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

Welcome to the launch of the collaboration between iCapital x Alt Goes Mainstream.
Here’s the first episode of the Monthly Alts Pulse, a live conversation in studio with Lawrence Calcano, Chairman & CEO of iCapital, who as the leader of a platform that is responsible for the majority of individual and advisor-led investment flows into the alts space, has his finger on the pulse of what’s happening in private markets.
Come for education, stay for Succession.
Watch the Monthly Alts Pulse
On this episode, we covered a lot of ground. Lawrence and I discussed:

Making sense of the current market environment.
What advisors are saying about private markets and how they are investing in private markets right now.
How the interest and knowledge of private markets have evolved over the past 10 years since iCapital started.
The value of patience in private markets.
Liquidity vs illiquidity.
The arc of innovation in private markets.
Why now is the time for private credit and secondaries.
How technology will automate access for institutions and HNW investors.
Lessons from Succession and the Wall Street Journal test.
Thanks Lawrence for a great first episode … looking forward to next month’s conversation!  

Welcome back to the Alt Goes Mainstream podcast.
On today’s episode, we talk with Seyonne Kang, a Partner at StepStone, which acquired her former firm, Greenspring Associates. StepStone is a global private markets firm that provides customized investment and advisory solutions to some of the world’s most sophisticated investors. 
StepStone has a total capital responsibility of $602B of assets and has $134B of assets under management across the spectrum of private markets investments, giving them incredible purview into the current private markets landscape.
At StepStone, Seyonne is a member of the private equity team, where she focuses on venture capital fund and growth equity investments.
Prior to StepStone, Seyonne was a Partner at Greenspring Associates, a venture capital and growth equity firm that merged with StepStone in 2021. She spent the 7 years prior in investment management, with a focus on private capital, working at Jasper Ridge Partners and Commonfund. She also spent a decade on Wall Street in institutional equities.
Seyonne and I had a fascinating conversation about the current state of venture capital and what it means for LPs and GPs. We discussed: 

How GPs can weather the storm.
How LPs can navigate the current venture environment.
Advice for emerging managers.
Why secondaries might be an interesting investment opportunity right now.
How newer allocators to private markets can approach investing into venture and growth.
Why subject matter expertise matters for fund managers.
Why Seyonne is excited about innovation and venture in the US in the current market.
Thanks Seyonne for coming on the Alt Goes Mainstream podcast to share your wisdom and experiences.

Welcome back to the Alt Goes Mainstream podcast.
On today’s episode, we have Sheel Mohnot, the co-founder and Partner of FinTech VC fund Better Tomorrow Ventures.
Sheel is a career fintech investor and operator. He has built Better Tomorrow Ventures into an active pre-seed and seed stage fintech VC that has grown to over $225M AUM. Prior to founding BTV, he was the GP at 500 FinTech, where he was the first institutional investor in Albert, Kin, Indio, Chipper Cash, Ethic, and others. He was also an early investor in Stripe and Flexport. He also co-founded two fintech startups – FeeFighters, which was acquired by GroupOn, and Innovative Auctions.
Sheel and I had a fascinating conversation about the evolution of FinTech, how to build and scale an emerging manager, the challenges of raising a first time fund, and why smaller funds can outperform.
We didn’t have a chance to discuss the experience of his Taco Bell wedding in the metaverse, but congrats Sheel and Amruta on your marriage and wishing you happiness in both life and the metaverse.
Thanks Sheel for coming on the Alt Goes Mainstream podcast to share your wisdom and experiences.

Welcome back to the Alt Goes Mainstream podcast.
Today’s show was recorded live from AltsLA 2023 in partnership with CAIA. CAIA is the leading global professional body dedicated to alternative investment credential programs.
On this episode, we speak with Daniel Joye, where he oversees Infrastructure investing at LACERA, the $58 billion AUM Los County Employees Retirement Association.
Daniel and I had a fascinating conversation about how an institutional investor like LACERA approaches investing in infrastructure, the benefits of infrastructure investing, particularly in the current market environment, how to think about risk / return of infrastructure assets in a portfolio, and why investing in infrastructure is so critical to the development of cities and nations.
Prior to moving back to Los Angeles and joining LACERA (he is an LA native), Daniel worked in London for Morgan Stanley, Vitol and BP with a focus on energy trading and investing.
He started his career in the French Navy as a gunnery officer where he navigated the 7 seas and participated in Operation Enduring Freedom.
He holds a Masters in Engineering from l'Ecole Navale (the French Naval Academy) and an MBA (with honors) from Wharton.
Thanks Daniel for coming on the Alt Goes Mainstream podcast to share your views and knowledge.

Welcome back to the Alt Goes Mainstream podcast.
Today’s show was recorded live from AltsLA 2023 in partnership with CAIA. CAIA is the leading global professional body dedicated to alternative investment credential programs.
On this episode, we speak with Mark Anson, the CEO and CIO of Commonfund ($28B AUM). 
Mark and I had a fascinating discussion on private markets. We discussed:

Why size discipline and sector focus defeat the explosion of capital in private markets.
Why multi-manager strategies or commingled vehicles make sense for wealth managers (particularly in VC).
How allocators can invest in the next Sequoia. 
Why the concept of lagged beta matters for allocators.
How ESG and impact investing can be integrated into an investor’s portfolio.
Mark Anson is the Chief Executive Officer and Chief Investment Officer of the Commonfund and Chairman of the Board of Commonfund Capital Inc. and Commonfund Asset Management Company.
Previously, he was the President and Chief Investment Officer for the Bass Family Office. He was the President and Global Head of Investment Management at Nuveen Investments, a full-service asset management company with over $900 billion in assets under management.
Prior to Nuveen, Mark served as the Chief Executive Officer and Chief Investment Officer for the British Telecom Pension Scheme (BTPS), the largest institutional investor in the UK with assets of £55 billion.
In addition, Mark was the CEO of Hermes Pensions Management in London, a £60 billion asset management company that is wholly owned by the BTPS. Prior to joining BTPS, he served as the Chief Investment Officer of the California Public Employees' Retirement System.
Thanks Mark for coming on the Alt Goes Mainstream podcast to share your views and knowledge.

Welcome back to the Alt Goes Mainstream podcast.
Today’s show was recorded live from AltsLA 2023 in partnership with CAIA. CAIA is the leading global professional body dedicated to alternative investment credential programs.
On this episode, we speak with Christopher Ailman, the Chief Investment Officer of one of the world’s largest institutional investors, CalSTRS.
Chris and I had a fascinating conversation about all things private markets. We discussed: 

How one of the world’s largest institutional investors manages a portfolio with 40% exposure to private markets.
How many institutional investors are really managing an 80/20 portfolio (80% equity / equity-like, 20% fixed income / fixed income-like), not a 60/40 portfolio.
The current state of private markets.
Why alternative investments make sense in an investors’ portfolio.
The importance of “catching the wave” and investing in megatrends, like decarbonization.
How the retailization of alts impacts institutional investors like large pensions and endowments.
He leads an investment staff of more than 200 and oversees a portfolio valued at $307 billion as of March 31, 2023.
He has more than 37 years of institutional investment experience, including tenures as CIO of the Washington State Investment Board and the Sacramento County Employees Retirement System.
He represents institutional investors on the MSCI Index Editorial Advisory Board, the PRI Asset Owners Advisory Committee, the Sustainability Accounting Standards Board (SASB) Investor Advisory Group and the Toigo Foundation.
He is the chair of the 300 Club and co-chair of the Milken Global Capital Markets Committee. Ailman is recognized as one of the top CIOs both in the U.S. and globally. He has received numerous awards and recognitions, including the Institute for Fiduciary Education’s CIO of the Year in 2000.
Thanks Christopher for coming on the Alt Goes Mainstream podcast to share your views and knowledge.