AGM Alts Weekly | 3.1.26: Private equity's "new era"
AGM Alts Weekly #144: 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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For too long, private equity funds have relied on manual processes — spreadsheets, scattered documents, disjointed data — to track complex investment and ownership structures. It’s slow, error-prone, and not scalable. And when regulators, investors, or auditors come knocking, it’s a fire drill every time.
At DealsPlus, we help private equity funds digitise investment and ownership structures, eliminating data silos. Our software helps power key workflows such as: quarterly reporting, audits, compliance, and exits.
Good morning from Washington, D.C.
I’ve just returned from a week in Florida where I interviewed Arax Investment Partners Founder and CEO Haig Ariyan at PEI NEXUS as part of the conference’s Private Wealth Forum. Thanks PEI and Susan McAndrews for organizing a great day of conversations on some very important topics at the intersection of private markets and private wealth.
Haig’s wealth of experience (yes, pun intended) in the industry as the former Head of Deutsche Bank Wealth Management, Americas and then as President & CEO of Alex Brown and Head, Raymond James Global Wealth Solutions, coupled with his rapid buildout of Arax into a $40B AUM wealth management platform in just over three years made for a fascinating and nuanced conversation.
Haig and I discussed the evolution of the wealth management ecosystem, how private markets is becoming an increasingly important feature of wealth management platforms, and ways in which private equity involvement in wealth management is shaping how wealth management firms are creating scaled platforms that provide clients with the solutions they need as the independent wealth management industry continues to institutionalize.
Haig also spent time sharing perspectives on an issue that is top of mind in the industry right now: evergreen funds. Haig emphasized how important it is for advisors to be educated on the why and the how of private markets, and evergreen funds in particular. GPs have an important role to play in educating the advisors, he said. But, in his view, the responsibility ultimately resides with the advisors. He also noted that nomenclature matters. The term “semi-liquid” doesn’t accurately characterize the features of these investment structures, he noted.
Haig’s perspective was echoed on a later panel by one of his wealth management industry colleagues, Laird Norton Wetherby CIO Ron Albahary. Ron also stressed the importance of educating advisors and clients on the nuances of evergreen fund structures. Perhaps his words of warning are what the industry should heed most. He said that an issue with one evergreen fund has the potential to impact the entire industry. Delivering the right experience to clients with evergreen funds is something that the entire industry should get behind. I noted this point in a recap of my conversation with EQT Partner and Head of Private Wealth Americas Peter Aliprantis in May 2025, noting that GPs and wealth managers must offer “the right product for the right investor at the right time, delivered in the right way.”
One thing that all the panelists agreed on? Evergreens will be the product structure of choice for many in the wealth channel to access private markets.
But just because evergreen fund structures and the wealth channel represent a compelling opportunity for asset managers doesn’t mean that they shouldn’t proceed with caution.
In a discussion between GPs and LPs, which unpacked nuances of how GPs and the wealth channel can work together, that was deftly moderated by Citi Wealth’s Head of Private Equity and Real Estate Jeffrey Locke, Ardian’s Managing Director, US Private Wealth Solutions Ava Mallin shared perspectives on how to approach building out capabilities to serve the wealth channel, which was particularly useful for GPs thinking about their ability to create solutions for private wealth. Ava said, “just because you can does not mean you should.”
Ava’s astute observation dovetailed well with the punchline of Bain & Company’s Chairman of Global Private Equity Practice Hugh MacArthur’s keynote at PEI NEXUS.
Sharing the findings from Bain & Company’s annual Global Private Equity Report, Hugh noted that firms will need to focus on what they do well in a “new era” for private equity.
Speaking of a “new era” for private equity, Bain’s report emphasized that private equity of late has been a world of the haves and have-nots. This characterization was particularly true of deal volume, exits, and fundraising in 2025. And in a world where “12 is the new 5” (more on that in a bit), this “new era” of private equity will require firms to do more with less (less leverage and less ability to rely on multiple expansion to drive returns) at a time when LPs want to do more with less GPs.
It will also require firms to focus on the areas where they excel, rather than try to do too much. This sentiment was highlighted in a conversation at PEI hosted by InvestorFlow’s Chris Cummings and Liz Gaffney and PEI’s Adam Smallman, where participants noted that not every asset manager should aim to focus on serving the broad spectrum of the wealth channel.
Bain and McKinsey’s recent reports on the current state of private equity provide a window into an industry trying to find its footing after a turbulent couple of years.
A number of themes highlight the road ahead for GPs and LPs looking to navigate private markets.
Let’s dive in.
Returns will not be a dime a dozen
Bain’s report was punctuated by quite a memorable tagline: “12 is the new 5.”
What used to generate returns might no longer pass muster.
Bain called the 5% annual EBITDA growth required to generate a target 20% IRR and a 2.5x MOIC over a 5-year holding period a thing of the past.
“Less forgiving economic conditions” mean that GPs will have to work harder to earn their returns.
How much harder? Bain calculated that 12% annual EBITDA growth will be required to hit the 20% IRR / 2.5x MOIC over a 5-year holding period.
GPs will now need to do more with less. Less leverage and less ability to rely on multiple expansion will be a feature of deals going forward.
McKinsey’s report harbored a similar sentiment. Leverage and multiple expansion drove 59% of investment returns for buyout deals between 2010 and 2022.
Brookfield Private Equity Group CEO Anuj Ranjan astutely captured what it will take to generate returns in today’s era of private equity in a 2024 FT Due Diligence Live conference, saying that the industry has shifted from a “roll your dice to roll up your sleeves private equity.”
Value creation plans are now a critical part of the pre-investment underwrite.
Bain’s report shared an anecdote about Hg’s $6.4B deal to take OneStream Software private in January 2026. Hg had been tracking OneStream, a leading cloud-based enterprise finance management platform, for years. To take it private, Hg and its partners needed to “develop next-level conviction that the upside could fully justify a significant premium on the company’s stock price,” Bain wrote. Bain noted that Hg created a “full potential plan” prior to its investment:
Having validated a strong base case for value creation, Hg developed a full potential vision for how OneStream could maintain healthy growth well into middle age. While a large majority of its revenue had historically come from moving on-premise ERP customers to the cloud, the company was also building significant business in other high-growth segments. Hg, meanwhile, offered skill sets that would lead to ongoing improvements in areas like technology, AI, commercial excellence, and operational efficiency.
In an era where median deal multiples (12.3x purchase price / EBITDA median buyout entry multiple) have been higher, as the below chart from McKinsey’s report noted, value creation becomes an even more critical lever to drive returns.
As an increasing number of carve-outs and take-private deals are consummated, value creation plans become even more critical. Private equity firms must have a plan from the outset as to how they will drive value. And that plan must be operationalized early and often if greater EBITDA growth is required to generate the returns that LPs are expecting.
McKinsey noted that many GPs have been expanding the size of their operating teams in recent years. Firms have more than doubled the size of operating groups on average since 2021, independent of fund AUM, McKinsey found. And firms have been engaging operating partners and teams earlier in the deal lifecycle.
Operational value creation also helps bring in LP capital. 53% of 300 LPs surveyed in January 2026 by McKinsey ranked a GP’s value creation strategy a top-five metric when determining an allocation to a manager, right behind performance, quality of investment team, and diligence.
Persistence in process, as I wrote in the 2.1.26 AGM Alts Weekly, will feature as LPs will look to underwrite GPs with repeatable processes and playbooks that enable them to engineer outcomes for success.
But the Bain report raised an interesting question: as sovereigns provided the majority of the capital for 2025’s megadeals, who will be on the hook for value creation?
Megadeals, big questions
2025 witnessed an increase in global buyout deal value.
However, the marked increase in deal value from 2023 and 2024 was driven by megadeals.
13 deals of $10B or more contributed 69% of the growth in 2025, accounting for $274B of the global gain.
A few deals in particular stood out. The $56.6B public-to-private deal for Electronic Arts set a new buyout record. The $40B Aligned Data Centers deal, the $27.5B Air Lease deal, and $23.7B Walgreens Boots Alliance deal all punctuated a busy 2025.
Perhaps the most interesting aspect of these deals is that the majority of the equity came from external sources, like sovereign wealth funds and corporate buyers.
Reportedly, the EA deal saw Saudi Arabia’s Public Investment Fund own more than 90% of the equity, with co-owners Silver Lake and Affinity Partners investing only a few billion of equity.
Institutional LP participation as meaningful co-investors in private equity deals is not a new phenomenon.
A chart from Bain’s report stood out.
And who will be on the hook for the value creation plan?
And, who holds the balance of power in GP / LP relationships if such large co-investment or direct investment dollars are being allocated to deals? With fees already undergoing compression, how will GPs navigate lower fees, more difficult and longer fundraise periods, and the requirement to spend more on value creation teams in order to win deals and drive value?
These questions lead to another theme present in the reports: the widening of a K-shaped industry.
A K-shaped industry
Private equity appears to turning into a K-shaped industry.
Bain characterizes this “new era” of private equity as one of the toughest fundraising periods the industry has ever seen.
They see the industry experiencing what economists call a K-shaped recovery — “a subset of elite funds is on the upswing while everyone else muddles through.”
This sentiment has been echoed by industry leaders in years past.
Partners Group Dave Layton predicted in 2023 that the industry could go from the “current 11,000 or so industry participants [and] shrink to as few as 100 next-generation platforms that matter over the next decade.”
Layton went on to say something crucially important: “There is a real bifurcation between the managers that can raise money and those that cannot. This will accelerate the process of natural selection as the industry grows in size.”
Scale matters more than ever in private equity. That rings true for fundraising in both institutional and wealth channels, deal-making, and post-deal value creation.
A chart from McKinsey’s report highlighted how large managers benefit from their scale when it comes to fundraising.
Another chart from McKinsey also highlights how scale is a contributor to the K-shaped private equity economy.
Alternative forms of capital, which include permanent capital, higher-liquidity products (i.e., evergreen funds), and LP-demand-driven products, now account for 33-35% of all private capital assets under management. This number is up from 27-29% from 2020.
The firms that are able to build out the infrastructure to manufacture, distribute, and manage these types of products and relationships are very often the scaled firms. They have the capital, resources, and capabilities to handle the wealth channel. But there’s only a select set of firms that can do this.
Which is why, for many firms, there’s been no fun in fundraising as of late.
No fun in fundraising
McKinsey noted that core, closed-end fundraising has “become more competitive, selective, and time consuming.”
North American fundraising saw some green shoots, increasing 8% year-over-year to $432B. But Asia-Pacific and European fundraising experienced marked declines, with APAC declining 49% to $49B raised and Europe declining 41% to $118B raised in 2025.
Many of the subasset classes mirrored the overall fundraising trend for private equity, as the below chart from McKinsey illustrated.
Fundraising has been a challenge for many funds in the industry as of late.
The lack of liquidity has very likely had something to do with lackluster fundraising volumes.
A few charts from Bain’s report highlight how liquidity has been hard to come by.
While exit value rebounded in 2025, the total number of exits declined.
And global distributions as a percentage of net asset value are at multidecade lows.
Distributions have been under 15% for four years in a row, which represents the longest period in the industry where distributions have been below 15% per year as a share of NAV.
Recent vintages have been a culprit of lackluster liquidity; they’ve been underperforming their benchmarks in terms of median buyout DPI.
The current landscape has led to GPs holding companies longer, which has extended the average holding period at exit to around seven years. This figure represents a marked increase from the average hold period 15 years ago, when PE firms had an average hold period of five years. Moreover, 39% of companies have now been held for over than five years.
Longer hold periods are also compounded by dry powder that’s staying dry. Dry powder remains near record levels, with the majority of dry powder coming from the 2022 and 2023 vintages. At some point, that capital will have to get off the sidelines and be deployed.
But despite challenges in fundraising and a dearth of liquidity, many LPs prefer to prioritize holding out for better returns over generating near-term liquidity.
This data point brings us to another major theme in private markets: continuation vehicles.
Continuation nation
There’s been a marked rise in continuation vehicle activity.
McKinsey’s report noted that GP-led secondary transactions (mainly continuation vehicles) have tripled in value over the past five years, growing from $35B in volume in 2020 to $115B in 2025. McKinsey also estimated that 14% of all sponsor-backed exits now go through continuation vehicles — and LPs are expecting a continued growth in CV activity. LPs expect 20 percent of deals reaching the end of their term to pass through continuation vehicles today, and 29 percent to pass through continuation vehicles five years from now.
Bain’s report found that CV activity is growing, but still represents less than 10% of exit value.
The marked rise in continuation vehicle activity highlights that secondaries are here to stay.
Both LPs and GPs now use secondary transactions as an “active portfolio management solution,” which could be one reason why EQT decided to buy leading secondaries firm Coller Capital for up to $3.7B last month.
With companies taking longer to exit and LPs preferring to wait for better cash-on-cash returns over near-term liquidity, continuation vehicles might become a mainstay in the market.
Continuation vehicles may not be a bad way for LPs to access some of private equity’s blue-chip companies. McKinsey’s report noted that “continuation vehicles might be unfairly tagged with a bad reputation.”
Data from MSCI suggested that CVs have outperformed buyout funds. First-quartile continuation funds outperformed first-quartile buyout funds by 0.2x of net MOIC in the 2018-2023 vintages and 0.1x for both median and third-quartile funds.
A number of firms, including Hg, Wellington Management, and Insight Partners, recently launched secondaries strategies.
As firms look to build out CV capabilities, another part of the private equity market harbors some promise.
Growth in the GP-led CV market could, in fact, be a boon for mid-market GPs that want to hold onto their best assets rather than hand them off to the next private equity fund.
Speaking of smaller deal sizes in private equity, one datapoint from Bain’s report stood out.
Mid-sized deals not so mid
Megadeal activity grabbed the headlines. But deal sizes between $5-10B grew 6%, and $1-5B deals grew 29%.
Growth in the $1-5B deal size segment could be encouraging for specialist buyout funds.
McKinsey data found that specialist buyout funds performed better than their generalist peers across 2010-2022 vintages.
McKinsey’s data painted a picture of the value of specialists.
Specialists generated higher pooled IRRs (17% vs. 13%), total value multiples (2.2x vs. 2.1x), and lower loss ratios (9% vs. 12%) than generalist funds.
Value creation by specialists drove equity value, with specialists generating nearly 4x as much equity value from EBITDA margin expansion (43% vs. 10%). And specialists’ returns were often independent of multiple expansion (5% vs. 35% for generalists).
Favorable performance data on specialists can also perhaps explain why LPs remain interested in investing in private equity despite overall fundraising headwinds.
A chart from Bain found that LPs have looked to private equity for diversification and high risk-adjusted returns. A focus on specialist managers has the ability to deliver on these desires for LPs.
Another chart from Bain’s report highlighted the power of top-quartile buyout returns. 10-year horizon IRRs for top quartile buyout funds across both the US and Western Europe handily outperformed PMEs (S&P 500 and MSCI Europe) over prolonged periods.
Performance data leads to some important questions for allocators going forward.
In the US, the S&P 500 has outperformed all buyout funds over 5- and 10-year investment horizons.
The road ahead for a “new era” of private equity
What will returns look like going forward in this “new era” of private equity?
There are some key questions for allocators to grapple with as they think about what private equity might look like in the future.
1️⃣ Do allocators believe public markets will continue to outperform private markets? Exits would be a welcome sight for GPs and LPs alike in 2026. GPs believe that exit momentum will continue into 2026, so the latter half of 2026 could shape up to be positive for fundraising if the exit market cooperates.
2️⃣ Will fundraising bounce back?
3️⃣ Can firms kick value creation into motion? The firms that invest in value creation teams, platforms, and processes, and, in some cases, leveraging the power of AI, might have a right to win.
4️⃣ Will firms look to create new structures to welcome in the wealth channel? The growth in evergreen fund flows has continued apace. The bigger question though, might lie not on what comes in, but what goes out. Are both GPs and LPs ready to handle how investors might look to exit evergreen vehicles?
5️⃣ For LPs, are they finding managers that have an edge? And are they finding managers that offer ample co-invests to blend down fees?
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) - 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 Regional and Independent Broker Dealer – Senior 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, Client Solutions Group, Wealth Alternatives Specialist, New York - Vice President. Click here to learn more.
🔍 Ultimus Fund Solutions (Fund administrator) - Managing Director, Fund Accounting. 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.
🤝 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 MSCI’s Head of Private Assets Luke Flemmer discuss the evolution in private markets market structure and how standardization, normalization, and transparency of data will transform private markets. Watch here.
🎥 Watch AGM Unscripted at the Goldman Sachs Alternatives Summit with Partners Matt Gibson (here), James Reynolds (here), Kristin Olson (here), Harold Hope (here), Michael Bruun (here), and Jeff Fine (here).
🎥 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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Special thanks to Izzy Morin, Ryan McCormack, Nick Owens, Michael Rutter for their contributions to the AGM Index section of the newsletter.