ATLalts

Andres Sandate
  • 5.0 (3)
  • INVESTING
  • UPDATED WEEKLY
ATLalts

ATLalts is a podcast for those interested in learning about alternative investments and alternative asset classes through interviews with investors, asset owners, and industry practitioners. ATLalts explores venture capital, private equity, real estate, credit, private debt, distressed, hedge funds, commodities, FX, currencies, infrastructure, structured products, digital assets, multi-alternatives, secondaries, collectibles, farmland, timberland, and more specialized alternative assets such as life settlements, aircraft leasing, royalties, litigation funding, and marine finance.

  1. JAN 8

    Unlocking the Secrets of Acquisition Entrepreneurship: A Deep Dive with Jason Ehrlich

    The podcast features a deep dive into the world of small business acquisitions, highlighting the significant opportunity presented by the ongoing transfer of ownership from retiring Baby Boomers. What is acquisition entrepreneurship? It is the practice of searching for and buying established, profitable small businesses - usually from a retiring owner. Fruition Capital invests in these businesses. I invited Jason Ehrlich, Managing Partner of Fruition Capital on ATLalts to discuss why he believes investing in the acquisition of small businesses can allow investors to take advantage of what he believes are four key factors: Generational transfer of US small businesses owned by Baby Boomers is underway. Greater then 3 million profitable businesses owned by 65+ year-old owners will change hands in the next 5-10 yearsAttractive acquisition prices of 3x-5x avg. acquisition multiples (of EBITDA) for target businesses.Probability of failure is low as only 2.1% of SBA 7a Business Acquisition Loans defaulted in 2023The Chance of attractive performance is high as 75% of sesarch entrepreneur investors achieved an IRR of 20% according to one study. Jason Ehrlich, Managing Partner of Fruition Capital, discusses how his firm focuses on investing in B2B companies with stable earnings and a repeat customer base, which he refers to as "enduring profitability." The conversation emphasizes the attractive valuations available in this space, often at 3x-5x multiples of EBITDA, and the low failure rates associated with these businesses, particularly in the context of SBA 7a loans. Ehrlich also elaborates on the unique structure of Fruition Capital, which differentiates itself by partnering closely with entrepreneurs while providing significant capital and operational support. As the episode unfolds, listeners gain insights into the strategies and criteria that make Fruition Capital a leader in this niche market, ultimately aiming to preserve and grow local businesses in communities across the U.S. The impending retirement of Baby Boomer small business owners creates a unique landscape for investment, one that Fruition Capital is keen to navigate. Jason Ehrlich, managing partner of Fruition Capital, discusses the firm’s distinctive approach to acquiring established B2B companies that showcase not only a history of profitability but also a strong customer base. The podcast sheds light on the economic opportunities that arise from the generational shift in business ownership, particularly in light of the favorable valuations available—typically three to five times EBITDA for these enterprises. With a low default rate of approximately 2.1% on SBA 7(a) loans, the primary financing method for such acquisitions, investors are presented with a compelling case for entering this market. Ehrlich elaborates on Fruition Capital's stringent investment criteria, underscoring the firm’s commitment to stability and enduring profitability. By intentionally avoiding tech-heavy or cyclically volatile industries, Fruition ensures that its investments are grounded in businesses that have demonstrated resilience over time. The conversation also touches on the structural elements of deals, such as seller notes and equity rollovers, which serve to align the interests of the sellers and the new owners, thus facilitating a seamless transition of leadership while preserving the legacy of these local businesses. This model not only safeguards the interests of investors but also places the entrepreneurs in a position to succeed as they take the reins of these established firms. Furthermore, the episode highlights the broader societal impact of Fruition Capital's investment strategy. By empowering a new generation of entrepreneurs to take over small businesses, Fruition aims to keep jobs within local communities and foster economic stability. This commitment to community revitalization...

    1h 3m

  2. 10/24/2024

    BIS Benefits: Revolutionizing Group Health & Business Insurance through people, core values, and an award-winning workplace

    Drew Holley, Managing Partner of BIS Benefits, emphasizes the critical importance of employee benefits and health insurance in today's competitive business landscape, where retaining top talent is paramount. With a focus on serving clients with excellence, BIS Benefits has evolved into a one-stop shop for group health and business insurance since its inception in 1997. Drew shared how investing in growing and developing people and the organizational focus on mission, vision, and core values at BIS has allowed the firm to grow significantly. Drew shares insights on the growing need for businesses to review and adapt their insurance strategies, start the renewal process early, especially in a time of rising costs and changing market dynamics, and work with a trusted advisor. He highlights the significance of fostering strong relationships between business owners and their insurance advisors, ensuring proactive communication and support during critical moments. Listeners will gain valuable advice on navigating the complexities of employee benefits and the impact of proper coverage on workforce satisfaction and retention. Takeaways: Understanding the true costs of health insurance is essential for business owners today. Drew explains that affordability of healthcare plans directly impacts employee satisfaction and retention. People are everything to a business and by far the most critical asset. One of the most important factors employers can easily overlook is the importance of employee benefits.The insurance industry is evolving, with technology playing a crucial role in operations. More private equity has entered the space than ever before on both the brokerage and client side.BIS Benefits focuses on building relationships and providing exceptional service to their clients. Becoming the trusted advisor transforming each organization's approach, design and implementation of healthcare is the vision of BISBIS seeks to be a place where growth on the professional and personal level can take place and puts a significant emphasis on community, giving back, family, and moreHiring for values and personality fit is more important than industry experience in the insurance field. Links referenced in this episode: bisbenefits.com Companies mentioned in this episode: BIS Benefits State Farm Liberty Mutual Blue Cross Aetna United Travelers Hartford Innovative Outsourcing United Benefit Advisors

    57 min

  3. 10/11/2024

    Sreeni Prabhu, co-founder, Managing Partner, Co-CEO, and Group Chief Investment Officer, Angel Oak Capital Advisors, LLC (Angel Oak)

    Unlocking financial value through alternative credit is a central theme in this engaging conversation with Sreeni Prabhu, co-founder, Managing Partner, Co-CEO, and Group Chief Investment Officer at Angel Oak Capital. With a keen focus on the structured credit space, Sreeni discusses how Angel Oak, one of the largest securitizers of non-qualified mortgages in the nation, skillfully navigates market dynamics to create strategic long-term value for investors. He highlights the current opportunity in mortgage-backed securities (MBS), as inflation stabilizes and interest rates are expected to decline, presenting a historic chance to enhance fixed-income allocations. Furthermore, Sreeni elaborates on the burgeoning second lien mortgage market, emphasizing the significant equity homeowners possess and the untapped potential for strategic financing solutions. Through this episode, listeners will gain insights into the evolving landscape of fixed income and the innovative approaches that Angel Oak employs to meet the needs of both institutional and individual investors. Sreeni Prabhu, co-founder, Managing Partner, Co-CEO and Group Chief Investment Officer of Angel Oak Capital, shares his insights on alternative credit and the unique opportunities within the non-qualified mortgage sector during his conversation with ATLalts host and creator Andres Sandate. Beginning with his personal journey, Srinivas recounts his transition from a tennis player in India to a prominent figure in finance, highlighting the importance of networking, resilience, and a willingness to pursue an unconventional path. He emphasizes Angel Oak's strategic positioning as a leader in the mortgage-backed securities market, particularly in non-QM loans, and how the firm's comprehensive investment platform creates long-term value for its clients. As the discussion progresses, Sreeni delves into the current economic landscape, noting the potential for fixed-income investments amid declining interest rates and controlled inflation. He points out that mortgage-backed securities are trading at historically attractive spreads, presenting a compelling case for investors. The conversation underscores the significance of education in the financial sector, with Sreeni advocating for transparency and trust-building between Angel Oak and its clients. This commitment to educating advisors and investors is a cornerstone of the firm's strategy. The episode also explores the emerging second lien mortgage market, where homeowners can leverage their home equity for various financial needs. Sreeni highlights the substantial addressable market, estimated at $1.6 trillion, and discusses how Angel Oak is prepared to meet this demand with innovative financial products. As the episode concludes, Sreeni shares his vision for the future of Angel Oak Capital, emphasizing the need for a patient, long-term approach to investing in the ever-evolving financial landscape. Takeaways: Sreeni Prabhu's journey from India to Milledgeville, GA to leading a $20 billion asset management firm is inspiring for anyone pursuing their professional and personal interests, regardless of industry or career. Angel Oak's unique position in the mortgage-backed securities market offers compelling investment opportunities. The firm emphasizes a long-term perspective, focusing on sustainable growth and risk management. Understanding the second lien mortgage market can provide valuable insights for financial advisors. Investing in non-qualified mortgages offers significant potential returns in the current economic climate. Angel Oak's commitment to education and transparency enhances relationships with investors and advisors. Links referenced in this episode: a href="https://angeloakcapital.com" rel="noopener noreferrer"...

    1h 18m

  4. 08/13/2024

    Jay Jackson, Chairman & CEO of Abacus Life

    Jay Jackson, Chairman & CEO of Abacus Life (NASDAQ: ABL) joined ATLalts today to discuss life settlements. Jay has deep expertise in alternative assets and leads a company that has purchased over $4.6 billion in life insurance policies and helped thousands of policy holders maximize their value. Jay is a life settlements industry trailblazer as Abacus Life is the ONLY pure play, publicly traded life settlement company. Abacus recently acquired Carlisle Management Company for $200 million, making ABL the largest life settlement company in the world. On August 7, 2024 Abacus announced the acquisition of FCF Advisors. Press release below: https://www.globenewswire.com/news-release/2024/08/07/2926361/0/en/Abacus-Life-Announces-Agreement-to-Acquire-FCF-Advisors.html Finally, Jay is an innovative thought leader and a contributing author of ‘Pursuing Wealthspan,’ a book that discusses how individual lifespan affects wealth, and recently hosted a longevity summit that brought together some of the top minds in the industry. To learn more about Abacus Life you can visit the company's website at: https://abacuslifesettlements.com/

    25 min
  5. Marissa Kim, Head of Asset Management, Abra Capital Management

    05/28/2024

    Marissa Kim, Head of Asset Management, Abra Capital Management

    Marissa Kim is Head of Asset Management at Abra Capital Management (ACM), a SEC-registered investment advisor and subsidiary of Abra, a global platform for digital asset prime services and wealth management. In April 2024, Abra announced the launch of Abra Private (led by Marissa), which provides HNWIs, financial advisors, trusts, and family offices with a comprehensive suite of digital asset & wealth management solutions (all of which are powered by their expertise in DeFi – a key differentiator of the firm: Trade & Invest Clients can buy and sell 100+ digital assets with deep liquidity and low slippage through Abra including both crypto/fiat and crypto/crypto pairs Earn Yield Abra offers a variable yield on BTC, ETH, SOL and stablecoins through separately managed accounts (SMAs). Borrow Clients can borrow against their digital asset collateral to unlock liquidity. Customized Investment Strategies For more sophisticated clients, Abra can create customized delta-neutral portfolio strategies combining DeFi trading, lending and market-making. Abra’s RIA operates a separately managed account model, this is crucial for transparency and security, as clients are not liabilities on Abra’s balance sheet, and they retain title to their assets (i.e. they are never commingled – which has been a historic issue in crypto). Before Abra, Marissa founded Quantum Global Management, an investment firm focused on thematic investment in the building blocks of Web 3 and lending and DeFi strategies in digital assets and cofounded Ark Advisors, an advisory and investment firm focused on the digital asset space. Many HNWIs and accredited investors investing in crypto either hold bitcoin/ether or the spot ETFs, however, Abra Private is trying to educate sophisticated investors on how DeFi is powering a holistic set of asset and wealth management solutions that are better suited to the needs of sophisticated investors. Firm Summary Abra is a global platform for digital asset prime services and wealth management, leveraging trusted DeFi expertise to connect the on-chain and off-chain ecosystems for private clients and institutions. By integrating trading, borrowing, lending, yield services, and asset management into one offering, all underpinned by institutional risk management, Abra provides clients with actionable insights and a competitive edge. Abra’s client base includes a diverse range of private clients, family offices, hedge funds, venture capital, and crypto infrastructure firms.

    49 min
  6. Alan Strauss, Senior Partner and Director of Investor Relations, Crystal Capital Partners

    05/07/2024

    Alan Strauss, Senior Partner and Director of Investor Relations, Crystal Capital Partners

    Crystal Capital Partners is a portfolio-centric alternative investment platform allowing financial advisors to seamlessly customize portfolios of industry-leading alternative investment funds with low minimums and operational simplicity. Alan Strauss joined me to discuss the evolution of Crystal Capital Partners, how the firm partners with financial advisors and wealth management professionals to construct portfolios for discerning accredited investors and qualified purchasers, and where advisors are currently looking for exposures. Crystal Capital Partners has more than 30 years of alternative investment experience, works with 200+ financial advisory firms, has created 500+ bespoke portfolios through their platform and has a curated roster of 50 private equity, private credit, venture capital, and hedge fund offerings available to clients.

    1h 4m

  7. 04/29/2024

    Howard Abrahams, Founder and CEO of Morewood Funding, LLC

    Howard Abrahams is an entrepreneur and founder of Morewood Funding, which handles complex situations for companies looking for debt financing and loans. After earning his BA from Binghamton University and Juris Doctorate from the Benjamin Cardozo School of Law, he spent 25 years on Wall Street at major investment firms like MAN Group working with complex investment strategies. Morewood Funding helps businesses access capital when conventional lenders can't or won't lend. Howard helps companies secure loans ranging in size from $100,000 to $10,000,000. Companies seeking one or more of the following are typical clients of Morewood: purchase order financing, inventory financing, direct-to-consumer inventory financing, accounts receivable financing, lines of credit, term loans, SBA loans, startup loans, CRE loans, equipment financing, RIA loans for acquisitions and working capital, and acquisition financing.

    49 min

  8. 04/23/2024

    Ron Geffner, Partner, Sadis and Robert Swarthout, Founder, CEO, and Portfolio Manager of Teton Crypto Capital join ATLalts to discuss the Bitcoin ETF phenomenon, crypto regulations, recent enforcement actions in the digital assets industry

    Ron Geffner, Partner, Sadis Ron is a founding member of the firm’s Executive Committee and also oversees the Financial Services group. He regularly structures, organizes and counsels private investment vehicles, investment advisory organizations, broker-dealers, commodity pool operators and other investment fiduciaries. Ron also routinely counsels clients in connection with regulatory investigations and actions. His broad background with federal and state securities laws, and the rules, regulations and customary practices of the SEC, Financial Industry Regulatory Authority, Commodities Futures Trading Commission and various other regulatory bodies, enables him to provide strategic guidance to a diverse clientele. He provides legal services to hundreds of hedge funds, private equity funds and venture capital funds organized in the United States and offshore. Ron began his legal career with the SEC, where he investigated and prosecuted violations of the federal securities laws with an emphasis on enforcement in connection with violations of the Investment Advisers Act of 1940 and the Investment Company Act of 1940. He also assisted federal and state criminal agencies, such as the Federal Bureau of Investigation, the U.S. Attorney’s Office and the Attorney General’s Office, in their investigations of possible criminal violations of federal and state securities laws. Prior to starting Sadis & Goldberg, Ron was associated with two other New York City-based law firms, where he represented domestic and offshore private investment vehicles, as well as broker-dealers, registered investment advisers and registered investment companies. He began his corporate legal career as in-house counsel in the Investment Management Industry Services group of PricewaterhouseCoopers LLP, where he provided legal advice regarding investment advisers, registered investment companies and broker-dealers. Ron is often interviewed as a legal expert in the securities industry. He has appeared on Fox News, CBS Morning Show, CBS Evening News with Dan Rather, Squawk Box, Power Lunch and Closing Bell on CNBC, British Broadcasting Channel and Bloomberg Radio. He is regularly quoted in The New York Times, The Wall Street Journal, Bloomberg News, Barron’s, Barron’s Online, Reuters, Dow Jones, Financial Times, New York Newsday, London Daily News, TheStreet.com, Private Equity Week and other national and international publications. https://www.sadis.com/professionals/ron-s-geffner https://www.linkedin.com/in/rgeffner/ Robert Swarthout, Founder, CEO, and Portfolio Manager of Teton Crypto Capital Robert, the Founder, CEO & Portfolio Manager of TCC, is a cryptocurrency veteran. He has been investing in the cryptocurrency space for over five years with a full-time focus for over three years. He is a calculated investor that understands that this new emerging market is a marathon rather than a sprint. By taking the long view he focuses on the tokens that will solve large problems over the long term rather than the flavor of the current news cycle. In the first chapter of Robert’s career, he founded and sold two software businesses. The most recent venture (ShootProof.com) is a SaaS business that enables professional wedding and portrait photographers to serve their clients better. He co-founded ShootProof in 2009 and grew it to 43 employees, 43,000+ paying customers and $10M+ in annual recurring revenue, all with no outside funding. Being a multi-time founder, he is experienced in starting and scaling businesses and teams. He prides himself on building teams that thrive on adjusting to challenges in front of them. As of late 2018, a private equity group took a controlling interest in ShootProof. https://www.linkedin.com/in/robertswarthout/

    59 min
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Ratings & Reviews

5
out of 5
3 Ratings

About

ATLalts is a podcast for those interested in learning about alternative investments and alternative asset classes through interviews with investors, asset owners, and industry practitioners. ATLalts explores venture capital, private equity, real estate, credit, private debt, distressed, hedge funds, commodities, FX, currencies, infrastructure, structured products, digital assets, multi-alternatives, secondaries, collectibles, farmland, timberland, and more specialized alternative assets such as life settlements, aircraft leasing, royalties, litigation funding, and marine finance.

Information

  • Creator
    Andres Sandate
  • Years Active
    2021 - 2025
  • Episodes
    40
  • Rating
    Clean
  • Copyright
    © Copyright 2025 Andres Sandate
  • Show Website
    ATLalts

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