AGM Alts Weekly | 11.2.25: Venturing beyond venture

AGM Alts Weekly #127: 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.

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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.

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Presented by

Private credit is an innovative and diverse asset class, often characterized by idiosyncratic risks and high barriers to entry. While direct lending has captured much of the spotlight, many investors are now recognizing that private credit extends far beyond a single strategy.

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Learn more about NCM’s approach to diversification.

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Good morning from Washington, D.C.

In October 2020, Trian Partners, a $6.3B AUM investment manager owned by Nelson Peltz that calls itself a “highly engaged shareowner, bringing a private equity mindset to public markets,” took a large stake in asset manager Janus Henderson Group PLC.

Janus Henderson, like many traditional asset managers, faced headwinds at the time.

The company was bleeding outflows in the mid-single digits annually, with investors taking money out of their funds at a rapid pace.

Trian, which has held meaningful ownership positions in other asset managers, including Legg Mason (before it was sold to Franklin Templeton) and Invesco, must have seen something in $457B AUM Janus.

The management team, led by CEO Ali Dibadj, has engineered a successful turnaround of the firm’s fortunes. Janus Henderson has enjoyed positive net inflows for the past six quarters, according to an August 2025 company presentation.

Janus has also figured out how to maintain relatively steady net management fee rates at a time when many of its peers have seen a consistent decline in fees. As a result, Janus has kept its operating margin in the ~31-34% range since 2022.

Trian’s investment in Legg Mason delivered healthy returns for them. According to a Bloomberg article in February 2020, over a ten-year period, Trian made around $266M on two separate investments in Legg Mason, with $128M coming as Legg sold to Franklin Templeton for $4.5B.

Following its success with owning asset managers in the past, most notably with Legg Mason, it shouldn’t come as a total surprise that Trian has gone back to the asset management well to generate returns.

Trian’s offer to take Janus Henderson private is already meaningfully higher — 113% — than when the firm first disclosed its investment in the company at $21.60 per share in October 2020.

For Trian, there’s a lot to play for. The firm owns over 20% of Janus Henderson and its holding of Janus Henderson the largest position in Trian’s fund.

What was slightly more surprising about the offer for Janus Henderson at $7.2B is that it included $40B AUM alternative asset manager General Catalyst.

“Ventur[ing] beyond” venture

General Catalyst has long been known as a venture firm with Boston and Silicon Valley roots. The firm started from relatively humble beginnings at a time that certainly wasn’t easy for the entire venture community (or the stock market, for that matter): a $73M Fund I launched in the 2000 vintage year.

Since then, General Catalyst has scaled into a multi-stage, multi-strategy venture and growth behemoth.

The firm has grown to $40B of AUM, propelled in part by a 2011 Fund VI that (most likely) included a Series B co-lead check into Stripe in 2012, amongst other investments across its funds into companies Airbnb, Instacart, Snap, Gusto, Kayak, HubSpot, Canva, Ramp, Anduril, and more that have convinced LPs to continue to back the firm’s newest funds.

More recently, GC raised $8B for Fund XII in fresh capital across its core VC funds in seed and growth stage ($4.5B), its “creation strategy” ($1.5B), and $2B in separately managed accounts.

With $40B in AUM across stages and strategies, it would be easy to view General Catalyst’s growth as similar to that of many of its venture capital peers, which have scaled across stages and geographies.

The growth of fund size and firm in venture capital is a phenomenon that I covered in the 1.28.24 AGM Alts Weekly.

But that analysis would be missing just what General Catalyst has transformed into — and what they might be thinking of becoming.

General Catalyst’s recent rebrand, which came in tandem with the October 2024 announcement of Fund XII, is about “venturing beyond.”

And “venture beyond” is precisely what General Catalyst (“GC”) has done.

The rebrand has meant that GC no longer considers itself merely a venture capital fund. In their own words, they characterize their work “as a global investment and transformation company” to be “transcending the traditional boundaries of venture capital.”

The firm has ventured into non-dilutive financing via its Customer Value Fund, due to what it calls the “unbundling of “Growth Equity.’”

The firm has ventured beyond globally, acquiring La Famiglia, an early-stage VC outfit in Europe, and Venture Highway, an early-stage investment firm in India in recent years.

The firm has ventured into hiring from the largest alternative asset manager, bringing on former Blackstone Global Head of Marketing Arielle Gross Samuels as its CMO.

GC has also ventured into wealth management with the unveiling of GC Wealth, a $2.3B AUM wealth management firm incubated within General Catalyst by long-time wealth management executive and former First Republic Bank Wealth Management Head Dave Breslin.

GC Wealth is not the first business that GC has “hatched.” The firm has incubated a number of businesses, including digital healthcare success story Livongo.

Perhaps GC’s most ambitious effort involves working to bring innovation, AI, and startup principles to traditional companies and industries. General Catalyst CEO Hemant Taneja noted that “core to this model is [their] Health Assurance Transformation Company, which coalesces 15% of US healthcare operations across hospital system partnerships, aiming to use technology to best serve patients.” To build the type of business they envision, GC bought a health system in Ohio called Summa Health.

Which brings us to Janus Henderson.

General Catalyst has referenced that part of the work it is doing can be considered “Venture Buyout.”

Why would a venture firm look to buy a traditional asset manager? (Note: I don’t know if GC will be financing the buyout out of one of its funds or if it’s a strategic investment off its balance sheet so that it owns Janus Henderson and can leverage Janus Henderson for distribution of its other funds).

Perhaps the letter that Trian CEO Nelson Peltz and GC CEO Hemant Taneja wrote to Janus Henderson can help connect some dots.

In the letter, Peltz and Taneja wrote:

Going forward, we believe the Company has an opportunity to enhance clients’ experience and further its strategy (Protect & Grow, Amplify and Diversify) by significantly increasing long-term investment in the Company’s product offerings, client service capabilities, technology and talent. We believe these significant investments can more effectively be done free from the constraints of operating as a public company.

General Catalyst is a global investment and transformation company with a focus on transforming industries with Applied AI. It has developed a unique ecosystem of AI companies that can help improve and innovate on business operations across a variety of industries—including Percepta, an AI transformation company which it owns that is focused on data, AI and workforce innovation for its customers. Trian and General Catalyst have an extensive working relationship, and we believe General Catalyst’s experience would be highly complementary to Trian’s decades of experience investing and operating in the asset management sector during the next phase of the Company’s journey.

General Catalyst appears to be focused on creating an applied AI ecosystem. To do so successfully, GC believes that collaboration between startups and established companies is required.

The possible buyout of Janus Henderson could also shed light on General Catalyst’s expansionist ambitions.

As I wrote in the 1.28.24 AGM Alts Weekly, VC clearly seems to be going through its transformational moment. VC is becoming PE in many respects.

GP Stakes firm Cantilever Group’s Managing Director & Head of Investments Ben Drylie-Perkins makes an astute observation about scale:

“Cost bases, excluding carried interest allocations to investment teams, become relatively fixed above a certain fund size. So even if large managers reduce management fees by basis points to raise more capital, the incremental margin on new fees can still be close to 100%. At that point, raising more capital at 1.85% vs. holding the line at 2.00% is an accretive trade off.”

General Catalyst certainly has had growth ambitions over the years.

GP Stakes firm Goldman Sachs’ Petershill Group, which owns stakes in Clearlake, Permira, and Accel-KKR, amongst other firms, owned a stake in General Catalyst until recently when GC bought back its stake from Petershill.

And there has been talk of GC readying itself for an IPO, according to Axios’ Dan Primack’s article from February 2025.

GC’s IPO ambitions render the Janus Henderson offer somewhat of an interesting moment for asset management that is emblematic of the state of both traditional and alternative asset management: traditional asset manager Janus Henderson might go private as alternative asset manager General Catalyst might go public.

As a storied, traditional asset manager in Janus Henderson, which has an investment track record that stretches over 90 years, has been approached for a take private because, as Peltz and Taneja wrote in their letter to Janus, “[they] believe these significant investments [in the Company’s product offerings, client service capabilities, technology, and talent] can more effectively be done free from the constraints of operating as a public company,” the very firm that has made the offer for the take private — General Catalyst — is considering a public debut itself.

There’s certainly a number of compelling features of Janus Henderson’s business that could make it an attractive business to grow as a private company, particularly as private markets becomes an increasingly larger part of wealth and insurance portfolios.

A chart from Janus Henderson’s August 2025 company presentation highlights that Janus Henderson has executed on a strategy through M&A and partnerships in growing areas of the market.

In August 2024, Janus Henderson acquired a majority stake in $10B private credit manager Victory Park Capital, which specializes in asset-based finance. Since then, Janus Henderson has leveraged its strategic relationship with insurer CNO Financial to allocate a minimum of $600M to new and existing VPC strategies.

At a time when private credit, and ABF in particular, are growing parts of the private markets ecosystem, Janus Henderson has positioned itself to capture distribution flows from the wealth channel and insurance firms.

Janus Henderson’s footprint in distribution also provides promise for the continued expansion of the firm’s AUM. Yes, at $457B, the firm is a bit of a ‘tweener. It’s not quite the size and scale of fellow traditional asset managers that possess trillions of dollars in AUM, but at almost $500B, there’s both an existing global client footprint, distribution boots on the ground, and a brand to work with.

Speaking of distribution, Janus Henderson has over 400 distribution professionals globally, serving clients across intermediary, institutional, and self-directed.

Interestingly, the intermediary channel is where Janus Henderson has its largest share of AUM, with over $224B in AUM from financial intermediaries.

The firm has grown its AUM from advisors since 2018, more than doubling to $99B of AUM across broker/dealer, RIA, wirehouse, and ETF channels.

And, more recently in 2023, the firm partnered with Privacore Capital, an open architecture distributor and consultant to alternative asset managers founded by the founder of Blackstone Private Wealth Solutions business, Brendan Boyle, to deliver products to the wealth channel.

Janus Henderson is clearly focused on growing its presence in private markets due to the higher fee capture and demands from investors across the wealth and insurance channels. But today, its $15.9B of AUM in private markets are but a tiny fraction (4%) of Janus Henderson’s overall AUM of $457.3B.

Perhaps General Catalyst can help Janus Henderson venture beyond traditional asset management, possibly even into distributing venture and growth investments to Janus Henderson’s vast footprint of investors, two areas that advisors seem to be interested in at the moment.

Or perhaps this is the beginning of something much bigger — the foreshadowing of the merging of a traditional asset manager in Janus Henderson and an alternative asset manager in General Catalyst (which also includes stable streams of revenue from businesses in wealth management and healthcare) to create a hybrid asset manager or holding company that combines both the traditional investing world and the alternative investing world together into a single firm. While it is unlikely that is the end result, largely because alternative asset managers have tended to trade at much higher multiples than traditional asset managers (Trian and GC’s offer is a 9.5x trailing 12 month EBITDA multiple), perhaps General Catalyst’s focus on leveraging applied AI to old world businesses means they have something up their sleeve that the market doesn’t yet appreciate, such as a holding company that includes asset management, wealth management, healthcare assets. So, speaking of traditional businesses, wouldn’t insurance be an apt missing piece to add to the puzzle if GC does, in fact, head in that direction?

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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

A token for your thoughts

📝 BlackRock-linked tokenization firm Securitize to go public via SPAC deal | Liz Napolitano, CNBC

💡Securitize, a platform that enables tokenization of real world assets, will go public via SPAC. The firm, whose technology powers BlackRock’s tokenized money market fund, amongst others, will merge with Cantor Equity Partners II, a blank-check company sponsored by an affiliate of Cantor Fitzgerald. The deal will value Securitize at $1.25B pre-money. Securitize CEO Carlos Domingo believes that investors in public markets will want exposure to the trend of tokenization: “Tokenization is what everybody’s talking about … but there’s nobody publicly traded that does it,” Domingo told CNBC. “We will do well in the public market because people want to index themselves to tokenization the same way that people are buying Circle because they want to index themselves to stablecoins.” Securitize has tokenized over $4B in assets through partnerships with Apollo, Hamilton Lane, KKR, and VanEck on their tokenized funds.

The Securitize SPAC deal comes at a time when tokenized real world assets (RWAs) are becoming increasingly popular. The combined market value of tokenized US Treasuries has climbed to almost $8.6B, up 200% over the past year. The RWA tokenization market has grown to over $35B, growing 135% in the past year. Citi analysts see growth for the tokenized RWA market, predicting the market could be as large as $4T by 2030.

📝 JPMorgan Tokenizes Private-Equity Fund on Its Own Blockchain | Vicky Ge Huang, Wall Street Journal

💡JPMorgan tokenized a private equity fund on its own blockchain platform, enabling its private wealth clients to access the fund through digital tokens. The move comes as JPMorgan looks to roll out its fund tokenization platform, Kinexys Fund Flow, next year. Kinexys Fund Flow collects data from fund managers, distributors and administrators, creates smart contracts representing fund ownership, and facilitates the exchange of cash and assets on the blockchain. “For the alternative investments industry, it’s just a matter of time that a blockchain-based solution is going to be adopted,” said Anton Pil, Head of Global Alternative Investment Solutions for JPMorgan’s asset management arm. “It’s more about simplifying the ecosystem of alternatives and making it, frankly, a little easier to access for most investors.” According to the WSJ article, JPM expects to tokenize additional alternative investment strategies, including private credit, real estate, and hedge funds in the future.

💸 AGM’s 2/20: Tokenization of real world assets appears to be one of the next big trends in private markets.

Some of the industry’s leaders have been talking about a future in which many traditional securities are tokenized. In an October 14 interview on CNBC’s Squawk on the Street, BlackRock CEO said that the financial services industry is at “the beginning of the tokenization of all assets.” Fink discussed the possibilities of tokenizing ETFs, citing the $4.1T of assets sitting in digital wallets today as an opportunity to bring some of these assets into traditional assets while having them remain in a digital ecosystem.

Robinhood CEO Vlad Tenev has also talked at length about tokenization in public forums. He said recently that he thinks tokenization “will become the default way to get exposure to US stocks outside the US.” He told a panel at a crypto conference in Singapore in October that “Tokenization is like a freight train. It can’t be stopped, and eventually it’s going to eat the entire financial system.”

In June 2025, Robinhood began offering more than 200 tokenized US stocks to customers in the European Union, giving them a new way to gain exposure to the underlying assets.

➡️ BlackRock’s Larry Fink hinted that tokenization could become an integral part of market infrastructure sooner rather than later in his Annual Chairman’s Letter to Investors in April 2025. I broke down some of the takeaways from his letter in the 4.6.25 AGM Alts Weekly here.

In his letter, Fink said that tokenization is a real possibility.

Every stock, every bond, every fund—every asset—can be tokenized. If they are, it will revolutionize investing. Markets wouldn’t need to close. Transactions that currently take days would clear in seconds. And billions of dollars currently immobilized by settlement delays could be reinvested immediately back into the economy, generating more growth.

Part of why Fink is excited about tokenization is that it “makes investing much more democratic.”

➡️ Companies like Securitize, a company in which BlackRock led a $47M funding round in May 2024, and Republic are part of the growing ecosystem of solutions that help companies and funds tokenize assets so that more investors around the world can access them. Hamilton Lane, which invested in Securitize, also partnered with Republic to tokenize its Private Assets Fund so that accredited investors could access its evergreen fund offering at lower minimums.

➡️ If tokenization of real world assets, particularly funds and companies in private markets, achieves mainstream adoption, it will be interesting to see how much tokenization can defray costs across fund administration and post-investment processes. Could this reduce total costs to the end investor if admin fees could be lowered?

➡️ AGM has covered tokenization over the past few years on podcasts and in written form:

🎙 AGM Podcast: Revolutionary changes in private markets with John Avery of fintech giant FIS in May 2023.

🎙 AGM Podcast: Hamilton Late’s Griff Norville on how private markets are moving from the Stone Age to the digital age in April 2024.

📝 AGM’s 10.27.2021 post: “The point of no return” on the institutionalization of crypto and why crypto was ready for institutionalization and institutions were ready for crypto (maybe I was a bit early and was probably a bit off the mark about the impact of Web3 on the internet).

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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.

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🤝 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.

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The latest on Alt Goes Mainstream

Recent podcast or video episodes and blog posts on Alt Goes Mainstream:

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🎥 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.

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🎥 Watch Stonepeak Co-President Luke Taylor discuss what it takes to be a great infrastructure investor. Watch here.

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📝 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.

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📝 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.

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🎥 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.

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🎙 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.

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📝 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.

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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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My dog Nugget probably thinking about the AUM of alternative asset managers

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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.

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