Welcome back to the Alt Goes Mainstream podcast.
The Goldman Sachs Alternatives Summit “convened leaders across finance, geopolitics, technology, and culture” to discuss themes driving global markets.
2025’s Alternatives Summit was about “navigating a world in flux,” as the firm’s recap of its event noted.
The event aimed to help investors cut through the noise and put together the pieces of the puzzle in a dynamic and increasingly complex world.
Alt Goes Mainstream joined the event to have unscripted conversations with Goldman Sachs Alternatives leaders to cut through the noise by unpacking key themes and trends at the intersection of private markets and private wealth.
In this special series, we went behind the scenes and interviewed six Goldman Sachs Alternatives leaders about their current thinking on private markets and how the firm has built and evolved its private markets capabilities.
This conversation was with Jeff Fine, Partner, Global Co-Head of Alternatives Capital Formation within Goldman Sachs Asset Management, with responsibility for capital raising, product strategy, research and investor relations across private equity, private credit, real assets, secondaries, GP stakes and hedge funds/liquid alternatives.
Jeff is a member of the Real Estate Investment Committee and Urban Investment Group Investment Committee. Jeff is also on the boards of GS Real Estate Investment Trust and GS Real Estate Finance Trust. Previously, he was Global Head of Real Estate Client Solutions for Goldman Sachs Asset Management and a senior real estate investor in the Merchant Banking Division for more than 20 years. Jeff joined Goldman Sachs in 2002 in the Merchant Banking Division as an Analyst. He was named Managing Director in 2012 and Partner in 2018. Jeff is Chairman of the Dyson School Advisory Council and a member of the SC Johnson College of Business Leadership Council at Cornell University. He is a member of the Cornell Endowment’s Risk, Liquidity, and Operations Subcommittee and the Board of Directors of the Pension Real Estate Association Foundation. Jeff is also a member of the Council on Foreign Relations and the Met Council at the Brookings Institution.
Jeff and I had a fascinating conversation about the intersection of private markets and private wealth, fundraising trends, and the growing role of insurers and the wealth channel in private markets capital formation. We covered:
The evolving private markets landscape.
The important role of the product specialist.
The impact of AI on investing and what it means for private markets.
What it takes to be a great investor.
The importance of the value creation process in driving investment value.
The future of capital formation in private markets.
Thanks Jeff for sharing your wisdom, expertise, and passion about private markets and private wealth.
Show Notes
01:12 Welcome to the Alt Goes Mainstream Podcast
02:20 Jeff Fine’s Background and Career Journey
03:49 The Evolving Private Markets Landscape
05:29 The Role of Product Specialists in Wealth Channels
06:31 Blurring Lines Between Sales and Investment
07:52 Balancing Investment and Client Needs
08:06 The Importance of Resourcing and Talent
08:53 Challenges in the Fundraising Environment
11:03 Balancing Investment and Client Needs
13:17 Transparency and Client Communication
14:00 The Future of Private Markets and Capital Formation
14:21 Growth in Private Markets
19:20 Global Capital and Diversification
21:33 Smart Allocation in Private Markets
23:06 Private Credit as a Yield Instrument
23:59 The Role of Insurance in Private Markets
26:51 Customization and Scale in Private Markets
28:31 Balancing Customization and Operational Efficiency
31:34 Trends in LP Relationships
33:19 Strategic Partnerships and Cost Efficiency
34:21 Concerns About Market Valuations
35:41 Belief in Future Growth
37:16 The Importance of Scale
37:48 Advice for LPs in the Current Market
39:31 Conclusion and Final Thoughts
Editing and post-production work for this episode was provided by The Podcast Consultant.
