AGM Alts Weekly | 2.8.26: The next next level
AGM Alts Weekly #141: 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 London.
I’ve just returned from IPEM Wealth in Cannes, which played host to many of the industry’s largest GPs and European private banks and fund selectors that are thinking deeply about how to navigate an increasingly complex investing landscape and an ever more competitive world of private markets.
Scale and differentiation were recurring topics of conversation amongst both GPs and LPs. On stage at IPEM, Europe’s largest fund selectors talked about how they are navigating the balance between allocating to differentiated investment strategies but managing to do so at scale and ensuring they work with firms that have delivered on their promises to LPs. The industry’s largest alternative asset managers talked about leaning into the power of scale and process as they help the wealth channel understand the nuances of private markets and deliver on the promise of differentiated investment solutions and returns that enhance investors’ portfolios.
The topic of education was also top of mind — and for good reason.
Blackstone Private Wealth COO Farhad Karim shared on stage the importance of making it simple for wealth channel investors. Definitions matter, words matter, he said. He’s spot on. Worlds and definitions absolutely matter, particularly when it comes to educating the wealth channel, as I wrote in the 9.22.24 AGM Alts Weekly.
As more products and more investors enter the private markets ecosystem, investment firms and wealth managers have a shared responsibility to ensure that investors understand what they are buying and why they are buying it.
Karim and his fellow panelists, Goldman Sachs Managing Director, Global Head of Alternatives, Third Party Wealth Kyle Kniffen, Carlyle Group Partner, Head of Global Wealth Shane Clifford, and Permira Managing Director, Global Head of Wealth & Intermediaries Jen Collard, all echoed a similar sentiment about one of the industry’s largest secular trends: evergreen funds. Each of their respective firms might have different backgrounds, unique differentiators, and distinct DNAs, but they all were in agreement that evergreen funds should not be called “semi-liquid.”
Speaking of demystifying private markets for the wealth channel, Partners Group Managing Director, Co-Head of Portfolio Management Chris Mauss and I decided to do something different for IPEM’s first-ever live recorded podcast on stage.
In a live Alt Goes Mainstream podcast recording, Chris and I took on the roles of GP and LP. Assuming the role of an LP, I asked Chris questions about evergreens that an LP newer to the asset class and product structure might be trying to figure out.
Chris, as part of a team and platform that has been a pioneer in the evergreen fund space, shared nuanced yet simplified perspectives that LPs should keep top of mind as they look to allocate to private markets and the different evergreen structures and strategies on offer.
Just how big is the opportunity — and responsibility — for private markets firms when it comes to working with the wealth channel?
Quite big, I’d say. But it’s something that’s both simple — ensuring that definitions are simplified and investors are properly educated — and complex — living through a rapidly changing competitive landscape and executing on complex investment strategies — at the same time.
Balancing complexity with simplicity
The topic of balancing complexity with simplicity brings us to Arctos.
This week, yet another landmark acquisition in private markets was sealed. This time, it is KKR acquiring $15B AUM Arctos. The plan is to establish a new platform at KKR: KKR Solutions. This new addition to KKR’s platform will add Sports, GP Solutions, and Secondaries capabilities to an already scaled KKR multi-strategy investment business.
Arctos and the firm’s Co-Founder, CEO, and Managing Partner Ian Charles took a simple concept — being early to market in an area that few had focused on (minority stakes in professional sports teams) — and brought a unique, solutions-oriented mentality by “solving complex problems with really creative solutions,” as he said on Bain & Company Hugh MacArthur’s Dry Powder podcast in 2023. Arctos initially executed on this strategy for sports teams and owners in top five North American sports leagues before extending a similar thought process to its Keystone (GP Solutions) strategy to provide GPs with flexible, highly customized, and bespoke solutions to meet their capital and growth needs.
Charles has seemingly always had a penchant for exploring the unexplored throughout his entrepreneurial career in private markets, as he discussed in the same Dry Powder podcast, which came to life through a story from his childhood in Alaska: “If you go out on a frozen lake, make sure you’re not around too many of your friends. It’s actually safer to be alone.”
Arctos’ focus on an initial niche where they were relatively “alone on the ice” in sports investing quickly opened up a world of possibilities for the firm. Founded in 2019, the firm rapidly scaled to $15B AUM across its Sports and Keystone (GP Solutions) strategies.
The firm’s distillation of simplicity paired with complexity now meets scale with KKR.
Secondaries and scale
KKR’s $1.4B acquisition of Arctos, which could hit close to $2B in total consideration, now enables one of the largest alternative asset managers to scale into two areas that are growing but also still relatively underpenetrated.
Despite the secular growth in private markets, secondaries are now entering the spotlight. The continued evolution of the secondaries market and the rise of GP-led secondaries (more on that below) are driving firms to think strategically about their secondaries capabilities and the role of “active portfolio management” that secondaries now play for both LPs and GPs, perhaps helping to explain other recent transactions in the category, including EQT’s acquisition of Coller and Goldman’s purchase of Industry Ventures.
Secondaries industry AUM sits at roughly $650B of AUM today. That figure has increased by over four times in the past ten years, yet it only represents ~5% of alternatives industry AUM, as the below chart from KKR highlights.
Data from a CVC whitepaper in November 2025 further emphasizes this trend.
This growth in the secondaries industry has occurred mainly through LP-led (read: portfolio management and liquidity solutions for LPs) transactions. GP-led transactions, such as continuation vehicles, generally only represented 1/4th of the secondaries transaction volume. With the growth in GP-led and continuation vehicle transactions, secondaries volume could continue to see marked growth.
Multiple ways to win
KKR certainly thinks that it has the “right to win” in secondaries now that it has added Arctos to the mix.
Not only will Arctos continue to execute on its Sports and GP Solutions strategies, but it appears that the expectation is that KKR will also add other secondaries strategies to the KKR Solutions platform, as the chart below highlights.
It shouldn’t come as a surprise that both KKR and Arctos see the opportunity to expand the KKR Solutions platform into other secondaries categories.
After all, KKR’s expansive platform already includes private equity primary investments, credit, infrastructure, and real estate. All of these investment strategies can handle scaled a secondaries business. Not to mention, all of these secondaries strategies pair well with the evergreen strategies that KKR has already launched in each of these asset classes.
Pair a platform like KKR with the added benefit of Charles’ background as a Partner at Landmark Partners, the secondaries firm that was sold to Ares in 2021 for over $1B and it is understandable why KKR believes that they can build KKR Solutions into a $100B+ AUM business over time.
Holdings that get strategic
Like its fellow Level 10 peers (based on Arctos’ leveling framework), KKR possesses a robust and scaled wealth distribution platform.
But KKR also possesses a few unique features to its business structure that make the acquisition of Arctos quite interesting.
That’s where KKR’s Strategic Holdings comes into play.
As I wrote about in the 4.20.25 AGM Alts Weekly, KKR has been ramping up its investment off its balance sheet into businesses in a long-term ownership model, in a similar way to Berkshire Hathaway.
At the March 2025 Bloomberg Invest conference, KKR Co-CEO Joe Bae said, “What we’re trying to build in Strategic Holdings is in some ways a mini Berkshire Hathaway.”
The firm has been keeping more of its capital on the balance sheet, which totals over $100B, to build out its portfolio as it reportedly aims to build a portfolio that can generate over $1B per year in dividends, as this chart from Bloomberg illustrates.
KKR’s Q4 2024 Overview Presentation provided more insight into the firm’s focus on building out its Strategic Holdings portfolio.
KKR has laid out the criteria it looks for in businesses that fit well into its Strategic Holdings portfolio.
Interestingly, the features that KKR’s Strategic Holdings looks for in portfolio companies have overlaps with Sports and Asset Management assets.
Both sports and asset managers have highly predictable and recurring revenue streams, are highly cash generative, can have lower leverage over a hold period, are less cyclical (sports teams and leagues, moreso than asset managers), and are generally held over a long duration.
Sports, secondaries, solutions, scale
Perhaps the biggest challenges that both sports funds and GP stakes firms face with their investment strategy is the question of liquidity for LPs.
In sports, leagues and teams often don’t want investors who are looking to trade in and out of ownership of sports assets. It’s also a market where it’s very complex to generate liquidity, in part because there are only a finite number of buyers for sports assets as they become increasingly expensive, and in part because the regulated entities that are the leagues make it very difficult for new owners to enter the ranks of ownership.
GP stakes funds have often faced the question of liquidity from LPs. Alternative asset managers are fantastic long duration assets to hold due to their high recurring revenue streams from long-term contracts with LPs (and now with perpetual / permanent capital from evergreen funds). However, these exposures have tended to match well with permanent or perpetual capital. There have been some strip sales of portfolios, as Blue Owl did in 2025 with a part of its Dyal Capital Partners IV.
One solution to the challenge of liquidity in both sports and GP stakes investing? Balance sheet capital.
I don’t know KKR’s plans for integrating Arctos into its ecosystem and leveraging its Strategic Holdings unit, but elements of the Strategic Holdings business, which the firm has said it aims to grow, might very well be in the playbook as it looks to expand its sports and GP stakes / GP solutions capabilities.
Scale matters
There’s another reason why KKR’s acquisition of Arctos is so interesting.
As discussed above, KKR and Arctos possess complementary pieces of the puzzle that fit together quite well.
But there is one feature that Arctos was missing.
In Ian’s own words, which he shared on a February 2025 Capital Allocators podcast with Ted Seides, it’s scale.
Ian said that “we are in a scale matters environment … there is a new game that the 15 biggest firms in the world are playing and the wake of chaos that they’re leaving behind them is the new game everyone else is riding.”
Ian noted that “[the] 15 firms [that are Level 9 and Level 10 in Arctos’ GP leveling framework], which is 0.2% of the universe that [they] track, controls about 20% of the AUM … if you want to grow … the organizational complexity is nonlinear. The capital that is required to grow is significant.”
It’s not just scale that smaller firms are missing. It’s scale to compete in capital raising.
Ian said that “there is a capital aggregation theme that is creating a completely different experience … last year [2024], the six biggest [institutional] LPs in North America committed about $55B to funds. The six biggest private banking and wirehouse platforms committed about $110B to funds … in the last 12 months, the Level 10 firms in our framework have raised $250B from insurance companies they control or through the wealth channel with salesforces that are theirs.”
Then, Ian shared possibly one of the more important observations about the current state of private markets.
“[The largest firms] don’t have a capital origination problem. They have a deal origination problem. For everybody else, capital is constrained.”
That’s where KKR comes in.
Pod shopping
There are two defining features of the current state of alternative asset management.
For the largest asset managers, it’s what Ian said above. They possess the capital origination capabilities, but they have a deal origination problem.
For smaller asset managers, they may lack the ability to compete in capital raising in an environment where institutional LPs want to do more with less firms and where working with the wealth channel requires a meaningful investment into distribution, marketing, and operational capabilities.
Perhaps the industry is entering into somewhat of a pod shop era for (non-hedge fund) alternative asset managers.
Pod shops, a concept popularized by the industry’s largest hedge fund managers like Citadel, Millennium, Balyasny, Point72, and others, have enabled hedge funds to balance scale and specialization.
There are clear differences between the intent, investment goals, and structure of hedge funds and that of alternative asset managers, so I recognize that the pod shop analogy might only go so far as it relates to alternative asset managers. But from the perspective of some of the broader alternative asset management industry’s biggest structural trends, some of the conceptual frameworks of the pod shop could make sense for the industry’s largest alternatives managers and benefit smaller firms that lack the capital raising firepower and footprint needed to survive in a world where the “new game that the 15 biggest firms in the world are playing and the wake of chaos that they’re leaving behind them is the new game everyone else is riding,” as Ian said.
The industry’s largest alternative asset managers need to generate and maintain differentiated and proprietary access to dealflow. This need is amplified for firms that have evergreen fund structures. Smaller alternative asset managers are devoid of the infrastructure to raise capital and scale.
Adding a secondaries capability helps large asset managers achieve part of this goal, particularly as it relates to evergreen fund structures. The ability to execute on GP-led transactions can help provide dealflow to private equity evergreen strategies that look to include a secondaries component.
Some of the industry’s firms, like Apollo, have, to some extent, created their own version of pod shops on the origination side.
Origination is an area where scale matters.
Apollo is a poster child of a firm that has been able to generate an advantage in origination, in large part due to the 16 captive origination platforms it owns that enable it to manufacture deal flow.
A slide from Apollo’s March 2023 Investor Presentation highlights the unique value that their origination platform ecosystem provides to their credit business.
Without the scale that Apollo possesses as a business — and, arguably, as a public company with the currency to make strategic investments in or buy specialized origination capabilities — it’s possible the edge they have today would be diminished.
Could something like KKR’s Strategic Holdings combined with Arctos’ GP Solutions (Keystone) unit provide — over time — the balance sheet capabilities to seed or invest into a set of smaller managers that can help KKR gain an advantage and a “right to win” with differentiated dealflow via relationships with smaller managers where they own minority stakes off their balance sheet or via a fund that has a permanent or perpetual hold?
The next next level
In KKR’s presentation about the acquisition, the firm shared an interesting point:
“Over time, the Arctos team will enable us to build and scale a diversified solutions business using an innovative, data-driven approach across management company financing, GP stakes, fund finance, as well as GP-led and LP-led secondaries.”
Ian said of the acquisition that “By partnering with KKR we’re leveling that playing field.”
With this week’s acquisition, yet again, the game on the field in alternative asset management has changed.
What will be the next next level to play for now that Level 10 KKR and Arctos have joined forces?
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 week, AGM will be sharing 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:
Matt Gibson, Partner, Head of the Client Solutions Group within Goldman Sachs Asset Management.
James Reynolds, Partner, Global Co-Head of Private Credit within Goldman Sachs Asset Management. He is also Chief Executive Officer of Goldman Sachs Asset Management International.
Kristin Olson, Partner, Global Head of Alternatives for Wealth within Asset & Wealth Management and a member of the Management Committee, Goldman Sachs Asset Management.
Harold Hope, Partner, Managing Director, Global Head of Vintage Strategies, one of the world’s largest secondary fund managers, in the External Investing Group (XIG) within Goldman Sachs Asset Management.
Michael Bruun, Partner, Global Co-Head of Private Equity within Goldman Sachs Asset Management.
Jeff Fine, Partner, Global Co-Head of Alternatives Capital Formation within Goldman Sachs Asset Management.
We hope you enjoy this series of conversations over the coming week 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) - 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, 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.
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If you have any suggestions, would like me to feature an article, research, or would like to recommend a guest or topic for the Alt Goes Mainstream podcast, reach out! I’d love to include it in my next post or on a future podcast.
Special thanks to Izzy Morin, Ryan McCormack, Nick Owens, Michael Rutter for their contributions to the AGM Index section of the newsletter.