Эпизоды
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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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Пропущенные эпизоды?
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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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AGM collaborated with Pangea Group, a firm that helps B2B fintech companies with go-to-market strategies, at a live event they hosted on private markets in London with Schroders and Illuminate Financial to gather thoughts from some leaders in private markets on their views of the industry’s future in Europe.
We asked seven private market participants for their views on 2024 trends in private markets.
Hear what they have to say. Listen to short interviews with:
Spencer Lake, Partner, 13books Capital.Toby Bailey, VP of Sales EMEA, Canoe.Rezso Szabo, General Partner, Illuminate Financial.Dan Kramer, Strategic Advisor, ex-CEO, Jaid AI.Tom Davies, Managing Director and President, Forge Europe.Levent Altunel, Co-Founder, bunch.Jay Wilson, Partner, AlbionVC.Thanks for coming on AGM unfiltered to share your views and thoughts on the future of private markets.
Show Notes
00:00 Introduction00:35 Event Overview and Purpose
01:06 Conversation with Spencer Lake, 13books Capital
01:25 Spencer Lake on Banking and FinTech
02:42 Challenges in Private Markets
05:18 Standardization and Technology in Finance
07:34 Insights from nCino's Success
09:44 The Story Behind 13books
10:51 Future of Private Markets
12:55 Conversation with Toby Bailey, Canoe
15:07 Canoe's Approach to Data Management
22:09 Conversation with Reszo Szabo, Illuminate Financial
22:40 Illuminate Financial's Investment Focus
23:51 Generational Transformation in Private Markets
26:36 Challenges in Private Market Liquidity
31:41 Conversation with Dan Kramer, Jaid AI
32:05 Dan Kramer's Career Journey
34:19 Evolution and Transparency in Private Markets
35:37 Jaid's Role in Fund Administration
36:10 The Challenge of Communication in Fund Management
36:49 How Jaid Solves Communication Issues
38:03 The Impact of AI on Post-Investment Processes
39:12 Technology Gaps in Private Markets
40:05 Interview with Tom Davies, Forge Europe: Evolution of Private Markets in Europe
41:23 SPV Nominee Model and Institutional Adoption
42:35 Current Sentiment in the European Secondary Market
43:53 The Changing Skill Set of VCs
45:07 Challenges and Opportunities in Private Market Liquidity
49:55 Interview with Levent Altunel, bunch: Transforming Fund Management
51:21 Unified Data Solutions for Fund Managers
52:53 Future Directions for bunch
57:06 Interview with Jay Wilson, AlbionVC: Evolution of Capital Markets
01:00:35 Electronifying Private Markets
01:03:08 The Role of Data Analytics in Private Markets
01:06:52 Conclusion: The Future of Private Markets
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Welcome back to the Alt Goes Mainstream podcast.
On today’s show, we turned the tables. We welcomed famed podcast co-host of Animal Spirits and The Compound and Friends and writer at The Irrelevant Investor, and Managing Partner and Director of Research at $4B AUM Ritholtz Wealth Management Michael Batnick to come on the show to share a wealth manager’s perspective on private markets.
Michael’s career has taken a number of fascinating turns. He started selling insurance, before a chance meeting on the platform of the subway station with Josh Brown of Ritholtz Wealth Management after a New York Knicks loss led to a job offer to work with Josh at RWM. At Ritholtz, Michael has been an integral part of the team that has helped to drive the firm’s growth, leading with content and education. Each of the firm’s Partners have built impressive content platforms across blogs, books, and podcasts. Their thoughtful approaches to investing come through in their work — and it’s translated to how they think about private markets. Michael provided interesting viewpoints on why alternatives have yet to be adopted by many advisors and the challenges with adopting alternatives products.
Michael and I had a fascinating discussion at the intersection of wealth and alts. Michael and I covered:
His journey into wealth management and the lessons he has learned along the way.The importance of education and networking in the wealth management industry.How he thinks about risk in public and private markets.The evolution of wealth management as a business.Why alternatives products are still sold and not bought.The importance of staying focused on fundamentals and long-term investing.The workflow challenges that alternative investments have for a wealth management firm.How and why content can develop views, educate, and build brand in wealth management and private markets.Thanks Michael for coming on the show to share your thoughts and wisdom on investing.
Show Notes
02:03 Introduction to Alt Goes Mainstream
02:43 Guest Introduction: Michael Batnick
03:00 Michael's Early Career and Challenges
07:26 Meeting Josh Brown and Career Breakthrough
08:35 Lessons from the Insurance World
09:20 Creating Content and Building a Brand
10:58 Investing Philosophy and Market Insights
14:27 Young Investors and Market Psychology
19:13 Public vs. Private Markets
29:25 Advisors and Private Investments
34:21 Customization and Differentiation in Private Markets
34:50 Challenges in Pitching Investments to Clients
35:09 Operational Hurdles in Alternative Investments
35:34 The Role of Relationship Managers
36:16 Building and Managing Alts Portfolios
43:04 Market Dynamics and Investment Strategies
53:43 Content Creation in Wealth Management
58:53 The Future of Wealth Management with AI
01:01:46 Quick Fire Round: Market Predictions and Insights
01:05:19 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 a masterclass in private markets from a guest who has seen it all.
Jim Strang is a deeply experienced private equity professional who has been part of the industry as a GP, LP, investor, consultant, and now a teacher, board member, and advisor to a number of firms.
I’d probably have to spend a good few pages going through everything that Jim has done and is currently doing in private markets. He’s a practitioner and a teacher, an expert and an operator. After an illustrious career that was punctuated as Chairman EMEA of Hamilton Lane, one of the largest LPs in private markets globally, he now serves in a number of board and advisor roles, which include Chairman of the Board at HgCapital Trust plc, Senior Advisor to CVC Capital Partners, Advisor at Bain & Company, and Director at Pictet Alternative Advisors.
Jim and I had a fascinating conversation about the evolution of private markets and what the future holds for large and small funds alike, as well as LPs. We discussed:
The step function changes that take private markets from $15T to $30T of AUM.Why traditional asset managers may struggle to replicate the capabilities of alternative asset managers in private markets.The importance of partnerships having a clear ambition and alignment if they want to build a scaled platform.The challenges that managers in the middle face as large platforms and specialist managers are the differentiated firms in the eyes of LPs.Why GPs need to find innovative solutions to address the needs of different types of investors.Why building a strong brand is crucial to success in the wealth channel.Thanks Jim for coming on the show to share your wisdom and experience on private markets.
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 Notes00:00 Introduction and Sponsor Message
02:06 Podcast Theme Song
02:44 Guest Introduction: Jim Strang
02:52 Jim Strang's Career Overview
05:35 State of Private Markets: Challenges and Opportunities
08:04 Fundraising Dynamics in Private Equity
11:25 European Private Equity: Evolution and Insights
15:01 Scaling Challenges and Ambitions in Private Equity
25:41 Technology and Innovation in Private Equity
32:47 Challenges in Organizational Analysis
33:56 Psychological Assessments in Investment Decisions
35:48 Effective Questioning Techniques for LPs
36:29 Transparency and Culture in Investment Firms
37:34 Evolution of Asset Management
38:41 Public vs. Private Asset Managers
40:27 Generational Shifts in Private Equity Firms
44:12 Growth and Democratization of Private Markets
48:40 Liquidity Challenges in Private Markets
54:45 Quick Fire Round: Insights on Private Markets
01:00:10 Entertainment Investments: Music Royalties and Sports
01:04:02 Conclusion and Final Thoughts
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Welcome to the 10th episode of 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, who as the leader of a platform that is responsible for the majority of individual and advisor-led investment flows into the alts space, has his finger on the pulse of what’s happening in private markets.
In today’s episode, Lawrence and I welcome a special guest. Hightower Advisors Managing Director, Head of Alternative Investments Robert Picard joins us to discuss the operational challenges and solutions in private markets.
Robert has spearheaded the creation of the Alternative Investment Platform offering at Hightower, where he and the team curates investment opportunities in private markets for their advisor teams through research and due diligence. Hightower has 140 advisor teams that collectively manage over $150B AUM. Robert has a wealth of experience in private markets. He was instrumental in building four multi-billion dollar alternative investment platforms at The Carlyle Group / Rock Creek, Optima Fund Management, RBC Capital markets, and State Street / InfraHedge. Most recently, Robert served as Head of Alternative Investments at First Republic Wealth Management.
On this episode, Lawrence, Robert, and I had a fascinating and lively discussion. We covered a number of topics, including:
How wealth platforms like Hightower and infrastructure operating systems like iCapital are creating straight-through-processing solutions across the lifecycle of a private markets investment for the wealth channel.The importance of bringing alts directly to the advisor’s desktop.Why improving the experience for advisors in private markets is critical to increasing adoption.Why it’s important to build across the continuum of needs for different types of high-net-worth investors.The importance of customization and differentiation with private markets solutions for advisors.What is the biggest unlock to enabling greater flows of capital into private markets?What are the implications of opening up the alts superhighway?Thanks Lawrence and Robert for a great episode … looking forward to next month’s conversation!
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Welcome back to the Alt Goes Mainstream podcast.
Today’s podcast is a special show with 3i Members co-founder Mark Gerson.
Alt Goes Mainstream’s first sponsor is 3i Members, an investing network built on community, collaboration and capital that was co-founded by Mark Gerson, Billy Libby, and Teddy Gold. 3i Members is a global deal network for accomplished private investors. Members uncover, share, and diligence high-quality investment opportunities in private markets. The network offers more than just investment opportunities, providing access to expert databases, legal services, international events and retreats, masterclasses, asset allocation workshops, and other resources.
Mark is a serial entrepreneur who has built a number of communities that have revolved around some form of crowdsourcing.
In addition to founding 3i Members, Mark founded Gerson Lehman Group, a knowledge brokerage and primary research firm, that figured out how to use the power of community to serve its customers. He also founded United Hatzalah, a crowd-sourced system of volunteer first response that enables Israelis to be treated within the moments separating life from death following any medical trauma. He also co-founded and is the Chairman of African Mission Healthcare, which enables Christian medical missionaries to provide clinical care, training, and medical infrastructure for people throughout Africa.
From co-founding United Hatzalah of Israel to building a unique community in the private markets space with 3i Members, Mark shares his experiences and the profound impact of community and crowdsourcing in both philanthropy and private markets. The episode dives into the intricacies of building capable, engaged communities, the conceptual differences between a network and a community, and the unique approach of 3i Members in creating a collaborative investing landscape. We discussed:
Mark’s journey and the significance of pro-social behaviors and intellectual curiosity among investors. How 3i Members facilitates a space for private investors to share, scrutinize, and engage with high-quality investment opportunities. The importance of asking the right questions in investment. ROI-based philanthropyThe value of non-transactional relationships within communities.Thanks Mark for coming on the show to share your stories and wisdom.
Chapters
00:00 Welcome to the Mainstream: The Alt Goes Mainstream Podcast Intro
00:42 Introducing 3i Members: A New Era of Investing
01:11 Mark Gerson's Journey: Building Communities and Crowdsourcing Success
02:59 The Power of Community in Crowdsourced First Response
07:59 3i Members: Crowdsourcing in the Investment World
09:44 The Art of Building and Maintaining Quality Networks
12:02 The Philosophy of No-Selling in Building Trust and Community
14:59 Engineering Serendipity: Fostering Organic Growth and Engagement
19:59 Investment Strategies and Learning from the 3i Community
24:40 The Future of Investing with 3i Members
34:51 ROI in Philanthropy: A New Approach to Giving
40:09 Closing Thoughts
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Welcome back to the Alt Goes Mainstream podcast.
Today’s podcast provided us with an in-depth tour of financial markets with a student of both finance and history. And what a tour guide we had. Marc Rubinstein, an investment professional with 25 years of experience researching and investing in financial services joined us on the show.
Marc started his career as an equity research analyst, where he ultimately became a MD at Credit Suisse, leading the European banking sector equity research group before joining Lansdowne Partners. Lansdowne was one of Europe’s largest hedge funds, where he was a Partner and managed the award-winning $4B global long/short financials equity fund.
He retired from Lansdowne in 2016 and, after going back to school to obtain his MBA from LBS, he launched Net Interest, a wildly popular and incredibly thoughtful newsletter on financial sector themes. I find Marc’s thoughts and views on Net Interest equal parts insightful and digestible. Marc is also an active value investor and early-stage fintech investor, where he was an early investor in Revolut. He’s also a contributor to Bloomberg Opinion.
Marc and I had a fascinating conversation about a number of themes that are defining private markets. We discussed:
Why most businesses are marketplaces and what that means for how one should evaluate a business.Whether or not private credit is a systemic risk.Why the Silicon Valley Bank crisis occurred and why private credit firms are filling the void.Where to look for new asset classes and how they become institutionalized.The nuts and bolts of alternative asset managers as businesses.Why pod shops have featured in the hedge fund world and why PE and VC will have different versions of pod shops.Why content is key for financial services businesses.How financial media has evolved and why the narrative arc of companies is a perspective that Marc enjoys coveringThanks Marc for coming on the Alt Goes Mainstream podcast to share your wisdom on financial services and financial markets.
Chapters
Introduction and Background
Getting into the World of Finance
Banks Today and the Rise of Alternative Asset Managers
Regulatory Concerns and Private Credit
Systemic Risk and Excessive Growth
Identifying Risks in Private Credit
Scale and Returns in Asset Management
The Growth of Large Platforms in Private Markets
The Equilibrium of Scale and Returns
The Convergence of Traditional and Alternative Asset Management
The Trend of Evergreen Funds in Private Markets
The Acquisition of GIP by BlackRock
The Competition Between BlackRock and Blackstone
The Merging of Traditional and Alternative Asset Management
The Future of Active Management
Lessons from the Financial Crisis
The Impact of Media on Financial Services
The Trend of Permanent Capital in Private Markets
The Evolution of Media in Financial Services
The Role of Content in Financial Services
The Importance of Understanding Financial Services History
The Relevance of Deep Analysis in Financial Services
Value Creation through Content
Different Paths for Content Businesses
Purity of Content in Financial Services
The Future of Content in Financial Services
The Impact of AI on Investment Recommendations
The Value of Artisanal Work and Intelligence
Pod Shops in Private Markets
GP Stakes as an Analogy to Pod Shops
The Psychology of Discounting Private Markets
The Growth and Sustainability of Private Markets
Infrastructure as an Interesting Alternative Investment
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Welcome back to the Alt Goes Mainstream podcast.
Today’s episode features an enabler of the micro VC movement who has now scaled his business into one of the industry’s larger fund administrators. Braughm Ricke is the Founder and CEO of Aduro Advisors, a leading fund administrator that has carved out a sterling reputation in the VC world.
He's grown the business to over $114B+ AUA and over 450+ customers, that counts many of the leading VC funds, including Lowercarbon, Cowboy Ventures, Ahoy Capital, Craft, Haystack, Boost VC, and others, as customers. They've also managed to combine a high-quality service with innovative technology and a partnership strategy that has enabled them to differentiate from other fund admins.
Prior to founding Aduro, Braughm was the founding CFO of True Ventures, a leading Silicon Valley VC fund. Braughm is incredibly knowledgeable about the private markets space more generally and is also an active investor in the private markets startup ecosystem, investing early in the likes of Carta, Allocate, Passthrough, Arch, and others.
Braughm and I had a fascinating conversation about the evolution of fund administration. We discussed:
Why Braughm started with emerging managers and the unmet need he saw to serve them.Why he believed the emerging manager landscape would grow.How he’s moved upstream beyond venture capital clients.How fund admin can integrate technology.Will AI change fund administration?Advice Braughm would give to founders building in private markets.Thanks Braughm for coming on the Alt Goes Mainstream podcast to share your wisdom on building a core infrastructure provider for private markets.
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Welcome to the 9th episode of 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, who as the leader of a platform that is responsible for the majority of individual and advisor-led investment flows into the alts space, has his finger on the pulse of what’s happening in private markets.
In today’s episode, Lawrence and I welcome a special guest. Arax Investment Partners CEO Haig Ariyan, a wealth management industry veteran, joins us to discuss the evolution of wealth management and the role that alts can and should play in wealth client portfolios. Together with RedBird Capital, an $8.6 billion AUM private equity firm focused on financial services and sports and media, Haig and Arax are partnering with wealth and asset management firms and teams to build a differentiated platform that takes lessons learned and deep experience from Haig's background running wealth management businesses. Following its recent acquisition of $9B AUM U.S. Capital Wealth Advisors, Arax now has over $16.5B in AUM and $13B in regulatory AUM.
On this episode, Lawrence, Haig, and I had a fascinating and lively discussion. We covered a number of topics, including:
The importance of independent and hybrid platforms in wealth management.How to build culture at a wealth management firm.How advisors can utilize alternative investments to benefit their clients.How the industry can collaborate to enhance client outcomes and ensure informed investment decisions.How innovative fund structures could change the landscape of private markets.Thanks Lawrence and Haig for a great episode … looking forward to next month’s conversation!
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Welcome back to the Alt Goes Mainstream podcast.
Today’s episode is with a fintech founder who has scaled one of the larger private markets investing platforms for individual investors.
Michael Weisz is the Founder and CEO of Yieldstreet, a leading private markets investing platform, with more than 450K members and $3.9B invested (as of October 2023).
An award-winning entrepreneur, he co-founded Yieldstreet in 2015 with the ambition to provide individual investors with access to curated private market assets typically reserved for institutions. As CEO, Michael leads Yieldstreet’s strategic vision to make alternatives a fundamental piece of investor portfolios.
Before Yieldstreet, Michael held a variety of positions across the specialty finance spectrum, including founding Soli Capital. Previously, Michael was Vice President at a New York-based credit opportunities hedge fund with $1.2B under management.
Michael and I had a fascinating conversation about the evolution of private markets and how to deliver investment opportunities directly to consumers. We discussed the business evolution of Yieldstreet, how they work with both individuals and advisors, and what he thinks is important when it comes to providing investors with access to private markets.
Thanks Michael for coming on the Alt Goes Mainstream podcast to share your thoughtful views on private markets.
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