Intapp's Ben Harrison - using data and automation to transform private markets

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

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תוכן מסופק על ידי Michael Sidgmore. כל תוכן הפודקאסטים כולל פרקים, גרפיקה ותיאורי פודקאסטים מועלים ומסופקים ישירות על ידי Michael Sidgmore או שותף פלטפורמת הפודקאסט שלהם. אם אתה מאמין שמישהו משתמש ביצירה שלך המוגנת בזכויות יוצרים ללא רשותך, אתה יכול לעקוב אחר התהליך המתואר כאן https://he.player.fm/legal.

We Have The Receipts

1
Battle Camp: Final 5 Episodes with Dana Moon + Interview with the Winner! 1:03:29

לפני יומיים1:03:29

הפעל מאוחר יותר

רשימות

לייק

אהבתי

1:03:29

Finally, we find out who is unbeatable, unhateable, and unbreakable in the final five episodes of Battle Camp Season One. Host Chris Burns is joined by the multi-talented comedian Dana Moon to relive the cockroach mac & cheese, Trey’s drag debut, and the final wheel spin. The Season One Winner joins Chris to debrief on strategy and dish on game play. Leave us a voice message at www.speakpipe.com/WeHaveTheReceipts Text us at (929) 487-3621 DM Chris @FatCarrieBradshaw on Instagram Follow We Have The Receipts wherever you listen, so you never miss an episode. Listen to more from Netflix Podcasts.…

לפני שנה 1:00:58

MP3•בית הפרקים

Welcome back to the Alt Goes Mainstream podcast.

Today’s episode is a special show with Ben Harrison, the Co-Founder of DealCloud, which is now part of Intapp, where he is President, Industries.

Ben is a former banker and private equity professional at Falfurrias Capital Partners who went on to co-found DealCloud to make the process of managing deals and relationships for alternative asset managers and related industry service providers more streamlined and seamless.

Ben and team have done just that at Intapp DealCloud. They’ve built a unified deal and relationship management software business that is more than just a CRM. They’ve integrated a CRM function with business development, marketing, pipeline, deal management, fundraising, and investor relations features into a single platforms to enable firms in private markets to better run their day to day processes. They have a roster of over 2,500 customers, which includes many of the industry’s leading alternative asset managers.

Ben and I had a fascinating conversation about the evolution of enterprise software that serves private markets and why it’s such a large and growing opportunity, which was shared through the lens of an experienced and successful operator in this space who has grown his business to hundreds of millions in ARR that both alternative asset managers and founders and operators in private markets software will find interesting.

We discussed:

Why scale matters in enterprise software just like it does in alternative asset management.
The strategic question of building a comprehensive end-to-end software solution versus building a point solution.
What are alternative asset managers looking for when building or buying software solutions for their business?
How are alternative asset managers thinking about data and tech differently?
Why and how the TAM for software solutions for private markets is growing in lockstep with AUM industry growth.
How data helps investors make better decisions.
Where AI can help automate processes for alternative asset managers.
Is AI over- or under-hyped?

Thanks Ben for sharing your thoughts and wisdom of building an industry-leading software company for private markets and for Intapp and DealCloud’s partnership with Alt Goes Mainstream. We hope you enjoy.

Show Notes
00:00 Introduction and Background
03:54 Building Industry-Specific Software Solutions
08:02 Strategic Approach: Point Solutions vs. End-to-End Solutions
13:11 Evolution of Alternative Asset Management and its Impact on Software Solutions
16:24 Benefits of Technology for Large and Small Firms
19:11 Building Software for Large Managers vs. Small Managers
23:10 Technology's Impact on Firms' Efficiency and Productivity
25:49 The Role of Technology in Professional Development
28:24 Key Features and Benefits of DealCloud's Software Platform
32:00 The Future of Technology in the Alternative Asset Management Industry
35:49 Unlocking the Potential of Technology
38:46 The Shift Towards a User-Friendly and Automated User Experience
45:18 The Importance of Data-Driven Decision-Making
52:21 Growth Opportunities in the Private Markets Industry
01:04:16 The Role of AI in Enhancing Software Capabilities

153 פרקים

#Trading #Business #Michael Sidgmore #Investing #Alternative Investments #MBA #Private Markets #Wealth Management #Asset Management

Intapp's Ben Harrison - using data and automation to transform private markets

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

published לפני שנה

שתפו

MP3•בית הפרקים

Welcome back to the Alt Goes Mainstream podcast.

Today’s episode is a special show with Ben Harrison, the Co-Founder of DealCloud, which is now part of Intapp, where he is President, Industries.

We discussed:

Why scale matters in enterprise software just like it does in alternative asset management.
The strategic question of building a comprehensive end-to-end software solution versus building a point solution.
What are alternative asset managers looking for when building or buying software solutions for their business?
How are alternative asset managers thinking about data and tech differently?
Why and how the TAM for software solutions for private markets is growing in lockstep with AUM industry growth.
How data helps investors make better decisions.
Where AI can help automate processes for alternative asset managers.
Is AI over- or under-hyped?

153 פרקים

#Trading #Business #Michael Sidgmore #Investing #Alternative Investments #MBA #Private Markets #Wealth Management #Asset Management

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

1
Goldman Sachs' Kyle Kniffen - standing on the shoulders of Goldman Sachs to be "a complete partner" for the wealth channel 53:22

לפני 16 hours53:22

53:22

Welcome back to the Alt Goes Mainstream podcast. Today’s episode is with someone responsible for growing the footprint of one of the largest private markets businesses in the industry. We sat down at Goldman Sachs ’ 200 West office with Kyle Kniffen to discuss the evolution of the firm’s work with the wealth channel and how an intensified focus on private markets is helping to drive the firm’s strategic imperatives in asset and wealth management. Kyle is a Managing Director, Global Head of Alternatives, Third Party Wealth, at Goldman Sachs, which has over $500B of AUM in private markets. He’s responsible for the distribution of both Goldman Sachs private markets products and third party products to the wealth channel. Kyle and I had a fascinating conversation about the most pressing trends and questions in private markets. We discussed: How lessons learned from traditional asset management have helped Goldman with its private markets business. The benefits of a broad platform when it comes to helping the wealth channel navigate private markets. Why advisors should integrate private markets solutions. How to build a wealth channel business. How to think about evergreen funds versus closed end funds. The next innovation in productization. Why co-investments are becoming more popular with the wealth channel. Are evergreen funds here to stay? Thanks Kyle for coming on the show to share your wisdom and expertise. Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM’s podcasts. A word from AGM podcast sponsor, Ultimus Fund Solutions This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions , a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency. To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products. Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com . We thank Ultimus for their support of alts going mainstream. Show Notes 00:42 Introduction to the Podcast and our Guest 02:00 A message from our Sponsor, Ultimus Fund Solutions 04:06 Kyle’s Background and Journey 04:18 Wealth Channel Strategies and Insights 05:06 Goldman's Heritage in Private Markets 05:28 Client Demand for Thought Partnership 06:13 Public Markets Perspective 07:07 Consultative Sales Approach 07:21 Lessons from Institutional Segment 09:05 Quality of Investment Flow 10:51 Serving the Third Party Wealth Channel 12:53 Client Segmentation and Customization 15:16 Global Reach and Relationship Building 22:43 Product Innovation and Future Trends 27:12 Balancing Client Needs in Alternative Investments 27:47 Who Should Invest in Alternatives? 28:36 Asset Liability and Liquidity in Investment Strategies 29:28 Technology Innovations in Private Markets 30:00 Exciting Progress in Alternative Strategies 30:46 Transparency and Communication in Investments 31:14 The Puzzle of Private Market Structures 31:54 Post-Sale Transparency and Investor Experience 33:27 Engaging Clients Through Brand and Marketing 35:37 Customization in Wealth Management 37:24 Educating Advisors on Private Markets 37:47 Delivering Unique Insights and Education 39:01 Goldman Sachs Investment University 41:09 Lessons from ETFs and Mutual Funds 41:54 The Importance of Performance and Education 43:11 Tools for Advisors and Real-Life Applications 44:06 Understanding Private Markets' Impact on Portfolios 47:19 Excitement Around Private Equity Secondaries 49:02 Advisors' Interests in Tax-Advantaged Strategies 49:47 The Role of Liquidity in Private Markets 50:35 The Importance of Scale in Private Markets 51:38 Future of Private Equity Secondaries 52:14 The Permanency of Secondary Markets 52:52 Conclusion: The Benefits of a Global Platform Editing and post-production work for this episode was provided by The Podcast Consultant .…

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

1
Fortress Investment Group's Adam Bobker - Combining experience and innovation to build a wealth solutions business 56:58

לפני 5 ימים56:58

56:58

Welcome back to the Alt Goes Mainstream podcast. Today’s episode is with a wealth channel veteran who has an innate and developed view of working with wealth. We sat down in the studio with Adam Bobker . Adam joined Fortress Investment Group in 2022 to build out their wealth business as Managing Director, Global Co-Head of Private Wealth Solutions. He oversees strategy, distribution, marketing, product development, and client management activities across Fortress’ investment programs. Prior to joining Fortress, Adam was a MD and Head of the Private Wealth Advisory Group at BlackRock, where he spent 22 years. He led a team focusing on private wealth management and institutional consultant channels, as well as business development for BlackRock’s hedge fund, private equity, private credit, and real asset platforms. Adam and I had a fascinating conversation about how to build a wealth solutions business. We discussed: The entrepreneurial nature of building a business for the wealth channel. Lessons that can be learned from other industries. Why selling into the wealth channel is like being a doctor. Why understanding the DNA of an asset management firm matters when building a wealth solutions business. What Adam looks for in a successful distribution professional and when building a distribution team. How to create scalability and leverage with a distribution team. How to structure products for the wealth channel. How to get into model portfolios. Thanks Adam for coming on the show to share your wisdom and expertise in private markets and wealth management. A word from AGM podcast sponsor, Ultimus Fund Solutions This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions , a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency. To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products. Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com . We thank Ultimus for their support of alts going mainstream. Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM’s podcasts. Show Notes 00:00 Introduction to our Sponsor, Ultimus Fund Solutions 01:23 Podcast Theme Song 02:01 Introduction to Today's Guest: Adam Bobker 02:40 Building a Wealth Solutions Business 03:40 The Importance of Client Relationships 04:09 Understanding Client Needs 05:10 Evolution of Wealth Management 07:04 The Role of Education in Wealth Management 07:14 Innovative Investment Structures 08:22 Model Portfolios and Custom Solutions 13:05 Strategic Partnerships in Wealth Management 17:30 The Importance of Technology in Wealth Management 18:18 Adam's Transition to Fortress 18:36 Building a Wealth Business at Fortress 19:00 Innovative Strategies at Fortress 20:13 Focus Areas for Fortress Wealth Business 21:22 Evergreen Structures in Wealth Management 22:08 Advisor Psychology and Evergreen Structures 23:57 Suitability of Strategies for Evergreen Funds 25:14 Managing Evergreen Funds 27:12 Opportunities in Real Estate Credit 27:55 Investor Hesitation and Education 28:03 Immediate Exposure with Semi-Liquid Funds 28:33 Are Evergreen Structures Better for Investors? 28:39 The Future of Investment Strategies 28:57 Industry Flows and Semi-Liquid Funds 29:20 Impact on Alternative Asset Management 29:29 Consolidation and Strategy Expansion 29:58 Focus on Whole Portfolio Delivery 30:31 Building a Strong Team 31:17 Consultative Sales Approach 31:56 Effective Communication in Wealth Management 32:58 Importance of Brand in Asset Management 33:38 Client Experience and Technology Providers 34:03 In-House vs. Third-Party Services 36:34 Mainstreaming Private Markets 37:24 Commitment to Wealth Channel 39:11 Transforming Investment Strategies 39:50 Art and Science of Portfolio Construction 42:08 Transparency and Liquidity in Private Markets 43:05 Product Innovation and Asset Liability Mismatch 45:45 Evergreen vs. Closed-End Funds 47:27 Evolution of Fund of Funds Business 48:22 Wealth Platforms and Private Markets 49:51 Convergence of Institutional and Wealth Management 51:10 Future of Alternative Asset Management 51:54 Fee Compression in the Industry 53:07 Raising Allocation to Alternatives 55:14 Innovative and Pioneering Strategies Editing and post-production work for this episode was provided by The Podcast Consultant .…

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

1
Constellation Wealth Capital's Karl Heckenberg - why there will be a $1T independent wealth management firm 1:07:04

לפני 7 ימים1:07:04

1:07:04

Welcome back to the Alt Goes Mainstream podcast. Today’s episode is with someone who is an expert on the RIA market and the wealth management business model. We talk with Karl Heckenberg , the President & Managing Partner of Constellation Wealth Capital , an investment firm that recently closed on a $1B debut fund dedicated to providing differentiated, long-term capital solutions to well-positioned independent wealth management firms in the $8T and growing wealth management sector. Karl’s deep experience in wealth management as both an investor, from his time as the CEO of Emigrant Partners and its affiliated company, Fiduciary Network, and time on the advisor side at Merrill Lynch, A.G. Edwards & Sons, Wells Fargo, and Charles Schwab, puts him in a position to understand the inner workings of wealth management businesses. He’s also sat on the boards of Sarasota Private Trust Company, New York Private Trust Company, and Cleveland Private Trust Company, and is currently on the board at Alternative Fund Advisors. CWC has made investments into some of the industry’s leading wealth management firms, including AlTi Global, Cresset Partners, AlphaCore, Lido, and others. Karl and I had a fascinating conversation about the evolution of the wealth management industry and why it’s become such an attractive investment opportunity. We discussed: The intricacies of business growth and serving clients. Why private markets are such a critical component to differentiating a wealth management firm. Why we’ll see a $1T independent wealth management business in the coming years. The parallels between the business evolution of alternative asset managers and wealth managers. Thanks Karl for coming on the show to share your wisdom and expertise at the intersection of wealth management and private markets. Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM’s podcasts. A word from AGM podcast sponsor, Ultimus Fund Solutions This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions , a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency. To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products. Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com . We thank Ultimus for their support of alts going mainstream. Show Notes 00:00 Introduction to our Sponsor, Ultimus Fund Solutions 01:18 Podcast Opening Theme 01:57 Introduction to Today's Guest: Karl Heckenberg 03:57 Karl Heckenberg's Background and Career Journey 06:10 Early Days of Wealth Management 07:41 Post-GFC Evolution of RIAs 08:59 Understanding the Independent Wealth Management Space 10:15 Growth and Scale in Wealth Management 12:17 Challenges and Opportunities in Wealth Management 15:02 Importance of Client Experience 19:34 Investment Strategies in Wealth Management 20:07 Ownership and Equity Distribution 20:54 Minority vs. Control Investments 23:08 M&A in Wealth Management 23:23 High-Quality Firms and Client Experience 23:59 Capital Needs and Growth 24:55 Advisory Services and Value Addition 25:32 Comparisons with GP Stakes 27:39 Durability and Resilience of Wealth Management Firms 29:08 Exit Strategies and Public Market Potential 29:40 Valuations and Capital Providers 31:46 Future of Public Market Exits 34:24 Compounding Growth and Returns 35:05 Distribution and Liquidity 35:34 Investment Grade Assets and Equity Returns 35:47 Answering Key Investment Questions 36:38 Investor Concerns and Market Dynamics 36:59 Investment Buckets and Flexibility 37:25 Private Wealth vs Institutional Investors 38:02 Network Effects and Synergies 38:27 Hesitations and Value Add of Constellation 39:13 Collaborative Best Practices 39:43 LP Side and Fundraising Timing 40:08 Understanding the Wealth Channel 40:24 Retail Distribution and Success Strategies 41:05 Product Structuring and Client Diversification 41:19 Impact of Technology on Wealth Management 42:26 Importance of Private Markets Knowledge 43:44 Diversification and Institutional Approach 44:52 Challenges and Opportunities in Private Markets 46:20 Advisors' Education and Differentiation 48:26 Balancing Customization and Scalability 49:32 Operational Efficiency and Retail Products 51:16 Listening to Wealth Channel Needs 51:30 Yield-Oriented Products and Diversification 53:28 Educational Resources and Client Engagement 54:14 Growth of Wealth Channel and Private Equity 55:50 Consolidation and Future of Wealth Space 58:35 Succession Planning and Client Experience 01:04:37 Future of Wealth Management and Private Markets 01:06:05 Closing Thoughts and Future Predictions Editing and post-production work for this episode was provided by The Podcast Consultant .…

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

1
Monthly Alts Pulse Ep. 15: Live from iCapital Connect - announcing the BlackRock, iCapital, GeoWealth unified managed account partnership 14:48

לפני 12 ימים14:48

14:48

Welcome to the 15th episode of the Monthly Alts Pulse, a collaboration between iCapital x Alt Goes Mainstream. We were live from iCapital Connect’s conference in Phoenix to announce a ground-breaking partnership in private markets: a collaboration between BlackRock, iCapital, and GeoWealth , where models that include both public and private markets exposure through a unified managed account (UMA) are now available to advisors. I sat down with Lawrence Calcano , the Chairman & CEO of iCapital and Jaime Magyera , Managing Director, Co-Head of US Wealth Business, Senior Sponsor for Retirement Business, BlackRock , to discuss the details on their partnership and why a UMA that integrates both public and private market investments for wealth advisors is the next phase of adoption of private markets by the wealth channel. In this live, unscripted episode, Lawrence, Jaime, and I had a fascinating and lively discussion. We covered: An introduction to the partnership between BlackRock, iCapital, and GeoWealth. Current challenges advisors face when allocating to private markets. Why customization and scalability matters. The market structure evolution. The future of public-private models. Thanks Lawrence and Jaime for a great episode … looking forward to next month’s Monthly Alts Pulse conversation!…

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

1
EQT's Peter Aliprantis - bringing EQT's success to the US wealth market 48:21

לפני 14 ימים48:21

48:21

Welcome back to the Alt Goes Mainstream podcast. Today’s episode is with a private markets veteran who has been working in the wealth channel before it was considered "the wealth channel." We sat down in the studio with Peter Aliprantis . Peter joined EQT in October 2024 as a Partner and Head of Private Wealth Americas. He’s hit the ground running to build out a wealth team in the Americas and help continue to grow the EQT brand in the US. Peter brings a wealth of knowledge to the private wealth solutions world, garnering over 25 years of experience in the space. Prior to joining EQT, Peter spent 12 years at TPG Angelo Gordon as a Managing Director, where he focused on new business development and intermediary distribution. Peter and I had a fascinating conversation about everything from the early days of the wealth channel to the evolution of product innovation in private markets. We discussed: What working in the wealth channel was like before it was called “the wealth channel.” How to build a new brand in a different geography. How not being the loudest voice in the room can be effective when working with the wealth channel. How education helps to serve distribution efforts and how an innovative and unique approach to education with EQT’s ThinQ platform has helped build brand, trust, and credibility. Why institutions are also beneficiaries of the innovation with evergreen structures that were initially designed for the wealth channel. How product innovation will continue in the wealth channel. How model portfolios will evolve. Thanks Peter for coming on the show to share your wisdom and expertise. Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM’s podcasts. A word from AGM podcast sponsor, Ultimus Fund Solutions This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions , a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency. To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products. Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com . We thank Ultimus for their support of alts going mainstream. Show Notes 00:00 Introduction and Message from our Sponsor, Ultimus 01:57 Welcome to the Podcast 02:05 Introducing Peter Aliprantis 02:20 Peter's Career Background 03:31 Early Days in Private Wealth 04:25 Changes in Wealth Distribution 05:55 Post-Financial Crisis Shifts 06:37 Growth of the Wealth Channel 07:14 Building a Wealth Business at Angelo Gordon 07:59 Convincing Firms to Invest in Wealth 08:59 Importance of Investment Teams 10:18 Key Skills for Wealth Channel Success 12:46 Joining EQT and Brand Building 13:07 Building EQT's Wealth Platform 14:56 Brand Building in the Wealth Channel 15:32 Expanding EQT's Presence 16:10 Strategies for Engaging the Wealth Channel 16:45 Segmenting the Wealth Channel 19:57 Challenges in RIA Relationships 20:28 Importance of Relationship Building 21:25 Bespoke Products for Wealth Channel 22:10 Institutional vs. Wealth Channel Products 22:56 Evergreen Structures for Institutions 23:20 Future Trends in Wealth Management 23:27 Becoming a Solutions Provider in the RIA Channel 23:47 Creating Model Portfolios 25:31 The Future of Wealth Management 27:04 Challenges for Smaller Firms 27:38 Importance of Shelf Space 28:35 Sales Strategies in Private Banks 29:42 The Role of Scale in Wealth Channels 30:27 Balancing Growth and Performance 31:07 Global Investment Strategies and Performance 33:13 Building a Brand in the U.S. Wealth Channel 34:29 Differentiating in the Wealth Channel 36:43 Advisory vs. Sales Approach 38:18 Evergreen Funds vs. Drawdown Structures 39:53 Investor Psychology and Evergreen Structures 41:41 Changing Dynamics of Private Markets 43:01 Family-Owned Business Culture 44:30 Nordic Cultural Values 45:15 Long-Term Mindset in Private Equity 45:53 Building the Wealth Business 46:14 Bespoke Products for Wealth Channels 46:42 Seeding Evergreen Structures 47:08 The Race to Win the Wealth Channel 47:29 Manager Diversification 47:08 The Race to Win the Wealth Channel 47:59 Conclusion and Final Thoughts Editing and post-production work for this episode was provided by The Podcast Consultant .…

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

1
KKR's Alisa Wood - innovating in private markets 1:01:55

לפני 21 ימים1:01:55

1:01:55

Welcome back to the Alt Goes Mainstream podcast. Today’s episode dives into the details of product innovation in private markets with a private equity veteran who has helped to pioneer a new investment structure and working with the wealth channel. We sat down at KKR ’s Hudson Yards office with Alisa Wood , a Partner and Co-CEO of KKR Private Equity Conglomerate LLC (K-PEC). Alisa has been at KKR for over 20 years. She joined the firm in 2003 and is a Partner. She co-leads the firm’s innovative private equity open-ended, perpetual vehicles serving as the Co-CEO of KKR Private Equity Conglomerate LLC and as a member of the investment committee for the KKR Private Markets Equity Fund. She was previously the Global Head of the Private Markets and Real Assets Strategies Group and looked after private equity, infrastructure, energy real assets, real estate, impact, growth equity, and customized products. She sits on a number of the firm’s management and leadership committees, including the Risk & Operating Committee, the Democratized Private Equity Committee, the ESG Committee, and the Geopolitical Governance Committee. Alisa and I had a fascinating and thought-provoking conversation about private markets and working with the wealth channel. We discussed: Why and how KKR came up with the Conglomerate structure. Why the devil is in the detail when evaluating evergreen fund structures. Why dealflow is essential if a firm wants to have an evergreen strategy. Why education is so critical when working with the wealth channel. How investors can balance evergreens and closed-end funds. The skillsets required to manage evergreen structures. Why culture is so critical when building a high-performing and consistent investment business. The role that private markets can play in a portfolio and why that matters in today’s markets. Thanks Alisa for coming on the podcast to share your wisdom and expertise on private markets. Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM’s podcasts. A word from AGM podcast sponsor, Ultimus Fund Solutions This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions , a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency. To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products. Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com . We thank Ultimus for their support of alts going mainstream. Show Notes 00:00 Introduction and Message from our Sponsor, Ultimus 01:55 Welcome to the Alt Goes Mainstream Podcast 02:07 Introducing Alisa Wood 02:14 Alisa Wood's Background and Role at KKR 03:48 KKR's Office and Culture 06:05 Evolution of Private Equity 06:51 Early Days at KKR 08:26 Strategic Moves in Private Equity 12:41 Managing Evergreen Structures 13:58 Operational Complexity in Evergreen Funds 16:59 Deal Flow and Investment Strategies 21:37 Institutional vs. Individual Investors 23:44 Sales Cycle and Investor Relations 26:35 Employee Equity and Financial Literacy 29:41 Evolution of Private Equity Value Creation 30:17 Human Capital and Leadership 30:57 Building Community at Scale 31:59 The Importance of Returns and Connection 32:21 Building Community Through Hard Topics 32:46 Best in Class Advisors and Community Building 33:14 Shifting Business Strategies at KKR 33:47 The Role of Chief Economist and Macro Issues 34:24 Learning from Mistakes and Evolving 35:52 Integrating Resources for Better Investment Decisions 38:08 Strategic vs. Tactical Approaches 38:28 The 40-30-30 Framework 38:52 Challenges in Public and Private Markets 39:25 The Importance of Controlling Investments 39:51 Changing Market Correlations and Returns 40:47 The Complexity of Private Market Choices 41:45 The Role of Large Managers in Evergreens 44:42 Family-Owned Businesses and Evergreen Structures 47:58 Success in the Wealth Channel 49:40 Balancing Illiquidity and Investment Opportunities 50:05 The Psychology of Evergreen Investments 52:51 Growing the Evergreen Business 54:53 The Next Big Innovation: 401k Integration 55:42 The Importance of Education and Community 56:10 Defining Private Equity and Industry Standards 57:23 The Role of Trade Associations and Education 59:17 The Future of Private Market Investments 01:01:23 Real People, Real Money: The Impact of Private Markets Editing and post-production work for this episode was provided by The Podcast Consultant .…

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

1
Cantilever Group's Todd Owens - GP stakes: the best of all worlds? (live from New York) 28:35

לפני 27 ימים28:35

28:35

Welcome back to the Alt Goes Mainstream podcast. Today’s conversation features a live podcast that takes place at BTG Pactual’s NYC office for an audience in private markets. We are joined by Todd Owens , the Co-Founder and Managing Partner of Cantilever Group , where BTG Pactual is an investor. Cantilever is an independent firm focused on providing capital solutions to middle market asset managers. The firm's capital can be used to accelerate growth, support acquisitions or liftouts, fund GP commitments, seed new strategies, facilitate generational ownership transfer, and provide liquidity to founders. Cantilever focuses on asset management firms that have enterprise values between $50M and $500M. The team has executed on over $500M of GP stakes, financing, and seeding transactions as both investors and principals. The team's advisory experience working with stakes funds includes over 15 GP stakes transactions, multiple GP stakes portfolio financings, numerous GP and BDC IPOs, and dozens of asset management financing and control transactions. Cantilever is working with two strategic partners as they build their firm: BTG Pactual, the ~$30B market cap Brazilian bank and wealth and asset manager has invested into Cantilever’s fund, and Broadhaven Ventures, the principal investment arm of Broadhaven Capital Partners. Todd has over 30 years of experience as an advisor covering financial institutions and as a senior financial services executive. Prior to founding Cantilever, Todd has been a Partner at Broadhaven Capital Partners, an independent financial services focused investment bank that’s completed over $100B in announced M&A transaction volume, as well as the former CEO of Fifth Street Finance. Todd began his career at Goldman, Sachs & Co, spending 24 years including as a Managing Director and Partner in the Investment Banking Division. Todd and I had a fascinating conversation about the GP stakes space and why the middle market represents a compelling part of the asset management ecosystem as the industry undergoes change and consolidation. We discussed: The early days of alternative asset managers going public. The evolution of the GP stakes market. The role that GP stakes investing can play in the growth of alternative asset managers. How and why GP stakes has shades of private equity, private credit, and secondaries in a single strategy. A tale of two cities — the upper end of the market and the middle-market. What will liquidity look like in the GP stakes space? Thanks Todd for sharing your wisdom and views on GP stakes and asset management. Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM’s podcasts. Show Notes 00:38 Welcome to the Alt Goes Mainstream Podcast 00:40 Live Podcast at BTG Pactual’s New York City Office 00:49 Introducing Todd Owens and Cantilever Group 02:26 Welcome to Alt Goes Mainstream Live 03:04 Todd's Background and Perspective 03:29 The Early Days of Minority Equity 04:28 Alternative Asset Managers Going Public 04:53 The Success of Public Offerings 05:32 Evolution of the GP Stakes Market 05:58 The Financial Crisis and Market Evolution 06:14 Understanding the Asset Management Business 06:47 Public vs. Private Market Perceptions 08:07 Middle Market Opportunities 08:37 The Role of GP Stakes in Firm Growth 09:05 Different Approaches to Building a Business 09:15 Lessons from advising Oaktree and Ares 09:27 Strategic Planning in Asset Management 10:14 Sophistication in the Middle Market 10:45 The Future of GP Stakes and Asset Management 11:48 Differences Between Upper and Middle Markets 14:46 Opportunities in the Lower Middle Market 16:03 The Persistence of the Middle Market 17:58 Wealth Channel and Private Markets 18:48 Evolution of Wealth Management 20:04 Democratization of Alternatives 20:24 GP Stakes as an Investment Strategy 20:54 GP Stakes: The Best of All Worlds? 20:59 Investment Strategies and Market Trends 22:08 Private Credit vs. GP Stakes 22:58 Betting on Private Markets Growth 23:17 Long Duration Capital in GP Stakes 23:47 Liquidity in the GP Stake Space 24:22 Managing Portfolio and Realizations 25:01 The Need for Liquidity Solutions 25:19 Quick Fire Questions 25:26 Favorite Asset Class in 2025? 26:06 Next Firm to Go Public? 26:16 Challenges of Merging Large Firms 27:21 Future of Middle Market GP Stakes 28:07 Conclusion: Live Podcast Wrap-Up 28:12 Thank You and Closing Remarks Editing and post-production work for this episode was provided by The Podcast Consultant .…

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

1
BlackRock's Joe DeVico and Jonathan Diorio and Partners Group's Rob Collins - “an iPhone moment for private markets" 54:58

לפני 5 weeks54:58

54:58

Welcome back to the Alt Goes Mainstream podcast. Today’s episode dives into a groundbreaking partnership that could change the trajectory of how the wealth channel invests into private markets. We are joined by BlackRock ’s Senior Managing Director, Head of the Americas Client Business, Co-Head of U.S. Wealth Advisory (USWA), and a member of the Global Executive Committee for BlackRock Joe DeVico and Head of Product for US Wealth & Head of Alts to Wealth Jon Diorio and Partners Group ’s Partner, Co-Head of Private Wealth, Head of the New York Office, Member of the Global Executive Board, Partners Group Rob Collins to discuss their partnership on a private markets model portfolio purpose-built for the wealth channel. Joe, Jon, and Rob discuss what Rob calls in the podcast the industry’s “iPhone moment.” This model portfolio partnership that brings together BlackRock’s private markets and technology capabilities and Partners Group's history as a pioneer in the evergreen funds space is a big moment for private markets. The partnership enables the wealth channel to seamlessly access private markets solutions, understand how it fits into a broader asset allocation model, and handles rebalancing in a turnkey fashion. We had a fascinating discussion about this partnership and why the wealth channel needs turnkey solutions such as model portfolios. We discussed: Why model portfolios could be the “iPhone moment” for private markets. The anatomy of the partnership between BlackRock and Partners Group to create private markets model portfolios. How to balance personalization and customization with standardization of delivery to the wealth channel. How to create differentiation with private markets product offerings with different product structures. The mechanics of a private markets model portfolio. How education plays a role in advisor adoption of private markets products and model portfolios. Thanks Joe, Jon, and Rob for sharing your wisdom and experience on public and private markets as you help bring private markets into the mainstream. Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM’s podcasts. A word from AGM podcast sponsor, Ultimus Fund Solutions This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions , a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency. To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products. Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com . We thank Ultimus for their support of alts going mainstream. Show Notes 00:00 Introduction to our Sponsor, Ultimus Fund Solutions 01:18 Alt Goes Mainstream Theme Song 01:56 Introduction to Today's Episode 01:58 Groundbreaking Partnership Announcement 03:32 Welcome to the BlackRock Studio 04:05 Backgrounds of Joe and Jon from BlackRock 05:48 Rob's Background and Perspective 07:13 Why this is an iPhone Moment for Private Markets 07:55 Challenges in Private Markets Adoption 12:48 Why Now is the Right Time 16:11 The Importance of Partnership 21:51 Building a Brand in Private Markets 26:48 Evolution of Fixed Income Markets 27:10 Electronification of Private Markets 27:21 Educating the Wealth Channel 28:13 Importance of Excellent Execution 28:44 Proving Performance in Private Markets 29:27 Building the Right Solution 29:48 Client Demand for Private Market Access 30:34 Customizing Asset Allocation 31:41 Transparency in Model SMAs 32:21 Blurring Lines Between Public and Private Markets 33:12 Foundational Equity in Private Markets 34:15 Combining Public and Private Solutions 35:25 Democratization of Private Markets 36:19 Active vs. Passive in Private Markets 37:58 Challenges in Market Adoption 38:28 Scalability and Diversification 39:27 Evergreen Funds and Capital Deployment 42:03 Seismic Shift in Private Markets 42:47 Future of Private Market Solutions 49:59 Personalization in Portfolio Building 50:53 Patience and Private Markets 51:00 Final Thoughts on Private Market Innovation 54:41 Conclusion and Podcast Outro Editing and post-production work for this episode was provided by The Podcast Consultant .…

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

1
Going Public with Evercore's Glenn Schorr - Ep. 3: The "Final Four" 47:30

לפני 6 weeks47:30

47:30

Welcome back to Going Public with Evercore ’s Glenn Schorr . On the latest episode of Going Public, we dive for the loose balls in private markets’ March Madness as Glenn shares his thoughts on why it’s important to separate the forest from the trees when it comes to why certain firms make his “Final Four.” We cover some of the most pressing topics in alternative asset management, including: Separating the forest from the trees — dissecting alternative asset manager stock performance versus long-term business performance. Views on the exit environment and what it means for alternative asset manager stock performance. Where and why does scale matter? Are banks and alternative asset managers enemies, frenemies, or collaborators, particularly in areas like private credit? Why does Glenn believe the secular growth trends of private markets and how that impacts alts managers is a fat pitch? In the spirit of March Madness, Glenn shares his bracketology on which firms make his “Final Four.” Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM’s podcasts. Making private markets more public — with expert analysis Alt Goes Mainstream has partnered with an expert who has seen the evolution of alternative asset managers from their early days. Glenn Schorr is a Senior MD and Senior Research Analyst at Evercore ISI , where he covers brokers, banks, asset managers, and trust banks as an analyst. He has covered financials since 2000 and started coverage of alternative asset managers when the first firms went public. He’s consistently come up as one of the most thoughtful and well-respected analysts in the space. He balances deep research with a creative flair (just read one of the titles of his research reports and you can see his love of the game). He’s been named to Institutional Investor’s All-America Research Team for his coverage, most recently ranking #2 and runner up in 2023, #1 and #2 in 2022. Prior to Evercore, Glenn was a Senior MD at Nomura, serving as the lead financials analyst. Listen in as Glenn shares market stories, the evolution of alternative asset managers as businesses, the biggest and most exciting trends in private markets based on what the industry’s largest players are doing, and we go “around the horn” for his analysis on the publicly traded firms. Show Notes 00:00 Introduction and Countdown 00:06 Going Mainstream 00:45 Welcome to the Series 00:58 Meet Glenn Schorr 01:31 Market Stories and Trends 01:54 Live from Evercore 02:04 Earnings and Market Volatility 02:07 Secular Growth Businesses 02:39 Anticipation and Uncertainty 03:26 Alternative Managers' Performance 04:36 Private Markets and Infrastructure 05:53 Valuation and Market Corrections 07:28 Investment Opportunities in Market Downturns 07:54 Fundraising and Fee Related Earnings 08:01 Capital Raising Challenges 09:36 Super Alts Firms 12:22 Brand and Consistency 13:16 Acquisitions and Growth Strategies 15:33 Banks vs. Alternative Managers 16:26 Private Credit and Direct Lending 24:45 Asset Classes Shifting from Public to Private Markets 25:09 Duration Mismatch in Banking and Loans 25:32 Regulatory and Capital Arbitrage 26:01 Flexibility in Private Markets 26:30 Impact of Stock Prices on Strategic Acquisitions 27:01 Stock Deals and Control in Acquisitions 28:29 Accretive Acquisitions and Capital Raising 31:29 Scale Benefits in Private Markets 31:50 Big Ticket Transactions and Scale 33:05 Investor Understanding of Scale in Private Markets 33:37 Challenges in Public Market Investment in Alternative Managers 36:50 Long-Term Trends in Private Markets 38:03 Risks in Private Markets 38:55 Transparency and Oversight in Private Markets 39:30 Thematic Investing and Long-Term Trends 40:31 Private Markets Framework for Public Stocks 41:30 Emotional Investing and Long-Term Capital 43:25 Geopolitical and Economic Policy Impacts 45:38 March Madness: Top 4 Manager Picks 47:09 Conclusion and Final Thoughts Editing and post-production work for this episode was provided by The Podcast Consultant . Company Coverage and Disclosures Evercore ISI Glenn Schorr | Ticker | Company | APO | Apollo Global Management, Inc. | BAC | Bank of America Corporation | Glenn Schorr holds a long position in equity securities of Bank of America Corporation. | BK | Bank of New York Mellon Corp. | Glenn Schorr holds a long position in equity securities of Bank of New York Mellon Corp. | BLK | BlackRock, Inc. | BlackRock, Inc. is a client of Evercore LLC, and Evercore LLC has provided investment banking services to BlackRock, Inc. in the last 12 months. | Evercore ISI or an affiliate expects to receive or intends to seek compensation for investment banking services from BlackRock, Inc. within the next three months. | Glenn Schorr holds a long position in equity securities of Blackrock Inc. | BX | Blackstone, Inc. | Blackstone, Inc. is a client of Evercore LLC, and Evercore LLC has provided investment banking services to Blackstone, Inc. in the last 12 months. | Evercore ISI or an affiliate expects to receive or intends to seek compensation for investment banking services from Blackstone, Inc. within the next three months. | An employee, employee's immediate family member, director or consultant of Evercore ISI or one of its affiliates (but not the covering research analyst or a member of the covering research analyst's household) is an officer, director or advisory board member of Blackstone, Inc. | Evercore ISI or an affiliate has received compensation from Blackstone, Inc. for investment banking services in the last 12 months. | Analyst has a financial interest in a private equity fund managed by Blackstone, Inc. | Glenn Schorr holds a long position in equity securities of Blackstone, Inc. | OWL | Blue Owl Capital, Inc | Evercore ISI or an affiliate has acted as a manager or co-manager of a public offering of securities by Blue Owl Capital, Inc in the last 12 months. | Blue Owl Capital, Inc is a client of Evercore LLC, and Evercore LLC has provided investment banking services to Blue Owl Capital, Inc in the last 12 months. | Evercore ISI or an affiliate has received compensation from Blue Owl Capital, Inc for investment banking services in the last 12 months. | BSIG | BrightSphere Investment | C | Citigroup, Inc. | An employee, employee's immediate family member, director or consultant of Evercore ISI or one of its affiliates (b...…

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

1
Brookfield Oaktree Wealth Solutions' John Sweeney - building a high-performing wealth solutions business 58:55

לפני 7 weeks58:55

58:55

Welcome back to the Alt Goes Mainstream podcast. Today’s episode dives into the details of distribution and how to build a high-performing global business to serve the wealth channel across brands and strategies. John Sweeney is the Chief Executive Officer of Brookfield Oaktree Wealth Solutions , a business unit that was created to harmonize the distribution efforts across the Brookfield and Oaktree brands. He previously served as Head of US Business Development and Sales for Brookfield Oaktree Wealth Solutions and was a Managing Director and Head of the Americas intermediary business at Oaktree Capital. He also served as president of Oaktree Funds from 2014-2018. Before joining the alternative asset manager side of the business, John had extensive experience working in alternative investments roles at private banks. Before joining Oaktree in 2013, he was a Managing Director and Head of Product Management and Development for the alternative investments business at Morgan Stanley. Prior to that, he was the Head of Product Management in the US for the alternative investments business of the Citi Private Bank. John and I had a fascinating and informative discussion. We covered: How John is building Brookfield Oaktree’s wealth business. The benefits of scale. Wisdom from John’s Oaktree colleague Howard Marks. How advisor education is critical to the adoption of private markets. Thanks John for coming on the show to share your wisdom and views on private markets and working with the wealth channel. Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM’s podcasts. A word from AGM podcast sponsor, Ultimus Fund Solutions This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions , a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency. To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products. Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com . We thank Ultimus for their support of alts going mainstream. Show Notes 00:00 Introduction to our Sponsor, Ultimus Fund Solutions 01:55 Welcome to Alt Goes Mainstream 02:06 Introduction to John Sweeney 03:58 John's Early Career at Morgan Stanley 04:34 Evolution of Alternative Investments 05:15 Impact of Technology on Private Markets 06:42 Service and Distribution Strategy 09:33 Building Brookfield Oaktree's Wealth Business 11:16 Brookfield and Oaktree Acquisition 12:42 Creating Investment Solutions 14:07 Understanding the Wealth Channel 15:05 Global Distribution Strategy 17:52 Importance of Brand and Service 19:06 Effective Client Engagement 21:09 Advisors vs. Institutional Investors 22:27 Evergreen Funds and Distribution 25:09 Balancing Content and Engagement 27:15 Investment Philosophy and Market Context 29:36 Risk Control and Consistency 30:53 Generational Wealth Transfer 31:40 Educating the Next Generation of Investors 32:04 Long-Term Track Record and Conclusion 32:18 Delivering Returns and Long-Term Success 32:31 Accessing Evergreen Funds 32:45 Compounding Returns Over Time 32:52 Thinking in Decades 32:57 Private Credit and Economic Cycles 33:16 Experience and Results 33:41 Brand and Experience in Private Markets 34:55 Marketing and History 35:12 Brookfield Real Estate Introduction 35:34 Oaktree's Credit Roots 35:55 Integrating Two Brands 36:15 Building Solutions and Partnerships 39:03 Global Presence and Scale 39:13 Navigating Wealth Channel Conversations 40:34 Competing in Various Deal Sizes 41:16 Exploring Secondary Markets 41:56 Private Capital Opportunities 42:50 Survey Insights on Alternatives 44:04 Global Wealth Channel Strategies 44:44 Regional Strategies and Local Teams 47:42 Building a Culture of Shared Success 48:42 Educating Advisors 49:43 Early Stages of Wealth Channel 51:41 Model Portfolios and Solutions 56:32 The Appeal of Music Royalties and Human Connection 58:14 Conclusion and Final Thoughts Editing and post-production work for this episode was provided by The Podcast Consultant .…

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

1
Cerity Partners' Tom Cohn and Amita Schultes - combining an OCIO with a $100B wealth management practice 1:01:29

לפני 8 weeks1:01:29

1:01:29

Welcome back to the Alt Goes Mainstream podcast. Today’s episode dives into one of the most topical trends in the evolution of wealth management platforms and their adoption of private markets. We are joined by Tom Cohn and Amita Schultes of Cerity Partners , where they discuss the recent combination of their two respective businesses, Cerity Partners, the $100B+ national wealth management firm, and Agility, a leading OCIO business. Tom and Amita discuss their merger, why there was a need to create customization for wealth investors in private markets, and how bringing on a leading OCIO business takes Cerity Partners’ capabilities to a new level as a solutions provider in private markets. Tom is the Chief Solutions Officer and a Partner in Cerity Partners’ New York office. He’s a member of the firm’s Leadership Team. He has over ten years of experience in various investment management roles, previously serving as an Investment Analyst at Spero-Smith Investment Advisors, where he was responsible for due diligence and analysis of third-party managers and assisted in global market and asset allocation research. Amita is a Partner in Cerity Partners’ New York office, managing Cerity Partners’ OCIO client portfolios. She’s a member of the OCIO Investment Committee. Amita brings over 20 years of experience as an investment consultant to bear to the firm. Before joining Cerity Partners, Amita was a Partner and Client Portfolio Manager at Agility, where she served as a voting member of Agility’s Investment Committee. Prior to Agility, she was a Partner, Managing Director, and Senior Consultant at Colonial Consulting, serving as an investment consultant for endowments, foundations, and pension plans. She also served as a Senior Consultant at Ibbotson Associates. Tom, Amita, and I had a fascinating discussion. We covered: The why and the how behind Cerity Partners’ merger with Agility. How wealth management platforms can balance customization and scalability. Why scale matters in wealth management. How alternative asset managers can differentiate when engaging with the wealth channel. Thanks Tom and Amita for coming on the show to share your views and wisdom on wealth management and private markets. A word from AGM podcast sponsor, Ultimus Fund Solutions This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions , a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency. To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products. Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com . We thank Ultimus for their support of alts going mainstream. Show Notes 00:00 Introduction to our Sponsor, Ultimus Fund Solutions 02:05 Guest Introduction: Tom Cohn and Amita Schultes 07:32 Merger Benefits and Synergies 08:19 Client Services and Customization 09:32 OCIO and Wealth Management Integration 10:45 Why Partner Now? 11:40 Cultural Alignment and Expertise 12:38 Amita's Perspective on the Partnership 13:16 Wealth Management as Institutional LPs 14:23 Cerity Partners' Institutional Approach 14:54 Private Markets Evolution 16:25 Operational Excellence in Private Markets 17:35 Research and Manager Selection 20:56 Investment Objectives and Customization 22:27 Institutional and Wealth Client Synergies 28:16 Access and Long-term Relationships 30:06 Customization and Scalability 32:20 Educational Component in Client Investments 32:36 Framework for Custom Portfolios 33:10 Resource Allocation for Customization 33:47 Importance of OCIO Business 34:16 Next Innovation in Investment Solutions 34:38 Turnkey Solutions for Operational Complexities 35:39 Model Solutions and Manager Selection 36:34 Combining OCIO and Wealth Management Practices 37:32 Evolving Structures in Private Markets 37:54 Workflows and Technology in Private Markets 38:39 Client Experience and Operational Expertise 39:37 Defining Private Markets 41:13 Importance of Clear Definitions 41:54 Role and Goals of Private Market Investments 44:15 Partnerships and Mergers at Cerity Partners 47:05 Evaluating Investment Managers 49:06 Trust in General Partner Relationships 51:16 Identifying Manager's Edge 53:24 Training and Methodology in Manager Selection 55:51 Challenges for Managers with Wealth Channel Capital 56:47 Operational Challenges for Smaller Managers 58:06 Future Trends in Alternative Investments 01:01:00 Conclusion and Final Thoughts Editing and post-production work for this episode was provided by The Podcast Consultant .…

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

1
Blue Owl's Marc Lipschultz - skate to where the puck is going 58:09

לפני 9 weeks58:09

58:09

Welcome back to the Alt Goes Mainstream podcast. We had a chance to sit down with Blue Owl Co-CEO Marc Lipschultz recently at their Nest Network Summit for RIAs and private banks in Laguna Beach. It was a perfect setting to discuss Blue Owl’s incredible growth, which has been in part due to its unique and focused partnership with the wealth channel. Blue Owl is one of the industry’s largest alternative asset managers and has charted an impressive growth path in the nine years since its founding. Blue Owl has scaled to over $250B of AUM and has proven to be one of the top firms at raising capital from the wealth channel. Marc is a private markets industry veteran who has been instrumental in building not just one, but two of the industry’s biggest players. He spent over two decades at KKR, serving on the firm’s Management Committee, and as the Global Head of Energy and Infrastructure after joining the firm as one of the first 20 employees. He then partnered with Blackstone GSO Founder Doug Ostrover and Goldman Sachs Partner and Co-Head of Leveraged Finance Craig Packer to co-found Owl Rock Capital Partners, the predecessor firm to Blue Owl’s Credit platform. Owl Rock combined with Dyal Capital Partners to become the publicly traded entity Blue Owl in May 2021 and has since grown to over $250B in AUM and $2.2B in revenue. Owl Rock and now, Blue Owl’s, flight is emblematic of the evolution of alternative asset managers. Marc and I had a fascinating conversation. We discussed: How Blue Owl’s growth highlights trends that have propelled alternative asset management into the mainstream. Why scale matters. Their focus on private credit, data centers, and digitalization. Their focus on private wealth. The power of permanent capital. Thanks Marc for coming on the show to share your wisdom and expertise in private markets. You can also see a recent Q&A with Marc on AGM here . A number of the themes discussed by Marc in the podcast and Q&A appear in Blue Owl’s 2025 Market Outlook . You can read Blue Owl’s 2025 Market Outlooks across Credit, Real Estate, and GP Strategic Capital, where their teams outline themes that are top of mind and how it will impact their respective sectors. Show Notes 00:00 Welcome to the Alt Goes Mainstream Podcast 00:42 Interview with Marc Lipschultz 00:57 Blue Owl's Growth and Success 01:10 Marc's Background and Career 03:20 Marc's Journey at KKR 03:31 The Early Days of Private Markets 05:18 Building Owl Rock and Blue Owl 05:45 Growth at KKR and Blue Owl 06:17 Lessons from KKR 07:21 Serving Investors and Delivering Results 08:29 Operationalizing Culture 09:42 Serving Investors with Excellence 10:04 Focus on the Wealth Channel 10:25 Democratization of Alts 11:54 Building a Firm to Serve Individuals 13:41 Building a Scalable Firm 16:23 Unified Wealth Platform 18:42 Balancing Customization and Scale 23:48 Brand and Trust in Private Markets 26:27 Opportunities in Private Markets 28:38 Acquisition of IPI and Strategic Growth 28:53 The Role of Scale in Private Markets 31:10 Growth and Competition in Private Credit 32:19 Challenges in Moving from Base to High-End Markets 32:30 Meeting the Needs of Large Borrowers 32:38 Market Dynamics and Spread Variations 33:03 High-End Market Realities 33:31 Cost of Capital and Borrowing Limits 34:28 Predictability, Privacy, and Partnership 35:12 Natural Market Boundaries 35:41 Secular Trends in Private Credit 35:43 The One-Stop Shop Concept 36:10 Risk Management in Credit 36:15 Concentration Risks in Credit vs. Equity 37:01 Maintaining Low Loss Rates 37:40 Impact of Capital on Credit Performance 38:25 Durability of Large Companies 39:44 Private Financing Trends 40:28 Strategic Business Orientation 40:52 Growth Trends and Market Focus 41:46 Skating to Where the Puck is Going 46:48 Permanent Capital and Business Strategy 50:19 Building a Purpose-Built Firm 52:51 Lessons from the Washington Commanders and Tampa Bay Lightning 53:15 The Role of Culture in Business and Sports 55:13 Intentionality and Good Fortune 55:52 Commitment to Culture and Values 57:04 People as the Core of Success 57:46 Wrapping Up the Conversation and Closing Remarks Editing and post-production work for this episode was provided by The Podcast Consultant .…

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

1
Apollo's Stephanie Drescher - what is safe, what is risky? 55:09

לפני 10 weeks55:09

55:09

Welcome back to the Alt Goes Mainstream podcast. Today’s episode features an industry titan who has been on the forefront of the intersection of alts and wealth. We talk with Stephanie Drescher , Partner, Chief Client and Product Development Officer at Apollo and a member of the firm’s Leadership Team. She oversees the Client and Product Solutions Group (CPS), which includes Apollo’s Global Wealth Management Solutions, Institutional Sales, and Global Product teams. She is also involved with Apollo’s strategic investments in private markets, as a Board Observer at iCapital and a Board Member at Vega. Stephanie is responsible for leading Apollo’s global wealth buildout, which is one of the firm’s strategic priorities. They’ve invested heavily in educational resources and have built out a specialized team to work with the wealth channel. Apollo has set a goal of achieving $150B from its global wealth business by 2029 and, in 2024, under Stephanie’s leadership the global wealth business exceeded the total capital raised in 2023 from the wealth channel. Before joining Apollo in 2004, Stephanie was with JP Morgan for 10 years, working primarily in its Alternative Investment Group. Stephanie and I had a fascinating conversation about how to build and scale a business in the wealth channel. We discussed: What is safe and what is risky? How can investors approach asset allocation and portfolio construction? How working with institutional investors has influenced and helped Stephanie think through how to work with investors in the wealth channel. The anatomy of building a wealth business. How critical is brand building when working with the wealth channel? Thanks Stephanie for coming on the show to share your wisdom and expertise on private markets and work with the wealth channel. A word from AGM podcast sponsor, Ultimus Fund Solutions This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions , a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency. To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products. Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com . We thank Ultimus for their support of alts going mainstream. Show Notes 00:00 Introduction and Message from our Sponsor, Ultimus Fund Solutions 01:55 Welcome Back to Alt Goes Mainstream 02:04 Introducing Stephanie Drescher 03:55 Stephanie's Journey at Apollo 04:14 Focus on Institutional Clients 04:43 Strategic Focus on Wealth Channels 05:05 Learning from Different LPs 05:27 Early Days at J.P. Morgan 08:04 Importance of Communication 08:17 Transparency and Client Centric Approach 08:56 Educational Initiatives at Apollo 10:07 Apollo Academy Engagement 10:42 Content Creation Strategy 11:37 Combining Short and Long Form Content 11:43 Direct Client Communication 12:00 Distribution and Marketing 12:26 Client Centric Approach 13:06 Creating a Narrative for Private Markets 13:40 Defining Private Markets 14:34 Public vs. Private Markets 15:50 Changing Definitions in Private Markets 16:18 Impact of 2022 on Public Markets 17:02 Concentration in Public Markets 17:41 Benefits of Private Markets 18:17 Helping Clients Understand Private Markets 18:44 Developing Accessible Solutions 19:45 Client Focused Solutions 19:51 Balancing Client Needs and Market Nuances 20:15 Apollo's Origination Capability 22:12 Athene's Role in Apollo's Strategy 24:26 Tax Efficiency in Private Markets 25:39 Wealth Channel vs. Institutional Investors 25:48 Solving for Tax Challenges 25:53 Listening to Client Needs 27:31 Avoiding K1s and Capital Costs 28:17 Process and Adoption of Private Markets 29:07 Investing in Technology 30:08 Insights from Technology Investments 31:06 Shared Industry Solutions 32:02 Digital Outreach and Thought Leadership 32:38 Apollo's Brand and Public Presence 33:02 B2B2C Relationships 33:10 Building Apollo's Brand 33:50 Communicating Apollo's Value Proposition 34:04 Reaching the End Client 35:39 Media Presence and Brand Awareness 36:59 Tangible Impact of Private Credit 37:35 Evolution of Private Credit 38:14 Role of Asset Backed Credit 38:46 Alternative Asset Managers in Financial Markets 39:18 Partnerships and Convergence 39:48 Discretionary Allocations 40:11 401(k) Business and Retirement Goals 41:18 Focus on Net Return 41:52 Provocative Questions on Liquidity 43:00 Consistency of Messaging 43:26 Innovative Parts of Apollo's Business 43:49 Changing Definitions of Alternatives 45:23 Phases of Adoption in Wealth Channel 47:00 Strategic Focus on Partnerships 52:39 Balancing Scale and Customization 53:26 Personal Reflections and Future Investments 54:48 Conclusion and Farewell…

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

1
Alto's Eric Satz - retirement assets: the next frontier for private markets? 51:05

לפני 11 weeks51:05

51:05

Welcome back to the Alt Goes Mainstream podcast. Today’s episode dives into an important and growing part of the private markets ecosystem: how investors can access and invest into alternatives through their retirement funds. We have Eric Satz , the Founder & CEO of Alto , a self-directed IRA custodian, with us today to discuss how he’s on a mission to provide everyday Americans with the same investment opportunity long favored by institutional investors. Alto provides custody for a wide array of alternative assets, including private companies, real estate, crypto, loans, and securitized collectibles. Alto has streamlined the process for companies, funds, and SEC-registered investment platforms to include IRA investors in their offerings. They’ve partnered with firms across the alts space, including AngelList, Coinbase, EquityZen, Republic, Masterworks, and others, to enable investors to invest into private markets with their IRA. Eric is a serial entrepreneur and former investment banker. He worked at DLJ / Credit Suisse First Boston before co-founding Currenex (acquired by State Street for $564M), Plumgood Food, and Tennessee Community Ventures. His passion for entrepreneurship led him to serve on the Board of the Tennessee Valley Authority from 2015 to 2018 and he teaches an entrepreneurship class to high school students. On today’s podcast, Eric teaches us all about the merits of a self-directed IRA. We had a fascinating discussion about why and how it makes sense to use an IRA to invest into private markets investments and how he’s taking lessons learned from prior IRA businesses to build Alto. We discussed: Rethinking retirement investing. The evolution of the self-directed IRA market. Alto’s vision: TurboTax for IRAs. Structural challenges with using IRAs for private markets investments. The role of technology with streamlining retirement investing. The evolution in investor awareness of retirement investing. The importance of duration matching. Thanks Eric for coming on the show to share your knowledge and passion for alternatives. Show Notes 00:00 Introduction: Going Mainstream 00:38 Welcome to Alt Goes Mainstream Podcast 00:52 Introducing Eric Satz and Alto 01:33 Eric's Background and Entrepreneurial Journey 01:57 The Mission of Alto 02:01 The TurboTax for IRAs 02:05 The Importance of Retirement Accounts in Private Markets 02:29 Welcoming Eric to the Podcast 02:37 The Evolution of Private Markets and IRAs 02:51 The Beginnings of Alto 03:13 Challenges in Self-Directed IRAs 03:54 The Vision for Self-Directed IRAs 04:28 Changing Conventional Wisdom on Retirement Investing 05:40 The Demographics of the IRA Industry 06:21 The Growth of IRA Accounts 06:38 The Allocation to Alternative Assets 07:36 Barriers to Private Market Investments in IRAs 07:50 Psychological Barriers to Alternative Investments 08:35 Structural Challenges in Using IRAs for Private Investments 08:53 The Role of Technology in Streamlining Investments 09:02 The Launch of Alto with AngelList 10:05 The User Journey in Private Market Investments 10:43 The Role of Financial Advisors 11:10 Educating Investors on Private Markets 12:25 The Evolution of Investor Knowledge 12:35 The Importance of Tax-Advantaged Investments 13:11 The Financial Advisor's Perspective 14:05 The Benefits of Illiquidity in Private Markets 15:54 The Role of Large Asset Managers 16:17 The Branding of Private Markets 16:45 The Growth of Athene and Financial Advisors 16:57 The Importance of Current Income in Retirement Accounts 17:43 The Younger Generation's Investment Behavior 18:05 The Impact of Evergreen Fund Structures 19:04 The Role of Asset Management Firms 20:02 The Future of Private Market Solutions 20:15 The Role of Alto in Private Market Investments 20:54 The Importance of Infrastructure in Private Markets 21:44 The Evolution of Alto's Business Model 21:50 The Growing Awareness of Private Markets 23:57 The Role of the Alto Marketplace 24:35 The Inclusion of Crypto in IRAs 25:17 The Challenges of Transitioning Assets to IRAs 25:50 The Impact of Friction on Investment Decisions 27:46 The Success of Alto's Technology 28:35 The Role of Funds in Promoting IRAs 29:36 The Future of Private Markets and Wealth Channels 31:11 The Role of Financial Advisors in Private Markets 31:58 Educating Financial Advisors on IRAs 32:13 The Importance of Conferences and Networking 47:13 The Future of Private Markets and Retirement Accounts 47:32 The Role of Regulations in Private Market Investments 50:27 Conclusion: The Potential of Retirement Accounts in Private Markets Editing and post-production work for this episode was provided by The Podcast Consultant .…

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

1
AlTi Global's Mike Tiedemann - when wealth management goes global 1:01:37

לפני 12 weeks1:01:37

1:01:37

Welcome back to the Alt Goes Mainstream podcast. Today’s guest is an industry leader in wealth management who has been very active in private markets. Mike Tiedemann is a pioneer in the wealth management space in a number of ways. He's at the helm of the first pure play publicly traded wealth management business, AlTi Global . AlTi, a $72B AUM platform, came out of a merger between Mike's successful and highly regarded wealth management and alternatives business, Tiedemann Advisors, which merged with Alvarium. Founded in 1999, Tiedemann grew into a global company under Mike's leadership, expanding across geographies and building out a Trust Company and an alternatives manager on its way to overseeing $29B AUA. Mike has since run the combined company of AlTi Global as CEO, where they've built a global wealth management and alternatives platform. They are also backed by Allianz and Constellation Wealth Capital as they continue to serve many UHNW families worldwide. Mike is very well-versed in private markets given his deep expertise in allocating to many of the industry's best leading managers so we had a fascinating conversation about the intersection of private markets and wealth management. We discussed: The business of wealth management. The evolution of the wealth management industry. Why understanding private markets is so critical for wealth managers. The advantages of being a global wealth management business. The experience of being a publicly traded pure play wealth management firm. How to structure investments for global clients. The need to customize private markets portfolio construction as a way to differentiate versus other wealth management platforms. Thanks Mike for coming on the show to share your views and wisdom on wealth management and private markets. This conversation is for informational purposes only and should not be construed as investment advice. It does not endorse or recommend any specific investments, products, or strategies. The opinions shared regarding investment approaches, risk allocations, and portfolio decisions are purely for discussion and do not constitute formal recommendations. Any statements, assertions, or views regarding past or future market events or investment approaches are based on the speaker’s beliefs and do not necessarily reflect those of the firm as a whole, unless explicitly stated with supporting sources. Additionally, some statements may be forward-looking in nature, and actual outcomes may differ materially from expectations. A word from AGM podcast sponsor, Ultimus Fund Solutions This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions , a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency. To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products. Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com . We thank Ultimus for their support of alts going mainstream. Show Notes 00:00 Introduction and Message from our Sponsor Ultimus Fund Solutions 01:18 Podcast Theme Song 01:55 Welcome to Alt Goes Mainstream 01:58 Introducing Mike Tiedemann 05:26 Lessons from Mike’s Early Career in Brazil 06:51 Geopolitics and Investing 09:10 Private Markets Insight 09:33 History of Tiedemann Advisors 11:13 Evolution of Wealth Management 13:18 Challenges in Wealth Management 13:40 Multi-Strategy Managers 16:23 Client Needs and Expectations 17:58 Global Expansion and Services 20:25 Investment Differentiation 23:11 Tax Efficiency in Investments 24:23 Partnerships and Collaborations 26:18 Decision to Go Public 27:52 Benefits of Being Public 28:00 Challenges of Going Public 28:49 Building a Permanent Business 28:59 The Importance of Permanent Capital in Wealth Management 29:11 Wealth Management Business Longevity 29:54 Public Company Dynamics 30:15 Surviving Market Downturns: Strategies for Wealth Management Firms 31:12 Industry Consolidation 32:00 Global Wealth Management Focus 32:54 Regional Wealth Hubs 34:08 Nuances of Global Markets 35:30 Structuring for Global Clients 37:19 Creating Scalable Private Market Offerings 38:27 Differentiating in Private Markets 40:11 Tax Efficiency in Alternatives 40:52 Innovative Investment Structures 41:19 Partnerships with Managers 41:58 Public vs. Private Wealth Management 43:44 Brand and Public Listing Impact 45:35 Future of Wealth Management 47:26 Technology and AI in Wealth Management 48:38 Talent and Retention 50:48 Skills for Modern Wealth Managers 51:57 Next Gen Client Demands 53:11 Exciting Trends in Private Markets 54:40 Capital Flows and Private Credit 56:33 Challenges in Private Markets 58:16 Favorite Alternative Investments 01:01:05 Concluding Thoughts…

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Intapp's Ben Harrison - using data and automation to transform private markets