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. Vista Equity Partners' David Breach - building a software investing powerhouse in the age of AI

    22 GIỜ TRƯỚC

    Vista Equity Partners' David Breach - building a software investing powerhouse in the age of AI

    Welcome back to the Alt Goes Mainstream podcast. Today’s episode dives into the nuances of enterprise software and how to build a scaled specialist alternative asset manager. We sat down in Vista’s NYC office with David Breach, Vista’s President and Chief Operating Officer. David sits on Vista’s Executive Committee, the firm’s governing and decision-making body for matters affecting its overall management and strategic direction as well as the firm’s Private Equity Management and Vista’s Private Equity Funds’ Investment Committees. David is also the Co-CEO of VistaOne, Vista’s evergreen private equity vehicle, and serves on the Investment Committee and Board of Directors. He also sits on the boards of Vista portfolio companies Jamf, Solera, and Stats Perform. David, who has been instrumental in helping the firm chart its growth path to over $100B in AUM, joined Vista in 2014 after as a career as a Partner at law firm Kirkland & Ellis, where his practice focused on the representation of private equity funds in all aspects of their business. David was a member of K&E’s 15-person global executive management committee and a founding partner of its San Francisco office. David and I had a fascinating and thought-provoking conversation about private markets and Vista’s evolution as a firm:  How and why Vista has become a “scaled specialist.”The journey from $13B in AUM to $100B.The opportunity in enterprise software investing and how enterprise software is an expanding market opportunity.The reason why Vista decided to build out a dedicated wealth solutions business.How firms can differentiate in the wealth channel.How firms can be measured and thoughtful with how they build evergreen solutions.The opportunity for large companies to adopt GenAI for cost-savings and revenue generation.The skills that might be valuable in the age of AI.Thanks David for coming on the show to share your wisdom and expertise in private markets. Show Notes00:00 Introduction to our Sponsor, Ultimus 01:59 Welcome to the Alt Goes Mainstream Podcast 02:07 Introducing David Breach 03:30 David Breach's Career Journey 05:22 Transition to Vista Equity Partners 06:03 Joining Vista and Initial Impressions 06:30 Vista's Vision and Growth 09:03 Operational Excellence at Vista 10:35 Investment Strategy and Alignment 13:27 Scaling Vista's Operations 16:44 Building Vista's Wealth Business 17:04 Vista's Core Values and DNA 19:29 Strategic Decisions in Wealth Management 20:19 Educating on the Wealth Space 20:46 Modeling and Investment Decisions 21:42 Hiring and Team Building 22:07 Balancing Opportunity and Capacity 22:29 Evaluating Firm's Commitment 23:47 Institutional Investors' Concerns 24:48 Addressing Investor Concerns 25:22 Industry Trends in Private Markets 26:16 The Growth of Private Software Companies 28:46 The Resilience of Software Businesses 29:36 Diversification in Software Investments 30:33 The Role of Generative AI in Software 32:54 Operational Improvements with GenAI 33:32 Product Enhancements with GenAI 33:49 Agentification of Software 34:51 Financial Impact of AI on Software Companies 36:41 GenAI in Middle Market Companies 37:25 Vista's Edge in GenAI 38:27 CEO Perspectives on GenAI 39:04 Encouraging AI Adoption in Companies 42:37 The Human Element in the Age of AI 43:26 Preparing Teams for AI Integration 45:37 Advising Wealth Managers on GenAI 48:26 Vista's Vision for the Future 49:49 Building a Software Investing Factory 50:42 Excitement for the Future 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.

    52 phút
  2. ING's Anneka Treon and Johan Kloeze - lessons learned from building a private markets platform for private wealth clients in Europe

    2 NGÀY TRƯỚC

    ING's Anneka Treon and Johan Kloeze - lessons learned from building a private markets platform for private wealth clients in Europe

    Welcome back to the Alt Goes Mainstream podcast. Today’s episode was filmed at ING’s HQ in Amsterdam, right after ING held its Private Markets Day. The firm has been actively building out its private markets capabilities to serve its private wealth clients so it was a treat to interview two of the people responsible for running ING’s wealth management and private markets practice. We sat down with Anneka Treon, ING’s Global Head of Private Banking, Wealth Management & Investments, and Johan Kloeze, Head of Private Banking & Wealth Management Netherlands, to discuss ING’s big ambitions in private markets. ING, which manages over €260B of invested assets across 5 million clients, has made a major push into private markets. Led by Anneka and Johan, the firm has built out a Private Markets business that has grown AUM in three years since its launch. ING has partnered with established alternative asset managers to create one of the largest evergreen fund platforms in European wealth management. Anneka, Johan, and I had a fascinating discussion about wealth management, how to bring private markets to advisors and clients, and how to educate the wealth channel about private markets. We covered: What Anneka means by “fast money versus slow money.”Why it’s important for advisors to bring private markets “to the kitchen table.”How to transform savers into investors — and why that matters.Why focus on private markets.The challenges with building a private markets business.Figuring out how to partner with alternative asset managers.How and why ING has focused on curation when building its private markets platform.The benefits and challenges of evergreen funds.Thanks Anneka and Johan for sharing your wisdom and expertise at the intersection of private markets and private wealth. Show Notes00:00 Message from our Sponsor, Ultimus 01:43 Welcome to the Alt Goes Mainstream Podcast 01:57 Introduction to Johan Kloeze and Anneka Treon 03:19 Guest Welcome and Backgrounds 04:05 Johan's Journey at ING 05:07 Anneka's Background and Ambitions 06:58 The Importance of Private Markets 07:56 Wealth Creation and Preservation 08:25 Building the Private Markets Business 14:55 Educational Approach to Private Markets 16:19 Making Private Markets Human 20:54 Curating the Right Managers 23:02 Slow Money vs Fast Money 24:07 The Bookcase Analogy 24:21 Cash Flow Dynamics 24:27 The Importance of a Stable Financial Foundation 24:53 The Role of Quality Managers in Investment 25:16 Motivations Behind Public vs. Private Markets 26:13 Educating Younger Clients on Slow Money 28:04 The Role of ING in Providing Diverse Investment Options 28:47 Challenges in Building a Private Markets Platform 29:46 The Success of Evergreen Vehicles 31:25 Anneka's Perspective on ING's Private Markets Strategy 32:18 Humanizing Private Markets 32:54 Opportunities in the ELTIF Space 34:24 Educating Clients on Private Markets 36:29 The Future of ING's Private Markets Platform 37:43 Balancing Digital and Human Approaches 38:49 The Importance of Simplifying Investment Concepts 38:57 The Role of Liquidity in Private Markets 39:53 Lessons Learned in Building an Investment Platform 41:38 The Entrepreneurial Spirit of ING's Clients 42:46 The Need for Harmonization in Private Markets 44:36 The Growth Roadmap for ING's Private Markets 45:07 The Future of Private Markets Investments 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.

    47 phút
  3. Live from New York with Oaktree's Armen Panossian - "don't reach for risk to deliver the right return"

    4 THG 12

    Live from New York with Oaktree's Armen Panossian - "don't reach for risk to deliver the right return"

    Welcome back to the Alt Goes Mainstream podcast. Today’s episode was filmed live at an event during a Brookfield Oaktree Wealth Solutions RIA Council meeting in New York. Armen Panossian, the Co-CEO and Head of Performing Credit at Oaktree, and I sat down for a conversation in a Brookfield-owned building with a group of RIAs in the audience. Armen, who joined Oaktree in 2007, has been an integral part of scaling Oaktree to over $209B in AUM. Oaktree, a storied firm, particularly in distressed credit, was recently fully acquired by Brookfield, the $1T AUM alternative asset manager. Armen has a wealth of experience across different areas of credit. He is the Head of Performing Credit, where his responsibilities include oversight of the firm’s liquid and private credit strategies and as a portfolio manager within the Global Private Debt and Global Credit strategies. He also led the development of Oaktree’s CLO business. Armen and I had a fascinating and thought-provoking conversation. We covered: The evolution of Oaktree’s business.How the acquisition by Brookfield has helped scale Oaktree’s business.Why private credit is more than direct lending.The nuances of asset-based finance.The current state of the credit markets.How Oaktree has approached distressed credit investing.What Armen’s memo would be if he were to write a memo like his colleague Howard Marks. And, why his memo might be titled “this is not your grandma’s private credit” or “don’t reach for risk to deliver the right return.”Thanks Armen and the Brookfield Oaktree Wealth Solutions team for a fantastic night and Armen for sharing your wisdom and expertise with us. Show Notes00:00 Message from Ultimus, our Sponsor 01:59 Welcome to the Alt Goes Mainstream Podcast 04:02 Armen Panossian’s Background 04:22 Early Career and Education 05:42 Transition to Finance 08:04 Joining Oaktree 08:25 Oaktree's Early Days 09:25 Investment Philosophy and Growth 12:05 Balancing Pessimism and Business Building 14:49 Private Credit Market Overview 15:45 Core vs. Alpha in Private Credit 20:06 Public vs. Private Credit 21:39 Technicals and Fundamentals in Credit Markets 24:17 Valuation and Risk Management 25:22 Consumer Impact on Private Credit 25:46 Public Markets as Indicators 26:38 Oaktree's Historical Success 26:48 Howard Marks' Investment Philosophy 26:58 Market Dynamics and Investment Strategies 27:18 Opportunities in Life Sciences 27:58 Public vs. Private Market Solutions 28:27 Understanding Private Credit Risks 29:05 Credit Market Technicals 29:41 Fraud Vigilance in Credit Markets 30:07 Oaktree's Opportunistic Credit Approach 31:56 Rescue Lending and Sector-Specific Opportunities 32:37 Asset-Backed Finance Explained 34:52 Impact of Banking Regulations 35:24 Current Trends in Asset-Backed Finance 39:47 Navigating the Private Credit Ecosystem 40:50 Brookfield and Oaktree Partnership 42:09 Wealth Channel Investment Strategies 43:40 Brookfield and Oaktree: A Unique Partnership 45:45 Concerns in Private Credit 48:03 Advisors' Guide to Private Credit 50:47 Howard's Memos and Investment Philosophy 52:44 Evolving Private Credit Landscape 53:48 Conclusion and Final Thoughts 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.

    54 phút
  4. Franklin Templeton's George Stephan - bringing public and private together

    2 THG 12

    Franklin Templeton's George Stephan - bringing public and private together

    Welcome back to the Alt Goes Mainstream podcast. Today’s episode brings the perspective of an asset management veteran who has sat on both sides of the table. We sat down in Franklin Templeton’s New York City office with George Stephan, COO of Global Wealth Management Alternatives at Franklin Templeton. George joined Franklin to continue the buildout of the firm’s Alternatives capabilities, which boasts over $264B AUM in private markets strategies that include Lexington Partners, Benefit Street Partners, and Clarion Partners. George came from KKR, where he was Head of Strategy and Business Development for the firm’s Global Client Solutions business and was also COO and Head of Investor Relations for KKR’s Global Wealth Solutions business in the Americas. Prior to KKR, George spent nine years in Morgan Stanley’s wealth management division. George is also a Board Observer at CAIS. George and I had a fascinating conversation about how to build a wealth solutions business and how advisors approach private markets. We discussed: How has the adoption of private markets by the wealth channel evolved over the course of George’s career?The benefits and challenges of being a traditional asset manager building out its private markets capabilities.The breadth and depth of Franklin Templeton’s reach as a firm and how that brand and history have helped Franklin partner with the wealth channel in private markets.How has Franklin Templeton’s family of specialists enabled the firm to leverage the expertise of specialist alternative asset managers within a larger platform?How does the wealth channel approach private markets?How will model portfolios be constructed and adopted by the wealth channel?Will evergreen funds be the structure of choice for most advisors?Thanks George for coming on the show to share your expertise and wisdom at the intersection of private markets and private wealth. Show Notes00:00 Introduction to our Sponsor, Ultimus 01:55 Welcome to the Podcast 02:03 Guest Introduction: George Stephan 03:59 George's Career Journey 04:12 Building Wealth Solutions at Franklin Templeton 06:06 Key Pillars for Success in Wealth Management 07:31 Client Service and Operational Excellence 09:04 Strategic Approach to Wealth Management 10:15 Convergence of Public and Private Markets 10:48 Advisor Needs and Solutions 13:31 Franklin Templeton's Private Markets Business 14:23 Unifying Private Markets Business 15:01 Cross Collaboration and Investment Decisions 15:43 Cultural Alignment in Acquisitions 16:35 Franklin Templeton's Core Principles 17:15 Heritage and Long-Term Thinking 21:30 Brand Evolution and Market Perception 24:19 Strategic Partnerships in Private Markets 25:56 Future of Partnerships and Acquisitions 26:57 Winners and Losers in Partnerships 27:10 Advisor's Perspective on Productization 27:43 Allocating to Public and Private Markets 28:21 Innovation in Private Markets 29:05 Challenges and Opportunities in Wealth Management 29:56 The Future of Multi-Asset Solutions 30:17 Operational Complexity in Private Markets 31:27 The Need for Digital Transformation 31:59 Adoption of Distributed Ledger Technology (DLT) 32:46 Evolving Technology in Wealth Management 33:49 Impact of Market Efficiency on Returns 35:13 Dispersion in Private Markets Performance 37:17 Scale and Investment Integrity 38:44 Building Capabilities in Franklin Alternatives 40:10 Partnering with Asset Managers 41:36 Keys to Building a Wealth Solutions Business 42:16 Hiring for Private Markets Expertise 43:39 Educating the Industry on Private Markets 45:48 Evergreen Structures in Private Markets 49:45 Exciting Trends in Private Markets 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.

    52 phút
  5. iAltA's Bill Crager - from building Envestnet to a "transformational moment" in wealth management

    19 THG 11

    iAltA's Bill Crager - from building Envestnet to a "transformational moment" in wealth management

    Welcome back to the Alt Goes Mainstream podcast. Today’s interview is with a wealth management entrepreneur who created one of the most consequential wealth management technology companies that has helped to shape the industry into what it is today. Bill Crager is the Co-Founder of Envestnet, which he and his co-founder, the late Jud Bergman, grew into a public company. Bill was the CEO of Envestnet during the company’s time as both a public company and following Bain Capital’s acquisition to take the company private for $4.5B. Bill is now back at it again, joining iAltA Holdings as a Founding Partner to build a suite of businesses at the intersection of private markets and private wealth management infrastructure alongside former Ipreo CEO Scott Ganeles, former Ipreo Executive Bill Sherman, and former Blackstone CFO and WestCap Founder Laurence Tosi. Bill and I had a fascinating conversation about wealth management and private markets. We covered: The evolution of wealthtech.What advisors are looking for when it comes to technology.How technology can help advisors deliver a high-quality experience to clients.Why private markets are now playing such a big role in the business of wealth management.What is missing in private markets infrastructure.The role of AI in financial planning.Why Bill wanted to go back to building again.What is in store for iAltA.Thanks Bill for sharing your wisdom and expertise on private wealth and private markets. Show Notes00:00 Introduction to Early Technology 00:12 Sponsorship Message from Ultimus 02:09 Welcome to the Alt Goes Mainstream Podcast 02:12 Introduction to Bill Crager 04:19 Building Envestnet and Early Challenges 05:06 Evolution of Wealth Management 07:00 Adoption of Technology in Wealth Management 08:39 Private Equity's Role in Wealth Management 10:17 Horizontal vs. Vertical Solutions 14:11 Challenges in Wealth Management Technology 16:22 Data and Technology in Wealth Management 22:41 Customization and Future of UMA 24:30 Impact of Data on Private Markets 26:30 Evergreen Funds and UMAs 27:45 Fusion of Public and Private Markets 28:07 Data Inputs for Financial Advice 28:33 Building Financial Plans at Scale 28:59 The Need for Holistic Financial Connectivity 29:35 Challenges in Data Flow and Infrastructure 30:29 The Role of AI in Financial Planning 30:49 Balancing Machine Learning with Human Assurance 31:35 AI's Impact on Financial Advice 32:40 Future of Financial Planning with AI 35:06 Trust in Technology vs. Human Advisors 35:19 The Emotional Component of Financial Advice 36:31 The Evolution of Wealth Management 37:02 Tokenization in Wealth Management 37:46 Adoption Challenges of Tokenization 38:56 Leveraging Technology in Wealth Management 39:27 The Future of Financial Advisors 40:59 Advice for Young Financial Advisors 42:10 The Role of Technology in Private Markets 43:48 The Vision Behind iAltA 44:46 Building Horizontal Solutions 46:14 Creating Bridges in Financial Infrastructure 51:00 The Future of Financial Advice Industry 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.

    54 phút
  6. Vista Equity Partners' Robert F. Smith - on who will benefit from AI

    13 THG 11

    Vista Equity Partners' Robert F. Smith - on who will benefit from AI

    Welcome back to the Alt Goes Mainstream podcast. Today’s episode welcomes a pioneer and visionary in enterprise software investing to Alt Goes Mainstream. Robert F. Smith is the Founder, Chairman, and CEO of $100B AUM Vista Equity Partners. He sits on the firm’s Investment Committees for Vista’s Flagship, Foundation, Endeavor, and Perennial Funds and serves as a member of Vista’s Executive committee. Vista’s portfolio spans 90 enterprise software, data, and technology-enabled companies that employ over 100,000 people worldwide. He’s also heavily involved and committed to the firm’s wealth channel efforts, serving as the Chairman and Investment Committee member for VistaOne, the firm’s evergreen private equity vehicle. Since Vista’s founding, Robert has supervised on over 600 completed transactions that represent more than $330B in aggregate transaction value. Robert founded Vista after a career at Goldman Sachs in tech investment banking, where he was Co-Head of Enterprise Systems and Storage, executing and advising on over $50B in M&A activity with companies that were foundational players in the early days of the internet and technology, including Apple, Microsoft, Texas Instruments, eBay, and Yahoo. Robert has an innate understanding of technology and the trends that are shaping the way that companies and people interact with the world and conduct business. It’s no surprise that he was early in seeing the rise and impact of AI because he was early in seeing the dawn of the internet in the 1990s. Robert and I had a fascinating and thought-provoking conversation about the evolution of both enterprise software and Vista as a firm. We covered: The early days of enterprise software and what Robert saw then that gave him conviction to focus on enterprise software as a banker and then as an investor building Vista.The investment characteristics of enterprise software.The power of product superiority in enterprise software.Why “sovereignty and dominion of data” are so important — and why it matters for AI.Can the “Rule of 40” become the “Rule of 50, 60, 70” with AI?What aspect of AI is most impactful for companies.How Vista approaches value creation.What it took to scale Vista to a $100B investment platform.Why the wealth channel is core to Vista’s business and the firm’s DNA.Thanks Robert for coming on the show to share your expertise, wisdom, and passion for enterprise software and building businesses. Show Notes00:00 Introduction to Ultimus, Our Sponsor 01:20 Welcome to the Alt Goes Mainstream Podcast 02:05 Robert F. Smith's Background and Career 04:33 Robert's Engineering Background 04:58 Chemical Engineering and Business Management 05:25 Early Career Projects and Productivity 06:42 Vista's Systemic Process Improvement 07:08 Enterprise Software Investment Strategy 11:11 Product Superiority and Execution Excellence 16:03 AI's Impact on Enterprise Software 22:58 Cultural Importance in Enterprise Software 28:05 Enterprise Software Investment Profile 28:45 Founding Vista and Early Market Insights 29:08 Mission Criticality in Enterprise Software 29:57 Economic Rent Capture Opportunities 30:36 Transitioning to Hosted Environments 31:37 Rule of 40 and Gen AI Efficiency 32:56 Cost Dynamics and Gen AI 33:35 Customer Support and Sales Efficiency 35:04 Agentic AI and Exponential Opportunities 36:37 Challenges in Enterprise AI Implementation 39:08 Internal Use of AI at Vista 43:49 Managing Agents vs. Human Interaction 44:31 Creative Uses of AI 45:00 Defining Gen AI and Agentic AI 46:28 Enterprise Software and Agentic AI 47:30 Impact of AI on Companies 50:17 Evolution of Vista and New Investors 50:42 Democratizing Investment Opportunities 51:47 AI in Wealth Management 52:55 Conclusion and Final Thoughts 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.

    53 phút
  7. Nomura Capital Management's Robert Stark - building a private credit business within a global bank

    11 THG 11

    Nomura Capital Management's Robert Stark - building a private credit business within a global bank

    Welcome back to the Alt Goes Mainstream podcast. Today’s episode dives into private credit and building an asset management business inside of a leading global bank. We sat down in Nomura’s NYC office with Robert Stark, the CEO of Nomura Capital Management LLC (NCM) and Head of Investment Management in the Americas for the Nomura Group. Robert brings deep experience in financial services to Nomura. He was previously the Founder & CEO of Alterum Capital Partners LLC, where he focused on building an investment management business at the intersection of private markets and RIAs. Prior to Alterum, he was a Senior Managing Director and member of the Executive Committee at FS Investments, where he was responsible for Corporate Development. He also spent 7 years at JP Morgan across Asset & Wealth Management. He joined JP Morgan from Russell Investments, where he was a member of the Executive Committee. He started his professional career at McKinsey & Company, where he was a Partner serving clients in asset management, investment banking, insurance, and private equity. Robert brings both a consultant’s analytical perspective and an operator’s practical approach to his work building the credit business at Nomura Capital Management. Robert and I had a fascinating and wide-ranging discussion about building an asset management business in a fast-growing segment of private markets: private credit. We covered: The state of the private credit market.How to build an asset management business.What it takes to work with the wealth channel.The entrepreneurial spirit of RIAs.Open architecture vs closed architecture in private credit.Keys to success in the evergreen fund space.Thanks Robert for coming on the show to share your wisdom and expertise on private markets and wealth management. 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. Show Notes00:00 Message from Ultimus, our Sponsor 01:57 Welcome to the Alt Goes Mainstream Podcast 02:06 Guest Introduction: Robert Stark 03:18 Building an Asset Management Business 03:42 Evolution of Asset Management Industry 04:01 Regulatory Environment and Market Structure 05:12 Challenges in Asset Management 08:24 Importance of the Right People 08:44 Private Credit Business at Nomura 09:59 Diversification in Private Credit 10:47 Secular Trends in Private Credit 11:15 Client-Centric Solutions 19:00 Origination in Private Credit 20:07 Open vs. Closed Architecture 22:45 Product Development and Client Feedback 24:22 Early Stages of Private Credit Solutions 25:43 Future of Evergreen Funds 27:29 Investor Interests and Needs 27:47 Building a Trusted Brand 28:18 Challenges of Entrepreneurship 28:46 Capital and Talent Requirements 29:23 Nomura's Long-Term Vision 30:12 Nomura's Wealth Management Legacy 30:49 Expanding in the US Market 31:32 Japanese Investment Culture 32:07 Open Architecture Strategy 32:34 Global Network and Client Access 34:32 Challenges of Working with RIAs 36:19 Fiduciary Alignment 37:04 Partnerships and Client Success 37:56 Strategic Acquisitions 39:50 Evolution of the RIA Segment 44:44 Long-Term Business Planning 46:39 Future of Private Markets Editing and post-production work for this episode was provided by The Podcast Consultant.

    55 phút
  8. PGIM's Dominick Carlino - operating at the intersection of asset management, insurance, and wealth management

    4 THG 11

    PGIM's Dominick Carlino - operating at the intersection of asset management, insurance, and wealth management

    Welcome back to the Alt Goes Mainstream podcast. Today’s episode is with an experienced private markets and distribution executive who has been educating the wealth channel and distributing private markets investment solutions at some of the industry’s largest investment platforms. We sat down in Prudential’s Newark studio with PGIM’s Global Head of Alternative Investments, Dominick Carlino. PGIM is the $1.4T global asset management business of Prudential Financial. At PGIM, Dominick is responsible for driving the continued development and distribution of alternative investments tailored to the firm’s wealth channel investors globally. Dominick joined the firm in 2023, bringing over 20 years of experience in alternatives distribution. He was most recently MD, Head of Alternative Investments Distribution at Merrill Lynch. Dominick and I had a fascinating conversation about the intersections between insurance and asset management and the evolution of distribution. We covered: How the distribution of private markets investment solutions has evolved.The benefits of an integrated platform across insurance and asset management.Navigating the playing field of collaboration and competition between asset managers and insurance companies.The importance of education.How, why, and where evergreen funds will be adopted.Thanks Dominick for sharing your perspectives and wisdom on insurance and private markets. We hope you enjoy. 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. Show Notes00:00 Message from our Sponsor, Ultimus 01:18 Welcome to Alt Goes Mainstream 01:55 Guest Introduction: Dominick Carlino 03:34 Dom’s Background and Career Journey 03:55 Early Career and Transition to Alternatives 05:03 Experience at Morgan Stanley and Merrill Lynch 05:18 Evolution of Private Markets Distribution 07:08 Wealth Channel and Private Markets 09:08 Joining Prudential and PGIM 10:25 Prudential's Capabilities and Strategy 12:47 Asset Liability Matching in Private Markets 14:22 Liquidity Risk and Private Markets 16:16 Education and Evergreen Funds 17:06 Credit Risk in Private Credit 18:14 Vertical Integration and Acquisitions 19:35 Partnerships and Strategic Growth 20:22 Market Shakeout and Scale 22:09 Product Set and Innovation 23:24 Advisor and Client Needs 24:45 Evergreen Funds and Market Trends 26:13 Specialized Strategies in Private Markets 26:41 Distribution and Education 28:16 Skills for Effective Distribution 30:54 Organizational Alpha and Trust 31:56 Brand and Stability 33:11 Partnerships and Long-term Solutions 33:49 Insurance and Tax-Advantaged Strategies 34:12 Asset Managers and Insurance Partnerships 35:42 Private Markets in Retirement Plans 36:17 Future of Private Markets 36:41 Keys to Winning in Private Markets 37:29 Prudential's Competitive Advantages 37:48 Conclusion and Guest Farewell The opinions expressed in this podcast are those of the author and do not reflect the views or opinions of PGIM, Inc. PGIM, Inc. is not responsible, endorses nor confirms its accuracy. All trademarks and other intellectual property used or displayed are the ownership of their respective owners. Unless noted otherwise in this podcast, PGIM, Inc. is not affiliated with, nor  endorses any mentioned company or any linked third-party content. PGIM and its affiliates may develop and publish research that is independent of, and different than, the recommendations contained herein. PGIM’s personnel other than the author(s), such as sales, marketing and trading personnel, may provide oral or written market commentary or ideas to PGIM’s clients or prospects or proprietary investment ideas that differ from the views expressed herein. Editing and post-production work for this episode was provided by The Podcast Consultant.

    38 phút
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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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