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. Stable Asset Management's Erik Serrano Berntsen - what it takes to build a great alternative asset management firm

    22H AGO

    Stable Asset Management's Erik Serrano Berntsen - what it takes to build a great alternative asset management firm

    Welcome back to the Alt Goes Mainstream podcast. Today’s episode dives into what it takes to start, build, and scale an alternative asset manager. We sat down in Stable Asset Management’s London office with Erik Serrano Berntsen. Erik is the CEO of Stable, where he defines and executes the firm’s investment strategy. Stable is one of the largest and most tenured GP stake builders globally. The firm manages around $5B in assets and has built over 40 firms since 2006. Stable makes strategic seed and acceleration investments to launch and scale alternatives GPs across public and private markets. With offices in New York, London, and Palm Beach, the firm backs investment firm Founders who understand that extraordinary performance requires building exceptional organizations. Committed to education as a catalyst for change, Erik supports the LSE Alternative Investments Conference — the world’s largest student conference for alternatives, which is how we met 16 years ago — as well as Girls Who Invest and Girls Are Investors. Stable backs 100 Women in Finance and is a Founding Partner of the 10,000 Interns Foundation. Erik holds a BA in Politics, Philosophy, and Economics from Keble College, Oxford, and an MBA with honors and a concentration in Finance from the University of Chicago Booth School of Business. Erik and I had a fascinating conversation about what it takes to be a great investor and build a unique investment firm. We discussed: How the business of asset management has evolved since 2006.The incentives gap between LPs and GPs — and how that evolves as GPs scale.How GP seeding and GP stakes can be a solution to LP / GP misalignment.How to discern a manager’s “edge" and how “edge” can change with firm growth.The most non-obvious trait that makes for a great asset management founder.The nuances of evergreen structures and which strategies might be better suited for evergreen structures.The merits of the GP stakes investment strategy for LPs.Thanks Erik for sharing your wisdom, expertise, and passion about GP stakes and asset management. Show Notes00:00 Likeability Wins 00:37 Welcome to the Alt Goes Mainstream Podcast 01:50 Introduction to Erik Serrano Berntsen and Stable 04:08 Why the Name Stable 06:26 From Benchmarks to Solutions 05:31 Branding as Alts Evolve 08:11 Stable’s Two Market Gaps 08:47 Fixing LP / GP Misalignment 09:29 GP Stakes Alignment Model 09:59 Non-Market Risks vs. Operating System 11:15 How Edge Changes with Scale 14:06 Three Edges to Underwrite 16:18 Founders Think in Decades 19:53 Timing Cycles and Strategy Drift 23:31 Seed vs Acceleration Playbook 25:39 Evergreen Capital Goes Mainstream 29:01 Smaller Managers Winning Evergreen 31:19 Wealth Channel Core vs Specialist 33:25 Evergreen vs Drawdowns Debate 34:03 Evergreen by Asset Class 35:47 GP Stakes Lifecycle  38:29 Picking Tides and Boats 39:03 Specialist Strategy Edge 40:15 Podshopification in Private Markets 41:55 What Drives New GP Formation 44:52 Self Awareness as Edge 46:31 Always Be Sourcing 48:23 Founder to Founder Trust 50:37 Lessons Running Stable 53:23 Building the GP Operating System 59:00 Capital as a Service 01:01:43 Stigma Fades in GP Stakes 01:05:18 How to Spot Manager Edge 01:08:47 Founders to Emulate 01:10:35 Communication and Closing Thoughts A Word from Our Sponsor, Ultimus This episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands. That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals. Learn more at ultimusfundsolutions.com or email info@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream. Editing and post-production work for this episode was provided by The Podcast Consultant.

    1h 12m
  2. MSCI's Luke Flemmer - "bringing clarity to investment decisions"

    FEB 26

    MSCI's Luke Flemmer - "bringing clarity to investment decisions"

    Welcome back to the Alt Goes Mainstream podcast. Today’s episode dives into how data and market structure are shaping private markets. We sat down in MSCI’s New York office with Luke Flemmer, the Head of Private Assets at MSCI to discuss how standardization and normalization of data can help bring efficiency, transparency, and liquidity to private markets. Luke brings a unique perspective to private markets. He was previously Managing Director, Head of Digital Strategy for Alternative Investments at Goldman Sachs Asset Management, and was Co-Founder and CEO of Lab49, a global solutions provider of investment and risk technology to asset managers and investment banks. When the ION Group acquired Lab49, Luke became Co-Head of ION’s Capital Markets Division, delivering software and solutions to the group’s global financial services customer base. Earlier in his career, Luke worked in the fields of robotics and artificial intelligence. He is a CFA charterholder. Luke and I had a fascinating conversation about private markets market structure and how MSCI is playing a role in driving standardization, normalization, and transparency of data in private markets. We covered: Parallels to market structure evolutions in equities, fixed income, FX, and derivatives.Tradeoffs of transparency for private markets participants.What it will take to build transparency and price formation in private markets.Where investors will still be able to find durable alpha.What standardization and normalization of data means for secondary markets.Analogies between Greek mythology and private markets.How secondaries has gone from a trade to a portfolio management tool.How index creation will impact private markets.Thanks Luke for sharing your wisdom, expertise, and passion at the intersection of private markets and market structure. Show Notes00:00 “Data Wants to be Free” 00:28 Welcome to the Alt Goes Mainstream Podcast 01:02 Sponsor Spotlight: Ultimus Fund Solutions 01:57 Private Markets, Data, and Market Structure 02:17 Meet MSCI’s Luke Flemmer 04:26 From Robotics to Finance: Automation Needs Standardization 05:18 Fixed Income’s Transformation: From Trading Floors to E-Trading 06:42 Connecting the Data Across the Lifecycle 07:58 Harmonized Data → Transparency → Liquidity 08:44 Scaling vs Information Asymmetry 10:38 What More Transparency Does to Returns and Alpha 11:15 Benchmarking Privates Like Publics: PMEs and Comparable Data 12:35 Manager Skill and Illiquidity Premium 14:14 Company-Level Data & Bilateral Origins 16:19 The Ship of Theseus Parable and Should Privates Become Public? 23:17 COVID, Denominator Effect, and LP Scrutiny 23:50 The New Baseline for Private Funds 24:15 Wealth Channel Tailwinds and the Rise of Active LP Portfolio Management 25:23 Using Public Liquidity to Balance Private Illiquidity 26:15 The 85/15 Public-Private Index: Why Blend Public Equity with Private Equity 27:16 Daily Pricing Private Equity: Solving the “Stale Marks” Problem 28:15 Smoothing, Stickiness and Forced Secondary Sales 29:20 What Tech/Data You Need to Nowcast PE Daily (and What’s Still Missing) 30:31 Price Formation Feeding Better Indexes 31:34 From Secondaries to Derivatives: Lessons from Fixed Income NAVs 33:14 Building Trust in Private Benchmarks: Data Scale and Adoption Over Cycles 33:53 Unlocking 401(k)s: What Must Be True for Wealth to Go Big in Privates 37:05 Liquidity, Suitability, Risk & Factor Decomposition 39:05 Durable Private Markets Alpha (and the Index Question) 41:51 Standardizing the Language: Defining “Liquidity” and MSCI as the Connective Tissue (Wrap) A Word from Our Sponsor, Ultimus This episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands. That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals. Learn more at ultimusfundsolutions.com or email info@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream. Editing and post-production work for this episode was provided by The Podcast Consultant.

    48 min
  3. AGM Unscripted: Goldman Sachs' Jeff Fine - An Investor’s Guide to Private Markets

    FEB 14

    AGM Unscripted: Goldman Sachs' Jeff Fine - An Investor’s Guide to Private Markets

    Welcome back to the Alt Goes Mainstream podcast. The Goldman Sachs Alternatives Summit “convened leaders across finance, geopolitics, technology, and culture” to discuss themes driving global markets. 2025’s Alternatives Summit was about “navigating a world in flux,” as the firm’s recap of its event noted.  The event aimed to help investors cut through the noise and put together the pieces of the puzzle in a dynamic and increasingly complex world.  Alt Goes Mainstream joined the event to have unscripted conversations with Goldman Sachs Alternatives leaders to cut through the noise by unpacking key themes and trends at the intersection of private markets and private wealth. In this special series, we went behind the scenes and interviewed six Goldman Sachs Alternatives leaders about their current thinking on private markets and how the firm has built and evolved its private markets capabilities. This conversation was with Jeff Fine, Partner, Global Co-Head of Alternatives Capital Formation within Goldman Sachs Asset Management, with responsibility for capital raising, product strategy, research and investor relations across private equity, private credit, real assets, secondaries, GP stakes and hedge funds/liquid alternatives.  Jeff is a member of the Real Estate Investment Committee and Urban Investment Group Investment Committee. Jeffrey is also on the boards of GS Real Estate Investment Trust and GS Real Estate Finance Trust. Previously, he was Global Head of Real Estate Client Solutions for Goldman Sachs Asset Management and a senior real estate investor in the Merchant Banking Division for more than 20 years. Jeffrey joined Goldman Sachs in 2002 in the Merchant Banking Division as an Analyst. He was named Managing Director in 2012 and Partner in 2018. Jeff is Chairman of the Dyson School Advisory Council and a member of the SC Johnson College of Business Leadership Council at Cornell University. He is a member of the Cornell Endowment’s Risk, Liquidity, and Operations Subcommittee and the Board of Directors of the Pension Real Estate Association Foundation. Jeffrey is also a member of the Council on Foreign Relations and the Met Council at the Brookings Institution. Jeff and I had a fascinating conversation about the intersection of private markets and private wealth, fundraising trends, and the growing role of insurers and the wealth channel in private markets capital formation. We covered: The evolving private markets landscape.The important role of the product specialist.The impact of AI on investing and what it means for private markets.What it takes to be a great investor.The importance of the value creation process in driving investment value.The future of capital formation in private markets.Thanks Jeff for sharing your wisdom, expertise, and passion about private markets and private wealth. Show Notes01:05 Welcome to the Alt Goes Mainstream Podcast 02:08 Jeff Fine's Background and Career Journey 03:43 Sophistication in the Market 05:05 The Role of Product Specialists 07:16 Talent and Resourcing in Asset Management  08:01 The War for Talent in Asset Management 09:07 Investment Performance as a Priority 10:05 Balancing Origination and LP Demand 11:42 Meeting Client Needs in Wealth Channel 12:06 Transparency and Risk Communication 12:59 Growth in Private Markets 18:07 Global Capital and Diversification 19:31 Smart Allocation in Private Markets 20:58 Private Credit as a Yield Instrument 22:23 The Role of Insurance in Private Markets 24:33 Customization and Scale in Private Markets 28:55 Trends in LP Relationships 30:39 Strategic Partnerships and Cost Efficiency 31:40 Concerns About Market Valuations 32:43 Belief in a Transformative Future 35:24 Advice for LPs in Current Market 36:21 Conclusion and Final Thoughts Editing and post-production work for this episode was provided by The Podcast Consultant.

    37 min
  4. AGM Unscripted: Goldman Sachs' Michael Bruun - Driving Value in Private Equity Through Network and Innovation

    FEB 13

    AGM Unscripted: Goldman Sachs' Michael Bruun - Driving Value in Private Equity Through Network and Innovation

    Welcome back to the Alt Goes Mainstream podcast. The Goldman Sachs Alternatives Summit “convened leaders across finance, geopolitics, technology, and culture” to discuss themes driving global markets. 2025’s Alternatives Summit was about “navigating a world in flux,” as the firm’s recap of its event noted.  The event aimed to help investors cut through the noise and put together the pieces of the puzzle in a dynamic and increasingly complex world.  Alt Goes Mainstream joined the event to have unscripted conversations with Goldman Sachs Alternatives leaders to cut through the noise by unpacking key themes and trends at the intersection of private markets and private wealth. In this special series, we went behind the scenes and interviewed six Goldman Sachs Alternatives leaders about their current thinking on private markets and how the firm has built and evolved its private markets capabilities. This conversation was with Michael Bruun, Global Co-Head of Private Equity within Goldman Sachs Asset Management.  He is a member of the Goldman Sachs Asset Management International Management Committee, Asset Management (AM) Private Equity Investment Committee, AM Growth Equity Investment Committee, AM Sustainable Investing Investment Committee, Asset & Wealth Management Inclusion and Diversity Council and is a member of the Goldman Sachs Firmwide Client Franchise Committee. In 2021, Michael was named Head of EMEA Private Equity within Goldman Sachs Asset Management and from 2019 to 2021, he was Head of Private Equity and Growth Equity investing for India. Michael joined the Merchant Banking Division in 2010 and worked in London and New York. Prior to that, he was a member of the Nordic Mergers & Acquisitions team in the Investment Banking Division (IBD), after initially joining IBD in 2005. Michael joined Goldman Sachs as an Analyst in the Fixed Income, Currency and Commodities Division in 2004. He was named Managing Director in 2013 and partner in 2016. Michael serves on the boards of Advania, Kahoot!, LRQA, Norgine, Synthon and Trackunit. He is a founding partner of the Human Practice Foundation in Denmark and a trustee in the UK. Michael earned a BA in Economics from the University of Copenhagen. Michael and I had a fascinating conversation about private equity, today’s investing environment, the hardest part about investing today, and how product innovation is impacting private equity’s market structure. We discussed: How investors can approach allocating to private equity today.The toolkit required to generate returns in private equity.The importance of network and operating partners in value creation.How new product innovation and new structures like evergreens and continuation vehicles are changing growth equity and private equity. The importance of understanding macro in a new world order of geopolitics and a new world order of investing.The skillsets that investors need to have to be a good investor in today’s investing environment.The hardest part about investing today. Thanks Michael for sharing your wisdom, expertise, and passion about private equity. Show Notes00:56 Welcome to the Alt Goes Mainstream Podcast 02:04 Michael Bruun's Background and Career 02:31 Evolution of Private Equity 03:14 Impact of Market Changes on Private Equity 03:43 Operational Value Creation 04:50 Importance of Value Creation Resources 05:33 Driving EBITDA Growth 06:04 Goldman's Value Acceleration Resources 07:18 Focus on Data and AI 08:27 AI in Different Sectors 11:22 Goldman's Investment Strategy 14:28 Scale and Capital in Private Equity 15:40 Co-Investments and Evergreen Vehicles 18:11 Flexibility in Private Markets 23:53 Navigating Volatility 24:59 Post-Investment Operations 25:23 Goldman Sachs Engineering 26:05 Future of Private Equity 27:39 CEO AI Academy 28:01 Conclusion and Final Thoughts Editing and post-production work for this episode was provided by The Podcast Consultant.

    28 min
  5. AGM Unscripted: Goldman Sachs' Harold Hope - Secondaries: A Primary Consideration

    FEB 12

    AGM Unscripted: Goldman Sachs' Harold Hope - Secondaries: A Primary Consideration

    Welcome back to the Alt Goes Mainstream podcast. The Goldman Sachs Alternatives Summit “convened leaders across finance, geopolitics, technology, and culture” to discuss themes driving global markets. 2025’s Alternatives Summit was about “navigating a world in flux,” as the firm’s recap of its event noted.  The event aimed to help investors cut through the noise and put together the pieces of the puzzle in a dynamic and increasingly complex world.  Alt Goes Mainstream joined the event to have unscripted conversations with Goldman Sachs Alternatives leaders to cut through the noise by unpacking key themes and trends at the intersection of private markets and private wealth. In this special series, we went behind the scenes and interviewed six Goldman Sachs Alternatives leaders about their current thinking on private markets and how the firm has built and evolved its private markets capabilities. This conversation was with Harold Hope, Partner, Global Head of Vintage Strategies, one of the world's largest secondary fund managers, in the External Investing Group (XIG) within Goldman Sachs Asset Management.  He is also Chair of the XIG Vintage Funds Committee and a member of the XIG Real Estate Strategies Investment Committee and the XIG GP Strategies Investment Committee. Harold joined Goldman Sachs in 1999 as an Associate in Leveraged Finance and Corporate Finance within the Investment Banking Division and moved to the Alternative Investments & Manager Selection (now XIG) private equity business in 2001. He was named Managing Director in 2006 and Partner in 2016. Prior to joining the firm, Harold worked as a financial analyst at the investment banking boutique Bowles Hollowell Conner & Co. Harold earned a BA in Economics and Political Science from the University of North Carolina.  Harold and I had a fascinating and timely conversation about the growth and evolution of the secondaries market. We discussed: Perspectives from Harold’s early days in secondaries 25 years ago, when Goldman had raised its first $400M fund in secondaries and when the secondaries industry was doing around $2B per year in transaction volume.How the secondaries market is vastly different from five years ago. The evolution of innovation in the secondaries market.Why problem-solving is a defining feature of secondaries. What is the right skillset required to be a great secondaries investor?Why secondaries is fundamentally a valuation oriented business.Are secondaries returns driven by buying high-quality assets or by buying at steep discounts?Misconceptions about continuation vehicles and how the trend of private companies staying private longer impacts CVs.The how and the why behind Goldman’s recent acquisition of Industry Ventures and why Goldman is excited about the opportunity set in venture and growth secondaries.Why scale matters in secondaries.Why secondaries might not become a traded market like the bank loan market and why secondaries may not fully achieve standardization because managers may not want completely uniform standardization.Why secondaries can be an on-ramp to private markets for private wealth investors.Thanks Harold for sharing your wisdom, expertise, and passion about secondaries and private markets. Show Notes00:35 Welcome to the Alt Goes Mainstream Podcast 01:26 Harold Hope’s Background and Entry into Secondaries 02:13 Evolution of the Secondaries Market 02:30 Drivers of Change in the Market 02:43 Innovations in the Secondary Market 04:45 Skill Sets Required in Secondaries 05:42 Valuation and Investment Strategies 07:14 Continuation Vehicles (CVs) Explained 09:27 Impact of Private Companies Staying Private Longer 10:47 Acquisition of Industry Ventures 12:01 Specialized Teams in Secondaries 13:14 Goldman's Unique Position in Secondaries 14:28 Leveraging Data and AI in Secondaries 15:47 Recent Trends and Market Dynamics 16:42 Future Growth of the Secondaries Market 17:10 Secondaries as an On-Ramp for Retail Investors 18:15 Closing Thoughts and Future Outlook Editing and post-production work for this episode was provided by The Podcast Consultant.

    19 min
  6. AGM Unscripted: Goldman Sachs' Kristin Olson - The Evolution of Alternatives: Bridging Private Markets and Wealth

    FEB 11

    AGM Unscripted: Goldman Sachs' Kristin Olson - The Evolution of Alternatives: Bridging Private Markets and Wealth

    Welcome back to the Alt Goes Mainstream podcast. The Goldman Sachs Alternatives Summit “convened leaders across finance, geopolitics, technology, and culture” to discuss themes driving global markets. 2025’s Alternatives Summit was about “navigating a world in flux,” as the firm’s recap of its event noted.  The event aimed to help investors cut through the noise and put together the pieces of the puzzle in a dynamic and increasingly complex world.  Alt Goes Mainstream joined the event to have unscripted conversations with Goldman Sachs Alternatives leaders to cut through the noise by unpacking key themes and trends at the intersection of private markets and private wealth. In this special series, we went behind the scenes at the Goldman Sachs Alternatives Conference and interviewed six Goldman Sachs Alternatives leaders about their current thinking on private markets and how the firm has built and evolved its private markets capabilities. This conversation was with Kristin Olson, Partner, Global Head of Alternatives for Wealth within Asset & Wealth Management and a member of the Management Committee. In her role, she oversees the global alternatives platform and alternatives product strategy across wealth client businesses. Kristin joined Goldman Sachs in 1998 as an Analyst in the Financial Institutions Group in the Investment Banking Division. She was named Managing Director in 2008 and Partner in 2014. Kristin is a member of the Cold Spring Harbor Laboratory, a leading research institution focusing on cancer, neuroscience, plant biology, genomics, and bioinformatics, and is a member of the Georgetown University Board of Regents. Kristin earned a BS in International Economics, magna cum laude, from Georgetown University in 1998. Kristin and I had a fascinating conversation about private markets, private wealth, how to approach strategic and tactical asset allocation, the evolving needs of an investor, and why education and financial media are becoming increasingly important tools for investors. We discussed: Lessons learned from working with Goldman Private Wealth clients that the firm has applied to how they approach serving client needs across the wealth channel with private markets solutions.Why Millennials are interested in investing in private markets.How investors can access innovation by investing in private markets.How can alternative asset managers approach educating the client and investor of the future?How private markets fits into a strategic asset allocation framework.The next evolution in private markets education for the wealth channel investor.The main source of information about private markets for investors.The future of implementation, model portfolios, and hybrid products in private markets.Thanks Kristin for sharing your wisdom, expertise, and passion at the intersection of private markets and private wealth. Show Notes00:41 Welcome to the Alt Goes Mainstream Podcast 01:35 Kristin Olson's Background and Career Evolution 01:59 The Evolution of Alternative Investments 02:46 Lessons from Goldman Wealth Clients 03:36 Diversification and Education in Alternatives 04:23 Serving Broader Wealth Channels 05:37 Balancing Customization and Scale 07:20 Survey Insights on Millennial Investors 08:44 Building the Goldman Sachs Brand for the Future 09:43 The Importance of Education in Alternatives 10:53 Early Adoption of Private Markets in Wealth Channels 12:28 Consolidation and Partnerships in Private Markets 16:42 Advice for New Investors in Private Markets Editing and post-production work for this episode was provided by The Podcast Consultant.

    18 min
  7. AGM Unscripted: Goldman Sachs' James Reynolds - From Mezzanine to Moats: Over a Quarter-Century of Goldman Sachs Private Credit

    FEB 10

    AGM Unscripted: Goldman Sachs' James Reynolds - From Mezzanine to Moats: Over a Quarter-Century of Goldman Sachs Private Credit

    Welcome back to the Alt Goes Mainstream podcast. The Goldman Sachs Alternatives Summit “convened leaders across finance, geopolitics, technology, and culture” to discuss themes driving global markets. 2025’s Alternatives Summit was about “navigating a world in flux,” as the firm’s recap of its event noted.  The event aimed to help investors cut through the noise and put together the pieces of the puzzle in a dynamic and increasingly complex world.  Alt Goes Mainstream joined the event to have unscripted conversations with Goldman Sachs Alternatives leaders to cut through the noise by unpacking key themes and trends at the intersection of private markets and private wealth. In this special series, we went behind the scenes at the Goldman Sachs Alternatives Conference and interviewed six Goldman Sachs Alternatives leaders about their current thinking on private markets and how the firm has built and evolved its private markets capabilities. This conversation was with James Reynolds, Global Co-Head of Private Credit within Goldman Sachs Asset Management. He also serves as Chief Executive Officer of Goldman Sachs Asset Management International. James is Co-Chair of the Asset Management Private Credit Investment Committee, as well as a member of the Management Committee, Partnership Committee, the European Management Committee and the EMEA Talent Council. James joined Goldman Sachs in 2000 as an Analyst and was named Managing Director in 2007 and Partner in 2010. James is a trustee of Greenhouse Sports and serves as a member of the Corporation Development Committee of the Massachusetts Institute of Technology (MIT). James earned a BS from the École Nationale des Ponts et Chaussées in 1998 and an MSc from MIT in 2000. James and I had a fascinating conversation about Goldman’s extensive history in private credit and the current market dynamics. We covered: Why all capital coming into the private credit industry is not created equal.How Goldman’s culture of “partnership, collaboration, and the right incentives” provides them with an edge in origination.Why James is an “optimistic pessimist.”Narrative versus reality in private credit markets today.What creates alpha in private credit.How to build an investment culture and, in credit, how to build an investment culture that “doesn’t feel pressure to deploy.”Why many investors are focusing on Europe.How the entire platform of Goldman Sachs helps them in private credit.Thanks James for sharing your expertise, wisdom, and passion for private credit, private markets, and private wealth. Show Notes00:39 Welcome to the Alt Goes Mainstream Podcast 01:30 James Reynolds' Background 02:44 Evolution of Private Credit 03:12 Direct Origination and Financing Solutions 04:08 Growth in Private Credit Market 05:55 Importance of Origination 06:29 Goldman Sachs' Competitive Edge 08:38 Expanding Universe of Credit 10:22 Harmonization of Goldman Sachs 12:01 Private Credit Deployment Strategies 14:15 Current State of Private Credit 17:16 Building an Investment Culture 18:31 Traits of a Great Credit Investor 20:52 Assessing the Business of Asset Management 22:43 Opportunities in Europe 26:10 Concerns in Private Credit 27:28 Optimistic Pessimism in Private Credit 27:59 Conclusion and Closing Remarks Editing and post-production work for this episode was provided by The Podcast Consultant.

    28 min
  8. AGM Unscripted: Goldman Sachs' Matt Gibson - Navigating the Future of Alternatives: Scale, Supply, and Geopolitics

    FEB 9

    AGM Unscripted: Goldman Sachs' Matt Gibson - Navigating the Future of Alternatives: Scale, Supply, and Geopolitics

    Welcome back to the Alt Goes Mainstream podcast. The Goldman Sachs Alternatives Summit “convened leaders across finance, geopolitics, technology, and culture” to discuss themes driving global markets. The 2025 Alternatives Summit was about “navigating a world in flux,” as the firm’s recap of its event noted.  The event aimed to help investors cut through the noise and put together the pieces of the puzzle in a dynamic and increasingly complex world.  Alt Goes Mainstream joined the event to have unscripted conversations with Goldman Sachs Alternatives leaders to cut through the noise by unpacking key themes and trends at the intersection of private markets and private wealth. In this special series, we went behind the scenes at the Goldman Sachs Alternatives Conference and interviewed six Goldman Sachs Alternatives leaders about their current thinking on private markets and how the firm has built and evolved its private markets capabilities. Our first conversation was with Matt Gibson, who is head of the Client Solutions Group within Goldman Sachs Asset Management.  Prior to his current role, Matt served as co-head of the Technology, Media and Telecommunications Group in the Investment Banking Division from 2021 to 2023. Before that Matt served as co-head of One Goldman Sachs from 2019 to 2021 and served as global co-head of Client Coverage within Investment Banking Services from 2015 to 2020. He joined Goldman Sachs in 2001 as an associate and was named managing director in 2008 and partner in 2010. Prior to joining the firm, Matt was a US naval officer for five years, working in a variety of capacities on two different US Navy ships. During this time, Matt’s service centered on operations in the Western Pacific, Persian Gulf, Mediterranean Sea and Adriatic Sea. Matt serves on the US Naval Academy Board of Trustees and the Global Advisory Board for the Kellogg School of Management at Northwestern University. Matt earned a BS in Political Science from the United States Naval Academy in 1994 and an MBA from the Kellogg School of Management at Northwestern University in 2001. Matt and I had a fascinating conversation about Goldman’s evolution of its private markets strategy and how the firm’s “One Goldman Sachs” initiative has enabled them to bring the entire firm to bear as it helps deliver solutions for both wealth and institutional clients. We covered: How Matt’s experiences across the firm inform the way he approaches solving needs for clients.The how and the why behind the “One Goldman Sachs” initiative.Goldman’s client-centric approach. Why it matters to be an early mover in certain instances in private markets.Goldman’s approach to partnerships in private markets.The power of the platform and how Goldman leverages its platform to help its private markets efforts.The importance of understanding geopolitics in today’s increasingly complicated investing world.Thanks Matt for sharing your expertise, wisdom, and passion for private markets and private wealth. Show Notes 00:42 Welcome to the Alt Goes Mainstream Podcast 00:56 Goldman Sachs Alternatives Conference Overview 01:09 Interview with Matt Gibson 02:26 Matt Gibson's Career Journey 02:50 The Importance of Client Engagement 03:17 One Goldman Sachs Initiative 04:13 Commercial and Cultural Impact of One Goldman Sachs 05:11 Convergence of Public and Private Markets 06:04 Growth in Retail and Institutional Alternatives 07:44 Balancing Customization with Scale 08:23 Leveraging the Goldman Sachs Platform 10:10 Origination and Investment Banking Synergy 11:23 Infusing Goldman Sachs Culture 12:34 Private Markets Culture and Strategy 13:35 Building Capabilities Through Partnerships 15:19 LP Relationships and Private Markets Evolution 16:44 Strategic Decisions in Private Markets 19:13 Agility in Product Strategy 21:08 Serving Clients in Private Markets 25:41 Geopolitical Considerations in Investing 28:06 Mega Trends and Geopolitics 29:47 Future of Private Markets 30:37 Conclusion and Final Thoughts Editing and post-production work for this episode was provided by The Podcast Consultant.

    34 min
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Alt Goes Mainstream podcast is the place to turn to for interviews with some of the brightest and most experienced minds in the world at the intersection private markets and wealth management. AGM dives into investment strategies like private equity (PE), private credit, venture capital (VC), secondaries, GP stakes, infrastructure, real estate, wealth management, and comprehensively covers tools and frameworks for approaching private markets, such as asset allocation, evergreen funds, model portfolios, and more. For anyone looking to invest into private markets (from experienced wealth managers to family offices to the individual investor looking for a more diversified investment portfolio), you’ll hear inside stories from executives and founders at some of the world’s largest financial institutions, alternative asset managers firms, and wealth management firms. More than a personal finance podcast, Alt Goes Mainstream dives deep into trends, investment strategies, firm building lessons, and innovative technologies that are enabling investors to access private markets.

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