AGM Alts Weekly | 4.5.26: What can private markets learn from OpenAI's acquisition of tech-focused talk show TBPN: the era of Knowledge Creators and nichemaxxing
AGM Alts Weekly #149: Making private markets more public, every week.
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Good morning from Washington, D.C.
This week, OpenAI raised one of the largest financing rounds in history, bringing in $122B of capital.
They also acquired a tech talk show, TBPN, for “low hundreds of millions.”
Technology Business Programming Network (TBPN) is a daily, three-hour livestream show that covers the most notable news in tech and has daily interviews with many of technology’s titans.
As TBPN Co-Founder Jordi Hays shared on Jackson Dahl’s Dialectic podcast in November 2025, TBPN is a story of “two guys decid[ing] they should do a podcast.”
TBPN’s Co-Founders John Coogan and Jordi Hays, however, are much more than “two guys.” They are industry practitioners and participants who happened to start a media company.
In Jordi’s words on the Dialectic podcast, it was their careers as founders and startup operators that made it possible for them to create a product that The New York Times recently described as “Silicon Valley’s newest obsession.”
Jordi said, “When you look back through our careers [as founders and business builders in technology], it feels like TBPN is the natural evolution of what we’ve worked on.”
John Coogan co-founded Soylent, the meal replacement drink that was a mainstay in the refrigerators of Silicon Valley startups, and Lucy, nicotine products in chewable or pouch format, before joining Founders Fund as the firm’s EIR to create and manage the firm’s social media content.
Jordi Hays founded a YouTube ad network, Branded Native, and was the Co-Founder and CEO of Capital, a banking business for startups that was acquired by Rho. He’s also been an angel investor in over 60 companies.
They took their collective backgrounds and experiences to apply the same principles of company-building to growing TBPN, which started just 18 months ago. Just as importantly, since their content is the product, they were able to create a high-quality product for both guests and listeners because they could speak the same language as their guests and lean on their startup experiences in conversations on their daily show.
As John said on the Dialectic podcast, they “lean[ed] on authenticity, because tech loves startups, loves growth, loves iteration … and that’s [what we did with] iterating on content and building [our] version of a flywheel.”
Knowing the audience because they are the audience
John and Jordi’s characterization of their business and conversations on the show highlight that they know their audience because they are the audience.
The “so what” of OpenAI’s acquisition of TBPN might very well be much bigger news for the business world than it is about the amount OpenAI paid to own TBPN.
OpenAI’s announcement shed light on why they felt the need to platform two creators, the TBPN team, to shape the narrative and “create a space for a real, constructive conversation about the changes AI creates—with builders and people using the technology at the center.”
As I’ve been thinking about the future of how we communicate at OpenAI, one thing that’s become clear is that the standard communications playbook just doesn’t apply to us. We’re not a typical company. We’re driving a really big technological shift. And with our mission to ensure artificial general intelligence benefits all of humanity comes a responsibility to help create a space for a real, constructive conversation about the changes AI creates—with builders and people using the technology at the center.
OpenAI’s bold move, which they characterize as moving beyond the “standard communications playbook,” is part of a broader trend, which matters for those in private markets.
The era of the Knowledge Creators
Creators have become another tool in the toolkit of many companies’ marketing strategies, particularly for consumer businesses.
Creators have audiences and distribution. They often have the trust of audiences and, at times, even fandom.
But in regulated industries, where every word matters, the creator must be knowledgeable and, ideally, an industry practitioner.
Enter the era of the Knowledge Creators.
Knowledge Creators are not merely creators. They are creators who come from industry, are practitioners, and bring deep expertise.
Knowledge Creators started in industry, built in industry, and then became a creator.
They have earned the right to talk about and exchange perspectives with others in the industry because of their own work in the industry.
David Rubenstein is a Knowledge Creator. He co-founded Carlyle. Bloomberg brought him in to team up on two long-form interview shows: “The David Rubenstein Show: Peer-to-Peer Conversations” and “Bloomberg Wealth with David Rubenstein.”
Why do Rubenstein’s shows work and create a product with such nuanced, thoughtful discussion? Because he sat on the same side of the table as his guests. He walked in their shoes.
Rachael Horwitz, Airwallex SVP, Communications & Public Affairs, former Director, Global Communications & Public Affairs at Google, and former Operating Partner at Andreessen Horowitz, shared perspectives in a tweet that captures much of this essence: this type of media and content works because it comes from “people who are native to the ecosystem and seen as credible by it.”
Fred Wilson is also a Knowledge Creator. He’s one of the most prolific VCs of all time. He also created the blog, AVC (now onchain here at avc.xyz), which became a go-to resource for many looking to learn about venture in an accessible way.
As Rachael noted in her tweet, Fred understood the “appetite for in-depth conversations about tech, the business of it, the culture of it, and how decisions actually get made, from people who are native to the ecosystem and seen as credible by it.”
Fred engendered trust from his loyal AVC readers because of his work in the industry as a VC.
There are many others who occupy the domain of Knowledge Creators: operators and executives first, content creators second.
To name a few in private markets and private wealth: Norges Bank Investment Management / In Good Company’s Nicolai Tangen, Capital Allocators’ Ted Seides, Invest Like The Best / Positive Sum VC’s Patrick O’Shaughnessy, Ritholtz Wealth Management / Masters in Business’ Barry Ritholtz, Ritholtz / The Compound’s Josh Brown, Michael Batnick, and Ben Carlson, Creative Planning / Icons and Ideas’ Peter Mallouk are all examples of Knowledge Creators.
Why are Knowledge Creators important?
Knowledge Creators become even more important in the age of AI.
As Elena Robustelli, Business Development Manager, Creator Partnerships at LinkedIn, wrote in a LinkedIn post about OpenAI’s acquisition of TBPN that “creator marketing isn’t just about distribution or one-off brand partnerships anymore.”
Robustelli highlights features that creators must possess in today’s world of content marketing:
“The creators who will win in the AI age aren’t the ones posting the most, but the ones who understand the mechanics of their industries, have a unique point of view, and build trust over time.”
Why are these types of creators, these Knowledge Creators, the ones who will be able to build trust with those in their industry?
Because they, too, come from the industry and live in it themselves. The TBPN team lives in the tech industry. They’ve been founders. They are in the flow of information.
Just as important, they have the passion that makes their guests, often CEOs, feel comfortable showcasing their own passion for their business and industry.
Knowledge Creators engender trust with their interviewees.
CEOs appearing on Knowledge Creators’ shows or podcasts trust that the interviewer has the knowledge to unpack the nuance. That nuance often is made possible by being in the industry as a practitioner.
The rise of the Knowledge Creator comes at a time when many executives are leaning into long-form mediums to market themselves and their companies, like podcasts, as this October 2024 FT article highlighted.
Many CEOs are leaning into long-form content as the vehicle to showcase their knowledge and expertise on a topic, as well as humanize themselves in a way a 60-second short-form clip cannot do.
In specific cases, for certain firms and investment strategies, sharing long-form content that adds value to the consumer’s life or job could be more impactful than feeding them a 60-second clip that provides them with momentary memorable respite or a digestible nugget of information as they wait in line for coffee.
In fact, long-form content could be a differentiator in a world where AI commoditizes content.
Some firms will have a lot to say. And that’s ok. If they stay true to their brand and culture, then they can win with long-form content.
And, after all, in the world of investing, it might be more impactful to have 1,000 true fans.
But long-form content takes two to tango.
The interviewee’s best performance is only possible when the interviewer is able to go deep into the nuances of the interviewee’s company or industry.
To do long-form well, interviewers must be able to go deep on the topics and unpack the next layer of what is going on in the industry so these executives can showcase their knowledge and passion for their industry, their company, and their craft.
The magic of this type of interview, when done well, allows the interviewee to showcase their authentic self.
And authenticity has become the coin of the realm. Authenticity creates trust. Trust leads to business.
What’s the magic behind these Knowledge Creators’ ability to create such high-quality, thoughtful, and useful content products?
Nichemaxxing
Brands have a challenge. How do they win in a world where content becomes commoditized, democratized, and oversaturated?
Content Forge Founder Isaac Medeiros says the answer is nichemaxxing.
What is nichemaxxing?
According to Medeiros, it’s “real experts. Real points of view. Real people delivering real value. Things AI can’t easily reproduce.”
Medeiros wrote about nichemaxxing in the context of TBPN’s acquisition by OpenAI.
Medeiros made an astute observation about why nichemaxxing can be effective: “The future isn't about reaching everyone. It's about reaching the right people, authentically.”
He noted that TBPN embodies nichemaxxing:
“TBPN (a tech livestream that started with two guys reading tweets) might only pull thousands of views on YouTube, but nearly everyone watching is CEO, founder, or other tech leader title variation. The result? Millions in revenue in the first year.”
The same characterization that holds true for niche media and niche creators can be true for private markets.
Asset managers (and wealth managers, for that matter) don’t need millions of investors as customers. Asset managers can nichemax their way to billions of dollars in AUM with only thousands of customers to build quite a sizable business.
As I wrote in an April 2024 recap of Ares’ 2023 Annual Letter, Ares grew its institutional investor base from 1,935 to 2,300 institutional LPs. What was perhaps just as impressive was Ares’ ability to expand its relationships with existing LPs. Over two-thirds of AUM by the end of 2023 was with investors that invested in at least two or more investment groups across their platform.
The 2,300 institutional LPs that Ares had in 2023 is slightly more than the 1,000 true fans that Kevin Kelly would say crosses the threshold of what is required for a creator to be successful.
But given the size and scale of LP commitments to asset managers, many asset management firms can build quite successful businesses if they find their 1,000 true fans.
Asset managers would do well to focus on nichemaxxing to do so. And they can leverage partnerships with Knowledge Creators to help shape the narrative.
That’s seemingly how OpenAI views its acquisition of TBPN.
What is marketing? Marketing is brand equity. And brand equity creates trust.
There was a time when traditional media was considered the most trusted source of news for many.
During the 1960s and 1970s, CBS Evening News anchorman Walter Cronkite was considered “the most trusted man in America.”
Over time, however, trust in media has been on a secular decline, as the below chart from a Gallup poll illustrates.
I’d argue that traditional media and reporting serve a very important role (and I don’t think it’s a particularly good thing for society that there’s been such a marked erosion of trust in the media), but these datapoints provide an alternate path for companies.
Where do companies go to build trust with their customers?
One solution? Partner with Knowledge Creators.
More than media
Media is undoubtedly undergoing change.
But the OpenAI acquisition of TBPN is about more than media.
And it’s not just about owning the narrative. It’s also about buying the narrative.
Many breakdowns of OpenAI’s acquisition focused on what the acquisition will mean for TBPN’s editorial independence.
And that’s the right question to ask.
OpenAI said that TBPN will maintain its editorial independence:
“That’s exactly what TBPN has built. So rather than trying to recreate that ourselves, it made a lot of sense to bring them in, support what they’re doing, and help them scale—while keeping what makes them special. A core part of this is editorial independence. TBPN will continue to run their programming, choose their guests, and make their own editorial decisions. That’s foundational to their credibility, and it’s something we’re explicitly protecting as part of this agreement.”
Many will be watching closely to see if TBPN can maintain trust with its viewers if they are no longer entirely independent.
It certainly can become less effective when creators or media properties are brought in-house to a company because the creator or media property becomes content marketing for the acquiring company.
But perhaps there are ways to manage this inherent tension. And the OpenAI / TBPN tie-up should serve as an interesting test case.
Maybe complete independence isn’t the most important feature to TBPN’s audience, as Horwitz noted in her aforementioned tweet.
Consumers will need to be discerning. But perhaps TBPN, and other Knowledge Creators, provide a platform for companies and executives to share their views, expertise, and passion and, in a marketplace of ideas and intellect, the market will decide who they trust.
Robustelli’s LinkedIn post alluded to this shift in media:
“Creators are becoming the engine that shapes brand narrative, builds trust, and acts as a strategic asset around products. The TBPN deal feels like a big bet on that shift.”
More than content
OpenAI seems to see this trend too. That’s why TBPN will reportedly sit within OpenAI’s Strategy org rather than in its Marketing org.
OpenAI’s Fidji Simo provided the rationale in the company’s announcement of the acquisition:
“I'm also excited to bring their amazing comms and marketing instincts to the team. They've helped many brands market online and because they have a strong pulse on where the industry is going, their comms and marketing ideas have really impressed me. I can't wait to leverage their talent outside of the show to innovate on how we bring AI to the world in a way that helps people understand the full impact of this technology on their daily lives.”
Other companies might begin to think about marketing and content in a different way as a result of this acquisition. And that way could mean trying to figure out how to own the narrative.
But for companies that choose to go the route of owning or buying the narrative, they must also find ways to ensure that the magic of the content platform, and its editorial independence, remains intact.
A few days before OpenAI’s acquisition of TBPN, fintech infrastructure company Plaid acquired media company This Week in Fintech (which will also continue to remain editorially independent).
Asset managers and industry infrastructure companies will all navigate this new media landscape differently based on their DNA and how they want to build their own brand equity.
The OpenAI acquisition of TBPN could be foreshadowing of a broader trend on the horizon: companies will think about media, marketing, and content in unique and differentiated ways as Knowledge Creators become the next big thing in content and media.
AGM Index
AGM has created an Index to track the leading publicly traded alternative asset managers.
Some of the industry’s largest alternative asset managers are publicly traded — and their net inflows can serve as a window into how private markets are being perceived by investors and allocators who are allocating capital into alternative investments.
Note: AUM figures are based on fee-paying AUM where applicable.
Who is hiring?
In order for alts to continue to go mainstream, we need the best talent to go into the space. Here are some openings at private markets firms. If you’d like to connect with any of these teams, let me know, and I’m happy to facilitate an introduction if appropriate. If you’re a company or fund in private markets, feel free to reach out to share a job description you’d like to be listed here to highlight for the Alt Goes Mainstream community.
🔍 Blackstone (Alternative asset manager) - Blackstone Private Wealth - Product Specialist, Vice President (Real Assets). Click here to learn more.
🔍 KKR (Alternative asset manager) - Head of Americas Wealth IR Servicing. Click here to learn more.
🔍 Apollo Global Management (Alternative asset manager) - Registered Funds Compliance Officer - Global Wealth. Click here to learn more.
🔍 EQT Group (Alternative asset manager) - Head of Social Media. Click here to learn more.
🔍 Blue Owl (Alternative asset manager) - Private Wealth, Marketing Operations Manager – Vice President. Click here to learn more.
🔍 Franklin Templeton (Asset manager) - Portfolio Manager, Private Markets. Click here to learn more.
🔍 Goldman Sachs Alternatives (Alternative asset manager) - Asset & Wealth Management, Client Solutions Group, Wealth Alternatives Specialist, New York - Vice President. Click here to learn more.
🔍 HarbourVest (Alternative asset manager) - Senior Associate, Business Intelligence - Global Private Wealth. Click here to learn more.
🔍 iCapital (Private markets infrastructure investment platform) - Chief Risk Officer, Managing Director. Click here to learn more.
🔍 Ultimus Fund Solutions (Fund administrator) - Managing Director, Fund Accounting. Click here to learn more.
🔍 Anthropic (AI foundational model company) - Private Equity Partnerships Manager. Click here to learn more.
🔍 Krilogy (Wealth manager) - Senior Wealth Advisor. Click here to learn more.
🔍 MSCI (Data services) - Vice President - Private Capital Solutions Sales Executive. Click here to learn more.
🤝 Interested in learning more about AGM RIA Field Trips? 🤝
Read about the expansion of Alt Goes Mainstream, with the launch of the AGM Community and AGM Events.
We’ve also built out the AGM Community RIA Advisory Board, an experienced, thoughtful, and intellectually curious group of private wealth management and private markets executives and operators, to help shape the direction of AGM Community.
The latest on Alt Goes Mainstream
Recent podcast or video episodes and blog posts on Alt Goes Mainstream:
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📝 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.
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🎥 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).
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🎥 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.
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📝 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.
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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.
The TBPN acquisition is interesting less as a media deal than as OpenAI buying distribution into the operator class — the same playbook Bloomberg ran in 1990 when it bought a news operation to feed terminals, not the other way around. Private markets have the harder version of this problem: the "knowledge creator" model assumes the creator can speak the language, but LP allocators, GPs, and wealth channels each have mutually unintelligible dialects. Nichemaxxing works in tech because the niche is one tribe. In alts, there are at least three, and the creator who wins one often repels the others.