Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets

Welcome back to the Alt Goes Mainstream podcast.Today’s episode unpacks how to build a private equity firm within one of the largest and most unique investment platforms in private markets.We sat down in Brookfield Asset Management’s Brookfield Place office in downtown NY with David Nowak, the President of Brookfield’s Private Equity Group. David and I dove into a conversation about the private equity industry, Brookfield’s approach to private equity, and how the firm’s culture and DNA shapes how they work with portfolio companies and LPs.David has overall responsibility for the Private Equity Group’s North American business. He also serves as Chief Executive Officer of Brookfield Private Equity Fund. He joined Brookfield in 2011. He holds a MBA degree from Duke University, where he graduated as a Fuqua Scholar, and a Bachelor of Laws degree from the University of Western Ontario.David and I had a fascinating conversation about private equity and the Brookfield platform. We covered:How Brookfield’s owner-operator alignment informs how they approach private equity investing and their partnerships with portfolio companies.How the industry has gone from “roll your dice private equity to roll up your sleeves private equity.”Why and how the firm has a “blue collar work ethic.”The firm’s flat structure and a culture of collective effort, humility, and “earning your seat.”Why Brookfield’s private equity business focuses on complex carve outs.Why it’s important for investors to “think like an operator.”How the firm approaches value creation and the importance of understanding value creation levers even before making an investment.How Brookfield’s broader platform provides the private equity business with insights and subject matter expertise.The story behind Brookfield’s Westinghouse investment.What it means to look for “unloved businesses.”Why private equity is an apprenticeship business and how AI might impact the next generation of private equity leaders.Thanks David for sharing your expertise, wisdom, and passion for private equity and company and culture-building.Show Notes00:00 Cold Open00:51 A Message from our Sponsor, Ultimus01:48 Welcome to Alt Goes Mainstream and David Nowak03:30 Brookfield Culture is We Not I04:48 Leadership Succession and Humility06:22 Earn Your Seat Mindset06:30 Owner Operator Alignment08:23 Maax Bath Case Study09:34 Roll Up Your Sleeves Private Equity11:31 Operators on the Team12:06 Secondments Train Investors12:53 Underwriting with Reality Checks13:58 Platform Advantage and Insights16:46 How Collaboration Actually Works18:56 Long Term Patient Capital21:07 Value Creation Playbook24:38 Contrarian Deals and Valuation Nuance27:41 Underwriting Operating Change27:55 Fixable vs Hard Problems29:16 Winning Management Buy In30:00 Early Wins and Focus30:25 Humility on the Ground31:06 Listening in Founder Talks32:09 Stretching Young Leaders33:23 Flat Structure Decision Table34:24 Scaling Without Losing Culture35:06 Open Space and Mobility35:50 Cross Office Deal Teams37:20 Fund Size and Return Pressure38:23 Shift to Quality Businesses39:25 Good Business or Cheap40:13 Risk First Capital Protection41:50 Graphite Electrode Auction Win43:45 Diligence - Then Move Fast48:14 Curiosity Apprenticeship and AIA Word from Our Sponsor, UltimusThis episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.Learn more at ultimusfundsolutions.com or email info@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Editing and post-production work for this episode was provided by The Podcast Consultant.

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 3 features EQT's Lennart Blecher.Lennart Blecher joined EQT Partners in April 2007 and is the Chairperson of EQT Real Assets.Lennart holds a Master of Law degree from the University of Lund, Sweden and has studied at the University of Dallas, Texas - Academy of US & International Law.Prior to joining EQT Partners, Lennart was from 2004 to 2007 Managing Director and Senior Banker in the investment bank of Unicredit/HypoVereinsbank in Munich. From 2002 to 2004, Lennart was Managing Director at GE Commercial Finance in London.Between 1987 until 2002, he held various position in the ABB Group, in Zurich such as General Counsel for the ABB Financial Services Group, President and Business Area Manager for ABB Structured Finance and ABB Equity Ventures.Lennart has held various non executive positions in European banks and reinsurance companies. Lennart is a member of the EQT Executive Committee and is a Chairperson of the Infrastructure Partners Investment Committee.Please enjoy this conversation with one of the industry's leaders in Lennart Blecher.You can stream all the episodes on AGM’s YouTube channel at AltGoesMainstreamAGM.Show Notes00:00 Why the DNA Matters01:04 Meet EQT and Lennart Blecher01:40 From Law to Industry05:40 Building EQT Infrastructure09:44 Infrastructure Megatrends11:01 Old vs New Infrastructure12:45 Digital Energy Convergence14:56 Active Ownership Playbook16:26 Scale and Credibility17:43 Wallenberg Values Culture20:05 Educating Investors21:29 Who Owns Assets Long Term22:47 Platform People Limits23:44 Doing Good Good Business24:34 Underwriting People Culture25:18 Closing Thoughts

Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives into what it takes to start, build, and scale an alternative asset manager.We sat down in Stable Asset Management’s London office with Erik Serrano Berntsen.Erik is the CEO of Stable, where he defines and executes the firm’s investment strategy. Stable is one of the largest and most tenured GP stake builders globally. The firm manages around $5B in assets and has built over 40 firms since 2006.Stable makes strategic seed and acceleration investments to launch and scale alternatives GPs across public and private markets. With offices in New York, London, and Palm Beach, the firm backs investment firm Founders who understand that extraordinary performance requires building exceptional organizations.Committed to education as a catalyst for change, Erik supports the LSE Alternative Investments Conference — the world’s largest student conference for alternatives, which is how we met 16 years ago — as well as Girls Who Invest and Girls Are Investors. Stable backs 100 Women in Finance and is a Founding Partner of the 10,000 Interns Foundation.Erik holds a BA in Politics, Philosophy, and Economics from Keble College, Oxford, and an MBA with honors and a concentration in Finance from the University of Chicago Booth School of Business.Erik and I had a fascinating conversation about what it takes to be a great investor and build a unique investment firm. We discussed:How the business of asset management has evolved since 2006.The incentives gap between LPs and GPs — and how that evolves as GPs scale.How GP seeding and GP stakes can be a solution to LP / GP misalignment.How to discern a manager’s “edge" and how “edge” can change with firm growth.The most non-obvious trait that makes for a great asset management founder.The nuances of evergreen structures and which strategies might be better suited for evergreen structures.The merits of the GP stakes investment strategy for LPs.Thanks Erik for sharing your wisdom, expertise, and passion about GP stakes and asset management.Show Notes00:00 Likeability Wins00:37 Welcome to the Alt Goes Mainstream Podcast01:50 Introduction to Erik Serrano Berntsen and Stable04:08 Why the Name Stable06:26 From Benchmarks to Solutions05:31 Branding as Alts Evolve08:11 Stable’s Two Market Gaps08:47 Fixing LP / GP Misalignment09:29 GP Stakes Alignment Model09:59 Non-Market Risks vs. Operating System11:15 How Edge Changes with Scale14:06 Three Edges to Underwrite16:18 Founders Think in Decades19:53 Timing Cycles and Strategy Drift23:31 Seed vs Acceleration Playbook25:39 Evergreen Capital Goes Mainstream29:01 Smaller Managers Winning Evergreen31:19 Wealth Channel Core vs Specialist33:25 Evergreen vs Drawdowns Debate34:03 Evergreen by Asset Class35:47 GP Stakes Lifecycle 38:29 Picking Tides and Boats39:03 Specialist Strategy Edge40:15 Podshopification in Private Markets41:55 What Drives New GP Formation44:52 Self Awareness as Edge46:31 Always Be Sourcing48:23 Founder to Founder Trust50:37 Lessons Running Stable53:23 Building the GP Operating System59:00 Capital as a Service01:01:43 Stigma Fades in GP Stakes01:05:18 How to Spot Manager Edge01:08:47 Founders to Emulate01:10:35 Communication and Closing ThoughtsA Word from Our Sponsor, UltimusThis episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.Learn more at ultimusfundsolutions.com or email info@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.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 how data and market structure are shaping private markets.We sat down in MSCI’s New York office with Luke Flemmer, the Head of Private Assets at MSCI to discuss how standardization and normalization of data can help bring efficiency, transparency, and liquidity to private markets.Luke brings a unique perspective to private markets. He was previously Managing Director, Head of Digital Strategy for Alternative Investments at Goldman Sachs Asset Management, and was Co-Founder and CEO of Lab49, a global solutions provider of investment and risk technology to asset managers and investment banks.When the ION Group acquired Lab49, Luke became Co-Head of ION’s Capital Markets Division, delivering software and solutions to the group’s global financial services customer base.Earlier in his career, Luke worked in the fields of robotics and artificial intelligence. He is a CFA charterholder.Luke and I had a fascinating conversation about private markets market structure and how MSCI is playing a role in driving standardization, normalization, and transparency of data in private markets. We covered:Parallels to market structure evolutions in equities, fixed income, FX, and derivatives.Tradeoffs of transparency for private markets participants.What it will take to build transparency and price formation in private markets.Where investors will still be able to find durable alpha.What standardization and normalization of data means for secondary markets.Analogies between Greek mythology and private markets.How secondaries has gone from a trade to a portfolio management tool.How index creation will impact private markets.Thanks Luke for sharing your wisdom, expertise, and passion at the intersection of private markets and market structure.Show Notes00:00 “Data Wants to be Free”00:28 Welcome to the Alt Goes Mainstream Podcast01:02 Sponsor Spotlight: Ultimus Fund Solutions01:57 Private Markets, Data, and Market Structure02:17 Meet MSCI’s Luke Flemmer04:26 From Robotics to Finance: Automation Needs Standardization05:18 Fixed Income’s Transformation: From Trading Floors to E-Trading06:42 Connecting the Data Across the Lifecycle07:58 Harmonized Data → Transparency → Liquidity08:44 Scaling vs Information Asymmetry10:38 What More Transparency Does to Returns and Alpha11:15 Benchmarking Privates Like Publics: PMEs and Comparable Data12:35 Manager Skill and Illiquidity Premium14:14 Company-Level Data & Bilateral Origins16:19 The Ship of Theseus Parable and Should Privates Become Public?23:17 COVID, Denominator Effect, and LP Scrutiny23:50 The New Baseline for Private Funds24:15 Wealth Channel Tailwinds and the Rise of Active LP Portfolio Management25:23 Using Public Liquidity to Balance Private Illiquidity26:15 The 85/15 Public-Private Index: Why Blend Public Equity with Private Equity27:16 Daily Pricing Private Equity: Solving the “Stale Marks” Problem28:15 Smoothing, Stickiness and Forced Secondary Sales29:20 What Tech/Data You Need to Nowcast PE Daily (and What’s Still Missing)30:31 Price Formation Feeding Better Indexes31:34 From Secondaries to Derivatives: Lessons from Fixed Income NAVs33:14 Building Trust in Private Benchmarks: Data Scale and Adoption Over Cycles33:53 Unlocking 401(k)s: What Must Be True for Wealth to Go Big in Privates37:05 Liquidity, Suitability, Risk & Factor Decomposition39:05 Durable Private Markets Alpha (and the Index Question)41:51 Standardizing the Language: Defining “Liquidity” and MSCI as the Connective Tissue (Wrap)A Word from Our Sponsor, Ultimus This episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.Learn more at ultimusfundsolutions.com or email info@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Editing and post-production work for this episode was provided by The Podcast Consultant.

Welcome back to the Alt Goes Mainstream podcast.The Goldman Sachs Alternatives Summit “convened leaders across finance, geopolitics, technology, and culture” to discuss themes driving global markets.2025’s Alternatives Summit was about “navigating a world in flux,” as the firm’s recap of its event noted. The event aimed to help investors cut through the noise and put together the pieces of the puzzle in a dynamic and increasingly complex world. Alt Goes Mainstream joined the event to have unscripted conversations with Goldman Sachs Alternatives leaders to cut through the noise by unpacking key themes and trends at the intersection of private markets and private wealth.In this special series, we went behind the scenes and interviewed six Goldman Sachs Alternatives leaders about their current thinking on private markets and how the firm has built and evolved its private markets capabilities.This conversation was with Jeff Fine, Partner, Global Co-Head of Alternatives Capital Formation within Goldman Sachs Asset Management, with responsibility for capital raising, product strategy, research and investor relations across private equity, private credit, real assets, secondaries, GP stakes and hedge funds/liquid alternatives. Jeff is a member of the Real Estate Investment Committee and Urban Investment Group Investment Committee. Jeffrey is also on the boards of GS Real Estate Investment Trust and GS Real Estate Finance Trust. Previously, he was Global Head of Real Estate Client Solutions for Goldman Sachs Asset Management and a senior real estate investor in the Merchant Banking Division for more than 20 years. Jeffrey joined Goldman Sachs in 2002 in the Merchant Banking Division as an Analyst. He was named Managing Director in 2012 and Partner in 2018. Jeff is Chairman of the Dyson School Advisory Council and a member of the SC Johnson College of Business Leadership Council at Cornell University. He is a member of the Cornell Endowment’s Risk, Liquidity, and Operations Subcommittee and the Board of Directors of the Pension Real Estate Association Foundation. Jeffrey is also a member of the Council on Foreign Relations and the Met Council at the Brookings Institution.Jeff and I had a fascinating conversation about the intersection of private markets and private wealth, fundraising trends, and the growing role of insurers and the wealth channel in private markets capital formation. We covered:The evolving private markets landscape.The important role of the product specialist.The impact of AI on investing and what it means for private markets.What it takes to be a great investor.The importance of the value creation process in driving investment value.The future of capital formation in private markets.Thanks Jeff for sharing your wisdom, expertise, and passion about private markets and private wealth. Show Notes01:05 Welcome to the Alt Goes Mainstream Podcast02:08 Jeff Fine's Background and Career Journey03:43 Sophistication in the Market05:05 The Role of Product Specialists07:16 Talent and Resourcing in Asset Management 08:01 The War for Talent in Asset Management09:07 Investment Performance as a Priority10:05 Balancing Origination and LP Demand11:42 Meeting Client Needs in Wealth Channel12:06 Transparency and Risk Communication12:59 Growth in Private Markets18:07 Global Capital and Diversification19:31 Smart Allocation in Private Markets20:58 Private Credit as a Yield Instrument22:23 The Role of Insurance in Private Markets24:33 Customization and Scale in Private Markets28:55 Trends in LP Relationships30:39 Strategic Partnerships and Cost Efficiency31:40 Concerns About Market Valuations32:43 Belief in a Transformative Future35:24 Advice for LPs in Current Market36:21 Conclusion and Final ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant.

Welcome back to the Alt Goes Mainstream podcast.The Goldman Sachs Alternatives Summit “convened leaders across finance, geopolitics, technology, and culture” to discuss themes driving global markets.2025’s Alternatives Summit was about “navigating a world in flux,” as the firm’s recap of its event noted. The event aimed to help investors cut through the noise and put together the pieces of the puzzle in a dynamic and increasingly complex world. Alt Goes Mainstream joined the event to have unscripted conversations with Goldman Sachs Alternatives leaders to cut through the noise by unpacking key themes and trends at the intersection of private markets and private wealth.In this special series, we went behind the scenes and interviewed six Goldman Sachs Alternatives leaders about their current thinking on private markets and how the firm has built and evolved its private markets capabilities.This conversation was with Michael Bruun, Global Co-Head of Private Equity within Goldman Sachs Asset Management. He is a member of the Goldman Sachs Asset Management International Management Committee, Asset Management (AM) Private Equity Investment Committee, AM Growth Equity Investment Committee, AM Sustainable Investing Investment Committee, Asset & Wealth Management Inclusion and Diversity Council and is a member of the Goldman Sachs Firmwide Client Franchise Committee. In 2021, Michael was named Head of EMEA Private Equity within Goldman Sachs Asset Management and from 2019 to 2021, he was Head of Private Equity and Growth Equity investing for India. Michael joined the Merchant Banking Division in 2010 and worked in London and New York. Prior to that, he was a member of the Nordic Mergers & Acquisitions team in the Investment Banking Division (IBD), after initially joining IBD in 2005. Michael joined Goldman Sachs as an Analyst in the Fixed Income, Currency and Commodities Division in 2004. He was named Managing Director in 2013 and partner in 2016. Michael serves on the boards of Advania, Kahoot!, LRQA, Norgine, Synthon and Trackunit. He is a founding partner of the Human Practice Foundation in Denmark and a trustee in the UK. Michael earned a BA in Economics from the University of Copenhagen.Michael and I had a fascinating conversation about private equity, today’s investing environment, the hardest part about investing today, and how product innovation is impacting private equity’s market structure. We discussed:How investors can approach allocating to private equity today.The toolkit required to generate returns in private equity.The importance of network and operating partners in value creation.How new product innovation and new structures like evergreens and continuation vehicles are changing growth equity and private equity. The importance of understanding macro in a new world order of geopolitics and a new world order of investing.The skillsets that investors need to have to be a good investor in today’s investing environment.The hardest part about investing today. Thanks Michael for sharing your wisdom, expertise, and passion about private equity. Show Notes00:56 Welcome to the Alt Goes Mainstream Podcast02:04 Michael Bruun's Background and Career02:31 Evolution of Private Equity03:14 Impact of Market Changes on Private Equity03:43 Operational Value Creation04:50 Importance of Value Creation Resources05:33 Driving EBITDA Growth06:04 Goldman's Value Acceleration Resources07:18 Focus on Data and AI08:27 AI in Different Sectors11:22 Goldman's Investment Strategy14:28 Scale and Capital in Private Equity15:40 Co-Investments and Evergreen Vehicles18:11 Flexibility in Private Markets23:53 Navigating Volatility24:59 Post-Investment Operations25:23 Goldman Sachs Engineering26:05 Future of Private Equity27:39 CEO AI Academy28:01 Conclusion and Final ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant.

Welcome back to the Alt Goes Mainstream podcast.The Goldman Sachs Alternatives Summit “convened leaders across finance, geopolitics, technology, and culture” to discuss themes driving global markets.2025’s Alternatives Summit was about “navigating a world in flux,” as the firm’s recap of its event noted. The event aimed to help investors cut through the noise and put together the pieces of the puzzle in a dynamic and increasingly complex world. Alt Goes Mainstream joined the event to have unscripted conversations with Goldman Sachs Alternatives leaders to cut through the noise by unpacking key themes and trends at the intersection of private markets and private wealth.In this special series, we went behind the scenes and interviewed six Goldman Sachs Alternatives leaders about their current thinking on private markets and how the firm has built and evolved its private markets capabilities.This conversation was with Harold Hope, Partner, Global Head of Vintage Strategies, one of the world's largest secondary fund managers, in the External Investing Group (XIG) within Goldman Sachs Asset Management. He is also Chair of the XIG Vintage Funds Committee and a member of the XIG Real Estate Strategies Investment Committee and the XIG GP Strategies Investment Committee. Harold joined Goldman Sachs in 1999 as an Associate in Leveraged Finance and Corporate Finance within the Investment Banking Division and moved to the Alternative Investments & Manager Selection (now XIG) private equity business in 2001. He was named Managing Director in 2006 and Partner in 2016. Prior to joining the firm, Harold worked as a financial analyst at the investment banking boutique Bowles Hollowell Conner & Co. Harold earned a BA in Economics and Political Science from the University of North Carolina. Harold and I had a fascinating and timely conversation about the growth and evolution of the secondaries market. We discussed:Perspectives from Harold’s early days in secondaries 25 years ago, when Goldman had raised its first $400M fund in secondaries and when the secondaries industry was doing around $2B per year in transaction volume.How the secondaries market is vastly different from five years ago. The evolution of innovation in the secondaries market.Why problem-solving is a defining feature of secondaries. What is the right skillset required to be a great secondaries investor?Why secondaries is fundamentally a valuation oriented business.Are secondaries returns driven by buying high-quality assets or by buying at steep discounts?Misconceptions about continuation vehicles and how the trend of private companies staying private longer impacts CVs.The how and the why behind Goldman’s recent acquisition of Industry Ventures and why Goldman is excited about the opportunity set in venture and growth secondaries.Why scale matters in secondaries.Why secondaries might not become a traded market like the bank loan market and why secondaries may not fully achieve standardization because managers may not want completely uniform standardization.Why secondaries can be an on-ramp to private markets for private wealth investors.Thanks Harold for sharing your wisdom, expertise, and passion about secondaries and private markets. Show Notes00:35 Welcome to the Alt Goes Mainstream Podcast01:26 Harold Hope’s Background and Entry into Secondaries02:13 Evolution of the Secondaries Market02:30 Drivers of Change in the Market02:43 Innovations in the Secondary Market04:45 Skill Sets Required in Secondaries05:42 Valuation and Investment Strategies07:14 Continuation Vehicles (CVs) Explained09:27 Impact of Private Companies Staying Private Longer10:47 Acquisition of Industry Ventures12:01 Specialized Teams in Secondaries13:14 Goldman's Unique Position in Secondaries14:28 Leveraging Data and AI in Secondaries15:47 Recent Trends and Market Dynamics16:42 Future Growth of the Secondaries Market17:10 Secondaries as an On-Ramp for Retail Investors18:15 Closing Thoughts and Future OutlookEditing and post-production work for this episode was provided by The Podcast Consultant.

Welcome back to the Alt Goes Mainstream podcast.The Goldman Sachs Alternatives Summit “convened leaders across finance, geopolitics, technology, and culture” to discuss themes driving global markets.2025’s Alternatives Summit was about “navigating a world in flux,” as the firm’s recap of its event noted. The event aimed to help investors cut through the noise and put together the pieces of the puzzle in a dynamic and increasingly complex world. Alt Goes Mainstream joined the event to have unscripted conversations with Goldman Sachs Alternatives leaders to cut through the noise by unpacking key themes and trends at the intersection of private markets and private wealth.In this special series, we went behind the scenes at the Goldman Sachs Alternatives Conference and interviewed six Goldman Sachs Alternatives leaders about their current thinking on private markets and how the firm has built and evolved its private markets capabilities.This conversation was with Kristin Olson, Partner, Global Head of Alternatives for Wealth within Asset & Wealth Management and a member of the Management Committee. In her role, she oversees the global alternatives platform and alternatives product strategy across wealth client businesses. Kristin joined Goldman Sachs in 1998 as an Analyst in the Financial Institutions Group in the Investment Banking Division. She was named Managing Director in 2008 and Partner in 2014. Kristin is a member of the Cold Spring Harbor Laboratory, a leading research institution focusing on cancer, neuroscience, plant biology, genomics, and bioinformatics, and is a member of the Georgetown University Board of Regents. Kristin earned a BS in International Economics, magna cum laude, from Georgetown University in 1998.Kristin and I had a fascinating conversation about private markets, private wealth, how to approach strategic and tactical asset allocation, the evolving needs of an investor, and why education and financial media are becoming increasingly important tools for investors. We discussed:Lessons learned from working with Goldman Private Wealth clients that the firm has applied to how they approach serving client needs across the wealth channel with private markets solutions.Why Millennials are interested in investing in private markets.How investors can access innovation by investing in private markets.How can alternative asset managers approach educating the client and investor of the future?How private markets fits into a strategic asset allocation framework.The next evolution in private markets education for the wealth channel investor.The main source of information about private markets for investors.The future of implementation, model portfolios, and hybrid products in private markets.Thanks Kristin for sharing your wisdom, expertise, and passion at the intersection of private markets and private wealth. Show Notes00:41 Welcome to the Alt Goes Mainstream Podcast01:35 Kristin Olson's Background and Career Evolution01:59 The Evolution of Alternative Investments02:46 Lessons from Goldman Wealth Clients03:36 Diversification and Education in Alternatives04:23 Serving Broader Wealth Channels05:37 Balancing Customization and Scale07:20 Survey Insights on Millennial Investors08:44 Building the Goldman Sachs Brand for the Future09:43 The Importance of Education in Alternatives10:53 Early Adoption of Private Markets in Wealth Channels12:28 Consolidation and Partnerships in Private Markets16:42 Advice for New Investors in Private MarketsEditing and post-production work for this episode was provided by The Podcast Consultant.

Welcome back to the Alt Goes Mainstream podcast.The Goldman Sachs Alternatives Summit “convened leaders across finance, geopolitics, technology, and culture” to discuss themes driving global markets.2025’s Alternatives Summit was about “navigating a world in flux,” as the firm’s recap of its event noted. The event aimed to help investors cut through the noise and put together the pieces of the puzzle in a dynamic and increasingly complex world. Alt Goes Mainstream joined the event to have unscripted conversations with Goldman Sachs Alternatives leaders to cut through the noise by unpacking key themes and trends at the intersection of private markets and private wealth.In this special series, we went behind the scenes at the Goldman Sachs Alternatives Conference and interviewed six Goldman Sachs Alternatives leaders about their current thinking on private markets and how the firm has built and evolved its private markets capabilities.This conversation was with James Reynolds, Global Co-Head of Private Credit within Goldman Sachs Asset Management. He also serves as Chief Executive Officer of Goldman Sachs Asset Management International.James is Co-Chair of the Asset Management Private Credit Investment Committee, as well as a member of the Management Committee, Partnership Committee, the European Management Committee and the EMEA Talent Council. James joined Goldman Sachs in 2000 as an Analyst and was named Managing Director in 2007 and Partner in 2010. James is a trustee of Greenhouse Sports and serves as a member of the Corporation Development Committee of the Massachusetts Institute of Technology (MIT). James earned a BS from the École Nationale des Ponts et Chaussées in 1998 and an MSc from MIT in 2000.James and I had a fascinating conversation about Goldman’s extensive history in private credit and the current market dynamics. We covered:Why all capital coming into the private credit industry is not created equal.How Goldman’s culture of “partnership, collaboration, and the right incentives” provides them with an edge in origination.Why James is an “optimistic pessimist.”Narrative versus reality in private credit markets today.What creates alpha in private credit.How to build an investment culture and, in credit, how to build an investment culture that “doesn’t feel pressure to deploy.”Why many investors are focusing on Europe.How the entire platform of Goldman Sachs helps them in private credit.Thanks James for sharing your expertise, wisdom, and passion for private credit, private markets, and private wealth.Show Notes00:39 Welcome to the Alt Goes Mainstream Podcast01:30 James Reynolds' Background02:44 Evolution of Private Credit03:12 Direct Origination and Financing Solutions04:08 Growth in Private Credit Market05:55 Importance of Origination06:29 Goldman Sachs' Competitive Edge08:38 Expanding Universe of Credit10:22 Harmonization of Goldman Sachs12:01 Private Credit Deployment Strategies14:15 Current State of Private Credit17:16 Building an Investment Culture18:31 Traits of a Great Credit Investor20:52 Assessing the Business of Asset Management22:43 Opportunities in Europe26:10 Concerns in Private Credit27:28 Optimistic Pessimism in Private Credit27:59 Conclusion and Closing RemarksEditing and post-production work for this episode was provided by The Podcast Consultant.

Welcome back to the Alt Goes Mainstream podcast.The Goldman Sachs Alternatives Summit “convened leaders across finance, geopolitics, technology, and culture” to discuss themes driving global markets.The 2025 Alternatives Summit was about “navigating a world in flux,” as the firm’s recap of its event noted. The event aimed to help investors cut through the noise and put together the pieces of the puzzle in a dynamic and increasingly complex world. Alt Goes Mainstream joined the event to have unscripted conversations with Goldman Sachs Alternatives leaders to cut through the noise by unpacking key themes and trends at the intersection of private markets and private wealth.In this special series, we went behind the scenes at the Goldman Sachs Alternatives Conference and interviewed six Goldman Sachs Alternatives leaders about their current thinking on private markets and how the firm has built and evolved its private markets capabilities.Our first conversation was with Matt Gibson, who is head of the Client Solutions Group within Goldman Sachs Asset Management. Prior to his current role, Matt served as co-head of the Technology, Media and Telecommunications Group in the Investment Banking Division from 2021 to 2023. Before that Matt served as co-head of One Goldman Sachs from 2019 to 2021 and served as global co-head of Client Coverage within Investment Banking Services from 2015 to 2020. He joined Goldman Sachs in 2001 as an associate and was named managing director in 2008 and partner in 2010. Prior to joining the firm, Matt was a US naval officer for five years, working in a variety of capacities on two different US Navy ships. During this time, Matt’s service centered on operations in the Western Pacific, Persian Gulf, Mediterranean Sea and Adriatic Sea. Matt serves on the US Naval Academy Board of Trustees and the Global Advisory Board for the Kellogg School of Management at Northwestern University. Matt earned a BS in Political Science from the United States Naval Academy in 1994 and an MBA from the Kellogg School of Management at Northwestern University in 2001.Matt and I had a fascinating conversation about Goldman’s evolution of its private markets strategy and how the firm’s “One Goldman Sachs” initiative has enabled them to bring the entire firm to bear as it helps deliver solutions for both wealth and institutional clients. We covered:How Matt’s experiences across the firm inform the way he approaches solving needs for clients.The how and the why behind the “One Goldman Sachs” initiative.Goldman’s client-centric approach. Why it matters to be an early mover in certain instances in private markets.Goldman’s approach to partnerships in private markets.The power of the platform and how Goldman leverages its platform to help its private markets efforts.The importance of understanding geopolitics in today’s increasingly complicated investing world.Thanks Matt for sharing your expertise, wisdom, and passion for private markets and private wealth. Show Notes00:42 Welcome to the Alt Goes Mainstream Podcast00:56 Goldman Sachs Alternatives Conference Overview01:09 Interview with Matt Gibson02:26 Matt Gibson's Career Journey02:50 The Importance of Client Engagement03:17 One Goldman Sachs Initiative04:13 Commercial and Cultural Impact of One Goldman Sachs05:11 Convergence of Public and Private Markets06:04 Growth in Retail and Institutional Alternatives07:44 Balancing Customization with Scale08:23 Leveraging the Goldman Sachs Platform10:10 Origination and Investment Banking Synergy11:23 Infusing Goldman Sachs Culture12:34 Private Markets Culture and Strategy13:35 Building Capabilities Through Partnerships15:19 LP Relationships and Private Markets Evolution16:44 Strategic Decisions in Private Markets19:13 Agility in Product Strategy21:08 Serving Clients in Private Markets25:41 Geopolitical Considerations in Investing28:06 Mega Trends and Geopolitics29:47 Future of Private Markets30:37 Conclusion and Final ThoughtsEditing 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 rapidly expanding world of secondaries with a senior leader at one of the pioneering firms in the secondaries space.We sat down at Franklin Templeton’s New York office with Taylor Robinson, a Partner on the Secondary team at Lexington Partners, which has over $77B in total capitalization and is part of Franklin Templeton’s family of private markets funds and strategies.Taylor, who joined the firm in 2008, is primarily focused on the origination, evaluation, and execution of secondary opportunities, including partnership and GP-led transactions. He’s also a member of Lexington’s ESG Steering Committee.Taylor and I had a fascinating conversation about the current state of the secondaries market. We covered many of the hot button topics and trends that are shaping the secondaries market, including:Why secondaries have become an integral part of many LPs portfolios.How secondaries have become a portfolio management tool for LPs.The rise of GP-led secondaries.Why not all CVs are created equal.Why secondaries can be a good on-ramp to private markets for wealth channel investors.What the future holds for secondaries.Thanks Taylor for coming on the show to share your expertise and wisdom about private markets and secondaries.Show Notes00:00 A Different Way of Thinking About Private Equity00:43 Welcome to the Alt Goes Mainstream Podcast01:20 Introduction to Taylor Robinson02:35 Taylor Robinson's Background and Career04:25 The Evolution of the Secondaries Market05:20 Impact of the Financial Crisis on Secondaries06:34 Growth and Liquidity in Private Markets07:13 Current State of the Secondaries Market07:29 Traditional vs. GP-Led Secondary Deals09:18 Challenges and Opportunities for Institutional LPs11:22 Active Portfolio Management Strategies13:06 Driving Returns and Gaining Edge14:46 Evaluating and Partnering with GPs16:30 Nuances of the Secondary Market17:22 Market Dynamics and Investment Strategies18:04 The Role of Data and Technology19:35 Regulation and Standardization in Private Markets20:08 Evolving Focus of Secondaries Firms20:51 Investment Horizons and Return Expectations22:17 Primary vs. Secondary Fund Investing27:07 Specialization and Diversification in Private Equity28:41 Managing Favorite Assets28:49 Diversified Portfolio Nuances29:37 Generating Alpha in Secondaries30:22 Asset Selection and Value Drivers31:09 Consistent Investor Experience33:53 Comparing Secondaries and Primaries35:51 Evaluating Secondaries Over Time37:18 Evergreen Funds and New Structures38:11 Benefits of Locked-Up Capital40:34 Challenges in Evergreen Space41:39 Wealth Channel and Scale43:04 Skillset for Secondaries Investors45:16 Intellectual Curiosity and Success47:45 Industry Trends and GP Consolidation49:16 Understanding Market Dynamics50:18 Training and Retention at Lexington50:41 Future of Secondary Markets52:54 Misconceptions About Secondaries54:31 Shifting Mindsets on Discounts54:54 Consistent Returns Through Cycles55:42 Secondaries as a Real Asset Class56:16 Excitement for Future Growth56:22 Conclusion and FarewellEditing and post-production work for this episode was provided by The Podcast Consultant.

Welcome back to the Alt Goes Mainstream podcast.Today’s episode features a pioneer who has been building the core infrastructure that is making private markets go mainstream.We talk with Gary Tenkman, a 30-year veteran of the fund administration world who is the CEO of Ultimus Fund Solutions. Ultimus serves over 450 clients and 2,300 funds, representing $725B of assets under administration, all handled by a team of over 1,100 professionals. Ultimus, which is backed by private equity firm, GTCR and, more recently, Stone Point, is able to help investment managers navigate a growing array of challenges that include elaborate fund structures and evolving compliance requirements. Gary has built a business that combines the best of technology and human experts in fund administration to serve many of the industry’s largest funds. Ultimus has also been a big part of the ability for private markets to innovate with evergreen and interval fund structures since they have the necessary infrastructure and services to help fund managers launch, run, and administer evergreen structures.Prior to joining Ultimus as CEO, Gary was Head of North American Operations at another large fund service provider, where he was responsible for service delivery for all clients in the region. During his 16 years there, he held leadership positions in alternative investment fund services, European fund services, and US fund services.Gary and I had fascinating conversation about the evolution of fund administration and how fund administration in private markets has changed with the growing interest in evergreen and interval funds. We discussed:How fund administration has changed over the 30 years Gary has been in the industry.Will the evergreen fund industry mirror the growth and evolution of the mutual fund industry?The gap that Gary and Ultimus saw in private markets fund administration.Why fund services for evergreen fund structures is very complex and hard to do well.How technology can provide leverage to fund administration.Will AI impact fund administration?Why fund services are a compelling investment category for private equity.Thanks Gary for coming on the show to share your wisdom and experience and thanks for your support of Alt Goes Mainstream. The work you’re doing at Ultimus is making a big impact on evolving the industry, so it’s an honor to have you partner with AGM. We hope you enjoy.Show Notes01:01 Introduction to the Alt Goes Mainstream Podcast01:10 Gary Tenkman: A Pioneer in Fund Administration01:17 Ultimus Fund Solutions: An Overview01:50 Innovations in Private Markets02:02 Gary's Career Journey02:20 The Evolution of Fund Administration02:38 Challenges in Fund Services for Evergreen Structures02:46 The Role of Technology in Fund Administration06:58 Automation and Data Standardization11:15 AI in Fund Administration12:09 Fund Level vs. Asset Level Data13:16 Lessons from the Mutual Fund Industry13:58 Product Innovation in Private Markets18:30 Navigating the Evergreen Space23:20 Distribution Strategies for Private Markets25:35 The Importance of Service Providers26:50 The Evolution of Ultimus Fund Solutions27:19 Evolution of Ultimus: The Early Days28:02 Client-Centric Focus: The Key to Success28:16 Investing in Technology and Growth28:35 Mergers and Acquisitions: Building Scale28:58 Private Side Expansion and Momentum29:40 Challenges and Solutions in Private Markets30:40 Client-Centric Culture: What It Means31:34 Delivering High-Quality Client Service32:28 Maintaining Culture Amidst Growth33:27 Industry Consolidation: A Historical Perspective34:09 New Partnerships and Investments35:26 Future M&A Opportunities35:43 Stone Point's Investment in Ultimus36:34 Growth in Private Funds and Evergreen Structures37:29 Convergence of Public and Private Markets38:05 Hybrid Product Structures: Opportunities and Challenges39:45 Regulatory Challenges in Retail Alts40:58 Education and Adoption in Private Markets45:54 401k and Retirement Space: Unlocking Potential48:04 Exciting Trends in Private MarketsEditing and post-production work for this episode was provided by The Podcast Consultant.

Welcome back to the Alt Goes Mainstream podcast.Today’s episode brings us to the apex of the wealth channel. We sat down in Goldman Sachs’ HQ at 200 West with Sara Naison-Tarajano, a Partner and Global Head of Private Wealth Management Capital Markets and Global Head of Goldman Sachs Apex Family Office Coverage. Sara is also responsible for the One Goldman Sachs Family Office initiative in the Americas.Sara has been at Goldman Sachs for over 26 years, where she’s worked in a number of roles across the firm, equipping her with a multi-disciplinary background that is brought to bear in her current role leading a global platform that delivers multi-asset investing, financing, and direct investment opportunities to some of the world’s largest family offices. Goldman Sachs Apex Family Office Coverage now serves more than 600 family offices across the globe.Sara and I had a fascinating discussion about the growing intersection between private markets and private wealth and what some of the wealth channel’s largest investors find interesting and differentiated in private markets. We covered:How Sara expected to spend one year at Goldman and it turned into 26 years at the firm.How her background in derivatives structuring in public markets has helped her approach private markets – and what investors in private markets can learn from being exposed to public markets.Why Sara decided to create Goldman Sachs Apex to build a dedicated group to help large family offices invest directly into private markets.How Apex is related to Goldman’s “One Goldman Sachs” initiative.How the power of the platform helps to differentiate Goldman’s wealth management business.What lessons the wealth channel can learn from how the UHNW and billionaire family office segment approaches private markets.Takeaways from the Goldman Sachs Family Office Insights Report.How the wealth channel can engage the next generation clients and how private markets play a role in reaching the next gen.Thanks Sara for coming on the Alt Goes Mainstream podcast to share your expertise and wisdom on private markets and working with the wealth channel.Show Notes00:00 Introduction: 26 Years at Goldman Sachs00:59 Welcome to the Alt Goes Mainstream Podcast01:05 Meet Sara Naison-Tarajano03:07 Sara's Career Path04:51 Intellectual Curiosity in Finance05:29 The Role of Derivatives06:59 Transition to Wealth Management07:51 Goldman's Culture of Creativity08:48 The Birth of Apex09:12 Why Apex?10:48 Serving Family Offices11:25 The Apex Model12:46 Early Days of Apex14:09 Family Offices and Direct Deals16:12 The Growing Role of Family Offices19:56 Misconceptions About Family Offices23:26 Engaging the Next Generation34:29 Liquidity in Private Markets34:41 Decline in Public Companies34:52 Access to Capital in Private Markets35:14 Emerging Trends in Private Markets35:36 Focus on Secondaries36:02 Family Offices and Secondaries38:19 Goldman's Secondary Market38:56 Goldman's Acquisition of Industry Ventures39:55 Family Offices' Investment Strategies40:14 US vs Global Family Offices40:38 Private Markets and Inflation42:42 Advice for Wealth Channel Investors43:02 Illiquidity Premium in Private Markets43:56 Importance of Vintaging44:28 Evergreen Funds vs Drawdown Funds47:22 International Family Offices49:27 Geopolitical Concerns and Investments52:55 Mega Trends in Investing54:15 Infrastructure and AI56:16 Simple Wealth Management Strategies58:57 Private Credit and Fixed Income01:00:48 Risks in Private Markets01:02:22 Future of Apex and Wealth ManagementEditing and post-production work for this episode was provided by The Podcast Consultant.

Welcome back to the Alt Goes Mainstream podcast.Today’s episode brings infrastructure investing to life — literally.We sat down in and walked through one of Stonepeak’s data center assets with Managing Director and CEO of SP+ INFRA, Cyrus Gentry.Cyrus has played an integral role in Stonepeak’s rapid ascent as a firm and the growth of its wealth solutions business, Stonepeak+, joining early in the firm’s history and helping the firm grow to approximately $80B in AUM.Cyrus brings a private equity perspective to infrastructure investing. Prior to Stonepeak, he held investing roles at BC Partners and Advent International. He also serves as one of the Church Commissioners for the Church of England, who hold responsibility for managing the Church’s £11.1B permanent endowment fund.Cyrus and I had a fascinating and thought-provoking discussion about infrastructure investing and why and how it can fit within a wealth client’s portfolio. We covered:How Cyrus’ background in private equity investing has transferred over to investing in infrastructure.The opportunity and risks of data center investing.The risk of overbuilding in data centers.Why location matters for data centers.What makes interconnection data centers attractive data center assets.How Cyrus and Stonepeak have built their wealth solutions business and how they’ve endeavored to be different in how they’ve built out the business.How Stonepeak’s wealth business is a reflection of the firm’s DNA.Thanks Cyrus for coming on the show to share your expertise, wisdom, and passion for infrastructure investing and working with the wealth channel.Show Notes00:00 Introduction and Sponsor Message01:57 Welcome to the Alt Goes Mainstream Podcast02:04 Introducing Cyrus Gentry and Stonepeak00:00 Introduction and Sponsor Message03:25 Cyrus's Journey from Private Equity to Infrastructure04:56 Understanding Infrastructure Investing06:10 The Importance of Moats in Infrastructure06:57 Differences Between Private Equity and Infrastructure07:38 Stonepeak's Growth and Strategy09:06 Specialization in Infrastructure Investment09:54 Balancing Long-Term Horizons with Industry Changes11:15 The Role of Data Centers in Modern Life14:43 Investment Perspectives on Connectivity15:55 Challenges in Infrastructure Investing17:10 Executing Value Creation Plans19:06 Structured Capital in Infrastructure Deals21:17 Trends and Scale in Infrastructure Investment22:43 Patience and Discipline in Investment23:34 Global Expansion and Strategy Diversification24:09 Collaborative Approach with Corporates24:42 Capital and Problem Solving25:02 Building Stonepeak Wealth Solutions25:30 Infrastructure Asset Class Benefits25:47 Strategic Planning and Vision26:05 Creation of Stonepeak-Plus26:15 Early Discussions on Wealth Business27:32 Team Dynamics and Entrepreneurial DNA27:59 Understanding the Wealth Market28:56 Educating Investors on Infrastructure29:50 Allocating Infrastructure in Portfolios30:07 Global Perspectives on Infrastructure32:18 Learning from Institutional Investors33:19 Common Questions from Wealth Channel34:02 Mega Trends and Investment Strategies34:46 Core, Core Plus, and Value Add Assets36:12 AI and Data Centers40:20 Power and Energy in Data Centers42:34 Local and Global Investment Strategies44:12 Geopolitical Risks and Infrastructure46:36 Lessons Learned and Future OutlookEditing and post-production work for this episode was provided by The Podcast Consultant.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis 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 takes us inside the world of wealth from the perspective of one of the industry’s largest alternative asset managers that has made the wealth channel core to its firm’s DNA from the beginning.We sat down with Sean Connor, Senior Managing Director and the President & CEO of Global Private Wealth at Blue Owl Capital, a firm with almost $300B in AUM. Sean highlighted a number of key insights for navigating and working with the wealth channel as he shared lessons learned from building a successful private wealth business at a large alternative asset manager.Sean is responsible for bringing the breadth of the Blue Owl investment platform to the global private wealth market. He’s at the forefront of Blue Owl’s private wealth initiatives globally and oversees fund formation, product structure innovation, capital raising, and client servicing. He also oversees business development, marketing, and operations for Private Wealth at the firm. Prior to his current role, Sean was one of the first employees at Owl Rock (now the Direct Lending division of Blue Owl) and was responsible for building out the private wealth business.Prior to joining Blue Owl and Owl Rock, Sean served as a Managing Director of CION Investment Management for over 10 years. Sean was a member of CION’s Investment Committee and was responsible for all aspects of CION’s business including originating, underwriting, and negotiating corporate finance transactions globally. In 2020, Sean was recognized by Private Debt Investor as one of the industry’s Rising Stars.Sean and I had a fascinating conversation about what it’s like to work with the wealth channel. We discussed:The biggest drivers of AUM growth for Blue Owl and how the wealth channel has been a major part of the firm’s story of scale.Lessons learned from growing and scaling a private wealth business in the US and internationally.The differences between the wealth channel a few years ago and the wealth channel today.What the wealth channel wants and needs from its alternative asset manager partners.Why Blue Owl focuses on investing in megatrends, like AI, digital infrastructure, and private credit.The opportunity in the 401(k) and retirement channels.Thanks Sean for coming back on the Alt Goes Mainstream podcast to share your expertise and wisdom on private markets and private wealth.Show Notes00:00 Introduction to Ultimus, our Sponsor01:57 Welcome to the Alt Goes Mainstream Podcast and Episode Overview02:10 Guest Introduction: Sean Connor04:07 Growth Drivers for Blue Owl04:45 Diversification and Market Strategy05:17 Focus on Private Credit and Real Assets06:54 Brand Essence and Market Leadership11:25 Client Education and The Nest14:21 Implementation Challenges in Wealth Channel17:56 Customization in Wealth Management19:20 Product Structuring and Client Needs23:41 International Expansion and Market Strategy26:23 Building Brand Internationally28:01 Maintaining Entrepreneurial Culture28:42 Challenges and Success in Scaling30:38 Future Growth Areas in Wealth Business30:42 Evolution of the Wealth Business31:08 Expanding Product Strategies31:37 Growth Opportunities in the US Market32:23 Global Expansion and Execution33:01 Retirement Market Potential34:10 Bringing Parity to Retirement Ecosystem35:19 Challenges and Opportunities in Retirement35:39 Regulatory Changes and Education36:38 Long-Term Investment Strategies39:03 Private Credit and Direct Lending40:47 Market Structure and Underwriting43:47 Competition and Market Share45:54 Private Companies and Direct Lending47:56 Digital Infrastructure and AI50:18 AI Bubble Concerns51:46 Risk Management in Digital Infrastructure55:11 Focus on Downside Protection56:12 Future Investment Strategies57:23 Excitement for the Future59:13 Closing RemarksEditing and post-production work for this episode was provided by The Podcast Consultant.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis 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.

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 Notes00:00 Introduction: The DNA of Firms00:34 Conversations with EQT Executives01:05 Jean Salata: Chairperson of EQT Asia01:32 Jean's Early Life and Career02:26 Journey to Asia03:28 Cultural Comparisons and Private Equity04:45 The Asian Private Equity Market05:09 Structural Alpha in Asia06:12 Shareholder Activism in Japan06:45 Liquidity in Indian Stock Market08:10 Evolution of BPEA's Strategy10:16 Challenges and Opportunities in Asia11:42 EQT's Partnership and Culture12:04 Building a Lasting Enterprise13:23 Industry Consolidation Trends14:54 Growth Opportunities in Asia15:24 Rebalancing Capital to Asia16:07 Underpenetration in Private Equity18:17 Family Businesses and Generational Change18:46 Wallenberg Heritage and EQT's Reputation20:02 Long-term Growth in Asia20:50 Mid-Market Growth Fund21:21 Exit Market in Asia23:01 Perceived vs. Actual Risk in Asia23:49 Thematic Investing and Value Creation24:32 Alpha in Asian Markets25:35 Intellectual Stimulation in Asia26:44 Leadership and Continuous Learning28:38 Motivation and Career Development31:12 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:Lawrence’s recent trip to Asia and the pulse on the ground.Asia’s growing interest in private markets.How wealth management market structures differ across the globe and what it means for alternatives distribution.Data-driven personalization for investors.Thanks Lawrence for a great conversation … look forward to the next episode! Show Notes00:00 Introduction to the Latest Episode of the Alts Pulse00:18 Insights from Asia00:40 Comparing Asia and US in Private Markets01:43 Wealth Management Market Structure02:06 iCapital's Focus on Technology02:49 Advisors' Allocation to Alternatives03:13 Evergreen Products and Client Needs03:53 HSBC and iCapital Surveys04:22 Global Adoption of Evergreen Products05:13 Distribution and Education in Private Markets06:15 Model Portfolios and Custom Exposures08:03 Strategic Distribution for GPs08:19 Global Distribution Expansion12:33 Personalization in Wealth Management14:01 Data-Driven Personalization14:45 Private Banks and Alternative Allocations16:37 Thoughts About GPs and Distribution17:24 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 100:21 EQT's Origins and Global Reach01:38 Conni Jonsson's Background and Journey02:00 Founding EQT: Embracing Uniqueness04:03 Balancing Responsibility and Financial Outcomes05:09 The Wallenberg Family's Influence06:36 Long-Term Thinking in Investing07:20 Operationalizing Long-Term Values08:13 EQT's Distinct Investment Approach10:12 The Importance of Culture in Business11:28 EQT's Focus on Core Competencies12:53 Global Investment Strategies13:20 Engaging with Institutional and Wealth Investors14:15 Educating the Wealth Channel17:10 Diversification and Global Exposure18:19 Investing in Asia: Structural Alpha20:40 Mitigating Political Risks20:47 Future Skills in Private Markets22:51 Aligning Good Business with Good Returns24:38 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: How and why Vista has become a “scaled specialist.”The journey from $13B in AUM to $100B.The opportunity in enterprise software investing and how enterprise software is an expanding market opportunity.The reason why Vista decided to build out a dedicated wealth solutions business.How firms can differentiate in the wealth channel.How firms can be measured and thoughtful with how they build evergreen solutions.The opportunity for large companies to adopt GenAI for cost-savings and revenue generation.The skills that might be valuable in the age of AI.Thanks David for coming on the show to share your wisdom and expertise in private markets.Show Notes00:00 Introduction to our Sponsor, Ultimus01:59 Welcome to the Alt Goes Mainstream Podcast02:07 Introducing David Breach03:30 David Breach's Career Journey05:22 Transition to Vista Equity Partners06:03 Joining Vista and Initial Impressions06:30 Vista's Vision and Growth09:03 Operational Excellence at Vista10:35 Investment Strategy and Alignment13:27 Scaling Vista's Operations16:44 Building Vista's Wealth Business17:04 Vista's Core Values and DNA19:29 Strategic Decisions in Wealth Management20:19 Educating on the Wealth Space20:46 Modeling and Investment Decisions21:42 Hiring and Team Building22:07 Balancing Opportunity and Capacity22:29 Evaluating Firm's Commitment23:47 Institutional Investors' Concerns24:48 Addressing Investor Concerns25:22 Industry Trends in Private Markets26:16 The Growth of Private Software Companies28:46 The Resilience of Software Businesses29:36 Diversification in Software Investments30:33 The Role of Generative AI in Software32:54 Operational Improvements with GenAI33:32 Product Enhancements with GenAI33:49 Agentification of Software34:51 Financial Impact of AI on Software Companies36:41 GenAI in Middle Market Companies37:25 Vista's Edge in GenAI38:27 CEO Perspectives on GenAI39:04 Encouraging AI Adoption in Companies42:37 The Human Element in the Age of AI43:26 Preparing Teams for AI Integration45:37 Advising Wealth Managers on GenAI48:26 Vista's Vision for the Future49:49 Building a Software Investing Factory50:42 Excitement for the FutureEditing and post-production work for this episode was provided by The Podcast Consultant.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis 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:What Anneka means by “fast money versus slow money.”Why it’s important for advisors to bring private markets “to the kitchen table.”How to transform savers into investors — and why that matters.Why focus on private markets.The challenges with building a private markets business.Figuring out how to partner with alternative asset managers.How and why ING has focused on curation when building its private markets platform.The benefits and challenges of evergreen funds.Thanks Anneka and Johan for sharing your wisdom and expertise at the intersection of private markets and private wealth.Show Notes00:00 Message from our Sponsor, Ultimus01:43 Welcome to the Alt Goes Mainstream Podcast01:57 Introduction to Johan Kloeze and Anneka Treon03:19 Guest Welcome and Backgrounds04:05 Johan's Journey at ING05:07 Anneka's Background and Ambitions06:58 The Importance of Private Markets07:56 Wealth Creation and Preservation08:25 Building the Private Markets Business14:55 Educational Approach to Private Markets16:19 Making Private Markets Human20:54 Curating the Right Managers23:02 Slow Money vs Fast Money24:07 The Bookcase Analogy24:21 Cash Flow Dynamics24:27 The Importance of a Stable Financial Foundation24:53 The Role of Quality Managers in Investment25:16 Motivations Behind Public vs. Private Markets26:13 Educating Younger Clients on Slow Money28:04 The Role of ING in Providing Diverse Investment Options28:47 Challenges in Building a Private Markets Platform29:46 The Success of Evergreen Vehicles31:25 Anneka's Perspective on ING's Private Markets Strategy32:18 Humanizing Private Markets32:54 Opportunities in the ELTIF Space34:24 Educating Clients on Private Markets36:29 The Future of ING's Private Markets Platform37:43 Balancing Digital and Human Approaches38:49 The Importance of Simplifying Investment Concepts38:57 The Role of Liquidity in Private Markets39:53 Lessons Learned in Building an Investment Platform41:38 The Entrepreneurial Spirit of ING's Clients42:46 The Need for Harmonization in Private Markets44:36 The Growth Roadmap for ING's Private Markets45:07 The Future of Private Markets InvestmentsEditing and post-production work for this episode was provided by The Podcast Consultant.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis 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.