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

    22H AGO

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

    1D AGO

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

    2D AGO

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

    3D AGO

    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
  5. Lexington Partners' Taylor Robinson - secondaries in the spotlight

    FEB 3

    Lexington Partners' Taylor Robinson - secondaries in the spotlight

    Welcome back to the Alt Goes Mainstream podcast. Today’s episode dives into the rapidly expanding world of secondaries with a senior leader at one of the pioneering firms in the secondaries space. We sat down at Franklin Templeton’s New York office with Taylor Robinson, a Partner on the Secondary team at Lexington Partners, which has over $77B in total capitalization and is part of Franklin Templeton’s family of private markets funds and strategies. Taylor, who joined the firm in 2008, is primarily focused on the origination, evaluation, and execution of secondary opportunities, including partnership and GP-led transactions. He’s also a member of Lexington’s ESG Steering Committee. Taylor and I had a fascinating conversation about the current state of the secondaries market. We covered many of the hot button topics and trends that are shaping the secondaries market, including: Why secondaries have become an integral part of many LPs portfolios.How secondaries have become a portfolio management tool for LPs.The rise of GP-led secondaries.Why not all CVs are created equal.Why secondaries can be a good on-ramp to private markets for wealth channel investors.What the future holds for secondaries.Thanks Taylor for coming on the show to share your expertise and wisdom about private markets and secondaries. Show Notes00:00 A Different Way of Thinking About Private Equity 00:43 Welcome to the Alt Goes Mainstream Podcast 01:20 Introduction to Taylor Robinson 02:35 Taylor Robinson's Background and Career 04:25 The Evolution of the Secondaries Market 05:20 Impact of the Financial Crisis on Secondaries 06:34 Growth and Liquidity in Private Markets 07:13 Current State of the Secondaries Market 07:29 Traditional vs. GP-Led Secondary Deals 09:18 Challenges and Opportunities for Institutional LPs 11:22 Active Portfolio Management Strategies 13:06 Driving Returns and Gaining Edge 14:46 Evaluating and Partnering with GPs 16:30 Nuances of the Secondary Market 17:22 Market Dynamics and Investment Strategies 18:04 The Role of Data and Technology 19:35 Regulation and Standardization in Private Markets 20:08 Evolving Focus of Secondaries Firms 20:51 Investment Horizons and Return Expectations 22:17 Primary vs. Secondary Fund Investing 27:07 Specialization and Diversification in Private Equity 28:41 Managing Favorite Assets 28:49 Diversified Portfolio Nuances 29:37 Generating Alpha in Secondaries 30:22 Asset Selection and Value Drivers 31:09 Consistent Investor Experience 33:53 Comparing Secondaries and Primaries 35:51 Evaluating Secondaries Over Time 37:18 Evergreen Funds and New Structures 38:11 Benefits of Locked-Up Capital 40:34 Challenges in Evergreen Space 41:39 Wealth Channel and Scale 43:04 Skillset for Secondaries Investors 45:16 Intellectual Curiosity and Success 47:45 Industry Trends and GP Consolidation 49:16 Understanding Market Dynamics 50:18 Training and Retention at Lexington 50:41 Future of Secondary Markets 52:54 Misconceptions About Secondaries 54:31 Shifting Mindsets on Discounts 54:54 Consistent Returns Through Cycles 55:42 Secondaries as a Real Asset Class 56:16 Excitement for Future Growth 56:22 Conclusion and Farewell Editing and post-production work for this episode was provided by The Podcast Consultant.

    57 min
  6. Ultimus Fund Solutions' Gary Tenkman - building the core fund administration infrastructure to make private markets go mainstream

    JAN 27

    Ultimus Fund Solutions' Gary Tenkman - building the core fund administration infrastructure to make private markets go mainstream

    Welcome back to the Alt Goes Mainstream podcast. Today’s episode features a pioneer who has been building the core infrastructure that is making private markets go mainstream. We talk with Gary Tenkman, a 30-year veteran of the fund administration world who is the CEO of Ultimus Fund Solutions. Ultimus serves over 450 clients and 2,300 funds, representing $725B of assets under administration, all handled by a team of over 1,100 professionals.  Ultimus, which is backed by private equity firm, GTCR and, more recently, Stone Point, is able to help investment managers navigate a growing array of challenges that include elaborate fund structures and evolving compliance requirements. Gary has built a business that combines the best of technology and human experts in fund administration to serve many of the industry’s largest funds. Ultimus has also been a big part of the ability for private markets to innovate with evergreen and interval fund structures since they have the necessary infrastructure and services to help fund managers launch, run, and administer evergreen structures. Prior to joining Ultimus as CEO, Gary was Head of North American Operations at another large fund service provider, where he was responsible for service delivery for all clients in the region. During his 16 years there, he held leadership positions in alternative investment fund services, European fund services, and US fund services. Gary and I had fascinating conversation about the evolution of fund administration and how fund administration in private markets has changed with the growing interest in evergreen and interval funds. We discussed: How fund administration has changed over the 30 years Gary has been in the industry.Will the evergreen fund industry mirror the growth and evolution of the mutual fund industry?The gap that Gary and Ultimus saw in private markets fund administration.Why fund services for evergreen fund structures is very complex and hard to do well.How technology can provide leverage to fund administration.Will AI impact fund administration?Why fund services are a compelling investment category for private equity.Thanks Gary for coming on the show to share your wisdom and experience and thanks for your support of Alt Goes Mainstream. The work you’re doing at Ultimus is making a big impact on evolving the industry, so it’s an honor to have you partner with AGM. We hope you enjoy. Show Notes01:01 Introduction to the Alt Goes Mainstream Podcast 01:10 Gary Tenkman: A Pioneer in Fund Administration 01:17 Ultimus Fund Solutions: An Overview 01:50 Innovations in Private Markets 02:02 Gary's Career Journey 02:20 The Evolution of Fund Administration 02:38 Challenges in Fund Services for Evergreen Structures 02:46 The Role of Technology in Fund Administration 06:58 Automation and Data Standardization 11:15 AI in Fund Administration 12:09 Fund Level vs. Asset Level Data 13:16 Lessons from the Mutual Fund Industry 13:58 Product Innovation in Private Markets 18:30 Navigating the Evergreen Space 23:20 Distribution Strategies for Private Markets 25:35 The Importance of Service Providers 26:50 The Evolution of Ultimus Fund Solutions 27:19 Evolution of Ultimus: The Early Days 28:02 Client-Centric Focus: The Key to Success 28:16 Investing in Technology and Growth 28:35 Mergers and Acquisitions: Building Scale 28:58 Private Side Expansion and Momentum 29:40 Challenges and Solutions in Private Markets 30:40 Client-Centric Culture: What It Means 31:34 Delivering High-Quality Client Service 32:28 Maintaining Culture Amidst Growth 33:27 Industry Consolidation: A Historical Perspective 34:09 New Partnerships and Investments 35:26 Future M&A Opportunities 35:43 Stone Point's Investment in Ultimus 36:34 Growth in Private Funds and Evergreen Structures 37:29 Convergence of Public and Private Markets 38:05 Hybrid Product Structures: Opportunities and Challenges 39:45 Regulatory Challenges in Retail Alts 40:58 Education and Adoption in Private Markets 45:54 401k and Retirement Space: Unlocking Potential 48:04 Exciting Trends in Private Markets Editing and post-production work for this episode was provided by The Podcast Consultant.

    51 min
  7. Goldman Sachs' Sara Naison-Tarajano - working with the apex of the wealth channel

    JAN 20

    Goldman Sachs' Sara Naison-Tarajano - working with the apex of the wealth channel

    Welcome back to the Alt Goes Mainstream podcast. Today’s episode brings us to the apex of the wealth channel. We sat down in Goldman Sachs’ HQ at 200 West with Sara Naison-Tarajano, a Partner and Global Head of Private Wealth Management Capital Markets and Global Head of Goldman Sachs Apex Family Office Coverage. Sara is also responsible for the One Goldman Sachs Family Office initiative in the Americas. Sara has been at Goldman Sachs for over 26 years, where she’s worked in a number of roles across the firm, equipping her with a multi-disciplinary background that is brought to bear in her current role leading a global platform that delivers multi-asset investing, financing, and direct investment opportunities to some of the world’s largest family offices. Goldman Sachs Apex Family Office Coverage now serves more than 600 family offices across the globe. Sara and I had a fascinating discussion about the growing intersection between private markets and private wealth and what some of the wealth channel’s largest investors find interesting and differentiated in private markets. We covered: How Sara expected to spend one year at Goldman and it turned into 26 years at the firm.How her background in derivatives structuring in public markets has helped her approach private markets – and what investors in private markets can learn from being exposed to public markets.Why Sara decided to create Goldman Sachs Apex to build a dedicated group to help large family offices invest directly into private markets.How Apex is related to Goldman’s “One Goldman Sachs” initiative.How the power of the platform helps to differentiate Goldman’s wealth management business.What lessons the wealth channel can learn from how the UHNW and billionaire family office segment approaches private markets.Takeaways from the Goldman Sachs Family Office Insights Report.How the wealth channel can engage the next generation clients and how private markets play a role in reaching the next gen.Thanks Sara for coming on the Alt Goes Mainstream podcast to share your expertise and wisdom on private markets and working with the wealth channel. Show Notes00:00 Introduction: 26 Years at Goldman Sachs 00:59 Welcome to the Alt Goes Mainstream Podcast 01:05 Meet Sara Naison-Tarajano 03:07 Sara's Career Path 04:51 Intellectual Curiosity in Finance 05:29 The Role of Derivatives 06:59 Transition to Wealth Management 07:51 Goldman's Culture of Creativity 08:48 The Birth of Apex 09:12 Why Apex? 10:48 Serving Family Offices 11:25 The Apex Model 12:46 Early Days of Apex 14:09 Family Offices and Direct Deals 16:12 The Growing Role of Family Offices 19:56 Misconceptions About Family Offices 23:26 Engaging the Next Generation 34:29 Liquidity in Private Markets 34:41 Decline in Public Companies 34:52 Access to Capital in Private Markets 35:14 Emerging Trends in Private Markets 35:36 Focus on Secondaries 36:02 Family Offices and Secondaries 38:19 Goldman's Secondary Market 38:56 Goldman's Acquisition of Industry Ventures 39:55 Family Offices' Investment Strategies 40:14 US vs Global Family Offices 40:38 Private Markets and Inflation 42:42 Advice for Wealth Channel Investors 43:02 Illiquidity Premium in Private Markets 43:56 Importance of Vintaging 44:28 Evergreen Funds vs Drawdown Funds 47:22 International Family Offices 49:27 Geopolitical Concerns and Investments 52:55 Mega Trends in Investing 54:15 Infrastructure and AI 56:16 Simple Wealth Management Strategies 58:57 Private Credit and Fixed Income 01:00:48 Risks in Private Markets 01:02:22 Future of Apex and Wealth Management Editing and post-production work for this episode was provided by The Podcast Consultant.

    1h 7m
  8. Stonepeak's Cyrus Gentry - bringing infrastructure investing to the wealth channel

    JAN 13

    Stonepeak's Cyrus Gentry - bringing infrastructure investing to the wealth channel

    Welcome back to the Alt Goes Mainstream podcast. Today’s episode brings infrastructure investing to life — literally. We sat down in and walked through one of Stonepeak’s data center assets with Managing Director and CEO of SP+ INFRA, Cyrus Gentry. Cyrus has played an integral role in Stonepeak’s rapid ascent as a firm and the growth of its wealth solutions business, Stonepeak+, joining early in the firm’s history and helping the firm grow to approximately $80B in AUM. Cyrus brings a private equity perspective to infrastructure investing. Prior to Stonepeak, he held investing roles at BC Partners and Advent International. He also serves as one of the Church Commissioners for the Church of England, who hold responsibility for managing the Church’s £11.1B permanent endowment fund. Cyrus and I had a fascinating and thought-provoking discussion about infrastructure investing and why and how it can fit within a wealth client’s portfolio. We covered: How Cyrus’ background in private equity investing has transferred over to investing in infrastructure.The opportunity and risks of data center investing.The risk of overbuilding in data centers.Why location matters for data centers.What makes interconnection data centers attractive data center assets.How Cyrus and Stonepeak have built their wealth solutions business and how they’ve endeavored to be different in how they’ve built out the business.How Stonepeak’s wealth business is a reflection of the firm’s DNA.Thanks Cyrus for coming on the show to share your expertise, wisdom, and passion for infrastructure investing and working with the wealth channel. Show Notes00:00 Introduction and Sponsor Message 01:57 Welcome to the Alt Goes Mainstream Podcast 02:04 Introducing Cyrus Gentry and Stonepeak 00:00 Introduction and Sponsor Message 03:25 Cyrus's Journey from Private Equity to Infrastructure 04:56 Understanding Infrastructure Investing 06:10 The Importance of Moats in Infrastructure 06:57 Differences Between Private Equity and Infrastructure 07:38 Stonepeak's Growth and Strategy 09:06 Specialization in Infrastructure Investment 09:54 Balancing Long-Term Horizons with Industry Changes 11:15 The Role of Data Centers in Modern Life 14:43 Investment Perspectives on Connectivity 15:55 Challenges in Infrastructure Investing 17:10 Executing Value Creation Plans 19:06 Structured Capital in Infrastructure Deals 21:17 Trends and Scale in Infrastructure Investment 22:43 Patience and Discipline in Investment 23:34 Global Expansion and Strategy Diversification 24:09 Collaborative Approach with Corporates 24:42 Capital and Problem Solving 25:02 Building Stonepeak Wealth Solutions 25:30 Infrastructure Asset Class Benefits 25:47 Strategic Planning and Vision 26:05 Creation of Stonepeak-Plus 26:15 Early Discussions on Wealth Business 27:32 Team Dynamics and Entrepreneurial DNA 27:59 Understanding the Wealth Market 28:56 Educating Investors on Infrastructure 29:50 Allocating Infrastructure in Portfolios 30:07 Global Perspectives on Infrastructure 32:18 Learning from Institutional Investors 33:19 Common Questions from Wealth Channel 34:02 Mega Trends and Investment Strategies 34:46 Core, Core Plus, and Value Add Assets 36:12 AI and Data Centers 40:20 Power and Energy in Data Centers 42:34 Local and Global Investment Strategies 44:12 Geopolitical Risks and Infrastructure 46:36 Lessons Learned and Future Outlook Editing and post-production work for this episode was provided by The Podcast Consultant. 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.

    50 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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