AGM Alts Weekly | 3.22.26: A surface area of choice
AGM Alts Weekly #147: Making private markets more public, every week.
“Alt Goes Mainstream is category of one.” Global Head of Marketing & Communications, $X00B AUM alternative asset manager.
“When it comes to the intersection of alternative investments and wealth management, Michael just gets it.” CIO, $18B AUM RIA.
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Good morning from Washington, D.C. I’m heading to Phoenix for iCapital Connect and Barron’s Advisor Summit. If you’re at either conference, drop me a line if you want to meet or catch up.
Now, onto today’s topic.
When Altamar Capital Partners launched out of a small office in Madrid in 2004, the private equity industry was a fraction of the size that it stands at today.
The industry stood at a little over 2,000 private capital firms (Preqin) when Altamar was building out its capabilities to partner with private equity managers.
Today, there are more private equity funds in the US than McDonald’s. KKR Partner and Co-CEO of K-PEC Alisa Wood noted at a 2025 Bloomberg event that “There are 19,000 private equity funds in the US. There are 14,000 McDonald’s in the US. How are there more private equity funds than McDonald’s?”
As the private equity industry grew, so too did Altamar Capital Partners.
The firm that started from humble beginnings in a seven-person office in Madrid in 2004 methodically built out solutions across private markets strategies, including private equity, venture capital, credit, infrastructure, real estate, and life sciences. They partnered with institutional and HNW investors globally to deliver access to primary fund investments, secondaries, co-investments, and build customized investment programs for investors.
In 2021, Altamar Capital Partners merged with German firm CAM Alternatives to form a mid-sized global alternative investment platform.
The firm’s growth caught the eye of Permira, the €80B AUM alternative asset manager whose Growth Opportunities II (PGO II) fund became a 40% owner of the business in early 2024.
Today, AltamarCAM Partners stands at almost €20B AUM (NAV plus unfunded commitments and assets under distribution).
Recently, AltamarCAM’s global reach and scaled platform caught the eye of an investment giant.
This week, AltamarCAM announced its integration into Mercer, the $692B AUM investment consultant that is part of Marsh (which also marked the second exit of a financial services investment for Permira in 2026 following the sale of Evelyn Partners to NatWest Group).
Mercer’s acquisition of AltamarCAM is emblematic of the current state of private markets. Commentary from Mercer Global President for Investments and Retirement Michael Dempsey highlights the criticality of delivering customized solutions to investors in a market that has seen marked growth in the number of choices that investors have in front of them.
Dempsey said, “As private markets continue to evolve — marked by growing demand and complexity — innovation, specialist expertise, global reach and scale have never been more critical. Our combination with AltamarCAM further strengthens our private markets offerings and our role as a leading, global private markets solutions and advisory firm.”
AltamarCAM should enable Mercer to deepen its footprint in secondaries, co-investments, customized programs and bespoke accounts, and evergreen vehicles.
Perhaps one of the more interesting aspects of the acquisition? Mercer has a sizable retirement business, working with both DB (Defined Benefit) and DC (Defined Contribution) plan sponsors as well as 401(k) providers and the wealth channel more broadly.
It will still take time for private markets solutions to make its way into retirement accounts for a number of reasons, but Mercer’s integration of AltamarCAM certainly paves the way for a platform that offers access to a diversified set of managers and strategies to be integrated into retirement accounts and multi-asset private markets solutions.
AltamarCAM has built a unique investment platform that is differentiated from firms that possess similar capabilities due to its size, footprint across Europe, and a local presence across Latin America to work with LatAm LPs.
AltamarCAM is far from the only firm that has built a platform to provide solutions to institutional and wealth channel investors.
As private markets grows in size and scale, solutions providers might remain the answer for many institutional LPs and become the answer of choice for many LPs in the wealth channel.
Firms such as Hamilton Lane, StepStone, HarbourVest, Pantheon, Partners Group, LGT Capital Partners, and Adams Street Partners are just some of the firms that LPs have relied on to be their sherpas through the private markets landscape.
Diversification nation
The aforementioned platforms provide something to LPs that a single GP cannot offer: diversification with one investment.
The evolution of alternative asset managers into multi-strategy and multi-product platforms, which provides LPs with a one-stop-shop solution, possess large evergreen fund offerings, and can find other ways to fill co-investment flow, has at times called into question where investment platforms fit into the picture.
But there’s still very much a place in the private markets universe for the solutions providers.
One reason why? Diversification.
A chart from AMG Pantheon’s P-PEXX fund presentation illustrates the power of the platform, one that provides access to a diverse set of GPs across transaction type, stage, and geography.
Solutions providers are able to build relationships with a diverse set of GPs. They can partner with GPs in a variety of ways across primary fund investments (LP commitments), direct co-investments, and secondaries.
Certain investment platforms have evolved over time to focus more on direct investments and co-investments relative to fund investments, but many of these platforms are able to offer LPs with diversified exposure across each of these investment categories.
This feature can be particularly important at the lower end of the market, where it can be more challenging for LPs to find, evaluate, and access smaller managers.
The middle market is far from middling, as I wrote in the 8.11.24 AGM Alts Weekly. But it can be difficult for both larger and smaller LPs to access smaller managers, albeit due to different factors.
There’s a reason why large institutional investors and family offices have partnered with solutions providers. Too much capital can be a curse rather than a blessing at times for allocators, particularly as it relates to working with smaller managers.
Yet, allocators are faced with a paradox: smaller funds and earlier fund vintages tend to outperform. The below chart from a 2026 StepStone presentation illustrates that Fund I’s tend to outperform later vintages.
But allocators are generally limited by how much capital they can represent of a fund’s overall AUM.
That’s one area where a solutions provider can help to solve structural issues for an LP: concentration and diversification.
This feature is particularly true in the lower end of the market, where access to a diversified set of smaller funds may, in fact, be a prudent way to gain exposure to the small and middle-market.
And that’s even before talking about co-investment opportunities, secondaries, and CVs generated from this network of manager relationships.
Customization is king
A deep pool of manager relationships enables investment platforms to customize solutions for their LP clients.
Institutional investors have long partnered with investment platforms to create customized solutions across investment strategies, market, and geography.
Now, the wealth channel faces a similar question.
As the wealth channel continues down the path of institutionalization, either through the centralization of the CIO function or through acquisitions of OCIOs, as “super RIAs” on the path to $1T AUM, such as Cerity, Hightower, Pathstone, Cresset, and others, have done in the past few years.
As these RIA platforms scale, they are faced with a balancing act of centralization and customization at scale.
This challenge for wealth managers is perhaps one reason why there’s been an in-sourcing (read: acquisition) of the outsourced CIO function.
Not only do these OCIO platforms expand the capabilities of wealth management businesses to serve institutional family offices, endowments, foundations, corporations, and non-profits, but it also adds institutional diligence and private markets capabilities.
It also means that RIAs might not be looking to OCIO mandates as their solution of choice to gain exposure to private markets, as KKR’s 2025 RIA Survey illustrated.
What does this mean for the investment platforms that have built out sizable businesses creating customized solutions and mandates for LPs?
With many endowments and pensions continuing to outsource their investment capabilities, these investment platforms will continue to work with many institutional LPs.
With the wealth channel, these investment platforms must find ways to work with the broader wealth management space.
A more crowded sea of firms
But the competitive landscape has become increasingly crowded.
It’s not just consolidation of OCIOs by large wealth platforms that is changing the shape of the competitive landscape.
It’s also secondaries firms like Ardian, Coller, and Lexington Partners, to name a few, that have expanded from secondaries specialists (of which they remain) into broader investment platforms.
Read the front page of Ardian’s website, where the $200B AUM firm states that they are “a global diversified private markets firm providing investment solutions and customized strategies,” and it’s clear that they are far more than a secondaries firm.
Ardian, with roots as a secondaries and primaries specialist, has naturally expanded its business into areas like co-investments, which they started doing in 2005.
With its acquisition of Arctos, which has the Keystone platform and roots in the secondaries business (Arctos’ Co-Founder Ian Charles was a Partner at Landmark Partners, a secondaries firm which was acquired by Ares), KKR will also be moving into the secondaries space. Blackstone, Apollo, Ares, and EQT (with its acquisition of secondaries specialist Coller Capital) all possess secondaries capabilities as a one-stop-shop alternative asset manager.
Even a slightly smaller firm compared to its aforementioned peers, $90B AUM Clearlake, has decided to go down a similar path, acquiring $95B AUM private markets solutions provider Pathway Capital Management.
These strategic business moves are all related to a broader trend: grabbing an increasing portion of the wallet share of the LP’s allocation to private markets.
As I wrote in the 11.23.25 AGM Alts Weekly, alternative asset managers are looking to scale and provide more solutions to LPs.
Pathway represents an interesting addition to the Clearlake platform, given that it creates and manages custom and multi-investor programs for both institutional and wealth investors across private market strategies via primaries, secondaries, and co-investments.
The acquisition will supplement Clearlake’s existing footprint in private equity and private credit, and will add infrastructure investing capabilities to the firm’s platform.
Clearlake’s purchase of Pathway highlights a number of recurring themes that are defining the continued consolidation in alternative asset management:
➡️ Scale matters: In today’s world of private markets, scale matters both in terms of winning and accessing investments and in terms of serving LPs. It matters to LPs because ...
➡️ Many LPs want fewer relationships not more: LPs are looking for less relationships, not more. But they are looking to deepen and expand their partnerships with fewer firms. That could help explain why the large, scaled alternative asset managers are looking to expand their investment platforms horizontally to offer more strategies to more LPs.
➡️ Wealth management platforms want scaled investment firms: As wealth management firms centralize their investment functions, they will often look to alternative asset managers that have the size and scale to handle larger capital commitments and deeper partnerships. Alternative asset managers that have the ability to offer evergreen strategies will likely be a partner of choice for many firms in the wealth space.
➡️ The takeaway for GPs?: Alternative asset managers need to be really big or really unique. Both types of firms can win — they just need to know their moat, as I wrote in last weekend’s AGM Alts Weekly: “Know thy moat.”
Scaled specialists have a place in the world, as do large multi-strategy platforms. Firms will need to define their right to win, determine which LPs are the right fits for their strategies, and staff up their distribution and operations teams appropriately to serve the different types of LPs, particularly in the wealth channel, where the wealth channel is not monolithic.
The press release detailing Clearlake’s acquisition of Pathway also mentioned another important feature of the combination: the acquisition will “[broaden] distribution across institutional and private wealth channels.”
As a private markets solutions provider, Pathway has served both institutional and private wealth channel clients.
The one-stop-shop alternative asset manager is emblematic of a broader industry evolution.
The industry’s largest alternative asset managers have expanded their platforms in response to the trend of LPs, both institutional and wealth, wanting to do more with less. This topic was discussed at length at the Bloomberg Invest event a few weeks ago by a number of alternative asset management executives, as I shared in the 3.8.26 AGM Alts Weekly:
[BlackRock HPS’ Scott] Kapnick also noted that LPs want to work with scaled players that can bundle different private markets solutions and exposures into a portfolio that makes sense. [Ares’ Mike] Arougheti made a similar point, sharing that LPs want to allocate more dollars to fewer managers (which is something Ares has seen firsthand).
The rise of investment platforms, like iCapital and CAIS, amongst others, which provide access, customized product solutions, and infrastructure to enable the wealth channel to invest into single manager products or multi-manager products, have also added choice to the competitive landscape. No wonder AltamarCAM decided to make a strategic investment into S64, a European infrastructure provider that enables the wealth channel to access alternative asset managers via feeder funds and evergreens.
The other entrant to the sea of competition has been GP stakes firms. While not exactly the same profile as other investment strategies, GP stakes investments have features of private credit, private equity, and secondaries strategies wrapped into a single investment, as I shared in the 1.26.25 AGM Alts Weekly:
GP stakes investments also provide exposure to multiple types of return streams, all wrapped into a single investment.
Blue Owl’s report highlighted this feature of GP stakes: “Individual components of a GP stakes strategy have been likened to private equity, private credit and secondaries strategies, with these combined characteristics offering investors a differentiated returns profile that is arguably impossible to replicate in any other single investment.”
Avenues of access on the alts superhighway
The evolution of the private markets industry, as well as the expanding footprint of those that participate in investing in the space, has augmented the surface area of choice for investors looking to access alternative investments.
AltamarCAM’s evolution is but one microcosm of the growth of the private markets industry over the past 22 years.
Allocators can choose their course. They can partner with a one-stop-shop alternative asset manager, they can choose their own adventure by building capabilities in-house or partnering with an infrastructure platform like iCapital, or they can work with an investment platform / solutions provider.
There’s no one right way to invest in private markets. That choice resides with the allocator. But how an allocator chooses to invest in private markets will determine the type of exposure they will have to specific investment strategies, and ultimately, funds and companies. And that comes down to how they want to approach investing in private markets and the beliefs they hold about what they are investing in and why they are investing in it.
It all comes down to the surface area of choice. How will they set sail?
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) - Chief Risk Officer, Managing Director. 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 Brookfield Asset Management’s President, Private Equity Group David Nowak discuss what “earn your seat” private equity means and how Brookfield’s owner-operator and industrial heritage have shaped the firm’s private equity investment business. Watch here.
🎥 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.
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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.