AGM Alts Weekly | 7.27.25: Alts are actually going mainstream
AGM Alts Weekly #113: Making private markets more public, every week.
👋 Hi, I’m Michael.
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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.
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Good morning from Washington, D.C.
If someone asked you to guess how much exposure investors with $100K-$2M in investable assets plan to have to private markets in the next 12 months, what would you say?
A recent survey by HSBC, Affluent Investor Snapshot 2025, served up some surprising results.
Interestingly, 50% of the respondents plan to own private markets funds (private equity or private credit) within the next 12 months, a figure that is double their current ownership level.
Perhaps these survey results can help provide a guide for the next phase of private markets.
HSBC’s survey, conducted by Ipsos Asia, polled 10,797 affluent investors across 12 markets globally on their investment behaviors, objectives, and attitudes. Those surveyed have between $100k-2M in investable assets. Furthermore, it is worth noting that only 15% of the survey respondents possess between $1-2M in investable assets.
These results would suggest that mass affluent investors are ready to adopt private markets in a meaningful way.
Alts are actually going mainstream
Or, to put it another way, alts are actually going mainstream.
Private markets exposure amongst the affluent investor category has historically been low, particularly when compared to the UHNW category within the wealth channel and with institutional investors.
HSBC’s survey finds that 2024 private markets allocations (defined in this survey as private markets funds across equity and credit) across all generations was 3% (except Gen Z, which was at 2%). Those surveyed expect to double that figure to 6% (except for Baby Boomers, which was at 5%).
To do so, survey respondents plan to increase the number of financial products they own.
The top 5 new product types that investors are interested in adding to their portfolios?
Digital gold (tokenized gold, apparently, not bitcoin), multi-asset solutions, private equity and private credit funds, mutual funds or unit trusts, and then hedge funds.
Decoding the data
What does this data mean for asset managers looking to serve the wealth channel?
I discussed in the 10.13.24 AGM Alts Weekly how the wealth channel is not monolithic.
I’ve also discussed the importance of delivering the right product, for the right investor, at the right time, delivered in the right way on the recent Capital Allocators podcast I did with Ted Seides.
Firms are certainly thinking long and hard about the right type of product to create for different investor types in the wealth channel.
And there’s a lot to play for.
In the US alone, there are 43 million households across the middle market ($100k-$500k investable assets) and mass affluent market ($500k-$2M investable assets). Those households represent $20.4T in total investable assets, as the below chart from the 1.14.24 AGM Alts Weekly illustrates, where I highlighted a report by Hamilton Lane and iCapital that outlined why “The Future is Evergreen.”
Some, if not a number of these mass affluent investors, likely have — or will have — a financial advisor relationship.
The right product structure will matter for the right client.
So, what will be the preferred product wrapper?
A recent iCapital survey of over 600 advisors found that many respondents anticipate that there will be increased adoption of evergreen strategies.
As the chart below illustrates, 77% of survey respondents said that evergreens will make up at least 10% of client portfolios within the next two years.
HSBC’s Global Head and APAC Regional Head of Alternatives Mathieu Forcioli sees evergreen funds as the product structure of choice. Forcioli recently told Citywire, “Open-ended funds have been a game-changer for us. At the beginning it was all about the liquidity advantages for clients. Now they’re mostly popular due to convenience.”
Forcioli’s comments would align with the results of HSBC’s survey. Managed solutions appear to be top of mind for survey respondents.
HSBC Asset Management CEO Nicholas Moreau noted in the HSBC survey that diversification is important to investors:
“We’re seeing a clear shift among affluent investors who want peace of mind as well as performance: more are turning to managed solutions as the foundational block of their portfolios, and to alternatives to access less traditional spaces. In short, a diversified investment portfolio is a balanced, modern approach to long-term wealth.”
If affluent investors are interested in allocating to both private markets and managed solutions, then it’s likely that evergreen funds would be the product wrapper of choice given ease of use, investment minimums, and diversification required in an investor’s portfolio.
Another recent survey provides an interesting “connect-the-dots” perspective.
Moonfare’s Investor Survey 2025 of 175 individual HNW investors on their platform found that the most favored success metric for investors is MOIC rather than IRR.
If investors are MOIC-focused, then perhaps evergreen fund structures could be appealing vehicles of choice for investors that don’t want to have to — or don’t have the capabilities — manage a private markets investment program and handle liquidity, distributions, and the re-ups that come with programmatic commitments over vintage years to closed-end fund structures.
A chart from KKR’s May 2024 Wealth Insights report comparing evergreen funds with drawdown funds included a chart which shows that evergreen funds have the ability to achieve higher net MOICs for an equivalent net IRR compared to drawdown funds.
A June 2025 survey by State Street that covers the GP perspective illustrates the optimism that asset managers possess for evergreen funds.
Over half (56%) of the 500 senior executives at asset managers surveyed now believe that at least half of private markets flows will “come through quasi-retail products in the near future.”
Product innovation and lowering barriers to entry for more investors remain top of mind for asset managers. But technology that improves the ability to extract, analyze, and deliver high-quality data and tokenization are not far behind, as the below chart from the State Street survey illustrates.
Companies like 73 Strings and Arcesium, amongst others, are aiming to help deliver solutions to asset managers that streamline their data gathering and analysis processes, which, when done right, can turn tasks like reporting and data analysis into a competitive advantage, as Arcesium’s Jean Robert wrote in a recent AGM Op-Ed.
The above chart also highlights an important point as the industry looks to bring private markets to more investors: it’s not just one thing that will drive increased access for investors.
There are valuable lessons embedded in the aforementioned data for wealth advisors and asset managers alike.
Wealth advisors, meet private markets
The HSBC data would suggest that wealth advisors need to be prepared for this new phase of private markets going mainstream.
If advisors want to future-proof their practice from clients looking elsewhere, they would do well to take the time to learn about private markets whether or not they choose to employ private markets in client portfolios.
Clients, particularly younger clients, as a recent Bank of America survey highlighted, will likely demand knowledge of private markets investments.
Younger investors have far more alternatives in their portfolios than their older counterparts. Bank of America finds that 17% of investors ages 21-43 hold alternatives in their portfolios compared to 5% of investors ages 44+. That delta could very well increase going forward. 93% of investors ages 21-43 said they expect to allocate more to alts in the coming years compared to only 28% of investors ages 44+.
Advisors will not only face competition from other advisors that are either more knowledgeable about private markets or already offer private markets solutions to clients. They will also face increasingly stiff competition from direct-to-consumer investment platforms that will offer private markets solutions directly to clients.
Brokerages are beginning to go for broke, as I wrote in the 10.13.24 AGM Alts Weekly:
Over the course of this year (2024), Schwab and Fidelity have announced the buildouts of their private markets platforms. Vanguard already moved into the space a few years ago, partnering with HarbourVest to offer access to a HarbourVest fund to the HNW portion of their client base.
Charles Schwab has ~$9.41T AUM and ~36.5M active brokerage accounts.
Vanguard has ~$8.6T in managed assets and over ~50M active accounts.
Fidelity has ~$5.3T AUM and over ~50M active accounts.
They own the customer. They enable self-directed activity in brokerage accounts. They have conditioned independent investors to click to buy single stocks and ETFs.
Why couldn’t the same happen with private markets products? What if Schwab, Fidelity, and Vanguard embedded the ability to click-to-buy private markets strategies into their brokerage platforms?
Schwab is going all in. Earlier this year, they announced that they would be rolling out its alternative investments platform to eligible ($5M net worth and above) retail clients directly on its platform.
And it’s not an insignificant sum of capital on Schwab’s platform that could be in play to allocate to private markets solutions that they roll out.
Schwab’s announcement noted that the firm “serves more than a million multimillionaire investors, representing over $3T in assets at Schwab,” according to Jonathan Craig, Head of Investor Services.
That means a meaningful portion of Schwab’s assets are within the scope for its rollout of private markets products.
Schwab’s announcement also noted that a survey of its clients found that over half of them expect to have at least 5% of their portfolio allocated to private markets over the next three years.
Assuming 5% of the $3T in retail assets on Schwab’s platform shift into private markets, there’s at least $150B to play for on its platform.
It’s not just Schwab that could make a big play for the individual investor.
There are a number of other brokerage and investment platforms that could aim to serve investors directly — either by being a private markets specialist platform like Moonfare, Yieldstreet, Arta, Fundrise, or Republic, or by embedding private markets into a broader brokerage or wealth management offering like a Robinhood, Revolut, Public, Scalable Capital, SoFi, Ramify, amongst others, could do (or have already started to do).
As I wrote in the 4.13.25 AGM Alts Weekly:
In addition to Schwab’s main competitors like Fidelity, perhaps newer entrants to the retail brokerage business, such as Robinhood, Public, or Revolut, make a push into private markets.
Robinhood CEO Vlad Tenev has mentioned recently the possibility of tokenized investments into private companies.
Public already dipped its toe into private markets, purchasing Otis, a platform that enabled fractionalized trading of “culture” alternative assets such as art, shoes, and sports cards, in 2022.
There’s also a push by capital markets infrastructure-as-a-service providers such as Apex, which in February 2025 announced that it will provide infrastructure to brokerage firms looking to embed private markets into its platforms.
Could more brokerage or retail-oriented investment firms and digital banks begin to embed private markets solutions and products into their platforms? Absolutely. SoFi has already done so — and I would expect to see other digital banks and consumer financial services apps do the same.
And, there are other firms solely focused on direct-to-consumer efforts in private markets already, such as Moonfare, Yieldstreet, and Arta. These firms have built out D2C offerings to serve the end individual investor directly where investors have the ability to pick specific products or choose multi-manager vehicles and managed portfolios, as Yieldstreet announced.
For asset managers, it’s about preparing for the wave
The industry is right at the beginning of a new wave.
Asset managers also need to prepare for this new wave of investors in order to be ready to ride this next wave.
As the State Street survey outlined, it means thinking about product structure and product innovation with evergreen funds.
If there’s a lesson to be learned from the meme stock craze in public equities, it’s that specific names and brands might resonate with younger investors. As much as I dislike how meme stocks have impacted investor psychology and the way that younger investors might approach underwriting in the future, there are takeaways from the memeification of financial services.
For asset managers, this could eventually mean figuring out ways for investors to gain access to direct investments or co-investments. If top-tier private equity firms are able to offer direct investments or co-investments into high-quality companies to individual investors on a programmatic basis or in a co-investment fund, perhaps this could be an alternative for investors who are looking to shield their portfolios from some of the volatility that often comes with meme stocks.
A new wave of investors could also mean asset managers need to retool and rethink how they approach marketing and branding.
Yes, traditional content and marketing strategies will be table stakes — and crucially important — but something more could be required to reach a newer, younger investor that’s “grown up social.”
Asset managers will need to build out both content and products that meet the needs of different types of wealth channel clients.
Not every firm will be equipped — nor have the desire — to work with the different segments of the wealth channel. And that’s fine — many asset managers are fantastic businesses just working with the institutional LP channel alone.
But for managers that have made the conscious decision to grow their firm and work with the wealth channel, a creative and unique approach to marketing and branding might be required to make sure they are reaching investors that could be clients not just today, but three to five years from now, as I discussed in the 8.25.24 AGM Alts Weekly “Build [Brand] with Blackstone.”
Asset managers, if they haven’t already done so, might need to start thinking about relationships and partnerships with the aforementioned D2C brokerage and wealth management platforms.
This strategy could require innovation in product structure for certain firms. It could also require innovation in marketing and branding.
This first step? Knowing who you are as a firm, as I wrote in the 6.22.25 AGM Alts Weekly about firms’ understanding their DNA.
The first step requires looking within. It means knowing who you are.
What’s your DNA?
What’s your brand?
What’s your history and etymology of how you share your values?
What makes you unique as a firm?
What’s your edge?
Then, it means refining the story and the brand. Firms arguably need to invest as much time and effort in marketing and branding as much as they do in distribution.
Then, it’s about devising the right product for the right sub-channels within wealth.
Product-market fit here is not just one-dimensional; it’s multi-dimensional.
Creating evergreen structures is not just about productizing for the wealth channel. It’s also about productizing for yourself.
Understanding one’s brand and DNA is paramount when investors are increasingly turning to social media as their source for information on how and where to invest.
Both the HSBC and Bank of America surveys found that younger investors have very different methods for collecting information than their older counterparts.
A chart from HSBC’s survey illustrates that younger investors (Gen Z and Millennials) use both more channels to collect information and use social platforms more.
Bank of America’s survey paints a similar picture. Social media is by far the primary source of financial content for investors aged 21-43.
Increasingly, financial services firms are being forced to think like consumer brands.
And if they want to reach the younger investor, they might have to figure out how to build brand and market to the younger end consumer now if they want to play for the next three to five years.
Capture culture
A few weeks ago, I wrote in the 6.1.25 AGM Alts Weekly about Brand Equity:
If an alternative asset manager was a consumer brand, who would they be?
Consumer brands can capture culture.
Capturing culture results in brand equity that can be hard to replicate.
Perhaps no sports team has capitalized on capturing culture more than Paris Saint-Germain, the French soccer club.
Peter Rutzler of The Athletic dove into how Michael Jordan, perhaps the world’s most famous basketball icon, “helped make the PSG brand cool,” in a 2023 article.
The magic?
The brand icon of Michael Jordan’s Jumpman logo from the Nike Air Jordan commercial (and subsequent merch creations).
PSG’s marketing masterstroke was to transcend its own sport to associate MJ’s air of greatness with their own brand.
It can be hard to differentiate with content when there appears to be an ever growing stream of information and perspectives shared across various social media channels.
As I wrote in the Brand Equity piece:
Social media has turned content into a 24/7 liquid marketplace of idea exchange.
There is post after post, video after video. Consumers scroll through social media sites as fast as tickers roll by on a stock exchange’s tape.
It’s also never been easier to create content.
In a world where Claude or ChatGPT are a click away, it’s never been easier to digest information, take that information, tweak that information, and repackage it as digestible and clickable content on social media.
But content risks becoming commoditized, as I discussed on the Capital Allocators podcast with Ted Seides.
The only way to stand out? Staying authentic and human.
Going direct becomes a solution for brands.
They need to find ways to have direct and differentiated relationships of trust — and fandom — with their fans.
Sports teams have cracked this code. Fans feel a visceral and unique relationship to a team and its brand, often whether the team wins or loses. Some fans have even gone so far as getting inked with the logo or colors of their team, in what I have called the “tattoo test.” It’s something that Angel City FC Co-Founder and CEO Julie Uhrman and I discussed on our Alt Goes Mainstream podcast (here).
How can asset managers create a brand that so viscerally and distinctly resonates with clients?
How can asset managers create such a brand while also maintaining their role as a responsible steward of people’s wealth — and increasingly, retirement assets?
Well, delivering on performance will always be paramount. That’s the industry’s number one promise to investors. And it must continue to persist.
But after performance, creating a brand that investors want to identify with and will feel proud to be associated with could be part of what cracks the code.
In today’s world? That might be doing things both online and offline that are relatable, human, authentic, in person, all of which do something that many of the best consumer companies and sports teams have managed to do: build a community.
It might also be finding a way to make investors feel a sense of ownership. Yes, they might be small relative owners of an asset if they invest through a fund, but they are still owners.
How can asset managers find ways to make investors act like owners (which, by the way, can drive consumer behavior to purchase that company’s goods and create word-of-mouth brand virality, particularly for consumer brands) and connect the impact of the company to an investor’s everyday life?
How will this change traditional media and product marketing? Best-in-class product marketing and traditional marketing and media tactics will always be critical. But it will need to be married with the most creative and unique consumer marketing tactics to build a brand that resonates with investors. The firms that manage to do both will win with the wealth channel.
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.
Chart of the Week
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Private equity fund multiples under pressure
Private equity funds again exited their investments at lower multiples than assets still on the books in 2024, a signal of the pressure on valuations. A shrinking of that gap could point to better times ahead for PE investors in the exit market.
To track these trends — and deliver transparency to private markets — MSCI Private Assets provides integrated data and analytics across 23,000+ funds and USD $15.6T in capitalization.
(c) 2025 MSCI Inc. All rights reserved. Any use of this chart, data or any information contained in this section are also subject to the disclaimer located at: https://www.msci.com/legal/notice-and-disclaimer, which may be updated by MSCI Inc. from time to time.
AGM News of the Week
Articles we are reading
📝 Brookfield’s New Real Estate Head Sees Return of Mega Deals | Jack Sidders and Patrick Clark | Bloomberg
💡 Bloomberg’s Jack Sidders and Patrick Clark report that large real estate deals are on the upswing, according to Lowell Baron, the new CEO of Brookfield Asset Management’s real estate business. The alternative asset manager has sold $13B of property this year, which could be a signal that liquidity is returning to the market. That figure is up from $3B in the first half of last year and $2B in the first half of 2023. Fundraising has been challenged in recent years, in large part do to the lack of liquidity for real estate managers. “We’re edging back to a more normalized rate of transactions,” said Baron. “Over the last couple of years, there has been a severe lack of liquidity in the market and there haven’t been larger transactions trading.” Sidders and Clark noted that the real estate market was in a stalemate where deal volumes hit historic lows as the end of the low interest rate environment resulted in buyers seeking higher returns from real estate as sellers held on to backward looking valuations. A gridlocked exit market in real estate has made it difficult for many real estate fund managers to raise capital since LPs have not received distributions from prior funds. In 2024, real estate fund managers raised $13.1B in capital, a figure that was less than half the capital raised in 2021, according to data complied by PERE. This figure also represented a decline in fundraising for the third straight year. But perhaps the period of stagnation is coming to an end, as US commercial real estate investment jumped 14% in the first quarter of 2025, according to data by CBRE. Brookfield, which manages $272B of real estate globally, has agreed to a number of sales of its properties this year, selling an Australian retirement housing business, a Spanish student dorm owner, and Phoenix, Arizona-based Fundamental Income Properties, which has been acquired by Starwood Property Trust for $2.2B.
The returns on recent investments have helped to accelerate Brookfield’s recent fundraising efforts. The firm added $5.9B in capital commitments for the fifth vintage of its flagship real estate fund, bringing the total capital raised to $16B. Baron noted that LPs have been waiting on the sidelines to deploy capital into new funds. He said “when we were out talking to our partners, one of the reasons people were holding back is because they weren’t getting capital back.” Baron said that he thinks returning “a material amount of capital to our investors … is going to grease the wheels and allow them to allocate to new funds.” Baron observed that the recovery in real estate is not uniform. Certain assets are beginning to perform, but others are not. “Capital isn’t coming back across the board, which is creating a really interesting investing environment,” Baron said. “For assets that aren’t yet performing that well, that have more stories to them, we’re not seeing capital come back. But for companies that are best in class, there’s significant capital coming back.” Baron said that the firm plans to “focus on the highest quality assets …” He also said that they “still see that bifurcation of the office market. There will be more stress to run through the system because there are large debt maturities that haven’t come due and large leases that haven’t rolled yet.”
💸 AGM’s 2/20: Real estate looks to be making a comeback — and $1T AUM Brookfield Asset Management, of which $272B AUM is in real estate, is a firm that represents a good barometer for the market. The firm recently sold a number of assets, including the sale of a luxury 360-key hotel and golf club in Florida, which represented one of the largest single US hospitality transactions in the past 12 months, as outlined in the firm’s Q1 BN Interim Report. They also agreed to sell a logistics asset in Sydney, Australia for ~A$300M, which is the largest single-asset logistics transaction ever completed in Australia. Brookfield also strengthened its credit and real estate businesses with its agreement to acquire a majority stake in $18B AUM origination platform and asset manager focused on mortgage and consumer products Angel Oak to help the firm address capital needs in the growing US mortgage credit market.
Real estate private equity fundraising is on the upswing, particularly in Europe. PitchBook data illustrates that European real estate PE fundraising in 2025 has already surpassed the entirety of fundraising dollars flowing into real estate strategies in 2024.
Real estate private equity has raised €13.1 billion (around $15.4 billion) as of June 30, already surpassing the €9.5 billion raised last year. Blackstone’s latest European real estate fund is helping to set the pace. The firm’s fund raised €9.8B in commitments in April, marking a record fund size for the specific strategy.
Europe appears to be on the minds of many in the real estate space. Blue Owl’s 2025 Investor Day Presentation highlights the massive addressable market in triple net lease in Europe and the significant market opportunity in the region.
The European triple net lease opportunity was a topic that Blue Owl Co-President and Global Head of Real Assets Marc Zahr and I discussed in a live Alt Goes Mainstream podcast at Future Proof, with Marc noting that the industry “isn’t even in the first inning” in the $20T addressable market in triple net lease real estate investing. And Europe’s triple net lease market has significantly less players than the US market. As the firm that’s raised over 75% of the dedicated net lease capital in the space, when Blue Owl talks, it’s worth taking note.
$11T AUM asset manager BlackRock also sees the opportunity in the net-lease real estate space. The firm recently acquired ElmTree Funds, a net-lease real estate investment firm with $7.3B AUM. As BlackRock mentions in a press release covering the acquisition, ElmTree is “a leader in the commercial net-lease sector, focused on single tenant, built-to-suit real estate assets that are mission critical to corporate tenants’ core operations and growth.”
The industry’s largest real estate investment firms clearly see an opportunity to provide capital to finance some of the biggest megatrends in the market, such as the need to provide capital to hyperscalers due to growing global data center demand, as the below chart from Blue Owl’s 2025 Investor Day Presentation highlights.
The intersection between real estate and infrastructure is perhaps one of the most interesting trends in private markets.
Brookfield sees a 15x increase in global data center power demand between 2022 and 2030, as shown in their 2024 BAM Investor Day Presentation.
And there is a massive investment opportunity at the intersection of global electricity demand and the need for additional renewable capacity.
Data centers and the search for low-cost energy solutions offer both real estate and infrastructure investment strategies both an interesting intersection and ample opportunity. The ability for investment firms to help hyperscalers and large companies to achieve new renewable energy capacity at scale is presenting a unique opportunity for the investment firms that have the size to provide capital to hyperscalers.
Slides in the Real Estate segment of Brookfield’s Investor Day presentation highlights this growing intersection.
The themes of digitalization, decarbonization, and deglobalization across logistics, hospitality, and science and innovation highlight how real estate investing and infrastructure investing are interlinked.
The onshoring of manufacturing is also creating a real estate investment opportunity at the intersection of real estate and infrastructure.
And with both insurance capital and the private wealth channel underinvested in infrastructure relative to many other institutional investors, it’s likely that the convergence of these megatrends meeting these investment themes and the increased interest in private markets from the wealth channel will lead to increased capital flows into real estate and infrastructure strategies by both insurance and private wealth.
Reports we are reading
📝 Future Standard 2025 Midyear Private Markets Outlook: Follow The Value, Not The Herd | Future Standard (fka FS Investments)
💡Future Standard shared a midyear outlook on private markets. A few notable trends were highlighted in their report:
Investors appear to be deploying capital more selectively. In the first half of 2025, 42% of global private capital fundraising flowed to funds targeting $5B or more.
Private credit appears poised to enter “the period of specialization,” according to Future Standard. They believe that increased specialization can drive diversification and performance, with emerging strategies like real estate credit and asset-based finance can provide exposure to financing hard assets with dedicated cashflows. They also view mezzanine credit and credit secondaries, which can provide current income, as potential complements to a core direct lending allocation.
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) - Private Wealth, Tax Advantaged Strategy - Principal. Click here to learn more.
🔍 Franklin Templeton (Asset manager) - Head of Marketing - France, Benelux, and the Nordics. 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.
🔍 Hightower Advisors (Wealth management platform) - Manager, Wealth Solutions Programs. Click here to learn more.
🔍 JPMorgan Chase (Asset manager) - Asset Management - Private Equity Associate - Program Associate. Click here to learn more.
🔍 SageSpring Wealth Partners (Wealth manager) - Team Financial Advisor. 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:
📝 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 SageSpring Private Wealth CEO Winston Justice share how he went from protecting star quarterbacks as an NFL tackle to protecting families’ wealth. Watch 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.
📝 Read The AGM Op-Ed with former Pantheon Partner Susan Long McAndrews on why everything we need to know might be in Sacramento (where CalPERS is located). Read 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 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.
🎥 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 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.
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Special thanks to Ryan McCormack, Nick Owens, and Michael Rutter for their contributions to the newsletter.