Welcome to the Allocate Podcast, an interview and educational content series to help investors learn and navigate investing in alternatives. Join us to hear from leading founders, fund managers, and allocators on the latest trends and the keys to successfully participating in the private markets.

In this episode of the Allocate Podcast, host Nic Millikan welcomes Crowd Street executives David Govshtein and Anna-Marie Allander Lieb as the pair discuss their platform's transformative journey in democratizing commercial real estate investing for accredited investors. Born from the 2012 JOBS Act, Crowd Street has grown from a novel concept to a robust platform deploying $4.5 billion across 800 transactions, with a unique $25,000 minimum investment that provides access to institutional-quality deals. The conversation explores the platform's evolution, rigorous deal screening process, insights into various real estate sectors, and the impact of changing economic conditions. With 300,000 members and a recent leadership transition, Crowd Street is now expanding beyond commercial real estate into other alternative investments like private credit and private equity, positioning itself as a comprehensive private market investing platform that empowers accredited investors with sophisticated investment opportunities.

About David Govshtein & Anna-Marie Lieb

David Govshtein serves as the Managing Director at Crowd Street, leading the team responsible for online capital formation and investor relations. Since joining Crowd Street in 2018, David has held various roles, including Managing Director of Capital Markets and Associate in Sales Development. His leadership has facilitated numerous successful equity raises, such as the acquisition of 2 Executive Drive in Chelmsford, Massachusetts, in collaboration with Rhino Capital Advisors.

Anna-Marie Allander Lieb is tis an Executive Managing Director at Crowd Street, where she has been since 2016, bringing over 15 years of experience in commercial real estate finance and capital raising. As a key member of the Offering Review Committee, she plays a crucial role in optimizing investment structures for our members while ensuring regulatory compliance. Prior to her role at Crowd Street, Anna-Marie worked at PNC, where she specialized in underwriting and structuring innovative tax credit equity and debt financing solutions for Historic Tax Credit, and Low Income Housing Tax Credit investments. Anna-Marie started her real estate career in Boston where she was a member of the CBRE New England Capital Markets Team. She earned her Bachelor of Science in Economics from the Wharton School, University of Pennsylvania.

Crowd Street is the largest online private equity real estate investing platform, connecting accredited investors with institutional-quality commercial real estate opportunities across the United States. Since its inception, Crowd Street has facilitated the funding of over $3.6 billion in investments, enabling individual investors to diversify their portfolios with direct access to a wide range of real estate projects. The platform's success is attributed to its rigorous investment screening process, commitment to transparency, and dedication to providing investors with comprehensive educational resources.

Disclosures: Private real estate is, by nature, generally less volatile than the stock market. This lack of volatility does not necessarily translate to private real estate not fluctuating in or losing value. Further, the value of private real estate investments will fluctuate, and the value of real estate often lags behind general market conditions.

Tax aspects of such investments can be complex and may differ depending on the property or offering and on individual tax circumstances. Neither Crowd Street or its affiliates offer tax or legal advice. Investors are strongly encouraged to seek advice from qualified tax professionals and/or legal experts regarding the tax consequences based on their particular circumstances.

Timestamps:

Topics in this conversation include:

* Welcome and Guest Introduction (1:10)

* Evolution of Crowd Street (2:17)

* Growth of Investor Base (5:42)

* Challenges of Early Adoption (7:56)

* Competition and Differentiation (8:46)

* Deal Screening Process (11:36)

* Investor Choice and Portfolio Construction (14:04)

* Minimum Investment Trends (16:29)

* Investor Education Focus (20:38)

* Office Space Investment Strategies (24:20)

* Multifamily Market Dynamics (27:52)

* Interest Rates and Market Dynamics (31:06)

* Creative Financing Solutions (34:45)

* Understanding Risk and Reward in Real Estate (38:08)

* Expanding into Private Credit (40:47)

* Building Expertise for Alternative Markets (42:11)

* Closing Remarks and Future Opportunities (43:14)

Disclosure

The information on this page constitutes market commentary and is provided by Allocate Management Company, LLC, any of its affiliates or any of its or their affiliates, directors, officers, employees or advisers (collectively referred to herein as “Allocate”) for informational purposes only.

Any opinions, assumptions, assessments, statements or the like (collectively, “Statements”) regarding market condition, future events or which are forward-looking, including Statements about investment processes, investment objectives, goals, risk management techniques, views of possible future outcomes in any investment asset class or market, or of possible future economic developments, constitute only market commentary based on the subjective views, beliefs, outlooks, forecasts, projections, estimations or intentions of Allocate, should not be relied on, are subject to change. Although Allocate believes that the expectations reflected in the Statements are reasonable, no representation is made or assurance given that such Statements are correct or that the objectives of an investment product or service will be achieved or that investors will receive a return of their capital or will not sustain losses. All investments involve risks and uncertainties, as disclosed in the applicable offering documents. Allocate undertakes no responsibility or obligation to revise or update any Statements. Statements expressed herein may not be shared by all personnel of Allocate. This page and the Statements are not intended as investment advice or recommendations by Allocate. It is Allocate’s policy that investment recommendations to its clients must be based on the investment objectives and risk tolerances of each individual client.

This page and Statements may contain or are based on third-party sources that, although believed to be reliable, have not been independently verified. Market and investment views of third parties presented herein do not necessarily reflect the views of Allocate. All such information is as of the date indicated, if indicated, may not be complete, is subject to change. All rights to the trademarks, copyrights, logos and other intellectual property listed herein belong to their respective owners and the use of such logos hereof does not imply an affiliation with, or endorsement by, the owners of such trademarks, copyrights, logos and other intellectual property. Past performance is not indicative of future results.

Welcome to the Allocate Podcast, an interview and educational content series to help investors learn and navigate investing in alternatives. Join us to hear from leading founders, fund managers, and allocators on the latest trends and the keys to successfully participating in the private markets.

In this episode of the Allocate Podcast, host Samir Kaji welcomes John McArthur, Senior Partner and Chief Investment Officer of Krilogy. Samir and John discuss the evolving landscape of private markets and wealth management. John talks about his journey from traditional wirehouse firms to the independent space with Krilogy, highlighting the shift towards private market investments. Key topics include the competitive landscape for wealth advisors, the importance of private market exposure, the operational challenges these investments present, the role of technology in enhancing operational efficiency, future trends driven by changing demographics and client expectations, and so much more.

About John M. McArthur

John M. McArthur is the Senior Partner and Chief Investment Officer at Krilogy, a St. Louis-based financial services firm. He began his career with a six-year tenure at A.G. Edwards & Sons in Frontenac, Missouri, followed by over five years at Morgan Stanley Smith Barney in Chesterfield, Missouri. While with Transamerica in Los Angeles, he received a Personal Financial Planning designation from UCLA. In 2016, John earned the Certified Investment Management Analyst® (CIMA®) certification through the Investments & Wealth Institute, completing his studies at the MIT Sloan Executive Education Program.

At Krilogy, John leads the Investment Committee and collaborates with teammates Jacob Steingrubey, CFP®, and Robin Grayek to provide personalized wealth management solutions. He is committed to delivering an institutional style of portfolio construction and management to the families they serve.

John's dedication to excellence has been recognized by St. Louis Magazine, which has named him a 5-Star Wealth Manager on eight separate occasions.

Beyond his professional achievements, John values tradition and leadership. He was an Academic All-American quarterback at the University of Missouri, playing alongside Krilogy Founder and Partner Kent Skornia, and later continued his athletic and academic pursuits at Northwestern University.

Krilogy is a St. Louis-based wealth management firm dedicated to helping individuals, families, and businesses achieve their financial goals through comprehensive financial planning, investment management, and retirement solutions. The firm emphasizes a client-first approach, combining personalized strategies with institutional-level portfolio management. Krilogy’s team of advisors leverages advanced technology, market expertise, and a disciplined investment philosophy to deliver tailored financial solutions that align with each client’s unique needs. With a strong focus on growth, leadership, and innovation, Krilogy empowers clients to build and protect their wealth for the long term.

Timestamps:

Topics in this conversation include:

* John’s Background in Wealth Management (1:15)

* Shift from Wirehouse to Independence (3:05)

* Evolution of Wealth Management (6:00)

* Challenges of Offering Private Markets (10:00)

* Krilogy's Evolution in Private Markets (14:43)

* Advisor Fatigue with Investment Opportunities (17:55)

* Behavioral Advantages of Illiquidity (21:33)

* Customizing Portfolios for Clients (25:35)

* Impact of AI on Wealth Management (30:21)

* Future Challenges in Wealth Management (32:10)

Disclosure

The information on this page constitutes market commentary and is provided by Allocate Management Company, LLC, any of its affiliates or any of its or their affiliates, directors, officers, employees or advisers (collectively referred to herein as “Allocate”) for informational purposes only.

Any opinions, assumptions, assessments, statements or the like (collectively, “Statements”) regarding market condition, future events or which are forward-looking, including Statements about investment processes, investment objectives, goals, risk management techniques, views of possible future outcomes in any investment asset class or market, or of possible future economic developments, constitute only market commentary based on the subjective views, beliefs, outlooks, forecasts, projections, estimations or intentions of Allocate, should not be relied on, are subject to change. Although Allocate believes that the expectations reflected in the Statements are reasonable, no representation is made or assurance given that such Statements are correct or that the objectives of an investment product or service will be achieved or that investors will receive a return of their capital or will not sustain losses. All investments involve risks and uncertainties, as disclosed in the applicable offering documents. Allocate undertakes no responsibility or obligation to revise or update any Statements. Statements expressed herein may not be shared by all personnel of Allocate. This page and the Statements are not intended as investment advice or recommendations by Allocate. It is Allocate’s policy that investment recommendations to its clients must be based on the investment objectives and risk tolerances of each individual client.

This page and Statements may contain or are based on third-party sources that, although believed to be reliable, have not been independently verified. Market and investment views of third parties presented herein do not necessarily reflect the views of Allocate. All such information is as of the date indicated, if indicated, may not be complete, is subject to change. All rights to the trademarks, copyrights, logos and other intellectual property listed herein belong to their respective owners and the use of such logos hereof does not imply an affiliation with, or endorsement by, the owners of such trademarks, copyrights, logos and other intellectual property.

Past performance is not indicative of future results.

Welcome to the Allocate Podcast, an interview and educational content series to help investors learn and navigate investing in alternatives. Join us to hear from leading founders, fund managers, and allocators on the latest trends and the keys to successfully participating in the private markets.

In this episode of the Allocate Podcast, host Samir Kaji welcomes Taylor Matthews, Co-Founder and CEO of Farther, a modern wealth management platform. They discuss the inception of Farther, the challenges faced by financial advisors, and the critical role of technology in enhancing client experiences and advisor efficiency. The conversation also covers the growing importance of alternative investments, the impact of generational wealth transfer, the future of wealth management driven by technology and personalized services, and so much more.

Bio of Guest

Taylor Matthews is the Co-Founder and CEO of Farther, a modern wealth management firm that integrates advanced technology with personalized financial advisory services. He holds an MBA from the MIT Sloan School of Management and a BA in Philosophy and Political Science from Yale University.

Before establishing Farther, Taylor gained extensive experience in the financial services sector. He served as the Head of Account Management, Customer Success, and Business Operations at ForUsAll, where he played a pivotal role in scaling the company's assets under management from $25 million to $850 million over two years.

Earlier in his career, he worked as a Manager at Deloitte, focusing on brand valuations, organizational transformations, and leading research teams in artificial intelligence and robotics.

Under Taylor's leadership, Farther has experienced rapid growth, combining cutting-edge technology with personalized service to deliver a family-office experience at scale.

Timestamps:

Topics in this conversation include:

* Inception Story of Farther (1:09)

* Business Model of Farther (5:32)

* Client Experience and Advisor Growth (9:11)

* Generational Wealth Transfer (12:40)

* Critical Factors for Advisor Growth (15:58)

* Personalization at Scale (19:12)

* Role of Artificial Intelligence in Wealth Management (22:36)

* Proactive Client Engagement (25:07)

* Generational Wealth Transfer and Advisor Adaptation (30:54)

* Next Generation Client Expectations (35:35)

* Future Predictions for Wealth Management (37:51)

* Closing Thoughts and Takeaways (40:01)

Disclosure

The information on this page constitutes market commentary and is provided by Allocate Management Company, LLC, any of its affiliates or any of its or their affiliates, directors, officers, employees or advisers (collectively referred to herein as “Allocate”) for informational purposes only.

Any opinions, assumptions, assessments, statements or the like (collectively, “Statements”) regarding market condition, future events or which are forward-looking, including Statements about investment processes, investment objectives, goals, risk management techniques, views of possible future outcomes in any investment asset class or market, or of possible future economic developments, constitute only market commentary based on the subjective views, beliefs, outlooks, forecasts, projections, estimations or intentions of Allocate, should not be relied on, are subject to change. Although Allocate believes that the expectations reflected in the Statements are reasonable, no representation is made or assurance given that such Statements are correct or that the objectives of an investment product or service will be achieved or that investors will receive a return of their capital or will not sustain losses. All investments involve risks and uncertainties, as disclosed in the applicable offering documents. Allocate undertakes no responsibility or obligation to revise or update any Statements. Statements expressed herein may not be shared by all personnel of Allocate. This page and the Statements are not intended as investment advice or recommendations by Allocate. It is Allocate’s policy that investment recommendations to its clients must be based on the investment objectives and risk tolerances of each individual client.

This page and Statements may contain or are based on third-party sources that, although believed to be reliable, have not been independently verified. Market and investment views of third parties presented herein do not necessarily reflect the views of Allocate. All such information is as of the date indicated, if indicated, may not be complete, is subject to change. All rights to the trademarks, copyrights, logos and other intellectual property listed herein belong to their respective owners and the use of such logos hereof does not imply an affiliation with, or endorsement by, the owners of such trademarks, copyrights, logos and other intellectual property.

Past performance is not indicative of future results.

Welcome to the Allocate Podcast, an interview and educational content series to help investors learn and navigate investing in alternatives. Join us to hear from leading founders, fund managers, and allocators on the latest trends and the keys to successfully participating in the private markets.

In this episode of the Allocate Podcast, host Samir Kaji chats with John Clendening, CEO and Co-Founder of Earned Wealth, a tech-driven wealth advisory firm for doctors and dentists. They discuss the modernization of wealth management, emphasizing personalized services enhanced by technology. John explains the founding of Earned Wealth, highlighting the unique financial challenges faced by medical professionals and the importance of niche focus. The conversation covers the role of technology in improving client experience and advisor efficiency, the impact of AI, evolving investment strategies, the future of wealth management, and so much more.

About John Clendening

John Clendening is the Founder and CEO of Earned Wealth, a tech-enabled financial services firm dedicated to addressing the unique financial needs of medical professionals.

With over two decades of experience in financial services, John has held several prominent leadership roles. He served as President and CEO of Blucora, a publicly traded technology-driven financial services firm, where he led the company to double-digit annual growth in revenue and profitability.

Prior to Blucora, John spent over a decade at Charles Schwab, serving as President and co-Head of the U.S. and International retail division, and as CEO of Charles Schwab Bank. He also held senior roles at eMac Digital, First Union Bank, Wells Fargo, and The Coca-Cola Company. John earned his MBA from Harvard Business School and a BA in Economics from Northwestern University.

Topics in this conversation include:

* John's Background and Career Journey (1:10)

* Founding Earned Wealth (3:33)

* Challenges in Wealth Management (8:12)

* Technology's Role in Personalization (12:35)

* Investment Strategies and Alternatives (17:01)

* Creating a Unique RA (21:12)

* Differentiation Strategies (24:18)

* Growth Capital and Acquisitions (27:51)

* Technology Adoption Challenges (32:31)

* Impact of AI on Wealth Management (35:34)

* Importance of Human Relationships in Wealth Management (37:00)

* Final Thoughts and Takeaways (41:05)

Discloser

The information on this page constitutes market commentary and is provided by Allocate Management Company, LLC, any of its affiliates or any of its or their affiliates, directors, officers, employees or advisers (collectively referred to herein as “Allocate”) for informational purposes only.

Any opinions, assumptions, assessments, statements or the like (collectively, “Statements”) regarding market condition, future events or which are forward-looking, including Statements about investment processes, investment objectives, goals, risk management techniques, views of possible future outcomes in any investment asset class or market, or of possible future economic developments, constitute only market commentary based on the subjective views, beliefs, outlooks, forecasts, projections, estimations or intentions of Allocate, should not be relied on, are subject to change. Although Allocate believes that the expectations reflected in the Statements are reasonable, no representation is made or assurance given that such Statements are correct or that the objectives of an investment product or service will be achieved or that investors will receive a return of their capital or will not sustain losses. All investments involve risks and uncertainties, as disclosed in the applicable offering documents. Allocate undertakes no responsibility or obligation to revise or update any Statements. Statements expressed herein may not be shared by all personnel of Allocate. This page and the Statements are not intended as investment advice or recommendations by Allocate. It is Allocate’s policy that investment recommendations to its clients must be based on the investment objectives and risk tolerances of each individual client.

This page and Statements may contain or are based on third-party sources that, although believed to be reliable, have not been independently verified. Market and investment views of third parties presented herein do not necessarily reflect the views of Allocate. All such information is as of the date indicated, if indicated, may not be complete, is subject to change. All rights to the trademarks, copyrights, logos and other intellectual property listed herein belong to their respective owners and the use of such logos hereof does not imply an affiliation with, or endorsement by, the owners of such trademarks, copyrights, logos and other intellectual property.

Past performance is not indicative of future results.

Welcome to the Allocate Podcast, an interview and educational content series to help investors learn and navigate investing in alternatives. Join us to hear from leading founders, fund managers, and allocators on the latest trends and the keys to successfully participating in the private markets.

In this episode of the Allocate Podcast, host Samir Kaji chats with John Clendening, CEO and Co-Founder of Earned Wealth, a tech-driven wealth advisory firm for doctors and dentists. They discuss the modernization of wealth management, emphasizing personalized services enhanced by technology. John explains the founding of Earned Wealth, highlighting the unique financial challenges faced by medical professionals and the importance of niche focus. The conversation covers the role of technology in improving client experience and advisor efficiency, the impact of AI, evolving investment strategies, the future of wealth management, and so much more.

About John Clendening

John Clendening is the Founder and CEO of Earned Wealth, a tech-enabled financial services firm dedicated to addressing the unique financial needs of medical professionals.

With over two decades of experience in financial services, John has held several prominent leadership roles. He served as President and CEO of Blucora, a publicly traded technology-driven financial services firm, where he led the company to double-digit annual growth in revenue and profitability.

Prior to Blucora, John spent over a decade at Charles Schwab, serving as President and co-Head of the U.S. and International retail division, and as CEO of Charles Schwab Bank. He also held senior roles at eMac Digital, First Union Bank, Wells Fargo, and The Coca-Cola Company. John earned his MBA from Harvard Business School and a BA in Economics from Northwestern University.

Topics in this conversation include:

* John's Background and Career Journey (1:10)

* Founding Earned Wealth (3:33)

* Challenges in Wealth Management (8:12)

* Technology's Role in Personalization (12:35)

* Investment Strategies and Alternatives (17:01)

* Creating a Unique RA (21:12)

* Differentiation Strategies (24:18)

* Growth Capital and Acquisitions (27:51)

* Technology Adoption Challenges (32:31)

* Impact of AI on Wealth Management (35:34)

* Importance of Human Relationships in Wealth Management (37:00)

* Final Thoughts and Takeaways (41:05)

Discloser

The information on this page constitutes market commentary and is provided by Allocate Management Company, LLC, any of its affiliates or any of its or their affiliates, directors, officers, employees or advisers (collectively referred to herein as “Allocate”) for informational purposes only.

Any opinions, assumptions, assessments, statements or the like (collectively, “Statements”) regarding market condition, future events or which are forward-looking, including Statements about investment processes, investment objectives, goals, risk management techniques, views of possible future outcomes in any investment asset class or market, or of possible future economic developments, constitute only market commentary based on the subjective views, beliefs, outlooks, forecasts, projections, estimations or intentions of Allocate, should not be relied on, are subject to change. Although Allocate believes that the expectations reflected in the Statements are reasonable, no representation is made or assurance given that such Statements are correct or that the objectives of an investment product or service will be achieved or that investors will receive a return of their capital or will not sustain losses. All investments involve risks and uncertainties, as disclosed in the applicable offering documents. Allocate undertakes no responsibility or obligation to revise or update any Statements. Statements expressed herein may not be shared by all personnel of Allocate. This page and the Statements are not intended as investment advice or recommendations by Allocate. It is Allocate’s policy that investment recommendations to its clients must be based on the investment objectives and risk tolerances of each individual client.

This page and Statements may contain or are based on third-party sources that, although believed to be reliable, have not been independently verified. Market and investment views of third parties presented herein do not necessarily reflect the views of Allocate. All such information is as of the date indicated, if indicated, may not be complete, is subject to change. All rights to the trademarks, copyrights, logos and other intellectual property listed herein belong to their respective owners and the use of such logos hereof does not imply an affiliation with, or endorsement by, the owners of such trademarks, copyrights, logos and other intellectual property.

Past performance is not indicative of future results.

This webinar covers the current state of the venture capital market, highlighting the normalization of capital deployment and the reset in valuations after the 2021 peak. It delves into the concentration of capital in the top venture funds, the importance of emerging managers, and the impact of liquidity constraints on the industry. A major focus is the role of AI, which is driving mega rounds and significant valuation premiums, as well as transforming industries like life sciences and defense. The speakers also discuss the expected growth of venture capital, the democratization of private markets, and the potential for venture leaders to play a role in policymaking. Overall, the conversation paints a picture of a maturing venture ecosystem navigating a shifting landscape, with AI emerging as a transformative force across multiple sectors.

Timestamps:

* Context of the Venture Market (0:36)

* Crossing the Rubicon (2:11)

* Capital Deployment Trends (4:19)

* AI-Driven Mega Rounds (7:06)

* Investor Preferences and Market Dynamics (11:40)

* Liquidity Challenges in the Market (15:33)

* Return Expectations in Venture Capital (19:20)

* IPO Trends and Historical Context (22:23)

* Liquidity in Venture Capital (25:09)

* Proactive Liquidity Management (28:59)

* Democratization of Private Markets (33:36)

* AI Infrastructure and Investment (36:55)

* The Service Sector and Tech Market (41:54)

* Emerging Interest in Defense Tech (45:03)

* Political Influence on Venture Capital (50:01)

* Future of Public Venture Firms (51:44)

Explore a curated library of expert-driven articles, reports, and webinars designed to deepen your understanding of the private markets ecosystem all at allocate.co/institute.

Welcome to the Allocate Podcast, an interview and educational content series to help investors learn and navigate investing in alternatives. Join us to hear from leading founders, fund managers, and allocators on the latest trends and the keys to successfully participating in the private markets.

In this episode of the Allocate Podcast, host Nic Millikan speaks with Cameron Dawson, CIO of NewEdge Wealth. They look into the current state of private markets, exploring trends like the impact of rising interest rates on deal flow and the increasing focus on operational efficiency in private equity. Cameron also shares her perspective on the potential resurgence of the IPO market and the risks of a market bubble, particularly in the technology sector. To navigate these complexities, Cameron advocates for uncorrelated strategies, emphasizing the importance of diversifying portfolios and mitigating equity risk to achieve long-term investment goals.

Cameron Dawson, CFA

As Chief Investment Officer, Cameron spearheads the development of NewEdge Wealth’s investment themes, strategies, and market views while collaborating with the firm’s advisors and clients.

Before joining NewEdge Wealth, Cameron served as Chief Market Strategist at Fieldpoint Private Securities and as a Senior Equity Analyst at Bank of America. With a robust background in macroeconomics, she has honed her skills in crafting forward-thinking investment themes and asset allocation strategies. She is renowned for her insightful and distinctive financial commentary and frequently appears on Bloomberg, CNBC, Fox Business and other media outlets. Cameron is a Chartered Financial Analyst®(CFA®) and a former board member of the CFA Society® of Orlando.

Cameron has been recognized with numerous industry awards, including Institutional Investor RIA Intel CIO of the Year for 2024.

A Florida native, Cameron earned her bachelor’s degree from Rollins College, where she graduated as Valedictorian, and her MBA from the Crummer Graduate School of Business at Rollins College.

In this episode, we discuss:

* (05:52)The intersection of dance and finance

* (09:17) Current state of private markets

* (20:20) Economic conditions and IPO landscape

* (26:00) The impact of technological shifts on market dynamics

* (29:00) Investment strategies in private markets

* (32:20) Navigating esoteric asset classes

* (40:48) Advice for new investors in private markets

DISCLOSURE

The information on this page constitutes market commentary and is provided by Allocate Management Company, LLC, any of its affiliates or any of its or their affiliates, directors, officers, employees or advisers (collectively referred to herein as “Allocate”) for informational purposes only.

Any opinions, assumptions, assessments, statements or the like (collectively, “Statements”) regarding market condition, future events or which are forward-looking, including Statements about investment processes, investment objectives, goals, risk management techniques, views of possible future outcomes in any investment asset class or market, or of possible future economic developments, constitute only market commentary based on the subjective views, beliefs, outlooks, forecasts, projections, estimations or intentions of Allocate, should not be relied on, are subject to change. Although Allocate believes that the expectations reflected in the Statements are reasonable, no representation is made or assurance given that such Statements are correct or that the objectives of an investment product or service will be achieved or that investors will receive a return of their capital or will not sustain losses. All investments involve risks and uncertainties, as disclosed in the applicable offering documents. Allocate undertakes no responsibility or obligation to revise or update any Statements. Statements expressed herein may not be shared by all personnel of Allocate. This page and the Statements are not intended as investment advice or recommendations by Allocate. It is Allocate’s policy that investment recommendations to its clients must be based on the investment objectives and risk tolerances of each individual client.

This page and Statements may contain or are based on third-party sources that, although believed to be reliable, have not been independently verified. Market and investment views of third parties presented herein do not necessarily reflect the views of Allocate. All such information is as of the date indicated, if indicated, may not be complete, is subject to change. All rights to the trademarks, copyrights, logos and other intellectual property listed herein belong to their respective owners and the use of such logos hereof does not imply an affiliation with, or endorsement by, the owners of such trademarks, copyrights, logos and other intellectual property.

Past performance is not indicative of future results.

Our theme song is Running Start by Chris Doerksen, published by Seven Seas Music Worldwide, and courtesy of Seven Seas Music, Inc.

Welcome to the Allocate Podcast, an interview and educational content series to help investors learn and navigate investing in alternatives. Join us to hear from leading founders, fund managers, and allocators on the latest trends and the keys to successfully participating in the private markets.

In this episode of the Allocate podcast, Hana Yang, CXO and co-founder of Allocate, is joined by Erin Harkless Moore from Pivotal Ventures, to discuss family offices and how they can be structured, state of and investing in caregiving and healthcare—a core part of Pivotal’s mission—and how Pivotal uses investment and philanthropy to advance its mission to empower women and support women-led businesses.

Erin Harkless Moore

Erin Harkless Moore leads the fund and direct investment program for Pivotal Ventures. With nearly two decades of investment experience, building and managing customized portfolios for endowed institutions and family offices, Erin is responsible for identifying, investing and overseeing a diverse portfolio of investments that drive breakthrough innovations and advance women’s power and influence.

In this episode, we discuss:

* (02:39) Erin’s path to a family office

* (06:52) Evaluating family office opportunities

* (12:33) Team structure and evolution of Pivotal Ventures

* (14:47) Pivotal Ventures’s north star to advance and empower women

* (17:36) Investment strategies at Pivotal Ventures

* (22:02) Why Pivotal Ventures gives a lot of attention to the care economy and infrastructure

* (27:08) The future of the care economy, AI, and innovation

* (31:05) Navigating liquidity in private markets

* (36:11) Next generation of venture and fund managers

DISCLOSURE

The information on this page constitutes market commentary and is provided by Allocate Management Company, LLC, any of its affiliates or any of its or their affiliates, directors, officers, employees or advisers (collectively referred to herein as “Allocate”) for informational purposes only.

Any opinions, assumptions, assessments, statements or the like (collectively, “Statements”) regarding market condition, future events or which are forward-looking, including Statements about investment processes, investment objectives, goals, risk management techniques, views of possible future outcomes in any investment asset class or market, or of possible future economic developments, constitute only market commentary based on the subjective views, beliefs, outlooks, forecasts, projections, estimations or intentions of Allocate, should not be relied on, are subject to change. Although Allocate believes that the expectations reflected in the Statements are reasonable, no representation is made or assurance given that such Statements are correct or that the objectives of an investment product or service will be achieved or that investors will receive a return of their capital or will not sustain losses. All investments involve risks and uncertainties, as disclosed in the applicable offering documents. Allocate undertakes no responsibility or obligation to revise or update any Statements. Statements expressed herein may not be shared by all personnel of Allocate. This page and the Statements are not intended as investment advice or recommendations by Allocate. It is Allocate’s policy that investment recommendations to its clients must be based on the investment objectives and risk tolerances of each individual client.

This page and Statements may contain or are based on third-party sources that, although believed to be reliable, have not been independently verified. Market and investment views of third parties presented herein do not necessarily reflect the views of Allocate. All such information is as of the date indicated, if indicated, may not be complete, is subject to change. All rights to the trademarks, copyrights, logos and other intellectual property listed herein belong to their respective owners and the use of such logos hereof does not imply an affiliation with, or endorsement by, the owners of such trademarks, copyrights, logos and other intellectual property.

Past performance is not indicative of future results.

Our theme song is Running Start by Chris Doerksen, published by Seven Seas Music Worldwide, and courtesy of Seven Seas Music, Inc.

Welcome to the Allocate Podcast, an interview and educational content series to help investors learn and navigate investing in alternatives. Join us to hear from leading founders, fund managers, and allocators on the latest trends and the keys to successfully participating in the private markets.

In this episode of the Allocate Podcast recorded live at FutureProof Festival, Samir Kaji is joined by Jordan Stein, Managing Director at Cresset Private Capital, and Mark Suster, Partner at Upfront, to discuss the evolving landscape of venture capital. They explore significant shifts in the industry over the past two decades, including the increasing institutional acceptance of venture capital, the elongation of the time companies stay private, and the changing dynamics of exit strategies. The conversation also dives into the current market cycle, the impact of artificial intelligence on investment opportunities, and the importance of evaluating fund managers and GP-LP relationships in venture capital.

Jordan Stein

Jordan serves as a Managing Director, Cresset Private Capital and is responsible for evaluating investment opportunities across a variety of industries and products. Prior to Cresset, Jordan served in multiple roles for a large vocational education company, including Chief of Staff to the CEO, Brand President, and Director of Financial Planning and Analytics. Before that, Jordan spent two years at Moelis & Company focusing on middle-market M&A advisory.

Jordan received his MBA from the University of Chicago Booth and holds a Bachelor of Arts in Economics and Accounting from Claremont McKenna College. He currently resides in the Gold Coast neighborhood of Chicago.

Mark Suster

Mark Suster is a Partner at Upfront. He previously was the founder & CEO of two successful enterprise software companies, the most recent of which was sold to Salesforce.com where Mark became VP, Products. Prior to being a founder, Mark was a software developer at Accenture where he lived and worked in Europe, Japan and the U.S. Mark is a graduate of UCSD and has an MBA from the University of Chicago.

In this episode, we discuss:

* (02:12) Evolution of venture capital as an asset class

* (05:34) The shift in exit strategies and liquidity

* (12:23) Current market cycle and investment timing

* (17:30) The impact of AI on venture capital

* (22:49) Evaluating venture Fund Managers and GP-LP relationships

DISCLOSURE

The information on this page constitutes market commentary and is provided by Allocate Management Company, LLC, any of its affiliates or any of its or their affiliates, directors, officers, employees or advisers (collectively referred to herein as “Allocate”) for informational purposes only.

Any opinions, assumptions, assessments, statements or the like (collectively, “Statements”) regarding market condition, future events or which are forward-looking, including Statements about investment processes, investment objectives, goals, risk management techniques, views of possible future outcomes in any investment asset class or market, or of possible future economic developments, constitute only market commentary based on the subjective views, beliefs, outlooks, forecasts, projections, estimations or intentions of Allocate, should not be relied on, are subject to change. Although Allocate believes that the expectations reflected in the Statements are reasonable, no representation is made or assurance given that such Statements are correct or that the objectives of an investment product or service will be achieved or that investors will receive a return of their capital or will not sustain losses. All investments involve risks and uncertainties, as disclosed in the applicable offering documents. Allocate undertakes no responsibility or obligation to revise or update any Statements. Statements expressed herein may not be shared by all personnel of Allocate. This page and the Statements are not intended as investment advice or recommendations by Allocate. It is Allocate’s policy that investment recommendations to its clients must be based on the investment objectives and risk tolerances of each individual client.

This page and Statements may contain or are based on third-party sources that, although believed to be reliable, have not been independently verified. Market and investment views of third parties presented herein do not necessarily reflect the views of Allocate. All such information is as of the date indicated, if indicated, may not be complete, is subject to change. All rights to the trademarks, copyrights, logos and other intellectual property listed herein belong to their respective owners and the use of such logos hereof does not imply an affiliation with, or endorsement by, the owners of such trademarks, copyrights, logos and other intellectual property.

Past performance is not indicative of future results.

Our theme song is Running Start by Chris Doerksen, published by Seven Seas Music Worldwide, and courtesy of Seven Seas Music, Inc.

Welcome to the Allocate Podcast, an interview and educational content series to help investors learn and navigate investing in alternatives. Join us to hear from leading founders, fund managers, and allocators on the latest trends and the keys to successfully participating in the private markets.

In this episode of the Allocate Podcast, host Samir Kaji interviews Phil Huber, Head of Portfolio Solutions at Cliffwater and author of The Allocator’s Edge. They discuss the shifting landscape of portfolio construction, particularly the growing role of alternative investments. Phil shares insights from his book, elaborating on how the traditional 60/40 portfolio is evolving and the increasing accessibility of private markets. The conversation covers the rise of evergreen funds, the importance of liquidity management, and strategies for integrating alternatives into portfolios to meet the changing needs of investors.

Phil Huber

Phil Huber, CFA, CFP®, is a Managing Director and Head of Portfolio Solutions for Cliffwater, a leading alternative investment adviser and fund manager. In this role, Phil leverages his prior experience as a wealth management CIO to produce and curate investment research, advise on product strategy and positioning for the firm's growing platform, and help establish and strengthen relationships with the nation's leading wealth management firms.

Prior to his current role, Phil served as the Chief Investment Officer at Savant Wealth Management from February 2020 to December 2023. During his tenure, he was instrumental in guiding the firm’s investment philosophy and portfolio management practices, particularly in navigating the complexities of market shifts and the growing importance of alternative assets. Before that, he was with Huber Financial Advisors, LLC, where he held the roles of Senior Portfolio Manager and eventually Chief Investment Officer. Phil’s work at Huber Financial spanned nearly 12 years, where he was pivotal in shaping the firm’s investment strategy and building long-term relationships with clients.

Phil holds a bachelor’s degree in finance from the Kelley School of Business at Indiana University. He is both a Chartered Financial Analyst (CFA) charterholder and a Certified Financial Planner (CFP) professional, and he is an active member of the CFA Society of Chicago. Phil is also the author of The Allocator's Edge, a book that explores the integration of alternative investments into portfolios. His expertise has been recognized in various media outlets, including The Wall Street Journal, The New York Times, and Bloomberg TV. Outside of his professional life, Phil enjoys reading, yoga, and spending time with his family in the suburbs of Chicago. He is also an enthusiastic fan of professional wrestling.

In this episode, we discuss:

* (02:54): The inspiration behind writing 'The Allocator’s Edge' and the evolution of alternatives and challenges with the traditional 60/40 portfolio and why it's becoming outdated.

* (04:14): The role of interest rates in shaping investment strategies and portfolio construction

* (05:32): Why the relationship between stocks and bonds is not static and how it impacts portfolios

* (07:01): The growth of accredited investors and the implications for private market access

* (08:54): How the private wealth channel has embraced private market investments

* (10:54): The benefits of evergreen funds for wealth managers and individual investors

* (12:54): Different types of evergreen funds and how they provide liquidity."

* (15:54): The role of interval funds, tender offer funds, private REITs, and BDCs in portfolios

* (18:44): Challenges in private fund structures and the importance of manager selection

* (20:54): How secondary markets are enhancing liquidity in private equity

* (22:54): Comparing evergreen funds to traditional drawdown funds in private equity and credit

* (24:54): Tax considerations and asset location in portfolio construction

* (26:54): The generational shift in attitudes towards alternative investments

* (29:54): Strategies for advisors to introduce alternatives into client portfolios

* (31:54): Fee structures in evergreen funds versus traditional private equity funds

* (34:54): The importance of understanding fund fees, expenses, and manager incentives

* (36:54): Best practices for integrating alternatives into a balanced portfolio

* (39:54): Final thoughts on the future of alternative investments and their role in wealth management

DISCLOSURE

The information on this page constitutes market commentary and is provided by Allocate Management Company, LLC, any of its affiliates or any of its or their affiliates, directors, officers, employees or advisers (collectively referred to herein as “Allocate”) for informational purposes only.

Any opinions, assumptions, assessments, statements or the like (collectively, “Statements”) regarding market condition, future events or which are forward-looking, including Statements about investment processes, investment objectives, goals, risk management techniques, views of possible future outcomes in any investment asset class or market, or of possible future economic developments, constitute only market commentary based on the subjective views, beliefs, outlooks, forecasts, projections, estimations or intentions of Allocate, should not be relied on, are subject to change. Although Allocate believes that the expectations reflected in the Statements are reasonable, no representation is made or assurance given that such Statements are correct or that the objectives of an investment product or service will be achieved or that investors will receive a return of their capital or will not sustain losses. All investments involve risks and uncertainties, as disclosed in the applicable offering documents. Allocate undertakes no responsibility or obligation to revise or update any Statements. Statements expressed herein may not be shared by all personnel of Allocate. This page and the Statements are not intended as investment advice or recommendations by Allocate. It is Allocate’s policy that investment recommendations to its clients must be based on the investment objectives and risk tolerances of each individual client.

This page and Statements may contain or are based on third-party sources that, although believed to be reliable, have not been independently verified. Market and investment views of third parties presented herein do not necessarily reflect the views of Allocate. All such information is as of the date indicated, if indicated, may not be complete, is subject to change. All rights to the trademarks, copyrights, logos and other intellectual property listed herein belong to their respective owners and the use of such logos hereof does not imply an affiliation with, or endorsement by, the owners of such trademarks, copyrights, logos and other intellectual property.

Past performance is not indicative of future results.