AGM Alts Weekly | 2.15.26: Avenues of access
AGM Alts Weekly #142: 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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Good afternoon from Washington, DC.
Anthropic was launched in 2021 by a group of ex-OpenAI researchers. Five years later, the company has reportedly hit a $14B run-rate revenue, which represents a tenfold or greater increase in run-rate revenue growth each of the past three years, as the below chart from a recent announcement by Anthropic illustrates.
This week, the company closed on a $30B round at an eye-popping $380B valuation.
Amongst the participants in the round?
Blackstone reportedly invested $200M into the latest Anthropic funding round, increasing its stake in the fast-growing foundational model company to over $1B.
Just as notable as Blackstone’s participation in the round itself is where Blackstone’s commitment to the round came from.
Blackstone reportedly participated in the latest Anthropic round via its BXPE private equity evergreen fund, marking the second investment in two years into Anthropic via BXPE. BXPE’s first investment into Anthropic apparently comes less than a year since the firm participated in Anthropic’s prior round, when $13B was raised at a $183B valuation.
Anthropic was one of the investments made by BXPE that helped drive the fund’s returns in 2025. Bloomberg reported this week that BXPE notched a 20% net return last year for investors, in part driven by exposure to Anthropic, OpenAI, and SpaceX.
Bloomberg wrote that “the firm attributed about 30% of BXPE’s return to AI investments, in a portfolio that spans “the AI value chain,” including energy, data centers and direct investments in the sector’s biggest names.”
Many investors, particularly those in the wealth channel, appear to be trying to find ways to access late-stage private investments. So much so, perhaps, that Bloomberg’s Merryn Somerset Webb penned an article in December 2025 about “That Time [She] Tried to Buy OpenAI.”
After all, with private companies staying private longer, investors are looking for avenues to gain access to some of the world’s most valuable companies in private markets.
Outcomes have become larger, as a chart from StepStone Private Wealth highlights.
So, no wonder many investors are looking for ways to gain exposure to some of private markets’ biggest tech companies.
Concentration nation
Data from Caplight’s 2025 Secondary Market Update highlights that the secondary market for late-stage private companies was concentrated in a few key names — Stripe, SpaceX, Anthropic, Groq, Kraken, and Databricks, amongst a few others.
Private companies, particularly the top 10 private AI companies, saw meaningful valuation increases in 2025. Performance in private markets far outstripped public AI counterparts, as the below chart from Caplight shows.
The top 10 private AI companies outperformed the top 10 public AI companies by over 5x in 2025 (note: these figures were prior to Anthropic announcing its latest round).
With the performance of top AI companies outstripping that of public AI companies, it shouldn’t come as a surprise that OpenAI and Anthropic (and SpaceX, too) represented a meaningful portion of 2025 secondary market volume.
Blackstone isn’t the only firm to have an evergreen fund that has exposure to the “big three” from private markets — SpaceX, OpenAI, and Anthropic — that appear likely to go public sometime soon.
Coatue’s CTEK fund and StepStone’s SPRING fund are two examples of evergreen funds that are providing the wealth channel with exposure to some of the largest companies in private markets.
CTEK, which was seeded by Jeff Bezos and Michael Dell’s family offices, respectively, has grown to $4B of NAV across 10 private assets positions and 29 public assets positions since 5/5/2025, with the fund’s 20.19% inception-to-date return (Class I) largely driven by the fund’s private assets position.
Four of the five largest positions in the fund? Private companies.
Private markets behemoths OpenAI, Revolut, Databricks, and Anthropic have comprised 29.62% of the fund. The largest public position? Microsoft.
StepStone’s SPRING fund, a broadly diversified venture and growth strategy that invests across funds, co-investments, and secondaries, also has meaningful exposure to some of private markets’ largest companies.
Roughly $106M of the fund’s $2.4B of capital invested is exposed to SpaceX, according to a September 2025 portfolio holdings report. This figure appears to represent the fund’s single largest direct investment position. Anduril, which is reportedly in talks to raise capital at a $60B valuation, is also in the fund.
The fund’s performance (taken from the fund’s fact card) shows a three year annualized return of 23.71% and 29.07% annualized return since inception (Class I).
If (when?) some of private markets’ largest companies go public, some of these evergreen funds that have exposure to private markets’ biggest names could stand to see major windfalls depending on how the stocks trade in public markets post-lockup.
The race is on
CTEK and SPRING are but two examples of funds that aim to provide exposure for the wealth channel to some of the largest tech companies in private markets.
The race is on for funds to create exposure to tech’s biggest trends for the wealth channel.
As I’ve noted in the past, the wealth channel is not monolithic. But that doesn’t mean that those across the different segments within the wealth channel lack a similar perspective on areas where they’d like to allocate a portion of their capital.
AGM’s breakdown of the J.P. Morgan Private Bank 2025 Report, “Principal Discussions: Conversations with the world’s wealthiest families,” highlighted sectors where UHNW investors are interested in investing.
Technology is one of the areas where UHNW investors plan to invest.
In response to interest in exposure technology from UHNW investors, private banks have intensified their focus on providing direct access to private investments for their client base.
Goldman’s Apex Family Office Coverage Group was built, in part, to help deliver unique and differentiated direct and co-investment dealflow to UHNW family offices, as Partner and Global Head of Private Wealth Management Capital Markets and Global Head of Goldman Sachs Apex Family Office Coverage Sara Naison-Tarajano discussed in our recent Alt Goes Mainstream podcast.
Other private banks have followed suit in their own way. Merrill Wealth Management and Bank of America Private Bank launched the “Alts Expanded Access Program” in September 2025. This program was designed to provide UHNW clients with $50M net worth or greater with access to “specialized opportunities in emerging themes, niche strategies and evolving sectors,” the press release noted.
J.P. Morgan Private Bank has designed a similar program for its UHNW clients. Morgan Private Capital was built to enable its UHNW clients to “invest side-by-side with experienced global institutional investors through direct investment in next generation companies and co-investment opportunities in real estate, venture capital and other private investments from top fund sponsors.”
It shouldn’t come as a surprise that many private banks are looking to meet the demand of HNW clients that want exposure to tech’s biggest trends and companies.
As I wrote in the 10.19.25 AGM Alts Weekly, family offices became more active participants in the venture market, as the below chart from a 2022 Industry Ventures report highlights.
But this demand isn’t just limited to the UHNW cohort of the wealth channel. And product creation that offers investors access to tech’s biggest late-stage private companies isn’t just limited to firms that are serving UHNW clients.
Funds like ARK’s closed-end interval fund, ARK Venture Fund, have exposure to the likes of SpaceX, xAI, and Databricks.
ARK enables investors to access their fund directly through investment platforms like SoFi and Titan with investment minimums as low as $500. They also provide access through the intermediary channel, enabling advisors to invest on behalf of their clients.
Fundrise, one of the pioneers of self-directed online investing into private markets (see this Alt Goes Mainstream podcast with Fundrise Co-Founder and CEO Ben Miller here), has also designed a product to enable investors to access late-stage private companies through its Fundrise Innovation Fund (VCX).
VCX has stated intentions publicly to take the fund public on NYSE on its website: “VCX intends to be a NYSE-listed public venture fund that gives you access to top private tech companies, from AI to space exploration, in a single investment.”
Going direct
Many of the direct-to-consumer financial services companies, whether banks or brokerage platforms, are thinking about how to best provide direct access to private markets for their clients.
Revolut, one of the largest digital banks, recently formed a team to bring private markets to its clients, as a recent Bloomberg article reported.
Robinhood is in the process of launching the Robinhood Venture Fund, which aims to be a closed-end fund that will go public on an exchange so that both non-accredited and accredited investors will have access to shares of the fund, which will invest into private companies.
Republic has built both the infrastructure and the network to enable non-accredited and accredited investors to gain access to private markets investment opportunities across a range of private markets strategies, including Revolut’s seed round through its European business (which was Seedrs at the time of the investment into Revolut).
It’s only a matter of time before the brokerage firms go all in on private markets.
As I wrote in the 10.13.24 AGM Alts Weekly, the firms that could completely change the dynamics of asset flows into private markets are the firms that are just beginning to dip their toes into the water. The likes of Schwab and Fidelity represent trillions in AUM of self-directed assets. This sentiment still stands today.
One can debate whether or not the current environment represents a prudent entry point for investors looking to access late-stage private companies given valuation multiples and valuations. Different investors might have divergent views on this point. And, it’s worth noting that there are other — if different — ways to gain exposure to some of AI’s biggest companies. Amazon’s $8B investment into Anthropic is reportedly marked at $61B of fair market value based on Anthropic’s most recent valuation. Zoom’s $51M investment in Anthropic is reportedly worth around $4B. While investing in Amazon or Zoom stock means exposure to other parts of these respective businesses and doesn’t provide direct exposure to Anthropic equity, it does represent another way for investors to access exposure to AI’s biggest private companies in public markets.
How investors approach the current market might differ based on risk tolerance, but there appears to be demand from across the wealth channel for exposure to private market’s biggest tech companies. And funds, investment platforms, and wealth management firms will certainly be there to build solutions to meet that demand.
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.
Special podcast series this week
This past week, AGM shared AGM Unscripted: Conversations with Goldman Sachs Alternatives Leaders, which was filmed at the Goldman Sachs Alternatives Summit.
Alt Goes Mainstream joined the event to have unscripted conversations with Goldman Sachs Alternatives leaders to cut through the noise at the intersection of private markets and private wealth.
We went behind the scenes and interviewed six Goldman Sachs Alternatives leaders about their current thinking on private markets and how the firm has built and evolved its private markets capabilities.
We had conversations with senior leaders across Goldman Sachs Asset Management. You can click on the titled hyperlink to watch / listen to each podcast:
Matt Gibson, Partner, Head of the Client Solutions Group: Navigating the Future of Alternatives: Scale, Supply, and Geopolitics.
James Reynolds, Partner, Global Co-Head of Private Credit and Chief Executive Officer of Goldman Sachs Asset Management International: From Mezzanine to Moats: Over a Quarter-Century of Goldman Sachs Private Credit.
Kristin Olson, Partner, Global Head of Alternatives for Wealth within Asset & Wealth Management and a member of the Management Committee: The Evolution of Alternatives: Bridging Private Markets and Wealth.
Harold Hope, Partner, Managing Director, Global Head of Vintage Strategies, External Investing Group (XIG): Secondaries: A Primary Consideration.
Michael Bruun, Partner, Global Co-Head of Private Equity: Driving Value in Private Equity Through Network and Innovation.
Jeff Fine, Partner, Global Co-Head of Alternatives Capital Formation: An Investor’s Guide to Private Markets.
We hope you enjoy this series of conversations on Alt Goes Mainstream.
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) - Registered Funds Compliance Officer - Global Wealth. Click here to learn more.
🔍 Ares (Alternative asset manager) - Managing Director, Head of Data and AI. 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, Marketing Operations Manager – Vice President. 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, Client Solutions Group, Wealth Alternatives Specialist, New York - Vice President. Click here to learn more.
🔍 Partners Group (Alternative asset manager) - Product Specialist (Private Wealth). 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.
🔍 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.
🤝 Interested in learning more about AGM RIA Field Trips? 🤝
Read about the expansion of Alt Goes Mainstream, with the launch of the AGM Community and AGM Events.
We’ve also built out the AGM Community RIA Advisory Board, an experienced, thoughtful, and intellectually curious group of private wealth management and private markets executives and operators, to help shape the direction of AGM Community.
The latest on Alt Goes Mainstream
Recent podcast or video episodes and blog posts on Alt Goes Mainstream:
🎥 Watch Lexington Partners’ Partner Taylor Robinson share details about the evolution of the secondaries market and why secondaries are in the spotlight. Watch here.
📝 Read The AGM Q&A with Blue Owl Senior MD and CEO of Global Private Wealth Sean Connor on how they are serving the wealth channel in 2026 and beyond. Read here.
🎥 Watch Ultimus Fund Solutions’ CEO Gary Tenkman discuss how Ultimus is helping to build core fund administration infrastructure that powering the evergreen evolution and is helping to make private markets go mainstream. Watch here.
🎥 Watch Goldman Sachs’ Partner and Global Head of Private Wealth Management Capital Markets and Global Head of Goldman Sachs Apex Family Office Coverage Sara Naison-Tarajano discuss how Goldman Sachs has built its Apex Family Office Coverage group to serve UHNW families and family offices. Watch here.
📝 Read about the expansion of Alt Goes Mainstream, with the announcement of AGM Community, the creation of the AGM Community RIA Advisory Board, and why we believe that the industry should have small, curated events and community-building efforts. Read here.
🎥 Watch Stonepeak’s MD and CEO of SP+ INFRA Cyrus Gentry discuss the why and the how of bringing infrastructure investing to the wealth channel. Watch here.
🎥 Watch Blue Owl’s Senior MD and President & CEO of Global Private Wealth Sean Connor discuss the firm’s focus on the wealth channel and how the firm is a growth company in a growth industry that is investing in megatrends. Watch here.
🎥 Watch the latest Alts Pulse with iCapital Chairman & CEO Lawrence Calcano where we go global and discuss Lawrence’s recent trip to Asia to peer into the nuances of the different wealth management markets around the globe. Watch here.
🎥 Listen and watch EQT’s Chairperson EQT Asia and Head of Private Capital Asia Jean Eric Salata share reflections on leadership, culture, and values from one of the world’s largest investment firms. Listen here and Watch here.
🎥 Listen and watch EQT’s Founder and Chairperson Conni Jonsson discuss how EQT has built a global private equity firm the Nordic way. Listen here and Watch here.
🎥 Watch Vista Equity Partners’ President and COO David Breach discuss how Vista has built a software investing powerhouse in the age of AI. Watch here.
🎥 Watch ING’s Anneka Treon, Global Head of Private Banking, Wealth Management & Investments, and Johan Kloeze, Head of Private Banking & Wealth Management NL, ING, share lessons learned from building a private markets platform for private wealth clients. Watch here.
🎥 Watch Oaktree Capital Management’s Co-CEO and Head of Performing Credit Armen Panossian share why investors shouldn’t “have to reach for risk to generate the right return.” Watch here.
🎥 Watch Franklin Templeton’s COO - Global Wealth Management Alternatives George Stephan discuss the evolution of Franklin Templeton’s Alternatives business and how the firm has brought public and private together. Watch here.
🎥 Watch iAlta Holdings’ Founding Partner Bill Crager discuss the evolution of wealthtech from building Envestnet as Co-Founder and CEO to why today is a “transformational moment” in wealth management. Watch here.
🎥 Watch Vista Equity Partners’ Founder, Chairman, and CEO Robert F. Smith discuss who will benefit from AI and how he built a $100B enterprise software scaled specialist firm. Watch here.
🎥 Watch Nomura Capital Management’s CEO Robert Stark discuss how they have built a private credit firm within a global bank. Watch here.
📝 Read The AGM Op-Ed with Blue Owl Senior MD and Head of Digital Infrastructure Matt A’Hearn on building the backbone of the digital economy. Read here.
🎥 Watch PGIM’s Global Head of Alternative Investments Dominick Carlino discuss the evolution of distributing alternative investments to the wealth channel. Watch here.
🎥 Watch Blue Owl’s Senior MD and Head of Digital Infrastructure Matt A’Hearn share why he believes there’s a generational opportunity in financing digital infrastructure. Watch here.
🎬 Watch AGM Originals The DNA - Season 1 with conversations with EQT’s Conni Jonsson, Jean Salata, Lennart Blecher, Geraldine O’Keeffe, Peter Beske Nielsen, Peter Aliprantis, Hari Gopalakrishnan, William Vettorato, and Ken Wong about the firm’s DNA and its different investing capabilities. Watch here.
🎥 Watch PGIM’s Head of Multi-Asset and Quantitative Solutions Phil Waldeck discuss the intersection of insurance and asset management. Watch here.
🎥 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.
🎥 Watch The Compound and Friends (TCAF) Co-Hosts and Ritholtz Wealth Management Partners Downtown Josh Brown and Michael Batnick and I go back and forth about private markets on TCAF Episode 207. Watch here.
🎥 Watch Stonepeak Co-President Luke Taylor discuss what it takes to be a great infrastructure investor. Watch here.
🎥 Watch Arcesium MD and Head of Client and Partner Development David Nable discuss how to architect private markets technology infrastructure for the future. Watch here.
🎥 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.
🎥 Watch SageSpring Private Wealth CEO Winston Justice share how he went from protecting star quarterbacks as an NFL tackle to protecting families’ wealth. Watch here.
🎥 Watch Blue Owl Co-President and Global Head of Real Assets Marc Zahr share the story of how he built Oak Street from $17M in AUM in 2009 to what is now Blue Owl’s $67.1B AUM Real Assets business in a live Alt Goes Mainstream podcast at Future Proof Citywide. Watch here.
📝 Read The AGM Op-Ed with former Pantheon Partner Susan Long McAndrews on why everything we need to know might be in Sacramento (where CalPERS is located). Read here.
🎥 Watch Hg’s Partner and Head of Hg Wealth Martina Sanow discuss how Hg has unlocked opportunities for the wealth channel to invest in Europe’s largest portfolio of software and services businesses. Watch here.
🎥 Watch Goldman Sachs’ Partner and Global Co-Head of the Petershill Group at Goldman Sachs Robert Hamilton Kelly discuss the evolution of the GP stakes industry and how Goldman has become a market leading GP stakes investor. Watch here.
🎥 Watch Blue Owl’s MD, Head of Alternative Credit Ivan Zinn unpack private credit and why ABF has become a prominent part of the private credit ecosystem. Watch here.
📝 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.
🎥 Watch Lincoln Financial’s EVP and CIO Jayson Bronchetti discuss the role of insurance companies in private markets as he discusses how he manages a portfolio of $300B in assets. Watch here.
🎥 Watch Krilogy’s Partner and CIO John McArthur discuss how an RIA can chart a growth path by building out its private markets capabilities. Watch here.
🎥 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.
Thank you for reading. If you like the Alts Weekly, please share it with your friends, colleagues, and anyone interested in private markets.
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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.