AGM Alts Weekly | 8.10.25: Alternative asset managers in three charts
AGM Alts Weekly #115: Making private markets more public, every week.
👋 Hi, I’m Michael.
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Good afternoon from Colorado.
Private markets is experiencing tremendous growth, which earnings reports from many of the alternative asset managers highlighted.
With so many firms reporting earnings or sharing recent investor presentations, I thought it could be useful to highlight three charts from each of the many publicly traded firms’ recent presentations that provide an interesting perspective or unique insight on the present and future of private markets.
Let’s dive in.
Blackstone
Presentation here.
The chart: Blackstone had $52.1B of inflows in Q2, bringing LTM inflows to $211.8B. They had $23.4B of realizations in Q2 and $97.5B of LTM realizations.
The takeaway: Credit & Insurance and Private Equity drove both inflows ($26.8B for C&I and $15.3B for PE) and realizations ($9.9B for C&I and $7.3B for PE) in Q2.
The chart: Blackstone’s total AUM increased 13% YoY, with Perpetual Capital growing 16% YoY to $484.6B.
The takeaway: Perpetual Capital AUM, particularly in Credit & Insurance, grew meaningfully over the past year. Fee-Earning Perpetual Capital AUM now represents 47% of FEAUM.
The chart: Blackstone’s distributable earnings by segment in Q2 was $1.785B.
The takeaway: Private Equity still represents the largest segment of distributable earnings for Blackstone despite meaningful AUM growth in Real Estate and Credit & Insurance.
KKR
Presentation here.
The chart: KKR has experienced meaningful growth as its business has evolved to add insurance from its acquisition of Global Atlantic in 2021 and build out its Strategic Holdings segment in 2024.
The takeaway: KKR has meaningfully increased its business across all key metrics. One figure that stands out? Perpetual capital AUM has grown over 10x in under six years from $22B to $289B.
The chart: Has KKR reached scale across its AUM and investment strategies?
The takeaway: KKR believes that 50%+ of its AUM and 80% of its strategies are not yet scaled?
The chart: KKR’s private wealth business has experienced meaningful growth.
The takeaway: K-Series AUM has more than doubled since July 2024 to $26B.
Brookfield
Presentation here.
The chart: Private markets is in its early innings of growth.
The takeaway: Brookfield projects private markets to more than double in the next seven years, topping $60T of AUM (relative to $300T of global AUM).
The chart: Brookfield is growing via the channels that are unlocking growth for alternative asset managers, with insurance, private wealth, acquisitions, and strategic partnerships.
The takeaway: Brookfield is focused on building out its insurance capabilities, as CEO Bruce Flatt said in an investor letter to shareholders. Flatt wrote: “In our next evolution, we are focusing our balance sheet to back our growing insurance operations, meaning that our capital will increasingly come from individual investors via our insurance float.”
The chart: Brookfield expects to grow to over $1.1T in fee-bearing capital by 2029.
The takeaway: A focus on fundraising from the wealth channel, investing in megatrends where size and scale matters, and building out its insurance capabilities could drive growth for Brookfield.
Apollo
Presentation here.
The chart: Apollo’s total AUM increased 21% YoY to a record $840B, driven by both Asset Management ($98B) and Retirement Services ($81B).
The takeaway: The majority of Apollo’s AUM comes from its credit segment, with $690B of its $840B AUM in credit. This data affirms what Apollo CEO Marc Rowan said recently at the Morningstar Investment Conference, where he noted that credit is a scale business. It’s also worth noting that perpetual capital from Athene and recently acquired Athora represent the lion’s share of its AUM (60% of total AUM and 75% of fee-generating AUM).
The chart: Apollo achieved record quarterly organic inflows of $49B.
The takeaway: Inflows from Asset Management were primarily driven by institutional and global private wealth investors, mainly into credit-focused strategies.
The chart: Apollo’s Retirement Services segment (Athene) has had an 8x increase in gross organic inflows since 2016.
The takeaway: Athene has been a major driver of growth for the firm, leading to $3.3B in SRE. Apollo also notes a >95% correlation between SRE and FRE growth.
Ares
Presentation here.
The chart: Ares calculates the total addressable market across the five areas where they invest to be $90T.
The takeaway: Each category of private markets is large, growing, and fragmented. Ares’ share of each respective market highlights that (1) Ares can continue to grow as a market leader and (2) there can be a number of relative and absolute winners in private markets due to the sheer size of these markets.
The chart: Institutional investor AUM has increased at 32% CAGR from 2Q20 to 2Q25.
The takeaway: 30% of LPs are allocated to 3 or more Ares funds, a figure that’s almost double from 2Q20. And 70% of LPs are allocated to at least 2 Ares funds. This data reinforces that large, multi-strategy platforms have the ability to expand relationships with LPs, cross-selling to other funds and increasing LP CLTV.
The chart: Consolidation is a major theme that is defining the evolution of private markets.
The takeaway: Scaled alternative asset managers accrue the most benefits from consolidation of LP relationships, which also leads to GP consolidation. Both individual and institutional investors are consolidating their relationships with scaled managers, particularly in private credit.
EQT
Presentation here.
The chart: ~65% of EQT’s capital is invested outside of the US.
The takeaway: As the S&P 500 has concentrated returns in select number of companies, EQT’s exposure internationally is designed to provide “international alpha.” Jean Eric Salata, Chairperson EQT Asia and Head of Private Capital Asia, discussed on Bloomberg recently why he believes Asia has “structural alpha.”
The chart: Institutional capital represents ~75% of EQT’s AUM, with the firm welcoming 60 new institutional investors over the last 12 months.
The takeaway: While private wealth is a key driver of growth, institutional capital will still be a critical part — and in many cases the main driver of absolute growth — of alternative asset managers’ businesses, as the below slide illustrates.
The chart: EQT’s private wealth offering is now in 20 countries globally and EQT Nexus has over €1.4B AUM.
The takeaway: Private wealth is becoming an increasingly integral component of EQT’s business, with four active evergreen funds. Of note, EQT raised €125M in its first month live in the Japanese wealth market, further confirming that Japan is a market that alternative asset managers are focused on.
Partners Group
Presentation here.
The chart: Private credit represented 45% of the $12B in capital Partners Group raised in H1, with private equity comprising 29%.
The takeaway: Much of Partners Group’s inflows were driven by bespoke solutions (74%), with mandates and evergreens comprising the majority of the $12B in flows in H1.
The chart: >65% of investors in Partners Group’s 1940 Act fund that have invested 10+ years have achieved a 3x net investment multiple.
The takeaway: Patience is critical in investing. Investors that have let their capital compound in the Partners Group evergreen private equity LLC since 2009 would have enjoyed a 5.1x net multiple since inception.
The chart: Partners Group highlights four investor channels that will drive growth in AUM for private markets: private wealth, defined contribution (401(k) plans), insurance, and sovereign wealth funds.
The takeaway: A good portion of the net new capital that could come into private markets will be from three cohorts that are structurally underallocated to private markets: private wealth, insurance, and sovereign wealth funds.
Blue Owl
Presentation here.
The chart: Blue Owl saw continued momentum across the business, achieving its 17th consecutive quarter of management fee and FRE growth. New strategic initiatives included a retirement-focused partnership with Voya and the $850M raise of its Alternative Credit Fund.
The takeaway: Blue Owl continues to prepare for a world where private wealth and retirement assets become a larger part of private markets fundraising.
The chart: Blue Owl’s fundraising per quarter has grown by almost 50% over the past seven quarters relative to its first two years as a public company.
The takeaway: Adding new products, scaling distribution on institutional and wealth sides, and creating differentiated products have resulted in increase in AUM by quarter over the past few years.
The chart: AUM has grown almost 50% YoY, with permanent capital increasing 41% YoY.
The takeaway: Permanent capital generated 87% of management fees in the past 12 months.
TPG
Presentation here.
The chart: Fee-related revenues increased 8% versus 2Q24.
The takeaway: The capital TPG raised in 2Q25 was almost double that of 2Q24.
The chart: TPG’s after-tax distributable earnings (“DE”) increased from 2Q24 to 2Q25.
The takeaway: TPG’s 2Q25 distributable earnings had much less reliance on fee-related earnings than its 1Q25 DE, meaning that realized performance fees and realized investment income were greater.
The chart: 80% of TPG’s AUM and 79% of their FPAUM is allocated to capital with duration of 10 or more years.
The takeaway: While the majority of TPG’s AUM and FPAUM is in long-dated funds, only 14% of AUM and 11% of FPAUM is in perpetual funds. This figure is significantly lower than some of its counterparts.
Carlyle
Presentation here.
The chart: Carlyle’s FRE increased by 18% YoY.
The takeaway: Carlyle’s FRE margin has increased meaningfully from 2023 to 2025 (37% to 48%).
The chart: Carlyle’s AUM increased 3% from the prior quarter.
The takeaway: Carlyle AlpInvest (secondaries) AUM inflows drove increase in total AUM.
The chart: Carlyle AlpInvest’s FEAUM grew 24% YoY, driving FEAUM growth at the group level.
The takeaway: Perpetual FEAUM is 31% of total FEAUM, a figure that’s lower in comparison to some of its counterparts.
CVC
Presentation here.
The chart: CVC’s Q1 2025 Activity update highlights the firm’s growth in FPAUM, deployment, and realization activity.
The takeaway: FPAUM grew over 40% YoY. Realizations grew almost 50% YoY, with private equity driving the majority of the firm’s realization activity.
The chart: Investment activity and realization activity grew YoY.
The takeaway: Private equity deployment was +94% YoY, highlighting the opportunity to invest in a market that has been impacted by volatility and changes in the valuation environment. CVC saw an increase in realizations, highlighting the firm’s focus on DPI.
The chart: Fundraising activity was in line with expectations.
The takeaway: CVC has grow to over €1.3B across 2 evergreen strategies (credit and private equity) within 12 months of launch.
Hamilton Lane
Presentation here.
The chart: Hamilton Lane’s AUM / AUA has grown at 18% CAGR since 2005.
The takeaway: Hamilton Lane’s AUM is growing at almost 2x the rate of its AUA (9% vs. 4% YoY) as it grows its AUM business.
The chart: Fee-earning AUM has grown at 14% CAGR since March 2021.
The takeaway: As FEAUM has grown, fees have remained relatively stable — increasing by ~9 bps since March 2021.
The chart: Hamilton Lane’s balance sheet strength has enabled the firm to invest in its own products and in technology companies in private markets.
The takeaway: Hamilton Lane has helped support the growth of private markets infrastructure with its technology investments from its balance sheet, with $399M in technology related and other investments. Technology investments include iCapital, CAIS, 73 Strings, Canoe, and more.
StepStone Group
Presentation here.
The chart: AUM and FEAUM has grown at 21% CAGR since FY21.
The takeaway: 35% of StepStone’s clients have exposure to StepStone products in more than one asset class.
The chart: SMAs and commingled funds represent the majority of StepStone’s fee revenues.
The takeaway: Management fee rates have increased even as StepStone has grown its AUM.
The chart: StepStone has a diversified LP / client base across investor type, geography, and revenue concentration.
The takeaway: Private wealth and defined contribution plans represent 25% of StepStone’s LTM management and advisory fees, comprising of the second largest LP type for the firm (after pension funds).
Bridgepoint
Presentation here.
The chart: Bridgepoint has doubled its client services team and added 16 more senior people focused on coverage since its IPO.
The takeaway: Bridgepoint’s focus on growing its client services footprint has translated to an increase in net new LPs and meaningful cross-sell into its new funds.
The chart: Bridgepoint’s PE strategy has been disciplined on entry multiple price, leading to earnings multiple uplift at exit.
The takeaway: Bridgepoint has had an average earnings multiple uplift of 3.3x across BE IV-VI exits to date, often investing at the lower end of the long-term sector multiple ranges. This chart highlights that entry price matters, particularly in private equity.
The chart: Bridgepoint has experienced a growth in management fee related earnings and performance-related earnings.
The takeaway: Performance-related earnings has driven an increase in income generation, particularly in 2024 and 2025.
Tikehau
Presentation here.
The chart: Tikehau has experienced meaningful growth in the past ~9 years.
The takeaway: Tikehau has grown AUM 5.7x since December 2016 and its AUM from international investors has grown 12x.
The chart: The majority of Tikehau’s investor-clients are seeking yield.
The takeaway: Tikehau’s platform is mainly focused on generating yield for investor-clients.
The chart: Tikehau has focused on unlocking access to private markets through partnerships with insurance companies, private banks, distribution platforms, and the launch of evergreen funds.
The takeaway: 31% of Tikehau’s AUM (as of June 30 2025) comes from private investors (HNWI, retail, private banks, family offices).
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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Net asset value is increasingly tied up in zombie funds
NAVs in old private capital funds that should otherwise be liquidating were at or near record levels at the end of 2024. In buyout funds, this spike was due to feeble distribution rates rather than strong valuation growth — adding to the liquidity angst of limited partners.
To track these trends — and deliver transparency to private markets — MSCI Private Assets provides integrated data and analytics across 23,000+ funds and $15.6T in capitalization.
Disclaimer
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AGM News of the Week
Articles we are reading
📝 Pro sports attract private credit attention as valuations soar | Sami Vukelj | PitchBook
💡PitchBook’s Sami Vukelj dives into the growing interest in sports investing from institutional investors. As professional sports leagues have grown in size and scale, capital needs from sports teams have grown in lockstep. According to Ares’ Co-Head of Sports, Media, and Entertainment Kort Schnabel noted that Covid amplified the need for capital within major league franchises, catalyzing a loosening in rules that would enable sports teams to take in capital from minority investments. Ares began formalizing its approach to sports investing around five years ago — and the firm has aimed to provide “creative and flexible capital” solutions to teams and leagues. “This market historically lacked creative capital solutions, typically limited to either low-cost bank debt or common equity owned by high-net-worth individuals,” Schnabel remarked in an interview with LCD. “We saw a large need for creative and flexible capital in the space, particularly from 2020 on, and have since seen the enterprise values of these franchises grow on the backs of new monetization streams and the unique value of live content in an increasingly digitized world.” Private credit opportunities in the sports space is growing along side private equity opportunities. Ares has launched a dedicated effort focused on the sports space. CEO Mike Arougheti said on a recent earnings call that the firm has held a first close of $1.4B for its second dedicated sport, media, and entertainment fund. The firm has also begun taking monthly subscriptions for its open-ended sports fund designed for the wealth channel in June. A number of other large alternative asset managers, including Sixth Street, Apollo, CVC, Blue Owl, Silver Lake, Oaktree, Carlyle, Clearlake, Arctos, Redbird, and Avenue Capital have made major equity investments in the sports space. With franchise values growing, scale matters for sports investment funds. The average franchise value of an NFL team is now $6.5B, meaning that a 5% stake in an NFL team is $325M. On the credit side, one credit investor compared these financings to second-lien loans: higher interest rates, largely unsecured, and with limitations on collateral enforcement.
Many of the institutional sports investors also see ancillary investment opportunities related to sports teams, including stadium financing, media rights deals, mixed-use real estate, and sports tech companies. In addition to equity investments in sports teams such as the Miami Dolphins (common equity) and Inter Miami FC (preferred equity), Ares has also done collateralized financing of league media rights, as it did with Rugby Australia, and has lent to sports equipment companies like Rawlings and sports servicing companies like Legends.
💸 AGM’s 2/20: Sports is becoming an investable asset class, as I’ve written about in the past (here in the AGM Alts Weekly on 3.31.24 about the growth of women’s soccer and the NWSL and here in the AGM Alts Weekly on 11.3.24 about how sports transcends economic value).
Sports investing is in many respects about dollars and sense. Media rights — and the long-term contracts that come with them — drive why sports investing can make sense from an institutional investment perspective. Sports media deals have features that provide a steady stream of long-dated, annuity-like revenues, not too dissimilar from enterprise software contracts.
There are also features of monopolistic content and the physical and offline adjacencies with sports (like real estate), make sports an attractive investment that could even be seen as being relatively uncorrelated from other assets.
But there’s something else that sports investing can provide that few other investments can achieve: the ability to create a brand in a unique and differentiated way in something that is the last frontier of live, unscripted content.
Blackstone and HBSE’s David Blitzer discussed the concept of sports teams as brands in a recent event at Boardroom’s Members Club (see below).
Blitzer made a number of interesting observations about sports teams. He called sports teams brands — making the opportunity much larger than just investing into a sports team or league.
Brand equity matters. As I wrote in the 6.1.25 AGM Alts Weekly, brand equity can be hard to copy.
Consumer brands can capture culture.
Capturing culture results in brand equity that can be hard to replicate.
Paris Saint-German managed to capitalize on capturing culture in a way that few other teams have been able to achieve.
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.
Blitzer said that he expects to see an increasing amount of M&A occur with sports teams — and categories around sports, like content and real estate — as these businesses turn into $20-30B conglomerates. Investors, such as Michelle Kang and Sixth Street, which recruited Kay Cossington form the English FA to build out a MCO in women’s soccer, and The City Group’s MCO model in men’s soccer, have started to build out conglomerates in sports investing.
Sports itself has proved itself as an investable asset class, as the below chart from PitchBook illustrates.
And it looks like there will be room to run for continued sports investing into teams across sports leagues. Many sports leagues still have a meaningful share of teams that don’t yet have private equity backing.
Another interesting aspect of sports investing and team or league ownership? As I’ve written about in the past, for alternative asset managers that are looking to build out a consumer brand as they increase their presence in the wealth channel sports ownership can provide possibly one of the most salient ways to educate the wealth channel on the what, how, and why of private markets.
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) - Digital Channel Marketing Specialist - Private Wealth EMEA. 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:
🎥 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 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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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 AGM Index section of the newsletter.