AGM Alts Weekly | 5.31.26: Ferrari's drive to be different and a brand's race to change
AGM Alts Weekly #157: Making private markets more public, every week.
“Alt Goes Mainstream is category of one.” Global Head of Marketing & Communications, $X00B AUM alternative asset manager.
“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.
On May 11, 1947, the 125 S, the first vehicle to bear the Ferrari name, drove through the streets of a city nestled in the north of Italy.
Over the years, Ferrari’s drive to be different has meant that the company has not just survived, but thrived.
Blending innovation with tradition and craftsmanship with passion, the company has methodically built a globally recognized brand that generates over €7.1B in revenue and €2.77B in EBITDA (as Ferrari’s 2025 Results Presentation highlights).
Ferrari’s 38.8% EBITDA margin puts it in a rarefied air relative to its automotive peers. Mass-market automotive companies generally have EBITDA margins of 5-9%. Even the luxury brand automotive Porsche only generates ~10-22% EBITDA margins.
Perhaps just as important, the company has managed to create a community of engaged and loyal fans, in part because at the core of the company’s business model is the concept of engineered scarcity. Founder Enzo Ferrari said, “Ferrari will always deliver one car less than the market demands.” The intentional under-supply of Ferrari models available always leaves people wanting more.
This makes reactions to the news this week of the release of Ferrari’s new EV even more interesting.
Ferrari unveiled its first fully electric vehicle this week. Created in collaboration with design savant Jony Ive, who shaped Apple’s most iconic products, and Marc Newson, Ferrari’s Luce is meant to be a bet on the future.
The rollout of its new model sparked backlash, with some online commentators calling the Luce “an insult to the marque” and “hideously underwhelming,” with the futuristic design and departure from Ferrari’s combustion-engine heritage causing consternation amongst supporters.
Maurizio Corbi, a car designer from Pininfarina with over 30 years of experience in the car-making industry, told Wired:
“This gentleman came from Apple and is used to designing objects of that type. The car is something else, it’s not industrial design,” Corbi says. “A good industrial designer isn’t capable of designing a car; it’s another profession.”
“The involvement of Jony Ive and Marc Newson almost seems like a choice of boundless arrogance, as if to say, let’s not care about what our customers love and just sell this to them. The stock price has lost 8 percent. I have American friends, Ferrari owners who are members of the Ferrari Club of America, people in love with the brand, who are shocked. As is [former Ferrari chairman] Montezemolo, who yesterday publicly expressed his disappointment.”
Many investors seemed to agree with the negative commentary, as Ferrari’s stock price dropped 8% the day after it revealed the Luce to the world.
Driving towards the future
At the Luce’s launch event, Ferrari’s Executive Chair John Elkann called the move to make the new EV a “deliberate decision to lead what comes next.”
Elkann, the grandson of industrialist Gianni Agnelli and owner of both the Fiat and Ferrari brands, is no stranger to change.
The Agnelli empire has long been at the center of Italy’s business culture. Exor, run by Elkann, is the largest shareholder of Ferrari, which went public in 2015. Exor also holds significant stakes in several of Italy’s major companies, including Fiat, which was the country’s largest post-WWII private-sector employer. Exor also owns around 65% of the storied Italian soccer club Juventus, which has become a globally recognized brand.
Since Elkann took the helm of Exor around 20 years ago, he has reshuffled the decks of ownership of a number of companies within the Agnelli constellation. Exor has sold notable companies, including media group GEDI, publisher of La Repubblica and La Stampa, van maker Iveco, and high-tech components maker Magneti Marelli. Elkann also oversaw the merger of the automotive groups Fiat and France’s PSA Group, which are now under the Stellantis umbrella.
While the move to launch the Luce has been met with criticism, some have lauded the decision as “genius.”
As noted in the FT article this week, one Italian brand expert said the Luce could help Ferrari avoid its “Blockbuster” moment. “Ferrari has taken a risky bet, but it is looking beyond today’s customers,” the influencer said. “Its future clients are 14 years old now, grew up with Teslas and may not care for a noisy combustion engine.”
In Exor’s 2025 Letter to Shareholders, Elkann alluded to possible growing pains ahead. He wrote, “My grandfather Gianni Agnelli once told me: ‘Difficulties are not meant to stop us, but to test whether we have the resilience to endure the pain and the courage to continue.”
Ferrari’s share price dealt with a challenging 2025, but, as Elkann wrote, “If something is to last, it must grow steadily. That principle is a discipline that allows Ferrari to create products of extraordinary distinction by remaining in control of how it grows. The task is to ensure that this long-term logic is clearly articulated and consistently executed, even when markets oscillate between patience and impatience.”
Elkann is clearly looking over the horizon as he makes this controversial decision.
Elkann’s decision is a risky move. But it is not the first time the company has sought to extend and evolve its brand in favor of a long-term view.
A year ago, Elkann announced that Ferrari would be moving from land to sea.
In 2025, the company announced that it would build the “Hypersail,” Ferrari’s “first effort in the world of competitive oceanic yacht racing.”
Why would a car maker move into sailing? Elkann said, “Because we couldn’t not do it.”
Elkann harkened back to the values and DNA that have made the brand so unique when justifying Ferrari’s move into sailing:
“When one looks at what drives Ferrari, it’s about passion and competence at the service of the impossible.” Adding more detail about the idea behind the project, he said it will broaden Ferrari’s racing identity, by pushing the Prancing Horse into another form of endurance competition. For indeed, oceanic yacht racing is perhaps the ultimate form of endurance: anything can happen, anywhere, at any time of the day or night. There are no safety cars and no pit crews conveniently located nearby to help.
Elkann cited the company’s DNA once again in the Hypersail announcement, noting that a move into creating a yacht “broadens our racing DNA, as was the case when we entered endurance racing with the Hypercar. Endurance has been part of Ferrari DNA from the very day our founder Enzo Ferrari started the company.”
It all comes back to the DNA
Ferrari’s rollout of the Luce brings an interesting and important question to the fore for alternative asset managers that are looking to the wealth channel.
What happens when a company makes changes to their brand?
When it comes to brand, it all comes back to the DNA.
Ferrari’s rollout of the Luce highlights the tension between a brand knowing who they are and what makes them special and how far they have to deviate from that DNA and brand in order to prepare for the future.
How does a brand evolve so it can continue to be at the front of the race in the future, but, at the same time, preserve what fans and customers love about it?
For alternative asset managers, it’s not an easy answer. There’s an inherent tension brewing between who an alternative asset manager is today and who they might become, particularly if they choose to work with the wealth channel. A recent white paper from ILPA (Institutional Limited Partner Association) highlighted some of the tensions that alternative asset managers must navigate as they seek to preserve their relationships and brand with their institutional LP customers.
The largest alternative asset managers recognize a business imperative to evolve. That evolution encompasses how they evolve their investment platform, create new investment structures, and reshape their marketing.
For some, that could mean evolving their marketing efforts so that the next generation phones home, particularly if there’s going to be a retail “Revolut”-ion and a focus on 401(k) assets.
What makes this strategic decision to evolve the brand more nuanced for alternative asset managers is that the wealth channel is not monolithic.
Working with the wealth channel is forcing investment firms to define who they are and tell the story of who they want to be.
As I wrote in the 6.22.25 AGM Alts Weekly, “The DNA - and why it matters,” productizing for the wealth channel is also about productizing for yourself.
Alternative asset managers must first look within to understand how they want to — and should — evolve their brand.
It appears that’s what Ferrari and Exor are doing too.
As Elkann noted in Exor’s 2026 Investor Presentation, “When the roots are deep, there is no reason to fear the wind.”
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.
🤝 Interested in the AGM RIA Field Trips? 🤝
The inaugural AGM RIA Field Trip took place on May 19–20 in New York City. We had 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 Trip on October 6-7 in NYC, please reach out or click on the link here or below for more information.
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.
🔍 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.
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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.