AGM Alts Weekly | 10.12.25: "Fast money" and "slow money"
AGM Alts Weekly #124: Making private markets more public, every week.
👋 Hi, I’m Michael.
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Good afternoon from London. I’ve just wrapped up a week in Europe across London, Amsterdam, and Paris, which included speaking and moderating panels at ING’s Private Markets Day as well as recording an AGM podcast with ING’s Global Head of Private Banking, Wealth Management & Investments Anneka Treon and Head of ING Private Banking & Wealth Management NL Johan Kloeze, as well as celebrating Balderton’s 25th Anniversary at the V&A Museum, and meetings in London and Paris with private markets and wealthtech companies.
This weekend’s newsletter starts off with a postcard from Amsterdam, which, in some respects, offers some messages that could serve as a a microcosm for Europe’s private wealth and private markets ecosystem.
ING hosted its third Private Markets Day at its Amsterdam HQ to celebrate its progress in growing its private markets business for UHNW and HNW clients.
ING brought together many of the firm’s top wealth managers in the Netherlands, along with the initial set of partners that form ING’s curated private markets platform.
Private markets has become a major focus of ING’s private banking and wealth management initiatives — and for good reason.
The Private Markets business at ING, under the leadership of Johan and Head of Private Markets Products Michiel Elshof, has rapidly grown its footprint and AUM by creating a platform that has helped to educate ING advisors and clients on the what, how, and why of private markets.
They’ve partnered with a number of the world’s largest asset managers to build out a platform across all the major strategies in private markets.
ING has brought its Private Markets platform to advisors and clients at a time — over the past three years — when product innovation has reached a point where accessibility and user experience are at a new level. Thanks to an evolution in product structuring, ING launched its platform with evergreen structures from its partner managers.
At the event, ING’s leadership discussed a theme that has been a driving force behind the firm’s approach to the buildout of its Private Markets platform: curation.
They’ve focused on curating a private markets offering that balances choice and quality, scale and bespoke, complexity and simplicity. And they are in the early days of their journey of another trend that’s beginning to bloom in private markets: curation at scale.
We’ve discussed on Alt Goes Mainstream why private markets exposure can make sense for wealth clients — and how it’s critical that the right product — served up at the right time — is packaged in the right way for the wealth channel, which was a topic that I covered in my keynote at ING.
But there are even bigger trends afoot in Europe.
Save that thought
ING’s Anneka Treon’s remarks unpacked a topic that’s on the minds of many in Europe: how to turn savers into investors.
Anneka, whose business is responsible for more than five million investing clients with over €260B of invested assets, shared some staggering statistics about European investors.
She noted that “while over half of US household assets are invested in capital markets, less than one-fifth are [invested] in Europe. Much of Europe’s wealth still sits in low-yield bank deposits.”
Anneka isn’t the only one who has observed the difference between US and European saving and investing habits.
ECB President Christine Lagarde said in a speech at the 34th European Banking Congress that Europe would “not succeed without mobilizing private capital much more effectively.”
Lagarde’s thoughtfully crafted argument was supported by data that has consequence for the European economy.
Europeans save a high percentage of their income, amounting to 13% in 2023 compared with 8% in the US. Europeans favor low-risk, liquid savings products. That means €11.5 trillion is held in cash and deposits in Europe, representing 1/3 of households’ financial assets. That compares to 1/10th of household financial assets in the US.
As a result, Lagarde posits, European households are less wealthy than they could be. She observes that US household wealth has grown by around three times more than that of EU households since 2009.
An ECB analysis highlights just how impactful the shift to an investing culture could be for Europe: “if EU households were to align their deposit-to-financial assets ratio with that of US households, a stock of up to €8 trillion could be redirected into long-term, market-based investments — or a flow of around €350 billion annually.”
Europe’s explosion of wealthtech innovation is certainly answering the bell.
Neobrokers like Trade Republic, which boasts 10 million customers and €150B of assets under management (and is reportedly raising €1B in secondary to buy out early investors at a €12B valuation) and digital wealth managers like Scalable Capital, which has over 1 million customers and €30B in assets under management), in addition to the digital bank behemoth that is Revolut, are providing investing access to Europeans. Both Trade Republic and Scalable Capital have rolled out private markets offerings recently, with Trade Republic partnering with EQT and Apollo on ELTIF structures at low minimums for their clients.
So too are alternative asset managers. Blackstone Chairman, CEO, and Co-Founder Stephen Schwarzman said earlier this year at their 25th anniversary of the firm’s London office that they plan to invest “at least $500B” in Europe over the coming decade.
Getting people invested could be a boon for the region’s investment activities. But there’s some nuance to it.
Anneka referenced an important difference between brokerage activities and wealth management (and private markets).
“Fast money” and “slow money”
Anneka noted the trend of people investing in assets like public equities and crypto. “Fast money,” she called it.
While Anneka did not disparage investors’ choices of investing in assets focused on generating “fast money,” she noted that “slow money” is important for wealth clients, too.
Both wealth management and private markets are “slow money,” in her view. The “slow money” might be devoid of the dopamine hits that “fast money” supplies to investors, but it provides an important role in an investor’s portfolio. StepStone Private Wealth’s CEO Bob Long also mentioned the importance of steering clear of “memes, media, and momentum” on a panel that I moderated at Future Proof.
This theme was another topic that I covered in my keynote at ING: while younger investors (read: Millennials and younger) may not be the main focus for wealth managers and asset managers today, it could make sense for asset managers to orient some of their marketing and branding activities to resonate with younger investors today so asset and wealth managers are ready to meet the client of tomorrow where they are in 5-10 years.
Younger investors certainly appear to be interested in private markets.
As I wrote in the 7.27.25 AGM Alts Weekly, younger investors favor alternative investments over traditional investments.
Clients, particularly younger clients, as a recent Bank of America survey highlighted, will likely demand knowledge of private markets investments.
Younger investors have far more alternatives in their portfolios than their older counterparts. Bank of America finds that 17% of investors ages 21-43 hold alternatives in their portfolios compared to 5% of investors ages 44+. That delta could very well increase going forward. 93% of investors ages 21-43 said they expect to allocate more to alts in the coming years compared to only 28% of investors ages 44+.
Many UHNW investors certainly appear to take the “slow money” approach.
A recent Family Office Investment Insights Report by Goldman Sachs finds that family offices across the world believe that private markets plays an important role in their portfolio.
Surveying 245 family office clients, including 27% that hail from EMEA, Goldman found that family offices across the Americas and EMEA have a 46% allocation to private markets (private equity, private real estate and infrastructure, hedge funds, private credit).
Perhaps these respondents answered as they did because an operating business was the source of wealth for the majority of those surveyed. 75% of the family offices surveyed generated their wealth from an operating business that the family founded.
One reason why this could lead to high levels of private markets exposure?
“Kitchen table” talk
Something ING calls “kitchen table” moments might feature prominently in many wealth creators’ decision-making. Operating businesses are tangible. The family can often touch and feel the business and the product (and the cashflow). And the businesses are often “kitchen table” conversations at dinner for the family.
Operating businesses also happen to (generally) be private companies.
ING’s “kitchen table” reference should resonate. Making private markets more tangible is an important exercise for both wealth management firms working with the HNW community and for asset managers looking to serve the wealth channel.
For “kitchen table” talk to turn into reality, advisors need to be equipped with the products to deliver to their clients.
A recent State Street report, “The European wealth report 2025,” highlighted European wealth managers’ interest in private markets.
Over the next three to five years, 53% of European wealth managers anticipate an increase in allocations to private equity and 42% to private credit, as the chart below from the report illustrates.
But advisors face challenges in allocating to private markets. 68% of wealth managers surveyed cite liquidity as the most common challenge, followed by fees, costs, and minimum order sizes.
What do European wealth managers want?
According to the State Street survey, wealth managers want product innovation, particularly with products that provide access to private markets.
Product structure will drive how wealth managers navigate private markets.
A Natixis “2025 Wealth Industry Survey” finds that, among the 520 individuals surveyed who are either responsible for managing client assets or running investment platforms (including 200 in Europe), 51% prefer traditional drawdown funds.
Evergreen and open-end funds are also a popular choice, with 48% of those surveyed considering that structure a preferred vehicle.
A recent iCapital survey of over 600 advisors was even more weighted to interest in evergreen structures.
The survey found that many respondents anticipate that there will be increased adoption of evergreen strategies.
As the chart below illustrates, 77% of survey respondents said that evergreens will make up at least 10% of client portfolios within the next two years.
These results give rise to another topic weighing on the minds of both wealth managers and asset managers: how will advisors look to construct portfolios and manage the asset allocation framework?
In some sense, product preference will depend on the type of wealth client. The wealth channel is not monolithic, as I wrote in the 10.13.24 AGM Alts Weekly. Clients who have less exposure to private markets today might approach portfolio construction differently than those with existing exposure.
What is clear? Both evergreens and drawdown funds appear to have a future in the wealth channel. Ultimately, product choice will — and should — come down to performance, fees (and performance net of fees), and liquidity options.
The other thing that is clear? Bringing together asset managers, and wealth managers as the ING team did this past week, will continue to educate both asset managers and wealth managers so they are prepared for the “kitchen table” conversations with clients that deal with real people’s real money.
AGM Index
AGM has created an Index to track the leading publicly traded alternative asset managers.
Some of the industry’s largest alternative asset managers are publicly traded — and their net inflows can serve as a window into how private markets are being perceived by investors and allocators who are allocating capital into alternative investments.
Note: AUM figures are based on fee-paying AUM where applicable.
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AGM News of the Week
Articles we are reading
📝 Demand Surges for Private-Credit Secondaries Amid Market Volatility | Isaac Taylor, Wall Street Journal
💡WSJ’s Isaac Taylor dives into the growing private credit secondaries market. As the private credit industry has grown, so too has interest in private credit secondaries. Campbell Lutyens Global Head of Private Credit Jeffrey Griffiths observed that “we’re seeing a substantial increase,” noting that private credit secondaries transactions have “picked up the pace this year.” Picked up pace have they ever. Private credit secondaries deals surpassed $12B in 2024, up from $9.8B in 2023, and $7B in 2022, according to a recent Campbell Lutyens report. Campbell Lutyens expects deal volume to surpass $14B in 2025. The increase in deal volume comes from a steady increase in the number of buyers willing to invest in credit secondaries, a trend reflected in 2025 WSJ Pro’s Guide to the Secondary Market Buyer Survey. The survey found that 39% of respondents have backed a credit secondary deal in the past year, a 9% increase year-over-year. Taylor notes that the same dynamics that have driven the growth of the private equity secondary market are present in the growing private credit secondary market. A slowdown in exit activity and trapped liquidity have put pressure on fund sponsors and institutional LPs. “There is always a lag between primary markets scaling and secondary [deal] flow,” said Martins Marnauza, a Partner at Coller Capital. Earlier this year, Coller acquired a $1.6B credit fund portfolio that had stakes in 44 credit funds from American National, a US insurer and subsidiary of Brookfield Wealth Solutions Ltd (formerly Brookfield Reinsurance Ltd.). “Most flow is with direct lending assets as opposed to distress or special situations,” added Marnauza.
Private credit secondaries has seen an uptick in sponsor-led transactions as firms look to manage liquidity in a higher interest rate environment. According to the Campbell Lutyens report, GP-led volume is expected to best LP-led transactions for the first time. Private credit secondaries, however, has its own unique challenges. “Fund management in private credit requires a different skill set than managing a number of large discrete assets, like in private equity,” said Rakesh Jain, a Partner and Global Head of Private Credit at Pantheon Ventures, which has deployed $3.5B into private credit secondaries thus far in 2025. Private credit fund portfolios tend to be more diversified than private equity portfolios because private credit funds tend to lend to a broader range of businesses — and they have shorter fund durations than typical private equity funds. Campbell Lutyens’ Global Co-Head of Secondary Advisory Gerald Cooper pointed out that credit funds are likely to have more fund-level leverage than private equity peers, putting more pressure on net IRRs over time. “Early in the life of the vehicle, [leverage] provides a real boost in returns, but as you get closer to the end of the life of the vehicle, a lot of the distributions that are coming out of the portfolio, instead of going to the LPs, need to go towards paying back the principal on the debt.” Continuation vehicles have since emerged as a solution: by recapitalizing assets into a new continuation vehicle, a credit manager can re-lever the fund and crystallize the return on its fund.
Some of the biggest funds in the private credit secondaries space will have a lot of fresh capital to deploy. Coller raised a $6.8B private credit secondaries fund in July, increasing their fund size by over four times than its prior private credit secondaries fundraise in 2022. Pantheon closed on a $5.2B fund (excluding leverage) earlier this year, which was significantly larger than the $834M it closed on in 2022. “Longer term, I believe the private credit secondary market has the potential to be larger than private equity secondaries,” Coller’s Head of Credit Secondaries, Michael Schad, said during a recent podcast episode on Secondaries Investor.
💸 AGM’s 2/20: On the back of a growing private credit ecosystem, private credit secondaries is going through its expansion phase. Credit secondaries volume is projected to reach record highs this year after years of continued growth, according to data from Campbell Lutyens.
Interestingly, GP-led secondaries are expected to outpace LP-led secondaries, highlighting the growth in popularity of continuation vehicles.
Credit secondaries are increasingly becoming popular tool for both GPs and LPs alike. It can serve as a portfolio management toolkit for many institutional investors. And it wouldn’t be surprising if some of the entrants into the space as LPs are the wealth channel, since it could provide a diversified way for investors to gain exposure to private credit with more seasoned assets, and the ability for credit secondaries funds to cherry-pick the assets to which they would like to gain exposure.
Now that credit secondaries are rising in prominence, will infrastructure secondaries be next?
Who is hiring?
In order for alts to continue to go mainstream, we need the best talent to go into the space. Here are some openings at private markets firms. If you’d like to connect with any of these teams, let me know, and I’m happy to facilitate an introduction if appropriate. If you’re a company or fund in private markets, feel free to reach out to share a job description you’d like to be listed here to highlight for the Alt Goes Mainstream community.
🔍 Blackstone (Alternative asset manager) - Private Wealth Solutions - Content Marketing, Vice President - Tokyo. Click here to learn more.
🔍 KKR (Alternative asset manager) - Head of AI Product Management. Click here to learn more.
🔍 Apollo Global Management (Alternative asset manager) - Director - Client & Product Solutions. Click here to learn more.
🔍 Ares (Alternative asset manager) - Vice President, Product Management & Client Services, Wealth Management Solutions, APAC. Click here to learn more.
🔍 Blue Owl (Alternative asset manager) - Market Leader, Private Wealth, Senior Associate. Click here to learn more.
🔍 Franklin Templeton (Asset manager) - Head of Marketing - France, Benelux, and the Nordics. Click here to learn more.
🔍 iCapital (Private markets infrastructure investment platform) - RIA, Family Office Business Development - Vice President. Click here to learn more.
🔍 Goldman Sachs Alternatives (Alternative asset manager) - Asset and Wealth Management, Client Solutions Group, Retail Alternatives Specialist, New York - Vice President. Click here to learn more.
🔍 Partners Group (Alternative asset manager) - Investment Leader, Private Equity, Services vertical. Click here to learn more.
🔍 Ultimus Fund Solutions (Fund administrator) - SVP, Business Development. Click here to learn more.
🔍 Cerity Partners (Wealth management platform) - Head of Talent, Principal. Click here to learn more.
🔍 Allocate (Private markets infrastructure investment platform) - Managing Director / Senior Director, Investments & Research. Click here to learn more.
🔍 SageSpring Wealth Partners (Wealth manager) - Team Financial Advisor. Click here to learn more.
🔍 MSCI (Data services) - Vice President, Program Management - Private Assets. Click here to learn more.
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Fill out this form using the link below to explore partnership opportunities.
The latest on Alt Goes Mainstream
Recent podcast or video episodes and blog posts on Alt Goes Mainstream:
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🎥 In Permira Part 2, watch Permira Co-Chairmen & Co-CEOs Brian Ruder and Dipan Patel discuss how the collaborative leadership model in action has helped the firm scale to an €80B alternative asset manager. Watch here.
🎥 Watch Evercore ISI’s Senior MD & Senior Research Analyst Glenn Schorr and me unpack the past few months in private markets on the latest episode of Going Public. Watch here.
🎥 Watch Permira Co-Chairman & Co-CEO Dipan Patel discuss how to scale an €80B alternative asset manager. Watch here.
🎥 Watch Morningstar CEO Kunal Kapoor cover the most pressing topics in private markets today, including the convergence of public and private, liquidity vs illiquidity, investor education, the importance of transparency, and the why, what, and how behind evergreen funds. Watch here.
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🎥 Watch Hg Senior Partner and Executive Chairman Nic Humphries discuss how Hg has grown into a $100B scaled specialist and how one of the industry’s leading private equity technology and services investors is “navigating investing at an inflection point in history.” Watch here.
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📝 Read The AGM Op-Ed with Arcesium Private Markets Head Cesar Estrada on the rise of asset-based finance and why it’s the next growth engine for private credit. Read here.
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🎥 Watch Lawrence Calcano, Chairman & CEO of iCapital on episode 14 of the latest Monthly Alts Pulse as we discuss whether or not private markets has moved from access as table stakes to customization and differentiation. Watch here.
🎥 Watch Hamilton Lane Managing Director, Co-Head US Private Wealth Solutions Stephanie Davis and iCapital Co-Founder & Managing Partner Nick Veronis discuss the evolution of evergreen funds on the third episode of the Investing with an Evergreen Lens Series. Watch here.
🎥 Watch KKR Managing Director, Head of Americas, Global Wealth Solutions (GWS) Doug Krupa and iCapital Co-Founder & Managing Partner Nick Veronis discuss the evolution of evergreen funds on the second episode of the Investing with an Evergreen Lens Series. Watch here.
🎥 Watch Vista Equity Partners Managing Director, Global Head of Private Wealth Solutions Dan Parant and iCapital Co-Founder & Managing Partner Nick Veronis discuss the evolution of evergreen funds on the first episode of the Investing with an Evergreen Lens Series. Watch here.
📝 Read about a year in the book of alts — a compilation of the 1,000+ pages written in weekly newsletters on Alt Goes Mainstream in 2024. Read here.
📝 Read about the launch of the AGM Studio, a collaboration between Alt Goes Mainstream and Broadhaven Ventures to incubate, invest in, and help scale companies and funds in private markets. Read here.
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🎥 Watch Stepstone Private Wealth CEO Bob Long discuss StepStone Private Wealth’s edge and nuances with their evergreen structures in the first episode of “What’s Your Edge.” Watch here.
🎙 Hear $5B AUM Ritholtz Wealth Management’s Director of Institutional Asset Management Ben Carlson bring a wealth of common sense to asset allocation and private markets. Listen here.
🎥 Watch Co-Founder & Managing Partner of Cantilever Group and former Goldman Sachs and Broadhaven Capital Partners Partner Todd Owens discuss the middle market opportunity in GP stakes investing. Watch here.
🎙 Hear Intapp’s President, Industries, and Co-Founder of DealCloud by Intapp Ben Harrison discuss how data and automation are transforming private markets. Listen here.
🎙 Hear me discuss why and how alts are going mainstream on The Compound’s Animal Spirits podcast with Ritholtz Wealth’s Michael Batnick and Ben Carlson. Listen here.
🎙 Hear Manulife’s Global Head of Private Markets Anne Valentine Andrews share how to approach building a private markets investment platform at an industry behemoth and the merits of infrastructure investing. Listen here.
🎥 Watch Lawrence Calcano, Chairman & CEO at iCapital, on the AGM podcast discuss driving efficiency across the entire value chain to transform private markets. Watch here.
🎙 Hear VC legend New Enterprise Associates’ Chairman Emeritus and Former Managing General Partner Peter Barris discuss how he transitioned from operator to VC and transformed NEA into a venture juggernaut in the process. Listen here.
🎙 Hear Blue Owl’s Global Private Wealth President & CEO Sean Connor share insights and lessons learned from working with the wealth channel. Listen here.
🎙 Hear Ritholtz Wealth Management’s Managing Partner Michael Batnick share views on how wealth managers are navigating private markets. Listen here.
📝 Read about the evolution of GP stakes, why alternative asset management business models are better than SaaS, and our partnership with Todd Owens and David Ballard at Cantilever, a mid-market GP stakes firm anchored by BTG Pactual. Read here.
🎙 Hear how Chris Long, Chairman, CEO, and Co-Founder of Palmer Square Capital Management has built a $29B credit investment firm and a winning NWSL soccer franchise, the KC Current. Listen here.
🎙 Hear stories from building market-defining companies Blackstone, Airbnb, and private markets from Laurence Tosi, former CFO of Blackstone and Airbnb and Managing Partner & Founder of $7.6B investment firm WestCap. Listen here.
🎙 Hear Chris Ailman, the CIO of $307B CalSTRS, discuss how he manages a portfolio with ~40% exposure to private markets. Listen here.
🎙 Hear Blackstone CTO John Stecher discuss how technology is transforming private markets. Listen here.
🎙 Hear investing legends John Burbank and Ken Wallace of Nimble Partners provide a masterclass on investing with both a macro and VC lens. Listen here.
📝 Read how 73 Strings CEO & Co-Founder Yann Magnan and team are leveraging AI to build a modern and holistic monitoring and valuation platform for private markets in The AGM Q&A. Read here.
🎙 Hear Robert Picard, Head of Alternatives at $117B AUM Hightower, discusses how they approach alternative investments. Listen here.
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Special thanks to Ryan McCormack, Nick Owens, and Michael Rutter for their contributions to the AGM Index section of the newsletter.
Excellent analysis on the 'fast money' vs 'slow money' dichotomy. ING's approach to curating a private markets platform resonates strongly - especially as wealth managers navigate the balance between accessible products and client education. The stat about European households holding €11.5 trillion in cash (1/3 of financial assets vs 1/10th in US) is staggering. Firms like Ares expanding wealth solutions in APAC suggest the 'slow money' opportunity is truly global. The kitchen table analogy is spot-on for making private markts tangible for HNW clients.