AGM Alts Weekly | 3.29.26: Connect the dots
AGM Alts Weekly #148: 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.
Presented by
Arize helps organizations move AI agents from experimentation to reliable, production-ready systems that deliver real business value.
As AI becomes a core driver of growth, scale, and operational efficiency, Arize provides the visibility, evaluation, and controls needed to monitor performance, manage risk, and continuously improve AI in production—ensuring systems are trusted, scalable, and aligned with business outcomes.
Thanks to Brett Wilson, General Partner at Swift Ventures and Board Member at Arize, for the intro to Arize.
Good morning from Washington, D.C.
Connecting the dots
The exceedingly warm climate was a welcome respite for many who had become accustomed to a prolonged winter. But the desert air and casual setting did not dissuade those at the conference from unpacking a number of weighty topics — geopolitics, private credit, and evergreen funds — that have recently caused a cold front to come over private markets.
It was an important time to bring industry leaders together.
Last week, iCapital held its second annual conference in Phoenix. Over 950 people from the private markets and wealth management industries converged at Connect.
At a time when complexity only seems to be increasing — whether geopolitical reorganization, private markets product innovation, or AI transformation — speakers and attendees balanced both optimism for continued growth of private markets with tactical challenges of a difficult macro environment and turbulent markets.
iCapital Chairman and CEO Lawrence Calcano set the tone for the conference in his opening speech, noting that the private markets and private wealth industries are “all in this together.” It’s not a “zero-sum environment,” he said. For everyone to win, collaboration is critical in order to move private markets forward, as Lawrence shared in a LinkedIn post that recapped the conference.
How does the industry make sense of all of this?
On one hand, iCapital Connect is just one conference organized by one company for its clients and industry participants.
But, if one takes a step back and examines the conference, the programming, and the attendees, a bigger picture emerges.
Last year’s Connect conference recap that I wrote on AGM featured seven “C’s,” complexity, customization, collaboration, content, connections, community, and caring.
In a nod to an increasingly complex world, connecting the dots from this year’s iCapital Connect, there are now eight “C’s:” conflict, credit, communication, [value] creation, cowork (AI transformation), collaboration, culture, and connection.
Conflict
Two of Connect’s Mainstage sessions, conversations with former Secretary of Defense Robert Gates and Admiral James Stavridis, USN (Ret.) and Vice Chairman of Carlyle, were specifically dedicated to the topic of geopolitics. Countless other sessions and discussions featured similar conversations about the current state of the world order and the impacts of geopolitics on private and public markets.
In the fog of war, investing decisions can become increasingly uncertain.
It remains unclear how and when the current conflict in the Middle East comes to a conclusion.
Data can help to make sense of some of the impacts on markets thus far.
A March 27, 2026 paper by Goldman Sachs Research aimed to decipher the signal from the noise.
The war in Iran has caused an impact on oil prices, amongst other things, which represents a risk to both public and private markets exposures.
Goldman’s paper compared a historical 60/40 portfolio to the impacts of the Iran war on a current 60/40 (60% S&P 500 stocks and 40% 10-year US Treasury bonds). Goldman found modest declines thus far. “Compared to historical 60/40 drawdowns such as in 2022, that’s a very modest decline so far,” Head of Asset Allocation Christian Mueller-Glissmann said.
Goldman’s paper also noted that their strategists recommend an “equal split between assets exposed to innovation, those protecting against inflation, and those that benefit from a flight to safety.”
What happens next?
As Admiral James Stavridis, USN (Ret.) and Vice Chairman of Carlyle noted in a March 24, 2026 paper, it is unclear when the war in Iran will end.
The clock is ticking, as Admiral Stavridis wrote, and a battle against the clock may force both sides to the negotiating table.
Admiral Stavridis estimated that there was a 65% chance of an optimistic outcome occurring in a 4-6-week timeframe. This would mean a ceasefire and the reopening of the Strait of Hormuz.
A prolonged war, which Admiral Stavridis pegged at a 35% chance, could lead to further uncertainty in markets.
Another element of uncertainty that would come with a prolonged war? Higher oil prices and a ruptured supply chain. It’s hard to grapple with the profound economic impacts that could come from a longer, and perhaps more challenging military campaign in Iran. But investors are trying to put together the pieces of the puzzle as best they can.
But with uncertainty also comes opportunity.
Some of the conversations highlighted the widening spread between public market and buyout purchase price multiples.
A March 2025 chart from Ares, while a bit outdated, highlights a trend that was surfaced at the conference. In fact, one large alternative asset manager noted that the gap between US buyout purchase price multiples and public equity multiples is the widest it’s ever been.
Credit
Private credit was, perhaps to no surprise, a major topic of discussion.
At a time when a number of private credit vehicles are seeing withdrawal requests, many of the alternative asset managers struck a balanced tone about what is going on in the private credit markets.
In conversations that directly addressed the current state of credit markets, managers acknowledged that the current market is putting stress on credit portfolios, and they acknowledged the elevated levels of redemptions. But they also noted that fundamentals are not at worrying levels.
Much of the sentiment from Ares Co-Founder and CEO Michael Arougheti in a conversation moderated by iCapital Chairman and CEO Lawrence Calcano, BlackRock’s Chairman of Private Financing Solutions Executive Office and CEO of HPS Investment Partners Scott Kapnick in a discussion moderated by iCapital Chief Investment Strategist Sonali Basak, and Blue Owl’s CEO of Global Private Wealth Sean Connor all echoed a tone that Goldman Sachs Asset Management Co-Head of Private Credit Vivek Bantwal shared in a March 26, 2026 paper.
Data indicates that defaults and overdue loans in public and private credit continue to be at relatively low levels. Still, some managers have put out disclosures, seeking to allay concerns, and the information is reassuring, Bantwal says. They are showing double-digit growth in revenue and EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) by borrowers, increasing interest coverage, and improving margins.
In the GSAM paper, Bantwal discussed how wealth channel participation in private credit is having an impact on the market:
Part of what is occurring in private credit markets is more technical than fundamental, Bantwal says. Some retail investors are leaving the market, pulling back amid the reports about potential risks. As this happens, private credit may see higher yields relative to the risk-free rate, given how spreads have narrowed in recent years with increased retail investor money coming into the category.
Communication
Another topic that managers stressed was the importance of communication and education, particularly as it relates to product structure.
Words matter, definitions matter, they noted. Many of the speakers said that the term “semi-liquid” does not accurately characterize the nature of evergreen funds. Rather, its connotation as “semi-liquid” does a disservice to both clients and intermediaries.
This observation led to a discussion about the importance of communication and education. Communication and education are critical in order to help wealth clients and advisors understand the details of private markets and the intent and design of different product structures.
This topic was central to the discussion I had with Blue Owl CEO of Global Private Wealth Sean Connor.
Communication and education can be a collective effort, they noted. They also said that educational efforts don’t just benefit clients and advisors, but also helps inform all stakeholders as well.
[Value] Creation
A more challenging macro environment means that the game on the field has become increasingly difficult for private equity firms to generate returns.
The private equity industry must adapt to a new era of investing.
In a world where “12 is the new 5,” as the recent Bain & Company Global Private Equity highlighted, what used to generate returns might no longer pass muster.
Bain called the 5% annual EBITDA growth required to generate a target 20% IRR and a 2.5x MOIC over a 5-year holding period a thing of the past.
“Less forgiving economic conditions” mean that GPs will have to work harder to earn their returns.
How much harder? Bain calculated that 12% annual EBITDA growth will be required to hit the 20% IRR / 2.5x MOIC over a 5-year holding period.
GPs will now need to do more with less. Less leverage and less ability to rely on multiple expansion will be a feature of deals going forward.
Less leverage and reduced reliance on multiple expansion mean that the private equity industry needs to focus on “roll up your sleeves private equity,” as Brookfield Asset Management Managing Partner, Private Equity Katie Zorbas shared on stage.
Value creation requires a persistence in process and a unique ability to carve out an edge that drives outperformance.
Katie also made an important observation about how the current technological revolutions of AI, robotics, and advanced automation are impacting how private equity firms transform industrial companies.
She noted how the fourth industrial revolution will redefine how industrial businesses operate.
Private equity firms with “hands-on operating expertise,” as Katie affirmed, will be critical to driving value in an era where “owning the essentials” will matter.
The advent of AI means that the era of “roll up your sleeves private equity” also means that investment firms must learn to operate in the era of “roll out your agents private equity.”
Cowork
While I don’t mean Anthropic’s Claude Cowork specifically, the topic of AI loomed large in conversations with both wealth managers and asset managers alike.
Private equity firms are fast figuring out how to leverage AI to transform their portfolio companies, as recent news surfaced about partnership talks between Blackstone, an Anthropic investor, Hellman & Friedman, and a consortium of private equity firms and Anthropic.
The step-function change in the capabilities of Claude and its agentic AI for knowledge work, Cowork, has the potential to transform private equity-backed businesses. At a time when value creation will be required to drive value for private equity firms, this technological transformation could be a welcome development for private equity firms looking to increase EBITDA margins.
Wealth management firms are also figuring out how to apply AI to streamline workflows for wealth managers.
This topic featured in my conversation with private markets pioneer AlphaCore Wealth Advisory CEO & Founder Dick Pfister.
At a time when wealth management firms are grappling with customization at scale, AI can help “deliver personalized yet scalable solutions for clients,” as Dick said.
The topic of balancing customization with scale is top of mind for many leaders at the industry’s largest wealth management firms.
Cetera CEO Michael Durbin shared perspectives on how AI will shape the future of advice.
Durbin wasn’t the only RIA executive who asserted the importance of embedding AI in advisors’ workflows.
Hightower Head of Alternative Investments Robert Picard shared his views on the importance of understanding AI, both in terms of investing in innovation and how it can enhance private markets diligence and portfolio monitoring.
Collaboration
Streamlining workflows was also a topic that featured at the conference.
The industry’s biggest firms are going with the flow (workflows, that is).
Another year of iCapital Connect meant another major partnership announcement between two industry mainstays, BlackRock and iCapital.
Last year’s announcement of a partnership between BlackRock, iCapital, and GeoWealth brought unified managed accounts to the advisor’s investing experience, enabling advisors to combine public and private investments into a single portfolio.
Enhancing advisor workflows remains a key priority for the industry’s technology providers.
This year, BlackRock’s Aladdin Wealth and iCapital announced a partnership that further enhances the advisor experience for investing: this partnership creates a unified experience that integrates public and private markets investments, portfolio analysis, risk assessments, and proposal generation seamlessly into a single workflow.
iCapital Chairman and CEO Lawrence Calcano shared how this partnership not only deepens and expands the capabilities of iCapital’s end-to-end workflows, but it also enables advisors to “meet the client where they are.”
A conversation between BlackRock Aladdin Wealth Managing Director Liz Schloemer and iCapital SVP, Platform Partnerships Michael Doniger dove into the details of how and why integrating Aladdin Wealth’s “desktop real estate” for advisors with iCapital’s platform capabilities will allow for more streamlined workflows, something that’s important as advisors look to balance the demands of scale, customization, and personalization as advisors aim to find ways to combine public and private markets investments into holistic portfolio construction.
Technology innovation is enabling advisors to build deeper, more personalized relationships with clients. So too is culture.
Culture
The second day of the conference featured an RIA panel of three executives that are on a path to building a $1T RIA.
In a conversation moderated by iCapital President and RIA industry veteran Gary Gallagher, Pathstone CEO Matt Fleissig, Hightower CEO Larry Restieri, and MAI Managing Partner Rick Buoncore highlighted the importance of culture as they discussed their respective growth paths.
Scaling only works when the foundation of culture has been set in place.
Technology innovation that streamlines workflows will help to continually improve the client experience and deliver outcomes for the client. Each of these RIA executives affirmed this perspective, and noted that is why they are focused on continuing to equip their advisors and teams with technology that enhances client service.
But going with the flow also relates to building the type of culture that a modern RIA must have as it scales.
The cultural foundation? It all starts with the DNA.
DNA is a word that came up often on stage, referenced by both RIAs and asset managers alike.
Brookfield’s Katie Zorbas highlighted the firm’s “owner-operator DNA” as a driving force for how the firm approaches investing, risk management, and partnership with portfolio companies.
Katie’s commentary on Brookfield’s DNA is but one example of a firm’s DNA. Each firm has its own DNA that informs its culture. And its culture informs its values. Its values, when architected and carried out well, can drive its differentiation.
Connection
Speaking of values, there was discussion about why values are so important to create a thriving economic and social order.
Values create trust. And trust enables the rule of law to work.
No one benefits more from a rules-based order than the biggest and wealthiest economies. And the rule of law and a thriving economy extend benefits to everyone, but most of all, to companies and people at the top.
The world, and perhaps even the landscape of alternative asset management, is becoming increasingly multi-polar. But in the face of both rapid technological and geopolitical change, connection creates ties that bind.
As Lawrence said in his opening speech, “we are all in this together.”
There are times when people, industries, and countries can benefit from collaboration. Conversations and perspectives shared this week in Arizona affirmed that connecting the dots means remembering the importance of connection because it doesn’t have to be a “zero-sum game.”
As private markets continue to grow, namaste, go with the flow.
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, Marketing Operations Manager – Vice President. 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) - Senior Associate, Business Intelligence - Global Private Wealth. 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.
🔍 Anthropic (AI foundational model company) - Strategic Account Executive - Asset & Wealth Management. Click here to learn more.
🔍 Krilogy (Wealth manager) - Senior Wealth Advisor. Click here to learn more.
🔍 MSCI (Data services) - Vice President - Private Capital Solutions Sales Executive. 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:
📝 Read The AGM Q&A with MSCI Head of Private Assets Luke Flemmer for perspectives on how market structure is evolving to build increased transparency in private markets. Read here.
🎥 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.
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 and Alt Goes Mainstream on LinkedIn (and AGM’s LinkedIn page), Twitter (@michaelsidgmore), and YouTube 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 Izzy Morin, Ryan McCormack, Nick Owens, Michael Rutter for their contributions to the AGM Index section of the newsletter.