading alternative asset managers.
We sat in Permira’s London office with Co-CEO Dipan Patel to discuss the firm’s evolution and how the business has grown to over €80B in AUM.
Dipan brings a deep background in private equity investing to bear as he and his Co-CEO Brian Ruder now lead the firm through its next phase of growth.
Dipan joined Permira from Gores Group and is Co-Managing Partner and Co-CEO of the firm. He serves on Permira Holdings Limited Board and Permira’s Investment Committee and Executive Committee. He’s focused on technology and services investing, working on deals such as Renaissance Learning, Informatica, Axiom, AllTrails, Ancestry, LegalZoom, and more.
Dipan and I had a thought-provoking conversation about what it takes to build and run a scaled alternative asset manager and how to differentiate a firm and a culture. We discussed:
Thanks Dipan for coming on the show to share the evolution of Permira and your expertise and wisdom in private markets.
A word from AGM podcast sponsor, Ultimus Fund 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 Introduction to our Sponsor, Ultimus
01:55 Welcome Back to the Alt Goes Mainstream Podcast
02:03 Introduction to Permira and our guest, Dipan Patel
03:47 Discussion on Distributions and Market Conditions
04:19 Selling A-Grade Businesses in Current Market
05:03 Flight to Quality in Times of Stress
06:07 Reflecting on Career and Lessons Learned
06:29 Early Career Experiences at Arthur Andersen and Lehman Brothers
07:29 Impact of Early Career on Leadership Style
09:04 Challenges in Today's Investment Environment
10:15 Underwriting in Unpredictable Times
10:45 Locating Good Companies for Investment
14:31 Importance of Market Leadership
14:59 Partnering with Founders and Executive Teams
16:22 Permira’s Co-Leadership Model
19:49 Investment Decision Process at Permira
21:02 Underwriting Character in Executives
22:54 Permira's Organizational Character and Culture
23:29 Understanding Organizational Culture
23:54 Thriving in Chaos: The Concept of Anti-Fragility
24:51 Capital Flows in Private Markets
25:26 Developing Investment Theses
25:54 Strategic Exit Channels
26:24 Supply Creates Its Own Demand
27:24 The Necessity of Access to Private Markets
28:10 Managing Stress Moments in Private Markets
28:50 Navigating Industry Evolutions
29:20 Focusing on Core Strengths
30:09 Balancing Growth and Differentiation
31:21 Investing in Growth and Buyout Businesses
32:26 Synergies Between Growth and Mature Businesses
33:38 Risk Spectrum in Investments
34:27 Understanding Runway and Market Position
35:42 Disruption vs. Destruction in AI
36:49 Investing in Platform Shifts
37:58 Control and Duration in Private Equity
39:08 The Role of AI in Incumbent Success
40:25 Cultural Adaptability to AI
42:21 Specialism vs. Generalism in Investing
43:56 Professional Services and AI
45:27 Future Investment Ideas
46:34 Mission Critical Investing
47:28 Conclusion and Final Thoughts
Editing and post-production work for this episode was provided by The Podcast Consultant.
Welcome back to the Alt Goes Mainstream podcast.
Today’s podcast was a conversation that was recorded live at Morningstar’s Investment Conference in Chicago earlier this year.
Morningstar CEO Kunal Kapoor took time out of his packed schedule at the event to sit down with me for a thought-provoking conversation that dove into the nuances of many of the trends that are shaping private markets today.
Morningstar and Kunal have quite an interesting perch in the market. They occupy a critically important function in the market: helping investors understand the data, structures, and trends in public and private markets. They provide fund ratings, investment analysis, and market data to both individual and institutional investors.
As public and private markets experience increasing convergence, Morningstar finds itself at the intersection of markets that are undergoing rapid evolutions across product structures, asset allocation frameworks, and weighty questions around conceptual frameworks of liquidity, risk, volatility, concentration that are on the minds of many. Amongst the wide range of topics Kunal and I covered, one stood out: Morningstar is fiercely on the side of the investor.
If there’s anyone who has a deep understanding of Morningstar’s DNA, it’s Kunal. Kunal started at Morningstar in 1997 as a data analyst, holding a variety of roles at the firm, including leadership positions in research and innovation. He served as director of mutual fund research and was part of the team that launched Morningstar Investment Services, Inc., before moving on to other roles including director of business strategy for international operations, and later, president and chief investment officer of Morningstar Investment Services. During his tenure, he has also led Morningstar.com® and the firm’s data business as well as its global products and client solutions group.
Kunal and I had a fascinating and lively conversation. We covered a number of the most pressing topics in private markets today: the convergence of public and private, liquidity vs illiquidity, investor education, the importance of transparency, and the why, what, and how behind evergreen funds.
Thanks Kunal for coming on the show to share your wisdom, expertise, and passion for public and private markets.
A word from AGM podcast sponsor, Ultimus Fund 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 Introduction to our Sponsor, Ultimus
01:18 Podcast Opening and Theme
01:55 Welcome to the Morningstar Investment Conference
02:29 Convergence of Public and Private Markets
03:12 Challenges in Transitioning to Private Markets
05:26 Morningstar's Evolution and Impact
06:59 Morningstar's Role in Reducing Costs
08:15 Evergreen Funds and Transparency
08:48 Complexities in Private Market Structures
09:36 Liquidity and Innovation in Private Markets
12:27 Investor Education and Common Language
14:34 Comparing Public and Private Market Investments
16:28 Standardized Documentation and Regulation
18:00 Educating Investors on Private Markets
18:52 Morningstar's Style Box for Private Markets
19:14 Data Availability and Analysis
20:24 Evaluating Different Investment Structures
21:09 Public-Private Partnerships and Transparency
21:38 Philosophical Questions on Private Markets
22:58 Behavioral Aspects of Illiquidity
24:00 Evergreen Funds as Buy and Hold Vehicles
24:15 Asset Allocation and Evergreen Structures
25:16 Investor Behavior and Market Volatility
25:25 Individual Investors vs. Advisors
26:32 Stability of Retail Assets
26:56 Retail Brokerage Apps and Crypto Trading
27:15 Impact of Social Media on Young Investors
27:29 Exposure to Private Markets
28:01 Market Drawdowns and Young Investors
28:27 Advisor-Led Models vs. Self-Directed Investing
28:57 Investor Behavior Across Different Age Groups
30:06 Morningstar's Role in Investor Validation
30:50 Morningstar's Independent Voice
32:01 Transparency in Private Markets
32:24 PitchBook and Data Transparency
33:02 Challenges in Private Market Data
33:26 Tipping Point in Transparency
34:54 Private Market Indices
35:37 Challenges in Benchmarking Private Markets
36:29 Lessons from Public Markets
37:12 Evolution of Private Markets
37:37 Future of Private Markets
38:41 Fee Structures in Private Markets
39:38 Operational Burden in Private Markets
40:50 Pre-Trade Market Structure
41:16 Access to Private Markets for All Investors
43:06 Returns and Diversification in Private Markets
44:51 Building Portfolios in a Lower Return Environment
47:15 Brand vs. Performance in Alternative Assets
49:18 Favorite Alternative Investments
Editing and post-production work for this episode was provided by The Podcast Consultant.
Welcome back to the Alt Goes Mainstream podcast.
Today’s episode dives into the evolution of infrastructure investing with the leading scaled specialist firm in infrastructure.
We sat down in Stonepeak’s Hudson Yards office with the firm’s Co-President Luke Taylor to discuss the inner workings of the infrastructure investing world and unpack the story of how Stonepeak’s rapid ascent has seen the firm climb to $76.3B in AUM in 14 short years.
Luke brings a wealth of experience to the infrastructure investing world. He is Co-President of Stonepeak and a member of all of the firm’s investment committees. He’s been investing in infrastructure for over 20 years, joining Stonepeak from infrastructure investing pioneer Macquarie Capital.
Luke and I had a fascinating and thought-provoking discussion about infrastructure investing and why it’s becoming an increasingly important part of the private capital ecosystem. We covered:
Thanks Luke for coming on the show to share your expertise, wisdom, and passion for infrastructure investing.
A word from AGM podcast sponsor, Ultimus Fund 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 Introduction and Sponsor Message
01:18 Podcast Opening and Theme
01:55 Episode Overview: Infrastructure Investing
02:04 Guest Introduction: Luke Taylor
02:45 Luke Taylor's Background and Journey
04:49 Early Days at Macquarie
07:19 Transition to Stonepeak
08:04 Building Stonepeak
10:13 Value Creation in Infrastructure
11:59 Mindset of an Infrastructure Investor
13:08 Balancing Long-Term and Agile Thinking
15:42 Key Drivers of Value Creation
16:10 Underwriting and Risk Management
18:00 Operational Intensity and Asset Utilization
21:51 Network Effects in Infrastructure
23:19 Infrastructure as a Defensive Investment
26:13 Portfolio Construction and Infrastructure
26:39 Private Infrastructure and Yield Benefits
27:29 Productizing Infrastructure Investments
27:41 Equity, Credit, and Real Estate Strategies
29:23 Thematic and Opportunistic Investing
29:53 Data Centers and Early Investments
30:06 Identifying Investment Opportunities
30:14 Evolution of Data Centers
30:58 Interconnection Hubs and Carrier Hotels
31:32 AI Boom and Data Centers
33:22 Investing in AI Through Infrastructure
34:42 Underwriting AI Thematics
35:04 Capital Needs in Data Centers
35:32 Downside Protection in AI Investments
36:49 Navigating Increased Capital in Infrastructure
37:35 Durability of Cash Flow in Infrastructure
38:40 Scaling Stonepeak's Infrastructure Investments
39:18 Diversification in Infrastructure Investments
41:47 Developing an Edge in Origination
42:36 Structural Elements in Deal Sourcing
42:57 Competition and Market Structure
43:26 New Entrants in Infrastructure
43:44 Building New Assets in Infrastructure
43:54 Exits and Evergreen Funds
46:27 Private Wealth and Infrastructure
51:25 Challenges in Starting a Wealth Business
51:51 Deal Flow and Product Construction
53:50 Volatile Markets and Opportunities
54:20 Interest Rate Risks in Infrastructure
55:18 Favorite Infrastructure Opportunities
57:01 Closing Thoughts and Full Circle
Editing and post-production work for this episode was provided by The Podcast Consultant.
Welcome back to the Alt Goes Mainstream podcast.
Today’s episode dives into how operations and streamlining technology processes can be turned into a strategic advantage.
We sat down with Arcesium’s MD and Head of Client and Partner Development David Nable to discuss how technology is impacting how funds manage their processes, operations, and data.
David was an early employee at Arcesium, helping the firm scale and working with many of the industry’s largest asset managers across the lifecycle of an investment. David joined Arcesium after a career in fund services and fund administration that spanned senior roles at Goldman Sachs, Credit Suisse, and BNP Paribas Securities Services.
David and I had a fascinating conversation. We discussed:
Thanks David for coming on the Alt Goes Mainstream podcast to share your expertise and wisdom on private markets technology and post-investment processes.
A word from AGM podcast sponsor, Ultimus Fund 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 Introduction to our Sponsor, Ultimus Fund Solutions
01:52 Welcome to the Alt Goes Mainstream Podcast
02:04 Guest Introduction: David Nable
03:46 David's Career Beginnings
04:15 Parallels Between Running and Finance
05:19 Observing Industry Trends
06:45 Evolution of Private Markets
08:45 Impact of Technology on Investment
09:40 Challenges in Scaling Investments
11:20 Data-Driven Investment Strategies
12:50 Technological Advancements in Finance
13:52 Importance of Foundational Data
17:31 Data Silos and Harmonization
18:14 Case Study: Investor Relations
21:25 Data-First Approach Benefits
21:51 Timing for System Architecture
23:21 Inflection Points for Managers
23:37 Logical Breakpoints in Strategy
23:44 New Strategies and Geographies
23:47 Adapting to New Asset Classes
23:50 Distribution Channels and Partnerships
23:56 Preparing for Future Growth
24:00 Publicly Traded Private Markets
24:14 Tackling Technological Challenges
24:24 Philosophies on Illiquidity
24:25 Conclusion and Future Outlook
24:29 Investing in Scalable Distribution Channels
25:12 Architecting Technology Systems for Business Growth
25:44 Understanding Data in Different Business Models
27:10 Strategic Role of Technology in Investment Firms
29:35 The Paradox of Data in Decision Making
30:49 Competitive Advantage Through Faster Information
31:45 Impact of AI and Technology on Firm Sizes
32:31 Challenges for Mid-Sized Firms
33:13 Technology as an Enabler for Niche Specialists
34:03 Advice for Mid-Sized Firms on Technology Implementation
35:10 Focus on Big Technology Investments
35:29 Point Solutions vs. Platforms in Private Markets
38:52 Cost of Technology Solutions
39:06 Integration Challenges with Multiple Systems
40:59 Arcesium's Technology Platforms
43:18 Simplifying Complex Investments
46:13 Future of Software Innovation in Private Markets
46:39 AI as a Game Changer in Private Markets
47:34 Efficiency Gains Through AI
48:05 Actionable Advice on Using AI
48:15 Caution Against Vibe Coding
48:58 Importance of Proper Technologists
49:23 Timing of Technology Implementation
49:29 Conclusion and Final Thoughts
Editing and post-production work for this episode was provided by The Podcast Consultant.
Welcome back to the Alt Goes Mainstream podcast.
Today’s episode dives into what the future of fund administration could look like with a tech-forward approach and the application of AI.
We sat down with Juniper Square CEO and Co-Founder Alex Robinson to discuss how and why they’ve built a digital first fund administrator for private markets, starting with real estate and since expanding into other asset classes.
Fresh off of a $130M Series D fundraise led by Ribbit Capital, Juniper Square has expanded globally, into fund administration through its acquisition of Forstone, and has launched JunieAI to bring AI to fund administration.
Alex and I had a fascinating conversation. We discussed:
Thanks Alex for coming on the Alt Goes Mainstream podcast to share your expertise and wisdom on fund administration and AI.
A word from AGM podcast sponsor, Juniper Square
When was the last time things were easy for GPs?
Fundraising remains challenging, providing liquidity to investors is even harder—and broadly speaking, most GPs are underwater operationally.
It’s not about to get easier, either. Especially for managers vying for capital from the wealth channel. Sure, there’s increased demand from HNW and UNHW investors to gain private markets exposure…but managing their expectations for the investing experience is a whole different ballgame.
Reams of paper and a new KYC process every single time they subscribe to a fund? Brutal.
But what if committing capital to private equity, venture, and real estate funds was digital and seamless for investors — and scalable to manage for GPs?
Meet Juniper Square, the fund operations partner to over 2,000 private markets GPs worldwide.
Juniper Square gives GPs the connected software, data, and fund administration services needed for modern private markets. No matter how ambitious your next raise is, how many investors you manage, and how complex your investment vehicles are, Juniper Square empowers GPs to raise capital faster, reduce operational risk, and deliver a world-class investor experience.
And with JunieAI, Juniper Square's enterprise-grade AI built for private markets, GPs can truly and finally unlock the power of AI to work smarter, move faster, and focus on relationships and returns.
Scale your business, not your operational burdens and costs. Visit junipersquare.com/agm today to learn more.
Show Notes
00:03 Juniper Square: Revolutionizing Fund Management
01:38 Welcoming Alex to the Podcast
01:59 Alex's Journey to Founding Juniper Square
02:10 Juniper Square's Mission and Services
02:38 The Early Days and Challenges
03:41 The Digital Transformation of Private Markets
04:15 Focusing on the GP Experience
04:30 Balancing GP and LP Needs
04:54 The Naivete Advantage
05:12 Overcoming Industry Challenges
06:58 Real Estate: The Starting Point
08:41 The Evolution of Juniper Square
09:38 Technology Adoption in Private Markets
17:21 The Importance of Customer Feedback
18:09 The Vision for Market Efficiency
20:10 Expanding Across Asset Classes
21:09 The Role of Personal Relationships
22:49 Becoming a Full-Stack Service Provider
24:31 The Complexity of Fund Administration
28:55 The Future with AI
29:21 Challenges of Implementing AI
30:31 The High Cost of Mistakes
31:18 AI's Impact on Employee Productivity
31:52 Challenges of Adopting AI in the Workplace
32:20 Launching JunieAI
32:59 Understanding AI Models
33:44 Customizing AI for Reporting
34:44 Mastering Data for AI
35:13 AI in Software Development
35:59 Leveraging AI at Juniper Square
36:19 Ensuring Accuracy and Context in AI Models
37:30 AI's Limitations in Financial Insights
37:52 Future Improvements in AI Models
38:36 Feeding AI the Right Context
39:11 Connecting AI to Tools and Workflows
40:19 Automating Fund Administration
43:39 AI's Role in Competitive Advantage
44:24 AI's Impact on Different Asset Classes
46:16 Best Practices for GPS Using AI
47:02 AI's Benefits for Large vs. Small Firms
48:58 Integrating AI Across Business Functions
51:39 Balancing AI with Human Relationships
54:33 Future Vision for Private Markets
55:02 AI Agents in GP Work
56:07 Transforming GP-LP Matchmaking
01:00:50 Investment Opportunities in AI and Real Estate
Editing and post-production work for this episode was provided by The Podcast Consultant.
Welcome back to the Alt Goes Mainstream podcast.
What happens when two podcasters walk into a room?
They talk.
Today’s podcast turns the tables on one of the industry’s leading podcasters and content creators to have him share his story and experience as an allocator and content creator.
We sat down with Ted Seides, the Founder of industry-leading podcast Capital Allocators and former President and Co-CIO of Protégé Partners and an asset allocator at the Yale Endowment.
Ted has had a tremendous career at the intersection of asset allocation and content, so it was fascinating to hear his perspectives on the state of the industry and how it’s evolving from someone who talks with many of the industry’s leading minds through his podcast, Capital Allocators.
Ted and I had a fascinating conversation. We discussed:
Capital Allocators is one of my favorite podcast listens and Ted always delivers with high-quality and thoughtful content so it was an honor to have him on the show.
Thanks Ted for sharing your expertise and wisdom on asset allocation and content and for the service you provide to everyone in the industry through education and the creation of such high-quality content for us to consume.
A word from AGM podcast sponsor, Juniper Square
When was the last time things were easy for GPs?
Fundraising remains challenging, providing liquidity to investors is even harder—and broadly speaking, most GPs are underwater operationally.
It’s not about to get easier, either. Especially for managers vying for capital from the wealth channel. Sure, there’s increased demand from HNW and UNHW investors to gain private markets exposure…but managing their expectations for the investing experience is a whole different ballgame.
Reams of paper and a new KYC process every single time they subscribe to a fund? Brutal.
But what if committing capital to private equity, venture, and real estate funds was digital and seamless for investors — and scalable to manage for GPs?
Meet Juniper Square, the fund operations partner to over 2,000 private markets GPs worldwide.
Juniper Square gives GPs the connected software, data, and fund administration services needed for modern private markets. No matter how ambitious your next raise is, how many investors you manage, and how complex your investment vehicles are, Juniper Square empowers GPs to raise capital faster, reduce operational risk, and deliver a world-class investor experience.
And with JunieAI, Juniper Square's enterprise-grade AI built for private markets, GPs can truly and finally unlock the power of AI to work smarter, move faster, and focus on relationships and returns.
Scale your business, not your operational burdens and costs. Visit junipersquare.com/agm today to learn more.
Show Notes
00:00 Introduction to our Sponsor, Juniper Square
00:38 Juniper Square's AI Capabilities
01:40 Guest Introduction: Ted Seides
04:03 Lessons from Yale Endowment
04:46 David Swensen's Investment Principles
05:51 Evolution of the Endowment Model
05:58 Wealth Channel vs. Institutional Investors
08:09 Access to Top Managers
11:16 Alpha in Private Markets
12:32 Ted's Bet with Buffett
13:10 Private Equity vs. Public Equities
17:16 Private Equity Diversification
18:45 Hedge Fund Industry Lessons
20:07 Private Equity Fee Structures
24:03 Talent Migration in Private Markets
26:47 Evaluating Investment Culture
27:15 Investment Philosophy and Strategy
28:26 Ted's Approach to Manager Evaluation
29:46 Impact of AI on Diligence Processes
30:20 Defining Investment Edge
30:33 Behavioral and Analytical Edge
31:01 Informational and Technical Edge
31:27 Evaluating Investment Managers
31:37 Impactful Investment Decisions
31:52 Mistakes and Learning
32:53 The Hardest Time to Invest
34:14 Behavioral Biases in Investing
34:51 Decision-Making Processes
36:28 The Role of AI in Investing
38:07 Content and Investment Decisions
39:25 Starting Capital Allocators
41:00 Learning from Podcasting
43:40 Building a Business from a Podcast
45:26 The Value of Relationships in Investing
47:06 Content Strategy for Managers
49:44 Effective Content Modalities
50:43 Direct Communication vs. Algorithms
51:13 Brand vs. Direct Sales
52:35 Insights from Podcast Conversations
54:23 Favorite Private Market Investments
56:05 AI and Investment Perspectives
57:37 Partnering with AI Experts
58:12 The Importance of People in Investing
Editing and post-production work for this episode was provided by The Podcast Consultant.
Welcome back to the Alt Goes Mainstream podcast.
Today’s episode is about mining for investment success in enterprise software by going “an inch wide and a mile deep” with someone who is one of the industry’s most prolific private equity technology investors.
We sat down with Nic Humphries in Hg’s London office. Nic is the Senior Partner and Executive Chairman of Hg and Head of the firm’s Saturn fund.
Hg, one of the top 10 largest PE firms globally based on the PEI300 ranking, has built an impressive investment engine focused on mission-critical enterprise software. The firm has built a portfolio that is a “transatlantic ecosystem of software and services businesses” — representing over $180B in collective enterprise value across its 55 portfolio companies.
Nic is responsible for Hg’s strategy, management, and governance. On the investing side, Nic focuses on larger software investments that provide daily-use mission critical applications for accountants, tax / compliance professionals, and designers / engineers / scientists. He has brought his electrical engineering background to bear to go a “mile deep” into a category where Hg has become an unquestioned market leader.
Nic balances being both a detail-oriented specialist with a vision for both the enterprise software industry and Hg as a firm. We had a fascinating discussion about enterprise software investing, how to create European software giants, applying AI to make companies more efficient, and much more.
We covered:
Thanks Nic for coming on the show to share your wisdom and expertise about enterprise software and private markets.
A word from AGM podcast sponsor, Juniper Square
When was the last time things were easy for GPs?
Fundraising remains challenging, providing liquidity to investors is even harder—and broadly speaking, most GPs are underwater operationally.
It’s not about to get easier, either. Especially for managers vying for capital from the wealth channel. Sure, there’s increased demand from HNW and UNHW investors to gain private markets exposure…but managing their expectations for the investing experience is a whole different ballgame.
Reams of paper and a new KYC process every single time they subscribe to a fund? Brutal.
But what if committing capital to private equity, venture, and real estate funds was digital and seamless for investors — and scalable to manage for GPs?
Meet Juniper Square, the fund operations partner to over 2,000 private markets GPs worldwide.
Juniper Square gives GPs the connected software, data, and fund administration services needed for modern private markets. No matter how ambitious your next raise is, how many investors you manage, and how complex your investment vehicles are, Juniper Square empowers GPs to raise capital faster, reduce operational risk, and deliver a world-class investor experience.
And with JunieAI, Juniper Square's enterprise-grade AI built for private markets, GPs can truly and finally unlock the power of AI to work smarter, move faster, and focus on relationships and returns.
Scale your business, not your operational burdens and costs. Visit junipersquare.com/agm today to learn more.
Show Notes
00:00 Introduction to our Sponsor, Juniper Square
01:40 Introducing Nic Humphries
01:56 Hg's Investment Strategy
04:03 Nic's Background and Career Journey
04:46 Engineering Mindset in Investing
05:14 Long-Term Business Thinking
05:58 Hg's Focus on Accounting Software
06:45 Growth Drivers in SMB Market
09:05 Impact of AI on Enterprise Software
09:34 Platform Shifts in Technology
11:10 Adapting to AI in Business
12:15 Mission Critical Software
14:02 Challenges of AI Integration
14:58 Embedding Products and Services
17:13 Organic Growth vs. Acquisitions
20:51 Geographical Expansion Strategies
21:59 European vs. North American Markets
23:30 Management Teams and Expansion
24:32 Jurisdictional Challenges in Europe
25:05 Hg's Investment Philosophy
25:50 Mission Critical Software in Europe
36:22 Hg's Consistent Investment Returns
38:00 Conclusion and Final Thoughts
40:13 Understanding Recurring Revenues
40:59 The Importance of Discipline in Investing
41:48 Learning from Past Experiences
43:30 Maintaining Excitement and Focus
45:26 The Role of Realization Committees
46:44 Continuous Improvement Culture
47:42 The Importance of Cash Returns
48:51 Exit Strategies and Realization Committees
50:32 Re-underwriting Investments
52:40 AI's Impact on Software Development
54:17 The Rule of 40 and AI
54:38 Investing in AI: Startups vs. Established Businesses
55:59 Hg's Growth Strategy
58:56 Specialization in B2B Back Office Software
01:01:35 Fund Structure and Management
01:03:27 Expanding into the Wealth Channel
01:03:48 Hg Capital Trust and Fusion Fund
01:05:27 Communicating with a Broader Audience
01:06:39 The Importance of Brand in Wealth Management
01:07:32 Connecting Private Markets to Everyday Life
01:09:36 The Prevalence of Private Companies
01:11:09 Aligning Interests with Investors
01:12:19 Investment Decisions and Long-term Growth
01:14:21 Future Growth Opportunities for Hg
01:16:38 The Role of AI in Future Investments
Editing and post-production work for this episode was provided by The Podcast Consultant.
Disclaimer
The views and opinions expressed in this episode are those of the speaker and do not necessarily reflect the official policy or position of any affiliated organization.
Any references to past performance, including IRR or MOIC figures, are presented on a gross basis and do not reflect the deduction of fees, expenses, or carried interest. These figures are illustrative and not necessarily indicative of future results.
Statements regarding industry rankings, success rates, or performance consistency are based on internal analysis and may not be indepe...
Welcome back to the Alt Goes Mainstream podcast.
Today’s conversation brings us beachside, featuring a live podcast from Soho Beach House in Miami with EQT Partner, Head of Private Wealth Americas Peter Aliprantis.
With the backdrop of the beach behind us and the wealth community in the audience, Peter and I discussed the nuances of the wealth channel and how Peter’s experience working with wealth is brought to bear as he brings EQT’s brand and capabilities to the Americas wealth channel.
Peter brings a wealth of knowledge to the private wealth solutions world, garnering over 25 years of experience in the space. Prior to joining EQT, Peter spent 12 years at TPG Angelo Gordon as a Managing Director, where he focused on new business development and intermediary distribution.
Peter and I had a fascinating, lively, and thought-provoking conversation which then turned into an intellectually rich dinner discussion with the guests. Listen in — we hope you enjoy.
You can also read a recent AGM Op-Ed by Peter here.
Many of the themes that Peter discussed in our conversation, particularly around evergreen funds and why model portfolios are the next big innovation in private markets, were covered in his Op-Ed.
A word from AGM podcast sponsor, Juniper Square
When was the last time things were easy for GPs?
Fundraising remains challenging, providing liquidity to investors is even harder—and broadly speaking, most GPs are underwater operationally.
It’s not about to get easier, either. Especially for managers vying for capital from the wealth channel. Sure, there’s increased demand from HNW and UNHW investors to gain private markets exposure…but managing their expectations for the investing experience is a whole different ballgame.
Reams of paper and a new KYC process every single time they subscribe to a fund? Brutal.
But what if committing capital to private equity, venture, and real estate funds was digital and seamless for investors — and scalable to manage for GPs?
Meet Juniper Square, the fund operations partner to over 2,000 private markets GPs worldwide.
Juniper Square gives GPs the connected software, data, and fund administration services needed for modern private markets. No matter how ambitious your next raise is, how many investors you manage, and how complex your investment vehicles are, Juniper Square empowers GPs to raise capital faster, reduce operational risk, and deliver a world-class investor experience.
And with JunieAI, Juniper Square's enterprise-grade AI built for private markets, GPs can truly and finally unlock the power of AI to work smarter, move faster, and focus on relationships and returns.
Scale your business, not your operational burdens and costs. Visit junipersquare.com/agm today to learn more.
Show Notes
00:04 Juniper Square: Revolutionizing Fund Management
01:38 Welcome to Alt Goes Mainstream
01:43 Live from Soho Beach House, Miami with EQT’s Peter Aliprantis
02:43 Navigating Current Markets
02:58 Volatility in Public Markets
04:53 Global Investment Trends
05:16 Investor Behavior and Global Markets
05:32 Private Markets in Europe and Asia
06:43 Investment Opportunities in Asia
07:27 Private Markets Outperforming in Europe
07:37 Wealth Channel Conversations
08:18 EQT's Global Footprint
08:57 Mega Trends in Global Investment
09:29 Data Centers and Energy Needs
11:17 Natural Gas and Carbon Capture
11:57 Nuclear Energy and Modular Reactors
12:43 Investment Scale and Origination
13:06 Evergreen Structures in Private Markets
16:28 Opco Structures Explained
17:15 Evergreen Structures and Investor Access
17:54 Institutional Adoption of Evergreen Structures
21:32 Model Portfolios in Wealth Channel
22:29 Manager Selection and Performance
23:34 Client Servicing and Education
27:43 Early Days in Wealth Channel Allocation
28:39 Benefits and Limitations of Evergreen Structures
29:11 Quick Fire Questions
29:26 Exciting Investment Strategies
30:16 Risks in Private Markets
31:12 Using Private Markets in Portfolios
32:35 Next Big Innovation: Model Portfolios
32:46 Intersection of Public and Private Markets
33:22 Moving Beyond the 60/40 Portfolio
Editing and post-production work for this episode was provided by The Podcast Consultant.
Welcome back to the Alt Goes Mainstream podcast.
Today’s podcast is with an elite performer on and off the field who has gone from protecting quarterbacks to protecting families’ wealth.
We sit down with former NFL and USC star Winston Justice, whose entrepreneurial spirit that was stoked while he was still playing in the NFL has led to a successful and impactful career in wealth management.
He was recently named CEO at SageSpring Private Wealth, a $7B independent wealth management firm, as they look to grow organically and inorganically and expand their offerings in private markets for their clients.
A former NFL offensive lineman, Winston played for the Philadelphia Eagles, Indianapolis Colts, and Denver Broncos from 2006 to 2015. He also co-founded an early stage investment vehicle, MJC Capital, and Elixr, a gourmet café and coffee roastery, while he was playing. He also won 2010 Walter Payton Philadelphia Man of the Year Award for his community service.
He transitioned into financial services and wealth management post-career, starting at Wells Fargo Securities, where he specialized in institutional and family office advisory. He then was a portfolio manager at PIA’s Alternative Investment Group, and then an investment Manager at AllianceBernstein.
Winston and I had a fascinating conversation. We discussed:
Thanks Winston for coming on the show to share your story, wisdom, and expertise.
A word from AGM podcast sponsor, Juniper Square
When was the last time things were easy for GPs?
Fundraising remains challenging, providing liquidity to investors is even harder—and broadly speaking, most GPs are underwater operationally.
It’s not about to get easier, either. Especially for managers vying for capital from the wealth channel. Sure, there’s increased demand from HNW and UNHW investors to gain private markets exposure…but managing their expectations for the investing experience is a whole different ballgame.
Reams of paper and a new KYC process every single time they subscribe to a fund? Brutal.
But what if committing capital to private equity, venture, and real estate funds was digital and seamless for investors — and scalable to manage for GPs?
Meet Juniper Square, the fund operations partner to over 2,000 private markets GPs worldwide.
Juniper Square gives GPs the connected software, data, and fund administration services needed for modern private markets. No matter how ambitious your next raise is, how many investors you manage, and how complex your investment vehicles are, Juniper Square empowers GPs to raise capital faster, reduce operational risk, and deliver a world-class investor experience.
And with JunieAI, Juniper Square's enterprise-grade AI built for private markets, GPs can truly and finally unlock the power of AI to work smarter, move faster, and focus on relationships and returns.
Scale your business, not your operational burdens and costs. Visit junipersquare.com/agm today to learn more.
Show Notes
00:04 Our Sponsor, Juniper Square: Revolutionizing Fund Management
00:30 Empowering GPS with Juniper Square
00:38 Juniper Square's AI Innovation
00:51 Scaling Your Business with Juniper Square
01:37 Welcome to the Alt Goes Mainstream Podcast
01:40 Introducing Winston Justice
03:35 Winston's Background and Early Life
03:49 College Years and Initial Business Ventures
03:59 Realization and Transition to Finance
04:10 Starting a VC Fund and Coffee Shops
04:31 Transitioning from NFL to Finance
05:04 Winston's Career at Wells Fargo and Beyond
05:17 Immersing in Wealth Management
07:01 The Sacredness of Financial Management
07:50 Importance of Wealth Management
08:04 Private Markets in Wealth Management
08:19 Early Lessons in Wealth Management
09:10 Transferring Values and Knowledge
09:32 Managing Assets Beyond Numbers
10:19 Combining Finance and Mission
12:11 Mentoring Advisors at SageSpring
12:43 Skill Sets for SageSpring Advisors
12:51 Client Focus and Community Leadership
14:01 Balancing Client Delivery and Business Growth
14:56 Impact of Growing AUM
16:10 Testing Advisors' Commitment
16:55 Business Constructs in Wealth Management
17:43 Division of Labor in Wealth Management
18:52 SageSpring's Unique Approach
19:53 Client Understanding of Fiduciary Role
20:41 Trust in Financial Services
21:17 Sophistication in Choosing Investment Partners
21:57 Role of Relationship in Financial Services
22:30 Evaluating Investment Opportunities
23:44 Partnership with Dynasty Financial
24:43 Customizing Investment Solutions
26:44 Educating Wealth Managers on Private Markets
27:00 Benefits of Alternatives in Portfolios
30:48 Effective Storytelling in Investments
32:13 Future of Wealth Management Industry
33:08 Client and Advisor Service in Wealth Management
34:55 Favorite Private Markets Investment
37:18 Conclusion and Final Thoughts
Editing and post-production work for this episode was provided by The Podcast Consultant.
Future Proof, which holds one of the industry’s largest wealth conferences, invited me to hold a live podcast earlier this year with Blue Owl Co-President and Global Head of Real Assets Marc Zahr.
Marc is a pioneer in the real estate space, building Blue Owl into a market leader in the triple net lease strategy, a commercial real estate investment strategy that is becoming increasingly popular for real estate investors, tenants (think large corporates like Amazon, Walgreens, Dollar General), and investors alike.
Blue Owl’s Real Assets business has over $67.1B AUM, owning over 5,600 assets and partnering with over 800 tenants.
Marc founded Oak Street, the predecessor firm to Blue Owl, in 2009 with $17M AUM. Listening to Marc talk about the evolution of his career, building Oak Street, and running Blue Owl’s Real Assets platform, it’s no surprise to see why Marc and the firm have had success. His “myopic focus … perfecting his craft,” as he discussed in our conversation, his clarity of vision, and his ability to so clearly articulate his investment strategy and market opportunity have led to tremendous success for Oak Street, and now, Blue Owl.
Marc and I had a fascinating and thought-provoking discussion that covered everything from the evolution of his firm, how and why he sold Oak Street to Blue Owl, the market opportunity in triple net lease real estate investing, why data center investing is a large market opportunity, how to build a high-performing investment culture, and much more.
We discussed:
Thanks Marc for sharing your wisdom, expertise, and thoughtful and nuanced perspectives on private markets and real estate.
Welcome back to the Alt Goes Mainstream podcast.
Today’s episode is with someone who has successfully built a wealth solutions business tailored to her firm’s unique strengths, expertise, and investment track record.
Martina Sanow is a Partner and Head of Hg Wealth, where she is focused on building the firm’s wealth solutions offering built out of the $85B AUM firm, Hg, that invests in enterprise software.
Hg, one of the top 10 largest PE firms globally based on the PEI 300 ranking, has built an impressive investment engine focused mission-critical enterprise software companies. The firm has built a portfolio that is a “transatlantic ecosystem of software and services businesses” — representing over $180B in collective enterprise value across its 55 portfolio companies.
Martina has been at the firm for almost 16 years. She has been an integral part of building the firm into what it is today, helping Hg grow from $2B in AUM to $85B in AUM, previously as Deputy COO and now building the Hg Wealth business. Hg’s first wealth offering, Fusion, its flagship evergreen fund that provides access to non-US investors to Hg’s private equity funds and co-investment opportunities, has exceeded $1B in NAV just 12 months after its launch.
Martina is thoughtful, strategic, and long-term oriented when it comes to building a solution that amplifies Hg’s strengths and resonates with the wealth channel.
We had a fascinating discussion about how a scaled specialist like Hg can stand out in the wealth channel, unpacking the essence of who Hg is as a firm and how they’ve expressed who they are as they’ve built their wealth business.
We covered:
Thanks Martina for coming on the show to share your wisdom and expertise at the intersection of enterprise software, private equity, and private wealth.
A word from AGM podcast sponsor, Ultimus Fund 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 Introduction and Message from Ultimus, our Sponsor
01:55 Welcome to the Podcast
01:58 Introducing Martina Sanow
04:36 Martina's Background and Experience
05:10 Hg's Specialization in Software
05:57 Building a Team and Culture
06:54 Importance of Cognitive Diversity
07:26 Building a Diverse Team
09:28 Innovating in Wealth Business
10:14 Hg's Strategic Mindset
11:51 Hg's Entrepreneurial Journey
12:00 Maintaining Entrepreneurial Culture
13:10 Specialization in B2B Software
14:47 Focus on DPI and Cash Back
16:17 Criteria for A-Quality Businesses
16:58 Investing in Mission Critical Software
18:11 Visma Case Study
19:23 Challenges and Opportunities in Europe
33:13 Evergreen Structures: Impact on Investment Teams
33:44 Balancing Capital Raising and Deal Flow
34:13 Investment Strategies and Allocation
34:54 Managing Subscriptions and Demand
35:53 Balancing Wealth and Institutional Demand
36:06 Privately Owned Firm Benefits
36:37 Realization Committee and Evergreen Structures
37:52 Long-Term Company Partnerships
39:11 Liquidity Management Challenges
39:55 Investor Strategies for Evergreen Funds
41:40 Institutional Adoption of Evergreen Funds
42:48 Evolution of Institutional Mindset
43:26 Retail vs. Wealth Investors
44:01 Listed Trust and Wealth Business Insights
45:54 Building the Wealth Business
47:29 Strategic Importance of Wealth Capital
48:54 Innovation in Wealth Management
49:28 Partnerships and Holistic Solutions
50:58 Future of Wealth Management Products
52:44 Brand Building and Education
55:00 Software as a Core Investment
56:19 Community and Founder Investments
59:28 Value Creation and Network Benefits
01:00:15 Portfolio Synergies and Acquisitions
01:01:36 Concluding Thoughts and Favorite Investments
Editing and post-production work for this episode was provided by The Podcast Consultant.
Welcome back to the Alt Goes Mainstream podcast.
Today’s conversation dives into the current state of private markets through the lens of one of the leading GP stakes firms in the industry.
We sat down with Partner and Global Co-Head of the Petershill Group at Goldman Sachs Robert Hamilton Kelly. Petershill takes minority equity stakes in established and newly-established alternative asset managers. Across its different investment vehicles, Petershill participates in the fee income from over 200 underlying funds from alternative asset management firms that are diversified across asset class, investment strategy, and investment lifecycle.
Petershill’s Partner firms have well in excess of $340B in aggregate AUM and they’ve partnered with a number of the top firms and some of the industry's most recognizable names in the middle market and upper end of the market, including Clearlake, Francisco Partners, Permira, Accel-KKR, General Catalyst, Kayne Anderson Real Estate, Kennedy Lewis, and more.
Rob and I had a fascinating conversation on GP stakes and the evolution of alternative asset management. We discussed:
Thanks Rob for coming on the show to share your wisdom and expertise in private markets and GP stakes. We hope you enjoy.
A word from AGM podcast sponsor, Ultimus Fund 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 Introduction and Sponsor Message
01:18 Podcast Opening and Theme
02:06 Guest Introduction: Robert Hamilton Kelly
03:32 Rob's Boat Racing Experience
03:45 Parallels Between Boat Racing and Private Markets
04:57 Current State of Private Markets
05:14 Impact of Policy Changes on Private Markets
06:53 Growth of the Private Markets Industry
07:09 Early Days of Petershill
07:26 Goldman's Role in Alternative Asset Management
09:26 Valuing GP Stakes and Alternative Asset Managers
10:01 Insights on Alternative Asset Managers
12:36 Valuing GP Stakes
13:22 Data-Driven Investment Strategies
15:34 Management Fees and Performance Fees
16:28 Growth and Evolution of Firms
23:16 Strategic Imperatives for Growth
26:15 Managerial Skills and Industry Dynamics
30:55 Commercialization in Platform Management
31:07 Challenges and Opportunities in Capital Raising
31:53 Industry Consolidation Predictions
32:29 Growth and Consolidation in Private Markets
33:31 The Role of Mid-Market Firms
34:15 GP Stakes and Wealth Channel Access
36:12 Goldman's Unique Platform and Services
37:57 The Importance of Strategic Advice
39:39 Common Challenges for GPs
40:33 Evolving LP and GP Stakes Dynamics
40:44 Why LPs Invest in GP Stakes
42:00 Income Generation and Capital Growth
42:49 Diversification in GP Stakes
43:05 Private Markets Exposure
44:01 Entry Points into Private Markets
45:07 Long-Term Exposure and Portfolio Construction
47:00 Investing in Private Credit
48:10 Evaluating GP Stakes Investments
49:38 Data and Performance in GP Stakes
52:04 Growth Path of Private Markets
52:23 Valuing Alternative Asset Managers
55:41 Liquidity in GP Stakes
57:09 Structural Changes in GP Stakes
57:35 The Evolution of Private Markets
58:11 Future of Venture and Growth Sectors
58:56 Private Credit Products and Market Share
59:29 Maturation of Private Markets
59:52 Conclusion and Final Thoughts