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

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.

Welcome back to the Alt Goes Mainstream podcast.Today’s episode was filmed live at an event during a Brookfield Oaktree Wealth Solutions RIA Council meeting in New York.Armen Panossian, the Co-CEO and Head of Performing Credit at Oaktree, and I sat down for a conversation in a Brookfield-owned building with a group of RIAs in the audience.Armen, who joined Oaktree in 2007, has been an integral part of scaling Oaktree to over $209B in AUM. Oaktree, a storied firm, particularly in distressed credit, was recently fully acquired by Brookfield, the $1T AUM alternative asset manager.Armen has a wealth of experience across different areas of credit. He is the Head of Performing Credit, where his responsibilities include oversight of the firm’s liquid and private credit strategies and as a portfolio manager within the Global Private Debt and Global Credit strategies. He also led the development of Oaktree’s CLO business.Armen and I had a fascinating and thought-provoking conversation. We covered:The evolution of Oaktree’s business.How the acquisition by Brookfield has helped scale Oaktree’s business.Why private credit is more than direct lending.The nuances of asset-based finance.The current state of the credit markets.How Oaktree has approached distressed credit investing.What Armen’s memo would be if he were to write a memo like his colleague Howard Marks. And, why his memo might be titled “this is not your grandma’s private credit” or “don’t reach for risk to deliver the right return.”Thanks Armen and the Brookfield Oaktree Wealth Solutions team for a fantastic night and Armen for sharing your wisdom and expertise with us.Show Notes00:00 Message from Ultimus, our Sponsor01:59 Welcome to the Alt Goes Mainstream Podcast04:02 Armen Panossian’s Background04:22 Early Career and Education05:42 Transition to Finance08:04 Joining Oaktree08:25 Oaktree's Early Days09:25 Investment Philosophy and Growth12:05 Balancing Pessimism and Business Building14:49 Private Credit Market Overview15:45 Core vs. Alpha in Private Credit20:06 Public vs. Private Credit21:39 Technicals and Fundamentals in Credit Markets24:17 Valuation and Risk Management25:22 Consumer Impact on Private Credit25:46 Public Markets as Indicators26:38 Oaktree's Historical Success26:48 Howard Marks' Investment Philosophy26:58 Market Dynamics and Investment Strategies27:18 Opportunities in Life Sciences27:58 Public vs. Private Market Solutions28:27 Understanding Private Credit Risks29:05 Credit Market Technicals29:41 Fraud Vigilance in Credit Markets30:07 Oaktree's Opportunistic Credit Approach31:56 Rescue Lending and Sector-Specific Opportunities32:37 Asset-Backed Finance Explained34:52 Impact of Banking Regulations35:24 Current Trends in Asset-Backed Finance39:47 Navigating the Private Credit Ecosystem40:50 Brookfield and Oaktree Partnership42:09 Wealth Channel Investment Strategies43:40 Brookfield and Oaktree: A Unique Partnership45:45 Concerns in Private Credit48:03 Advisors' Guide to Private Credit50:47 Howard's Memos and Investment Philosophy52:44 Evolving Private Credit Landscape53:48 Conclusion and Final ThoughtsEditing 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 brings the perspective of an asset management veteran who has sat on both sides of the table.We sat down in Franklin Templeton’s New York City office with George Stephan, COO of Global Wealth Management Alternatives at Franklin Templeton.George joined Franklin to continue the buildout of the firm’s Alternatives capabilities, which boasts over $264B AUM in private markets strategies that include Lexington Partners, Benefit Street Partners, and Clarion Partners. George came from KKR, where he was Head of Strategy and Business Development for the firm’s Global Client Solutions business and was also COO and Head of Investor Relations for KKR’s Global Wealth Solutions business in the Americas. Prior to KKR, George spent nine years in Morgan Stanley’s wealth management division. George is also a Board Observer at CAIS.George and I had a fascinating conversation about how to build a wealth solutions business and how advisors approach private markets. We discussed:How has the adoption of private markets by the wealth channel evolved over the course of George’s career?The benefits and challenges of being a traditional asset manager building out its private markets capabilities.The breadth and depth of Franklin Templeton’s reach as a firm and how that brand and history have helped Franklin partner with the wealth channel in private markets.How has Franklin Templeton’s family of specialists enabled the firm to leverage the expertise of specialist alternative asset managers within a larger platform?How does the wealth channel approach private markets?How will model portfolios be constructed and adopted by the wealth channel?Will evergreen funds be the structure of choice for most advisors?Thanks George for coming on the show to share your expertise and wisdom at the intersection of private markets and private wealth.Show Notes00:00 Introduction to our Sponsor, Ultimus01:55 Welcome to the Podcast02:03 Guest Introduction: George Stephan03:59 George's Career Journey04:12 Building Wealth Solutions at Franklin Templeton06:06 Key Pillars for Success in Wealth Management07:31 Client Service and Operational Excellence09:04 Strategic Approach to Wealth Management10:15 Convergence of Public and Private Markets10:48 Advisor Needs and Solutions13:31 Franklin Templeton's Private Markets Business14:23 Unifying Private Markets Business15:01 Cross Collaboration and Investment Decisions15:43 Cultural Alignment in Acquisitions16:35 Franklin Templeton's Core Principles17:15 Heritage and Long-Term Thinking21:30 Brand Evolution and Market Perception24:19 Strategic Partnerships in Private Markets25:56 Future of Partnerships and Acquisitions26:57 Winners and Losers in Partnerships27:10 Advisor's Perspective on Productization27:43 Allocating to Public and Private Markets28:21 Innovation in Private Markets29:05 Challenges and Opportunities in Wealth Management29:56 The Future of Multi-Asset Solutions30:17 Operational Complexity in Private Markets31:27 The Need for Digital Transformation31:59 Adoption of Distributed Ledger Technology (DLT)32:46 Evolving Technology in Wealth Management33:49 Impact of Market Efficiency on Returns35:13 Dispersion in Private Markets Performance37:17 Scale and Investment Integrity38:44 Building Capabilities in Franklin Alternatives40:10 Partnering with Asset Managers41:36 Keys to Building a Wealth Solutions Business42:16 Hiring for Private Markets Expertise43:39 Educating the Industry on Private Markets45:48 Evergreen Structures in Private Markets49:45 Exciting Trends in Private MarketsEditing 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 interview is with a wealth management entrepreneur who created one of the most consequential wealth management technology companies that has helped to shape the industry into what it is today.Bill Crager is the Co-Founder of Envestnet, which he and his co-founder, the late Jud Bergman, grew into a public company. Bill was the CEO of Envestnet during the company’s time as both a public company and following Bain Capital’s acquisition to take the company private for $4.5B.Bill is now back at it again, joining iAltA Holdings as a Founding Partner to build a suite of businesses at the intersection of private markets and private wealth management infrastructure alongside former Ipreo CEO Scott Ganeles, former Ipreo Executive Bill Sherman, and former Blackstone CFO and WestCap Founder Laurence Tosi.Bill and I had a fascinating conversation about wealth management and private markets. We covered:The evolution of wealthtech.What advisors are looking for when it comes to technology.How technology can help advisors deliver a high-quality experience to clients.Why private markets are now playing such a big role in the business of wealth management.What is missing in private markets infrastructure.The role of AI in financial planning.Why Bill wanted to go back to building again.What is in store for iAltA.Thanks Bill for sharing your wisdom and expertise on private wealth and private markets.Show Notes00:00 Introduction to Early Technology00:12 Sponsorship Message from Ultimus02:09 Welcome to the Alt Goes Mainstream Podcast02:12 Introduction to Bill Crager04:19 Building Envestnet and Early Challenges05:06 Evolution of Wealth Management07:00 Adoption of Technology in Wealth Management08:39 Private Equity's Role in Wealth Management10:17 Horizontal vs. Vertical Solutions14:11 Challenges in Wealth Management Technology16:22 Data and Technology in Wealth Management22:41 Customization and Future of UMA24:30 Impact of Data on Private Markets26:30 Evergreen Funds and UMAs27:45 Fusion of Public and Private Markets28:07 Data Inputs for Financial Advice28:33 Building Financial Plans at Scale28:59 The Need for Holistic Financial Connectivity29:35 Challenges in Data Flow and Infrastructure30:29 The Role of AI in Financial Planning30:49 Balancing Machine Learning with Human Assurance31:35 AI's Impact on Financial Advice32:40 Future of Financial Planning with AI35:06 Trust in Technology vs. Human Advisors35:19 The Emotional Component of Financial Advice36:31 The Evolution of Wealth Management37:02 Tokenization in Wealth Management37:46 Adoption Challenges of Tokenization38:56 Leveraging Technology in Wealth Management39:27 The Future of Financial Advisors40:59 Advice for Young Financial Advisors42:10 The Role of Technology in Private Markets43:48 The Vision Behind iAltA44:46 Building Horizontal Solutions46:14 Creating Bridges in Financial Infrastructure51:00 The Future of Financial Advice IndustryEditing 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 welcomes a pioneer and visionary in enterprise software investing to Alt Goes Mainstream.Robert F. Smith is the Founder, Chairman, and CEO of $100B AUM Vista Equity Partners. He sits on the firm’s Investment Committees for Vista’s Flagship, Foundation, Endeavor, and Perennial Funds and serves as a member of Vista’s Executive committee. Vista’s portfolio spans 90 enterprise software, data, and technology-enabled companies that employ over 100,000 people worldwide.He’s also heavily involved and committed to the firm’s wealth channel efforts, serving as the Chairman and Investment Committee member for VistaOne, the firm’s evergreen private equity vehicle. Since Vista’s founding, Robert has supervised on over 600 completed transactions that represent more than $330B in aggregate transaction value.Robert founded Vista after a career at Goldman Sachs in tech investment banking, where he was Co-Head of Enterprise Systems and Storage, executing and advising on over $50B in M&A activity with companies that were foundational players in the early days of the internet and technology, including Apple, Microsoft, Texas Instruments, eBay, and Yahoo.Robert has an innate understanding of technology and the trends that are shaping the way that companies and people interact with the world and conduct business. It’s no surprise that he was early in seeing the rise and impact of AI because he was early in seeing the dawn of the internet in the 1990s.Robert and I had a fascinating and thought-provoking conversation about the evolution of both enterprise software and Vista as a firm. We covered:The early days of enterprise software and what Robert saw then that gave him conviction to focus on enterprise software as a banker and then as an investor building Vista.The investment characteristics of enterprise software.The power of product superiority in enterprise software.Why “sovereignty and dominion of data” are so important — and why it matters for AI.Can the “Rule of 40” become the “Rule of 50, 60, 70” with AI?What aspect of AI is most impactful for companies.How Vista approaches value creation.What it took to scale Vista to a $100B investment platform.Why the wealth channel is core to Vista’s business and the firm’s DNA.Thanks Robert for coming on the show to share your expertise, wisdom, and passion for enterprise software and building businesses.Show Notes00:00 Introduction to Ultimus, Our Sponsor01:20 Welcome to the Alt Goes Mainstream Podcast02:05 Robert F. Smith's Background and Career04:33 Robert's Engineering Background04:58 Chemical Engineering and Business Management05:25 Early Career Projects and Productivity06:42 Vista's Systemic Process Improvement07:08 Enterprise Software Investment Strategy11:11 Product Superiority and Execution Excellence16:03 AI's Impact on Enterprise Software22:58 Cultural Importance in Enterprise Software28:05 Enterprise Software Investment Profile28:45 Founding Vista and Early Market Insights29:08 Mission Criticality in Enterprise Software29:57 Economic Rent Capture Opportunities30:36 Transitioning to Hosted Environments31:37 Rule of 40 and Gen AI Efficiency32:56 Cost Dynamics and Gen AI33:35 Customer Support and Sales Efficiency35:04 Agentic AI and Exponential Opportunities36:37 Challenges in Enterprise AI Implementation39:08 Internal Use of AI at Vista43:49 Managing Agents vs. Human Interaction44:31 Creative Uses of AI45:00 Defining Gen AI and Agentic AI46:28 Enterprise Software and Agentic AI47:30 Impact of AI on Companies50:17 Evolution of Vista and New Investors50:42 Democratizing Investment Opportunities51:47 AI in Wealth Management52:55 Conclusion and Final ThoughtsEditing 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 dives into private credit and building an asset management business inside of a leading global bank.We sat down in Nomura’s NYC office with Robert Stark, the CEO of Nomura Capital Management LLC (NCM) and Head of Investment Management in the Americas for the Nomura Group.Robert brings deep experience in financial services to Nomura. He was previously the Founder & CEO of Alterum Capital Partners LLC, where he focused on building an investment management business at the intersection of private markets and RIAs. Prior to Alterum, he was a Senior Managing Director and member of the Executive Committee at FS Investments, where he was responsible for Corporate Development. He also spent 7 years at JP Morgan across Asset & Wealth Management. He joined JP Morgan from Russell Investments, where he was a member of the Executive Committee. He started his professional career at McKinsey & Company, where he was a Partner serving clients in asset management, investment banking, insurance, and private equity.Robert brings both a consultant’s analytical perspective and an operator’s practical approach to his work building the credit business at Nomura Capital Management.Robert and I had a fascinating and wide-ranging discussion about building an asset management business in a fast-growing segment of private markets: private credit. We covered:The state of the private credit market.How to build an asset management business.What it takes to work with the wealth channel.The entrepreneurial spirit of RIAs.Open architecture vs closed architecture in private credit.Keys to success in the evergreen fund space.Thanks Robert for coming on the show to share your wisdom and expertise on private markets and wealth management.A word from AGM podcast sponsor, Ultimus Fund 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.Show Notes00:00 Message from Ultimus, our Sponsor01:57 Welcome to the Alt Goes Mainstream Podcast02:06 Guest Introduction: Robert Stark03:18 Building an Asset Management Business03:42 Evolution of Asset Management Industry04:01 Regulatory Environment and Market Structure05:12 Challenges in Asset Management08:24 Importance of the Right People08:44 Private Credit Business at Nomura09:59 Diversification in Private Credit10:47 Secular Trends in Private Credit11:15 Client-Centric Solutions19:00 Origination in Private Credit20:07 Open vs. Closed Architecture22:45 Product Development and Client Feedback24:22 Early Stages of Private Credit Solutions25:43 Future of Evergreen Funds27:29 Investor Interests and Needs27:47 Building a Trusted Brand28:18 Challenges of Entrepreneurship28:46 Capital and Talent Requirements29:23 Nomura's Long-Term Vision30:12 Nomura's Wealth Management Legacy30:49 Expanding in the US Market31:32 Japanese Investment Culture32:07 Open Architecture Strategy32:34 Global Network and Client Access34:32 Challenges of Working with RIAs36:19 Fiduciary Alignment37:04 Partnerships and Client Success37:56 Strategic Acquisitions39:50 Evolution of the RIA Segment44:44 Long-Term Business Planning46:39 Future of 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 is with an experienced private markets and distribution executive who has been educating the wealth channel and distributing private markets investment solutions at some of the industry’s largest investment platforms.We sat down in Prudential’s Newark studio with PGIM’s Global Head of Alternative Investments, Dominick Carlino. PGIM is the $1.4T global asset management business of Prudential Financial.At PGIM, Dominick is responsible for driving the continued development and distribution of alternative investments tailored to the firm’s wealth channel investors globally.Dominick joined the firm in 2023, bringing over 20 years of experience in alternatives distribution. He was most recently MD, Head of Alternative Investments Distribution at Merrill Lynch.Dominick and I had a fascinating conversation about the intersections between insurance and asset management and the evolution of distribution. We covered:How the distribution of private markets investment solutions has evolved.The benefits of an integrated platform across insurance and asset management.Navigating the playing field of collaboration and competition between asset managers and insurance companies.The importance of education.How, why, and where evergreen funds will be adopted.Thanks Dominick for sharing your perspectives and wisdom on insurance and private markets. We hope you enjoy.A word from AGM podcast sponsor, Ultimus Fund 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.Show Notes00:00 Message from our Sponsor, Ultimus01:18 Welcome to Alt Goes Mainstream01:55 Guest Introduction: Dominick Carlino03:34 Dom’s Background and Career Journey03:55 Early Career and Transition to Alternatives05:03 Experience at Morgan Stanley and Merrill Lynch05:18 Evolution of Private Markets Distribution07:08 Wealth Channel and Private Markets09:08 Joining Prudential and PGIM10:25 Prudential's Capabilities and Strategy12:47 Asset Liability Matching in Private Markets14:22 Liquidity Risk and Private Markets16:16 Education and Evergreen Funds17:06 Credit Risk in Private Credit18:14 Vertical Integration and Acquisitions19:35 Partnerships and Strategic Growth20:22 Market Shakeout and Scale22:09 Product Set and Innovation23:24 Advisor and Client Needs24:45 Evergreen Funds and Market Trends26:13 Specialized Strategies in Private Markets26:41 Distribution and Education28:16 Skills for Effective Distribution30:54 Organizational Alpha and Trust31:56 Brand and Stability33:11 Partnerships and Long-term Solutions33:49 Insurance and Tax-Advantaged Strategies34:12 Asset Managers and Insurance Partnerships35:42 Private Markets in Retirement Plans36:17 Future of Private Markets36:41 Keys to Winning in Private Markets37:29 Prudential's Competitive Advantages37:48 Conclusion and Guest FarewellThe opinions expressed in this podcast are those of the author and do not reflect the views or opinions of PGIM, Inc. PGIM, Inc. is not responsible, endorses nor confirms its accuracy. All trademarks and other intellectual property used or displayed are the ownership of their respective owners. Unless noted otherwise in this podcast, PGIM, Inc. is not affiliated with, nor  endorses any mentioned company or any linked third-party content. PGIM and its affiliates may develop and publish research that is independent of, and different than, the recommendations contained herein. PGIM’s personnel other than the author(s), such as sales, marketing and trading personnel, may provide oral or written market commentary or ideas to PGIM’s clients or prospects or proprietary investment ideas that differ from the views expressed herein.Editing and post-production work for this episode was provided by The Podcast Consultant.

Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives into digital infrastructure and how it powers the growth of artificial intelligence and other major trends in digitalization and electrification.We sat down in Blue Owl’s NYC office with Matt A’Hearn, an asset management entrepreneur and executive at the firm.Matt is a Senior Managing Direct at Blue Owl and Head of Digital Infrastructure. He’s responsible for leading the overall management of Digital Infrastructure, including strategy, investments, and portfolio management.Prior to joining Blue Owl, Matt was the Managing Partner and a Founder of IPI Partners, the predecessor firm to Blue Owl Digital Infrastructure. IPI was acquired by Blue Owl in 2024.Prior to founding IPI, Matt led the global investment banking practice in communications infrastructure at Moelis & Company.Matt and I had a fascinating and thought-provoking discussion about the future of digital infrastructure. We covered:The how and the why of digital infrastructure.Investing in data centers.The evolution of digital infrastructure.How to best partner with and serve the need of hyperscalers.The importance of power generation for AI. How there are different ways to approach gaining exposure to AI as an investment theme.Thanks Matt for coming on the show to share your wisdom and expertise in private markets and digital infrastructure.A word from AGM podcast sponsor, Ultimus Fund 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.Show Notes00:00 Our Sponsor, Ultimus01:57 Welcome to the Alt Goes Mainstream Podcast02:05 Guest Introduction: Matt A’Hearn03:36 Evolution of Digital Infrastructure04:02 Founding IPI Partners04:15 Digital Infrastructure and AI05:35 Early Challenges in Data Center Investing06:13 Cloud Growth and Hyperscale Companies07:05 Partnerships with Hyperscalers08:07 Financing Hyperscalers10:14 AI and Cloud: A Generational Opportunity11:51 Supply and Demand Dynamics in AI13:21 Power and Infrastructure Challenges14:55 Site Selection and Power Considerations17:53 Scale and Capital Requirements22:32 Data Center Capacity Needs23:35 Investment Opportunities in Digital Infrastructure24:21 Blue Owl's Capital Strategy26:25 The Blue Owl Transaction26:35 Capital Needs in the Industry26:58 Feedback from Hyperscalers27:18 Joining Blue Owl27:51 Founding IPI28:50 Building the Firm30:38 Differentiating IPI31:36 Early AI Insights32:26 AI and Cloud Growth34:41 Investment Opportunities in Digital Infrastructure35:27 Risk-Adjusted Investment Strategies36:39 Underwriting Digital Infrastructure38:22 Capital Allocation in Tech Companies39:17 Meta and Data Center Development40:41 Alternative Asset Management in Tech41:45 Merging Investment Cultures43:19 Challenges and Opportunities43:53 Wealth Channel Expansion45:51 Evergreen Structures and Long-Term Investments50:50 Future of Digital InfrastructureEditing and post-production work for this episode was provided by The Podcast Consultant.

Welcome back to the Alt Goes Mainstream podcast.Today’s episode is with an experienced asset allocator who has operated at the intersection of insurance and asset management throughout his career.We sat down in Prudential’s Newark studio with  PGIM’s Head of Multi-Asset and Quantitative Solutions, Phil Waldeck. Phil is responsible for nearly $140B in AUM, where the business unit leverages PGIM’s deep public and private markets expertise for the purpose of developing customized portfolio solutions to meet insurer and other investors’ unique objectives. Phil previously served as Chief Transformation Officer at Prudential, CEO of Prudential’s Workplace Solutions Group, and as president of Prudential’s retirement business, which comprised of $250B in assets. Phil was also the architect of Prudential’s pension risk transfer business, which he grew to over $170B. Phil and I had a fascinating conversation about the intersections between insurance and asset management. We covered:The evolution of how insurers allocate to private markets.The importance of asset liability management.How insurers are leveraging their balance sheet to invest in private markets and collaborate with alternative asset managers.How insurance and asset management interact and the benefits of an integrated platform.How PGIM's $1T in public and private credit informs how they invest.Why insurers are allocating to private credit.Thanks Phil for sharing your perspectives and wisdom on insurance and private markets. We hope you enjoy.A word from AGM podcast sponsor, Ultimus Fund 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.Show Notes00:00 Message from our Sponsor, Ultimus01:23 Welcome to Alt Goes Mainstream Podcast02:03 Guest Introduction: Phil Waldeck03:29 Insurance and Asset Management Intersection04:51 Understanding Asset Liability Management (ALM)05:41 Liquidity and Private Markets07:08 ALM in Wealth Management10:44 Private Credit and Insurers11:31 Private Credit Flavors and Strategies12:42 Origination and Credit Culture14:32 Talent and Culture at PGIM15:06 Private Credit's Role in the Economy17:01 Borrowers Choosing Private Over Public Credit18:36 Public and Private Credit Blurring Lines19:00 Global Credit Capabilities20:09 Fewer Manager Relationships in Private Markets24:57 Challenges in Private Markets27:02 Underwriting Discipline in Private Credit27:34 Private Credit Market Growth30:22 Global Opportunities in Private Credit31:01 Future of Private Markets31:30 Regulatory Framework and Governance31:57 Educating Investors on Private Markets33:06 Creating the Perfect Private Credit Portfolio33:57 Diversification in Private Credit34:36 Advisors' Role in Private Credit Investing35:07 Wealth Channel Choices and Shelf Space35:53 Farm to Table Analogy in Private Credit37:32 Talent and Scale in Private Credit38:54 Maintaining Culture in Large Firms39:33 Conclusion and Final ThoughtsThe opinions expressed in this podcast are those of the author and do not reflect the views or opinions of PGIM, Inc. PGIM, Inc. is not responsible, endorses nor confirms its accuracy. All trademarks and other intellectual property used or displayed are the ownership of their respective owners. Unless noted otherwise in this podcast, PGIM, Inc. is not affiliated with, nor  endorses any mentioned company or any linked third-party content. PGIM and its affiliates may develop and publish research that is independent of, and different than, the recommendations contained herein. PGIM’s personnel other than the author(s), such as sales, marketing and trading personnel, may provide oral or written market commentary or ideas to PGIM’s clients or prospects or proprietary investment ideas that differ from the views expressed herein.Editing and post-production work for this episode was provided by The Podcast Consultant.

Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives into the evolution of infrastructure investing with a leading scaled specialist firm in infrastructure.We sat down in Stonepeak’s Hudson Yards office with a pioneer in infrastructure investing: Mike Dorrell.Mike is the Chairman, CEO, and Co-Founder of Stonepeak, building the foundations for the firm to achieve a rapid ascent to $76B from its founding in 2011.Mike brings deep expertise to bear in the infrastructure asset class. He has over 20 years of experience investing in infrastructure, starting his career at Macquarie, where he ultimately held the title of Senior Managing Director. He then joined Blackstone, where he was a Senior Managing Director in Private Equity and Co-Head of the Infrastructure Investment group, before striking out on his own to build one of the industry’s largest infrastructure investing firms in Stonepeak.Mike and I had a fascinating and thought-provoking discussion about infrastructure investing and why it’s becoming an increasingly important part of the private capital ecosystem. We covered:The early days of infrastructure investing.How infrastructure investing has evolved.How Mike’s experiences at Macquarie and Blackstone informed how he wanted to build Stonepeak.How institutional investors have approached infrastructure investing and why individual investors should consider exposure to infrastructure assets.Stonepeak’s DNA and what makes the firm different from other infrastructure investors.Why being a scaled specialist is a competitive advantage.How Stonepeak was built from scratch to scale.How Stonepeak identified investing in data centers early on and well before the data center boom began.Why launch a wealth solutions business and how it’s a reflection of the firm’s DNA, culture, and values.Thanks Mike for coming on the show to share your expertise, wisdom, and passion for infrastructure investing.A word from AGM podcast sponsor, Ultimus Fund 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.Show Notes00:00 Message from our Sponsor, Ultimus01:18 Welcome to the Alt Goes Mainstream Podcast02:10 Guest Introduction: Mike Dorrell03:58 Mike's Journey to Stonepeak06:46 Challenges in the US Infrastructure Market11:09 Successes and Setbacks in Infrastructure Deals12:06 Privately Held Infrastructure in the US17:05 Public vs. Private Infrastructure18:34 Impact of Infrastructure on Daily Life19:16 Stonepeak's Significant Market Presence22:10 Balancing Public Good and Investor Returns22:53 Regulation and Good Judgment in Infrastructure23:55 Challenges in Privatization25:52 Skills Needed for Infrastructure Investing26:29 Access to Infrastructure for Individual Investors27:10 Institutional Market's Experience with Infrastructure30:50 Asset Allocation and Infrastructure33:40 Private Equity vs. Infrastructure Investments34:10 Institutional Allocation Trends34:46 Patience and Peace of Mind in Investing35:14 Warren Buffet's Investment Philosophy35:38 Biggest Risks in Infrastructure35:50 Electric Utility Asset Risks36:28 Data Center Business Risks37:02 Evaluating Data Center Investments38:46 Economic Differences: Building vs. Buying Data Centers40:21 Pricing Power in Data Centers46:03 Connectivity Data Centers Explained49:16 Navigating Infrastructure as an Asset Class50:09 Finding the Right Assets at Fair Prices50:27 The Evolution of Infrastructure Investing53:31 Founding Stonepeak57:20 Raising Capital in Early Days59:46 Lessons from Blackstone01:01:22 Building a Strong Investment Culture01:03:37 Maintaining Culture While Scaling01:06:20 The Importance of the Wealth Channel01:07:41 Focus on Quality and Customer Experience01:08:33 Cycling and Business Philosophy01:09:26 The Importance of Investment Decisions01:10:27 Final Thoughts on Investment ProcessEditing and post-production work for this episode was provided by The Podcast Consultant.

Welcome back to the Alt Goes Mainstream podcast.Today’s episode provides a fascinating window into the world of private equity value creation and how AI can help transform both portfolio company and investment firm processes and operations to create value.We sat down in New York with Hg Partner and Head of Value Creation Chris Kindt to dive into how he spearheaded the growth of the firm’s in-house value creation efforts and has built a high-performing team to meet the evolving needs of portfolio companies.Chris brings 15 years of experience in architecting and driving value creation to bear, with 11 years of experience at Hg and another 8 years as a consultant at BCG and Parthenon.Chris and his team are responsible for driving value across a portfolio of 55 companies that represents over $180B in enterprise value and would represent the second largest software company in Europe after SAP if it were a conglomerate.Chris and I had a thought-provoking discussion about value creation and the impact of AI on investing and operating companies. We discussed:How to build a high-performing value creation team.Where value creation has the biggest impact.How AI is transforming investment processes.How Hg has become an “AI-first” investment firm.Where AI will have the most impact in a company today and why agentic AI is transforming certain roles and processes within companies.How professionals can generate the most leverage from utilizing AI – without having cognitive decline.Why prompting and prompt engineering is so critical in the age of AI (and how you can use your weekends to perfect prompt engineering).How a management team can buy into AI and why the current time period represents an interesting opportunity for incumbents, particularly for those building mission-critical enterprise software.Thanks Chris for sharing your expertise and wisdom on company building and AI. We hope you enjoy.Note: this episode was filmed in August 2025.A word from AGM podcast sponsor, Ultimus Fund 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.Show Notes00:00 Message from our Sponsor, Ultimus01:18 Welcome to the Alt Goes Mainstream Podcast02:10 Guest Introduction: Chris Kindt03:58 Chris Kindt’s Background and Journey05:43 Value Creation at Hg06:55 Pre-Investment and Diligence Process07:44 Management Team Dynamics08:40 Common Value Creation Interventions11:14 Building a Cross-Functional Team12:31 Scaling the Value Creation Team15:40 Measuring Value Creation Impact17:49 Investment Philosophy: Inch Wide, Mile Deep19:28 Partnerships with Management Teams20:03 Embedding AI in Value Creation20:24 Internal vs External AI Applications21:47 AI First Culture22:18 Effective AI Utilization24:04 Prompt Engineering and Whispering26:25 Choosing the Right AI Models26:50 AI Models: Strengths and Weaknesses27:42 Transformative Impact of AI28:21 Skills Needed in the AI Era28:26 AI's Role in Investment Firms28:55 Core Insights and Judgements29:04 The Core Skillset and Efficiency29:12 Philosophical Questions on AI and Talent Development30:18 Building Grit in the Age of AI31:12 Maintaining Discipline with AI32:08 AI as a Value Creation Lever32:35 Operational Efficiency and Copilots33:43 Emergence of Reasoning Models and Agentic Frameworks34:31 10x Efficiency in Engineering36:24 Challenges in Implementing AI37:16 AI Immersion Strategy Days39:52 Organizational Agility and AI42:15 AI's Impact on Investment Strategies43:26 AI in Mergers and Acquisitions45:29 The Importance of Proprietary Data47:12 AI Fatigue and Disillusionment48:07 Building AI Products and Agentic Products48:58 Hg's Internal AI Incubator49:59 The Next Wave of AI51:19 Voice and Multimodality in AI51:55 Globalization and Internationalization of AI53:35 Overestimating and Underestimating AI's Impact54:54 The Competitive Landscape of AI55:42 The Future of Value Creation with AI56:23 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 is with two executives who have helped to build one of the industry’s leading alternative asset managers.In Permira Part 2, Brian Ruder joins his Co-Managing Partner and Co-CEO Dipan Patel in Permira’s London office to discuss the firm’s evolution and how the business has grown to over €80B in AUM.Both Brian and Dipan bring deep backgrounds in private equity investing to bear as they now lead the firm through its next phase of growth.Brian joined Permira in 2008 after working as a Partner at Francisco Partners. He’s Co-Managing Partner and Co-CEO of Permira, also serving on the firm’s Executive Committee and the buyout funds’ Investment Committee. He was instrumental in building the firm’s Technology sector team, which he co-led until 2023 where he worked on a number of the firm’s notable transactions, including Ancestry, Genesys, Informatica, LegalZoom, Magento, McAfee, Relativity, Zendesk, and more.Dipan joined Permira from Gores Group and is Co-Managing Partner and Co-CEO of the firm. He serves on Permira Holdings Limited Board and Permira’s Investment Committee and Executive Committee. He’s focused on technology and services investing, working on deals such as Renaissance Learning, Informatica, Axiom, Adevinta, AllTrails, Ancestry, LegalZoom, and more.Brian, Dipan, and I had a thought-provoking conversation about what it takes to build and run a scaled alternative asset manager and how to differentiate a firm and a culture. We discussed:How the firm’s beginnings have shaped the culture that has been built and how that culture has permeated how they make investment decisions, work with companies, founders, and LPs.The benefits and challenges of the collaborative leadership model.How would an LP underwrite Permira’s culture?How the firm’s European heritage helps as an investor.The opportunity set in Europe.The investment culture at Permira and how its structure and set up helps investment processes and decision-making.Why software buyouts have become a larger part of the buyout investing landscape.The Growth vs. Buyout mindset.The advantage for technology forward incumbents.How AI is impacting software investing and how AI is impacting services businesses.The thought process behind launching a wealth solutions business, Permira Wealth, and how it reflects the culture of the firm.Thanks Brian and Dipan for coming on the show to share the evolution of Permira and your expertise and wisdom in private markets.A word from AGM podcast sponsor, Ultimus Fund 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.Show Notes00:00 Message from our Sponsor, Ultimus01:18 Welcome to Alt Goes Mainstream01:56 Introducing Brian Ruder and Dipan Patel04:44 Private Equity and Technology04:54 Brian's Career Journey06:51 Dipan's Career Journey11:44 AI's Role in Modern Investing12:38 AI in Services and Technology13:27 Permira's Sector-Focused Approach13:54 AI's Broader Impact on Industries17:27 Leadership and Innovation in Private Equity18:49 Underwriting Deals in the AI Era18:53 Importance of Market Leadership21:58 Technology Forward Incumbents24:00 Permira's Continuous Innovation24:26 Building the Business of Permira24:36 Dipan's Perspective on Firm Growth25:35 Core Values and Their Impact26:39 Investment Strategies and Sector Focus27:19 Fluid Team Dynamics28:04 Growth vs. Buyout Mindset29:45 Long-Term Investment Philosophy30:29 Driving Terminal Value30:50 Optimizing Long-Term Profitability31:55 Case Studies: Informatica and Ancestry.com32:58 Skillsets for Growth-Oriented Investing33:26 Assessing Long-Term Outcomes34:09 Empowering Long-Term Thinking34:30 Big Picture Thinking in Investments38:05 Co-Leadership Model39:38 Challenges of Co-Leadership40:37 Permira's Entrepreneurial Culture43:14 Diversifying Capital Base44:58 Educating the Wealth Channel46:29 Permira's Brand in the Wealth Channel47:10 Future Evolution of PermiraEditing and post-production work for this episode was provided by The Podcast Consultant.

We are back with the latest Going Public with Evercore’s Glenn Schorr.On this episode of Going Public, we unpack the rollercoaster of the past few months in private markets for alternative asset managers. Private markets is much more than private equity — and this episode dives into nuances of specific strategies and what it means for alternative asset managers’ businesses.We discussed:Will the exit environment for private equity improve?Are animal spirits back in markets — and what does it mean for exits?Why and how private markets is more than private equity and private real estate.Why the wealth channel has been a contributor to alternative asset manager growth.How are banks responding to the expanding reach of private credit?Why private real estate could be a compelling category going forward, with 90%+ of real estate being privately owned.Making private markets more public — with expert analysisAlt 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 Notes00:00 Introduction and Countdown00:15 Introduction to Alt Goes Mainstream00:48 Meet Glenn Schorr: Wall Street Analyst02:08 Market Trends and Earnings Season02:15 Impact of Tariffs and Market Activity03:20 M&A and IPO Activity03:35 Private Equity and Market Dynamics04:34 Optimism in the Market06:11 Fundraising and Stock Prices06:52 Private Credit and Infrastructure08:31 Scale and Diversification10:19 Perpetual Capital and Investor Mindset13:51 Mega Trends and Long-Term Investments15:50 Real Estate and Market Cycles17:14 Long-Term View on Asset Managers20:04 Fee Structures and Performance24:15 Wealth Channel and Operational Challenges26:17 Institutional vs. Retail Investors28:41 Public vs. Private Markets31:01 Ceiling on Capital Raising31:42 Stewardship and Capacity Management33:03 Private Credit Market33:27 Direct Lending Market33:43 Competitive Banking Landscape33:55 Current State of Direct Lending34:22 Private Credit Market Expansion34:52 Investment Grade Private Credit36:19 Banks vs. Private Credit37:39 Banks' Adaptation Strategies38:53 Private Credit Market Size41:01 Insurance and Private Markets41:44 Apollo's Insurance Strategy43:45 Insurance Balance Sheet Power44:32 Insurance and Wealth Channels44:54 Private Wealth Return Hurdles46:47 Product Innovation in Private Markets47:00 Alternative Asset Managers' Strategies49:43 Wealth Channel Product Choices50:39 Approval Process for Wealth Platforms52:29 Third-Party Evaluators in Private Markets53:28 Convergence of RIAs and Investment Consultants54:15 Distribution Strategies for Asset Managers55:39 Servicing and Education in Private Markets56:16 Segmenting the Wealth Channel56:43 Morgan Stanley's Advisor Strategies57:45 Notable Developments in Private Markets59:19 Optimism in Financial Markets01:00:39 Concluding Thoughts and Future OutlookEditing and post-production work for this episode was provided by The Podcast Consultant.Company Coverage and DisclosuresEvercore ISIGlenn Schorr| Ticker | Company | AAMI | Acadian Asset Management | APO | Apollo Global Management, Inc. | BAC | Bank of America Corporation |   | Glenn Schorr holds a long position in equity securities of Bank of America Corporation.| BK | Bank of New York Mellon Corp. |   | Bank of New York Mellon Corp. is a client of Evercore LLC, and Evercore LLC has provided investment banking services to Bank of New York Mellon Corp. in the last 12 months. |   | Evercore ISI or an affiliate has received compensation from Bank of New York Mellon Corp. for investment banking services in the last 12 months. |   | Glenn Schorr holds a long position in equity securities of Bank of New York Mellon Corp.| BLK | BlackRock, Inc. |   | BlackRock, Inc. is a client of Evercore LLC, and Evercore LLC has provided investment banking services to  BlackRock, Inc. in the last 12 months. |   | Evercore ISI or an affiliate expects to receive or intends to seek compensation for investment banking services from BlackRock, Inc. within the next three months. |   | Glenn Schorr holds a long position in equity securities of Blackrock Inc.| BX | Blackstone, Inc. |   | Blackstone, Inc. is a client of Evercore LLC, and Evercore LLC has provided investment banking services to Blackstone, Inc. in the last 12 months. |   | Evercore ISI or an affiliate expects to receive or intends to seek compensation for investment banking services from  Blackstone, Inc. within the next three months. |   | An employee, employee's immediate family member, director or consultant of Evercore ISI or one of its affiliates (but not the covering research analyst or a member of the covering research analyst's household)is an officer, director or advisory board member of Blackstone, Inc.. |   | Evercore ISI or an affiliate has received compensation from Blackstone, Inc. for investment banking services in the last 12 months. |   | Analyst has a financial interest in a private equity fund managed by Blackstone, Inc.. |   | Glenn Schorr holds a long position in equity securities of Blackstone, Inc. |   | A member of Benjamin Rubin's household holds a long position in equity securities of Blackstone, Inc. | OWL | Blue Owl Capital, Inc | C | ...

Welcome back to the Alt Goes Mainstream podcast.Today’s episode is with one of the executives who has helped to build one of the industry’s leading alternative asset managers.We sat down in Permira’s London office with Co-CEO Dipan Patel to discuss the firm’s evolution and how the business has grown to over €80B in AUM.Dipan brings a deep background in private equity investing to bear as he and his Co-CEO Brian Ruder now lead the firm through its next phase of growth.Dipan joined Permira from Gores Group and is Co-Managing Partner and Co-CEO of the firm. He serves on Permira Holdings Limited Board and Permira’s Investment Committee and Executive Committee. He’s focused on technology and services investing, working on deals such as Renaissance Learning, Informatica, Axiom, AllTrails, Ancestry, LegalZoom, and more.Dipan and I had a thought-provoking conversation about what it takes to build and run a scaled alternative asset manager and how to differentiate a firm and a culture. We discussed:The founding story of Permira and the evolution of the firm since spinning out of Schroder Ventures in 1996.How the firm’s beginnings have shaped the culture that has been built and how that culture has permeated how they make investment decisions, work with companies, founders, and LPs.How would an LP underwrite Permira’s culture?How the firm’s European heritage helps as an investor.The opportunity set in Europe.The investment culture at Permira and how its structure and set up helps investment processes and decision-making.Why software buyouts have become a larger part of the buyout investing landscape.How AI is impacting software investing and how AI is impacting services businesses.Why the firm has expanded into credit.The thought process behind launching a wealth solutions business, Permira Wealth, and how it reflects the culture of the firm.Thanks Dipan for coming on the show to share the evolution of Permira and your expertise and wisdom in private markets.A word from AGM podcast sponsor, Ultimus Fund 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.Show Notes00:00 Introduction to our Sponsor, Ultimus01:55 Welcome Back to the Alt Goes Mainstream Podcast02:03 Introduction to Permira and our guest, Dipan Patel03:47 Discussion on Distributions and Market Conditions04:19 Selling A-Grade Businesses in Current Market05:03 Flight to Quality in Times of Stress06:07 Reflecting on Career and Lessons Learned06:29 Early Career Experiences at Arthur Andersen and Lehman Brothers07:29 Impact of Early Career on Leadership Style09:04 Challenges in Today's Investment Environment10:15 Underwriting in Unpredictable Times10:45 Locating Good Companies for Investment14:31 Importance of Market Leadership14:59 Partnering with Founders and Executive Teams16:22 Permira’s Co-Leadership Model19:49 Investment Decision Process at Permira21:02 Underwriting Character in Executives22:54 Permira's Organizational Character and Culture23:29 Understanding Organizational Culture23:54 Thriving in Chaos: The Concept of Anti-Fragility24:51 Capital Flows in Private Markets25:26 Developing Investment Theses25:54 Strategic Exit Channels26:24 Supply Creates Its Own Demand27:24 The Necessity of Access to Private Markets28:10 Managing Stress Moments in Private Markets28:50 Navigating Industry Evolutions29:20 Focusing on Core Strengths30:09 Balancing Growth and Differentiation31:21 Investing in Growth and Buyout Businesses32:26 Synergies Between Growth and Mature Businesses33:38 Risk Spectrum in Investments34:27 Understanding Runway and Market Position35:42 Disruption vs. Destruction in AI36:49 Investing in Platform Shifts37:58 Control and Duration in Private Equity39:08 The Role of AI in Incumbent Success40:25 Cultural Adaptability to AI42:21 Specialism vs. Generalism in Investing43:56 Professional Services and AI45:27 Future Investment Ideas46:34 Mission Critical Investing47:28 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 podcast was a conversation that was recorded live at Morningstar’s Investment Conference in Chicago earlier this year.Morningstar CEO Kunal Kapoor took time out of his packed schedule at the event to sit down with me for a thought-provoking conversation that dove into the nuances of many of the trends that are shaping private markets today.Morningstar and Kunal have quite an interesting perch in the market. They occupy a critically important function in the market: helping investors understand the data, structures, and trends in public and private markets. They provide fund ratings, investment analysis, and market data to both individual and institutional investors.As public and private markets experience increasing convergence, Morningstar finds itself at the intersection of markets that are undergoing rapid evolutions across product structures, asset allocation frameworks, and weighty questions around conceptual frameworks of liquidity, risk, volatility, concentration that are on the minds of many. Amongst the wide range of topics Kunal and I covered, one stood out: Morningstar is fiercely on the side of the investor.If there’s anyone who has a deep understanding of Morningstar’s DNA, it’s Kunal. Kunal started at Morningstar in 1997 as a data analyst, holding a variety of roles at the firm, including leadership positions in research and innovation. He served as director of mutual fund research and was part of the team that launched Morningstar Investment Services, Inc., before moving on to other roles including director of business strategy for international operations, and later, president and chief investment officer of Morningstar Investment Services. During his tenure, he has also led Morningstar.com® and the firm’s data business as well as its global products and client solutions group.Kunal and I had a fascinating and lively conversation. We covered a number of the most pressing topics in private markets today: the convergence of public and private, liquidity vs illiquidity, investor education, the importance of transparency, and the why, what, and how behind evergreen funds.Thanks Kunal for coming on the show to share your wisdom, expertise, and passion for public and private markets.A word from AGM podcast sponsor, Ultimus Fund 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.Show Notes00:00 Introduction to our Sponsor, Ultimus01:18 Podcast Opening and Theme01:55 Welcome to the Morningstar Investment Conference02:29 Convergence of Public and Private Markets03:12 Challenges in Transitioning to Private Markets05:26 Morningstar's Evolution and Impact06:59 Morningstar's Role in Reducing Costs08:15 Evergreen Funds and Transparency08:48 Complexities in Private Market Structures09:36 Liquidity and Innovation in Private Markets12:27 Investor Education and Common Language14:34 Comparing Public and Private Market Investments16:28 Standardized Documentation and Regulation18:00 Educating Investors on Private Markets18:52 Morningstar's Style Box for Private Markets19:14 Data Availability and Analysis20:24 Evaluating Different Investment Structures21:09 Public-Private Partnerships and Transparency21:38 Philosophical Questions on Private Markets22:58 Behavioral Aspects of Illiquidity24:00 Evergreen Funds as Buy and Hold Vehicles24:15 Asset Allocation and Evergreen Structures25:16 Investor Behavior and Market Volatility25:25 Individual Investors vs. Advisors26:32 Stability of Retail Assets26:56 Retail Brokerage Apps and Crypto Trading27:15 Impact of Social Media on Young Investors27:29 Exposure to Private Markets28:01 Market Drawdowns and Young Investors28:27 Advisor-Led Models vs. Self-Directed Investing28:57 Investor Behavior Across Different Age Groups30:06 Morningstar's Role in Investor Validation30:50 Morningstar's Independent Voice32:01 Transparency in Private Markets32:24 PitchBook and Data Transparency33:02 Challenges in Private Market Data33:26 Tipping Point in Transparency34:54 Private Market Indices35:37 Challenges in Benchmarking Private Markets36:29 Lessons from Public Markets37:12 Evolution of Private Markets37:37 Future of Private Markets38:41 Fee Structures in Private Markets39:38 Operational Burden in Private Markets40:50 Pre-Trade Market Structure41:16 Access to Private Markets for All Investors43:06 Returns and Diversification in Private Markets44:51 Building Portfolios in a Lower Return Environment47:15 Brand vs. Performance in Alternative Assets49:18 Favorite Alternative InvestmentsEditing and post-production work for this episode was provided by The Podcast Consultant.

Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives into the evolution of infrastructure investing with the leading scaled specialist firm in infrastructure.We sat down in Stonepeak’s Hudson Yards office with the firm’s Co-President Luke Taylor to discuss the inner workings of the infrastructure investing world and unpack the story of how Stonepeak’s rapid ascent has seen the firm climb to $76.3B in AUM in 14 short years.Luke brings a wealth of experience to the infrastructure investing world. He is Co-President of Stonepeak and a member of all of the firm’s investment committees. He’s been investing in infrastructure for over 20 years, joining Stonepeak from infrastructure investing pioneer Macquarie Capital.Luke and I had a fascinating and thought-provoking discussion about infrastructure investing and why it’s becoming an increasingly important part of the private capital ecosystem. We covered:How Luke went from growing up on a sheep farm to investing in infrastructure in New York.What Macquarie taught him about how to approach infrastructure investing.Why he took the entrepreneurial leap to build Stonepeak and join Chairman, CEO, and Co-Founder Mike Dorrell from the firm’s earliest days.Why infrastructure investing is more than toll roads, airports, and bridges.How there are elements of a private equity approach to investing in, building, and operating infrastructure assets.Where infrastructure fits in an investors’ portfolio.Why individual investors should consider exposure to infrastructure assets.Has infrastructure proved itself through an inflation cycle?Why scale matters in infrastructure investing.How Stonepeak identified investing in data centers early on and well before the data center boom began.What type of demeanor and mindset makes for a successful infrastructure investor.Thanks Luke for coming on the show to share your expertise, wisdom, and passion for infrastructure investing.A word from AGM podcast sponsor, Ultimus Fund 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.Show Notes00:00 Introduction and Sponsor Message01:18 Podcast Opening and Theme01:55 Episode Overview: Infrastructure Investing02:04 Guest Introduction: Luke Taylor02:45 Luke Taylor's Background and Journey04:49 Early Days at Macquarie07:19 Transition to Stonepeak08:04 Building Stonepeak 10:13 Value Creation in Infrastructure11:59 Mindset of an Infrastructure Investor13:08 Balancing Long-Term and Agile Thinking15:42 Key Drivers of Value Creation16:10 Underwriting and Risk Management18:00 Operational Intensity and Asset Utilization21:51 Network Effects in Infrastructure23:19 Infrastructure as a Defensive Investment26:13 Portfolio Construction and Infrastructure26:39 Private Infrastructure and Yield Benefits27:29 Productizing Infrastructure Investments27:41 Equity, Credit, and Real Estate Strategies29:23 Thematic and Opportunistic Investing29:53 Data Centers and Early Investments30:06 Identifying Investment Opportunities30:14 Evolution of Data Centers30:58 Interconnection Hubs and Carrier Hotels31:32 AI Boom and Data Centers33:22 Investing in AI Through Infrastructure34:42 Underwriting AI Thematics35:04 Capital Needs in Data Centers35:32 Downside Protection in AI Investments36:49 Navigating Increased Capital in Infrastructure37:35 Durability of Cash Flow in Infrastructure38:40 Scaling Stonepeak's Infrastructure Investments39:18 Diversification in Infrastructure Investments41:47 Developing an Edge in Origination42:36 Structural Elements in Deal Sourcing42:57 Competition and Market Structure43:26 New Entrants in Infrastructure43:44 Building New Assets in Infrastructure43:54 Exits and Evergreen Funds46:27 Private Wealth and Infrastructure51:25 Challenges in Starting a Wealth Business51:51 Deal Flow and Product Construction53:50 Volatile Markets and Opportunities54:20 Interest Rate Risks in Infrastructure55:18 Favorite Infrastructure Opportunities57:01 Closing Thoughts and Full CircleEditing and post-production work for this episode was provided by The Podcast Consultant.