Alt Goes Mainstream

Welcome back to the Alt Goes Mainstream podcast.

Today’s interview is with a wealth management entrepreneur who created one of the most consequential wealth management technology companies that has helped to shape the industry into what it is today.

Bill Crager is the Co-Founder of Envestnet, which he and his co-founder, the late Jud Bergman, grew into a public company. Bill was the CEO of Envestnet during the company’s time as both a public company and following Bain Capital’s acquisition to take the company private for $4.5B.

Bill is now back at it again, joining iAltA Holdings as a Founding Partner to build a suite of businesses at the intersection of private markets and private wealth management infrastructure alongside former Ipreo CEO Scott Ganeles, former Ipreo Executive Bill Sherman, and former Blackstone CFO and WestCap Founder Laurence Tosi.

Bill and I had a fascinating conversation about wealth management and private markets. We covered:

* The evolution of wealthtech.

* What advisors are looking for when it comes to technology.

* How technology can help advisors deliver a high-quality experience to clients.

* Why private markets are now playing such a big role in the business of wealth management.

* What is missing in private markets infrastructure.

* The role of AI in financial planning.

* Why Bill wanted to go back to building again.

* What is in store for iAltA.

Thanks Bill for sharing your wisdom and expertise on private wealth and private markets.

Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.

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 Early Technology

00:12 Sponsorship Message from Ultimus

02:09 Welcome to the Alt Goes Mainstream Podcast

02:12 Bill Crager’s Background and Achievements

02:57 The Evolution of Wealth Management

05:10 Challenges in Wealth Management Technology

09:13 The Advent of Private Equity in Wealth Management

10:45 Horizontal vs. Vertical Solutions in Wealth Tech

17:07 The Role of Data in Wealth Management

17:51 The Future of Wealth Management Technology

22:58 The Evolution of UMA and Future Prospects

23:45 Customization and Scale in Wealth Management

25:58 The Convergence of Private and Public Markets

27:44 The Role of Evergreen Funds in UMA

28:52 Access to Private Markets for Average Investors

29:10 The Need for Universal Product Master

29:23 Intelligent Financial Environments

30:11 Creating Financial Plans for Clients

30:44 Client Demand for Connected Financial Lives

31:14 Challenges in Holistic Financial Advice

32:11 The Role of AI in Financial Services

33:06 Balancing AI and Human Assurance

33:22 AI’s Impact on Wealth Management

34:37 Future of Financial Planning with AI

37:21 Trust in Technology vs. Human Advisors

38:58 The Evolution of Financial Advice

39:30 Tokenization in Wealth Management

40:22 Adoption Challenges of Tokenization

41:40 Leveraging Technology in Wealth Management

43:49 Advice for Young Financial Advisors

45:05 The Future of Private Markets

47:07 Building Horizontal Solutions in WealthTech

47:56 The Vision for iAltA

49:44 Creating Bridges in Financial Services

53:13 The Importance of Culture in Business

54:52 Future of the Financial Industry

Editing and post-production work for this episode was provided by The Podcast Consultant.

Join over 13,900 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, Cerity Partners, and more.

Welcome back to the Alt Goes Mainstream podcast.

Today’s episode welcomes a pioneer and visionary in enterprise software investing to Alt Goes Mainstream.

Robert F. Smith is the Founder, Chairman, and CEO of $100B AUM Vista Equity Partners. He sits on the firm’s Investment Committees for Vista’s Flagship, Foundation, Endeavor, and Perennial Funds and serves as a member of Vista’s Executive committee. Vista’s portfolio spans 90 enterprise software, data, and technology-enabled companies that employ over 100,000 people worldwide.

He’s also heavily involved and committed to the firm’s wealth channel efforts, serving as the Chairman and Investment Committee member for VistaOne, the firm’s evergreen private equity vehicle. Since Vista’s founding, Robert has supervised on over 600 completed transactions that represent more than $330B in aggregate transaction value.

Robert founded Vista after a career at Goldman Sachs in tech investment banking, where he was Co-Head of Enterprise Systems and Storage, executing and advising on over $50B in M&A activity with companies that were foundational players in the early days of the internet and technology, including Apple, Microsoft, Texas Instruments, eBay, and Yahoo.

Robert has an innate understanding of technology and the trends that are shaping the way that companies and people interact with the world and conduct business. It’s no surprise that he was early in seeing the rise and impact of AI because he was early in seeing the dawn of the internet in the 1990s.

Robert and I had a fascinating and thought-provoking conversation about the evolution of both enterprise software and Vista as a firm. We covered:

* The early days of enterprise software and what Robert saw then that gave him conviction to focus on enterprise software as a banker and then as an investor building Vista.

* The investment characteristics of enterprise software.

* The power of product superiority in enterprise software.

* Why “sovereignty and dominion of data” are so important — and why it matters for AI.

* Can the “Rule of 40” become the “Rule of 50, 60, 70” with AI?

* What aspect of AI is most impactful for companies.

* How Vista approaches value creation.

* What it took to scale Vista to a $100B investment platform.

* Why the wealth channel is core to Vista’s business and the firm’s DNA.

Thanks Robert for coming on the show to share your expertise, wisdom, and passion for enterprise software and building businesses.

Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.

Clip #1: Vista - “it’s an elegant solution to a complex problem.”

Clip #2: “If you don’t have sovereignty and dominion over workflows and datasets, you don’t have a right to exist as an enterprise software company.”

Clip #3: “AI is going to feed software that’s going to eat services.”

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, Our Sponsor

01:20 Welcome to the Alt Goes Mainstream Podcast

02:05 Robert F. Smith’s Background and Career

04:31 Engineering Background

05:08 Early Career and Transition to Banking

08:30 Insights from Goldman Sachs

09:18 Enterprise Software Investment Strategy

11:37 Product Superiority and Execution Excellence

13:02 Vista’s Approach to Value Creation

16:32 AI’s Impact on Enterprise Software

17:49 Underwriting Criteria for Enterprise Software

18:53 Challenges and Opportunities in Enterprise Software

20:15 Future of Enterprise Software with AI

23:32 Cultural Elements for Success

24:49 Importance of Contracts in Enterprise Software

28:44 Vista’s Best Practices

29:23 Enterprise Software’s Risk-Return Profile

29:56 Conclusion and Final Thoughts

30:06 Introduction to Enterprise Software Investment

31:05 The Stability of Enterprise Software

31:53 Transitioning to Hosted Environments

32:18 Economic Benefits of Hosted Solutions

32:43 Stacking Economic Rent Curves

32:58 The Rule of 40 in Software Investment

33:59 Impact of Gen AI on Development Costs

34:59 GenAI in Customer Support

35:25 GenAI in Sales Processes

36:02 From Rule of 40 to Rule of 70

36:31 Agentic Tools and Exponential Opportunities

38:07 Challenges in Enterprise AI Implementation

38:54 AI in Personal Productivity vs. Enterprise

40:56 Vista’s Internal Use of AI

41:17 The Role of AI Agents at Vista

44:12 Data Sovereignty in AI Models

44:58 Skills Needed in the Age of AI

47:08 Generative AI vs. Traditional AI

48:02 Agentic AI in Enterprise Software

49:42 The Future Impact of AI on Companies

52:35 Vista’s Wealth Business and AI

54:07 AI for Wealth Managers

55:18 Conclusion and Final Thoughts

Editing and post-production work for this episode was provided by The Podcast Consultant.

Join over 13,800 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, Cerity Partners, and more.

Welcome back to the Alt Goes Mainstream podcast.

Today’s episode dives into private credit and building an asset management business inside of a leading global bank.

We sat down in Nomura’s NYC office with Robert Stark, the CEO of Nomura Capital Management LLC (NCM) and Head of Investment Management in the Americas for the Nomura Group.

Robert brings deep experience in financial services to Nomura. He was previously the Founder & CEO of Alterum Capital Partners LLC, where he focused on building an investment management business at the intersection of private markets and RIAs. Prior to Alterum, he was a Senior Managing Director and member of the Executive Committee at FS Investments, where he was responsible for Corporate Development. He also spent 7 years at JP Morgan across Asset & Wealth Management. He joined JP Morgan from Russell Investments, where he was a member of the Executive Committee. He started his professional career at McKinsey & Company, where he was a Partner serving clients in asset management, investment banking, insurance, and private equity.

Robert brings both a consultant’s analytical perspective and an operator’s practical approach to his work building the credit business at Nomura Capital Management.

Robert and I had a fascinating and wide-ranging discussion about building an asset management business in a fast-growing segment of private markets: private credit. We covered:

* The state of the private credit market.

* How to build an asset management business.

* What it takes to work with the wealth channel.

* The entrepreneurial spirit of RIAs.

* Open architecture vs closed architecture in private credit.

* Keys to success in the evergreen fund space.

Thanks Robert for coming on the show to share your wisdom and expertise on private markets and wealth management.

Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.

Clip #1: What is the next phase of private markets?

Clip #2: What did you need to start a credit business?

Clip #3: There must be a way to provide a broader audience with a very diverse way to access private credit.

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 Message from Ultimus, our Sponsor

01:57 Welcome to the Alt Goes Mainstream Podcast

02:06 Guest Introduction: Robert Stark

03:49 Evolution of the Asset Management Industry

04:12 Regulatory Changes and Market Shifts

05:39 Building an Asset Management Business

07:06 Challenges in Asset Management

07:43 Entrepreneurial Journey at Nomura

09:56 Private Credit Market Insights

11:30 Diversification in Private Credit

13:05 Client-Centric Solutions in Private Credit

15:19 Building a Scalable Private Credit Business

16:11 Nomura’s Long-Term Commitment

17:31 Public vs. Private Credit

18:28 Client Needs and Investment Solutions

22:01 Origination in Private Credit

23:16 Open vs. Closed Architecture in Private Credit

24:58 Educating Investors and Advisors

27:51 Early Stages of Private Credit Solutions

28:40 Future of Private Credit and Evergreen Funds

29:14 Keys to Success in the Evergreen Fund Space

31:08 Understanding Investor Needs

31:27 Building a Trusted Brand

31:40 Importance of Nomura’s Support

31:57 Challenges of Starting Up

32:25 Capital and Talent Requirements

33:04 Nomura’s Long-Term Vision

33:52 Nomura’s Wealth Management Legacy

34:30 Expanding in the US Market

35:13 Japanese Market Insights

35:50 Open Architecture Strategy

36:19 Global Client Network

36:58 Focus on RIA Client Segment

38:21 Challenges with RIA Clients

39:18 Entrepreneurial Spirit in RIAs

40:13 Fiduciary Alignment

41:01 RIA Firms as Partners

41:55 Strategic Acquisitions

43:49 Evolving Wealth Management Space

46:50 Team Structure and Coverage

49:03 Long-Term Business Plan

51:05 Investor Education

55:33 Future of Private Markets

58:59 Continuous Innovation

Editing and post-production work for this episode was provided by The Podcast Consultant.

Join over 13,800 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, Cerity Partners, and more.

Welcome back to the Alt Goes Mainstream podcast.

Today’s episode is with an experienced private markets and distribution executive who has been educating the wealth channel and distributing private markets investment solutions at some of the industry’s largest platforms.

We sat down in Prudential’s Newark studio with PGIM’s Global Head of Alternative Investments, Dominick Carlino. PGIM is the $1.4T global asset management business of Prudential Financial.

At PGIM, Dominick is responsible for driving the continued development and distribution of alternative investments tailored to the firm’s wealth channel investors globally.

Dominick joined the firm in 2023, bringing over 20 years of experience in alternatives distribution. He was most recently MD, Head of Alternative Investments Distribution at Merrill Lynch.

Dominick and I had a fascinating conversation about the intersections between insurance and asset management and the evolution of distribution. We covered:

* How the distribution of private markets investment solutions has evolved.

* The benefits of an integrated platform across insurance and asset management.

* Navigating the playing field of collaboration and competition between asset managers and insurance companies.

* The importance of education.

* How, why, and where evergreen funds will be adopted.

Thanks Dom for sharing your perspectives and wisdom on insurance and private markets. We hope you enjoy.

Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.

Clip #1: “The asset liability matching model is in our DNA.”

Clip #2: How does having such a broad based platform allow PGIM to think differently about product construction?

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 Message from our Sponsor, Ultimus

01:18 Welcome to Alt Goes Mainstream

01:55 Guest Introduction: Dominick Carlino

03:56 Early Career and Transition to Distribution

05:10 Experiences at Morgan Stanley and Merrill Lynch

05:25 Evolution of Private Markets Distribution

07:24 Wealth Management and Private Markets

09:30 Joining Prudential and PGIM

12:00 Prudential’s Unique Position in the Market

13:31 Asset Liability Matching in Wealth Management

14:59 Liquidity Risk in Private Markets

17:14 Education and Evergreen Products

17:52 Credit Risk in Private Credit

18:35 Prudential’s Approach to Credit Risk Management

19:24 Vertical Integration and Acquisitions

20:49 Partnerships and Strategic Growth

21:38 Future of Private Markets and Asset Management

21:57 The Future of Asset Management

22:11 The Race to Scale in Asset Management

23:16 The Importance of Distribution

23:36 Breaking Down the Product Set

23:58 Innovative Product Construction

24:32 Market Leadership and Capabilities

24:58 Client and Advisor Preferences

25:37 Simplifying Implementation

26:26 Evergreen Funds and Market Trends

27:01 Turnkey Options and Diversified Exposure

28:05 Specialized Strategies in Private Markets

29:07 Educating the Distribution Force

30:16 Skills for Effective Distribution

33:11 Organizational Alpha and Trust

34:18 Brand Essence and Client Trust

35:43 Partnerships and Distribution

36:54 Insurance and Asset Management Synergies

39:08 Future of Private Markets

The opinions expressed in this podcast are those of the author and do not reflect the views or opinions of PGIM, Inc. PGIM, Inc. is not responsible, endorses nor confirms its accuracy. All trademarks and other intellectual property used or displayed are the ownership of their respective owners. Unless noted otherwise in this podcast, PGIM, Inc. is not affiliated with, nor endorses any mentioned company or any linked third-party content.PGIM and its affiliates may develop and publish research that is independent of, and different than, the recommendations contained herein. PGIM’s personnel other than the author(s), such as sales, marketing and trading personnel, may provide oral or written market commentary or ideas to PGIM’s clients or prospects or proprietary investment ideas that differ from the views expressed herein.

Editing and post-production work for this episode was provided by The Podcast Consultant.

Join over 13,600 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, Cerity Partners, and more.

Welcome back to the Alt Goes Mainstream podcast.

Today’s episode dives into digital infrastructure and how it powers the growth of artificial intelligence and other major trends in digitalization and electrification.

We sat down in Blue Owl’s NYC office with Matt A’Hearn, an asset management entrepreneur and executive at the firm.

Matt is a Senior Managing Direct at Blue Owl and Head of Digital Infrastructure. He’s responsible for leading the overall management of Digital Infrastructure, including strategy, investments, and portfolio management.

Prior to joining Blue Owl, Matt was the Managing Partner and a Founder of IPI Partners, the predecessor firm to Blue Owl Digital Infrastructure. IPI was acquired by Blue Owl in 2024.

Prior to founding IPI, Matt led the global investment banking practice in communications infrastructure at Moelis & Company.

Matt and I had a fascinating and thought-provoking discussion about the future of digital infrastructure. We covered:

* The how and the why of digital infrastructure.

* Investing in data centers.

* The evolution of digital infrastructure.

* How to best partner with and serve the need of hyperscalers.

* The importance of power generation for AI.

* How there are different ways to approach gaining exposure to AI as an investment theme.

Thanks Matt for coming on the show to share your wisdom and expertise in private markets and digital infrastructure.

Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.

Clip #1: This is not just an AI story when we think about data centers and digital infrastructure.

Clip #2: What is the size and scale of the capital required to be able to work with hyperscalers?

Clip #3: Where does digital infrastructure as an investment opportunity fit into 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 Our Sponsor, Ultimus

01:57 Welcome to the Alt Goes Mainstream Podcast

02:05 Introduction to Today’s Guest: Matt A’Hearn

03:39 The Evolution of Digital Infrastructure

04:50 The Importance of Digital Infrastructure

05:44 Founding IPI and Early Opportunities

05:58 Cloud and Data Center Growth

07:15 Partnerships with Hyperscale Companies

08:17 Challenges in Digital Infrastructure

13:33 The Role of Power in Digital Infrastructure

16:19 Site Selection and Power Acquisition

19:49 Scale and Capital in Digital Infrastructure

23:13 The Growing Demand for Data Centers

24:15 Investment Opportunities in Digital Infrastructure

26:17 The Importance of Scale in Investments

26:36 Blue Owl’s Comprehensive Solutions

27:10 The Acquisition of IPI Partners

27:33 Looking Ahead: The Future of Digital Infrastructure

27:38 Feedback from Hyperscalers

28:03 Joining Blue Owl

28:28 Investing in Digital Infrastructure

29:36 Evolution of IPI

30:04 Founding IPI

30:50 Building a Differentiated Platform

31:42 Partner-First Approach

32:05 Early AI Insights

33:19 Growth of AI and Cloud

34:37 Future of AI and Cloud Capacity

35:35 Digital Infrastructure in Investment Portfolios

37:36 Underwriting Digital Infrastructure

40:49 Hyperscalers and Data Centers

41:51 Alternative Asset Management Capabilities

42:57 Merging Investment Cultures

44:35 Challenges of Integration

45:11 Opportunities in the Wealth Channel

47:59 Evergreen Structures and Digital Infrastructure

49:50 Scale and Competition in Private Markets

52:20 Future Trends in Digital Infrastructure

Editing and post-production work for this episode was provided by The Podcast Consultant.

Join over 13,500 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, Cerity Partners, and more.

Welcome back to the Alt Goes Mainstream podcast.

Today’s episode is with an experienced asset allocator who has operated at the intersection of insurance and asset management throughout his career.

We sat down in Prudential’s Newark studio with  PGIM’s Head of Multi-Asset and Quantitative Solutions, Phil Waldeck. Phil is responsible for nearly $140B in AUM, where the business unit leverages PGIM’s deep public and private markets expertise for the purpose of developing customized portfolio solutions to meet insurer and other investors’ unique objectives.

Phil previously served as Chief Transformation Officer at Prudential, CEO of Prudential’s Workplace Solutions Group, and as president of Prudential’s retirement business, which comprised of $250B in assets. Phil was also the architect of Prudential’s pension risk transfer business, which he grew to over $170B.

Phil and I had a fascinating conversation about the intersections between insurance and asset management. We covered:

* The evolution of how insurers allocate to private markets.

* The importance of asset liability management.

* How insurers are leveraging their balance sheet to invest in private markets and collaborate with alternative asset managers.

* How insurance and asset management interact and the benefits of an integrated platform.

* How PGIM’s $1T in public and private credit informs how they invest.

* Why insurers are allocating to private credit.

Thanks Phil for sharing your perspectives and wisdom on insurance and private markets. We hope you enjoy.

Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.

Clip #1: There’s one hundred years of PGIM and Prudential making loans to private companies for long-term liabilities.

Clip #2: How is PGIM differentiated from their respected competitors?

Clip #3: How does PGIM think of the total portfolio and how it relates to private markets?

A word from AGM podcast sponsor, Ultimus Fund Solutions

This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.

To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.

Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at [email protected].

We thank Ultimus for their support of alts going mainstream.

Show Notes

00:00 Message from our Sponsor, Ultimus

01:23 Welcome to Alt Goes Mainstream Podcast

02:03 Guest Introduction: Phil Waldeck

03:29 Insurance and Asset Management Intersection

04:39 Understanding Asset Liability Management (ALM)

05:46 Liquidity and ALM in Private Markets

07:17 Adoption of Private Markets by Insurers

09:39 Private Credit and Public Credit

12:55 Building a Robust Origination Engine

14:53 Talent and Culture at PGIM

15:11 Impact of Private Credit on Main Street

17:18 Borrowers’ Perspective: Private vs Public Credit

19:08 Blurring Lines Between Public and Private Credit

19:32 Global Perspective on Credit Markets

20:44 Challenges and Opportunities in Private Credit

21:48 Importance of Long-Term Track Records

23:44 Partnerships in Asset Management

25:43 Private Markets in Insurance Portfolios

27:45 Underwriting Discipline in Private Credit

28:27 Growth and Scale in Private Credit

29:57 Future of Private Credit Markets

32:13 Balancing Liquidity and Regulation

32:56 Educating Investors on Private Markets

34:07 Creating the Perfect Private Credit Portfolio

35:00 Diversification in Private Credit

38:34 Talent Retention in Private Credit

40:04 Cultural Challenges in Scaling

40:27 Maintaining Quality in a Scaled Platform

40:47 Conclusion and Final Thoughts

The opinions expressed in this podcast are those of the author and do not reflect the views or opinions of PGIM, Inc. PGIM, Inc. is not responsible, endorses nor confirms its accuracy. All trademarks and other intellectual property used or displayed are the ownership of their respective owners. Unless noted otherwise in this podcast, PGIM, Inc. is not affiliated with, nor endorses any mentioned company or any linked third-party content.PGIM and its affiliates may develop and publish research that is independent of, and different than, the recommendations contained herein. PGIM’s personnel other than the author(s), such as sales, marketing and trading personnel, may provide oral or written market commentary or ideas to PGIM’s clients or prospects or proprietary investment ideas that differ from the views expressed herein.

Editing and post-production work for this episode was provided by The Podcast Consultant.

Join over 13,400 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, Cerity Partners, and more.

Welcome back to the Alt Goes Mainstream podcast.

Today’s episode dives into the evolution of infrastructure investing with a leading scaled specialist firm in infrastructure.

We sat down in Stonepeak’s Hudson Yards office with a pioneer in infrastructure investing: Mike Dorrell.

Mike is the Chairman, CEO, and Co-Founder of Stonepeak, building the foundations for the firm to achieve a rapid ascent to $76B from its founding in 2011.

Mike brings deep expertise to bear in the infrastructure asset class. He has over 20 years of experience investing in infrastructure, starting his career at Macquarie, where he ultimately held the title of Senior Managing Director. He then joined Blackstone, where he was a Senior Managing Director in Private Equity and Co-Head of the Infrastructure Investment group, before striking out on his own to build one of the industry’s largest infrastructure investing firms in Stonepeak.

Mike and I had a fascinating and thought-provoking discussion about infrastructure investing and why it’s becoming an increasingly important part of the private capital ecosystem. We covered:

* The early days of infrastructure investing.

* How infrastructure investing has evolved.

* How Mike’s experiences at Macquarie and Blackstone informed how he wanted to build Stonepeak.

* How institutional investors have approached infrastructure investing and why individual investors should consider exposure to infrastructure assets.

* Stonepeak’s DNA and what makes the firm different from other infrastructure investors.

* Why being a scaled specialist is a competitive advantage.

* How Stonepeak was built from scratch to scale.

* How Stonepeak identified investing in data centers early on and well before the data center boom began.

* Why launch a wealth solutions business and how it’s a reflection of the firm’s DNA, culture, and values.

Thanks Mike for coming on the show to share your expertise, wisdom, and passion for infrastructure investing.

Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.

Clip #1: There is a huge responsibility to owning and operating these assets.

Clip #2: Infrastructure has characteristics that are sought after.

Clip #3: Infrastructure assets have huge economic moats.

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 Message from our Sponsor, Ultimus

01:18 Welcome to the Alts Go Mainstream Podcast

02:05 Introducing Mike Dorrell and Stonepeak

04:09 Mike’s Early Career at Macquarie

07:12 Challenges in the US Infrastructure Market

12:17 Success Stories and Early Deals

13:20 Privately Held Infrastructure in the US

19:00 Public vs. Private Infrastructure

21:34 Stonepeak’s Significant Stats

25:03 Balancing Public Good and Investor Returns

26:55 Challenges in Infrastructure Pricing

28:52 Skills Needed for Infrastructure Investing

29:48 Access to Private Markets for Individual Investors

30:38 Institutional Market and Infrastructure

35:05 Asset Allocation and Infrastructure

35:40 Risk Spectrum in Infrastructure Investing

37:58 Private Equity vs. Infrastructure Investments

38:32 Institutional Allocation Trends

38:47 The Case for Infrastructure in Portfolios

39:10 Patience and Peace of Mind in Investing

39:38 Warren Buffet’s Investment Philosophy

40:03 Biggest Risks in Infrastructure

40:15 Regulatory Risks in Electric Utilities

40:59 Operational Questions in Data Centers

41:44 Evaluating Data Center Investments

43:40 The Economics of Building vs. Buying Data Centers

45:30 Pricing Power in Data Centers

47:04 AI’s Impact on Data Center Demand

48:26 Valuing Data Center Investments

51:49 Connectivity Data Centers Explained

53:39 Network Effects in Connectivity Data Centers

56:01 Challenges in Infrastructure Asset Pricing

56:18 Evolution of Infrastructure as an Asset Class

59:39 Founding Stonepeak

01:04:05 Experiences in Raising Capital for Infrastructure Funds

01:06:23 Lessons from Blackstone

01:07:36 Building a Strong Investment Culture

01:10:36 Scaling Stonepeak

01:12:48 Stonepeak’s Wealth Channel Initiative

01:15:49 Cycling and Investment Philosophy

01:17:50 Final Thoughts on Investment Process

Editing and post-production work for this episode was provided by The Podcast Consultant.

Join over 13,300 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, Cerity Partners, and more.

Welcome back to the Alt Goes Mainstream podcast.

Today’s episode provides a fascinating window into the world of private equity value creation and how AI can help transform both portfolio company and investment firm processes and operations to create value.

We sat down in New York with Hg Partner and Head of Value Creation Chris Kindt to dive into how he spearheaded the growth of the firm’s in-house value creation efforts and has built a high-performing team to meet the evolving needs of portfolio companies.

Chris brings 15 years of experience in architecting and driving value creation to bear, with 11 years of experience at Hg and another 8 years as a consultant at BCG and Parthenon.

Chris and his team are responsible for driving value across a portfolio of 55 companies that represents over $180B in enterprise value and would represent the second largest software company in Europe after SAP if it were a conglomerate.

Chris and I had a thought-provoking discussion about value creation and the impact of AI on investing and operating companies. We discussed:

* How to build a high-performing value creation team.

* Where value creation has the biggest impact.

* How AI is transforming investment processes.

* How Hg has become an “AI-first” investment firm.

* Where AI will have the most impact in a company today and why agentic AI is transforming certain roles and processes within companies.

* How professionals can generate the most leverage from utilizing AI — without having cognitive decline.

* Why prompting and prompt engineering is so critical in the age of AI (and how you can use your weekends to perfect prompt engineering).

* How a management team can buy into AI and why the current time period represents an interesting opportunity for incumbents, particularly for those building mission-critical enterprise software.

Thanks Chris for sharing your expertise and wisdom on company building and AI. We hope you enjoy.

Note: This episode was filmed in August 2025.

Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.

Clip #1: What does it mean to be an AI-first culture?

Clip #2: How do you think about AI as a part of value creation in portfolio companies?

Clip #3: The impact of AI on software engineers.

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 Message from Our Sponsor, Ultimus

01:18 Welcome to the Alt Goes Mainstream Podcast

02:10 Guest Introduction: Chris Kindt

05:57 Value Creation at Hg

07:15 Pre-Investment and Diligence Process

08:11 Management Team Collaboration

09:16 Areas of Impact in Value Creation

11:50 Building a Cross-Functional Team

13:17 Scaling the Value Creation Team

13:51 Systematic Problem Solving

16:31 Measuring Value Creation

21:07 AI in Value Creation

21:37 Internal vs External AI Applications

23:07 AI First Culture

23:46 Effective Use of AI Tools

25:36 Prompt Engineering

27:41 Experimenting with AI Agents

28:07 Choosing the Right AI Models

28:55 Strengths of Different AI Models

29:29 Transformative Impact of AI

30:09 Skills Needed for AI Integration

30:22 The Role of AI in Work

31:01 Philosophical Questions on AI and Talent Development

32:21 Building Grit in the Age of AI

33:18 Maintaining Discipline with AI

34:15 AI as a Value Creation Lever

34:42 Operational Efficiency and AI

35:40 Emergence of Reasoning Models

36:03 Agentic Frameworks in AI

36:41 AI’s Impact on Engineering Efficiency

37:50 Partnerships and AI Agents

38:42 Challenges in Implementing AI

39:42 AI Immersion Strategy Days

42:26 Organizational Agility and AI

43:11 AI in Fund Administration

43:55 AI and Market Adaptation

44:53 AI in Investment Strategies

46:07 AI and M&A Strategies

47:25 Developing AI Products In-House

48:12 Vertical Expertise and AI

49:55 AI Fatigue and Disillusionment

51:07 Building AI Products and Incubators

51:58 AI Product Platforms and Talent

52:48 Future Waves of AI Impact

54:55 Globalization and AI

56:38 Long-Term Value of AI

Editing and post-production work for this episode was provided by The Podcast Consultant.

Join over 13,300 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, Cerity Partners, and more.

Welcome back to the Alt Goes Mainstream podcast.

Today’s episode is with two executives who have helped to build one of the industry’s leading alternative asset managers.

In Permira Part 2, Brian Ruder joins his Co-Managing Partner and Co-CEO Dipan Patel in Permira’s London office to discuss the firm’s evolution and how the business has grown to over €80B in AUM.

Both Brian and Dipan bring deep backgrounds in private equity investing to bear as they now lead the firm through its next phase of growth.

Brian joined Permira in 2008 after working as a Partner at Francisco Partners. He’s Co-Managing Partner and Co-CEO of Permira, also serving on the firm’s Executive Committee and the buyout funds’ Investment Committee. He was instrumental in building the firm’s Technology sector team, which he co-led until 2023 where he worked on a number of the firm’s notable transactions, including Ancestry, Genesys, Informatica, LegalZoom, Magento, McAfee, Relativity, Zendesk, and more.

Dipan joined Permira from Gores Group and is Co-Managing Partner and Co-CEO of the firm. He serves on Permira Holdings Limited Board and Permira’s Investment Committee and Executive Committee. He’s focused on technology and services investing, working on deals such as Renaissance Learning, Informatica, Axiom, Adevinta, AllTrails, Ancestry, LegalZoom, and more.

Brian, Dipan, and I had a thought-provoking conversation about what it takes to build and run a scaled alternative asset manager and how to differentiate a firm and a culture. We discussed:

* How the firm’s beginnings have shaped the culture that has been built and how that culture has permeated how they make investment decisions, work with companies, founders, and LPs.

* The benefits and challenges of the collaborative leadership model.

* How would an LP underwrite Permira’s culture?

* How the firm’s European heritage helps as an investor.

* The opportunity set in Europe.

* The investment culture at Permira and how its structure and set up helps investment processes and decision-making.

* Why software buyouts have become a larger part of the buyout investing landscape.

* The Growth vs. Buyout mindset.

* The advantage for technology forward incumbents.

* How AI is impacting software investing and how AI is impacting services businesses.

* The thought process behind launching a wealth solutions business, Permira Wealth, and how it reflects the culture of the firm.

Thanks Brian and Dipan for coming on the show to share the evolution of Permira and your expertise and wisdom in private markets.

Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.

Clip #1: Why technology businesses can be better businesses than physical product businesses.

Clip #2: How velocity of change can be an indicator of a great company.

Clip #3: What does it mean to be a growth oriented investor?

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 Message from our Sponsor, Ultimus

01:18 Welcome to the Alt Goes Mainstream podcast

01:56 Welcome to Brian Ruder and Dipan Patel

04:58 Brian’s Career Journey

05:17 Private Equity Evolution

06:08 Sector Focus and Market Expansion

07:23 Dipan’s Career Journey

13:30 AI and Platform Shifts

14:48 AI in Services and Technology

18:43 Private Equity Underwriting in the AI Era

20:08 Leadership and Innovation

26:07 Technology Forward Incumbents

28:12 Permira’s Continuous Innovation

28:56 Perspective on Firm Growth

30:14 Core Values and Culture at Permira

31:32 Investment Strategies and Sector Focus

32:31 Fluid Team Dynamics and Technology Orientation

32:59 Growth vs. Buyout Mindset

34:48 Long-Term Investment Philosophy

36:14 Optimizing Long-Term Profitability

37:18 Case Studies: Informatica and Ancestry.com

38:25 Skillsets for Private Equity Investing

38:53 Empowering Long-Term Thinking

40:07 Assessing Business Potential

41:02 Success Stories: Klarna, Allegro, and Adonis

42:46 Founder Involvement in Business Growth

44:27 Collaborative Leadership Model

46:22 Challenges of Co-Leadership

47:20 Permira’s Entrepreneurial Culture

50:28 Diversifying Capital Base

52:34 Educating the Wealth Channel

54:26 Permira’s Brand in the Wealth Channel

55:15 Future Evolution of Permira

Editing and post-production work for this episode was provided by The Podcast Consultant.

Join over 13,200 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, Cerity Partners, and more.

Welcome back to the Alt Goes Mainstream podcast.

Today’s episode is with one of the executives who has helped to build one of the industry’s leading alternative asset managers.

We sat down in Permira’s London office with Co-CEO Dipan Patel to discuss the firm’s evolution and how the business has grown to over €80B in AUM.

Dipan brings a deep background in private equity investing to bear as he and his Co-CEO Brian Ruder now lead the firm through its next phase of growth.

Dipan joined Permira from Gores Group and is Co-Managing Partner and Co-CEO of the firm. He serves on Permira Holdings Limited Board and Permira’s Investment Committee and Executive Committee. He’s focused on technology and services investing, working on deals such as Renaissance Learning, Informatica, Axiom, AllTrails, Ancestry, LegalZoom, and more.

Dipan and I had a thought-provoking conversation about what it takes to build and run a scaled alternative asset manager and how to differentiate a firm and a culture. We discussed:

* The founding story of Permira and the evolution of the firm since spinning out of Schroder Ventures in 1996.

* How the firm’s beginnings have shaped the culture that has been built and how that culture has permeated how they make investment decisions, work with companies, founders, and LPs.

* How would an LP underwrite Permira’s culture?

* How the firm’s European heritage helps as an investor.

* The opportunity set in Europe.

* The investment culture at Permira and how its structure and set up helps investment processes and decision-making.

* Why software buyouts have become a larger part of the buyout investing landscape.

* How AI is impacting software investing and how AI is impacting services businesses.

* Why the firm has expanded into credit.

* The thought process behind launching a wealth solutions business, Permira Wealth, and how it reflects the culture of the firm.

Thanks Dipan for coming on the show to share the evolution of Permira and your expertise and wisdom in private markets.

Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.

Clip #1: Why strong founders can be transformational for companies.

Clip #2: How does the right culture lead to better decision-making?

Clip #3: “An obsession with growth in our portfolio companies.”

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 Message from Ultimus, our Sponsor

01:55 Welcome to the Alt Goes Mainstream Podcast

03:42 Introducing Dipan Patel

03:47 Discussing Distributions

04:24 Selling A-Grade Businesses

05:08 Flight to Quality in Investments

06:49 Reflecting on Career Beginnings

08:04 Lessons from Arthur Andersen and Lehman Brothers

09:56 Challenges in Today's Investment World

11:24 Underwriting in Unpredictable Times

12:01 Basics of Private Equity

17:36 Importance of Market Leadership

18:21 Backing Strong Founders

19:55 Permira's Co-Leadership Model

20:23 Permira's Origin Story

23:48 Investment Decision Process

25:35 Underwriting Character in Executives

27:15 Learning from Mistakes

27:49 Underwriting Permira's Character

28:02 Understanding Your Identity

28:39 Building a Strong Culture

29:02 Thriving in Chaos

29:20 Anti-Fragility Concept

29:43 Learning from Mistakes

30:15 Capital Flows in Private Markets

30:43 Delivering Returns to Investors

30:57 Developing Investment Theses

31:33 Exit Strategies

32:10 Supply Creates Demand

32:39 Educating Investors

33:23 Access to Private Markets

33:44 Managing Risk and Returns

35:12 Navigating Industry Evolutions

35:50 Staying Focused

36:22 Balancing Growth and Differentiation

38:23 Investing in Growth and Buyout

39:50 Synergies in Investment Strategies

41:18 Managing Risk in Investments

44:07 Platform Shifts and AI

44:30 Disruption vs. Destruction

45:31 Investing in Incumbents vs. Disruptors

46:47 Control in Private Equity

48:15 Adapting to AI

56:07 Future Investment Ideas

Editing and post-production work for this episode was provided by The Podcast Consultant.

Join over 13,000 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, Cerity Partners, and more.