Episodes
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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 [email protected].
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
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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 [email protected].
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
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Episodes manquant?
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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 Introduction00:38 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
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Welcome back to the Alt Goes Mainstream podcast.
Today’s show features a guest who brings a wealth of common sense to wealth management and asset allocation.
We talk with Ben Carlson, the Director of Institutional Asset Management at Ritholtz Wealth Management, a $5B AUM wealth management firm. He’s managed institutional portfolios for his entire career. He started out with an institutional investment consulting firm, where he deployed portfolio strategies and created investment plans for foundations, endowments, pensions, hospitals, insurance companies, and HNW individuals. More recently, he was part of the portfolio management team for an investment office that managed a large endowment fund for a charitable organization.
Ben is a student of markets and asset allocation, which is clear from the knowledge he shares daily and weekly with his blog, A Wealth of Common Sense, and his podcast Animal Spirits with Michael Batnick and Ben Carlson. He’s also authored four books about saving, investing, and money. He was named to the Investment News 40 Under 40 list of top financial advisors in 2017.
Ben and I had a fascinating conversation about the adoption of alternatives in the wealth channel and the whys and hows of asset allocation. We discussed:
Why asset allocation is the most important aspect of an investment plan.The question of whether or not investors now have too much choice?Why Ben documents every investment decision he makes.The benefits of private markets and the pitfalls of private markets.His biggest lesson learned in investing.Why crypto has helped younger investors become more comfortable with volatility (for better or worse).The future of wealth management and what won’t change about the advisor / client relationship.The power of content creation and how it helps him approach investing.Thanks Ben for coming on the show to share your wisdom and experience in investing and asset allocation. We hope you enjoy.
A word from AGM podcast sponsor, Ultimus Fund Solutions
This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.
To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at [email protected].
We thank Ultimus for their support of alts going mainstream.
Show Notes
00:00 Sponsor: Introduction to Ultimus Fund Solutions01:56 Meet Ben Carlson: Wealth Management Expert
02:17 Ben Carlson's Career Journey
02:55 Insights on Asset Allocation
03:11 The Importance of Documenting Investment Decisions
03:14 Private Markets: Benefits and Pitfalls
04:34 Early Career Lessons
04:58 Asset Allocation Strategies
06:06 Navigating Investment Choices
07:10 The Complexity of Investment Strategies
09:46 Institutional vs. Wealth Management
10:19 Communication in Institutional Investing
12:35 The 60/40 Portfolio Debate
23:20 Advisors and Alternatives
27:17 Thresholds for Investing
27:48 Differentiating Through Culture
28:41 Defining and Evaluating Culture
29:20 Transparency and Client Relationships
29:57 Partnering with the Right Clients
30:19 Qualitative Manager Selection
31:53 Content Creation and Transparency
34:22 Building a Brand from Scratch
37:49 Advice for Young Advisors
39:31 Compounding in Private Markets
40:06 Behavioral Benefits of Private Markets
41:17 Excitement in Private Markets
41:56 Evolving Fund Structures
42:28 Defining Alternatives
43:48 Younger Investors and Volatility
46:55 Future of Wealth Management
47:53 Private Equity in Wealth Management
48:58 Favorite Alternative Investments
51:44 Conclusion and Final Thoughts
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Welcome back to the Alt Goes Mainstream podcast.
Today’s podcast illustrates just how far private markets have come. We dive into the world of GP stakes with Sean Ward, Senior Managing Director from Blue Owl’s GP Strategic Capital Platform, where he was a founding partner and is responsible for helping to oversee the firm that has done the lion’s share of GP stakes investing.
Blue Owl’s GP Strategic Capital business, which started out as Dyal Capital Partners, has accounted for over 61% of the total capital raised in the GP stakes space, closing on over $33.3B across their 7 funds and managing $57.8B AUM. They’ve taken minority ownership stakes in many of the industry’s leading alternative asset managers, accounting for 85%+ of all GP stakes deals $600M or greater in size.
Sean is a Senior Managing Director of Blue Owl Capital, Inc. and a member of the firm’s Board of Directors. He also serves as a member of the GP Strategic Capital Investment Team. Prior to joining Dyal Capital Partners, the predecessor firm to Blue Owl’s GP Strategic Capital platform, Sean was a Vice President at Lehman Brothers and held several roles at Neuberger Berman after it became an independent firm, including Senior Counsel for Neuberger’s alternatives business. Sean was also a lawyer at Covington & Burling LLP and Davis Polk & Wardwell LLP.
Sean and I had a fascinating conversation about the evolution of private markets through the parallel evolution of the GP stakes space. We discussed:
The early days of the GP stakes industry.What it was like to convince GPs and LPs why stakes made sense.How the $1B GP commitment by Bain Capital in their fund post-GFC really opened everyone’s eyes to the need to tap into financing as firms grew their fund size and their business.A “cash in” rather than a “cash out.” Why GP stakes investing is mainly about positive selection since managers are choosing to sell a stake in their business.How alternative asset management has evolved as a business.How GP stakes investments have elements of bond-like coupons from cashflows due to management fees and option value from the upside of carry.Why GP stakes investments are “the most diversified single line item investment one can make in private markets.”Where allocators bucket GP stakes investments.What makes a great GP stakes investor.The power of permanent capital.The different paths to liquidity in GP stakes investments.Thanks Sean for coming on the show to share your views and wisdom on private markets. We hope you enjoy.
A word from AGM podcast sponsor, Ultimus Fund Solutions
This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.
To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.
Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at [email protected].
We thank Ultimus for their support of alts going mainstream.
Show Notes
00:00 Introduction and Sponsor Message
01:17 Podcast Opening and Theme
02:00 Guest Introduction: Sean Ward from Blue Owl GP Strategic Capital
04:21 Sean Ward's Career Journey
05:14 The Evolution of GP Stakes Investing
06:23 The Start of GP Stakes at Blue Owl
06:57 Raising the First Fund
07:09 The Growth of Blue Owl's GP Stakes
07:31 The Importance of Legal Background in GP Stakes
09:48 Convincing LPs and GPs
11:14 The Importance of GP Commitments
15:23 Strategic Value Beyond Capital
24:45 Succession Planning in Private Equity
26:02 Impact of Market Conditions on GP Stakes
29:26 Underwriting and Returns in GP Stakes
36:33 Cash Flow and Diversification in GP Stakes Investments
37:48 Understanding the Trade-offs in GP Stakes Investing
38:35 Narrow Distribution of Potential Outcomes
40:09 The Importance of Diverse Professional Backgrounds
40:45 Collaborative Partnerships in GP Stakes
41:34 Traits of a Great Alternative Asset Manager
43:49 The Next Frontier: Private Wealth
45:13 Middle Market Strategy and Partnerships
49:34 The Evolution and Future of Private Markets
53:19 Liquidity in GP Stakes Investments
58:26 The Power of Permanent Capital
01:00:28 Is GP Stakes Better Than SaaS?
01:02:43 Exemplary Models for Growth in Asset Management
01:05:47 Conclusion and Final Thoughts
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Welcome back to the Alt Goes Mainstream podcast.
Today’s episode welcomes two elite performers in Steve Young of HGGC and Scott Wood of True North Advisors, where they talk about how they formed a partnership based on shared values.
Steve’s private equity firm, $7B AUM HGGC, took a minority stake in Scott’s independent wealth management firm, $3.9B AUM True North Advisors, as part of their broader wealth management investment thesis.
After an illustrious 15 year Hall of Fame career as a three-time Super Bowl winning quarterback of the San Francisco 49ers, Steve embarked on second act to found HGGC that has rivaled his career on the field. Over the past 17 years, HGGC has grown to a $7B private equity firm that has completed 600 portfolio investments.
After working on Wall Street where clients were not being fiduciarily served, Scott's journey as a registered independent advisor started in 2000, when he and his partner Mark Gehlbach decided to pioneer the fee-only model to eliminate conflicts of interest in the client advisor relationship. The foundation they built has led to the growth of a firm that now stands at over 3.9B in AUM, with a large portion of that capital, $812M allocated to alternatives.
Steve, Scott, and I had a fascinating conversation about how they’ve built their respective investment firms, the importance of values and culture, and how they create abundant, fulfilling relationships. We discussed:
Why “the score takes care of itself.”How and why defining the relationship up front is key in advisor M&A.How to assess culture fit when merging or acquiring advisors and wealth management firms.The importance of alternatives for better serving the client in an advisor’s practice.The concept of “decading” and why long-term thinking is critical in business and life.Thanks Steve and Scott for sharing your thoughts and decades of wisdom on business building, investing, and partnership.
A word from AGM podcast sponsor, Ultimus Fund Solutions
This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.
To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.
Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at [email protected].
We thank Ultimus for their support of alts going mainstream.
Show Notes
00:00 Introduction and Sponsor Message
01:17 Welcome to the Podcast
01:59 Meet the Guests: Steve Young and Scott Wood
02:22 Steve Young's Journey from the NFL to Private Equity
06:13 Scott Wood's Path to Founding True North Advisors
09:13 Building a Scalable and Collaborative Wealth Management Firm
12:22 Need for a Partner
12:57 Choosing HGGC: The Importance of Culture and Values in Business
13:30 HGGC's Investment Philosophy
15:03 Cultural Alignment in Partnerships
22:25 Evaluating Cultural Fit in Partnerships
22:40 Evaluating Cultural Fit
27:12 Governance and Day Two Operations
27:53 Commitment to Cultural Integrity
28:19 Navigating Cultural Fit in Wealth Management
28:55 Wealth Management Growth and Consolidation
29:40 The Role of Private Equity in Wealth Management
30:03 Changing Wealth Management Engagement
31:07 Challenges and Opportunities in Wealth Management Consolidation
32:22 True North's Unique Business Model
33:01 The Impact of Private Equity on Wealth Management
34:42 Exit Strategies and Long-Term Vision
39:39 Building an Alternatives Platform
40:31 Decading: Long-Term Thinking
40:53 Evolution of Alternatives Strategy
45:13 Simplifying Complex Investments
46:37 Fee Structures and Client Alignment
47:24 M&A Opportunities and Relationships
48:37 Mentorship and Professional Relationships
52:56 Future of Alternative Investments
55:56 Closing Thoughts and Reflections
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Today marks the launch of a new show on Alt Goes Mainstream: Going Public with Evercore’s Glenn Schorr.
17 years ago, there wasn’t a single alternative asset manager that was part of the public markets. Today, not only are a number of the industry’s largest firms public, but in 2024, the industry’s largest alternative asset manager, Blackstone, entered the S&P 500.
Understanding the inner workings, strategic moves, and financial performance of the industry’s largest players can help to explain many of the trends that are making alternatives become mainstream and these firms become mainstays in the financial services ecosystem.
Going Public will make private markets more public with expert analysis.
Glenn Schorr is a Senior MD and Senior Research Analyst at Evercore ISI, where he covers brokers, banks, asset managers, and trust banks as an analyst.
He has covered financials since 2000 and started coverage of alternative asset managers when the first firms went public.
He’s consistently come up as one of the most thoughtful and well-respected analysts in the space. He balances deep research with a creative flair (just read one of the titles of his research reports and you can see his love of the game). He’s been named to Institutional Investor’s All-America Research Team for his coverage, most recently ranking #2 and runner up in 2023, #1 and #2 in 2022. Prior to Evercore, Glenn was a Senior MD at Nomura, serving as the lead financials analyst.
Listen in as Glenn shares market stories, the evolution of alternative asset managers as businesses, the biggest and most exciting trends in private markets based on what the industry’s largest players are doing, and we go “around the horn” for his analysis on the publicly traded firms.
Show Notes00:38 Introduction to the Going Public Series and award-winning Wall Street Analyst, Glenn Schorr
01:54 Glenn's Career Journey
03:08 The Early Days of Alts Managers Going Public
03:26 Skepticism and Challenges in Going Public
04:06 Investor Skepticism and Challenges
07:00 Transformation and Tipping Points
09:03 Structural Tailwinds and Market Trends
10:57 The Decision to Go Public vs. Staying Private
12:39 Ambition and Vision in Asset Management
14:51 The Distribution vs. Manufacturing Debate
17:03 Lessons from Traditional Asset Management
18:55 Discipline and Growth in the Alts Market
20:03 The Future of Public and Private Markets
20:50 The Role of Distribution in Asset Management
21:59 Success Stories and Acquisition Strategies
23:02 Manufacturing Competency vs. Acquisitions
24:40 The Rise of Private Markets
26:07 How Alternative Managers Make Money
27:02 Valuation Factors for Alternative Managers
28:44 Profitability and Margins in Asset Management
29:23 Building a Business: Costs and Competitive Advantages
29:50 The Moat of Success in Business
30:15 Challenges for Traditional Asset Managers
30:56 The Importance of Vision and Technology
31:22 Scaling a Business with Proven Success
31:40 Insurance Asset Management: Strategic Moves and Structural Advantages
32:17 Structural Advantages in Asset Management
33:05 The Rise of Private Credit Managers
34:43 The Impact of Interest Rates on Private Credit Managers
35:32 Navigating Rate Sensitivity in Capital Markets
38:25 Deployment and Monetization in Asset Management
39:08 The Challenge of Dry Powder in Private Equity
41:14 The Role of Deployment in Investment Success
41:46 The Resilience of Publicly Traded Alts Managers
43:26 Spotlight on Blackstone's Growth and Innovation
46:38 KKR's Global Expansion and Innovation
48:41 Apollo's Market Leadership and Challenges
50:11 Blue Owl's Strategic Investments and Challenges
53:56 TPG's Public Transition and Growth
55:11 Carlyle’s Progress and Future Challenges
56:11 Looking Ahead: Key Trends and Expectations
DisclosuresEvercore ISI
Glenn Schorr
Company Coverage and Disclosures
Ticker Company
APO Apollo Global Management, Inc.
BAC Bank of America Corporation
Glenn Schorr holds a long position in equity securities of Bank of America Corporation.
BK Bank of New York Mellon Corp.
Glenn Schorr holds a long position in equity securities of Bank of New York Mellon Corp.
BLK BlackRock, Inc.
Glenn Schorr holds a long position in equity securities of BlackRock Inc.
BX Blackstone, Inc.
Blackstone, Inc. is a client of Evercore LLC, and Evercore LLC has provided investment banking services to Blackstone, Inc. in the last 12 months.
Evercore ISI or an affiliate expects to receive or intends to seek compensation for investment banking services from Blackstone, Inc. within the next three months.
An employee, employee's immediate family member, director or consultant of Evercore ISI or one of its affiliates (but not the covering research analyst or a member of the covering re advisory board member of Blackstone, Inc..
Evercore ISI or an affiliate has received compensation from Blackstone, Inc. for investment banking services in the last 12 months.
Analyst has a financial interest in a private equity fund managed by Blackstone, Inc.
Glenn Schorr holds a long position in equity securities of Blackstone, Inc.
OWL Blue Owl Capital, Inc.
Evercore ISI or an affiliate has acted as a manager or co-manager of a public offering of securities by Blue Owl Capital, Inc in the last 12 months.
Blue Owl Capital, Inc is a client of Evercore LLC, and Evercore LLC has provided investment banking services to Blue Owl Capital, Inc in the last 12 months.
Evercore ISI or an affiliate has received compensation from Blue Owl Capital, Inc for investment banking services in the last 12 months.
BSIG BrightSphere Investment
C Citigroup, Inc.
An employee, employee's immediate family member, director or consultant of Evercore ISI or one of its affiliates (but not the covering research analyst or a member of the covering re advisory board member of Citigroup, Inc.
Glenn Schorr holds a long position in equity securities of Citigroup, Inc.
BEN Franklin Resources, Inc.
Glenn Schorr holds a long position in equity securities of Franklin Resources, Inc.
GS Goldman Sachs Group Inc.
IVZ Invesco Ltd.
JPM &nb...
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Welcome to the 12th episode of the Monthly Alts Pulse, a collaboration between iCapital x Alt Goes Mainstream.
This month’s episode features one of iCapital’s senior executives, Eileen Duff, Managing Partner & Chief Client Success Officer, and a private markets veteran who was Head of Alternative Investments, North America for Credit Suisse for a number of years. At iCapital, she oversees Investor Relations, Enterprise Integration, and Client Operations teams to optimize the client experience. Eileen has had a number of senior and instrumental roles at iCapital. She's also a member of iCapital's Operating Committee. She was previously Head of Fund Management & Research for iCapital, where she was responsible for origination and development of new investment products and lifecycle management of existing offerings. She also led Distribution for iCapital, leading the sales and relationship management function after joining from Credit Suisse.
iCapital, as the leading platform that is responsible for the majority of individual and advisor-led investment flows into the alts space, has its finger on the pulse of what’s happening in private markets.
Eileen and I had a fascinating and lively discussion about how technology innovation, and AI and automation in particular, are revolutionizing alternative investments and how technology can drive growth and operational efficiency.
We covered:
How and why alternatives distribution has evolved. The importance of meeting clients where they are.The evolution of wealth channel strategies.How much does structure matter?When and why Eileen saw registered funds as a major driver of the future growth of private markets well before they became mainstream.The impact of registered and evergreen funds on operations and fund administration.Where will the biggest efficiencies come from in the automation of post-investment processes?How AI and automation will enhance operational efficiency?Thanks Eileen for a great episode … looking forward to next month’s Monthly Alts Pulse conversation!
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Welcome back to the Alt Goes Mainstream podcast.
Today’s podcast dives into the continued innovation in the GP stakes space with someone who has advised some of the industry’s largest firms on their businesses and going public.
We are joined by Todd Owens, the Co-Founder and Managing Partner of Cantilever Group.
Cantilever is an independent firm focused on providing capital solutions to middle market asset managers. Their capital can be used to accelerate growth, support acquisitions or liftouts, fund GP commitments, seed new strategies, facilitate generational ownership transfer, and provide liquidity to founders. They focus on businesses that have enterprise values between $50mm and $500mm. The team has executed on over $500M of GP stake, financing, and seeding transactions as both investors and principals. Their advisory experience working with stakes funds includes over 15 GP stakes transactions, multiple GP stakes portfolio financings, numerous GP and BDC IPOs, and dozens of asset management financing and control transactions.
Cantilever is working with two strategic partners as they build their firm: BTG Pactual, the near $30B market cap Brazilian bank and wealth and asset manager has committed 9 figures into Cantilever’s fund, and Broadhaven Ventures, the venture capital arm of Broadhaven Capital Partners.
Todd has over 30 years of experience as an advisor covering financial institutions and as a senior financial services executive. Prior to founding Cantilever, Todd has been a partner at Broadhaven Capital Partners, an independent financial services focused investment bank that’s completed over $90B in announced M&A transaction volume, as well as the former CEO of Fifth Street Finance. Todd began his career at Goldman, Sachs & Co, spending 24 years including as a Managing Director and Partner in the Investment Banking Division.
Todd and I had a fascinating discussion about how funds are becoming firms and why there’s an investment opportunity around that transformation. We discussed:
The evolution of alternative asset managers from Todd’s perspective as a banker to many alternative asset managers.Why GP stakes has become a solution for alternative asset managers.Why and how alternative asset managers are businesses and why it can make sense for them to take investment to grow.The benefits of GP stakes for investors and why the growing AUM of private markets means investors could benefit from exposure to GP ownership.The risks and challenges with GP stakes as an investment strategy.Why the middle market is an underserved and attractive segment in alternative asset management.What the currency of consolidation will look like in alternative asset management.What it means to grow and evolve a business as an alternative asset manager.Thanks Todd for coming on the show to share your wisdom and experience on the evolution of asset management from your 30 years in the industry. We hope you enjoy.
A word from AGM podcast sponsor, Ultimus Fund Solutions
This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.
To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.
Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at [email protected].
We thank Ultimus for their support of alts going mainstream.
Show Notes
00:00 Introduction and Sponsor Message01:18 Podcast Opening and Theme
01:59 Introduction to Todd Owens and Cantilever Group
03:10 Todd Owens' Career Background
04:39 Early Days of Alternative Asset Management
08:28 Challenges and Opportunities in Alternative Asset Management
10:00 Cantilever's Focus on the Middle Market
11:35 Investment Opportunities in the Middle Market
13:50 Identifying and Investing in Promising Managers
16:24 Insights from Working with Founders
18:42 Sizing Up the Middle Market Opportunity
19:49 Sourcing and Structuring Investments
21:16 Offering Diverse Financial Solutions
23:15 Evaluating and Picking the Right Managers
25:54 Identifying Investment Opportunities
26:16 Winning Deals: Strategies and Insights
26:51 Providing Strategic Capital and Advisory
27:58 Focusing on Growth and Diversification
29:18 Underwriting and Growth Expectations
31:15 Exit Strategies and Market Dynamics
33:13 Diversification and Portfolio Construction
34:29 Revenue Streams and Valuation
35:54 Cantilever's Market Edge
37:33 Strategic Partnerships and Support
39:01 Founders' Perspective and Industry Insights
41:01 Cantilever's Unique Value Proposition
42:40 Leadership and Influences
43:34 Concerns and Challenges
46:05 Reflections and Future Outlook
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Welcome back to the Alt Goes Mainstream podcast.
Today’s episode is a special show with Ben Harrison, the Co-Founder of DealCloud, which is now part of Intapp, where he is President, Industries.
Ben is a former banker and private equity professional at Falfurrias Capital Partners who went on to co-found DealCloud to make the process of managing deals and relationships for alternative asset managers and related industry service providers more streamlined and seamless.
Ben and team have done just that at Intapp DealCloud. They’ve built a unified deal and relationship management software business that is more than just a CRM. They’ve integrated a CRM function with business development, marketing, pipeline, deal management, fundraising, and investor relations features into a single platforms to enable firms in private markets to better run their day to day processes. They have a roster of over 2,500 customers, which includes many of the industry’s leading alternative asset managers.
Ben and I had a fascinating conversation about the evolution of enterprise software that serves private markets and why it’s such a large and growing opportunity, which was shared through the lens of an experienced and successful operator in this space who has grown his business to hundreds of millions in ARR that both alternative asset managers and founders and operators in private markets software will find interesting.
We discussed:
Why scale matters in enterprise software just like it does in alternative asset management.The strategic question of building a comprehensive end-to-end software solution versus building a point solution.What are alternative asset managers looking for when building or buying software solutions for their business?How are alternative asset managers thinking about data and tech differently?Why and how the TAM for software solutions for private markets is growing in lockstep with AUM industry growth.How data helps investors make better decisions.Where AI can help automate processes for alternative asset managers.Is AI over- or under-hyped?Thanks Ben for sharing your thoughts and wisdom of building an industry-leading software company for private markets and for Intapp and DealCloud’s partnership with Alt Goes Mainstream. We hope you enjoy.
Show Notes
00:00 Introduction and Background
03:54 Building Industry-Specific Software Solutions
08:02 Strategic Approach: Point Solutions vs. End-to-End Solutions
13:11 Evolution of Alternative Asset Management and its Impact on Software Solutions
16:24 Benefits of Technology for Large and Small Firms
19:11 Building Software for Large Managers vs. Small Managers
23:10 Technology's Impact on Firms' Efficiency and Productivity
25:49 The Role of Technology in Professional Development
28:24 Key Features and Benefits of DealCloud's Software Platform
32:00 The Future of Technology in the Alternative Asset Management Industry
35:49 Unlocking the Potential of Technology
38:46 The Shift Towards a User-Friendly and Automated User Experience
45:18 The Importance of Data-Driven Decision-Making
52:21 Growth Opportunities in the Private Markets Industry
01:04:16 The Role of AI in Enhancing Software Capabilities -
Welcome back to the Alt Goes Mainstream podcast.
Recently, AGM partnered with Pangea to bring together a group of executives in private markets and wealth management in London for a live AGM podcast featuring Cheri Belski of T. Rowe Price, one of the largest asset managers in the world with over $1.59T AUM.
Cheri is the Global Head of Product at T. Rowe Price, where she's responsible for setting the vision for T. Rowe Price's product development and their strategy in private markets.
Cheri also chairs the Product Strategy Committee and is a member of the Investment Management Steering Committee. She is also a vice president of T. Rowe Price Group, Inc., T. Rowe Price Investment Services, Inc., and T. Rowe Price Associates, Inc. Cheri has been with T. Rowe Price since 1997.
Cheri and I had a wide-ranging conversation on private markets. We discussed:
Why did T. Rowe Price look to add alternatives offerings?How traditional asset managers have approached adding private markets capabilities.Why T. Rowe Price acquired Oak Hill Advisors.Build, buy, or partner to add alternatives?Who will win the distribution battle in the wealth channel — traditional asset managers or alternative asset managers?Opportunities and challenges with product construction and innovation for the wealth channel.What the future holds for private markets.Please enjoy this fascinating conversation with Cheri. Thanks Cheri for sharing your wisdom and experience. We hope you enjoy.
Show Notes
00:00 Introduction: Going Mainstream00:40 Welcome to Alt Goes Mainstream Podcast
00:43 Live Podcast in London with Cheri Belski
00:54 Cheri Belski's Role at T. Rowe Price
01:19 Discussion on Private Markets and Traditional Asset Managers
01:37 Podcast Begins: Marylanders in London
01:59 Host Introduction: Michael Sidgmore
02:31 T. Rowe Price's Venture into Alternatives
04:35 Why T. Rowe Price is Entering Alts
05:46 Building, Buying, or Partnering in Alts
07:09 Acquisition of Oak Hill Advisors
07:13 Integration Challenges and Successes
12:06 Brand Strategy in Alternatives
14:36 Distribution Strategies for Alts
16:20 Traditional vs. Alternative Asset Managers
19:36 Challenges and Opportunities in Private Markets
19:41 Advisor Relationships and Education
22:29 Product Construction and Client Needs
24:36 Challenges in Private Markets
25:44 Future of Alternative Investments
26:20 Conclusion and Farewell
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Welcome back to the Alt Goes Mainstream podcast.
Today’s episode is with Alex Chaloff, the CIO of a large and sophisticated private wealth management firm that is very active in private markets.
Alex is Chief Investment Officer of Bernstein’s $125B+ private wealth management unit within $725B AUM AllianceBernstein. He was previously the Head of Alternative Asset Strategies. Prior to joining Bernstein in 2005, he was a MD for Wilshire Associates, serving on the firm’s investment committee. Prior to that, he worked in fund accounting operations at a global custodian in Boston.
Alex and I had a fascinating conversation about:
How to approach private markets asset allocation.Why he’s doing the job that he always wanted to do.How to think about portfolio construction.The importance of patience.The questions about liquidity.Why structure matters.Thanks Alex for coming on the show to share your wisdom and views.
A word from AGM podcast sponsor, Ultimus Fund Solutions
This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.
To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.
Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at [email protected].
We thank Ultimus for their support of alts going mainstream.
Show Notes
00:00 Introduction and Sponsor Message01:18 Podcast Theme Song
01:35 Welcome to the Podcast
01:59 Introducing Alex Chaloff
03:01 Alex Chaloff's Career Jurney
03:49 Transition to Bernstein
04:16 Current Role and Responsibilities
05:26 Investment Strategy and Market Insights
06:58 Active vs Passive Investment
11:35 Middle Market Focus
14:26 Evaluating Fund Managers
18:28 Lessons Learned in Fund Management
20:51 Allocating to Private Markets
22:38 Liquidity and Risk Management
27:01 Current Market Opportunities
31:01 The Perception of Infrequent Reporting
31:38 Private Wealth and Market Fluctuations
32:21 Understanding Liquidity Concerns
32:54 The Future of Private Market Investments
33:38 Challenges in Public Market Benchmarks
34:45 GP and LP Dynamics in Private Markets
36:58 Product Innovation in Private Markets
38:30 Evergreen Structures and Asset Allocation
39:20 Vintage Diversification Strategy
42:07 Lessons from the Current Market Cycle
42:30 Next Generation Investors and Impact Investing
46:13 Double Bottom Line Investing
48:24 Concerns in Private Debt Markets
51:33 Opportunities in Venture Capital
54:36 Favorite Alternative Investments and Future Trends
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I went into The Compound and came out alive.
Recently, I joined Michael Batnick and Ben Carlson of Ritholtz Wealth Management on their Animal Spirits podcast by The Compound. It is a fantastic show that produces frank and thoughtful conversations on markets and the wealth management world. They invited me on their show to discuss why alts are going mainstream.
We had a great conversation on the animal spirits of alts and we unpacked the opportunities and challenges ahead for private markets, wealth managers, and the alternative asset managers looking to work with the wealth channel.
We covered:
Why I don’t like the term “downstreaming of alts.”The size and scale of the opportunity with the wealth channel.Why and how it can make sense for the wealth channel to allocate to alts.The changing nature of asset allocation from slices of a pie to buckets and spectrums.The concept of liquidity.The attractiveness of evergreen funds for both GPs and LPs.Are private markets in a bubble?Why GP stakes are a compelling investment opportunity given structural trends in private markets.Can private markets be indexed (and should they be)?Thanks Michael and Ben for having me on the show. Really enjoyed the conversation and it was a pleasure to join you.
Michael and Ben are fantastic and thoughtful asset allocators and commentators in investing and wealth management. If you don’t already listen to their podcast or read their commentary on markets, you can check out their blogs below:
Michael Batnick’s The Irrelevant Investor.
Ben Carlson’s A Wealth of Common Sense.
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Welcome back to the Alt Goes Mainstream podcast.
On today’s episode, we are joined by Mercer Investments’ US Financial Intermediaries Leader Gregg Sommer and CAIS’ MD and Head of Investments Neil Blundell.
Gregg and Neil bring deep experience and backgrounds in private markets to discuss how alternatives can be further adopted by the wealth channel.
Gregg is Mercer’s US Financial Intermediaries Leader, serving US wealth management and family office clients. He is a member of Mercer’s Wealth Leadership Team, Wealth Management Strategic Research and Investment Committees, and the Investment Policy Committee. He joined Mercer’s Investments business in 2009 and is based in Denver. Gregg began his career at U.S. Trust and over the last 35 years has held several executive positions in the investment industry. He has a comprehensive investment, business, and risk management background and has managed many successful investment teams focused on risk assessment, asset allocation, due diligence, portfolio management, organizational evaluation, and financial analysis across both private and public investment strategies. Gregg served as Chief Financial and Operating Officer of a firm that managed real estate and private equity and debt portfolios and has been a Principal and Portfolio Risk Officer for RCM, a Commodity Trading Advisor. Additionally, he was a founding Partner at Global Trading Partners, a trading firm focused on global market relationships.
Neil brings over 20 years of experience in private markets to CAIS. He recently worked at Invesco as the Global Head of Client Solutions and Alternatives for the Investment Solutions team. He was responsible for developing and managing over $90B in customized multi-asset investment strategies spanning both traditional and alternative solutions and was a member of the team’s executive committee, investment committee, and chair of the alternative investment committee. Prior to Invesco, Neil was at BlackRock for 10+ years, where he was most recently Managing Director and Alternatives Platform Head within the Institutional Client Business.
Gregg, Neil, and I had a fascinating discussion about how the wealth channel can approach alternatives and how they can think about both diligence and customization. We covered:
The case for alternatives.How advisors currently approach alternatives and how they can think about it differently going forward.How to think about portfolio construction that includes alternatives.How alts can help advisors differentiate their practice and attract clients.Following the fast river in a career and why alternatives are “the fast river.”The meaning of “structure over strategy.”The rise in popularity of evergreen funds.Thanks Gregg and Neil for coming on the show to share your views and experience in private markets. We hope you enjoy.
A word from AGM podcast sponsor, Ultimus Fund Solutions
This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.
To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.
Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at [email protected].
We thank Ultimus for their support of alts going mainstream.
Show Notes
00:00 Introduction to Sponsor, Ultimus Fund Solutions
01:17 Podcast Opening and Guest Introduction
01:58 Guest Backgrounds and Career Highlights
03:43 Discussion on Wealth Channel and Alternatives
03:51 The Case for Alternatives
07:47 The Evolution of Private Debt
08:23 The Moment It Clicked for Alts
12:08 Institutional vs. Wealth Channel Approaches
13:54 Educating the Wealth Channel
15:47 Evergreen Funds and Wealth Channel
19:29 Generational Wealth Transfer
20:04 Current Market Trends and Private Markets
25:29 Importance of Due Diligence in Alternatives
26:33 Advisor Allocation Trends
26:53 Expected Allocations in the Next Year
27:07 Private Equity and Credit Insights
27:17 Real Estate and Hedge Funds Outlook
27:27 Emerging Infrastructure Strategies
27:47 CAIS Platform Overview
28:17 Transactional Volume Trends
28:36 Registered Funds Growth
29:30 Institutional vs. Wealth Channel Behavior
30:25 Customization in Private Markets
31:22 Technology's Role in Wealth Management
35:52 The Importance of Brand in Investments
39:26 Strategic Partnerships in Wealth Management
39:56 Concerns About Private Markets Growth
43:36 Evaluating Manager's Edge
45:54 Future of Alternative Investments
DisclosureThis content is for institutional investors and for information purposes only. It does not contain investment, financial, legal, tax or any other advice and should not be relied upon for this purpose. The materials are not tailored to your particular personal and/or financial situation. If you require advice based on your specific circumstances, you should contact a professional adviser. Opinions expressed are those of the speakers as of the date of the recording, are subject to change without notice and do not necessarily reflect Mercer’s opinions.
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Welcome back to the Alt Goes Mainstream podcast.
Today’s episode features a guest who has consistently and astutely figured out the growth areas in private markets.
We are joined by Manulife’s new Global Head of Private Markets Anne Valentine Andrews. She’s responsible for the strategy, business development, and growth of Manulife Investment Management’s private markets business. Manulife has a platform that spans real estate, infrastructure, timber, agriculture, private equity, and credit.
Anne has a comprehensive and informed purview of both private markets trends and of the different asset classes. She brings together the CIOs from each asset class in the Manulife business and works with the global product group to drive private markets product innovation across the institutional, retail, and retirement channels.
Anne has a wealth of experience in private markets and in infrastructure in particular. She joined Manulife from BlackRock, where she was most recently Global Head of Infrastructure and Real Estate. Previously, she was Co-Head and Chief Operating Officer for the Morgan Stanley infrastructure platform and was a Director at Macquarie Bank.
Anne and I had a fascinating conversation about the evolution of private markets and how to build out a private markets investment platform and its brand. We discussed:
How to approach building a private markets investment platform at an industry behemoth.Why culture matters at an investment firm.The continued consolidation of alternative asset managers.What it means to connect real assets with real money.How to build a brand and educate investors.How to bring private markets investment opportunities into retirement accounts.The opportunity in infrastructure investing.Thanks Anne for coming on the show to share your experience and wisdom on private markets. We hope you enjoy.
A word from AGM podcast sponsor, Ultimus Fund Solutions
This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.
To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.
Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at [email protected].
We thank Ultimus for their support of alts going mainstream.
Show Notes
00:00 Introduction and Sponsor Message from Ultimus Fund Solutions
01:18 Podcast Opening and Guest Introduction
03:39 Anne Valentine Andrews' Career Journey
04:42 Evolution of the Infrastructure Investments
05:41 Infrastructure’s Resilience and Growth
06:27 Building a Private Markets Platform
14:28 Challenges and Strategies in Making Acquisitions
17:12 Evaluating Culture and Integration in Asset Management
18:47 Building a Comprehensive Platform
20:20 Educating Investors and Expanding Access
23:29 Future of Alternatives in Retirement Accounts
26:43 Platformization of Alternatives
28:01 Building and Marketing a Trustworthy Brand in Financial Services
29:30 Learning from Other Industries: Amazon's Influence
31:15 The Evolution of Asset Management
31:57 Adapting to Market Changes and Mega Trends
33:34 The Importance of Long-Term Investment Strategies
34:33 Decarbonization and Natural Capital
35:32 The Importance of Long-Term Thinking
40:02 Connecting Real Assets to Real Money
45:42 Risks and Opportunities in Infrastructure Investment
48:03 The Role of Scale in Private Markets in Infrastructure
49:21 Future of Alternative Investments
The views and opinions expressed in this podcast are those of the speakers, are subject to change as market and other conditions warrant, and do not constitute investment advice or a recommendation regarding any specific product or security. There is no guarantee that the investment strategy discussed will be successful or achieve any particular level of results. Any economic or market performance information is historical and is not indicative of future results, and no forecasts are guaranteed. Investing involves risks, including the potential loss of principal.Financial markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments. The information provided does not take into account the suitability, investment objectives, financial situation, or particular needs of any specific person.
All overviews and commentary are intended to be general in nature and for current interest. While helpful, these overviews are no substitute for professional tax, investment or legal advice. Clients and prospects should seek professional advice for their particular situation. Neither Manulife Investment Management, nor any of its affiliates or representatives (collectively “Manulife Investment Management”) is providing tax, investment or legal advice.
Manulife Investment Management paper titled U.S. farmland investment returns: continued gains in 2022; 5/19/23. NCREIF collects U.S. farmland property-level performance realized by institutional investments and reports the aggregated results within its Farmland Property Index (FPI). Manulife Investment Management is a participating member in the FPI. The index requires participating managers to report all eligible properties. Usage of this data is not an offer to buy or sell properties.
Manulife, Manulife Investment Management, Stylized M Design, and Manulife Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license.
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Welcome to the 11th episode of a collaboration between iCapital x Alt Goes Mainstream.
We changed up this month’s episode, welcoming iCapital Co-Founder and Managing Partner, Head of Investment Solutions Dan Vene to the show to discuss the evolution of private markets and the launch of iCapital’s Marketplace.iCapital, as the leading platform that is responsible for the majority of individual and advisor-led investment flows into the alts space, has its finger on the pulse of what’s happening in private markets.
Can alternative investments help you sleep at night?Public markets vs. private markets?What are the benefits of private markets?Are there evolving perspectives on liquidity?What potential market catalysts could further shift investments from public to private investments?How and why have fund managers had success on Marketplace?What’s the new world order for investing?
Dan and I had a fascinating and lively discussion about the evolution of the industry through the lens of iCapital’s growth and maturation, which has most recently included the creation of iCapital Marketplace. We discussed:Thanks Dan for a great episode … looking forward to next month’s Monthly Alts Pulse conversation!
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Welcome back to the Alt Goes Mainstream podcast.
Today’s episode is one of evergreen importance. We talk with one of the pioneers in the evergreen fund space.
Rob Collins, a Partner, Co-Head of Private Wealth, and Head of the New York office and a member of the Global Executive Board at Partners Group, a $147B+ AUM alternative asset manager, joins the podcast to discuss how Partners Group started the evergreen fund space in the early 2000s.
Rob has deeply evolved perspectives on both evergreen funds and working with the wealth channel. He leads Partners Group’s US private wealth and defined contribution practice and is President, Portfolio Manager, and Member of the Board of Managers of Partners Group Private Equity (Master Fund), LLC. He also chairs Partners Group USA’s Investment Committee. He joined the firm in 2005, only 4 years after Partners Group was the first firm to launch an evergreen private equity structure.
Rob and I had a fascinating conversation about what evergreen funds are, the mechanics of how they work, and why they can make sense for investors – both individual and institutions. We discussed:
What Partners Group saw in the early 2000s that made them decide to create the evergreen private equity fund structure.Why it’s taken the industry time to adopt evergreen funds.How to think about returns with evergreen funds.Why institutions — in addition to wealth advisors — have used evergreen funds.Why the time, money, and liability questions of private equity fund investments make evergreens a fit for many advisors.The importance of compounding and how it relates to evergreen funds.The challenges and nuances with managing evergreen funds.Why “life is too short for capital calls.”How does private equity go from being sold to being bought?What can the industry do to continue to remove pain points for the wealth channel?Thanks Rob for coming on the show to share your thoughts and wisdom on private markets and the importance of one of the biggest trends in private markets, evergreen funds. We hope you enjoy.
Show Notes
00:00 Introduction to Ultimus Fund Solutions01:18 Podcast Opening and Theme Song
01:52 Welcome to Alt Goes Mainstream
01:59 Introducing Rob Collins and Evergreen Funds
02:24 Rob Collins' Background and Role at Partners Group
04:18 Growth and Innovation at Partners Group
05:46 Evergreen Solutions for Clients
07:02 The Importance of Flexibility in Evergreen Funds
09:56 Evergreen Funds vs. Traditional Structures
11:38 The Rise of Evergreen Funds
29:48 Challenges and Risks of Evergreen Structures
30:01 Balancing Growth and Performance in Evergreen Funds
34:57 Challenges for General Partners
35:40 Expanding with New Products
36:23 Trends in Private Markets
36:56 Evergreen Funds and Private Companies
37:27 Life is Too Short for Capital Calls
38:52 Shift from Public to Private Markets
40:24 Liquidity in Evergreen Funds
41:50 Building a Resilient Diversified Portfolio
43:05 Managing Investor Expectations
44:26 Control in Portfolio Construction
46:48 Positioning Evergreen Funds
52:13 Evergreen vs. Closed-End Funds
54:43 Innovating Asset Allocation Frameworks
57:12 Educating Distribution Professionals
01:00:26 Consultative Sales Approach for Evergreen Sales Professionals
01:02:03 Future Growth in Private Markets
01:03:47 Rob’s Favorite Alternative Investment
01:04:42 Conclusion and Final Thoughts
A word from AGM podcast sponsor, Ultimus Fund SolutionsThis 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 [email protected].
We thank Ultimus for their support of alts going mainstream.
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Welcome back to the Alt Goes Mainstream podcast.
I've been having many conversations with GPs and LPs over the past few months — and it feels like we've reached a point in private markets where both sides are trying to figure out how to navigate this space, from a product perspective and a technology perspective.
To better understand these issues, I asked Lawrence Calcano, Chairman & CEO of iCapital, the largest platform in the space and a business that is in the middle of much of the flows of activity between GPs and LPs, to come back on the show to dive deeper into these topics.
The main topic of conversation? The evolution of the different service models that enable GPs to unlock access to private markets for more LPs.
As private markets welcomes more investors to the space, the how becomes as important as the why.
How can investors gain access to private markets in ways that work for them?
How can alternative asset managers better serve those investors?
How can this all be done in a responsible, thoughtful way that sets up both investors and private markets for success in the long-term?
Lawrence and I had a fascinating conversation. We discussed:
How can operational efficiency across the entire value chain lower fees?Where do technological innovations like distributed ledger and AI factor into industry transformation?How important is education in driving adoption of alternative investments?How model portfolios and customization can transform the investor experience.Platform versus point solutions.Overestimating and underestimating market trends and market size.Why effortless is a myth.Thanks Lawrence for coming on the Alt Goes Mainstream podcast to share your thoughtful perspectives on the industry and its continued evolution.
Show Notes00:00 Introduction to Ultimus Fund Solutions
01:18 Welcome to Alt Goes Mainstream and Introduction to Lawrence Calcano
02:26 Navigating Private Markets
03:36 Holistic Solutions for GPs and LPs
03:57 Importance of Education in Alts
04:46 Understanding Alts in Portfolios
06:50 Lowering Fees Across the Chain
07:32 Technology and Tools for Advisors
08:36 Success in the Wealth Channel
10:21 Investment Product Innovations
11:44 Direct Relationships in Private Markets
13:26 Operationalizing Cost Structure Changes
14:21 The Role of AI and Data
14:43 Fee Evolution in Private Markets
15:31 Operationalizing New Workflows
16:06 Long-Term Industry Investments
18:37 Collaboration in the Industry and Education
20:34 Model Portfolios and Customization
23:04 Addressing Liquidity Concerns
24:18 Democratization of Private Markets
25:14 Platform vs. Point Solutions
31:14 The Importance of Scale
38:53 Moving Fast and Moving Slow
40:33 Conclusion and Final Thoughts
A word from AGM podcast sponsor, Ultimus Fund Solutions
This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.
To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.
Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at [email protected].
We thank Ultimus for their support of alts going mainstream.
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Welcome back to the Alt Goes Mainstream podcast.
His career started when someone said to him, “well, have you thought about venture capital? We don’t think that you’d be any good at it.”
The rest is history.
Today’s episode features one of the legends of the venture capital industry.
Peter Barris joined New Enterprise Associates in 1992 after a storied operating career as President and COO at Legent Corporation and an executive at GE Information Services. He served as Managing General Partner and Chairman of NEA from 1999 to March 2024. Under Peter’s leadership, NEA saw tremendous success, growing into one of the world’s largest venture capital firms and raising the largest-ever venture capital fund a number of times. Today, NEA’s AUM stands over $25B.
Peter was responsible for investing in a number of foundational and industry-transforming technology companies, including Salesforce.com, UUNET, Groupon, WebMD, Workday, CareerBuilder, Tempus, and more.
It was an honor to talk with Peter, who has such rich perspectives as both an operator and investor.
We had a fascinating discussion about the early days of venture capital and how the industry has evolved. We covered:
The inside story of how almost every other Partner said no but Peter's investment turned out to be a 75x return.What's the “best characteristic and the death characteristic” of an entrepreneur?In today's hypercompetitive market, do VCs have enough time to make good decisions?Why the world of venture capital is about influence.What does it mean to earn an entrepreneur’s trust as a VC?Why VCs with operating backgrounds can bring unique value to startups.How NEA came up with the term "Venture Growth Equity."How can a VC tell that a founder is good at experimentation and that they have the good judgment?Why specialization and domain expertise are prerequisites in today’s venture industry.The importance of relying on instinct to make great investments.Why the business plan that is bet on is not always the business plan that ultimately succeeds.Thanks Peter for coming on the show. It was an honor and a pleasure to hear your views on the evolution of an industry and for you to share your wisdom and experiences.
Show Notes
00:00 Introduction and Sponsor Message from Ultimus
01:55 Guest Introduction: Peter Barris
01:59 Peter Barris' Career Beginnings as an Operator
03:43 How Peter decided to join NEA
04:31 Early Days at NEA
12:30 First Investment Experience – The world of venture capital is about influence
15:07 How to Influence a Company when You Don’t Control the Company
21:48 Scaling Businesses: When Scale Can be a Moat - The Groupon Example
26:41 The Art of Experimentation
29:16 The Most Important Characteristic of Successful Entrepreneurs and the Death Characteristic
30:40 The Groupon Investment: A Case Study
33:08 The Evolution of Venture Capital Decision Making
33:58 Specialization and Competition in Modern Venture Capital
38:10 How NEA Came Up with the Term: Venture Growth Equity
46:04 The Impact of Scale in Venture Capital
50:49 The Future of Venture Capital and Industry Evolution
59:16 Lessons Learned in Venture Capital
01:02:08 Conclusion and Final Thoughts
A word from AGM podcast sponsor, Ultimus Fund Solutions
This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.
To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.
Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at [email protected].
We thank Ultimus for their support of alts going mainstream.
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Welcome back to the Alt Goes Mainstream podcast.
Today’s episode features the architects behind one of the industry’s faster growing wealth management platforms, NewEdge.
We welcome NewEdge CEO, Managing Partner, and Co-Founder Rob Sechan and NewEdge CIO Cameron Dawson.
Both Rob and Cameron have a wealth of experience in both wealth management and private markets. Rob has over two decades of experience in financial services, beginning his career as a financial advisor at Morgan Stanley, before running a family office business as a Managing Director at Lehman Brothers. He later joined UBS as a Managing Director and Head of the Intellectual Capital Subcommittee, where he helped guide the firm’s tactical investment process for wealthy families and institutional clients before founding NewEdge in 2020. Cameron was the Chief Market Strategist at Fieldpoint Private Securities and a Senior Equity Analyst at Bank of America before joining NewEdge as CIO.
Since its founding in 2020, NewEdge has grown to over $44B AUM, supports over 300 financial advisors. NewEdge has built a platform that combines wealth management, technology, custody, research, and alternatives capabilities. They’ve built out a sophisticated private markets investment practice, which we unpacked in detail on today’s podcast.
Rob, Cameron, and I had a fascinating discussion. We covered:
The transformation in wealth management and the approach that NewEdge has taken in the independent wealth channel.The evolution of Super RIAs.The role of alternatives in wealth management. Navigating client psyche and market cycles.The importance of due diligence and why fee discipline matters in private markets.The importance of liquidity in a client's portfolio.Why portfolio construction is key in the wealth channel.Thanks Rob and Cameron for coming on the show to share your thoughtful views on wealth management and private markets.
Show Notes
00:00 Introduction and Ultimus Sponsor Message
01:21 Welcome to the Podcast
02:03 Introducing NewEdge Wealth and the Guests
02:20 Rob Sechan's Journey in Wealth Management
07:46 Cameron Dawson's Perspective on NewEdge
11:45 The Role of Alternatives in Wealth Management
20:09 The Evolution of Super RIAs
24:10 Investment Strategies and Client Focus
31:31 Balancing Proactivity and Client Sensitivity
31:56 The Importance of Transparency and Differentiation
32:30 Navigating Client Psyche and Market Cycles
33:33 The Role of Alternatives in Portfolios
36:05 Private Equity Opportunities and Challenges
38:00 Fee Discipline and Alpha Generation
51:57 Engaging with Wealth Channels
56:52 Favorite Alternative Investments
59:27 Conclusion and Final Thoughts
A word from AGM podcast sponsor, Ultimus Fund Solutions
This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.
To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.
Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at [email protected].
We thank Ultimus for their support of alts going mainstream.
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