AGM Alts Weekly | 7.26.26: Direct access
AGM Alts Weekly #165: 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 London.
Following SpaceX’s landmark IPO, many investors in the wealth channel are considering how to capture value from exposure to private markets.
This week, Goldman Sachs provided an answer.
Goldman Sachs made headlines this week with the announcement of a newly formed “Alternative Investment Platform,” which will focus on providing HNW clients with direct investments in private companies and helping clients buy and sell stakes in private companies through a secondary advisory group, according to a memo.
On the heels of the $1.75T SpaceX IPO where Goldman was one of the lead underwriters, Goldman’s Global Head of Alternatives for Wealth Kristin Olson told CNBC in an interview that “There has been a lot of focus on the big growth tech names and getting clients access to those before they debut in the public markets.”
There’s good reason why clients and advisors are looking to access growth companies before they hit the public markets.
Private companies are staying private longer. So too is the value of those companies residing in private markets.
The chart below from Industry Ventures from 2022 highlights a phenomenon that is even more true today than it was in 2022.
SpaceX’s road to $1.75T was paved in private markets for 24 years before going public a few weeks ago. Contrast the $1.75T in value created in private markets by SpaceX with Microsoft and Amazon.
Microsoft went public in 1986 with a market capitalization of $777M; incidentally, Goldman Sachs acted as the bookrunning manager for the IPO, which raised $61M and was dubbed the “IPO of the Year.” Today, Microsoft’s market cap stands at $2.84T, allowing investors in public markets to benefit from the astronomical appreciation of its stock price.
No wonder Goldman’s Olson said this week that “Companies are going public at a trillion dollars. If you haven’t participated along the way, you’re clearly missing a big part of the growth cycle.”
Capital was concentrated in a select number of winners in 2025, as the chart below from Caplight illustrates. The same has been true in 2026.
And so too has the value.
The top 10 private AI companies outperformed the top 10 public AI companies by over 5x in 2025 (note: these figures were prior to Anthropic announcing its latest round).
This phenomenon, particularly with AI companies, is corroborated by data from PitchBook, which finds that “capital is flowing into top AI startups faster than they are demanding it.” PitchBook’s Kaida Gao notes that in Q1 2026, every $0.90 demanded by a venture-growth-stage AI startup was met by $1 in supply.
The supply of capital waiting to fund fast-growing AI companies, which have seen material valuation upticks at the growth stage, has meant that companies are returning to market at a faster pace than many funds can keep up with. In some cases, like the most in-demand AI companies such as Anthropic, funding rounds are occurring every 12-14 months or even sooner. Anthropic raised two massive rounds in 2026, a $30B round in February 2026 followed by a $65B round three months later in May 2026.
To match the pace of funding, many funds are turning to direct co-investments to raise the quantum of capital required to match the velocity and frequency of financing rounds.
Where supply meets demand
This phenomenon in venture / growth and private equity can help to explain why private banks like Goldman are meeting the moment with formalized direct co-investment programs for clients.
As I wrote in the 2.15.26 AGM Alts Weekly, direct investments have been a major area of focus for private banks.
In response to interest in exposure technology from UHNW investors, private banks have intensified their focus on providing direct access to private investments for their client base.
Goldman’s Apex Family Office Coverage Group was built, in part, to help deliver unique and differentiated direct and co-investment dealflow to UHNW family offices, as Partner and Global Head of Private Wealth Management Capital Markets and Global Head of Goldman Sachs Apex Family Office Coverage Sara Naison-Tarajano discussed in our recent Alt Goes Mainstream podcast.
Other private banks have followed suit in their own way. Merrill Wealth Management and Bank of America Private Bank launched the “Alts Expanded Access Program” in September 2025. This program was designed to provide UHNW clients with $50M net worth or greater with access to “specialized opportunities in emerging themes, niche strategies and evolving sectors,” the press release noted.
J.P. Morgan Private Bank has designed a similar program for its UHNW clients. Morgan Private Capital was built to enable its UHNW clients to “invest side-by-side with experienced global institutional investors through direct investment in next generation companies and co-investment opportunities in real estate, venture capital and other private investments from top fund sponsors.”
Data from Hamilton Lane corroborates HNW investor interest in the fastest-growing private companies.
Private banks have endeavored to treat these UHNW clients as major private markets participants. Global Head of Morgan Private Capital Kirk Haldeman said as much in J.P. Morgan’s 2025 UHNW Survey, Principal Discussions, noting, “Our clients are increasingly treated like institutional players, with privileged access to highly sought-after companies.”
Goldman CEO David Solomon shared a similar sentiment when discussing the firm’s acquisition of Industry Ventures: “It’s giving our very, very wealthy clients access to other investment opportunities and products that are hard to access in different channels.”
Access very much appears to be the name of the game in today’s world of venture and private equity. Capital is concentrating in a select number of funds and companies, as the chart below from PitchBook highlights. Perhaps this is the era of consensus capital, but that doesn’t necessarily mean it’s the wrong allocation decision.
Outcomes are much larger than they used to be. And private markets access is now a prerequisite in order to capture much of the value creation with these multi-hundred billion or multi-trillion dollar outcomes.
Access can also very much be a driver of returns, as the chart below from HarbourVest from 2025 illustrates.
It appears that access is now concentrated on direct investment activity.
The rails have been built
The ability of wealth management platforms to offer direct co-investments is made possible, in part, by the evolution of the technology market structure in private markets.
Improved end-to-end infrastructure to enable wealth channel investors to access direct investments at lower minimums has now been built.
Platforms like iCapital and Allocate are enablers of this trend. They have created the vehicle and SPV architecture to enable private bank and RIA platforms to efficiently aggregate client capital into co-investments offered by funds seeking to scale their check sizes into the most in-demand private companies. Sometimes, this is smaller managers with access to these growth and late-stage private companies. Other times, it is brand-name managers looking to increase their dollar commitment to their breakout companies alongside their large fund commitment.
This infrastructure provides fund managers with the solution set required to move fast, aggregate capital, and deploy capital into their (potentially) biggest winners.
Based on what I’ve seen and heard anecdotally, demand for access to specific investments is so insatiable that it far outstrips the allocations some managers have to fast-growing private companies.
Allocate Co-Founder and CEO Samir Kaji has a view from the front line of this trend. He shared a similar sentiment a few months ago.
The infrastructure that’s being built is also helping wealth platforms achieve something that’s critically important to their business-building initiatives at this stage of private markets adoption by the wealth channel: curation at scale.
Many investors, particularly those in the UHNW segment, are demanding access to unique and differentiated investments in private markets.
Direct co-investments can help wealth platforms achieve this objective, particularly with Millennials, as Goldman’s Kristin Olson said on the Alt Goes Mainstream AGM Unscripted podcast at the 2025 Goldman Sachs Alternatives Summit.
While there’s no disputing that wealth channel investors are demanding access to the fastest-growing and most in-demand private companies, this phenomenon gives rise to an interesting question: what is a manager’s edge in today’s world of growth-stage and private equity investing?
How much of a manager’s edge resides in the ability to access the fastest-growing, in-demand companies? If outsized outcomes end up defining this era of investing, then perhaps access matters in a material way.
Access alone does not constitute an edge, in my view. But it can be an important way to capture value at a time when outsized returns appear to be concentrating in a select number of companies. So it shouldn’t come as a surprise that in a “winner takes it all” environment, the capital is concentrating in the winners as investors are looking to fund the future.
The next question is: How long does this window for growth investing last?
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.
🔍 Carlyle (Alternative asset manager) - Associate, Strategy, Global Wealth. 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.
🔍 Vista (Alternative asset manager) - Analyst, Private Wealth Solutions. Click here to learn more.
🔍 HarbourVest (Alternative asset manager) - Senior Associate, Global Private Wealth Operations. 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:
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🎥 Watch Permira Co-Chairman & Co-CEO Dipan Patel discuss how to scale an €80B alternative asset manager. Watch here.
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🎥 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.