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
Welcome to the 17th episode of the Monthly Alts Pulse, a collaboration between iCapital x Alt Goes Mainstream.
We were live from iCapital Connect’s conference in Phoenix to dive into the most pressing trends at the intersection of private markets and wealth management —and unpack how wealth management firms are utilizing private markets to build out or enhance their practice.
In this episode of the Monthly Alts Pulse, iCapital Managing Partner and Co-Head of iCapital Solutions, Steve Houston, and I are joined by Eric Harrison, Founding Partner of IEQ Capital.
IEQ, managing close to $40B in AUM, has been an innovator from the start. Private markets — and a customized approach to investing in private markets — are a core part of the IEQ offering — and they’ve differentiated the firm as a result.
Eric and Steve shared a number of thought-provoking perspectives on wealth management and how advisors and clients can approach allocating to private markets as part of a holistic asset allocation framework.
Thanks Eric and Steve for a great episode … looking forward to the next Monthly Alts Pulse conversation!
Show Notes
00:00 Introduction and Guest Introduction
00:24 Experiences in Private Banking
01:28 Independent Advisors and Private Markets
01:46 IEQ Capital's Approach to Private Markets
03:33 Scaling and Research in Alternative Investments
05:48 Client Experience and Customization
07:35 Technology and Tax Strategy
10:46 Innovative Ideas in Private Markets
13:13 Conclusion and Final Thoughts
Welcome back to the Alt Goes Mainstream podcast.
Today’s episode is with someone who is running the long race — in investing and in running.
We sit down with prolific long distance runner, Blue Owl Capital’s Ivan Zinn, who has been a pioneer in alternative credit and asset-based finance.
Ivan has had a long career in private credit. He started at DLJ before joining Leonard Green & Partners and Highbridge Capital. He then joined HBK before founding pioneering private credit firm Atalaya Capital Management, where he was also the CIO. Ivan and team grew Atalaya to over $10B in AUM from 2006 to 2024 before being acquired by Blue Owl Capital for $450M (and $800M with earnouts).
As part of the transaction, Ivan became Managing Director at Blue Owl and is the Head of Alternative Credit, where the firm is now expanding its footprint due to Atalaya’s expertise. Ivan is as prolific outside of the office as he is in it — he is a long distance runner, running 100 mile races, and was a NCAA All-American tennis player, which comes as no surprise given the discipline, focus and expertise required to excel at the activities he’s done throughout his career in work and sport. He’s also a Board member of the USTA Foundation.
Ivan and I had a fascinating conversation about the evolution of private credit and the growth of asset-based finance. We discussed:
Thanks Ivan for coming on the show to share your wisdom and expertise on private credit and ABF. Good luck to anyone keeping up with you on a long run though!
You can also see a recent Q&A with Ivan about private credit and ABF on AGM here.
Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM’s podcasts.
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 our Sponsor, Ultimus
01:57 Introducing Ivan Zinn
03:49 Parallels Between Running and Business
05:32 Early Days of Private Credit
06:52 Post-GFC Changes in Private Credit
07:31 Evolution of Atalaya's Business Model
08:21 Growth of Asset-Based Finance
09:38 FinTech's Role in Private Credit
11:09 Importance of Stable Capital Sources
21:09 Concentration Risks in Private Credit
22:27 Defining Asset-Based Finance (ABF)
22:53 Different Flavors of ABF
27:43 Investor Exposure and Risk in Private Credit
29:46 Direct Lending vs. Public Credit
36:02 Consumer Credit and Perceived Risks
37:36 Debunking the Cyclical Perception of Credit Risk
38:22 The Utility of Credit Cards During Financial Crises
38:44 The Resilience of ABS and Diversified Portfolios
39:07 The Role of Data Science in Credit Analysis
39:32 Surviving the GFC: A Benchmark for Credit Pools
39:53 Diversification in ABF and Private Credit
40:48 Selective Approach to Consumer Credit
41:36 The Importance of Manager Selection in Credit Investing
42:11 Private Market Transactions and Large Announcements
42:40 The Journey from Atalaya to Blue Owl
43:25 Challenges in Institutional Fundraising and Capital Formation
44:20 The Need for Diverse Capital Sources
45:43 Integration and Cultural Fit with Blue Owl
46:16 The Role of Data Science and Innovation in Credit
50:22 The Wealth Channel and Private Credit
50:50 Private Credit as a Fixed Income Replacement
52:34 Transparency and Market Structure in Private Credit
55:55 Educating Investors on Private Credit
57:48 The Evolution and Adoption of ABF
01:00:15 The Growth of Private Credit Market
01:01:28 Challenges and Opportunities in Private Credit
01:03:45 The Importance of Scale in Credit Investing
01:04:28 Vertical Integration in Financing
01:05:26 Relentless Forward Progress in Credit Investing
01:06:31 Memorable Investments and Risk-Reward Balance
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 the CIO of an insurance company responsible for more than $300B in assets and a major focus on private markets.
Lincoln Financial EVP and CIO Jayson Bronchetti and I sat down recently at Lincon Financial’s headquarters in Radnor, Pennsylvania to discuss the increasing involvement of insurance companies in private markets.
Jayson, who is a member of Lincoln Financial’s Senior Management Committee and serves as the primary investment officer to Lincoln’s Board of Directors on all investment-related matters, is responsible for more than $300B in assets across the general account portfolio and the separate account mutual fund complex. He’s also chairman of the board of directors of the Lincoln Variable Insurance Product Trust family of over 100 mutual funds. He's also on the board of the Lincoln Financial Foundation.
Fresh off recent partnerships with Bain Capital and Partners Group on private markets investment products and Bain Capital taking a stake in Lincoln’s business, Jayson and I had a fascinating conversation about how insurance companies can approach private markets and how they can build unique and differentiated partnerships with asset managers.
We discussed:
Thanks Jayson for coming on the show to share your wisdom and expertise about private markets and insurance.
Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM’s podcasts.
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
00:40 Introduction to Jayson Bronchetti
02:20 Sponsor Message: Ultimus Fund Solutions
03:37 Welcome to the Podcast
04:03 Jayson's Background in Private Markets
04:57 Evolution of Insurance Companies in Private Markets
06:37 Symbiotic Relationship Between GPs and Insurers
08:40 Understanding Liquidity and Illiquidity
11:19 Diligencing Private Markets Managers
13:25 Balancing Scale and Performance
14:09 Boots on the Ground: Sourcing Edge
14:42 Evolution of Alternative Asset Managers
14:53 Lincoln's Unique Position in the Market
19:32 Strategic Partnerships with Bain and Partners Group
20:03 The Value of Distribution Relationships
22:14 The Democratization of Alternative Investments
22:49 The Intersection of Private Markets, Wealth, and Insurance
23:10 Approaching Private Markets with the General Account
24:18 Launching Strategies with Bain and Partners Group
24:50 Incubating New Strategies for Retail Consumers
25:16 Building a Customized Investment Strategy
25:45 Designing Purposeful Investment Funds
26:00 Ensuring Accessibility and Proper Wrappers
26:08 Liquidity and Product Matching
26:15 Seeding Strategies with the General Account
26:58 One Lincoln Approach
27:12 Finding Opportunities in the Seams
27:46 Balancing General Account and Distribution Needs
28:07 Product Innovation in the Wealth Channel
28:53 Healthy Tension in Product Design
31:51 Importance of Asset Liability Management
33:05 Educating the Distribution Team
34:47 Training Modules for Wholesalers
36:28 Boots on the Ground: The Power of Relationships
37:45 Simplifying Complex Products
40:44 Democratizing Alternative Investments
41:10 Straddling Institutional and Individual Mindsets
41:35 Integrating Private Markets into Retirement Products
43:13 Future of Private Markets in Retirement Portfolios
43:57 Product Innovation and Technology
45:15 Private Markets in Insurance Products
47:16 Focus on Private Credit
49:38 Risks in Private Credit
50:29 Excitement for the Future of Private Markets
51:01 Conclusion and Final Thoughts
Disclosure from Lincoln Financial
Registration statements for each of the evergreen funds have been filed with the Securities and Exchange Commission and are available from the EDGAR database on the SEC's website (www.sec.gov). The information in the registration statements is not complete and may be changed. The securities of neither fund may be sold until its registration statement is effective. An investor should consider the investment objectives, risks, charges and expenses of each fund carefully before investing. This and other information about each fund will be contained in the fund's final prospectus, which investors should read carefully when available from t...
Welcome back to the Alt Goes Mainstream podcast.
Today’s episode digs into how the CIO of a growing multi-billion dollar wealth management firm thinks about customization and differentiation by building out private markets capabilities.
We sat down with John McArthur, Senior Partner and CIO at $3.6B AUM Krilogy. Founded in 2009, Krilogy provides comprehensive financial planning and investment management services to HNW individuals, families, and business owners.
Krilogy is charting a growth path — and to chart a growth path, John and his team are thinking about how they can thoughtfully grow their business.
With John at the helm as CIO, they have been strategic with their approach to private markets and have increasingly focused on ways that they can create customized and differentiated solutions for their clients.
John took 11 years of experience in wealth management and financial planning at A.G. Edwards & Sons and Morgan Stanley Smith Barney to Krilogy, where he joined his former University of Missouri college football teammate, Kent Skornia, to help quarterback Krilogy and their clients to financial success.
John is thoughtful in his approach to private markets and how to provide solutions to their clients. We had a fascinating discussion about how wealth management is evolving and how private markets are critical to growing a wealth management practice. We discussed:
Thanks John for coming on the show to share your wisdom and expertise on wealth management 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 and Message from our Sponsor, Ultimus Fund Solutions
01:54 Welcome to Alt Goes Mainstream
02:06 Introducing John McArthur
03:51 John's Journey into Wealth Management
04:23 The Role of Sports in John's Career
05:47 Lessons from Big Wealth Management Firms
06:21 Krilogy's Growth and Strategy
07:25 Challenges and Opportunities in Wealth Management
07:36 Private Markets and Customization
08:04 Growth Strategies and Quality Control
09:29 Client Service and Organic Growth
11:26 Differentiating Wealth Management Offerings
12:23 Importance of Private Markets
13:14 Creating Customized Solutions
14:53 Educating Advisors on Private Markets
15:54 Volatility and Market Changes
17:04 Private Markets in a New Economic Environment
17:24 Building a Diverse Private Fund
19:50 Client Understanding of Private Markets
20:25 Educating Advisors and Clients
22:15 Behavioral Bias in Investing
23:42 Long-Term Investing Mindset
24:08 Compounding and Diversification
24:41 Challenges in Advisor Education
25:46 Effective Education Strategies
27:01 The Role of Storytelling in Education
27:22 Future of Education in Wealth Management
27:35 Sourcing and Access in Private Markets
28:46 Networking and Building Trust
29:26 Customization and Differentiation in Wealth Management
30:34 Combining Big Brands and Niche Funds
31:47 The Importance of Being in the Game
32:13 Advice for Wealth Managers
32:24 Evergreen Fund Structures
33:16 Navigating the Evergreen Environment
34:29 Portfolio Construction in Private Markets
35:25 Operational Benefits of Evergreen Funds
36:05 Model Portfolios in Wealth Management
36:53 Favorite and Contrarian Investment Ideas
38:49 Real Estate Market Opportunities
39:09 Large vs. Niche Real Estate Managers
39:52 Conclusion and Final Thoughts
Disclosure from Krilogy
Investments involve risk and unless otherwise stated, are not guaranteed. Past performance is not a guarantee of future results. Be sure to first consult with a qualified financial advisor and/or tax professional before implementing any strategy discussed 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 is with a private equity pioneer who has seen the industry evolve in the forty plus years he’s spent in private markets.
We sat down with Steve Klinsky, the Founder and Chief Executive Officer of New Mountain Capital, which he started in 1999, and has grown to over $55B AUM with an investment platform that spans strategies across Private Equity, Credit, and Net Lease Real Estate.
Steve was the Co-Founder of the Leverage Buyout Group at Goldman Sachs from 1981-1984, where he helped execute over $3B of transactions for Goldman and its clients. He then joined Forstmann Little and Co. as an Associate Partner and General Partner, helping to oversee seven private equity and debt partnerships totaling over $10B in capital.
He has since built New Mountain Capital into a leading alternative asset manager that has charted a growth path. Yet the firm has remained true to its roots and mindset of its “family business background,” which has informed how New Mountain has partnered with both GPs and LPs, and it's a DNA that is central to their recent rollout of a wealth solutions business.
Steve and I had a fascinating discussion about the evolution of private markets and how to build a leading alternative asset manager that helps build businesses. We covered:
Thanks Steve for coming on the show to share your wisdom and expertise on 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 Fund Solutions
01:23 Podcast Theme and Opening
02:03 Guest Introduction: Steve Klinsky
04:00 Steve's Early Career in Private Equity
05:39 The Evolution of Private Equity
06:55 Forstmann Little and Co. Experience
07:36 Founding New Mountain Capital
08:08 New Mountain's Investment Philosophy
08:25 Family Business Influences
08:56 New Mountain's Cultural Values
09:13 Working with Entrepreneurs and Management Teams
10:15 Scaling New Mountain Capital
13:35 Investment Strategies and Talent
14:45 Opportunities and Challenges in Private Equity
15:03 Mid-Market Focus and Growth Opportunities
16:10 Impact of Industry Growth on Mid-Market Firms
16:50 Product Innovation in Private Markets
18:40 Synergy Between Investment Strategies
20:20 Growth and Future of New Mountain Capital
21:10 Engaging the Wealth Channel
21:40 Building the New Mountain Brand
23:07 New Mountain's Edge and Performance
24:20 Engaging the Wealth Channel
25:50 Customization and Differentiation in Wealth Management
27:17 Strategies for Wealth Channel Engagement
27:39 Productization for the Wealth Channel
28:05 Industry Evolution and Consolidation
28:40 Wealth Channel vs Institutional Channel
29:44 Institutional Side of Private Markets
29:59 Historical Perspective on Institutional Changes
30:47 Challenges and Investment Strategies for the Wealth Channel
32:03 Investment Lessons
34:48 Common Threads in Successful Investments
35:53 Leveraging AI and Technology in Investments
37:56 Value Creation in Services Businesses
38:42 Effective Value Creation Levers
39:38 Growth and Team Building at New Mountain
41:04 Starting New Mountain in 1999
43:00 Navigating Market Turbulence
44:57 Private Markets vs Public Markets
45:53 Lessons from Private Markets for Public Investors
47:47 Importance of Price in Investing
49:24 Building a Strong Team
50:05 Global Investment Strategies
50:47 Future Investment Excitement
51:58 Focus on Wealth Channel
52:13 Growth in Secondaries and Continuation Vehicles
52:42 Industry Evolution and Firm Growth
53:11 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 we sit down with a technology and fund services veteran who has worked with many of the industry’s largest asset managers.
Cesar Estrada is Private Markets Head at Arcesium, a global financial technology company delivering pre- and post-investment operations and enterprise data management solutions designed to systematize the most complex workflows.
Arcesium was built from a platform developed and tested by investment and technology development firm, the D. E. Shaw Group, and launched as a joint venture with Blackstone Alternative Asset Management. J.P. Morgan, another large client, later made a strategic investment in the company, helping Arcesium further its mission: to power the entire investment lifecycle.
Cesar is responsible for Arcesium’s data management and investment operations technology and services offered to private markets fund managers and investors.
Previously, he served as Senior Managing Director and Alternatives Business Head for North America at State Street — a role in which he drove the growth agenda for a business with approximately $1 trillion in Assets Under Administration by leading new product launches, expansion into new client segments, strategic partnerships, and acquisitions. He served on the board of State Street Fund Services Inc. Prior to that, as a Managing Director at J.P. Morgan, Cesar led the Private Equity & Real Estate Funds Services business from launch to $350B AUA.
Cesar and I had a fascinating conversation about the impact of technology and automation on private markets. We discussed:
Thanks Cesar for coming on the show to share your wisdom and experience in private markets.
Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM’s podcasts.
You can also see a recent Q&A with Cesar on AGM here.
If you want to learn how Arcesium is delivering the technological infrastructure required to manage the complexities of asset-based financing, you can download their white paper here and read thoughts on the asset-based finance space from Arcesium’s Private Markets Head and industry veteran Cesar Estrada.
Show Notes
00:00 Introduction and Welcome to the Alt Goes Mainstream Podcast
00:39 Guest Introduction: Cesar Estrada
02:37 Cesar's Background
02:57 Cesar's Career Path
03:35 Evolution of Fund Services Industry
04:49 Arcesium's Core Competencies
05:06 Technology in Private Markets
05:27 Arcesium's Joint Venture Origins
06:12 Technology Architecture
07:11 Client-Centric Ownership Model
07:18 Building for the Biggest
07:46 Solving Complex Problems
08:44 Challenges and Solutions in Data Management
10:28 Data Silos in Asset Management
10:53 Roadblocks to Technology Adoption
11:41 Operations and Technology Bottlenecks
12:31 Strategic Imperatives for Growth
14:20 Hiring and Strategy in Asset Management
15:55 Point Solutions vs. End-to-End Solutions
17:27 Role of the CTO
18:21 Build vs. Buy Decision
19:22 Investment Team's Understanding of Technology
19:22 The Impact of AI and Future Innovations
20:07 Technology's Leverage for Smaller Firms
21:36 Consolidation in Private Markets
22:22 Technology for Scaling Firms
22:40 Flexibility in Private Markets
23:05 Technology in Private Credit and ABF
25:35 Volume Problem in ABF
25:55 Data Ecosystem in ABF
27:10 Wealth Channel and Evergreen Products
28:04 Product Innovation in Private Markets
28:45 Future of Private Markets
30:05 Technology Selection Process
30:51 User Experience in Technology
31:40 Consumer Experience in Private Markets
33:06 Hands-On Technology Evaluation
33:42 Reducing Operational Headcount
34:02 Gen AI in Asset Management
35:33 Future Impact of Gen AI
36:20 Marrying People and Technology
37:01 Next Phase in Asset Management Technology
39:16 Cesar's Personal Investment Views
40:40 Conclusion and Final Thoughts
Editing and post-production work for this episode was provided by The Podcast Consultant.
Welcome to the 16th episode of the Monthly Alts Pulse, a collaboration between iCapital x Alt Goes Mainstream.
We were live from iCapital Connect’s conference in Phoenix to announce a ground-breaking partnership in private markets: a collaboration between BlackRock, iCapital, and GeoWealth, where models that include both public and private markets exposure through a unified managed account (UMA) are now available to advisors.
I sat down with Jack Hannah, the President & COO of GeoWealth, and Michael Doniger, SVP, Partnerships at iCapital, to discuss the technology and market structure innovation of the UMA and how private markets can play a role in model portfolios.
In this live, unscripted episode, Jack, Michael, and I had a fascinating and lively discussion. We covered:
Thanks Jack and Michael for a great episode … looking forward to next month’s Monthly Alts Pulse conversation!
Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM’s podcasts.
Show Notes
00:00 Introduction and Guest Welcome
00:34 Evolution of UMAs in Private Markets
01:03 Incorporating Alternatives into UMAs
01:32 Private Markets Integration Workflow
02:41 Challenges and Solutions in UMA Implementation
03:32 Customization and Sleeving in UMAs
04:32 Client-Centric Solutions and Advisor Needs
05:21 Early Adoption of Private Market Solutions
06:17 Building a Robust Model Marketplace
08:37 Future of Model Portfolios and UMAs
13:10 Post-Investment Processes and Technology
14:17 Data Solutions and Performance Reporting
15:06 Growth Projections for UMAs and Private Markets
16:09 Conclusion and Final Thoughts
16:12 Closing Remarks and Thank You
Welcome back to the Alt Goes Mainstream podcast.
Today’s episode is with someone responsible for growing the footprint of one of the largest private markets businesses in the industry.
We sat down at Goldman Sachs’ 200 West office with Kyle Kniffen to discuss the evolution of the firm’s work with the wealth channel and how an intensified focus on private markets is helping to drive the firm’s strategic imperatives in asset and wealth management.
Kyle is a Managing Director, Global Head of Alternatives, Third Party Wealth, at Goldman Sachs, which has over $500B of AUM in private markets. He’s responsible for the distribution of both Goldman Sachs private markets products and third party products to the wealth channel.
Kyle and I had a fascinating conversation about the most pressing trends and questions in private markets. We discussed:
Thanks Kyle for coming on the show to share your wisdom and expertise.
Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM’s podcasts.
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
00:42 Introduction to the Podcast and our Guest
02:00 A message from our Sponsor, Ultimus Fund Solutions
04:06 Kyle’s Background and Journey
04:18 Wealth Channel Strategies and Insights
05:06 Goldman's Heritage in Private Markets
05:28 Client Demand for Thought Partnership
06:13 Public Markets Perspective
07:07 Consultative Sales Approach
07:21 Lessons from Institutional Segment
09:05 Quality of Investment Flow
10:51 Serving the Third Party Wealth Channel
12:53 Client Segmentation and Customization
15:16 Global Reach and Relationship Building
22:43 Product Innovation and Future Trends
27:12 Balancing Client Needs in Alternative Investments
27:47 Who Should Invest in Alternatives?
28:36 Asset Liability and Liquidity in Investment Strategies
29:28 Technology Innovations in Private Markets
30:00 Exciting Progress in Alternative Strategies
30:46 Transparency and Communication in Investments
31:14 The Puzzle of Private Market Structures
31:54 Post-Sale Transparency and Investor Experience
33:27 Engaging Clients Through Brand and Marketing
35:37 Customization in Wealth Management
37:24 Educating Advisors on Private Markets
37:47 Delivering Unique Insights and Education
39:01 Goldman Sachs Investment University
41:09 Lessons from ETFs and Mutual Funds
41:54 The Importance of Performance and Education
43:11 Tools for Advisors and Real-Life Applications
44:06 Understanding Private Markets' Impact on Portfolios
47:19 Excitement Around Private Equity Secondaries
49:02 Advisors' Interests in Tax-Advantaged Strategies
49:47 The Role of Liquidity in Private Markets
50:35 The Importance of Scale in Private Markets
51:38 Future of Private Equity Secondaries
52:14 The Permanency of Secondary Markets
52:52 Conclusion: The Benefits of a Global Platform
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 a wealth channel veteran who has an innate and developed view of working with wealth.
We sat down in the studio with Adam Bobker. Adam joined Fortress Investment Group in 2022 to build out their wealth business as Managing Director, Global Co-Head of Private Wealth Solutions. He oversees strategy, distribution, marketing, product development, and client management activities across Fortress’ investment programs.
Prior to joining Fortress, Adam was a MD and Head of the Private Wealth Advisory Group at BlackRock, where he spent 22 years. He led a team focusing on private wealth management and institutional consultant channels, as well as business development for BlackRock’s hedge fund, private equity, private credit, and real asset platforms.
Adam and I had a fascinating conversation about how to build a wealth solutions business. We discussed:
Thanks Adam for coming on the show to share your wisdom and expertise in private markets and wealth management.
A word from AGM podcast sponsor, Ultimus Fund Solutions
This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.
To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.
Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com.
We thank Ultimus for their support of alts going mainstream.
Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM’s podcasts.
Show Notes
00:00 Introduction to our Sponsor, Ultimus Fund Solutions
01:23 Podcast Theme Song
02:01 Introduction to Today's Guest: Adam Bobker
02:40 Building a Wealth Solutions Business
03:40 The Importance of Client Relationships
04:09 Understanding Client Needs
05:10 Evolution of Wealth Management
07:04 The Role of Education in Wealth Management
07:14 Innovative Investment Structures
08:22 Model Portfolios and Custom Solutions
13:05 Strategic Partnerships in Wealth Management
17:30 The Importance of Technology in Wealth Management
18:18 Adam's Transition to Fortress
18:36 Building a Wealth Business at Fortress
19:00 Innovative Strategies at Fortress
20:13 Focus Areas for Fortress Wealth Business
21:22 Evergreen Structures in Wealth Management
22:08 Advisor Psychology and Evergreen Structures
23:57 Suitability of Strategies for Evergreen Funds
25:14 Managing Evergreen Funds
27:12 Opportunities in Real Estate Credit
27:55 Investor Hesitation and Education
28:03 Immediate Exposure with Semi-Liquid Funds
28:33 Are Evergreen Structures Better for Investors?
28:39 The Future of Investment Strategies
28:57 Industry Flows and Semi-Liquid Funds
29:20 Impact on Alternative Asset Management
29:29 Consolidation and Strategy Expansion
29:58 Focus on Whole Portfolio Delivery
30:31 Building a Strong Team
31:17 Consultative Sales Approach
31:56 Effective Communication in Wealth Management
32:58 Importance of Brand in Asset Management
33:38 Client Experience and Technology Providers
34:03 In-House vs. Third-Party Services
36:34 Mainstreaming Private Markets
37:24 Commitment to Wealth Channel
39:11 Transforming Investment Strategies
39:50 Art and Science of Portfolio Construction
42:08 Transparency and Liquidity in Private Markets
43:05 Product Innovation and Asset Liability Mismatch
45:45 Evergreen vs. Closed-End Funds
47:27 Evolution of Fund of Funds Business
48:22 Wealth Platforms and Private Markets
49:51 Convergence of Institutional and Wealth Management
51:10 Future of Alternative Asset Management
51:54 Fee Compression in the Industry
53:07 Raising Allocation to Alternatives
55:14 Innovative and Pioneering Strategies
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 someone who is an expert on the RIA market and the wealth management business model.
We talk with Karl Heckenberg, the President & Managing Partner of Constellation Wealth Capital, an investment firm that recently closed on a $1B debut fund dedicated to providing differentiated, long-term capital solutions to well-positioned independent wealth management firms in the $8T and growing wealth management sector.
Karl’s deep experience in wealth management as both an investor, from his time as the CEO of Emigrant Partners and its affiliated company, Fiduciary Network, and time on the advisor side at Merrill Lynch, A.G. Edwards & Sons, Wells Fargo, and Charles Schwab, puts him in a position to understand the inner workings of wealth management businesses. He’s also sat on the boards of Sarasota Private Trust Company, New York Private Trust Company, and Cleveland Private Trust Company, and is currently on the board at Alternative Fund Advisors.
CWC has made investments into some of the industry’s leading wealth management firms, including AlTi Global, Cresset Partners, AlphaCore, Lido, and others.
Karl and I had a fascinating conversation about the evolution of the wealth management industry and why it’s become such an attractive investment opportunity. We discussed:
Thanks Karl for coming on the show to share your wisdom and expertise at the intersection of wealth management and private markets.
Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM’s podcasts.
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
01:18 Podcast Opening Theme
01:57 Introduction to Today's Guest: Karl Heckenberg
03:57 Karl Heckenberg's Background and Career Journey
06:10 Early Days of Wealth Management
07:41 Post-GFC Evolution of RIAs
08:59 Understanding the Independent Wealth Management Space
10:15 Growth and Scale in Wealth Management
12:17 Challenges and Opportunities in Wealth Management
15:02 Importance of Client Experience
19:34 Investment Strategies in Wealth Management
20:07 Ownership and Equity Distribution
20:54 Minority vs. Control Investments
23:08 M&A in Wealth Management
23:23 High-Quality Firms and Client Experience
23:59 Capital Needs and Growth
24:55 Advisory Services and Value Addition
25:32 Comparisons with GP Stakes
27:39 Durability and Resilience of Wealth Management Firms
29:08 Exit Strategies and Public Market Potential
29:40 Valuations and Capital Providers
31:46 Future of Public Market Exits
34:24 Compounding Growth and Returns
35:05 Distribution and Liquidity
35:34 Investment Grade Assets and Equity Returns
35:47 Answering Key Investment Questions
36:38 Investor Concerns and Market Dynamics
36:59 Investment Buckets and Flexibility
37:25 Private Wealth vs Institutional Investors
38:02 Network Effects and Synergies
38:27 Hesitations and Value Add of Constellation
39:13 Collaborative Best Practices
39:43 LP Side and Fundraising Timing
40:08 Understanding the Wealth Channel
40:24 Retail Distribution and Success Strategies
41:05 Product Structuring and Client Diversification
41:19 Impact of Technology on Wealth Management
42:26 Importance of Private Markets Knowledge
43:44 Diversification and Institutional Approach
44:52 Challenges and Opportunities in Private Markets
46:20 Advisors' Education and Differentiation
48:26 Balancing Customization and Scalability
49:32 Operational Efficiency and Retail Products
51:16 Listening to Wealth Channel Needs
51:30 Yield-Oriented Products and Diversification
53:28 Educational Resources and Client Engagement
54:14 Growth of Wealth Channel and Private Equity
55:50 Consolidation and Future of Wealth Space
58:35 Succession Planning and Client Experience
01:04:37 Future of Wealth Management and Private Markets
01:06:05 Closing Thoughts and Future Predictions
Editing and post-production work for this episode was provided by The Podcast Consultant.
Welcome to the 15th episode of the Monthly Alts Pulse, a collaboration between iCapital x Alt Goes Mainstream.
We were live from iCapital Connect’s conference in Phoenix to announce a ground-breaking partnership in private markets: a collaboration between BlackRock, iCapital, and GeoWealth, where models that include both public and private markets exposure through a unified managed account (UMA) are now available to advisors.
I sat down with Lawrence Calcano, the Chairman & CEO of iCapital and Jaime Magyera, Managing Director, Co-Head of US Wealth Business, Senior Sponsor for Retirement Business, BlackRock, to discuss the details on their partnership and why a UMA that integrates both public and private market investments for wealth advisors is the next phase of adoption of private markets by the wealth channel.
In this live, unscripted episode, Lawrence, Jaime, and I had a fascinating and lively discussion. We covered:
Thanks Lawrence and Jaime for a great episode … looking forward to next month’s Monthly Alts Pulse conversation!
Welcome back to the Alt Goes Mainstream podcast.
Today’s episode is with a private markets veteran who has been working in the wealth channel before it was considered "the wealth channel."
We sat down in the studio with Peter Aliprantis. Peter joined EQT in October 2024 as a Partner and Head of Private Wealth Americas. He’s hit the ground running to build out a wealth team in the Americas and help continue to grow the EQT brand in the US.
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 conversation about everything from the early days of the wealth channel to the evolution of product innovation in private markets. We discussed:
Thanks Peter for coming on the show to share your wisdom and expertise.
Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM’s podcasts.
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 our Sponsor, Ultimus
01:57 Welcome to the Podcast
02:05 Introducing Peter Aliprantis
02:20 Peter's Career Background
03:31 Early Days in Private Wealth
04:25 Changes in Wealth Distribution
05:55 Post-Financial Crisis Shifts
06:37 Growth of the Wealth Channel
07:14 Building a Wealth Business at Angelo Gordon
07:59 Convincing Firms to Invest in Wealth
08:59 Importance of Investment Teams
10:18 Key Skills for Wealth Channel Success
12:46 Joining EQT and Brand Building
13:07 Building EQT's Wealth Platform
14:56 Brand Building in the Wealth Channel
15:32 Expanding EQT's Presence
16:10 Strategies for Engaging the Wealth Channel
16:45 Segmenting the Wealth Channel
19:57 Challenges in RIA Relationships
20:28 Importance of Relationship Building
21:25 Bespoke Products for Wealth Channel
22:10 Institutional vs. Wealth Channel Products
22:56 Evergreen Structures for Institutions
23:20 Future Trends in Wealth Management
23:27 Becoming a Solutions Provider in the RIA Channel
23:47 Creating Model Portfolios
25:31 The Future of Wealth Management
27:04 Challenges for Smaller Firms
27:38 Importance of Shelf Space
28:35 Sales Strategies in Private Banks
29:42 The Role of Scale in Wealth Channels
30:27 Balancing Growth and Performance
31:07 Global Investment Strategies and Performance
33:13 Building a Brand in the U.S. Wealth Channel
34:29 Differentiating in the Wealth Channel
36:43 Advisory vs. Sales Approach
38:18 Evergreen Funds vs. Drawdown Structures
39:53 Investor Psychology and Evergreen Structures
41:41 Changing Dynamics of Private Markets
43:01 Family-Owned Business Culture
44:30 Nordic Cultural Values
45:15 Long-Term Mindset in Private Equity
45:53 Building the Wealth Business
46:14 Bespoke Products for Wealth Channels
46:42 Seeding Evergreen Structures
47:08 The Race to Win the Wealth Channel
47:29 Manager Diversification
47:08 The Race to Win the Wealth Channel
47:59 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 the details of product innovation in private markets with a private equity veteran who has helped to pioneer a new investment structure and working with the wealth channel.
We sat down at KKR’s Hudson Yards office with Alisa Wood, a Partner and Co-CEO of KKR Private Equity Conglomerate LLC (K-PEC).
Alisa has been at KKR for over 20 years. She joined the firm in 2003 and is a Partner. She co-leads the firm’s innovative private equity open-ended, perpetual vehicles serving as the Co-CEO of KKR Private Equity Conglomerate LLC and as a member of the investment committee for the KKR Private Markets Equity Fund.
She was previously the Global Head of the Private Markets and Real Assets Strategies Group and looked after private equity, infrastructure, energy real assets, real estate, impact, growth equity, and customized products.
She sits on a number of the firm’s management and leadership committees, including the Risk & Operating Committee, the Democratized Private Equity Committee, the ESG Committee, and the Geopolitical Governance Committee.
Alisa and I had a fascinating and thought-provoking conversation about private markets and working with the wealth channel. We discussed:
Thanks Alisa for coming on the podcast to share your wisdom and expertise on private markets.
Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM’s podcasts.
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 our Sponsor, Ultimus
01:55 Welcome to the Alt Goes Mainstream Podcast
02:07 Introducing Alisa Wood
02:14 Alisa Wood's Background and Role at KKR
03:48 KKR's Office and Culture
06:05 Evolution of Private Equity
06:51 Early Days at KKR
08:26 Strategic Moves in Private Equity
12:41 Managing Evergreen Structures
13:58 Operational Complexity in Evergreen Funds
16:59 Deal Flow and Investment Strategies
21:37 Institutional vs. Individual Investors
23:44 Sales Cycle and Investor Relations
26:35 Employee Equity and Financial Literacy
29:41 Evolution of Private Equity Value Creation
30:17 Human Capital and Leadership
30:57 Building Community at Scale
31:59 The Importance of Returns and Connection
32:21 Building Community Through Hard Topics
32:46 Best in Class Advisors and Community Building
33:14 Shifting Business Strategies at KKR
33:47 The Role of Chief Economist and Macro Issues
34:24 Learning from Mistakes and Evolving
35:52 Integrating Resources for Better Investment Decisions
38:08 Strategic vs. Tactical Approaches
38:28 The 40-30-30 Framework
38:52 Challenges in Public and Private Markets
39:25 The Importance of Controlling Investments
39:51 Changing Market Correlations and Returns
40:47 The Complexity of Private Market Choices
41:45 The Role of Large Managers in Evergreens
44:42 Family-Owned Businesses and Evergreen Structures
47:58 Success in the Wealth Channel
49:40 Balancing Illiquidity and Investment Opportunities
50:05 The Psychology of Evergreen Investments
52:51 Growing the Evergreen Business
54:53 The Next Big Innovation: 401k Integration
55:42 The Importance of Education and Community
56:10 Defining Private Equity and Industry Standards
57:23 The Role of Trade Associations and Education
59:17 The Future of Private Market Investments
01:01:23 Real People, Real Money: The Impact of Private Markets
Editing and post-production work for this episode was provided by The Podcast Consultant.
