It all comes back to the DNA.
The firms that know who they are will know who to be.
You can learn a lot about an investment firm by listening to what they say.
Alt Goes Mainstream’s AGM Originals Series - The DNA: Capturing Culture - is dedicated to capturing the DNA of a firm by listening to what they say.
The first season of The DNA stars EQT. In Stockholm, at EQT’s AIM this past summer, I sat down for conversations with nine EQT executives.
Each executive came from different parts of the firm — and different parts of the world.
Each had fascinating backgrounds and stories about how they ended up in private markets and worked to build EQT.
But there was a single throughline threaded throughout all of the discussions: the consistency and frequency that each executive talked about the firm’s mission, vision, culture, and values.
That’s why it all comes back to the DNA.
Episode 2 features EQT's Jean Eric Salata.
Jean Eric Salata is the Chairperson EQT Asia and Head of Private Capital Asia. Jean started the regional Asian private equity investment program for UK-based Baring Private Equity Partners Ltd in 1997 and later led the management buyout of this program in 2000 to establish BPEA as an independent Firm. He has since been responsible for the investment activity of BPEA until 2022, when the company joined forces with EQT and was renamed BPEA EQT.
Prior to BPEA, Jean was a Director of Hong Kong-based AIG Global Investment Corporation (Asia) Ltd., the Asian private equity investment arm of AIG. Prior to that, Jean was the Executive Vice President of Finance of Shiu Wing Steel, a Hong Kong-based industrial concern, and prior to that a management consultant with Bain & Company based in Hong Kong, Sydney, and Boston.
Jean holds a B.S. (Hons) in Finance and Economics from the Wharton School of the University of Pennsylvania, where he graduated magna cum laude.
Please enjoy this conversation with one of the industry's leaders in Jean Eric Salata.
You can stream all the episodes on AGM’s YouTube channel at AltGoesMainstreamAGM.
Show Notes
00:00 Introduction: The DNA of Firms
00:34 Conversations with EQT Executives
01:05 Jean Salata: Chairperson of EQT Asia
01:32 Jean's Early Life and Career
02:26 Journey to Asia
03:28 Cultural Comparisons and Private Equity
04:45 The Asian Private Equity Market
05:09 Structural Alpha in Asia
06:12 Shareholder Activism in Japan
06:45 Liquidity in Indian Stock Market
08:10 Evolution of BPEA's Strategy
10:16 Challenges and Opportunities in Asia
11:42 EQT's Partnership and Culture
12:04 Building a Lasting Enterprise
13:23 Industry Consolidation Trends
14:54 Growth Opportunities in Asia
15:24 Rebalancing Capital to Asia
16:07 Underpenetration in Private Equity
18:17 Family Businesses and Generational Change
18:46 Wallenberg Heritage and EQT's Reputation
20:02 Long-term Growth in Asia
20:50 Mid-Market Growth Fund
21:21 Exit Market in Asia
23:01 Perceived vs. Actual Risk in Asia
23:49 Thematic Investing and Value Creation
24:32 Alpha in Asian Markets
25:35 Intellectual Stimulation in Asia
26:44 Leadership and Continuous Learning
28:38 Motivation and Career Development
31:12 Conclusion and Final Thoughts
Welcome to the 18th episode of the Alts Pulse, a collaboration between iCapital x Alt Goes Mainstream.
In the latest episode of the Alts Pulse, a live conversation in studio with Lawrence Calcano, the Chairman & CEO of iCapital, Lawrence and I go global. We discussed his recent trip to Asia to peer into the nuances of the different wealth management markets around the globe.
As the leader of a platform with over $300B of assets that is responsible for the majority of individual and advisor-led investment flows into the alts space, Lawrence and iCapital have their finger on the pulse of what’s happening in private markets across the globe.
Lawrence and I had a fascinating discussion. We covered:
Thanks Lawrence for a great conversation … look forward to the next episode!
Show Notes
00:00 Introduction to the Latest Episode of the Alts Pulse
00:18 Insights from Asia
00:40 Comparing Asia and US in Private Markets
01:43 Wealth Management Market Structure
02:06 iCapital's Focus on Technology
02:49 Advisors' Allocation to Alternatives
03:13 Evergreen Products and Client Needs
03:53 HSBC and iCapital Surveys
04:22 Global Adoption of Evergreen Products
05:13 Distribution and Education in Private Markets
06:15 Model Portfolios and Custom Exposures
08:03 Strategic Distribution for GPs
08:19 Global Distribution Expansion
12:33 Personalization in Wealth Management
14:01 Data-Driven Personalization
14:45 Private Banks and Alternative Allocations
16:37 Thoughts About GPs and Distribution
17:24 Balancing Personalization and Scale
It all comes back to the DNA.
The firms that know who they are will know who to be.
You can learn a lot about an investment firm by listening to what they say.
Alt Goes Mainstream’s AGM Originals Series - The DNA: Capturing Culture - is dedicated to capturing the DNA of a firm by listening to what they say.
The first season of The DNA stars EQT. In Stockholm, at EQT’s AIM this past summer, I sat down for conversations with nine EQT executives.
Each executive came from different parts of the firm — and different parts of the world.
Each had fascinating backgrounds and stories about how they ended up in private markets and worked to build EQT.
But there was a single throughline threaded throughout all of the discussions: the consistency and frequency that each executive talked about the firm’s mission, vision, culture, and values.
That’s why it all comes back to the DNA.
Episode 1 features EQT Founder and Chairperson Conni Jonsson.
Conni founded EQT Partners AB in 1994. He has been Managing Partner since the company's foundation and as from March 1, 2014, Conni is full time working Chairperson.
Prior to founding EQT Partners AB, Conni was employed by the Wallenberg Family Holding Company for seven years as Executive Vice President.
Conni Jonsson graduated from the University of Linkoping in 1984, Bachelor of Science with majors in Economic Analysis and Accounting & Finance, and he has participated in the Program for Management Development at the Harvard Business School.
Please enjoy this conversation with one of the industry's leaders in Conni Jonsson.
You can stream all the episodes on AGM’s YouTube channel at AltGoesMainstreamAGM.
Show Notes
00:00 The DNA: Capturing Culture Episode 1
00:21 EQT's Origins and Global Reach
01:38 Conni Jonsson's Background and Journey
02:00 Founding EQT: Embracing Uniqueness
04:03 Balancing Responsibility and Financial Outcomes
05:09 The Wallenberg Family's Influence
06:36 Long-Term Thinking in Investing
07:20 Operationalizing Long-Term Values
08:13 EQT's Distinct Investment Approach
10:12 The Importance of Culture in Business
11:28 EQT's Focus on Core Competencies
12:53 Global Investment Strategies
13:20 Engaging with Institutional and Wealth Investors
14:15 Educating the Wealth Channel
17:10 Diversification and Global Exposure
18:19 Investing in Asia: Structural Alpha
20:40 Mitigating Political Risks
20:47 Future Skills in Private Markets
22:51 Aligning Good Business with Good Returns
24:38 Conclusion: The Winner Takes It All
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:
Thanks David for coming on the show to share your wisdom and expertise in private markets.
Show Notes
00:00 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.
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:
Thanks Anneka and Johan for sharing your wisdom and expertise at the intersection of private markets and private wealth.
Show Notes
00:00 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.
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:
Thanks Armen and the Brookfield Oaktree Wealth Solutions team for a fantastic night and Armen for sharing your wisdom and expertise with us.
Show Notes
00:00 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.
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:
Thanks George for coming on the show to share your expertise and wisdom at the intersection of private markets and private wealth.
Show Notes
00:00 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.
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:
Thanks Bill for sharing your wisdom and expertise on private wealth and private markets.
Show Notes
00:00 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.
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:
Thanks Robert for coming on the show to share your expertise, wisdom, and passion for enterprise software and building businesses.
Show Notes
00:00 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.
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:
Thanks Robert for coming on the show to share your wisdom and expertise on private markets and wealth management.
Show Notes
00:00 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.
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:
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 Notes
00:00 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.
Welcome back to the Alt Goes Mainstream podcast.
Today’s episode dives into digital infrastructure and how it powers the growth of artificial intelligence and other major trends in digitalization and electrification.
We sat down in Blue Owl’s NYC office with Matt A’Hearn, an asset management entrepreneur and executive at the firm.
Matt is a Senior Managing Direct at Blue Owl and Head of Digital Infrastructure. He’s responsible for leading the overall management of Digital Infrastructure, including strategy, investments, and portfolio management.
Prior to joining Blue Owl, Matt was the Managing Partner and a Founder of IPI Partners, the predecessor firm to Blue Owl Digital Infrastructure. IPI was acquired by Blue Owl in 2024.
Prior to founding IPI, Matt led the global investment banking practice in communications infrastructure at Moelis & Company.
Matt and I had a fascinating and thought-provoking discussion about the future of digital infrastructure. We covered:
Thanks Matt for coming on the show to share your wisdom and expertise in private markets and digital infrastructure.
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 Notes
00:00 Our Sponsor, Ultimus
01:57 Welcome to the Alt Goes Mainstream Podcast
02:05 Guest Introduction: Matt A’Hearn
03:36 Evolution of Digital Infrastructure
04:02 Founding IPI Partners
04:15 Digital Infrastructure and AI
05:35 Early Challenges in Data Center Investing
06:13 Cloud Growth and Hyperscale Companies
07:05 Partnerships with Hyperscalers
08:07 Financing Hyperscalers
10:14 AI and Cloud: A Generational Opportunity
11:51 Supply and Demand Dynamics in AI
13:21 Power and Infrastructure Challenges
14:55 Site Selection and Power Considerations
17:53 Scale and Capital Requirements
22:32 Data Center Capacity Needs
23:35 Investment Opportunities in Digital Infrastructure
24:21 Blue Owl's Capital Strategy
26:25 The Blue Owl Transaction
26:35 Capital Needs in the Industry
26:58 Feedback from Hyperscalers
27:18 Joining Blue Owl
27:51 Founding IPI
28:50 Building the Firm
30:38 Differentiating IPI
31:36 Early AI Insights
32:26 AI and Cloud Growth
34:41 Investment Opportunities in Digital Infrastructure
35:27 Risk-Adjusted Investment Strategies
36:39 Underwriting Digital Infrastructure
38:22 Capital Allocation in Tech Companies
39:17 Meta and Data Center Development
40:41 Alternative Asset Management in Tech
41:45 Merging Investment Cultures
43:19 Challenges and Opportunities
43:53 Wealth Channel Expansion
45:51 Evergreen Structures and Long-Term Investments
50:50 Future of Digital Infrastructure
Editing and post-production work for this episode was provided by The Podcast Consultant.
Welcome back to the Alt Goes Mainstream podcast.
Today’s episode is with an experienced asset allocator who has operated at the intersection of insurance and asset management throughout his career.
We sat down in Prudential’s Newark studio with PGIM’s Head of Multi-Asset and Quantitative Solutions, Phil Waldeck. Phil is responsible for nearly $140B in AUM, where the business unit leverages PGIM’s deep public and private markets expertise for the purpose of developing customized portfolio solutions to meet insurer and other investors’ unique objectives.
Phil previously served as Chief Transformation Officer at Prudential, CEO of Prudential’s Workplace Solutions Group, and as president of Prudential’s retirement business, which comprised of $250B in assets. Phil was also the architect of Prudential’s pension risk transfer business, which he grew to over $170B.
Phil and I had a fascinating conversation about the intersections between insurance and asset management. We covered:
Thanks Phil 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 Notes
00:00 Message from our Sponsor, Ultimus
01:23 Welcome to Alt Goes Mainstream Podcast
02:03 Guest Introduction: Phil Waldeck
03:29 Insurance and Asset Management Intersection
04:51 Understanding Asset Liability Management (ALM)
05:41 Liquidity and Private Markets
07:08 ALM in Wealth Management
10:44 Private Credit and Insurers
11:31 Private Credit Flavors and Strategies
12:42 Origination and Credit Culture
14:32 Talent and Culture at PGIM
15:06 Private Credit's Role in the Economy
17:01 Borrowers Choosing Private Over Public Credit
18:36 Public and Private Credit Blurring Lines
19:00 Global Credit Capabilities
20:09 Fewer Manager Relationships in Private Markets
24:57 Challenges in Private Markets
27:02 Underwriting Discipline in Private Credit
27:34 Private Credit Market Growth
30:22 Global Opportunities in Private Credit
31:01 Future of Private Markets
31:30 Regulatory Framework and Governance
31:57 Educating Investors on Private Markets
33:06 Creating the Perfect Private Credit Portfolio
33:57 Diversification in Private Credit
34:36 Advisors' Role in Private Credit Investing
35:07 Wealth Channel Choices and Shelf Space
35:53 Farm to Table Analogy in Private Credit
37:32 Talent and Scale in Private Credit
38:54 Maintaining Culture in Large Firms
39:33 Conclusion and Final Thoughts
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.
Welcome back to the Alt Goes Mainstream podcast.
Today’s episode dives into the evolution of infrastructure investing with a leading scaled specialist firm in infrastructure.
We sat down in Stonepeak’s Hudson Yards office with a pioneer in infrastructure investing: Mike Dorrell.
Mike is the Chairman, CEO, and Co-Founder of Stonepeak, building the foundations for the firm to achieve a rapid ascent to $76B from its founding in 2011.
Mike brings deep expertise to bear in the infrastructure asset class. He has over 20 years of experience investing in infrastructure, starting his career at Macquarie, where he ultimately held the title of Senior Managing Director. He then joined Blackstone, where he was a Senior Managing Director in Private Equity and Co-Head of the Infrastructure Investment group, before striking out on his own to build one of the industry’s largest infrastructure investing firms in Stonepeak.
Mike 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:
Thanks Mike 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 Notes
00:00 Message from our Sponsor, Ultimus
01:18 Welcome to the Alt Goes Mainstream Podcast
02:10 Guest Introduction: Mike Dorrell
03:58 Mike's Journey to Stonepeak
06:46 Challenges in the US Infrastructure Market
11:09 Successes and Setbacks in Infrastructure Deals
12:06 Privately Held Infrastructure in the US
17:05 Public vs. Private Infrastructure
18:34 Impact of Infrastructure on Daily Life
19:16 Stonepeak's Significant Market Presence
22:10 Balancing Public Good and Investor Returns
22:53 Regulation and Good Judgment in Infrastructure
23:55 Challenges in Privatization
25:52 Skills Needed for Infrastructure Investing
26:29 Access to Infrastructure for Individual Investors
27:10 Institutional Market's Experience with Infrastructure
30:50 Asset Allocation and Infrastructure
33:40 Private Equity vs. Infrastructure Investments
34:10 Institutional Allocation Trends
34:46 Patience and Peace of Mind in Investing
35:14 Warren Buffet's Investment Philosophy
35:38 Biggest Risks in Infrastructure
35:50 Electric Utility Asset Risks
36:28 Data Center Business Risks
37:02 Evaluating Data Center Investments
38:46 Economic Differences: Building vs. Buying Data Centers
40:21 Pricing Power in Data Centers
46:03 Connectivity Data Centers Explained
49:16 Navigating Infrastructure as an Asset Class
50:09 Finding the Right Assets at Fair Prices
50:27 The Evolution of Infrastructure Investing
53:31 Founding Stonepeak
57:20 Raising Capital in Early Days
59:46 Lessons from Blackstone
01:01:22 Building a Strong Investment Culture
01:03:37 Maintaining Culture While Scaling
01:06:20 The Importance of the Wealth Channel
01:07:41 Focus on Quality and Customer Experience
01:08:33 Cycling and Business Philosophy
01:09:26 The Importance of Investment Decisions
01:10:27 Final Thoughts on Investment Process
Editing and post-production work for this episode was provided by The Podcast Consultant.
Welcome back to the Alt Goes Mainstream podcast.
Today’s episode provides a fascinating window into the world of private equity value creation and how AI can help transform both portfolio company and investment firm processes and operations to create value.
We sat down in New York with Hg Partner and Head of Value Creation Chris Kindt to dive into how he spearheaded the growth of the firm’s in-house value creation efforts and has built a high-performing team to meet the evolving needs of portfolio companies.
Chris brings 15 years of experience in architecting and driving value creation to bear, with 11 years of experience at Hg and another 8 years as a consultant at BCG and Parthenon.
Chris and his team are responsible for driving value across a portfolio of 55 companies that represents over $180B in enterprise value and would represent the second largest software company in Europe after SAP if it were a conglomerate.
Chris and I had a thought-provoking discussion about value creation and the impact of AI on investing and operating companies. We discussed:
Thanks Chris for sharing your expertise and wisdom on company building and AI. We hope you enjoy.
Note: this episode was filmed in August 2025.
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 Notes
00:00 Message from our Sponsor, Ultimus
01:18 Welcome to the Alt Goes Mainstream Podcast
02:10 Guest Introduction: Chris Kindt
03:58 Chris Kindt’s Background and Journey
05:43 Value Creation at Hg
06:55 Pre-Investment and Diligence Process
07:44 Management Team Dynamics
08:40 Common Value Creation Interventions
11:14 Building a Cross-Functional Team
12:31 Scaling the Value Creation Team
15:40 Measuring Value Creation Impact
17:49 Investment Philosophy: Inch Wide, Mile Deep
19:28 Partnerships with Management Teams
20:03 Embedding AI in Value Creation
20:24 Internal vs External AI Applications
21:47 AI First Culture
22:18 Effective AI Utilization
24:04 Prompt Engineering and Whispering
26:25 Choosing the Right AI Models
26:50 AI Models: Strengths and Weaknesses
27:42 Transformative Impact of AI
28:21 Skills Needed in the AI Era
28:26 AI's Role in Investment Firms
28:55 Core Insights and Judgements
29:04 The Core Skillset and Efficiency
29:12 Philosophical Questions on AI and Talent Development
30:18 Building Grit in the Age of AI
31:12 Maintaining Discipline with AI
32:08 AI as a Value Creation Lever
32:35 Operational Efficiency and Copilots
33:43 Emergence of Reasoning Models and Agentic Frameworks
34:31 10x Efficiency in Engineering
36:24 Challenges in Implementing AI
37:16 AI Immersion Strategy Days
39:52 Organizational Agility and AI
42:15 AI's Impact on Investment Strategies
43:26 AI in Mergers and Acquisitions
45:29 The Importance of Proprietary Data
47:12 AI Fatigue and Disillusionment
48:07 Building AI Products and Agentic Products
48:58 Hg's Internal AI Incubator
49:59 The Next Wave of AI
51:19 Voice and Multimodality in AI
51:55 Globalization and Internationalization of AI
53:35 Overestimating and Underestimating AI's Impact
54:54 The Competitive Landscape of AI
55:42 The Future of Value Creation with AI
56:23 Conclusion and Final Thoughts
Editing and post-production work for this episode was provided by The Podcast Consultant.
Welcome back to the Alt Goes Mainstream podcast.
Today’s episode is with two executives who have helped to build one of the industry’s leading alternative asset managers.
In Permira Part 2, Brian Ruder joins his Co-Managing Partner and Co-CEO Dipan Patel in Permira’s London office to discuss the firm’s evolution and how the business has grown to over €80B in AUM.
Both Brian and Dipan bring deep backgrounds in private equity investing to bear as they now lead the firm through its next phase of growth.
Brian joined Permira in 2008 after working as a Partner at Francisco Partners. He’s Co-Managing Partner and Co-CEO of Permira, also serving on the firm’s Executive Committee and the buyout funds’ Investment Committee. He was instrumental in building the firm’s Technology sector team, which he co-led until 2023 where he worked on a number of the firm’s notable transactions, including Ancestry, Genesys, Informatica, LegalZoom, Magento, McAfee, Relativity, Zendesk, and more.
Dipan joined Permira from Gores Group and is Co-Managing Partner and Co-CEO of the firm. He serves on Permira Holdings Limited Board and Permira’s Investment Committee and Executive Committee. He’s focused on technology and services investing, working on deals such as Renaissance Learning, Informatica, Axiom, Adevinta, AllTrails, Ancestry, LegalZoom, and more.
Brian, Dipan, and I had a thought-provoking conversation about what it takes to build and run a scaled alternative asset manager and how to differentiate a firm and a culture. We discussed:
Thanks Brian and Dipan for coming on the show to share the evolution of Permira and your expertise and wisdom in 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 Notes
00:00 Message from our Sponsor, Ultimus
01:18 Welcome to Alt Goes Mainstream
01:56 Introducing Brian Ruder and Dipan Patel
04:44 Private Equity and Technology
04:54 Brian's Career Journey
06:51 Dipan's Career Journey
11:44 AI's Role in Modern Investing
12:38 AI in Services and Technology
13:27 Permira's Sector-Focused Approach
13:54 AI's Broader Impact on Industries
17:27 Leadership and Innovation in Private Equity
18:49 Underwriting Deals in the AI Era
18:53 Importance of Market Leadership
21:58 Technology Forward Incumbents
24:00 Permira's Continuous Innovation
24:26 Building the Business of Permira
24:36 Dipan's Perspective on Firm Growth
25:35 Core Values and Their Impact
26:39 Investment Strategies and Sector Focus
27:19 Fluid Team Dynamics
28:04 Growth vs. Buyout Mindset
29:45 Long-Term Investment Philosophy
30:29 Driving Terminal Value
30:50 Optimizing Long-Term Profitability
31:55 Case Studies: Informatica and Ancestry.com
32:58 Skillsets for Growth-Oriented Investing
33:26 Assessing Long-Term Outcomes
34:09 Empowering Long-Term Thinking
34:30 Big Picture Thinking in Investments
38:05 Co-Leadership Model
39:38 Challenges of Co-Leadership
40:37 Permira's Entrepreneurial Culture
43:14 Diversifying Capital Base
44:58 Educating the Wealth Channel
46:29 Permira's Brand in the Wealth Channel
47:10 Future Evolution of Permira
Editing and post-production work for this episode was provided by The Podcast Consultant.
We are back with the latest Going Public with Evercore’s Glenn Schorr.
On this episode of Going Public, we unpack the rollercoaster of the past few months in private markets for alternative asset managers. Private markets is much more than private equity — and this episode dives into nuances of specific strategies and what it means for alternative asset managers’ businesses.
We discussed:
Making private markets more public — with expert analysis
Alt Goes Mainstream has partnered with an expert who has seen the evolution of alternative asset managers from their early days.
Glenn Schorr is a Senior MD and Senior Research Analyst at Evercore ISI, where he covers brokers, banks, asset managers, and trust banks as an analyst.
He has covered financials since 2000 and started coverage of alternative asset managers when the first firms went public.
He’s consistently come up as one of the most thoughtful and well-respected analysts in the space. He balances deep research with a creative flair (just read one of the titles of his research reports and you can see his love of the game). He’s been named to Institutional Investor’s All-America Research Team for his coverage, most recently ranking #2 and runner up in 2023, #1 and #2 in 2022. Prior to Evercore, Glenn was a Senior MD at Nomura, serving as the lead financials analyst.
Listen in as Glenn shares market stories, the evolution of alternative asset managers as businesses, the biggest and most exciting trends in private markets based on what the industry’s largest players are doing, and we go “around the horn” for his analysis on the publicly traded firms.
Show Notes
00:00 Introduction and Countdown
00:15 Introduction to Alt Goes Mainstream
00:48 Meet Glenn Schorr: Wall Street Analyst
02:08 Market Trends and Earnings Season
02:15 Impact of Tariffs and Market Activity
03:20 M&A and IPO Activity
03:35 Private Equity and Market Dynamics
04:34 Optimism in the Market
06:11 Fundraising and Stock Prices
06:52 Private Credit and Infrastructure
08:31 Scale and Diversification
10:19 Perpetual Capital and Investor Mindset
13:51 Mega Trends and Long-Term Investments
15:50 Real Estate and Market Cycles
17:14 Long-Term View on Asset Managers
20:04 Fee Structures and Performance
24:15 Wealth Channel and Operational Challenges
26:17 Institutional vs. Retail Investors
28:41 Public vs. Private Markets
31:01 Ceiling on Capital Raising
31:42 Stewardship and Capacity Management
33:03 Private Credit Market
33:27 Direct Lending Market
33:43 Competitive Banking Landscape
33:55 Current State of Direct Lending
34:22 Private Credit Market Expansion
34:52 Investment Grade Private Credit
36:19 Banks vs. Private Credit
37:39 Banks' Adaptation Strategies
38:53 Private Credit Market Size
41:01 Insurance and Private Markets
41:44 Apollo's Insurance Strategy
43:45 Insurance Balance Sheet Power
44:32 Insurance and Wealth Channels
44:54 Private Wealth Return Hurdles
46:47 Product Innovation in Private Markets
47:00 Alternative Asset Managers' Strategies
49:43 Wealth Channel Product Choices
50:39 Approval Process for Wealth Platforms
52:29 Third-Party Evaluators in Private Markets
53:28 Convergence of RIAs and Investment Consultants
54:15 Distribution Strategies for Asset Managers
55:39 Servicing and Education in Private Markets
56:16 Segmenting the Wealth Channel
56:43 Morgan Stanley's Advisor Strategies
57:45 Notable Developments in Private Markets
59:19 Optimism in Financial Markets
01:00:39 Concluding Thoughts and Future Outlook
Editing and post-production work for this episode was provided by The Podcast Consultant.
Company Coverage and Disclosures
Evercore ISI
Glenn Schorr
| Ticker | Company
| AAMI | Acadian Asset Management
| APO | Apollo Global Management, Inc.
| BAC | Bank of America Corporation
| | Glenn Schorr holds a long position in equity securities of Bank of America Corporation.
| BK | Bank of New York Mellon Corp.
| | Bank of New York Mellon Corp. is a client of Evercore LLC, and Evercore LLC has provided investment banking services to Bank of New York Mellon Corp. in the last 12 months.
| | Evercore ISI or an affiliate has received compensation from Bank of New York Mellon Corp. for investment banking services in the last 12 months.
| | Glenn Schorr holds a long position in equity securities of Bank of New York Mellon Corp.
| BLK | BlackRock, Inc.
| | BlackRock, Inc. is a client of Evercore LLC, and Evercore LLC has provided investment banking services to BlackRock, Inc. in the last 12 months.
| | Evercore ISI or an affiliate expects to receive or intends to seek compensation for investment banking services from BlackRock, Inc. within the next three months.
| | Glenn Schorr holds a long position in equity securities of Blackrock Inc.
| BX | Blackstone, Inc.
| | Blackstone, Inc. is a client of Evercore LLC, and Evercore LLC has provided investment banking services to Blackstone, Inc. in the last 12 months.
| | Evercore ISI or an affiliate expects to receive or intends to seek compensation for investment banking services from Blackstone, Inc. within the next three months.
| | An employee, employee's immediate family member, director or consultant of Evercore ISI or one of its affiliates (but not the covering research analyst or a member of the covering research analyst's household)is an officer, director or advisory board member of Blackstone, Inc..
| | Evercore ISI or an affiliate has received compensation from Blackstone, Inc. for investment banking services in the last 12 months.
| | Analyst has a financial interest in a private equity fund managed by Blackstone, Inc..
| | Glenn Schorr holds a long position in equity securities of Blackstone, Inc.
| | A member of Benjamin Rubin's household holds a long position in equity securities of Blackstone, Inc.
| OWL | Blue Owl Capital, Inc
| C | ...
Welcome back to the Alt Goes Mainstream podcast.
Today’s episode is with one of the executives who has helped to build one of the industry’s leading alternative asset managers.
We sat in Permira’s London office with Co-CEO Dipan Patel to discuss the firm’s evolution and how the business has grown to over €80B in AUM.
Dipan brings a deep background in private equity investing to bear as he and his Co-CEO Brian Ruder now lead the firm through its next phase of growth.
Dipan joined Permira from Gores Group and is Co-Managing Partner and Co-CEO of the firm. He serves on Permira Holdings Limited Board and Permira’s Investment Committee and Executive Committee. He’s focused on technology and services investing, working on deals such as Renaissance Learning, Informatica, Axiom, AllTrails, Ancestry, LegalZoom, and more.
Dipan and I had a thought-provoking conversation about what it takes to build and run a scaled alternative asset manager and how to differentiate a firm and a culture. We discussed:
Thanks Dipan for coming on the show to share the evolution of Permira and your expertise and wisdom in 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 Notes
00:00 Introduction to our Sponsor, Ultimus
01:55 Welcome Back to the Alt Goes Mainstream Podcast
02:03 Introduction to Permira and our guest, Dipan Patel
03:47 Discussion on Distributions and Market Conditions
04:19 Selling A-Grade Businesses in Current Market
05:03 Flight to Quality in Times of Stress
06:07 Reflecting on Career and Lessons Learned
06:29 Early Career Experiences at Arthur Andersen and Lehman Brothers
07:29 Impact of Early Career on Leadership Style
09:04 Challenges in Today's Investment Environment
10:15 Underwriting in Unpredictable Times
10:45 Locating Good Companies for Investment
14:31 Importance of Market Leadership
14:59 Partnering with Founders and Executive Teams
16:22 Permira’s Co-Leadership Model
19:49 Investment Decision Process at Permira
21:02 Underwriting Character in Executives
22:54 Permira's Organizational Character and Culture
23:29 Understanding Organizational Culture
23:54 Thriving in Chaos: The Concept of Anti-Fragility
24:51 Capital Flows in Private Markets
25:26 Developing Investment Theses
25:54 Strategic Exit Channels
26:24 Supply Creates Its Own Demand
27:24 The Necessity of Access to Private Markets
28:10 Managing Stress Moments in Private Markets
28:50 Navigating Industry Evolutions
29:20 Focusing on Core Strengths
30:09 Balancing Growth and Differentiation
31:21 Investing in Growth and Buyout Businesses
32:26 Synergies Between Growth and Mature Businesses
33:38 Risk Spectrum in Investments
34:27 Understanding Runway and Market Position
35:42 Disruption vs. Destruction in AI
36:49 Investing in Platform Shifts
37:58 Control and Duration in Private Equity
39:08 The Role of AI in Incumbent Success
40:25 Cultural Adaptability to AI
42:21 Specialism vs. Generalism in Investing
43:56 Professional Services and AI
45:27 Future Investment Ideas
46:34 Mission Critical Investing
47:28 Conclusion and Final Thoughts
Editing and post-production work for this episode was provided by The Podcast Consultant.
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 Notes
00:00 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.
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:
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 Notes
00:00 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.