AGM Alts Weekly | 9.7.25: The Distribution Evolution
AGM Alts Weekly #119: Making private markets more public, every week.
👋 Hi, I’m Michael.
Welcome to AGM, the meeting place for private markets, where I’ve been writing and podcasting about the convergence of private markets and private wealth since December 2020.
I’m excited to share 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.
Some testimonials about the AGM Sunday Alts Weekly newsletter include:
"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.
“This is our primary resource for learning and reading about alts.” Head of Marketing, $250B AUM alternative asset manager.
“If you want timely and informative insights on everything private markets, Michael Sidgmore and Alt Goes Mainstream weekly update and podcast are fantastic resources.” CIO, $47B AUM RIA.
“The only email I never delete when clearing my inbox.” Senior distribution professional, $330B+ AUM asset manager.
Join us to understand what’s going on in private markets so you and your firm can stay up to date on the latest trends at the intersection of private markets and wealth management and navigate this rapidly changing landscape.
Presented by
As wealth investors increasingly seek portfolio diversification and access to private markets, Permira offers a global investment platform focused on delivering transformational growth at scale and consistent investment returns, with strong investor alignment.
Permira’s 40 years of private equity experience and deep expertise across four core sectors (technology, healthcare, consumer and services) helps management teams drive long-term value creation. Permira’s specialist Credit business offers solutions across the risk return spectrum, from direct lending through to opportunistic credit and CLOs.
Find your investment partner at Permira Wealth.
Good morning from New York City, where I’m wrapping up a week of meetings and podcast recordings (The Compound and Friends with Josh Brown and Michael Batnick) and catching Angel City FC’s match at NY/NJ Gotham tonight before heading to LA for Future Proof.
I’ll be moderating a panel at Future Proof on Tuesday with StepStone Private Wealth’s Bob Long, iCapital’s Sonali Basak, and State Street’s Mark Alberici. If you’re at Future Proof and would like to catch up or meet, drop me a line, and we can find a time.
Last week, I wrote about the ground shaking in the RIA world with one of the industry’s largest acquisitions in recent memory: ~$31B AUM (as well as another $3.8B AUA) Cleveland-based MAI Capital Management combined with $27B AUM Evoke Advisors to form a nearly ~$60B AUM RIA.
This week, the industry saw more substantial wealth management acquisitions, with Corient buying UK wealth managers Stonehage Fleming and Stanhope creating a $430B AUM wealth management platform.
But it was asset management’s turn to dominate this week’s partnership news.
The convergence of public and private marches on — this time with Goldman Sachs and T. Rowe Price announcing a strategic collaboration to deliver public and private markets solutions to clients of both firms, which will include individuals, financial advisors, plan sponsors, and plan participants.
This is far from the first partnership between traditional and alternative asset managers. The industry has already seen tie-ups between industry behemoths, whether it was the trillion-dollar club of Vanguard, Wellington, and Blackstone joining forces to build a hybrid product, KKR and Capital Group partnering, or Apollo and State Street teaming up on a private credit ETF.
The press release from Goldman Sachs about the partnership highlights a focus on creating joint products and multi-asset offerings that include both public and private markets exposures.
Target-Date Strategies: The firms will offer new, co-branded target-date strategies that leverage T. Rowe Price’s expertise in the retirement blend series while broadening plan participants’ access to private markets by incorporating investment capabilities from Goldman Sachs, T. Rowe Price and OHA. Goldman Sachs will serve as third-party provider of private market strategies for the target-date series. The firms intend to launch the solutions in mid-2026.
Model Portfolios: The firms will introduce a series of jointly created, co-branded model portfolios leveraging the strengths of both organizations, incorporating SMAs, direct indexing, ETFs, mutual funds and private market vehicles tailored to the needs of advisors serving mass-affluent and high-net-worth (HNW) clients.
Multi-Asset Offerings: T. Rowe Price and Goldman Sachs will also collaborate on multi-asset offerings. The firms are currently considering two strategies—one that will provide access to asset classes such as private equity, private credit and private infrastructure in a diversified portfolio delivered through one vehicle, and another that integrates US public and private equity investing into a single offering.
Personalized Advice Solutions and Advisor Managed Accounts: The firms are collaborating to deliver an innovative, scalable advisory platform for advisors and other RIAs to offer managed retirement accounts at scale in-plan and out-of-plan. This includes integrating retirement planning and advice from the firms into the T. Rowe Price recordkeeping and Individual Investor platforms.
During the past few months, we have seen some clues as to why T. Rowe and Goldman decided to team up to deliver private markets solutions (and integrated public-private products) to clients.
Row(e)ing towards private markets
Reading the “T. leaves,” the industry might have been able to discern that T. Rowe has been looking to expand its footprint into private markets for some time. The firm’s initial major foray into private markets was in 2021, when the firm acquired Oak Hill Advisors, paying $4.2B to add the private credit manager to its platform.
More recently, T. Rowe co-led iCapital’s $820M financing round in July.
Why might T. Rowe be an attractive partner to a firm like Goldman Sachs? Perhaps it’s because the race for retirement is on.
As mentioned in the 7.13.25 AGM Alts Weekly, 66% of T. Rowe’s $1.6T AUM resides (pp. 6) in retirement accounts. Furthermore, T. Rowe possesses a $500B+ AUM target-date fund platform.
With the recent Executive Order that could open up the floodgates for private markets strategies to be included in 401(k) accounts, T. Rowe could very well become a major conduit for the delivery of private markets solutions, likely included in hybrid public-private products.
“We are bringing all of Goldman Sachs to every product”
For Goldman, the partnership with T. Rowe is an opportunity to continue to grow its already sizable alternatives platform and continue to push forward on its strategic initiative of expanding the footprint of its third party alternatives business.
There were clues.
Goldman’s Investor Day presentation from 2020 highlighted the firm’s focus on growing its third party alternatives distribution capabilities.
As the above presentation illustrates, the strategic decision to expand third party alternatives AUM undoubtedly helped the firm’s business due to the benefits of capital reductions to the firm’s balance sheet.
But trying to reduce balance sheet exposure to private markets doesn’t take away from the fact that Goldman’s alternatives business has consistently delivered performance for its balance sheet (and Partners at Goldman Sachs that have invested into the firm’s funds), Goldman’s private wealth (PWM) clients, and third-party LPs.
As the below chart from the firm’s 2023 Investor Day presentation illustrates, 93% of the funds in the Goldman’s Alternatives platform have been in the top two quartiles of Cambridge Associates’ benchmarks.
In Goldman, T. Rowe is partnering with a top 5 alternative asset manager by size ($450B AUM in alternatives as of the date of the 2023 Investor Day presentation and closer to $550B AUM today) that has both internal and external managers that it can choose when tasked with building out these joint products with T. Rowe.
The product suite on the private markets side provides an expansive menu of options from which to choose across both internal strategies and external manager relationships across hedge funds, private equity, private credit, and real estate.
It’s this platform approach that Kyle Kniffen, Goldman Sachs’ Managing Director, Global Head of Alternatives, Third Party Wealth, referenced on a recent Alt Goes Mainstream podcast.
He described Goldman as being a “complete partner” to the wealth channel — and a quote from our conversation illuminated why this is the case.
We are bringing all of Goldman Sachs to every product, every education touchpoint, every engagement, and [every] event we have with a client. We're afforded a lot of advantages whether it's the network, the history, we've been investing in all these asset classes. And if you are an investor in a Goldman Sachs alternatives [product], you should feel all of that accruing to your advantage. And so we work tirelessly to make sure that all the investment talent, all the investment opportunities, structured in a really useful way for individuals, is the experience. And that's a really energizing thing.
And if Goldman and T. Rowe want to look beyond the firm’s internal fund strategies to include in these joint products, which I suspect could be the case as I anticipate that model portfolios will evolve to include a selection of best-of-breed managers by strategy rather than a single firm’s managers across strategies, I expect multiple managers could be included in these products.
With the continued development of unified managed accounts (UMAs) being customizable for clients (to some extent), managers will very likely partner up to create models that amplify their respective strengths.
Goldman’s platform affords them with the manager relationships to pull in funds and strategies that when and where appropriate.
Goldman Sachs Partner and Petershill Partners Co-Head Robert Hamilton Kelly noted on a recent Alt Goes Mainstream podcast the power of the platform when it comes to possessing deep and knowledgeable relationships with alternative asset managers across the industry:
We sat there within a Goldman [Sachs platform] that was both an advisory to different businesses, but was also an allocator through allocation platform and a secondaries investor. And so, and this is actually as true today as it was then, we sit there with a huge privilege of data that if we look at a single firm that we might invest in, we already have all of their track records, their portfolio companies. We may have had capital in their funds from our allocation group for 15, 20 years. We know all the individuals. We have strong relationships. And so, when we think about the evolution of that firm going forward, we have a strong view on their fundraising potential, their LP based demographics, how they might shift over time.
Goldman’s breadth and depth of its platform, along with its relationships across the industry, will have very likely appealed to T. Rowe when thinking about how and why Goldman could be a strong partner to deliver solutions to the wealth channel, and specifically, for retirement-focused products.
The connective tissue
Delivery of investment products packaged up for target-date funds and embedded in retirement solutions could not be possible without a corresponding evolution in technology market structure.
The distribution evolution cannot be decoupled from the market structure evolution from pre- to post-trade that’s occurring in private markets.
Both of these movements need to happen in lockstep in order for this partnership to realize its potential, which should make it less of a surprise that both Goldman and T. Rowe are now investors in the connective tissue — the infrastructure that is iCapital — that will likely play a part in delivering some of these solutions to the wealth channel.
Partnerships like this between T. Rowe and Goldman could not have happened in years prior. Not because the executives and strategy teams weren’t smart enough to figure out the who, what, how, and why this type of partnership would make sense. But because the technology market structure needed to evolve to a point where the manufacturing, delivery, and post-investment monitoring for these products could be done.
With the rollout of model portfolios, like BlackRock and Partners Group are doing and the advent of UMAs like BlackRock, iCapital, and GeoWealth are working on together, the superhighway of private markets has now continued to expand the number of lanes for its travel of product delivery.
We won’t know until mid-2026 what exactly these products will look like, but given the breadth and depth of these two firms’ capabilities across traditional and alternative asset management, this partnership should be quite a big deal for the industry.
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
Brought to you by:
Cross-exposure risks aren’t what you’d expect
The value of deals tied to both private-credit and buyout funds has grown sharply in recent years, leading to some concern about unintended cross-exposure for limited-partner investors in both strategies.
On average though, roughly 85% of net asset value resides in buyout compared to just 15% in private credit—a stark contrast to the 50-50 equity-debt breakdown that asset owners might expect. Even at inception, private credit rarely accounts for more than one-third of NAV and that share steadily declines over time.
Disclaimer
(c) 2025 MSCI Inc. All rights reserved. Any use of this chart, data or any information contained in this section are also subject to the disclaimer located at: https://www.msci.com/legal/notice-and-disclaimer, which may be updated by MSCI Inc. from time to time.
AGM News of the Week
Articles we are reading
📝 After 100 Years, Trillion-Dollar Fund Manager Wellington Wants You to Know Its Name | Loukia Gyftopoulou, Bloomberg
💡Bloomberg’s Loukia Gyftopoulou dives into $1.3T firm Wellington Management on its evolution as the firm approaches its one-hundred-year anniversary. Wellington, known as a firm delivering equity and bond strategies to institutional investors, has been moving into private markets, which could be yet another signal about the evolution of asset management. Wellington has spent big to hire from bulge-bracket banks and alternative asset managers, adding headcount to a private markets unit that is currently around 40 people. Amongst the firm’s hires is Christina Kopec Rooney from Goldman Sachs Asset Management who will spearhead Wellington’s push into the US wealth market as part of the firm’s efforts to build a brand with the wealth channel.
This may be new territory for Wellington, as the firm’s President Steve Klar notes, calling it “unfamiliar.” But as Gyftopoulou writes, it’s a “sign of the times” in asset management. Asset managers — both traditional and alternative — understand that they have to build brand in order to work with the wealth channel, which in some cases also means pushing into private markets. For traditional asset managers, fee pressures have forced them to rethink their strategy. Client migration to passive funds have pushed the industry’s average fee down to 0.3% from around 1% two decades ago, according to Morningstar. Vanguard, which is Wellington’s largest client (accounting for a third of the firm’s assets), charges an average fee load of 0.07%.
Wellington’s concerted efforts to go bigger in private markets kicked off in 2023. According to data from Bloomberg, and they are looking to expand their product suite, reportedly evaluating candidates to start a secondaries business.
As part of its ambitions to push into private markets, Wellington has done two things to augment those efforts: one, focus on building its brand, and two, establish partnerships with other firms, as they have done recently with Blackstone and Vanguard, which Gyftopoulou calls notable for a firm that had “never even had a publicist on the payroll [until recently].”
💸 AGM’s 2/20: Wellington’s evolution is emblematic of a number of overlapping broader trends occurring in asset management: traditional asset managers are looking to push into private markets, while alternative asset managers are trying to figure out ways to enhance their distribution efforts to the wealth channel. At times, this has meant firms partnering up to amplify their respective capabilities and existing relationships. The aforementioned partnership between T. Rowe and Goldman is emblematic of this trend. As is the partnership between Vanguard, Wellington, and Blackstone that was announced a few months ago.
These tie-ups reinforce the continued convergence of public and private, which might be out of necessity for both asset managers and investors as much as it is anything else. As I wrote on 9.22.24, an alternative definition of “alternatives” may very well be required. Apollo CEO Marc Rowan has been vocal in questioning the why of public and private markets. This intellectual exercise has been a very useful tool for both those in private markets and wealth management to be able to understand the intent behind private markets, in some respects. Rowan has noted that public markets is undergoing a wave of indexation, correlation, and concentration.
What do investors own when they have exposure to the S&P 500?, Rowan has asked. The answer? A lot of Nvidia … and the top 10 companies in the S&P index make up roughly 40% of the index. With the number of public companies more than halving since 1996, the investable universe is shrinking for those who only have exposure to public markets.
Rowan also referenced that asset managers have been undergoing a reframing of what public and private mean in the context of safe and risky, as I wrote in the 4.20.25 AGM Alts Weekly:
Apollo CEO Marc Rowan has talked about how the industry is going through “an entire rethink of public and private.” His comments in an illuminating talk at the Norges Bank Investment Management Investment Conference in May 2024 were followed by views shared in Apollo’s Q4 2024 Earnings Call:
And finally, and I think personally the most important driver of our business, is an entire rethink of public and private. And what I mean by that is our industry grew up where I think people thought private was risky and public was safe. And when something is risky, you put it in a small bucket and you call it an alternative, and you want very high rates of return from it. And 40 years later, after our industry start, I think that professionals in our industry now understand that private is safe and risky, and public is safe and risky. And if people are not watching closely, the largest asset manager, the traditional asset manager in our industry, has delivered a wakeup call to their entire peer set that private is going to be an important part of client solutions going forward.
Traditional asset managers are also cognizant that the fee compression in public markets products has created challenging business headwinds. A chart from Bain & Company’s Global Private Equity Report encapsulates the strategic imperative for both traditional and alternative asset managers:
It’s not just product creation, however, that is on the minds of asset managers. As Gyftopoulou’s article notes, building brand matters too. Brand-building is critically important in asset management, perhaps today more than ever. Firms, traditional and alternative, are taking a hard look at their brand and DNA, knowing that they need to own the narrative in order to reach the wealth channel.
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 and Wealth Management, Client Solutions Group, Retail Alternatives Specialist, New York - Vice President. Click here to learn more.
🔍 Partners Group (Alternative asset manager) - Managing Director, Private Equity Business Development. Click here to learn more.
🔍 Ultimus Fund Solutions (Fund administrator) - SVP, Business Development. Click here to learn more.
🔍 Cerity Partners (Wealth management platform) - Head of Talent, Principal. 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.
🔍 MSCI (Data services) - Vice President, Program Management - Private Assets. Click here to learn more.
🤝 Interested in partnering with Alt Goes Mainstream? 🤝
Alt Goes Mainstream is a community of engaged experts and executives in private markets.
Fill out this form using the link below to explore partnership opportunities.
The latest on Alt Goes Mainstream
Recent podcast or video episodes and blog posts on Alt Goes Mainstream:
🎥 Watch 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 Juniper Square CEO and Co-Founder Alex Robinson on balancing AI with the human element in fund administration. Watch here.
📝 Read the latest AGM Op-Ed — “Retail and the City #2” with former Pantheon Partner Susan Long McAndrews on five takeaways from the Executive Order that could see private assets in 401(k) plans. Read 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 SageSpring Private Wealth CEO Winston Justice share how he went from protecting star quarterbacks as an NFL tackle to protecting families’ wealth. Watch here.
🎥 Watch Blue Owl Co-President and Global Head of Real Assets Marc Zahr share the story of how he built Oak Street from $17M in AUM in 2009 to what is now Blue Owl’s $67.1B AUM Real Assets business in a live Alt Goes Mainstream podcast at Future Proof Citywide. Watch here.
📝 Read The AGM Op-Ed with former Pantheon Partner Susan Long McAndrews on why everything we need to know might be in Sacramento (where CalPERS is located). Read here.
🎥 Watch Hg’s Partner and Head of Hg Wealth Martina Sanow discuss how Hg has unlocked opportunities for the wealth channel to invest in Europe’s largest portfolio of software and services businesses. Watch here.
🎥 Watch Goldman Sachs’ Partner and Global Co-Head of the Petershill Group at Goldman Sachs Robert Hamilton Kelly discuss the evolution of the GP stakes industry and how Goldman has become a market leading GP stakes investor. Watch here.
🎥 Watch Blue Owl’s MD, Head of Alternative Credit Ivan Zinn unpack private credit and why ABF has become a prominent part of the private credit ecosystem. Watch here.
📝 Read The AGM Op-Ed with Blue Owl Head of Alternative Credit Ivan Zinn on why “asset-based finance today mirrors the evolution of corporate direct lending from over a decade ago.” Read here.
🎥 Watch Lincoln Financial’s EVP and CIO Jayson Bronchetti discuss the role of insurance companies in private markets as he discusses how he manages a portfolio of $300B in assets. Watch here.
🎥 Watch Krilogy’s Partner and CIO John McArthur discuss how an RIA can chart a growth path by building out its private markets capabilities. Watch here.
🎥 Watch New Mountain Capital’s Founder & Chief Executive Officer Steve Klinsky discuss how $55B AUM New Mountain has built a business that builds businesses. Watch here.
🎥 Watch Arcesium’s Private Markets Head Cesar Estrada discuss data silos and technology integrations in private markets. Watch here.
🎥 Watch GeoWealth President & COO Jack Hannah and iCapital SVP, Partnerships Michael Doniger discuss the ground-breaking BlackRock, iCapital, and GeoWealth unified managed account partnership live from iCapital Connect. Watch here.
🎥 Watch Goldman Sachs’ Managing Director, Global Head of Alternatives, Third Party Wealth Kyle Kniffen discuss how they are “standing on the shoulders of Goldman Sachs to be a complete partner” for the wealth channel. Watch here.
🎥 Watch Fortress Investment Group Managing Director & Co-Head of Private Wealth Solutions Adam Bobker discuss how Fortress has built a wealth solutions business from a whiteboard, leaning on the firm’s pioneering history of innovation. Watch here.
🎥 Watch Constellation Wealth Capital President & Managing Partner Karl Heckenberg on why there will be a $1T independent wealth management firm. Watch here.
🎙 Listen to Ted Seides, Founder of Capital Allocators, and I discuss the convergence of the institutional world and the wealth world as we dive into the intersection of private markets and private wealth to kick off a Capital Allocators mini-series on Private Wealth. Listen here.
🎥 Watch BlackRock Managing Director, Co-Head of US Wealth Business, Senior Sponsor for Retirement Business Jaime Magyera and iCapital Chairman & CEO Lawrence Calcano discuss the ground-breaking BlackRock, iCapital, and GeoWealth unified managed account partnership live from iCapital Connect. Watch here.
🎥 Watch EQT Partner & Head of Private Wealth Americas Peter Aliprantis discuss how the firm is bringing EQT’s success to the US wealth market. Watch here.
🎥 Watch KKR Partner & Co-CEO of KKR Private Equity Conglomerate LLC (K-PEC) Alisa Wood discuss how the firm has innovated in private markets, why KKR came up with the Conglomerate structure, and how evergreens can play a role in investors’ portfolios. Watch here.
🎥 Watch Cantilever Group’s Co-Founder and Managing Partner Todd Owens in a live podcast from BTG Pactual’s NYC office share why GP stakes can be the best of all worlds. Watch here.
📝 Read The AGM Op-Ed with Arcesium Private Markets Head Cesar Estrada on the rise of asset-based finance and why it’s the next growth engine for private credit. Read here.
🎥 Watch BlackRock’s Head of the Americas Client Business Joe DeVico, Head of Product for US Wealth & Head of Alts to Wealth Jon Diorio, and Partners Group's Co-Head of Private Wealth Rob Collins discuss their landmark private markets model portfolio partnership that could be the industry’s “iPhone Moment.” Watch here.
🎥 Watch Brookfield Oaktree Wealth Solutions CEO John Sweeney discuss how to build a high-performing wealth solutions team and why the word “solutions” matters when working with the wealth channel. Watch here.
🎥 Watch Cerity Partners’ Partner & Chief Client Officer Tom Cohn and Partner Amita Schultes talk about how and why they have combined a leading OCIO with a $100B AUM wealth management practice. Watch here.
🎥 Watch Marc Lipschultz, Co-CEO of Blue Owl, talk about how they have aimed to skate where the puck is going as Blue Owl has grown its AUM to $265B in nine years. Watch here.
📝 Read The AGM Q&A with Blue Owl Co-CEO Marc Lipschultz, where he highlights some of the trends that have propelled alternative asset management into the mainstream: scale, a focus on private credit, and a focus on private wealth. Read here.
🎙 Listen to Stephanie Drescher, Partner & Chief Client & Product Development Officer of Apollo, discuss what is safe and what is risky as she dives into both the convergence between public and private and the nuances of asset allocation. Listen here.
🎥 Watch Eric Satz, Founder & CEO of Alto share thoughts on why retirement assets could be the next frontier for private markets. Watch here.
🎥 Watch Mike Tiedemann, CEO of $72B AUM AlTi Global share why being a global wealth manager can be a differentiator. Watch here.
🎥 Watch Joan Solotar, Global Head of Private Wealth Solutions at Blackstone share why it’s not even early innings, but that it’s “spring training” for private markets adoption by the wealth channel. Watch here.
🎥 Watch Venkat Subramaniam, Co-Founder of DealsPlus on building a single source of truth for private markets. Watch here.
🎥 Watch Yann Magnan, Co-Founder & CEO of 73 Strings discuss the opportunity for AI to automate private markets. Watch here.
🎥 Watch Lawrence Calcano, Chairman & CEO of iCapital on episode 14 of the latest Monthly Alts Pulse as we discuss whether or not private markets has moved from access as table stakes to customization and differentiation. Watch here.
🎥 Watch Hamilton Lane Managing Director, Co-Head US Private Wealth Solutions Stephanie Davis and iCapital Co-Founder & Managing Partner Nick Veronis discuss the evolution of evergreen funds on the third episode of the Investing with an Evergreen Lens Series. Watch here.
🎥 Watch KKR Managing Director, Head of Americas, Global Wealth Solutions (GWS) Doug Krupa and iCapital Co-Founder & Managing Partner Nick Veronis discuss the evolution of evergreen funds on the second episode of the Investing with an Evergreen Lens Series. Watch here.
🎥 Watch Vista Equity Partners Managing Director, Global Head of Private Wealth Solutions Dan Parant and iCapital Co-Founder & Managing Partner Nick Veronis discuss the evolution of evergreen funds on the first episode of the Investing with an Evergreen Lens Series. Watch here.
📝 Read about a year in the book of alts — a compilation of the 1,000+ pages written in weekly newsletters on Alt Goes Mainstream in 2024. Read here.
📝 Read about the launch of the AGM Studio, a collaboration between Alt Goes Mainstream and Broadhaven Ventures to incubate, invest in, and help scale companies and funds in private markets. Read here.
🎙 Hear Balderton Capital General Partner and former Goldman Sachs Partner Rana Yared discuss why Europe can build global companies out of the region. Listen here.
🎥 Watch Stepstone Private Wealth CEO Bob Long discuss StepStone Private Wealth’s edge and nuances with their evergreen structures in the first episode of “What’s Your Edge.” Watch here.
🎙 Hear $5B AUM Ritholtz Wealth Management’s Director of Institutional Asset Management Ben Carlson bring a wealth of common sense to asset allocation and private markets. Listen here.
🎙 Hear Blue Owl, Inc. Board Member and Blue Owl GP Strategic Capital Senior Managing Director Sean Ward on how $57.8B AUM Blue Owl GP Strategic Capital has pioneered GP staking and transformed GP stakes into an industry. Listen here.
🎥 Watch Co-Founder & Managing Partner of Cantilever Group and former Goldman Sachs and Broadhaven Capital Partners Partner Todd Owens discuss the middle market opportunity in GP stakes investing. Watch here.
🎙 Hear Intapp’s President, Industries, and Co-Founder of DealCloud by Intapp Ben Harrison discuss how data and automation are transforming private markets. Listen here.
🎙 Hear Bernstein Private Wealth Management’s CIO Alex Chaloff discuss how a $125B wealth manager navigates private markets. Listen here.
🎙 Hear me discuss why and how alts are going mainstream on The Compound’s Animal Spirits podcast with Ritholtz Wealth’s Michael Batnick and Ben Carlson. Listen here.
🎙 Hear Manulife’s Global Head of Private Markets Anne Valentine Andrews share how to approach building a private markets investment platform at an industry behemoth and the merits of infrastructure investing. Listen here.
🎥 Watch Lawrence Calcano, Chairman & CEO at iCapital, on the AGM podcast discuss driving efficiency across the entire value chain to transform private markets. Watch here.
🎙 Hear VC legend New Enterprise Associates’ Chairman Emeritus and Former Managing General Partner Peter Barris discuss how he transitioned from operator to VC and transformed NEA into a venture juggernaut in the process. Listen here.
🎙 Hear Blue Owl’s Global Private Wealth President & CEO Sean Connor share insights and lessons learned from working with the wealth channel. Listen here.
🎙 Hear Ritholtz Wealth Management’s Managing Partner Michael Batnick share views on how wealth managers are navigating private markets. Listen here.
📝 Read about the evolution of GP stakes, why alternative asset management business models are better than SaaS, and our partnership with Todd Owens and David Ballard at Cantilever, a mid-market GP stakes firm anchored by BTG Pactual. Read here.
🎙 Hear how Chris Long, Chairman, CEO, and Co-Founder of Palmer Square Capital Management has built a $29B credit investment firm and a winning NWSL soccer franchise, the KC Current. Listen here.
🎙 Hear stories from building market-defining companies Blackstone, Airbnb, and private markets from Laurence Tosi, former CFO of Blackstone and Airbnb and Managing Partner & Founder of $7.6B investment firm WestCap. Listen here.
🎙 Hear Chris Ailman, the CIO of $307B CalSTRS, discuss how he manages a portfolio with ~40% exposure to private markets. Listen here.
🎙 Hear Blackstone CTO John Stecher discuss how technology is transforming private markets. Listen here.
🎙 Hear investing legends John Burbank and Ken Wallace of Nimble Partners provide a masterclass on investing with both a macro and VC lens. Listen here.
📝 Read how 73 Strings CEO & Co-Founder Yann Magnan and team are leveraging AI to build a modern and holistic monitoring and valuation platform for private markets in The AGM Q&A. Read here.
🎙 Hear Robert Picard, Head of Alternatives at $117B AUM Hightower, discusses how they approach alternative investments. Listen here.
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 on LinkedIn or Twitter (@michaelsidgmore) 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 Ryan McCormack, Nick Owens, and Michael Rutter for their contributions to the AGM Index section of the newsletter.