AGM Alts Weekly | 5.10.26: Structural dislocations
AGM Alts Weekly #154: Making private markets more public, every week.
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“When it comes to the intersection of alternative investments and wealth management, Michael just gets it.” CIO, $18B AUM RIA.
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Good afternoon from Washington, D.C.
Why allocate to private markets?
That was the question that Blackstone’s Global Head of Private Wealth Joan Solotar asked this week in an op-ed titled “Staying Focused on the Long Term in Private Markets.”
Solotar noted that Blackstone believes “the structural advantages of private markets remain intact” at a time when the “noise is loud and sentiment shifts quickly.”
As headlines appear to indicate that wealth channel investors are pulling back from private markets, and private credit in particular, there are data points that indicate institutional investors are continuing to allocate to private credit and private markets. Data from last week’s AGM Alts Weekly provides further proof that investors continue to contribute flows to private markets. A chart from last week’s Weekly highlighted that Blackstone’s Private Credit business saw $17.3B of inflows for its global direct lending strategies, including $1.9B of capital raised for BCRED, its evergreen credit fund. Infrastructure and asset-based credit strategies also had meaningful fundraising results.
Solotar’s op-ed provides a window into the asset manager’s perspective on how investors are navigating the current market environment.
Surveying the landscape
What is allocator sentiment about private markets?
AGM has endeavored to connect the dots at the intersection of private markets and private wealth.
A number of recent surveys can help put together pieces of the puzzle.
Blackstone’s Advisor Pulse from Spring 2026 finds that many advisors appear to view private markets as part of the value proposition when pitching prospective clients.
Advisors also seem to have confidence in private equity, despite the current macro environment.
The overwhelming majority of advisors surveyed by Blackstone are “increasing or maintaining current allocations” to private equity.
Data from KKR’s 2025 RIA Private Markets Survey harbors a similar sentiment.
KKR’s survey (data as of October 2025) found that the majority of advisors plan to increase their allocations to private markets.
Advisors are structurally underallocated to private markets, particularly compared to their institutional investor counterparts. Over 52% of RIAs surveyed by KKR have allocations of 10% or less to private markets, as the above chart from KKR’s survey illustrates.
Private equity appears to be at the top of the pile in the allocation bucket along with private infrastructure. KKR’s survey found that 74% of RIAs surveyed plan to increase their allocation to private equity. Private infrastructure is even more popular amongst RIAs, with 76% of RIAs looking to increase their allocation to private infrastructure.
As Blackstone’s Solotar noted in her op-ed, there’s a “long runway for continued adoption” of private markets by the wealth channel.
KKR Managing Director, Head of RIA & Bank Trust, Global Wealth Solutions Matt Magill expanded on how RIAs are reshaping their portfolios to include private markets. He noted that private markets, and private equity in particular, offer diversification to equities that a more concentrated public markets cannot.
Magill’s assertions can help to make sense of why RIAs surveyed by KKR expect to have a strong increase bias to growing their allocation to private infrastructure and private equity. At the same time, it appears that many RIAs have a strong decrease bias towards both public equities and public fixed income.
These data points jive with how some institutional allocators view exposure to private markets today.
Assurance from insurance
Goldman Sachs’ 15th annual Global Insurance Survey of 434 CIOs and CFOs that manage around half of global industry balance sheet assets found that the majority of insurers surveyed continue to have a favorable view of both private credit and private equity (note: responses were collected between January and February 11, 2026).
32% of Insurance CIOs and CFOs plan to increase allocations to private equity in the next 12 months. Another 37% plan to maintain their allocation to private equity.
Perhaps most notable is that certain strategies within private credit appear to be even more appealing to insurance allocators.
40% of CIOs and CFOs plan to increase allocations to asset-backed finance. 41% plan to increase allocations to investment grade private placements. And, in perhaps the most notable data point, 37% plan to increase allocations to senior direct lending.
This data would appear to corroborate what Ares CEO Mike Arougheti said the other week, noting that “everything we’re seeing on the ground is that the institutional investor is not anxious. They’re not allocating away from private credit. In fact, I think they are looking at this as a huge opportunity to take advantage of a bizarre dislocation and bring liquidity into the market to capture excess returns.”
Arougheti’s comments come on the heels of a quarter that has put Ares on track for a record fundraising year. Ares achieved $29.5B in gross new capital commitments in Q126, a 46% increase compared to Q125. This included $9.5B raised in its U.S. Direct Lending business.
“Keeping calm and carrying on”
It appears that investors, particularly institutional investors, are “keeping calm and carrying on,” as Hamilton Lane’s Head of Direct Credit Nayef Perry noted in a white paper this week.
Perry’s piece aimed to uncover the signal from the noise. He asserted that “headline issues were company-specific, not systemic.”
Perry pointed to 25 years of Hamilton Lane’s data on private credit to argue that private credit has achieved positive performance and outperformed the benchmark in every vintage year.
The current market also appears to have structural differences relative to pre-GFC era financing, according to Perry. Perry observed that “Equity contributions as a percentage of total capitalization are higher today versus the period leading up to the GFC. Equity contributions in leveraged buyouts in 2007 were around 33% versus 49% in 2025, so as purchase price multiples have increased, leverage levels have not followed. This supports the view that credit may be structurally safer today than in prior cycles.”
Goldman’s Insurance Survey finds that 26% of insurers plan to increase credit risk in their portfolios this year, while only 12% intend to decrease it. It appears that insurers may be looking for enhanced yields in an environment where investors’ returns could be harder to come by.
While investors may be contemplating a decision to dial up risk, it’s worth both investors and allocators heeding Oaktree Co-CEO Armen Panossian’s advice that you don’t have to “reach for risk to deliver the right return.”
There are certainly opportunities in private credit, but many alternative asset managers are also mindful of the risks.
I asked Goldman Sachs Asset Management’s Global Co-Head of Private Credit James Reynolds what makes a good credit investor in a series of AGM Unscripted podcasts in October 2025 at the Goldman Sachs Alternatives Summit.
His answer revolved around risk. He said that their “job is to worry so that our LPs can sleep at night.”
Structural allocation
Perhaps one of the more fascinating datapoints from Goldman’s Insurance survey is the interest from insurance CIOs and CFOs in evergreen structures.
Open-ended private markets vehicles appear to continue to be a compelling structure for allocators — and not just those in the wealth channel.
The wealth channel allocates to private markets largely via evergreen structures. KKR’s survey highlights just how interested RIAs are in allocating to evergreen funds.
Most advisors surveyed by KKR currently access private markets through evergreen vehicles. It’s also notable that no advisors reported that they were “not interested” in evergreen vehicles.
But it’s not just the wealth channel that has evergreens on its mind.
Goldman’s survey found that 62% of respondents from insurers globally are interested in allocating to evergreen vehicles, representing an increase from 2025 where 54% of respondents acknowledged an interest in evergreens.
Among insurers already investing in evergreens, 75% of APAC respondents and around half of Americas and EMEA respondents are considering allocations to evergreens out of their General Account.
These data points should help to make sense of the push for partnerships between alternative asset managers and insurers, as Bain Capital and Partners Group’s partnership with Lincoln Financial Group and Sixth Street’s partnership with Northwestern Mutual, amongst others, highlight.
Insurance intersections with alternative asset managers make sense for a number of reasons, as I wrote in the 5.18.25 AGM Alts Weekly, “Insurance intersections.”
EQT Partner and Head of Global Wealth Solutions and Evergreen Strategies Peter Beske Nielsen wrote in a 2025 op-ed on EQT’s ThinQ platform that institutional investors also find evergreen structures attractive.
Why?
Nielsen noted that “our evergreen strategies are winning over institutional investors, such as pension funds and insurers. The changes we’d made to cut complexity and increase flexibility appealed to institutions as much as wealthy individuals.”
The efficiency and simplicity can be appealing to investors, institutional and individual alike.
As Nielsen wrote, there are four factors that resonate with investors:
First up, they offer less complexity. Large investors appreciate the simplified process — avoiding the complexity of subscription documents, capital calls and reinvestment cycles — as much as smaller ones.
Secondly, they provide compounding returns, as EQT immediately reinvests any proceeds.
The third attraction is immediate exposure. Unlike traditional strategies, evergreen strategies eliminate the so-called J-curve effect, where a private equity investment will initially fall in value before climbing over the longer term. Evergreen strategies provide instant exposure to a diversified portfolio of private market assets.
Finally, there’s flexibility. These evergreen strategies allow for ongoing contributions and withdrawals, combining long-term potential with mid-term flexibility.
Nielsen’s colleague, William Vettorato, who is Managing Director and Head of Evergreen Fund Strategy at EQT and helps to spearhead the creation of evergreen products at the firm, noted in a conversation we had in June 2025 that the “axiom of choice should be the case any place and any time.”
Vettorato acknowledged a number of points that are critical to understanding the dynamics of evergreen funds today.
The data shows that both institutional and wealth channel allocators appear interested in increasing allocations to private markets.
Solotar’s op-ed was titled “Staying Focused on the Long Term in Private Markets.”
It’s also important to stay focused on the data.
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) - VP - Social Media Strategist. 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) - Private Equity Associate. Click here to learn more.
🔍 Blue Owl (Alternative asset manager) - Global Client Marketing, Product Marketing & Content Strategy – Senior Associate. 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.
🔍 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 inaugural RIA Field Trip is all set for May 19–20 in New York City. We have an exceptional group of RIAs and GPs joining for a highly curated, uniquely structured, exciting 2-day program.
If you’re an RIA or a GP and you’re interested in joining the wait list for the next Field Trips on October 6-7 or November 17-18 in NYC, please reach out or click on the link above for more information.
The latest on Alt Goes Mainstream
Recent podcast or video episodes and blog posts on Alt Goes Mainstream:
🎥 Watch 73 Strings’ CEO and Co-Founder Yann Magnan discuss how technology innovation is unlocking valuation intelligence in private markets. Watch here.
📝 Read “Alternative Thinking: Connecting the dots with the data with RIA CIOs and KKR’s 2025 RIA Private Markets Survey,” a recap of a conversation with Beacon Pointe CIO Michael Dow, Cary Street Partners CIO Matt Rubin, and KKR MD Matt Magill about how RIA CIOs are allocating to private markets and tying two live examples to data gleaned from KKR’s 2025 RIA Private Markets Survey. Read here.
🎥 Watch Hamilton Lane’s Executive Co-Chairman Hartley Rogers share perspectives from 40+ years of pioneering in private markets in a podcast recorded live at the iCapital Connect conference. Watch here.
🎥 Watch Lincoln International’s Managing Director and Global Head of the Portfolio Valuations practice Brian Garfield share perspectives on how AI is impacting private markets valuations. Watch here.
📝 Read The AGM Q&A with Davidson Kempner Managing Partner and Chief Investment Officer Tony Yoseloff and Partner and Head of Research Suzanne Gibbons for opportunities in credit amidst a capital structure reset. Read here.
🎥 Watch Bridgepoint’s Partner and Chief Investment Officer Xavier Robert provide a masterclass on the European middle market investing landscape. Watch here.
🎥 Watch AlphaCore’s CEO & Founder Dick Pfister share his perspective on building a wealth management firm with “alpha at its core” in a podcast recorded live at the iCapital Connect conference. Watch here.
🎥 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.
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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.