AGM Alts Weekly | 7.13.25: Reading the "T." leaves
AGM Alts Weekly #111: Making private markets more public, every week.
👋 Hi, I’m Michael.
Welcome to AGM, the meeting place for private markets.
I’m excited to share my weekly newsletter, the AGM Alts Weekly. Every Sunday, I cover news, trends, and insights on the continuing evolution and innovation in private markets. I share relevant news articles, commentary, an Index of publicly traded alternative asset managers, job openings at private markets firms, and recent podcasts and thought pieces from Alt Goes Mainstream.
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Good morning from Washington, D.C.
It was a big news week at the intersection of private markets and private wealth.
Not every week do fintech companies focused on private markets raise close to $1B.
That happened this week with iCapital’s latest financing round. $1.6T AUM asset management behemoth T. Rowe Price co-led an $820M financing into iCapital to provide capital for its next phase of growth.
According to a press release by iCapital, the capital will be used to “support strategic acquisitions that improve the advisor and client experience, empower asset managers to expand their reach and attract a broader range of investors, and create opportunities to reduce friction in the ecosystem for all participants.”
iCapital, which has $945B of assets serviced on its platform, including $257B in alternative platform assets, $203B in structured investments and annuities, and $485B in client assets reported on, has leveraged an acquisitive strategy to build an end-to-end platform that serves as the connective tissue for private markets and private wealth. The company has completed 23 strategic acquisitions since inception, including recent transactions with Mirador, AltExchange, and Parallel Markets, all of which have augmented pre- and post-investment data and process capabilities on the platform.
The funding round itself was a significant milestone for the continued mainstreaming of private markets — and increased adoption of private markets by the wealth channel.
After all, the distribution revolution and the technology market structure evolution for private markets go hand in hand.
And what else does this news signify? This news is also emblematic of a recurring theme that is defining private markets:
The convergence of public and private.
T. Rowe’s decision to lead iCapital’s round highlights that traditional asset managers are continuing to find ways to build and augment their private markets capabilities across distribution and technology in several ways.
Acquiring capabilities
T. Rowe Price is no stranger to private markets.
In 2021, the firm acquired Oak Hill Advisors, paying $4.2B to add the private credit manager to its platform. Oak Hill helped build out T. Rowe’s private markets capabilities. As of March 31, 2025, T. Rowe’s alternative AUM included $20B in private markets, $20B in CLOs, and $13B in liquid strategies.
T. Rowe is far from the only traditional asset manager to add private markets capabilities to its investment platform via acquisition.
BlackRock appears to be going for blackjack, as I wrote in the 12.1.24 AGM Alts Weekly after the firm announced that it would be acquiring HPS late last year.
The world’s largest asset manager has deftly fit the pieces of the private markets puzzle together into “One BlackRock” across asset management (HPS, GIP), data (Preqin), and technology (eFront). BlackRock has also been an investor in and a shareholder in iCapital since 2016.
BlackRock added another piece to its private markets puzzle this week, acquiring $7.3B AUM net-lease real estate investment firm ElmTree, growing the $327.5B AUM platform even bigger.
$1.54T AUM Franklin Templeton has also made a concerted effort to build out its private markets capabilities through acquisition, growing its “family of specialists” with purchases of Benefit Street Partners in 2019 and then doubling the firm’s credit AUM at the time by its acquisition of BNY’s Alcentra, buying real estate investment firm Clarion in 2021, and adding private equity secondaries specialist Lexington Partners in 2022 to build out the firm’s private markets AUM to over $252B.
Franklin has seen an increase in long-term inflows in private markets assets over the past year, as a slide from its Q2 2025 earnings presentation illustrates.
Franklin Templeton’s acquisition of Lexington Partners is an example of how a traditional asset manager can leverage an acquisition to amplify a firm’s existing wealth channel network to achieve fundraising success. Reportedly, 20% of the capital raised from Lexington’s $22.7B flagship Fund X fundraise, which closed in 2023, came from the wealth channel.
Franklin has since launched a private equity secondaries evergreen fund, Franklin Lexington Private Markets Fund (FLEX) and a Luxembourg-domiciled sub-fund FLEX-I, to meet demand from the wealth channel for evergreen structures. Franklin Templeton CEO Jenny Johnson said on the firm’s Q1 2025 earnings call that “FLEX and the evergreen funds, the perpetuals … have actually just opened up to a broader section of clients,” as reported by Secondaries Investor’s Madeleine Farman.
I wrote in the 1.14.24 AGM Alts Weekly about the power of acquiring alternative asset managers built for scale, referencing the why behind both BlackRock’s acquisition of GIP and Franklin’s acquisition of Lexington:
It unlocks these firm’s distribution capabilities in the wealth channel. Franklin Templeton’s acquisition of Lexington Partners provides a template for other traditional asset managers looking to buy and successfully integrate an alternative asset manager into their broader platform. Franklin Templeton astutely realized that the demand for secondaries from LPs would be high given secondary (and broader) market dynamics over the past few years. They also realized they could enhance Lexington’s distribution firepower, particularly in the wealth channel. This synergy proved to be true, as the recent close of Lexington’s largest ever fund at over $22B AUM included billions of dollars from the wealth channel, marking the wealth channel as a meaningfully sized LP constituent in their fundraise. BlackRock now has the chance to do the same with GIP. Infrastructure is in high demand, particularly by the wealth channel. As Citywire’s Selin Bucak highlights in her article this week about BlackRock’s acquisition of GIP, a number of private banks highlighted infrastructure as one of their top themes for 2024, in large part because it serves as a diversification tool away from equities and bonds and an inflation hedge. BlackRock can also use GIP’s platform as a way to more extensively partner with the wealth channel in private markets, similar to how Franklin Templeton used Lexington’s secondaries strategy as a way to work more closely with the wealth channel in this space.
BlackRock and Franklin Templeton are not the only firms employing an acquisition strategy to build out private markets capabilities. Nuveen has employed a combination of acquiring and building to grow its $128B AUM Nuveen Private Capital platform. The firm acquired Arcmont, combining it with Churchill to form a private credit platform for the firm.
Partnering or building for success
Other traditional asset managers have decided to build or partner thus far.
Vanguard has partnered with HarbourVest on a private markets fund for QP clients, and, more recently, partnered with Wellington and Blackstone on a public / private hybrid fund as I wrote in the 4.20.25 AGM Alts Weekly about “what happens when three trillion dollar asset managers walk into a bar.”
Wellington has also gone the partnership and build route, collaborating with Vanguard and Blackstone to add to its $9.1B AUM private markets investment capabilities across private equity and private credit.
State Street, which also invested in this financing round for iCapital, and Capital Group have also chosen the partnership route to date, with State Street and Apollo collaborating on a public-private credit ETF and Capital Group partnering with KKR on a public-private investment solution.
Even traditional asset managers with their own capabilities in private markets have decided to partner in certain instances. That was the case with BlackRock’s partnership with Partners Group on a private markets model portfolio.
Invesco, which has chosen to build for the most part, recently brought in Keith Jones as Global Head of Private Markets Product to develop its private markets capabilities even further beyond the footprint the firm has in real estate and private credit.
Fidelity has also chosen to build and manufacture in-house, possessing over 60 funds on its platform that represent over $41B in AUM. The firm recently announced a major development in its private markets access capabilities, rolling out Fidelity Custom Model Portfolios that will include interval and tender offer fund structures for RIAs and broker-dealers.
Distribution evolution
Asset management is a game of distribution.
The industry’s largest asset managers have spent years perfecting what it takes to educate, manufacture, and distribute investment products to the wealth management community and individual investors.
The game on the field has become undeniably harder for traditional asset managers.
Fee compression, outflows, increased competition, the rise of retail brokerage, and indexed, correlated, and concentrated public markets have all put pressure on the asset management business model.
A secular decline in fees has defined the past 30 years of mutual funds and ETFs, as this below chart from Bain & Company illustrates.
Private markets represent an opportunity for asset managers to balance out, in some cases, outflows in public market products with higher fees and stickier private markets products. Private markets also offers the ability to deliver a one-stop-shop solution to advisors looking to deal with less firms, not more.
Traditional asset managers have a structural advantage — they already possess large distribution teams, known brands, and existing relationships with the wealth channel. Many traditional asset managers have — or have had — a relationship with many, if not all, financial advisors in the US at some point.
If traditional asset managers navigate the education and distribution of private markets investment solutions effectively, they can leverage their existing footprint and known brands to their advantage in the wealth channel.
The race for retirement
Another notable area where traditional asset managers have an existing footprint is in retirement accounts.
An eye-opening statistic that connects the dots on a number of converging trends in private markets?
66% of T. Rowe’s $1.6T AUM reside in retirement accounts.
T. Rowe makes for an interesting investor in iCapital not just because of its size, scale, and heritage as a large traditional asset manager that wants to build out its private markets platform and distribution capabilities.
Perhaps it’s also because of T. Rowe’s large footprint in the retirement space.
There’s a push to bring private markets products into retirement accounts, as recent news from Empower partnering with a number of asset managers, including Apollo, Franklin Templeton, Goldman Sachs, Neuberger Berman, PIMCO, Partners Group and Sagard.
It was also notable that both KKR and Apollo CEOs made sure to mention target date funds and 401(k) accounts in their Q1 earnings calls.
What will be critical for private markets to go mainstream in retirement accounts? The right infrastructure and technology architecture that will make the movement of capital in and out of accounts, the delivery of on-time and accurate valuations and private markets data, and the ability to help investors understand how private markets exposure interacts with an entire investment portfolio.
Private markets technology market infrastructure continues to evolve. Continued innovation and more capital invested into building the rails for private markets is imperative for the next phase of private markets adoption.
Technology upgrades
For retirement accounts to adopt private markets in a big way, the technology and experience for investors must improve.
Yes, there’s very much a regulatory component to broader adoption of private markets by retirement accounts, but technology also plays a critical role in creating comfort and ease of use for retirement account investors.
That’s where a firm like iCapital comes in. The ability to provide the end-to-end infrastructure for both asset managers and the wealth community should make it easier for investors to access private markets solutions through retirement accounts eventually.
BlackRock has chosen to make major investments in its own infrastructure to deliver solutions across entire portfolios, whether it was acquiring Preqin (as I wrote about in the 7.7.24 AGM Alts Weekly on “BlackRock’s evolutionary revolution of private markets”) or eFront, or investing in the likes of iCapital and GeoWealth.
For private markets infrastructure to continue to improve, it requires the industry to participate.
Partnership, customization, and collaboration must be at the forefront of this market structure evolution.
That was a topic that was discussed at the iCapital Connect conference, where iCapital CEO Lawrence Calcano and BlackRock’s MD, Co-Head of US Wealth Business and Senior Sponsor for Retirement Business Jaime Magyera discussed the importance of the collaboration between BlackRock, iCapital, and GeoWealth on model portfolios and inserting private markets solutions to complement public markets investments in a unified managed account (UMA) structure.
BlackRock’s Magyera said in an October 2024 interview with WealthManagement.com: “Part of this is bringing together a platform that helps an advisor personalize and customize a portfolio across public and private markets and then easily, conveniently implement that through a platform. And that’s what we are doing through this partnership. Today, there are probably $4 trillion to $5 trillion sitting in model portfolios. We think in the next few years, it will double. That space — model portfolios, custom portfolios — is going to be the future of the wealth industry. But it has to be easy; it has to be implemented in a very convenient way.”
This is where private markets are headed — the convergence of public and private, combined with improving technology market infrastructure that will eventually enable more seamless integration and implementation of private markets investment solutions for wealth advisors and individual investors.
That’s why iCapital’s $820M fundraise led by T. Rowe is an even bigger deal than simply the milestone of a large capital raise.
This news is yet another signal of the continued mainstreaming of private markets — with more to come.
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.
AGM Post of the Week
Former CAIA CEO and Founder of Educational Alpha LLC (and early Alt Goes Mainstream podcast guest) Bill Kelly posted about an interview that Golub Managing Director Avi Sharon conducted with himself and me in the recent edition of the Investments & Wealth Institute Investments & Wealth Review about Alts for Advisors 2.0.
The conversation was part of a group that provided nuanced, thoughtful, and researched perspectives for the May/June IWR edition.
AGM News of the Week
Articles we are reading
📝 Blackstone Strikes $20 Billion Private Credit Deal With L&G | Leonard Kehnscherper and Silas Brown | Bloomberg
💡 Bloomberg’s Leonard Kehnscherper and Silas Brown report on a major partnership between the industry’s largest alternative asset manager, Blackstone, and Legal & General. Blackstone has reportedly signed a private credit partnership with L&G to originate investment-grade private credit deals for L&G’s annuities business and create public-private hybrid credit solutions alongside L&G’s asset management unit that could grow to up to $20B over the next five years. The combined capabilities of the two firms should allow them to originate assets, identify investment opportunities, and co-create products that meet the needs of both institutional and individual clients, according to Blackstone’s Head of Insurance Philip Sherrill. Investment-grade private credit appears to be appealing to many insurance firms. According to Moody’s Ratings estimates, as much as 1/3 of the $6T in cash and invested assets held by US life insurers was allocated to various types of private credit investments at the end of 2024.
Some alternative asset managers, such as Apollo and KKR, have chosen to insource insurance capabilities by buying insurance firms, Athene and Global Atlantic, respectively. Blackstone, on the other hand, has decided to partner with insurance companies. The firm has tie-ups with AIG’s former life insurance business Corebridge Financial and Resolution Life. Legal & General is not only a large insurance company, but it is also the UK’s largest asset manager, overseeing $1.5T in AUM. The firm, which recently hired Prudential executive Eric Adler to run its asset management business, has aspirations to hit £85B in AUM by 2028, with a larger portion of assets coming from private markets.
Another notable aspect of the partnership between Blackstone and L&G is the meaningful fee stream that this will bring in for Blackstone. Bloomberg Intelligence estimates that the L&G partnership could expand Blackstone’s current insurance assets by 8% over time and result in implied revenue of around $400M for the firm.
💸 AGM’s 2/20: The intersection of private wealth and private markets is one of the biggest trends in the industry. The intersection of insurance and private markets is just as notable.
Insurance companies represent a massive opportunity for alternative asset managers to grow their businesses, particularly in private credit. As I wrote in the 1.12.25 AGM Alts Weekly “Insurance, meet private credit,” which discussed Northwestern Mutual’s $13B partnership with Sixth Street, many of the industry’s largest alternative asset managers have struck major partnerships with insurance companies.
The synergies add up.
Insurers are looking to generate returns that meet the needs and obligations of retirees and their general account. Private credit in particular, when done well, can provide a possible solution for insurance companies. This trend appears to be playing out in the numbers.
An article in the FT by Oliver Wyman’s Huw van Steenis notes that private credit assets funded by insurers at top-seven North American-listed private capital firms now account for 43% of credit assets held by these alternative asset managers. That’s up a staggering 11% since 2021.
Put another way, van Steenis writes, more than half of inflows in 2024 came from insurers.
Insurance company CIOs seem to believe that private markets will play a critical role in driving returns going forward. An April 2024 survey of 50 insurance company CIOs by KKR indicates that there’s “no turning back.” The survey results yielded a telling answer about where insurance companies believe they need to invest going forward.
Lincoln Financial EVP and CIO Jayson Bronchetti, who is responsible for more than $300B in assets, shared a similar perspective on the importance of private markets in retirement portfolios on his recent Alt Goes Mainstream podcast.
Apollo CEO Marc Rowan made an important observation at the recent Morningstar Investment Conference in his interview with Morningstar CEO Kunal Kapoor. Marc said a “1.5% excess return in private markets creates a 50-100% better outcome in retirement.”
He’s not the only one who shares this sentiment. The Investment Association CEO Chris Cummings said in the Financial Times that “exposure to private markets at somewhere between 5 [and] 10 percent of their portfolio would be sufficient to make a profound difference to their pension when they come to retire.” IA is a significant player in the UK pension ecosystem — the organization represents fund groups, wealth managers, and private equity firms that oversee £9.1T in assets.
Marc points out that private markets must fulfill its promise of generating “excess return per unit of risk.” If it does, then perhaps it can play an important role in helping insurers solve their investment needs, which is why the industry is witnessing so many partnerships being struck between insurers and alternative asset managers.
Another notable aspect of this trend? Scale matters.
Former Blackstone CFO and WestCap Founder and Managing Partner Laurence Tosi’s quote in an Alt Goes Mainstream podcast can perhaps help make sense of why firms like Blackstone have an advantage when it comes to partnering with insurance companies:
L.T. referenced a comment from Blackstone CEO and Co-Founder Stephen Schwarzman about how “scale is our niche.” L.T. recounted a quote that Schwarzman used to share:
L.T.: I remember when Steve said that scale is niche. I'm going to add a second part, Michael, to that statement, which I guess gets less covered than he would say. He would also say that scale begets skill. And the more skill you can put against creating value, the more you can justify the scale … The golden rule in investing is where can you find a space that the more you invest in your returns, the greater the alpha you generate was. That's the right place to scale.
Perhaps this quote from L.T. and Schwarzman can help make sense of why private credit, insurance firms, and alternative asset managers are partnering up.
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) - Private Wealth Solutions - Content Marketing, Vice President - Tokyo. Click here to learn more.
🔍 KKR (Alternative asset manager) - Vice President, Structured & Asset Backed Credit. Click here to learn more.
🔍 Apollo Global Management (Alternative asset manager) - Managing Director, Head of Investment Grade Research. Click here to learn more.
🔍 Ares (Alternative asset manager) - Vice President, Product Management & Client Services, Wealth Management Solutions, APAC. Click here to learn more.
🔍 Blue Owl (Alternative asset manager) - Strategy & Corporate Development Associate. Click here to learn more.
🔍 Franklin Templeton (Asset manager) - Head of Marketing - France, Benelux, and the Nordics. Click here to learn more.
🔍 BlackRock (Asset manager) - Vice President, US Wealth Advisory Marketing Strategy. Click here to learn more.
🔍 iCapital (Private markets infrastructure investment platform) - RIA, Family Office Business Development - Vice President. Click here to learn more.
🔍 Goldman Sachs Alternatives (Alternative asset manager) - Asset & Wealth Management, Sustainability & Impact, Value Creation, Associate - New York. Click here to learn more.
🔍 Partners Group (Alternative asset manager) - Social Media Specialist. Click here to learn more.
🔍 Ultimus Fund Solutions (Fund administrator) - SVP, Business Development. Click here to learn more.
🔍 Juniper Square (Fund software and services) - Director, Private Equity Sales. Click here to learn more.
🤝 Interested in partnering with Alt Goes Mainstream? 🤝
Alt Goes Mainstream is a community of engaged experts and executives in private markets.
Fill out this form using the link below to explore partnership opportunities.
The latest on Alt Goes Mainstream
Recent podcast or video episodes and blog posts on Alt Goes Mainstream:
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🎥 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 Lincoln Financial’s EVP and CIO Jayson Bronchetti discuss the role of insurance companies in private markets as he discusses how he manages a portfolio of $300B in assets. Watch 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.
🎙 Listen to Ted Seides, Founder of Capital Allocators, and I discuss the convergence of the institutional world and the wealth world as we dive into the intersection of private markets and private wealth to kick off a Capital Allocators mini-series on Private Wealth. Listen 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 EQT Partner & Head of Private Wealth Americas Peter Aliprantis discuss how the firm is bringing EQT’s success to the US wealth market. 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 the third episode of Going Public on Alt Goes Mainstream with Evercore ISI Senior MD and Senior Research Analyst Glenn Schorr as we discuss separating the forest from the trees and Glenn’s “Final Four” firms he would pick in honor of March Madness. Watch here.
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🎥 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 Eric Satz, Founder & CEO of Alto share thoughts on why retirement assets could be the next frontier for private markets. Watch here.
🎥 Watch Mike Tiedemann, CEO of $72B AUM AlTi Global share why being a global wealth manager can be a differentiator. Watch 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 Jeff Carlin, Senior Managing Director, Head of Global Wealth Advisory Services at Nuveen live from Nuveen’s nPowered conference on why “it’s all about the end client.” Watch here.
🎥 Watch Venkat Subramaniam, Co-Founder of DealsPlus on building a single source of truth for private markets. Watch here.
🎥 Watch Yann Magnan, Co-Founder & CEO of 73 Strings discuss the opportunity for AI to automate private markets. Watch here.
🎥 Watch Lawrence Calcano, Chairman & CEO of iCapital on episode 14 of the latest Monthly Alts Pulse as we discuss whether or not private markets has moved from access as table stakes to customization and differentiation. 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.
🎙 Hear Balderton Capital General Partner and former Goldman Sachs Partner Rana Yared discuss why Europe can build global companies out of the region. Listen here.
🎙 Hear Churchill Asset Management by Nuveen’s MD, Senior Investment Strategist & Co-Head of the Chicago Office Alona Gornick discuss the evolution of private credit, the power of permanent capital, and the importance of the product specialist. Listen 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.
🎙 Hear $5B AUM Ritholtz Wealth Management’s Director of Institutional Asset Management Ben Carlson bring a wealth of common sense to asset allocation and private markets. Listen here.
🎙 Hear Blue Owl, Inc. Board Member and Blue Owl GP Strategic Capital Senior Managing Director Sean Ward on how $57.8B AUM Blue Owl GP Strategic Capital has pioneered GP staking and transformed GP stakes into an industry. Listen 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 Intapp’s President, Industries, and Co-Founder of DealCloud by Intapp Ben Harrison discuss how data and automation are transforming private markets. Listen here.
🎙 Hear Bernstein Private Wealth Management’s CIO Alex Chaloff discuss how a $125B wealth manager navigates private markets. Listen 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.
🎙 Hear Manulife’s Global Head of Private Markets Anne Valentine Andrews share how to approach building a private markets investment platform at an industry behemoth and the merits of infrastructure investing. Listen here.
🎥 Watch Lawrence Calcano, Chairman & CEO at iCapital, on the AGM podcast discuss driving efficiency across the entire value chain to transform private markets. Watch here.
🎙 Hear VC legend New Enterprise Associates’ Chairman Emeritus and Former Managing General Partner Peter Barris discuss how he transitioned from operator to VC and transformed NEA into a venture juggernaut in the process. Listen here.
🎙 Hear Blue Owl’s Global Private Wealth President & CEO Sean Connor share insights and lessons learned from working with the wealth channel. Listen here.
🎙 Hear Ritholtz Wealth Management’s Managing Partner Michael Batnick share views on how wealth managers are navigating private markets. 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.
📝 Read how 73 Strings CEO & Co-Founder Yann Magnan and team are leveraging AI to build a modern and holistic monitoring and valuation platform for private markets in The AGM Q&A. Read here.
🎙 Hear Robert Picard, Head of Alternatives at $117B AUM Hightower, discusses how they approach alternative investments. Listen here.
🎙 Hear CAIA CEO Bill Kelly discuss the importance of education in private markets and being a fiduciary. 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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If you have any suggestions, would like me to feature an article, research, or would like to recommend a guest or topic for the Alt Goes Mainstream podcast, reach out! I’d love to include it in my next post or on a future podcast.
Special thanks to Ryan McCormack, Nick Owens, and Michael Rutter for their contributions to the newsletter.