AGM Alts Weekly | 3.16.25: Can't see the forest for the trees?
AGM Alts Weekly #94: Making private markets more public, every week.
👋 Hi, I’m Michael.
Welcome to AGM, the meeting place for private markets.
I’m excited to share my weekly newsletter, the AGM Alts Weekly. Every Sunday, I cover news, trends, and insights on the continuing evolution and innovation in private markets. I share relevant news articles, commentary, an Index of publicly traded alternative asset managers, job openings at private markets firms, and recent podcasts and thought pieces from Alt Goes Mainstream.
Join us to understand what’s going on in private markets so you and your firm can stay up to date on the latest trends and navigate this rapidly changing landscape.
Presented by
In today’s data-intensive, fast-paced financial environment, alternative asset managers face overwhelming data volumes that challenge traditional valuation approaches and seriously hinder accurate, timely reporting to LPs.
73 Strings leverages proprietary AI algorithms to enhance transparency and efficiency by automating data collection, portfolio monitoring, and valuations. Their platform delivers faster, more accurate insights, ensuring data integrity, traceability, and auditability while boosting operational efficiency.
Fresh off of a recent $55M funding round led by Growth Equity at Goldman Sachs Alternatives, learn how 73 Strings revolutionizes asset management with advanced technology and AI-driven workflows.
Good morning from Washington, DC where I’m about to head to Miami to record a live Alt Goes Mainstream podcast episode with Blue Owl Co-President Marc Zahr at Future Proof Citywide. If anyone is at Future Proof and wants to connect, drop me a line.
The trees
Earlier this week, Financial Times’ Robin Wigglesworth dove into the stock performance of the publicly traded alternative asset managers since the start of the year.
It hasn’t been pretty.
As those who have been following the AGM Index (more below) know, the stock price performance year-to-date for alternative asset managers has been a sea of red.
So far, the markets have had a bumpy ride in 2025. Alternative asset managers have had an even bumpier ride.
How much is this run of performance a cause for concern?
Wigglesworth references Goldman Sachs’ equity research analyst Alex Blostein’s research on alts manager performance, where Blostein cited risks that alternatives managers face with their earnings: capital markets sensitive earnings streams, such as increased income from wealth channel allocations to private markets, transaction fees, deployment-based fees, and realization income. Blostein also noted that recent performance could also be due to “normalization in the group’s frothy multiples, with 2026 P/E (net of SBC) now at 21x versus ~24x pre-elections.”
The trees might not look great right now — and there are certainly causes for concern. And some of these warning signals could be a canary in the coal mine for fault lines down the road that could impede long-term growth prospects for both managers and the industry at large.
Roadblocks on the path
What are some risks that alternatives managers might face that could cause them to stumble over a branch or fallen tree in the forest?
Will the wealth channel continue to allocate to private markets?
The wealth channel has been a tailwind that has helped drive AUM growth (and FRE) for many of the large alternative asset managers.
Many firms have raised significant sums from the wealth channel — and wealth channel adoption of private markets is still in its early innings (or, perhaps, spring training, as Blackstone’s Joan Solotar said on a recent Alt Goes Mainstream podcast).
Blackstone has amassed over $250B of AUM from the wealth channel. Apollo has set sights on hitting $50B of AUM raised per year from the wealth channel (hear Apollo’s Stephanie Drescher discuss this on a recent Alt Goes Mainstream podcast). Blue Owl has been a top 3 capital raiser in the wealth channel amongst its alternative asset manager peers, as a chart from their Investor Day presentation illustrates (hear Blue Owl’s Sean Connor share more about their wealth strategy on an Alt Goes Mainstream podcast). KKR’s K-Series evergreen funds raised almost threefold as of September 2024 as they did the year prior, nearly trebling the $5B in AUM they raised in 2023.
And these firms are not alone. A chart from Blue Owl’s Investor Day presentation highlights that the top firms at raising capital have, on average, raised $12B from the wealth channel in 2024.
The industry’s largest firms have stated ambitions to meaningfully grow their AUM from the wealth channel.
Apollo has stated that they aim to grow their wealth channel AUM to $150B by 2029. EQT has laid out plans to grow AUM by $100B in its next fundraising cycle. Blackstone, the industry’s behemoth, has ambitions to cross $1T in AUM (across Blackstone funds) from the wealth channel alone in the coming years.
All of the aforementioned firms have armed themselves for the race. They’ve deployed the “boots on the ground,” as $100B AUM Pantheon’s Susan McAndrews shared in commentary on how to build a salesforce fit to serve the wealth channel. They’ve invested heavily in digital marketing resources that provide the aerial support to the distribution teams building relationships with the wealth channel. And they’ve reinforced their operations teams to properly service the larger number of investors that now have access to their funds.
But can these funds compete with the vagaries of broader markets and its collateral damage on investors’ portfolios? If markets continue to fall, it’s certainly possible that investors and their advisors will be more hesitant to allocate to illiquid private markets strategies.
That could be a shot to the bow to the growth ambitions of alternative asset managers, which comes at a time where institutional investors are not meaningfully increasing their own allocations to private markets.
However, I do think it’s worth noting a few nuances here:
(1) Certain strategies, such as infrastructure or private credit, could continue to see a warm reception from the wealth channel because they offer relatively stable, predictable current yield and income generation (provided that underwriting is still robust).
(2) Some senior and experienced private markets professionals have made the point that recent public markets performance and volatility only further prove the point as to why private markets strategies should earn a place in a portfolio. Private markets strategies can, in some cases, dampen volatility and enable investors to ride out the storm. Yes, I’m aware Wigglesworth’s article made the point that the more infrequent cadence of marking private markets assets means that “no one can hear you scream.” To that point, there are some that believe private markets valuation cadence hides volatility in asset prices that would otherwise be the case. There is certainly some merit to this argument. But private markets is also on a path to becoming more transparent and frequent with valuation marks, particularly as evergreen funds become an increasingly important feature in investors’ — institutional and individual alike — portfolios.
A chart from iCapital’s Alternative Decoded chartbook highlights where private markets can be a diversifier for investors with public markets exposure.
Whither exits?
Exits have seen a slight pickup in activity from years prior, but 2024’s exit activity was still well below its 5-year average, according to Bain & Company’s Global Private Equity Report.
A muted exit environment puts a gridlock on new contributions, particularly from institutional investors who have been waiting for distributions in recent years.
2022 and 2023 proved to be tough years for distributions. Distributions ground to a halt in recent years, with the ratio of distributions to contributions coming in at 0.8 in both 2022 and 2023.
What happens if market turbulence extends this difficult exit environment in 2025?
That would certainly make for a more difficult fundraising environment and also delay any performance-related earnings that would help the publicly traded managers realize any PRE that could help their stock prices.
Fundraising headwinds
It’s no secret that fundraising has been a difficult summit to climb for many funds over the past few years. And data from Bain & Company would indicate that it isn’t becoming any easier.
The number of funds that have successfully closed a fundraise in six months in 2024 has hit its nadir over the past ten years. Conversely, the majority of funds are now faced with a one, if not a two, or more year fundraising process.
Any slowdown in fundraising would have an adverse impact on the continued growth in AUM — and FRE — for the publicly traded alternatives managers.
Extra (issues with) credit?
All of the publicly traded alternative asset managers have big exposures to credit. For some, it’s in their DNA. For others, they’ve added large credit businesses either by building organically or through acquisition to grow that franchise.
Credit represents a massive opportunity for the alternatives managers — both in terms of growing market share in a sizable market that seems to be growing if one takes into account that alternative asset managers are encroaching on assets that would have been considered to be the domain of a bank’s balance sheet and in terms of fundraising opportunity. Credit, given the sheer market size, is an area where managers can raise large funds, which will drive FREs.
Could issues in credit markets cause challenges for managers that have exposure to credit?
Consumer credit quality is certainly an area to watch closely. A few weeks ago, Marathon Asset Management CEO & Chairman Bruce Richards shared views and data on consumer credit, noting that “consumer credit is showing significant stress —> 90-day delinquency rates are approaching multi-year highs.”
Credit managers have made some big bets in consumer credit as of late, with Klarna offloading its £30B UK BNPL loan portfolio to $70B AUM US alternative asset manager Elliott, KKR agreeing to buy up to €40B of PayPal’s European originated loans in 2023, and Blue Owl agreeing to purchase $2B of consumer installment loans from Upstart over the next 18 months in a forward-flow agreement via Atalaya, the private credit firm that Blue Owl recently acquired.
Is consumer credit an area to watch? Recent data shared by Apollo Chief Economist Torsten Slok from his March 5 Daily Spark note indicates that consumers might be losing confidence in the US economy.
Not only are consumers planning less vacations, but they also appear to be more worried about their jobs, as this March 16 Daily Spark indicates.
Firms that have meaningful credit exposure could experience an uptick in defaults and also face headwinds fundraising from investors that have concerns about credit going forward.
The forest
The view from the trees might indicate that alternative asset managers could have a tougher path ahead. But when it comes to looking out over the horizon, we would all be remiss if we missed the forest for the trees.
The industry’s — and the largest managers’ — future prospects remain bright. Megatrends both in investment themes and fundraising support ambitious growth plans for the industry’s largest firms.
Structural underallocation — and it’s “spring training”
The wealth channel remains meaningfully underallocated to private markets. And it’s not just the wealth channel that will account for future growth in private markets AUM over the coming years.
Bain’s recent report projects that sovereign wealth funds and individual investors could represent 60% of future growth in AUM. That growth could account for $~30T+ of AUM — in an industry that today doesn’t even stand at $20T of overall AUM.
Blue Owl’s Investor Day presentation highlights a similar figure. Their projections call for a $30-40T increase in AUM from the wealth channel if allocations rise by 10-15% of overall assets.
The largest firms will likely capture the lion’s share of assets from the wealth channel in particular, as size, scale, and a global footprint are required to do distribution well.
The industry is also in its infancy, perhaps in “spring training,” as Blackstone’s Joan Solotar remarked, when it comes to the adoption of evergreen funds. Penetration within the wealth channels, even at the most sophisticated of wirehouses, is still minimal. Small numbers of teams are still driving the majority of flows into private markets strategies. That’s largely the case within the RIA channel. And, for the most part, the IBDs and brokerage firms Fidelity and Schwab are in the early days of delivering private markets to their clients.
Evergreen funds have witnessed a marked increase in their NAV, in large part due to a focus on productizing and fundraising for the wealth channel.
For the largest firms to realize their ambitions, achieving successful fundraises within their evergreen strategies will help to achieve their lofty fundraising goals.
It appears that evergreen funds will become an integral part of the fabric of private markets
An excerpt from Hamilton Lane’s recent Market Overview: “Our view is that evergreen structures will come to form a major part of the private markets landscape in a very short time frame, and their place in the landscape will not just be limited to retail portfolios. Institutional investors will increasingly adopt evergreen structures as yet another portfolio tool.”
A chart from Blue Owl’s Investor Day presentation is but one example of the future growth opportunity for the largest alternative asset managers.
The firm projects a 2.5x growth in FRE management fees from YE2024 to YE2029, jumping from $2B in 2024 to $5.1B in 2029.
There’s certainly more that goes into how public markets will value these managers, but zooming out from today’s current challenges, it’s hard not to look past the trees and see a forest: these firms are in a growing industry, with structural tailwinds, and have the resources and scale to continue to manufacture products and raise and manage capital effectively from both institutional and individual investor channels.
And, as I mentioned above, certain strategies, such as private credit and infrastructure, appear to be categories that are popular with the wealth channel.
A slide from iCapital’s Alternatives Decoded chartbook highlights that direct lending and infrastructure are areas where wealth clients on iCapital’s platform were increasing allocations.
These strategies are also areas where meaningful capital is required — and where scale matters. So the interest in these strategies from the wealth channel should help the biggest firms amass more capital.
Private markets is still small relative to public markets
Private markets is still a fraction of public markets.
A chart from Apollo’s Daily Spark illustrates just how big a gap it is.
Now, this chart was from September 2023, so global equity market cap may have decreased nominally, but as of the time of this chart’s release date, global equity market cap was $101T. Global private capital AUM? $13T.
When comparing private markets to the collective assets of global equity markets and global fixed income outstanding, private capital is just ~5% of global financing markets.
Private markets has plenty of room to grow — and as investors think about a rearchitecting of risk, liquidity, and a reconstruction of asset allocation, that figure could increase.
The $40T market hiding in plain sight
Speaking of an increasing market size, private credit is an area where the market may be bigger than we could imagine.
Not only do alternative asset managers invest in and own some of the world’s largest private companies, but they are increasingly playing a role in financing — with both equity and debt — major global trends, from digitalization to decarbonization.
Private markets managers are very much playing for the $40T market in credit (or what’s on bank balance sheets as Apollo CEO Marc Rowan has said) hiding in plain sight.
If alternative asset managers can continue to eat into bank’s territory in credit, then they can continue to grow in size and scale — and in enterprise value.
That has certainly been the case over the past ten years. Alternative asset managers have become an increasingly important part of the global financial system, in part because they’ve grown their businesses and in part because they are part of financing many of the megatrends that require private financing across infrastructure, credit, real estate, and equity that they can execute on.
Not to mention that active management generally is rewarded with higher fees for their work, as the below chart from Tikehau illustrates.
Data centers and decarbonization mean more dollars at work
Megatrends like data center financing and decarbonization represent a massive financing opportunity for alternative asset managers.
These trends require meaningful private capital given the supply / demand imbalances (which Blue Owl Co-CEO Marc Lipschultz shared on a recent Alt Goes Mainstream podcast).
The capital required to finance some of these trends, like data center buildouts for hyperscalers, is over $1T.
No wonder Blue Owl called it a “generational opportunity in digital infrastructure.”
These mega trends aren’t going away anytime soon. They aren’t going away even if the S&P 500 retreats. They aren’t going away even if geopolitical and governmental winds blow in certain directions. The opportunity to finance this innovation might crop up in different places, which should put managers with a global presence and the scale required to provide certainty of funding in a position to succeed in the long-term.
That’s why it’s worth looking out over the horizon and seeing the forest for the trees when it comes to private markets and the performance of the publicly traded alternative asset managers — even if the AGM Index below shows a sea of red for a while.
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.
Post of the Week
Blackstone’s Global Head of Infrastructure Sean Klimczak talks about the data center investment opportunity.
AGM News of the Week
Articles we are reading
📝 Blackstone gets green light from SEC for evergreen multi-asset credit fund | Selin Bucak, Citywire
💡 Citywire’s Selin Bucak reports that the US regulator has okayed Blackstone’s newest evergreen fund for individual investors, which will be available at $2,500 investment minimums. The Blackstone Private Multi-Asset Credit and Income fund (BMACX) is expected to be available to investors in the second quarter of the year. This interval fund structure will give investors access to Blackstone’s credit platform, investing across corporate credit, asset-based and real estate credit, and structured and liquid credit. Bucak notes that BMACX is the latest fund in a series of evergreen products that Blackstone has launched for individual investors. Blackstone has proven to be capable of scaling these funds to meaningful size, with their real estate investment trust, BREIT, at $54B in AUM, and their private credit fund, BCRED, at $76B in AUM. BMACX, which expects to pay out monthly distributions, will offer daily subscriptions and quarterly liquidity up to 5% of NAV, subject to board approval. The fund will be available to investors at $2,500 minimums, depending on the share class. Global Head of Blackstone Credit & Insurance Gilles Dellaert remarked that the fund “brings the full power of Blackstone’s credit platform to investors in a single fund,” with the “multi-asset approach creat[ing] a core portfolio building block to tap into the expanding private credit markets, which we believe can offer enhanced yield with less volatility than traditional fixed income.” Blackstone’s Global Head of Private Wealth Solutions Joan Solotar noted that this fund expands Blackstone’s private credit solutions in a way that enables them to be “a one stop solution for advisors seeking comprehensive alternative investment opportunities.”
💸 AGM’s 2/20: It’s no surprise that Blackstone — and its peers — will continue to build out products to serve the wealth channel. What is noteworthy is the investment minimum $2,500. A $2,500 investment minimum in Class D or S shares, as it is noted in the prospectus, means that those that invest into the fund will have exposure across Blackstone’s credit platform, making for a turnkey allocation decision where a single investment enables an investor to gain access to the various credit investment strategies that Blackstone employs. It appears that the fund will also be allocated investments alongside Blackstone’s other funds and client accounts, meaning that it should “generally provide for sharing pro rata based on size or targeted sale size.” This structure is a major development for the wealth channel investor — they can, in effect, invest alongside Blackstone’s other clients into the same investment opportunities sourced by Blackstone’s credit platform at $2,500 minimums.
Other firms have created similar structures and investment experiences for the wealth channel. What this development illustrates is how far private markets has come in a matter of years. There’s now the requisite operational overhead, structures, and reporting and valuation frameworks in place to enable a firm like Blackstone to accept $2,500 investment minimums. It also highlights another critical piece of the puzzle when it comes to managing and investing capital in evergreen funds: firms must reorient their investment teams to manage pipelines and deal sourcing in a way that matches the demand and capital raised from evergreen structures.
This development comes at a time when there’s still plenty of innovation required to make operational processes, such as the movement of money, quicker, cheaper, and easier. And the fact that Blackstone’s fund structure enables investors to invest across their entire credit platform is just another step in the direction of the largest platforms becoming true one-stop-shops, where it doesn’t seem far-fetched to think that these firms could soon start offering a firm “model portfolio” across asset classes to provide the wealth channel (and, possibly even institutional investors) with a single investment product that offers exposure to its entire investment platform. The model wars are just beginning — and it will be interesting to see how firms navigate how they plan to create models. Do they build models themselves and create a firm model? Do they seek out partnerships with other firms to form best-of-breed models with other best-in-class players in different categories? Blue Owl Co-CEO Marc Lipschultz said on a recent Alt Goes Mainstream podcast that he doesn’t believe a firm “can be good at being all things to all people.” Private markets is undergoing a wave of incredible innovation — new product structures and model portfolios will be the next wave of this continued evolution.
📝 Brookfield Raises $1 Billion to Back Smaller Infrastructure Companies | Rod James, Wall Street Journal
💡 Wall Street Journal’s Rod James reports that Brookfield Asset Management has closed its first fund focused on structured equity and minority equity investments in smaller infrastructure businesses. This is a notable development because many of the infrastructure funds raised to date have been focused on larger opportunities, meaning that funds raised in the category have often been bigger in size and scale. Brookfield hit their fundraising target, securing a $250M commitment from the Pennsylvania Public School Employees’ Retirement System. The fund has already made two investments thus far, acquiring a minority stake in wireless connectivity provider Strategic Venue Partners and a structured-equity investment in renewables-focused developer Origis Energy. Hadley Peer Marshall, Co-Lead Managing Partner of Brookfield’s Infrastructure Debt and Structured Solutions business said that there’s an opportunity for minority investments in the smaller infrastructure businesses, where majority equity owners and businesses don’t want to cede control but require more capital to develop the infrastructure assets. Marshall also noted that the growing need for infrastructure investment and constraints on bank lending activities via regulations should continue to make this part of the market rather uncompetitive. This fund is the latest new launch within the Brookfield infrastructure fund family. The firm is coming off of a $30B fundraise for its most recent flagship fund and an evergreen strategy for the wealth channel dubbed Brookfield Infrastructure Income Fund that collected $2.25B by the end of June 2024.
💸 AGM’s 2/20: Infrastructure is top of mind for investors. And for good reason. Infrastructure assets have tended to produce strong risk-adjusted returns with low correlation to a 60/40 portfolio, as the below chart from iCapital highlights.
And, as investors navigate current markets with an eye towards inflation, real assets have tended to offer higher return-generating characteristics in periods of higher inflation.
There is a massive need to fund infrastructure investment globally to the tune of trillions of dollars. The US alone requires $2.9T of investment across critical areas such as transportation, water, schools, electricity, and airports.
Firms like Brookfield, which are focused on helping to fill the infrastructure investment gap, are investing at a time when countries have ramped up their infrastructure-related investments.
Should infrastructure managers be taking more risk? Ian Brown, the UK’s National Wealth Fund’s Head of Banking and Investments told the Financial Times that UK pension funds are “not taking anywhere near enough risk” and need to invest billions of pounds annually to help reach net zero carbon emissions by 2050. Could smaller funds like this recent fund raised by Brookfield help to fill this gap? Perhaps so.
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) - Private Wealth Solutions - Investor Services Onboarding, Vice President. Click here to learn more.
🔍 Apollo (Alternative asset manager) - Investor Relations Professional. Click here to learn more.
🔍 Ares (Alternative asset manager) - Vice President, Product Management & Client Services, Wealth Management Solutions, APAC. Click here to learn more.
🔍 iCapital (Private markets infrastructure investment platform) - Private Markets, Due Diligence Manager – Senior Vice President. Click here to learn more.
🔍 Blue Owl (Alternative asset manager) - Private Wealth, Head of Global Product Marketing Management. Click here to learn more.
🔍 Blue Owl (Alternative asset manager) - Credit Executive Office, Senior Associate / Associate. Click here to learn more.
🔍 Brookfield (Alternative asset manager) - VP, Private Markets Products. Click hear to learn more.
🔍 BlackRock (Asset manager) - Director, Alternatives Operations Change & Transformation Management Lead. Click hear to learn more.
🔍 Goldman Sachs Alternatives (Alternative asset manager) - Private Markets for Wealth - Executive Director - Frankfurt. Click hear to learn more.
🔍 Hamilton Lane (Alternative asset manager) - Vice President, Data Intelligence. Click here to learn more.
🔍 Dynasty Financial Partners (Wealth management platform) - Alternative Investment Specialist. Click here to learn more.
🔍 Edward Jones (Wealth manager) - Director, Alternative Investment Strategy. Click here to learn more.
🤝 Interested in partnering with Alt Goes Mainstream? 🤝
Alt Goes Mainstream is a community of engaged experts and executives in private markets.
Fill out this form using the link below to explore partnership opportunities.
The latest on Alt Goes Mainstream
Recent podcast or video episodes and blog posts on Alt Goes Mainstream:
🎥 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.
🎥 Watch 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. Watch here.
🎥 Watch Eric Satz, Founder & CEO of Alto share thoughts on why retirement assets could be the next frontier for private markets. Watch 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 Keith Jones, Senior Managing Director, Global Head of Alternative Investments Product at Nuveen live from Nuveen’s nPowered conference on structuring products for success for the wealth channel. Watch here.
🎥 Watch Jeff Carlin, Senior Managing Director, Head of Global Wealth Advisory Services at Nuveen live from Nuveen’s nPowered conference on why “it’s all about the end client.” 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 Lawrence Calcano, Chairman & CEO of iCapital on episode 14 of the latest Monthly Alts Pulse as we discuss whether or not private markets has moved from access as table stakes to customization and differentiation. 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.
🎥 Watch the second episode of Going Public on Alt Goes Mainstream with Evercore ISI Senior MD and Senior Research Analyst Glenn Schorr as we discuss trends and business models for the publicly traded alternative asset managers. Watch 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.
🎙 Hear Churchill Asset Management by Nuveen’s MD, Senior Investment Strategist & Co-Head of the Chicago Office Alona Gornick discuss the evolution of private credit, the power of permanent capital, and the importance of the product specialist. 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.
🎙 Hear $5B AUM Ritholtz Wealth Management’s Director of Institutional Asset Management Ben Carlson bring a wealth of common sense to asset allocation and private markets. Listen here.
🎙 Hear Blue Owl, Inc. Board Member and Blue Owl GP Strategic Capital Senior Managing Director Sean Ward on how $57.8B AUM Blue Owl GP Strategic Capital has pioneered GP staking and transformed GP stakes into an industry. Listen here.
🎥 Watch HGGC Partner, Chairman, Co-Founder & Former NFL Hall of Fame Quarterback Steve Young and True North Advisors CEO & Co-Founder Scott Wood discuss how “the score takes care of itself” on the field and in investing / wealth management. Watch here.
🎥 Watch Eileen Duff, Managing Partner & Chief Client Success Officer at iCapital on episode 12 of the latest Monthly Alts Pulse as we discuss the future of AI and automation in private markets. 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 Intapp’s President, Industries, and Co-Founder of DealCloud by Intapp Ben Harrison discuss how data and automation are transforming private markets. Listen here.
🎙 Hear how a $1.59T AUM asset manager is approaching private markets with T. Rowe Price’s Global Head of Product Cheri Belski in a special live episode of the Alt Goes Mainstream podcast at a Pangea x AGM Breakfast in London. Listen here.
🎙 Hear Bernstein Private Wealth Management’s CIO Alex Chaloff discuss how a $125B wealth manager navigates private markets. Listen 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 Mercer Investments’ US Financial Intermediaries Leader Gregg Sommer and CAIS’ MD and Head of Investments Neil Blundell on following the fast river of alts. 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.
🎙 Hear Partners Group’s Co-Head of Private Wealth, Head of the New York Office, Member of the Global Executive Board Rob Collins share the how and why of one of the most exciting trends in private markets: evergreen funds. 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.
🎙 Hear Ritholtz Wealth Management’s Managing Partner Michael Batnick share views on how wealth managers are navigating private markets. 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.
🎥 Watch internet pioneer Steve Case, Chairman & CEO of Revolution and Co-Founder of America Online, share lessons learned from building the first internet company to go public and an investment firm built for the Third Wave of the internet. Watch & listen 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 wealth management industry titan Haig Ariyan, CEO of Arax Investment Partners, share his thoughts on the private equity opportunity in wealth management. 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.
📝 Read how 73 Strings CEO & Co-Founder Yann Magnan and team are leveraging AI to build a modern and holistic monitoring and valuation platform for private markets in The AGM Q&A. Read 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.
Subscribe below and follow me on LinkedIn or Twitter (@michaelsidgmore) to stay up to date on all things private markets.
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 Michael Rutter and Nick Owens for their contributions to the newsletter.