Custom Manufacturing Industry podcast is an entrepreneurship and motivational podcast on all platforms, hosted by Aaron Clippinger. Being CEO of multiple companies including the signage industry and the software industry, Aaron has over 20 years of consulting and business management. His software has grown internationally and with over a billion dollars annually going through the software. Using his Accounting degree, Aaron will be talking about his organizational ways to get things done. Hi ...
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Το περιεχόμενο παρέχεται από το Michael Sidgmore. Όλο το περιεχόμενο podcast, συμπεριλαμβανομένων των επεισοδίων, των γραφικών και των περιγραφών podcast, μεταφορτώνεται και παρέχεται απευθείας από τον Michael Sidgmore ή τον συνεργάτη της πλατφόρμας podcast. Εάν πιστεύετε ότι κάποιος χρησιμοποιεί το έργο σας που προστατεύεται από πνευματικά δικαιώματα χωρίς την άδειά σας, μπορείτε να ακολουθήσετε τη διαδικασία που περιγράφεται εδώ https://el.player.fm/legal.
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Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets
Σήμανση όλων ότι έχουν ή δεν έχουν αναπαραχθεί ...
Manage series 2887311
Το περιεχόμενο παρέχεται από το Michael Sidgmore. Όλο το περιεχόμενο podcast, συμπεριλαμβανομένων των επεισοδίων, των γραφικών και των περιγραφών podcast, μεταφορτώνεται και παρέχεται απευθείας από τον Michael Sidgmore ή τον συνεργάτη της πλατφόρμας podcast. Εάν πιστεύετε ότι κάποιος χρησιμοποιεί το έργο σας που προστατεύεται από πνευματικά δικαιώματα χωρίς την άδειά σας, μπορείτε να ακολουθήσετε τη διαδικασία που περιγράφεται εδώ https://el.player.fm/legal.
Alt Goes Mainstream podcast is the place to turn to for interviews with some of the brightest and most experienced minds in the world of alternative investing, private equity (PE), venture capital (VC), real estate, crypto, collectibles and more. For anyone looking to invest into alternative assets (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 investment firms, and FinTech startups. 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 and invest into alternative assets.
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137 επεισόδια
Σήμανση όλων ότι έχουν ή δεν έχουν αναπαραχθεί ...
Manage series 2887311
Το περιεχόμενο παρέχεται από το Michael Sidgmore. Όλο το περιεχόμενο podcast, συμπεριλαμβανομένων των επεισοδίων, των γραφικών και των περιγραφών podcast, μεταφορτώνεται και παρέχεται απευθείας από τον Michael Sidgmore ή τον συνεργάτη της πλατφόρμας podcast. Εάν πιστεύετε ότι κάποιος χρησιμοποιεί το έργο σας που προστατεύεται από πνευματικά δικαιώματα χωρίς την άδειά σας, μπορείτε να ακολουθήσετε τη διαδικασία που περιγράφεται εδώ https://el.player.fm/legal.
Alt Goes Mainstream podcast is the place to turn to for interviews with some of the brightest and most experienced minds in the world of alternative investing, private equity (PE), venture capital (VC), real estate, crypto, collectibles and more. For anyone looking to invest into alternative assets (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 investment firms, and FinTech startups. 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 and invest into alternative assets.
…
continue reading
137 επεισόδια
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Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets
1 Live from Nuveen's nPowered Conference: Nuveen's Keith Jones - structuring products for success 40:17
Welcome back to the Alt Goes Mainstream podcast. Alt Goes Mainstream was live from $1.2T AUM asset manager Nuveen ’s nPowered conference, a two-day event bringing together Nuveen thought leaders and industry experts to explore challenges and opportunities in private markets. We interviewed some of Nuveen’s senior leadership on site to hear their views and perspectives on private markets, working with the wealth channel, and product innovation. We sat down with Keith Jones , the Global Head of Alternative Investments Product for Nuveen, and a member of the Extended Leadership Team. He’s responsible for the development and ongoing management of alternative investment products distributed through Nuveen’s institutional, wealth management, and retirement channels globally. Keith and I had a fascinating conversation about product innovation in the wealth channel, how to educate and market products specifically designed for the wealth channel, and why it’s not a “one-size-fits-all” approach. 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 Ultimus Fund Solutions 01:55 Welcome to Alt Goes Mainstream 01:58 Live from Nuveen's nPowered Conference 02:19 Conversation with Keith Jones 03:25 Keith Jones' Background 04:04 Nuveen and TIAA Collaboration 04:47 Keith's Role at Nuveen 05:01 Product Innovation in Wealth Channel 05:15 Structuring Products for Wealth Channel 05:37 Client-Centric Approach at Nuveen 06:59 Challenges in Structuring Products 07:39 Credibility and Brand Importance 09:36 Client Experience and Reporting 09:46 Brand and Credibility in Product Creation 10:40 Nuveen's Real Estate Focus 11:38 Feedback from Distribution Teams 12:33 Product Governance at Nuveen 13:19 Institutional vs. Wealth Channel 16:35 Evergreen Structures 18:08 Operational Considerations 18:51 FinTech Solutions in Structuring 31:48 Future of Product Innovation 32:20 Real Assets and Farmland 33:25 Fee Compression in Alternatives 36:13 Balancing Competing Forces 36:51 Importance of Diversification 38:34 Industry Collaboration for Change 39:12 Conclusion and Final Thoughts 39:58 Closing Remarks…
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Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets
1 Live from Nuveen's nPowered Conference: Nuveen's Jeff Carlin - "It's all about the end client" 53:33
Welcome back to the Alt Goes Mainstream podcast. Alt Goes Mainstream was live from $1.2T AUM asset manager Nuveen ’s nPowered conference, a two-day event bringing together Nuveen thought leaders and industry experts to explore challenges and opportunities in private markets. We interviewed some of Nuveen’s senior leadership on site to hear their views and perspectives on private markets, working with the wealth channel, and product innovation. We talked with Jeff Carlin , Senior Managing Director, Head of Global Wealth Advisory Services at Nuveen , and a member of the Senior Leadership Team. He’s responsible for leading the placement, distribution, and support of all products through the US Wealth distribution channel. Jeff and I had a fascinating conversation about working with the wealth channel and how Nuveen has created products to serve this growing investor segment. Thanks Jeff for coming on the Alt Goes Mainstream podcast to share your wisdom and expertise on private markets, private wealth, and distribution. 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 Introduction to our Sponsor, Ultimus Fund Solutions 01:58 Live from Nuveen's nPowered Conference 02:26 Jeff Carlin's Role at Nuveen 02:33 Nuveen's Wealth Business 03:28 Jeff Carlin's Career Background 06:43 Evolution of Wealth Distribution 06:56 Changes in Advisor Discretion 09:52 Consultative Selling in Wealth Management 10:04 Hiring Distribution Professionals 12:10 Building Trust with Advisors 14:03 Indispensable Partnerships 16:41 Public vs. Private Markets 19:14 Global Wealth Management 19:44 Regional Differences in Distribution 20:59 Focus on Specific Channels 23:15 Structural and Non-Structural Advantages in Distribution 27:32 Public and Private Market Strategies 27:43 Portfolio Solutions Group 27:57 Allocating to Private Markets 28:19 Balancing Third-Party and Own Products 28:43 Advisor's Role in Portfolio Construction 29:28 Challenges in Wealth Channel Distribution 29:36 SMA Business vs. Private Markets 30:14 Intricacies of Private Market Investments 30:35 Client Understanding and Implementation 31:09 Drawdown Structures and Client Needs 31:16 Perpetual Vehicles in Private Credit 31:53 Simplifying Private Fund Investments 33:00 Managing Capital Calls and Cash Flows 34:45 Evergreen Structures in Private Markets 35:10 Future of Private Market Investments 36:20 Technology and Structural Innovations 36:52 Blockchain and Distributed Ledger Technology 37:40 Adoption of New Technologies 38:29 Excitement About Private Markets 39:18 Generational Differences in Investment 40:11 Education and Intergenerational Wealth Transfer 41:23 Gamification and Investment Psychology 47:08 Advisor Education and Private Markets 48:49 Changing Perceptions of Private Markets 52:41 Conclusion and Final Thoughts…
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Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets
Welcome back to the Alt Goes Mainstream podcast. Today’s episode is with a founder who is building mission-critical software for private equity firms. I sat down in Citywire ’s London studio with Venkat Subramaniam , the Co-Founder of DealsPlus , to discuss why he has built a digital solution to streamline, digitize, and automate the management of complex holding and capital structures for private equity firms. Historically, private equity firms have relied on humans and manual processes to manage and track cap tables, transactions, and entities. This process has required significant human intervention and has often been rife with errors, making deals harder to consummate and transactions. Venkat has taken his 15 years of experience advising private equity managers on cross-border transactions, most recently as an Associate Partner at EY UK, to build DealsPlus to create a single source of truth for capital structures for private equity firms. DealsPlus works with a number of industry-leading private equity firms and is backed by a private equity firm with $38B in AUM. Venkat and I had a fascinating conversation about the challenges private equity firms face with managing and tracking transactions and portfolio companies. We discussed: Why it’s been so hard to create a cap table management solution for private equity. Why it's much harder to build software for private equity firms than venture capital firms. How private markets can move from the Excel Age to the Digital Age. How to build software that provides a single source of truth. The atomic unit of value in private markets. Building an end-to-end platform versus building a point solution. What’s next in post-investment ops tech innovation? Thanks Venkat for coming on the show to share your thoughts and wisdom on private markets tech. 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 message from Ultimus 01:59 Introducing Venkat Subramaniam and DealsPlus 03:57 Venkat's Career Journey 05:07 The Genesis of DealsPlus 05:09 Challenges in Transaction Management 06:25 The Lack of Uniformity in Private Equity Processes 06:54 The Impact of Technology on Private Equity 07:33 The Role of Cloud Computing 08:24 The Consumerization of Enterprise Software 09:04 Excel vs. Specialized Software 09:34 The Importance of Cap Table Management 10:04 Connecting Front Office and Back Office 10:30 Building Effective Software Solutions 13:24 Recurring Pain Points in Private Equity 14:47 The Complexity of Private Equity Cap Tables 15:44 Building a Platform for Private Equity 16:43 Stakeholder Management in Private Equity 18:50 Impact of Technology on Fund Operations 20:25 Integrating DealsPlus into Workflows 21:06 Best-in-Class Applications and Data Integration 23:33 The Impact of Fund Size on Complexity 25:42 Technology Adoption in Private Equity 27:09 Network Effects in Private Equity Technology 37:41 The Future of Private Markets Technology 39:14 Conclusion and Closing Remarks…
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Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets
Welcome back to the Alt Goes Mainstream podcast. Today’s episode is with a founder who is building mission-critical valuation and portfolio monitoring software for alternative asset managers. We are joined by Yann Magnan , the Co-Founder and CEO of 73 Strings , to discuss how valuation work and portfolio monitoring is moving from manual to automated and why that’s so important for the industry. 73 Strings has leveraged AI and automation to more seamlessly and cost-effectively extract data, monitor portfolios, and streamline middle-office processes for valuations. 73 Strings works with a number of the industry’s top alternative asset managers and has received investment from Blackstone, Fidelity International Strategic Ventures, and Broadhaven Ventures, amongst others. Yann has brought his experience as a senior member of the Duff & Phelps team, where he was EMEA Market Leader and member of the Global Operating Committee and as a Partner at EY’s Transaction Advisory Services to help bring valuation and portfolio monitoring solutions into the mainstream. Yann and I had a fascinating conversation about how technology innovation is impacting private markets. We discussed: The challenges with manual valuation services businesses. How to create uniformity and standardization with private markets fund performance data. How AI is changing private markets post-investment reporting processes. Does automation in private markets help big funds or small funds more? The evolution of post-investment private markets market structure. The biggest technology innovation still missing from private markets. Why the growth of the wealth channel and evergreen funds increases the need for more streamlined reporting and valuation solutions. Thanks Yann for coming on the show to share your views and wisdom on 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 and Sponsor Message 01:56 Welcome to Alt Goes Mainstream 02:05 Introducing Yann Magnan and 73 Strings 03:56 Yann's Background in Valuation Services 04:33 The Inefficiencies of Manual Valuation 05:20 The Genesis of 73 Strings 06:11 The Importance of Experience in Private Markets 06:24 Automating Valuation Processes 08:32 Challenges in Standardizing Valuation 09:13 The Role of Human Judgment in Valuation 10:24 AI's Potential in Valuation 11:10 Accountability in Automated Valuation 12:47 73 Strings' Data Handling and Partnerships 14:07 Standardizing Data Across Portfolios 15:44 Impact of Automation on Human Processes 17:02 Growth of the Wealth Channel and Evergreen Funds 17:59 Accelerating Need for Better Valuation Software 19:37 Challenges of High-Frequency Reporting 19:59 Technological Implications of Daily Valuation 20:31 Private Assets and Technology Infrastructure 20:44 Industry Resilience and Smart People 20:59 Forefront Firms and Blackstone Partnership 21:48 Valuation Process and Data Control 23:11 Extensibility to Other Asset Classes 24:12 73 Strings' Versatile Platform 25:13 Howard Marks on Asset Allocation 25:52 Atomic Unit of Value in Valuations 27:31 Data Sharing Across Business Units 30:24 Automation Benefits for Large and Small Firms 31:33 Building Technology for Large Firms 34:16 Trust and Experience in Client Relationships 35:09 Strategic Investors and Their Value 37:37 Industry Participation and Standardization 39:13 Maturity and Cost of Technology 40:22 Future of Data in Private Markets 41:39 Convergence of Private and Public Markets 42:11 Volatility and Transparency in Private Markets 43:14 Attracting Retail Investors 44:41 Conclusion and Final Thought…
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Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets
1 Monthly Alts Pulse Ep. 14: Taking the pulse of private markets with iCapital Chairman & CEO Lawrence Calcano 21:33
Welcome to the 14th episode of the Monthly Alts Pulse, a collaboration between iCapital x Alt Goes Mainstream. Here’s the latest episode of the Monthly Alts Pulse, a live conversation in studio with Lawrence Calcano , the Chairman & CEO of iCapital . As the leader of a platform with over $200B 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. On this episode, Lawrence and I had a fascinating and lively discussion. We covered: Has private markets moved from access as table stakes to customization and differentiation? What are the different phases of private markets — and how has iCapital built solutions for each? Is data the oil for private markets? How will model portfolios fit into the wealth channel’s adoption of private markets? If advisors now have access to private markets, how do they differentiate? How does the trend of OCIOs being acquired by wealth managers factor into the continued evolution of wealth channel adoption of private markets? The nuances of diligence on fund managers. Why do private markets “start and stop at the advisor’s desktop?” What's the interplay between brand, access, and customization? Thanks Lawrence for a great episode … looking forward to next month’s conversation! Show Notes 00:00 Introduction 00:23 Trends in Wealth Management: Customization and Differentiation 00:46 The Evolution of Private Markets Access 01:28 Building Bespoke Programs for Advisors 01:50 The Importance of Better Fit for Clients 02:26 Infrastructure and Customization in Wealth Channels 02:39 Phases of Evolution in Wealth Management 03:29 Expanding Product Access and Automation 03:49 Creating an Operating System for Wealth Management 04:30 The Role of Model Portfolios 04:56 The Role of Technology and Tools in Customization 05:21 Differentiation Through Custom Solutions 06:17 Understanding Customization in Wealth Markets 07:11 The Role of Diligence in Wealth Management 09:40 Reconciling Efficiency and Thoughtful Allocation 09:59 Advisors' Role in Customization and Differentiation 10:08 The Advisor's Role in Client Education 11:01 The Future of Secondary Markets and Evergreen Products 12:07 Tools for Advisors: Information and Fit 14:57 The Importance of Education and Technology 16:17 Product Innovation and Customization 19:23 Conclusion: Balancing Tensions in Wealth Management…
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Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets
1 Investing with an Evergreen Lens Series with iCapital and Vista Equity Partners, KKR, Hamilton Lane: Ep. 3 - Hamilton Lane's Stephanie Davis 38:27
Everyone is talking about evergreens. Alt Goes Mainstream has collaborated with iCapital and Co-Founder & Managing Partner, Head of Portfolio Management Nick Veronis to dive into the evergreen question with some of the leading practitioners in private markets. This three part series with industry experts from Vista Equity Partners, KKR, and Hamilton Lane shines a light on one of the fastest-growing areas in private markets and its impact on the wealth channel. The three part series features: Vista Equity Partners Managing Director, Global Head of Private Wealth Solutions Dan Parant . KKR Managing Director, Head of Americas, Global Wealth Solutions (GWS) Doug Krupa . Hamilton Lane Managing Director, Co-Head US Private Wealth Solutions Stephanie Davis . Please enjoy the third episode of the series as Nick and I talk with Hamilton Lane's Stephanie Davis. Show Notes 00:00 Introduction: Setting the Stage 00:17 Early Days in the Evergreen Space 00:33 Stephanie's Journey into Private Wealth 00:40 From Merrill Lynch to Hamilton Lane 01:15 The Evolution of Alternative Investments 02:09 Success in Early Evergreen Structures 02:23 Challenges and Innovations in Distribution 03:01 Nick's Perspective on the Evergreen Space 03:20 Hamilton Lane's Thought Leadership 03:50 The Importance of Private Companies 04:29 The Evolution of Evergreen Funds 05:11 Optimal Structures for Evergreen Funds 05:35 Target Audience and Distribution Strategies 06:25 Commitment to Evergreen Structures 06:50 Multi-Manager Approach and Diversification 07:18 Adoption of Private Capital by Advisors 07:49 The Role of Private Equity in Evergreen Funds 08:50 The Importance of Fee Efficiency 09:45 Educating Investors on Evergreen Structures 15:00 The Power of Compounding in Evergreen Funds 16:02 Institutional Interest in Evergreen Funds 21:54 The Role of Liquidity in Evergreen Investments 22:28 Educating Advisors and Clients 25:48 Challenges in Advisor Education 28:14 Allocation Strategies for Evergreen Funds 31:22 The Future of Evergreen Structures 31:36 3.0 in the Evergreen Space 34:07 Manager Selection in Private Markets 35:18 The Evolving Relationship of Public and Private Markets 36:03 Closing Thoughts and Key Takeaways 36:33 Disclaimer and Informational Purposes…
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Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets
1 Investing with an Evergreen Lens Series with iCapital and Vista Equity Partners, KKR, Hamilton Lane: Ep. 2 - KKR's Doug Krupa 41:00
Everyone is talking about evergreens. Alt Goes Mainstream has collaborated with iCapital and Co-Founder & Managing Partner, Head of Portfolio Management Nick Veronis to dive into the evergreen question with some of the leading practitioners in private markets. This three part series with industry experts from Vista Equity Partners, KKR, and Hamilton Lane shines a light on one of the fastest-growing areas in private markets and its impact on the wealth channel. The three part series features: Vista Equity Partners Managing Director, Global Head of Private Wealth Solutions Dan Parant . KKR Managing Director, Head of Americas, Global Wealth Solutions (GWS) Doug Krupa . Hamilton Lane Managing Director, Co-Head US Private Wealth Solutions Stephanie Davis . Please enjoy the second episode of the series as Nick and I talk with KKR's Doug Krupa. Show Notes 00:23 Doug's Background in Private Markets 01:18 Early Career as a Financial Advisor 01:55 Understanding Overfunded Pensions 02:47 Focus on Making Private Markets Accessible 03:12 Building Innovative Solutions at KKR 03:25 Evolution of Wealth and Asset Management 03:55 Challenges in Private Markets 05:05 Partnering with KKR 05:55 KKR's Commitment to the Wealth Channel 06:04 Innovations in Fund Structures 06:59 The Conglomerate Model 07:15 KKR's Approach to Wealth Channel 07:46 Expanding Access to Private Markets 08:34 Delivering the Same Investment Experience 09:36 Maslow's Hierarchy of Needs for Wealth Channel 09:59 Legislation and Access to Private Markets 12:56 Evergreen Structures vs. Conglomerate Model 17:37 Investor Behavior in Evergreen Structures 18:12 Adoption of Evergreen Strategies 21:24 Educating the Industry on Evergreen 22:55 The Shift from Public to Private Markets 24:00 KKR's Educational Initiatives 26:06 Rebranding Alternatives as Private Markets 28:53 Partnerships and Hybrid Solutions 29:04 Market Structure Evolutions 31:11 Future of Private Markets 32:32 Dominant Players in Private Markets 34:18 Rapid Adoption of Evergreen Strategies 34:59 Disruption in the Industry 35:18 Final Thoughts on Private Markets 38:58 Closing Remarks 39:06 Disclaimer and Legal Information 40:55 Copyright Information…
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Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets
1 Investing with an Evergreen Lens Series with iCapital and Vista Equity Partners, KKR, Hamilton Lane: Ep. 1 - Vista Equity Partners' Dan Parant 43:45
Everyone is talking about evergreens. Alt Goes Mainstream has collaborated with iCapital and Co-Founder & Managing Partner, Head of Portfolio Management Nick Veronis to dive into the evergreen question with some of the leading practitioners in private markets. This three part series with industry experts from Vista Equity Partners, KKR, and Hamilton Lane shines a light on one of the fastest-growing areas in private markets and its impact on the wealth channel. The three part series features: Vista Equity Partners Managing Director, Global Head of Private Wealth Solutions Dan Parant . KKR Managing Director, Head of Americas, Global Wealth Solutions (GWS) Doug Krupa . Hamilton Lane Managing Director, Co-Head US Private Wealth Solutions Stephanie Davis . Please enjoy the first episode of the series as Nick and I talk with Vista Equity Partners’ Dan Parant. Show Notes 00:19 Welcome and Guest Introduction 00:39 Vista's Founding and Early Days 02:05 Vista's Growth and Achievements 03:11 Dan's Background and Role at Vista 04:07 Enterprise Software Investment Thesis 05:11 The Resilience of Enterprise Software 07:11 The Private Market Advantage 07:25 Constructing Portfolios for Wealth Channels 08:13 The Shift from Public to Private Markets 09:52 Evergreen Funds and Their Benefits 11:06 Evergreen Strategies in Software Investing 12:01 Advantages of Evergreen Structures 13:09 The Role of Private Equity in Evergreen Funds 13:17 Private Companies Staying Private Longer 19:25 Vista's Approach to Different Company Sizes 20:28 Growth vs. Yield in Evergreen Strategies 21:11 The Importance of Scale in Evergreen Funds 24:24 Challenges of Managing Evergreen Structures 26:12 The Discipline of Manager Selection 28:41 Educating Investors on Evergreen Structures 30:08 Omnichannel Education Strategies 31:04 Product-Specific Education 32:00 Understanding Liquidity in Evergreen Funds 33:37 Structuring Liquidity Parameters 36:17 The Future of Evergreen Strategies 39:45 Closing Remarks and Final Thoughts 40:17 Legal & Compliance Information…
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Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets
Welcome back to Going Public with Evercore ’s Glenn Schorr . On the latest episode of Going Public, we drop the beat on F.R.E.A.M. Paying homage to Wu-Tang Clan’s song “C.R.E.A.M.” (“Cash rules everything around me”), Glenn discusses why “Fees rule everything around me” in asset management. We cover some of last quarter's most pressing topics in alternative asset management, including: How alternative asset managers balance fee generation with returns. Does major growth still lie ahead for alternative asset managers? Why “fees rule everything around me,” but so does alpha generation. Why does distribution (almost always) win in asset management? What’s the most valuable aspect of a publicly traded alts manager having a public currency? What is Glenn keeping his eye on for next quarter? 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 00:38 Meet Glenn Schorr 01:52 Wu-Tang Clan and Asset Management 02:40 F.R.E.A.M.: Fees Rule Everything Around Me 02:49 Public Investors and Revenue Streams 03:47 Balancing Fee Growth and Investment Returns 05:50 Talent Migration and Fee Justification 06:38 Migration to Private Markets 07:07 Deregulation and Its Impact 09:31 Structural Challenges for Banks 09:58 Growth in Alternative Asset Management 12:19 Wealth Channel and Private Markets 13:13 Private Equity Performance 15:37 Education Process for Investors 16:27 Perpetual Private Equity Products 17:35 Model Portfolios: The Next Frontier 21:00 Distribution and Asset Management 24:24 Corporate Strategy and Partnerships in Asset Management 27:10 Public vs. Private Firms 29:56 Acquisitions and Growth Strategies 31:09 Specialty Managers and Market Trends 33:12 Big TAMs and Investment Opportunities 36:15 Consolidation in the Industry 38:16 Surprises and Trends in the Quarter 39:44 Deployment and Investment Grade Private Credit 40:03 Credit Cycles and Market Concerns 41:15 Data Centers and AI Investments 41:54 Size and Scale in Asset Management 45:19 Bank and Asset Manager Partnerships 46:15 Looking Ahead: Thoughts on the Next Quarter 47:10 Conclusion and Final Thoughts Company Coverage and Disclosures Evercore ISI Glenn Schorr | Ticker | Company | 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. | 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. | OWL | Blue Owl Capital, Inc | Evercore ISI or an affiliate has acted as a manager or co-manager of a public offering of securities by Blue Owl Capital, Inc in the last 12 months. | Blue Owl Capital, Inc is a client of Evercore LLC, and Evercore LLC has provided investment banking services to Blue Owl Capital, Inc in the last 12 months. | Evercore ISI or an affiliate has received compensation from Blue Owl Capital, Inc for investment banking services in the last 12 months. | BSIG | BrightSphere Investment | C | Citigroup, Inc. | 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 Citigroup, Inc. | Glenn Schorr holds a long position in equity securities of Citigroup, Inc. | BEN | Franklin Resources, Inc. | Glenn Schorr holds a long position in equity securities of Franklin Resources, Inc. | GS | Goldman Sachs Group Inc. | IVZ | Invesco Ltd. | JPM | JPMorgan Chase & Co. | Glenn Schorr holds a long position in equity securities of JPMorgan Chase & Co. | KKR | KKR & Co. Inc. | KKR & Co. Inc. is a client of Evercore LLC, and Evercore LLC has provided investment banking services to KKR & Co. Inc. in the last 12 months. | Evercore ISI or an affiliate has received comp...…
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Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets
Welcome back to the Alt Goes Mainstream podcast. Today’s guest is an expert in financial services and capital markets who has experience as both a strategic investor and a VC. We welcome Rana Yared , a General Partner at Balderton , where she co-leads their Growth Fund. She came to Balderton in 2020 from across the pond, where she was a Partner at Goldman Sachs, first in the Principal Strategic Investments Group, a balance sheet investing team, and later in GS Growth, when the group became part of the GS Growth efforts that began to take in outside LP capital. At Goldman, Rana oversaw investments in Financial Technology and Enterprise Technology as well as the commercialization of Goldman’s technology assets in both NYC and London. She represented Goldman on the boards of Tradeweb, NAV, Vestwell, New York Shipping Exchange, and Swapclear @ LCH. She currently serves on the board of Tradeweb in an independent capacity. Coming off of a fundraise of $1.3B in new capital across early and growth stage funds at Balderton, Rana and I discussed what LPs were interested in and why Europe is a compelling investment ecosystem. We had a fascinating discussion about: Revolutionary and evolutionary innovations in financial services and private markets, including the likes of iCapital, Tradeweb, Revolut. Why global tech companies can be built in Europe, with Revolut, a Balderton portfolio company, as an example. Why London and Europe are compelling fintech and financial services ecosystems. How LPs should look at the European investment opportunity. Differences and benefits / drawbacks of being a strategic / permanent capital investor versus being an independent VC fund. The importance of being a risk manager in venture. Thanks Rana for coming on the show to share your wisdom and views on Europe, venture, 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 Introduction and Ultimus Sponsor Message 01:59 Introducing Balderton Capital Partner, Rana Yared 04:16 Rana's Journey from Goldman Sachs to Balderton 04:25 Transition from Investment Banking to VC 06:26 Insights on Financial Services and Market Structure 06:37 Investing in Market Structure 09:05 Disruptive vs. Evolutionary Innovations in Fintech 12:53 Partnering with Incumbents 14:31 The Importance of Durability and Product Velocity 18:11 Strategic Investing vs. Venture Capital 21:21 Investing in the European Ecosystem 27:06 The Exciting Potential of Revolut and European FinTech 27:21 FinTech Giants in Germany 27:54 European Companies' International Advantage 28:55 Investor's Perspective on European Expansion 29:48 The Role of Venture Capital in Europe 29:22 Challenges and Strategies for European Investors 30:20 The Importance of Local Presence 30:55 The Future of European Ecosystems 31:28 US VCs Entering Europe 32:15 Bridging the Talent Gap 34:02 Mentorship and Expertise 35:52 The Role of LPs and European Investment Opportunities 37:23 Challenges for European Pensions and Endowments 38:49 Innovations in Fund Structures 41:27 The Impact of Governmental Participation in Venture 42:22 Exciting Opportunities in European Venture 43:10 FinTech's Massive Potential 43:59 Europe's Unique Financial Services Advantages 44:53 Geopolitical Concerns for Investors 45:51 Lessons from War Studies Applied to Investing 47:11 The Future of Retirement Investments in Europe 49:13 The Importance of Patience in Investing…
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Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets
1 Churchill Asset Management's Alona Gornick - the evolution of private credit, the power of permanent capital, and the importance of the product specialist 54:51
Welcome back to the Alt Goes Mainstream podcast. Today’s episode is with someone who has experienced the growth and evolution of the credit space from different vantage points. We welcome Alona Gornick , a Managing Director, Senior Investment Strategist, and Co-Head of the Chicago Office for Churchill Asset Management , a firm with $50B committed capital that is a provider of financing solutions to middle market private equity firms and their portfolio companies. Churchill is an investment-specialist affiliate of Nuveen, the asset manager of TIAA. Alona provides investment insights across the private capital spectrum to the investment community – and has a particular focus on working with the Private Wealth and Retail channels. She works closely with Nuveen’s global distribution team to deepen relationships with and educate Churchill’s investors and partners. Alona leverages her experience in capital markets, investor relations, and credit investing from working at the likes of Nuveen, Golden Gate Capital, and Oaktree Capital Management. Alona and I had a fascinating conversation. We discussed: The evolution of credit investing. The opportunities and risks in private credit. Are we in a private credit bubble? Why the product specialist role is critical for working with the wealth channel. The power of scale, particularly in private credit, and how it helps alternative asset managers win deals and invest. The strategic benefit of platforms and permanent capital. Thanks Alona for coming on the show to share your views and wisdom on 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 Introduction to Ultimus Fund Solutions 01:18 Welcome to the Podcast 02:00 Guest Introduction: Alona Gornick 03:45 Alona's Career Path and Experience 06:59 Growth of Middle Market Direct Lending 07:41 Changes in the Credit Landscape 10:21 The Importance of Size and Scale in Private Credit 13:27 Deal Structuring and Market Evolution 14:46 Impact of High Rate Environment 16:06 Private Credit Returns and Underwriting 20:53 Investor Questions and Market Insights 21:24 Educating Investors on Private Credit 23:43 Private Credit in Wealth Portfolios 24:09 Diversification Benefits of Private Credit 24:24 Yield Premium in Private Credit 26:40 Private Credit vs. Private Equity 27:06 Exploring Private Equity and Private Debt 27:24 Transitioning from Public to Private Credit 27:49 The Role of a Product Specialist 28:09 Balancing Risks and Benefits 28:49 Relating to Advisors with Real Examples 29:40 The Importance of Education in Allocation 30:25 Diverse Viewpoints on Alternative Asset Managers 31:48 Challenges in Access to Capital 33:26 The Significance of Hiring Quality People 34:12 Non-Traditional Backgrounds in Specialist Roles 36:29 Patience and Commitment in Educating Investors 39:13 The Hardest Part of Educating the Wealth Channel 40:47 The Role of Structure in Education 44:21 Concerns About the Future of Private Credit 47:00 The Growth Potential of Private Credit 49:38 The Most Interesting Alternative Investment 50:15 The Opportunity in Private Equity Secondaries 52:47 Private Credit Secondaries: A Nascent Space 54:17 Primary and Secondary Considerations in Credit 54:34 Conclusion and Final Thoughts…
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Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets
Today marks the launch of a new show on Alt Goes Mainstream: What’s Your Edge? Every person, every company, every fund has something that makes them special. Makes them stand out from the crowd. Gives them an unfair advantage. Tips the scales in favor of success. In this episode, I ask our special guest, Bob Long, “What’s Your Edge?” Bob Long is CEO of StepStone Group ’s Stepstone Private Wealth . He has three decades of experience in the private markets and has led investment teams for global firms in both the general partner and the limited partner role. He has served as the CEO of two publicly-traded companies focused on expanding private market access for high net worth investors. Prior to StepStone Private Wealth, Bob was the CEO of OHA Investment Corporation, a publicly-traded specialty finance company. Previously, he co-founded Conversus Capital, the largest publicly traded fund of third-party private equity funds with $3 billion of AUM and served as its CEO. Previously, he led Bank of America’s $7 billion strategic capital division. Early in his career, Bob served as the lead in-house counsel for a large portion of Bank of America’s Investment Banking Division and worked as a securities lawyer for a major law firm. A recognized industry leader, Bob was named one of 50 “GameChangers” by Private Equity International, has been profiled in the WSJ, and hosted CNBC Squawk Box Europe on numerous occasions. On today’s podcast, Bob and I discuss the nuances of evergreen funds and the unique features and offerings of StepStone Private Wealth’s evergreen strategies. Thanks Bob for coming on the show to share your wisdom, experience, and your edge. Show Notes 00:00 Introduction 00:38 Welcome to What's Your Edge? 01:01 Meet StepStone Private Wealth CEO Bob Long: A Leader in Private Markets 03:09 Lessons from Public Markets 04:34 Evergreen Fund Structure 05:27 Benefits of Evergreen Funds 06:25 Immediate Investment Advantage 07:20 Evergreen Funds and Financial Advisors 07:35 Evergreen Fund Liquidity 08:04 StepStone's Approach to Evergreen Funds 09:09 StepStone's Strategy and Structure 09:32 Balancing Inflows and Outflows 10:34 Importance of Deal Flow 11:04 Balancing Liquidity and Returns 11:56 StepStone's Competitive Advantage 13:52 Portfolio Construction 14:57 Diversification in Private Markets 16:06 Evergreen Fund Structures 19:44 Liquidity in Private Markets 27:57 Key Takeaways for Investors 29:53 Operational Due Diligence Essentials 30:13 Key Questions for Evergreen Fund Structures 30:36 Understanding Fee Structures 30:42 Management Fees and Leverage 31:33 Incentive Fees Explained 32:19 Administrative Costs and Transparency 32:34 Fee Compression in Evergreen Funds 34:11 Portfolio Construction Strategies 34:24 Investing in Secondaries 37:10 Psychology of Allocators 38:04 Accessibility and Minimum Investments 38:43 Investor Profiles and Strategies 40:36 Transparency and Performance 41:40 Rebalancing and Evergreen Funds 43:10 Model Portfolios and Private Markets 45:19 StepStone's Investor-Centric Approach 46:15 StepStone's Competitive Edge 48:31 Growth of Secondaries and Private Markets 51:37 Future Trends in Private Markets 55:30 Philanthropy and Purposeful Stewardship…
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Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets
1 Ritholtz Wealth Management's Ben Carlson - bringing a wealth of common sense to asset allocation 52:13
Welcome back to the Alt Goes Mainstream podcast. Today’s show features a guest who brings a wealth of common sense to wealth management and asset allocation. We talk with Ben Carlson , the Director of Institutional Asset Management at Ritholtz Wealth Management , a $5B AUM wealth management firm. He’s managed institutional portfolios for his entire career. He started out with an institutional investment consulting firm, where he deployed portfolio strategies and created investment plans for foundations, endowments, pensions, hospitals, insurance companies, and HNW individuals. More recently, he was part of the portfolio management team for an investment office that managed a large endowment fund for a charitable organization. Ben is a student of markets and asset allocation, which is clear from the knowledge he shares daily and weekly with his blog, A Wealth of Common Sense , and his podcast Animal Spirits with Michael Batnick and Ben Carlson . He’s also authored four books about saving, investing, and money. He was named to the Investment News 40 Under 40 list of top financial advisors in 2017. Ben and I had a fascinating conversation about the adoption of alternatives in the wealth channel and the whys and hows of asset allocation. We discussed: Why asset allocation is the most important aspect of an investment plan. The question of whether or not investors now have too much choice? Why Ben documents every investment decision he makes. The benefits of private markets and the pitfalls of private markets. His biggest lesson learned in investing. Why crypto has helped younger investors become more comfortable with volatility (for better or worse). The future of wealth management and what won’t change about the advisor / client relationship. The power of content creation and how it helps him approach investing. Thanks Ben for coming on the show to share your wisdom and experience in investing and asset allocation. 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 Sponsor: Introduction to Ultimus Fund Solutions 01:56 Meet Ben Carlson: Wealth Management Expert 02:17 Ben Carlson's Career Journey 02:55 Insights on Asset Allocation 03:11 The Importance of Documenting Investment Decisions 03:14 Private Markets: Benefits and Pitfalls 04:34 Early Career Lessons 04:58 Asset Allocation Strategies 06:06 Navigating Investment Choices 07:10 The Complexity of Investment Strategies 09:46 Institutional vs. Wealth Management 10:19 Communication in Institutional Investing 12:35 The 60/40 Portfolio Debate 23:20 Advisors and Alternatives 27:17 Thresholds for Investing 27:48 Differentiating Through Culture 28:41 Defining and Evaluating Culture 29:20 Transparency and Client Relationships 29:57 Partnering with the Right Clients 30:19 Qualitative Manager Selection 31:53 Content Creation and Transparency 34:22 Building a Brand from Scratch 37:49 Advice for Young Advisors 39:31 Compounding in Private Markets 40:06 Behavioral Benefits of Private Markets 41:17 Excitement in Private Markets 41:56 Evolving Fund Structures 42:28 Defining Alternatives 43:48 Younger Investors and Volatility 46:55 Future of Wealth Management 47:53 Private Equity in Wealth Management 48:58 Favorite Alternative Investments 51:44 Conclusion and Final Thoughts…
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Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets
1 Blue Owl GP Strategic Capital's Sean Ward - transforming GP stakes into an industry 1:06:27
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1:06:27Welcome back to the Alt Goes Mainstream podcast. Today’s podcast illustrates just how far private markets have come. We dive into the world of GP stakes with Sean Ward , Senior Managing Director from Blue Owl’s GP Strategic Capital Platform, where he was a founding partner and is responsible for helping to oversee the firm that has done the lion’s share of GP stakes investing. Blue Owl’s GP Strategic Capital business, which started out as Dyal Capital Partners, has accounted for over 61% of the total capital raised in the GP stakes space, closing on over $33.3B across their 7 funds and managing $57.8B AUM. They’ve taken minority ownership stakes in many of the industry’s leading alternative asset managers, accounting for 85%+ of all GP stakes deals $600M or greater in size. Sean is a Senior Managing Director of Blue Owl Capital, Inc. and a member of the firm’s Board of Directors. He also serves as a member of the GP Strategic Capital Investment Team. Prior to joining Dyal Capital Partners, the predecessor firm to Blue Owl’s GP Strategic Capital platform, Sean was a Vice President at Lehman Brothers and held several roles at Neuberger Berman after it became an independent firm, including Senior Counsel for Neuberger’s alternatives business. Sean was also a lawyer at Covington & Burling LLP and Davis Polk & Wardwell LLP. Sean and I had a fascinating conversation about the evolution of private markets through the parallel evolution of the GP stakes space. We discussed: The early days of the GP stakes industry. What it was like to convince GPs and LPs why stakes made sense. How the $1B GP commitment by Bain Capital in their fund post-GFC really opened everyone’s eyes to the need to tap into financing as firms grew their fund size and their business. A “cash in” rather than a “cash out.” Why GP stakes investing is mainly about positive selection since managers are choosing to sell a stake in their business. How alternative asset management has evolved as a business. How GP stakes investments have elements of bond-like coupons from cashflows due to management fees and option value from the upside of carry. Why GP stakes investments are “the most diversified single line item investment one can make in private markets.” Where allocators bucket GP stakes investments. What makes a great GP stakes investor. The power of permanent capital. The different paths to liquidity in GP stakes investments. Thanks Sean for coming on the show to share your views and wisdom on 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 Introduction and Sponsor Message 01:17 Podcast Opening and Theme 02:00 Guest Introduction: Sean Ward from Blue Owl GP Strategic Capital 04:21 Sean Ward's Career Journey 05:14 The Evolution of GP Stakes Investing 06:23 The Start of GP Stakes at Blue Owl 06:57 Raising the First Fund 07:09 The Growth of Blue Owl's GP Stakes 07:31 The Importance of Legal Background in GP Stakes 09:48 Convincing LPs and GPs 11:14 The Importance of GP Commitments 15:23 Strategic Value Beyond Capital 24:45 Succession Planning in Private Equity 26:02 Impact of Market Conditions on GP Stakes 29:26 Underwriting and Returns in GP Stakes 36:33 Cash Flow and Diversification in GP Stakes Investments 37:48 Understanding the Trade-offs in GP Stakes Investing 38:35 Narrow Distribution of Potential Outcomes 40:09 The Importance of Diverse Professional Backgrounds 40:45 Collaborative Partnerships in GP Stakes 41:34 Traits of a Great Alternative Asset Manager 43:49 The Next Frontier: Private Wealth 45:13 Middle Market Strategy and Partnerships 49:34 The Evolution and Future of Private Markets 53:19 Liquidity in GP Stakes Investments 58:26 The Power of Permanent Capital 01:00:28 Is GP Stakes Better Than SaaS? 01:02:43 Exemplary Models for Growth in Asset Management 01:05:47 Conclusion and Final Thoughts…
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Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets
1 HGGC's Steve Young & True North Advisors' Scott Wood - "the score takes care of itself" on the field and in investing 56:46
Welcome back to the Alt Goes Mainstream podcast. Today’s episode welcomes two elite performers in Steve Young of HGGC and Scott Wood of True North Advisors , where they talk about how they formed a partnership based on shared values. Steve’s private equity firm, $7B AUM HGGC, took a minority stake in Scott’s independent wealth management firm, $3.9B AUM True North Advisors, as part of their broader wealth management investment thesis. After an illustrious 15 year Hall of Fame career as a three-time Super Bowl winning quarterback of the San Francisco 49ers, Steve embarked on second act to found HGGC that has rivaled his career on the field. Over the past 17 years, HGGC has grown to a $7B private equity firm that has completed 600 portfolio investments. After working on Wall Street where clients were not being fiduciarily served, Scott's journey as a registered independent advisor started in 2000, when he and his partner Mark Gehlbach decided to pioneer the fee-only model to eliminate conflicts of interest in the client advisor relationship. The foundation they built has led to the growth of a firm that now stands at over 3.9B in AUM, with a large portion of that capital, $812M allocated to alternatives. Steve, Scott, and I had a fascinating conversation about how they’ve built their respective investment firms, the importance of values and culture, and how they create abundant, fulfilling relationships. We discussed: Why “the score takes care of itself.” How and why defining the relationship up front is key in advisor M&A. How to assess culture fit when merging or acquiring advisors and wealth management firms. The importance of alternatives for better serving the client in an advisor’s practice. The concept of “decading” and why long-term thinking is critical in business and life. Thanks Steve and Scott for sharing your thoughts and decades of wisdom on business building, investing, and partnership. 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 01:17 Welcome to the Podcast 01:59 Meet the Guests: Steve Young and Scott Wood 02:22 Steve Young's Journey from the NFL to Private Equity 06:13 Scott Wood's Path to Founding True North Advisors 09:13 Building a Scalable and Collaborative Wealth Management Firm 12:22 Need for a Partner 12:57 Choosing HGGC: The Importance of Culture and Values in Business 13:30 HGGC's Investment Philosophy 15:03 Cultural Alignment in Partnerships 22:25 Evaluating Cultural Fit in Partnerships 22:40 Evaluating Cultural Fit 27:12 Governance and Day Two Operations 27:53 Commitment to Cultural Integrity 28:19 Navigating Cultural Fit in Wealth Management 28:55 Wealth Management Growth and Consolidation 29:40 The Role of Private Equity in Wealth Management 30:03 Changing Wealth Management Engagement 31:07 Challenges and Opportunities in Wealth Management Consolidation 32:22 True North's Unique Business Model 33:01 The Impact of Private Equity on Wealth Management 34:42 Exit Strategies and Long-Term Vision 39:39 Building an Alternatives Platform 40:31 Decading: Long-Term Thinking 40:53 Evolution of Alternatives Strategy 45:13 Simplifying Complex Investments 46:37 Fee Structures and Client Alignment 47:24 M&A Opportunities and Relationships 48:37 Mentorship and Professional Relationships 52:56 Future of Alternative Investments 55:56 Closing Thoughts and Reflections…
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