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. Hamilton Lane's Hartley Rogers - pioneering private markets: Live from iCapital Connect

    20H AGO

    Hamilton Lane's Hartley Rogers - pioneering private markets: Live from iCapital Connect

    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. Hartley Rogers is a pioneer in private markets. He is the Executive Co-Chairman of Hamilton Lane, where he plays a significant role in investing and client relationship activities, as well as in strategic and organizational development. He is a Member of the Investment Committees and is the Chairman of the Board of Directors. Prior to joining Hamilton Lane in 2003, Hartley was a Managing Director in the private equity fund management areas at Morgan Stanley and at Credit Suisse. He started his career on Wall Street in 1981. This was a thoroughly fascinating conversation. Hartley’s wealth of knowledge made for a nuanced discussion that married the evolution of the business of asset management with why and how product structure innovation has unfolded as it has in private markets. We also dove into an area that is Hartley’s passion: venture and the innovation economy. We covered: Hamilton Lane’s evolution scaling from 50 people in a single office to 800 people across 22 offices.The transformation from investment consulting into a solutions provider and asset manager for investors.The importance of data, tools, access, and portfolio construction to manage the increasing complexity of private markets.How will the wealth channel invest in private markets?The misconceptions of evergreens being “ATMs.”What is the “special sauce” in constructing an evergreen portfolio?How secondaries can help feed the evergreen fund engine.What defines a manager’s edge.What private markets strategies excite Hartley.I’m really excited to share this conversation with you all, as it’s equal parts invigorating and informative. Thanks Hartley for sharing your wisdom, expertise, and passion about private markets. Show Notes00:00 Hamilton Lane -Then and Now 03:55 Hartley’s Origin Story 04:39 Hamilton Lane’s Consulting Roots 04:57 From Consulting to OCIO Partner 05:15 Scaling Changed the Job 06:53 Why Clients Still Need Help 07:15 Trillions in Private Markets 07:44 Mega-Managers and Complements 08:56 Finding Smaller Manager Alpha 09:20 Middle Market Opportunity 09:47 Why Companies Stay Private 10:56 Churn and New Entrants 11:17 GP Skillset Has Expanded 11:51 From Leverage to Operations 12:02 Data Transforms Underwriting 12:43 Hamilton Lane Data Advantage 13:33 Secondaries and Evergreen Rise 14:04 Evergreen Design and Liquidity 14:40 Why The Wealth Channel Prefers Evergreens 15:41 Evergreen Diversification Needs 16:47 Allocating Core vs Satellite 18:44 Evergreens Evolve Like ETFs 34:27 Closing 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. Hamilton Lane Disclaimer: The views expressed herein are those of the speaker as of the date of recording and are subject to change. This content is for informational and educational purposes only and does not constitute investment advice, an offer to sell, or a solicitation of an offer to buy any security or investment product.

    36 min
  2. Lincoln International's Brian Garfield - how is AI impacting private markets valuations?

    5D AGO

    Lincoln International's Brian Garfield - how is AI impacting private markets valuations?

    Welcome back to the Alt Goes Mainstream podcast. Today’s episode dives into the nuances of the numbers to discuss valuations, underwriting, and the state of private markets. We sat down with Brian Garfield, Managing Director and Global Head of the Portfolio Valuations practice within Lincoln International’s Valuations and Opinions Group. Brian provides valuation and transaction opinion services to public and private alternative asset managers. He leads a team of over 225 professionals, providing strategic oversight for the Global Portfolio Valuation practice which includes both our Portfolio Valuation and Asset Backed Finance teams situated across North America, EMEA and APAC. Brian’s team also produces the Lincoln Private Market Index, Lincoln Senior Debt Index, and Lincoln Default Index.  Brian and his team specialize in estimating the fair value for an array of financial instruments, including direct investments in senior, unitranche and subordinated loans, as well as preferred equity, common equity, option and warrants. His expertise also includes valuing secondary fund interests, co-investments, and GP stakes. Prior to joining Lincoln, Brian spent more than six years at Duff & Phelps, LLC, where he advised a wide range of alternative asset managers. Brian and I had a fascinating conversation about the current state of valuations and underwriting in private markets. We discussed: How is AI impacting SaaS company valuations?Taking stock of the current fundamentals of private companies.Is the “iceberg of deals” melting?How indices and benchmarks are bringing a “deeper level of transparency than price” to a market.How is continuation vehicle activity impacting private markets?How has the growth of evergreen funds impacted the world of valuations?Thanks Brian for sharing your expertise, insights, and passion about private markets and valuations. Show Notes00:00 AI Hype Reality Check 01:01 A Message From Our Sponsor, Ultimus 01:57 Introducing Brian Garfield 04:12 Art Versus Science in Valuations 04:55 Tech Automation Transparency 06:07 Valuation For New Investors 07:35 Entry Price Anchor 08:51 From Entry To Exit 10:06 Cycles And The Public Versus Private Gap 10:45 Lincoln Private Market Index 11:55 AI And Software Bifurcation 16:36 Private Market Health Signals 17:49 2021 Vintage Leverage Trap 19:47 Exit Logjam Continuation Vehicles 21:06 Winners Path To Exits 22:37 Deal Flow Thawing 23:33 Capital Shifts and Yields 25:56 Underwriting Discipline Today 28:52 AI Winners and Specialists 30:38 Energy Shock and Valuations 35:11 Public Private Convergence 36:17 Indexes and Transparency 38:03 Evergreen Cadence Shift 41:26 Standardization and Data Tech 43:09 AI Querying and Backtesting 46:42 Wrap Up 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.

    48 min
  3. Bridgepoint's Xavier Robert - building a "middle market global champion"

    APR 23

    Bridgepoint's Xavier Robert - building a "middle market global champion"

    Welcome back to the Alt Goes Mainstream podcast. Today’s episode unpacks the nuances of the middle market investing landscape with an industry expert who spearheads one of the leading middle market investment platforms. We sat down in Bridgepoint’s London office with Partner and Chief Investment Officer Xavier Robert. Xavier is a Partner of Bridgepoint and Chief Investment Officer, where he’s been a member of the firm for almost 28 years. He is a member of the Firm’s Group Management Committee and Investment Advisory Committee. He currently sits on the boards of MiQ, Kyriba, and Qualitest. He was previously a Board Member and Chair of the Remuneration Committee at eFront, which the firm sold to BlackRock. Prior to joining Bridgepoint, he worked at Total and Ernst & Young. Xavier and I had a fascinating and nuanced discussion about why the middle market is a compelling segment in the market and how Bridgepoint has expanded across asset classes. We discussed: How Bridgepoint’s origins as part of NatWest Banking Group helped to shape the firm’s early days as an independent investment platform.The “entrepreneurial story” of Bridgepoint.The story of Bridgepoint’s IPO and how everyone from the CEO to the receptionist all had shares in the company pre-IPO.The importance of being local in markets across Europe but operating as a single team.The expansion of Bridgepoint’s platform across credit, infrastructure, and secondaries.Why Europe, why now.Why the middle market is an attractive segment for investment.Sizing up the middle market investment opportunity and how the size and scale of middle market companies provide investors with more control of exit outcomes.What drives returns in the middle market.Why and how Bridgepoint has approached working with the wealth channel.Thanks Xavier for coming on the show to share your wisdom, expertise, and passion for private markets, investing, and the European mid-market. Show Notes 00:00 Welcome and Setting 00:36 Bridgepoint Origins 02:14 Team Culture Ownership 03:33 Platform Full Circle 04:06 Partnering With Founders 06:06 Why Middle Market 08:29 Exits and Market Shifts 10:12 Value Creation Playbook 12:07 Bridgepoint Competitive Edge 14:05 Europe Local Advantage 16:15 Europe Returns Misconceptions 17:26 US Firms and Competition 18:29 Geopolitics and Expansion 19:57 Middle East Growth Story 20:45 Wealth Channel Strategy 21:48 Why Private Markets Win 22:25 Responsible Access For Wealth 23:11 Building An Evergreen Platform 25:40 Why Combine Infra And PE 28:35 Evergreen Deal Allocation 30:42 Scaling Funds Without Dilution 32:41 Kyriba Deal Lessons 36:34 What Excites Middle Market 37:45 Building Asset Management Today 39:27 Global Middle Market Ambition 40:49 Full Circle Closing Thoughts * Note: This episode was originally recorded in January 2026.

    41 min
  4. AlphaCore Wealth Advisory's Dick Pfister - Wealth management with alpha at its core: live from iCapital Connect

    APR 21

    AlphaCore Wealth Advisory's Dick Pfister - Wealth management with alpha at its core: live from iCapital Connect

    Welcome to the 19th episode of the Alts Pulse, a collaboration between iCapital x Alt Goes Mainstream.  In the latest episode of the Alts Pulse, we were live from iCapital Connect. AlphaCore Wealth Advisory CEO & Founder Dick Pfister and I had a nuanced discussion about the intersection of wealth management, technology, and private markets. Dick is a pioneer of providing the wealth channel with access to private markets. He’s also a serial entrepreneur in both wealth management and private markets, bringing 25 years of experience across wealth advisory and financial services to bear as he builds AlphaCore. In 2015, he founded AlphaCore, which has become a leading wealth advisory firm. He serves as AlphaCore’s CEO and is a managing member of the Investment Committee. As a partner at Altegris, Dick democratized access to elite asset managers previously not available to the mainstream investor. In 2010, Dick and his partners sold Altegris to a Fortune 500 company. Dick and I had a fascinating discussion about the evolution of wealth management. We covered: How Dick’s background in trading and private markets informed the creation of AlphaCore Wealth Advisory.Lessons learned from pioneering alts access with Altegris.What’s in a name, AlphaCore edition.Why there’s “alpha” beyond investing in wealth management.How AlphaCore leverages technology to enhance the client experience and streamline workflows for advisors.How the trend of increasing centralization of the CIO function is changing how advisors allocate to private markets.Thanks Dick for a great conversation tying together how private markets and private wealth are increasingly interlinked and woven into a wealth client’s financial life. Show Notes00:00 Welcome 00:47 Dick’s Trading Roots and Altegris 02:05 AlphaCore Origin Story 03:55 Alpha Beyond Investing 05:50 Private Markets and Liquidity 07:39 Tech Workflows and Proposals 09:47 AI and Risk Factor Tools 11:03 Risk Buckets in Alternatives 12:42 Advisor Education and Holding Power 13:56 Growth Through Acquisitions 17:18 Differentiating in Private Markets Today 20:49 Open Architecture vs Centralization 22:15 Scaling Models and Venture Access 26:05 Next Frontier of Education and Content 27:56 Clients, Social Media, and Human Advice 29:05 AI Threats and Opportunities 29:39 Closing Thanks

    30 min
  5. HarbourVest's John Toomey - over 40 years of "earning investors' trust"

    APR 14

    HarbourVest's John Toomey - over 40 years of "earning investors' trust"

    Welcome back to the Alt Goes Mainstream podcast. Today’s episode dives into the nuances of private markets with one of the industry’s leaders. We sat down with HarbourVest CEO John Toomey, where he leads a firm that has over $160B in AUM and has over 43 years of experience across primary funds, secondary transactions, direct co-investments, and building customized programs for LPs. John has been at HarbourVest for almost 30 years, joining the firm in 1997 as an Analyst in the Direct team. He spent 10 years as one of the leaders of the Secondary business before serving on Global Investment Committees for nearly a decade. He also served as the original CFO for the HarbourVest Global Private Equity vehicle, which went public in 2007 on Euronext Amsterdam. John is also a member of the Firm’s Conflicts Committee, Sustainable Investing Council, and DEI Council. He received a BA (cum laude) in Chemistry and Physics from Harvard University and an MBA from Harvard Business School. John and I had a fascinating and thought-provoking conversation about the evolution of private markets as an industry. We covered: The biggest differences between private markets in the 1990s and private markets today.How private markets has evolved over the past 30 years.What LPs are looking for today in their manager relationships.Do LPs want more choice or less?Why LPs, both institutions and wealth investors, might outsource private markets capabilities.How the institutionalization of private wealth platforms is shaping how alternative asset managers partner with the wealth channel.Where scale matters for alternative asset managers.Where allocators should be “narrow and limited” with their GP relationships and where allocators should be diversified.What is required for managers that launch and manage evergreen vehicles.The why and the how behind launching a private wealth solutions business.Thanks John for coming on the show to share your wisdom, expertise, and passion for private markets. Show Notes00:00 Welcome to Alt Goes Mainstream 01:16 Sponsor Message Ultimus 02:11 Meet John Toomey 04:44 HarbourVest Then vs Now 05:32 LP Demands Transparency 07:21 Why Outsource Private Markets 09:02 Programmatic Portfolio Building 10:35 Earning Trust at Scale 12:17 Building Blocks for Clients 14:50 GP Needs and Access Points 16:49 Co-Investment Value Proposition 23:16 Big vs Niche Managers 27:04 Evergreen Funds and Wealth 30:55 Wealth Platform Consolidation 31:35 Who Can Build Evergreens 33:03 Evergreen Portfolio Ingredients 35:12 How Wealth Wants Access 36:27 Centralized CIO Model Shift 37:26 Manager Selection Matters 38:59 Diversification Versus Alpha 40:39 Funding Private Allocations 43:07 Secondaries As Onramp 44:47 Institutional Program Evolution 48:57 Institutions Using Evergreens 50:54 Liquidity And LP Mix 53:05 What Creates Manager Edge 56:05 Data Insights And Echoes 58:12 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. DisclosuresHarbourVest Partners, LLC is a registered investment adviser under the Investment Advisers Act of 1940. This material is solely for informational purposes and should not be viewed as a current or past recommendation or an offer to sell or the solicitation to buy securities or adopt any investment strategy.  The opinions expressed herein represent the current, good faith views of the author(s) at the time of publication, are not definitive investment advice, and should not be relied upon as such. This material has been developed internally and/or obtained from sources believed to be reliable; however, HarbourVest does not guarantee the accuracy, adequacy or completeness of such information. There is no assurance that any events or projections will occur, and outcomes may be significantly different than the opinions shown here.  This information, including any projections concerning financial market performance, is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. The information contained herein must be kept strictly confidential and may not be reproduced or redistributed in any format without the express written approval of HarbourVest.   Nothing herein should be construed as a solicitation, offer, recommendation, representation of suitability, legal advice, tax advice, or endorsement of any security or investment and should not be relied upon by you in evaluating the merits of investing in HarbourVest funds or in any other investment decision.  Editing and post-production work for this episode was provided by The Podcast Consultant.

    59 min
  6. Stonepeak Credit's Ryan Roberge - building an infrastructure credit strategy

    APR 8

    Stonepeak Credit's Ryan Roberge - building an infrastructure credit strategy

    Welcome back to the Alt Goes Mainstream podcast. Today’s conversation unpacks an emerging category within infrastructure investing that has a compelling set of market forces and mega trend tailwinds. We sat down in Stonepeak’s New York office with Stonepeak Credit Partner and Senior Managing Director Ryan Roberge. Ryan brings a diverse set of experiences to bear that helped him build an infrastructure credit business at Stonepeak. He previously covered the energy and infrastructure sectors for King Street, a New York-based hedge fund focused on distressed, special situations, and event driven credit investing. Prior to King Street, Ryan worked in the Energy group at TPG Capital, a large global alternative asset manager. Ryan started his career in Credit Suisse’s Energy Investment Banking Group. He received a Bachelor of Science in Finance from Louisiana State University. Ryan and I had a fascinating conversation on why infrastructure credit’s time is now. We covered: How Ryan’s background across energy investment banking, energy private equity, and distressed and special situations energy and infrastructure investing all help when investing in infrastructure credit.Why infrastructure credit is a specialized, capital-intensive strategy.How to underwrite data center risk.Contrarian AI insights.The biggest risks in infrastructure credit investing.How and why infrastructure credit is different from other areas of private credit and direct lending.How a specialist investment platform can help inform where to invest in infrastructure credit.Thanks Ryan for coming on the podcast to share your expertise, wisdom, and passion for infrastructure and credit. Show Notes00:00 Hard Asset Diversification 00:25 Welcome to Alt Goes Mainstream 01:01 Message from our Sponsor, Ultimus 02:07 Meet Ryan Roberge 04:16 Ryan Career Origins 04:52 From Banking to TPG 05:25 King Street Credit Training 06:07 Equity To Credit Shift 07:04 Downside First Mindset 07:48 What Is Infrastructure Credit 08:08 Three Core Sectors 08:25 Asset Level Underwriting 09:02 Capital Intensive Returns 09:51 Thinking Like An Owner 10:44 Funding Gap And AI Tailwinds 11:01 Why Direct Lending Misses It 12:29 Construction And Collateral Value 13:15 Capital Markets Spectrum 15:56 Private Credit Vs Infra Credit 18:55 Where It Fits In Portfolios 24:36 Data Centers Tech Risk 31:04 Cycle Risk Reality Check 31:32 Long Duration Mindset 32:13 Loan Horizon Framework 32:40 Asset First Underwriting 32:53 Maintenance Capex Truth 33:59 Stress Testing Recovery 34:13 Capital Flood Into Infra 35:14 Theme Chasing Warning 36:02 Why Skip Renewables 36:20 Bigger Deals Cheaper Money 36:51 ABF And Insurance Capital 37:17 Non-IG Hard Asset Logic 38:11 Scale Keeps IG Away 38:25 Key Underwriting Risks 38:34 Loan To Value Reality 39:01 Fiber To Home Case Study 40:09 Growth Platform Underwrite 41:01 Hiring For Credit Mindset 42:23 Downside Recovery Culture 43:10 Contrarian AI Insight 44:07 Circular Demand Red Flags 46:39 Data Center Risk Filters 49:20 Investor Demand And Closing 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.

    1h 2m
  7. Bloomberg's Brad Foster - driving the convergence between public and private markets

    MAR 31

    Bloomberg's Brad Foster - driving the convergence between public and private markets

    Welcome back to the Alt Goes Mainstream podcast. Today’s episode takes us to a hub of market structure, a powerhouse of trading, and a crossroads of public and private markets to discuss how private markets are in the midst of a market structure evolution. We sat down at Bloomberg’s NYC headquarters with Bloomberg’s Head of Fixed Income & Private Markets Brad Foster to discuss how technology and data are driving a convergence between public and private markets, particularly as it relates to the credit space. Brad is the Head of Fixed Income & Private Markets at Bloomberg, where he’s focused on delivering the data, analytics, and tools clients need to power public and private market investment strategies and workflows. Brad joined Bloomberg in June 2017 to lead its Enterprise Data Content business as well as its Fixed Income Evaluated Pricing (BVAL) offering. He was appointed Head of Fixed Income, including Securitized Products, in early 2023 and Head of Fixed Income & Private Markets in early 2024. Prior to joining Bloomberg, Brad spent almost 20 years on the sell-side in multiple locations, including London, Tokyo, and New York, for Deutsche Bank as a Managing Director in Global Markets across Global Finance, Fixed Income & Currencies, Structured Finance, Special Situations, Structured Lending and Front Office Risk Management, including CVA and Counterparty Risk, where he managed a team that built a Cross-Product Risk and Portfolio Margining Platform. Prior to Deutsche Bank, he was at Credit Suisse in the Market Risk Management Group. Brad and I had a fascinating conversation about public and private credit and how data and technology are shaping these markets. We covered: How Bloomberg’s history shaping other market structures are informing how private markets market structure is evolving.How public and private credit are converging.Definitions and perspectives on liquidity vs illiquidity, what’s risky and what’s not risky.What private markets needs from a market infrastructure perspective to scale.Why borrowers are choosing private credit and the investment grade private credit option.How Bloomberg is approaching private credit and private markets market structure.Bloomberg’s build vs. buy vs. partner strategy with private markets tech.Thanks Brad for sharing your wisdom, expertise, and passion at the intersection of credit, market structure, and financial technology. Show Notes00:00 Scaling Private Markets 01:12 Welcome to the Alt Goes Mainstream Podcast 02:13 Brad Foster’s Background 04:31 From Trading to Bloomberg 05:27 Client Empathy Product Mindset 06:25 Fixed Income as Blueprint 07:11 Bloomberg Shaping Market Structure 08:19 Electronification Turning Points 09:10 Efficiency and Regulation Drivers 09:45 Blurring Public and Private Credit 10:34 Three Legs of Credit 11:43 Why Borrowers Go Private 13:09 Missing Data and Workflow 13:57 Security Master Foundations 16:12 Transparency and Retail Pressure 22:07 Private Deal Data Uploads 22:29 Same Analytics for Private 22:50 Sold Not Bought Debate 23:43 When Private Gets Liquid 24:38 Desktop Real Estate Idea 26:21 Reimagining Terminal with AI 27:21 Chat as Market Connector 28:19 Build Buy Partner Strategy 28:51 Bloomberg Private Track Record 30:09 Daphne Investment Rationale 30:58 Fixing GP LP Workflow 32:01 Most Valuable Data Masters 33:45 Taxonomy as Missing Piece 34:49 Standardizing Valuation Methods 35:29 Extending Evaluated Pricing 37:27 Liquidity Versus Illiquidity 40:18 Portfolio Risk for Asset Owners 44:16 Foundations to Scale Privates Editing and post-production work for this episode was provided by The Podcast Consultant.

    46 min
  8. Brookfield Asset Management's David Nowak - "earn your seat" private equity

    MAR 19

    Brookfield Asset Management's David Nowak - "earn your seat" private equity

    Welcome back to the Alt Goes Mainstream podcast. Today’s episode unpacks how to build a private equity firm within one of the largest and most unique investment platforms in private markets. We sat down in Brookfield Asset Management’s Brookfield Place office in downtown NY with David Nowak, the President of Brookfield’s Private Equity Group.  David and I dove into a conversation about the private equity industry, Brookfield’s approach to private equity, and how the firm’s culture and DNA shapes how they work with portfolio companies and LPs. David has overall responsibility for the Private Equity Group’s North American business. He also serves as Chief Executive Officer of Brookfield Private Equity Fund. He joined Brookfield in 2011. He holds a MBA degree from Duke University, where he graduated as a Fuqua Scholar, and a Bachelor of Laws degree from the University of Western Ontario. David and I had a fascinating conversation about private equity and the Brookfield platform. We covered: How Brookfield’s owner-operator alignment informs how they approach private equity investing and their partnerships with portfolio companies.How the industry has gone from “roll your dice private equity to roll up your sleeves private equity.”Why and how the firm has a “blue collar work ethic.”The firm’s flat structure and a culture of collective effort, humility, and “earning your seat.”Why Brookfield’s private equity business focuses on complex carve outs.Why it’s important for investors to “think like an operator.”How the firm approaches value creation and the importance of understanding value creation levers even before making an investment.How Brookfield’s broader platform provides the private equity business with insights and subject matter expertise.The story behind Brookfield’s Westinghouse investment.What it means to look for “unloved businesses.”Why private equity is an apprenticeship business and how AI might impact the next generation of private equity leaders.Thanks David for sharing your expertise, wisdom, and passion for private equity and company and culture-building. Show Notes00:00 Cold Open 00:51 A Message from our Sponsor, Ultimus 01:48 Welcome to Alt Goes Mainstream and David Nowak 03:30 Brookfield Culture is We Not I 04:48 Leadership Succession and Humility 06:22 Earn Your Seat Mindset 06:30 Owner Operator Alignment 08:23 Maax Bath Case Study 09:34 Roll Up Your Sleeves Private Equity 11:31 Operators on the Team 12:06 Secondments Train Investors 12:53 Underwriting with Reality Checks 13:58 Platform Advantage and Insights 16:46 How Collaboration Actually Works 18:56 Long Term Patient Capital 21:07 Value Creation Playbook 24:38 Contrarian Deals and Valuation Nuance 27:41 Underwriting Operating Change 27:55 Fixable vs Hard Problems 29:16 Winning Management Buy In 30:00 Early Wins and Focus 30:25 Humility on the Ground 31:06 Listening in Founder Talks 32:09 Stretching Young Leaders 33:23 Flat Structure Decision Table 34:24 Scaling Without Losing Culture 35:06 Open Space and Mobility 35:50 Cross Office Deal Teams 37:20 Fund Size and Return Pressure 38:23 Shift to Quality Businesses 39:25 Good Business or Cheap 40:13 Risk First Capital Protection 41:50 Graphite Electrode Auction Win 43:45 Diligence - Then Move Fast 48:14 Curiosity Apprenticeship and AI 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.

    55 min
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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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