AGM Alts Weekly | 10.26.25: From Meta to mega to giga
AGM Alts Weekly #126: Making private markets more public, every week.
👋 Hi, I’m Michael.
Welcome to AGM, the meeting place for private markets, where I’ve been writing and podcasting about the convergence of private markets and private wealth since December 2020.
Some testimonials about the AGM Sunday Alts Weekly newsletter include:
“Alt Goes Mainstream is category of one.” Global Head of Marketing & Communications, $X00B AUM alternative asset manager.
“When it comes to the intersection of alternative investments and wealth management, Michael just gets it.” CIO, $18B AUM RIA.
“This is our primary resource for learning and reading about alts.” Head of Marketing, $250B AUM alternative asset manager.
“The only email I never delete when clearing my inbox.” Senior distribution professional, $330B+ AUM asset manager.
Join us to understand what’s going on in private markets so you and your firm can stay up to date on the latest trends at the intersection of private markets and wealth management and navigate this rapidly changing landscape.
Presented by
For too long, private equity funds have relied on manual processes — spreadsheets, scattered documents, disjointed data — to track complex investment and ownership structures. It’s slow, error-prone, and not scalable. And when regulators, investors, or auditors come knocking, it’s a fire drill every time.
At DealsPlus, we help private equity funds digitise investment and ownership structures, eliminating data silos. Our software helps power key workflows such as: quarterly reporting, audits, compliance, and exits.
Good morning from Washington DC.
Bayou billions (trillions?)
To understand the speed and scale of the race to finance large-scale digital infrastructure projects would mean taking a trip to a small county in the North Louisiana Delta Country.
Richland Parish is a 20,000-person county nestled in the northeastern corner of Louisiana. Its features are, in some respects, something that Louisiana is known for: networks of rivers, creeks, and bayous.
After this week, Richland Parish is now also known as the location for one of the largest digital infrastructure investments in private markets.
Meta and Blue Owl finalized a $30B financing package to develop and own the Hyperion data center campus. The four million square foot Richland Parish Data Center is the largest Meta data center to date. Meta notes in a spotlight on the data center on their website that the Richland Parish data center will “deliver over two gigawatts of compute capacity to train future open-source large language models.”
From Meta and mega to giga
Two gigawatts (GW) are a lot of compute capacity. EQT Partner Alex Darden wrote in 2024 that five GW would be enough to power the entire city of Miami.
Two GW also happens to be a drop in the bucket relative to assumptions that McKinsey shares in a report on the sizing of the market for data center investing.
McKinsey’s research finds that data centers globally are projected to require $6.7T to keep pace with the demand for compute power. McKinsey also notes that companies across the compute power value chain will need to invest $5.2T into data centers by 2030 to match worldwide demand for AI alone.
This projection? It’s based on 156 GW of AI-related data center capacity demand by 2030, with 124 incremental GW added between 2025-2030.
McKinsey’s figures in the paragraph above only account for AI-related data center capacity.
A chart shared by Goldman Sachs Chairman and Co-CIO of the firm’s Infrastructure investment business Philippe Camu, in a recent whitepaper that he penned, highlights that there are plenty of non-AI related uses that require significant — and increasing — data center power.
And, as Blue Owl Senior MD and Head of Digital Infrastructure Matt A’Hearn shared on a recent Alt Goes Mainstream podcast, it’s not just AI for which data centers deliver compute. It’s also cloud, as the below chart from Blue Owl’s Investor Day Presentation illustrates will require meaningful capital outlay to meet the power demands.
The financing opportunity is in the trillions of dollars — with many of the data centers residing in the US, according to a chart in today’s Daily Spark by Apollo Chief Economist Torsten Slok.
Perhaps, then, it should not come as a surprise that Matt, who has been financing digital infrastructure projects since the early days of the internet, called the current time period a “generational opportunity in financing digital infrastructure.”
On our podcast, I asked Matt about the size and scale of the capital required to work with hyperscalers like Meta to build out data center campuses.
Blue Owl’s Investor Day Presentation also illustrated why it’s a “generational opportunity in digital infrastructure.”
The opportunity in digital infrastructure in particular is driven, in large part, by supply / demand imbalances.
Blue Owl notes that $1.1T of new build capacity investment will be required over the next few years to meet the global data center demand.
Size and scale — meet size and scale
And who is positioned to finance these large-scale, multi-billion dollar data center buildouts?
The industry’s largest alternative asset managers that have the size, scale, and access to capital (particularly permanent or long-term capital).
Blue Owl is not alone in calling the opportunity to finance the digitalization of the economy as one of the megatrends in infrastructure to invest behind.
Goldman Sachs’ Camu said in a recent interview with CNBC that “[they] have been investing in infrastructure for more than 25 years and were one of the earlier investors in the asset class … to say that what is happening today is exciting would be an understatement … the opportunity in infrastructure is greater than it has ever been.”
40 year veteran of infrastructure, Deputy Managing Partner and Chairperson of EQT Real Assets Lennart Blecher echoed a similar sentiment about infrastructure more broadly. In a conversation we had in Stockholm this past summer, Blecher said that “the trillions of capital we need to meet [the needs to finance decarbonization, electrification, digitalization, and AI] … are the biggest commercial investment opportunity since the beginning of industrialization.”
A chart from a June 2024 whitepaper from Brookfield hammers home Camu’s comments.
Infrastructure investing is more than financing data centers. It’s also wireless infrastructure and fiber networks, decarbonization, electrification and power, and it’s classic infrastructure investments like toll roads, bridges, and airports.
Brookfield pegs the infrastructure investment opportunity over the next 30 years at $200T.
Blackstone President and COO Jon Gray said in a presentation at Blackstone’s Recent CIO Symposium that massive amounts of capital are required to build the “picks and shovels,” such as chips, data centers, and power that are powering AI and digitalization.
Gray also noted that it’s not just data center CapEx spend that requires a significant amount of capital. It’s also about the other components that are required to power AI — power and compute.
Growth in electricity demand in the US is expected to increase by over 40% in the next 10 years, requiring major upgrades to the grid and utilities, as the below chart from Blackstone highlights.
Infrastructure: more than AI?
Financing data centers doesn’t come without questions.
How much will AI demand— and revenue generated from AI — grow?
What happens if AI adoption and AI revenue grow slower than expected?
A September 2025 report by Bain & Company dove into some of the data and projections around AI growth and revenues.
The report from Bain noted that $2T in annual revenue, as an article from Bloomberg highlighted, is what is required to fund computing power needed to meet anticipated AI demand by 2030. However, even with AI-related savings, Bain said that “investors are still $800B short in annual revenue required to profitably fund the data centers of 2030.”
Hyperscalers have marshaled investment into AI infrastructure and buildout. CapEx spend from hyperscalers has increased markedly in recent years, as the below chart from Bain’s report illustrates.
Undoubtedly, AI will have a marked impact on the world. The timeframe that it does? That could be a different question.
But, as Blue Owl’s A’Hearn noted in our podcast, data centers also are the physical infrastructure used for cloud storage. So it’s not just AI that data centers have — and can be — used for.
A’Hearn said that it’s “not just an AI story we think about data centers and digital infrastructure.”
Stonepeak Chairman, CEO, and Co-Founder Mike Dorrell made a similar point on a recent Alt Goes Mainstream podcast.
Dorrell pointed out that infrastructure is a much broader category than just data centers and AI.
It’s also worth noting that AI doesn’t get powered unless the entire supply chain that goes into building, running, and operating data centers are humming along as well. That means that power generation, access to water, cooling facilities, and more all go into the buildout of data centers.
And that also means there’s much more to infrastructure than AI.
So perhaps it shouldn’t come as a surprise that private capital flowing into infrastructure has grown markedly in the past 20 years.
A chart from a Goldman Sachs October 2025 whitepaper leveraging data from Preqin highlights the growth of the infrastructure asset class since 2006. Goldman’s Philippe Camu notes that private capital for infrastructure has grown 30x over that period.
The market is expected to expand further in the coming year, in part due to the growing need for more capital to finance infrastructure projects of all stripes. Projections peg the market for private infrastructure by 2030 to be $2T.
Camu said that the capital required to develop and maintain today’s infrastructure assets is “on an entirely different scale.” He cites estimates that suggest there is a $15T gap between projected investments and the amount needed to provide adequate global infrastructure by 2040.
Speaking of much more to infrastructure, there’s also a question of the role that infrastructure can play in an investor’s portfolio — and how it can play a larger role in investors’ portfolios.
Infrastructure in construction (of a portfolio)
Infrastructure can play a role insulating a portfolio from inflation.
A chart in a 2024 whitepaper from Brookfield illustrates that infrastructure has generally tended to perform well as an inflation hedge.
It can also lend a steadying hand to portfolios, particularly in environments that have accelerating inflation, as this chart from a November 2024 whitepaper by Cambridge Associates illustrates.
A chart from a 2024 Macquarie whitepaper illustrates a similar point: infrastructure has tended to perform well across different economic scenarios.
Private infrastructure investments have also tended to have a positive effect on a portfolio’s returns, while dampening its risk, as the below chart from Brookfield’s whitepaper shows.
So, if infrastructure can have a positive impact on an investor’s portfolio, where should it sit in an asset allocation framework?
Stonepeak Co-President Luke Taylor shared on a recent Alt Goes Mainstream podcast how investors can think about where infrastructure can fit into a portfolio.
As alternative asset managers continue to power the building blocks of digital infrastructure, then perhaps infrastructure can be a building block in investors’ portfolios as a way to gain exposure to some of the megatrends driving the world today.
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.
AGM News of the Week
Articles we are reading
📝 Is Japan private equity’s next frontier? | David Keohane and Leo Lewis, Financial Times
💡Financial Times’ David Keohane and Leo Lewis dive into how Japan is becoming a hotbed for private equity activity. Bain Capital’s Managing Partner in Asia, David Gross, said that private equity has made its way into 10-15% of big Japanese companies. Now, the race is on to finance the remaining 80-85% of private companies in the country. Investments in the Japanese private equity have reportedly paid dividends. According to data from Bain & Company, investors have returned 2.4x invested capital between 2010-2024, a figure that has bested every other major market.
Part of the growth in Japan’s private equity market is a result of the rise of Japan’s capital markets. A chart from the FT illustrates the growth of Japan’s stock market: the number of companies on Japan’s stock market has doubled since 2000.
The Head of KKR in Japan, Hirofumi Hirano, noted that the mindset about how Japanese companies are looking to be financed and run is starting to shift. “Compared to the US, we are still 10 to 15 years behind in terms of how CEOs think about corporate governance … we have just started to see the mindset change,” Hirano said.
The market — and competition for deals — has shifted as well. EQT Chairperson and Head of Private Capital in Asia Jean Salata said “it’s really fascinating … to see how the institutions of Japan have embraced this idea of reform and activism when in the past it was just getting lip service.”
Many industries and smaller companies in Japan appear to be ripe for consolidation. As a result, the number of private equity deals in Japan have increased dramatically.
As a flurry of deals are completed in the Japanese market, some in the industry question price and valuation. One private equity executive in Tokyo said the reality was “enormous pressure from investors to deploy, deploy, deploy” and that “price doesn’t matter the way it should.”
💸 Japan’s private equity market is increasingly becoming a hotspot for deal activity. A combination of factors are driving investor interest in the Japanese market. A stable economic environment, corporate governance reforms, and a burgeoning capital markets ecosystem have laid the groundwork for an attractive market for private equity deals.
A 2025 report by Bain & Company highlighted that Japan surpassed JPY 3T in PE deal value for the fourth consecutive year, with 2024 reaching JPY 3.1T. Exits were also plentiful in 2024, hitting JPY 1.9T.
A chart from Bain & Company’s 2025 Global Private Equity Report highlights growth in exit value in Japan.
And, fund managers appear to be optimistic about future returns in APAC private equity, according to a report from Bain & Company specifically on the APAC market.
Another interesting datapoint from Bain’s chart on exit value highlights that it’s not just that Japanese market that is in the midst of an uptick in exits. The Asia region more broadly is undergoing a compelling structural shift as a number of markets, including India and Japan, transform their capital markets ecosystems, as Chairperson of EQT Asia Jean Salata and EQT’s Deputy Head of Private Capital Asia & Global Co-Head of Services Hari Gopalakrishnan said (here, here, and here) in conversations we had about Asian private markets this summer.
Blackstone President and COO Jon Gray echoed a similar sentiment about India in his recent presentation at Blackstone’s CIO Symposium.
Gray discussed India’s fast-growing economy as something that has caught Blackstone’s eye. India’s GDP growth has dwarfed many other major economies in recent years — and Blackstone sees India as a place where “demographic and economic factors create opportunity.”
The Asian private equity market — and Japan and India in particular — is in its early days of transformation, in large part due to maturing public capital markets. This feature, in turn, will create a burgeoning exit avenue for private equity-backed companies in the region. Further, initiatives like Ownership Works founded by KKR and backed by a number of the industry’s largest alternative asset managers, will help workers in private companies participate in the growth of private equity-backed companies, which could help usher in a continued wave of private equity in the region.
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) - Market Intelligence Director. 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) - Portfolio Manager, Private Markets. Click here to learn more.
🔍 iCapital (Private markets infrastructure investment platform) - Product Manager, Model Portfolios - 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.
🔍 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.
🤝 Interested in partnering with Alt Goes Mainstream? 🤝
Alt Goes Mainstream is a community of engaged experts and executives in private markets.
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:
🎥 Watch Blue Owl’s Senior MD and Head of Digital Infrastructure Matt A’Hearn share why he believes there’s a generational opportunity in financing digital infrastructure. Watch here.
🎬 Watch AGM Originals The DNA - Season 1 with conversations with EQT’s Conni Jonsson, Jean Salata, Lennart Blecher, Geraldine O’Keeffe, Peter Beske Nielsen, Peter Aliprantis, Hari Gopalakrishnan, William Vettorato, and Ken Wong about the firm’s DNA and its different investing capabilities. Watch here.
🎥 Watch PGIM’s Head of Multi-Asset and Quantitative Solutions Phil Waldeck discuss the intersection of insurance and asset management. Watch here.
🎥 Watch Stonepeak Chairman, Co-Founder, CEO Mike Dorrell share his story as a pioneer in infrastructure investing. Watch here.
🎥 Watch Hg Partner and Head of Value Creation Chris Kindt discuss AI’s transformative role in value creation for private equity. Watch here.
🎥 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.
🎥 Watch The Compound and Friends (TCAF) Co-Hosts and Ritholtz Wealth Management Partners Downtown Josh Brown and Michael Batnick and I go back and forth about private markets on TCAF Episode 207. Watch here.
🎥 Watch Stonepeak Co-President Luke Taylor discuss what it takes to be a great infrastructure investor. Watch here.
🎥 Watch Arcesium MD and Head of Client and Partner Development David Nable discuss how to architect private markets technology infrastructure for the future. Watch here.
🎥 Watch Juniper Square CEO and Co-Founder Alex Robinson on balancing AI with the human element in fund administration. Watch here.
📝 Read the latest AGM Op-Ed — “Retail and the City #2” with former Pantheon Partner Susan Long McAndrews on five takeaways from the Executive Order that could see private assets in 401(k) plans. Read here.
🎥 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.
🎥 Watch EQT Partner, Head of Private Wealth Americas Peter Aliprantis live from Miami on how EQT is bringing global local. Watch here.
📝 Read The AGM Op-Ed with Arcesium SVP, Business Development - Private Markets Jean Robert on why asset managers need to rethink reporting as a strategic advantage. Read here.
🎥 Watch SageSpring Private Wealth CEO Winston Justice share how he went from protecting star quarterbacks as an NFL tackle to protecting families’ wealth. Watch here.
🎥 Watch Blue Owl Co-President and Global Head of Real Assets Marc Zahr share the story of how he built Oak Street from $17M in AUM in 2009 to what is now Blue Owl’s $67.1B AUM Real Assets business in a live Alt Goes Mainstream podcast at Future Proof Citywide. Watch here.
📝 Read The AGM Op-Ed with former Pantheon Partner Susan Long McAndrews on why everything we need to know might be in Sacramento (where CalPERS is located). Read here.
🎥 Watch Hg’s Partner and Head of Hg Wealth Martina Sanow discuss how Hg has unlocked opportunities for the wealth channel to invest in Europe’s largest portfolio of software and services businesses. Watch here.
🎥 Watch Goldman Sachs’ Partner and Global Co-Head of the Petershill Group at Goldman Sachs Robert Hamilton Kelly discuss the evolution of the GP stakes industry and how Goldman has become a market leading GP stakes investor. Watch here.
🎥 Watch Blue Owl’s MD, Head of Alternative Credit Ivan Zinn unpack private credit and why ABF has become a prominent part of the private credit ecosystem. Watch here.
📝 Read The AGM Op-Ed with Blue Owl Head of Alternative Credit Ivan Zinn on why “asset-based finance today mirrors the evolution of corporate direct lending from over a decade ago.” Read here.
🎥 Watch Lincoln Financial’s EVP and CIO Jayson Bronchetti discuss the role of insurance companies in private markets as he discusses how he manages a portfolio of $300B in assets. Watch here.
🎥 Watch Krilogy’s Partner and CIO John McArthur discuss how an RIA can chart a growth path by building out its private markets capabilities. Watch here.
🎥 Watch New Mountain Capital’s Founder & Chief Executive Officer Steve Klinsky discuss how $55B AUM New Mountain has built a business that builds businesses. Watch here.
🎥 Watch Arcesium’s Private Markets Head Cesar Estrada discuss data silos and technology integrations in private markets. Watch here.
🎥 Watch GeoWealth President & COO Jack Hannah and iCapital SVP, Partnerships Michael Doniger discuss the ground-breaking BlackRock, iCapital, and GeoWealth unified managed account partnership live from iCapital Connect. Watch here.
🎥 Watch Goldman Sachs’ Managing Director, Global Head of Alternatives, Third Party Wealth Kyle Kniffen discuss how they are “standing on the shoulders of Goldman Sachs to be a complete partner” for the wealth channel. Watch here.
🎥 Watch Fortress Investment Group Managing Director & Co-Head of Private Wealth Solutions Adam Bobker discuss how Fortress has built a wealth solutions business from a whiteboard, leaning on the firm’s pioneering history of innovation. Watch here.
🎥 Watch Constellation Wealth Capital President & Managing Partner Karl Heckenberg on why there will be a $1T independent wealth management firm. Watch here.
🎙 Listen to Ted Seides, Founder of Capital Allocators, and I discuss the convergence of the institutional world and the wealth world as we dive into the intersection of private markets and private wealth to kick off a Capital Allocators mini-series on Private Wealth. Listen here.
🎥 Watch BlackRock Managing Director, Co-Head of US Wealth Business, Senior Sponsor for Retirement Business Jaime Magyera and iCapital Chairman & CEO Lawrence Calcano discuss the ground-breaking BlackRock, iCapital, and GeoWealth unified managed account partnership live from iCapital Connect. Watch here.
🎥 Watch EQT Partner & Head of Private Wealth Americas Peter Aliprantis discuss how the firm is bringing EQT’s success to the US wealth market. Watch here.
🎥 Watch KKR Partner & Co-CEO of KKR Private Equity Conglomerate LLC (K-PEC) Alisa Wood discuss how the firm has innovated in private markets, why KKR came up with the Conglomerate structure, and how evergreens can play a role in investors’ portfolios. Watch here.
🎥 Watch Cantilever Group’s Co-Founder and Managing Partner Todd Owens in a live podcast from BTG Pactual’s NYC office share why GP stakes can be the best of all worlds. Watch here.
📝 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.
🎥 Watch BlackRock’s Head of the Americas Client Business Joe DeVico, Head of Product for US Wealth & Head of Alts to Wealth Jon Diorio, and Partners Group's Co-Head of Private Wealth Rob Collins discuss their landmark private markets model portfolio partnership that could be the industry’s “iPhone Moment.” Watch here.
🎥 Watch Brookfield Oaktree Wealth Solutions CEO John Sweeney discuss how to build a high-performing wealth solutions team and why the word “solutions” matters when working with the wealth channel. Watch here.
🎥 Watch Cerity Partners’ Partner & Chief Client Officer Tom Cohn and Partner Amita Schultes talk about how and why they have combined a leading OCIO with a $100B AUM wealth management practice. Watch here.
🎥 Watch Marc Lipschultz, Co-CEO of Blue Owl, talk about how they have aimed to skate where the puck is going as Blue Owl has grown its AUM to $265B in nine years. Watch here.
📝 Read The AGM Q&A with Blue Owl Co-CEO Marc Lipschultz, where he highlights some of the trends that have propelled alternative asset management into the mainstream: scale, a focus on private credit, and a focus on private wealth. Read here.
🎙 Listen to Stephanie Drescher, Partner & Chief Client & Product Development Officer of Apollo, discuss what is safe and what is risky as she dives into both the convergence between public and private and the nuances of asset allocation. Listen here.
🎥 Watch Eric Satz, Founder & CEO of Alto share thoughts on why retirement assets could be the next frontier for private markets. Watch here.
🎥 Watch Mike Tiedemann, CEO of $72B AUM AlTi Global share why being a global wealth manager can be a differentiator. Watch here.
🎥 Watch Joan Solotar, Global Head of Private Wealth Solutions at Blackstone share why it’s not even early innings, but that it’s “spring training” for private markets adoption by the wealth channel. Watch here.
🎥 Watch Venkat Subramaniam, Co-Founder of DealsPlus on building a single source of truth for private markets. Watch here.
🎥 Watch Yann Magnan, Co-Founder & CEO of 73 Strings discuss the opportunity for AI to automate private markets. Watch here.
🎥 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.
🎙 Hear Balderton Capital General Partner and former Goldman Sachs Partner Rana Yared discuss why Europe can build global companies out of the region. Listen here.
🎥 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.
Thank you for reading. If you like the Alts Weekly, please share it with your friends, colleagues, and anyone interested in private markets.
Subscribe below and follow me and Alt Goes Mainstream on LinkedIn (and AGM’s LinkedIn page), Twitter (@michaelsidgmore), and YouTube to stay up to date on all things private markets.
If you have any suggestions, would like me to feature an article, research, or would like to recommend a guest or topic for the Alt Goes Mainstream podcast, reach out! I’d love to include it in my next post or on a future podcast.
Special thanks to Ryan McCormack, Nick Owens, and Michael Rutter for their contributions to the AGM Index section of the newsletter.
Really intersting piece on infrastructure and the capital needed to finance these data center builds. Ares has been pretty agressive in the private credit and infrastructure space, especially when you think about how they've positiond themselves with large scale financing deals. The fact that they're listed in the hiring section shows they're scaling up their team to handle this kind of mega opportunity. I think what's underrated about Ares is their ability to not just participate in these deals but to structure complex financings that work for hyperscalers. The $30B Meta/Blue Owl deal you mentioned is exactly the kind of scale that Ares has been building towards with their credit platform. Good stuff here.
What's your take on the shortfall Bain points out? Is this telecom all over again where spend got way ahead of revenue?