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

    -2 ДН.

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

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

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

    -4 ДН.

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

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

    57 мин.
  3. Permira's Dipan Patel - how to scale an €80B AUM alternative asset manager

    18 СЕНТ.

    Permira's Dipan Patel - how to scale an €80B AUM alternative asset manager

    Welcome back to the Alt Goes Mainstream podcast. Today’s episode is with one of the executives who has helped to build one of the industry’s leading alternative asset managers. We sat down in Permira’s London office with Co-CEO Dipan Patel to discuss the firm’s evolution and how the business has grown to over €80B in AUM. Dipan brings a deep background in private equity investing to bear as he and his Co-CEO Brian Ruder now lead the firm through its next phase of growth. Dipan joined Permira from Gores Group and is Co-Managing Partner and Co-CEO of the firm. He serves on Permira Holdings Limited Board and Permira’s Investment Committee and Executive Committee. He’s focused on technology and services investing, working on deals such as Renaissance Learning, Informatica, Axiom, AllTrails, Ancestry, LegalZoom, and more. Dipan and I had a thought-provoking conversation about what it takes to build and run a scaled alternative asset manager and how to differentiate a firm and a culture. We discussed: The founding story of Permira and the evolution of the firm since spinning out of Schroder Ventures in 1996.How the firm’s beginnings have shaped the culture that has been built and how that culture has permeated how they make investment decisions, work with companies, founders, and LPs.How would an LP underwrite Permira’s culture?How the firm’s European heritage helps as an investor.The opportunity set in Europe.The investment culture at Permira and how its structure and set up helps investment processes and decision-making.Why software buyouts have become a larger part of the buyout investing landscape.How AI is impacting software investing and how AI is impacting services businesses.Why the firm has expanded into credit.The thought process behind launching a wealth solutions business, Permira Wealth, and how it reflects the culture of the firm.Thanks Dipan for coming on the show to share the evolution of Permira and your expertise and wisdom in private markets. A word from AGM podcast sponsor, Ultimus Fund Solutions This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency. To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products. Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream. Show Notes00:00 Introduction to our Sponsor, Ultimus 01:55 Welcome Back to the Alt Goes Mainstream Podcast 02:03 Introduction to Permira and our guest, Dipan Patel 03:47 Discussion on Distributions and Market Conditions 04:19 Selling A-Grade Businesses in Current Market 05:03 Flight to Quality in Times of Stress 06:07 Reflecting on Career and Lessons Learned 06:29 Early Career Experiences at Arthur Andersen and Lehman Brothers 07:29 Impact of Early Career on Leadership Style 09:04 Challenges in Today's Investment Environment 10:15 Underwriting in Unpredictable Times 10:45 Locating Good Companies for Investment 14:31 Importance of Market Leadership 14:59 Partnering with Founders and Executive Teams 16:22 Permira’s Co-Leadership Model 19:49 Investment Decision Process at Permira 21:02 Underwriting Character in Executives 22:54 Permira's Organizational Character and Culture 23:29 Understanding Organizational Culture 23:54 Thriving in Chaos: The Concept of Anti-Fragility 24:51 Capital Flows in Private Markets 25:26 Developing Investment Theses 25:54 Strategic Exit Channels 26:24 Supply Creates Its Own Demand 27:24 The Necessity of Access to Private Markets 28:10 Managing Stress Moments in Private Markets 28:50 Navigating Industry Evolutions 29:20 Focusing on Core Strengths 30:09 Balancing Growth and Differentiation 31:21 Investing in Growth and Buyout Businesses 32:26 Synergies Between Growth and Mature Businesses 33:38 Risk Spectrum in Investments 34:27 Understanding Runway and Market Position 35:42 Disruption vs. Destruction in AI 36:49 Investing in Platform Shifts 37:58 Control and Duration in Private Equity 39:08 The Role of AI in Incumbent Success 40:25 Cultural Adaptability to AI 42:21 Specialism vs. Generalism in Investing 43:56 Professional Services and AI 45:27 Future Investment Ideas 46:34 Mission Critical Investing 47:28 Conclusion and Final Thoughts Editing and post-production work for this episode was provided by The Podcast Consultant.

    48 мин.
  4. Morningstar's Kunal Kapoor - live from the Morningstar Investment Conference

    11 СЕНТ.

    Morningstar's Kunal Kapoor - live from the Morningstar Investment Conference

    Welcome back to the Alt Goes Mainstream podcast. Today’s podcast was a conversation that was recorded live at Morningstar’s Investment Conference in Chicago earlier this year. Morningstar CEO Kunal Kapoor took time out of his packed schedule at the event to sit down with me for a thought-provoking conversation that dove into the nuances of many of the trends that are shaping private markets today. Morningstar and Kunal have quite an interesting perch in the market. They occupy a critically important function in the market: helping investors understand the data, structures, and trends in public and private markets. They provide fund ratings, investment analysis, and market data to both individual and institutional investors. As public and private markets experience increasing convergence, Morningstar finds itself at the intersection of markets that are undergoing rapid evolutions across product structures, asset allocation frameworks, and weighty questions around conceptual frameworks of liquidity, risk, volatility, concentration that are on the minds of many. Amongst the wide range of topics Kunal and I covered, one stood out: Morningstar is fiercely on the side of the investor. If there’s anyone who has a deep understanding of Morningstar’s DNA, it’s Kunal. Kunal started at Morningstar in 1997 as a data analyst, holding a variety of roles at the firm, including leadership positions in research and innovation. He served as director of mutual fund research and was part of the team that launched Morningstar Investment Services, Inc., before moving on to other roles including director of business strategy for international operations, and later, president and chief investment officer of Morningstar Investment Services. During his tenure, he has also led Morningstar.com® and the firm’s data business as well as its global products and client solutions group. Kunal and I had a fascinating and lively conversation. We covered a number of the most pressing topics in private markets today: the convergence of public and private, liquidity vs illiquidity, investor education, the importance of transparency, and the why, what, and how behind evergreen funds. Thanks Kunal for coming on the show to share your wisdom, expertise, and passion for public and private markets. A word from AGM podcast sponsor, Ultimus Fund Solutions This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency. To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products. Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream. Show Notes00:00 Introduction to our Sponsor, Ultimus 01:18 Podcast Opening and Theme 01:55 Welcome to the Morningstar Investment Conference 02:29 Convergence of Public and Private Markets 03:12 Challenges in Transitioning to Private Markets 05:26 Morningstar's Evolution and Impact 06:59 Morningstar's Role in Reducing Costs 08:15 Evergreen Funds and Transparency 08:48 Complexities in Private Market Structures 09:36 Liquidity and Innovation in Private Markets 12:27 Investor Education and Common Language 14:34 Comparing Public and Private Market Investments 16:28 Standardized Documentation and Regulation 18:00 Educating Investors on Private Markets 18:52 Morningstar's Style Box for Private Markets 19:14 Data Availability and Analysis 20:24 Evaluating Different Investment Structures 21:09 Public-Private Partnerships and Transparency 21:38 Philosophical Questions on Private Markets 22:58 Behavioral Aspects of Illiquidity 24:00 Evergreen Funds as Buy and Hold Vehicles 24:15 Asset Allocation and Evergreen Structures 25:16 Investor Behavior and Market Volatility 25:25 Individual Investors vs. Advisors 26:32 Stability of Retail Assets 26:56 Retail Brokerage Apps and Crypto Trading 27:15 Impact of Social Media on Young Investors 27:29 Exposure to Private Markets 28:01 Market Drawdowns and Young Investors 28:27 Advisor-Led Models vs. Self-Directed Investing 28:57 Investor Behavior Across Different Age Groups 30:06 Morningstar's Role in Investor Validation 30:50 Morningstar's Independent Voice 32:01 Transparency in Private Markets 32:24 PitchBook and Data Transparency 33:02 Challenges in Private Market Data 33:26 Tipping Point in Transparency 34:54 Private Market Indices 35:37 Challenges in Benchmarking Private Markets 36:29 Lessons from Public Markets 37:12 Evolution of Private Markets 37:37 Future of Private Markets 38:41 Fee Structures in Private Markets 39:38 Operational Burden in Private Markets 40:50 Pre-Trade Market Structure 41:16 Access to Private Markets for All Investors 43:06 Returns and Diversification in Private Markets 44:51 Building Portfolios in a Lower Return Environment 47:15 Brand vs. Performance in Alternative Assets 49:18 Favorite Alternative Investments Editing and post-production work for this episode was provided by The Podcast Consultant.

    51 мин.
  5. Stonepeak's Luke Taylor - what it takes to be a great infrastructure investor

    3 СЕНТ.

    Stonepeak's Luke Taylor - what it takes to be a great infrastructure investor

    Welcome back to the Alt Goes Mainstream podcast. Today’s episode dives into the evolution of infrastructure investing with the leading scaled specialist firm in infrastructure. We sat down in Stonepeak’s Hudson Yards office with the firm’s Co-President Luke Taylor to discuss the inner workings of the infrastructure investing world and unpack the story of how Stonepeak’s rapid ascent has seen the firm climb to $76.3B in AUM in 14 short years. Luke brings a wealth of experience to the infrastructure investing world. He is Co-President of Stonepeak and a member of all of the firm’s investment committees. He’s been investing in infrastructure for over 20 years, joining Stonepeak from infrastructure investing pioneer Macquarie Capital. Luke and I had a fascinating and thought-provoking discussion about infrastructure investing and why it’s becoming an increasingly important part of the private capital ecosystem. We covered: How Luke went from growing up on a sheep farm to investing in infrastructure in New York.What Macquarie taught him about how to approach infrastructure investing.Why he took the entrepreneurial leap to build Stonepeak and join Chairman, CEO, and Co-Founder Mike Dorrell from the firm’s earliest days.Why infrastructure investing is more than toll roads, airports, and bridges.How there are elements of a private equity approach to investing in, building, and operating infrastructure assets.Where infrastructure fits in an investors’ portfolio.Why individual investors should consider exposure to infrastructure assets.Has infrastructure proved itself through an inflation cycle?Why scale matters in infrastructure investing.How Stonepeak identified investing in data centers early on and well before the data center boom began.What type of demeanor and mindset makes for a successful infrastructure investor.Thanks Luke for coming on the show to share your expertise, wisdom, and passion for infrastructure investing. A word from AGM podcast sponsor, Ultimus Fund Solutions This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency. To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products. Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream. Show Notes00:00 Introduction and Sponsor Message 01:18 Podcast Opening and Theme 01:55 Episode Overview: Infrastructure Investing 02:04 Guest Introduction: Luke Taylor 02:45 Luke Taylor's Background and Journey 04:49 Early Days at Macquarie 07:19 Transition to Stonepeak 08:04 Building Stonepeak  10:13 Value Creation in Infrastructure 11:59 Mindset of an Infrastructure Investor 13:08 Balancing Long-Term and Agile Thinking 15:42 Key Drivers of Value Creation 16:10 Underwriting and Risk Management 18:00 Operational Intensity and Asset Utilization 21:51 Network Effects in Infrastructure 23:19 Infrastructure as a Defensive Investment 26:13 Portfolio Construction and Infrastructure 26:39 Private Infrastructure and Yield Benefits 27:29 Productizing Infrastructure Investments 27:41 Equity, Credit, and Real Estate Strategies 29:23 Thematic and Opportunistic Investing 29:53 Data Centers and Early Investments 30:06 Identifying Investment Opportunities 30:14 Evolution of Data Centers 30:58 Interconnection Hubs and Carrier Hotels 31:32 AI Boom and Data Centers 33:22 Investing in AI Through Infrastructure 34:42 Underwriting AI Thematics 35:04 Capital Needs in Data Centers 35:32 Downside Protection in AI Investments 36:49 Navigating Increased Capital in Infrastructure 37:35 Durability of Cash Flow in Infrastructure 38:40 Scaling Stonepeak's Infrastructure Investments 39:18 Diversification in Infrastructure Investments 41:47 Developing an Edge in Origination 42:36 Structural Elements in Deal Sourcing 42:57 Competition and Market Structure 43:26 New Entrants in Infrastructure 43:44 Building New Assets in Infrastructure 43:54 Exits and Evergreen Funds 46:27 Private Wealth and Infrastructure 51:25 Challenges in Starting a Wealth Business 51:51 Deal Flow and Product Construction 53:50 Volatile Markets and Opportunities 54:20 Interest Rate Risks in Infrastructure 55:18 Favorite Infrastructure Opportunities 57:01 Closing Thoughts and Full Circle Editing and post-production work for this episode was provided by The Podcast Consultant.

    59 мин.
  6. Arcesium's David Nable - architecting private markets technology infrastructure for the future

    27 АВГ.

    Arcesium's David Nable - architecting private markets technology infrastructure for the future

    Welcome back to the Alt Goes Mainstream podcast. Today’s episode dives into how operations and streamlining technology processes can be turned into a strategic advantage. We sat down with Arcesium’s MD and Head of Client and Partner Development David Nable to discuss how technology is impacting how funds manage their processes, operations, and data. David was an early employee at Arcesium, helping the firm scale and working with many of the industry’s largest asset managers across the lifecycle of an investment. David joined Arcesium after a career in fund services and fund administration that spanned senior roles at Goldman Sachs, Credit Suisse, and BNP Paribas Securities Services. David and I had a fascinating conversation. We discussed: How David’s background in prime brokerage and fund admin helped him approach the technology problems for asset managers.How asset managers should approach where and how technology can be a strategic advantage.What does it mean to be a tech-forward asset manager?How does the growth of evergreen funds impact how firms manage their data and serve investors?What still needs to be built next to continue to improve private markets market infrastructure.Thanks David for coming on the Alt Goes Mainstream podcast to share your expertise and wisdom on private markets technology and post-investment processes. A word from AGM podcast sponsor, Ultimus Fund Solutions This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency. To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products. Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream. Show Notes00:00 Introduction to our Sponsor, Ultimus Fund Solutions 01:52 Welcome to the Alt Goes Mainstream Podcast 02:04 Guest Introduction: David Nable 03:46 David's Career Beginnings 04:15 Parallels Between Running and Finance 05:19 Observing Industry Trends 06:45 Evolution of Private Markets 08:45 Impact of Technology on Investment 09:40 Challenges in Scaling Investments 11:20 Data-Driven Investment Strategies 12:50 Technological Advancements in Finance 13:52 Importance of Foundational Data 17:31 Data Silos and Harmonization 18:14 Case Study: Investor Relations 21:25 Data-First Approach Benefits 21:51 Timing for System Architecture 23:21 Inflection Points for Managers 23:37 Logical Breakpoints in Strategy 23:44 New Strategies and Geographies 23:47 Adapting to New Asset Classes 23:50 Distribution Channels and Partnerships 23:56 Preparing for Future Growth 24:00 Publicly Traded Private Markets 24:14 Tackling Technological Challenges 24:24 Philosophies on Illiquidity 24:25 Conclusion and Future Outlook 24:29 Investing in Scalable Distribution Channels 25:12 Architecting Technology Systems for Business Growth 25:44 Understanding Data in Different Business Models 27:10 Strategic Role of Technology in Investment Firms 29:35 The Paradox of Data in Decision Making 30:49 Competitive Advantage Through Faster Information 31:45 Impact of AI and Technology on Firm Sizes 32:31 Challenges for Mid-Sized Firms 33:13 Technology as an Enabler for Niche Specialists 34:03 Advice for Mid-Sized Firms on Technology Implementation 35:10 Focus on Big Technology Investments 35:29 Point Solutions vs. Platforms in Private Markets 38:52 Cost of Technology Solutions 39:06 Integration Challenges with Multiple Systems 40:59 Arcesium's Technology Platforms 43:18 Simplifying Complex Investments 46:13 Future of Software Innovation in Private Markets 46:39 AI as a Game Changer in Private Markets 47:34 Efficiency Gains Through AI 48:05 Actionable Advice on Using AI 48:15 Caution Against Vibe Coding 48:58 Importance of Proper Technologists 49:23 Timing of Technology Implementation 49:29 Conclusion and Final Thoughts Editing and post-production work for this episode was provided by The Podcast Consultant.

    50 мин.
  7. Juniper Square's Alex Robinson - "high tech and high service," balancing AI with the human element in fund administration

    21 АВГ.

    Juniper Square's Alex Robinson - "high tech and high service," balancing AI with the human element in fund administration

    Welcome back to the Alt Goes Mainstream podcast. Today’s episode dives into what the future of fund administration could look like with a tech-forward approach and the application of AI. We sat down with Juniper Square CEO and Co-Founder Alex Robinson to discuss how and why they’ve built a digital first fund administrator for private markets, starting with real estate and since expanding into other asset classes. Fresh off of a $130M Series D fundraise led by Ribbit Capital, Juniper Square has expanded globally, into fund administration through its acquisition of Forstone, and has launched JunieAI to bring AI to fund administration. Alex and I had a fascinating conversation. We discussed: Why Alex started Juniper Square and how his two entrepreneurial endeavors has informed how he’s built the firm.The problem Alex set out to solve by building Juniper Square.After dealing with FedEx’s to make investments, how he set out to build an investor experience that was digital.How AI will impact fund admin.Why every GP should have an AI agent according to Alex.Why Juniper Square decided to move from a technology firm to add fund administration capabilities in house.Does AI benefit larger firms or smaller firms more?Thanks Alex for coming on the Alt Goes Mainstream podcast to share your expertise and wisdom on fund administration and AI. A word from AGM podcast sponsor, Juniper Square When was the last time things were easy for GPs? Fundraising remains challenging, providing liquidity to investors is even harder—and broadly speaking, most GPs are underwater operationally. It’s not about to get easier, either. Especially for managers vying for capital from the wealth channel. Sure, there’s increased demand from HNW and UNHW investors to gain private markets exposure…but managing their expectations for the investing experience is a whole different ballgame. Reams of paper and a new KYC process every single time they subscribe to a fund? Brutal. But what if committing capital to private equity, venture, and real estate funds was digital and seamless for investors — and scalable to manage for GPs? Meet Juniper Square, the fund operations partner to over 2,000 private markets GPs worldwide. Juniper Square gives GPs the connected software, data, and fund administration services needed for modern private markets. No matter how ambitious your next raise is, how many investors you manage, and how complex your investment vehicles are, Juniper Square empowers GPs to raise capital faster, reduce operational risk, and deliver a world-class investor experience. And with JunieAI, Juniper Square's enterprise-grade AI built for private markets, GPs can truly and finally unlock the power of AI to work smarter, move faster, and focus on relationships and returns. Scale your business, not your operational burdens and costs. Visit junipersquare.com/agm today to learn more. Show Notes00:03 Juniper Square: Revolutionizing Fund Management 01:38 Welcoming Alex to the Podcast 01:59 Alex's Journey to Founding Juniper Square 02:10 Juniper Square's Mission and Services 02:38 The Early Days and Challenges 03:41 The Digital Transformation of Private Markets 04:15 Focusing on the GP Experience 04:30 Balancing GP and LP Needs 04:54 The Naivete Advantage 05:12 Overcoming Industry Challenges 06:58 Real Estate: The Starting Point 08:41 The Evolution of Juniper Square 09:38 Technology Adoption in Private Markets 17:21 The Importance of Customer Feedback 18:09 The Vision for Market Efficiency 20:10 Expanding Across Asset Classes 21:09 The Role of Personal Relationships 22:49 Becoming a Full-Stack Service Provider 24:31 The Complexity of Fund Administration 28:55 The Future with AI 29:21 Challenges of Implementing AI 30:31 The High Cost of Mistakes 31:18 AI's Impact on Employee Productivity 31:52 Challenges of Adopting AI in the Workplace 32:20 Launching JunieAI 32:59 Understanding AI Models 33:44 Customizing AI for Reporting 34:44 Mastering Data for AI 35:13 AI in Software Development 35:59 Leveraging AI at Juniper Square 36:19 Ensuring Accuracy and Context in AI Models 37:30 AI's Limitations in Financial Insights 37:52 Future Improvements in AI Models 38:36 Feeding AI the Right Context 39:11 Connecting AI to Tools and Workflows 40:19 Automating Fund Administration 43:39 AI's Role in Competitive Advantage 44:24 AI's Impact on Different Asset Classes 46:16 Best Practices for GPS Using AI 47:02 AI's Benefits for Large vs. Small Firms 48:58 Integrating AI Across Business Functions 51:39 Balancing AI with Human Relationships 54:33 Future Vision for Private Markets 55:02 AI Agents in GP Work 56:07 Transforming GP-LP Matchmaking 01:00:50 Investment Opportunities in AI and Real Estate   Editing and post-production work for this episode was provided by The Podcast Consultant.

    1 ч. 3 мин.
  8. Capital Allocators' Ted Seides - the capital allocator behind the mic

    14 АВГ.

    Capital Allocators' Ted Seides - the capital allocator behind the mic

    Welcome back to the Alt Goes Mainstream podcast. What happens when two podcasters walk into a room?  They talk. Today’s podcast turns the tables on one of the industry’s leading podcasters and content creators to have him share his story and experience as an allocator and content creator.  We sat down with Ted Seides, the Founder of industry-leading podcast Capital Allocators and former President and Co-CIO of Protégé Partners and an asset allocator at the Yale Endowment. Ted has had a tremendous career at the intersection of asset allocation and content, so it was fascinating to hear his perspectives on the state of the industry and how it’s evolving from someone who talks with many of the industry’s leading minds through his podcast, Capital Allocators. Ted and I had a fascinating conversation. We discussed: Stories and lessons learned from working with David Swensen at the Yale Endowment.What the wealth channel can learn from institutional investors.What Ted looked for in hedge funds and alternative asset managers when doing manager due diligence.Ted’s bet with Buffett on hedge funds and why he’s now doing a bet on PE versus public equities.How alternative asset managers are evolving and the pros and cons of evergreen structures.Why and how Ted started Capital Allocators and why content is so critical to learning asset management and understanding how firms operate.Capital Allocators is one of my favorite podcast listens and Ted always delivers with high-quality and thoughtful content so it was an honor to have him on the show. Thanks Ted for sharing your expertise and wisdom on asset allocation and content and for the service you provide to everyone in the industry through education and the creation of such high-quality content for us to consume. A word from AGM podcast sponsor, Juniper Square When was the last time things were easy for GPs? Fundraising remains challenging, providing liquidity to investors is even harder—and broadly speaking, most GPs are underwater operationally. It’s not about to get easier, either. Especially for managers vying for capital from the wealth channel. Sure, there’s increased demand from HNW and UNHW investors to gain private markets exposure…but managing their expectations for the investing experience is a whole different ballgame. Reams of paper and a new KYC process every single time they subscribe to a fund? Brutal. But what if committing capital to private equity, venture, and real estate funds was digital and seamless for investors — and scalable to manage for GPs? Meet Juniper Square, the fund operations partner to over 2,000 private markets GPs worldwide. Juniper Square gives GPs the connected software, data, and fund administration services needed for modern private markets. No matter how ambitious your next raise is, how many investors you manage, and how complex your investment vehicles are, Juniper Square empowers GPs to raise capital faster, reduce operational risk, and deliver a world-class investor experience. And with JunieAI, Juniper Square's enterprise-grade AI built for private markets, GPs can truly and finally unlock the power of AI to work smarter, move faster, and focus on relationships and returns. Scale your business, not your operational burdens and costs. Visit junipersquare.com/agm today to learn more. Show Notes00:00 Introduction to our Sponsor, Juniper Square 00:38 Juniper Square's AI Capabilities 01:40 Guest Introduction: Ted Seides 04:03 Lessons from Yale Endowment 04:46 David Swensen's Investment Principles 05:51 Evolution of the Endowment Model 05:58 Wealth Channel vs. Institutional Investors 08:09 Access to Top Managers 11:16 Alpha in Private Markets 12:32 Ted's Bet with Buffett 13:10 Private Equity vs. Public Equities 17:16 Private Equity Diversification 18:45 Hedge Fund Industry Lessons 20:07 Private Equity Fee Structures 24:03 Talent Migration in Private Markets 26:47 Evaluating Investment Culture 27:15 Investment Philosophy and Strategy 28:26 Ted's Approach to Manager Evaluation 29:46 Impact of AI on Diligence Processes 30:20 Defining Investment Edge 30:33 Behavioral and Analytical Edge 31:01 Informational and Technical Edge 31:27 Evaluating Investment Managers 31:37 Impactful Investment Decisions 31:52 Mistakes and Learning 32:53 The Hardest Time to Invest 34:14 Behavioral Biases in Investing 34:51 Decision-Making Processes 36:28 The Role of AI in Investing 38:07 Content and Investment Decisions 39:25 Starting Capital Allocators 41:00 Learning from Podcasting 43:40 Building a Business from a Podcast 45:26 The Value of Relationships in Investing 47:06 Content Strategy for Managers 49:44 Effective Content Modalities 50:43 Direct Communication vs. Algorithms 51:13 Brand vs. Direct Sales 52:35 Insights from Podcast Conversations 54:23 Favorite Private Market Investments 56:05 AI and Investment Perspectives 57:37 Partnering with AI Experts 58:12 The Importance of People in Investing   Editing and post-production work for this episode was provided by The Podcast Consultant.

    59 мин.
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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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