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

Welcome back to the Alt Goes Mainstream podcast.
Today’s episode is one of evergreen importance. We talk with one of the pioneers in the evergreen fund space.
Rob Collins, a Partner, Co-Head of Private Wealth, and Head of the New York office and a member of the Global Executive Board at Partners Group, a $147B+ AUM alternative asset manager, joins the podcast to discuss how Partners Group started the evergreen fund space in the early 2000s.
Rob has deeply evolved perspectives on both evergreen funds and working with the wealth channel. He leads Partners Group’s US private wealth and defined contribution practice and is President, Portfolio Manager, and Member of the Board of Managers of Partners Group Private Equity (Master Fund), LLC. He also chairs Partners Group USA’s Investment Committee. He joined the firm in 2005, only 4 years after Partners Group was the first firm to launch an evergreen private equity structure.
Rob and I had a fascinating conversation about what evergreen funds are, the mechanics of how they work, and why they can make sense for investors – both individual and institutions. We discussed:
What Partners Group saw in the early 2000s that made them decide to create the evergreen private equity fund structure.Why it’s taken the industry time to adopt evergreen funds.How to think about returns with evergreen funds.Why institutions — in addition to wealth advisors — have used evergreen funds.Why the time, money, and liability questions of private equity fund investments make evergreens a fit for many advisors.The importance of compounding and how it relates to evergreen funds.The challenges and nuances with managing evergreen funds.Why “life is too short for capital calls.”How does private equity go from being sold to being bought?What can the industry  do to continue to remove pain points for the wealth channel?Thanks Rob for coming on the show to share your thoughts and wisdom on private markets and the importance of one of the biggest trends in private markets, evergreen funds. We hope you enjoy.
Show Notes00:00 Introduction to Ultimus Fund Solutions
01:18 Podcast Opening and Theme Song
01:52 Welcome to Alt Goes Mainstream
01:59 Introducing Rob Collins and Evergreen Funds
02:24 Rob Collins' Background and Role at Partners Group
04:18 Growth and Innovation at Partners Group
05:46 Evergreen Solutions for Clients
07:02 The Importance of Flexibility in Evergreen Funds
09:56 Evergreen Funds vs. Traditional Structures
11:38 The Rise of Evergreen Funds
29:48 Challenges and Risks of Evergreen Structures
30:01 Balancing Growth and Performance in Evergreen Funds
34:57 Challenges for General Partners
35:40 Expanding with New Products
36:23 Trends in Private Markets
36:56 Evergreen Funds and Private Companies
37:27 Life is Too Short for Capital Calls
38:52 Shift from Public to Private Markets
40:24 Liquidity in Evergreen Funds
41:50 Building a Resilient Diversified Portfolio
43:05 Managing Investor Expectations
44:26 Control in Portfolio Construction
46:48 Positioning Evergreen Funds
52:13 Evergreen vs. Closed-End Funds
54:43 Innovating Asset Allocation Frameworks
57:12 Educating Distribution Professionals
01:00:26 Consultative Sales Approach for Evergreen Sales Professionals
01:02:03 Future Growth in Private Markets
01:03:47 Rob’s Favorite Alternative Investment
01:04:42 Conclusion and Final Thoughts
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 soph

Welcome back to the Alt Goes Mainstream podcast.
I've been having many conversations with GPs and LPs over the past few months — and it feels like we've reached a point in private markets where both sides are trying to figure out how to navigate this space, from a product perspective and a technology perspective. 
To better understand these issues, I asked Lawrence Calcano, Chairman & CEO of iCapital, the largest platform in the space and a business that is in the middle of much of the flows of activity between GPs and LPs, to come back on the show to dive deeper into these topics.
The main topic of conversation? The evolution of the different service models that enable GPs to unlock access to private markets for more LPs.
As private markets welcomes more investors to the space, the how becomes as important as the why. 
How can investors gain access to private markets in ways that work for them?
How can alternative asset managers better serve those investors? 
How can this all be done in a responsible, thoughtful way that sets up both investors and private markets for success in the long-term?
Lawrence and I had a fascinating conversation. We discussed:
How can operational efficiency across the entire value chain lower fees?Where do technological innovations like distributed ledger and AI factor into industry transformation?How important is education in driving adoption of alternative investments?How model portfolios and customization can transform the investor experience.Platform versus point solutions.Overestimating and underestimating market trends and market size.Why effortless is a myth.Thanks Lawrence for coming on the Alt Goes Mainstream podcast to share your thoughtful perspectives on the industry and its continued evolution.
Show Notes
00:00 Introduction to Ultimus Fund Solutions
01:18 Welcome to Alt Goes Mainstream and Introduction to Lawrence Calcano
02:26 Navigating Private Markets
03:36 Holistic Solutions for GPs and LPs
03:57 Importance of Education in Alts
04:46 Understanding Alts in Portfolios
06:50 Lowering Fees Across the Chain
07:32 Technology and Tools for Advisors
08:36 Success in the Wealth Channel
10:21 Investment Product Innovations
11:44 Direct Relationships in Private Markets
13:26 Operationalizing Cost Structure Changes
14:21 The Role of AI and Data
14:43 Fee Evolution in Private Markets
15:31 Operationalizing New Workflows
16:06 Long-Term Industry Investments
18:37 Collaboration in the Industry and Education
20:34 Model Portfolios and Customization
23:04 Addressing Liquidity Concerns
24:18 Democratization of Private Markets
25:14 Platform vs. Point Solutions
31:14 The Importance of Scale
38:53 Moving Fast and Moving Slow 
40:33 Conclusion and Final Thoughts
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. Deliverin

Welcome back to the Alt Goes Mainstream podcast.
His career started when someone said to him, “well, have you thought about venture capital? We don’t think that you’d be any good at it.”
The rest is history.
Today’s episode features one of the legends of the venture capital industry.
Peter Barris joined New Enterprise Associates in 1992 after a storied operating career as President and COO at Legent Corporation and an executive at GE Information Services. He served as Managing General Partner and Chairman of NEA from 1999 to March 2024. Under Peter’s leadership, NEA saw tremendous success, growing into one of the world’s largest venture capital firms and raising the largest-ever venture capital fund a number of times. Today, NEA’s AUM stands over $25B.
Peter was responsible for investing in a number of foundational and industry-transforming technology companies, including Salesforce.com, UUNET, Groupon, WebMD, Workday, CareerBuilder, Tempus, and more.
It was an honor to talk with Peter, who has such rich perspectives as both an operator and investor.
We had a fascinating discussion about the early days of venture capital and how the industry has evolved. We covered:
The inside story of how almost every other Partner said no but Peter's investment turned out to be a 75x return.What's the “best characteristic and the death characteristic” of an entrepreneur?In today's hypercompetitive market, do VCs have enough time to make good decisions?Why the world of venture capital is about influence.What does it mean to earn an entrepreneur’s trust as a VC?Why VCs with operating backgrounds can bring unique value to startups.How NEA came up with the term "Venture Growth Equity."How can a VC tell that a founder is good at experimentation and that they have the good judgment?Why specialization and domain expertise are prerequisites in today’s venture industry.The importance of relying on instinct to make great investments.Why the business plan that is bet on is not always the business plan that ultimately succeeds.Thanks Peter for coming on the show. It was an honor and a pleasure to hear your views on the evolution of an industry and for you to share your wisdom and experiences.
Show Notes
00:00 Introduction and Sponsor Message from Ultimus
01:55 Guest Introduction: Peter Barris
01:59 Peter Barris' Career Beginnings as an Operator
03:43 How Peter decided to join NEA
04:31 Early Days at NEA
12:30 First Investment Experience – The world of venture capital is about influence
15:07 How to Influence a Company when You Don’t Control the Company
21:48 Scaling Businesses: When Scale Can be a Moat - The Groupon Example
26:41 The Art of Experimentation
29:16 The Most Important Characteristic of Successful Entrepreneurs and the Death Characteristic
30:40 The Groupon Investment: A Case Study
33:08 The Evolution of Venture Capital Decision Making
33:58 Specialization and Competition in Modern Venture Capital
38:10 How NEA Came Up with the Term: Venture Growth Equity
46:04 The Impact of Scale in Venture Capital
50:49 The Future of Venture Capital and Industry Evolution
59:16 Lessons Learned in Venture Capital
01:02:08 Conclusion and Final Thoughts
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

Welcome back to the Alt Goes Mainstream podcast.
Today’s episode features the architects behind one of the industry’s faster growing wealth management platforms, NewEdge.
We welcome NewEdge CEO, Managing Partner, and Co-Founder Rob Sechan and NewEdge CIO Cameron Dawson.
Both Rob and Cameron have a wealth of experience in both wealth management and private markets. Rob has over two decades of experience in financial services, beginning his career as a financial advisor at Morgan Stanley, before running a family office business as a Managing Director at Lehman Brothers. He later joined UBS as a Managing Director and Head of the Intellectual Capital Subcommittee, where he helped guide the firm’s tactical investment process for wealthy families and institutional clients before founding NewEdge in 2020. Cameron was the Chief Market Strategist at Fieldpoint Private Securities and a Senior Equity Analyst at Bank of America before joining NewEdge as CIO.
Since its founding in 2020, NewEdge has grown to over $44B AUM, supports over 300 financial advisors. NewEdge has built a platform that combines wealth management, technology, custody, research, and alternatives capabilities. They’ve built out a sophisticated private markets investment practice, which we unpacked in detail on today’s podcast.
Rob, Cameron, and I had a fascinating discussion. We covered:
The transformation in wealth management and the approach that NewEdge has taken in the independent wealth channel.The evolution of Super RIAs.The role of alternatives in wealth management. Navigating client psyche and market cycles.The importance of due diligence and why fee discipline matters in private markets.The importance of liquidity in a client's portfolio.Why portfolio construction is key in the wealth channel.Thanks Rob and Cameron for coming on the show to share your thoughtful views on wealth management and private markets.
Show Notes
00:00 Introduction and Ultimus Sponsor Message
01:21 Welcome to the Podcast
02:03 Introducing NewEdge Wealth and the Guests
02:20 Rob Sechan's Journey in Wealth Management
07:46 Cameron Dawson's Perspective on NewEdge
11:45 The Role of Alternatives in Wealth Management
20:09 The Evolution of Super RIAs
24:10 Investment Strategies and Client Focus
31:31 Balancing Proactivity and Client Sensitivity
31:56 The Importance of Transparency and Differentiation
32:30 Navigating Client Psyche and Market Cycles
33:33 The Role of Alternatives in Portfolios
36:05 Private Equity Opportunities and Challenges
38:00 Fee Discipline and Alpha Generation
51:57 Engaging with Wealth Channels
56:52 Favorite Alternative Investments
59:27 Conclusion and Final Thoughts
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

AGM collaborated with Pangea Group, a firm that helps B2B fintech companies with go-to-market strategies, at a live event they hosted on private markets in London with Schroders and Illuminate Financial to gather thoughts from some leaders in private markets on their views of the industry’s future in Europe. 
We asked seven private market participants for their views on 2024 trends in private markets.
Hear what they have to say. Listen to short interviews with:
Spencer Lake, Partner, 13books Capital.Toby Bailey, VP of Sales EMEA, Canoe.Rezso Szabo, General Partner, Illuminate Financial.Dan Kramer, Strategic Advisor, ex-CEO, Jaid AI.Tom Davies, Managing Director and President, Forge Europe.Levent Altunel, Co-Founder, bunch.Jay Wilson, Partner, AlbionVC.Thanks for coming on AGM unfiltered to share your views and thoughts on the future of private markets.
Show Notes00:00 Introduction
 
00:35 Event Overview and Purpose
 
01:06 Conversation with Spencer Lake, 13books Capital
01:25 Spencer Lake on Banking and FinTech
02:42 Challenges in Private Markets
05:18 Standardization and Technology in Finance
07:34 Insights from nCino's Success
09:44 The Story Behind 13books
10:51 Future of Private Markets
 
12:55 Conversation with Toby Bailey, Canoe
15:07 Canoe's Approach to Data Management
 
22:09 Conversation with Reszo Szabo, Illuminate Financial
22:40 Illuminate Financial's Investment Focus
23:51 Generational Transformation in Private Markets
26:36 Challenges in Private Market Liquidity
 
31:41 Conversation with Dan Kramer, Jaid AI
32:05 Dan Kramer's Career Journey
34:19 Evolution and Transparency in Private Markets
35:37 Jaid's Role in Fund Administration
36:10 The Challenge of Communication in Fund Management
36:49 How Jaid Solves Communication Issues
38:03 The Impact of AI on Post-Investment Processes
39:12 Technology Gaps in Private Markets
 
40:05 Interview with Tom Davies, Forge Europe: Evolution of Private Markets in Europe
41:23 SPV Nominee Model and Institutional Adoption
42:35 Current Sentiment in the European Secondary Market
43:53 The Changing Skill Set of VCs
45:07 Challenges and Opportunities in Private Market Liquidity
 
49:55 Interview with Levent Altunel, bunch: Transforming Fund Management
51:21 Unified Data Solutions for Fund Managers
52:53 Future Directions for bunch
 
57:06 Interview with Jay Wilson, AlbionVC: Evolution of Capital Markets
01:00:35 Electronifying Private Markets
01:03:08 The Role of Data Analytics in Private Markets
 
01:06:52 Conclusion: The Future of Private Markets

Welcome back to the Alt Goes Mainstream podcast.
On today’s show, we turned the tables. We welcomed famed podcast co-host of Animal Spirits and The Compound and Friends and writer at The Irrelevant Investor, and Managing Partner and Director of Research at $4B AUM Ritholtz Wealth Management Michael Batnick to come on the show to share a wealth manager’s perspective on private markets.
Michael’s career has taken a number of fascinating turns. He started selling insurance, before a chance meeting on the platform of the subway station with Josh Brown of Ritholtz Wealth Management after a New York Knicks loss led to a job offer to work with Josh at RWM. At Ritholtz, Michael has been an integral part of the team that has helped to drive the firm’s growth, leading with content and education. Each of the firm’s Partners have built impressive content platforms across blogs, books, and podcasts. Their thoughtful approaches to investing come through in their work — and it’s translated to how they think about private markets. Michael provided interesting viewpoints on why alternatives have yet to be adopted by many advisors and the challenges with adopting alternatives products.
Michael and I had a fascinating discussion at the intersection of wealth and alts. Michael and I covered:
His journey into wealth management and the lessons he has learned along the way.The importance of education and networking in the wealth management industry.How he thinks about risk in public and private markets.The evolution of wealth management as a business.Why alternatives products are still sold and not bought.The importance of staying focused on fundamentals and long-term investing.The workflow challenges that alternative investments have for a wealth management firm.How and why content can develop views, educate, and build brand in wealth management and private markets.Thanks Michael for coming on the show to share your thoughts and wisdom on investing.
Show Notes
02:03 Introduction to Alt Goes Mainstream 
02:43 Guest Introduction: Michael Batnick 
03:00 Michael's Early Career and Challenges 
07:26 Meeting Josh Brown and Career Breakthrough 
08:35 Lessons from the Insurance World 
09:20 Creating Content and Building a Brand 
10:58 Investing Philosophy and Market Insights 
14:27 Young Investors and Market Psychology 
19:13 Public vs. Private Markets 
29:25 Advisors and Private Investments 
34:21 Customization and Differentiation in Private Markets 
34:50 Challenges in Pitching Investments to Clients 
35:09 Operational Hurdles in Alternative Investments 
35:34 The Role of Relationship Managers 
36:16 Building and Managing Alts Portfolios 
43:04 Market Dynamics and Investment Strategies 
53:43 Content Creation in Wealth Management 
58:53 The Future of Wealth Management with AI 
01:01:46 Quick Fire Round: Market Predictions and Insights 
01:05:19 Conclusion and Final Thoughts
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