AGM Alts Weekly | 11.23.25: Don't get stuck in the middle
AGM Alts Weekly #130: Making private markets more public, every week.
“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.
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The Role of Private Credit within Diversified Portfolios
Private credit has evolved into a strategic cornerstone for diversified portfolios, delivering income, diversification, and access to a wide range of real assets and financing opportunities. Yet true strength comes from diversification within that allocation.
At Nomura Capital Management, we bring together opportunities across asset-based lending, direct lending, real estate, and specialty finance within one open-architecture private credit solution — designed to balance risk, scale exposure, and adapt across market cycles.
Good morning from Washington, D.C.
A few weeks ago, another scaled alternative asset manager decided to scale to new heights.
Clear eyes, full heart, going down the Pathway
Clearlake Capital Group, an investment firm focused on private equity and private credit with $90B across the two strategies, acquired $95B AUM Pathway Capital Management to double its AUM.
Pathway represents an interesting addition to the Clearlake platform, given that it creates and manages custom and multi-investor programs for both institutional and wealth investors across private market strategies via primaries, secondaries, and co-investments.
The acquisition will supplement Clearlake’s existing footprint in private equity and private credit, and will add infrastructure investing capabilities to the firm’s platform.
Clearlake’s purchase of Pathway highlights a number of recurring themes that are defining the continued consolidation in alternative asset management:
➡️ Scale matters: In today’s world of private markets, scale matters both in terms of winning and accessing investments and in terms of serving LPs. It matters to LPs because ...
➡️ Many LPs want fewer relationships not more: LPs are looking for less relationships, not more. But they are looking to deepen and expand their partnerships with fewer firms. That could help explain why the large, scaled alternative asset managers are looking to expand their investment platforms horizontally to offer more strategies to more LPs.
➡️ Wealth management platforms want scaled investment firms: As wealth management firms centralize their investment functions, they will often look to alternative asset managers that have the size and scale to handle larger capital commitments and deeper partnerships. Alternative asset managers that have the ability to offer evergreen strategies will likely be a partner of choice for many firms in the wealth space.
➡️ The takeaway for GPs?: Alternative asset managers need to be really big or really unique. Both types of firms can win — they just need to know their moat, as I wrote in last weekend’s AGM Alts Weekly: “Know thy moat.”
Scaled specialists have a place in the world, as do large multi-strategy platforms. Firms will need to define their right to win, determine which LPs are the right fits for their strategies, and staff up their distribution and operations teams appropriately to serve the different types of LPs, particularly in the wealth channel, where the wealth channel is not monolithic.
The press release detailing Clearlake’s acquisition of Pathway also mentioned another important feature of the combination: the acquisition will “[broaden] distribution across institutional and private wealth channels.”
As a private markets solutions provider, Pathway has served both institutional and private wealth channel clients.
A balancing act
Balancing the needs and demands of both institutional and wealth channel LPs is a question that’s moving to the forefront of conversations between GPs and LPs as the industry evolves to cater to the needs of the new, relatively untapped LP: the wealth channel.
What is on the minds of institutional LPs?
Top of mind for institutional LPs is the impact that the growth of assets in evergreen fund vehicles has on their relationship with a GP.
A few weeks ago, ILPA (Institutional Limited Partners Association) released a white paper on the growing presence of the wealth channel in private markets and its impact on institutional LPs.
ILPA’s white paper was aimed at educating institutional LPs on the product innovation occurring in the wealth channel (i.e., evergreen funds) and what it means for institutional LPs when evaluating how to work with GPs going forward.
Institutional LPs are wondering how GPs that decide to work with the wealth channel will handle the influx of capital from private wealth and what that means for their own relationships with GPs.
In a recent Wall Street Journal article, Scott Ramsower, Head of Private Equity Funds at the $221B AUM Teacher Retirement System of Texas, said this topic is “is top of mind for limited partners.”
But then ILPA said the quiet part out loud:
“More pointedly, ILPA elevates these issues at a time when the underlying mix of investments of these products may exacerbate a strategy-structure misalignment, i.e., an increasing allocation to longer hold private equity (PE) investments versus retail portfolios in private markets that more typically skewed in the past towards yield-generating investments in private credit, real estate, or infrastructure. PE has historically generated outperformance because its long-term investment strategy aligns with the long-term structure of institutional funds. Retail vehicles, by contrast, leave investors exposed to issues stemming from a “right strategy, wrong structure” dynamic, especially in times of economic stress (the most acute example being during the Great Recession).”
The asset management industry’s evolution to serve the wealth channel will not be devoid of a number of weighty questions for GPs and LPs alike.
Capital, commitment, comprehension
Reorienting a firm to be able to properly serve the wealth channel requires capital, commitment, and comprehension.
Asset managers need the capital to invest in the requisite marketing, product manufacturing, distribution, and operational overhead that are critical to success when working with the wealth channel.
The capital required to marshal the resources to serve the wealth channel must be backed up by the firm’s commitment to do so. The commitment doesn’t come cheap either.
To win in the wealth channel requires tens, if not hundreds, of millions of dollars in annual spend (not to mention hundreds of millions in seed capital for new evergreen funds), not to mention support and buy-in from the firm’s executives.
But perhaps the most important “c” for firms to internalize? Comprehension.
Asset managers will do well to comprehend the nuances of balancing the needs of both the wealth channel and their long-standing existing customers, the institutional LPs.
Serving the wealth channel should not come at the expense of continuing to deliver for the firm’s institutional LPs — and for many GPs it won’t.
But it appears that many institutional LPs are expressing concern, or at least asking questions, about how GPs plan to balance the additional influx of capital to their platforms.
A recent Buyouts Insider article unpacking the findings of an ILPA survey of its 600 member institutions that manage over $3T AUM found that of the 70 respondents to the survey, “83% of LPs said they would be less likely to invest with a PE fund manager if, all else being equal, they were to take in ‘significant amounts’ of retail capital.”
Based on the ILPA white paper, it appears that shrinking co-investment allocation is of chief concern for institutional LPs. Historically, GPs offered ample co-investment opportunities to their institutional LPs to size up in deals, which often enabled LPs to blend down their fees.
In certain instances, evergreen funds have eaten into co-invest capacity for institutional LPs (and generate higher fees for GPs). The unpredictability of the capital raising flows of evergreens, not to mention the possibility of redemptions from these vehicles, can make portfolio construction and deal activity more uncertain for both drawdown and evergreen fund vehicles. There’s also the question of incentives, too.
ILPA’s white paper outlined the potential impact of evergreen funds on institutional LPs:
Perhaps not surprisingly, nearly a third of the ILPA survey respondents cited the growth of private wealth as “the number one development that poses the greatest threat” to alignment of interest between GPs and LPs.
So, what can GPs do as the industry continues to evolve?
From a business perspective, it’s understandable that alternative asset managers are trying to figure out whether they should be really big or really unique, as I said on the Capital Allocators podcast.
Some firms should be able to manage both institutional and wealth relationships. That means structuring evergreen funds in a way that doesn’t shortchange either institutional LPs and their co-investment capacity, nor leave wealth investors with the short end of the stick by being stuck with the investments that drawdown vehicles and institutional LP co-invest capacity can’t consume.
It also means, as some GPs have been adamant about, being thoughtful about the quantum of capital raising in done in evergreen vehicles and limiting the size of their evergreen vehicles.
Alternative asset managers that have enough dealflow to manage both institutional and wealth channel capacity should be in a position to continue to grow their wealth business in a way that doesn’t have a negative impact on their institutional business. Communication and clear-eyed strategy will be key for GPs to successfully navigate this trend.
Other GPs might use the absence of an evergreen fund offering as a point of differentiation. And these firms could be onto something. Yes, it could be harder to win in the broader mass market of the wealth channel without an evergreen fund offering, but the wealth channel is not monolithic.
Family offices, private banks, and UHNW-focused RIAs and independent wealth management platforms that are looking for differentiation as allocators may, in fact, prefer the differentiation that comes with drawdown funds provided that performance continues to deliver and they have the desire and infrastructure to handle the cash management requirements that come with building out a private markets program.
With independent wealth management platforms beginning to centralize diligence functions either through OCIO consolidation or continued expansion of their investment platforms, these firms could start to look more like institutional LPs in certain instances. This evolution of the wealth management market structure could, in turn, help to evolve how GPs partner with and service these large, “institutional-like” wealth channel LPs.
Less evergreen funds, not more?
There’s certainly been an explosion of evergreen funds to serve the wealth channel.
This feature of the market makes sense — and could continue in the near term as the wealth channel is still so early in its overall adoption of private markets.
As Apollo CEO Marc Rowan said at a recent Bloomberg New Economy event, the market structure changed, which has an impact on how all investors, including the wealth channel, might generate returns going forward.
The concept of a “new world order” is something that Rowan discussed at the 2024 Norges Bank Investment Management Conference, which I covered in the 5.5.24 AGM Alts Weekly: A new world order?
But it could very well be the case that, over time, there will be fewer firms, not more, that have evergreen funds as part of their platforms.
It remains to be seen if the industry will see what Partners Group CEO Dave Layton said in 2023 about the coming consolidation in private markets.
As I wrote in the 11.17.24 AGM Alts Weekly: Stuck in the Middle:
Citing fundraising pressures, higher interest rates, increasing regulatory costs, an intensifying focus on M&A, and the industry’s focus on the wealth channel, Layton said he foresees the scaled platforms as those best positioned to navigate the current industry landscape. So much so, in fact, that Layton predicted that “we could see the current 11,000 or so industry participants shrink to as few as 100 next-generation platforms that matter over the next decade.”
Perhaps what will happen is that only 100 or so asset management firms will — or have the right — to offer evergreen funds as a main feature of their respective investment platforms, due to the scale, complexity, dealflow, capital, and cultural effort required to manage and maintain both drawdown and evergreen funds.
EQT CEO Per Franzen said in an interview last month that responsible growth is critical: “If I had a magic wand, I would use that and make sure that every larger player in the private markets industry pursues that opportunity in a long-term responsible way.”
Responsible is the one keyword here.
With people’s retirements hanging in the balance, it’s never been more important to get retail right.
Don’t get stuck in the middle
And that’s why perhaps the most important decision firms can make is decide who they want to be and what makes them different.
If they — and the industry — want to be successful, they can’t afford to get “stuck in the middle” of not serving either institutional or wealth channel LPs well, as Cresset Founder and Co-Chairman Avy Stein’s son and Peakline Partners MD Jordan Stein’s brother Justin Jesso says in his latest song, “Stuck In The Middle.”
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.
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) - Private Markets, Due Diligence Manager - Senior 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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Special thanks to Ryan McCormack, Nick Owens, and Michael Rutter for their contributions to the AGM Index section of the newsletter.
Excellent analysis! I appreciate the depth on private credit. Regarding NCM's open-architecture solution, could you elaborate on the mechanisms by which it dynamically balances risk and scales exposure across different market cycles? It sounds like a fascinating adaptive strategie.