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

Michael Sidgmore
  • 4.8 (33)
  • Investing
  • Updated Weekly

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. 17h ago

    I Squared's Dr. Sadek Wahba - it's time to "Build"

    Welcome back to the Alt Goes Mainstream podcast. We went to Miami to sit down with the professor of infrastructure investing and Founder, Chairman, and Managing Partner of I Squared, Dr. Sadek Wahba.  Sadek has blended academic knowledge and a practical approach to infrastructure investing to build I Squared into a $60B infrastructure investment firm in 14 years, some of which he has adroitly distilled into the 2024 book that he authored, Build: Investing in America’s Infrastructure. We had such a fascinating and wide-ranging discussion that I’ve decided to break down our conversation into chapters. “We are enormously boring by design”: From the World Bank to building a $60B infrastructure investing behemoth [00:00:00–00:16:19] Sadek has been investing in a category, infrastructure, that he calls “invsible until it’s missing.” He’s brought experience as an economist at The World Bank and running Morgan Stanley Infrastructure as CEO to bear as he has built out I Squared into a leading infrastructure investment firm. Some notable quotes from this chapter: “You open your tap water, you never think where the water comes from … So you take a lot of that for granted.” “For better or worse, it may say something about us being enormously boring, but the only thing we do is infrastructure.” “With the boom in AI, and the need for power and data centers … add another five-plus trillion dollars that will need to be invested in transmission lines, power generation, data centers, fiber optics and all sorts of infrastructure.” No free lunch: ownership, regulation, and the ghost of Flint [00:16:19–00:32:40] U.S. infrastructure has shifted from private ownership to overleveraged municipalities. Sadek breaks down what has gone wrong with different infrastructure investment models around the world by dissecting who owns an asset, who manages it, who regulates it, and why collapsing those three roles into one is exactly what happened in Flint, Michigan. Some notable quotes from this chapter: “I’m sorry to say, but there’s no free lunch. Whether it’s a public good or not, that public good requires inputs, produces an output, and someone has to pay for it.”  “There are three things that matter when you think about infrastructure: the ownership of the asset, who manages it, and who regulates it. If the entity that owns, manages, and regulates it are the same, you have a problem.” “They managed it, they regulated it, and they owned it. So if I wanted to complain to the regulator … the manager is the regulator. But the real owner is the manager who’s also the regulator.” (Sadek on what happened in the Flint, Michigan water crisis). If it sounds too good to be true, it probably is [00:32:40–00:51:06] Sadek takes us inside I Squared’s investing playbook. He discusses why they walked away from a Norwegian gas deal promising 14-15% returns, and why regulatory risk is the hardest thing to underwrite. Sadek also shares where he believes value is created in the next decade. If it’s too good to be true, then it’s probably not true. And that, for me, is rule number one.”  “How can you make a return of 14%, 15% on something which is a hundred percent regulated and where you take very little risk? That, to me, doesn’t exist.”  “The adoption of AI technology is probably the single biggest opportunity we see in infrastructure over the coming years.” Fishing in a different pond: the mid-market and the democratization of infrastructure [00:51:06–01:07:19] Sadek explains how a firm that has a $15B fund to deploy still focuses on the “mid-market,” why banks have abandoned the $50-100M loan, and why individual investors can play a role in financing assets that they use every day. “Our funds could be $15B in size … people say, “You’re joking, right? That’s not mid-market” And the answer is, well, no, it is … because we invest globally.” “I hope the day comes where most airports in the US are not owned by funds, but they’re publicly listed. Instead of being owned by a municipality, you and I can buy the shares of that company.” “If regulators are not paid, they’re not incentivized to do a good job.” Onshoring, national security, and what drives Sadek [01:07:19–01:17:15] Sadek shares why private capital can help fill the gap for funding infrastructure needs as growing government debt makes it harder for governments to keep footing the bill. He also discusses the case for onshoring beyond politics and what motivates him.  “Private capital will per force play a critical role if you want to maintain sustainable economic growth rates. If you want lower per capita income, if you want higher unemployment … then don’t have the private sector invest in it.” “I can think of two reasons [for onshoring] that have nothing to do with politics: national security, and supply chain issues." “What drives me is to be able to produce something that people find useful, that people use to better their lives. And if you can do that in any small way, I think that’s enormously rewarding.” Bio Dr. Sadek Wahba is Chairman and Managing Partner of I Square Capital, an independent global infrastructure investment manager based in Miami, Florida, with $60 billion in assets under management. He has worked at Morgan Stanley where he was the CEO of Morgan Stanley Infrastructure, a global platform for infrastructure investment and as an economist at The World Bank. Sadek is an advocate for transformative approaches to infrastructure investment and a frequent commentator about the need for more investment in infrastructure to promote sustainable economic growth. He was a presidential appointment to the National Infrastructure Advisory Council, which advises the White House on reducing the physical and cyber risks and improving the security and resilience of critical infrastructure in the U.S. He was part of the expert committee on the World Economic Forum’s first report on global infrastructure investments and was named Global Infrastructure Personality of the Year twice, as well as Global Infrastructure Personality of the Decade, by Private Equity International (PEI). He frequently appears on Bloomberg, CNBC, Nasdaq, and other networks, including Op-eds in the Financial Times and other leading journals. He holds a Ph.D. in economics from Harvard University, an M.Sc. in economics from the London School of Economics (LSE) and a B.A. in economics from the American University in Cairo. He is a published author on economic research and one of his publications was selected by MIT as one of their 50 most influential papers in the last 50 years His book Build: Investing in America’s Infrastructure published by Georgetown University Press published in 2024 is in its second printing. Sadek is a Senior Fellow at the Development Res...

    I Squared's Dr. Sadek Wahba - it's time to "Build"

  2. Sep 10

    Golub Capital’s David Golub - inside the mind of one of private credit’s pioneers

    Welcome back to the Alt Goes Mainstream podcast. We went to Golub Capital’s New York office to sit down with Co-CEO David Golub. David Golub and his brother Lawrence both started their careers in private equity. It was their experiences in private equity in the 1990s that turned them into private credit pioneers. Lawrence and David have built Golub Capital into a $95B private credit behemoth, largely due to their pioneering decision to create the “one-stop” unitranche loan solution for sponsor-backed companies after spotting a gap in the sponsor finance market.  Fast forward over 30 years, and Golub Capital is one of the leaders in private credit.  David discussed how Golub has spent the balance of its life as a scaled specialist credit manager “honing the competitive advantages” that make the firm so unique. Golub has built a cadre of 200 high-quality sponsor relationships with many of the industry’s top private equity firms, which call on them when they are seeking sponsor financing for their companies. David and I had a fascinating conversation that covered everything from the early days of private credit to the story of pioneering unitranche loans to what LPs should look for in GPs to the psychology of relationships and partnerships. We discussed: What David and Lawrence saw in the early days of private equity informed how they decided to build Golub.Why the unitranche loan became popular with private equity sponsors.What Golub looks for in relationships with private equity sponsors.Why focus has been a key driver of scaling Golub’s business.What LPs should ask GPs when evaluating their fund and firm.Why LPs should evaluate GPs based on how GPs think about their own business.The psychology of relationships and partnerships.How David’s experience being surrounded by a family of psychologists and psychiatrists has given him an edge in investing, negotiating, and building win-win relationships.Bio David Golub is Co-Chief Executive Officer of Golub Capital, a market-leading, award-winning direct lender and experienced private credit manager. As of April 1, 2026, Golub Capital had over $90 billion of capital under management, a gross measure of invested capital including leverage. Golub Capital partners with institutional investors and family offices, offering tailored solutions for investors’ credit asset strategies. The Firm specializes in delivering reliable, creative and compelling financing solutions to companies backed by private equity sponsors. Golub Capital has been a top 3 U.S. Middle Market Bookrunner each year from 2008 through Q1 2026 for senior secured loans of up to $500 million for leveraged buyouts. Golub Capital has been consistently recognized with industry awards, including Lender of the Year, Americas (Private Debt Investor, 2014, 2015, 2016, 2018, 2021, 2022, 2023, 2024) Lender of the Decade, Americas (Private Debt Investor, 2023), Senior Lender of the Decade, Americas (Private Debt Investor, 2023), Senior Lender of the Year, Americas (Private Debt Investor, 2015, 2016, 2017, 2019, 2020, 2023, 2025) and BDC Manager of the Year, Americas (Private Debt Investor, 2015, 2016, 2017, 2023). Mr. Golub is active in charitable and civic organizations. Mr. Golub is a member of the Founder’s Council of the Michael J. Fox Foundation for Parkinson’s Research, where he was the first board Chairman and a long-time director. Mr. Golub is Co-Founder and Chair of the Golub Capital Nonprofit Board Fellows Network, which operates at 20 leading business schools; its mission is to make nonprofit boards more effective by training hundreds of MBA students each year to become highly skilled nonprofit directors. Mr. Golub is a member of the Association of Marshall Scholars’ Director’s Circle and previously was a member of the Stanford Graduate School of Business Advisory Council. He has served on the boards of the Loan Syndications and Trading Association, the Hudson Guild and the World Policy Institute. Mr. Golub is on the board of directors of Burton Snowboards and has served on the boards of numerous public and private companies. Prior to joining Golub Capital in 2003, Mr. Golub was a Managing Director of Centre Partners, a leading middle market private equity firm, and of Corporate Partners, a Lazard-sponsored $1.5 billion private equity fund formed to acquire significant minority stakes in established companies. Mr. Golub earned his AB degree magna cum laude in Government from Harvard College. He received an MPhil in International Relations from Oxford University, where he was a Marshall Scholar, and an MBA from Stanford Graduate School of Business, where he was an Arjay Miller Scholar. Thanks, David, for sharing your wisdom, expertise, and passion about private credit, the business of asset management, and the psychology of relationships. Show Notes 00:00 Introduction 01:23 A Message from Ultimus Fund Solutions, Our Sponsor 02:26 David’s Career Shift to Credit 06:07 Sponsor Finance Market Gap 10:56 Unitranche Origins 12:47 Crisis As Catalyst 14:25 Distressed Value Lens 16:21 What Makes A Good Business 19:39 Relationships And Game Theory 21:26 Capital Isn’t Proprietary 25:39 Being First Call 26:21 Managing Growth Carefully 27:29 Fundraising Versus Opportunity 28:08 Only The Paranoid Survive 29:17 Staying A Specialist 29:45 Capacity And Performance 32:47 Scale As Advantage 36:23 Raising Capital Follows Winners 37:12 Future PE Picks Few Lenders 37:52 Credit Partner as A Signal 38:37 Doing Homework on Sponsors 39:02 Big “n” Investing Mindset 39:16 Risk Real vs Perceived 41:30 Press Noise and Redemptions 42:22 Darwinian Moment Ahead 42:54 Why Terms Improve Next 44:42 Portfolio Stress Reality Check 47:51 Junior Debt Trouble Spot 48:10 Underwriting the Manager 51:06 Ask the Why 52:00 What Keeps You Up at Night 54:13 Culture of Constructive Doubt 54:57 Testing Analytical Thinking 55:53 Building the Wealth Channel 56:45 Early Days Wealth Fundraising 58:11 Diversifying the Investor Base 01:00:45 Decades Mindset and Focus 01:01:35 Specialization and Infrastructure 01:02:39 More of the Same  01:03:21 Adjacencies Like GP Secondaries 01:03:42 Continuation Vehicles Rationale 01:05:22 Psychology and Relationships 01:06:48 Problem Solving Builds Trust 01:07:51 Authenticity Over Tactics 01:09:23 Closing Reflections A Word from Our Sponsor, Ultimus This episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands. That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their busin...

    Golub Capital’s David Golub - inside the mind of one of private credit’s pioneers

  3. Sep 8

    Davidson Kempner’s James Li - “no situation is too complex”

    Welcome back to the Alt Goes Mainstream podcast. Today’s podcast takes us to the heart of New York City to talk with James Li, the President and Partner of Davidson Kempner, a firm that was an early participant in the merger arbitrage, distressed debt, and opportunistic credit industries. Davidson Kempner’s heritage lies in cutting through complexity to find value. Founded in 1983, Davidson Kempner’s origins began in merger arbitrage, distressed debt, and opportunistic credit. The firm, which now has around 1,800 clients, began accepting outside capital in 1987 and has since built out its investment platform to include convertible arbitrage, long / short equities, asset-based lending, and real estate strategies. Davidson Kempner has since grown to almost $40B in AUM across public and private markets strategies. The firm has a penchant for navigating complex situations across public and private markets to opportunistically uncover value, noting that “no situation is too complex for [them].”  James unpacked how the firm’s family office DNA has evolved across three generations of leadership into a scaled investment platform across public and private markets to inform the firm’s relative value investing perspective. James and I had a fascinating conversation on a number of pressing topics at the intersection of public and private markets. We covered: How do public market feedback loops inform private market investments?How post-GFC growth in private equity has created “indigestion” in the system.What the current state of private equity means for capital solutions opportunities.Why distressed and opportunistic credit can be countercyclical.What it means to be a relative value investor and how Davidson Kempner navigates different sectors, markets, geographies, and asset classes.What deglobalization means for investing in private markets.Why are allocators shifting toward absolute return strategies?How Davidson Kempner’s family office DNA has informed how they approach working with the wealth channel.Bio James Li is the President and a Partner at Davidson Kempner. Mr. Li also co-manages the Client Partnerships & Business Development department and oversees the Firm’s Capital Markets, Strategy and Treasury Teams. He joined the Firm in 2018 and is based in the New York office. Before joining Davidson Kempner, Mr. Li was a Managing Director in the Client Relationship Management and Strategy Group at Goldman, Sachs & Co. Mr. Li received a B.S. from Columbia University. Thanks, James, for sharing your wisdom, expertise, and passion about public and private markets and your approach to investing in complex situations. Show Notes 00:00 Live From Davidson Kempner’s Office in NYC 01:36 A Message from Ultimus Fund Solutions 02:37 Introduction to James Li 03:36 Career Roots At Goldman 05:16 Discovering Davidson Kempner 06:13 Three Generations Of Leadership 06:42 Family Office DNA 08:23 Investing In Complexity 10:44 Where Complexity Pays 12:20 Liquid Versus Private Feedback 13:37 Macro Shifts And Deglobalization 16:01 Finding Edge In Less Crowded Markets 17:28 Private Capital Indigestion 18:47 Capital Solutions Playbook 20:48 Building Operating Capabilities 25:59 Allocator Shift In Credit 31:26 Hedge Funds Return 32:12 Post GFC Lessons 32:48 Fees Volatility Gating 33:13 Evergreen Vehicle Design 34:04 Liquidity Over Leverage 34:15 Leverage Risk Explained 35:14 Semi Liquid Marking Issues 35:36 Flows Back To Hedge Funds 36:26 Wealth Channel Education 37:14 Merger Arb Basics 38:34 Global Credit Toolkit 39:18 Portfolio Velocity Risk 40:58 Investment-Led Ownership 43:43 Scale Competition Edge 44:28 Restructuring Repayment Focus 45:43 Building Wealth Business 54:07 Firm Vision And DNA A Word from Our Sponsor, Ultimus This episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands. That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals. Learn more at ultimusfundsolutions.com or email info@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream. Editing and post-production work for this episode was provided by The Podcast Consultant.

    Davidson Kempner’s James Li - “no situation is too complex”

  4. Sep 2

    Ardian’s Ava Mallin - “managing money is managing emotion”

    Welcome back to the Alt Goes Mainstream podcast. We were live from iCapital Connect’s conference in Phoenix, where we sat down with some of the industry’s leaders across asset management and wealth management. We spoke with Ava Mallin, Managing Director, US Private Wealth Solutions at Ardian. Ava brings a distinctive approach to how she works with the wealth channel. She emphasized that asset managers should treat capital as a client’s legacy rather than “just dollars.”  Speaking of legacy, Ardian is a firm with a rich legacy. The firm was born in 1996, when AXA’s Chairman, Claude Bébéar, chairman of AXA, asked Dominique Senequier to create a private equity arm for the insurer. And so AXA Private Equity was born. The firm’s first fund launched with a $100M French Buyout fund and two external clients. Today, Ardian stands tall as a giant in private markets, spanning asset classes and managing over $200B AUM. As a firm that provides investment solutions and customized strategies, Ardian thinks deeply about the breadth and depth of its relationships with LPs. Ava brings this perspective to bear in the wealth channel, which was evident in our conversation. Ava shared how she brings a uniquely human perspective to fundraising and partnering with the wealth channel. She believes managing money is managing emotion, which is critical for GPs to understand how wealth advisors manage their relationships with clients. We had a fascinating conversation, covering:  The importance of understanding the human and emotional side that it takes to build enduring partnerships with LPs.Why US LPs have a growing interest in diversification and want exposure to Europe.Why secondaries is a partnership business with LPs and GPs.The importance of educating the wealth channel on private markets.Why Ardian prefers the term “evergreen” over “semi-liquid.” Why GPs should work with the wealth channel only if they have true commitment to the channel and top-down support from senior leadership.Bio Ava Mallin joined Ardian in 2022. She is responsible for Private Wealth relationships in the US. Prior to joining Ardian, she spent seven years at Carlyle in their Private Wealth group. She is based in New York. Thanks, Ava, for sharing your wisdom, expertise, and passion for how you approach working with the wealth channel and your focus on EQ as part of building relationships with advisors that enable them to treat their clients' capital as legacy. Show Notes 00:00 Live From iCapital Connect 00:23 A Message From Ultimus Fund Solutions 01:21 Meet Ardian’s Ava Mallin 01:48 Money And Emotion 03:11 Ardian Culture And Fit 03:45 Secondaries Partnership Model 04:45 Building US Wealth Business 05:59 Evergreen Liquidity Mindset 07:26 Educating Advisors And Clients 09:02 Brand And Leadership Support 10:13 Authenticity In Sales 11:28 Listening And Curiosity 12:29 Just Because You Can, Doesn’t Mean You Should 13:31 Getting Firmwide Buy In 14:11 Wealth Channel Challenges 14:47 Closing Thoughts A Word from Our Sponsor, Ultimus This episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands. That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals. Learn more at ultimusfundsolutions.com or email info@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream. Editing and post-production work for this episode was provided by The Podcast Consultant.

    Ardian’s Ava Mallin - “managing money is managing emotion”

  5. Aug 19

    Franklin Templeton’s Dave Donahoo - “start with the end client” - live from AGM’s RIA Field Trip

    Welcome back to the Alt Goes Mainstream podcast. We were live from AGM’s RIA Field Trip at Franklin Templeton’s New York office in Madison Square Park with Franklin Templeton’s Head of Private Markets - Americas Wealth Management Dave Donahoo to discuss the nuances of serving the wealth channel. Dave brings the perspective of someone who has seen the wealth channel handle multiple market cycles and an understanding of both traditional and alternative asset management, while always keeping the outcome for the end investor in mind. Dave started his career in the depths of the 2008 financial crisis at T. Rowe Price, where he worked with individual investors. He rose up the ranks of T. Rowe Price and then joined Blackstone as a Principal in the firm’s Private Wealth Solutions business before moving to Franklin Templeton as Head of Private Markets - Americas Wealth Management. Unpacking nuances in private markets, Dave discussed why he believes a “family of specialists” with a “narrow scope” is critical for a private markets investment platform and how a traditional asset manager can approach building brand in private markets. We had a fascinating discussion, covering: How Dave’s background starting his career working with individual investors has informed how he approaches creating solutions for the wealth channel.Why LPs want to do more with fewer partners and what this means for GPs.Specialists vs. generalists.Why RIAs have “cold call fatigue.”What RIAs want from a product perspective and why differentiation, trust, and proactive client service are top of the list.How asset managers can approach brand-building.The product innovation roadmap and what the path to 401(k) and DC products might look like.Thanks, Dave, for sharing a fascinating window into the wealth channel and for your passion, expertise, and dedication to providing private markets solutions to the wealth channel. Show Notes 00:04 Live from Franklin Templeton RIA Field Trip 00:07 Meet Dave Donahoo 02:31 Lehman Day One Story 03:15 Thrown Into the Phone Queues 03:37 Teacher Call and Investor Fear 04:53 Start With the End Client 05:26 From T Rowe to Blackstone 05:53 Blackstone Wealth Playbook 07:18 Why Franklin Was the Fit 08:09 Traditional Manager Advantages 09:09 Platform Synergies in Wealth 10:16 Challenges of Going Private 10:36 Brand Transformation Story 11:44 Internal Alignment and Change 12:16 What the Brand Should Signal 12:50 Specialist Managers Philosophy 13:44 Building Perpetuals the Right Way 14:13 Defining the Right Structure 15:44 Evergreen Structure Depends 16:09 Secondaries Structure Choice 18:10 Infrastructure Partnership Model 20:02 Preserving Investment Cultures 21:50 Data and AI Cross Collaboration 24:17 Macro Insights Across Platforms 25:47 Product Innovation Roadmap 27:06 Private Markets in 401k Plans 27:53 What Model Portfolios Mean 29:06 What RIAs Want Most 30:21 Client Service and Honesty A Word from Our Sponsor, Ultimus This episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands. That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals. Learn more at ultimusfundsolutions.com or email info@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream. Editing and post-production work for this episode was provided by The Podcast Consultant.

    Franklin Templeton’s Dave Donahoo - “start with the end client” - live from AGM’s RIA Field Trip

  6. Aug 12

    RIT Capital Partners' Maggie Fanari - why permanent capital is a privilege

    Welcome back to the Alt Goes Mainstream podcast. Today’s podcast takes us to the heart of London, where we sat down with Maggie Fanari, the CEO of J Rothschild Capital Management Limited, manager of RIT Capital Partners plc.  RIT blends a rich heritage with a modern approach to both asset allocation and private markets.  Lord Jacob Rothschild founded Rothschild Investment Trust in 1971. RIT listed on the London Stock Exchange with total assets of £280M. Today, the firm stands tall as one of the UK’s largest investment trusts with over £4.7B of total assets. The firm’s permanent capital and family office heritage have enabled the firm to think long-term, according to Maggie. “Permanent capital is a privilege,” she said. Maggie has brought an institutional allocator’s background to RIT. She joined as CEO of RIT from Ontario Teachers’ Pension Plan in 2024, where she was Senior Managing Director, Global Group Head of High Conviction Equities at OTPP, which has a global mandate to invest in public and private companies. Maggie and I had a fascinating discussion about how the firm invests across public and private markets, balancing both top-down portfolio construction and bottom-up asset selection. We covered: How RIT has aimed to compound wealth over time.Why top-down portfolio construction and bottom-up asset allocation are equally important.How can investors capture as much growth, limit market volatility, and compound growth over a long period of time?How RIT finds unique and different managers in private markets, which includes some of the top investors in the world.What market structure changes mean for investing across public and private markets?How to invest when the world order has changed.Taking a family office mindset and applying that investment mindset for investors in RIT.Why permanent capital is a privilege.How to be early to a theme rather than chase the trend.Why RIT decided to invest in SpaceX, Anthropic, OpenAI, Databricks, and Epic Systems.Where do investors bucket RIT into their asset allocation?What is a manager’s edge and how can they apply that edge with consistency?Why depth of network matters for private markets managers.Why RIT invested in firms like Thrive, Greenoaks, and Ribbit.Bio Maggie Fanari is the CEO of J. Rothschild Capital Management Limited (JRCM) , investment manager for RIT Capital Partners plc. She is Chair of JRCM’s Investment Committee. Maggie was previously Senior Managing Director, Global Group Head of High Conviction Equities at Ontario Teachers’ Pension Plan, which has a global mandate to invest in public and private companies. At Ontario Teachers’, she served as a member of many of the pension plan’s investment committees. She was involved in the execution of investments across a variety of asset classes (private and public), including supporting the development and execution of the venture and growth business. Before joining Ontario Teachers’, Maggie worked at KPMG and Scotia Capital. Maggie is a chartered accountant and a CFA charter holder. She also holds a BBA from the Schulich School of Business at York University and ICD.D certification from the Institute of Corporate Directors. Maggie served as a non-executive director on the Board of RIT Capital Partners plc from April 2019 to February 2024. Thanks, Maggie, for sharing your wisdom, expertise, and passion across public and private markets and your thoughtful perspectives from your experiences as an institutional investor. This podcast was recorded on 15 June 2026, and therefore all RIT data is provided as at 31/05/2026. Show Notes00:42 Meet Maggie Fanari 03:44 Teachers’ Pension Roots 04:51 Top Down Meets Bottom Up 05:50 Allocating In New Paradigm 06:15 Diversification Returns 07:02 Volatility Creates Opportunity 07:22 What Makes RIT Unique 08:08 Compounding With Downside 09:41 Brand Opens Doors 10:05 Backing Emerging Managers 11:57 Co-Invest Importance 12:36 Returns And Realizations 13:22 Great Co-Investor Playbook 15:02 Building AI Theme Exposure 16:06 Sourcing Deals Like SpaceX 16:37 Public Private Value Split 20:09 Public Themes And Sovereignty 20:58 Moats And Terminal Value 24:06 Permanent Capital Edge 25:07 Oversubscribed Fund Access 26:46 Underwriting And Discipline 27:17 Why AI Needs Capital 27:49 Anthropic Growth Math 28:15 Databricks Scale Comparison 28:41 Can Funds Get Bigger 30:22 FOMO And Chasing 30:47 Portfolio Allocation Guardrails 31:47 Permanent Capital Advantage 32:13 Right Sized Private Exposure 32:51 Liquidity And Realizations 33:28 Owning Winners At Scale 34:11 Private To Public Hold 34:41 Re Underwriting Post IPO 35:38 Retail Investor Impact 36:20 Public Market Liquidity Needs 37:57 Why Investment Trusts Work 38:56 Discounts As Margin Safety 40:08 How Shareholders Allocate 41:03 Sentiment Shifts In Cycles 42:02 What Makes Great Managers 43:14 Manager Edge Examples 45:02 AI And Finding Leaders 46:56 Consolidation And Differentiation 47:51 Being A Great LP Partner 48:50 Macro Lens As Edge 49:42 Private Signals Inform Public 50:48 Culture One Team One NAV 51:28 Risk And Scenario Analysis 52:59 Multipolar World Investing 54:14 Geopolitics In Diligence 55:10 Permanent Capital Best Of Both A Word from Our Sponsor, Ultimus This episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands. That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals. Learn more at ultimusfundsolutions.com or email info@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream. Editing and post-production work for this episode was provided by The Podcast Consultant.

    RIT Capital Partners' Maggie Fanari - why permanent capital is a privilege

  7. Aug 6

    Wellington Management's Mike Trihy - going long on evergreen funds: AGM Live from SuperReturn

    Welcome back to the Alt Goes Mainstream podcast. We sat down with Mike Trihy, Head of Portfolio Management for the Venture Growth Evergreen strategy at Wellington Management. We were live from Berlin, which becomes the “capital of private capital” in June as private equity industry leaders make the annual pilgrimage to the city for one of the marquee private equity conferences, SuperReturn Berlin. With Prosek Partners and former Bloomberg TV journalist Deirdre Bolton as my producer, along with her team, we took over a Tiny Space cabin to hold big conversations with some of the industry’s leading alternative asset managers. Wellington Management has a rich heritage as an independently owned asset manager. The firm, which has taken a research-driven approach and long-term thinking to active management in public markets and, increasingly, in private markets, is nearing its 100-year anniversary. Wellington has grown to over $1.3T in AUM and is the largest sub-advisor in the world. Mike joined from Bow River Capital to run Wellington’s Venture Growth Evergreen strategy, which will focus on direct growth and venture investments, secondaries, and select fund investments. Mike brings deep expertise in the evergreen fund management space, co-founding and scaling Bow River’s evergreen private markets platform and working as a portfolio manager at evergreen pioneer Partners Group. Mike and I had a fascinating discussion about the current state of evergreen funds and the venture and growth investing market. We covered: The evolution of evergreen private markets funds.The convergence of public and private investing.Lessons learned from building and managing evergreen funds at Partners Group and Bow River.The importance of portfolio construction, liquidity planning, and evergreen fund operations.Which firms are well-positioned to run and manage evergreen funds?Partnerships in asset management.How the market may shake out and why structure must match the asset, the client, and the liquidity terms. LP composition, evergreens vs. drawdowns across wealth and institutions, and the role of partnerships. What the potential wave of mega IPOs could mean for DPI, exits, and private market fundraising.Bio As lead portfolio manager for the Venture Growth Evergreen (“VGE”) strategy, Mike is responsible for overall portfolio construction and allocation of capital across direct growth and venture investments, secondaries, and select fund investments. He also oversees risk management, liquidity management, and cash flow forecasting for the evergreen fund. Prior to joining Wellington Management in 2025 Mike was a portfolio manager at Bow River Capital, where he co-founded and scaled their evergreen private markets platform while overseeing the fund’s investment activity across multiple private markets asset classes. Prior to Bow River, he was a portfolio manager at Partners Group where he was responsible for portfolio construction and asset allocation for evergreen products and custom separate account mandates. He started his investment career at wealth-focused listed private equity firm Red Rocks Capital. Mike graduated from the University of Colorado with a degree in finance, and he is a CFA and CAIA charterholder. Thanks, Mike, for sharing your wisdom, expertise, and perspectives on private markets and evergreen funds. Show Notes 00:00 Live from SuperReturn Berlin 00:12 Meet Mike Trihy 02:06 Defining the Perfect Evergreen 02:27 Evergreen vs Drawdown DNA 02:42 Deal Flow Isn’t Everything 03:01 Portfolio Construction Focus 03:20 Cashflow Planning Mindset 03:33 Operations and Valuations 03:47 Sales and Flow Forecasting 04:03 Regulation and Complexity 04:11 Fiduciary Growth Discipline 04:46 Do Firms Have the Toolkit 05:20 Scale vs Boutique Nuances 05:42 When Bottom Up Fails 06:18 The Deal Flow Constraint 06:44 Should There Be More 07:00 Shakeout and Quality Wins 08:07 No One Best Wrapper 08:28 Matching Assets and Clients 09:43 LP Mix and Herding Risk 11:34 Evergreens Future in Wealth 13:21 Public Markets DNA Advantage 14:56 Partnerships and Mega IPOs 17:07 Private Markets Stay Private 18:52 DPI and Exit Wave Impact 20:17 Public vs Private Valuations 22:21 What Happens Faster Slower 24:08 Closing

    Wellington Management's Mike Trihy - going long on evergreen funds: AGM Live from SuperReturn

  8. Aug 5

    Investcorp Strategic Capital Group's Anthony Maniscalco - the evolution of GP stakes

    Welcome back to the Alt Goes Mainstream podcast. We sat down with Anthony Maniscalco, the Managing Partner and Business Head of Investcorp Strategic Capital Group (ISCG). We were live from Berlin, which becomes the “capital of private capital” in June as private equity industry leaders make the annual pilgrimage to the city for one of the marquee private equity conferences, SuperReturn Berlin. With Prosek Partners and former Bloomberg TV journalist Deirdre Bolton as my producer, along with her team, we took over a Tiny Space cabin to hold big conversations with some of the industry’s leading alternative asset managers. Investcorp has been a pioneer in private equity. Since its founding in 1982, the firm has grown from a “boutique Gulf firm” into a global and diversified alternative asset manager.  Investcorp launched its Strategic Capital Group (SCG) (GP stakes) business long after its founding in 1982. But the firm brought in a pioneer to launch and build SCG into a leading GP stakes firm, which now has over $2.2B of AUM.  Anthony has been involved in GP stakes from the industry’s early days. He was a founding member of Blackstone Strategic Capital Holdings, a $3.3B private, permanent capital vehicle focused on acquiring minority interests in alternative asset manager GPs. He was also a Managing Director of the Hedge Fund Solutions business at The Blackstone Group. Prior to joining Investcorp, Anthony was a Managing Director and Co-Head of Credit Suisse Anteil Capital Partners.  Launched in 2019, Investcorp’s SCG acquires minority interests in alternative asset managers, particularly GPs that manage longer-duration private capital strategies. SCG has completed 12 investments since inception. Anthony and I had a fascinating conversation about the evolution of GP stakes and the benefits of GP stakes for investors. We covered: Why have stakes shifted from hedge funds to alternative asset managers?Why the features of the alternative asset management business model (contracted management fees, locked-up capital, less key-person risk) can make for a good GP stake investment.Why a GP would sell an equity stake in its firm to finance its growth.Unpacking the middle-market GP landscape and where middle-market GPs need help growing their firm.The evolution from fund to firm and what’s next for GP stakes.Bio Anthony Maniscalco is the Managing Partner and Business Head of Investcorp Strategic Capital Group (ISCG), based in New York. ISCG is focused on providing capital solutions to the GPs of mid-sized private market alternative asset managers. ISCG closed its inaugural fund in the Spring of 2022 and currently manages over $2.2 billion of AUM. In his current role, Mr. Maniscalco is focused on managing the overall business, sourcing new investment opportunities, advising portfolio GPs and is the chairperson of the Investment Committee. Prior to his current role, Mr. Maniscalco was a Managing Director and Co-Head of Credit Suisse Anteil Capital Partners. Prior to this, he was Managing Director of the Hedge Fund Solutions business at The Blackstone Group. At Blackstone, he was a founding member and on the investment committee of Blackstone Strategic Capital Holdings, a USD 3.3 billion private, permanent capital vehicle focused on acquiring minority interests in alternative asset manager GPs. Prior to Blackstone, Mr. Maniscalco was Head of Alternative Asset Management Banking at Barclays (and its predecessor Lehman Brothers) within its Financial Institutions Group. Prior to this role, Mr. Maniscalco was head of the Media and Telecom vertical within Lehman Brothers’ Leveraged Finance Group. Early in his career, he worked at Bank of America and its predecessor Continental Bank in Chicago, focused on high-yield, mezzanine, syndicated bank loans, and interim financing products. Anthony holds a B.S. from Indiana University (2026 College Football National Champions!) and an M.B.A. from the University of Chicago. Thanks, Anthony, for sharing your expertise, wisdom, and passion about GP stakes and the business of alternative asset management. Show Notes 00:00 Live From Berlin 00:15 Meet Anthony Maniscalco 02:56 Early Staking Was Hedge Funds 03:05 Banks And Prime Brokerage 03:40 Private Equity Hits A Wall 03:53 Shift To Private Equity Stakes 04:30 Why Stakes Are Attractive 04:54 Locked In Fee Streams 05:31 Carry And Diversification 06:06 How LPs Classify Stakes 06:59 Three Allocation Buckets 07:55 Strategic Access Flywheel 09:05 Tougher Fundraising Today 09:19 Why Middle Market 09:05 Fundraising Help For GPs 10:55 Underwriting Growth Readiness 12:15 Primary Capital Use Of Proceeds 12:49 Why Equity Is Worth It 14:46 Talent Retention And Next Gen 15:46 Wealth Channel Fit 18:23 Portfolio Construction Framework 19:36 Why Venture Is Harder 23:23 From Fund To Firm 24:34 Liquidity And Exit Paths 27:35 Prefs, Debt, And New Solutions 38:41 Continuation Vehicles Flywheel 41:02 Closing Thoughts

    Investcorp Strategic Capital Group's Anthony Maniscalco - the evolution of GP stakes
See All (235)

Trailer

4.8
out of 5
33 Ratings

About

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.

Information

You Might Also Like