AGM Alts Weekly | 4.14.24
AGM Alts Weekly | 4.14.24
AGM Alts Weekly #47: Making private markets more public, every week.
👋 Hi, I’m Michael.
Welcome to AGM, the meeting place for private markets.
I’m excited to share my weekly newsletter, the AGM Alts Weekly. Every Sunday, I cover news, trends, and insights on the continuing evolution and innovation in private markets. I share relevant news articles, commentary, an Index of publicly traded alternative asset managers, job openings at private markets firms, and recent podcasts and thought pieces from Alt Goes Mainstream.
Join us to understand what’s going on in private markets so you and your firm can stay up to date on the latest trends and navigate this rapidly changing landscape.
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Good morning from DC. I’ve just returned from a week of meetings in NYC that included an event on Private Markets Trends in collaboration with Schroders and Pangea.
The conversation was rich and nuanced. With other key stakeholders in the room, the discussion dove into some of the pressing challenges that private markets are trying to solve.
A few hot-button themes emerged from the discussion.
Focus, innovation, and complexity: The wealth channel’s entrance into private markets has led to a significant focus from both alternative asset managers and traditional asset managers alike, who are looking to work with this collectively large pool of wealth that has only scratched the surface of its overall allocation to private markets. Focus has yielded innovation, both in terms of product structure and education. Innovation has led to new layers of complexity.
The hyper-personalization of wealth management: Questions arose about how hyper-personalization of wealth management can lead to better product delivery.
Product delivery innovations: Product delivery matters, particularly in the context of the rapidly evolving innovation around holistic portfolio construction tools for the wealth channel. In order for the supply chain of private markets to have the right products flowing through its pipes to the right places, investors need to be able to understand where alternatives products and strategies fit into their portfolios.
Alts: from sold to bought
There’s a question that has been on the minds of many in private markets: will alts go from being sold to bought?
If so, when and how?
Many in the industry would likely say that alts are still very much sold not bought. And there’s plenty of time before alts reach the point where they are bought rather than sold.
However, an event that occurred this week at the intersection of alts and wealth could foreshadow alts being bought rather than sold in the future.
Cerity Partners, an $85B independent wealth management firm, acquired Agility to add $15B in assets to their growing platform. Agility, formerly a division of Perella Weinberg Partners Capital Management, provides outsourced chief investment officer (“OCIO”) solutions for endowments, foundations, family offices, corporations, healthcare organizations, and other clientele.
This acquisition is just the tip of the iceberg of a much bigger theme about to define the intersection of wealth and private markets: wealth managers looking to OCIO skillsets and services to augment their private markets capabilities.
Wealth managers, particularly the large and growing RIA platforms, are looking to deepen their offerings for clients within private markets.
To do this, wealth management platforms must look to add expertise, networks, depth of relationships, and market coverage to their platforms. In some cases, that will mean build. In other cases, that will mean acquire. In many cases, that will mean contract.
From “nice to have” to “need to have”
In January, I wrote about how alternative asset managers view the wealth channel as a strategically important LP as they look to grow AUM. Certainly, the size and scale of wealth channel AUM would suggest that the juice is worth the squeeze.
The importance of the wealth channel as an increasingly important LP is coinciding with another trend: the growth of the OCIO space.
OCIO services happen to be growing at a rapid pace, according to a 2022 report by Chestnut Advisory Group.
In 2022, Chestnut predicted that global OCIO AUA would reach $4.15T AUA by 2026, an 11% CAGR. Asset and wealth management research firm Cerulli observed a similar trend, albeit predicting roughly half the annual growth rate as Chestnut (5.6%) to $3T AUA by 2026. In an August 2023 article in Institutional Investor, director of Cerulli’s institutional division Laura Levesque said that OCIOs could help investors move into alternatives in a systematic, comprehensive way: “OCIOs can gain access to [a variety of asset classes, including alternatives and private assets] through economies of scale and commingled vehicles, another reason nonprofits are moving to the model.”
Back in August, I wondered aloud if the wealth channel would look to OCIOs to help them navigate private markets:
AGM Weekly: As the wealth channel continues to shift its focus to alts, it will be interesting to see if wealth managers decide to work with OCIOs. While the “Super RIAs” and wealth management platforms like Focus, Hightower, and Dynasty have or will likely build out their own in-house teams focused on alts (see last week’s AGM newsletter for more on this), there are still many few hundred million to multi-billion dollar RIAs who may have bandwidth constrained small teams focused in-house on private markets. They may look to outsource some of their work to an OCIO or investment consultant, if they don’t already, so they can gain some operating leverage and broader coverage of the private markets universe. This begs an interesting question: how will the use of OCIOs change the way alts are distributed and sold?
Cerity’s acquisition of Agility this week might have provided an answer. Alts are not just a “nice to have” capability for the wealth channel, particularly for the “Super RIA” platforms. Private market expertise and networks are a “need to have” for the large wealth platforms.
The foundation has been laid. The pipes are in place. The wealth channel now has access to private markets. But access doesn’t necessarily mean differentiation. Now comes the next phase.
The need for customization and differentiation
OCIOs offer investors a set of capabilities that they may not possess in-house. OCIOs can work with investors on both their public markets and private markets exposures. Many OCIOs possess tremendous knowledge, networks, and expertise in private markets.
The likes of Cambridge Associates, Wilshire, Aksia, Partners Capital, Meketa, GroveStreet, Truvvo (now Lazard Family Office Services), Agility (now Cerity Partners OCIO), and others have deep experience helping investors successfully canvas and access private markets.
They often have teams dedicated to covering private markets, in many cases boasting experienced professionals that focus on specific strategies, whether it be private equity, private credit, venture.
OCIOs can have both the knowledge and networks to go deep into a specific asset class to create customized portfolios tailored to their clients’ needs.
Properly covering private markets, particularly middle market private equity and smaller, emerging managers across buyout, growth, and venture, takes time and resources that many wealth managers aren’t equipped with. Time is one of the most valuable assets that wealth management firms have — and given the various aspects of their business that they have to handle across client service, new client acquisition, investment research and planning, investing in private markets represents only a portion of their time.
Blue Owl Global Private Wealth President & CEO Sean Connor encapsulated the multitude of pressures on an advisor’s time in his recent Alt Goes Mainstream podcast:
Blue Owl’s Sean Connor: I was meeting with a very large financial advisor just last week down in Miami and he shared with me, he goes, I spend 80 percent of my time just trying to go get new clients. 80 percent of his time. So that means he spends 20 percent of his time doing everything else. Let's say all 20 percent is focused on investments. And let's say 10 percent of his portfolios in alternatives, private markets. You're fighting for 2 percent of his time. It's just mindshare. These advisors that you call on they're running businesses. They're trying to get new clients. And there's plenty of Blue Owl's trying to call them. And then there's the long only shop trying to call them. And then there's insurance companies and all the service providers. They get inundated, so it's very easy to get drowned out in all that noise. Trying to figure out ways to stand out is a big part of the effort.
In private markets, time is an allocator’s most valuable asset. Return dispersion is greatest in the hardest to access and hardest to underwrite categories. The difference in performance is particularly pronounced in venture capital, growth, and lower middle market private equity.
A chart below from Natixis, utilizing Adams Street Partners data from 2019, highlights return dispersion in private equity.
Access to private markets is now table stakes. Many allocators in the wealth channel now have it if they want it.
The next step? Customization. To differentiate their offerings, wealth platforms will aim to customize allocations to private markets for their clients. To customize, wealth platforms will have to properly cover private markets.
How do allocators ensure that they are uncovering and underwriting the right managers in these categories? With proper time and resources allocated to these markets. The challenge? Many allocators lack the time and resources to do this in-house.
Enter OCIOs.
Outside, in or inside, out?
The build, buy, partner framework is the discussion that’s being actively debated in wealth management firms’ offices.
They can bring OCIO capabilities in-house. Some of the larger wealth platforms have hired CIO talent and teams to cover private markets in a comprehensive fashion.
Others have chosen to buy. Cerity’s acquisition of Agility highlights this decision. Lazard Asset Management made a similar calculation in 2023 when they acquired $3.8B AUM Truvvo Partners in March 2023.
However, any wealth firms will likely go down the partner path. The “Super RIAs” have the size, scale, and balance sheets (thanks to relationships with their private equity investors, in many cases) to either hire or buy their way into OCIO capabilities. Most RIAs will look to achieve private markets coverage through partnership. That means OCIO firms will have an opportunity to work with advisors and platforms across the wealth channel.
Navigating this industry evolution
What are the takeaways from this industry evolution?
RIAs / wealth platforms: Wealth firms will think hard about differentiation and customization. How can they achieve these features for their clients? Is differentiation best done by building, buying, or partnering? Many will choose to work with OCIOs or investment platforms that offer customization for them and their clients.
OCIOs: For years, OCIOs have worked with institutional investors. These clients will remain a major source of business for OCIO firms. Institutional Investor’s Hannah Zhang highlighted the pressures on endowments and foundations, particularly smaller firms, as a driver for increased adoption of OCIO services by these allocators. That will continue. However, OCIOs will begin to focus on the wealth channel as a growth area.
Alternative asset managers: AAMs will have to figure out how to cover the OCIO channel if they want to work with the wealth channel. The largest alternative asset managers will figure out how to reconfigure their distribution efforts within the wealth channel to add OCIO coverage to their arsenal. It’s the alternative asset managers one layer down that will have an interesting strategic decision: should they resource their distribution team to cover OCIOs? In some senses, working through this channel could give them sales leverage. The other beneficiaries of the increased importance of OCIOs? Smaller funds. OCIOs can be the conduit for wealth channel capital into smaller funds. These funds may not have the investor relations resources to directly cover the wealth channel, but they can do it with their investment performance.
There is a wildcard in this industry evolution, however. Some OCIOs are beginning to move from AUA and consultant models to AUM models where they launch their own funds. This strategic shift is understandable from a business perspective. AUM models offer OCIO firms the chance to capture higher fees. They already have the access, the expertise to underwrite, and the relationships with managers, so why not offer investment products to their clients?
It makes dollars and sense. But it could also create yet another private markets collision course. We are already in the midst of witnessing a collision course between alternative asset managers and traditional asset managers that are adding private markets strategies to compete with their counterparts. Now, OCIOs could be on a collision course with some of the very firms that they could either advise or invest in.
In a sea of similarity, there’s an opportunity to be different.
The first wave of alts was about access.
The next wave of alts will be about customization and differentiation. This week’s news of Cerity acquiring Agility might be a signal that we’ve come to a new dawn in the evolution of private markets.
Speaking of evolutions, that’s just what Wrexham AFC have done as a football club over the past few years. Congratulations to the team and town of Wrexham and Wrexham AFC Board Director Shaun Harvey (and AGM podcast guest) on what is one of the best stories in sports: another magical season that has resulted in a second consecutive promotion up the English football pyramid, this time to EFL League One. Up the Town!
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.
AGM News of the Week
Articles we are reading
📝 CVC poised to launch IPO as early as Monday | Ivan Levingston & Arash Massoudi, Financial Times
💡Financial Times’ Ivan Levingston and Arash Massoudi report that European private equity giant CVC Capital Partners could announce its plans to go public as soon as Monday. An Amsterdam listing of CVC would represent one of Europe’s most highly anticipated listings this year. €186B AUM CVC has continued to grow its AUM through both fundraising performance and acquisitions. The firm raised a €26B private equity fund in July 2023, achieving a record-breaking fundraise amidst a difficult time for private equity firms to raise capital. CVC has also gone on an acquisition spree to expand its platform across strategies and grow its LP base. Last September, CVC bought a majority stake in Dutch infrastructure investor DIF Capital Partners for €1B. In 2021, CVC expanded into secondaries with the purchase of $8B AUM Glendower Capital, a secondary buyout specialist. A listing in Europe wouldn’t be the first time CVC has entertained going public. They first signaled intentions to go public in May 2022 and then again in 2023 but scrapped plans to list due to tumultuous markets. If CVC is to go public, it would create a win for the GP stakes space as Blue Owl, who bought a minority stake in CVC in 2021 at a €15B valuation, would see liquidity from the listing.
💸 AGM’s 2/20: CVC’s listing would represent a landmark IPO for private markets and would see yet another large, multi-strategy firm cross the chasm to publicly listed alternative asset manager. It will be interesting to see CVC’s fee-paying AUM figures, as it would likely put the firm in a similar class to many of its publicly traded peers. I anticipate that CVC will continue to drive AUM growth to scale, as other publicly traded firms have done. The big question? Historically, much of CVC’s assets have come from private equity funds. We’ve talked about how the addressable AUM of private equity, while large, has more of a ceiling than other strategies. CVC’s performance in public markets may hinge not only on strong private equity performance and fundraising success, which they have certainly exhibited the ability to achieve but rather on their growth in other strategies. They have done well to expand beyond their private equity roots, growing their Credit Strategies to €40B AUM and their Secondaries strategy to €13B AUM. CVC’s acquisition of DIF also added another €16B AUM to the mix at the time of the 2023 acquisition. I would expect CVC to continue to both grow AUM in strategies outside of private equity and also continue to be acquisitive to augment their AUM and LP base. Other big winners from a CVC IPO? Blue Owl, their minority investor, and the GP stakes space more broadly. An IPO would represent another exit for the stakes space and be yet another proof point that alternative asset managers that achieve certain size and scale can get liquidity.
📝 Norway says “nei” to private equity | Robin Wigglesworth, Financial Times
💡One of the most anticipated entrants into private equity has decided to stay on the sidelines. For the time being, at least. Financial Times’ Robin Wigglesworth covers the latest stance on one of the world’s largest allocators, $1.6T AUM Norges Bank Investment Management (“NBIM”). Over the past months, NBIM has considered adding private equity allocations to its list of exposures. Last week, Norway’s finance minister decided to put off a decision on allocating to private equity in the near term, saying, “an expansion to unlisted equities would entail investments that would have to be managed in a manner that is substantially different from the current investment management. The Ministry of Finance therefore wishes to gather more information about both financial and non-financial aspects of such investments. The Ministry intends for a new, external expert council for the Fund, as suggested by the Sverdrup-committee, to be established in 2024. Among the new council’s assignments shall be to assess different aspects of unlisted equities.” The “not now” decision puts the brakes on what would likely be an $80B allocation to private equity from NBIM. Private equity will hope that this is just “not now” rather than “never.” Those in favor of saying no to private equity include BI (Norwegian business school) finance professor Espen Henricksen, who claimed that it was a “very wise decision” to pass on private equity. Henricksen cites issues with private equity: “Private equity would have been concentrated bets and diseconomies of scale in closed private markets. It would thus have been the opposite of and a departure from what has made the management of the GPFG a success.” The debate will continue within the Norwegian government, but for now, private equity will have to look elsewhere to grow AUM.
💸 AGM’s 2/20: Norway’s decision to punt on an allocation to private equity highlights arguments on both sides of the debate. It’s understandable that a decision that could result in $80B of capital flowing into private markets would undergo such scrutiny and attract polarizing opinions. While I understand some of the rationale for holding off on allocating to private equity, I do wonder if it would be prudent to add some exposure to private markets. I don’t entirely agree with Henricksen’s assertion that “private equity would have been concentrated bets and diseconomies of scale.” With private companies staying private longer and a concentration of public equity returns in the Mag 7 and the largest companies, one could argue that private equity offers diversification and possible return enhancement. A Goldman Sachs research paper on “Is the S&P 500 too concentrated?” includes a chart that highlights this phenomenon.
Led by the Mag 7, the 10 largest US stocks now account for 33% of the S&P 500 index’s market value. This figure comes in well above the 27% share reached at the peak of the tech bubble in 2000, writes Ben Snider, senior strategist on the US Portfolio Strategy macro team in Goldman Sachs Research. This data would suggest that public markets have meaningful concentration.
When combined with data that 87% of US companies with >$100M revenue are private and companies are staying private longer, as I wrote in the March 2024 AGM Weekly, private markets would appear to be a good way to achieve diversification and return enhancements outside of the concentration of listed equities.
I recognize that the answers to this debate are far from clear cut. Yes, fees in private equity are high, particularly when carry is factored in. But they are coming down (see “Beyond 2/20” in my AGM Weekly on January 14), particularly when allocators invest in size. And yes, as more capital flows into private equity, it’s possible that investors could be receiving private markets beta in their search for alpha. But it’s net of fees and carry that matters most in investing. If private markets can generate higher returns than public markets and investors can handle the illiquidity, then it could be worth allocating some portion of capital to private equity.
📝 Private bank CIOs cite higher costs and risks as barriers for semi-liquid funds | Margaryta Kirakosian, Citywire
💡Citywire’s Margaryta Kirakosian reports that private bank CIOs cite challenges with one of the most popular private markets product tailored for the wealth channel. Many view semi-liquid, or evergreen, funds as a key to unlocking AUM flows from the wealth channel. However, some private bank CIOs highlight issues with the structures of these products. Dan Scott, Head of Vontobel multi-asset, finds that semi-liquid strategies have yet to see a strong increase in demand from wealthy clients thus far. “While such strategies can offer more liquidity than direct private investments, they still can’t match the liquidity of traditional investments because of lock-up periods, limited redemption opportunities, and specific market conditions,” he said. Scott also notes that both the regulatory complexity and post-investment operational challenges make these products more difficult to understand and implement. “The management and operational costs associated with semi-liquid strategies can be higher due to the complexity of managing illiquid assets and meeting regulatory requirements,” Scott said. Another CIO, Syz’s Charles-Henry Monchau, highlights his concern about the illusion of liquidity with these funds. “Moreover, the underlying strategies remain high risk, which means downside risk and permanent loss of capital are key considerations,” he said. Despite concerns from some in the allocator community, semi-liquid funds have seen strong AUM inflows. According to the latest Preqin research, semi-liquid funds have attracted $350B AUM over the past five years. Track record and brand appear to be key determinants for what makes a number of allocators comfortable with allocating to semi-liquid funds. Fredrik Oberg, CIO at Swedish private bank SEB, said they are gradually offering more of these strategies, both internally and through partnership with asset managers like EQT, Neuberger Berman, Copenhagen Infrastructure Partners, and Partners Group. “We are picky when it comes to which partners we are willing to work with. Among other things, they must have a long and strong track record,” Oberg said. Other CIOs have cited education as critical to the success of semi-liquid products. LGT Private Bank CIO and Head of Investment Services for Europe Gerald Moser believes that semi-liquid funds can help private clients access private investments by hurdling over challenges such as illiquidity and complexity of cash management for private markets, but says that education and transparent reporting are critical to an uptake in adoption of the products. “We are confident that some of the worries can be tackled with a focus on education and transparent reporting,” Moser said.
💸 AGM’s 2/20: As the wealth channel becomes a bigger allocator to private markets, alternative asset managers and allocators understand that there is not yet a perfect solution for all investors. Semi-liquid or evergreen funds are currently a balancing act between offering access, cost, some levels of liquidity, reduced operational complexities around K-1s, reporting, and cash management, and perhaps the illusion of liquidity and a need for independent valuation and real-time reporting. Many of the alternative asset managers understand these challenges. They are working to construct investment products that meet the needs of a newer investor in private markets. Service providers also have a role to play as solutions providers. There’s plenty of innovation happening in the post-investment process as these funds take a starring role in the mainstreaming of private markets. Fund administrators are meeting the moment to provide better post-investment processes and tools for alternative asset managers with semi-liquid funds. Valuation and reporting technologies are being built to help alternative asset managers handle the more frequent reporting requirements of semi-liquid funds. Infrastructure providers and distribution platforms are enabling funds to reach the wealth channel with increased visibility and access. All of this innovation will help push private markets product innovation forward, even if its not perfect today.
Reports we are reading
📝 Plausible tomorrows 2035-2049 | Vinod Khosla, Khosla Ventures
💡One of venture’s best investors — and visionaries — Vinod Khosla of Khosla Ventures penned a report on what the future might hold. Venture investing is, in some respects, about skating to where the puck is going. VCs are investing in companies that could shape the future, and they are often investing for what the world might look like in ten years time rather than today. Khosla highlights a number of trends that could define the future.
Here are predictions from Khosla, quoted word for word. I’ve included all of them because they are thought-provoking and worth highlighting:
Expertise will be free: We will be capable of having AI-based near free tutors for every child, and doctors for every citizen 24x7, accessibly and affordably.
Labor will be near free: We will have a billion bipedal (and other) robots freeing humans from the slavery of the bottom 50% of undesirable jobs, creating a larger industry than the auto industry.
Computer use will grow expansively: There will be a billion+ programmers all “programming” in natural, human language, dramatically increasing what can be done with computers. Computers will adopt to humans, not humans to computers, democratizing computers.
AI will play a large role in entertainment and design: Music and entertainment could be plentiful, and personalized for you and your mood! Content creation would be commoditized, but not change the celebrity-consumer relationship.
Internet access will be mostly by agents: Most consumer access of the internet could be agents acting for consumers doing tasks and fending off marketers and bots. Tens of billions of agents on the internet will be normal.
There will be clean, dispatchable electric power: By 2050, fusion boilers will retrofit and replace coal and natural gas, reducing the need to build whole new fusion plants. Superhot geothermal >400C is also a real alternative.
Cars could be displaced in cities: We could replace the majority of cars in most cities with personal autonomous transit as on-demand, affordable, public transit with little public financing. This will reduce congestion, increase city street throughput.
Flying will be faster: We will have Mach 5 planes that get us from NYC to London in 90 minutes — on sustainable aviation fuel, making the world closer!
Resources will be plentiful: We can discover more natural resources in the next few decades. We will prove all resource doomers on lithium, cobalt, copper, etc wrong.
Food and fertilizers will have alternatives: We could have much better alternate protein production to replace traditional animal protein, and “green” fertilizer. And taste will far exceed that of traditional cows.
From the practice to the science of medicine: We will be capable of providing precision care based on patients’ -omics, as well as AI models for each individual enabling N=1 personalized simulation, therapeutics, drug dosage.
Carbon will have solutions, if we have time: Carbon emissions could be a smaller issue because we will get entrepreneurs to develop & scale better technologies for cement, steel, agriculture, transportation, power production, DAC, etc. Most such efforts will fail but enough will succeed to solve the problem of carbon emissions in the critical areas, well before 2050!
💸 AGM’s 2/20: Khosla’s predictions make the mind turn. Here are a few thoughts on what his predictions could mean for tomorrow.
Robots (and AI) could make many tasks significantly more efficient. That means long robots.
It also means long entertainment, particularly sports. Sports is really the last frontier of live, unscripted content. With more free time due to advancements in AI and robot technology, people will want to engage in entertainment. It’s not a surprise to see private equity focus so much on entertainment with this impending evolution upon us.
Commerce will also change due to advancements in transportation. The world will become closer, meaning that people may choose to live in different places than they do today because commuting will be easier and quicker than it has been in the past.
As the world becomes more commoditized, I believe that artisan, bespoke, and original work will become more highly valued. This can be a positive for artist, musicians, writers, creatives, and content creators. In a sea of similarity, there’s an opportunity to be different. This could also inform where future students spend their time studying … perhaps writing, arts, history, and other liberal arts subjects will become increasingly important skills in a world where technology commoditizes much of the world as we know it.
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.
🔍 Neuberger Berman Private Wealth (Investment and wealth management platform) - Head of Investment Platform. Click here to learn more (and a chance to work directly with AGM podcast guest, NB Private Wealth CIO Shannon Saccocia).
🔍 Apollo (Alternative asset manager) - Distribution & Wealth Services Associate. Click here to learn more.
🔍 iCapital (Private markets infrastructure investment platform) - Head of Investor Relations - Managing Director. Click here to learn more.
🔍 Blue Owl (Alternative asset manager) - VP, Private Wealth Distribution Business Manager, Americas. Click here to learn more.
🔍 AltExchange (Alternative asset management data) - Inside Sales Rep for MFOs / RIAs / SFOs. Click here to learn more.
🔍 Goldman Sachs (Asset manager) - Asset & Wealth Management - Alternatives Distribution for Wealth - Vice President (London). Click here to learn more.
🔍 Canoe Intelligence (Alternative asset management data) - Growth Marketing Manager, Wealth Management. Click here to learn more.
🔍 73 Strings (Portfolio monitoring and valuation) - Associate Vice President - Private Credit. Click here to learn more.
🔍 Hamilton Lane (Alternative asset manager) - Vice President, Private Wealth Solutions. Click here to learn more.
🔍 Allianz SE (Asset manager) - Strategist, Group Strategy and Portfolio Management (Munich). Click here to learn more.
The latest on Alt Goes Mainstream
Recent podcast or video episodes and blog posts on Alt Goes Mainstream:
🎙 Hear Hamilton Lane Managing Director & Head of Technology Solutions Griff Norville share why he believes private markets are moving from the Stone Age to the digital age. Listen here.
🎙 Hear Carlyle Operating Partner & Net Health CEO Ron Books discuss lessons learned from growing ECi Software Solutions to $500M revenue and $200M EBITDA and working with private equity. Listen here.
🎙 Hear Blue Owl’s Global Private Wealth President & CEO Sean Connor share insights and lessons learned from working with the wealth channel. Listen here.
🎙 Hear Blackstone CTO John Stecher discuss how technology is transforming private markets. Listen here.
🎥 Watch Lawrence Calcano, Chairman & CEO at iCapital, and I take the pulse of private markets on the 8th episode of our monthly show, the Monthly Alts Pulse. We discuss how product innovation, particularly with evergreen funds, is enabling the wealth channel to invest in private markets. Watch 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 Patrick McGowan, MD and Head of Alternative Investments, and Oksana Poznak, Director of Strategic Partnerships of $28B Sanctuary Wealth on working with the wealth channel. Listen here.
🎥 Watch me talk with David Weisburd of 10X Capital Podcast about why the wealth channel is becoming a centerpiece of the LP universe, drawing on my experience helping to build the wealth channel at iCapital as an early, pre-product employee and our investments at Broadhaven Ventures in private markets technology. Watch here.
🎥 Watch the replay of the fireside chat at Future Proof decoding the rise of alts with some of the most influential players in private markets: Stephanie Drescher, Partner, Chief Client & Product Development Officer, and member of the Leadership Team at Apollo, and Shannon Saccocia, the CIO at Neuberger Berman Private Wealth. Watch here.
🎙 Hear Chris Ailman, the CIO of $307B CalSTRS, discuss how he manages a portfolio with ~40% exposure to private markets. Listen here.
🎙 Hear the incredible story of “tech’s most unlikely venture capitalist,” Pejman Nozad, Co-Founder & Founding Managing Partner of Pear VC, on how they’ve built a seed investing powerhouse. Listen here.
🎙 Hear wealth management industry titan Haig Ariyan, CEO of Arax Investment Partners, share his thoughts on the private equity opportunity in wealth management and why the intersection of wealth and alts is one of the biggest trends in private markets. Listen here.
📝 Read how 73 Strings CEO & Co-Founder Yann Magnan and team are leveraging AI to build a modern and holistic monitoring and valuation platform for private markets in The AGM Q&A. Read here.
🎙 Hear Robert Picard, Head of Alternatives at $117B AUM Hightower, discusses how they approach alternative investments. Listen here.
Thank you for reading. If you like the Alts Weekly, please share it with your friends, colleagues, and anyone interested in private markets.
Subscribe below and follow me on LinkedIn or Twitter (@michaelsidgmore) to stay up to date on all things private markets.
If you have any suggestions, would like me to feature an article, research, or would like to recommend a guest or topic for the Alt Goes Mainstream podcast, reach out! I’d love to include it in my next post or on a future podcast.
Special thanks to Michael Rutter and Nick Owens for their contributions to the newsletter.