Today marks the launch of a new show on Alt Goes Mainstream: What’s Your Edge?
Every person, every company, every fund has something that makes them special.
Makes them stand out from the crowd.
Gives them an unfair advantage.
Tips the scales in favor of success.
In this episode, I ask our special guest, Bob Long, “What’s Your Edge?”
Bob Long is CEO of StepStone Group’s Stepstone Private Wealth. He has three decades of experience in the private markets and has led investment teams for global firms in both the general partner and the limited partner role. He has served as the CEO of two publicly-traded companies focused on expanding private market access for high net worth investors.
Prior to StepStone Private Wealth, Bob was the CEO of OHA Investment Corporation, a publicly-traded specialty finance company. Previously, he co-founded Conversus Capital, the largest publicly traded fund of third-party private equity funds with $3 billion of AUM and served as its CEO. Previously, he led Bank of America’s $7 billion strategic capital division. Early in his career, Bob served as the lead in-house counsel for a large portion of Bank of America’s Investment Banking Division and worked as a securities lawyer for a major law firm.
A recognized industry leader, Bob was named one of 50 “GameChangers” by Private Equity International, has been profiled in the WSJ, and hosted CNBC Squawk Box Europe on numerous occasions.
On today’s podcast, Bob and I discuss the nuances of evergreen funds and the unique features and offerings of StepStone Private Wealth’s evergreen strategies.
Thanks Bob for coming on the show to share your wisdom, experience, and your edge.
Clip #1: What’s your edge?
Clip #2: What were the learnings from running businesses in public markets?
Clip #3: What is the point of an evergreen structure?
Clip #4: What are the two things a sponsor of an evergreen fund needs to have?
Show Notes
00:00 Introduction
00:38 Welcome to What's Your Edge?
01:01 Meet StepStone Private Wealth CEO Bob Long: A Leader in Private Markets
03:09 Lessons from Public Markets
04:34 Evergreen Fund Structure
05:27 Benefits of Evergreen Funds
06:25 Immediate Investment Advantage
07:20 Evergreen Funds and Financial Advisors
07:35 Evergreen Fund Liquidity
08:04 StepStone's Approach to Evergreen Funds
09:09 StepStone's Strategy and Structure
09:32 Balancing Inflows and Outflows
10:34 Importance of Deal Flow
11:04 Balancing Liquidity and Returns
11:56 StepStone's Competitive Advantage
13:52 Portfolio Construction
14:57 Diversification in Private Markets
16:06 Evergreen Fund Structures
19:44 Liquidity in Private Markets
27:57 Key Takeaways for Investors
29:53 Operational Due Diligence Essentials
30:13 Key Questions for Evergreen Fund Structures
30:36 Understanding Fee Structures
30:42 Management Fees and Leverage
31:33 Incentive Fees Explained
32:19 Administrative Costs and Transparency
32:34 Fee Compression in Evergreen Funds
34:11 Portfolio Construction Strategies
34:24 Investing in Secondaries
37:10 Psychology of Allocators
38:04 Accessibility and Minimum Investments
38:43 Investor Profiles and Strategies
40:36 Transparency and Performance
41:40 Rebalancing and Evergreen Funds
43:10 Model Portfolios and Private Markets
45:19 StepStone's Investor-Centric Approach
46:15 StepStone's Competitive Edge
48:31 Growth of Secondaries and Private Markets
51:37 Future Trends in Private Markets
55:30 Philanthropy and Purposeful Stewardship
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