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

54:58

Welcome back to the Alt Goes Mainstream podcast. Today’s episode dives into a groundbreaking partnership that could change the trajectory of how the wealth channel invests into private markets. We are joined by BlackRock ’s Senior Managing Director, Head of the Americas Client Business, Co-Head of U.S. Wealth Advisory (USWA), and a member of the Global Executive Committee for BlackRock Joe DeVico and Head of Product for US Wealth & Head of Alts to Wealth Jon Diorio and Partners Group ’s Partner, Co-Head of Private Wealth, Head of the New York Office, Member of the Global Executive Board, Partners Group Rob Collins to discuss their partnership on a private markets model portfolio purpose-built for the wealth channel. Joe, Jon, and Rob discuss what Rob calls in the podcast the industry’s “iPhone moment.” This model portfolio partnership that brings together BlackRock’s private markets and technology capabilities and Partners Group history as a pioneer in the evergreen funds space is a big moment for private markets. The partnership enables the wealth channel to seamlessly access private markets solutions, understand how it fits into a broader asset allocation model, and handles rebalancing in a turnkey fashion. We had a fascinating discussion about this partnership and why the wealth channel needs turnkey solutions such as model portfolios. We discussed: Why model portfolios could be the “iPhone moment” for private markets. The anatomy of the partnership between BlackRock and Partners Group to create private markets model portfolios. How to balance personalization and customization with standardization of delivery to the wealth channel. How to create differentiation with private markets product offerings with different product structures. The mechanics of a private markets model portfolio. How education plays a role in advisor adoption of private markets products and model portfolios. Thanks Joe, Jon, and Rob for sharing your wisdom and experience on public and private markets as you help bring private markets into the mainstream. Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM’s podcasts. A word from AGM podcast sponsor, Ultimus Fund Solutions This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions , a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency. To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products. Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com . We thank Ultimus for their support of alts going mainstream. Show Notes 00:00 Introduction to our Sponsor, Ultimus Fund Solutions 01:18 Alt Goes Mainstream Theme Song 01:56 Introduction to Today's Episode 01:58 Groundbreaking Partnership Announcement 03:32 Welcome to the BlackRock Studio 04:05 Backgrounds of Joe and Jon from BlackRock 05:48 Rob's Background and Perspective 07:13 Why this is an iPhone Moment for Private Markets 07:55 Challenges in Private Markets Adoption 12:48 Why Now is the Right Time 16:11 The Importance of Partnership 21:51 Building a Brand in Private Markets 26:48 Evolution of Fixed Income Markets 27:10 Electronification of Private Markets 27:21 Educating the Wealth Channel 28:13 Importance of Excellent Execution 28:44 Proving Performance in Private Markets 29:27 Building the Right Solution 29:48 Client Demand for Private Market Access 30:34 Customizing Asset Allocation 31:41 Transparency in Model SMAs 32:21 Blurring Lines Between Public and Private Markets 33:12 Foundational Equity in Private Markets 34:15 Combining Public and Private Solutions 35:25 Democratization of Private Markets 36:19 Active vs. Passive in Private Markets 37:58 Challenges in Market Adoption 38:28 Scalability and Diversification 39:27 Evergreen Funds and Capital Deployment 42:03 Seismic Shift in Private Markets 42:47 Future of Private Market Solutions 49:59 Personalization in Portfolio Building 50:53 Patience and Private Markets 51:00 Final Thoughts on Private Market Innovation 54:41 Conclusion and Podcast Outro 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
Going Public with Evercore's Glenn Schorr - Ep. 3: The "Final Four" 47:30

acum 13 zile47:30

47:30

Welcome back to Going Public with Evercore ’s Glenn Schorr . On the latest episode of Going Public, we dive for the loose balls in private markets’ March Madness as Glenn shares his thoughts on why it’s important to separate the forest from the trees when it comes to why certain firms make his “Final Four.” We cover some of the most pressing topics in alternative asset management, including: Separating the forest from the trees — dissecting alternative asset manager stock performance versus long-term business performance. Views on the exit environment and what it means for alternative asset manager stock performance. Where and why does scale matter? Are banks and alternative asset managers enemies, frenemies, or collaborators, particularly in areas like private credit? Why does Glenn believe the secular growth trends of private markets and how that impacts alts managers is a fat pitch? In the spirit of March Madness, Glenn shares his bracketology on which firms make his “Final Four.” Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM’s podcasts. Making private markets more public — with expert analysis Alt Goes Mainstream has partnered with an expert who has seen the evolution of alternative asset managers from their early days. Glenn Schorr is a Senior MD and Senior Research Analyst at Evercore ISI , where he covers brokers, banks, asset managers, and trust banks as an analyst. He has covered financials since 2000 and started coverage of alternative asset managers when the first firms went public. He’s consistently come up as one of the most thoughtful and well-respected analysts in the space. He balances deep research with a creative flair (just read one of the titles of his research reports and you can see his love of the game). He’s been named to Institutional Investor’s All-America Research Team for his coverage, most recently ranking #2 and runner up in 2023, #1 and #2 in 2022. Prior to Evercore, Glenn was a Senior MD at Nomura, serving as the lead financials analyst. Listen in as Glenn shares market stories, the evolution of alternative asset managers as businesses, the biggest and most exciting trends in private markets based on what the industry’s largest players are doing, and we go “around the horn” for his analysis on the publicly traded firms. Show Notes 00:00 Introduction and Countdown 00:06 Going Mainstream 00:45 Welcome to the Series 00:58 Meet Glenn Schorr 01:31 Market Stories and Trends 01:54 Live from Evercore 02:04 Earnings and Market Volatility 02:07 Secular Growth Businesses 02:39 Anticipation and Uncertainty 03:26 Alternative Managers' Performance 04:36 Private Markets and Infrastructure 05:53 Valuation and Market Corrections 07:28 Investment Opportunities in Market Downturns 07:54 Fundraising and Fee Related Earnings 08:01 Capital Raising Challenges 09:36 Super Alts Firms 12:22 Brand and Consistency 13:16 Acquisitions and Growth Strategies 15:33 Banks vs. Alternative Managers 16:26 Private Credit and Direct Lending 24:45 Asset Classes Shifting from Public to Private Markets 25:09 Duration Mismatch in Banking and Loans 25:32 Regulatory and Capital Arbitrage 26:01 Flexibility in Private Markets 26:30 Impact of Stock Prices on Strategic Acquisitions 27:01 Stock Deals and Control in Acquisitions 28:29 Accretive Acquisitions and Capital Raising 31:29 Scale Benefits in Private Markets 31:50 Big Ticket Transactions and Scale 33:05 Investor Understanding of Scale in Private Markets 33:37 Challenges in Public Market Investment in Alternative Managers 36:50 Long-Term Trends in Private Markets 38:03 Risks in Private Markets 38:55 Transparency and Oversight in Private Markets 39:30 Thematic Investing and Long-Term Trends 40:31 Private Markets Framework for Public Stocks 41:30 Emotional Investing and Long-Term Capital 43:25 Geopolitical and Economic Policy Impacts 45:38 March Madness: Top 4 Manager Picks 47:09 Conclusion and Final Thoughts Editing and post-production work for this episode was provided by The Podcast Consultant . 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 (b...…

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

1
Brookfield Oaktree Wealth Solutions' John Sweeney - building a high-performing wealth solutions business 58:55

acum 19 zile58:55

58:55

Welcome back to the Alt Goes Mainstream podcast. Today’s episode dives into the details of distribution and how to build a high-performing global business to serve the wealth channel across brands and strategies. John Sweeney is the Chief Executive Officer of Brookfield Oaktree Wealth Solutions , a business unit that was created to harmonize the distribution efforts across the Brookfield and Oaktree brands. He previously served as Head of US Business Development and Sales for Brookfield Oaktree Wealth Solutions and was a Managing Director and Head of the Americas intermediary business at Oaktree Capital. He also served as president of Oaktree Funds from 2014-2018. Before joining the alternative asset manager side of the business, John had extensive experience working in alternative investments roles at private banks. Before joining Oaktree in 2013, he was a Managing Director and Head of Product Management and Development for the alternative investments business at Morgan Stanley. Prior to that, he was the Head of Product Management in the US for the alternative investments business of the Citi Private Bank. John and I had a fascinating and informative discussion. We covered: How John is building Brookfield Oaktree’s wealth business. The benefits of scale. Wisdom from John’s Oaktree colleague Howard Marks. How advisor education is critical to the adoption of private markets. Thanks John for coming on the show to share your wisdom and views on private markets and working with the wealth channel. Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM’s podcasts. A word from AGM podcast sponsor, Ultimus Fund Solutions This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions , a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency. To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products. Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com . We thank Ultimus for their support of alts going mainstream. Show Notes 00:00 Introduction to our Sponsor, Ultimus Fund Solutions 01:55 Welcome to Alt Goes Mainstream 02:06 Introduction to John Sweeney 03:58 John's Early Career at Morgan Stanley 04:34 Evolution of Alternative Investments 05:15 Impact of Technology on Private Markets 06:42 Service and Distribution Strategy 09:33 Building Brookfield Oaktree's Wealth Business 11:16 Brookfield and Oaktree Acquisition 12:42 Creating Investment Solutions 14:07 Understanding the Wealth Channel 15:05 Global Distribution Strategy 17:52 Importance of Brand and Service 19:06 Effective Client Engagement 21:09 Advisors vs. Institutional Investors 22:27 Evergreen Funds and Distribution 25:09 Balancing Content and Engagement 27:15 Investment Philosophy and Market Context 29:36 Risk Control and Consistency 30:53 Generational Wealth Transfer 31:40 Educating the Next Generation of Investors 32:04 Long-Term Track Record and Conclusion 32:18 Delivering Returns and Long-Term Success 32:31 Accessing Evergreen Funds 32:45 Compounding Returns Over Time 32:52 Thinking in Decades 32:57 Private Credit and Economic Cycles 33:16 Experience and Results 33:41 Brand and Experience in Private Markets 34:55 Marketing and History 35:12 Brookfield Real Estate Introduction 35:34 Oaktree's Credit Roots 35:55 Integrating Two Brands 36:15 Building Solutions and Partnerships 39:03 Global Presence and Scale 39:13 Navigating Wealth Channel Conversations 40:34 Competing in Various Deal Sizes 41:16 Exploring Secondary Markets 41:56 Private Capital Opportunities 42:50 Survey Insights on Alternatives 44:04 Global Wealth Channel Strategies 44:44 Regional Strategies and Local Teams 47:42 Building a Culture of Shared Success 48:42 Educating Advisors 49:43 Early Stages of Wealth Channel 51:41 Model Portfolios and Solutions 56:32 The Appeal of Music Royalties and Human Connection 58:14 Conclusion and Final Thoughts 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

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Cerity Partners' Tom Cohn and Amita Schultes - combining an OCIO with a $100B wealth management practice 1:01:29

acum 27 zile1:01:29

1:01:29

Welcome back to the Alt Goes Mainstream podcast. Today’s episode dives into one of the most topical trends in the evolution of wealth management platforms and their adoption of private markets. We are joined by Tom Cohn and Amita Schultes of Cerity Partners , where they discuss the recent combination of their two respective businesses, Cerity Partners, the $100B+ national wealth management firm, and Agility, a leading OCIO business. Tom and Amita discuss their merger, why there was a need to create customization for wealth investors in private markets, and how bringing on a leading OCIO business takes Cerity Partners’ capabilities to a new level as a solutions provider in private markets. Tom is the Chief Solutions Officer and a Partner in Cerity Partners’ New York office. He’s a member of the firm’s Leadership Team. He has over ten years of experience in various investment management roles, previously serving as an Investment Analyst at Spero-Smith Investment Advisors, where he was responsible for due diligence and analysis of third-party managers and assisted in global market and asset allocation research. Amita is a Partner in Cerity Partners’ New York office, managing Cerity Partners’ OCIO client portfolios. She’s a member of the OCIO Investment Committee. Amita brings over 20 years of experience as an investment consultant to bear to the firm. Before joining Cerity Partners, Amita was a Partner and Client Portfolio Manager at Agility, where she served as a voting member of Agility’s Investment Committee. Prior to Agility, she was a Partner, Managing Director, and Senior Consultant at Colonial Consulting, serving as an investment consultant for endowments, foundations, and pension plans. She also served as a Senior Consultant at Ibbotson Associates. Tom, Amita, and I had a fascinating discussion. We covered: The why and the how behind Cerity Partners’ merger with Agility. How wealth management platforms can balance customization and scalability. Why scale matters in wealth management. How alternative asset managers can differentiate when engaging with the wealth channel. Thanks Tom and Amita for coming on the show to share your views and wisdom on wealth management and private markets. A word from AGM podcast sponsor, Ultimus Fund Solutions This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions , a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency. To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products. Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com . We thank Ultimus for their support of alts going mainstream. Show Notes 00:00 Introduction to our Sponsor, Ultimus Fund Solutions 02:05 Guest Introduction: Tom Cohn and Amita Schultes 07:32 Merger Benefits and Synergies 08:19 Client Services and Customization 09:32 OCIO and Wealth Management Integration 10:45 Why Partner Now? 11:40 Cultural Alignment and Expertise 12:38 Amita's Perspective on the Partnership 13:16 Wealth Management as Institutional LPs 14:23 Cerity Partners' Institutional Approach 14:54 Private Markets Evolution 16:25 Operational Excellence in Private Markets 17:35 Research and Manager Selection 20:56 Investment Objectives and Customization 22:27 Institutional and Wealth Client Synergies 28:16 Access and Long-term Relationships 30:06 Customization and Scalability 32:20 Educational Component in Client Investments 32:36 Framework for Custom Portfolios 33:10 Resource Allocation for Customization 33:47 Importance of OCIO Business 34:16 Next Innovation in Investment Solutions 34:38 Turnkey Solutions for Operational Complexities 35:39 Model Solutions and Manager Selection 36:34 Combining OCIO and Wealth Management Practices 37:32 Evolving Structures in Private Markets 37:54 Workflows and Technology in Private Markets 38:39 Client Experience and Operational Expertise 39:37 Defining Private Markets 41:13 Importance of Clear Definitions 41:54 Role and Goals of Private Market Investments 44:15 Partnerships and Mergers at Cerity Partners 47:05 Evaluating Investment Managers 49:06 Trust in General Partner Relationships 51:16 Identifying Manager's Edge 53:24 Training and Methodology in Manager Selection 55:51 Challenges for Managers with Wealth Channel Capital 56:47 Operational Challenges for Smaller Managers 58:06 Future Trends in Alternative Investments 01:01:00 Conclusion and Final Thoughts 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

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Blue Owl's Marc Lipschultz - skate to where the puck is going 58:09

acum 5 weeks58:09

58:09

Welcome back to the Alt Goes Mainstream podcast. We had a chance to sit down with Blue Owl Co-CEO Marc Lipschultz recently at their Nest Network Summit for RIAs and private banks in Laguna Beach. It was a perfect setting to discuss Blue Owl’s incredible growth, which has been in part due to its unique and focused partnership with the wealth channel. Blue Owl is one of the industry’s largest alternative asset managers and has charted an impressive growth path in the nine years since its founding. Blue Owl has scaled to over $250B of AUM and has proven to be one of the top firms at raising capital from the wealth channel. Marc is a private markets industry veteran who has been instrumental in building not just one, but two of the industry’s biggest players. He spent over two decades at KKR, serving on the firm’s Management Committee, and as the Global Head of Energy and Infrastructure after joining the firm as one of the first 20 employees. He then partnered with Blackstone GSO Founder Doug Ostrover and Goldman Sachs Partner and Co-Head of Leveraged Finance Craig Packer to co-found Owl Rock Capital Partners, the predecessor firm to Blue Owl’s Credit platform. Owl Rock combined with Dyal Capital Partners to become the publicly traded entity Blue Owl in May 2021 and has since grown to over $250B in AUM and $2.2B in revenue. Owl Rock and now, Blue Owl’s, flight is emblematic of the evolution of alternative asset managers. Marc and I had a fascinating conversation. We discussed: How Blue Owl’s growth highlights trends that have propelled alternative asset management into the mainstream. Why scale matters. Their focus on private credit, data centers, and digitalization. Their focus on private wealth. The power of permanent capital. Thanks Marc for coming on the show to share your wisdom and expertise in private markets. You can also see a recent Q&A with Marc on AGM here . A number of the themes discussed by Marc in the podcast and Q&A appear in Blue Owl’s 2025 Market Outlook . You can read Blue Owl’s 2025 Market Outlooks across Credit, Real Estate, and GP Strategic Capital, where their teams outline themes that are top of mind and how it will impact their respective sectors. Show Notes 00:00 Welcome to the Alt Goes Mainstream Podcast 00:42 Interview with Marc Lipschultz 00:57 Blue Owl's Growth and Success 01:10 Marc's Background and Career 03:20 Marc's Journey at KKR 03:31 The Early Days of Private Markets 05:18 Building Owl Rock and Blue Owl 05:45 Growth at KKR and Blue Owl 06:17 Lessons from KKR 07:21 Serving Investors and Delivering Results 08:29 Operationalizing Culture 09:42 Serving Investors with Excellence 10:04 Focus on the Wealth Channel 10:25 Democratization of Alts 11:54 Building a Firm to Serve Individuals 13:41 Building a Scalable Firm 16:23 Unified Wealth Platform 18:42 Balancing Customization and Scale 23:48 Brand and Trust in Private Markets 26:27 Opportunities in Private Markets 28:38 Acquisition of IPI and Strategic Growth 28:53 The Role of Scale in Private Markets 31:10 Growth and Competition in Private Credit 32:19 Challenges in Moving from Base to High-End Markets 32:30 Meeting the Needs of Large Borrowers 32:38 Market Dynamics and Spread Variations 33:03 High-End Market Realities 33:31 Cost of Capital and Borrowing Limits 34:28 Predictability, Privacy, and Partnership 35:12 Natural Market Boundaries 35:41 Secular Trends in Private Credit 35:43 The One-Stop Shop Concept 36:10 Risk Management in Credit 36:15 Concentration Risks in Credit vs. Equity 37:01 Maintaining Low Loss Rates 37:40 Impact of Capital on Credit Performance 38:25 Durability of Large Companies 39:44 Private Financing Trends 40:28 Strategic Business Orientation 40:52 Growth Trends and Market Focus 41:46 Skating to Where the Puck is Going 46:48 Permanent Capital and Business Strategy 50:19 Building a Purpose-Built Firm 52:51 Lessons from the Washington Commanders and Tampa Bay Lightning 53:15 The Role of Culture in Business and Sports 55:13 Intentionality and Good Fortune 55:52 Commitment to Culture and Values 57:04 People as the Core of Success 57:46 Wrapping Up the Conversation and Closing Remarks 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

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Apollo's Stephanie Drescher - what is safe, what is risky? 55:09

acum 6 weeks55:09

55:09

Welcome back to the Alt Goes Mainstream podcast. Today’s episode features an industry titan who has been on the forefront of the intersection of alts and wealth. We talk with Stephanie Drescher , Partner, Chief Client and Product Development Officer at Apollo and a member of the firm’s Leadership Team. She oversees the Client and Product Solutions Group (CPS), which includes Apollo’s Global Wealth Management Solutions, Institutional Sales, and Global Product teams. She is also involved with Apollo’s strategic investments in private markets, as a Board Observer at iCapital and a Board Member at Vega. Stephanie is responsible for leading Apollo’s global wealth buildout, which is one of the firm’s strategic priorities. They’ve invested heavily in educational resources and have built out a specialized team to work with the wealth channel. Apollo has set a goal of achieving $150B from its global wealth business by 2029 and, in 2024, under Stephanie’s leadership the global wealth business exceeded the total capital raised in 2023 from the wealth channel. Before joining Apollo in 2004, Stephanie was with JP Morgan for 10 years, working primarily in its Alternative Investment Group. Stephanie and I had a fascinating conversation about how to build and scale a business in the wealth channel. We discussed: What is safe and what is risky? How can investors approach asset allocation and portfolio construction? How working with institutional investors has influenced and helped Stephanie think through how to work with investors in the wealth channel. The anatomy of building a wealth business. How critical is brand building when working with the wealth channel? Thanks Stephanie for coming on the show to share your wisdom and expertise on private markets and 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 Introduction and Message from our Sponsor, Ultimus Fund Solutions 01:55 Welcome Back to Alt Goes Mainstream 02:04 Introducing Stephanie Drescher 03:55 Stephanie's Journey at Apollo 04:14 Focus on Institutional Clients 04:43 Strategic Focus on Wealth Channels 05:05 Learning from Different LPs 05:27 Early Days at J.P. Morgan 08:04 Importance of Communication 08:17 Transparency and Client Centric Approach 08:56 Educational Initiatives at Apollo 10:07 Apollo Academy Engagement 10:42 Content Creation Strategy 11:37 Combining Short and Long Form Content 11:43 Direct Client Communication 12:00 Distribution and Marketing 12:26 Client Centric Approach 13:06 Creating a Narrative for Private Markets 13:40 Defining Private Markets 14:34 Public vs. Private Markets 15:50 Changing Definitions in Private Markets 16:18 Impact of 2022 on Public Markets 17:02 Concentration in Public Markets 17:41 Benefits of Private Markets 18:17 Helping Clients Understand Private Markets 18:44 Developing Accessible Solutions 19:45 Client Focused Solutions 19:51 Balancing Client Needs and Market Nuances 20:15 Apollo's Origination Capability 22:12 Athene's Role in Apollo's Strategy 24:26 Tax Efficiency in Private Markets 25:39 Wealth Channel vs. Institutional Investors 25:48 Solving for Tax Challenges 25:53 Listening to Client Needs 27:31 Avoiding K1s and Capital Costs 28:17 Process and Adoption of Private Markets 29:07 Investing in Technology 30:08 Insights from Technology Investments 31:06 Shared Industry Solutions 32:02 Digital Outreach and Thought Leadership 32:38 Apollo's Brand and Public Presence 33:02 B2B2C Relationships 33:10 Building Apollo's Brand 33:50 Communicating Apollo's Value Proposition 34:04 Reaching the End Client 35:39 Media Presence and Brand Awareness 36:59 Tangible Impact of Private Credit 37:35 Evolution of Private Credit 38:14 Role of Asset Backed Credit 38:46 Alternative Asset Managers in Financial Markets 39:18 Partnerships and Convergence 39:48 Discretionary Allocations 40:11 401(k) Business and Retirement Goals 41:18 Focus on Net Return 41:52 Provocative Questions on Liquidity 43:00 Consistency of Messaging 43:26 Innovative Parts of Apollo's Business 43:49 Changing Definitions of Alternatives 45:23 Phases of Adoption in Wealth Channel 47:00 Strategic Focus on Partnerships 52:39 Balancing Scale and Customization 53:26 Personal Reflections and Future Investments 54:48 Conclusion and Farewell…

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

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

acum 7 weeks51:05

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

acum 8 weeks1:01:37

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

acum 9 weeks43:41

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

acum 11 weeks40:17

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

acum 12 weeks53:33

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

acum 13 weeks39:37

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

acum 14 weeks45:18

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

acum 16 weeks21:33

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

acum 17 weeks38:27