AGM Alts Weekly | 4.19.26: Consensus capital
AGM Alts Weekly #151: Making private markets more public, every week.
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Good afternoon from London.
Axios’ Dan Primack penned an interesting article this week about the state of venture capital.
Primack profiled a recent report by PitchBook and the National Venture Capital Association on the state of VC in Q1 2026.
“Venture capital is not what it was,” wrote Primack. Those words carry weight from someone who has seen a lot in venture and private markets over the course of his career as a journalist covering the space for over 25 years.
Highlighting some of the data points from PitchBook and NVCA, Primack noted that the “gap between have-lots and everyone else has never been wider.” The data would prove this assertion to very much be the case. US startups raised more in Q1 2026 than in any other year, except 2021 and 2025. 2026 US venture capital investment decreased quarter-over-quarter when five transactions from Q1 were removed.
This phenomenon in venture comes at a time when, somewhat ironically, there are both more access points to private markets, as I wrote in “Avenues of access” on 2.15.26, and more products than ever that enable many investors to gain exposure to private markets.
But there’s also more concentration than ever, particularly in venture, but also in other strategies within private markets.
Consensus capital
Where is capital concentrating in venture?
In consensus bets.
That’s true of funding for both companies and funds.
$267.2B in quarterly deal value was raised in venture capital in Q1 2026. Yet, $195.6B of that figure was invested in just five companies, as the below chart from PitchBook and NVCA’s report highlights.
This phenomenon is not just playing out with fundraising for companies. It’s playing out with fundraising for funds, too. Five funds raised almost 75% of new commitments in Q1.
The report also illustrates that an increasing share of venture capital is being raised by experienced fund managers compared to emerging fund managers.
So it should come as no surprise that venture capital behemoth, Sequoia Capital, is reportedly raising a new $7B fund for expansion stage investments.
PitchBook noted:
Six managers—Andreessen Horowitz, Thrive Capital, Founders Fund, Battery Ventures, Kleiner Perkins, and Lux Capital—together raised $36.4B, or 76.2% of the quarter’s total capital, meaning the remaining funds closed during the quarter accounted for less than 25% of the Q1 capital raised.
This fundraising phenomenon is also occurring in the evergreen market as much as it is in the drawdown market.
Coatue’s fund, CTEK, a tender offer fund which provides investors with access to the “Mag 7” in public markets and some of the “Mag 7” in private markets, has seen a marked increase in inflows. At $5B in NAV, it’s grown quickly to become the seventh largest fund in the tender offer category, according to the Q1 2026 Stanger Closed End Fund Report.
The private “Mag 7” has seen returns (albeit, for many investors, likely on paper) at a much faster rate than its public “Mag 7” counterparts, as this chart from StepStone via Forge illustrates (note: this chart is from January 2026).
Capital flows into funds are very likely correlated to the fact that the majority of the capital raised went into AI investments. Almost 90% of all deal value in Q1 went into AI companies.
The venture industry is effectively making a bet on AI. 45% of VC market value is held by AI companies, as the below chart highlights.
And AI companies are raising much faster than their non-AI counterparts. AI companies are raising capital roughly every 1.3 years, whereas non-AI companies are taking 1.8 years in between rounds.
The velocity of capital is met by a marked increase in valuation, particularly for financing rounds at Series D or later.
Venture part of a broader trend?
So, the data is bearing out to show that “venture is not what it was.” How much is the venture market a microcosm of the broader private equity market?
While private equity firms are not aggregating capital in AI companies at the same pace or quantum as the venture market, the largest private equity firms are raising the lion’s share of the capital. That’s a phenomenon that’s now been a trend for a number of years.
This fact is particularly true in certain private markets strategies, where scale matters even more. A chart from Blue Owl 2024 GP Strategic Capital Outlook highlights this point: the top 10 largest managers raise the majority of the capital relative to their peers in a given strategy. This has been particularly true in private credit, infrastructure, and natural resources.
It’s not just funds that have consumed the lion’s share of the capital in private markets. A similar phenomenon has materialized on the deal side.
As I shared in “Private equity’s ‘new era,’” in the 3.1.26 AGM Alts Weekly, global buyout deal value was driven by a small number of deals.
As Bain & Company’s Global Private Equity Report noted, 13 deals of $10B or more contributed 69% of the growth in 2025, accounting for $274B of the global gain.
Data showing the big getting bigger, both with funds and companies, might suggest that large funds have to write bigger checks and allocate to a smaller number of scaled companies.
A rather obvious question comes to the forefront of allocators’ minds: does fund size have a negative impact on returns?
A January 2026 white paper by StepStone helps provide some answers. StepStone asks the question: “do funds that grow significantly underperform those that grow more modestly—and should LPs therefore treat aggressive fund size targets as a red flag?”
GPs often justify increases in fund size to meet the opportunity set. If there are more investment opportunities available to the fund’s investment strategy or larger investment quantums are required in order to meet the fund’s underwriting framework, then LPs are generally comfortable with an increase in fund size.
But if a marked increase in fund size results in a strategy shift or a loosening of underwriting standards, then the increase in fund size could spell trouble for returns.
StepStone found that fund size increases were correlated with both higher purchase price multiples paid and higher EBITDA.
As the below chart highlights, buyout funds that grew more than 50% typically targeted companies with EBITDA that were at least 25% higher and paid purchase price multiples that were 1.0x or more above prior levels, resulting in a median TEV increase of at least 40%.
But increases in fund size did not necessarily degrade returns.
Buyout funds that grew in size had median MOIC performance similar to those that did not grow in size. In fact, top quartile performers in funds that grew 100% over prior fund size actually outperformed other categories.
This data might be instructive for allocators looking to gain exposure to both private equity and venture funds. Perhaps this data can be one explanation why managers, particularly in this market where scaled companies might have advantages and where velocity of revenue growth is resulting in even faster growth in shorter periods of time, have been able to justify larger fund sizes.
Answers to these types of questions become particularly important as the wealth channel looks to access private markets.
A recent survey from Hamilton Lane found that venture capital and private equity are amongst the strategies that appeal most to wealth channel investors.
Hamilton Lane’s survey found that venture capital was top of mind for wealth channel investors. Perhaps this survey helps explain why a fund like Coatue’s CTEK, which provides access to some of venture’s fastest-growing companies, like Anthropic and OpenAI, has received such remarkable interest from the wealth channel.
Concentration or diversification?
But as the investment world becomes more concentrated, how can allocators approach a market where funds are aggregating capital into consensus bets?
There could be merit to the approach of concentrating capital into the fastest-growing, scaled winners, particularly in venture. The growth rate of AI companies is unlike anything the industry has ever seen, as the below chart from Commonfund illustrates (and, note that the below chart tracks data only up to 2025).
Prolific SaaS investor Bessemer Venture Partners also shared a chart in 2025 that compared ARR growth rates for the industry’s fastest-growing SaaS companies relative to the growth rates of top AI companies. On average, the top private cloud companies hit $100M ARR in around 7 years. The fastest growing AI companies? They’ve taken just one and a half years to cross $100M ARR.
Investors undoubtedly might be rewarded for exposure to private markets’ fastest-growing AI companies (just like many have been rewarded for exposure to the public Mag 7).
But it’s also worth noting that every investment vintage harbors different characteristics.
Access is certainly one element of driving long-term returns, as the below chart from an April 2025 white paper from HarbourVest illustrates.
Whether buyout, venture, or growth equity, top quartile performers have consistently outperformed both the S&P and MSCI World PMEs.
This feature of private markets performance could represent one such explanation as to why investors are focused on concentrating capital with managers that are allocating capital to the companies that are, or could be, the big winners in their respective industry or sector.
Consensus considerations
But it’s worth noting that every vintage can bring a different result.
That’s why a chart from HarbourVest’s white paper can be instructive as to how allocators might think about approaching private markets allocations.
Diversification is important in private markets, particularly given that different vintage years often have different returns.
Diversification is becoming increasingly important for middle market exposure as more capital concentrates in larger funds.
In a recent Alt Goes Mainstream podcast, HarbourVest CEO John Toomey noted the importance of having a “diversified multi-manager approach.”
So more of the market has gone to the middle market, but it’s hard to know who are the best managers in this industry, in this country, in this region, in this strategy. And so having that diversified multi-manager approach has become increasingly important, and we see more and more institutions going to that part of the market to build the proper diversification within their portfolio.
The notion of diversification can be taken a step further, particularly as more access points to private markets become available for more investors. Investors can now gain exposure to certain companies that they’d like to own in a number of different ways. They can invest into a fund. They can access the company via co-investment. They can buy a secondary. The number of access points and options available today to investors is orders of magnitude greater than it was in the industry’s early days, as Toomey noted in our conversation.
If you think back 20 years ago, to be invested in XYZ private company, you actually had to have been an investor in the fund of a manager who purchased that company. And that was really how you accessed that company. Fast-forward to today. You can buy a secondary in that fund today. That fund may have been rolled into a continuation fund in a new opportunity in which you can also come in through on a secondary basis. You can co-invest more frequently at the entry. You have co-investors who may not want to exit at the same time as the original sponsor. You have a sponsor who sold it to a second sponsor and they rolled a bit. So it's not atomizing like the private markets, but the access points in this development of the private capital markets continues to proliferate.
And it appears that a diversified approach to both investments and access points can drive potentially better outcomes for long-term returns, as the below chart from HarbourVest illustrates.
Marrying diversification with different access points can be particularly important in the middle market.
If the top of the market is concentrating in larger (and more obvious) allocations to both funds and companies, the middle market presents rougher terrain for allocators to navigate.
Toomey noted that while allocators might be concentrating their commitments into fewer managers at the top end of the market, they are diversifying exposure in the middle market.
In this asset class, the interquartile spreads generally are much more dispersed than other parts. It has compressed over time, particularly in parts of the market. So for instance, one of the things that our quantitative investment science team has uncovered for us harvesting 45 years of data that we have within the industry is that if you're a North American large buyout fund, the dispersion of returns generally isn't a lot more narrow. And so the right strategy there could actually be don't go broad, go deep, and actually create a deeper relationship to reduce your cost to invest. And that's actually how you can source a bit more alpha in that part of the market. When you get to the middle market, the dispersion of returns are much greater. And by having the diversification, you can actually capture the right-hand tail of returns with much more likelihood than you could when the returns are much more dispersed. So there you want to actually invest in more managers. And I can go through lots of other dimensions, not just by geography, but size and strategy within private markets all have different characteristics.
Toomey’s points come at a time when concentration appears to be king. It may very well be that the correct allocation decision is to concentrate capital in a small set of winners, particularly in venture. Venture is an asset class where a small number of companies can drive an outsized portion of the returns. It may also be prudent to think about diversification, though, as the market appears to be fixated on concentration.
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 HarbourVest’s CEO John Toomey discuss how private markets have changed and how HarbourVest has been “earning investors’ trust” for over 40 years. Watch here.
🎥 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.
Disclaimer: Alt Goes Mainstream is an independent newsletter focused on the private markets industry. It is published for informational and educational purposes only and does not constitute investment advice, financial advice, legal advice, or any other form of professional advice. Nothing contained herein should be construed as a recommendation to buy, sell, or hold any security or investment product. The views expressed are solely those of the author and do not represent the views of any affiliated organization, employer, or third party. Some companies, individuals, or organizations featured or mentioned in this newsletter may be current or past sponsors of Alt Goes Mainstream. Sponsorship does not influence editorial coverage, but readers should be aware that a relationship might exist. The author may hold direct or indirect investments in companies, funds, or other entities mentioned in this newsletter.