AGM Alts Weekly | 3.15.26: Roll out your agents private equity
AGM Alts Weekly #146: 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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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 afternoon from Washington, D.C.
Private credit captured the news again this week.
Just this week alone, more news about private credit funds was a focal point of the news cycle.
But it’s also worth taking a step back and zooming out to examine the pieces of the puzzle in its entirety.
The issues swirling around private credit are also connected with the bigger trends that are afoot. The technological innovation that is AI, which is, in part, being powered by data center financing, which, in turn has impacted enterprise software (which has, in turn, impacted some direct lending-focused private credit) are all somewhat related.
What’s the “real story?”
Amidst the uncertainty, an update this week on private credit (“Private Credit Update”) from Hightower Advisors Private Markets Team, Stephanie Link, Robert Picard, and Frank Cordio, offered a balanced and nuanced view on the noise.
Hightower noted that while they believe “the noise around private credit is real,” they also “believe it is largely misdiagnosed.”
“This is not a private credit crisis,” they said. What they did say is that the world is bearing witness to a “broad technology transition, driven by AI, that is simultaneously reshaping public equity, private equity, venture capital, and private credit.”
The Update goes on to discuss why “the technology transition is the real story.” Hightower stated that “AI is not a future risk to software-oriented lending,” rather it “is an active one.”
While Hightower’s perspective on gating and the importance of vehicle structure are worthy of an entire newsletter of their own, those topics will not be the subject of today’s piece.
Instead, the focus will be on what Hightower calls “the real story,” the technology impacts of AI, which now appear much more tangible than they did even a few months ago, as Oaktree’s Howard Marks noted in his February 2026 memo.
AI applied to private equity
In fact, this week alone saw a few big news items related to the intersection of AI and private markets.
The Information reported that Blackstone, Hellman & Friedman, and a consortium of private equity firms are in talks with Anthropic, whose workplace automation tools Claude Code and Cowork have seen a significant increase in adoption recently, to sell consulting services that would help portfolio companies integrate Anthropic’s AI tools into their businesses.
Given Anthropic’s recent run of rapid growth, these portfolio companies wouldn’t be the first to integrate Anthropic into their business operations and workflows.
In a February announcement, where Anthropic disclosed its $30B Series G round which values the company at $380B, the company noted that the number of customers spending over $100,000 annually on Claude has grown sevenfold in the past year. Eight of the Fortune 10 are reportedly Claude customers, and over 500 companies now spend in excess of $1 million with Anthropic on an annualized basis. That figure is up from 12 companies two years ago.
The below chart from Anthropic’s announcement illustrates just how steep the slope of Anthropic’s revenue growth has been (and, as you’ll see in the next chart, between February and March 2026, Anthropic grew its run-rate revenue from $14B ARR to $19B ARR).
Perhaps even more staggering is the growth of Claude Code, the agentic coding tool that Anthropic made available to the public in May 2025.
In under a year, Claude Code’s run-rate revenue has grown to over $2.5B and weekly active Claude Code users has also doubled since January 1, 2026.
The rapid pace with which Anthropic has ramped its revenue and business subscriptions to Claude Code (which have increased fourfold since the start of 2026) has helped it narrow the gap with OpenAI, as the below chart from The Information illustrates.
Financial and data analysis is an area where Claude Code has made inroads, as the firm noted in its February announcement. They partnered with Goldman Sachs (which is also an investor in Anthropic, as is Blackstone) to help the investment bank automate banking tasks with AI agents.
Leveraging efficiencies gained by AI automation (and, increasingly, agents) within large enterprises and services businesses is also leading venture capital and private equity firms to figure out different ways in which they can either make portfolio companies more efficient or apply AI to services businesses and roll them up.
That leads us to another notable announcement this week.
Sequoia Partner Ravi Gupta (formerly COO and CFO of Instacart and KKR alum) and Meta Chief Revenue Officer John Hegeman launched Ithaca Holdings, a holding company formed to acquire a public or private company and “infuse it with new technology, potentially including artificial intelligence,” according to a Bloomberg article. Sequoia will reportedly help to fund the holding company, which is looking to raise $1B of capital.
This news follows a number of venture capital firms, including General Catalyst and Thrive, launching holding companies to acquire or roll up services companies and add AI to their workflows and operations to make them more efficient.
One of the goals? Increase margins through cost reductions and operating efficiency.
Not artificial efficiency
For an enterprise software investor like Robert Smith of Vista Equity Partners, the ability of AI to improve margins can be meaningful, particularly in an industry where the magic “Rule of 40” has driven much of the investment thinking and framework in the sector.
In an Alt Goes Mainstream podcast, Smith said that GenAI (around 36:05 timestamp) has the ability to lift the “Rule of 40” to “Rule of 70,” by both increasing the growth rate of the business with GenAI and leveraging AI-enabled software (agentic AI) that can do work or open up new markets for companies.
Smith’s perspective on the power of agentic AI highlights a nuance of the impact that AI could have on both newer and incumbent companies: that “AI is going to feed software that’s going to eat services.”
Vista has been ahead of the curve as it relates to figuring out how to help portfolio companies gain a leg up in each technology platform shift. AI is no exception.
Vista launched an Agentic AI Factory in 2025 as a platform to scale Agentic AI across its enterprise software portfolio.
They formed strategic partnerships with Microsoft, Google, and AWS to enable Vista portfolio companies to integrate agents directly into systems of record and hyperscaler App Marketplaces.
It’s not just partnerships with hyperscalers that Vista brings to its portfolio companies. When they say they have built a “factory,” they mean it in a literal sense: they are providing companies with what Smith called “workers” (i.e., agents). In its 2025 announcement about the Agentic AI Factory, Vista said it anticipated 5-10 AI agents per user, which would result in deploying 4-8 billion autonomous agents across its portfolio. The difference between these types of “workers?” Smith noted that agents are “workers” that can “work 24/7, 365.”
Vista’s Smith might be onto something with the impact of agentic AI in the enterprise.
Hg has executed on a similar strategy of building its own capabilities to serve portfolio companies, which the firm’s Partner and Head of Value Creation Chris Kindt discussed on an Alt Goes Mainstream podcast.
Hg has built Hg Catalyst, a dedicated AI incubator designed to accelerate AI product innovation across Hg’s portfolio.
Catalyst, which launched in November 2025, provides portfolio companies with over 80 AI engineers, product managers, and designers who “work directly within portfolio companies to build production-grade AI products that generate real customer value.”
In a video about Hg Catalyst, Head of Hg Catalyst Lloyd Hilton noted that Hg Catalyst has helped launch 15 AI-powered products across the Hg portfolio, in some cases, growing new customer bookings by 40% in their first year, with some companies deriving over 10% of bookings from AI-enabled products and AI initiatives across the Hg portfolio.
Hg’s work with portfolio company FE fundinfo, a leading financing data company connecting the investment industry across the UK, Europe, and Asia Pacific, to launch Nexus AI is one such example of Catalyst in action.
FE fundinfo launched Nexus AI, an AI enablement layer that embeds AI-powered insight and automation directly into its workflows, which enables faster data verification, data management and regulatory document creation and validation.
AI agents have also driven material impact on engineering productivity, with teams achieving almost 2x development velocity through agentic tools. This point was something that Kindt detailed in his Alt Goes Mainstream podcast.
From “roll up your sleeves private equity” to roll out your agents private equity
AI’s impact on private markets goes beyond investing in some of the world’s fastest growing companies, like Anthropic and OpenAI.
Value creation in private equity is one area where AI can have a meaningful impact.
And for good reason.
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.”
Bain & Company’s “12 is the new 5” highlights the imperative for private equity firms to create value for their portfolio companies, as I discussed in the 3.1.26 AGM Alts Weekly.
The private equity industry must rely on value creation to drive returns more than ever, as I wrote in the 2.1.26 AGM Alts Weekly, “Persistence in process.”
Now, with the maturation of AI and agentic AI, value creation also has the potential to be materially impacted by AI’s growing capabilities.
With recent advancements in AI, we could also be living in the era of roll out your agents private equity.
Oaktree’s Howard Marks observed the rapid pace at which AI is taking hold in his February 2026 memo, “AI Hurtles Ahead.”
First, there’s the pace at which developments in AI are occurring. That speed is unlike anything we’ve seen before now, and this has implications that have never existed. AI is growing at speeds that greatly outpace the technological innovations of the past. Compare its development with that of the computer.
Marks, who wrote a memo titled “Is It a Bubble?” in December 2025, felt compelled to follow up on his December memo a few months later in large part because of AI’s giant leap forward in just a matter of months.
It’s not just Marks who has recognized this step function change in AI’s capabilities. The growth of the AI companies, as well as the broader market, seems to have captured the attention of companies and investors alike.
Companies and their private equity owners might want to start thinking about where they can leverage AI to drive efficiency gains within the enterprise.
BCG’s September 2025 Report titled, “The Widening AI Value Gap,” projects that “future-built” companies that are rolling out AI capabilities are generating value from applying AI to their operations, processes, and workflows.
BCG considers 5% of companies in their 2025 study of over 1,250 firms worldwide to be materially benefiting from AI’s value at scale today.
But BCG also seems to think that the “future-built” companies that are spending more on AI will also generate more revenue and achieve greater cost reduction from AI in years to come.
It could very well be time for private equity to roll out the agents to its companies.
Agentic AI is projected to generate twice as much value by 2028, with functions like customer service and the customer journey as major areas of focus for companies.
Another BCG report from January 2026, titled “Private Equity’s Future Is Digital First and AI Powered,” highlighted where AI can have an impact on companies’ workflows and systems. Cloud, data platforms, and ERP / CRM systems appear to be the top three enablers of AI for companies, according to BCG’s survey.
Each of these three areas also appears to be places where agents can be put to work to help speed up processes and workflows.
With the need to generate positive impacts from value creation pulled forward if companies and their PE investors now live in the “12 is the new 5” era, the early days of value creation that brings AI into portfolio companies will be even more critical to an investment’s success.
AI is still in its relatively early stages of development. It’s far from perfect. And it has yet to touch many companies and workflows, as one of the above charts from BCG’s report illustrates. But those who start to build the foundational layers of AI-enabled value creation will likely reap the rewards in the years to come.
Time to roll out the agents.
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.
🔍 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.
🔍 Goldman Sachs Alternatives (Alternative asset manager) - Asset & Wealth Management, Client Solutions Group, Wealth Alternatives Specialist, New York - Vice President. Click here to learn more.
🔍 HarbourVest (Alternative asset manager) - Vice President, Wealth Program Manage. Click here to learn more.
🔍 iCapital (Private markets infrastructure investment platform) - Deputy Chief Operating Officer, Canada - Senior 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:
🎥 Listen and watch EQT’s Deputy Managing Partner and Chairperson of EQT Real Assets Lennart Blecher share the history, background, and evolution of the firm’s infrastructure investment business and how EQT takes an active ownership approach to real assets. Listen here and Watch here.
🎥 Watch Stable Asset Management’s Founder & CEO Erik Serrano Berntsen discuss the evolution of the GP seeding market and what it takes to build a great alternative asset management firm. Watch here.
🎥 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.
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.
Hightower's reframe is the sharpest thing here — what's being diagnosed as a private credit problem is actually a technology transition repricing the collateral underneath it. Software-oriented lending books were underwritten on pre-AI multiples, and now the denominator is shifting. The irony is that the same PE firms scrambling to partner with Anthropic and OpenAI are simultaneously holding portfolio companies whose valuations assume AI doesn't exist yet. That's not a hedge — it's a contradiction they'll eventually have to resolve in one direction. We wrote about this exact dynamic in https://thesynthesis.ai/journal/the-leverage.html — PE distributing AI through portfolios is as much about protecting existing book value as capturing new upside.