AGM Alts Weekly | 5.17.26: The need for a creed
AGM Alts Weekly #155: Making private markets more public, every week.
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Good morning from Washington, D.C.
I spent the past few weeks re-reading Howard Marks’ Memos.
Howard Marks has been sharing his memos with clients since 1990.
Howard began his first memo with an exploration of investment performance, writing, “We all seek investment performance which is above average, but how to achieve it remains a major question.”
He shared a quote from the president of a prominent money management firm, whose investment performance underperformed the S&P 500 by 1,840 basis points over the past twelve months and lagged the S&P over a five-year period. The president of this firm justified the underperformance by saying, “If you want to be in the top 5% of money managers, you have to be willing to be in the bottom 5%, too.”
Howard then used a different quote to highlight his perspective, offering the views of a Midwest pension plan director, whose investment firm had outperformed the S&P for the past 14 years:
We have never had a year below the 47th percentile over that period or, until 1990, above the 27th percentile. As a result, we are in the fourth percentile for the fourteen year period as a whole.”
He went on to pen one of his famous lines which would become a recurring theme of his memos for years to come: “If you can avoid losers (and losing years), the winners will take care of themselves.”
Timeless wisdom
Howard’s first memo could have been written today.
That brings us to one of Howard’s more recent memos, titled “On Bubble Watch,” where he wrote on January 7, 2025 about whether or not the market was a bubble at that time.
In that memo, Howard wrote about one of his guiding principles in investing:
It’s not what you buy, it’s what you pay that counts.
Good investing doesn’t come from buying good things, but from buying things well.
There’s no asset so good that it can’t become overpriced and thus dangerous, and there are few assets so bad that they can’t get cheap enough to be a bargain.
Which brings us to this week’s news.
This past week’s news was punctuated by a report that Anthropic agreed to raise $30B co-led by a group of world-class investors Greenoaks, Sequoia, Altimeter, and Dragoneer at a $900B pre-money valuation.
By all accounts, it appears that Anthropic is a generational company. Its annualized revenue run rate is expected to surpass $45B, a 5x increase from $9B at the end of last year and over $30B higher than when I wrote this post in February 2026 after they closed a $30B funding round at a $380B valuation.
Anthropic has achieved the fastest revenue growth in enterprise software history.
For context, software behemoth Salesforce took over two decades to cross $20B in revenue. Anthropic passed $30B run rate just three years after its founding in 2021.
At a $900B valuation and $45B in run rate revenue today, Anthropic’s ~20x run rate revenue multiple is far from the most egregious valuation multiple that the investment world has seen on both a relative and absolute basis (particularly relative to 2021 and 2022). Even if Anthropic is to grow run rate revenue at only 20% annually for the next 4.5 years, the company would reach ~$93B+ revenue run rate by 2030.
There’s plenty of demand for Anthropic from both institutional and wealth channel investors alike. And, that is very likely for good reason given the company’s growth rate, its growth prospects, the current penetration of AI adoption, and the overall market opportunity.
Anthropic is a crowded investment, but that doesn’t necessarily make it the wrong investment.
In this case, one question that arises is: what is the “best relationship between return and risk?” This concept was one that Howard unpacked in his October 22, 2024 memo, “Ruminating on Asset Allocation.”
An investor’s determination of the best relationship between return and risk leads to a choice. Investors can make an “offensive” decision to own equity. In Howard’s view, owning equity is the decision to try to maximize growth in exchange for lower certainty of returns that fixed income or debt investments provide. In an effort to help investors understand the relationship between return and risk, Howard created a depiction of risk and return in the below chart.
The world’s largest company, Nvidia, has a market cap that currently stands at $5.46T. Does that make Anthropic at $900B a good asset at a bad price or a good asset at a good price?
I don’t know (another one of Howard’s guiding principles) would be my answer.
A thought exercise about Anthropic’s valuation does give rise to a number of interesting questions and thought experiments.
Contrarianism
Another one of Howard’s investing creeds is contrarianism. “Sell when they’re euphoric, and buy when they’re afraid. Sell what they love, and buy what they hate,” Howard wrote in his May 31, 2002 memo, “The Realist’s Creed.”
Can investors make money by joining the herd?
Well, perhaps it depends on where we are in the cycle.
It’s possible that what is happening in AI today is what Howard refers to as an “Inflection Bubble” in his December 9, 2025 memo, “Is It a Bubble?” In that memo, Howard discussed a November 5 Stratechery newsletter about “The Benefits of Bubbles.” In that newsletter, Stratechery author Ben Thompson cited a book written by Bryne Hobart and Tobias Huber, who call “Inflection Bubbles” a “good kind of bubble.” They differentiate “Inflection Bubbles,” like the technological progress from the internet in the late 1990s, from “much more damaging ‘Mean-reversion Bubbles’ like the 2000’s subprime mortgage bubble.”
“Inflection bubbles” can destroy wealth, just as “Mean-reversion bubbles” do. But “inflection bubbles” “accelerate technological progress and create the foundation for a more prosperous future,” in addition to destroying wealth. They often generate massive amounts of wealth for those who are able to avoid having their wealth destroyed in the process of bringing on progress.
This feature of “inflection bubbles” makes timing critical.
Investing in the right asset at the right price at the right time becomes an important aspect of navigating a period of accelerated technological progress.
Howard’s “Is It a Bubble” memo discusses speculative behavior occurring due to the desire for investors to gain exposure to the AI megatrend. Anthropic, at its current valuation multiple, is far from the most speculative behavior occurring in tech investing today.
That still doesn’t mean that today’s price for Anthropic is “cheap” (although it could be in five or ten years), and it doesn’t mean that there could be a correction in AI at some point, which could render some of these prices that investors are paying today to be too high. But it does highlight that there are plenty of different ways to make money and be right as an investor, and that’s the beauty of investing.
The need for a creed
What Howard’s memos do provide is an important reminder that all investors should have an investment creed.
In “The Realist’s Creed,” Howard wrote: “I think investing must be based on a firmly held belief system.”
He discussed the importance of an investment firm creating, operationalizing, and living by a set of principles that guide them.
Howard then went on to share a set of features of his investment creed:
“I don’t know.”
Contrarianism.
Skepticism: “if it sounds too good to be true, it probably is.”
Modest expectations.
Humility.
Investing defensively.
And the one principal that guides Oaktree’s activity more than any other: “if we avoid the losers, the winners take care of themselves.”
Approach the entire subject of forecasts and forecasters with extreme distrust.
Just about everything is cyclical.
Investment success doesn’t come primarily from “buying good things,” but rather from “buying things well.”
Beware the quest for the simple solution. There is no “silver bullet” in investing.
Be aware of investor psychology, remembering Warren Buffett’s quote, “The less prudence with which others conduct their affairs, the greater prudence with which we should conduct our own affairs.”
Investors should bear in mind the role played by a timeframe.
The last point, thinking about investing through the lens of a timeframe, can help to provide an anchor for an investment creed.
An investment process should operationalize the investment creed. And following an investment process that adheres to its creed over a long period of time can lead to investment outperformance, as described in Howard’s first memo.
So, in a time period when it feels like many investors are making the crowded investment, what’s the contrarian one?
I’d love to hear Howard’s thoughts on that.
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) - Private Wealth, Portfolio Strategist Real Assets, 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.
🔍 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.
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.
<p>Howard Marks is right: a firmly held belief system is the foundation of successful investing. Without conviction, you sell at the worst possible time.</p><p>At Peacock Research, our belief system is simple: think in decades, not quarters. Read our latest deep dive: https://peacockcapital.substack.com/p/an-84-million-bet-that-semiconductors</p>