AGM Alts Weekly | 9.10.23
AGM Alts Weekly | 9.10.23
AGM Alts Weekly #18: Making private markets more public, every week.
👋 Hi, I’m Michael and welcome to my weekly newsletter, the AGM Alts Weekly. Every Sunday, I cover news, trends, and insights on the continuing evolution and innovation in private markets. I share relevant news articles, commentary, an Index of publicly traded alternative asset managers, job openings at private markets firms, and recent podcasts and thought pieces from Alt Goes Mainstream.
Join us to understand what’s going on in alts so you and your firm can stay up to date on the latest trends and navigate this rapidly changing landscape.
Good morning from LA, where I’m ready for the NFL season to start (is it a new era for the Commanders with the arrival of new ownership?) and excited to head to Future Proof in Huntington Beach to moderate a fantastic panel on alts with Apollo’s Chief Client & Product Development Officer Steph Drescher and Neuberger Berman’s CIO Shannon Saccocia tomorrow at 3:45 pm on the Ocean Stage. If you’re at Future Proof, don’t hesitate to ping me and hopefully we can find a time to meet.
With the first week of the new NFL season upon us, I thought it would be apropos to kick off this week’s newsletter with a tweet that came out after news of Cincinnati Bengals QB Joe Burrow agreed to a record-breaking $275M contract extension. His new contract makes him the highest-paid player in NFL history. Quite a feat for someone who just ten years ago was a lightly recruited afterthought.
While it may be hard to think in long-term time horizons, it can be very beneficial in both business and life. We often overestimate what we can do in a year. But we underestimate what we can do in ten. When we are just starting out building a company or a fund, growing to $B AUM or valuation might seem unattainable. But time after time, it’s proven that it can be done. Goodwater, which I covered a few months back, started as a $131M fund in 2014. Less than ten years later, they’ve grown to over $3B AUM. At iCapital, we launched our product for US GPs and LPs in 2014. Less than ten years later, the firm has grown to over $162B AUM with offices in all corners of the globe. These are just two examples of many.
Speaking of thinking about progress and return on investment over a ten year time horizon, fund lives for many private equity and venture funds are often ten years. The data bears out in favor of investing over long-term time horizons, whether in public or private markets. In fact, private markets tend to outperform public markets over ten and twenty year time horizons.
A May 2023 report by Hamilton Lane, an alternative asset manager with $818B AUM and supervision, finds that the majority of private equity funds have outperformed stocks, particularly over the past 20 years. Evaluating 50,000 funds and over $16.9 trillion of private capital via their internal database, Cobalt, Hamilton Lane tracked net returns of private markets funds after management fees and carried interest and found that, other than the 2000 vintage, private markets outperformed public markets.
Hamilton Lane found that the consistency of private market outperformance relative to public markets was profound. Over nearly every 10-year time period since 2000, private equity performance has outpaced public equities.
The delta of outperformance between private and public markets is also of note. Buyout transactions have bested global public equities in every vintage year by over 10% — an average of 1,079 bps. Even private credit has outperformed public leveraged loans by an average of 625 bps.
It’s worth noting that there are many nuances with evaluating investing data. Interest rates, growth rates, different geopolitical environments, cycles of innovation (internet in early 2000s, mobile in 2010s, AI today), amount of capital flowing into a sector or asset class can all impact returns in both public and private markets. And, as we know, past performance doesn’t necessarily indicate that the future will look similar. Furthermore, manager selection does matter in private markets. If investors allocate to a manager who underperforms materially to public markets, then they might have been better off not allocating to the asset class at all.
While the past can serve as a guide, what does the future hold? BlackRock recently published a report that sheds light on their predictions on returns going forward.
What do they project? More in the summary of the Pensions & Investments article here, but the punchline is that BlackRock projects US private equity (buyout) to generate ~10% annualized returns gross of fees over 5, 10, 15, and 20-year time horizons. It’s worth noting that they see relatively high volatility compared to other private assets, like hedge funds, US direct lending, and US real estate (albeit with different return profiles).
This week’s newsletter will also cover the increasing interest in sports as an asset class. Of course, how can I omit this with the NFL season starting? PitchBook published an article this week highlighting increased activity from private equity firms and PE firm founders investing into US sports teams. And there’s a reason why beyond the desire to own a trophy asset. US sports teams’ valuations have grown faster than the S&P 500 in recent decades.
As a lifelong Commanders fan, I can’t help but be excited by the fact that the new owners, Josh Harris, a Co-Founder of Apollo, and Mitch Rales, founder of Danaher, have private equity backgrounds. They have a track record of building and investing in businesses that they have grown over the long-term. Apollo itself has turned into a massive business, as has Danaher. Why can’t they do the same with the Commanders? After all, perhaps we shouldn’t be so quick to judge things over a one year time horizon when we should take stock of how it performs after ten.
Whether its sports or investing, things take time to build. And, as John Burbank and Ken Wallace of Nimble Partners said on a recent Alt Goes Mainstream podcast, duration and patience are amongst the biggest advantages an investor can have. If there’s one lesson I learned from my time at iCapital that outshines all, it’s that things go slow until they go fast. It may feel harder to build a company in the current environment and investing and returns also seem harder to come by, but whether its Joe Burrow or private equity fund performance, it often takes ten years to become an overnight success. And, with patience and a long-term horizon, that can be just fine.
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.
AGM News of the Week
Articles we are reading
📝 Why is the London Stock Exchange Muscling In on the Private Equity World? | Helen Thomas, Financial Times
💡 The growing trend of liquidity in private markets continues. As the London Stock Exchange watches both a shrinking IPO market and companies who are planning to list shun British equity markets, the LSE is betting on private markets. They have plans to create the world’s first regulated crossover market, an “intermittent trading venue” that enables 12 auctions per year. LSE’s plans to focus on private market liquidity comes after a number of companies have built solutions for private company stock liquidity, including Nasdaq Private Market and Forge Global, which is launching a partnership with Deutsche Borse, to cover the European market. The need is there — as Thomas notes, the explosion of private capital means that private companies are staying private longer. Yet, employees and early investors may want liquidity. Research by Beauhurst for Charles Stanley has found that a record number of UK businesses, nearly 20,000, haven’t yet managed to consummate a sale or float. This is leaving many shareholders trapped with illiquidity and unable to sell their shares. One challenge to private company liquidity is that investors may want more information or disclosures than private companies are willing to provide relative to what they are used to in public markets. Private companies have been reticent to enable shareholders they may be unfamiliar with to buy their stock in private markets. LSE looks to solve these issues with a closed portal where private companies share information, set prices and volume limits, and have control over which type of investors could participate in an auction. It’s understandable that the LSE is looking to launch an initiative to cater to private companies, particularly as it could become a pipeline for companies to list publicly on the LSE over time. But it’s not without its tensions. In a time when there’s a push to enable individual investors to gain access to private markets since there’s potential value to be captured in private markets, LSE plans to open up this venue to institutional investors and sophisticated buyers only.
AGM’s 2/20: Private markets continue to come into focus for a number of reasons that are all intertwined — private companies are staying private longer, leading to more funds and LPs looking to gain exposure to the value creation in private markets, leading to more technology solutions being created to enable more investor participation in this market. This process doesn’t happen overnight — and it doesn’t come without its challenges. What LSE is trying to do makes sense — they want to 1/ provide a hedge against their core public markets / IPO listings business by enabling transactions in private markets and 2/ build relationships earlier in a company’s lifecycle so they choose to work with LSE if they want to do a public listing. Both of those things are sound business strategy. In order to build out a functioning private markets technology and infrastructure, they have to be able to partner with companies. To attract companies, they have to listen to the needs and desires of companies, which may be to protect their cap tables by keeping cap tables limited to investors who they know or can add value, or limit the administrative burden of dealing with large numbers of investors. That’s why it’s understandable that the LSE would start with a product that’s suited for institutional investors on the buy side. It doesn’t mean that the mainstreaming of alts won’t continue here as it has in other parts of the market or with other companies in this space. But the LSE is starting in the right place. As with most things, private markets have to crawl, walk, and jog before they can run.
📝 Ontario Teachers’ Fund to Take Majority Stake in UK Wealth Manager 7IM | Harriet Agnew and Arjun Neil Alim, Financial Times
💡Last week, we covered the growing market of investors taking stakes in asset and wealth managers as these industries undergo rapid consolidation. This week, The Ontario Teachers’ Pension Plan (OTPP) has agreed to buy a majority stake in UK wealth Manager Seven Investment Management (7IM) from Caledonia Investments for £255M ($320M). OTPP sees a big opportunity for inflows in the UK wealth management space, supported by pension reforms and demographic trends that are incentivizing savings. London and Edinburgh-based 7IM manages £21B ($26B) for more than 2,300 advisory firms and 7,000 private clients across the UK. OTPP has ambitions to build a “larger scale player in the sector,” according to Iñaki Echave, Senior Managing Director at OTPP, viewing the market as one that’s ripe for consolidation. OTPP is making a bet on a sector that is already seeing signs of consolidation, either due to market volatility, high interest rates, pressures on fees, or generational transition.
AGM’s 2/20: OTPP’s majority ownership of 7IM is interesting and notable for a few reasons. It provides yet another proof point that the consolidation in the wealth management space is in full force — and private equity is leading the charge. As we discussed in last week’s newsletter, private equity is increasingly focused on the wealth management space due to a combination of attractive and relatively steady revenue streams and structural trends in the industry that point towards consolidation. We’ve seen increased activity of acquisitions and roll-ups in the wealth space in the US, and it’s now making its way to the UK and Europe. The Rathbones acquisition of Investec that closed earlier this year to create a £100B “super wealth” platform is emblematic of consolidation that’s occurring in the UK. The other notable development here is that this acquisition highlights pension funds continuing to invest directly into companies. For those who have followed private equity for some time now, it won’t come as a surprise to see a pension plan actively make direct investments. Sure, OTPP is amongst the group of institutional investors who has committed to building out a direct investment program — they are highly sophisticated as a direct investor and are equipped to invest as a private equity fund would. But it does highlight the continued trend that institutional investors (and family offices) are looking to do more direct investments, or co-investments, alongside private equity firms or do it themselves in a bid to lower fees or have direct relationships with the companies they invest into.
📝 Private Fund Managers Report Feeling a Squeeze on Fees | Madeline Shi, PitchBook
💡Market forces generally dictate pricing pressure — and private fund managers are feeling the pressure from LPs on fees. PitchBook’s Madeline Shi reports that many fund managers in market have felt the pressure to reduce fees in order to secure LP commitments in what’s a more challenging and more competitive fundraising environment. LPs have enjoyed more leverage on fees, according to 5Capital Fund Placements Founder and Managing Partner Allan Majotra. He saw “a number of GPs "offer up to 25% discounts on both management fees and carried interest to select investors … typically at a ticket size of 10% or more of the fund’s target before the first close.” This dynamic appears to be affecting many funds in the market, but top performers are likely to be able to continue to charge their normal fees. Slowing exits and more limited distributions have shifted the negotiating power on fees for current or upcoming funds back in LPs favor. The current market environment is also shifting LP preferences in certain parts of private markets, like real estate. Many LPs, particularly institutional investors, are aiming to gain broad-based exposure through a large manager that has a platform and can be the LPs core exposure. Then, according to Christian Wenger, CEO of Clairmont Capital Group, a specialist real-estate investment firm, "LPs" “will find other differentiated strategies, like a co-GP or distressed debt model, to build a satellite approach around that core exposure.” OCIOs have also pushed GPs to lower fees. "There has been a huge push among allocators writ large to reduce fees," said Amanda Tepper, the founder of asset management consultancy Chestnut Advisory Group, noting that demand has softened due to an oversupply of new funds. PitchBook data, however, shows that the majority of private fund managers have been able to charge consistent management fees over the past few years. Performance appears to be the ultimate arbiter — if performance net of fees outperforms public markets and benchmarks, then LPs won’t mind paying fees if the returns are there.
AGM’s 2/20: Fees have been weighing on the minds of allocators for quite some time. This is far from a new trend in private markets. However, market environments dictate how LPs and GPs can play the fee game. With the balance of power swinging back in favor of LPs, they now have more power when it comes to negotiating fees. Many LPs are focusing on a number of core relationships, which means that they may try to gain exposure to multiple strategies across private markets. This bodes well for multi-strategy alts managers, who are able to deepen their relationships — and wallet share — with LPs as certain strategies may fall in or out of favor in a given market environment. It’s worth noting that the top funds generally won’t face fee pressures in virtually any market, as their net of fees performance is the ultimate arbiter of whether or not LPs believe they should justify paying fees. Of course, there’s no way to know that paying fees up front, but managers who have had strong and consistent track records of outperformance can still command fees. The fee debate does bring into question how it impacts the business side of asset managers. As GP staking becomes more popular, pressures on fees can impact fee-related earnings for managers, which means that GP staking funds need to be discerning about the managers they partner with. A market like this favors the multi-strategy platforms who can serve LPs holistically — both institutional LPs from a size of allocation perspective and the wealth channel from ease of allocation perspective. An this is perhaps a reason why we are seeing increased interest in consolidation within the alternative asset manager landscape as managers realize they need to be able to have different ways of serving their LPs.
📝 Major League Investors: Private Equity’s Pro Sports Ties | Jordan Rubio & James Thorne, PitchBook and More private investors take shots at sports, but do they score? | Jessica Hamlin, PitchBook
💡More institutional investor involvement in sports teams is on the rise — both from private equity firms with a dedicated strategy or team focused on the sports space or by private equity principals / founders. Part of this is due to leagues, like the NBA, changing their rules about the types of entities who can invest into teams. In 2021, the NBA opened up its doors to private equity — they allowed institutional investors to own up to a 20% minority stake in a franchise (or multiple franchises). Sports focused funds have sprung up in response to these new rules and a growing trend of the financialization of sports. Arctos Capital Partners is one such fund. They have taken minority stakes in a number of top sports teams across professional leagues, including the NBA’s Golden State Warriors and Sacramento Kings, the MLB’s San Francisco Giants, the English Premier League’s Liverpool FC, the NHL’s New Jersey Devils and Pittsburgh Penguins, and the MLS’s Portland Timbers. Arctos takes a private equity approach to sports investing, focusing on operational improvements to its teams. They leverage consultants to analyze a sports team and identify areas of improvement or additional revenue generation, such as a team’s stadium or the technology it uses to reach its fans. Their returns thus far would reflect that the strategy is working — Fund I is on track to outperform its peers, generating an IRR of 41%, about 35% above the benchmark, according to PitchBook. Another notable private equity addition to the sports arena is Ares. They closed a $3.7B fund, Ares Sports, Media & Entertainment Finance Fund, in September 2022, with commitments coming from some of the country’s largest institutional investors like CalPERS and the Maryland State Retirement and Pension System, to invest into sports leagues, teams, and related franchises. Ares has invested in the likes of Spanish soccer club Atletico de Madrid, providing them with almost $220M of capital in 2021, and giving Lionel Messi FC, I mean Inter Miami, an additional $75M, which is proving to be a smart decision as Messi has turbocharged the growth of Inter and the MLS. Returns and liquidity will be the question for sports investments — and many funds’ investment structures reflects how investors are approaching the asset class. Many funds view sports investments as a long-term hold. As such, some funds, like Arctos, have structured its funds as a evergreen funds, which are investment vehicles with no end date. Investors are structuring their funds with longer hold periods in part because of the way in which sports properties, both leagues and teams, generate the majority of their revenues. Media contracts are generally longer than five years, so it often makes sense for investors to hold as media contracts get larger over time. As an example, The Big Ten signed a seven-year media rights agreement with FOX, CBS, and NBC for more than $7B. Per PitchBook’s sports deals dashboard, there has been an average of 4.5 PE sports deals per year. The MLB and NBA have been top targets for private equity — 9 and 10 teams, respectively, are backed by private equity. 20 of the 30 NBA teams have a private equity connection (i.e. a PE fund partner or principal is an owner) and 14 of the 29 MLS teams have a private equity connection.
AGM’s 2/20: As sports continues to evolve as an investable asset, it’s clear that private equity views these businesses as attractive entertainment properties. Media contracts appear to more or less be going one way, up, which makes sports teams highly monetizable assets. Add in the fact that 1/ there’s operational leverage to be gained from professionalizing the business side and 2/ with the advent of technology, there’s now more and better ways to create a strong, engaged community of fans outside of the in-game experience and sports start to look like attractive properties to investors. The fact that many private equity investors — both funds and individuals — view these properties as attractive investments likely means that we’ve only hit the tip of the iceberg of private equity (and sovereign wealth fund, for that matter, as we’ve started to see in the European soccer arena) investment into sports teams. It remains to be seen whether this will be good or bad for the game as sports present some difficult challenges from a business perspective. I’d argue that sports are in some respects harder than other areas of private markets because there are two connected yet uncontrollable dynamics at play simultaneously. Sure, even struggling teams on the field or court can do well financially due to media contracts or other forms of monetization at the broader league level. But over time, what if the team has poor on field performance or the star player who was supposed to draw fans with tickets and merch sales is unable to play for a prolonged period of time? The business side has little to no control over these aspects of a sports team, yet these factors can have a major impact on the business. The other big question from an investment perspective is liquidity. How will investors who have LPs who are looking to generate returns achieve liquidity. One way around. this is a debt / credit fund structure. That provides exposure to sports teams without the issues of equity ownership (which can be challenging with league structure) and can return capital to LPs like any other credit fund. The fact that Arctos and others have structured their funds that take equity stakes as evergreen funds is telling. I’d suspect that secondaries will be the way that owners, whether individuals or funds, find liquidity rather than outright sales in a number of cases going forward.
📝 How Blackstone Sprinted Ahead of Its Peers in AI | Jonathan Kandell, Institutional Investor
💡Blackstone chairman and CEO Stephen Schwarzman first learned about AI from Jack Ma while the two were sitting next to each other on a stalled bus on their way to a global business leaders conference. Intrigued, Schwarzman listened as Ma “gave [him] a quick tutorial.” Upon his return to New York, he had Blackstone recruit a team of data scientists to focus on disseminating AI usage throughout the firm. Today, Blackstone relies on AI to assess risks in assets the firm aims to buy. It uses AI to forecast demand and instantly provide prices for every business customer using its vast inventory of e-commerce warehouses. Data scientists sit on investment teams to apply AI tools to investment decisions. Blackstone’s team includes more than 50 data scientists, far more than any of its peers. While Blackstone’s push to AI began with predictive AI, it has now combined generative AI — which became well-known thanks to ChatGPT — with predictive AI. “We’ve been incorporating data scientists in our equity businesses and in a bunch of our portfolio companies,” says Jonathan Gray, Blackstone’s president and Schwarzman’s eventual successor. “We believe that gives us a real competitive advantage.”
Blackstone is vulnerable to the risks and criticisms of AI — from cybersecurity concerns to worries that AI will hallucinate, or generate nonsensical or error-prone output. Perhaps most importantly, Blackstone isn’t immune to the possibility that AI will reduce incomes and wipe out jobs. The hype surrounding AI, however, has helped continued AI adoption. Schwarzman tells portfolio company CEOs, “This is a transformational technology. You have to be the first mover in your industry.” From encouraging chief executives to use ChatGPT for emails to locating pricing upside in a real estate logistics business, Blackstone continues to push AI use. One of the most visible impacts of AI is in its investment process. Martin Brand, Blackstone’s head of North American Private Equity, is on the phone almost weekly with bankers offering him investment ideas. A big change, Brand said, is that “now when I get a call from an investment banker, we have AI tools that can build a high-quality first model while I’m still on the phone.” First-task memos, which take days for most junior investment team members to make, can now be produced by AI for Blackstone in a matter of hours. In addition to using its own proprietary AI platform for investment process and dealmaking, Blackstone works with outside AI services for a variety of tasks. Microsoft’s Office 365 suite, backed by ChatGPT, writes and summarizes emails, creates PowerPoint presentations, and speeds up other tasks. Blackstone leverages Salesforce’s AI product, Einstein GPT, in its private wealth management business to reach out to clients with personalized investment suggestions. Blackstone’s CTO John Stecher compares Einstein GPT’s features to Google’s ability to tailor ads to customers’ previous purchase preferences.
Blackstone’s last-mile logistics warehouses are the amongst the most voracious users of its new AI tools. Blackstone began to buy these properties, which are leased by Amazon and other e-commerce retailers as distribution centers, in 2010. Since then, it has amassed $175B worth of warehouses worldwide — making them its single-largest asset class. It didn’t take long for Blackstone executives to realize that Excel models weren’t enough to make the myriad decisions associated, so it had an in-house team of data scientists build a centralized, AI-powered algorithm to drive all pricing decisions across its logistics assets in the U.S. The AI tools use an immense amount of proprietary data gathered from existing leases on its thousands of buildings, and can calculate how much space a customer needs, how far away the warehouse is from a FedEx or UPS hub, what the closest airport or harbor is and how much it’s going to cost the customer.
Rivals are beginning to catch up. Competitors Brookfield Asset Management and KKR are also heavy investors in data centers. Because data centers use so much electricity, Brookfield plans to leverage its leadership in green energy to collect additional revenue. KKR acquired a firm that provides cooling systems, which consume close to half the energy used by data centers to prevent computers from overheating. It’s no surprise that investment firms are catching on — McKinsey predicts that generative AI’s impact on productivity will add at least $2.6T annually to the world' economy. And this also may be a tailwind for asset managers, as Schwarzman, at 76 years old, predicts that an AI-driven Blackstone will double its current AUM to $2T before he retires.
AGM’s 2/20: AI is transforming virtually every industry, with private markets being no exception. It’s no surprise that the largest firms are able to leverage AI to their advantage, since these firms have the capital and resources to invest into AI. Crucially, these firms also have a data advantage — with AI, data is oil. The more data a firm has, the more they can leverage AI to train, refine, and use the models to drive efficiencies. While AI itself is still in its early days of development, we are already beginning to enter the era of the data-driven investor. Investment firms who are able to leverage technology, including AI, to their advantage can do a better job of finding, picking, and helping companies they invest into. Therefore, it’s no surprise to see the biggest investors look to AI to give them every advantage they can when it comes to investing. Some of the early questions around AI for investment firms revolve around costs and data privacy / cybersecurity issues — can AI replace or augment some of the work that analysts do? If so, this could create either better operating margins through headcount reduction or more efficient analysts who are now augmented by technology, which enables them to do higher value analytical work. This impact remains to be seen, but bears watching. Data privacy is the other thing on the minds of both investment firms and their LPs. How will potential issues around privacy and cybersecurity breaches impact how LPs view investment firms’ forays into AI if their data is at risk?
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.
🔍 73 Strings (Valuation and portfolio monitoring for alternatives funds) - EMEA Senior Sales Representative. Click here to learn more.
🔍 bunch (Private markets infrastructure investment platform & SPV infrastructure) - Head of Commercial. Click here to learn more.
🔍 iCapital (Private markets infrastructure investment platform) - West, Regional Director, Vice President / Senior Vice President. Click here to learn more.
🔍 Allocate (VC infrastructure investment platform) - Managing Director, Alternatives (Sales). Click here to learn more.
🔍 Republic (Multi-strategy alternative investment platform) - Chief Technology Officer. Click here to learn more.
🔍 Isomer Capital (European VC fund of funds) - Investor, Secondaries. Click here to learn more.
The latest on Alt Goes Mainstream
Recent episodes and blog posts on Alt Goes Mainstream:
🎙 Hear wealth management industry titan Haig Ariyan, CEO of Arax Investment Partners, share his thoughts on the private equity opportunity in wealth management and why the intersection of wealth and alts is one of the biggest trends in private markets. Listen here.
🎥 Watch Lawrence Calcano, Chairman & CEO at iCapital, and I take the pulse of private markets on the third episode of our monthly show, the Monthly Alts Pulse. Watch here.
🎙 Hear investing legends John Burbank and Ken Wallace of Nimble Partners provide a masterclass on investing with a macro lens from John’s background as a leading macro hedge fund manager at Passport Capital and on micro VC from Ken’s background backing some of the top emerging VCs at Industry Ventures. Listen here.
🎙 Hear $40B AUM Cresset Co-Founder & Co-Chairman Avy Stein and Director of Private Capital Jordan Stein live from the Allocate Beyond Summit discuss how private markets are changing wealth management. Listen here.
🎙 Hear Alto CEO Eric Satz discuss how anyone can invest in alternatives through their IRA. 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 $18B AUM Savant Wealth’s award-winning CIO Phil Huber talk about how LPs can build a strategy for investing in private markets. Listen here.
🎙 Hear Avlok Kohli, AngelList’s CEO, talk about how they are building the company of companies that is powering private markets. Listen here.
🎙 Hear Seyonne Kang, Partner and member of the private equity team at $134B AUM StepStone, discuss how the VC industry is dealing with today’s venture market. 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 Robert Picard, Head of Alternatives at $117B AUM Hightower, approaches alternative investments. Listen here.
Thank you for reading. If you like the Alts Weekly, please share it with your friends, colleagues, and anyone interested in private markets.
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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 Michael Rutter and Nick Owens for their contributions to the newsletter.