AGM Alts Weekly | 7.12.26: "Building a next-generation asset manager"
AGM Alts Weekly #163: Making private markets more public, every week.
For too long, private equity funds have relied on manual processes — spreadsheets, scattered documents, disjointed data — to track complex investment and ownership structures. It’s slow, error-prone, and not scalable. And when regulators, investors, or auditors come knocking, it’s a fire drill every time.
At DealsPlus, we help private equity funds digitise investment and ownership structures, eliminating data silos. Our software helps power key workflows such as: quarterly reporting, audits, compliance, and exits.
Good afternoon from Washington, DC.
This week marked the second time in a matter of months that a VC-led consortium has acquired a 90+-year-old asset manager.
Eight months after Trian and General Catalyst announced their offer to take Janus Henderson Group private for $7.2B (and was ultimately taken private for $7.8B), a consortium led by venture capital firm B Capital and CalPERS has reportedly agreed to buy 90-year-old asset manager and OCIO Russell Investments for $2.8B from TA Associates and Reverence Capital Partners.
Asset management at a crossroads
Asset management is very much at a crossroads.
The rise of passive, fee pressure on traditional asset management products creating a “profitability paradox” (as the below chart from Bain & Company illustrates), and a growing interest in private markets from the wealth channel are all market forces that have challenged traditional asset managers to transform their businesses.
But pressure can also make diamonds.
Asset managers have been searching for ways to future-proof their businesses in ways that amplify their existing strengths across product manufacturing, distribution, brand, and client reach within the wealth channel, while also recognizing their comparative disadvantages in private markets.
In some cases, asset managers have chosen to buy capabilities in private markets, as firms like BlackRock have done with GIP and HPS, and Franklin Templeton have done with Lexington Partners. Some asset managers have chosen the partnership route, as the Capital Group / KKR, Apollo / State Street, and Blackstone / Vanguard / Wellington partnerships have illustrated.
AI is ushering in another trend that could become more commonplace in asset management: AI-fluent investors buying traditional businesses and infusing AI to leverage proprietary data and workflows that can make them differentiated.
This thesis was central to Trian and General Catalyst’s decision to buy $480B AUM asset manager Janus Henderson.
The AI transformation effect
A major driver behind Trian and General Catalyst’s decision to take Janus Henderson private was the ability to leverage General Catalyst’s applied AI ecosystem, as I wrote about when they announced the transaction.
Trian’s Nelson Peltz and General Catalyst’s Hemant Taneja shared the why behind the acquisition in a letter to shareholders:
General Catalyst is a global investment and transformation company with a focus on transforming industries with Applied AI. It has developed a unique ecosystem of AI companies that can help improve and innovate on business operations across a variety of industries—including Percepta, an AI transformation company which it owns that is focused on data, AI and workforce innovation for its customers. Trian and General Catalyst have an extensive working relationship, and we believe General Catalyst’s experience would be highly complementary to Trian’s decades of experience investing and operating in the asset management sector during the next phase of the Company’s journey.
A more recent June 2026 press release by Janus Henderson revealed more about the new investors’ plans to transform the company with AI.
Engineers from General Catalyst’s AI transformation company, Percepta, have been embedded into Janus Henderson to work alongside the Janus investment, distribution, and technology staff to build tools and workflows on Anthropic’s Claude that will leverage “engineering built into the business” to create a specialized platform and workflow tools to create a differentiated client experience.
In the announcement, Anthropic’s Head of Asset & Wealth Management Peter Nolan described an industry that connects the arterial knowledge (data) of an asset management firm with “purpose-built” AI to transform a client relationship, noting that “asset management is a knowledge-intensive industry where reliable AI can help teams work faster and serve clients better.”
Janus Henderson CEO Ali Dibadj noted they believe that “AI Transformation will fundamentally change the way asset managers serve their clients when it is embedded at the core of the business.”
Dibadj said the firm’s “ambition [is] to be the most technologically sophisticated asset manager in the world.”
Interestingly, CalPERS Deputy CIO Anton Orlich made a similar comment about the firm’s acquisition of Russell Investments, noting, “there is a compelling opportunity to build a next-generation asset manager.”
Steeped in history, transforming for the future
Janus Henderson and Russell Investments: two 90-plus-year-old asset managers; two new investor groups led by VCs looking to transform companies with AI, sharing a similar vision to build an asset manager of the future with AI at the core.
In both Janus and Russell, there’s plenty for the new investors to work with.
Janus’s $480B AUM ($457.3B at the time that the chart below was published in August 2025) covers an array of asset classes and a diverse suite of products across both wealth and institutional channels.
The firm also built a distribution infrastructure to serve clients globally, assembling a team of over 400 distribution professionals in intermediary, institutional, and self-directed channels.
Russell also has a large, if different, footprint.
The firm’s roots as a pioneer in institutional investment consulting in the 1960s paved the way for a massive OCIO business.
Today, Russell’s AUA stands at over $960B, with $401B in AUM across public and private markets, and over $2T in assets traded on their workflow solutions.
Russell’s open architecture platform and focus on customization through bespoke portfolio construction are features that the firm views as differentiators.
While traditional asset managers have faced their aforementioned challenges, Russell is sitting at the epicenter of a number of trends that are shaping asset and wealth management.
The increasing focus on customization and differentiation at scale by wealth management platforms puts Russell in a unique and interesting position to serve this cohort of investors.
There’s been OCIO consolidation aplenty in the RIA space, with Cerity merging in Verus and Agility, Hightower acquiring NEPC, and Pathstone acquiring Hall Capital Partners.
As I wrote in April 2024, OCIO consolidation would continue to be a feature of the growing platformization of wealth management businesses as they focus on delivering private markets solutions and a total portfolio solution to clients with the increasing demand of scale.
Presumably, B Capital, a venture capital firm founded by former Facebook Co-Founder Eduardo Saverin, and CalPERS saw a treasure trove of data and an open-architecture investment platform across public and private markets that could leverage the power of AI to deliver total portfolio solutions to clients in a more efficient, high-margin fashion.
It appears that Russell Investments CEO Zach Buchwald harbors this perspective.
Buchwald told PitchBook that “the model we have is hugely scalable. It’s not changing. What is changing is how we can deliver it and at what size and scale.”
Buchwald’s goal? He wants the firm’s portfolio construction interface and its reporting and analytics platform, METRiQ, to “be up on all of [their] clients’ desktops.”
The next frontier?
Owning the desktop real estate of the wealth manager and marrying analytics with a total portfolio solution are very much the next frontier of private markets.
It’s something that BlackRock has done with aplomb with Aladdin.
As I wrote in “Pieces of the Puzzle” on 4.6.25, when manufacturing and distribution is married with workflows, advisors might come for the analytics or investment products but stay for the end-to-end solution.
But it’s not just the ability to manufacture and sell product that has given BlackRock such an advantage with growing inflows.
It’s also that the firm has managed to insert itself into the desktop real estate of the advisor with technology.
If model portfolios are going to be a major piece of the private markets distribution puzzle, then workflow solutions that connect pre-investment, post-investment, and execution capabilities where advisors live on a daily basis are core to the delivery mechanism.
In a recent Alt Goes Mainstream podcast, Blackstone Private Wealth COO Farhad Karim noted that single-ticket solutions are the future of product innovation for the wealth channel.
Farhad’s comments help to make sense of the partnership between Blackstone, Vanguard, and Wellington. It can also help to serve as foreshadowing for the future. A “buy button,” largely driven by model portfolios, as I wrote in the 9.15.24 AGM Alts Weekly, will become important for adoption of private markets solutions in a turnkey fashion.
Not only do advisors want a single-ticket investment solution, but they want one that provides for diversification, as Farhad noted.
Presumably, Janus Henderson (JHG) sees this future, too.
A July 2026 Insights paper by JHG’s James de Bunsen and Oliver King from the firm’s Multi-Asset Team shared why they believe private markets embedded into a total portfolio solution offers “improved diversification and stronger risk-adjusted outcomes.”
De Bunsen and King argued that the “only free lunch is … diversification.”
Adding private markets to an asset allocation model of equities and fixed income helps to shift out the efficient frontier, as the chart from their Insights paper illustrates.
Adding a 10% alternatives allocation can also deliver higher returns at equal levels of risk.
What makes Russell unique in this aspect is its open-architecture platform.
Russell will point to its expertise, heritage, and leadership in researching and evaluating managers across public and private markets. A chart from a 2023 Corporate Snapshot of Russell Investments illustrates the vast nature of the firm’s coverage of investment managers.
Russell can also speak to its open-architecture DNA as a differentiator. In a world where distinguishing features are paramount, advisors will increasingly look for best-of-breed product solutions.
While wealth management and institutional allocators want to do more with fewer partners, it’s also hard for a single manager to justify that they can be everything to all people. A firm that can package and deliver best-of-breed solutions across asset classes might emerge as an answer for many wealth managers.
The continued evolution in product innovation in private markets will likely feature an increasing number of “best-of-breed” solutions, as I noted in the 2.2.25 AGM Alts Weekly and the 9.7.25 AGM Alts Weekly. This evolution is particularly true for the scaled specialist managers in private markets, who can leverage a unique brand and expertise in a specific market or investment strategy to ally with other firms that have no competitive overlap.
Will it work?
In theory, applying AI to improve workflows, reduce costs, and speed up delivery of product and data should make for a solid investment case of enhancing margins in an industry that is seeing a decline in fee revenues.
However, asset management M&A transactions don’t always realize their potential. According to an Oliver Wyman research report from 2025,
less than 40% of flagship asset management transactions improved cost-income ratios three years after a deal.”
The challenge for Trian and General Catalyst with Janus Henderson, and B Capital and CalPERS with Russell? Can the investors and management teams increase margins, increase product distribution, and ultimately increase multiples by infusing AI into these traditional asset management businesses?
Success by GC and B Capital could possibly pave the way for other venture capital platforms and PE-backed AI holding companies to follow suit with traditional asset managers.
In the era of “roll out your agents private equity,” private equity firms and venture capital firms are building AI services companies to deploy AI solutions into portfolio companies. This “forward deployed private equity” model could certainly be applied to the data-rich but automated workflow-poor world of asset management.
General Catalyst isn’t the only VC firm to roll out an AI services company. Thrive Holdings recently raised $2B from SoftBank, Altimeter, and D1 to buy up traditional services businesses and rewire them with AI. Private equity consortiums have been formed to partner with both Anthropic and OpenAI to apply AI to private equity-backed portfolio companies.
Could turnkey asset management platforms (TAMPs), OCIOs, and traditional asset management firms that have a quality product shelf and strong performance in active management be next in the crosshairs for an AI-fluent investor to try to transform into the “next-generation asset manager” that Orlich references? I wouldn’t be surprised.
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 perceived by investors and allocators allocating capital to alternative investments.
Note: AUM figures are based on fee-paying AUM where applicable.
“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.
🤝 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 waitlist for the next Field Trip on October 6-7 in NYC, please reach out or click on the links below.
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) - VP - Fund Accounting. Click here to learn more.
🔍 Krilogy (Wealth manager) - Senior Wealth Advisor. Click here to learn more.
The latest on Alt Goes Mainstream
Recent podcast or video episodes and blog posts on Alt Goes Mainstream:
🎥 Watch Blackstone COO of Private Wealth Farhad Karim discuss the firm’s “relentless” focus on building solutiosn for private wealth. Watch here.
🎥 Watch Hightower CEO Larry Restieri on building a $1T RIA and operating at the intersection of private markets and private wealth. Watch here.
🎥 Watch T. Rowe Price / Oak Hill Advisors Portfolio Manager & Partner, CEO - BDCs Eric Muller and me live from iCapital Connect, where we discussed being at the intersection of public and private credit. Watch here.
🎥 Watch Oaktree Managing Director and Co-Portfolio Manager Danielle Poli live from the AGM RIA Field Trip share why “boring is beautiful” in private credit. Watch here.
🎥 Watch Franklin Templeton Head of Private Markets - Americas Wealth Management Dave Donahoo and Summit Wealth Group CIO Chelsea Ganey live from Franklin Templeton’s Private Markets RIA Advisory Council for perspectives on how asset managers and wealth managers can work together to educate one another and help move the industry forward. Watch here.
📝 Read The AGM Op-Ed with Permira’s Partner, Executive Committee Member at Permira, and Investment Committee Member at Permira Credit Benoit Vauchy on credit underwriting in the age of AI and uncertainty. Read here.
🎥 Watch Juventus Director of Football Strategy Giorgio Chiellini share life lessons in sports and business from a world-class performer on and off the field. Watch here.
🎥 Watch Bank of America’s Head of Alternative Investments Mark Sutterlin share why being a good investor in private markets is table stakes. Watch here.
🎥 Watch iCapital’s Managing Director, Head of Private Asset Research & Model Portfolios Kunal Shah share lessons learned from being an institutional allocator and the private market mindset wealth managers need in the 20th episode of the Alts Pulse podcast recorded live at the iCapital Connect conference. Watch here.
📝 Read The AGM Op-Ed with Arcesium Private Markets Head Cesar Estrada on how consolidating data can enhance the LP / GP relationship. Read here.
🎥 Watch Benefit Street Partners’ Senior Managing Director, Head of Real Estate and Portfolio Manager Michael Comparato discuss the opportunity in commercial real estate credit. Watch here.
🎥 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.
Fascinating