AGM Alts Weekly | 11.9.25: Alternative asset managers in three charts - Q3 2025
AGM Alts Weekly #128: Making private markets more public, every week.
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The Evolution of Private Credit
Structural shifts in bank lending and higher capital requirements have opened the door for private managers to fill critical financing gaps.
At Nomura Capital Management, we believe these changes are driving the next chapter of private credit, one defined by greater diversification, institutional participation, and innovation in portfolio design.
Good morning from Washington, D.C.
Private markets is experiencing tremendous growth, which earnings reports from many of the alternative asset managers highlighted. Many alternative asset managers have grown AUM meaningfully in the past quarter and past year, with some hitting records this quarter.
Charting out the growth of these alternative asset managers can help separate the signal from the noise.
With so many firms reporting earnings or sharing recent investor presentations, I thought it could be useful to highlight three charts from each of the many publicly traded firms’ recent presentations that provide an interesting perspective or unique insight on the present and future of private markets.
Let’s dive in.
Blackstone
Presentation here.
The chart: Total AUM increased to ~$1.242T, up 12% YoY.
The takeaway: Blackstone’s AUM continues to grow meaningfully. Can they hit $2T by 2030? Also worth noting that Perpetual Capital AUM is up 15% YoY to $500.6B (and with Fee-Earning Perpetual Capital AUM at $428.5B, the firm’s perpetual capital base represents 47% of fee-earning AUM).
The chart: Blackstone’s evergreen funds have meaningful AUM (note: Total Net Return represents the annualized net of fee return since inception).
The takeaway: Blackstone’s Infrastructure Partners’ net return stands out.
The chart: Blackstone’s Credit & Insurance AUM increased 22%.
The takeaway: Insurance is increasingly becoming involved in private credit and insurance. Inflows this past quarter included $8B in insurance SMAs for infrastructure and asset-based credit strategies.
KKR
Presentation here.
The chart: AUM grew 16% YoY to $723B.
The takeaway: The wealth channel (K-Series products) is helping to drive KKR’s AUM, with K-Series AUM hitting $29B, up from $14B a year ago. This figure has helped grow KKR’s perpetual capital base to $309B, up 19% YoY.
The chart: KKR’s gross unrealized performance income has hit $9B as of September 30, 2025.
The takeaway: Infrastructure continues to perform well LTM for many of the large alternative asset managers.
The chart: KKR’s perpetual capital has hit $309B, up from $259B in Q3 2024.
The takeaway: Over half of KKR’s AUM (52%) is perpetual capital or long-dated strategic investor partnerships. 93% of KKR’s AUM is either perpetual capital or has a duration of 8 years or longer.
Brookfield
Presentation here.
The chart: Brookfield Asset Management had its strongest fundraising quarter over the past five quarters, raising $30B.
The takeaway: Credit, infrastructure, and renewable power / energy transition raised meaningful capital, including BAM’s $20B flagship, which is the largest-ever strategy dedicated to investing in energy transition.
The chart: Brookfield had record monetizations of $46B of equity capital over the past 12 months.
The takeaway: Credit had over $21.5B in monetizations LTM and real estate and infrastructure also achieved meaningful monetizations.
The chart: Brookfield Wealth Solutions now manages over $101B in AUM.
The takeaway: 59% ($60B) of Brookfield Wealth Solutions capital was invested in liquid credit products as of September 30, 2025. Brookfield anticipates that a significant portion of this capital will be allocated to private credit and other long-term private funds.
Apollo
Presentation here.
The chart: Apollo hit record FRE.
The takeaway: Global wealth had quarterly inflows of $5B.
The chart: Total AUM grew 24% YoY. The $1T AUM mark is within striking distance, with Apollo’s total AUM at $908B.
The takeaway: Almost 60% of total AUM and over 70% of total fee-generating AUM is perpetual capital.
The chart: Apollo’s investment performance across credit and equity on a gross returns basis.
The takeaway: The gross return performance of Opportunistic Credit and Hybrid Value stood out in Q3.
Ares
Presentation here.
The chart: Ares has increased its perpetual capital by 53% YoY to $190.3B AUM.
The takeaway: Perpetual capital is a theme amongst the publicly traded alternative asset managers. Wealth vehicles represent ~30% of Ares’ perpetual capital.
The chart: 87% of AUM is in perpetual capital or long-dated (contractual life of 5 years or greater).
The takeaway: Private wealth perpetual capital vehicles represent ~10% of Ares’ AUM, but 16% of Ares’ management fee.
The chart: Ares has invested $2.67B from its balance sheet into its investment strategies, with real assets, other (insurance and other), private equity, and credit the largest allocations.
The takeaway: Large balance sheets are critical for alternative asset managers that are looking to launch evergreen strategies.
EQT
Presentation here.
The chart: EQT has invested less this year through Q3 2025 LTM than it did by Q3 2024 LTM by a meaningful margin, but they expect exit activity to be significantly higher (€19B Q3 2025 LTM vs. €7B Q3 2024 LTM).
The takeaway: Could this be a sign that the exit environment in PE and infrastructure is opening up? It could also be worth reading the tea leaves on EQT’s deployment (or lack thereof) over the past 12 months relative to Q3 2024 LTM. Are valuations at less attractive levels right now?
The chart: All of of EQT’s funds are either on plan or above plan.
The takeaway: EQT’s €10.9B Private Capital fund VIII is already at 1.2x DPI on a 2018 vintage and could lead to €1B in carry for EQT and 2.5x+ gross MOIC (see slide 12 in the link).
The chart: Evergreen product development has increased fivefold since 2023 year-end.
The takeaway: Evergreen inflows continue to increase, with €500M inflows this quarter, topping each prior quarter.
Partners Group
Presentation here.
The chart: Partners Group has built its platform to focus on both tailored and bespoke solutions for institutional LPs and access for the wealth channel with its evergreen AUM (now $52B).
The takeaway: This chart encapsulates two major trends in private markets so well — “tailorization” and “democratizaton.” Many investors, particularly institutional LPs, are looking for customized / tailored / curated solutions (as I wrote in the 9.21.25 AGM Alts Weekly that investors are looking for “curation at scale”) as the industry is also in the midst of a wave of unlocking access to new investors across the wealth channel.
The chart: Partners Group has a $22-27B fundraising target in 2025, which would be significant given the firm’s current AUM is $174B.
The takeaway: Private wealth represents 20% of the overall AUM of Partners Group.
The chart: Management fee margin has maintained steady. Performance fees are close to historical highs (27%).
The takeaway: It appears as though Partners Group is expecting a healthy exit environment for the remainder of 2025 and into 2026 since they expect performance fee outlook to be in the 25-40% for 2026+, driven by PE and infrastructure exit activity.
Blue Owl
Presentation here.
The chart: Blue Owl’s strategies are oriented toward the megatrends and growth areas in private markets with multi-trillion dollar addressable markets.
The takeaway: Blue Owl has built private wealth products that enable the wealth channel to gain exposure to some of the trends currently defining private markets across ABF, digital infrastructure, and triple-net-lease real estate.
The chart: Blue Owl had a 26% increase in AUM YoY, largely driven by the IPI acquisition.
The takeaway: Permanent Capital has generated 86% of FRE management fees LTM.
The chart: Blue Owl raised $14.4B in the past quarter.
The takeaway: Private wealth raised $4.2B during the quarter and $16.2B over the past 12 months. Institutional fundraising was $23.3B LTM. International LP flows were driven by direct lending an IG credit, GP stakes, and triple-net-lease products.
TPG
Presentation here.
The chart: TPG’s FRR increased 11% YoY.
The takeaway: The acquisition of TPG Peppertree had a material impact on FRE.
The chart: 14% of AUM is in perpetual funds, and 68% of AUM is in long-dated funds with 10+ years of duration.
The takeaway: TPG will likely look to figure out a way to grow AUM in perpetual funds.
The chart: T-POP, TPG’s evergreen fund solution for the wealth channel, has $674M AUM as of September 30, 2025.
The takeaway: TPG’s newer evergreen funds, including Angelo Gordon’s perpetual funds, have started to scale for the most part, with many hitting the $1B AUM threshold and T-POP within striking distance of that figure.
Carlyle
Presentation here.
The chart: Carlyle grew total AUM 6% YoY, with AlpInvest’s segment (secondaries) achieving the largest YoY increase at 22%.
The takeaway: Secondaries came in first for Carlyle, with AlpInvest’s AUM growth highlighting LP interest in secondaries.
The chart: Perpetual fee-earning AUM represents 33% of Carlyle’s total FEAUM.
The takeaway: Insurance solutions represent a large ($81B of the $108B in FEAUM) and growing portion of Carlyle’s perpetual FEAUM.
The chart: Carlyle’s $16.9B in inflows were driven largely by insurance solutions.
The takeaway: Insurance solutions helped drive Carlyle’s fundraising activity. ABF and structured credit saw a lot of inflows, as did secondaries.
CVC
Presentation here [note: CVC operates on a different yearly reporting cycle].
The chart: The average length of the client relationship for CVC LPs is 17 years (within its institutional LP cohort).
The takeaway: LPs often have long-standing relationships with their GPs if they are happy with performance. Also worth noting that 95% of clients have committed to multiple strategies on CVC’s platform, which is notable given that CVC continues to expand its platform and drive gross inflows from Credit, Secondaries, and Infrastructure.
The chart: CVC is making a significant investment in its Wealth offering, both in terms of product manufacturing and in growing headcount.
The takeaway: CVC plans to have 60+ FTEs by YE2025 in advance of launching Secondaries and Infrastructure evergreen offerings. Wealth requires significant investment in people, product, and operations so CVC is investing in the infrastructure of its Wealth business ahead of scaling.
The chart: Credit drove inflows for fee-paying AUM over the past 12 months.
The takeaway: The management fee rate is interesting — it’s in the 1.3% range for PE, 1.1-1.2% range for Infrastructure, and 0.5% for Credit. These fee rates highlight that Credit, Infrastructure, and Secondaries are a scale game, but will likely have a lower fee take rate than PE.
Hamilton Lane
Presentation here [note: Hamilton Lane considers Q3 2025 to be the second quarter of Fiscal Year 2026 from a reporting perspective].
The chart: Hamilton Lane has grown its AUA / AUM at a 17% CAGR since 2005.
The takeaway: Hamilton Lane’s evolution from OCIO / advisor to LPs to an asset manager is punctuated by its YoY AUM growth (11% YoY).
The chart: Management fees as a percentage of average fee-earning AUM have remained stable as the firm has grown.
The takeaway: Management fees remain stable, not decrease.
The chart: Hamilton Lane has invested meaningful portions of its balance sheet in its own funds ($494M invested in its funds) and in technology and related investments ($215M).
The takeaway: Hamilton Lane is investing its balance sheet in initiatives to both grow the AUM of its vehicles, particularly evergreen funds, and to build the market infrastructure.
StepStone Group
Presentation here [note: StepStone considers Q3 2025 to be the second quarter of Fiscal Year 2026 from a reporting perspective].
The chart: StepStone’s fee-earning AUM has experienced organic CAGR of 21% since 2021.
The takeaway: 35% of clients have exposure to more than one asset class on StepStone’s platform. It’s likely that AUM growth has come in part from successful cross-selling of LPs across products — and the growth in its Private Wealth business.
The chart: Blended management fee rates have increased, not decreased, from 2021-2025.
The takeaway: StepStone has managed to increase its blended management fees across SMAs, commingled funds, and advisory fees. The increase in blended management fee rate is a result of the growth in its commingled funds business, where fees have actually increased (from 82-90 bps to over 100 bps in recent years).
The chart: This past quarter represented StepStone’s second highest quarter of performance fee-related earnings since 2021.
The takeaway: This chart is quite illuminating. It illustrates that the current environment has been better for StepStone’s performance fee-related earnings. Does this tell us that this is a good exit environment (or that firms are looking to exit right now)?
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
Secondaries coming in first?
📝 State Street Takes Coller Capital Stake to Tap Secondaries Boom | Preeti Singh and Loukia Gyftopoulou, Bloomberg
💡The latest large asset management deal involving a secondaries fund was a big one. This week, State Street’s asset management arm acquired a minority equity stake in Coller Capital to expand its reach in the secondaries market.
Coller, with $46B AUM, is a leader in the secondaries market. Secondaries, which are on pace for a record year, are becoming an integral part of private markets. Data from Evercore highlights that secondaries volume could surpass $200B in 2025, topping 2024’s record year of over $150B in volume.
Secondaries volume could approach $500B within the next five years (note: Blackstone’s Verdun Perry said in August 2025 that he sees secondaries deal volume hitting $400B by 2030), which is feasible given the growing size and scale of private markets and the fact that many investors now view secondaries as a strategic component of their asset allocation.
💸 AGM’s 2/20: Coller has built itself into one of the leading specialist secondaries firms. From its first fund in 1995, Coller has grown to over 300 employees and a global footprint.
Secondaries make sense in today’s private markets for a number of reasons, particularly for wealth channel investors:
➡️ Mitigated J-Curve: Secondaries mitigate the J-Curve effect through both discounts and acquiring a relatively seasoned or mature portfolio of assets.
A chart from a 2024 whitepaper from BlackRock highlights that secondaries tend to have a lower J-Curve than traditional primary private equity investments.
Net cash outflows for LPs are also lower than other investment strategies. Distributions often come earlier in secondaries funds because companies or portfolios are closer to — or are in — their harvest period.
➡️ Private companies staying private longer: The investable universe in private markets is larger than public markets — and it only seems to be going in one way. Private companies are staying private longer. And the majority of companies with $100M+ in revenue (87% of companies with this profile in the US and similar figures in Europe and Asia) reside in private markets.
➡️ Diversification: Secondaries funds often provide immediate diversification across fund, vintage year, strategy, and geography, giving investors turnkey exposure to a number of private markets assets with a single line item.
➡️ Returns coupled with lower potential capital loss risk: Secondaries have the potential to generate returns for LPs while experiencing lower loss ratios due to the maturity of the portfolio that investors are buying into. Secondaries have tended to have low capital loss risk relative to other private markets strategies. The below chart from BlackRock’s 2024 whitepaper on secondaries highlights return relative to risk.
Secondaries of different flavors have been a hot topic as of late.
State Street’s investment in Coller is part of the recent trend by asset managers to expand capabilities in secondaries [it’s also worth noting that State Street made a strategic investment into and has partnered with Apex FinTech Solutions, which recently launched infrastructure to enable advisors and broker-dealers to have a unified experience that brings private markets investments into the same brokerage accounts and single user interface and single custodian].
Just a few weeks ago, Goldman acquired Industry Ventures, the $7B AUS secondaries firm for up to $965M. As I wrote in the 10.19.25 AGM Alts Weekly about Goldman “venturing into secondaries,” secondaries are becoming a much bigger feature of private markets.
A chart by Franklin Templeton highlights that secondary market volume should continue to increase. Back in 2021, Franklin Templeton noted that 10-12% of LP commitments in each vintage of PE funds eventually transact in the secondary market. They concluded that it would not be surprising to see transaction volume of $100B+ for the next five years.
Franklin Templeton was certainly not wrong about the growth in secondary markets. A phenomenon that has dovetailed with this trend is that private companies are staying private longer. This feature of private markets is particularly true in technology. A 2022 Industry Ventures whitepaper noted that notable tech names were taking much longer to go public.
This phenomenon could perhaps explain Morgan Stanley’s recent decision to acquire EquityZen and Schwab’s decision to buy Forge this week for $660M.
The wealth channel clearly wants access to private companies, particularly in technology. Secondary markets could be a way for those in the wealth channel to access private companies.
In the 10.13.24 AGM Alts Weekly, I wrote about the “brokerages going for broke” and thinking about how they could embed private markets offerings into brokerage accounts. A year later, this trend is playing out in real time.
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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Fill out this form using the link below to explore partnership opportunities.
The latest on Alt Goes Mainstream
Recent podcast or video episodes and blog posts on Alt Goes Mainstream:
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🎥 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.
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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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🎥 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.
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🎥 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.
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🎥 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.
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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.