The Private Markets Playbook

Allocate
  • 4.3 (6)
  • Investing
  • Updated Monthly

The Private Markets Playbook is a podcast for wealth advisors and CIOs navigating portfolios beyond the traditional 60/40. Hosted by Allocate, the show features candid conversations with allocators, asset managers, and industry leaders on building modern, programmatic portfolios—spanning private markets, portfolio construction, and the systems required to manage complexity at scale. joinallocate.substack.com

  1. Aug 12

    Building a Unified RIA: Culture, Acquisitions, and Client-Centric Growth

    Welcome to The Private Markets Playbook, a podcast for wealth advisors and CIOs navigating portfolios beyond the traditional 60/40. Hosted by Allocate, the show features candid conversations with allocators, asset managers, and industry leaders on building modern, programmatic portfolios—spanning private markets, portfolio construction, and the systems required to manage complexity at scale. In this episode, Samir Kaji sits down with Lido Advisors President Brian Haloossim and Managing Director Sanjeev Sardana to unpack how modern wealth management is evolving and what it takes to build a differentiated, client-first RIA. They discuss why both chose to join Lido and how Lido is deliberately avoiding the “aggregator” label in favor of a unified firm with shared values and a common story. The conversation focuses on building thoughtful alternatives programs that go beyond product pushing, including partnering with family offices for true sourcing edge, managing illiquidity, capital calls, and late K-1s, and ensuring each private investment fits the client’s full balance sheet and liquidity profile. Brian and Sanjeev also emphasize client and advisor education around patience, the J-curve, and risk, and close by exploring how AI and technology are being woven into trading, planning, and operations to enhance (not replace) human advice as wealth management becomes more complex and alternative-heavy. Topics in this conversation include: * Origins of Brian and Sanjeev and Why They Joined Lido Advisors (2:02) * Evolution of Wealth Management and Need for Differentiation Beyond 60/40 (7:43) * Vetting Acquisitions and Ensuring Cultural and Client-First Alignment (14:14) * Moving Beyond 60/40 and Building an Edge in Alternatives With Family Offices (18:22) * Challenges of Sourcing, Diligencing, and Timing Alternatives for Clients (24:10) * Managing Capital Calls, Funding Accounts, and Market Cycles for Alts (29:58) * Who Should Invest in Alternatives and Educating Clients on the J‑Curve (36:13) * Risks of AI Adoption, Data Security, and Protecting Client Information (43:32) * Client Centricity, Technology, and the Future of Wealth Management (44:30)  Thank you for listening to the Private Markets Playbook. To learn more about our work and how we’re supporting access to alternative investments, visit us at allocate.co. We look forward to connecting with you. Disclosure The information on this page constitutes market commentary and is provided by Allocate Management Company, LLC, any of its affiliates or any of its or their affiliates, directors, officers, employees or advisers (collectively referred to herein as “Allocate”) for informational purposes only. Any opinions, assumptions, assessments, statements or the like (collectively, “Statements”) regarding market condition, future events or which are forward-looking, including Statements about investment processes, investment objectives, goals, risk management techniques, views of possible future outcomes in any investment asset class or market, or of possible future economic developments, constitute only market commentary based on the subjective views, beliefs, outlooks, forecasts, projections, estimations or intentions of Allocate, should not be relied on, are subject to change. Although Allocate believes that the expectations reflected in the Statements are reasonable, no representation is made or assurance given that such Statements are correct or that the objectives of an investment product or service will be achieved or that investors will receive a return of their capital or will not sustain losses. All investments involve risks and uncertainties, as disclosed in the applicable offering documents. Allocate undertakes no responsibility or obligation to revise or update any Statements. Statements expressed herein may not be shared by all personnel of Allocate. This page and the Statements are not intended as investment advice or recommendations by Allocate. It is Allocate’s policy that investment recommendations to its clients must be based on the investment objectives and risk tolerances of each individual client. This page and Statements may contain or are based on third-party sources that, although believed to be reliable, have not been independently verified. Market and investment views of third parties presented herein do not necessarily reflect the views of Allocate. All such information is as of the date indicated, if indicated, may not be complete, is subject to change. All rights to the trademarks, copyrights, logos and other intellectual property listed herein belong to their respective owners and the use of such logos hereof does not imply an affiliation with, or endorsement by, the owners of such trademarks, copyrights, logos and other intellectual property. Past performance is not indicative of future results. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit joinallocate.substack.com

    Building a Unified RIA: Culture, Acquisitions, and Client-Centric Growth

  2. Jul 30

    Why Most Firms Miss on Alts: It’s NOT the Product, It’s the Plumbing

    Welcome to The Private Markets Playbook, a podcast for wealth advisors and CIOs navigating portfolios beyond the traditional 60/40. Hosted by Allocate, the show features candid conversations with allocators, asset managers, and industry leaders on building modern, programmatic portfolios—spanning private markets, portfolio construction, and the systems required to manage complexity at scale. In this episode, Samir Kaji sits down with Raj Bhattacharyya and Stuart Katz of Robertson Stephens to unpack how they rebuilt an iconic Wall Street brand into a $9B, tech-forward wealth management firm focused on high and ultra-high net worth clients. They walk through the firm’s four pillars of fiduciary alignment, centralized investments, integrated planning, and technology, and how that framework shapes their approach to private markets and alternatives. The conversation dives into what it means to use alts as a purposeful “program” rather than a shiny product, how to size and structure illiquid exposures so they support (rather than derail) a client’s plan, and why advisor and client education around liquidity, the J-curve, and manager dispersion is non-negotiable. Along the way, they explore the operational plumbing required to scale alts, the risks of country club deals and fee-stacked SPVs, and how agentic AI is beginning to transform research, operations, and the client experience, enhancing, but not replacing, the advisor’s judgment as wealth management moves into an increasingly digital and choice-saturated future. Topics in this conversation include: * Origins of Rebuilding Robertson Stevens as a Pure Wealth Management Firm (2:37) * Entrepreneurial DNA of the Firm and Empathy for Founders and Advisors (6:51) * Purposeful Use of Alternatives and Theme-Driven Investment Process (9:30) * Integrating Planning, Liquidity, and Client Temperament with Alternatives (14:24) * When to Use Alternatives, Importance of Simplicity, and Sizing by Suitability (16:28) * Return Targets, Dispersion Across Managers, and Internal Hurdle Framework (23:49) * Advisor Discomfort with Alts and Building Consistent Education and Support (27:37) * Technology as a Core Pillar and Crossing the Threshold to Time-Saving Tools (36:36) * Agentic AI in the Investment Office as an Analyst Layer to Enhance Judgment (43:57) * Future of Alternatives Plumbing, AI-Driven Efficiency, and Tokenization Trends (47:47) Thank you for listening to the Private Markets Playbook. To learn more about our work and how we’re supporting access to alternative investments, visit us at www.allocate.co. We look forward to connecting with you. Disclosure The information on this page constitutes market commentary and is provided by Allocate Management Company, LLC, any of its affiliates or any of its or their affiliates, directors, officers, employees or advisers (collectively referred to herein as “Allocate”) for informational purposes only. Any opinions, assumptions, assessments, statements or the like (collectively, “Statements”) regarding market condition, future events or which are forward-looking, including Statements about investment processes, investment objectives, goals, risk management techniques, views of possible future outcomes in any investment asset class or market, or of possible future economic developments, constitute only market commentary based on the subjective views, beliefs, outlooks, forecasts, projections, estimations or intentions of Allocate, should not be relied on, are subject to change. Although Allocate believes that the expectations reflected in the Statements are reasonable, no representation is made or assurance given that such Statements are correct or that the objectives of an investment product or service will be achieved or that investors will receive a return of their capital or will not sustain losses. All investments involve risks and uncertainties, as disclosed in the applicable offering documents. Allocate undertakes no responsibility or obligation to revise or update any Statements. Statements expressed herein may not be shared by all personnel of Allocate. This page and the Statements are not intended as investment advice or recommendations by Allocate. It is Allocate’s policy that investment recommendations to its clients must be based on the investment objectives and risk tolerances of each individual client. This page and Statements may contain or are based on third-party sources that, although believed to be reliable, have not been independently verified. Market and investment views of third parties presented herein do not necessarily reflect the views of Allocate. All such information is as of the date indicated, if indicated, may not be complete, is subject to change. All rights to the trademarks, copyrights, logos and other intellectual property listed herein belong to their respective owners and the use of such logos hereof does not imply an affiliation with, or endorsement by, the owners of such trademarks, copyrights, logos and other intellectual property. Past performance is not indicative of future results. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit joinallocate.substack.com

    Why Most Firms Miss on Alts: It’s NOT the Product, It’s the Plumbing

  3. Jul 7

    SpaceX, Anthropic & The Trillion-Dollar VC Flywheel

    Welcome to The Private Markets Playbook, a podcast for wealth advisors and CIOs navigating portfolios beyond the traditional 60/40. Hosted by Allocate, the show features candid conversations with allocators, asset managers, and industry leaders on building modern, programmatic portfolios—spanning private markets, portfolio construction, and the systems required to manage complexity at scale. In this episode, Samir Kaji sits down with Dave Engel, Partner and Head of Venture Capital at AlphaCore, to unpack how a wealth advisory firm can thoughtfully bring venture capital into private client portfolios. They trace Dave’s journey from building and selling startups to Palo Alto Networks to now running an endowment-style VC program inside a wealth platform. The conversation dives into what it really takes to access top-quartile venture returns, how to diligence the flood of emerging managers (including spinouts from brand-name firms), why education around illiquidity and risk is so critical for advisors and clients, and how AI-driven innovation—from healthspan to the physical world—is reshaping the opportunity set. Along the way, Samir and Dave explore secondaries, the impact of blockbuster liquidity events like SpaceX and Anthropic, and the traits that separate truly differentiated managers from the pack in today’s venture market. Dave Engel is a Partner and Head of Venture Capital at AlphaCore. With more than 25 years of experience spanning venture capital, enterprise technology, and financial services, Dave brings a unique perspective shaped by his success as both an operator and investor. Before founding Red Shepherd Ventures in 2021, he led worldwide sales at Zingbox, helping drive 10x growth ahead of its acquisition by Palo Alto Networks, and held leadership roles at NetApp and Oracle. He has also built a strong track record as an angel and venture investor, backing successful startups including Zingbox, Cyabra, and NextAge, and is widely recognized for his expertise in go-to-market strategy, early-stage investing, and company building. Topics in this conversation include: * Dave Engel Background and Early Tech Career (1:48) * Endowment Model Approach to Venture at AlphaCore (5:22) * Barbell Market Structure of Mega Funds and Emerging Managers (9:34) * Scale of Emerging Managers and Need for Networked Access (11:31) * Adverse Selection Risks from Client-Referred VC Opportunities (16:09) * Storytelling, Updates, and Non-NAV Nature of Venture (20:39) * Illiquidity Reality and Misplaced Focus on Late-Stage Names (24:21) * SpaceX IPO, AI Giants, and Liquidity Wave Implications (28:43) * Comparison to Dot-Com Era and Current AI Valuation Cycles (32:08) * Sourcing, Picking, and Winning as Core VC Functions (40:55) * Advice to Younger Self on Humility and Empty-Cup Mindset (43:29) * Final Thoughts and Takeaways (45:25) Disclosure The information on this page constitutes market commentary and is provided by Allocate Management Company, LLC, any of its affiliates or any of its or their affiliates, directors, officers, employees or advisers (collectively referred to herein as “Allocate”) for informational purposes only. Any opinions, assumptions, assessments, statements or the like (collectively, “Statements”) regarding market condition, future events or which are forward-looking, including Statements about investment processes, investment objectives, goals, risk management techniques, views of possible future outcomes in any investment asset class or market, or of possible future economic developments, constitute only market commentary based on the subjective views, beliefs, outlooks, forecasts, projections, estimations or intentions of Allocate, should not be relied on, are subject to change. Although Allocate believes that the expectations reflected in the Statements are reasonable, no representation is made or assurance given that such Statements are correct or that the objectives of an investment product or service will be achieved or that investors will receive a return of their capital or will not sustain losses. All investments involve risks and uncertainties, as disclosed in the applicable offering documents. Allocate undertakes no responsibility or obligation to revise or update any Statements. Statements expressed herein may not be shared by all personnel of Allocate. This page and the Statements are not intended as investment advice or recommendations by Allocate. It is Allocate’s policy that investment recommendations to its clients must be based on the investment objectives and risk tolerances of each individual client. This page and Statements may contain or are based on third-party sources that, although believed to be reliable, have not been independently verified. Market and investment views of third parties presented herein do not necessarily reflect the views of Allocate. All such information is as of the date indicated, if indicated, may not be complete, is subject to change. All rights to the trademarks, copyrights, logos and other intellectual property listed herein belong to their respective owners and the use of such logos hereof does not imply an affiliation with, or endorsement by, the owners of such trademarks, copyrights, logos and other intellectual property. Past performance is not indicative of future results. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit joinallocate.substack.com

    SpaceX, Anthropic & The Trillion-Dollar VC Flywheel

  4. Jun 26

    Evergreen, Drawdowns, and the AI Wave: Where Private Markets Go Next

    Welcome to The Private Markets Playbook, a podcast for wealth advisors and CIOs navigating portfolios beyond the traditional 60/40. Hosted by Allocate, the show features candid conversations with allocators, asset managers, and industry leaders on building modern, programmatic portfolios—spanning private markets, portfolio construction, and the systems required to manage complexity at scale. In this episode, Samir Kaji sits down with Aneet Deshpande, Chief Investment Officer of Clearstead, a $62 billion advisory firm serving both private clients and institutions. They unpack how Aneet’s experience investing through the dot‑com bubble and the Global Financial Crisis shaped his purpose‑driven approach to asset allocation, and how Clearstead bridges the gap between Yale‑style endowment portfolios and the real‑world needs of multi‑generational families. The conversation explores building scalable but customized private markets programs, managing advisor cognitive load and client psychology, the right and wrong ways to use evergreen funds, and why simplicity, tax awareness, and rigorous manager selection are increasingly critical in a world of expanding alternatives and rapid advances in AI‑driven investment infrastructure. Aneet Deshpande is Chief Investment Officer at Clearstead, where he is responsible for leading the firm’s Investment Office, overseeing asset allocation, manager research, investment solutions, and portfolio management. He has been working in the financial services industry since 1999, joined Clearstead in 2020, and has been a shareholder since 2021. Aneet brings expertise in investment manager research, investment strategy, portfolio management, and trading. Before joining Clearstead, he worked as CIO and lead portfolio manager for a multi-billion-dollar investment management company, where he also held leadership roles in investment strategy, trading, and portfolio management. Throughout Aneet’s career, he has led teams focused on delivering institutional-quality investment solutions and managing complex multi-asset portfolios on behalf of families and institutions. Topics in this conversation include: * Aneet’s Career Background through Dot-Com Bubble and GFC (1:40) * Purpose-Driven Approach to Asset Allocation and “Alternatives” (5:35) * Importance of Programmatic vs Ad Hoc Private Markets Exposure (9:41) * Planning-Led Wealth Approach and Role of Tax, Estate, and Governance (13:17) * Cognitive Load on Advisors from Deal-by-Deal Private Offerings (18:22) * Complexity vs Simplicity in Portfolio Construction and “Alternatives” (24:18) * Evergreen Fund Structures, Liquidity, and Redemption Headlines (28:32) * Dispersion in Private Equity and Private Credit Manager Outcomes (31:15) * Client Psychology, Market Cycles, and Sticking to Plans (34:15) * Future of Product Innovation, Tokenization, and Onboarding Friction (39:14) * How AI and Tech Transform Private Markets Diligence (42:11) * Final Thoughts and Takeaways (44:28) Disclosure The information on this page constitutes market commentary and is provided by Allocate Management Company, LLC, any of its affiliates or any of its or their affiliates, directors, officers, employees or advisers (collectively referred to herein as “Allocate”) for informational purposes only. Any opinions, assumptions, assessments, statements or the like (collectively, “Statements”) regarding market condition, future events or which are forward-looking, including Statements about investment processes, investment objectives, goals, risk management techniques, views of possible future outcomes in any investment asset class or market, or of possible future economic developments, constitute only market commentary based on the subjective views, beliefs, outlooks, forecasts, projections, estimations or intentions of Allocate, should not be relied on, are subject to change. Although Allocate believes that the expectations reflected in the Statements are reasonable, no representation is made or assurance given that such Statements are correct or that the objectives of an investment product or service will be achieved or that investors will receive a return of their capital or will not sustain losses. All investments involve risks and uncertainties, as disclosed in the applicable offering documents. Allocate undertakes no responsibility or obligation to revise or update any Statements. Statements expressed herein may not be shared by all personnel of Allocate. This page and the Statements are not intended as investment advice or recommendations by Allocate. It is Allocate’s policy that investment recommendations to its clients must be based on the investment objectives and risk tolerances of each individual client. This page and Statements may contain or are based on third-party sources that, although believed to be reliable, have not been independently verified. Market and investment views of third parties presented herein do not necessarily reflect the views of Allocate. All such information is as of the date indicated, if indicated, may not be complete, is subject to change. All rights to the trademarks, copyrights, logos and other intellectual property listed herein belong to their respective owners and the use of such logos hereof does not imply an affiliation with, or endorsement by, the owners of such trademarks, copyrights, logos and other intellectual property. Past performance is not indicative of future results. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit joinallocate.substack.com

    Evergreen, Drawdowns, and the AI Wave: Where Private Markets Go Next

  5. Jun 9

    How to Invest Like You’re Dead (And Why It Works)

    Welcome to The Private Markets Playbook, a podcast for wealth advisors and CIOs navigating portfolios beyond the traditional 60/40. Hosted by Allocate, the show features candid conversations with allocators, asset managers, and industry leaders on building modern, programmatic portfolios—spanning private markets, portfolio construction, and the systems required to manage complexity at scale. In this episode, Samir Kaji sits down with John Jennings, President and Chief Strategist of the family office ArchBridge, to explore how ultra‑wealthy families can invest wisely amid uncertainty, information overload, and private‑market hype. John shares the story of ArchBridge’s origins in the aftermath of Arthur Andersen’s collapse and how living through the global financial crisis pushed him toward a focus on behavior, mental models, and simplicity, themes he codified in his book “The Uncertainty Solution.” The conversation covers why most investors are hurt more by fees, taxes, and bad behavior than by picking the “wrong” asset class, how family offices often overcomplicate portfolios and chase direct deals without the needed edge, and why a low‑cost, largely passive approach can quietly outperform much flashier strategies. They also dig into the dispersion in private equity and venture returns, the role of access and discipline in private markets, the limits of AI as an investment oracle in a complex adaptive system, and how advisors can help families align their portfolios with what actually matters for long‑term wealth. John M. Jennings is President and Chief Strategist of ArchBridge Family Office, where he leads client service and helps ultra‑wealthy families navigate all aspects of wealth management. A founding principal of the firm, he sits on ArchBridge’s Management, Investment, Risk Management, and Trust Committees. John is the award‑winning author of The Uncertainty Solution and writes the popular IFOD blog, and he frequently contributes on investing and behavior to outlets such as Forbes. He is an adjunct professor at Washington University’s Olin Business School and holds finance and law degrees from the University of Missouri, as well as a certificate in Decision Making and Behavioral Finance from Harvard. A St. Louis Business Journal 40 Under 40 honoree, John is a lifelong learner, avid reader, and devoted family man who still finds time for skiing, indie music, and cheering on the St. Louis Blues. Topics in this conversation include: * John’s Background From Law to Arthur Andersen And Enron Fallout (1:56) * Rise of Family Offices and Introduction to The Uncertainty Solution (4:41) * Why the Most Important Thing to Get Right is Investor Behavior (9:52) * Concept of Invest as if You’re Dead and Draw of Direct Deals (12:45) * Why Median Endowment Often Matches Simple 70/30 Index Portfolio (18:00) * Advisors Alpha Behavior Coaching Versus Security Selection (24:30) * Growth of Family Offices and Explosion of New Wealth From Tech Companies (27:37) * Disciplined Due Diligence Framework for Client Direct Deals (31:59) * Complex Adaptive Systems and Why Markets Resist Simple AI Prediction (33:52) * Which Economic Indicators Are Important but not Predictive for Market Returns (40:16) * Role of Private Markets When You Truly Have Edge Versus Simplicity Option (44:31) * Final Thoughts and Takeaways (45:14) Disclosure The information on this page constitutes market commentary and is provided by Allocate Management Company, LLC, any of its affiliates or any of its or their affiliates, directors, officers, employees or advisers (collectively referred to herein as “Allocate”) for informational purposes only. Any opinions, assumptions, assessments, statements or the like (collectively, “Statements”) regarding market condition, future events or which are forward-looking, including Statements about investment processes, investment objectives, goals, risk management techniques, views of possible future outcomes in any investment asset class or market, or of possible future economic developments, constitute only market commentary based on the subjective views, beliefs, outlooks, forecasts, projections, estimations or intentions of Allocate, should not be relied on, are subject to change. Although Allocate believes that the expectations reflected in the Statements are reasonable, no representation is made or assurance given that such Statements are correct or that the objectives of an investment product or service will be achieved or that investors will receive a return of their capital or will not sustain losses. All investments involve risks and uncertainties, as disclosed in the applicable offering documents. Allocate undertakes no responsibility or obligation to revise or update any Statements. Statements expressed herein may not be shared by all personnel of Allocate. This page and the Statements are not intended as investment advice or recommendations by Allocate. It is Allocate’s policy that investment recommendations to its clients must be based on the investment objectives and risk tolerances of each individual client. This page and Statements may contain or are based on third-party sources that, although believed to be reliable, have not been independently verified. Market and investment views of third parties presented herein do not necessarily reflect the views of Allocate. All such information is as of the date indicated, if indicated, may not be complete, is subject to change. All rights to the trademarks, copyrights, logos and other intellectual property listed herein belong to their respective owners and the use of such logos hereof does not imply an affiliation with, or endorsement by, the owners of such trademarks, copyrights, logos and other intellectual property. Past performance is not indicative of future results. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit joinallocate.substack.com

    How to Invest Like You’re Dead (And Why It Works)

  6. May 13

    From SaaS to AI-First: A Candid Conversation on the Future of Software Investing

    Welcome to The Private Markets Playbook, a podcast for wealth advisors and CIOs navigating portfolios beyond the traditional 60/40. Hosted by Allocate, the show features candid conversations with allocators, asset managers, and industry leaders on building modern, programmatic portfolios—spanning private markets, portfolio construction, and the systems required to manage complexity at scale. In this episode, Samir Kaji sits down with Neil Malik, Founder and CEO of K1 Investment Management, to unpack what the so‑called “SaaS apocalypse” really means for software investors in an AI‑driven market. They trace the evolution of K1’s strategy across nearly 300 enterprise software investments and dig into how Neil is triaging portfolio companies into green, yellow, and red buckets based on depth of workflow, system‑of‑record status, and the uniqueness of their data. The conversation also covers the risks of backing pure “LLM wrappers,” why regulated and infrastructure‑like software businesses may be more resilient, how multiple compression is reshaping return math for private equity, and why today’s AI and data center boom rhymes with prior infrastructure hype cycles. Please find full show transcription including further disclosures and footnotes here. Neil Malik is the Founder and Chief Executive Officer of K1 Investment Management, where he oversees the firm’s strategy, governance, and investment activities. Prior to establishing K1, Malik founded the growth equity practice at Kayne Anderson Capital Advisors, focusing on growth equity and buyout investments. He also held positions in the private equity groups of Brentwood Associates and Olympus Partners and began his career in the mergers and acquisitions group at J.P. Morgan Securities. Malik earned his MBA from Harvard Business School and holds dual bachelor’s degrees—a BS in Finance from the Wharton School and a BAS in Electrical Engineering and Computer Science from the School of Engineering and Applied Science at the University of Pennsylvania. K1 Investment Management, headquartered in Manhattan Beach, California, is a leading private equity firm specializing in investments in high-growth, enterprise software companies. The firm partners with dynamic management teams to build category leaders, providing capital and operational expertise to drive growth and innovation. K1 has an impressive track record, having realized $2.9 billion in enterprise value in 2024 through seven transactions, including the acquisitions of GoCanvas by Nemetschek Group and Axcient by ConnectWise. The firm’s portfolio includes notable investments in companies such as IRONSCALES, a leader in email security, and Board Intelligence, a prominent board management software platform. K1’s success is attributed to its focus on enterprise software, strategic growth investments, and a commitment to fostering innovation within its portfolio companies. Topics in this conversation include: * Evolution of Software Investing from ASPs to SaaS and Cloud (1:11) * AI Supercycle, Anthropic’s Growth, and Compressed Adoption Timelines (2:47) * Is this a “SaaS Apocalypse”? Market Overreaction and Dry Powder Opportunity (4:51) * Portfolio Triage Framework and What Makes SaaS Businesses Resilient (7:42) * Vertical SaaS Case Studies: Simpro, Legal Platforms, and Smarsh (8:55) * Data as a Moat, Regulated Markets, and Discoverability of LLM Communications (12:52) * Avoiding AI-Native “LLM Wrappers” and the Importance of System of Record (16:38) * Workflow, Adoption, and Cultural Change Required to Realize AI Value (18:01) * Lender–Customer Communications and Agentic Workflows (20:42) * Multiple Compression, Growth, and the Math of Exits in a 5–6x SaaS World (23:49) * Leverage, Private Credit, and the Coming Reckoning for Highly Levered Deals (28:42) * Infrastructure Opportunities: Spin AI, Cybersecurity, and Databases for AI (33:30) * Learning from Past Hype Cycles to Navigate AI Today (40:52) Disclosure The information on this page constitutes market commentary and is provided by Allocate Management Company, LLC, any of its affiliates or any of its or their affiliates, directors, officers, employees or advisers (collectively referred to herein as “Allocate”) for informational purposes only. Any opinions, assumptions, assessments, statements or the like (collectively, “Statements”) regarding market condition, future events or which are forward-looking, including Statements about investment processes, investment objectives, goals, risk management techniques, views of possible future outcomes in any investment asset class or market, or of possible future economic developments, constitute only market commentary based on the subjective views, beliefs, outlooks, forecasts, projections, estimations or intentions of Allocate, should not be relied on, are subject to change. Although Allocate believes that the expectations reflected in the Statements are reasonable, no representation is made or assurance given that such Statements are correct or that the objectives of an investment product or service will be achieved or that investors will receive a return of their capital or will not sustain losses. All investments involve risks and uncertainties, as disclosed in the applicable offering documents. Allocate undertakes no responsibility or obligation to revise or update any Statements. Statements expressed herein may not be shared by all personnel of Allocate. This page and the Statements are not intended as investment advice or recommendations by Allocate. It is Allocate’s policy that investment recommendations to its clients must be based on the investment objectives and risk tolerances of each individual client. This page and Statements may contain or are based on third-party sources that, although believed to be reliable, have not been independently verified. Market and investment views of third parties presented herein do not necessarily reflect the views of Allocate. All such information is as of the date indicated, if indicated, may not be complete, is subject to change. All rights to the trademarks, copyrights, logos and other intellectual property listed herein belong to their respective owners and the use of such logos hereof does not imply an affiliation with, or endorsement by, the owners of such trademarks, copyrights, logos and other intellectual property. Past performance is not indicative of future results. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit joinallocate.substack.com

    From SaaS to AI-First: A Candid Conversation on the Future of Software Investing

  7. Mar 31

    The RIA Playbook for Privates: Vintages, Managers, and Model Portfolios

    Welcome to The Private Markets Playbook, a podcast for wealth advisors and CIOs navigating portfolios beyond the traditional 60/40. Hosted by Allocate, the show features candid conversations with allocators, asset managers, and industry leaders on building modern, programmatic portfolios—spanning private markets, portfolio construction, and the systems required to manage complexity at scale. In this episode, Samir Kaji sits down with Eric Patterson, Co-Founder and Managing Partner of Three Bell Capital, to unpack how a modern RIA can systematically build and scale private markets exposure. They cover Three Bell’s evolution from ad hoc, deal-by-deal alternatives to running proprietary fund-of-funds across venture, private equity, credit, and hedge funds; the tradeoffs between client choice and institutional portfolio construction; and the real economics and stigma around fund-of-funds. The conversation also explores today’s opportunity set in venture, PE, and private credit, the role of interval and semi-liquid structures, and how AI is beginning to transform both operations and investment decision-making in wealth management. Eric Patterson is Co-Founder and Managing Partner of Three Bell Capital, a multi-family office serving entrepreneurs, executives, and investors, particularly within the technology community. With decades of experience in wealth management and private markets, Eric has helped grow Three Bell to oversee more than $3 billion in client assets. He is known for his expertise in portfolio construction, private investments, and building long-term, client-aligned investment strategies. Three Bell Capital is a boutique multi-family office providing comprehensive wealth management and investment advisory services to high-net-worth families. The firm specializes in serving entrepreneurs and tech-focused clients, offering customized portfolio construction with a strong emphasis on private markets. With over $3 billion in assets under advisement, Three Bell has built a reputation for disciplined investing, client alignment, and a thoughtful, long-term approach to wealth creation. Topics in this conversation include: * Eric’s Background And Three Bell Capital’s Focus (2:21) * Shift From Deal-by-Deal Investing to Proprietary Fund of Funds (4:17) * Diversification Math and Limits of Client Manager Choice (5:13) * Operational Challenges and Benefits of Running Fund of Funds (7:16) * Client Concerns About Fees and Three Bell’s No Extra Layer Model (10:58) * Vintage Design, Fund Lineup, and Matching Durations to Underlying Assets (15:58) * Advice to RIAs Building Private Markets Programs (17:21) * Preference for Smaller Private Equity Funds and Exit Optionality (23:42) * Venture Capital Dynamics, Mega Funds, and Tail Outcomes (25:11) * Credit Market, Interval Fund Redemptions, and Liquidity Provisions (34:27) * Role Of AI in Operations, Data Management, and Underwriting (40:45) * Limits Of AI and Ongoing Importance of Human Judgment (43:38) * Final Thoughts and Takeaways (45:39) Disclosure The information on this page constitutes market commentary and is provided by Allocate Management Company, LLC, any of its affiliates or any of its or their affiliates, directors, officers, employees or advisers (collectively referred to herein as “Allocate”) for informational purposes only. Any opinions, assumptions, assessments, statements or the like (collectively, “Statements”) regarding market condition, future events or which are forward-looking, including Statements about investment processes, investment objectives, goals, risk management techniques, views of possible future outcomes in any investment asset class or market, or of possible future economic developments, constitute only market commentary based on the subjective views, beliefs, outlooks, forecasts, projections, estimations or intentions of Allocate, should not be relied on, are subject to change. Although Allocate believes that the expectations reflected in the Statements are reasonable, no representation is made or assurance given that such Statements are correct or that the objectives of an investment product or service will be achieved or that investors will receive a return of their capital or will not sustain losses. All investments involve risks and uncertainties, as disclosed in the applicable offering documents. Allocate undertakes no responsibility or obligation to revise or update any Statements. Statements expressed herein may not be shared by all personnel of Allocate. This page and the Statements are not intended as investment advice or recommendations by Allocate. It is Allocate’s policy that investment recommendations to its clients must be based on the investment objectives and risk tolerances of each individual client. This page and Statements may contain or are based on third-party sources that, although believed to be reliable, have not been independently verified. Market and investment views of third parties presented herein do not necessarily reflect the views of Allocate. All such information is as of the date indicated, if indicated, may not be complete, is subject to change. All rights to the trademarks, copyrights, logos and other intellectual property listed herein belong to their respective owners and the use of such logos hereof does not imply an affiliation with, or endorsement by, the owners of such trademarks, copyrights, logos and other intellectual property. Past performance is not indicative of future results. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit joinallocate.substack.com

    The RIA Playbook for Privates: Vintages, Managers, and Model Portfolios

  8. Feb 12

    Inside the Inflection Point: Why 2026 Changes Everything for Private Markets

    Welcome to The Private Market Playbook, a podcast for wealth advisors and CIOs navigating portfolios beyond the traditional 60/40. Hosted by Allocate, the show features candid conversations with allocators, asset managers, and industry leaders on building modern, programmatic portfolios—spanning private markets, portfolio construction, and the systems required to manage complexity at scale. In this episode, Allocate CEO Samir Kaji joins host Peter Epstein to unpack why 2026 is a pivotal moment for private markets and private wealth. They trace the evolution of alternatives into a multi-trillion-dollar asset class, examine why access has remained constrained for many investors, and explore how responsible democratization and advisor-led personalization can change that. Samir outlines how Allocate is building the connective tissue between leading managers and wealth advisors through integrations, data consolidation, and AI-driven insights, and shares his view on the coming wave of liquidity, including the growing role of secondaries and GP-led transactions in reshaping the private markets landscape. Samir Kaji is the Co-Founder, CEO, and President of Allocate, a platform focused on expanding access to private markets for wealth advisors, family offices, and institutional investors. With decades of experience across private markets, fintech, and capital formation, Samir is widely recognized for his leadership in modernizing how investors access and manage alternative investments. Topics in this conversation include: * Why 2026 Is a Key Inflection Point and Evolution of Private Markets to $20T+ (1:46) * Barriers to Individual Access: High Minimums and Operational Friction (5:36) * Democratization and AI-Driven Personalization for Wealth Clients at Scale (8:29) * Allocate’s Mission, Advisor-Focused Platform, and Three Core Solution Pillars (11:33) * Future of AI in Private Markets: Insights, Automation, and Data/Integration (15:18) * Constraints: Compliance, Data Centers, and Compute (21:07) * Scaling Allocate: Talent, Culture, and Solving Problems with Tech vs. Headcount (26:51) * 2026 Liquidity Outlook: IPOs, Secondaries, and GP-Led Transactions (34:24) * Final Thoughts and Takeaways (38:33) Disclosure The information on this page constitutes market commentary and is provided by Allocate Management Company, LLC, any of its affiliates or any of its or their affiliates, directors, officers, employees or advisers (collectively referred to herein as “Allocate”) for informational purposes only. Any opinions, assumptions, assessments, statements or the like (collectively, “Statements”) regarding market condition, future events or which are forward-looking, including Statements about investment processes, investment objectives, goals, risk management techniques, views of possible future outcomes in any investment asset class or market, or of possible future economic developments, constitute only market commentary based on the subjective views, beliefs, outlooks, forecasts, projections, estimations or intentions of Allocate, should not be relied on, are subject to change. Although Allocate believes that the expectations reflected in the Statements are reasonable, no representation is made or assurance given that such Statements are correct or that the objectives of an investment product or service will be achieved or that investors will receive a return of their capital or will not sustain losses. All investments involve risks and uncertainties, as disclosed in the applicable offering documents. Allocate undertakes no responsibility or obligation to revise or update any Statements. Statements expressed herein may not be shared by all personnel of Allocate. This page and the Statements are not intended as investment advice or recommendations by Allocate. It is Allocate’s policy that investment recommendations to its clients must be based on the investment objectives and risk tolerances of each individual client. This page and Statements may contain or are based on third-party sources that, although believed to be reliable, have not been independently verified. Market and investment views of third parties presented herein do not necessarily reflect the views of Allocate. All such information is as of the date indicated, if indicated, may not be complete, is subject to change. All rights to the trademarks, copyrights, logos and other intellectual property listed herein belong to their respective owners and the use of such logos hereof does not imply an affiliation with, or endorsement by, the owners of such trademarks, copyrights, logos and other intellectual property. Past performance is not indicative of future results. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit joinallocate.substack.com

    Inside the Inflection Point: Why 2026 Changes Everything for Private Markets
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The Private Markets Playbook is a podcast for wealth advisors and CIOs navigating portfolios beyond the traditional 60/40. Hosted by Allocate, the show features candid conversations with allocators, asset managers, and industry leaders on building modern, programmatic portfolios—spanning private markets, portfolio construction, and the systems required to manage complexity at scale. joinallocate.substack.com

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