Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets

Michael Sidgmore
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Alt Goes Mainstream podcast is the place to turn to for interviews with some of the brightest and most experienced minds in the world at the intersection private markets and wealth management. AGM dives into investment strategies like private equity (PE), private credit, venture capital (VC), secondaries, GP stakes, infrastructure, real estate, wealth management, and comprehensively covers tools and frameworks for approaching private markets, such as asset allocation, evergreen funds, model portfolios, and more. For anyone looking to invest into private markets (from experienced wealth managers to family offices to the individual investor looking for a more diversified investment portfolio), you’ll hear inside stories from executives and founders at some of the world’s largest financial institutions, alternative asset managers firms, and wealth management firms. More than a personal finance podcast, Alt Goes Mainstream dives deep into trends, investment strategies, firm building lessons, and innovative technologies that are enabling investors to access private markets.

  1. Nomura Capital Management's Robert Stark - building a private credit business within a global bank

    18 HR AGO

    Nomura Capital Management's Robert Stark - building a private credit business within a global bank

    Welcome back to the Alt Goes Mainstream podcast. Today’s episode dives into private credit and building an asset management business inside of a leading global bank. We sat down in Nomura’s NYC office with Robert Stark, the CEO of Nomura Capital Management LLC (NCM) and Head of Investment Management in the Americas for the Nomura Group. Robert brings deep experience in financial services to Nomura. He was previously the Founder & CEO of Alterum Capital Partners LLC, where he focused on building an investment management business at the intersection of private markets and RIAs. Prior to Alterum, he was a Senior Managing Director and member of the Executive Committee at FS Investments, where he was responsible for Corporate Development. He also spent 7 years at JP Morgan across Asset & Wealth Management. He joined JP Morgan from Russell Investments, where he was a member of the Executive Committee. He started his professional career at McKinsey & Company, where he was a Partner serving clients in asset management, investment banking, insurance, and private equity. Robert brings both a consultant’s analytical perspective and an operator’s practical approach to his work building the credit business at Nomura Capital Management. Robert and I had a fascinating and wide-ranging discussion about building an asset management business in a fast-growing segment of private markets: private credit. We covered: The state of the private credit market.How to build an asset management business.What it takes to work with the wealth channel.The entrepreneurial spirit of RIAs.Open architecture vs closed architecture in private credit.Keys to success in the evergreen fund space.Thanks Robert for coming on the show to share your wisdom and expertise on private markets and wealth management. Show Notes00:00 Message from Ultimus, our Sponsor 01:57 Welcome to the Alt Goes Mainstream Podcast 02:06 Guest Introduction: Robert Stark 03:18 Building an Asset Management Business 03:42 Evolution of Asset Management Industry 04:01 Regulatory Environment and Market Structure 05:12 Challenges in Asset Management 08:24 Importance of the Right People 08:44 Private Credit Business at Nomura 09:59 Diversification in Private Credit 10:47 Secular Trends in Private Credit 11:15 Client-Centric Solutions 19:00 Origination in Private Credit 20:07 Open vs. Closed Architecture 22:45 Product Development and Client Feedback 24:22 Early Stages of Private Credit Solutions 25:43 Future of Evergreen Funds 27:29 Investor Interests and Needs 27:47 Building a Trusted Brand 28:18 Challenges of Entrepreneurship 28:46 Capital and Talent Requirements 29:23 Nomura's Long-Term Vision 30:12 Nomura's Wealth Management Legacy 30:49 Expanding in the US Market 31:32 Japanese Investment Culture 32:07 Open Architecture Strategy 32:34 Global Network and Client Access 34:32 Challenges of Working with RIAs 36:19 Fiduciary Alignment 37:04 Partnerships and Client Success 37:56 Strategic Acquisitions 39:50 Evolution of the RIA Segment 44:44 Long-Term Business Planning 46:39 Future of Private Markets Editing and post-production work for this episode was provided by The Podcast Consultant.

    55 min
  2. PGIM's Dominick Carlino - operating at the intersection of asset management, insurance, and wealth management

    4 NOV

    PGIM's Dominick Carlino - operating at the intersection of asset management, insurance, and wealth management

    Welcome back to the Alt Goes Mainstream podcast. Today’s episode is with an experienced private markets and distribution executive who has been educating the wealth channel and distributing private markets investment solutions at some of the industry’s largest investment platforms. We sat down in Prudential’s Newark studio with PGIM’s Global Head of Alternative Investments, Dominick Carlino. PGIM is the $1.4T global asset management business of Prudential Financial. At PGIM, Dominick is responsible for driving the continued development and distribution of alternative investments tailored to the firm’s wealth channel investors globally. Dominick joined the firm in 2023, bringing over 20 years of experience in alternatives distribution. He was most recently MD, Head of Alternative Investments Distribution at Merrill Lynch. Dominick and I had a fascinating conversation about the intersections between insurance and asset management and the evolution of distribution. We covered: How the distribution of private markets investment solutions has evolved.The benefits of an integrated platform across insurance and asset management.Navigating the playing field of collaboration and competition between asset managers and insurance companies.The importance of education.How, why, and where evergreen funds will be adopted.Thanks Dominick for sharing your perspectives and wisdom on insurance and private markets. We hope you enjoy. A word from AGM podcast sponsor, Ultimus Fund Solutions This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency. To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products. Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream. Show Notes00:00 Message from our Sponsor, Ultimus 01:18 Welcome to Alt Goes Mainstream 01:55 Guest Introduction: Dominick Carlino 03:34 Dom’s Background and Career Journey 03:55 Early Career and Transition to Alternatives 05:03 Experience at Morgan Stanley and Merrill Lynch 05:18 Evolution of Private Markets Distribution 07:08 Wealth Channel and Private Markets 09:08 Joining Prudential and PGIM 10:25 Prudential's Capabilities and Strategy 12:47 Asset Liability Matching in Private Markets 14:22 Liquidity Risk and Private Markets 16:16 Education and Evergreen Funds 17:06 Credit Risk in Private Credit 18:14 Vertical Integration and Acquisitions 19:35 Partnerships and Strategic Growth 20:22 Market Shakeout and Scale 22:09 Product Set and Innovation 23:24 Advisor and Client Needs 24:45 Evergreen Funds and Market Trends 26:13 Specialized Strategies in Private Markets 26:41 Distribution and Education 28:16 Skills for Effective Distribution 30:54 Organizational Alpha and Trust 31:56 Brand and Stability 33:11 Partnerships and Long-term Solutions 33:49 Insurance and Tax-Advantaged Strategies 34:12 Asset Managers and Insurance Partnerships 35:42 Private Markets in Retirement Plans 36:17 Future of Private Markets 36:41 Keys to Winning in Private Markets 37:29 Prudential's Competitive Advantages 37:48 Conclusion and Guest Farewell The opinions expressed in this podcast are those of the author and do not reflect the views or opinions of PGIM, Inc. PGIM, Inc. is not responsible, endorses nor confirms its accuracy. All trademarks and other intellectual property used or displayed are the ownership of their respective owners. Unless noted otherwise in this podcast, PGIM, Inc. is not affiliated with, nor  endorses any mentioned company or any linked third-party content. PGIM and its affiliates may develop and publish research that is independent of, and different than, the recommendations contained herein. PGIM’s personnel other than the author(s), such as sales, marketing and trading personnel, may provide oral or written market commentary or ideas to PGIM’s clients or prospects or proprietary investment ideas that differ from the views expressed herein. Editing and post-production work for this episode was provided by The Podcast Consultant.

    38 min
  3. Blue Owl's Matt A'Hearn - a generational opportunity in financing digital infrastructure

    23 OCT

    Blue Owl's Matt A'Hearn - a generational opportunity in financing digital infrastructure

    Welcome back to the Alt Goes Mainstream podcast. Today’s episode dives into digital infrastructure and how it powers the growth of artificial intelligence and other major trends in digitalization and electrification. We sat down in Blue Owl’s NYC office with Matt A’Hearn, an asset management entrepreneur and executive at the firm. Matt is a Senior Managing Direct at Blue Owl and Head of Digital Infrastructure. He’s responsible for leading the overall management of Digital Infrastructure, including strategy, investments, and portfolio management. Prior to joining Blue Owl, Matt was the Managing Partner and a Founder of IPI Partners, the predecessor firm to Blue Owl Digital Infrastructure. IPI was acquired by Blue Owl in 2024. Prior to founding IPI, Matt led the global investment banking practice in communications infrastructure at Moelis & Company. Matt and I had a fascinating and thought-provoking discussion about the future of digital infrastructure. We covered: The how and the why of digital infrastructure.Investing in data centers.The evolution of digital infrastructure.How to best partner with and serve the need of hyperscalers.The importance of power generation for AI. How there are different ways to approach gaining exposure to AI as an investment theme.Thanks Matt for coming on the show to share your wisdom and expertise in private markets and digital infrastructure. A word from AGM podcast sponsor, Ultimus Fund Solutions This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency. To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products. Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream. Show Notes00:00 Our Sponsor, Ultimus 01:57 Welcome to the Alt Goes Mainstream Podcast 02:05 Guest Introduction: Matt A’Hearn 03:36 Evolution of Digital Infrastructure 04:02 Founding IPI Partners 04:15 Digital Infrastructure and AI 05:35 Early Challenges in Data Center Investing 06:13 Cloud Growth and Hyperscale Companies 07:05 Partnerships with Hyperscalers 08:07 Financing Hyperscalers 10:14 AI and Cloud: A Generational Opportunity 11:51 Supply and Demand Dynamics in AI 13:21 Power and Infrastructure Challenges 14:55 Site Selection and Power Considerations 17:53 Scale and Capital Requirements 22:32 Data Center Capacity Needs 23:35 Investment Opportunities in Digital Infrastructure 24:21 Blue Owl's Capital Strategy 26:25 The Blue Owl Transaction 26:35 Capital Needs in the Industry 26:58 Feedback from Hyperscalers 27:18 Joining Blue Owl 27:51 Founding IPI 28:50 Building the Firm 30:38 Differentiating IPI 31:36 Early AI Insights 32:26 AI and Cloud Growth 34:41 Investment Opportunities in Digital Infrastructure 35:27 Risk-Adjusted Investment Strategies 36:39 Underwriting Digital Infrastructure 38:22 Capital Allocation in Tech Companies 39:17 Meta and Data Center Development 40:41 Alternative Asset Management in Tech 41:45 Merging Investment Cultures 43:19 Challenges and Opportunities 43:53 Wealth Channel Expansion 45:51 Evergreen Structures and Long-Term Investments 50:50 Future of Digital Infrastructure Editing and post-production work for this episode was provided by The Podcast Consultant.

    54 min
  4. PGIM's Phil Waldeck - the intersection of insurance and asset management

    14 OCT

    PGIM's Phil Waldeck - the intersection of insurance and asset management

    Welcome back to the Alt Goes Mainstream podcast. Today’s episode is with an experienced asset allocator who has operated at the intersection of insurance and asset management throughout his career. We sat down in Prudential’s Newark studio with  PGIM’s Head of Multi-Asset and Quantitative Solutions, Phil Waldeck. Phil is responsible for nearly $140B in AUM, where the business unit leverages PGIM’s deep public and private markets expertise for the purpose of developing customized portfolio solutions to meet insurer and other investors’ unique objectives.  Phil previously served as Chief Transformation Officer at Prudential, CEO of Prudential’s Workplace Solutions Group, and as president of Prudential’s retirement business, which comprised of $250B in assets. Phil was also the architect of Prudential’s pension risk transfer business, which he grew to over $170B.  Phil and I had a fascinating conversation about the intersections between insurance and asset management. We covered: The evolution of how insurers allocate to private markets.The importance of asset liability management.How insurers are leveraging their balance sheet to invest in private markets and collaborate with alternative asset managers.How insurance and asset management interact and the benefits of an integrated platform.How PGIM's $1T in public and private credit informs how they invest.Why insurers are allocating to private credit.Thanks Phil for sharing your perspectives and wisdom on insurance and private markets. We hope you enjoy. A word from AGM podcast sponsor, Ultimus Fund Solutions This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency. To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products. Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream. Show Notes00:00 Message from our Sponsor, Ultimus 01:23 Welcome to Alt Goes Mainstream Podcast 02:03 Guest Introduction: Phil Waldeck 03:29 Insurance and Asset Management Intersection 04:51 Understanding Asset Liability Management (ALM) 05:41 Liquidity and Private Markets 07:08 ALM in Wealth Management 10:44 Private Credit and Insurers 11:31 Private Credit Flavors and Strategies 12:42 Origination and Credit Culture 14:32 Talent and Culture at PGIM 15:06 Private Credit's Role in the Economy 17:01 Borrowers Choosing Private Over Public Credit 18:36 Public and Private Credit Blurring Lines 19:00 Global Credit Capabilities 20:09 Fewer Manager Relationships in Private Markets 24:57 Challenges in Private Markets 27:02 Underwriting Discipline in Private Credit 27:34 Private Credit Market Growth 30:22 Global Opportunities in Private Credit 31:01 Future of Private Markets 31:30 Regulatory Framework and Governance 31:57 Educating Investors on Private Markets 33:06 Creating the Perfect Private Credit Portfolio 33:57 Diversification in Private Credit 34:36 Advisors' Role in Private Credit Investing 35:07 Wealth Channel Choices and Shelf Space 35:53 Farm to Table Analogy in Private Credit 37:32 Talent and Scale in Private Credit 38:54 Maintaining Culture in Large Firms 39:33 Conclusion and Final Thoughts The opinions expressed in this podcast are those of the author and do not reflect the views or opinions of PGIM, Inc. PGIM, Inc. is not responsible, endorses nor confirms its accuracy. All trademarks and other intellectual property used or displayed are the ownership of their respective owners. Unless noted otherwise in this podcast, PGIM, Inc. is not affiliated with, nor  endorses any mentioned company or any linked third-party content. PGIM and its affiliates may develop and publish research that is independent of, and different than, the recommendations contained herein. PGIM’s personnel other than the author(s), such as sales, marketing and trading personnel, may provide oral or written market commentary or ideas to PGIM’s clients or prospects or proprietary investment ideas that differ from the views expressed herein. Editing and post-production work for this episode was provided by The Podcast Consultant.

    40 min
  5. Stonepeak's Mike Dorrell - pioneering infrastructure investing

    7 OCT

    Stonepeak's Mike Dorrell - pioneering infrastructure investing

    Welcome back to the Alt Goes Mainstream podcast. Today’s episode dives into the evolution of infrastructure investing with a leading scaled specialist firm in infrastructure. We sat down in Stonepeak’s Hudson Yards office with a pioneer in infrastructure investing: Mike Dorrell. Mike is the Chairman, CEO, and Co-Founder of Stonepeak, building the foundations for the firm to achieve a rapid ascent to $76B from its founding in 2011. Mike brings deep expertise to bear in the infrastructure asset class. He has over 20 years of experience investing in infrastructure, starting his career at Macquarie, where he ultimately held the title of Senior Managing Director. He then joined Blackstone, where he was a Senior Managing Director in Private Equity and Co-Head of the Infrastructure Investment group, before striking out on his own to build one of the industry’s largest infrastructure investing firms in Stonepeak. Mike and I had a fascinating and thought-provoking discussion about infrastructure investing and why it’s becoming an increasingly important part of the private capital ecosystem. We covered: The early days of infrastructure investing.How infrastructure investing has evolved.How Mike’s experiences at Macquarie and Blackstone informed how he wanted to build Stonepeak.How institutional investors have approached infrastructure investing and why individual investors should consider exposure to infrastructure assets.Stonepeak’s DNA and what makes the firm different from other infrastructure investors.Why being a scaled specialist is a competitive advantage.How Stonepeak was built from scratch to scale.How Stonepeak identified investing in data centers early on and well before the data center boom began.Why launch a wealth solutions business and how it’s a reflection of the firm’s DNA, culture, and values.Thanks Mike for coming on the show to share your expertise, wisdom, and passion for infrastructure investing. A word from AGM podcast sponsor, Ultimus Fund Solutions This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency. To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products. Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream. Show Notes 00:00 Message from our Sponsor, Ultimus 01:18 Welcome to the Alt Goes Mainstream Podcast 02:10 Guest Introduction: Mike Dorrell 03:58 Mike's Journey to Stonepeak 06:46 Challenges in the US Infrastructure Market 11:09 Successes and Setbacks in Infrastructure Deals 12:06 Privately Held Infrastructure in the US 17:05 Public vs. Private Infrastructure 18:34 Impact of Infrastructure on Daily Life 19:16 Stonepeak's Significant Market Presence 22:10 Balancing Public Good and Investor Returns 22:53 Regulation and Good Judgment in Infrastructure 23:55 Challenges in Privatization 25:52 Skills Needed for Infrastructure Investing 26:29 Access to Infrastructure for Individual Investors 27:10 Institutional Market's Experience with Infrastructure 30:50 Asset Allocation and Infrastructure 33:40 Private Equity vs. Infrastructure Investments 34:10 Institutional Allocation Trends 34:46 Patience and Peace of Mind in Investing 35:14 Warren Buffet's Investment Philosophy 35:38 Biggest Risks in Infrastructure 35:50 Electric Utility Asset Risks 36:28 Data Center Business Risks 37:02 Evaluating Data Center Investments 38:46 Economic Differences: Building vs. Buying Data Centers 40:21 Pricing Power in Data Centers 46:03 Connectivity Data Centers Explained 49:16 Navigating Infrastructure as an Asset Class 50:09 Finding the Right Assets at Fair Prices 50:27 The Evolution of Infrastructure Investing 53:31 Founding Stonepeak 57:20 Raising Capital in Early Days 59:46 Lessons from Blackstone 01:01:22 Building a Strong Investment Culture 01:03:37 Maintaining Culture While Scaling 01:06:20 The Importance of the Wealth Channel 01:07:41 Focus on Quality and Customer Experience 01:08:33 Cycling and Business Philosophy 01:09:26 The Importance of Investment Decisions 01:10:27 Final Thoughts on Investment Process Editing and post-production work for this episode was provided by The Podcast Consultant.

    1h 11m
  6. Hg's Chris Kindt - AI's transformative role in value creation for private equity

    1 OCT

    Hg's Chris Kindt - AI's transformative role in value creation for private equity

    Welcome back to the Alt Goes Mainstream podcast. Today’s episode provides a fascinating window into the world of private equity value creation and how AI can help transform both portfolio company and investment firm processes and operations to create value. We sat down in New York with Hg Partner and Head of Value Creation Chris Kindt to dive into how he spearheaded the growth of the firm’s in-house value creation efforts and has built a high-performing team to meet the evolving needs of portfolio companies. Chris brings 15 years of experience in architecting and driving value creation to bear, with 11 years of experience at Hg and another 8 years as a consultant at BCG and Parthenon. Chris and his team are responsible for driving value across a portfolio of 55 companies that represents over $180B in enterprise value and would represent the second largest software company in Europe after SAP if it were a conglomerate. Chris and I had a thought-provoking discussion about value creation and the impact of AI on investing and operating companies. We discussed: How to build a high-performing value creation team.Where value creation has the biggest impact.How AI is transforming investment processes.How Hg has become an “AI-first” investment firm.Where AI will have the most impact in a company today and why agentic AI is transforming certain roles and processes within companies.How professionals can generate the most leverage from utilizing AI – without having cognitive decline.Why prompting and prompt engineering is so critical in the age of AI (and how you can use your weekends to perfect prompt engineering).How a management team can buy into AI and why the current time period represents an interesting opportunity for incumbents, particularly for those building mission-critical enterprise software.Thanks Chris for sharing your expertise and wisdom on company building and AI. We hope you enjoy. Note: this episode was filmed in August 2025. A word from AGM podcast sponsor, Ultimus Fund Solutions This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency. To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products. Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream. Show Notes00:00 Message from our Sponsor, Ultimus 01:18 Welcome to the Alt Goes Mainstream Podcast 02:10 Guest Introduction: Chris Kindt 03:58 Chris Kindt’s Background and Journey 05:43 Value Creation at Hg 06:55 Pre-Investment and Diligence Process 07:44 Management Team Dynamics 08:40 Common Value Creation Interventions 11:14 Building a Cross-Functional Team 12:31 Scaling the Value Creation Team 15:40 Measuring Value Creation Impact 17:49 Investment Philosophy: Inch Wide, Mile Deep 19:28 Partnerships with Management Teams 20:03 Embedding AI in Value Creation 20:24 Internal vs External AI Applications 21:47 AI First Culture 22:18 Effective AI Utilization 24:04 Prompt Engineering and Whispering 26:25 Choosing the Right AI Models 26:50 AI Models: Strengths and Weaknesses 27:42 Transformative Impact of AI 28:21 Skills Needed in the AI Era 28:26 AI's Role in Investment Firms 28:55 Core Insights and Judgements 29:04 The Core Skillset and Efficiency 29:12 Philosophical Questions on AI and Talent Development 30:18 Building Grit in the Age of AI 31:12 Maintaining Discipline with AI 32:08 AI as a Value Creation Lever 32:35 Operational Efficiency and Copilots 33:43 Emergence of Reasoning Models and Agentic Frameworks 34:31 10x Efficiency in Engineering 36:24 Challenges in Implementing AI 37:16 AI Immersion Strategy Days 39:52 Organizational Agility and AI 42:15 AI's Impact on Investment Strategies 43:26 AI in Mergers and Acquisitions 45:29 The Importance of Proprietary Data 47:12 AI Fatigue and Disillusionment 48:07 Building AI Products and Agentic Products 48:58 Hg's Internal AI Incubator 49:59 The Next Wave of AI 51:19 Voice and Multimodality in AI 51:55 Globalization and Internationalization of AI 53:35 Overestimating and Underestimating AI's Impact 54:54 The Competitive Landscape of AI 55:42 The Future of Value Creation with AI 56:23 Conclusion and Final Thoughts Editing and post-production work for this episode was provided by The Podcast Consultant.

    57 min
  7. Permira Part 2: Co-CEOs Brian Ruder and Dipan Patel - the collaborative leadership model in action: scaling an €80B alternative asset manager

    25 SEPT

    Permira Part 2: Co-CEOs Brian Ruder and Dipan Patel - the collaborative leadership model in action: scaling an €80B alternative asset manager

    Welcome back to the Alt Goes Mainstream podcast. Today’s episode is with two executives who have helped to build one of the industry’s leading alternative asset managers. In Permira Part 2, Brian Ruder joins his Co-Managing Partner and Co-CEO Dipan Patel in Permira’s London office to discuss the firm’s evolution and how the business has grown to over €80B in AUM. Both Brian and Dipan bring deep backgrounds in private equity investing to bear as they now lead the firm through its next phase of growth. Brian joined Permira in 2008 after working as a Partner at Francisco Partners. He’s Co-Managing Partner and Co-CEO of Permira, also serving on the firm’s Executive Committee and the buyout funds’ Investment Committee. He was instrumental in building the firm’s Technology sector team, which he co-led until 2023 where he worked on a number of the firm’s notable transactions, including Ancestry, Genesys, Informatica, LegalZoom, Magento, McAfee, Relativity, Zendesk, and more. Dipan joined Permira from Gores Group and is Co-Managing Partner and Co-CEO of the firm. He serves on Permira Holdings Limited Board and Permira’s Investment Committee and Executive Committee. He’s focused on technology and services investing, working on deals such as Renaissance Learning, Informatica, Axiom, Adevinta, AllTrails, Ancestry, LegalZoom, and more. Brian, Dipan, and I had a thought-provoking conversation about what it takes to build and run a scaled alternative asset manager and how to differentiate a firm and a culture. We discussed: How the firm’s beginnings have shaped the culture that has been built and how that culture has permeated how they make investment decisions, work with companies, founders, and LPs.The benefits and challenges of the collaborative leadership model.How would an LP underwrite Permira’s culture?How the firm’s European heritage helps as an investor.The opportunity set in Europe.The investment culture at Permira and how its structure and set up helps investment processes and decision-making.Why software buyouts have become a larger part of the buyout investing landscape.The Growth vs. Buyout mindset.The advantage for technology forward incumbents.How AI is impacting software investing and how AI is impacting services businesses.The thought process behind launching a wealth solutions business, Permira Wealth, and how it reflects the culture of the firm.Thanks Brian and Dipan for coming on the show to share the evolution of Permira and your expertise and wisdom in private markets. A word from AGM podcast sponsor, Ultimus Fund Solutions This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency. To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products. Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream. Show Notes00:00 Message from our Sponsor, Ultimus 01:18 Welcome to Alt Goes Mainstream 01:56 Introducing Brian Ruder and Dipan Patel 04:44 Private Equity and Technology 04:54 Brian's Career Journey 06:51 Dipan's Career Journey 11:44 AI's Role in Modern Investing 12:38 AI in Services and Technology 13:27 Permira's Sector-Focused Approach 13:54 AI's Broader Impact on Industries 17:27 Leadership and Innovation in Private Equity 18:49 Underwriting Deals in the AI Era 18:53 Importance of Market Leadership 21:58 Technology Forward Incumbents 24:00 Permira's Continuous Innovation 24:26 Building the Business of Permira 24:36 Dipan's Perspective on Firm Growth 25:35 Core Values and Their Impact 26:39 Investment Strategies and Sector Focus 27:19 Fluid Team Dynamics 28:04 Growth vs. Buyout Mindset 29:45 Long-Term Investment Philosophy 30:29 Driving Terminal Value 30:50 Optimizing Long-Term Profitability 31:55 Case Studies: Informatica and Ancestry.com 32:58 Skillsets for Growth-Oriented Investing 33:26 Assessing Long-Term Outcomes 34:09 Empowering Long-Term Thinking 34:30 Big Picture Thinking in Investments 38:05 Co-Leadership Model 39:38 Challenges of Co-Leadership 40:37 Permira's Entrepreneurial Culture 43:14 Diversifying Capital Base 44:58 Educating the Wealth Channel 46:29 Permira's Brand in the Wealth Channel 47:10 Future Evolution of Permira Editing and post-production work for this episode was provided by The Podcast Consultant.

    49 min
  8. Going Public with Glenn Schorr - Ep. 4: Unpacking the past few months in private markets

    23 SEPT

    Going Public with Glenn Schorr - Ep. 4: Unpacking the past few months in private markets

    We are back with the latest Going Public with Evercore’s Glenn Schorr. On this episode of Going Public, we unpack the rollercoaster of the past few months in private markets for alternative asset managers. Private markets is much more than private equity — and this episode dives into nuances of specific strategies and what it means for alternative asset managers’ businesses. We discussed: Will the exit environment for private equity improve?Are animal spirits back in markets — and what does it mean for exits?Why and how private markets is more than private equity and private real estate.Why the wealth channel has been a contributor to alternative asset manager growth.How are banks responding to the expanding reach of private credit?Why private real estate could be a compelling category going forward, with 90%+ of real estate being privately owned.Making private markets more public — with expert analysis Alt Goes Mainstream has partnered with an expert who has seen the evolution of alternative asset managers from their early days. Glenn Schorr is a Senior MD and Senior Research Analyst at Evercore ISI, where he covers brokers, banks, asset managers, and trust banks as an analyst.  He has covered financials since 2000 and started coverage of alternative asset managers when the first firms went public. He’s consistently come up as one of the most thoughtful and well-respected analysts in the space. He balances deep research with a creative flair (just read one of the titles of his research reports and you can see his love of the game). He’s been named to Institutional Investor’s All-America Research Team for his coverage, most recently ranking #2 and runner up in 2023, #1 and #2 in 2022. Prior to Evercore, Glenn was a Senior MD at Nomura, serving as the lead financials analyst.  Listen in as Glenn shares market stories, the evolution of alternative asset managers as businesses, the biggest and most exciting trends in private markets based on what the industry’s largest players are doing, and we go “around the horn” for his analysis on the publicly traded firms. Show Notes00:00 Introduction and Countdown 00:15 Introduction to Alt Goes Mainstream 00:48 Meet Glenn Schorr: Wall Street Analyst 02:08 Market Trends and Earnings Season 02:15 Impact of Tariffs and Market Activity 03:20 M&A and IPO Activity 03:35 Private Equity and Market Dynamics 04:34 Optimism in the Market 06:11 Fundraising and Stock Prices 06:52 Private Credit and Infrastructure 08:31 Scale and Diversification 10:19 Perpetual Capital and Investor Mindset 13:51 Mega Trends and Long-Term Investments 15:50 Real Estate and Market Cycles 17:14 Long-Term View on Asset Managers 20:04 Fee Structures and Performance 24:15 Wealth Channel and Operational Challenges 26:17 Institutional vs. Retail Investors 28:41 Public vs. Private Markets 31:01 Ceiling on Capital Raising 31:42 Stewardship and Capacity Management 33:03 Private Credit Market 33:27 Direct Lending Market 33:43 Competitive Banking Landscape 33:55 Current State of Direct Lending 34:22 Private Credit Market Expansion 34:52 Investment Grade Private Credit 36:19 Banks vs. Private Credit 37:39 Banks' Adaptation Strategies 38:53 Private Credit Market Size 41:01 Insurance and Private Markets 41:44 Apollo's Insurance Strategy 43:45 Insurance Balance Sheet Power 44:32 Insurance and Wealth Channels 44:54 Private Wealth Return Hurdles 46:47 Product Innovation in Private Markets 47:00 Alternative Asset Managers' Strategies 49:43 Wealth Channel Product Choices 50:39 Approval Process for Wealth Platforms 52:29 Third-Party Evaluators in Private Markets 53:28 Convergence of RIAs and Investment Consultants 54:15 Distribution Strategies for Asset Managers 55:39 Servicing and Education in Private Markets 56:16 Segmenting the Wealth Channel 56:43 Morgan Stanley's Advisor Strategies 57:45 Notable Developments in Private Markets 59:19 Optimism in Financial Markets 01:00:39 Concluding Thoughts and Future Outlook Editing and post-production work for this episode was provided by The Podcast Consultant. Company Coverage and Disclosures Evercore ISI Glenn Schorr | Ticker | Company | AAMI | Acadian Asset Management | APO | Apollo Global Management, Inc. | BAC | Bank of America Corporation |   | Glenn Schorr holds a long position in equity securities of Bank of America Corporation.| BK | Bank of New York Mellon Corp. |   | Bank of New York Mellon Corp. is a client of Evercore LLC, and Evercore LLC has provided investment banking services to Bank of New York Mellon Corp. in the last 12 months. |   | Evercore ISI or an affiliate has received compensation from Bank of New York Mellon Corp. for investment banking services in the last 12 months. |   | Glenn Schorr holds a long position in equity securities of Bank of New York Mellon Corp.| BLK | BlackRock, Inc. |   | BlackRock, Inc. is a client of Evercore LLC, and Evercore LLC has provided investment banking services to  BlackRock, Inc. in the last 12 months. |   | Evercore ISI or an affiliate expects to receive or intends to seek compensation for investment banking services from BlackRock, Inc. within the next three months. |   | Glenn Schorr holds a long position in equity securities of Blackrock Inc.| BX | Blackstone, Inc. |   | Blackstone, Inc. is a client of Evercore LLC, and Evercore LLC has provided investment banking services to Blackstone, Inc. in the last 12 months. |   | Evercore ISI or an affiliate expects to receive or intends to seek compensation for investment banking services from  Blackstone, Inc. within the next three months. |   | An employee, employee's immediate family member, director or consultant of Evercore ISI or one of its affiliates (but not the covering research analyst or a member of the covering research analyst's household)is an officer, director or advisory board member of Blackstone, Inc.. |   | Evercore ISI or an affiliate has received compensation from Blackstone, Inc. for investment banking services in the last 12 months. |   | Analyst has a financial interest in a private equity fund managed by Blackstone, Inc.. |   | Glenn Schorr holds a long position in equity securities of Blackstone, Inc. |   | A member of Benjamin Rubin's household holds a long position in equity securities of Blackstone, Inc. | OWL | Blue Owl Capital, Inc | C | ...

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Alt Goes Mainstream podcast is the place to turn to for interviews with some of the brightest and most experienced minds in the world at the intersection private markets and wealth management. AGM dives into investment strategies like private equity (PE), private credit, venture capital (VC), secondaries, GP stakes, infrastructure, real estate, wealth management, and comprehensively covers tools and frameworks for approaching private markets, such as asset allocation, evergreen funds, model portfolios, and more. For anyone looking to invest into private markets (from experienced wealth managers to family offices to the individual investor looking for a more diversified investment portfolio), you’ll hear inside stories from executives and founders at some of the world’s largest financial institutions, alternative asset managers firms, and wealth management firms. More than a personal finance podcast, Alt Goes Mainstream dives deep into trends, investment strategies, firm building lessons, and innovative technologies that are enabling investors to access private markets.

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