AGM Alts Weekly | 8.2.26: From "soft" to "hard"
AGM Alts Weekly #166: 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 evening from London. I just returned from a weekend in Adare, Ireland, for the beautiful wedding of two good friends.
I’m a terrible golfer, but for those who like golf, you might want to check out Adare Manor, where next year’s Ryder Cup will be played. It looked like a great course. But then again, all golf courses look green, so what do I know?
Green … that’s a good transition to this week’s topic. Sometimes people say all money is green, but that may no longer be the case when it comes to investing in “hard” industries.
A changing world means investors must adapt to a different game on the field.
Perhaps evidence that there’s a new game on the field is no more apparent than where investors are directing their capital.
Ruulke Bagijn, Partner and Global Head of Carlyle AlpInvest, Dan Murphy, MD, and Head of Portfolio Allocation, and Hannah Khizgilov, Principal, Global Research & Investment Strategy, penned interesting and informative views on where private markets could be heading next in their Carlyle AlpInvest Q3 Global Markets Quarterly “Signal vs. Noise.”
They wrote that conviction is concentrating in what they call the “traditional economy - energy, industrial capacity, aerospace, defense, and the infrastructure needed to support AI.”
One of the clearest shifts we're observing at Carlyle AlpInvest is the continued rotation away from software and toward what we might call the traditional economy – energy, industrial capacity, aerospace, defense, and the infrastructure needed to support AI are attracting an increasing share of private market capital.
In buyouts, these "hard" industries represented nearly half of deal volume during the first half of 2026, compared with roughly one-quarter throughout 2025.
Carlyle’s Bagijn, Murphy, and Khizgilov posited that this shift represents a trend with staying power. Their punchline? Investors are signaling their views on where they believe long-term value creation will reside by the direction of their capital allocation flows.
From “soft”(ware) to “hard”(ware)
Carlyle’s report noted that investors appear concerned about the future of software.
Not only did SaaS stocks experience a sharp decline in the first half of 2026, but secondary prices for software loans fell from 92 cents on the dollar at the beginning of 2026 to around 86 cents today, according to Carlyle. Direct lenders also appear to be pulling back from financing software buyouts, with software’s share of new leveraged buyout financing declining from 35% last year to just 14% year to date.
A chart from Ribbit Capital’s “Ribbit Pulse” (May 2026) highlights just how hard public software companies that aren’t capturing AI demand have been hit by a valuation downdraft: 86% of public software companies are now trading below a 10x NTM gross profit multiple.
While software companies have been negatively impacted by the rapid growth of AI, companies in “hard” industries have been the recipients of capital flows.
The growth of AI has led to an explosion in financing the AI capex cycle. And the capex cycle may even be bigger than expected.
It’s not just the AI capex cycle that’s driving investment, but also the near-insatiable need for power.
As the chart above from Ribbit illustrates, power consumption is projected to increase meaningfully in the coming years. Further, there’s a “major power gap” in the coming years that requires financing solutions that reduce the “time to power.”
This data shouldn’t come as a surprise to investors following the trends here.
Lowercarbon Capital’s Chris Sacca said in November 2025 that “There's no doubt that AI is the biggest impact” on energy demand globally.
The ripple effects of financing the current megatrends are far-reaching.
Brookfield, one of the largest owner-operators of real estate, infrastructure, and renewable power assets globally, is investing across a trio of “powerful forces shaping the investment landscape: digitalization, decarbonization, and deglobalization.”
Brookfield Corporation noted in its Q1 letter to shareholders that “these themes are even more prominent today than when [they] started speaking about them.”
These words perhaps ring truer, even more so, after this week’s news of Westinghouse’s IPO filing.
This week, Westinghouse Electric, the US nuclear reactor and design firm that is a Brookfield portfolio company, confidentially filed for an IPO. This milestone comes on the heels of an October 2025 announcement in which the US government struck an $80B deal to build a fleet of nuclear reactors produced by Westinghouse, as part of the US government’s push to quadruple nuclear capacity by 2050.
This milestone marks quite a comeback story for Westinghouse, which just nine years ago filed for Chapter 11 bankruptcy due to cost overruns at its nuclear power stations in Georgia and South Carolina.
Investing in “hard” industries can be hard(er)
Investing in “hard” industries can indeed be hard, particularly in an era where operational value creation matters. That’s something that Brookfield Private Equity CEO Anuj Ranjan noted in our recent Alt Goes Mainstream podcast, calling this the “roll up your sleeves era of private equity.”
This sentiment was echoed by Anuj’s colleague, David Nowak, President of Brookfield’s Private Equity Group, on our podcast, where he said the firm looks to “find great businesses that are misunderstood that we think we can operate better.”
David’s mantra certainly appears to be what happened with Brookfield’s investment in Westinghouse.
A focus on “hard” industries also means that a different type of investor will succeed in this new era of investing.
Brookfield characterizes this skillset as having “the scale and operating capabilities” to develop new forms of infrastructure.
Investors now must possess the platform or connectivity to the appropriate capital sources to be a capital solutions provider across equity, credit, infrastructure, and real estate.
Not all investors may have the platform to be a solutions provider across asset classes, but firms that do possess those capabilities have the in-built advantage of data, information, and scale that will enable them to succeed in this new world of investing.
Built different
A new era of investing means investment firms may need to reorient how they build their platforms to become the partner of choice for companies building in hard industries.
“Hard” companies often require more capital up front for capex, sometimes have a longer timeline to reach revenue, and need to weather supply chains. These features can mean that a “hard” company will benefit from a multi-stage capital partner.
evroc, which is building Europe’s first sovereign hyperscale cloud, is one such example.
Founded in 2022, the company raised a seed round from EQT Ventures and Norrsken VC. In 2023, evroc announced it aimed to raise €3B within two years to build two hyperscale data centers in Europe.
While I don’t know the specifics of the relationship between EQT and evroc, in EQT, evroc found a partner that could invest early into the company at the seed stage, like a venture investor. EQT has scaled growth, private equity, and infrastructure investment platforms that comprise a large part of its overall AUM. Private Capital and Infrastructure represent the lion’s share of EQT’s €291B AUM, as the chart below from its Half Year Report illustrates.
EQT, if it chooses, has the ability to finance the company’s growth via its larger growth fund or its private equity fund if there’s a desire to deploy capital at scale.
Very few investment firms are built to scale capital needs in lockstep with a company’s growth. Yes, the innovation that’s occurred with SPV infrastructure does make it possible for smaller funds to deploy larger quantums of capital into their most promising investments at growth stage. Still, it’s easier for larger funds that possess big pools of discretionary capital to move quickly and put a lot of capital to work into companies that need to, say, finance the buildout of a data center.
A firm like EQT could even support a company like evroc in ways beyond equity. Its Infrastructure business could finance the buildout of data centers, if it so chooses.
The trend of an investment firm as a one-stop-shop solution isn’t just limited to its relationship with LPs. Since many companies want fewer financing partners who can do more, rather than more investors, the ability to serve as a capital provider throughout a company’s growth in multiple ways can be appealing to companies and teams.
We have seen this trend unfold across our own cross-section of investments in companies and funds. We have invested in some of these trends directly by investing in companies like Cloover, which has needed access to debt capital as it has rapidly scaled its clean energy financing solutions in Europe. We have also partnered with some of our fund managers, such as Lowercarbon, Boost VC, InterAlpen, Nimble Partners, and Swift Ventures, to co-invest in the likes of Neura Robotics, Radiant Nuclear, Panthalassa, Fuse Energy, Umbra Space, and GrayMatter Robotics, where we’ve seen these companies require both a meaningful amount of capital and a velocity of fundraising rounds relatively early on in their development because they require lots of capital in various forms in order to solve big problems.
These investments have made me look at GPs through a different lens than before. Today’s investing in “hard” industries requires a different set of skills and capabilities, forcing LPs to ask different questions of their GPs in order to discern a firm’s competitive edge:
Where does the scale of the platform provide a demonstrable and durable advantage?
Does the GP have a deep understanding of the nuances of geopolitics and macro?
What enables an asset manager to win a deal in a category that requires different skill sets than those required for investing in software?
What does a company need from its investor partner that’s different from in the past?
Solving the “hard” problems in “hard” industries
What does this mean for the future of asset management?
Companies across AI, energy, power, fusion, space, and robotics can go from a venture-like moonshot bet to nine or ten figures of revenue and meaningful EBITDA in a short span of time. In some cases, the time period between a venture investment and a private equity investment has compressed to just a few years.
Venture might need to look more like private equity if these investors want to scale with companies that could be outsized winners.
Private equity might need to look more like venture if they want to capture upside early enough, but also be able to play a meaningful role in financing a company’s profitable growth at scale if the velocity of funding rounds is compressed.
I wonder if we’ll see PE firms add venture capabilities to serve these companies building in “hard” industries.
And I wonder if we’ll see VC firms look to expand into more private equity-style investing in some respects, as we’ve seen with General Catalyst’s Health Assurance Transformation Company (HATCo) or Thrive Holdings’ permanent capital vehicle. Some VC platforms are looking to do PE-style rollups by leveraging AI and deploying it across service companies they own through holding company vehicles.
This trend might also mean the continued growth of the GP stakes industry, as investment platforms across PE and VC look inward at their own capabilities and realize that they need to fund the future growth of their platform by building or buying capabilities that enable them to expand their offerings to companies as a financing provider across asset classes.
Either way, investing has never been as “hard” as it is today. But those investors who can solve the “hard” problems in “hard” industries stand to be rewarded quite handsomely. They will just need the capital, scale, and expertise to do it.
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) - Managing Director, Client Relationship Manager (NYC Wires), Global Wealth. Click here to learn more.
🔍 EQT (Alternative asset manager) - Communications Vice President. 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.
The latest on Alt Goes Mainstream
Recent podcast or video episodes and blog posts on Alt Goes Mainstream:
🎥 Watch Goldman Sachs Managing Director, Global Head of Alternatives, Third Party Wealth Kyle Kniffen talk about the arc of alternatives at Goldman Sachs and the adoption of evergreeen funds by both institutional allocators and wealth channel investors on AGM Live powered by Prosek. Watch here.
🎥 Watch Sagard Co-Founder, Chairman, and CEO Paul Desmarais III talk about building the “next generation” asset manager on AGM Live powered by Prosek. Watch here.
🎥 Watch Brookfield Private Equity CEO Anuj Ranjan talk about “own[ing] the boring that makes exciting possible” on AGM Live powered by Prosek. Watch here.
🎥 Watch Vista Equity Partners Senior Managing Director, Co-Head of Flagship Fund Monti Saroya talk about “harnessing” the power of AI in the enterprise on AGM Live powered by Prosek. Watch here.
🎥 Watch Apax Co-CEOs Andrew Sillitoe and Mitch Truwit discuss the firm’s approach to buying complexity for value in the middle market on AGM Live powered by Prosek. Watch here.
📝 Read The AGM Op-Ed with Benefit Street Partners’ Head of Real Estate, Michael Comparato, on why real estate debt deserves a place in today’s portfolio. Read here.
🎥 Watch Blackstone COO of Private Wealth Farhad Karim discuss the firm’s “relentless” focus on building solutions for private wealth. Watch here.
🎥 Watch Hightower CEO Larry Restieri on building a $1T RIA and operating at the intersection of private markets and private wealth. Watch here.
🎥 Watch T. Rowe Price / Oak Hill Advisors Portfolio Manager & Partner, CEO - BDCs Eric Muller and me live from iCapital Connect, where we discussed being at the intersection of public and private credit. Watch here.
🎥 Watch Oaktree Managing Director and Co-Portfolio Manager Danielle Poli live from the AGM RIA Field Trip share why “boring is beautiful” in private credit. Watch here.
🎥 Watch Franklin Templeton Head of Private Markets - Americas Wealth Management Dave Donahoo and Summit Wealth Group CIO Chelsea Ganey live from Franklin Templeton’s Private Markets RIA Advisory Council for perspectives on how asset managers and wealth managers can work together to educate one another and help move the industry forward. Watch here.
📝 Read The AGM Op-Ed with Permira’s Partner, Executive Committee Member at Permira, and Investment Committee Member at Permira Credit Benoit Vauchy on credit underwriting in the age of AI and uncertainty. Read here.
🎥 Watch Juventus Director of Football Strategy Giorgio Chiellini share life lessons in sports and business from a world-class performer on and off the field. Watch here.
🎥 Watch Bank of America’s Head of Alternative Investments Mark Sutterlin share why being a good investor in private markets is table stakes. Watch here.
🎥 Watch iCapital’s Managing Director, Head of Private Asset Research & Model Portfolios Kunal Shah share lessons learned from being an institutional allocator and the private market mindset wealth managers need in the 20th episode of the Alts Pulse podcast recorded live at the iCapital Connect conference. Watch here.
📝 Read The AGM Op-Ed with Arcesium Private Markets Head Cesar Estrada on how consolidating data can enhance the LP / GP relationship. Read here.
🎥 Watch Benefit Street Partners’ Senior Managing Director, Head of Real Estate and Portfolio Manager Michael Comparato discuss the opportunity in commercial real estate credit. Watch here.
🎥 Watch 73 Strings’ CEO and Co-Founder Yann Magnan discuss how technology innovation is unlocking valuation intelligence in private markets. Watch here.
📝 Read “Alternative Thinking: Connecting the dots with the data with RIA CIOs and KKR’s 2025 RIA Private Markets Survey,” a recap of a conversation with Beacon Pointe CIO Michael Dow, Cary Street Partners CIO Matt Rubin, and KKR MD Matt Magill about how RIA CIOs are allocating to private markets and tying two live examples to data gleaned from KKR’s 2025 RIA Private Markets Survey. Read here.
🎥 Watch Hamilton Lane’s Executive Co-Chairman Hartley Rogers share perspectives from 40+ years of pioneering in private markets in a podcast recorded live at the iCapital Connect conference. Watch here.
🎥 Watch Lincoln International’s Managing Director and Global Head of the Portfolio Valuations practice Brian Garfield share perspectives on how AI is impacting private markets valuations. Watch here.
📝 Read The AGM Q&A with Davidson Kempner Managing Partner and Chief Investment Officer Tony Yoseloff and Partner and Head of Research Suzanne Gibbons for opportunities in credit amidst a capital structure reset. Read here.
🎥 Watch Bridgepoint’s Partner and Chief Investment Officer Xavier Robert provide a masterclass on the European middle market investing landscape. Watch here.
🎥 Watch AlphaCore’s CEO & Founder Dick Pfister share his perspective on building a wealth management firm with “alpha at its core” in a podcast recorded live at the iCapital Connect conference. Watch here.
🎥 Watch HarbourVest’s CEO John Toomey discuss how private markets have changed and how HarbourVest has been “earning investors’ trust” for over 40 years. Watch here.
🎥 Watch Stonepeak’s Partner and Senior Managing Director, Stonepeak Credit Ryan Roberge on the evolution of infrastructure credit. Watch here.
🎥 Watch Bloomberg’s Head of Fixed Income & Private Markets Brad Foster on the convergence between public and private markets and how the market structure evolution in private markets might unfold. Watch here.
📝 Read The AGM Q&A with MSCI Head of Private Assets Luke Flemmer for perspectives on how market structure is evolving to build increased transparency in private markets. Read here.
🎥 Watch Brookfield Asset Management’s President, Private Equity Group David Nowak discuss what “earn your seat” private equity means and how Brookfield’s owner-operator and industrial heritage have shaped the firm’s private equity investment business. Watch here.
🎥 Listen and watch EQT’s Deputy Managing Partner and Chairperson of EQT Real Assets Lennart Blecher share the history, background, and evolution of the firm’s infrastructure investment business and how EQT takes an active ownership approach to real assets. Listen here and Watch here.
🎥 Watch Stable Asset Management’s Founder & CEO Erik Serrano Berntsen discuss the evolution of the GP seeding market and what it takes to build a great alternative asset management firm. Watch here.
🎥 Watch MSCI’s Head of Private Assets Luke Flemmer discuss the evolution in private markets market structure and how standardization, normalization, and transparency of data will transform private markets. Watch here.
🎥 Watch AGM Unscripted at the Goldman Sachs Alternatives Summit with Partners Matt Gibson (here), James Reynolds (here), Kristin Olson (here), Harold Hope (here), Michael Bruun (here), and Jeff Fine (here).
🎥 Watch Lexington Partners’ Partner Taylor Robinson share details about the evolution of the secondaries market and why secondaries are in the spotlight. Watch here.
📝 Read The AGM Q&A with Blue Owl Senior MD and CEO of Global Private Wealth Sean Connor on how they are serving the wealth channel in 2026 and beyond. Read here.
🎥 Watch Ultimus Fund Solutions’ CEO Gary Tenkman discuss how Ultimus is helping to build core fund administration infrastructure that powering the evergreen evolution and is helping to make private markets go mainstream. Watch here.
🎥 Watch Goldman Sachs’ Partner and Global Head of Private Wealth Management Capital Markets and Global Head of Goldman Sachs Apex Family Office Coverage Sara Naison-Tarajano discuss how Goldman Sachs has built its Apex Family Office Coverage group to serve UHNW families and family offices. Watch here.
📝 Read about the expansion of Alt Goes Mainstream, with the announcement of AGM Community, the creation of the AGM Community RIA Advisory Board, and why we believe that the industry should have small, curated events and community-building efforts. Read here.
🎥 Watch Stonepeak’s MD and CEO of SP+ INFRA Cyrus Gentry discuss the why and the how of bringing infrastructure investing to the wealth channel. Watch here.
🎥 Watch Blue Owl’s Senior MD and President & CEO of Global Private Wealth Sean Connor discuss the firm’s focus on the wealth channel and how the firm is a growth company in a growth industry that is investing in megatrends. Watch here.
🎥 Watch the latest Alts Pulse with iCapital Chairman & CEO Lawrence Calcano where we go global and discuss Lawrence’s recent trip to Asia to peer into the nuances of the different wealth management markets around the globe. Watch here.
🎥 Listen and watch EQT’s Chairperson EQT Asia and Head of Private Capital Asia Jean Eric Salata share reflections on leadership, culture, and values from one of the world’s largest investment firms. Listen here and Watch here.
🎥 Listen and watch EQT’s Founder and Chairperson Conni Jonsson discuss how EQT has built a global private equity firm the Nordic way. Listen here and Watch here.
🎥 Watch Vista Equity Partners’ President and COO David Breach discuss how Vista has built a software investing powerhouse in the age of AI. Watch here.
🎥 Watch ING’s Anneka Treon, Global Head of Private Banking, Wealth Management & Investments, and Johan Kloeze, Head of Private Banking & Wealth Management NL, ING, share lessons learned from building a private markets platform for private wealth clients. Watch here.
🎥 Watch Oaktree Capital Management’s Co-CEO and Head of Performing Credit Armen Panossian share why investors shouldn’t “have to reach for risk to generate the right return.” Watch here.
🎥 Watch Franklin Templeton’s COO - Global Wealth Management Alternatives George Stephan discuss the evolution of Franklin Templeton’s Alternatives business and how the firm has brought public and private together. Watch here.
🎥 Watch iAlta Holdings’ Founding Partner Bill Crager discuss the evolution of wealthtech from building Envestnet as Co-Founder and CEO to why today is a “transformational moment” in wealth management. Watch here.
🎥 Watch Vista Equity Partners’ Founder, Chairman, and CEO Robert F. Smith discuss who will benefit from AI and how he built a $100B enterprise software scaled specialist firm. Watch here.
🎥 Watch Nomura Capital Management’s CEO Robert Stark discuss how they have built a private credit firm within a global bank. Watch here.
📝 Read The AGM Op-Ed with Blue Owl Senior MD and Head of Digital Infrastructure Matt A’Hearn on building the backbone of the digital economy. Read here.
🎥 Watch PGIM’s Global Head of Alternative Investments Dominick Carlino discuss the evolution of distributing alternative investments to the wealth channel. Watch here.
🎥 Watch Blue Owl’s Senior MD and Head of Digital Infrastructure Matt A’Hearn share why he believes there’s a generational opportunity in financing digital infrastructure. Watch here.
🎬 Watch AGM Originals The DNA - Season 1 with conversations with EQT’s Conni Jonsson, Jean Salata, Lennart Blecher, Geraldine O’Keeffe, Peter Beske Nielsen, Peter Aliprantis, Hari Gopalakrishnan, William Vettorato, and Ken Wong about the firm’s DNA and its different investing capabilities. Watch here.
🎥 Watch PGIM’s Head of Multi-Asset and Quantitative Solutions Phil Waldeck discuss the intersection of insurance and asset management. Watch here.
🎥 Watch Stonepeak Chairman, Co-Founder, CEO Mike Dorrell share his story as a pioneer in infrastructure investing. Watch here.
🎥 Watch Hg Partner and Head of Value Creation Chris Kindt discuss AI’s transformative role in value creation for private equity. Watch here.
🎥 In Permira Part 2, watch Permira Co-Chairmen & Co-CEOs Brian Ruder and Dipan Patel discuss how the collaborative leadership model in action has helped the firm scale to an €80B alternative asset manager. Watch here.
🎥 Watch Permira Co-Chairman & Co-CEO Dipan Patel discuss how to scale an €80B alternative asset manager. Watch here.
🎥 Watch Morningstar CEO Kunal Kapoor cover the most pressing topics in private markets today, including the convergence of public and private, liquidity vs illiquidity, investor education, the importance of transparency, and the why, what, and how behind evergreen funds. Watch here.
🎥 Watch The Compound and Friends (TCAF) Co-Hosts and Ritholtz Wealth Management Partners Downtown Josh Brown and Michael Batnick and I go back and forth about private markets on TCAF Episode 207. Watch here.
🎥 Watch Stonepeak Co-President Luke Taylor discuss what it takes to be a great infrastructure investor. Watch here.
🎥 Watch Arcesium MD and Head of Client and Partner Development David Nable discuss how to architect private markets technology infrastructure for the future. Watch here.
🎥 Watch Hg Senior Partner and Executive Chairman Nic Humphries discuss how Hg has grown into a $100B scaled specialist and how one of the industry’s leading private equity technology and services investors is “navigating investing at an inflection point in history.” Watch here.
🎥 Watch EQT Partner, Head of Private Wealth Americas Peter Aliprantis live from Miami on how EQT is bringing global local. Watch here.
📝 Read The AGM Op-Ed with Arcesium SVP, Business Development - Private Markets Jean Robert on why asset managers need to rethink reporting as a strategic advantage. Read here.
🎥 Watch Blue Owl Co-President and Global Head of Real Assets Marc Zahr share the story of how he built Oak Street from $17M in AUM in 2009 to what is now Blue Owl’s $67.1B AUM Real Assets business in a live Alt Goes Mainstream podcast at Future Proof Citywide. Watch here.
🎥 Watch Hg’s Partner and Head of Hg Wealth Martina Sanow discuss how Hg has unlocked opportunities for the wealth channel to invest in Europe’s largest portfolio of software and services businesses. Watch here.
🎥 Watch Goldman Sachs’ Partner and Global Co-Head of the Petershill Group at Goldman Sachs Robert Hamilton Kelly discuss the evolution of the GP stakes industry and how Goldman has become a market leading GP stakes investor. Watch here.
🎥 Watch Blue Owl’s MD, Head of Alternative Credit Ivan Zinn unpack private credit and why ABF has become a prominent part of the private credit ecosystem. Watch here.
📝 Read The AGM Op-Ed with Blue Owl Head of Alternative Credit Ivan Zinn on why “asset-based finance today mirrors the evolution of corporate direct lending from over a decade ago.” Read here.
🎥 Watch Krilogy’s Partner and CIO John McArthur discuss how an RIA can chart a growth path by building out its private markets capabilities. Watch here.
🎥 Watch New Mountain Capital’s Founder & Chief Executive Officer Steve Klinsky discuss how $55B AUM New Mountain has built a business that builds businesses. Watch here.
🎥 Watch Arcesium’s Private Markets Head Cesar Estrada discuss data silos and technology integrations in private markets. Watch here.
🎥 Watch GeoWealth President & COO Jack Hannah and iCapital SVP, Partnerships Michael Doniger discuss the ground-breaking BlackRock, iCapital, and GeoWealth unified managed account partnership live from iCapital Connect. Watch here.
🎥 Watch Goldman Sachs’ Managing Director, Global Head of Alternatives, Third Party Wealth Kyle Kniffen discuss how they are “standing on the shoulders of Goldman Sachs to be a complete partner” for the wealth channel. Watch here.
🎥 Watch Fortress Investment Group Managing Director & Co-Head of Private Wealth Solutions Adam Bobker discuss how Fortress has built a wealth solutions business from a whiteboard, leaning on the firm’s pioneering history of innovation. Watch here.
🎥 Watch Constellation Wealth Capital President & Managing Partner Karl Heckenberg on why there will be a $1T independent wealth management firm. Watch here.
🎥 Watch BlackRock Managing Director, Co-Head of US Wealth Business, Senior Sponsor for Retirement Business Jaime Magyera and iCapital Chairman & CEO Lawrence Calcano discuss the ground-breaking BlackRock, iCapital, and GeoWealth unified managed account partnership live from iCapital Connect. Watch here.
🎥 Watch KKR Partner & Co-CEO of KKR Private Equity Conglomerate LLC (K-PEC) Alisa Wood discuss how the firm has innovated in private markets, why KKR came up with the Conglomerate structure, and how evergreens can play a role in investors’ portfolios. Watch here.
🎥 Watch Cantilever Group’s Co-Founder and Managing Partner Todd Owens in a live podcast from BTG Pactual’s NYC office share why GP stakes can be the best of all worlds. Watch here.
📝 Read The AGM Op-Ed with Arcesium Private Markets Head Cesar Estrada on the rise of asset-based finance and why it’s the next growth engine for private credit. Read here.
🎥 Watch BlackRock’s Head of the Americas Client Business Joe DeVico, Head of Product for US Wealth & Head of Alts to Wealth Jon Diorio, and Partners Group's Co-Head of Private Wealth Rob Collins discuss their landmark private markets model portfolio partnership that could be the industry’s “iPhone Moment.” Watch here.
🎥 Watch Brookfield Oaktree Wealth Solutions CEO John Sweeney discuss how to build a high-performing wealth solutions team and why the word “solutions” matters when working with the wealth channel. Watch here.
🎥 Watch Cerity Partners’ Partner & Chief Client Officer Tom Cohn and Partner Amita Schultes talk about how and why they have combined a leading OCIO with a $100B AUM wealth management practice. Watch here.
🎥 Watch Marc Lipschultz, Co-CEO of Blue Owl, talk about how they have aimed to skate where the puck is going as Blue Owl has grown its AUM to $265B in nine years. Watch here.
📝 Read The AGM Q&A with Blue Owl Co-CEO Marc Lipschultz, where he highlights some of the trends that have propelled alternative asset management into the mainstream: scale, a focus on private credit, and a focus on private wealth. Read here.
🎙 Listen to Stephanie Drescher, Partner & Chief Client & Product Development Officer of Apollo, discuss what is safe and what is risky as she dives into both the convergence between public and private and the nuances of asset allocation. Listen here.
🎥 Watch Joan Solotar, Global Head of Private Wealth Solutions at Blackstone share why it’s not even early innings, but that it’s “spring training” for private markets adoption by the wealth channel. Watch here.
🎥 Watch Venkat Subramaniam, Co-Founder of DealsPlus on building a single source of truth for private markets. Watch here.
🎥 Watch Hamilton Lane Managing Director, Co-Head US Private Wealth Solutions Stephanie Davis and iCapital Co-Founder & Managing Partner Nick Veronis discuss the evolution of evergreen funds on the third episode of the Investing with an Evergreen Lens Series. Watch here.
🎥 Watch KKR Managing Director, Head of Americas, Global Wealth Solutions (GWS) Doug Krupa and iCapital Co-Founder & Managing Partner Nick Veronis discuss the evolution of evergreen funds on the second episode of the Investing with an Evergreen Lens Series. Watch here.
🎥 Watch Vista Equity Partners Managing Director, Global Head of Private Wealth Solutions Dan Parant and iCapital Co-Founder & Managing Partner Nick Veronis discuss the evolution of evergreen funds on the first episode of the Investing with an Evergreen Lens Series. Watch here.
📝 Read about a year in the book of alts — a compilation of the 1,000+ pages written in weekly newsletters on Alt Goes Mainstream in 2024. Read here.
📝 Read about the launch of the AGM Studio, a collaboration between Alt Goes Mainstream and Broadhaven Ventures to incubate, invest in, and help scale companies and funds in private markets. Read here.
🎥 Watch Stepstone Private Wealth CEO Bob Long discuss StepStone Private Wealth’s edge and nuances with their evergreen structures in the first episode of “What’s Your Edge.” Watch here.
🎥 Watch Co-Founder & Managing Partner of Cantilever Group and former Goldman Sachs and Broadhaven Capital Partners Partner Todd Owens discuss the middle market opportunity in GP stakes investing. Watch here.
🎙 Hear me discuss why and how alts are going mainstream on The Compound’s Animal Spirits podcast with Ritholtz Wealth’s Michael Batnick and Ben Carlson. Listen here.
📝 Read about the evolution of GP stakes, why alternative asset management business models are better than SaaS, and our partnership with Todd Owens and David Ballard at Cantilever, a mid-market GP stakes firm anchored by BTG Pactual. Read here.
🎙 Hear how Chris Long, Chairman, CEO, and Co-Founder of Palmer Square Capital Management has built a $29B credit investment firm and a winning NWSL soccer franchise, the KC Current. Listen here.
🎙 Hear stories from building market-defining companies Blackstone, Airbnb, and private markets from Laurence Tosi, former CFO of Blackstone and Airbnb and Managing Partner & Founder of $7.6B investment firm WestCap. Listen here.
🎙 Hear Chris Ailman, the CIO of $307B CalSTRS, discuss how he manages a portfolio with ~40% exposure to private markets. Listen here.
🎙 Hear Blackstone CTO John Stecher discuss how technology is transforming private markets. Listen here.
🎙 Hear investing legends John Burbank and Ken Wallace of Nimble Partners provide a masterclass on investing with both a macro and VC lens. Listen here.
Thank you for reading. If you like the Alts Weekly, please share it with your friends, colleagues, and anyone interested in private markets.
Subscribe below and follow me and Alt Goes Mainstream on LinkedIn (and AGM’s LinkedIn page), Twitter (@michaelsidgmore), and YouTube to stay up to date on all things private markets.
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 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.