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Good morning from London.
This week’s news was punctuated by a number of stories about how the wealth channel continues to evolve its approach to deliver private markets solutions to clients.
Dynasty Financial Partners, one of the industry’s largest RIA platforms with over $125B in assets under administration (as of December 2025) and $77B on its Turnkey Asset Management Platform, announced the close of its Dynasty Growth Equity & Coinvest I Fund.
Dynasty formed its Growth Equity and Coinvest Fund to invest in high-growth private companies, highlighting a trend among wealth platforms and private banks to provide wealth clients with direct access to private companies. The fund closed on $110M from the Dynasty network as the firm closed on over $200M in private markets funds over the past nine months.
And, it’s not just the established wealth platforms looking to build private markets funds for their networks.
In an interview with Citywire this week, the new CIO of $8B AUM RIA Savvy Wealth, Anshul Sharma, shared the firm’s plans to launch a proprietary “Savvy access fund” towards the end of Q3 this year.
Sharma, who brings his experience in helping to direct Merrill Lynch Wealth Management’s alternative investment strategy within the CIO function, plans to create a “differentiated” offering for Savvy advisors and clients.
“What I would like to do is actually build a Savvy access fund or a proprietary offering that is really differentiated and that can provide access to areas of the market that are really tough to access,” Sharma said.
Sharma’s comments highlight a theme that is top of mind for LPs and GPs alike: how can wealth platforms balance customization with scale as they also look to deliver on differentiation?
Sharma also noted that the firm is running an RFP to select a third-party administrative partner to help Savvy administer their branded access fund.
As I wrote a few weeks ago in 7.26.26 AGM Alts Weekly, it’s now possible for wealth platforms to build and manage their own funds because the rails have been built. The market infrastructure can now support the “miniaturization” of private markets investing, as Hightower’s Robert Picard has described the phenomenon of wealth platforms growing to scaled allocations with large numbers of smaller investment tickets from clients and lower minimums on fund commitments.
Savvy and Dynasty’s push into constructing private markets funds for their advisor networks is a microcosm of a bigger trend afoot.
Citywire’s Tania Mitra wrote this week about the 16 RIA-sponsored interval and tender offer funds launched by RIAs for their own clients, according to data from XA Investments.
A number of scaled RIA platforms have created their own funds. And those funds are starting to reach scale.
Two funds, BBR’s ALO Fund and Beacon Pointe’s Multi-Alternative Fund have both crossed the $1B AUM threshold.
Many of the funds that RIAs have created are multi-asset in nature, largely because they want to provide a turnkey solution across asset classes to clients.
In the aforementioned Citywire article, Beacon Pointe CIO Michael Dow shared perspectives on why a multi-asset fund makes sense for clients. He noted that a multi-asset fund can alleviate some of the headline risk from liquidity challenges in a specific asset class, as the industry saw earlier this year in private credit.
A single fund, in Dow’s view, enables the portfolio manager to deal with different redemption dates and proration of redemptions in a scaled, efficient manner. This feature can be beneficial for both the RIA and for asset managers, since it could enable the RIA to more effectively (and rationally?) deal with liquidity challenges.
Operational efficiency is another reason why RIAs are constructing these products for their clients. These funds are able to efficiently aggregate commitments across client size, which at scale can represent meaningful allocations to the underlying asset managers’ funds. With scale can come better economics. Some RIAs are able to drive down fees paid to GPs with larger commitments or seeding an asset manager’s new evergreen fund.
Dow reaffirmed this view, noting that Beacon Pointe’s fund was “not a revenue generator,” has no advisory fee and is “purely done to enhance our operational efficiency.”
So, if many of these funds are built to deliver operational efficiency to the RIA and end client, what funds are these RIA constructed products allocating to?
Citywire’s Mitra dove into the data to find that Cliffwater’s $30B+ Corporate Lending Fund (CCLFX) is the most common holding amongst the 16 RIA funds. Five of the RIA funds have exposure to CCLFX.
The top four holdings by dollar amounts are Cliffwater’s Corporate Lending Fund, Apollo’s Asset Backed Credit Company, Blue Owl’s Alternative Credit Fund, and Blackstone’s BREIT.
Many of the alternative asset management industry’s biggest names are amonst the funds that appear to be most popular allocations from the RIA funds.
A chart from Citywire below highlights that Blue Owl, KKR, Hamilton Lane, StepStone, Ares, and BlackRock funds all show up in multiple RIA funds.
Perhaps for an asset class like credit, RIAs will continue to include diversified credit funds as their credit exposure since the diversification can potentially diversify away any major default issues while also not sacrificing meaningful upside like an allocator might have in private equity or venture. At an asset class level, credit was included in 15 of the 16 RIAs funds. Private equity came next with eight RIA funds including PE exposure.
An interesting set of interconnected questions arises from this trend of RIAs looking to balance customization with scale and differentiation.
I expect that we’ll see more RIAs create custom multi-asset funds designed for their clients in order to achieve operational efficiency, differentiation for new client and advisor growth, and the ability to scale commitments to managers that can help drive better economics for the end client.
But this trend won’t come without its challenges and questions for RIAs looking to construct these types of products.
➡️ Fundraising and scaling these RIA products: RIAs will need to successfully fundraise amongst their advisors and clients in order to grow these products to meaningful scale.
While BBR’s ALO fund at $1.88B or Beacon Pointe’s Multi-Alternative Fund at $1.084B are not insignificant figures, the funds represent around 5% of BBR’s $36.5B AUM and around 1.8% of Beacon Pointe’s $54.8B AUM.
While these firms surely have additional (and meaningful) private markets exposure across their client base, these specific funds are still small relative to their overall AUM.
Fundraising within a firm’s network has not proven to be easy for many firms rolling out custom funds. This can pose a challenge when these funds are looking to commit to asset managers’ funds and, in some cases, hoping to drive economics.
➡️ Major need to educate clients and advisors: These firms will have to undertake a major educational effort to help both advisors and clients understand the benefits and risks of allocating to private markets.
Educational efforts are underway in this space. GPs are making a major push to educate both advisors and end clients. So too do RIAs.
➡️ Size and scale of these solutions: How big can these funds become? Is it feasible for these funds to grow to meaningful size and scale?
Surely these wealth platforms will also continue to grow. Will RIAs be able to grow these funds in lockstep?
This growth path will also have positive knock-on effects on asset managers that are able to capture the mindshare and allocations of these funds.
Most likely, the larger asset managers will stand to benefit from growth in these funds as evergreen fund structures will enable the RIAs to add those fund structures to their own multi-asset portfolios and scale across their clientbases.
➡️ Differentiation within RIA fund products: As RIAs build and scale these multi-asset fund solutions, how will they differentiate these solutions?
Many of these funds are likely a better fit for evergreen fund products. What does this mean for smaller managers with niche strategies that are looking to work with the wealth channel?
Perhaps many RIAs will adopt a core and satellite approach, where these multi-asset funds with exposure to the branded and scaled funds offer core exposure to private markets and then smaller funds, niche strategies, or direct / co-investments form the satellite for clients that are able to invest as qualified purchasers into drawdown, 3(c)(7) funds.
The trend of platformization in the wealth management space is leading to a more prominent CIO function at these wealth platforms. The centralization of the CIO is alive and well.
As centralization of the CIO function within large wealth management platform moves into the mainstream, it appears that advisors and wealth management platforms are not looking to outsource their investment decisions. If anything, large wealth management platforms are bringing OCIOs in-house, as evidenced by the acquisitions of NEPC by Hightower, the mergers of Agility and Verus Investments with Cerity, and the acquisition of Hall Capital by Pathstone.
As the industry hurtles toward the first set of $1T RIAs, a centralized and insourced investment office will likely become even more prominent.
Asset managers will do well to think about the impacts of this trend on both their distribution strategy and new product development efforts. This also means that larger GPs might begin to think creatively about ways to capture more AUM while also leaning into the evolving market structure in private markets, which includes a rise in GP-led secondaries and independent sponsor deals. Perhaps larger GP platforms can serve as a middleware layer that enables capital to flow from RIA platforms to middle-market deals and funds without the smaller managers having to work directly with these RIA platforms themselves.
➡️ What does this phenomenon mean for the private markets “solutions providers?”: Will these multi-asset funds eat into the value-add of a “solutions provider” like Hamilton Lane, StepStone, or HarbourVest?
Early signs appear to be that these firms have not been impacted. Aforementioned data on the frequency of inclusion of Hamilton Lane and StepStone funds suggests that these firms will be just fine, in part because they provide diversified access to private markets, which could fit well in a multi-asset fund.
As I wrote in the 3.22.26 AGM Alts Weekly, there is still very much a place for the solutions providers.
➡️ Who will take the lead in creating funds and models?: New product creation and models will also play an increasingly important role in both the construction and delivery of multi-asset solutions to the wealth channel.
Smaller RIAs may lack the scale and resources to build their own funds or models in-house.
Will they look to allocate to other RIA’s funds? There are a mumber of reasons why this might not become a trend, namely due to questions about differentiation and brand. But perhaps this too will become a trend. Some RIA platforms, such as Cresset, have created separate asset management brands and businesses to serve both existing clients and external clients and advisors. This model could be attractive to large, PE-backed RIA platforms that will be on the eternal search to grow revenues and margins. And, as we know, asset management businesses are quite good business models and even “better than SaaS,” as I wrote in a 5.23.24 AGM post about GP Stakes and the business of asset management.
Smaller RIAs might look to models that firms like iCapital or the likes of technology providers, such as GeoWealth (which partners with iCapital), AssetMark, and others.
The custodians have also thrown their hats into the model ring. In June 2025, Fidelity announced the availability of custom model portfolios with alternative investments, which allow eligible wealth management firms access to models that provide exposure to the private markets.
A 2025 Fidelity survey of financial advisors found that nearly half (46%) said they were very interested in model portfolios that offer a diversified portfolio of both traditional and alternative investments.
Larger RIAs might look to build model portfolios in-house as they scale, looking to partner with the technology providers to create custom models.
As large RIAs grow in size and scale, do they become enticed by the siren song of in-sourcing investment capabilities? Will they look to compete directly with private equity and secondaries firms on direct deals, as the industry has witnessed with some of the pension plans? It could take time for RIA platforms to build out their own internal teams for direct investments, but if these firms grow to size and scale where they can make sizable investments on their own, do they become enticed by the ability to reduce fees by going direct (or, even building their own asset management capabilities and making even better fees than they can on their wealth management business)?
History would suggest that LPs building this capability in-house is easier said than done, as many of the most sophisticated pension plans ultimately decided to reduce the size and scope of their direct investment teams. But it doesn’t mean that wealth platforms won’t try as they become larger.
The trend appears to favor models and multi-asset solutions, in large part because wealth platforms are looking to find ways to create more efficiency for advisors and their businesses.
With iCapital’s recent survey of 870 advisors uncovering that 39% of advisors plan to increase their allocations to alternatives, creating the right architecture for product construction and the most efficient mechanisms for product delivery will be key for the industry continuing to move from interest to implementation and scaling allocations to private markets from the wealth channel.
AGM has created an Index to track the leading publicly traded alternative asset managers.
Some of the industry’s largest alternative asset managers are publicly traded — and their net inflows can serve as a window into how private markets are perceived by investors and allocators allocating capital to alternative investments.
Note: AUM figures are based on fee-paying AUM where applicable.
“Alt Goes Mainstream is category of one.” Global Head of Marketing & Communications, $X00B AUM alternative asset manager.
“When it comes to the intersection of alternative investments and wealth management, Michael just gets it.” CIO, $18B AUM RIA.
The inaugural AGM RIA Field Trip took place on May 19–20 in New York City. We had an exceptional group of RIAs and GPs joining for a highly curated, uniquely structured, exciting 2-day program.
If you’re an RIA or a GP and you’re interested in joining the waitlist for the next Field Trip on October 6-7 in NYC, please reach out or click on the links below.
RIAs click here to join the waitlist
In order for alts to continue to go mainstream, we need the best talent to go into the space. Here are some openings at private markets firms. If you’d like to connect with any of these teams, let me know, and I’m happy to facilitate an introduction if appropriate. If you’re a company or fund in private markets, feel free to reach out to share a job description you’d like to be listed here to highlight for the Alt Goes Mainstream community.
🔍 Blackstone (Alternative asset manager) - Blackstone Private Wealth - Product Specialist, Vice President (Real Assets). Click here to learn more.
🔍 Carlyle (Alternative asset manager) - Managing Director, Client Relationship Manager (NYC Wires), Global Wealth. Click here to learn more.
🔍 EQT (Alternative asset manager) - Communications Vice President. Click here to learn more.
🔍 Blue Owl (Alternative asset manager) - Private Wealth, Portfolio Strategist Real Assets, Vice President. Click here to learn more.
🔍 Franklin Templeton (Asset manager) - Wealth Director. Click here to learn more.
🔍 Goldman Sachs Alternatives (Alternative asset manager) - Wealth Management - Operations, Business Intelligence, and Applied AI - Vice President. Click here to learn more.
🔍 Vista (Alternative asset manager) - Analyst, Private Wealth Solutions. Click here to learn more.
🔍 HarbourVest (Alternative asset manager) - Senior Associate, Global Private Wealth Operations. Click here to learn more.
🔍 iCapital (Private markets infrastructure investment platform) - Chief Risk Officer, Managing Director. Click here to learn more.
🔍 Ultimus Fund Solutions (Fund administrator) - VP - Fund Accounting. Click here to learn more.
Recent podcast or video episodes and blog posts on Alt Goes Mainstream:
🎥 Watch Franklin Templeton Head of Private Markets - Americas Wealth Management Dave Donahoo live from the AGM RIA Field Trip share why he believes its critical to “start with the end client” when serving the wealth channel. Watch here.
🎥 Watch RIT Capital Partners plc CEO Maggie Fanari discuss why permanent capital is a privilege and how one of the UK’s leading investment trusts leans into its family office heritage to invest across public and private markets. Watch here.
🎥 Watch Wellington Management Head of Portfolio Management for the Venture Growth Evergreen strategy Mike Trihy talk about the convergence of public and private investing and what the potential wave of mega IPOs could mean for DPI, exits, and private market fundraisings on AGM Live powered by Prosek. Watch here.
🎥 Watch Investcorp Managing Partner and Business Head of Investcorp Strategic Capital Group (ISCG) Anthony Maniscalco talk about the evolution of GP stakes and why it’s a “cash in, not a cash out” on AGM Live powered by Prosek. Watch here.
🎥 Watch Coller Capital Partner, Head of Private Wealth Secondaries Solutions and Head of Capital Formation Jake Elmhirst discuss why secondaries are coming in first, the rise of GP-led secondaries, and how secondaries are an “active portfolio management” solution on AGM Live powered by Prosek. Watch here.
🎥 Watch Goldman Sachs Managing Director, Global Head of Alternatives, Third Party Wealth Kyle Kniffen talk about the arc of alternatives at Goldman Sachs and the adoption of evergreeen funds by both institutional allocators and wealth channel investors on AGM Live powered by Prosek. Watch here.
🎥 Watch Sagard Co-Founder, Chairman, and CEO Paul Desmarais III talk about building the “next generation” asset manager on AGM Live powered by Prosek. Watch here.
🎥 Watch Brookfield Private Equity CEO Anuj Ranjan talk about “own[ing] the boring that makes exciting possible” on AGM Live powered by Prosek. Watch here.
🎥 Watch Vista Equity Partners Senior Managing Director, Co-Head of Flagship Fund Monti Saroya talk about “harnessing” the power of AI in the enterprise on AGM Live powered by Prosek. Watch here.
🎥 Watch Apax Co-CEOs Andrew Sillitoe and Mitch Truwit discuss the firm’s approach to buying complexity for value in the middle market on AGM Live powered by Prosek. Watch here.
📝 Read The AGM Op-Ed with Benefit Street Partners’ Head of Real Estate, Michael Comparato, on why real estate debt deserves a place in today’s portfolio. Read here.
🎥 Watch Blackstone COO of Private Wealth Farhad Karim discuss the firm’s “relentless” focus on building solutions for private wealth. Watch here.
🎥 Watch Hightower CEO Larry Restieri on building a $1T RIA and operating at the intersection of private markets and private wealth. Watch here.
🎥 Watch T. Rowe Price / Oak Hill Advisors Portfolio Manager & Partner, CEO - BDCs Eric Muller and me live from iCapital Connect, where we discussed being at the intersection of public and private credit. Watch here.
🎥 Watch Oaktree Managing Director and Co-Portfolio Manager Danielle Poli live from the AGM RIA Field Trip share why “boring is beautiful” in private credit. Watch here.
🎥 Watch Franklin Templeton Head of Private Markets - Americas Wealth Management Dave Donahoo and Summit Wealth Group CIO Chelsea Ganey live from Franklin Templeton’s Private Markets RIA Advisory Council for perspectives on how asset managers and wealth managers can work together to educate one another and help move the industry forward. Watch here.
📝 Read The AGM Op-Ed with Permira’s Partner, Executive Committee Member at Permira, and Investment Committee Member at Permira Credit Benoit Vauchy on credit underwriting in the age of AI and uncertainty. Read here.
🎥 Watch Juventus Director of Football Strategy Giorgio Chiellini share life lessons in sports and business from a world-class performer on and off the field. Watch here.
🎥 Watch Bank of America’s Head of Alternative Investments Mark Sutterlin share why being a good investor in private markets is table stakes. Watch here.
🎥 Watch iCapital’s Managing Director, Head of Private Asset Research & Model Portfolios Kunal Shah share lessons learned from being an institutional allocator and the private market mindset wealth managers need in the 20th episode of the Alts Pulse podcast recorded live at the iCapital Connect conference. Watch here.
📝 Read The AGM Op-Ed with Arcesium Private Markets Head Cesar Estrada on how consolidating data can enhance the LP / GP relationship. Read here.
🎥 Watch Benefit Street Partners’ Senior Managing Director, Head of Real Estate and Portfolio Manager Michael Comparato discuss the opportunity in commercial real estate credit. Watch here.
🎥 Watch 73 Strings’ CEO and Co-Founder Yann Magnan discuss how technology innovation is unlocking valuation intelligence in private markets. Watch here.
📝 Read “Alternative Thinking: Connecting the dots with the data with RIA CIOs and KKR’s 2025 RIA Private Markets Survey,” a recap of a conversation with Beacon Pointe CIO Michael Dow, Cary Street Partners CIO Matt Rubin, and KKR MD Matt Magill about how RIA CIOs are allocating to private markets and tying two live examples to data gleaned from KKR’s 2025 RIA Private Markets Survey. Read here.
🎥 Watch Hamilton Lane’s Executive Co-Chairman Hartley Rogers share perspectives from 40+ years of pioneering in private markets in a podcast recorded live at the iCapital Connect conference. Watch here.
🎥 Watch Lincoln International’s Managing Director and Global Head of the Portfolio Valuations practice Brian Garfield share perspectives on how AI is impacting private markets valuations. Watch here.
📝 Read The AGM Q&A with Davidson Kempner Managing Partner and Chief Investment Officer Tony Yoseloff and Partner and Head of Research Suzanne Gibbons for opportunities in credit amidst a capital structure reset. Read here.
🎥 Watch Bridgepoint’s Partner and Chief Investment Officer Xavier Robert provide a masterclass on the European middle market investing landscape. Watch here.
🎥 Watch AlphaCore’s CEO & Founder Dick Pfister share his perspective on building a wealth management firm with “alpha at its core” in a podcast recorded live at the iCapital Connect conference. Watch here.
🎥 Watch HarbourVest’s CEO John Toomey discuss how private markets have changed and how HarbourVest has been “earning investors’ trust” for over 40 years. Watch here.
🎥 Watch Stonepeak’s Partner and Senior Managing Director, Stonepeak Credit Ryan Roberge on the evolution of infrastructure credit. Watch here.
🎥 Watch Bloomberg’s Head of Fixed Income & Private Markets Brad Foster on the convergence between public and private markets and how the market structure evolution in private markets might unfold. Watch here.
📝 Read The AGM Q&A with MSCI Head of Private Assets Luke Flemmer for perspectives on how market structure is evolving to build increased transparency in private markets. Read here.
🎥 Watch Brookfield Asset Management’s President, Private Equity Group David Nowak discuss what “earn your seat” private equity means and how Brookfield’s owner-operator and industrial heritage have shaped the firm’s private equity investment business. Watch here.
🎥 Listen and watch EQT’s Deputy Managing Partner and Chairperson of EQT Real Assets Lennart Blecher share the history, background, and evolution of the firm’s infrastructure investment business and how EQT takes an active ownership approach to real assets. Listen here and Watch here.
🎥 Watch Stable Asset Management’s Founder & CEO Erik Serrano Berntsen discuss the evolution of the GP seeding market and what it takes to build a great alternative asset management firm. Watch here.
🎥 Watch MSCI’s Head of Private Assets Luke Flemmer discuss the evolution in private markets market structure and how standardization, normalization, and transparency of data will transform private markets. Watch here.
🎥 Watch AGM Unscripted at the Goldman Sachs Alternatives Summit with Partners Matt Gibson (here), James Reynolds (here), Kristin Olson (here), Harold Hope (here), Michael Bruun (here), and Jeff Fine (here).
🎥 Watch Lexington Partners’ Partner Taylor Robinson share details about the evolution of the secondaries market and why secondaries are in the spotlight. Watch here.
📝 Read The AGM Q&A with Blue Owl Senior MD and CEO of Global Private Wealth Sean Connor on how they are serving the wealth channel in 2026 and beyond. Read here.
🎥 Watch Ultimus Fund Solutions’ CEO Gary Tenkman discuss how Ultimus is helping to build core fund administration infrastructure that powering the evergreen evolution and is helping to make private markets go mainstream. Watch here.
🎥 Watch Goldman Sachs’ Partner and Global Head of Private Wealth Management Capital Markets and Global Head of Goldman Sachs Apex Family Office Coverage Sara Naison-Tarajano discuss how Goldman Sachs has built its Apex Family Office Coverage group to serve UHNW families and family offices. Watch here.
📝 Read about the expansion of Alt Goes Mainstream, with the announcement of AGM Community, the creation of the AGM Community RIA Advisory Board, and why we believe that the industry should have small, curated events and community-building efforts. Read here.
🎥 Watch Stonepeak’s MD and CEO of SP+ INFRA Cyrus Gentry discuss the why and the how of bringing infrastructure investing to the wealth channel. Watch here.
🎥 Watch Blue Owl’s Senior MD and President & CEO of Global Private Wealth Sean Connor discuss the firm’s focus on the wealth channel and how the firm is a growth company in a growth industry that is investing in megatrends. Watch here.
🎥 Watch the latest Alts Pulse with iCapital Chairman & CEO Lawrence Calcano where we go global and discuss Lawrence’s recent trip to Asia to peer into the nuances of the different wealth management markets around the globe. Watch here.
🎥 Listen and watch EQT’s Chairperson EQT Asia and Head of Private Capital Asia Jean Eric Salata share reflections on leadership, culture, and values from one of the world’s largest investment firms. Listen here and Watch here.
🎥 Listen and watch EQT’s Founder and Chairperson Conni Jonsson discuss how EQT has built a global private equity firm the Nordic way. Listen here and Watch here.
🎥 Watch Vista Equity Partners’ President and COO David Breach discuss how Vista has built a software investing powerhouse in the age of AI. Watch here.
🎥 Watch ING’s Anneka Treon, Global Head of Private Banking, Wealth Management & Investments, and Johan Kloeze, Head of Private Banking & Wealth Management NL, ING, share lessons learned from building a private markets platform for private wealth clients. Watch here.
🎥 Watch Oaktree Capital Management’s Co-CEO and Head of Performing Credit Armen Panossian share why investors shouldn’t “have to reach for risk to generate the right return.” Watch here.
🎥 Watch Franklin Templeton’s COO - Global Wealth Management Alternatives George Stephan discuss the evolution of Franklin Templeton’s Alternatives business and how the firm has brought public and private together. Watch here.
🎥 Watch iAlta Holdings’ Founding Partner Bill Crager discuss the evolution of wealthtech from building Envestnet as Co-Founder and CEO to why today is a “transformational moment” in wealth management. Watch here.
🎥 Watch Vista Equity Partners’ Founder, Chairman, and CEO Robert F. Smith discuss who will benefit from AI and how he built a $100B enterprise software scaled specialist firm. Watch here.
🎥 Watch Nomura Capital Management’s CEO Robert Stark discuss how they have built a private credit firm within a global bank. Watch here.
📝 Read The AGM Op-Ed with Blue Owl Senior MD and Head of Digital Infrastructure Matt A’Hearn on building the backbone of the digital economy. Read here.
🎥 Watch PGIM’s Global Head of Alternative Investments Dominick Carlino discuss the evolution of distributing alternative investments to the wealth channel. Watch here.
🎥 Watch Blue Owl’s Senior MD and Head of Digital Infrastructure Matt A’Hearn share why he believes there’s a generational opportunity in financing digital infrastructure. Watch here.
🎬 Watch AGM Originals The DNA - Season 1 with conversations with EQT’s Conni Jonsson, Jean Salata, Lennart Blecher, Geraldine O’Keeffe, Peter Beske Nielsen, Peter Aliprantis, Hari Gopalakrishnan, William Vettorato, and Ken Wong about the firm’s DNA and its different investing capabilities. Watch here.
🎥 Watch PGIM’s Head of Multi-Asset and Quantitative Solutions Phil Waldeck discuss the intersection of insurance and asset management. Watch here.
🎥 Watch Stonepeak Chairman, Co-Founder, CEO Mike Dorrell share his story as a pioneer in infrastructure investing. Watch here.
🎥 Watch Hg Partner and Head of Value Creation Chris Kindt discuss AI’s transformative role in value creation for private equity. Watch here.
🎥 In Permira Part 2, watch Permira Co-Chairmen & Co-CEOs Brian Ruder and Dipan Patel discuss how the collaborative leadership model in action has helped the firm scale to an €80B alternative asset manager. Watch here.
🎥 Watch Permira Co-Chairman & Co-CEO Dipan Patel discuss how to scale an €80B alternative asset manager. Watch here.
🎥 Watch Morningstar CEO Kunal Kapoor cover the most pressing topics in private markets today, including the convergence of public and private, liquidity vs illiquidity, investor education, the importance of transparency, and the why, what, and how behind evergreen funds. Watch here.
🎥 Watch The Compound and Friends (TCAF) Co-Hosts and Ritholtz Wealth Management Partners Downtown Josh Brown and Michael Batnick and I go back and forth about private markets on TCAF Episode 207. Watch here.
🎥 Watch Stonepeak Co-President Luke Taylor discuss what it takes to be a great infrastructure investor. Watch here.
🎥 Watch Arcesium MD and Head of Client and Partner Development David Nable discuss how to architect private markets technology infrastructure for the future. Watch here.
🎥 Watch Hg Senior Partner and Executive Chairman Nic Humphries discuss how Hg has grown into a $100B scaled specialist and how one of the industry’s leading private equity technology and services investors is “navigating investing at an inflection point in history.” Watch here.
🎥 Watch EQT Partner, Head of Private Wealth Americas Peter Aliprantis live from Miami on how EQT is bringing global local. Watch here.
📝 Read The AGM Op-Ed with Arcesium SVP, Business Development - Private Markets Jean Robert on why asset managers need to rethink reporting as a strategic advantage. Read here.
🎥 Watch Blue Owl Co-President and Global Head of Real Assets Marc Zahr share the story of how he built Oak Street from $17M in AUM in 2009 to what is now Blue Owl’s $67.1B AUM Real Assets business in a live Alt Goes Mainstream podcast at Future Proof Citywide. Watch here.
🎥 Watch Hg’s Partner and Head of Hg Wealth Martina Sanow discuss how Hg has unlocked opportunities for the wealth channel to invest in Europe’s largest portfolio of software and services businesses. Watch here.
🎥 Watch Goldman Sachs’ Partner and Global Co-Head of the Petershill Group at Goldman Sachs Robert Hamilton Kelly discuss the evolution of the GP stakes industry and how Goldman has become a market leading GP stakes investor. Watch here.
🎥 Watch Blue Owl’s MD, Head of Alternative Credit Ivan Zinn unpack private credit and why ABF has become a prominent part of the private credit ecosystem. Watch here.
📝 Read The AGM Op-Ed with Blue Owl Head of Alternative Credit Ivan Zinn on why “asset-based finance today mirrors the evolution of corporate direct lending from over a decade ago.” Read here.
🎥 Watch Krilogy’s Partner and CIO John McArthur discuss how an RIA can chart a growth path by building out its private markets capabilities. Watch here.
🎥 Watch New Mountain Capital’s Founder & Chief Executive Officer Steve Klinsky discuss how $55B AUM New Mountain has built a business that builds businesses. Watch here.
🎥 Watch Arcesium’s Private Markets Head Cesar Estrada discuss data silos and technology integrations in private markets. Watch here.
🎥 Watch GeoWealth President & COO Jack Hannah and iCapital SVP, Partnerships Michael Doniger discuss the ground-breaking BlackRock, iCapital, and GeoWealth unified managed account partnership live from iCapital Connect. Watch here.
🎥 Watch Goldman Sachs’ Managing Director, Global Head of Alternatives, Third Party Wealth Kyle Kniffen discuss how they are “standing on the shoulders of Goldman Sachs to be a complete partner” for the wealth channel. Watch here.
🎥 Watch Fortress Investment Group Managing Director & Co-Head of Private Wealth Solutions Adam Bobker discuss how Fortress has built a wealth solutions business from a whiteboard, leaning on the firm’s pioneering history of innovation. Watch here.
🎥 Watch Constellation Wealth Capital President & Managing Partner Karl Heckenberg on why there will be a $1T independent wealth management firm. Watch here.
🎥 Watch BlackRock Managing Director, Co-Head of US Wealth Business, Senior Sponsor for Retirement Business Jaime Magyera and iCapital Chairman & CEO Lawrence Calcano discuss the ground-breaking BlackRock, iCapital, and GeoWealth unified managed account partnership live from iCapital Connect. Watch here.
🎥 Watch KKR Partner & Co-CEO of KKR Private Equity Conglomerate LLC (K-PEC) Alisa Wood discuss how the firm has innovated in private markets, why KKR came up with the Conglomerate structure, and how evergreens can play a role in investors’ portfolios. Watch here.
🎥 Watch Cantilever Group’s Co-Founder and Managing Partner Todd Owens in a live podcast from BTG Pactual’s NYC office share why GP stakes can be the best of all worlds. Watch here.
📝 Read The AGM Op-Ed with Arcesium Private Markets Head Cesar Estrada on the rise of asset-based finance and why it’s the next growth engine for private credit. Read here.
🎥 Watch BlackRock’s Head of the Americas Client Business Joe DeVico, Head of Product for US Wealth & Head of Alts to Wealth Jon Diorio, and Partners Group's Co-Head of Private Wealth Rob Collins discuss their landmark private markets model portfolio partnership that could be the industry’s “iPhone Moment.” Watch here.
🎥 Watch Brookfield Oaktree Wealth Solutions CEO John Sweeney discuss how to build a high-performing wealth solutions team and why the word “solutions” matters when working with the wealth channel. Watch here.
🎥 Watch Cerity Partners’ Partner & Chief Client Officer Tom Cohn and Partner Amita Schultes talk about how and why they have combined a leading OCIO with a $100B AUM wealth management practice. Watch here.
🎥 Watch Marc Lipschultz, Co-CEO of Blue Owl, talk about how they have aimed to skate where the puck is going as Blue Owl has grown its AUM to $265B in nine years. Watch here.
📝 Read The AGM Q&A with Blue Owl Co-CEO Marc Lipschultz, where he highlights some of the trends that have propelled alternative asset management into the mainstream: scale, a focus on private credit, and a focus on private wealth. Read here.
🎙 Listen to Stephanie Drescher, Partner & Chief Client & Product Development Officer of Apollo, discuss what is safe and what is risky as she dives into both the convergence between public and private and the nuances of asset allocation. Listen here.
🎥 Watch Joan Solotar, Global Head of Private Wealth Solutions at Blackstone share why it’s not even early innings, but that it’s “spring training” for private markets adoption by the wealth channel. Watch here.
🎥 Watch Venkat Subramaniam, Co-Founder of DealsPlus on building a single source of truth for private markets. Watch here.
🎥 Watch Hamilton Lane Managing Director, Co-Head US Private Wealth Solutions Stephanie Davis and iCapital Co-Founder & Managing Partner Nick Veronis discuss the evolution of evergreen funds on the third episode of the Investing with an Evergreen Lens Series. Watch here.
🎥 Watch KKR Managing Director, Head of Americas, Global Wealth Solutions (GWS) Doug Krupa and iCapital Co-Founder & Managing Partner Nick Veronis discuss the evolution of evergreen funds on the second episode of the Investing with an Evergreen Lens Series. Watch here.
🎥 Watch Vista Equity Partners Managing Director, Global Head of Private Wealth Solutions Dan Parant and iCapital Co-Founder & Managing Partner Nick Veronis discuss the evolution of evergreen funds on the first episode of the Investing with an Evergreen Lens Series. Watch here.
📝 Read about a year in the book of alts — a compilation of the 1,000+ pages written in weekly newsletters on Alt Goes Mainstream in 2024. Read here.
📝 Read about the launch of the AGM Studio, a collaboration between Alt Goes Mainstream and Broadhaven Ventures to incubate, invest in, and help scale companies and funds in private markets. Read here.
🎥 Watch Stepstone Private Wealth CEO Bob Long discuss StepStone Private Wealth’s edge and nuances with their evergreen structures in the first episode of “What’s Your Edge.” Watch here.
🎥 Watch Co-Founder & Managing Partner of Cantilever Group and former Goldman Sachs and Broadhaven Capital Partners Partner Todd Owens discuss the middle market opportunity in GP stakes investing. Watch here.
🎙 Hear me discuss why and how alts are going mainstream on The Compound’s Animal Spirits podcast with Ritholtz Wealth’s Michael Batnick and Ben Carlson. Listen here.
📝 Read about the evolution of GP stakes, why alternative asset management business models are better than SaaS, and our partnership with Todd Owens and David Ballard at Cantilever, a mid-market GP stakes firm anchored by BTG Pactual. Read here.
🎙 Hear how Chris Long, Chairman, CEO, and Co-Founder of Palmer Square Capital Management has built a $29B credit investment firm and a winning NWSL soccer franchise, the KC Current. Listen here.
🎙 Hear stories from building market-defining companies Blackstone, Airbnb, and private markets from Laurence Tosi, former CFO of Blackstone and Airbnb and Managing Partner & Founder of $7.6B investment firm WestCap. Listen here.
🎙 Hear Chris Ailman, the CIO of $307B CalSTRS, discuss how he manages a portfolio with ~40% exposure to private markets. Listen here.
🎙 Hear Blackstone CTO John Stecher discuss how technology is transforming private markets. Listen here.
🎙 Hear investing legends John Burbank and Ken Wallace of Nimble Partners provide a masterclass on investing with both a macro and VC lens. Listen here.
Thank you for reading. If you like the Alts Weekly, please share it with your friends, colleagues, and anyone interested in private markets.
Subscribe below and follow me and Alt Goes Mainstream on LinkedIn (and AGM’s LinkedIn page), Twitter (@michaelsidgmore), and YouTube to stay up to date on all things private markets.
If you have any suggestions, would like me to feature an article, research, or would like to recommend a guest or topic for the Alt Goes Mainstream podcast, reach out! I’d love to include it in my next post or on a future podcast.
Special thanks to Cameron Molnar, Ryan McCormack, Nick Owens for their contributions to the AGM Index section of the newsletter.
Disclaimer: Alt Goes Mainstream is an independent newsletter focused on the private markets industry. It is published for informational and educational purposes only and does not constitute investment advice, financial advice, legal advice, or any other form of professional advice. Nothing contained herein should be construed as a recommendation to buy, sell, or hold any security or investment product. The views expressed are solely those of the author and do not represent the views of any affiliated organization, employer, or third party. Some companies, individuals, or organizations featured or mentioned in this newsletter may be current or past sponsors of Alt Goes Mainstream. Sponsorship does not influence editorial coverage, but readers should be aware that a relationship might exist. The author may hold direct or indirect investments in companies, funds, or other entities mentioned in this newsletter.
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