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

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

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

44:09

When a young Eva Kollisch arrives as a refugee in New York in 1940, she finds a community among socialists who share her values and idealism. She soon discovers ‘the cause’ isn’t as idyllic as it seems. Little does she know this is the beginning of a lifelong commitment to activism and her determination to create radical change in ways that include belonging, love and one's full self. In addition to Eva Kollisch’s memoirs Girl in Movement (2000) and The Ground Under My Feet (2014), LBI’s collections include an oral history interview with Eva conducted in 2014 and the papers of Eva’s mother, poet Margarete Kolllisch, which document Eva’s childhood experience on the Kindertransport. Learn more at www.lbi.org/kollisch . Exile is a production of the Leo Baeck Institute , New York | Berlin and Antica Productions . It’s narrated by Mandy Patinkin. Executive Producers include Katrina Onstad, Stuart Coxe, and Bernie Blum. Senior Producer is Debbie Pacheco. Associate Producers are Hailey Choi and Emily Morantz. Research and translation by Isabella Kempf. Sound design and audio mix by Philip Wilson, with help from Cameron McIver. Theme music by Oliver Wickham. Voice acting by Natalia Bushnik. Special thanks to the Kollisch family for the use of Eva’s two memoirs, “Girl in Movement” and “The Ground Under My Feet”, the Sophia Smith Collection at Smith College and their “Voices of Feminism Oral History Project”, and Soundtrack New York.…

about a year ago 57:59

MP3•एपिसोड होम

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

140 एपिसोडस

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

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

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

published about a year ago

साझा करें

MP3•एपिसोड होम

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?”

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

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

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