Alt Goes Mainstream

Welcome back to the Alt Goes Mainstream podcast.

Alt Goes Mainstream was live from $1.2T AUM asset manager Nuveen’s nPowered conference, a two-day event bringing together Nuveen thought leaders and industry experts to explore challenges and opportunities in private markets.

We interviewed some of Nuveen’s senior leadership on site to hear their views and perspectives on private markets, working with the wealth channel, and product innovation.

We sat down with Jeff Carlin, Senior Managing Director, Head of Global Wealth Advisory Services at Nuveen, and a member of the Senior Leadership Team. He’s responsible for leading the placement, distribution, and support of all products through the US Wealth distribution channel.

Jeff and I had a fascinating conversation about working with the wealth channel and how Nuveen has created products to serve this growing investor segment.

Thanks Jeff for coming on the Alt Goes Mainstream podcast to share your wisdom and expertise on private markets, private wealth, and distribution. We hope you enjoy.

Clip #1: Building indispensable partnerships by creating trust.

Clip #2: Taking success in public markets to private markets.

Clip #3: How do you outcompete other firms and build an outperforming distribution organization?

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 [email protected].

We thank Ultimus for their support of alts going mainstream.

Show Notes

00:00 Introduction to our Sponsor, Ultimus Fund Solutions

01:55 Podcast Introduction

02:01 Live from Nuveen's nPowered Conference

02:26 Jeff Carlin's Career Journey and Role at Nuveen

06:28 Evolution of Wealth Distribution

07:24 Changes in Advisor Discretion

09:06 Consultative Selling Approach

10:30 Hiring Distribution Professionals

12:42 Building Trust with Advisors

13:57 Nuveen's Conservative Approach

14:41 Indispensable Partnerships

15:42 Macro vs. Micro Focus

17:33 Private Markets in Wealth Channels

20:12 Global Wealth Management

20:43 Regional Differences in Investment Themes

21:16 Challenges in European Markets

22:24 Focus on Global Financial Institutions

24:32 Structural and Non-Structural Advantages

27:12 Outcompeting in Distribution

29:08 Vision for Private Market Solutions

29:15 Portfolio Solutions Group's Role

29:55 Balancing Third-Party and Proprietary Products

30:18 Impact of Fund Allocation Decisions

31:09 Challenges in Wealth Channel Distribution

32:02 Complexities of Private Market Investments

32:24 Client Understanding and Implementation

33:00 Drawdown Features and Client Preferences

33:12 Perpetual Vehicles in Private Credit

33:56 Simplifying Private Market Investments

34:28 Managing Capital Calls and Cash Flows

36:47 Evergreen Structures in Private Markets

37:12 Future of Private Market Vehicles

38:41 Technological Innovations in Private Markets

38:58 Blockchain and Distributed Ledger Technology

39:52 Adoption of New Technologies

40:56 Excitement for Private Market Investments

41:51 Engaging Younger Investors

42:25 Impact of Technology on Investment Behavior

50:16 Advisor Education and Private Markets

52:08 Addressing Client Concerns About Private Markets

53:27 Importance of Client-Centric Approach

55:00 Evolving Terminology in Private Markets

56:13 Importance of Words in Financial Communication

56:24 Closing Remarks and Future Outlook

Join over 8,500 thought leaders from top private markets firms like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, CVC, TPG, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen and more.

Welcome back to the Alt Goes Mainstream podcast.

Today’s episode is with a founder who is building mission-critical software for private equity firms.

I sat down in Citywire’s London studio with Venkat Subramaniam, the Co-Founder of DealsPlus, to discuss why he has built a digital solution to streamline, digitize, and automate the management of complex holding and capital structures for private equity firms.

Historically, private equity firms have relied on humans and manual processes to manage and track cap tables, transactions, and entities. This process has required significant human intervention and has often been rife with errors, making deals harder to consummate and transactions. Venkat has taken his 15 years of experience advising private equity managers on cross-border transactions, most recently as an Associate Partner at EY UK, to build DealsPlus to create a single source of truth for capital structures for private equity firms. DealsPlus works with a number of industry-leading private equity firms and is backed by a private equity firm with $38B in AUM.

Venkat and I had a fascinating conversation about the challenges private equity firms face with managing and tracking transactions and portfolio companies. We discussed:

* Why it’s been so hard to create a cap table management solution for private equity.

* Why it's much harder to build software for private equity firms than venture capital firms.

* How private markets can move from the Excel Age to the Digital Age.

* How to build software that provides a single source of truth.

* The atomic unit of value in private markets.

* Building an end-to-end platform versus building a point solution.

* What’s next in post-investment ops tech innovation?

Thanks Venkat for coming on the show to share your thoughts and wisdom on private markets tech.

Clip #1: What is the hardest problem to solve right now?

Clip #2: Are there going to be more point solutions or one-size-fits-all solutions?

Clip #3: What’s the “wow” feature on DealsPlus?

Clip #4: Is it harder to build for larger firms or smaller firms?

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 [email protected].

We thank Ultimus for their support of alts going mainstream.

Show Notes

00:00 Introduction to our Sponsor, Ultimus

01:56 Welcome to Alt Goes Mainstream

02:10 What is DealsPlus?

02:33 Venkat's Background and Experience

03:01 The Complexity of Cap Table Management

03:10 Building a Single Source of Truth

03:49 Building DealsPlus

04:07 Venkat's Tax Advisory Experience

04:22 Complex Structures in Private Equity

04:53 The Need for Better Solutions

05:30 War Stories in Private Equity

06:31 Lack of Uniformity in Transactions

07:00 Technology's Role in Private Equity

07:44 The Impact of Cloud Computing

08:38 Consumerization of Enterprise Software

08:57 Moving from Excel to Digital

09:18 Excel's Strengths and Weaknesses

10:24 Connecting Front and Back Office

14:24 Recurring Pain Points

14:49 Focus on Cap Table Management

15:28 Complexity in Private Equity vs. Venture

16:29 Building the Platform

17:33 Stakeholder Management

19:53 Time Savings with DealsPlus

21:50 Integrating Technology into Workflows

22:15 Best in Class Solutions

24:49 Size of Fund and Complexity

26:58 Impact on Smaller vs. Larger Funds

28:44 Network Effects in Technology Solutions

30:04 The Wow Features in DealsPlus

31:16 Trends in Private Markets

33:11 Transparency and Software Solutions

34:28 Hardest Problems to Solve

35:55 Future of Technology in Private Markets

41:12 Conclusion and Closing Remarks

Join over 8,500 thought leaders from top private markets firms like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, CVC, TPG, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen and more.

Welcome back to the Alt Goes Mainstream podcast.

Today’s episode is with a founder who is building mission-critical valuation and portfolio monitoring software for alternative asset managers.

We are joined by Yann Magnan, the Co-Founder and CEO of 73 Strings, to discuss how valuation work and portfolio monitoring is moving from manual to automated and why that’s so important for the industry. 73 Strings has leveraged AI and automation to more seamlessly and cost-effectively extract data, monitor portfolios, and streamline middle-office processes for valuations. 73 Strings works with a number of the industry’s top alternative asset managers and has received investment from Blackstone, Fidelity International Strategic Ventures, and Broadhaven Ventures, amongst others.

Yann has brought his experience as a senior member of the Duff & Phelps team, where he was EMEA Market Leader and member of the Global Operating Committee and as a Partner at EY’s Transaction Advisory Services to help bring valuation and portfolio monitoring solutions into the mainstream.

Yann and I had a fascinating conversation about how technology innovation is impacting private markets. We discussed:

* The challenges with manual valuation services businesses.

* How to create uniformity and standardization with private markets fund performance data.

* How AI is changing private markets post-investment reporting processes.

* Does automation in private markets help big funds or small funds more?

* The evolution of post-investment private markets market structure.

* The biggest technology innovation still missing from private markets.

* Why the growth of the wealth channel and evergreen funds increases the need for more streamlined reporting and valuation solutions.

Thanks Yann for coming on the show to share your views and wisdom on private markets.

Clip #1: Can there be standardization and uniformity in the valuation process?

Clip #2: Will AI be smart enough to do a better job of the qualitative side of valuation work?

Clip #3: How does 73 Strings handle different companies reporting metrics in different ways?

Clip #4: What does the convergence of the wealth channel and the rise of evergreen structures mean for post-investment processes?

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 [email protected].

We thank Ultimus for their support of alts going mainstream.

Show Notes

00:00 Introduction and Sponsor Message

01:56 Welcome to the Podcast

02:05 Introducing Yann Magnan and 73 Strings

03:56 Yann's Background and Experience

04:05 The Genesis of 73 Strings

04:35 Challenges in Manual Valuation

05:27 The Role of AI in Valuation

09:43 The Importance of Human Judgment

11:42 Accountability in Valuation Reporting

13:03 Collaboration with Service Providers

14:21 Handling Diverse Data Sources

15:08 Automation and Standardization

16:24 Impact of Automation on Human Processes

17:44 Growth of the Wealth Channel and Evergreen Funds

18:44 Acceleration of Valuation Needs

19:34 Retail Investors and Private Capital

20:00 Frequency and Robustness of Valuation

20:28 Industry Readiness for Evergreen Structures

20:51 Technological Implications of Increased Frequency

21:13 Daily Valuation in Public and Private Assets

21:32 Technology Infrastructure in Asset Management

21:39 Industry Resilience and Rapid Adaptation

21:45 Forefront Firms and Their Strategies

22:01 Blackstone's Partnership with 73 Strings

22:45 Challenges in Valuation Processes

23:50 Data Control and Standardization

24:11 Extending Valuation Methodologies to Other Asset Classes

25:14 Building a Versatile Valuation Platform

26:18 Private Equity vs. Private Credit Valuations

26:58 Atomic Unit of Value in Valuations

28:40 Data Sharing Across Business Units

31:29 Automation Benefits for Large and Small Firms

32:38 Pricing Models and Value Creation

33:02 Building Technology for Large Firms

35:43 Trust and Experience in Client Relationships

36:34 Strategic Investors and Their Value

39:01 Industry Participation and Standardization

41:04 Maturity and Cost of Technology

42:14 Future of Data in Private Markets

43:30 Convergence of Private and Public Markets

45:17 Retail Investors in Private Capital

Join over 8,400 thought leaders from top private markets firms like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, CVC, TPG, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen and more.

Welcome back to the Alt Goes Mainstream podcast.

Today’s guest is an expert in financial services and capital markets who has experience as both a strategic investor and a VC.

We welcome Rana Yared, a General Partner at Balderton, where she co-leads their Growth Fund. She came to Balderton in 2020 from across the pond, where she was a Partner at Goldman Sachs, first in the Principal Strategic Investments Group, a balance sheet investing team, and later in GS Growth, when the group became part of the GS Growth efforts that began to take in outside LP capital. At Goldman, Rana oversaw investments in Financial Technology and Enterprise Technology as well as the commercialization of Goldman’s technology assets in both NYC and London. She represented Goldman on the boards of Tradeweb, NAV, Vestwell, New York Shipping Exchange, and Swapclear @ LCH. She currently serves on the board of Tradeweb in an independent capacity.

Coming off of a fundraise of $1.3B in new capital across early and growth stage funds at Balderton, Rana and I discussed what LPs were interested in and why Europe is a compelling investment ecosystem. We had a fascinating discussion about:

* Revolutionary and evolutionary innovations in financial services and private markets, including the likes of iCapital, Tradeweb, Revolut.

* Why global tech companies can be built in Europe, with Revolut, a Balderton portfolio company, as an example.

* Why London and Europe are compelling fintech and financial services ecosystems.

* How LPs should look at the European investment opportunity.

* Differences and benefits / drawbacks of being a strategic / permanent capital investor versus being an independent VC fund.

* The importance of being a risk manager in venture.

Thanks Rana for coming on the show to share your wisdom and views on Europe, venture, and private markets. We hope you enjoy.

Clip #1: Are the technological changes in financial services evolutionary or revolutionary?

Clip #2: Can European companies become massive without having to go outside of Europe?

Clip #3: What is most exciting about European venture?

Clip #4: The durability of a fintech founder.

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 [email protected].

We thank Ultimus for their support of alts going mainstream.

Show Notes

00:00 Introduction and Ultimus Sponsor Message

01:59 Introducing Balderton Capital Partner, Rana Yared

04:16 Rana's Journey from Goldman Sachs to Balderton

04:25 Transition from Investment Banking to VC

06:26 Insights on Financial Services and Market Structure

06:37 Investing in Market Structure

09:05 Disruptive vs. Evolutionary Innovations in Fintech

12:53 Partnering with Incumbents

14:31 The Importance of Durability and Product Velocity

18:11 Strategic Investing vs. Venture Capital

21:21 Investing in the European Ecosystem

27:06 The Exciting Potential of Revolut and European FinTech

27:21 FinTech Giants in Germany

27:54 European Companies' International Advantage

28:55 Investor's Perspective on European Expansion

29:48 The Role of Venture Capital in Europe

29:22 Challenges and Strategies for European Investors

30:20 The Importance of Local Presence

30:55 The Future of European Ecosystems

31:28 US VCs Entering Europe

32:15 Bridging the Talent Gap

34:02 Mentorship and Expertise

35:52 The Role of LPs and European Investment Opportunities

37:23 Challenges for European Pensions and Endowments

38:49 Innovations in Fund Structures

41:27 The Impact of Governmental Participation in Venture

42:22 Exciting Opportunities in European Venture

43:10 FinTech's Massive Potential

43:59 Europe's Unique Financial Services Advantages

44:53 Geopolitical Concerns for Investors

45:51 Lessons from War Studies Applied to Investing

47:11 The Future of Retirement Investments in Europe

49:13 The Importance of Patience in Investing

Join over 7,400 thought leaders from top private markets firms like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, CVC, TPG, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen and more.

Welcome back to the Alt Goes Mainstream podcast.

Today’s episode is with someone who has experienced the growth and evolution of the credit space from different vantage points.

We welcome Alona Gornick, a Managing Director, Senior Investment Strategist, and Co-Head of the Chicago Office for Churchill Asset Management, a firm with $50B committed capital that is a provider of financing solutions to middle market private equity firms and their portfolio companies. Churchill is an investment-specialist affiliate of Nuveen, the asset manager of TIAA.

Alona provides investment insights across the private capital spectrum to the investment community – and has a particular focus on working with the Private Wealth and Retail channels. She works closely with Nuveen’s global distribution team to deepen relationships with and educate Churchill’s investors and partners.

Alona leverages her experience in capital markets, investor relations, and credit investing from working at the likes of Nuveen, Golden Gate Capital, and Oaktree Capital Management.

Alona and I had a fascinating conversation. We discussed:

* The evolution of credit investing.

* The opportunities and risks in private credit.

* Are we in a private credit bubble?

* Why the product specialist role is critical for working with the wealth channel.

* The power of scale, particularly in private credit, and how it helps alternative asset managers win deals and invest.

* The strategic benefit of platforms and permanent capital.

Thanks Alona for coming on the show to share your views and wisdom on private markets. We hope you enjoy.

Clip #1: You don't find these credit deals on a Bloomberg terminal.

Clip #2: Is this the right time for private credit?

Clip #3: Where does the wealth channel think private credit fits into a portfolio?

Clip #4: How much does structure matter?

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 [email protected].

We thank Ultimus for their support of alts going mainstream.

Show Notes

00:00 Introduction to Ultimus Fund Solutions

01:18 Welcome to the Podcast

02:00 Guest Introduction: Alona Gornick

03:45 Alona's Career Path and Experience

06:59 Growth of Middle Market Direct Lending

07:41 Changes in the Credit Landscape

10:21 The Importance of Size and Scale in Private Credit

13:27 Deal Structuring and Market Evolution

14:46 Impact of High Rate Environment

16:06 Private Credit Returns and Underwriting

20:53 Investor Questions and Market Insights

21:24 Educating Investors on Private Credit

23:43 Private Credit in Wealth Portfolios

24:09 Diversification Benefits of Private Credit

24:24 Yield Premium in Private Credit

26:40 Private Credit vs. Private Equity

27:06 Exploring Private Equity and Private Debt

27:24 Transitioning from Public to Private Credit

27:49 The Role of a Product Specialist

28:09 Balancing Risks and Benefits

28:49 Relating to Advisors with Real Examples

29:40 The Importance of Education in Allocation

30:25 Diverse Viewpoints on Alternative Asset Managers

31:48 Challenges in Access to Capital

33:26 The Significance of Hiring Quality People

34:12 Non-Traditional Backgrounds in Specialist Roles

36:29 Patience and Commitment in Educating Investors

39:13 The Hardest Part of Educating the Wealth Channel

40:47 The Role of Structure in Education

44:21 Concerns About the Future of Private Credit

47:00 The Growth Potential of Private Credit

49:38 The Most Interesting Alternative Investment

50:15 The Opportunity in Private Equity Secondaries

52:47 Private Credit Secondaries: A Nascent Space

54:17 Primary and Secondary Considerations in Credit

54:34 Conclusion and Final Thoughts

Join over 7,300 thought leaders from top private markets firms like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, CVC, TPG, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen and more.

Welcome back to the Alt Goes Mainstream podcast.

Today’s show features a guest who brings a wealth of common sense to wealth management and asset allocation.

We talk with Ben Carlson, the Director of Institutional Asset Management at Ritholtz Wealth Management, a $5B AUM wealth management firm. He’s managed institutional portfolios for his entire career. He started out with an institutional investment consulting firm, where he deployed portfolio strategies and created investment plans for foundations, endowments, pensions, hospitals, insurance companies, and HNW individuals. More recently, he was part of the portfolio management team for an investment office that managed a large endowment fund for a charitable organization.

Ben is a student of markets and asset allocation, which is clear from the knowledge he shares daily and weekly with his blog, A Wealth of Common Sense, and his podcast Animal Spirits with Michael Batnick and Ben Carlson. He’s also authored four books about saving, investing, and money. He was named to the Investment News 40 Under 40 list of top financial advisors in 2017.

Ben and I had a fascinating conversation about the adoption of alternatives in the wealth channel and the whys and hows of asset allocation. We discussed:

* Why asset allocation is the most important aspect of an investment plan.

* The question of whether or not investors now have too much choice?

* Why Ben documents every investment decision he makes.

* The benefits of private markets and the pitfalls of private markets.

* His biggest lesson learned in investing.

* Why crypto has helped younger investors become more comfortable with volatility (for better or worse).

* The future of wealth management and what won’t change about the advisor / client relationship.

* The power of content creation and how it helps him approach investing.

Thanks Ben for coming on the show to share your wisdom and experience in investing and asset allocation. We hope you enjoy.

Clip #1: Applying lessons learned as an institutional allocator to the wealth channel.

Clip #2: The Ritholtz culture.

Clip #3: How can advisors get smarter about private markets?

Clip #4: What was the hardest part about creating content and building a brand?

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 [email protected].

We thank Ultimus for their support of alts going mainstream.

Show Notes

00:00 Sponsor: Introduction to Ultimus Fund Solutions

01:56 Meet Ben Carlson: Wealth Management Expert

02:17 Ben Carlson's Career Journey

02:55 Insights on Asset Allocation

03:11 The Importance of Documenting Investment Decisions

03:14 Private Markets: Benefits and Pitfalls

04:34 Early Career Lessons

04:58 Asset Allocation Strategies

06:06 Navigating Investment Choices

07:10 The Complexity of Investment Strategies

09:46 Institutional vs. Wealth Management

10:19 Communication in Institutional Investing

12:35 The 60/40 Portfolio Debate

23:20 Advisors and Alternatives

27:17 Thresholds for Investing

27:48 Differentiating Through Culture

28:41 Defining and Evaluating Culture

29:20 Transparency and Client Relationships

29:57 Partnering with the Right Clients

30:19 Qualitative Manager Selection

31:53 Content Creation and Transparency

34:22 Building a Brand from Scratch

37:49 Advice for Young Advisors

39:31 Compounding in Private Markets

40:06 Behavioral Benefits of Private Markets

41:17 Excitement in Private Markets

41:56 Evolving Fund Structures

42:28 Defining Alternatives

43:48 Younger Investors and Volatility

46:55 Future of Wealth Management

47:53 Private Equity in Wealth Management

48:58 Favorite Alternative Investments

51:44 Conclusion and Final Thoughts

Join over 7,100 thought leaders from top private markets firms like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, CVC, TPG, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, and more.

Welcome back to the Alt Goes Mainstream podcast.

Today’s podcast illustrates just how far private markets have come. We dive into the world of GP stakes with Sean Ward, Senior Managing Director from Blue Owl’s GP Strategic Capital Platform, where he was a founding partner and is responsible for helping to oversee the firm that has done the lion’s share of GP stakes investing.

Blue Owl’s GP Strategic Capital business, which started out as Dyal Capital Partners, has accounted for over 61% of the total capital raised in the GP stakes space, closing on over $33.3B across their 7 funds and managing $57.8B AUM. They’ve taken minority ownership stakes in many of the industry’s leading alternative asset managers, accounting for 85%+ of all GP stakes deals $600M or greater in size.

Sean is a Senior Managing Director of Blue Owl Capital, Inc. and a member of the firm’s Board of Directors. He also serves as a member of the GP Strategic Capital Investment Team. Prior to joining Dyal Capital Partners, the predecessor firm to Blue Owl’s GP Strategic Capital platform, Sean was a Vice President at Lehman Brothers and held several roles at Neuberger Berman after it became an independent firm, including Senior Counsel for Neuberger’s alternatives business. Sean was also a lawyer at Covington & Burling LLP and Davis Polk & Wardwell LLP.

Sean and I had a fascinating conversation about the evolution of private markets through the parallel evolution of the GP stakes space.  We discussed:

* The early days of the GP stakes industry.

* What it was like to convince GPs and LPs why stakes made sense.

* How the $1B GP commitment by Bain Capital in their fund post-GFC really opened everyone’s eyes to the need to tap into financing as firms grew their fund size and their business.

* A “cash in” rather than a “cash out.” Why GP stakes investing is mainly about positive selection since managers are choosing to sell a stake in their business.

* How alternative asset management has evolved as a business.

* How GP stakes investments have elements of bond-like coupons from cashflows due to management fees and option value from the upside of carry.

* Why GP stakes investments are “the most diversified single line item investment one can make in private markets.”

* Where allocators bucket GP stakes investments.

* What makes a great GP stakes investor.

* The power of permanent capital.

* The different paths to liquidity in GP stakes investments.

Thanks Sean for coming on the show to share your views and wisdom on private markets. We hope you enjoy.

Clip #1: Why would a GP give up equity in a valuable business?

Clip #2: Alternative asset managers are coming to Blue Owl from a position of strength.

Clip #3: How do you underwrite your stake investments?

Clip #4: Where does a stake investment fit in an investor’s portfolio?

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 [email protected].

We thank Ultimus for their support of alts going mainstream.

Show Notes

00:00 Introduction and Sponsor Message

01:17 Podcast Opening and Theme

02:00 Guest Introduction: Sean Ward from Blue Owl GP Strategic Capital

04:21 Sean Ward's Career Journey

05:14 The Evolution of GP Stakes Investing

06:23 The Start of GP Stakes at Blue Owl

06:57 Raising the First Fund

07:09 The Growth of Blue Owl's GP Stakes

07:31 The Importance of Legal Background in GP Stakes

09:48 Convincing LPs and GPs

11:14 The Importance of GP Commitments

15:23 Strategic Value Beyond Capital

24:45 Succession Planning in Private Equity

26:02 Impact of Market Conditions on GP Stakes

29:26 Underwriting and Returns in GP Stakes

36:33 Cash Flow and Diversification in GP Stakes Investments

37:48 Understanding the Trade-offs in GP Stakes Investing

38:35 Narrow Distribution of Potential Outcomes

40:09 The Importance of Diverse Professional Backgrounds

40:45 Collaborative Partnerships in GP Stakes

41:34 Traits of a Great Alternative Asset Manager

43:49 The Next Frontier: Private Wealth

45:13 Middle Market Strategy and Partnerships

49:34 The Evolution and Future of Private Markets

53:19 Liquidity in GP Stakes Investments

58:26 The Power of Permanent Capital

01:00:28 Is GP Stakes Better Than SaaS?

01:02:43 Exemplary Models for Growth in Asset Management

01:05:47 Conclusion and Final Thoughts

Join over 6,900 thought leaders from top private markets firms like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, CVC, TPG, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, and more.

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.

Clip #1: The intersection of dollars and data — the case for cost and time savings.

Clip #2: Intapp — helping people make better decisions.

Clip #3: The paradigm shift in enterprise software.

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

Join over 6,100 thought leaders from top private markets firms like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, CVC, TPG, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, and more.

Welcome back to the Alt Goes Mainstream podcast.

Recently, AGM partnered with Pangea to bring together a group of executives in private markets and wealth management in London for a live AGM podcast featuring Cheri Belski of T. Rowe Price, one of the largest asset managers in the world with over $1.59T AUM.

Cheri is the Global Head of Product at T. Rowe Price, where she's responsible for setting the vision for T. Rowe Price's product development and their strategy in private markets. 

Cheri also chairs the Product Strategy Committee and is a member of the Investment Management Steering Committee. She is also a vice president of T. Rowe Price Group, Inc., T. Rowe Price Investment Services, Inc., and T. Rowe Price Associates, Inc. Cheri has been with T. Rowe Price since 1997.

Cheri and I had a wide-ranging conversation on private markets. We discussed:

* Why did T. Rowe Price look to add alternatives offerings?

* How traditional asset managers have approached adding private markets capabilities.

* Why T. Rowe Price acquired Oak Hill Advisors.

* Build, buy, or partner to add alternatives?

* Who will win the distribution battle in the wealth channel — traditional asset managers or alternative asset managers?

* Opportunities and challenges with product construction and innovation for the wealth channel.

* What the future holds for private markets.

Please enjoy this fascinating conversation with Cheri. Thanks Cheri for sharing your wisdom and experience. We hope you enjoy.

Clip #1: Why alts now? Why not.

Show Notes

00:00 Introduction: Going Mainstream

00:40 Welcome to Alt Goes Mainstream Podcast

00:43 Live Podcast in London with Cheri Belski

00:54 Cheri Belski's Role at T. Rowe Price

01:19 Discussion on Private Markets and Traditional Asset Managers

01:37 Podcast Begins: Marylanders in London

01:59 Host Introduction: Michael Sidgmore

02:31 T. Rowe Price's Venture into Alternatives

04:35 Why T. Rowe Price is Entering Alts

05:46 Building, Buying, or Partnering in Alts

07:09 Acquisition of Oak Hill Advisors

07:13 Integration Challenges and Successes

12:06 Brand Strategy in Alternatives

14:36 Distribution Strategies for Alts

16:20 Traditional vs. Alternative Asset Managers

19:36 Challenges and Opportunities in Private Markets

19:41 Advisor Relationships and Education

22:29 Product Construction and Client Needs

24:36 Challenges in Private Markets

25:44 Future of Alternative Investments

26:20 Conclusion and Farewell

Join over 6,000 thought leaders from top private markets firms like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, and more.

Welcome back to the Alt Goes Mainstream podcast.

Today’s episode is with Alex Chaloff, the CIO of a large and sophisticated private wealth management firm that is very active in private markets.

Alex is Chief Investment Officer of Bernstein’s $125B+ private wealth management unit within $725B AUM AllianceBernstein. He was previously the Head of Alternative Asset Strategies. Prior to joining Bernstein in 2005, he was a MD for Wilshire Associates, serving on the firm’s investment committee. Prior to that, he worked in fund accounting operations at a global custodian in Boston.

Alex and I had a fascinating conversation about:

* How to approach private markets asset allocation.

* Why he’s doing the job that he always wanted to do.

* How to think about portfolio construction.

* The importance of patience.

* The questions about liquidity.

* Why structure matters.

Thanks Alex for coming on the show to share your wisdom and views.

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 [email protected].

We thank Ultimus for their support of alts going mainstream.

Clip #1: Why infrequent reporting can be a good thing.

Clip #2: Stress testing a portfolio.

Clip #3: The next generation of investors - they invest very differently.

Clip #4: The massive amount of capital sloshing around in private debt is real.

Show Notes

00:00 Introduction and Sponsor Message

01:18 Podcast Theme Song

01:35 Welcome to the Podcast

01:59 Introducing Alex Chaloff

03:01 Alex Chaloff's Career Journey

03:49 Transition to Bernstein

04:16 Current Role and Responsibilities

05:26 Investment Strategy and Market Insights

06:58 Active vs Passive Investment

11:35 Middle Market Focus

14:26 Evaluating Fund Managers

18:28 Lessons Learned in Fund Management

20:51 Allocating to Private Markets

22:38 Liquidity and Risk Management

27:01 Current Market Opportunities

31:01 The Perception of Infrequent Reporting

31:38 Private Wealth and Market Fluctuations

32:21 Understanding Liquidity Concerns

32:54 The Future of Private Market Investments

33:38 Challenges in Public Market Benchmarks

34:45 GP and LP Dynamics in Private Markets

36:58 Product Innovation in Private Markets

38:30 Evergreen Structures and Asset Allocation

39:20 Vintage Diversification Strategy

42:07 Lessons from the Current Market Cycle

42:30 Next Generation Investors and Impact Investing

46:13 Double Bottom Line Investing

48:24 Concerns in Private Debt Markets

51:33 Opportunities in Venture Capital

54:36 Favorite Alternative Investments and Future Trends

Join over 5,900 thought leaders from top private markets firms like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, and more.