AGM Alts Weekly | 11.10.24
AGM Alts Weekly #77: Making private markets more public, every week.
👋 Hi, I’m Michael.
Welcome to AGM, the meeting place for private markets.
I’m excited to share my weekly newsletter, the AGM Alts Weekly. Every Sunday, I cover news, trends, and insights on the continuing evolution and innovation in private markets. I share relevant news articles, commentary, an Index of publicly traded alternative asset managers, job openings at private markets firms, and recent podcasts and thought pieces from Alt Goes Mainstream.
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 and navigate this rapidly changing landscape.
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Good morning from Washington, DC.
In last week’s AGM Post of the Week, I highlighted Morningstar’s LinkedIn post about their recent Voice of the Advisor survey that was replete with tactical advice for how asset managers can be — and stay — top of mind with advisors.
The punchline of their survey should give asset managers a lot to chew on.
Food for thought
Morningstar didn’t pull any punches with the wording in the recap of their survey. They said “factsheets and sandwiches [are] growing stale for asset managers.”
But for asset managers, unpacking the results of Morningstar’s survey will ensure that they won’t get eaten for lunch in the new world of private markets.
Their survey finds that advisors prefer strategic, big-picture discussions that are focused on objective analysis and holistic portfolio construction over product pitches.
What does this mean for asset managers?
Investors have “option overload,” according to Morningstar. That makes education, brand-building, and consultative sales, showcased through product knowledge, critical in today’s distribution game.
In an ever-competitive sea of products that’s only expanding as traditional asset managers continue to encroach on alternative asset managers’ territory either through manufacturing, partnering, or buying private markets capabilities, it’s not just getting advisors’ attention that is critical — it’s keeping their attention.
Morningstar’s survey results highlight the keys to keeping advisors’ attention.
Top of the list? Service, which is comprised of providing good information, good communication, good advice, and expertise.
Wealth channel distribution of private markets products is no easy task.
Franklin Templeton CEO Jenny Johnson captured the nuances and challenges of working with the wealth channel in the FT article from January 2024 which discussed the “talent shortfall” for adept alternatives salespeople: “In the wealth channel, [sales] is a blocking and tackling game. You have to get the right product in the right vehicle, then convince each gatekeeper to put it on their platform while educating your own salesforce.”
The 1.7.24 AGM Alts Weekly penned a response to the FT article, where I voiced that “developing distribution talent in private markets focused on working with the wealth channel is one of the most critical pieces that will enable alts to go mainstream.”
The industry took notice. Bain & Company’s Chairman of the Global Private Equity Practice Hugh MacArthur noted that those focused on alternatives distribution, particularly traditional asset managers, have salesforces that require education on private markets.
Selling alternatives products is a strategic, consultative sale — even more so than mutual funds and ETFs. A number of factors make this the case, however, the illiquid nature of alternatives products stand out. Advisors and their clients are allocating and locking up capital for a longer time horizon, trading liquidity for diversification and (potentially) higher returns. That requires a higher threshold of trust in the product provider.
These features make distribution of private markets products a consultative sale which incorporates alternatives products into holistic portfolio construction — and possibly even in a model portfolio.
The data supports wealth managers’ desire for asset managers to focus on a consultative sale. An October 2024 Broadridge and MMI survey found that wealth managers want alternatives products integrated into an overall portfolio rather than as standalone investments. 83% of wealth managers surveyed believe that alternatives products should be offered as an integrated component of an overall portfolio, compared to 65% of asset managers.
Perhaps this disconnect between the buyers and sellers explains why 74% of the wealth managers surveyed have called on asset managers to invest in more product specialists, up significantly from 38% in 2023.
The good news for wealth managers? Six in ten asset managers plan to invest more heavily in this area, adding product specialists in alternative investments.
The Travis Kelce of alternatives distribution
There was a time when the NFL’s tight end position was considered a relative afterthought in the offense’s game plan. Tight ends were too slow to be dynamic playmakers with the ball, like wide receivers or running backs. They were also too small to block like offensive linemen.
But over time, things changed. Big wide receivers began to shift to the tight end position, transforming it into one where some of the best athletes on the field played. Offensive coordinators realized that they had another offensive weapon to utilize that could be a difference-maker.
Tight ends are now often faster than linebackers, so they can beat them with speed and quickness in the middle of the field.
Tight ends are now often bigger and stronger than cornerbacks and safeties, so they can outmuscle them for contested catches and dominate them when blocking in the run game.
In a September 2024 ESPN article by Stephen Holder titled “How tight ends like Travis Kelce helped reshape the position,” Travis Kelce, one of the best tight ends in NFL history (also famous for being Taylor Swift’s boyfriend) said: “When you're getting fed the ball, you get to score touchdowns, and on top of that, you get to be the guy that springs the running back or be the guy to get somebody else open. You just become a utility piece, and it makes playing the entire game fun. And that's why I really embraced it.”
Holder goes on to write about the evolution of tight ends, “What has changed is that those players no longer get lost in the shuffle, characterized as tweeners. In fact, they often find themselves prominently featured at their newfound position.”
The NFL’s tight end position has undergone an evolution that is emblematic of the role of an investment product specialist in private markets fund distribution.
Just as NFL teams had to rethink their offensive approach with the advent of the “big wide receiver” (i.e., the athletic tight end) as a new way to leverage its personnel, private markets distribution teams need to rethink the roles and approach of their sales teams.
If, as Franklin Templeton’s Jenny Johnson says, "In the wealth channel, [sales] is a blocking and tackling game,” then perhaps the offensive coordinators (Heads of Wealth Distribution) can take a page out of the playbook of the tight end evolution.
Opening up the sales playbook for the investment product specialist
Just as the tight end has become the “utility piece” for an offense, as Travis Kelce said, the investment product specialist can be the “utility piece” for a distribution effort.
Like today’s tight ends, investment product specialists must possess a unique set of skills.
Like an investment professional, they must understand the mechanics of sourcing, underwriting, and managing an investment, so much so that they can deftly articulate the investment strategy to a prospective LP.
Like a distribution professional, they must understand how to create and structure products to fit the needs and desires of an LP and how and why their fund or product is differentiated from competitors.
Like a marketer, they must understand how to position their fund relative to others in the market and how the fund fits into an LP’s portfolio construction model.
Distribution of private markets products to the wealth channel has centralized around a few key themes that are inextricably linked: the importance of branding and marketing and the imperative of education.
Investment product specialists are the all-important connective tissue between the investment, marketing, and distribution teams.
Learning from the Product Marketing Manager role in enterprise software sales
We can also learn from the role of the product marketing manager in enterprise software sales to fully grasp the role and importance of investment product specialists in manufacturing and distribution private markets products.
In a July 2023 brief, Bain & Company implored alternative asset managers focused on the wealth channel to borrow frameworks employed by the sales organizations of enterprise software and B2B companies.
I’ll take Bain’s analogy a step further. As the enterprise software space has evolved with a growing number of vendors and an intensely competitive market making sales harder to come by, an increasing number of enterprise software companies have employed a role focused on understanding and priming the market — a role known as the product marketing manager (PMM).
As more enterprise software companies embrace product-led sales, PMMs are essentially the connective tissue between different roles in the product development and go-to-market teams.
A May 2024 article by McKinsey & Company on “The growing importance of software product marketing managers” highlights just how essential a product marketing manager is to a successful product launch and ensuing go-to-market sales effort.
A growing number of leading software companies, including IBM, Meta, Niantic, and Snowflake, amongst others, have embraced this new model of putting the PMM in the middle of the different organizations to act as the translator between the manufacturing of a product and the marketing and sales of a product.
Forming and elevating the role of the PMM appears to be correlated with sales success. McKinsey examined the relationship between robust product marketing functions and revenue growth among the top 100 software companies by revenue.
Their findings affirmed the critical role of PMMs in the product manufacturing and sales process.
Companies in the highest revenue growth quartile have a formalized PMM function. Furthermore, they also possess, on average, a 25-30% higher ratio of PMMs to product managers (PMs) compared with companies in the bottom growth quartile.
Notably, these PMMs come from a diverse set of professional backgrounds, with an average of roughly 11 years of experience across a wide range of disciplines, highlighting the multidisciplinary nature of the PMM role.
PMMs sit at the intersection of various business units. As Goksu Nebol-Perlman, Vice President of Business Product Marketing for Meta, observes, “Product marketing is the glue that keeps the product, the market, and the customer together.”
According to McKinsey, PMMs come from a variety of backgrounds, including consulting, strategy, product management, marketing, and communications, and have acquired deep technical and market knowledge of the software landscape.
Investment product specialists : Alts distribution :: PMMs : Enterprise software sales
Investment product specialists are to alternatives product distribution as PMMs are to enterprise software sales.
Internally, investment product specialists have to work with company stakeholders and business units on product development to figure out the right way to build and structure products for the wealth channel. They also have to work with the distribution and marketing teams to create the right narrative for the product, being the translator between the investment team and the sales and marketing teams.
Externally, investment product specialists have to spend time meeting with customers in the wealth channel to understand their various customer personas, buyer mentalities, and needs. They need to have an innate mastery of the customer and leverage a consultative sales process to do so.
This set of diverse skills is not easy to find. The role requires a deep understanding of the firm’s investment strategy, which is very hard to obtain short of having experience as an investment professional. The role also requires an ability to relate to the wealth channel client, which many investment professionals never had to do.
So, how does the industry develop more product specialists?
Developing product specialists
Investment product specialists sit at the intersection of a number of different organizations within a firm. That means there might not be a singular skillset that would make someone a good fit for the role.
Draw from a diverse set of backgrounds and experiences
Different backgrounds can make for great investment product specialists.
Investors who desire a more client-facing role can be great candidates for a product specialist role. They have a background as investors, having been in the coalface of working on investments, so they can articulate the firm’s investment strategy as a subject matter expert.
OCIO, investment diligence, and allocator backgrounds also make for an interesting fit in a product specialist seat. These roles provide someone with the knowledge and understanding of how an LP thinks and how they might think about allocating assets across a portfolio, as well as how an LP would ask questions and perform diligence.
Placement agents could also possess the skills required to make for a good product specialist. Their background working with funds of different strategies and a diverse set of LPs equip them with the ability to understand competitive landscape and product differentiation.
Crossing the threshold of trust
In a consultative sale, product knowledge wins. Sometimes a soft sell that’s heavy on product knowledge is what will resonate with the wealth channel.
In a consultative sale, the key is to play the long game. The long game is about building trust.
Once a product specialist or distribution professional has built trust with a wealth channel client, then they can help guide them to the right product.
Crossing the threshold of trust means the sales team has done the work to understand how the LP thinks about portfolio construction. Knowing a product or investment strategy cold transmits a level of trust that enables the product sale to follow.
Identify people who are 3D thinkers
A product specialist has to be like a tight end. They have to be faster than a linebacker and bigger and stronger than a safety. They must possess the depth of knowledge (or close to) that an investor would have, but they also have to possess an understanding of sales and product marketing / distribution on par with a distribution professional.
Their success in a product specialist role hinges on the ability to possess a multidisciplinary skillset as they work across various stakeholders in the organization.
Take a page out of the playbook of product marketing managers
Perhaps alternative asset managers could do well to selectively hire PMMs from successful enterprise software companies. PMMs possess the unique ability to understand and translate product into marketing into sales. The best PMMs in enterprise software would also likely make for great investment product specialists if they have the requisite knowledge of private markets or can be taught the nuances of private markets investing, product construction, distribution, and client personas.
As private markets continues to work with the wealth channel and competition for the wealth channel investor becomes increasingly competitive, the investment product specialist role will play a critical role in helping asset managers successfully distribute products to the wealth channel.
National Investment Product Specialists Day
As firms grow their wealth distribution teams, perhaps it won’t be long before we celebrate National Investment Product Specialists Day, just like we did with National Tight Ends Day on October 27th. Tight ends have changed the game in the NFL. So too could Investment Product Specialists in private markets distribution.
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.
Post of the week
At a recent Blackstone University event, Blackstone asked financial advisors what surprises them most about private markets.
See their LinkedIn post here for the answer.
AGM News of the Week
Articles we are reading
📝 State Street says it is “shopping” for a private credit manager | Brooke Masters, Financial Times
💡Financial Times’ Brooke Masters reports that State Street is looking to augment its private markets capabilities by buying a stake in a private credit or infrastructure manager. State Street Global Advisors (SSGA) CEO Yie-Hsin Hung told the Financial Times, “we are shopping” for either a full acquisition or a minority stake combined with product partnerships. The $4.7T asset manager appears to be playing catch up to its traditional asset manager rivals in private markets, with alternatives comprising less than 5% of its total AUM. Hung believes that the firm needs to focus on building out its private markets capabilities: “The area is so well established [and] given the size of our clients and their need to build and invest in a meaningful size, I think it just makes more sense for us to either partner or take a stake in a much more established firm where it’s one plus one equals three.” SSGA has looked to add to its product suite across traditional equities and private markets. On the heels of hiring a new Chief Business Officer, Anna Paglia, from Invesco, SSGA has launched 80 new products in the past year. SSGA also partnered with Apollo to seek regulatory permission to offer an ETF that invests in both public and private credit. SSGA faces stiff competition with its traditional asset manager peers to build out private markets capabilities. Rival BlackRock bought GIP earlier this year and is exploring purchases of $106B+ AUM private credit firm HPS and $70B+ AUM Millennium, and Franklin Templeton bought $83B AUM secondaries firm Lexington Partners in 2021.
💸 AGM’s 2/20: Traditional asset managers are intensifying their focus on adding private markets capabilities. This development is not surprising given the trends in asset management. With the rise of passive investment funds and increasing indexation, actively managed fund flows have fallen precipitously, as the chart below from Morningstar illustrates. This trend has had a negative impact on traditional asset managers’ fees, which are also experiencing a race to the bottom on fee loads.
How have traditional asset managers looked to combat lower fees from traditional asset management products and outflows in traded products? By looking to private markets as a way to offset some of the challenges facing their business. Traditional asset managers have been grappling with the build, buy, or partner question. Some, like Schwab and Fidelity, have decided to build. Others, like Capital Group, have decided to partner, as they did with their recent KKR partnership, as did Vanguard with their HarbourVest tie-up. And others, like BlackRock and Franklin Templeton, have looked to buy.
It’s not surprising that SSGA would look to buy as a way to speed up its time to market in private markets. But buying it’s easy. There are only a select number of alternative asset managers that fit the bill for acquisition. Not only do these alternative asset managers have to meet the requirements from a strategy, investment performance, and scale perspective, but they also have to be a culture fit. Finding the right culture fit is easier said than done. Franklin Templeton CEO Jenny Johnson discussed this on her Alt Goes Mainstream podcast when discussing how and why they decided to acquire asset managers.
Scaled traditional managers will get into the game by acquiring alternative asset managers. It’s one thing to acquire a firm. It’s another thing to be able to integrate a firm well into both the investment culture and distribution culture of an asset manager.
The question is whether or not asset managers will succeed with their acquisitions, which in large part will come down to culture fit.
📝 PE wants retail investors’ money — but are they eager to give it? | Leah Hodgson, PitchBook
💡PitchBook’s Leah Hodgson reports that private equity’s pursuit of investors in the wealth channel is heating up. She notes that Blackstone plans to expand its private wealth business in Europe as they look to add two new European markets next year, according to a report from Reuters. Private wealth currently accounts for 23% of Blackstone’s roughly $1T AUM. The prize is large. The wealth channel accounts for the majority of assets under management globally — and the World Economic Forum expects that share to surpass 61% by 2030, up from 52% in 2021. Yet, a small portion of these assets are allocated to private markets. Bain & Company estimates that institutional capital allocations to private markets will only grow around 8% annually over the next decade. That’s far from enough to sustain the double-digit growth in fee-paying AUM that alternative asset managers are seeking to hit. Alternative asset managers are relying on the wealth channel to fill the gap, but will the wealth channel meet the moment for alternative asset managers? Hodgson reports that a recent survey from the Financial Planning Association, the US membership organization for financial planners, found that only 16.83% of respondents are currently using or recommending private equity investment vehicles to clients this year. This figure is down from 23.04% in 2023. Individual investors are also more sensitive to short-term economic pressures, and broader economic uncertainties like inflation and volatility which could have an impact on sentiment about private markets investments.
💸 AGM’s 2/20: Hodgson brings up a number of good questions about wealth channel adoption of private markets investments. Selling into the wealth channel is not easy — and requires a different set of skills, capabilities, product structuring, and pre- to post-investment resources than working with the institutional channel. And it’s not yet clear how market sentiment will impact wealth channel investor interest in private markets. But I’m far from ready to take the Financial Planning Association survey as a signal that individual investors won’t increase overall allocations to private markets. There’s too much investment in capabilities, education, and product structures from many of the large asset managers — both traditional and alternative — to believe that individual investor allocations to private markets won’t increase in the coming years. Research from Preqin, Bain, and Blue Owl seem to support this sentiment.
A recent report from Preqin finds that the individual investor interest in private markets is expected to propel growth of private equity AUM to nearly $12T over the next six years, which is double its current asset level.
Bain & Company’s August 2024 report, where they project private markets to grow at twice the rate of public assets and reach $~60T of overall AUM by 2032, also supports the sentiment that private markets allocations will grow. Bain believes that the “prospect of diversification and higher returns … [means they] are therefore willing to tolerate lower liquidity,” said Markus Habbel, Global Head of Bain’s Wealth & Asset Management Practice. Bain projects individual investor AUM of overall private markets AUM will grow from 16% in 2022 to 22% in 2032.
Data from Blue Owl also supports the sentiment that wealth channel capital will grow in size and share. They believe that newer adopters of private markets, particularly the wealth channel, could increase allocations to the space. Overall, Blue Owl believes that target incremental allocations to private markets could equate to $14T of capital by 2033. Their proprietary analysis includes $7.4T of incremental increase in AUM by the HNW, very HNW, and UHNW channels.
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 - Educational Content Strategist, Vice President. Click here to learn more.
🔍 Apollo (Alternative asset manager) - Distribution & Wealth Services Associate. Click here to learn more.
🔍 iCapital (Private markets infrastructure investment platform) - Marketplace - Vice President. Click here to learn more.
🔍 Carlyle (Alternative asset manager) - Vice President, Client Relationship Manager, Wealth Management (Southeast). Click here to learn more.
🔍 Northern Trust (Asset manager) - Head of Alternatives Sales Specialists. Click here to learn more.
🔍 State Street (Asset manager) - Head of Corporate Strategy, Senior Vice President. Click here to learn more.
🔍 Blue Owl (Alternative asset manager) - VP / Principal, Private Wealth Market Leader. Click here to learn more.
🔍 Ultimus Fund Solutions (Fund administrator) - Manager, Fund Accounting - InvestOne. Click hear to learn more.
🔍 Hamilton Lane (Alternative asset manager) - Vice President, Private Wealth Operations (Australia). 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 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.
🎙 Hear Blue Owl, Inc. Board Member and Blue Owl GP Strategic Capital Senior Managing Director Sean Ward on how $57.8B AUM Blue Owl GP Strategic Capital has pioneered GP staking and transformed GP stakes into an industry. Listen here.
🎥 Watch HGGC Partner, Chairman, Co-Founder & Former NFL Hall of Fame Quarterback Steve Young and True North Advisors CEO & Co-Founder Scott Wood discuss how “the score takes care of itself” on the field and in investing / wealth management. Watch here.
🎥 Watch the first episode of Going Public on Alt Goes Mainstream with Evercore ISI Senior MD and Senior Research Analyst Glenn Schorr as we discuss trends and business models for the publicly traded alternative asset managers. Watch here.
🎥 Watch Eileen Duff, Managing Partner & Chief Client Success Officer at iCapital on episode 12 of the latest Monthly Alts Pulse as we discuss the future of AI and automation in private markets. Watch 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 how a $1.59T AUM asset manager is approaching private markets with T. Rowe Price’s Global Head of Product Cheri Belski in a special live episode of the Alt Goes Mainstream podcast at a Pangea x AGM Breakfast in London. Listen here.
🎙 Hear Bernstein Private Wealth Management’s CIO Alex Chaloff discuss how a $125B wealth manager navigates 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 Mercer Investments’ US Financial Intermediaries Leader Gregg Sommer and CAIS’ MD and Head of Investments Neil Blundell on following the fast river of alts. 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 Dan Vene, Co-Founder & Managing Partner, Head of Investment Solutions at iCapital on episode 11 of the latest Monthly Alts Pulse as we discuss the evolution of the industry. Watch here.
🎙 Hear Partners Group’s Co-Head of Private Wealth, Head of the New York Office, Member of the Global Executive Board Rob Collins share the how and why of one of the most exciting trends in private markets: evergreen funds. 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.
🎥 Watch internet pioneer Steve Case, Chairman & CEO of Revolution and Co-Founder of America Online, share lessons learned from building the first internet company to go public and an investment firm built for the Third Wave of the internet. Watch & listen 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 wealth management industry titan Haig Ariyan, CEO of Arax Investment Partners, share his thoughts on the private equity opportunity in wealth management. 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 on LinkedIn or Twitter (@michaelsidgmore) 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 Michael Rutter and Nick Owens for their contributions to the newsletter.