AGM Alts Weekly | 8.3.25: What's on the menu?
AGM Alts Weekly #114: Making private markets more public, every week.
👋 Hi, I’m Michael.
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Good morning from Colorado.
This week, several platforms that work with wealth managers added private markets to the menu.
SEI reportedly added 17 private markets funds to its alts platform SEI Access, according to an article from Citywire’s Tania Mitra. AssetMark will reportedly add evergreen funds to its TAMP (turnkey asset management platform) in Q4 that will be vetted by the firm’s due diligence team, according to Citywire’s William Johnson.
SEI and AssetMark’s moves are but two examples of investment platforms and wealth management firms expanding their menus to include private markets funds.
Wirehouses have also added evergreen fund offerings to their respective menus.
The below chart from Citywire (source: XA Investments) highlights how the wirehouses, in many cases, have steadily expanded their offerings of tender offer and interval funds on menu for Q2 2025.
Securing a spot on the menu is easier said than done. But it is often critical for alternative asset managers to be on the menu if they want to serve up their strategies to the wealth channel.
Making it onto the private markets menu
Some menus are like marketplaces. And, these marketplaces are like supermarkets. Some supermarkets will stock their shelves with different types of products to appeal to all sorts of customers. Some customers will want the 365 by Whole Foods Peanut Butter. Others will look for the Fine & Raw Sweet Hazelnut Butter spread (it’s really good, btw).
Other menus are curated, much like a restaurant that changes its menu every day based on what it sources from its farm and other local firms, like Family Meal at Blue Hill.
Some wealth platforms will have a combination of marketplace characteristics and farm to table, locally sourced, and curated features.
Both wealth management platforms and alternative asset managers need to understand the who, what, and how when it comes to putting funds on a menu.
Serving different clients
Wealth management platforms, wirehouses, and private banks all serve different clients.
As I have written before, the wealth channel is not monolithic.
UHNW clients at a private bank will demand different portfolio construction and access to private markets investments than mass affluent clients.
Many wealth management platforms have a wide range of client types. They might have some advisors and clients who want access to unique and differentiated private markets opportunities, which could even include direct and co-investment opportunities. They might have other advisors who are just beginning to provide exposure to private markets for their clients.
Even at many of the most sophisticated and developed wirehouses, private banks, and independent wealth management platforms, a small cohort of advisors is driving the majority of the flows.
The 80/20 rule? Are 80% of the flows into private markets coming from 20% of the advisors on a platform?
It could be even more concentrated than that. I don’t have exact data, but anecdotally, it could be more like the 90/10 rule today, where 90% of the flows into private markets are being driven by 10% of the advisors.
There’s certainly a cohort of private markets power users at both wirehouses and independent platforms. These advisor teams might use both evergreens and closed-end fund structures to build out comprehensive private markets offerings for clients. But, increasingly, they are also looking to direct investment and co-investment opportunities to provide clients with access to unique, differentiated, and curated opportunities.
Wirehouses and private banks understand the need to both curate unique opportunities to deliver value to clients and provide the tools that help advisor practices differentiate.
It should come as no surprise that private banks and wirehosues are focused on building out a UHNW offering that will provide access to direct investments into private companies and unique, off-the-run opportunities. Goldman Sachs’ Apex is an example of this trend.
In a press release from November 2024 about the launch of its expanded Family Office Platform, Goldman described Apex as a differentiator for clients and advisors:
“PWM draws upon years of investment experience working with large institutional family offices globally through its Goldman Sachs Apex team. The Apex team delivers unique investment opportunities, sophisticated intellectual capital, private market expertise and differentiated deal flow and access sourced from across Goldman Sachs and a deep network of partners. The Apex team also facilitates many forums across the globe for family offices to network, share best practices and convene on topics that are top of mind.”
Wirehouses are also looking to find ways to meet the needs of the growing UHNW segment by providing access to direct investment and co-investment opportunities. They have built out the infrastructure and focused teams to enable advisor teams to serve UHNWs with differentiated deal flow.
So too are large independent wealth platforms like Cerity, Rockefeller, Focus Financial, Cresset, Creative Planning, and many others. As Cerity Partners’ Tom Cohn and Amita Schultes discussed in their Alt Goes Mainstream podcast, they are constantly looking for ways to provide differentiated investment opportunities and deal structures to their clients.
It shouldn’t come as a surprise that wirehouses, private banks, and large independent wealth platforms are those driving deals with funds, particularly as it relates to new evergreen fund structures. Often, these types of wealth management firms are anchoring new evergreen fund offerings with large amounts of capital and garnering seed economics in exchange.
But how do wirehouses and wealth management platforms expand access to a broader swathe of the advisor (and end client) population?
The Evolution
Before the advent of evergreen funds — and non-traded REITs and BDCs prior — wirehouse platforms and private banks predominately offered drawdown funds on platform.
Securing a place on a wirehouse or private bank platform was by no means easy. But it also didn’t require the same distribution and operational infrastructure and overhead that it does today.
Top private equity, growth, and venture funds have had places on private bank and wirehouse menus for years.
Now that private markets is expanding access to a broader set of wealth clients, the menu is changing.
Some advisors and clients will still want drawdown offerings. They might want access to a specific firm or investment strategy. They might view it as differentiated from the growing number of evergreen fund offerings appearing on wirehouse menus.
But, to serve a broader population of advisors and wealth clients, wirehouses and wealth platforms are endeavoring to meet advisors and clients where they are.
Where are they? In many cases, convenience is paramount, as XA Investments CEO Kim Flynn writes in an Op-Ed for Citywire.
This helps to explain the growth of evergreen fund structures designed for the wealth channel and the explosion of evergreen funds on wealth management platform menus.
The below chart from Citywire (source: XA Investments) highlights how each of the wirehouses have built out their evergreen fund menus across asset classes.
The rise of evergreens makes another evolution possible: the creation of model portfolios.
Model portfolios provide a turnkey solution to advisors that are looking to allocate to private markets in simpler fashion.
Advisors often want less choice, not more.
Even individual investors appear to demand simpler, more turnkey solutions. HSBC’s Affluent Investor Snapshot 2025 survey affirms that investors are demanding multi-asset solutions, as the chart below illustrates.
HSBC’s Global Head and APAC Regional Head of Alternatives Mathieu Forcioli provided affirmation to this view. He 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.”
Model portfolios are moving into the mainstream.
I wrote about the launch of iCapital’s model portfolio, iMAP, in the 5.12.24 AGM Alts Weekly.
Model portfolios have become a feature in public markets. A recent review by Morningstar found that from 2021 to 2023, AUM in asset manager models increased by nearly 50%, growing to over $424B.
This data point made iCapital’s Kunal Shah excited about the creation of model portfolios with alternatives. In a press release about iCapital’s iMAP, Shah said:
“We are very, very bullish on the opportunity set here, largely influenced by what we have seen in the public market world around the usage of our models. We think that it could be even bigger in alternatives given the fact that there are no easy answers for a beginner investor in private markets and hedge funds.”
Blue Owl Capital’s President & CEO Global Private Wealth Sean Connor’s quote in the press release affirmed why models could be a big part of private markets’ future. He highlighted why they are excited to be a part of iCapital’s first iMap portfolio and why it’s important for advisors to have model portfolios in private markets:
“We believe models are a critical tool to simplify and enhance the investment experience for advisors seeking to integrate high quality alternative investment strategies into portfolios. Private credit can deliver consistent income and capital preservation for investors and Blue Owl is one of the leaders in this asset class. iCapital Model Portfolios distill the essence of balanced portfolio theory into a practical tool that wealth managers can implement for their clients immediately.”
Hybrid products, such as Blackstone, Vanguard, and Wellington’s multi-manager product, KKR and Capital Group’s hybrid product, and Apollo and State Street’s public-private ETF, are another piece of the puzzle.
These products are in early days of development, but they highlight a few themes that are on the minds of wealth management menu curators: increased access due to lower investment minimums, turnkey solutions, and the ability to insert the products more seamlessly into an overall asset allocation or portfolio construction framework.
If advisors want less choice, not more, but wirehouse platforms are increasing the number of evergreen fund offerings on their platforms, could we eventually see wirehouses and wealth management platforms create their own multi-manager portfolios for advisors?
Challenges creating the menu
This question speaks to the challenge that wirehouse and wealth management platform fund selectors face when it comes to creating and curating a menu.
Constructing the right menu is a challenge for any restaurateur. How much choice? How little choice? How much creativity? How much simplicity?
Similarly, it’s also hard for the gatekeepers and investment diligence professionals at wirehouses, private banks, and wealth management platforms.
The component parts of determining which funds make the cut on the menu require considering a number of different — and at times competing — features.
How do fund selectors balance scale with curation and differentiation?
With performance dispersion being even more protracted in private markets than in public markets, manager selection is critical.
A chart from an August 2023 article from CAIS highlights just how wide this performance dispersion can be in certain private markets asset classes.
Picking the right manager in private markets, particularly in categories like venture and buyout / growth can be the difference between the opportunity cost of generating outperformance in the private markets allocation versus being penalized for allocating to the wrong private markets manager in lieu of sticking with a low-cost ETF or index fund.
Fund selectors must also discern differentiation. How do they put managers on the menu that provide a unique and curated experience for advisors and end clients relative to other wealth management platforms?
That can be easier said than done, particularly since other considerations are driven by a manager’s track record, experience, and ability to educate and distribute the fund within the wealth channel.
The Catch-22 for both fund selectors and fund managers looking to end up on a wealth management menu is that the fund will likely need to be big enough and old enough to have the infrastructure to successfully distribute on a wealth platform, but also be unique and different enough to drive outperformance. Sometimes, those features are in conflict.
A 2022 whitepaper on launching an interval fund by Ultimus Fund Solutions and XA Investments helps provide answers.
Ultimus, which has over $725B of assets under administration and has been a leader in interval and evergreen fund administration, should have an idea or two about the blueprint for a successful evergreen fund launch.
Ultimus’ Nickolaus Darsch provided helpful insight into how fund managers should think about launching an interval fund and partnering with a wealth management platform:
“In our experience, $100 million is a critical point for interval fund viability. We advise new interval fund sponsors to consider contributing an existing private fund to an interval fund. Successful interval fund sponsors also join niche alternative investment communities to reach receptive advisors.”
There are a number of factors that both fund selectors and fund managers need to think through when launching an evergreen / interval fund that they hope to distribute on a wirehouse or wealth management platform.
Ultimus and XA outlined a set of factors that often hinder the ability for managers to successfully raise and grow their evergreen funds.
Cooking up the right meal
If seeding an interval fund is integral to a successful launch, how can fund managers figure out the right structure that can tilt the odds in favor of success?
Contribute from the firm’s balance sheet: Alternative asset managers that have enough capital on their balance sheet can contribute assets from the balance sheet to the evergreen’s initial capital base. Not only does this contribute capital towards the $100M threshold that Darsch references, but it also demonstrates clear alignment of interests with LPs. The challenge? Larger firms, particularly firms that are publicly traded, will likely have bigger balance sheets, tilting odds in favor of success for larger, scaled alternative asset managers.
Seed with an existing portfolio: Some funds have successfully launched evergreens by contributing an existing seed portfolio. At times, this is done at a cost basis that is attractive to LPs coming into the evergreen fund. This feature provides an incentive for LPs, particularly early movers, to commit to the fund. It also removes the blind pool risk for allocators.
Incentivize seed investors with anchor economics: Evergreen fund launches are often completing anchor rounds with large wealth platforms. These anchor rounds often have attractive economics for LPs that commit to large investments, which provides an element of differentiation for wealth platforms that commit to anchor rounds. Anchor economics can be very attractive at times. Some anchor / seed economics include a revenue share in the vehicle, so if an evergreen fund is able to scale to meaningful AUM and NAV, early investors might be able to generate additional turns on the investment by virtue of being an early mover.
Partner with strategic LPs and insurance companies: It’s not just the wealth channel that is interested in allocating to evergreen fund structures. It’s also institutional investors and insurance companies. Coatue’s CTEK evergreen fund is case in point. CTEK launched with a $1B commitment from Bezos Expeditions, Jeff Bezos’ family office, and DFO Management, LLC, the family office of Michael Dell. Presumably, those family offices will receive attractive economics by committing $1B to help launch the fund. Insurance companies can also be impactful partners for funds launching evergreens. They are increasingly looking to allocate to private markets, and private credit and GP stakes in particular, so firms looking for seed partners might find success working with insurance companies.
Some wealth platforms and wirehouses will want supermarkets to appeal to all of their clients and advisors. Others will seek to have curated menus.
There’s no one way to build a menu or enjoy a meal. Different people want different things — that will ultimately be what drives what fund selectors put on their respective menus.
Bon appetit.
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 credit fundraising faces its first test
Private credit has not yet faced its first full interest-rate cycle and the corresponding risks to loan performance. If a severe contraction in the global economy sparks the asset class’s first prolonged downturn in performance, fundraising may be inhibited — just as in venture capital in the wake of the dot-com bust, and buyout and real estate funds after the 2008 global financial crisis.
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
Reports we are reading
📝 Quarterly Private Markets Report: Q2 2025 | NEPC Investment Manager Selection Team | NEPC
💡NEPC's comprehensive report covers a wide range of asset classes and strategies, addressing key themes such as geopolitical uncertainty, liquidity, flight-to-quality, artificial intelligence, and the rise of wealth. The report covers a number of themes that are defining private markets:
Geopolitical uncertainty: Fewer deals and lower exit activity, particularly across venture, buyout, private credit, and real assets, are a result of geopolitical uncertainty.
Liquidity: Muted exit activity has led to less capital for LPs to commit to net new private markets funds. This structural challenge is leading to a rise in non-traditional exit options, such as continuation vehicles and secondary sales.
Flight-to-quality: Large GPs are making up the lion’s share of fundraising as LPs look to do more with less relationships. However, NEPC sees opportunities in smaller funds and deals across credit, equity, and real assets.
Artificial intelligence: AI is now an investment theme being woven into all sorts of private markets strategies, from VC to buyouts to real estate to infrastructure.
Rise of wealth: Individual investors are looking for increased exposure to private markets. GPs are meeting this demand by creating evergreen fund structures designed for individual investors.
Buyouts
NEPC is focused on the smaller end of the market, which offers higher growth opportunities and wider exit opportunities. They view the current period, which is defined by volatility, to be an “excellent opportunity to deploy new capital into private markets.”
Venture Capital
NEPC believes that once exit activity resumes, transaction volumes should follow. They also anticipate a wider dispersion of returns as valuations for non-AI companies with weaker earnings quality come under pressure and result in performance degradation among lower quality firms.
Private Credit
Institutional investors have significant allocations to private credit, taking advantage of higher yields and total returns. NEPC sees institutional investors doing this because they have more flexibility around portfolio construction with shorter fund lives than private equity. NEPC notes that industry consolidation continues and yields have compressed due to lack of realizations. Middle market continues to be 100-200 bps wide of BSLs in public markets.
Real Estate
NEPC sees real estate markets as “generally liquid,” but also notes that many real estate investors “continue to hold out for more favorable pricing which has slowed distributions to investors.” Alternative property types (student housing, senior housing, medical offices) have risen in popularity. Data center vacancy rates are around 3%.
Real Assets
NEPC notes that private equity energy strategies have exhibited robust performance in recent vintage years, benefiting from limited competition and healthy balance sheets. They also note that infrastructure investment can provide stability to a portfolio as geopolitical uncertainty causes volatility in commodity prices.
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:
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🎥 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.
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🎙 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.
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🎙 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.
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🎥 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.
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🎥 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.
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📝 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.
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🎙 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.