AGM Alts Weekly | 1.25.26: We asked CIOs for their 2026 investment outlook. Here's what they said
AGM Alts Weekly #139: Making private markets more public, every week.
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“When it comes to the intersection of alternative investments and wealth management, Michael just gets it.” CIO, $18B AUM RIA.
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Good afternoon from London.
I’m in town to speak at iCapital Engage | London 2026 with iCapital’s EMEA Head of Client Solutions and private markets veteran Daniel Imhof and record a bunch of podcasts. Then, I’m off to IPEM Wealth to record a live episode of the Alt Goes Mainstream podcast at the conference with Partners Group’s Christopher Mauss. Reach out if you’d like to catch up in London or at IPEM Wealth.
We’ll cover more on Europe in the coming weeks, which is a major area of focus for many of the industry’s largest alternative asset managers. As this recent Davos interview between KKR’s Co-Head of European Private Equity Philipp Freise and Bain & Company’s Senior Partner and Head of EMEA Private Equity Alexander Schmitz highlights, the industry’s largest firms continue to ramp up their activity in the region. Freise said in this interview last week at Davos that KKR’s private equity group deployed $25B into Europe last year.
2026 is already shaping up to be quite an interesting year in the world of private markets and private wealth.
EQT’s acquisition of secondaries pioneer Coller Capital this past week for up to $3.7B might open up the floodgates for more major consolidation in alternative asset management.
Ares is reportedly thinking about expanding its private equity franchise, as I wrote about in the 1.11.26 AGM Alts Weekly “Integration nation - private equity edition.” And a big acquisition could be on the horizon if they choose to add to their private equity capabilities, according to details that Ares CEO Mike Arougheti shared about their strategy in a December 2025 Financial Times interview.
2026 might very well be the year where some large PE firms have to decide if they want to “keep dancing on [their] own,” as Swedish artist Robyn famously sang, or if they plan to become part of a larger alternative asset management (or traditional asset management) platform as the industry’s biggest firms look to fill the gaps with the capabilities they need to “level up,” as Arctos Partners’ CEO, Co-Managing Partner, Founder Ian Charles has discussed in the context of Arctos’ leveling framework for asset managers.
Firms missing a private equity capability — or a secondaries capability, for that matter — might very well be able to go from Level Eight to Level Nine or Level Nine to Level Ten in Arctos’ leveling framework with a major acquisition.
This industry dynamic could make private equity buyout an interesting place for investors to be looking at going forward across a few different dimensions.
One, certain managers may benefit from the scale of a broader platform in both investing and fundraising. For a firm like Blackstone, scale is one of its biggest advantages, as Chairman, CEO, and Co-Founder Steve Schwarzman has said. Scale may very well help certain private equity firms access and win deals they might not otherwise be able to execute on. Some firms have continued to perform well as they have scaled fund size, too.
Two, for LPs that are looking for evergreen exposure, an alternative asset management platform that adds secondaries to its primary private equity capabilities can make a private equity evergreen that includes both primary and secondary investments a more compelling and diversified investment due to dealflow. This feature is one reason why EQT’s acquisition of Coller is so interesting. It also makes Hg and Insight’s launch of secondaries funds and Bridgepoint’s acquisition of middle-market secondaries firm Newbury Partners interesting developments given the scale of their respective platforms.
Three, both smaller private equity firms and firms that possess only drawdown capabilities could benefit from the growth of evergreen funds. Evergreen funds require a consistent flow of deals to have the necessary dealflow to continue to execute on the evergreen strategy. With the growth of evergreen funds, there’s now another exit avenue for smaller funds to sell their portfolio companies in sponsor-led transactions. It should be noted that manager selection in private markets isn’t easy in any strategy or asset class. It’s even harder with smaller funds. It’s particularly challenging for LPs — and often either more rewarding or penalizing in a protracted way across quartiles — to find and underwrite the best smaller funds. So investors must be mindful of their ability to uncover, diligence, select, and access the right managers. But for those allocators who can do so, they might be duly rewarded by finding the PE firms who themselves are “hidden gems.”
These industry dynamics make me intrigued by smaller funds with small- and middle-market buyout strategies in both Europe and the US, which have tended to outperform (see here and here). Another compelling investment theme due to the secular growth in alternative asset management resides in GP stakes (across strategies and asset classes) in both the upper-end of the market with blue-chip funds growing and scaling their investment platforms and wealth solutions capabilities (read: increased AUM) and the lower-middle market where increasing asset manager consolidation could happen over time. Both segments of the market are impacted by the evolution of the alternative asset management landscape and the secular growth in the flow of funds coming into private markets, which could amount to trillions of dollars from the wealth channel alone in the coming years.
These are just a few thoughts and ideas that are on my mind.
What are CIOs thinking?
Let’s hear what the experts have to say. I’ve asked a number of CIOs and private wealth / private markets experts and veteran allocators who have seen their fair share of market cycles to share what they think 2026 might hold for investors and their portfolios.
Thanks to all of the CIOs and Heads of Alternative Investments who took the time to share thoughtful and insightful perspectives on private markets.
Let’s dive in.
Robert Picard, Head of Alternative Investments, Hightower Advisors
Complementing Public with Private
There’s a saying I often return to: public markets may grab the headlines, but private markets build the economy. As we move into 2026, the theme is simple, yet powerful, complementing public with private. Our goal is not to replace the public markets, but to anchor them. When daily volatility dominates headlines, private markets provide the stabilizing counterweight that allows portfolios to breathe.
The emerging reality is what I call the “50 and 5” gap. Large endowments and billionaire family offices allocate more than 50 percent to private markets. The average high-net-worth investor sits below 5 percent. That gap exists because too many assume the public market is the economy. But in truth, 91 percent of U.S. companies with over $100 million in revenue remain private. If we only invest in the S&P 500, we are ignoring the vast majority of American enterprise — the founder-led companies building value quietly, beyond the reach of a ticker symbol.
Our focus for 2026 is clear. In private markets, we see the “small cap premium” migrating into private equity markets, with opportunities in technology, cybersecurity, and artificial intelligence leading the way. Cyber is no longer optional; it is a fiduciary duty. We also see promise in wellness and functional food companies that align with the longevity theme you hear across our platform.
On the credit side, the “Great Migration” continues as traditional banks pull back. This year’s “maturity wall,” with corporate loans coming due, will create attractive special situations for disciplined lenders. We are also expanding into royalties across music, minerals, and healthcare to deliver steady, uncorrelated income streams.
Private markets reward patience. They ask us to look past the next quarter and focus on the next decade. So, as we step into 2026, let’s close the gap between 50 and 5, take that deep breath, and plant the seeds for what I believe will be a strong vintage year for investors willing to think long-term.
Bryn Talkington, Founder and Managing Partner, Requisite Capital Management
We focus on private investments for private clients. Last year, the narrative wrongly viewed Private Credit as a monolith; in reality, it is a complex, heterogeneous asset class where manager selection and rigorous underwriting are the primary differentiators. As public yields fall or flatten, capital will continue to rotate into private credit, while long-duration public bonds remain a recipe to “grow poor safely?” by failing to beat inflation.
On the equity side, while we anticipate a rebound in M&A and IPOs in 2026, the liquidity drought in PE and VC persists. The next 10 years may not look like the past, but investors are weary of “10-year” funds dragging on for 13 years plus, with only average performance and little liquidity. Given that the S&P 500 and Nasdaq have delivered ~15% and ~18% returns, respectively, over the last decade, the bar for locking up capital will be higher. For many, it turns out, illiquidity was the premium no one wanted and everyone got.
Shannon Saccocia, Chief Investment Officer - Wealth, Neuberger Berman
After a muted period of dealmaking following the 2021 peak, we believe private markets will gradually normalize and investors will likely deploy dry powder into what we see as relatively reasonable private valuations compared with stretched public equity markets. Admittedly, the environment is still complex: AI is transforming business models and deal sourcing, the rate environment is forcing managers to focus on creating operational value, and deglobalization and populism are underpinning persistent geopolitical and policy volatility — all of which we believe private equity may be well-positioned to navigate.
Even as M&A and IPO windows reopen, the industry remains in the early stages of a multi-year process of working through elevated inventory, implying that the “liquidity spigot” is turning back on — but only slowly. Capital solutions, which may involve a combination of debt and equity, are getting traction to manufacture liquidity while accessing capital to execute strategic plans. We are also finding opportunities in secondaries, where a continued imbalance between skeptical investors and eager sellers is creating what we consider a buyer’s market with more deals than capital raised. “Midlife” co-investments, too, are benefiting in this environment.
Outside of private equity, we believe corporate direct lending and asset-based credit still offer attractive income and diversification, but a rising incidence of borrower stress argues for selectivity over expansion — focusing on lender protections, manager discipline and ongoing credit work rather than simply adding more exposure. We are increasingly constructive on absolute return strategies as well; with dispersion across regions, sectors and yield curves widening, and volatility becoming more event‑driven, strategies that can go long and short, adjust exposures quickly and harvest relative‑value mispricing look better placed to add value than in a more uniform, liquidity‑driven cycle.
Solita Marcelli, Global Head of Investment Management, UBS Global Wealth Management
In private equity, we expect improving M&A and IPO activity to unlock value and see particular opportunities in value-oriented buyout strategies, while secondaries should also remain active as LPs seek liquidity and GPs employ continuation vehicles to manage exit constraints. In real estate, constrained supply and falling rates support a cautiously optimistic outlook with further improvement ahead — in our view, core/core-plus strategies offer the most robust fundamentals and attractive risk-adjusted returns.
We have become more cautious on certain areas within private credit. Overall fundamentals remain solid, and the asset class still offers attractive income and diversification benefits — but headline risk, compressed spreads, potentially declining yields, and rising competition point to growing dispersion among managers. As a result, selectivity is now even more critical — we’d lean towards experienced managers and loans to larger, high-quality, and resilient companies, with greater caution towards the smaller and mid-market borrowers.
John McArthur, Senior Partner & Chief Investment Officer, Krilogy
As we enter 2026 and get further from the post-government shutdown hangover, and, assuming no shutdown of length in late January which could further stall things, the M&A/IPO momentum should help drive the venture and growth equity ecosystem. This holds true especially if/as the administration is successful in being able to drive the interest rate landscape lower. While interest rate pressure exists on the longer end of the curve as we look further out, I don’t see interest rate pressure being a significant headwind in a sustainable way for the duration of the year. Could it be that 2026 involves an upward swing in DPI (distributions to paid-in capital) after a decade-long drought?
As JP Morgan highlights in their most recent Eye on the Market Outlook, 65%-75% of S&P 500 returns, profits, and capital spending since the launch of ChatGPT in 2022 have been derived from 42 companies linked to generative AI. With historically varying degrees of expensiveness in public markets and limited supply related to AI participation, expanding access and the desire for investors to be involved beyond the public market infrastructure layer should continue to drive private market demand, and specifically for later-stage tech. The application / agentic layer related to AI should help drive the next wave of enthusiasm related to the theme, but that may be more of a 2027 story.
I also expect the secondary market, broadly, to be a continued area of vibrancy, as we see record transaction volumes, attractive pricing potential, robust supply/demand, and structural shifts in private markets, such as regulatory changes and liquidity constraints with companies staying private longer.
In terms of segments with potential areas of caution, investors should be more discerning in private credit where there is an explosive number of new entrants while quality standards and deal structure have a wider range of risks.
Aneet Deshpande, Chief Investment Officer, Clearstead
As we look forward to 2026, the macro backdrop remains favorable across private markets with short rates falling combined with the stimulative effects of fiscal policy. Still, we think this is a prudent time to avoid speculation and focus on higher quality assets, stable and growing cash flows, less leverage, and less financial engineering (once again). Perhaps most importantly, we are hyper-focused on manager selection as we think private markets are entering a period of wider than usual dispersion (i.e., the investor cost of falling below median is greater than usual as compared to public market equivalents as growth in the number of funds being raised in traditional and semi-liquid format continues to outstrip growth of underlying opportunities).
The last three years were marked by extraordinary performance for most public markets, a generally slow (but improving) investment period for private capital, and combined with an anemic (but slowly improving) exit environment means many investors are fatigued as the benefits of locking up capital have been slow to manifest yet they are also underweight private market allocations. We are seeing signs of an improving environment with respect to capital being put to work and realizations through dividend recapitalizations and exit activity increasing, and so we expect pacing to increase for clients under this backdrop. In terms of private equity, we continue to see interesting opportunities in the lower middle market with managers that have historically provided value as operators, not financial engineers. Smaller private equity funds have other structural benefits versus large counterparts, such as more proprietary deal flow in family- and founder-backed businesses, lower valuations at entry, and greater whitespace for operational value-add improvements. We are also paying more attention to co-investment activity from our most trusted GPs and are likely to increase committed dollars to select opportunities.
Fully developed and diversified, and select greenfield-focused strategies within infrastructure continues to look interesting and where we think there is a margin of safety and an inflation-adjusted return stream that is likely to look attractive to investors with a long-term mindset.
In private credit writ large, we have and continue to beat on the drum of manager dispersion widening as a result of a credit cycle beginning to show itself (and with the preponderance of new managers entering the market). As a result, we are concentrating exposures for corporate direct lending and asset-based lending (which looks more interesting by comparison) to a targeted few managers with a high-quality bias and have endured multiple events and cycles in the past.
Eric Patterson, Managing Partner, Chief Investment Officer, Co-Founder, Three Bell Capital
My theme for the response would be that things continue to look hunky-dory from the outside looking in, but risk continues to build under the surface.
The Howard Marks quote around the worst of loans being made in the best of times comes to mind. I think we will continue to see the markets stretch themselves into worse and worse deals, although the pace doesn’t seem frantic by any means.
I think policy moves by the Trump administration continue to play out throughout the economy. The AI bubble is one of the risks that I think continues to build. It is not as imminent as people think. Every GPU is still being used up. The concentration of the bull market driven by the AI trade gets worse before it gets better, or we see any bubble pop. No doubt there will be volatility throughout the year, but directionally I think it will be a good year for the markets.
It’s hard to apply the macro to the alternative investment landscape as we don’t believe anyone can accurately forecast what exit environments look like multiple years out. That said, we are happy to see investors continuing to embrace alternatives in their portfolios. The long-term data shows that this should improve outcomes for them. However, the lion’s share of the dollars is going to the large managers, which we believe tends to deliver beta in private markets. We believe, on a risk-adjusted basis, well-run and disciplined smaller managers focused on less obvious areas of the private markets will outperform. Just like in the public markets, investors can diversify away many of the risks that are held dear as to why investors should avoid these areas of the private markets.
George Mateyo, Chief Investment Officer, KeyBank
A year from now, when we look back at 2026, we might be saying that it was a year in which the tide went out, and the tide came in. The tide going out refers to the possibility that further reverberations occur within the private credit market and as a result, investors will learn which firms’ underwriting standards proved resilient, and which were less robust. At the same time, the tide coming in refers to the possibility that at least one (possibly more) large, well-known private company becomes public, capturing the minds of investors sparking further interest in private markets causing the democratization wave to reach new heights.
While a new class of IPOs could spur demand for private markets, we also believe that 2026 will be remembered as a year in which diversification continued to benefit portfolios. For much of the first half of this decade, diversification was in a bear market. But from it, major market indices grew concentrated and valuations became extended. 2025, however, may have ushered in a turning point when markets broadened and investors who were diversified reaped their rewards. Yet, diversification still feels underappreciated, and in our view, those who fully embrace diversification — which includes private markets — increase their odds of achieving their long-term investment goals.
We also have hopes that more investors recognize that “Alternatives” are not an asset class and instead view alternative investment strategies as a necessary extension to a “traditional” portfolio of stocks and bonds.
More tactically, we believe that a robust opportunity set exists for Secondaries across several asset classes. We also believe certain segments of private real estate may be poised for an upswing despite tepid investor demand, and various infrastructure opportunities also appear appealing. Lastly, evergreen strategies remain intriguing, although we continue to believe that manager selection remains of the utmost importance, as it is with all types of alternative strategies.
Eric Gerster, Chief Investment Officer, AlphaCore
As we enter 2026, the alternative investment landscape is being shaped by several powerful forces. Economic growth remains steady, inflation continues to moderate, and the Federal Reserve has begun easing monetary policy. At the same time, capital spending related to artificial intelligence has reached historic levels, while private markets have absorbed multiple years of significant inflows, particularly through evergreen structures.
This environment presents meaningful opportunity, but it also demands discipline. Concerns about excess within artificial intelligence are increasing. While we do not believe the entire AI ecosystem is in a bubble, we do think pockets of overvaluation are emerging. The challenge is that these pressure points are not yet well defined. Rather than pursuing AI exposure directly, we continue to favor private infrastructure. These assets are well positioned to support rising power demand and may offer more durable cash flows should enthusiasm around AI begin to moderate.
We also view 2026 as a potential year of rotation within private markets. Private equity may benefit as lower interest rates support deal activity and refinancing. At the same time, certain strategies that have delivered exceptional results in recent years could face a more challenging backdrop. Selectivity will be especially important in private credit — not because we anticipate a sharp rise in defaults, but because lower base rates and tighter spreads may lead to returns that fall short of investors’ elevated expectations.
Our approach emphasizes deploying a broad set of alternative investment tools to position portfolios for a range of outcomes. Gold continues to serve as an effective hedge against fiscal imbalances and tail-risk scenarios that could test confidence in sovereign balance sheets. Multi-strategy hedge funds may also play an important role if volatility and return dispersion persist. Internationally, more attractive valuations point to continued opportunity, particularly in private markets where many wealth managers remain under allocated. With consensus expectations unusually aligned heading into 2026, we believe alpha will be generated by the ability to position differently — and decisively.
Alexander Bass, Managing Director and Chief Investment Officer, Nucleus Advisors
My starting point for 2026 is that private investments will continue to play an increasingly important role in client portfolios, but the bar for inclusion will be higher as well. Most clients already have meaningful allocations to private strategies, and reduced DPI and extended hold periods are a reality that we need to recognize and manage for. What that means in practice is being crystal clear, in our internal process and in what we communicate to clients, about what each new investment will contribute to the portfolio.
What I don’t anticipate changing is our focus on smaller, specialist managers who demonstrate a persistent edge in either sourcing, execution (or both), within clearly defined market segments. We have intentionally stayed away from the well-known mega funds, and I expect that to remain the case. Ideally, we want to partner with managers who benefit from capital market imbalances in their niches (e.g. asset-backed lenders operating where capital is scarce) or managers who create value through brand building and/or operational improvement, rather than relying on financial engineering.
We remain interested in strategies that are aligned with long-term secular tailwinds. Areas such as healthcare, consumer wellness, better-for-you consumer products, and cybersecurity, will continue to benefit from durable demand trends. These are themes that clients understand intuitively and participate in as consumers. I am a believer in knowing what you own and why you own it, and when a private investment strategy is tied to a recognizable theme, we have more engaged client conversations, and it leads to a more fulfilling long-term investment experience.
On the credit side, I don’t expect a material dislocation, but as a general statement, with absolute yields declining and spreads tight, I expect that we will spend more time underwriting whether clients are being sufficiently compensated for the risks, particularly in taxable accounts.
Asset-based and specialty lending will likely be more compelling than traditional private credit. If the income premium in private credit is 2-3% over public markets and requires active cash management to realize the target IRR, then the illiquidity and operational complexity aren’t justified.
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) - Blackstone Private Wealth - Product Specialist, Vice President (Real Assets). Click here to learn more.
🔍 KKR (Alternative asset manager) - Head of Americas Wealth IR Servicing. 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.
🔍 EQT Group (Alternative asset manager) - Head of Social Media. Click here to learn more.
🔍 Blue Owl (Alternative asset manager) - Private Wealth PWM — Market Leader, Vice President / Principal. Click here to learn more.
🔍 Franklin Templeton (Asset manager) - Portfolio Manager, Private Markets. Click here to learn more.
🔍 Fortress (Asset manager) - VP / Director, Channel Marketing, Private Wealth Solutions. Click here to learn more.
🔍 iCapital (Private markets infrastructure investment platform) - Deputy Chief Operating Officer, Canada - Senior Vice President. Click here to learn more.
🔍 Goldman Sachs Alternatives (Alternative asset manager) - Asset & Wealth Management, Wealth Product Design, Designer, Vice President - New York. 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.
🔍 Krilogy (Wealth manager) - Senior Wealth Advisor. Click here to learn more.
🔍 Dynasty Financial Partners (Wealth management platform) - Senior Product Manager - Wealth Technology. Click here to learn more.
🔍 MSCI (Data services) - Content Writer - Private Assets. Click here to learn more.
🔍 Upper 90 (Alternative asset manager) - Investor Relations Analyst. Click here to learn more.
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🎥 Watch New Mountain Capital’s Founder & Chief Executive Officer Steve Klinsky discuss how $55B AUM New Mountain has built a business that builds businesses. Watch here.
🎥 Watch Arcesium’s Private Markets Head Cesar Estrada discuss data silos and technology integrations in private markets. Watch here.
🎥 Watch GeoWealth President & COO Jack Hannah and iCapital SVP, Partnerships Michael Doniger discuss the ground-breaking BlackRock, iCapital, and GeoWealth unified managed account partnership live from iCapital Connect. Watch here.
🎥 Watch Goldman Sachs’ Managing Director, Global Head of Alternatives, Third Party Wealth Kyle Kniffen discuss how they are “standing on the shoulders of Goldman Sachs to be a complete partner” for the wealth channel. Watch here.
🎥 Watch Fortress Investment Group Managing Director & Co-Head of Private Wealth Solutions Adam Bobker discuss how Fortress has built a wealth solutions business from a whiteboard, leaning on the firm’s pioneering history of innovation. Watch here.
🎥 Watch Constellation Wealth Capital President & Managing Partner Karl Heckenberg on why there will be a $1T independent wealth management firm. Watch here.
🎥 Watch BlackRock Managing Director, Co-Head of US Wealth Business, Senior Sponsor for Retirement Business Jaime Magyera and iCapital Chairman & CEO Lawrence Calcano discuss the ground-breaking BlackRock, iCapital, and GeoWealth unified managed account partnership live from iCapital Connect. Watch here.
🎥 Watch EQT Partner & Head of Private Wealth Americas Peter Aliprantis discuss how the firm is bringing EQT’s success to the US wealth market. Watch here.
🎥 Watch KKR Partner & Co-CEO of KKR Private Equity Conglomerate LLC (K-PEC) Alisa Wood discuss how the firm has innovated in private markets, why KKR came up with the Conglomerate structure, and how evergreens can play a role in investors’ portfolios. Watch here.
🎥 Watch Cantilever Group’s Co-Founder and Managing Partner Todd Owens in a live podcast from BTG Pactual’s NYC office share why GP stakes can be the best of all worlds. Watch here.
📝 Read The AGM Op-Ed with Arcesium Private Markets Head Cesar Estrada on the rise of asset-based finance and why it’s the next growth engine for private credit. Read here.
🎥 Watch BlackRock’s Head of the Americas Client Business Joe DeVico, Head of Product for US Wealth & Head of Alts to Wealth Jon Diorio, and Partners Group's Co-Head of Private Wealth Rob Collins discuss their landmark private markets model portfolio partnership that could be the industry’s “iPhone Moment.” Watch here.
🎥 Watch Brookfield Oaktree Wealth Solutions CEO John Sweeney discuss how to build a high-performing wealth solutions team and why the word “solutions” matters when working with the wealth channel. Watch here.
🎥 Watch Cerity Partners’ Partner & Chief Client Officer Tom Cohn and Partner Amita Schultes talk about how and why they have combined a leading OCIO with a $100B AUM wealth management practice. Watch here.
🎥 Watch Marc Lipschultz, Co-CEO of Blue Owl, talk about how they have aimed to skate where the puck is going as Blue Owl has grown its AUM to $265B in nine years. Watch here.
📝 Read The AGM Q&A with Blue Owl Co-CEO Marc Lipschultz, where he highlights some of the trends that have propelled alternative asset management into the mainstream: scale, a focus on private credit, and a focus on private wealth. Read here.
🎙 Listen to Stephanie Drescher, Partner & Chief Client & Product Development Officer of Apollo, discuss what is safe and what is risky as she dives into both the convergence between public and private and the nuances of asset allocation. Listen here.
🎥 Watch 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 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.
🎥 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 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.
📝 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.
🎙 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 Izzy Morin, Ryan McCormack, Nick Owens, Michael Rutter for their contributions to the AGM Index section of the newsletter.