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. Morningstar's Kunal Kapoor - live from the Morningstar Investment Conference

    HACE 3 DÍAS

    Morningstar's Kunal Kapoor - live from the Morningstar Investment Conference

    Welcome back to the Alt Goes Mainstream podcast. Today’s podcast was a conversation that was recorded live at Morningstar’s Investment Conference in Chicago earlier this year. Morningstar CEO Kunal Kapoor took time out of his packed schedule at the event to sit down with me for a thought-provoking conversation that dove into the nuances of many of the trends that are shaping private markets today. Morningstar and Kunal have quite an interesting perch in the market. They occupy a critically important function in the market: helping investors understand the data, structures, and trends in public and private markets. They provide fund ratings, investment analysis, and market data to both individual and institutional investors. As public and private markets experience increasing convergence, Morningstar finds itself at the intersection of markets that are undergoing rapid evolutions across product structures, asset allocation frameworks, and weighty questions around conceptual frameworks of liquidity, risk, volatility, concentration that are on the minds of many. Amongst the wide range of topics Kunal and I covered, one stood out: Morningstar is fiercely on the side of the investor. If there’s anyone who has a deep understanding of Morningstar’s DNA, it’s Kunal. Kunal started at Morningstar in 1997 as a data analyst, holding a variety of roles at the firm, including leadership positions in research and innovation. He served as director of mutual fund research and was part of the team that launched Morningstar Investment Services, Inc., before moving on to other roles including director of business strategy for international operations, and later, president and chief investment officer of Morningstar Investment Services. During his tenure, he has also led Morningstar.com® and the firm’s data business as well as its global products and client solutions group. Kunal and I had a fascinating and lively conversation. We covered a number of the most pressing topics in private markets today: the convergence of public and private, liquidity vs illiquidity, investor education, the importance of transparency, and the why, what, and how behind evergreen funds. Thanks Kunal for coming on the show to share your wisdom, expertise, and passion for public and private markets. 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 Introduction to our Sponsor, Ultimus 01:18 Podcast Opening and Theme 01:55 Welcome to the Morningstar Investment Conference 02:29 Convergence of Public and Private Markets 03:12 Challenges in Transitioning to Private Markets 05:26 Morningstar's Evolution and Impact 06:59 Morningstar's Role in Reducing Costs 08:15 Evergreen Funds and Transparency 08:48 Complexities in Private Market Structures 09:36 Liquidity and Innovation in Private Markets 12:27 Investor Education and Common Language 14:34 Comparing Public and Private Market Investments 16:28 Standardized Documentation and Regulation 18:00 Educating Investors on Private Markets 18:52 Morningstar's Style Box for Private Markets 19:14 Data Availability and Analysis 20:24 Evaluating Different Investment Structures 21:09 Public-Private Partnerships and Transparency 21:38 Philosophical Questions on Private Markets 22:58 Behavioral Aspects of Illiquidity 24:00 Evergreen Funds as Buy and Hold Vehicles 24:15 Asset Allocation and Evergreen Structures 25:16 Investor Behavior and Market Volatility 25:25 Individual Investors vs. Advisors 26:32 Stability of Retail Assets 26:56 Retail Brokerage Apps and Crypto Trading 27:15 Impact of Social Media on Young Investors 27:29 Exposure to Private Markets 28:01 Market Drawdowns and Young Investors 28:27 Advisor-Led Models vs. Self-Directed Investing 28:57 Investor Behavior Across Different Age Groups 30:06 Morningstar's Role in Investor Validation 30:50 Morningstar's Independent Voice 32:01 Transparency in Private Markets 32:24 PitchBook and Data Transparency 33:02 Challenges in Private Market Data 33:26 Tipping Point in Transparency 34:54 Private Market Indices 35:37 Challenges in Benchmarking Private Markets 36:29 Lessons from Public Markets 37:12 Evolution of Private Markets 37:37 Future of Private Markets 38:41 Fee Structures in Private Markets 39:38 Operational Burden in Private Markets 40:50 Pre-Trade Market Structure 41:16 Access to Private Markets for All Investors 43:06 Returns and Diversification in Private Markets 44:51 Building Portfolios in a Lower Return Environment 47:15 Brand vs. Performance in Alternative Assets 49:18 Favorite Alternative Investments Editing and post-production work for this episode was provided by The Podcast Consultant.

    51 min
  2. Stonepeak's Luke Taylor - what it takes to be a great infrastructure investor

    3 SEP

    Stonepeak's Luke Taylor - what it takes to be a great infrastructure investor

    Welcome back to the Alt Goes Mainstream podcast. Today’s episode dives into the evolution of infrastructure investing with the leading scaled specialist firm in infrastructure. We sat down in Stonepeak’s Hudson Yards office with the firm’s Co-President Luke Taylor to discuss the inner workings of the infrastructure investing world and unpack the story of how Stonepeak’s rapid ascent has seen the firm climb to $76.3B in AUM in 14 short years. Luke brings a wealth of experience to the infrastructure investing world. He is Co-President of Stonepeak and a member of all of the firm’s investment committees. He’s been investing in infrastructure for over 20 years, joining Stonepeak from infrastructure investing pioneer Macquarie Capital. Luke and I had a fascinating and thought-provoking discussion about infrastructure investing and why it’s becoming an increasingly important part of the private capital ecosystem. We covered: How Luke went from growing up on a sheep farm to investing in infrastructure in New York.What Macquarie taught him about how to approach infrastructure investing.Why he took the entrepreneurial leap to build Stonepeak and join Chairman, CEO, and Co-Founder Mike Dorrell from the firm’s earliest days.Why infrastructure investing is more than toll roads, airports, and bridges.How there are elements of a private equity approach to investing in, building, and operating infrastructure assets.Where infrastructure fits in an investors’ portfolio.Why individual investors should consider exposure to infrastructure assets.Has infrastructure proved itself through an inflation cycle?Why scale matters in infrastructure investing.How Stonepeak identified investing in data centers early on and well before the data center boom began.What type of demeanor and mindset makes for a successful infrastructure investor.Thanks Luke for coming on the show to share your expertise, wisdom, and passion for infrastructure investing. 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 Introduction and Sponsor Message 01:18 Podcast Opening and Theme 01:55 Episode Overview: Infrastructure Investing 02:04 Guest Introduction: Luke Taylor 02:45 Luke Taylor's Background and Journey 04:49 Early Days at Macquarie 07:19 Transition to Stonepeak 08:04 Building Stonepeak  10:13 Value Creation in Infrastructure 11:59 Mindset of an Infrastructure Investor 13:08 Balancing Long-Term and Agile Thinking 15:42 Key Drivers of Value Creation 16:10 Underwriting and Risk Management 18:00 Operational Intensity and Asset Utilization 21:51 Network Effects in Infrastructure 23:19 Infrastructure as a Defensive Investment 26:13 Portfolio Construction and Infrastructure 26:39 Private Infrastructure and Yield Benefits 27:29 Productizing Infrastructure Investments 27:41 Equity, Credit, and Real Estate Strategies 29:23 Thematic and Opportunistic Investing 29:53 Data Centers and Early Investments 30:06 Identifying Investment Opportunities 30:14 Evolution of Data Centers 30:58 Interconnection Hubs and Carrier Hotels 31:32 AI Boom and Data Centers 33:22 Investing in AI Through Infrastructure 34:42 Underwriting AI Thematics 35:04 Capital Needs in Data Centers 35:32 Downside Protection in AI Investments 36:49 Navigating Increased Capital in Infrastructure 37:35 Durability of Cash Flow in Infrastructure 38:40 Scaling Stonepeak's Infrastructure Investments 39:18 Diversification in Infrastructure Investments 41:47 Developing an Edge in Origination 42:36 Structural Elements in Deal Sourcing 42:57 Competition and Market Structure 43:26 New Entrants in Infrastructure 43:44 Building New Assets in Infrastructure 43:54 Exits and Evergreen Funds 46:27 Private Wealth and Infrastructure 51:25 Challenges in Starting a Wealth Business 51:51 Deal Flow and Product Construction 53:50 Volatile Markets and Opportunities 54:20 Interest Rate Risks in Infrastructure 55:18 Favorite Infrastructure Opportunities 57:01 Closing Thoughts and Full Circle Editing and post-production work for this episode was provided by The Podcast Consultant.

    59 min
  3. Arcesium's David Nable - architecting private markets technology infrastructure for the future

    27 AGO

    Arcesium's David Nable - architecting private markets technology infrastructure for the future

    Welcome back to the Alt Goes Mainstream podcast. Today’s episode dives into how operations and streamlining technology processes can be turned into a strategic advantage. We sat down with Arcesium’s MD and Head of Client and Partner Development David Nable to discuss how technology is impacting how funds manage their processes, operations, and data. David was an early employee at Arcesium, helping the firm scale and working with many of the industry’s largest asset managers across the lifecycle of an investment. David joined Arcesium after a career in fund services and fund administration that spanned senior roles at Goldman Sachs, Credit Suisse, and BNP Paribas Securities Services. David and I had a fascinating conversation. We discussed: How David’s background in prime brokerage and fund admin helped him approach the technology problems for asset managers.How asset managers should approach where and how technology can be a strategic advantage.What does it mean to be a tech-forward asset manager?How does the growth of evergreen funds impact how firms manage their data and serve investors?What still needs to be built next to continue to improve private markets market infrastructure.Thanks David for coming on the Alt Goes Mainstream podcast to share your expertise and wisdom on private markets technology and post-investment processes. 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 Introduction to our Sponsor, Ultimus Fund Solutions 01:52 Welcome to the Alt Goes Mainstream Podcast 02:04 Guest Introduction: David Nable 03:46 David's Career Beginnings 04:15 Parallels Between Running and Finance 05:19 Observing Industry Trends 06:45 Evolution of Private Markets 08:45 Impact of Technology on Investment 09:40 Challenges in Scaling Investments 11:20 Data-Driven Investment Strategies 12:50 Technological Advancements in Finance 13:52 Importance of Foundational Data 17:31 Data Silos and Harmonization 18:14 Case Study: Investor Relations 21:25 Data-First Approach Benefits 21:51 Timing for System Architecture 23:21 Inflection Points for Managers 23:37 Logical Breakpoints in Strategy 23:44 New Strategies and Geographies 23:47 Adapting to New Asset Classes 23:50 Distribution Channels and Partnerships 23:56 Preparing for Future Growth 24:00 Publicly Traded Private Markets 24:14 Tackling Technological Challenges 24:24 Philosophies on Illiquidity 24:25 Conclusion and Future Outlook 24:29 Investing in Scalable Distribution Channels 25:12 Architecting Technology Systems for Business Growth 25:44 Understanding Data in Different Business Models 27:10 Strategic Role of Technology in Investment Firms 29:35 The Paradox of Data in Decision Making 30:49 Competitive Advantage Through Faster Information 31:45 Impact of AI and Technology on Firm Sizes 32:31 Challenges for Mid-Sized Firms 33:13 Technology as an Enabler for Niche Specialists 34:03 Advice for Mid-Sized Firms on Technology Implementation 35:10 Focus on Big Technology Investments 35:29 Point Solutions vs. Platforms in Private Markets 38:52 Cost of Technology Solutions 39:06 Integration Challenges with Multiple Systems 40:59 Arcesium's Technology Platforms 43:18 Simplifying Complex Investments 46:13 Future of Software Innovation in Private Markets 46:39 AI as a Game Changer in Private Markets 47:34 Efficiency Gains Through AI 48:05 Actionable Advice on Using AI 48:15 Caution Against Vibe Coding 48:58 Importance of Proper Technologists 49:23 Timing of Technology Implementation 49:29 Conclusion and Final Thoughts Editing and post-production work for this episode was provided by The Podcast Consultant.

    50 min
  4. Juniper Square's Alex Robinson - "high tech and high service," balancing AI with the human element in fund administration

    21 AGO

    Juniper Square's Alex Robinson - "high tech and high service," balancing AI with the human element in fund administration

    Welcome back to the Alt Goes Mainstream podcast. Today’s episode dives into what the future of fund administration could look like with a tech-forward approach and the application of AI. We sat down with Juniper Square CEO and Co-Founder Alex Robinson to discuss how and why they’ve built a digital first fund administrator for private markets, starting with real estate and since expanding into other asset classes. Fresh off of a $130M Series D fundraise led by Ribbit Capital, Juniper Square has expanded globally, into fund administration through its acquisition of Forstone, and has launched JunieAI to bring AI to fund administration. Alex and I had a fascinating conversation. We discussed: Why Alex started Juniper Square and how his two entrepreneurial endeavors has informed how he’s built the firm.The problem Alex set out to solve by building Juniper Square.After dealing with FedEx’s to make investments, how he set out to build an investor experience that was digital.How AI will impact fund admin.Why every GP should have an AI agent according to Alex.Why Juniper Square decided to move from a technology firm to add fund administration capabilities in house.Does AI benefit larger firms or smaller firms more?Thanks Alex for coming on the Alt Goes Mainstream podcast to share your expertise and wisdom on fund administration and AI. A word from AGM podcast sponsor, Juniper Square When was the last time things were easy for GPs? Fundraising remains challenging, providing liquidity to investors is even harder—and broadly speaking, most GPs are underwater operationally. It’s not about to get easier, either. Especially for managers vying for capital from the wealth channel. Sure, there’s increased demand from HNW and UNHW investors to gain private markets exposure…but managing their expectations for the investing experience is a whole different ballgame. Reams of paper and a new KYC process every single time they subscribe to a fund? Brutal. But what if committing capital to private equity, venture, and real estate funds was digital and seamless for investors — and scalable to manage for GPs? Meet Juniper Square, the fund operations partner to over 2,000 private markets GPs worldwide. Juniper Square gives GPs the connected software, data, and fund administration services needed for modern private markets. No matter how ambitious your next raise is, how many investors you manage, and how complex your investment vehicles are, Juniper Square empowers GPs to raise capital faster, reduce operational risk, and deliver a world-class investor experience. And with JunieAI, Juniper Square's enterprise-grade AI built for private markets, GPs can truly and finally unlock the power of AI to work smarter, move faster, and focus on relationships and returns. Scale your business, not your operational burdens and costs. Visit junipersquare.com/agm today to learn more. Show Notes00:03 Juniper Square: Revolutionizing Fund Management 01:38 Welcoming Alex to the Podcast 01:59 Alex's Journey to Founding Juniper Square 02:10 Juniper Square's Mission and Services 02:38 The Early Days and Challenges 03:41 The Digital Transformation of Private Markets 04:15 Focusing on the GP Experience 04:30 Balancing GP and LP Needs 04:54 The Naivete Advantage 05:12 Overcoming Industry Challenges 06:58 Real Estate: The Starting Point 08:41 The Evolution of Juniper Square 09:38 Technology Adoption in Private Markets 17:21 The Importance of Customer Feedback 18:09 The Vision for Market Efficiency 20:10 Expanding Across Asset Classes 21:09 The Role of Personal Relationships 22:49 Becoming a Full-Stack Service Provider 24:31 The Complexity of Fund Administration 28:55 The Future with AI 29:21 Challenges of Implementing AI 30:31 The High Cost of Mistakes 31:18 AI's Impact on Employee Productivity 31:52 Challenges of Adopting AI in the Workplace 32:20 Launching JunieAI 32:59 Understanding AI Models 33:44 Customizing AI for Reporting 34:44 Mastering Data for AI 35:13 AI in Software Development 35:59 Leveraging AI at Juniper Square 36:19 Ensuring Accuracy and Context in AI Models 37:30 AI's Limitations in Financial Insights 37:52 Future Improvements in AI Models 38:36 Feeding AI the Right Context 39:11 Connecting AI to Tools and Workflows 40:19 Automating Fund Administration 43:39 AI's Role in Competitive Advantage 44:24 AI's Impact on Different Asset Classes 46:16 Best Practices for GPS Using AI 47:02 AI's Benefits for Large vs. Small Firms 48:58 Integrating AI Across Business Functions 51:39 Balancing AI with Human Relationships 54:33 Future Vision for Private Markets 55:02 AI Agents in GP Work 56:07 Transforming GP-LP Matchmaking 01:00:50 Investment Opportunities in AI and Real Estate   Editing and post-production work for this episode was provided by The Podcast Consultant.

    1 h y 3 min
  5. Capital Allocators' Ted Seides - the capital allocator behind the mic

    14 AGO

    Capital Allocators' Ted Seides - the capital allocator behind the mic

    Welcome back to the Alt Goes Mainstream podcast. What happens when two podcasters walk into a room?  They talk. Today’s podcast turns the tables on one of the industry’s leading podcasters and content creators to have him share his story and experience as an allocator and content creator.  We sat down with Ted Seides, the Founder of industry-leading podcast Capital Allocators and former President and Co-CIO of Protégé Partners and an asset allocator at the Yale Endowment. Ted has had a tremendous career at the intersection of asset allocation and content, so it was fascinating to hear his perspectives on the state of the industry and how it’s evolving from someone who talks with many of the industry’s leading minds through his podcast, Capital Allocators. Ted and I had a fascinating conversation. We discussed: Stories and lessons learned from working with David Swensen at the Yale Endowment.What the wealth channel can learn from institutional investors.What Ted looked for in hedge funds and alternative asset managers when doing manager due diligence.Ted’s bet with Buffett on hedge funds and why he’s now doing a bet on PE versus public equities.How alternative asset managers are evolving and the pros and cons of evergreen structures.Why and how Ted started Capital Allocators and why content is so critical to learning asset management and understanding how firms operate.Capital Allocators is one of my favorite podcast listens and Ted always delivers with high-quality and thoughtful content so it was an honor to have him on the show. Thanks Ted for sharing your expertise and wisdom on asset allocation and content and for the service you provide to everyone in the industry through education and the creation of such high-quality content for us to consume. A word from AGM podcast sponsor, Juniper Square When was the last time things were easy for GPs? Fundraising remains challenging, providing liquidity to investors is even harder—and broadly speaking, most GPs are underwater operationally. It’s not about to get easier, either. Especially for managers vying for capital from the wealth channel. Sure, there’s increased demand from HNW and UNHW investors to gain private markets exposure…but managing their expectations for the investing experience is a whole different ballgame. Reams of paper and a new KYC process every single time they subscribe to a fund? Brutal. But what if committing capital to private equity, venture, and real estate funds was digital and seamless for investors — and scalable to manage for GPs? Meet Juniper Square, the fund operations partner to over 2,000 private markets GPs worldwide. Juniper Square gives GPs the connected software, data, and fund administration services needed for modern private markets. No matter how ambitious your next raise is, how many investors you manage, and how complex your investment vehicles are, Juniper Square empowers GPs to raise capital faster, reduce operational risk, and deliver a world-class investor experience. And with JunieAI, Juniper Square's enterprise-grade AI built for private markets, GPs can truly and finally unlock the power of AI to work smarter, move faster, and focus on relationships and returns. Scale your business, not your operational burdens and costs. Visit junipersquare.com/agm today to learn more. Show Notes00:00 Introduction to our Sponsor, Juniper Square 00:38 Juniper Square's AI Capabilities 01:40 Guest Introduction: Ted Seides 04:03 Lessons from Yale Endowment 04:46 David Swensen's Investment Principles 05:51 Evolution of the Endowment Model 05:58 Wealth Channel vs. Institutional Investors 08:09 Access to Top Managers 11:16 Alpha in Private Markets 12:32 Ted's Bet with Buffett 13:10 Private Equity vs. Public Equities 17:16 Private Equity Diversification 18:45 Hedge Fund Industry Lessons 20:07 Private Equity Fee Structures 24:03 Talent Migration in Private Markets 26:47 Evaluating Investment Culture 27:15 Investment Philosophy and Strategy 28:26 Ted's Approach to Manager Evaluation 29:46 Impact of AI on Diligence Processes 30:20 Defining Investment Edge 30:33 Behavioral and Analytical Edge 31:01 Informational and Technical Edge 31:27 Evaluating Investment Managers 31:37 Impactful Investment Decisions 31:52 Mistakes and Learning 32:53 The Hardest Time to Invest 34:14 Behavioral Biases in Investing 34:51 Decision-Making Processes 36:28 The Role of AI in Investing 38:07 Content and Investment Decisions 39:25 Starting Capital Allocators 41:00 Learning from Podcasting 43:40 Building a Business from a Podcast 45:26 The Value of Relationships in Investing 47:06 Content Strategy for Managers 49:44 Effective Content Modalities 50:43 Direct Communication vs. Algorithms 51:13 Brand vs. Direct Sales 52:35 Insights from Podcast Conversations 54:23 Favorite Private Market Investments 56:05 AI and Investment Perspectives 57:37 Partnering with AI Experts 58:12 The Importance of People in Investing   Editing and post-production work for this episode was provided by The Podcast Consultant.

    59 min
  6. Hg's Nic Humphries - investing at an inflection point in history

    6 AGO

    Hg's Nic Humphries - investing at an inflection point in history

    Welcome back to the Alt Goes Mainstream podcast. Today’s episode is about mining for investment success in enterprise software by going “an inch wide and a mile deep” with someone who is one of the industry’s most prolific private equity technology investors. We sat down with Nic Humphries in Hg’s London office. Nic is the Senior Partner and Executive Chairman of Hg and Head of the firm’s Saturn fund. Hg, one of the top 10 largest PE firms globally based on the PEI300 ranking, has built an impressive investment engine focused on mission-critical enterprise software. The firm has built a portfolio that is a “transatlantic ecosystem of software and services businesses” — representing over $180B in collective enterprise value across its 55 portfolio companies. Nic is responsible for Hg’s strategy, management, and governance. On the investing side, Nic focuses on larger software investments that provide daily-use mission critical applications for accountants, tax / compliance professionals, and designers / engineers / scientists. He has brought his electrical engineering background to bear to go a “mile deep” into a category where Hg has become an unquestioned market leader. Nic balances being both a detail-oriented specialist with a vision for both the enterprise software industry and Hg as a firm. We had a fascinating discussion about enterprise software investing, how to create European software giants, applying AI to make companies more efficient, and much more. We covered: The origin story of Hg.How Hg grew into one of the industry’s leading software focused private equity firms.How an engineering mindset has helped Nic become a leading investor.Why Hg focuses on mission-critical enterprise software and why it’s a compelling investment thesis.Why enterprise software investing can be considered a low volatility investment strategy and how Hg has delivered consistent returns to investors.How to effectively manage exits and DPI.Why Europe, why now?How AI could impact technology and services businesses.Thanks Nic for coming on the show to share your wisdom and expertise about enterprise software and private markets. A word from AGM podcast sponsor, Juniper Square When was the last time things were easy for GPs? Fundraising remains challenging, providing liquidity to investors is even harder—and broadly speaking, most GPs are underwater operationally. It’s not about to get easier, either. Especially for managers vying for capital from the wealth channel. Sure, there’s increased demand from HNW and UNHW investors to gain private markets exposure…but managing their expectations for the investing experience is a whole different ballgame. Reams of paper and a new KYC process every single time they subscribe to a fund? Brutal. But what if committing capital to private equity, venture, and real estate funds was digital and seamless for investors — and scalable to manage for GPs? Meet Juniper Square, the fund operations partner to over 2,000 private markets GPs worldwide. Juniper Square gives GPs the connected software, data, and fund administration services needed for modern private markets. No matter how ambitious your next raise is, how many investors you manage, and how complex your investment vehicles are, Juniper Square empowers GPs to raise capital faster, reduce operational risk, and deliver a world-class investor experience. And with JunieAI, Juniper Square's enterprise-grade AI built for private markets, GPs can truly and finally unlock the power of AI to work smarter, move faster, and focus on relationships and returns. Scale your business, not your operational burdens and costs. Visit junipersquare.com/agm today to learn more. Show Notes00:00 Introduction to our Sponsor, Juniper Square 01:40 Introducing Nic Humphries 01:56 Hg's Investment Strategy 04:03 Nic's Background and Career Journey 04:46 Engineering Mindset in Investing 05:14 Long-Term Business Thinking 05:58 Hg's Focus on Accounting Software 06:45 Growth Drivers in SMB Market 09:05 Impact of AI on Enterprise Software 09:34 Platform Shifts in Technology 11:10 Adapting to AI in Business 12:15 Mission Critical Software 14:02 Challenges of AI Integration 14:58 Embedding Products and Services 17:13 Organic Growth vs. Acquisitions 20:51 Geographical Expansion Strategies 21:59 European vs. North American Markets 23:30 Management Teams and Expansion 24:32 Jurisdictional Challenges in Europe 25:05 Hg's Investment Philosophy 25:50 Mission Critical Software in Europe 36:22 Hg's Consistent Investment Returns 38:00 Conclusion and Final Thoughts 40:13 Understanding Recurring Revenues 40:59 The Importance of Discipline in Investing 41:48 Learning from Past Experiences 43:30 Maintaining Excitement and Focus 45:26 The Role of Realization Committees 46:44 Continuous Improvement Culture 47:42 The Importance of Cash Returns 48:51 Exit Strategies and Realization Committees 50:32 Re-underwriting Investments 52:40 AI's Impact on Software Development 54:17 The Rule of 40 and AI 54:38 Investing in AI: Startups vs. Established Businesses 55:59 Hg's Growth Strategy 58:56 Specialization in B2B Back Office Software 01:01:35 Fund Structure and Management 01:03:27 Expanding into the Wealth Channel 01:03:48 Hg Capital Trust and Fusion Fund 01:05:27 Communicating with a Broader Audience 01:06:39 The Importance of Brand in Wealth Management 01:07:32 Connecting Private Markets to Everyday Life 01:09:36 The Prevalence of Private Companies 01:11:09 Aligning Interests with Investors 01:12:19 Investment Decisions and Long-term Growth 01:14:21 Future Growth Opportunities for Hg 01:16:38 The Role of AI in Future Investments   Editing and post-production work for this episode was provided by The Podcast Consultant. Disclaimer The views and opinions expressed in this episode are those of the speaker and do not necessarily reflect the official policy or position of any affiliated organization. Any references to past performance, including IRR or MOIC figures, are presented on a gross basis and do not reflect the deduction of fees, expenses, or carried interest. These figures are illustrative and not necessarily indicative of future results.  Statements regarding industry rankings, success rates, or performance consistency are based on internal analysis and may not be indepe...

    1 h y 22 min
  7. Live from Miami with EQT's Peter Aliprantis - bringing global local

    29 JUL

    Live from Miami with EQT's Peter Aliprantis - bringing global local

    Welcome back to the Alt Goes Mainstream podcast. Today’s conversation brings us beachside, featuring a live podcast from Soho Beach House in Miami with EQT Partner, Head of Private Wealth Americas Peter Aliprantis. With the backdrop of the beach behind us and the wealth community in the audience, Peter and I discussed the nuances of the wealth channel and how Peter’s experience working with wealth is brought to bear as he brings EQT’s brand and capabilities to the Americas wealth channel. Peter brings a wealth of knowledge to the private wealth solutions world, garnering over 25 years of experience in the space. Prior to joining EQT, Peter spent 12 years at TPG Angelo Gordon as a Managing Director, where he focused on new business development and intermediary distribution. Peter and I had a fascinating, lively, and thought-provoking conversation which then turned into an intellectually rich dinner discussion with the guests. Listen in — we hope you enjoy. You can also read a recent AGM Op-Ed by Peter here.  Many of the themes that Peter discussed in our conversation, particularly around evergreen funds and why model portfolios are the next big innovation in private markets, were covered in his Op-Ed. A word from AGM podcast sponsor, Juniper Square When was the last time things were easy for GPs? Fundraising remains challenging, providing liquidity to investors is even harder—and broadly speaking, most GPs are underwater operationally. It’s not about to get easier, either. Especially for managers vying for capital from the wealth channel. Sure, there’s increased demand from HNW and UNHW investors to gain private markets exposure…but managing their expectations for the investing experience is a whole different ballgame. Reams of paper and a new KYC process every single time they subscribe to a fund? Brutal. But what if committing capital to private equity, venture, and real estate funds was digital and seamless for investors — and scalable to manage for GPs? Meet Juniper Square, the fund operations partner to over 2,000 private markets GPs worldwide. Juniper Square gives GPs the connected software, data, and fund administration services needed for modern private markets. No matter how ambitious your next raise is, how many investors you manage, and how complex your investment vehicles are, Juniper Square empowers GPs to raise capital faster, reduce operational risk, and deliver a world-class investor experience. And with JunieAI, Juniper Square's enterprise-grade AI built for private markets, GPs can truly and finally unlock the power of AI to work smarter, move faster, and focus on relationships and returns. Scale your business, not your operational burdens and costs. Visit junipersquare.com/agm today to learn more. Show Notes 00:04 Juniper Square: Revolutionizing Fund Management 01:38 Welcome to Alt Goes Mainstream 01:43 Live from Soho Beach House, Miami with EQT’s Peter Aliprantis 02:43 Navigating Current Markets 02:58 Volatility in Public Markets 04:53 Global Investment Trends 05:16 Investor Behavior and Global Markets 05:32 Private Markets in Europe and Asia 06:43 Investment Opportunities in Asia 07:27 Private Markets Outperforming in Europe 07:37 Wealth Channel Conversations 08:18 EQT's Global Footprint 08:57 Mega Trends in Global Investment 09:29 Data Centers and Energy Needs 11:17 Natural Gas and Carbon Capture 11:57 Nuclear Energy and Modular Reactors 12:43 Investment Scale and Origination 13:06 Evergreen Structures in Private Markets 16:28 Opco Structures Explained 17:15 Evergreen Structures and Investor Access 17:54 Institutional Adoption of Evergreen Structures 21:32 Model Portfolios in Wealth Channel 22:29 Manager Selection and Performance 23:34 Client Servicing and Education 27:43 Early Days in Wealth Channel Allocation 28:39 Benefits and Limitations of Evergreen Structures 29:11 Quick Fire Questions 29:26 Exciting Investment Strategies 30:16 Risks in Private Markets 31:12 Using Private Markets in Portfolios 32:35 Next Big Innovation: Model Portfolios 32:46 Intersection of Public and Private Markets 33:22 Moving Beyond the 60/40 Portfolio Editing and post-production work for this episode was provided by The Podcast Consultant.

    34 min
  8. SageSpring Private Wealth's Winston Justice - from protecting star quarterbacks to protecting families' wealth

    23 JUL

    SageSpring Private Wealth's Winston Justice - from protecting star quarterbacks to protecting families' wealth

    Welcome back to the Alt Goes Mainstream podcast. Today’s podcast is with an elite performer on and off the field who has gone from protecting quarterbacks to protecting families’ wealth. We sit down with former NFL and USC star Winston Justice, whose entrepreneurial spirit that was stoked while he was still playing in the NFL has led to a successful and impactful career in wealth management.  He was recently named CEO at SageSpring Private Wealth, a $7B independent wealth management firm, as they look to grow organically and inorganically and expand their offerings in private markets for their clients. A former NFL offensive lineman, Winston played for the Philadelphia Eagles, Indianapolis Colts, and Denver Broncos from 2006 to 2015. He also co-founded an early stage investment vehicle, MJC Capital, and Elixr, a gourmet café and coffee roastery, while he was playing. He also won 2010 Walter Payton Philadelphia Man of the Year Award for his community service. He transitioned into financial services and wealth management post-career, starting at Wells Fargo Securities, where he specialized in institutional and family office advisory. He then was a portfolio manager at PIA’s Alternative Investment Group, and then an investment Manager at AllianceBernstein. Winston and I had a fascinating conversation. We discussed: The parallels between sports and finance.How Winston navigated the transition from professional athlete to a finance professional.What stoked his entrepreneurial spirit.Why wealth management is so critical to people’s lives. Why culture fit is so important when integrating advisors into wealth management platforms through acquisition.How private markets can add to an advisor’s practice.Thanks Winston for coming on the show to share your story, wisdom, and expertise. A word from AGM podcast sponsor, Juniper Square When was the last time things were easy for GPs? Fundraising remains challenging, providing liquidity to investors is even harder—and broadly speaking, most GPs are underwater operationally. It’s not about to get easier, either. Especially for managers vying for capital from the wealth channel. Sure, there’s increased demand from HNW and UNHW investors to gain private markets exposure…but managing their expectations for the investing experience is a whole different ballgame. Reams of paper and a new KYC process every single time they subscribe to a fund? Brutal. But what if committing capital to private equity, venture, and real estate funds was digital and seamless for investors — and scalable to manage for GPs? Meet Juniper Square, the fund operations partner to over 2,000 private markets GPs worldwide. Juniper Square gives GPs the connected software, data, and fund administration services needed for modern private markets. No matter how ambitious your next raise is, how many investors you manage, and how complex your investment vehicles are, Juniper Square empowers GPs to raise capital faster, reduce operational risk, and deliver a world-class investor experience. And with JunieAI, Juniper Square's enterprise-grade AI built for private markets, GPs can truly and finally unlock the power of AI to work smarter, move faster, and focus on relationships and returns. Scale your business, not your operational burdens and costs. Visit junipersquare.com/agm today to learn more. Show Notes00:04 Our Sponsor, Juniper Square: Revolutionizing Fund Management 00:30 Empowering GPS with Juniper Square 00:38 Juniper Square's AI Innovation 00:51 Scaling Your Business with Juniper Square 01:37 Welcome to the Alt Goes Mainstream Podcast 01:40 Introducing Winston Justice 03:35 Winston's Background and Early Life 03:49 College Years and Initial Business Ventures 03:59 Realization and Transition to Finance 04:10 Starting a VC Fund and Coffee Shops 04:31 Transitioning from NFL to Finance 05:04 Winston's Career at Wells Fargo and Beyond 05:17 Immersing in Wealth Management 07:01 The Sacredness of Financial Management 07:50 Importance of Wealth Management 08:04 Private Markets in Wealth Management 08:19 Early Lessons in Wealth Management 09:10 Transferring Values and Knowledge 09:32 Managing Assets Beyond Numbers 10:19 Combining Finance and Mission 12:11 Mentoring Advisors at SageSpring 12:43 Skill Sets for SageSpring Advisors 12:51 Client Focus and Community Leadership 14:01 Balancing Client Delivery and Business Growth 14:56 Impact of Growing AUM 16:10 Testing Advisors' Commitment 16:55 Business Constructs in Wealth Management 17:43 Division of Labor in Wealth Management 18:52 SageSpring's Unique Approach 19:53 Client Understanding of Fiduciary Role 20:41 Trust in Financial Services 21:17 Sophistication in Choosing Investment Partners 21:57 Role of Relationship in Financial Services 22:30 Evaluating Investment Opportunities 23:44 Partnership with Dynasty Financial 24:43 Customizing Investment Solutions 26:44 Educating Wealth Managers on Private Markets 27:00 Benefits of Alternatives in Portfolios 30:48 Effective Storytelling in Investments 32:13 Future of Wealth Management Industry 33:08 Client and Advisor Service in Wealth Management 34:55 Favorite Private Markets Investment 37:18 Conclusion and Final Thoughts   Editing and post-production work for this episode was provided by The Podcast Consultant.

    38 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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