Ritholtz Wealth Management's Ben Carlson - bringing a wealth of common sense to asset allocation

Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets

#Trading #Society #Business #Michael Sidgmore #Investing #Alternative Investments

1:14:43

Artificial intelligence is evolving at an unprecedented pace—what does that mean for the future of technology, venture capital, business, and even our understanding of ourselves? Award-winning journalist and writer Anil Ananthaswamy joins us for our latest episode to discuss his latest book Why Machines Learn: The Elegant Math Behind Modern AI . Anil helps us explore the journey and many breakthroughs that have propelled machine learning from simple perceptrons to the sophisticated algorithms shaping today’s AI revolution, powering GPT and other models. The discussion aims to demystify some of the underlying math that powers modern machine learning to help everyone grasp this technology impacting our lives, even if your last math class was in high school. Anil walks us through the power of scaling laws, the shift from training to inference optimization, and the debate among AI’s pioneers about the road to AGI—should we be concerned, or are we still missing key pieces of the puzzle? The conversation also delves into AI’s philosophical implications—could understanding how machines learn help us better understand ourselves? And what challenges remain before AI systems can truly operate with agency? If you enjoy this episode, please subscribe and leave us a review on your favorite podcast platform. Sign up for our newsletter at techsurgepodcast.com for exclusive insights and updates on upcoming TechSurge Live Summits. Links: Read Why Machines Learn, Anil’s latest book on the math behind AI https://www.amazon.com/Why-Machines-Learn-Elegant-Behind/dp/0593185749 Learn more about Anil Ananthaswamy’s work and writing https://anilananthaswamy.com/ Watch Anil Ananthaswamy’s TED Talk on AI and intelligence https://www.ted.com/speakers/anil_ananthaswamy Discover the MIT Knight Science Journalism Fellowship that shaped Anil’s AI research https://ksj.mit.edu/ Understand the Perceptron, the foundation of neural networks https://en.wikipedia.org/wiki/Perceptron Read about the Perceptron Convergence Theorem and its significance https://www.nature.com/articles/323533a0…

about a year ago 52:13

MP3•एपिसोड होम

Welcome back to the Alt Goes Mainstream podcast.

Today’s show features a guest who brings a wealth of common sense to wealth management and asset allocation.

We talk with Ben Carlson, the Director of Institutional Asset Management at Ritholtz Wealth Management, a $5B AUM wealth management firm. He’s managed institutional portfolios for his entire career. He started out with an institutional investment consulting firm, where he deployed portfolio strategies and created investment plans for foundations, endowments, pensions, hospitals, insurance companies, and HNW individuals. More recently, he was part of the portfolio management team for an investment office that managed a large endowment fund for a charitable organization.

Ben is a student of markets and asset allocation, which is clear from the knowledge he shares daily and weekly with his blog, A Wealth of Common Sense, and his podcast Animal Spirits with Michael Batnick and Ben Carlson. He’s also authored four books about saving, investing, and money. He was named to the Investment News 40 Under 40 list of top financial advisors in 2017.

Ben and I had a fascinating conversation about the adoption of alternatives in the wealth channel and the whys and hows of asset allocation. We discussed:

Why asset allocation is the most important aspect of an investment plan.
The question of whether or not investors now have too much choice?
Why Ben documents every investment decision he makes.
The benefits of private markets and the pitfalls of private markets.
His biggest lesson learned in investing.
Why crypto has helped younger investors become more comfortable with volatility (for better or worse).
The future of wealth management and what won’t change about the advisor / client relationship.
The power of content creation and how it helps him approach investing.

Thanks Ben for coming on the show to share your wisdom and experience in investing and asset allocation. 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 Sponsor: Introduction to Ultimus Fund Solutions

01:56 Meet Ben Carlson: Wealth Management Expert

02:17 Ben Carlson's Career Journey

02:55 Insights on Asset Allocation

03:11 The Importance of Documenting Investment Decisions

03:14 Private Markets: Benefits and Pitfalls

04:34 Early Career Lessons

04:58 Asset Allocation Strategies

06:06 Navigating Investment Choices

07:10 The Complexity of Investment Strategies

09:46 Institutional vs. Wealth Management

10:19 Communication in Institutional Investing

12:35 The 60/40 Portfolio Debate

23:20 Advisors and Alternatives

27:17 Thresholds for Investing

27:48 Differentiating Through Culture

28:41 Defining and Evaluating Culture

29:20 Transparency and Client Relationships

29:57 Partnering with the Right Clients

30:19 Qualitative Manager Selection

31:53 Content Creation and Transparency

34:22 Building a Brand from Scratch

37:49 Advice for Young Advisors

39:31 Compounding in Private Markets

40:06 Behavioral Benefits of Private Markets

41:17 Excitement in Private Markets

41:56 Evolving Fund Structures

42:28 Defining Alternatives

43:48 Younger Investors and Volatility

46:55 Future of Wealth Management

47:53 Private Equity in Wealth Management

48:58 Favorite Alternative Investments

51:44 Conclusion and Final Thoughts

140 एपिसोडस

Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets

Ritholtz Wealth Management's Ben Carlson - bringing a wealth of common sense to asset allocation

Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets

published about a year ago

साझा करें

MP3•एपिसोड होम

Welcome back to the Alt Goes Mainstream podcast.

Today’s show features a guest who brings a wealth of common sense to wealth management and asset allocation.

Ben and I had a fascinating conversation about the adoption of alternatives in the wealth channel and the whys and hows of asset allocation. We discussed:

Why asset allocation is the most important aspect of an investment plan.
The question of whether or not investors now have too much choice?
Why Ben documents every investment decision he makes.
The benefits of private markets and the pitfalls of private markets.
His biggest lesson learned in investing.
Why crypto has helped younger investors become more comfortable with volatility (for better or worse).
The future of wealth management and what won’t change about the advisor / client relationship.
The power of content creation and how it helps him approach investing.

Thanks Ben for coming on the show to share your wisdom and experience in investing and asset allocation. We hope you enjoy.

A word from AGM podcast sponsor, Ultimus Fund Solutions

We thank Ultimus for their support of alts going mainstream.

Show Notes
00:00 Sponsor: Introduction to Ultimus Fund Solutions

01:56 Meet Ben Carlson: Wealth Management Expert

02:17 Ben Carlson's Career Journey

02:55 Insights on Asset Allocation

03:11 The Importance of Documenting Investment Decisions

03:14 Private Markets: Benefits and Pitfalls

04:34 Early Career Lessons

04:58 Asset Allocation Strategies

06:06 Navigating Investment Choices

07:10 The Complexity of Investment Strategies

09:46 Institutional vs. Wealth Management

10:19 Communication in Institutional Investing

12:35 The 60/40 Portfolio Debate

23:20 Advisors and Alternatives

27:17 Thresholds for Investing

27:48 Differentiating Through Culture

28:41 Defining and Evaluating Culture

29:20 Transparency and Client Relationships

29:57 Partnering with the Right Clients

30:19 Qualitative Manager Selection

31:53 Content Creation and Transparency

34:22 Building a Brand from Scratch

37:49 Advice for Young Advisors

39:31 Compounding in Private Markets

40:06 Behavioral Benefits of Private Markets

41:17 Excitement in Private Markets

41:56 Evolving Fund Structures

42:28 Defining Alternatives

43:48 Younger Investors and Volatility

46:55 Future of Wealth Management

47:53 Private Equity in Wealth Management

48:58 Favorite Alternative Investments

51:44 Conclusion and Final Thoughts

140 एपिसोडस

#Trading #Society #Business #Michael Sidgmore #Investing #Alternative Investments

सभी एपिसोड

Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets

1
Alto's Eric Satz - retirement assets: the next frontier for private markets? 51:05

5 days ago51:05

51:05

Welcome back to the Alt Goes Mainstream podcast. Today’s episode dives into an important and growing part of the private markets ecosystem: how investors can access and invest into alternatives through their retirement funds. We have Eric Satz , the Founder & CEO of Alto , a self-directed IRA custodian, with us today to discuss how he’s on a mission to provide everyday Americans with the same investment opportunity long favored by institutional investors. Alto provides custody for a wide array of alternative assets, including private companies, real estate, crypto, loans, and securitized collectibles. Alto has streamlined the process for companies, funds, and SEC-registered investment platforms to include IRA investors in their offerings. They’ve partnered with firms across the alts space, including AngelList, Coinbase, EquityZen, Republic, Masterworks, and others, to enable investors to invest into private markets with their IRA. Eric is a serial entrepreneur and former investment banker. He worked at DLJ / Credit Suisse First Boston before co-founding Currenex (acquired by State Street for $564M), Plumgood Food, and Tennessee Community Ventures. His passion for entrepreneurship led him to serve on the Board of the Tennessee Valley Authority from 2015 to 2018 and he teaches an entrepreneurship class to high school students. On today’s podcast, Eric teaches us all about the merits of a self-directed IRA. We had a fascinating discussion about why and how it makes sense to use an IRA to invest into private markets investments and how he’s taking lessons learned from prior IRA businesses to build Alto. We discussed: Rethinking retirement investing. The evolution of the self-directed IRA market. Alto’s vision: TurboTax for IRAs. Structural challenges with using IRAs for private markets investments. The role of technology with streamlining retirement investing. The evolution in investor awareness of retirement investing. The importance of duration matching. Thanks Eric for coming on the show to share your knowledge and passion for alternatives. Show Notes 00:00 Introduction: Going Mainstream 00:38 Welcome to Alt Goes Mainstream Podcast 00:52 Introducing Eric Satz and Alto 01:33 Eric's Background and Entrepreneurial Journey 01:57 The Mission of Alto 02:01 The TurboTax for IRAs 02:05 The Importance of Retirement Accounts in Private Markets 02:29 Welcoming Eric to the Podcast 02:37 The Evolution of Private Markets and IRAs 02:51 The Beginnings of Alto 03:13 Challenges in Self-Directed IRAs 03:54 The Vision for Self-Directed IRAs 04:28 Changing Conventional Wisdom on Retirement Investing 05:40 The Demographics of the IRA Industry 06:21 The Growth of IRA Accounts 06:38 The Allocation to Alternative Assets 07:36 Barriers to Private Market Investments in IRAs 07:50 Psychological Barriers to Alternative Investments 08:35 Structural Challenges in Using IRAs for Private Investments 08:53 The Role of Technology in Streamlining Investments 09:02 The Launch of Alto with AngelList 10:05 The User Journey in Private Market Investments 10:43 The Role of Financial Advisors 11:10 Educating Investors on Private Markets 12:25 The Evolution of Investor Knowledge 12:35 The Importance of Tax-Advantaged Investments 13:11 The Financial Advisor's Perspective 14:05 The Benefits of Illiquidity in Private Markets 15:54 The Role of Large Asset Managers 16:17 The Branding of Private Markets 16:45 The Growth of Athene and Financial Advisors 16:57 The Importance of Current Income in Retirement Accounts 17:43 The Younger Generation's Investment Behavior 18:05 The Impact of Evergreen Fund Structures 19:04 The Role of Asset Management Firms 20:02 The Future of Private Market Solutions 20:15 The Role of Alto in Private Market Investments 20:54 The Importance of Infrastructure in Private Markets 21:44 The Evolution of Alto's Business Model 21:50 The Growing Awareness of Private Markets 23:57 The Role of the Alto Marketplace 24:35 The Inclusion of Crypto in IRAs 25:17 The Challenges of Transitioning Assets to IRAs 25:50 The Impact of Friction on Investment Decisions 27:46 The Success of Alto's Technology 28:35 The Role of Funds in Promoting IRAs 29:36 The Future of Private Markets and Wealth Channels 31:11 The Role of Financial Advisors in Private Markets 31:58 Educating Financial Advisors on IRAs 32:13 The Importance of Conferences and Networking 47:13 The Future of Private Markets and Retirement Accounts 47:32 The Role of Regulations in Private Market Investments 50:27 Conclusion: The Potential of Retirement Accounts in Private Markets Editing and post-production work for this episode was provided by The Podcast Consultant .…

Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets

1
AlTi Global's Mike Tiedemann - when wealth management goes global 1:01:37

12 days ago1:01:37

1:01:37

Welcome back to the Alt Goes Mainstream podcast. Today’s guest is an industry leader in wealth management who has been very active in private markets. Mike Tiedemann is a pioneer in the wealth management space in a number of ways. He's at the helm of the first pure play publicly traded wealth management business, AlTi Global . AlTi, a $72B AUM platform, came out of a merger between Mike's successful and highly regarded wealth management and alternatives business, Tiedemann Advisors, which merged with Alvarium. Founded in 1999, Tiedemann grew into a global company under Mike's leadership, expanding across geographies and building out a Trust Company and an alternatives manager on its way to overseeing $29B AUA. Mike has since run the combined company of AlTi Global as CEO, where they've built a global wealth management and alternatives platform. They are also backed by Allianz and Constellation Wealth Capital as they continue to serve many UHNW families worldwide. Mike is very well-versed in private markets given his deep expertise in allocating to many of the industry's best leading managers so we had a fascinating conversation about the intersection of private markets and wealth management. We discussed: The business of wealth management. The evolution of the wealth management industry. Why understanding private markets is so critical for wealth managers. The advantages of being a global wealth management business. The experience of being a publicly traded pure play wealth management firm. How to structure investments for global clients. The need to customize private markets portfolio construction as a way to differentiate versus other wealth management platforms. Thanks Mike for coming on the show to share your views and wisdom on wealth management and private markets. This conversation is for informational purposes only and should not be construed as investment advice. It does not endorse or recommend any specific investments, products, or strategies. The opinions shared regarding investment approaches, risk allocations, and portfolio decisions are purely for discussion and do not constitute formal recommendations. Any statements, assertions, or views regarding past or future market events or investment approaches are based on the speaker’s beliefs and do not necessarily reflect those of the firm as a whole, unless explicitly stated with supporting sources. Additionally, some statements may be forward-looking in nature, and actual outcomes may differ materially from expectations. 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 01:18 Podcast Theme Song 01:55 Welcome to Alt Goes Mainstream 01:58 Introducing Mike Tiedemann 05:26 Lessons from Mike’s Early Career in Brazil 06:51 Geopolitics and Investing 09:10 Private Markets Insight 09:33 History of Tiedemann Advisors 11:13 Evolution of Wealth Management 13:18 Challenges in Wealth Management 13:40 Multi-Strategy Managers 16:23 Client Needs and Expectations 17:58 Global Expansion and Services 20:25 Investment Differentiation 23:11 Tax Efficiency in Investments 24:23 Partnerships and Collaborations 26:18 Decision to Go Public 27:52 Benefits of Being Public 28:00 Challenges of Going Public 28:49 Building a Permanent Business 28:59 The Importance of Permanent Capital in Wealth Management 29:11 Wealth Management Business Longevity 29:54 Public Company Dynamics 30:15 Surviving Market Downturns: Strategies for Wealth Management Firms 31:12 Industry Consolidation 32:00 Global Wealth Management Focus 32:54 Regional Wealth Hubs 34:08 Nuances of Global Markets 35:30 Structuring for Global Clients 37:19 Creating Scalable Private Market Offerings 38:27 Differentiating in Private Markets 40:11 Tax Efficiency in Alternatives 40:52 Innovative Investment Structures 41:19 Partnerships with Managers 41:58 Public vs. Private Wealth Management 43:44 Brand and Public Listing Impact 45:35 Future of Wealth Management 47:26 Technology and AI in Wealth Management 48:38 Talent and Retention 50:48 Skills for Modern Wealth Managers 51:57 Next Gen Client Demands 53:11 Exciting Trends in Private Markets 54:40 Capital Flows and Private Credit 56:33 Challenges in Private Markets 58:16 Favorite Alternative Investments 01:01:05 Concluding Thoughts…

Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets

1
Blackstone's Joan Solotar - early innings for private markets? It's still spring training 43:41

19 days ago43:41

43:41

Welcome back to the Alt Goes Mainstream podcast. Today’s episode features an industry leader who has pioneered working with the wealth channel. We talk with Joan Solotar , the Global Head of Private Wealth Solutions at Blackstone , where she also serves on the firm’s Management Committee. Joan has been responsible for leading Blackstone’s impressive work in the wealth channel. She’s grown the firm’s footprint in private wealth to over $250B in assets across Blackstone funds, making the wealth channel comprise roughly a quarter of Blackstone’s $1T AUM. Blackstone Private Wealth Solutions’ mission is to bring institutional quality products across a broad spectrum of alternative asset classes to high net worth clients and their advisors. Before joining Blackstone in 2007, Joan was Head of Equity Research at Bank of America Securities and a highly ranked Institutional Investor All Star financial services analyst at Credit Suisse and Donaldson, Lufkin & Jenrette. She also serves on the Board of Directors at First Eagle Investment Management. Joan and I had a fascinating conversation about how to build and scale a business in the wealth channel. We discussed: How Blackstone built a $250B AUM business in the wealth channel across Blackstone funds. How Joan’s background in equity research helped her as she built a business for the wealth channel. The early days of building Blackstone’s Private Wealth Solutions business. Where, why, and how private markets can fit into a portfolio. How model portfolios will evolve. Why private markets are no longer an alternative. How to build an effective brand in asset management. Thanks Joan for coming on the show to share your wisdom and expertise on private markets and your work with the wealth channel. 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 01:18 Alt Goes Mainstream Theme Song 02:02 Guest Introduction: Joan Solotar 03:45 Joan's Background 05:00 Early Days at Blackstone 06:39 Challenges in Private Wealth Business 08:31 Convincing Advisors 10:44 Growth of Private Wealth Business 11:12 Advisor Allocation to Private Markets 13:27 Understanding Liquidity and Risk 14:36 Educating Advisors on Private Markets 15:55 Client Demand for Private Markets 17:08 Portfolio Construction and Alternatives 20:56 Ease of Use in Private Investments 21:23 Model Portfolios and Private Investments 22:32 Advisor Relationships with Blackstone 24:10 Differentiating Blackstone's Experience 25:19 Commitment to Advisors 25:40 Commitment from Blackstone's Leadership 27:27 Complexity of Selling Private Investments 28:54 Blackstone's Growth and Future Goals 29:53 Importance of Brand and Marketing 31:14 Integration of Marketing and Sales 31:38 Educating Blackstone's Team 31:56 Blackstone's Training Programs 34:50 Weekly Global Meetings 36:44 Humanizing Blackstone's Team 39:07 Blackstone's Holiday Video 40:14 Consumer-Facing Investments 41:27 Joan's Favorite Investment Theme: AI 41:59 Blackstone's AI Investment Strategy 43:19 Conclusion of the Podcast Editing and post-production work for this episode was provided by The Podcast Consultant .…

Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets

1
Live from Nuveen's nPowered Conference: Nuveen's Keith Jones - structuring products for success 40:17

5 weeks ago40:17

40:17

Welcome back to the Alt Goes Mainstream podcast. Alt Goes Mainstream was live from $1.2T AUM asset manager Nuveen ’s nPowered conference, a two-day event bringing together Nuveen thought leaders and industry experts to explore challenges and opportunities in private markets. We interviewed some of Nuveen’s senior leadership on site to hear their views and perspectives on private markets, working with the wealth channel, and product innovation. We sat down with Keith Jones , the Global Head of Alternative Investments Product for Nuveen, and a member of the Extended Leadership Team. He’s responsible for the development and ongoing management of alternative investment products distributed through Nuveen’s institutional, wealth management, and retirement channels globally. Keith and I had a fascinating conversation about product innovation in the wealth channel, how to educate and market products specifically designed for the wealth channel, and why it’s not a “one-size-fits-all” approach. 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 Ultimus Fund Solutions 01:55 Welcome to Alt Goes Mainstream 01:58 Live from Nuveen's nPowered Conference 02:19 Conversation with Keith Jones 03:25 Keith Jones' Background 04:04 Nuveen and TIAA Collaboration 04:47 Keith's Role at Nuveen 05:01 Product Innovation in Wealth Channel 05:15 Structuring Products for Wealth Channel 05:37 Client-Centric Approach at Nuveen 06:59 Challenges in Structuring Products 07:39 Credibility and Brand Importance 09:36 Client Experience and Reporting 09:46 Brand and Credibility in Product Creation 10:40 Nuveen's Real Estate Focus 11:38 Feedback from Distribution Teams 12:33 Product Governance at Nuveen 13:19 Institutional vs. Wealth Channel 16:35 Evergreen Structures 18:08 Operational Considerations 18:51 FinTech Solutions in Structuring 31:48 Future of Product Innovation 32:20 Real Assets and Farmland 33:25 Fee Compression in Alternatives 36:13 Balancing Competing Forces 36:51 Importance of Diversification 38:34 Industry Collaboration for Change 39:12 Conclusion and Final Thoughts 39:58 Closing Remarks…

Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets

1
Live from Nuveen's nPowered Conference: Nuveen's Jeff Carlin - "It's all about the end client" 53:33

6 weeks ago53:33

53:33

Welcome back to the Alt Goes Mainstream podcast. Alt Goes Mainstream was live from $1.2T AUM asset manager Nuveen ’s nPowered conference, a two-day event bringing together Nuveen thought leaders and industry experts to explore challenges and opportunities in private markets. We interviewed some of Nuveen’s senior leadership on site to hear their views and perspectives on private markets, working with the wealth channel, and product innovation. We talked with Jeff Carlin , Senior Managing Director, Head of Global Wealth Advisory Services at Nuveen , and a member of the Senior Leadership Team. He’s responsible for leading the placement, distribution, and support of all products through the US Wealth distribution channel. Jeff and I had a fascinating conversation about working with the wealth channel and how Nuveen has created products to serve this growing investor segment. Thanks Jeff for coming on the Alt Goes Mainstream podcast to share your wisdom and expertise on private markets, private wealth, and distribution. 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 to our Sponsor, Ultimus Fund Solutions 01:58 Live from Nuveen's nPowered Conference 02:26 Jeff Carlin's Role at Nuveen 02:33 Nuveen's Wealth Business 03:28 Jeff Carlin's Career Background 06:43 Evolution of Wealth Distribution 06:56 Changes in Advisor Discretion 09:52 Consultative Selling in Wealth Management 10:04 Hiring Distribution Professionals 12:10 Building Trust with Advisors 14:03 Indispensable Partnerships 16:41 Public vs. Private Markets 19:14 Global Wealth Management 19:44 Regional Differences in Distribution 20:59 Focus on Specific Channels 23:15 Structural and Non-Structural Advantages in Distribution 27:32 Public and Private Market Strategies 27:43 Portfolio Solutions Group 27:57 Allocating to Private Markets 28:19 Balancing Third-Party and Own Products 28:43 Advisor's Role in Portfolio Construction 29:28 Challenges in Wealth Channel Distribution 29:36 SMA Business vs. Private Markets 30:14 Intricacies of Private Market Investments 30:35 Client Understanding and Implementation 31:09 Drawdown Structures and Client Needs 31:16 Perpetual Vehicles in Private Credit 31:53 Simplifying Private Fund Investments 33:00 Managing Capital Calls and Cash Flows 34:45 Evergreen Structures in Private Markets 35:10 Future of Private Market Investments 36:20 Technology and Structural Innovations 36:52 Blockchain and Distributed Ledger Technology 37:40 Adoption of New Technologies 38:29 Excitement About Private Markets 39:18 Generational Differences in Investment 40:11 Education and Intergenerational Wealth Transfer 41:23 Gamification and Investment Psychology 47:08 Advisor Education and Private Markets 48:49 Changing Perceptions of Private Markets 52:41 Conclusion and Final Thoughts…

Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets

1
DealsPlus' Venkat Subramaniam - building a single source of truth for private markets 39:37

7 weeks ago39:37

39:37

Welcome back to the Alt Goes Mainstream podcast. Today’s episode is with a founder who is building mission-critical software for private equity firms. I sat down in Citywire ’s London studio with Venkat Subramaniam , the Co-Founder of DealsPlus , to discuss why he has built a digital solution to streamline, digitize, and automate the management of complex holding and capital structures for private equity firms. Historically, private equity firms have relied on humans and manual processes to manage and track cap tables, transactions, and entities. This process has required significant human intervention and has often been rife with errors, making deals harder to consummate and transactions. Venkat has taken his 15 years of experience advising private equity managers on cross-border transactions, most recently as an Associate Partner at EY UK, to build DealsPlus to create a single source of truth for capital structures for private equity firms. DealsPlus works with a number of industry-leading private equity firms and is backed by a private equity firm with $38B in AUM. Venkat and I had a fascinating conversation about the challenges private equity firms face with managing and tracking transactions and portfolio companies. We discussed: Why it’s been so hard to create a cap table management solution for private equity. Why it's much harder to build software for private equity firms than venture capital firms. How private markets can move from the Excel Age to the Digital Age. How to build software that provides a single source of truth. The atomic unit of value in private markets. Building an end-to-end platform versus building a point solution. What’s next in post-investment ops tech innovation? Thanks Venkat for coming on the show to share your thoughts and wisdom on private markets tech. 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 01:59 Introducing Venkat Subramaniam and DealsPlus 03:57 Venkat's Career Journey 05:07 The Genesis of DealsPlus 05:09 Challenges in Transaction Management 06:25 The Lack of Uniformity in Private Equity Processes 06:54 The Impact of Technology on Private Equity 07:33 The Role of Cloud Computing 08:24 The Consumerization of Enterprise Software 09:04 Excel vs. Specialized Software 09:34 The Importance of Cap Table Management 10:04 Connecting Front Office and Back Office 10:30 Building Effective Software Solutions 13:24 Recurring Pain Points in Private Equity 14:47 The Complexity of Private Equity Cap Tables 15:44 Building a Platform for Private Equity 16:43 Stakeholder Management in Private Equity 18:50 Impact of Technology on Fund Operations 20:25 Integrating DealsPlus into Workflows 21:06 Best-in-Class Applications and Data Integration 23:33 The Impact of Fund Size on Complexity 25:42 Technology Adoption in Private Equity 27:09 Network Effects in Private Equity Technology 37:41 The Future of Private Markets Technology 39:14 Conclusion and Closing Remarks…

Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets

1
73 Strings' Yann Magnan - the opportunity for AI to automate private markets 45:18

8 weeks ago45:18

45:18

Welcome back to the Alt Goes Mainstream podcast. Today’s episode is with a founder who is building mission-critical valuation and portfolio monitoring software for alternative asset managers. We are joined by Yann Magnan , the Co-Founder and CEO of 73 Strings , to discuss how valuation work and portfolio monitoring is moving from manual to automated and why that’s so important for the industry. 73 Strings has leveraged AI and automation to more seamlessly and cost-effectively extract data, monitor portfolios, and streamline middle-office processes for valuations. 73 Strings works with a number of the industry’s top alternative asset managers and has received investment from Blackstone, Fidelity International Strategic Ventures, and Broadhaven Ventures, amongst others. Yann has brought his experience as a senior member of the Duff & Phelps team, where he was EMEA Market Leader and member of the Global Operating Committee and as a Partner at EY’s Transaction Advisory Services to help bring valuation and portfolio monitoring solutions into the mainstream. Yann and I had a fascinating conversation about how technology innovation is impacting private markets. We discussed: The challenges with manual valuation services businesses. How to create uniformity and standardization with private markets fund performance data. How AI is changing private markets post-investment reporting processes. Does automation in private markets help big funds or small funds more? The evolution of post-investment private markets market structure. The biggest technology innovation still missing from private markets. Why the growth of the wealth channel and evergreen funds increases the need for more streamlined reporting and valuation solutions. Thanks Yann for coming on the show to share your views and wisdom 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 Introduction and Sponsor Message 01:56 Welcome to Alt Goes Mainstream 02:05 Introducing Yann Magnan and 73 Strings 03:56 Yann's Background in Valuation Services 04:33 The Inefficiencies of Manual Valuation 05:20 The Genesis of 73 Strings 06:11 The Importance of Experience in Private Markets 06:24 Automating Valuation Processes 08:32 Challenges in Standardizing Valuation 09:13 The Role of Human Judgment in Valuation 10:24 AI's Potential in Valuation 11:10 Accountability in Automated Valuation 12:47 73 Strings' Data Handling and Partnerships 14:07 Standardizing Data Across Portfolios 15:44 Impact of Automation on Human Processes 17:02 Growth of the Wealth Channel and Evergreen Funds 17:59 Accelerating Need for Better Valuation Software 19:37 Challenges of High-Frequency Reporting 19:59 Technological Implications of Daily Valuation 20:31 Private Assets and Technology Infrastructure 20:44 Industry Resilience and Smart People 20:59 Forefront Firms and Blackstone Partnership 21:48 Valuation Process and Data Control 23:11 Extensibility to Other Asset Classes 24:12 73 Strings' Versatile Platform 25:13 Howard Marks on Asset Allocation 25:52 Atomic Unit of Value in Valuations 27:31 Data Sharing Across Business Units 30:24 Automation Benefits for Large and Small Firms 31:33 Building Technology for Large Firms 34:16 Trust and Experience in Client Relationships 35:09 Strategic Investors and Their Value 37:37 Industry Participation and Standardization 39:13 Maturity and Cost of Technology 40:22 Future of Data in Private Markets 41:39 Convergence of Private and Public Markets 42:11 Volatility and Transparency in Private Markets 43:14 Attracting Retail Investors 44:41 Conclusion and Final Thought…

Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets

1
Monthly Alts Pulse Ep. 14: Taking the pulse of private markets with iCapital Chairman & CEO Lawrence Calcano 21:33

10 weeks ago21:33

21:33

Welcome to the 14th episode of the Monthly Alts Pulse, a collaboration between iCapital x Alt Goes Mainstream. Here’s the latest episode of the Monthly Alts Pulse, a live conversation in studio with Lawrence Calcano , the Chairman & CEO of iCapital . As the leader of a platform with over $200B of assets that is responsible for the majority of individual and advisor-led investment flows into the alts space, Lawrence and iCapital have their finger on the pulse of what’s happening in private markets. On this episode, Lawrence and I had a fascinating and lively discussion. We covered: Has private markets moved from access as table stakes to customization and differentiation? What are the different phases of private markets — and how has iCapital built solutions for each? Is data the oil for private markets? How will model portfolios fit into the wealth channel’s adoption of private markets? If advisors now have access to private markets, how do they differentiate? How does the trend of OCIOs being acquired by wealth managers factor into the continued evolution of wealth channel adoption of private markets? The nuances of diligence on fund managers. Why do private markets “start and stop at the advisor’s desktop?” What's the interplay between brand, access, and customization? Thanks Lawrence for a great episode … looking forward to next month’s conversation! Show Notes 00:00 Introduction 00:23 Trends in Wealth Management: Customization and Differentiation 00:46 The Evolution of Private Markets Access 01:28 Building Bespoke Programs for Advisors 01:50 The Importance of Better Fit for Clients 02:26 Infrastructure and Customization in Wealth Channels 02:39 Phases of Evolution in Wealth Management 03:29 Expanding Product Access and Automation 03:49 Creating an Operating System for Wealth Management 04:30 The Role of Model Portfolios 04:56 The Role of Technology and Tools in Customization 05:21 Differentiation Through Custom Solutions 06:17 Understanding Customization in Wealth Markets 07:11 The Role of Diligence in Wealth Management 09:40 Reconciling Efficiency and Thoughtful Allocation 09:59 Advisors' Role in Customization and Differentiation 10:08 The Advisor's Role in Client Education 11:01 The Future of Secondary Markets and Evergreen Products 12:07 Tools for Advisors: Information and Fit 14:57 The Importance of Education and Technology 16:17 Product Innovation and Customization 19:23 Conclusion: Balancing Tensions in Wealth Management…

Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets

1
Investing with an Evergreen Lens Series with iCapital and Vista Equity Partners, KKR, Hamilton Lane: Ep. 3 - Hamilton Lane's Stephanie Davis 38:27

11 weeks ago38:27

38:27

Everyone is talking about evergreens. Alt Goes Mainstream has collaborated with iCapital and Co-Founder & Managing Partner, Head of Portfolio Management Nick Veronis to dive into the evergreen question with some of the leading practitioners in private markets. This three part series with industry experts from Vista Equity Partners, KKR, and Hamilton Lane shines a light on one of the fastest-growing areas in private markets and its impact on the wealth channel. The three part series features: Vista Equity Partners Managing Director, Global Head of Private Wealth Solutions Dan Parant . KKR Managing Director, Head of Americas, Global Wealth Solutions (GWS) Doug Krupa . Hamilton Lane Managing Director, Co-Head US Private Wealth Solutions Stephanie Davis . Please enjoy the third episode of the series as Nick and I talk with Hamilton Lane's Stephanie Davis. Show Notes 00:00 Introduction: Setting the Stage 00:17 Early Days in the Evergreen Space 00:33 Stephanie's Journey into Private Wealth 00:40 From Merrill Lynch to Hamilton Lane 01:15 The Evolution of Alternative Investments 02:09 Success in Early Evergreen Structures 02:23 Challenges and Innovations in Distribution 03:01 Nick's Perspective on the Evergreen Space 03:20 Hamilton Lane's Thought Leadership 03:50 The Importance of Private Companies 04:29 The Evolution of Evergreen Funds 05:11 Optimal Structures for Evergreen Funds 05:35 Target Audience and Distribution Strategies 06:25 Commitment to Evergreen Structures 06:50 Multi-Manager Approach and Diversification 07:18 Adoption of Private Capital by Advisors 07:49 The Role of Private Equity in Evergreen Funds 08:50 The Importance of Fee Efficiency 09:45 Educating Investors on Evergreen Structures 15:00 The Power of Compounding in Evergreen Funds 16:02 Institutional Interest in Evergreen Funds 21:54 The Role of Liquidity in Evergreen Investments 22:28 Educating Advisors and Clients 25:48 Challenges in Advisor Education 28:14 Allocation Strategies for Evergreen Funds 31:22 The Future of Evergreen Structures 31:36 3.0 in the Evergreen Space 34:07 Manager Selection in Private Markets 35:18 The Evolving Relationship of Public and Private Markets 36:03 Closing Thoughts and Key Takeaways 36:33 Disclaimer and Informational Purposes…

Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets

1
Investing with an Evergreen Lens Series with iCapital and Vista Equity Partners, KKR, Hamilton Lane: Ep. 2 - KKR's Doug Krupa 41:00

11 weeks ago41:00

41:00

Everyone is talking about evergreens. Alt Goes Mainstream has collaborated with iCapital and Co-Founder & Managing Partner, Head of Portfolio Management Nick Veronis to dive into the evergreen question with some of the leading practitioners in private markets. This three part series with industry experts from Vista Equity Partners, KKR, and Hamilton Lane shines a light on one of the fastest-growing areas in private markets and its impact on the wealth channel. The three part series features: Vista Equity Partners Managing Director, Global Head of Private Wealth Solutions Dan Parant . KKR Managing Director, Head of Americas, Global Wealth Solutions (GWS) Doug Krupa . Hamilton Lane Managing Director, Co-Head US Private Wealth Solutions Stephanie Davis . Please enjoy the second episode of the series as Nick and I talk with KKR's Doug Krupa. Show Notes 00:23 Doug's Background in Private Markets 01:18 Early Career as a Financial Advisor 01:55 Understanding Overfunded Pensions 02:47 Focus on Making Private Markets Accessible 03:12 Building Innovative Solutions at KKR 03:25 Evolution of Wealth and Asset Management 03:55 Challenges in Private Markets 05:05 Partnering with KKR 05:55 KKR's Commitment to the Wealth Channel 06:04 Innovations in Fund Structures 06:59 The Conglomerate Model 07:15 KKR's Approach to Wealth Channel 07:46 Expanding Access to Private Markets 08:34 Delivering the Same Investment Experience 09:36 Maslow's Hierarchy of Needs for Wealth Channel 09:59 Legislation and Access to Private Markets 12:56 Evergreen Structures vs. Conglomerate Model 17:37 Investor Behavior in Evergreen Structures 18:12 Adoption of Evergreen Strategies 21:24 Educating the Industry on Evergreen 22:55 The Shift from Public to Private Markets 24:00 KKR's Educational Initiatives 26:06 Rebranding Alternatives as Private Markets 28:53 Partnerships and Hybrid Solutions 29:04 Market Structure Evolutions 31:11 Future of Private Markets 32:32 Dominant Players in Private Markets 34:18 Rapid Adoption of Evergreen Strategies 34:59 Disruption in the Industry 35:18 Final Thoughts on Private Markets 38:58 Closing Remarks 39:06 Disclaimer and Legal Information 40:55 Copyright Information…

Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets

1
Investing with an Evergreen Lens Series with iCapital and Vista Equity Partners, KKR, Hamilton Lane: Ep. 1 - Vista Equity Partners' Dan Parant 43:45

11 weeks ago43:45

43:45

Everyone is talking about evergreens. Alt Goes Mainstream has collaborated with iCapital and Co-Founder & Managing Partner, Head of Portfolio Management Nick Veronis to dive into the evergreen question with some of the leading practitioners in private markets. This three part series with industry experts from Vista Equity Partners, KKR, and Hamilton Lane shines a light on one of the fastest-growing areas in private markets and its impact on the wealth channel. The three part series features: Vista Equity Partners Managing Director, Global Head of Private Wealth Solutions Dan Parant . KKR Managing Director, Head of Americas, Global Wealth Solutions (GWS) Doug Krupa . Hamilton Lane Managing Director, Co-Head US Private Wealth Solutions Stephanie Davis . Please enjoy the first episode of the series as Nick and I talk with Vista Equity Partners’ Dan Parant. Show Notes 00:19 Welcome and Guest Introduction 00:39 Vista's Founding and Early Days 02:05 Vista's Growth and Achievements 03:11 Dan's Background and Role at Vista 04:07 Enterprise Software Investment Thesis 05:11 The Resilience of Enterprise Software 07:11 The Private Market Advantage 07:25 Constructing Portfolios for Wealth Channels 08:13 The Shift from Public to Private Markets 09:52 Evergreen Funds and Their Benefits 11:06 Evergreen Strategies in Software Investing 12:01 Advantages of Evergreen Structures 13:09 The Role of Private Equity in Evergreen Funds 13:17 Private Companies Staying Private Longer 19:25 Vista's Approach to Different Company Sizes 20:28 Growth vs. Yield in Evergreen Strategies 21:11 The Importance of Scale in Evergreen Funds 24:24 Challenges of Managing Evergreen Structures 26:12 The Discipline of Manager Selection 28:41 Educating Investors on Evergreen Structures 30:08 Omnichannel Education Strategies 31:04 Product-Specific Education 32:00 Understanding Liquidity in Evergreen Funds 33:37 Structuring Liquidity Parameters 36:17 The Future of Evergreen Strategies 39:45 Closing Remarks and Final Thoughts 40:17 Legal & Compliance Information…

Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets

1
Going Public with Evercore's Glenn Schorr - Ep. 2 43:58

13 weeks ago43:58

43:58

Welcome back to Going Public with Evercore ’s Glenn Schorr . On the latest episode of Going Public, we drop the beat on F.R.E.A.M. Paying homage to Wu-Tang Clan’s song “C.R.E.A.M.” (“Cash rules everything around me”), Glenn discusses why “Fees rule everything around me” in asset management. We cover some of last quarter's most pressing topics in alternative asset management, including: How alternative asset managers balance fee generation with returns. Does major growth still lie ahead for alternative asset managers? Why “fees rule everything around me,” but so does alpha generation. Why does distribution (almost always) win in asset management? What’s the most valuable aspect of a publicly traded alts manager having a public currency? What is Glenn keeping his eye on for next quarter? 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 00:38 Meet Glenn Schorr 01:52 Wu-Tang Clan and Asset Management 02:40 F.R.E.A.M.: Fees Rule Everything Around Me 02:49 Public Investors and Revenue Streams 03:47 Balancing Fee Growth and Investment Returns 05:50 Talent Migration and Fee Justification 06:38 Migration to Private Markets 07:07 Deregulation and Its Impact 09:31 Structural Challenges for Banks 09:58 Growth in Alternative Asset Management 12:19 Wealth Channel and Private Markets 13:13 Private Equity Performance 15:37 Education Process for Investors 16:27 Perpetual Private Equity Products 17:35 Model Portfolios: The Next Frontier 21:00 Distribution and Asset Management 24:24 Corporate Strategy and Partnerships in Asset Management 27:10 Public vs. Private Firms 29:56 Acquisitions and Growth Strategies 31:09 Specialty Managers and Market Trends 33:12 Big TAMs and Investment Opportunities 36:15 Consolidation in the Industry 38:16 Surprises and Trends in the Quarter 39:44 Deployment and Investment Grade Private Credit 40:03 Credit Cycles and Market Concerns 41:15 Data Centers and AI Investments 41:54 Size and Scale in Asset Management 45:19 Bank and Asset Manager Partnerships 46:15 Looking Ahead: Thoughts on the Next Quarter 47:10 Conclusion and Final Thoughts Company Coverage and Disclosures Evercore ISI Glenn Schorr | Ticker | Company | 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. | 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. | OWL | Blue Owl Capital, Inc | Evercore ISI or an affiliate has acted as a manager or co-manager of a public offering of securities by Blue Owl Capital, Inc in the last 12 months. | Blue Owl Capital, Inc is a client of Evercore LLC, and Evercore LLC has provided investment banking services to Blue Owl Capital, Inc in the last 12 months. | Evercore ISI or an affiliate has received compensation from Blue Owl Capital, Inc for investment banking services in the last 12 months. | BSIG | BrightSphere Investment | C | Citigroup, Inc. | 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 Citigroup, Inc. | Glenn Schorr holds a long position in equity securities of Citigroup, Inc. | BEN | Franklin Resources, Inc. | Glenn Schorr holds a long position in equity securities of Franklin Resources, Inc. | GS | Goldman Sachs Group Inc. | IVZ | Invesco Ltd. | JPM | JPMorgan Chase & Co. | Glenn Schorr holds a long position in equity securities of JPMorgan Chase & Co. | KKR | KKR & Co. Inc. | KKR & Co. Inc. is a client of Evercore LLC, and Evercore LLC has provided investment banking services to KKR & Co. Inc. in the last 12 months. | Evercore ISI or an affiliate has received comp...…

Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets

1
Balderton's Rana Yared - a masterclass on building global companies out of Europe 50:31

15 weeks ago50:31

50:31

Welcome back to the Alt Goes Mainstream podcast. Today’s guest is an expert in financial services and capital markets who has experience as both a strategic investor and a VC. We welcome Rana Yared , a General Partner at Balderton , where she co-leads their Growth Fund. She came to Balderton in 2020 from across the pond, where she was a Partner at Goldman Sachs, first in the Principal Strategic Investments Group, a balance sheet investing team, and later in GS Growth, when the group became part of the GS Growth efforts that began to take in outside LP capital. At Goldman, Rana oversaw investments in Financial Technology and Enterprise Technology as well as the commercialization of Goldman’s technology assets in both NYC and London. She represented Goldman on the boards of Tradeweb, NAV, Vestwell, New York Shipping Exchange, and Swapclear @ LCH. She currently serves on the board of Tradeweb in an independent capacity. Coming off of a fundraise of $1.3B in new capital across early and growth stage funds at Balderton, Rana and I discussed what LPs were interested in and why Europe is a compelling investment ecosystem. We had a fascinating discussion about: Revolutionary and evolutionary innovations in financial services and private markets, including the likes of iCapital, Tradeweb, Revolut. Why global tech companies can be built in Europe, with Revolut, a Balderton portfolio company, as an example. Why London and Europe are compelling fintech and financial services ecosystems. How LPs should look at the European investment opportunity. Differences and benefits / drawbacks of being a strategic / permanent capital investor versus being an independent VC fund. The importance of being a risk manager in venture. Thanks Rana for coming on the show to share your wisdom and views on Europe, venture, 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 Introduction and Ultimus Sponsor Message 01:59 Introducing Balderton Capital Partner, Rana Yared 04:16 Rana's Journey from Goldman Sachs to Balderton 04:25 Transition from Investment Banking to VC 06:26 Insights on Financial Services and Market Structure 06:37 Investing in Market Structure 09:05 Disruptive vs. Evolutionary Innovations in Fintech 12:53 Partnering with Incumbents 14:31 The Importance of Durability and Product Velocity 18:11 Strategic Investing vs. Venture Capital 21:21 Investing in the European Ecosystem 27:06 The Exciting Potential of Revolut and European FinTech 27:21 FinTech Giants in Germany 27:54 European Companies' International Advantage 28:55 Investor's Perspective on European Expansion 29:48 The Role of Venture Capital in Europe 29:22 Challenges and Strategies for European Investors 30:20 The Importance of Local Presence 30:55 The Future of European Ecosystems 31:28 US VCs Entering Europe 32:15 Bridging the Talent Gap 34:02 Mentorship and Expertise 35:52 The Role of LPs and European Investment Opportunities 37:23 Challenges for European Pensions and Endowments 38:49 Innovations in Fund Structures 41:27 The Impact of Governmental Participation in Venture 42:22 Exciting Opportunities in European Venture 43:10 FinTech's Massive Potential 43:59 Europe's Unique Financial Services Advantages 44:53 Geopolitical Concerns for Investors 45:51 Lessons from War Studies Applied to Investing 47:11 The Future of Retirement Investments in Europe 49:13 The Importance of Patience in Investing…

Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets

1
Churchill Asset Management's Alona Gornick - the evolution of private credit, the power of permanent capital, and the importance of the product specialist 54:51

16 weeks ago54:51

54:51

Welcome back to the Alt Goes Mainstream podcast. Today’s episode is with someone who has experienced the growth and evolution of the credit space from different vantage points. We welcome Alona Gornick , a Managing Director, Senior Investment Strategist, and Co-Head of the Chicago Office for Churchill Asset Management , a firm with $50B committed capital that is a provider of financing solutions to middle market private equity firms and their portfolio companies. Churchill is an investment-specialist affiliate of Nuveen, the asset manager of TIAA. Alona provides investment insights across the private capital spectrum to the investment community – and has a particular focus on working with the Private Wealth and Retail channels. She works closely with Nuveen’s global distribution team to deepen relationships with and educate Churchill’s investors and partners. Alona leverages her experience in capital markets, investor relations, and credit investing from working at the likes of Nuveen, Golden Gate Capital, and Oaktree Capital Management. Alona and I had a fascinating conversation. We discussed: The evolution of credit investing. The opportunities and risks in private credit. Are we in a private credit bubble? Why the product specialist role is critical for working with the wealth channel. The power of scale, particularly in private credit, and how it helps alternative asset managers win deals and invest. The strategic benefit of platforms and permanent capital. Thanks Alona for coming on the show to share your views and wisdom on 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 Introduction to Ultimus Fund Solutions 01:18 Welcome to the Podcast 02:00 Guest Introduction: Alona Gornick 03:45 Alona's Career Path and Experience 06:59 Growth of Middle Market Direct Lending 07:41 Changes in the Credit Landscape 10:21 The Importance of Size and Scale in Private Credit 13:27 Deal Structuring and Market Evolution 14:46 Impact of High Rate Environment 16:06 Private Credit Returns and Underwriting 20:53 Investor Questions and Market Insights 21:24 Educating Investors on Private Credit 23:43 Private Credit in Wealth Portfolios 24:09 Diversification Benefits of Private Credit 24:24 Yield Premium in Private Credit 26:40 Private Credit vs. Private Equity 27:06 Exploring Private Equity and Private Debt 27:24 Transitioning from Public to Private Credit 27:49 The Role of a Product Specialist 28:09 Balancing Risks and Benefits 28:49 Relating to Advisors with Real Examples 29:40 The Importance of Education in Allocation 30:25 Diverse Viewpoints on Alternative Asset Managers 31:48 Challenges in Access to Capital 33:26 The Significance of Hiring Quality People 34:12 Non-Traditional Backgrounds in Specialist Roles 36:29 Patience and Commitment in Educating Investors 39:13 The Hardest Part of Educating the Wealth Channel 40:47 The Role of Structure in Education 44:21 Concerns About the Future of Private Credit 47:00 The Growth Potential of Private Credit 49:38 The Most Interesting Alternative Investment 50:15 The Opportunity in Private Equity Secondaries 52:47 Private Credit Secondaries: A Nascent Space 54:17 Primary and Secondary Considerations in Credit 54:34 Conclusion and Final Thoughts…

Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets

1
What's Your Edge?: StepStone Private Wealth's Bob Long 57:59

17 weeks ago57:59

57:59

Today marks the launch of a new show on Alt Goes Mainstream: What’s Your Edge? Every person, every company, every fund has something that makes them special. Makes them stand out from the crowd. Gives them an unfair advantage. Tips the scales in favor of success. In this episode, I ask our special guest, Bob Long, “What’s Your Edge?” Bob Long is CEO of StepStone Group ’s Stepstone Private Wealth . He has three decades of experience in the private markets and has led investment teams for global firms in both the general partner and the limited partner role. He has served as the CEO of two publicly-traded companies focused on expanding private market access for high net worth investors. Prior to StepStone Private Wealth, Bob was the CEO of OHA Investment Corporation, a publicly-traded specialty finance company. Previously, he co-founded Conversus Capital, the largest publicly traded fund of third-party private equity funds with $3 billion of AUM and served as its CEO. Previously, he led Bank of America’s $7 billion strategic capital division. Early in his career, Bob served as the lead in-house counsel for a large portion of Bank of America’s Investment Banking Division and worked as a securities lawyer for a major law firm. A recognized industry leader, Bob was named one of 50 “GameChangers” by Private Equity International, has been profiled in the WSJ, and hosted CNBC Squawk Box Europe on numerous occasions. On today’s podcast, Bob and I discuss the nuances of evergreen funds and the unique features and offerings of StepStone Private Wealth’s evergreen strategies. Thanks Bob for coming on the show to share your wisdom, experience, and your edge. Show Notes 00:00 Introduction 00:38 Welcome to What's Your Edge? 01:01 Meet StepStone Private Wealth CEO Bob Long: A Leader in Private Markets 03:09 Lessons from Public Markets 04:34 Evergreen Fund Structure 05:27 Benefits of Evergreen Funds 06:25 Immediate Investment Advantage 07:20 Evergreen Funds and Financial Advisors 07:35 Evergreen Fund Liquidity 08:04 StepStone's Approach to Evergreen Funds 09:09 StepStone's Strategy and Structure 09:32 Balancing Inflows and Outflows 10:34 Importance of Deal Flow 11:04 Balancing Liquidity and Returns 11:56 StepStone's Competitive Advantage 13:52 Portfolio Construction 14:57 Diversification in Private Markets 16:06 Evergreen Fund Structures 19:44 Liquidity in Private Markets 27:57 Key Takeaways for Investors 29:53 Operational Due Diligence Essentials 30:13 Key Questions for Evergreen Fund Structures 30:36 Understanding Fee Structures 30:42 Management Fees and Leverage 31:33 Incentive Fees Explained 32:19 Administrative Costs and Transparency 32:34 Fee Compression in Evergreen Funds 34:11 Portfolio Construction Strategies 34:24 Investing in Secondaries 37:10 Psychology of Allocators 38:04 Accessibility and Minimum Investments 38:43 Investor Profiles and Strategies 40:36 Transparency and Performance 41:40 Rebalancing and Evergreen Funds 43:10 Model Portfolios and Private Markets 45:19 StepStone's Investor-Centric Approach 46:15 StepStone's Competitive Edge 48:31 Growth of Secondaries and Private Markets 51:37 Future Trends in Private Markets 55:30 Philanthropy and Purposeful Stewardship…

Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets

1
Ritholtz Wealth Management's Ben Carlson - bringing a wealth of common sense to asset allocation 52:13

18 weeks ago52:13

52:13

Welcome back to the Alt Goes Mainstream podcast. Today’s show features a guest who brings a wealth of common sense to wealth management and asset allocation. We talk with Ben Carlson , the Director of Institutional Asset Management at Ritholtz Wealth Management , a $5B AUM wealth management firm. He’s managed institutional portfolios for his entire career. He started out with an institutional investment consulting firm, where he deployed portfolio strategies and created investment plans for foundations, endowments, pensions, hospitals, insurance companies, and HNW individuals. More recently, he was part of the portfolio management team for an investment office that managed a large endowment fund for a charitable organization. Ben is a student of markets and asset allocation, which is clear from the knowledge he shares daily and weekly with his blog, A Wealth of Common Sense , and his podcast Animal Spirits with Michael Batnick and Ben Carlson . He’s also authored four books about saving, investing, and money. He was named to the Investment News 40 Under 40 list of top financial advisors in 2017. Ben and I had a fascinating conversation about the adoption of alternatives in the wealth channel and the whys and hows of asset allocation. We discussed: Why asset allocation is the most important aspect of an investment plan. The question of whether or not investors now have too much choice? Why Ben documents every investment decision he makes. The benefits of private markets and the pitfalls of private markets. His biggest lesson learned in investing. Why crypto has helped younger investors become more comfortable with volatility (for better or worse). The future of wealth management and what won’t change about the advisor / client relationship. The power of content creation and how it helps him approach investing. Thanks Ben for coming on the show to share your wisdom and experience in investing and asset allocation. 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 Sponsor: Introduction to Ultimus Fund Solutions 01:56 Meet Ben Carlson: Wealth Management Expert 02:17 Ben Carlson's Career Journey 02:55 Insights on Asset Allocation 03:11 The Importance of Documenting Investment Decisions 03:14 Private Markets: Benefits and Pitfalls 04:34 Early Career Lessons 04:58 Asset Allocation Strategies 06:06 Navigating Investment Choices 07:10 The Complexity of Investment Strategies 09:46 Institutional vs. Wealth Management 10:19 Communication in Institutional Investing 12:35 The 60/40 Portfolio Debate 23:20 Advisors and Alternatives 27:17 Thresholds for Investing 27:48 Differentiating Through Culture 28:41 Defining and Evaluating Culture 29:20 Transparency and Client Relationships 29:57 Partnering with the Right Clients 30:19 Qualitative Manager Selection 31:53 Content Creation and Transparency 34:22 Building a Brand from Scratch 37:49 Advice for Young Advisors 39:31 Compounding in Private Markets 40:06 Behavioral Benefits of Private Markets 41:17 Excitement in Private Markets 41:56 Evolving Fund Structures 42:28 Defining Alternatives 43:48 Younger Investors and Volatility 46:55 Future of Wealth Management 47:53 Private Equity in Wealth Management 48:58 Favorite Alternative Investments 51:44 Conclusion and Final Thoughts…

Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets

1
Blue Owl GP Strategic Capital's Sean Ward - transforming GP stakes into an industry 1:06:27

19 weeks ago1:06:27

1:06:27

Welcome back to the Alt Goes Mainstream podcast. Today’s podcast illustrates just how far private markets have come. We dive into the world of GP stakes with Sean Ward , Senior Managing Director from Blue Owl’s GP Strategic Capital Platform, where he was a founding partner and is responsible for helping to oversee the firm that has done the lion’s share of GP stakes investing. Blue Owl’s GP Strategic Capital business, which started out as Dyal Capital Partners, has accounted for over 61% of the total capital raised in the GP stakes space, closing on over $33.3B across their 7 funds and managing $57.8B AUM. They’ve taken minority ownership stakes in many of the industry’s leading alternative asset managers, accounting for 85%+ of all GP stakes deals $600M or greater in size. Sean is a Senior Managing Director of Blue Owl Capital, Inc. and a member of the firm’s Board of Directors. He also serves as a member of the GP Strategic Capital Investment Team. Prior to joining Dyal Capital Partners, the predecessor firm to Blue Owl’s GP Strategic Capital platform, Sean was a Vice President at Lehman Brothers and held several roles at Neuberger Berman after it became an independent firm, including Senior Counsel for Neuberger’s alternatives business. Sean was also a lawyer at Covington & Burling LLP and Davis Polk & Wardwell LLP. Sean and I had a fascinating conversation about the evolution of private markets through the parallel evolution of the GP stakes space. We discussed: The early days of the GP stakes industry. What it was like to convince GPs and LPs why stakes made sense. How the $1B GP commitment by Bain Capital in their fund post-GFC really opened everyone’s eyes to the need to tap into financing as firms grew their fund size and their business. A “cash in” rather than a “cash out.” Why GP stakes investing is mainly about positive selection since managers are choosing to sell a stake in their business. How alternative asset management has evolved as a business. How GP stakes investments have elements of bond-like coupons from cashflows due to management fees and option value from the upside of carry. Why GP stakes investments are “the most diversified single line item investment one can make in private markets.” Where allocators bucket GP stakes investments. What makes a great GP stakes investor. The power of permanent capital. The different paths to liquidity in GP stakes investments. Thanks Sean for coming on the show to share your views and wisdom on 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 Introduction and Sponsor Message 01:17 Podcast Opening and Theme 02:00 Guest Introduction: Sean Ward from Blue Owl GP Strategic Capital 04:21 Sean Ward's Career Journey 05:14 The Evolution of GP Stakes Investing 06:23 The Start of GP Stakes at Blue Owl 06:57 Raising the First Fund 07:09 The Growth of Blue Owl's GP Stakes 07:31 The Importance of Legal Background in GP Stakes 09:48 Convincing LPs and GPs 11:14 The Importance of GP Commitments 15:23 Strategic Value Beyond Capital 24:45 Succession Planning in Private Equity 26:02 Impact of Market Conditions on GP Stakes 29:26 Underwriting and Returns in GP Stakes 36:33 Cash Flow and Diversification in GP Stakes Investments 37:48 Understanding the Trade-offs in GP Stakes Investing 38:35 Narrow Distribution of Potential Outcomes 40:09 The Importance of Diverse Professional Backgrounds 40:45 Collaborative Partnerships in GP Stakes 41:34 Traits of a Great Alternative Asset Manager 43:49 The Next Frontier: Private Wealth 45:13 Middle Market Strategy and Partnerships 49:34 The Evolution and Future of Private Markets 53:19 Liquidity in GP Stakes Investments 58:26 The Power of Permanent Capital 01:00:28 Is GP Stakes Better Than SaaS? 01:02:43 Exemplary Models for Growth in Asset Management 01:05:47 Conclusion and Final Thoughts…

Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets

1
HGGC's Steve Young & True North Advisors' Scott Wood - "the score takes care of itself" on the field and in investing 56:46

20 weeks ago56:46

56:46

Welcome back to the Alt Goes Mainstream podcast. Today’s episode welcomes two elite performers in Steve Young of HGGC and Scott Wood of True North Advisors , where they talk about how they formed a partnership based on shared values. Steve’s private equity firm, $7B AUM HGGC, took a minority stake in Scott’s independent wealth management firm, $3.9B AUM True North Advisors, as part of their broader wealth management investment thesis. After an illustrious 15 year Hall of Fame career as a three-time Super Bowl winning quarterback of the San Francisco 49ers, Steve embarked on second act to found HGGC that has rivaled his career on the field. Over the past 17 years, HGGC has grown to a $7B private equity firm that has completed 600 portfolio investments. After working on Wall Street where clients were not being fiduciarily served, Scott's journey as a registered independent advisor started in 2000, when he and his partner Mark Gehlbach decided to pioneer the fee-only model to eliminate conflicts of interest in the client advisor relationship. The foundation they built has led to the growth of a firm that now stands at over 3.9B in AUM, with a large portion of that capital, $812M allocated to alternatives. Steve, Scott, and I had a fascinating conversation about how they’ve built their respective investment firms, the importance of values and culture, and how they create abundant, fulfilling relationships. We discussed: Why “the score takes care of itself.” How and why defining the relationship up front is key in advisor M&A. How to assess culture fit when merging or acquiring advisors and wealth management firms. The importance of alternatives for better serving the client in an advisor’s practice. The concept of “decading” and why long-term thinking is critical in business and life. Thanks Steve and Scott for sharing your thoughts and decades of wisdom on business building, investing, and partnership. 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 01:17 Welcome to the Podcast 01:59 Meet the Guests: Steve Young and Scott Wood 02:22 Steve Young's Journey from the NFL to Private Equity 06:13 Scott Wood's Path to Founding True North Advisors 09:13 Building a Scalable and Collaborative Wealth Management Firm 12:22 Need for a Partner 12:57 Choosing HGGC: The Importance of Culture and Values in Business 13:30 HGGC's Investment Philosophy 15:03 Cultural Alignment in Partnerships 22:25 Evaluating Cultural Fit in Partnerships 22:40 Evaluating Cultural Fit 27:12 Governance and Day Two Operations 27:53 Commitment to Cultural Integrity 28:19 Navigating Cultural Fit in Wealth Management 28:55 Wealth Management Growth and Consolidation 29:40 The Role of Private Equity in Wealth Management 30:03 Changing Wealth Management Engagement 31:07 Challenges and Opportunities in Wealth Management Consolidation 32:22 True North's Unique Business Model 33:01 The Impact of Private Equity on Wealth Management 34:42 Exit Strategies and Long-Term Vision 39:39 Building an Alternatives Platform 40:31 Decading: Long-Term Thinking 40:53 Evolution of Alternatives Strategy 45:13 Simplifying Complex Investments 46:37 Fee Structures and Client Alignment 47:24 M&A Opportunities and Relationships 48:37 Mentorship and Professional Relationships 52:56 Future of Alternative Investments 55:56 Closing Thoughts and Reflections…

Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets

1
Going Public Ep. 1 with Evercore's Glenn Schorr 54:30

21 weeks ago54:30

54:30

Today marks the launch of a new show on Alt Goes Mainstream: Going Public with Evercore ’s Glenn Schorr . 17 years ago, there wasn’t a single alternative asset manager that was part of the public markets. Today, not only are a number of the industry’s largest firms public, but in 2024, the industry’s largest alternative asset manager, Blackstone, entered the S&P 500. Understanding the inner workings, strategic moves, and financial performance of the industry’s largest players can help to explain many of the trends that are making alternatives become mainstream and these firms become mainstays in the financial services ecosystem. Going Public will make private markets more public with expert analysis. 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 00:38 Introduction to the Going Public Series and award-winning Wall Street Analyst, Glenn Schorr 01:54 Glenn's Career Journey 03:08 The Early Days of Alts Managers Going Public 03:26 Skepticism and Challenges in Going Public 04:06 Investor Skepticism and Challenges 07:00 Transformation and Tipping Points 09:03 Structural Tailwinds and Market Trends 10:57 The Decision to Go Public vs. Staying Private 12:39 Ambition and Vision in Asset Management 14:51 The Distribution vs. Manufacturing Debate 17:03 Lessons from Traditional Asset Management 18:55 Discipline and Growth in the Alts Market 20:03 The Future of Public and Private Markets 20:50 The Role of Distribution in Asset Management 21:59 Success Stories and Acquisition Strategies 23:02 Manufacturing Competency vs. Acquisitions 24:40 The Rise of Private Markets 26:07 How Alternative Managers Make Money 27:02 Valuation Factors for Alternative Managers 28:44 Profitability and Margins in Asset Management 29:23 Building a Business: Costs and Competitive Advantages 29:50 The Moat of Success in Business 30:15 Challenges for Traditional Asset Managers 30:56 The Importance of Vision and Technology 31:22 Scaling a Business with Proven Success 31:40 Insurance Asset Management: Strategic Moves and Structural Advantages 32:17 Structural Advantages in Asset Management 33:05 The Rise of Private Credit Managers 34:43 The Impact of Interest Rates on Private Credit Managers 35:32 Navigating Rate Sensitivity in Capital Markets 38:25 Deployment and Monetization in Asset Management 39:08 The Challenge of Dry Powder in Private Equity 41:14 The Role of Deployment in Investment Success 41:46 The Resilience of Publicly Traded Alts Managers 43:26 Spotlight on Blackstone's Growth and Innovation 46:38 KKR's Global Expansion and Innovation 48:41 Apollo's Market Leadership and Challenges 50:11 Blue Owl's Strategic Investments and Challenges 53:56 TPG's Public Transition and Growth 55:11 Carlyle’s Progress and Future Challenges 56:11 Looking Ahead: Key Trends and Expectations Disclosures Evercore ISI Glenn Schorr Company Coverage and Disclosures Ticker Company 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. Glenn Schorr holds a long position in equity securities of Bank of New York Mellon Corp. BLK BlackRock, Inc. 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 re 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. OWL Blue Owl Capital, Inc. Evercore ISI or an afﬁliate has acted as a manager or co-manager of a public offering of securities by Blue Owl Capital, Inc in the last 12 months. Blue Owl Capital, Inc is a client of Evercore LLC, and Evercore LLC has provided investment banking services to Blue Owl Capital, Inc in the last 12 months. Evercore ISI or an afﬁliate has received compensation from Blue Owl Capital, Inc for investment banking services in the last 12 months. BSIG BrightSphere Investment C Citigroup, Inc. 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 re advisory board member of Citigroup, Inc. Glenn Schorr holds a long position in equity securities of Citigroup, Inc. BEN Franklin Resources, Inc. Glenn Schorr holds a long position in equity securities of Franklin Resources, Inc. GS Goldman Sachs Group Inc. IVZ Invesco Ltd. JPM &nb...…

Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets

1
Monthly Alts Pulse Ep. 12: Taking the pulse of private markets and the future of AI and automation in private markets with Eileen Duff, Managing Partner & Chief Client Success Officer at iCapital 26:15

21 weeks ago26:15

26:15

Welcome to the 12th episode of the Monthly Alts Pulse, a collaboration between iCapital x Alt Goes Mainstream. This month’s episode features one of iCapital ’s senior executives, Eileen Duff , Managing Partner & Chief Client Success Officer, and a private markets veteran who was Head of Alternative Investments, North America for Credit Suisse for a number of years. At iCapital, she oversees Investor Relations, Enterprise Integration, and Client Operations teams to optimize the client experience. Eileen has had a number of senior and instrumental roles at iCapital. She's also a member of iCapital's Operating Committee. She was previously Head of Fund Management & Research for iCapital, where she was responsible for origination and development of new investment products and lifecycle management of existing offerings. She also led Distribution for iCapital, leading the sales and relationship management function after joining from Credit Suisse. iCapital , as the leading platform that is responsible for the majority of individual and advisor-led investment flows into the alts space, has its finger on the pulse of what’s happening in private markets. Eileen and I had a fascinating and lively discussion about how technology innovation, and AI and automation in particular, are revolutionizing alternative investments and how technology can drive growth and operational efficiency. We covered: How and why alternatives distribution has evolved. The importance of meeting clients where they are. The evolution of wealth channel strategies. How much does structure matter? When and why Eileen saw registered funds as a major driver of the future growth of private markets well before they became mainstream. The impact of registered and evergreen funds on operations and fund administration. Where will the biggest efficiencies come from in the automation of post-investment processes? How AI and automation will enhance operational efficiency? Thanks Eileen for a great episode … looking forward to next month’s Monthly Alts Pulse conversation!…

Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets

1
Cantilever Group's Todd Owens - the untapped opportunity in GP stakes 48:32

23 weeks ago48:32

48:32

Welcome back to the Alt Goes Mainstream podcast. Today’s podcast dives into the continued innovation in the GP stakes space with someone who has advised some of the industry’s largest firms on their businesses and going public. We are joined by Todd Owens , the Co-Founder and Managing Partner of Cantilever Group . Cantilever is an independent firm focused on providing capital solutions to middle market asset managers. Their capital can be used to accelerate growth, support acquisitions or liftouts, fund GP commitments, seed new strategies, facilitate generational ownership transfer, and provide liquidity to founders. They focus on businesses that have enterprise values between $50mm and $500mm. The team has executed on over $500M of GP stake, financing, and seeding transactions as both investors and principals. Their advisory experience working with stakes funds includes over 15 GP stakes transactions, multiple GP stakes portfolio financings, numerous GP and BDC IPOs, and dozens of asset management financing and control transactions. Cantilever is working with two strategic partners as they build their firm: BTG Pactual, the near $30B market cap Brazilian bank and wealth and asset manager has committed 9 figures into Cantilever’s fund, and Broadhaven Ventures, the venture capital arm of Broadhaven Capital Partners. Todd has over 30 years of experience as an advisor covering financial institutions and as a senior financial services executive. Prior to founding Cantilever, Todd has been a partner at Broadhaven Capital Partners, an independent financial services focused investment bank that’s completed over $90B in announced M&A transaction volume, as well as the former CEO of Fifth Street Finance. Todd began his career at Goldman, Sachs & Co, spending 24 years including as a Managing Director and Partner in the Investment Banking Division. Todd and I had a fascinating discussion about how funds are becoming firms and why there’s an investment opportunity around that transformation. We discussed: The evolution of alternative asset managers from Todd’s perspective as a banker to many alternative asset managers. Why GP stakes has become a solution for alternative asset managers. Why and how alternative asset managers are businesses and why it can make sense for them to take investment to grow. The benefits of GP stakes for investors and why the growing AUM of private markets means investors could benefit from exposure to GP ownership. The risks and challenges with GP stakes as an investment strategy. Why the middle market is an underserved and attractive segment in alternative asset management. What the currency of consolidation will look like in alternative asset management. What it means to grow and evolve a business as an alternative asset manager. Thanks Todd for coming on the show to share your wisdom and experience on the evolution of asset management from your 30 years in the industry. 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 01:59 Introduction to Todd Owens and Cantilever Group 03:10 Todd Owens' Career Background 04:39 Early Days of Alternative Asset Management 08:28 Challenges and Opportunities in Alternative Asset Management 10:00 Cantilever's Focus on the Middle Market 11:35 Investment Opportunities in the Middle Market 13:50 Identifying and Investing in Promising Managers 16:24 Insights from Working with Founders 18:42 Sizing Up the Middle Market Opportunity 19:49 Sourcing and Structuring Investments 21:16 Offering Diverse Financial Solutions 23:15 Evaluating and Picking the Right Managers 25:54 Identifying Investment Opportunities 26:16 Winning Deals: Strategies and Insights 26:51 Providing Strategic Capital and Advisory 27:58 Focusing on Growth and Diversification 29:18 Underwriting and Growth Expectations 31:15 Exit Strategies and Market Dynamics 33:13 Diversification and Portfolio Construction 34:29 Revenue Streams and Valuation 35:54 Cantilever's Market Edge 37:33 Strategic Partnerships and Support 39:01 Founders' Perspective and Industry Insights 41:01 Cantilever's Unique Value Proposition 42:40 Leadership and Influences 43:34 Concerns and Challenges 46:05 Reflections and Future Outlook…

Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets

1
Intapp's Ben Harrison - using data and automation to transform private markets 1:00:58

24 weeks ago1:00:58

1:00:58

Welcome back to the Alt Goes Mainstream podcast. Today’s episode is a special show with Ben Harrison , the Co-Founder of DealCloud , which is now part of Intapp , where he is President, Industries. Ben is a former banker and private equity professional at Falfurrias Capital Partners who went on to co-found DealCloud to make the process of managing deals and relationships for alternative asset managers and related industry service providers more streamlined and seamless. Ben and team have done just that at Intapp DealCloud . They’ve built a unified deal and relationship management software business that is more than just a CRM. They’ve integrated a CRM function with business development, marketing, pipeline, deal management, fundraising, and investor relations features into a single platforms to enable firms in private markets to better run their day to day processes. They have a roster of over 2,500 customers, which includes many of the industry’s leading alternative asset managers. Ben and I had a fascinating conversation about the evolution of enterprise software that serves private markets and why it’s such a large and growing opportunity, which was shared through the lens of an experienced and successful operator in this space who has grown his business to hundreds of millions in ARR that both alternative asset managers and founders and operators in private markets software will find interesting. We discussed: Why scale matters in enterprise software just like it does in alternative asset management. The strategic question of building a comprehensive end-to-end software solution versus building a point solution. What are alternative asset managers looking for when building or buying software solutions for their business? How are alternative asset managers thinking about data and tech differently? Why and how the TAM for software solutions for private markets is growing in lockstep with AUM industry growth. How data helps investors make better decisions. Where AI can help automate processes for alternative asset managers. Is AI over- or under-hyped? Thanks Ben for sharing your thoughts and wisdom of building an industry-leading software company for private markets and for Intapp and DealCloud’s partnership with Alt Goes Mainstream. We hope you enjoy. Show Notes 00:00 Introduction and Background 03:54 Building Industry-Specific Software Solutions 08:02 Strategic Approach: Point Solutions vs. End-to-End Solutions 13:11 Evolution of Alternative Asset Management and its Impact on Software Solutions 16:24 Benefits of Technology for Large and Small Firms 19:11 Building Software for Large Managers vs. Small Managers 23:10 Technology's Impact on Firms' Efficiency and Productivity 25:49 The Role of Technology in Professional Development 28:24 Key Features and Benefits of DealCloud's Software Platform 32:00 The Future of Technology in the Alternative Asset Management Industry 35:49 Unlocking the Potential of Technology 38:46 The Shift Towards a User-Friendly and Automated User Experience 45:18 The Importance of Data-Driven Decision-Making 52:21 Growth Opportunities in the Private Markets Industry 01:04:16 The Role of AI in Enhancing Software Capabilities…

Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets

1
T. Rowe Price's Cheri Belski - how a $1.59T asset manager is approaching private markets: AGM x Pangea Private Markets Live Podcast 26:45

25 weeks ago26:45

26:45

Welcome back to the Alt Goes Mainstream podcast. Recently, AGM partnered with Pangea to bring together a group of executives in private markets and wealth management in London for a live AGM podcast featuring Cheri Belski of T. Rowe Price , one of the largest asset managers in the world with over $1.59T AUM. Cheri is the Global Head of Product at T. Rowe Price, where she's responsible for setting the vision for T. Rowe Price's product development and their strategy in private markets. Cheri also chairs the Product Strategy Committee and is a member of the Investment Management Steering Committee. She is also a vice president of T. Rowe Price Group, Inc., T. Rowe Price Investment Services, Inc., and T. Rowe Price Associates, Inc. Cheri has been with T. Rowe Price since 1997. Cheri and I had a wide-ranging conversation on private markets. We discussed: Why did T. Rowe Price look to add alternatives offerings? How traditional asset managers have approached adding private markets capabilities. Why T. Rowe Price acquired Oak Hill Advisors. Build, buy, or partner to add alternatives? Who will win the distribution battle in the wealth channel — traditional asset managers or alternative asset managers? Opportunities and challenges with product construction and innovation for the wealth channel. What the future holds for private markets. Please enjoy this fascinating conversation with Cheri. Thanks Cheri for sharing your wisdom and experience. We hope you enjoy. Show Notes 00:00 Introduction: Going Mainstream 00:40 Welcome to Alt Goes Mainstream Podcast 00:43 Live Podcast in London with Cheri Belski 00:54 Cheri Belski's Role at T. Rowe Price 01:19 Discussion on Private Markets and Traditional Asset Managers 01:37 Podcast Begins: Marylanders in London 01:59 Host Introduction: Michael Sidgmore 02:31 T. Rowe Price's Venture into Alternatives 04:35 Why T. Rowe Price is Entering Alts 05:46 Building, Buying, or Partnering in Alts 07:09 Acquisition of Oak Hill Advisors 07:13 Integration Challenges and Successes 12:06 Brand Strategy in Alternatives 14:36 Distribution Strategies for Alts 16:20 Traditional vs. Alternative Asset Managers 19:36 Challenges and Opportunities in Private Markets 19:41 Advisor Relationships and Education 22:29 Product Construction and Client Needs 24:36 Challenges in Private Markets 25:44 Future of Alternative Investments 26:20 Conclusion and Farewell…

Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets

1
Bernstein Private Wealth Management's Alex Chaloff - how the CIO of a $125B wealth manager navigates private markets 1:00:55

26 weeks ago1:00:55

1:00:55

Welcome back to the Alt Goes Mainstream podcast. Today’s episode is with Alex Chaloff , the CIO of a large and sophisticated private wealth management firm that is very active in private markets. Alex is Chief Investment Officer of Bernstein ’s $125B+ private wealth management unit within $725B AUM AllianceBernstein. He was previously the Head of Alternative Asset Strategies. Prior to joining Bernstein in 2005, he was a MD for Wilshire Associates, serving on the firm’s investment committee. Prior to that, he worked in fund accounting operations at a global custodian in Boston. Alex and I had a fascinating conversation about: How to approach private markets asset allocation. Why he’s doing the job that he always wanted to do. How to think about portfolio construction. The importance of patience. The questions about liquidity. Why structure matters. Thanks Alex for coming on the show to share your wisdom and views. 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 Theme Song 01:35 Welcome to the Podcast 01:59 Introducing Alex Chaloff 03:01 Alex Chaloff's Career Jurney 03:49 Transition to Bernstein 04:16 Current Role and Responsibilities 05:26 Investment Strategy and Market Insights 06:58 Active vs Passive Investment 11:35 Middle Market Focus 14:26 Evaluating Fund Managers 18:28 Lessons Learned in Fund Management 20:51 Allocating to Private Markets 22:38 Liquidity and Risk Management 27:01 Current Market Opportunities 31:01 The Perception of Infrequent Reporting 31:38 Private Wealth and Market Fluctuations 32:21 Understanding Liquidity Concerns 32:54 The Future of Private Market Investments 33:38 Challenges in Public Market Benchmarks 34:45 GP and LP Dynamics in Private Markets 36:58 Product Innovation in Private Markets 38:30 Evergreen Structures and Asset Allocation 39:20 Vintage Diversification Strategy 42:07 Lessons from the Current Market Cycle 42:30 Next Generation Investors and Impact Investing 46:13 Double Bottom Line Investing 48:24 Concerns in Private Debt Markets 51:33 Opportunities in Venture Capital 54:36 Favorite Alternative Investments and Future Trends…

Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets

1
[Repost] Animal Spirits: Alt Goes Mainstream with Michael Sidgmore 51:17

27 weeks ago51:17

51:17

I went into The Compound and came out alive. Recently, I joined Michael Batnick and Ben Carlson of Ritholtz Wealth Management on their Animal Spirits podcast by The Compound . It is a fantastic show that produces frank and thoughtful conversations on markets and the wealth management world. They invited me on their show to discuss why alts are going mainstream. We had a great conversation on the animal spirits of alts and we unpacked the opportunities and challenges ahead for private markets, wealth managers, and the alternative asset managers looking to work with the wealth channel. We covered: Why I don’t like the term “downstreaming of alts.” The size and scale of the opportunity with the wealth channel. Why and how it can make sense for the wealth channel to allocate to alts. The changing nature of asset allocation from slices of a pie to buckets and spectrums. The concept of liquidity. The attractiveness of evergreen funds for both GPs and LPs. Are private markets in a bubble? Why GP stakes are a compelling investment opportunity given structural trends in private markets. Can private markets be indexed (and should they be)? Thanks Michael and Ben for having me on the show. Really enjoyed the conversation and it was a pleasure to join you. Michael and Ben are fantastic and thoughtful asset allocators and commentators in investing and wealth management. If you don’t already listen to their podcast or read their commentary on markets, you can check out their blogs below: Michael Batnick’s The Irrelevant Investor . Ben Carlson’s A Wealth of Common Sense .…

Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets

1
Mercer Investments' Gregg Sommer & CAIS' Neil Blundell - following the fast river of alts 49:47

29 weeks ago49:47

49:47

Welcome back to the Alt Goes Mainstream podcast. On today’s episode, we are joined by Mercer Investments ’ US Financial Intermediaries Leader Gregg Sommer and CAIS ’ MD and Head of Investments Neil Blundell . Gregg and Neil bring deep experience and backgrounds in private markets to discuss how alternatives can be further adopted by the wealth channel. Gregg is Mercer’s US Financial Intermediaries Leader, serving US wealth management and family office clients. He is a member of Mercer’s Wealth Leadership Team, Wealth Management Strategic Research and Investment Committees, and the Investment Policy Committee. He joined Mercer’s Investments business in 2009 and is based in Denver. Gregg began his career at U.S. Trust and over the last 35 years has held several executive positions in the investment industry. He has a comprehensive investment, business, and risk management background and has managed many successful investment teams focused on risk assessment, asset allocation, due diligence, portfolio management, organizational evaluation, and financial analysis across both private and public investment strategies. Gregg served as Chief Financial and Operating Officer of a firm that managed real estate and private equity and debt portfolios and has been a Principal and Portfolio Risk Officer for RCM, a Commodity Trading Advisor. Additionally, he was a founding Partner at Global Trading Partners, a trading firm focused on global market relationships. Neil brings over 20 years of experience in private markets to CAIS. He recently worked at Invesco as the Global Head of Client Solutions and Alternatives for the Investment Solutions team. He was responsible for developing and managing over $90B in customized multi-asset investment strategies spanning both traditional and alternative solutions and was a member of the team’s executive committee, investment committee, and chair of the alternative investment committee. Prior to Invesco, Neil was at BlackRock for 10+ years, where he was most recently Managing Director and Alternatives Platform Head within the Institutional Client Business. Gregg, Neil, and I had a fascinating discussion about how the wealth channel can approach alternatives and how they can think about both diligence and customization. We covered: The case for alternatives. How advisors currently approach alternatives and how they can think about it differently going forward. How to think about portfolio construction that includes alternatives. How alts can help advisors differentiate their practice and attract clients. Following the fast river in a career and why alternatives are “the fast river.” The meaning of “structure over strategy.” The rise in popularity of evergreen funds. Thanks Gregg and Neil for coming on the show to share your views and experience in 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 Introduction to Sponsor, Ultimus Fund Solutions 01:17 Podcast Opening and Guest Introduction 01:58 Guest Backgrounds and Career Highlights 03:43 Discussion on Wealth Channel and Alternatives 03:51 The Case for Alternatives 07:47 The Evolution of Private Debt 08:23 The Moment It Clicked for Alts 12:08 Institutional vs. Wealth Channel Approaches 13:54 Educating the Wealth Channel 15:47 Evergreen Funds and Wealth Channel 19:29 Generational Wealth Transfer 20:04 Current Market Trends and Private Markets 25:29 Importance of Due Diligence in Alternatives 26:33 Advisor Allocation Trends 26:53 Expected Allocations in the Next Year 27:07 Private Equity and Credit Insights 27:17 Real Estate and Hedge Funds Outlook 27:27 Emerging Infrastructure Strategies 27:47 CAIS Platform Overview 28:17 Transactional Volume Trends 28:36 Registered Funds Growth 29:30 Institutional vs. Wealth Channel Behavior 30:25 Customization in Private Markets 31:22 Technology's Role in Wealth Management 35:52 The Importance of Brand in Investments 39:26 Strategic Partnerships in Wealth Management 39:56 Concerns About Private Markets Growth 43:36 Evaluating Manager's Edge 45:54 Future of Alternative Investments Disclosure This content is for institutional investors and for information purposes only. It does not contain investment, financial, legal, tax or any other advice and should not be relied upon for this purpose. The materials are not tailored to your particular personal and/or financial situation. If you require advice based on your specific circumstances, you should contact a professional adviser. Opinions expressed are those of the speakers as of the date of the recording, are subject to change without notice and do not necessarily reflect Mercer’s opinions.…

Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets

1
Manulife's Anne Valentine Andrews - connecting real assets with real money and the world of infrastructure investing 55:00

30 weeks ago55:00

55:00

Welcome back to the Alt Goes Mainstream podcast. Today’s episode features a guest who has consistently and astutely figured out the growth areas in private markets. We are joined by Manulife ’s new Global Head of Private Markets Anne Valentine Andrews . She’s responsible for the strategy, business development, and growth of Manulife Investment Management’s private markets business. Manulife has a platform that spans real estate, infrastructure, timber, agriculture, private equity, and credit. Anne has a comprehensive and informed purview of both private markets trends and of the different asset classes. She brings together the CIOs from each asset class in the Manulife business and works with the global product group to drive private markets product innovation across the institutional, retail, and retirement channels. Anne has a wealth of experience in private markets and in infrastructure in particular. She joined Manulife from BlackRock, where she was most recently Global Head of Infrastructure and Real Estate. Previously, she was Co-Head and Chief Operating Officer for the Morgan Stanley infrastructure platform and was a Director at Macquarie Bank. Anne and I had a fascinating conversation about the evolution of private markets and how to build out a private markets investment platform and its brand. We discussed: How to approach building a private markets investment platform at an industry behemoth. Why culture matters at an investment firm. The continued consolidation of alternative asset managers. What it means to connect real assets with real money. How to build a brand and educate investors. How to bring private markets investment opportunities into retirement accounts. The opportunity in infrastructure investing. Thanks Anne for coming on the show to share your experience and wisdom on 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 Introduction and Sponsor Message from Ultimus Fund Solutions 01:18 Podcast Opening and Guest Introduction 03:39 Anne Valentine Andrews' Career Journey 04:42 Evolution of the Infrastructure Investments 05:41 Infrastructure’s Resilience and Growth 06:27 Building a Private Markets Platform 14:28 Challenges and Strategies in Making Acquisitions 17:12 Evaluating Culture and Integration in Asset Management 18:47 Building a Comprehensive Platform 20:20 Educating Investors and Expanding Access 23:29 Future of Alternatives in Retirement Accounts 26:43 Platformization of Alternatives 28:01 Building and Marketing a Trustworthy Brand in Financial Services 29:30 Learning from Other Industries: Amazon's Influence 31:15 The Evolution of Asset Management 31:57 Adapting to Market Changes and Mega Trends 33:34 The Importance of Long-Term Investment Strategies 34:33 Decarbonization and Natural Capital 35:32 The Importance of Long-Term Thinking 40:02 Connecting Real Assets to Real Money 45:42 Risks and Opportunities in Infrastructure Investment 48:03 The Role of Scale in Private Markets in Infrastructure 49:21 Future of Alternative Investments The views and opinions expressed in this podcast are those of the speakers, are subject to change as market and other conditions warrant, and do not constitute investment advice or a recommendation regarding any specific product or security. There is no guarantee that the investment strategy discussed will be successful or achieve any particular level of results. Any economic or market performance information is historical and is not indicative of future results, and no forecasts are guaranteed. Investing involves risks, including the potential loss of principal. Financial markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments. The information provided does not take into account the suitability, investment objectives, financial situation, or particular needs of any specific person. All overviews and commentary are intended to be general in nature and for current interest. While helpful, these overviews are no substitute for professional tax, investment or legal advice. Clients and prospects should seek professional advice for their particular situation. Neither Manulife Investment Management, nor any of its affiliates or representatives (collectively “Manulife Investment Management”) is providing tax, investment or legal advice. Manulife Investment Management paper titled U.S. farmland investment returns: continued gains in 2022; 5/19/23. NCREIF collects U.S. farmland property-level performance realized by institutional investments and reports the aggregated results within its Farmland Property Index (FPI). Manulife Investment Management is a participating member in the FPI. The index requires participating managers to report all eligible properties. Usage of this data is not an offer to buy or sell properties. Manulife, Manulife Investment Management, Stylized M Design, and Manulife Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license. Man...…

Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets

1
Monthly Alts Pulse Ep. 11: Taking the pulse of private markets with Dan Vene, Co-Founder & Managing Partner, Head of Investment Solutions, iCapital 26:03

31 weeks ago26:03

26:03

Welcome to the 11th episode of a collaboration between iCapital x Alt Goes Mainstream. We changed up this month’s episode, welcoming iCapital Co-Founder and Managing Partner, Head of Investment Solutions Dan Vene to the show to discuss the evolution of private markets and the launch of iCapital’s Marketplace . iCapital , as the leading platform that is responsible for the majority of individual and advisor-led investment flows into the alts space, has its finger on the pulse of what’s happening in private markets. Dan and I had a fascinating and lively discussion about the evolution of the industry through the lens of iCapital’s growth and maturation, which has most recently included the creation of iCapital Marketplace. We discussed: Can alternative investments help you sleep at night? Public markets vs. private markets? What are the benefits of private markets? Are there evolving perspectives on liquidity? What potential market catalysts could further shift investments from public to private investments? How and why have fund managers had success on Marketplace? What’s the new world order for investing? Thanks Dan for a great episode … looking forward to next month’s Monthly Alts Pulse conversation!…

Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets

1
Partners Group's Rob Collins - The how and why of evergreens: one of the most exciting trends in private markets 1:05:05

33 weeks ago1:05:05

1:05:05

Welcome back to the Alt Goes Mainstream podcast. Today’s episode is one of evergreen importance. We talk with one of the pioneers in the evergreen fund space. Rob Collins , a Partner, Co-Head of Private Wealth, and Head of the New York office and a member of the Global Executive Board at Partners Group , a $147B+ AUM alternative asset manager, joins the podcast to discuss how Partners Group started the evergreen fund space in the early 2000s. Rob has deeply evolved perspectives on both evergreen funds and working with the wealth channel. He leads Partners Group’s US private wealth and defined contribution practice and is President, Portfolio Manager, and Member of the Board of Managers of Partners Group Private Equity (Master Fund), LLC. He also chairs Partners Group USA’s Investment Committee. He joined the firm in 2005, only 4 years after Partners Group was the first firm to launch an evergreen private equity structure. Rob and I had a fascinating conversation about what evergreen funds are, the mechanics of how they work, and why they can make sense for investors – both individual and institutions. We discussed: What Partners Group saw in the early 2000s that made them decide to create the evergreen private equity fund structure. Why it’s taken the industry time to adopt evergreen funds. How to think about returns with evergreen funds. Why institutions — in addition to wealth advisors — have used evergreen funds. Why the time, money, and liability questions of private equity fund investments make evergreens a fit for many advisors. The importance of compounding and how it relates to evergreen funds. The challenges and nuances with managing evergreen funds. Why “life is too short for capital calls.” How does private equity go from being sold to being bought? What can the industry do to continue to remove pain points for the wealth channel? Thanks Rob for coming on the show to share your thoughts and wisdom on private markets and the importance of one of the biggest trends in private markets, evergreen funds. We hope you enjoy. Show Notes 00:00 Introduction to Ultimus Fund Solutions 01:18 Podcast Opening and Theme Song 01:52 Welcome to Alt Goes Mainstream 01:59 Introducing Rob Collins and Evergreen Funds 02:24 Rob Collins' Background and Role at Partners Group 04:18 Growth and Innovation at Partners Group 05:46 Evergreen Solutions for Clients 07:02 The Importance of Flexibility in Evergreen Funds 09:56 Evergreen Funds vs. Traditional Structures 11:38 The Rise of Evergreen Funds 29:48 Challenges and Risks of Evergreen Structures 30:01 Balancing Growth and Performance in Evergreen Funds 34:57 Challenges for General Partners 35:40 Expanding with New Products 36:23 Trends in Private Markets 36:56 Evergreen Funds and Private Companies 37:27 Life is Too Short for Capital Calls 38:52 Shift from Public to Private Markets 40:24 Liquidity in Evergreen Funds 41:50 Building a Resilient Diversified Portfolio 43:05 Managing Investor Expectations 44:26 Control in Portfolio Construction 46:48 Positioning Evergreen Funds 52:13 Evergreen vs. Closed-End Funds 54:43 Innovating Asset Allocation Frameworks 57:12 Educating Distribution Professionals 01:00:26 Consultative Sales Approach for Evergreen Sales Professionals 01:02:03 Future Growth in Private Markets 01:03:47 Rob’s Favorite Alternative Investment 01:04:42 Conclusion and Final Thoughts 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.…

Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets

1
iCapital Chairman & CEO Lawrence Calcano - Driving efficiency across the entire value chain to transform private markets 41:15

34 weeks ago41:15