AGM Alts Weekly | 4.12.26: The pieces of the puzzle are coming together
AGM Alts Weekly #150: Making private markets more public, every week.
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Good afternoon from Washington, D.C.
Every year, BlackRock Chairman and CEO Larry Fink pens his Annual Chairman’s Letter to investors.
Fink’s letter takes stock of a “year’s worth of conversations” with clients, employees, world leaders, CEOs, and investors.
His letter can also serve as a roadmap for where the world’s largest asset manager believes markets are heading.
For BlackRock, the pieces of the puzzle seem to be coming together.
A year ago, I wrote about how BlackRock’s landmark acquisitions of infrastructure manager GIP and credit firm HPS Investment Partners added big pieces to the “One BlackRock” puzzle.
GIP and HPS have proven to be puzzle pieces that have fit together quite nicely into BlackRock’s platform, which hit record inflows of almost $700B in net new assets last year.
BlackRock’s private credit AUM and fee-paying AUM grew markedly after its acquisition of HPS. In Q4 2024, BlackRock’s private credit AUM was $38B. At the end of 2025, it stood much taller at $203B. The increase in AUM enabled an increase in lockstep in fee-paying AUM, with private credit FPAUM growing from $32B to $146B, as the below chart from the firm’s Q4 2025 earnings report illustrates.
Infrastructure also represents a large and growing portion of the BlackRock alternatives business. Infrastructure AUM isn’t far behind private credit, totaling $189B in AUM and $112B in FPAUM.
Growing the firm’s footprint in private credit and infrastructure appears to jive with Fink’s punchlines from his Annual Letter.
A good portion of Fink’s letter focused on how countries need to invest in their infrastructure in order to grow in a world that’s increasingly “reorganizing around self-reliance,” as Fink noted.
Expensive endeavors
Going at it alone is an expensive endeavor. Large quantums of capital are required to finance megatrends across energy, defense, and technology (AI).
Increasingly, financing for these trends is coming from capital markets.
BlackRock is seeing the phenomenon unfold firsthand.
In infrastructure, the firm closed GIP’s fifth flagship fund at $25.2B, which was the largest-ever client capital raise in a private infrastructure fund. In private credit, BlackRock had almost $20B of net inflows in 2025, largely led by HPS’s flagship franchises.
Fink posited that more of that capital flowing into financing these trends should come from the home front.
Investing in these megatrends requires financing across the capital structure, and infrastructure and private credit are engines that power the growth in areas like energy and AI.
As Fink noted in last year’s Chairman’s Letter, $68T in infrastructure investment is required to finance critical infrastructure and the AI buildout.
Fink argued that citizens’ investment dollars can be put to work to help countries finance the engines of economic growth across companies, infrastructure, and jobs.
At its best, long-term investing performs a kind of civic miracle. When people invest their savings—over decades, not days—the capital markets put that money to work, financing companies, infrastructure, and jobs. And when that cycle happens in your own country, your future and your nation’s future become linked. You help finance its growth. It helps finance yours.
Unlocking access
But, as Fink rightly pointed out, not enough people have been able to participate in capital markets and reap the benefits of the wealth creation opportunities afforded to those who are asset owners.
Even in the US, a country where savings exists and has the highest rate of market participation in the world, roughly 40% of the population does not have exposure to capital markets, as Fink wrote.
Part of the issue is a structural one.
As the FT’s Nicholas Megaw wrote recently, the “private markets are developing their own Magnificent Seven.”
Six US-based unlisted companies are valued at over $100B. The likes of SpaceX, OpenAI, Anthropic, Stripe, Databricks, and Waymo are only available to the select few who can access these companies in private markets.
A recent chart from Forge highlights the growth of the “Private Magnificent 7” versus the public Mag 7 (note: Forge’s Private Mag 7 includes SpaceX, OpenAI, Anthropic, xAI, Stripe, Databricks, and Anduril).
Solutions to this access problem are being built, albeit not without their own set of issues.
Investment trusts such as Baillie Gifford’s US Growth Trust, whose £850M in assets have a 41% exposure to private companies like SpaceX, Anthropic, and OpenAI, RIT’s investment trust, and Fundrise’s VCX are a few examples of publicly traded investment vehicles that provide investors with access to private markets investments.
Offering more investors the ability to participate in companies that are creating the majority of their value in private markets (well, at least compared to many of the current Mag 7 companies like Nvidia, Amazon, Microsoft, Google, and Apple, whose current values were largely realized in public markets) is a positive thing. Current investment returns are punctuated by unicorn private company outperformance relative to public companies, as the below chart from the FT and Morningstar illustrates.
But some of these publicly traded investment vehicles have experienced meaningful volatility in their share price, in some cases creating dynamics where share price has traded at a significant (and, to some, irrational) premium to NAV.
Adding buckets to a total portfolio approach
Accessing late-stage private companies is but one piece of the puzzle to provide more investors with access to more investments.
BlackRock’s puzzle is hurtling closer to completion. But its franchise, particularly in private markets, could still benefit from two major puzzle pieces that could take its private markets capabilities to the next level.
Private equity remains a small, and contracting, piece of BlackRock’s private markets capabilities.
The firm’s private equity AUM stood at $37B ($31B of which is FPAUM) at the end of 2025. As private credit and infrastructure AUM expanded significantly, BlackRock’s private equity AUM shrunk.
BlackRock has reportedly eyed acquisitions in private equity for years, including taking a close look at Warburg Pincus in 2024.
BlackRock’s partnership with Partners Group (listen to an April 2025 podcast on AGM with BlackRock’s Joe DeVico and Jon Diorio and Partners Group’s Rob Collins for more on private markets’ “iPhone moment”) could possibly be foreshadowing of a deeper partnership.
And a platform like Partners Group, replete with direct equity investment dealflow and a secondaries and primary franchise that creates an expansive universe of relationships with GPs, could be a puzzle piece for BlackRock.
As the above slide from a Partners Group Investor Presentation illustrates, direct assets accounted for 65% of the $27B in new investments the firm made in 2025.
Further, Partners Group’s “giga themes” of digitization & automation, new living, and decarbonization & sustainability would seem to align well with the megatrends that Fink referenced in his Chairman’s Letter.
And Partners Group’s footprint across private wealth (which includes a partnership with BlackRock), defined contribution, insurance, and sovereign wealth funds aligns well with BlackRock’s existing areas of focus.
But nothing beyond a partnership of a “first-of-its-kind model portfolio solution streamlining retail wealth access to private equity, private credit, and real assets” between the two firms has materialized to date.
If not Partners Group, BlackRock could also eye firms that have similar capabilities to Partners Group, such as Hamilton Lane, StepStone, HarbourVest, and Pantheon.
The secondaries space is in the midst of continued consolidation, as EQT’s acquisition of Coller Capital, Franklin Templeton’s acquisition of Lexington Partners, Goldman’s acquisition of Industry Ventures, KKR’s acquisition of Arctos, and Bridgepoint’s acquisition of Newbury, all highlight.
With EQT’s acquisition of Coller a few months ago, Ardian, the world’s largest independent secondaries platform, continues to dance on its own. Could that change if BlackRock is looking to add another scaled player to its scaled platform?
Scaling to new heights
In his Chairman’s Letter, Fink referenced “scale” a number of times.
He noted that “One of BlackRock’s enduring strengths is that we operate as a truly global asset manager, while remaining deeply local in how we serve clients.”
He then went on to remark that “BlackRock’s platform is anchored by scale engines tied to the long-term expansion of the global capital markets and fast-growing client and product channels. The opportunity ahead is inspiring: to help reshape portfolios for more complex markets, deepen partnerships with clients, and deliver durable, profitable growth for our shareholders.”
Adding a more built-out private equity capability, either with a large private equity franchise or via a large secondaries and co-investment platform, would reinforce Fink’s statement of aligning the firm with the long-term expansion of the global capital markets and fast-growing client and product channels, such as private markets, wealth, and retirement.
If BlackRock is to realize its ambitious fundraising plan in private markets by 2030, which Fink said is $400B (and, along with technology, representing 30% of the firm’s $35B revenue goal in 2030), the firm might have to add a scaled platform in private equity or secondaries.
In private markets, we’re executing on an ambitious fundraising plan to raise a cumulative $400 billion by 2030. We have scaled platforms across two of the fastest-growing sectors in private markets—infrastructure and private credit. And we’re executing on a growing opportunity to bring the benefits of private markets investments to more investors, including insurance and wealth clients, and individuals saving for retirement.
If BlackRock wants more pure play private equity capabilities, it could turn its focus to any of the scaled independent private equity-focused alternative asset managers that look similar to Warburg Pincus, as I noted in AGM’s Next Wave a year ago.
If BlackRock is looking to add both pure play private equity capabilities with a broader set of investment solutions, Clearlake, fresh off its major acquisition of Pathway, could be an interesting option.
Perhaps Mercer’s recent move to acquire AltamarCAM will spur on additional acquisition activity in the investment solutions platform space, as large, scaled investment platforms continue to push into wealth and retirement channels.
What’s the model?
Model portfolios could be key to unlocking more capital flowing from the wealth channel into private markets funds.
This “model behavior,” as I wrote on AGM in September 2024, is driving private markets towards total portfolio solutions.
Model portfolios are a major part of the engine that could drive broader adoption of private markets by the wealth and retirement channels.
BlackRock is already the largest model provider, according to research by Morningstar. And models were a driving force behind growth in ETFs.
Could models be that same growth engine for private markets?
BlackRock’s recent partnership with iCapital, which was announced a few weeks ago, could be part of the puzzle.
Last year, the 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.
Fink noted in this year’s Chairman’s Letter the importance of technology solutions as the way in which BlackRock can deliver a comprehensive investment solution to its clients:
We’ve always seen Aladdin as the language of portfolios. Today, institutional clients around the world are turning to Aladdin to simplify their investment operations or integrate their data, risk, and portfolio management capabilities into a single, unified platform.
Another piece of the puzzle for BlackRock is marrying technology, a total portfolio approach, and retirement.
As the world’s largest insurance general account manager with $700B in assets and the world’s largest defined contribution investment-only manager, which includes $600B in their LifePath target-date fund offering, BlackRock possesses both the relationships and the rails to facilitate capital flows into private markets.
Fink reinforced the firm’s belief that private markets should be a part of retirement plans:
Many retirement plans around the world, including defined benefit plans, already include private markets allocations, bringing diversification, income, and the potential for greater alpha to individual constituents, not just institutions. But in the United States, the vast majority of retirement savers access the capital markets through a 401(k) offering, and don’t have access to private markets. We’re seeing significant momentum for a regulatory framework that could change that. We believe that private markets offer the potential to enhance retirement outcomes for participants when thoughtfully and responsibly incorporated into a professionally managed target date fund. Changes that bring private markets into 401(k) plans represent another opportunity for Preqin. Plan sponsors will need a wealth of data and standardized benchmarks, and Preqin is well-positioned to help provide this data and accelerate the transition.
Private markets have yet to make its way into retirement portfolios to date. There are a number of very good reasons why there has yet to be broad-based adoption of private markets within retirement accounts.
The industry must hurdle over regulations as well as more advanced data, monitoring, and rebalancing capabilities. As private markets undergoes turbulence in the short-term, the infrastructure for private markets continues to be built.
That’s part of the reason why Fink continues to take a long-term view on where capital markets and private markets are heading as he and his firm continue to put together the pieces of the puzzle.
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) - Director, Transformation Management - Private Credit & Private Markets. 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) - Sales Executive, VP - Private Capital Solutions. 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 Stonepeak’s Partner and Senior Managing Director, Stonepeak Credit Ryan Roberge on the evolution of infrastructure credit. Watch here.
🎥 Watch Bloomberg’s Head of Fixed Income & Private Markets Brad Foster on the convergence between public and private markets and how the market structure evolution in private markets might unfold. Watch here.
📝 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 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 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 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.
🎥 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 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 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 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 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.
🎥 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.
📝 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.
Thank you for reading. If you like the Alts Weekly, please share it with your friends, colleagues, and anyone interested in private markets.
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Special thanks to Cameron Molnar, Ryan McCormack, Nick Owens, Michael Rutter for their contributions to the AGM Index section of the newsletter.