AGM Alts Weekly | 12.14.25: Public is going private and private is going public
AGM Alts Weekly #133: Making private markets more public, every week.
“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.
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Good morning from Washington, D.C.
This past week, I was told that Alt Goes Mainstream is now available on the Bloomberg Terminal.
I have to admit, when I heard the news, I was pretty excited. Years ago, I remember using the Terminal for the first time as an incoming analyst on the Goldman Sachs PSI team. To think that AGM is now available on the Terminal is pretty cool.
Bloomberg is, in many respects, the neural network for public markets.
It’s the central hub that connects the nodes of the buy side and sell side, arming them with data, news, analytics, communication, and trading capabilities that have helped make public markets more tradeable, transparent, and connected.
This move by Bloomberg is part of a much bigger trend at play: the convergence of public and private.
This convergence has been one of the driving forces behind the business model innovation, the product innovation, the technology market structure innovation, and the portfolio construction innovation that is happening at the intersection of private markets and private wealth.
This convergence has been underway for years, but perhaps there are few better signals of this trend than Larry Fink, the CEO and Chairman of the world’s largest asset manager, making it clear in his Annual Chairman’s Letter to Investors that BlackRock is no longer just a traditional asset manager:
BlackRock has always had a foot in private markets. But we’ve been—first and foremost—a traditional asset manager. That’s who we were at the start of 2024. But it’s not who we are anymore.
If BlackRock is no longer a traditional asset manager, who are they?
Following the acquisitions of HPS and GIP, BlackRock’s private markets franchise stands at over $600B in AUM, placing it amongst the top five managers of alternative assets by AUM. According to figures cited in Fink’s letter, the franchise generates over $3B in revenue.
BlackRock is certainly operating at the intersection of both public and private markets. And the firm is positioning itself right in the middle of two industries that appear to be on a path of convergence.
BlackRock is by no means the only asset manager undergoing a business model transformation to prepare for this new world order of investing.
The great convergence of public and private is driving business model innovation across the asset management ecosystem.
Business model innovation
Public is going private. Private is going public.
Traditional asset managers that have long focused on public markets, like BlackRock, with over $600B of its $11T in AUM in private markets, and Franklin Templeton, with $262B of its $1.7T in AUM in private markets, are going private.
Asset managers that have focused on private markets are going public.
Private markets are eating the world. Not just with a number of the industry’s largest alternative asset managers now seeing their ticker symbol in the S&P, as Blackstone, Apollo, KKR, and, as of this past week, Ares, have done. But with the way that they think about structuring their respective businesses.
The lines are blurring between “what is safe and what is risky,” as Apollo CEO Marc Rowan has noted. And this blurring of the lines is changing how investors approach asset allocation, which, in turn, is evolving the asset management industry.
So, perhaps Apollo launching a New Markets Division that will offer new products and investment strategies to individual investors across four business lines, traditional asset management, defined contribution, tax-advantaged solutions, and digital markets, should not come as a surprise, as these firms look to meet the needs of individual investors and their wealth advisors.
In boardrooms throughout the industry, asset managers are evaluating how to evolve their businesses across the build, buy, or partner framework.
That’s why the industry saw BlackRock spend almost $30B to acquire GIP to add infrastructure investing capabilities, HPS to build out a large private credit franchise, and Preqin to add data capabilities (and possibly a private markets index?). That’s why Goldman recently spent almost $1B to venture further into secondaries with its recent purchase of Industry Ventures as it looks to hone in on the trend of late-stage private technology companies staying private longer.
At other times, firms have determined that complementary capabilities render partnership the best path forward for certain products and asset classes.
It’s why BlackRock partnered with Partners Group on a model portfolio, why Goldman decided to team up with T. Rowe Price on model portfolios and multi-asset solutions, and why three $T+ AUM asset managers in Blackstone, Vanguard, and Wellington decided to team up, amongst a raft of other partnerships across the industry.
Rowan has often posed the thought-provoking question: “What is public? What is private? What is safe and what is risky?” In his answers, he’s shared the view that private markets can be either safe or risky, much like public markets, with the main difference being liquidity, not risk.
If private markets can be both safe and risky, and public markets can be both safe and risky, perhaps allocators are rethinking how they approach both public and private.
If allocators are rethinking how they approach public and private, then it makes sense that they might be re-architecting their view of risk as they construct resilient portfolios for a new world order.
Portfolio construction innovation
The convergence of public and private might also mean that the notions of risk might be evolving.
Shifting notions of risk might impact how investors construct a portfolio of the future.
At the 2024 Norges Bank Investment Management Investment Conference, Apollo’s Rowan said that the industry is “going through an entire evaluation of public and private.”
On the credit side, as I wrote in the 5.5.24 AGM Alts Weekly, Rowan brought to the fore the idea that perhaps investors should change the way they think about public and private.
In Apollo’s view, private credit might not be inherently more risky than public credit.
Increasing concentration and illusions of liquidity and control define public credit markets, as the chart below from a recent presentation by Apollo, Private Credit: Fact or Fiction, illustrates.
Apollo posits that private investment grade credit carries risk similar to public investment grade credit.
Companies also may choose private markets as a way, or the way, to finance their business. In certain instances, the long-dated nature of private capital, whether credit or equity, might be more conducive to a company’s financing needs.
The chart below from Apollo illustrates the aforementioned point.
On the equity side, the trend of private companies staying private longer is creating both divergence (more investors and companies choosing private rather than going public, as the below March 2024 chart from Apollo’s Torsten Slok shows) and convergence (growing and more liquid secondaries markets and the creation of hybrid public and private investment products).
Private companies have stayed private for longer, resulting in extended exit timelines. This trend has meant that much of the value creation for these companies has only been available to those who could invest in private markets. It has also contributed to the growth of the secondary market, which should only continue to increase in size and scale.
The chart below, from a 2022 Industry Ventures whitepaper, illustrates the stark difference between the timeline to IPO for tech companies in the 1980s, 1990s, and early 2000s relative to tech companies in the 2010s and 2020s.
It should come as no surprise that some of the industry’s largest firms serving individual investors want to find a way to provide access to private markets opportunities.
This phenomenon can help explain Schwab’s recent acquisition of Forge, the private company secondaries marketplace, and Morgan Stanley’s purchase of EquityZen.
It also helps to make sense of why asset managers are looking to construct ways for investors to access private markets in ways that unlock the ability for more investors to participate.
Coatue’s CTEK evergreen fund, which marries both public and private equity into a single product, is an example of this trend in product innovation.
Coatue, long known as a leading public markets investor (that also built a private markets franchise), has created a product that mixes both public equity and private equity into a single fund, as the illustration below highlights.
CTEK’s top 10 fund positions represent a combination of both public and private companies, including OpenAI, Revolut, Stripe, Anthropic, alongside Mag 7 leaders Amazon, Alphabet, Microsoft, and Meta.
Coatue’s fund is one example that brings to life the notion of investors’ decisions to allocate to public or private securities in the context of buckets and spectrums, as I wrote in the 12.1.24 AGM Alts Weekly, rather than conceive of asset allocation as slices of a pie. As Rowan has said, investors may now view allocating to equity as “equity that is private” rather than “private equity” and credit as “credit that is private” rather than “private credit.”
Product innovation and market structure innovation
Hybrid products and model portfolios are part of the innovation driven by the convergence of public and private. Product innovation cannot be decoupled from the market structure evolution that’s taking place in private markets.
Just as equities, fixed income, and derivatives markets underwent market structure evolutions that saw those markets transform from pre- to post-trade due to electronification, private markets is in the midst of a similar evolution.
Data is transforming the private markets experience for both the buy side and the sell side.
BlackRock’s acquisition of Preqin is one example of the evolutionary revolution of private markets that’s underway.
Better and more transparent access to data enables standardization. Standardization is a prerequisite to “indexation.”
That’s why BlackRock’s acquisition of Preqin is so intriguing as to what could be next for private markets.
When combined, standardization of data and standardization of workflows help push product innovations like model portfolios from an idea to something that can be implemented. Model portfolios require more real-time and standardized data. Reporting must be quicker and more robust. Faster reporting and standardized data could lead to better benchmarking of funds and performance.
More recent index creations, such as MSCI’s All Country Public + Private Index, which includes a 15% weighting to private markets and combines the MSCI All Country World Investable Equity Index, which contains 8,300 listed companies, with the newly launched All Country Private Equity Index, which tracks the valuations of 10,000 private equity funds globally, help investors make sense of both public and private in a portfolio.
Evergreen funds, which form the building blocks for model portfolios, are another step that enables the convergence of public and private — in a single portfolio.
With an increasing number of registered evergreen funds, it becomes even easier for investors to adhere to aspects of the existing market structure from pre- to post-trade to add certain funds or products to their portfolios. And, taken a step further, model portfolios that include evergreen funds provide a turnkey way for investors to have an allocation to private markets. Next on the horizon could be the inclusion of private markets exposure into retirement accounts in a more material way.
The pre-investment diligence, the execution, and post-trade monitoring and reporting of these funds only work if the enabling infrastructure to serve investors across the lifecycle of an investment is present.
The likes of iCapital and CAIS serve investors throughout the lifecycle of a private markets investment. And, these firms are now finding ways either through partnerships, as iCapital, GeoWealth, and BlackRock have done with their unified managed account (UMA) partnership, or with the creation of their own model portfolios, to deliver solutions to investors so that they can marry public and private markets investments together in a single portfolio.
The convergence has just begun
The asset management industry is in the early innings of the convergence of public and private.
As the wealth channel increasingly chooses private and many advisors rethink asset allocation frameworks, the product innovation, technology innovation, and market structure innovation will be core to the continued evolution of the asset management industry so that it can deliver the right solutions across public and private to both institutional and wealth channel investors alike.
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.
Who is hiring?
In order for alts to continue to go mainstream, we need the best talent to go into the space. Here are some openings at private markets firms. If you’d like to connect with any of these teams, let me know, and I’m happy to facilitate an introduction if appropriate. If you’re a company or fund in private markets, feel free to reach out to share a job description you’d like to be listed here to highlight for the Alt Goes Mainstream community.
🔍 Blackstone (Alternative asset manager) - Blackstone Private Wealth - Product Specialist, Vice President (Real Assets). Click here to learn more.
🔍 KKR (Alternative asset manager) - Head of AI Product Management. Click here to learn more.
🔍 Apollo Global Management (Alternative asset manager) - Market Intelligence Director. Click here to learn more.
🔍 Ares (Alternative asset manager) - Vice President, Product Management & Client Services, Wealth Management Solutions, APAC. Click here to learn more.
🔍 EQT Group (Alternative asset manager) - Head of Social Media. Click here to learn more.
🔍 Blue Owl (Alternative asset manager) - Market Leader, Private Wealth, Senior Associate. Click here to learn more.
🔍 Franklin Templeton (Asset manager) - Portfolio Manager, Private Markets. Click here to learn more.
🔍 iCapital (Private markets infrastructure investment platform) - Private Markets, Due Diligence Manager - Senior 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) - Investment Leader, Private Equity, Services vertical. Click here to learn more.
🔍 Ultimus Fund Solutions (Fund administrator) - SVP, Business Development. Click here to learn more.
🔍 Krilogy (Wealth manager) - Senior Wealth Advisor. Click here to learn more.
🔍 Dynasty Financial Partners (Wealth management platform) - Senior Product Manager - Wealth Technology. Click here to learn more.
🔍 MSCI (Data services) - Product Marketing Specialist - Private Asset GPs. Click here to learn more.
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Special thanks to Izzy Morin, Ryan McCormack, Nick Owens, Michael Rutter for their contributions to the AGM Index section of the newsletter.
Excellent read! The 'neural network' analogy for Bloomberg is briliant. What if this convergence with alternatives, driven by advanced AI, actually forms a new kind of global market 'brain'? The potencial for transparency is wild.