Alt Goes Mainstream

Welcome back to the Alt Goes Mainstream podcast.

Today’s episode is with someone who is running the long race — in investing and in running.

We sit down with prolific long distance runner, Blue Owl Capital’s Ivan Zinn, who has been a pioneer in alternative credit and asset-based finance.

Ivan has had a long career in private credit. He started at DLJ before joining Leonard Green & Partners and Highbridge Capital. He then joined HBK before founding pioneering private credit firm Atalaya Capital Management, where he was also the CIO. Ivan and team grew Atalaya to over $10B in AUM from 2006 to 2024 before being acquired by Blue Owl Capital for $450M (and $800M with earnouts).

As part of the transaction, Ivan became Managing Director at Blue Owl and is the Head of Alternative Credit, where the firm is now expanding its footprint due to Atalaya’s expertise. Ivan is as prolific outside of the office as he is in it — he is a long distance runner, running 100 mile races, and was a NCAA All-American tennis player, which comes as no surprise given the discipline, focus and expertise required to excel at the activities he’s done throughout his career in work and sport. He’s also a Board member of the USTA Foundation.

Ivan and I had a fascinating conversation about the evolution of private credit and the growth of asset-based finance. We discussed:

* How and why ABF has grown within the private credit ecosystem.

* ABF’s market structure and a “trip down main street.”

* The potential size of the ABF market.

* Why moving assets off bank balance sheets can help the financial system.

* Why private credit is a data rich asset.

* Where ABF fits in a portfolio.

* Why consumer credit is potentially misunderstood within private credit.

Thanks Ivan for coming on the show to share your wisdom and expertise on private credit and ABF. Good luck to anyone keeping up with you on a long run though!

Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work.

You can also see a recent Q&A with Ivan about private credit and ABF on AGM here.

Clip #1: “When your borrowing cost is zero, everything makes sense.”

Clip #2: Unpacking the definition of ABF.

Clip #3: Why should private credit be part of 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 Message from our Sponsor, Ultimus

01:55 Guest Introduction: Ivan Zinn

03:51 Parallels Between Running and Business

05:40 Founding Atalaya and Private Credit

05:52 Early Days of Private Credit

06:50 Impact of the GFC on Private Credit

07:02 Post-GFC Opportunities

08:03 Evolution of Corporate Credit

08:32 Asset-Based Finance Growth

09:46 FinTech and Private Credit

11:29 Importance of Stable Capital

17:50 Banking System and Private Credit

23:41 Definitions of ABF and ABS

28:38 Risk Profiles in Private Credit

37:25 Consumer Credit and Perceived Risks

39:06 Debunking the Cyclical Perception of Credit Risk

39:55 The Utility of Credit Cards During Financial Crises

40:17 The Resilience of ABS and Diversified Portfolios

40:54 Surviving the GFC: A Model for Credit Analysis

41:28 The Importance of Diversification in ABF

42:25 Selective Approach to Consumer Credit

44:20 Packaging Private Credit for Investors

44:25 Atalaya's Journey to Joining Blue Owl

45:12 Challenges in Institutional Fundraising and Capital Formation

45:59 The Strategic Decision to Join Blue Owl

47:32 Integration and Impact at Blue Owl

49:08 The Role of DNA and Shared Culture in Credit Firms

52:26 The Wealth Channel and Private Credit

52:54 Private Credit as a Fixed Income Replacement

54:40 Transparency and Market Structure in Private Credit

58:15 The Future of Private Credit Education

01:00:10 Adoption and Evolution of Asset-Based Finance

01:02:52 The Growth of Private Credit Market

01:03:13 Private Credit's Journey: A Running Analogy

01:04:12 Addressing Challenges in Private Credit

01:06:31 Innovation and Scale in Private Credit

01:07:21 Vertical Integration in Financing

01:08:22 Relentless Forward Progress in Private Credit

01:09:00 Reflecting on the Growth of Blue Owl

01:09:40 Memorable Investments and Risk-Reward Balance

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

Join over 11,600 thought leaders 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, Hightower, Focus Financial, Cerity Partners, and more.

Welcome back to the Alt Goes Mainstream podcast.

Today’s episode is with the CIO of an insurance company responsible for more than $300B in assets and a major focus on private markets.

Lincoln Financial EVP and CIO Jayson Bronchetti and I sat down recently at Lincon Financial’s headquarters in Radnor, Pennsylvania to discuss the increasing involvement of insurance companies in private markets.

Jayson, who is a member of Lincoln Financial’s Senior Management Committee and serves as the primary investment officer to Lincoln’s Board of Directors on all investment-related matters, is responsible for more than $300B in assets across the general account portfolio and the separate account mutual fund complex. He’s also chairman of the board of directors of the Lincoln Variable Insurance Product Trust family of over 100 mutual funds. He's also on the board of the Lincoln Financial Foundation.

Fresh off recent partnerships with Bain Capital and Partners Group on private markets investment products and Bain Capital taking a stake in Lincoln’s business, Jayson and I had a fascinating conversation about how insurance companies can approach private markets and how they can build unique and differentiated partnerships with asset managers.

We discussed:

* The evolving role of insurance companies as LPs in private markets.

* Why asset and liability matching is a critical framework to allocating to private markets.

* How the general account of an insurance company creates interesting opportunities for strategic relationships and partnerships with alternative asset managers.

* The benefit of having a business that works with financial advisors and individuals.

* The importance of educating wholesalers about private markets – and why insurance wholesalers might have an advantage in educating advisors and clients about private markets products and strategies.

Thanks Jayson for coming on the show to share your wisdom and expertise about private markets and insurance.

Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work.

Clip #1: The dynamics of a partnership — working with Bain Capital and Partners Group.

Clip #2: The secular tailwinds for the growth in private markets.

Clip #3: “Your tomorrow is our priority.”

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 Guest Introduction: Jayson Bronchetti from Lincoln Financial

01:36 Discussion on Insurance Companies in Private Markets

02:22 Message from our Sponsor, Ultimus Fund Solutions

04:04 Jayson’s Background and Career Start

05:05 Insurance Companies in Private Markets

06:33 Asset and Liability Matching

08:55 Liquidity and Illiquidity in Investments

11:44 Evaluating Private Market Managers

13:46 Balancing Scale and Performance

15:22 Evolution of Alternative Asset Managers

15:32 Strategic Partnerships and Distribution Channels

18:10 Leveraging Multi-Manager Platforms

20:21 Recent Partnerships with Bain and Partners Group

20:55 Value of Distribution Relationships

21:39 Symbiotic Relationships in Private Markets

23:59 Leveraging General Account for Private Markets

24:32 Stewardship and Risk Management

24:53 Types of Products and Degrees of Freedom

25:14 Creative Strategies and Surplus Capital

25:23 Investing in Private Credit and Royalties

25:45 Bringing Institutional Strategies to Retail

26:04 Strategic Fund Design and Customization

26:54 Designing Evergreen Funds

27:16 Balancing Liquidity and Investment Efficiency

27:37 Seeding Strategies with General Account

28:24 One Lincoln Philosophy

28:48 Balancing Objectives and Opportunities

29:39 Product Innovation in Wealth Channel

31:48 The Role of Actuaries in Investment Strategy

33:41 Importance of Asset Liability Management

34:35 Educating Distribution Teams

36:30 Training Wholesalers on Private Markets

41:11 Engaging Financial Advisors

43:33 Bridging Institutional and Individual Mindsets

44:32 Integrating Private Markets in Retirement Products

46:31 Product Innovation and Technology

49:15 Private Credit and Market Dynamics

52:36 Risks in Private Credit

53:27 Excitement for Private Markets

53:33 Bringing Private Markets to a Broader Audience

54:05 Conclusion and Wrap-Up

Disclosure from Lincoln Financial

Registration statements for each of the evergreen funds have been filed with the Securities and Exchange Commission and are available from the EDGAR database on the SEC's website (www.sec.gov). The information in the registration statements is not complete and may be changed. The securities of neither fund may be sold until its registration statement is effective. An investor should consider the investment objectives, risks, charges and expenses of each fund carefully before investing. This and other information about each fund will be contained in the fund's final prospectus, which investors should read carefully when available from the EDGAR database on the SEC's website (www.sec.gov). This communication is not an offer to sell the shares of either fund and is not soliciting an offer to buy the shares of either fund in any state where the offer or sale is not permitted.

Investing in the funds involves risks, including the risk that a shareholder may lose a part or all of their investment. Limited liquidity will only be provided to shareholders through periodic repurchase offers as described in the funds’ prospectuses, and there is no guarantee that investors will be able to sell all the shares they desire to sell in any repurchase offer conducted. Portfolio diversification does not ensure a profit or protect against a loss.

Lincoln Financial is the marketing name for Lincoln National Corporation, its insurance companies and broker/dealer affiliate Lincoln Financial Distributors, Inc. Affiliates are separately responsible for their own financial and contractual obligations. Bain Capital and Partners Group are not affiliated with Lincoln Financial.

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

Join over 11,500 thought leaders from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, EQT, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Hightower, Focus Financial, Cerity Partners, and more.

Welcome back to the Alt Goes Mainstream podcast.

Today’s episode digs into how the CIO of a growing multi-billion dollar wealth management firm thinks about customization and differentiation by building out private markets capabilities.

We sat down with John McArthur, Senior Partner and CIO at $3.6B AUM Krilogy. Founded in 2009, Krilogy provides comprehensive financial planning and investment management services to HNW individuals, families, and business owners.

Krilogy is charting a growth path — and to chart a growth path, John and his team are thinking about how they can thoughtfully grow their business.

With John at the helm as CIO, they have been strategic with their approach to private markets and have increasingly focused on ways that they can create customized and differentiated solutions for their clients.

John took 11 years of experience in wealth management and financial planning at A.G. Edwards & Sons and Morgan Stanley Smith Barney to Krilogy, where he joined his former University of Missouri college football teammate, Kent Skornia, to help quarterback Krilogy and their clients to financial success.

John is thoughtful in his approach to private markets and how to provide solutions to their clients. We had a fascinating discussion about how wealth management is evolving and how private markets are critical to growing a wealth management practice. We discussed:

* How John and team have grown and scaled an independent wealth management firm.

* How John approaches private markets — and how that approach has evolved as they work with clients of greater size.

* How to balance customization and differentiation with scale.

* How can asset managers effectively educate and provide solutions to the wealth channel?

* What’s still missing from private markets solutions for the wealth channel?

* His views on product innovation, including evergreen funds.

* Advice John would give to wealth advisors looking to invest in private markets.

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

Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work.

Clip #1: Loving the stress of responsibility.

Clip #2: Why create customized solutions for clients?

Clip #3: Getting in the game in the wealth space.

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 message from our Sponsor, Ultimus Fund Solutions

01:56 Welcome to the Podcast

02:07 Introducing John McArthur

03:52 John's Entry into Wealth Management

04:33 The Role of Sports in John's Career

05:58 Lessons from Big Wealth Management Firms

06:34 The Journey with Krilogy

07:23 Challenges and Opportunities in Wealth Management

07:49 Growth and Evolution in Wealth Management

07:50 Private Markets and Wealth Management

08:21 Quality Control in Wealth Management

10:01 Organic Growth vs. Acquisitions

10:45 Client Service in Wealth Management

12:07 Differentiating Wealth Management Offerings

13:07 Importance of Private Markets Capabilities

14:00 Creating Customized Solutions

15:39 Challenges in Educating Advisors

16:45 Volatility and Market Changes

18:10 Private Markets in a Changing Environment

18:19 Building a Diverse Private Fund

21:04 Client Understanding of Private Markets

23:34 Behavioral Bias in Investing

24:18 Long-Term Investing Mindset

24:33 Evergreen Funds and Long-Term Returns

25:43 Portfolio Construction in Private Markets

26:16 Educating Advisors and Clients

27:15 Advice for Asset Managers

28:17 Effective Education Strategies

29:14 Future of Education in Wealth Management

29:38 Sourcing and Access in Private Markets

30:30 Navigating the Wealth Space for Small Managers

31:27 Customization and Differentiation in Wealth Management

32:57 Combining Big Brands and Niche Funds

34:23 Advice for Wealth Managers

37:46 Evergreen Funds as Core Strategy

38:34 Model Portfolios in Wealth Management

39:41 Favorite Alternative Investments

41:47 Contrarian Investment Ideas

42:58 Conclusion and Final Thoughts

Disclosure from Krilogy

Investments involve risk and unless otherwise stated, are not guaranteed. Past performance is not a guarantee of future results. Be sure to first consult with a qualified financial advisor and/or tax professional before implementing any strategy discussed herein.

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

Join over 11,400 thought leaders from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, EQT, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Hightower, Focus Financial, Cerity Partners, and more.

Welcome back to the Alt Goes Mainstream podcast.

Today’s episode is with a private equity pioneer who has seen the industry evolve in the forty plus years he’s spent in private markets.

We sat down with Steve Klinsky, the Founder and Chief Executive Officer of New Mountain Capital, which he started in 1999, and has grown to over $55B AUM with an investment platform that spans strategies across Private Equity, Credit, and Net Lease Real Estate.

Steve was the Co-Founder of the Leverage Buyout Group at Goldman Sachs from 1981-1984, where he helped execute over $3B of transactions for Goldman and its clients. He then joined Forstmann Little and Co. as an Associate Partner and General Partner, helping to oversee seven private equity and debt partnerships totaling over $10B in capital.

He has since built New Mountain Capital into a leading alternative asset manager that has charted a growth path. Yet the firm has remained true to its roots and mindset of its “family business background,” which has informed how New Mountain has partnered with both GPs and LPs, and it’s a DNA that is central to their recent rollout of a wealth solutions business.

Steve and I had a fascinating discussion about the evolution of private markets and how to build a leading alternative asset manager that helps build businesses. We covered:

* How private markets have changed since Steve began in the industry.

* What it means to build “great businesses.”

* How the mindset of the “family business background” has helped inform investment strategy and deepening LP relationships.

* How Steve and New Mountain have navigated scaling the firm while focusing on generating returns for LPs.

* How New Mountain has approached launching new strategies.

* The why and how behind launching a wealth solutions business.

Thanks Steve for coming on the show to share your wisdom and expertise on private markets.

Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work.

Clip #1: What are the values that underpin building $87B of collective enterprise value?

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 Fund Solutions

01:55 Welcome to Alt Goes Mainstream

01:58 Introducing Steve Klinsky and New Mountain Capital

03:41 Steve's Background and Early Days in Private Equity

04:00 The Beginnings of Buyouts

04:39 Challenges and Opportunities in Early Private Equity

06:57 Forstmann Little and Co. Era

07:02 Starting New Mountain Capital

07:50 New Mountain's Cultural Philosophy

08:50 Investment Strategies and Successes

10:27 Scaling New Mountain Capital

14:25 Mid-Market Focus and Growth

15:19 Opportunities in Private Equity

19:27 Synergies Across Investment Strategies

22:19 The Wealth Channel Focus

22:53 Building the New Mountain Brand

24:10 Performance and Consistency

24:33 New Mountain's Edge

27:18 Engaging the Wealth Channel

29:14 Future Plans and Products

29:28 Expanding Existing Products for Wealth Channel

29:42 Industry Evolution and Major Players

30:21 Wealth Channel vs. Institutional Channel

31:04 Institutional Side of Private Markets

31:49 New Institutions and Market Evolution

32:54 Challenges in the Wealth Channel

34:11 Painful Investment Lessons

36:03 Successful Investments and Business Building

38:22 Leveraging AI and Technology

41:27 Value Creation in Private Equity

42:24 Growth and Team Building at New Mountain

43:55 Starting New Mountain in 1999

46:06 Navigating Economic Turbulence

48:10 Private vs. Public Markets

51:07 Investment Strategies and Price Considerations

52:57 Building a Strong Team for Future Success

53:43 Global Expansion and Management

54:43 Exciting Investment Areas in Private Markets

55:46 Focus on Wealth Channel and Secondaries

56:32 Industry Evolution and Firm Growth

57:01 Closing Thoughts on Building Businesses

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

Join over 11,300 thought leaders from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, EQT, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Hightower, Focus Financial, Cerity Partners, and more.

Welcome back to the Alt Goes Mainstream podcast.

Today we sit down with a technology and fund services veteran who has worked with many of the industry’s largest asset managers.

Cesar Estrada is Private Markets Head at Arcesium, a global financial technology company delivering pre- and post-investment operations and enterprise data management solutions designed to systematize the most complex workflows.

Arcesium was built from a platform developed and tested by investment and technology development firm, the D. E. Shaw Group, and launched as a joint venture with Blackstone Alternative Asset Management. J.P. Morgan, another large client, later made a strategic investment in the company, helping Arcesium further its mission: to power the entire investment lifecycle.

Cesar is responsible for Arcesium’s data management and investment operations technology and services offered to private markets fund managers and investors.

Previously, he served as Senior Managing Director and Alternatives Business Head for North America at State Street — a role in which he drove the growth agenda for a business with approximately $1 trillion in Assets Under Administration by leading new product launches, expansion into new client segments, strategic partnerships, and acquisitions. He served on the board of State Street Fund Services Inc. Prior to that, as a Managing Director at J.P. Morgan, Cesar led the Private Equity & Real Estate Funds Services business from launch to $350B AUA.

Cesar and I had a fascinating conversation about the impact of technology and automation on private markets. We discussed:

* What private markets going mainstream means for pre- and post-investment operations.

* Why alternative asset managers need to have technology solutions to manage, track, and analyze data and workflows if they want to scale.

* The biggest challenges alternative asset managers face as they handle the increase in data management, more funds, and more investors.

* What technology or workflow solutions are still missing.

* How much AI will impact technology workflows in private markets.

* Why ABF has become such an important part of the private credit ecosystem.

Thanks Cesar for coming on the show to share your wisdom and experience in private markets.

You can also see a recent Q&A with Cesar on AGM here.

If you want to learn how Arcesium is delivering the technological infrastructure required to manage the complexities of asset-based financing, you can download their white paper below and read thoughts on the asset-based finance space from Arcesium’s Private Markets Head and industry veteran Cesar Estrada.

Clip #1: What are roadblocks for firms that haven’t yet adopted technology?

Clip #2: How are asset managers thinking about the strategic elements of technology?

Clip #3: Breaking silos and streamlining operations.

Clip #4: How does technology intersect with everything that’s going on in private credit?

Show Notes

00:00 Introduction and Welcome to the Alt Goes Mainstream Podcast

00:46 Guest Introduction: Cesar Estrada

03:05 Cesar's Experience in Fund Services

03:21 Evolution of Private Markets

03:47 Industry Shifts and Consolidation

04:16 Evolving Roles of CFOs and CTOs

04:47 Entrepreneurial Itch and Joining Arcesium

05:03 Building Technology Solutions for Private Markets

05:22 Importance of Industry Experience in Tech Development

05:50 Arcesium's Joint Venture Origins

06:03 Technology Architecture and Integration

07:48 Client-Centric Ownership Model

07:58 Serving Large and Small Asset Managers

09:12 Adapting to Client Needs

10:27 Past vs. Present: Technology in Asset Management

11:14 Data Silos and Integration Challenges

11:47 Roadblocks to Technology Adoption

13:31 Strategic Imperatives for Growth

13:59 Complexity in Investment Strategies

14:51 Evolving Client Needs

15:34 Strategic Elements of Technology

17:01 Point Solutions vs. End-to-End Solutions

19:09 Role of CTO in Technology Selection

20:08 Build vs. Buy: Technology Decisions

21:14 Investment Team's Understanding of Technology

22:03 Leveraging Technology for Growth

26:12 Operational and Data Challenges in ABF

27:52 Importance of Technology in ABF

29:56 Wealth Channel and Evergreen Products

30:58 Product Innovation in Private Markets

31:43 Future of Private Markets Technology

32:33 Magic Wand: Ideal Technology Solutions

33:50 User Experience in B2B and B2C Contexts

35:18 Adoption of New Tools and Technologies

37:35 Impact of Gen AI on Operations

38:40 Future of Gen AI in Asset Management

40:07 Marrying People and Technology

40:59 Next Steps in Post-Investment Processes

43:15 Interesting Alternative Investments

43:28 Personal Investment Strategies

45:05 Conclusion and Final Thoughts

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

Join over 11,300 thought leaders from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, EQT, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Hightower, Focus Financial, Cerity Partners, and more.

Welcome back to the Alt Goes Mainstream podcast.

Today’s episode is with someone responsible for growing the footprint of one of the largest private markets businesses in the industry.

We sat down at Goldman Sachs’ 200 West office with Kyle Kniffen to discuss the evolution of the firm’s work with the wealth channel and how an intensified focus on private markets is helping to drive the firm’s strategic imperatives in asset and wealth management.

Kyle is a Managing Director, Global Head of Alternatives, Third Party Wealth, at Goldman Sachs, which has over $500B of AUM in private markets. He’s responsible for the distribution of both Goldman Sachs private markets products and third party products to the wealth channel.

Kyle and I had a fascinating conversation about the most pressing trends and questions in private markets. We discussed:

* How lessons learned from traditional asset management have helped Goldman with its private markets business.

* The benefits of a broad platform when it comes to helping the wealth channel navigate private markets.

* Why advisors should integrate private markets solutions.

* How to build a wealth channel business.

* How to think about evergreen funds versus closed end funds.

* The next innovation in productization.

* Why co-investments are becoming more popular with the wealth channel.

* Are evergreen funds here to stay?

Thanks Kyle for coming on the show to share your wisdom and expertise.

Clip #1: What it means to be a “complete partner.”

Clip #2: Bringing all of Goldman Sachs to every touchpoint with a client.

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 Opening Remarks

00:42 Guest Introduction: Kyle Kniffen from Goldman Sachs

02:00 Sponsor Message: Ultimus Fund Solutions

03:20 Welcome to Goldman Sachs

03:23 The Importance of Education in Private Markets

04:08 Kyle's Background and Journey

05:08 Goldman's Heritage in Private Markets

05:45 Client Demand for Thought Partnership

07:13 Consultative Sales Approach

07:41 Lessons from Institutional Clients

13:17 Segmenting the Wealth Channel

13:39 Serving Different Client Segments

15:06 Customization and Differentiation

15:48 Global Coverage and Relationships

20:46 Balancing Goldman and Third-Party Products

28:29 Balancing Closed-End Funds and Alternatives

28:42 Who Should Invest in Alternatives?

29:32 Asset Liability and Liquidity in Investment Strategies

30:27 Technology Innovations in Private Markets

31:00 Exciting Progress in Alternative Strategies

31:47 Enhancing Transparency and Communication

32:21 The Puzzle of Private Market Structures

32:58 Post-Sale Transparency and Investor Experience

34:00 Engaging Clients with Rich Content

34:40 The Importance of Brand and Marketing

36:53 Customization in Wealth Management

38:47 Educating Advisors on Private Markets

39:11 Delivering Novel Insights and Education

40:35 Goldman Sachs Investment University

42:50 Lessons from ETFs and Mutual Funds

43:42 The Role of Performance in Adoption

45:09 Tools for Advisors and Clients

46:08 Understanding Private Markets' Impact on Portfolios

47:38 The Future of Private Market Customization

49:35 Excitement in Private Markets

51:17 Advisor Interests and Innovations

53:09 The Importance of Scale in Private Markets

54:18 The Next Frontier in Private Equity Secondaries

55:34 Conclusion and Final Thoughts

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

Join over 11,000 thought leaders from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, EQT, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Hightower, Focus Financial, Cerity Partners, and more.

Welcome back to the Alt Goes Mainstream podcast.

Today’s episode is with a wealth channel veteran who has an innate and developed view of working with wealth.

We sat down in the studio with Adam Bobker. Adam joined Fortress Investment Group in 2022 to build out their wealth business as Managing Director, Global Co-Head of Private Wealth Solutions. He oversees strategy, distribution, marketing, product development, and client management activities across Fortress’ investment programs.

Prior to joining Fortress, Adam was a MD and Head of the Private Wealth Advisory Group at BlackRock, where he spent 22 years. He led a team focusing on private wealth management and institutional consultant channels, as well as business development for BlackRock’s hedge fund, private equity, private credit, and real asset platforms.

Adam and I had a fascinating conversation about how to build a wealth solutions business. We discussed:

* The entrepreneurial nature of building a business for the wealth channel.

* Lessons that can be learned from other industries.

* Why selling into the wealth channel is like being a doctor.

* Why understanding the DNA of an asset management firm matters when building a wealth solutions business.

* What Adam looks for in a successful distribution professional and when building a distribution team.

* How to create scalability and leverage with a distribution team.

* How to structure products for the wealth channel.

* How to get into model portfolios.

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

Clip #1: What is the downside to a portfolio if someone is not investing in alternatives?

Clip #2: Why did you decide to go to Fortress to build a wealth solutions business?

Clip #3: The Fortress DNA: innovative and pioneering.

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 from our Sponsor, Ultimus Fund Solutions

01:18 Podcast Theme Song

01:56 Welcome and Introduction to our Guest, Adam Bobker

03:35 The Importance of Client Relationships

04:28 Understanding Client Needs

05:10 Evolution of Wealth Management

06:44 Model Portfolios and Custom Solutions

07:15 Education and Product Structure

09:22 Strategic Partnerships in Wealth Management

17:51 Technology in Wealth Management

19:06 Building a Wealth Business at Fortress

20:07 Innovative Strategies at Fortress

20:51 Focus Areas for Fortress

22:04 Evergreen Structures in Wealth Management

22:56 Advisor Psychology and Evergreen Structures

24:57 Suitability of Strategies for Evergreen Funds

26:16 Managing Evergreen Funds

28:24 Opportunities in Real Estate Credit

29:20 Investor Hesitation and Education

29:28 Advantages of Semi-Liquid Funds

30:00 Future of Evergreen Structures

30:13 Industry Flows and Semi-Liquid Funds

30:47 Impact on Alternative Asset Management

30:56 Consolidation and Strategy Expansion

31:24 Focus on Whole Portfolio Delivery

32:00 Building a Diverse Team

32:52 Consultative Sales Approach

33:37 Effective Communication in Wealth Management

34:38 Importance of Brand in Asset Management

35:24 Client Experience and Technology Providers

35:51 In-House vs. Third-Party Service Providers

37:05 Client Experience in Wealth Channel

38:28 Mainstreaming Private Markets

39:22 Commitment to Wealth Community

40:30 Delivering the Best Experience to Wealth Channel

41:17 Transition from Art to Science in Portfolio Construction

42:30 Understanding Investment Exposures

44:20 Transparency and Liquidity in Private Markets

45:23 Product Innovation and Asset Liability Mismatch

48:12 Evergreen vs. Closed-End Funds

49:54 Evolution of Fund of Funds Business

50:52 Wealth Platforms and Private Markets

52:26 Convergence of Institutional and Wealth Channels

53:49 Future of Alternative Asset Management

55:58 Raising Allocation to Alternatives

58:10 Innovative and Pioneering Strategies

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

Join over 11,000 thought leaders from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, EQT, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Hightower, Focus Financial, Cerity Partners, and more.

Welcome back to the Alt Goes Mainstream podcast.

Today’s episode is with someone who is an expert on the RIA market and the wealth management business model.

We talk with Karl Heckenberg, the President & Managing Partner of Constellation Wealth Capital, an investment firm that recently closed on a $1B debut fund dedicated to providing differentiated, long-term capital solutions to well-positioned independent wealth management firms in the $8T and growing wealth management sector.

Karl’s deep experience in wealth management as both an investor, from his time as the CEO of Emigrant Partners and its affiliated company, Fiduciary Network, and time on the advisor side at Merrill Lynch, A.G. Edwards & Sons, Wells Fargo, and Charles Schwab, puts him in a position to understand the inner workings of wealth management businesses. He’s also sat on the boards of Sarasota Private Trust Company, New York Private Trust Company, and Cleveland Private Trust Company, and is currently on the board at Alternative Fund Advisors.

CWC has made investments into some of the industry’s leading wealth management firms, including AlTi Global, Cresset Partners, AlphaCore, Lido, and others.

Karl and I had a fascinating conversation about the evolution of the wealth management industry and why it’s become such an attractive investment opportunity. We discussed:

* The intricacies of business growth and serving clients.

* Why private markets are such a critical component to differentiating a wealth management firm.

* Why we’ll see a $1T wealth management business in the coming years.

* The parallels between the business evolution of alternative asset managers and wealth managers.

Thanks Karl for coming on the show to share your wisdom and expertise at the intersection of wealth management and private markets.

Clip #1: Will there be a $1T independent RIA?

Clip #2: Which wealth management firms will do best and be able to grow and scale their businesses?

Clip #3: What works and what doesn’t work in the RIA space?

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

01:57 Welcome to Alt Goes Mainstream

01:59 Introducing Karl Heckenberg

03:57 Karl's Background in Wealth Management

06:05 Early Days of Lending to Wealth Managers

07:48 Growth of the RIA Market

09:10 Understanding the Independent Wealth Management Space

10:44 The Evolution of Wealth Management Firms

12:35 Challenges and Opportunities in Wealth Management

15:55 Importance of Client Experience

19:57 Good Businesses vs. Good Investments

20:44 Growth and Diversification Strategies

21:16 Equity Ownership and Downside Protection

21:55 Minority vs. Control Investments

22:44 Creating New Partners and Incentives

23:07 Comparing Wealth Management to Law Firms

23:49 The Role of M&A in Wealth Management

24:04 High-Quality Blue Chip Firms

24:52 Capital Needs and Growth

25:43 Advisory Services and Value Add

26:16 Similarities to GP Stakes

28:32 Durability of Wealth Management Businesses

30:07 Exit Strategies and Public Market Potential

35:38 Compounding Returns and Distributions

37:38 Legitimate Path to Exit

37:46 Investor Concerns and Capital Influx

37:59 Investment Categorization

38:21 Flexible Investment Buckets

38:49 Private Wealth Allocation

39:08 Institutional Investors' Flexibility

39:12 Synergies with LP Base

39:32 Network Effects and Shared Synergies

40:14 Value Add of Advisory Team

40:25 Loneliness in the RIA Industry

40:45 Platform Benefits and Operational Synergies

41:11 Competing with Banks and Wires

41:20 Raising a Fund and Channel Interest

41:36 Distribution Conversations

42:39 Understanding the Bucketing Conversation

46:55 Importance of Private Markets Knowledge

47:17 Diversification and Institutional Approach

48:03 Advisor Education and Differentiation

50:16 Balancing Customization and Scalability

51:02 Operational Efficiency and Scaling

53:04 Listening to Wealth Channel Needs

56:17 Parallel Growth of Wealth Channel and Private Markets

57:51 Future of Wealth Management Firms

01:07:35 Concluding Thoughts and Future Predictions

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

Join over 11,000 thought leaders from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, EQT, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Hightower, Focus Financial, Cerity Partners, and more.

Welcome back to the Alt Goes Mainstream podcast.

Today’s episode is with a private markets veteran who has been working in the wealth channel before it was considered “the wealth channel.”

We sat down in the studio with Peter Aliprantis. Peter joined EQT in October 2024 as a Partner and Head of Private Wealth Americas. He’s hit the ground running to build out a wealth team in the Americas and help continue to grow the EQT brand in the US.

Peter brings a wealth of knowledge to the private wealth solutions world, garnering over 25 years of experience in the space. Prior to joining EQT, Peter spent 12 years at TPG Angelo Gordon as a Managing Director, where he focused on new business development and intermediary distribution.

Peter and I had a fascinating conversation about everything from the early days of the wealth channel to the evolution of product innovation in private markets. We discussed:

* What working in the wealth channel was like before it was called “the wealth channel.”

* How to build a new brand in a different geography.

* How not being the loudest voice in the room can be effective when working with the wealth channel.

* How education helps to serve distribution efforts and how an innovative and unique approach to education with EQT’s ThinQ platform has helped build brand, trust, and credibility.

* Why institutions are also beneficiaries of the innovation with evergreen structures that were initially designed for the wealth channel.

* How product innovation will continue in the wealth channel.

* How model portfolios will evolve.

Thanks Peter for coming on the show to share your wisdom and expertise.

Clip #1: Most important things to consider when working with the wealth channel.

Clip #2: A global brand with local presence.

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 Message from our Sponsor, Ultimus

01:18 Podcast Opening Theme

01:59 Introduction to Today's Guest: Peter Aliprantis

04:34 Evolution of Private Wealth Distribution

06:08 Impact of the Global Financial Crisis

06:53 Growth of the Wealth Channel

07:30 Building Strategy at Angelo Gordon

08:19 Convincing Firms to Invest in Private Wealth

09:23 Challenges in Private Wealth Sales

10:36 Importance of Product Specialists

10:58 Key Skills for Working with the Wealth Channel

11:55 Comprehensive Approach to Private Wealth

13:20 Joining EQT and Building a Wealth Platform

13:57 EQT's Unique Position in the Market

15:36 Brand Building in the Wealth Channel

16:14 Expanding EQT's Presence

16:53 Effective Branding Strategies

17:30 Segmenting the Wealth Channel

21:25 Building Relationships with RIAs

22:29 Importance of Bespoke Products

23:14 Institutional vs. Wealth Channel Products

24:04 Evergreen Structures for Small to Mid-Sized Institutions

24:35 Becoming a Solutions Provider

24:46 Consultative Approach in Wealth Management

25:04 Emerging Trends in Private Markets

25:52 Challenges for Advisors in Private Markets

26:12 Future of Model Portfolios

27:11 One-Stop Shop Solutions for Clients

27:42 Wealth Distribution Preferences

29:02 Importance of Shelf Space

29:37 Sales Strategies in Private Banks vs. Wirehouses

30:20 Scaling Salesforce and Home Office Support

30:40 Brand Recognition and Content Creation

31:12 Scale Matters in Wealth Channel

31:32 Opportunities for Smaller Firms

32:11 Impact of Fund Size on Returns

33:14 Global Investment Strategies

33:58 Private Markets in Europe and Asia

41:54 Investor Psychology and Evergreen Structures

42:07 Evergreen Structures in Private Credit

43:48 Changing Dynamics of Private Markets

45:34 Family-Owned Business Culture

47:08 Building a Wealth Business

48:32 Bespoke Products for Wealth Channel

49:02 Seeding Evergreen Structures

49:27 Race to Win the Wealth Channel

50:13 Running Your Own Race

50:21 Conclusion and Final Thoughts

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

Join over 10,700 thought leaders from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, EQT, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Hightower, Focus Financial, Cerity Partners, and more.

Welcome back to the Alt Goes Mainstream podcast.

Today’s episode dives into the details of product innovation in private markets with a private equity veteran who has helped to pioneer a new investment structure and working with the wealth channel.

We sat down at KKR’s Hudson Yards office with Alisa Wood, a Partner and Co-CEO of KKR Private Equity Conglomerate LLC (K-PEC).

Alisa has been at KKR for over 20 years. She joined the firm in 2003 and is a Partner. She co-leads the firm’s innovative private equity open-ended, perpetual vehicles serving as the Co-CEO of KKR Private Equity Conglomerate LLC and as a member of the investment committee for the KKR Private Markets Equity Fund.

She was previously the Global Head of the Private Markets and Real Assets Strategies Group and looked after private equity, infrastructure, energy real assets, real estate, impact, growth equity, and customized products.

She sits on a number of the firm’s management and leadership committees, including the Risk & Operating Committee, the Democratized Private Equity Committee, the ESG Committee, and the Geopolitical Governance Committee.

Alisa and I had a fascinating and thought-provoking conversation about private markets and working with the wealth channel. We discussed:

* Why and how KKR came up with the Conglomerate structure.

* Why the devil is in the detail when evaluating evergreen fund structures.

* Why dealflow is essential if a firm wants to have an evergreen strategy.

* Why education is so critical when working with the wealth channel.

* How investors can balance evergreens and closed-end funds.

* The skillsets required to manage evergreen structures.

* Why culture is so critical when building a high-performing and consistent investment business.

* The role that private markets can play in a portfolio and why that matters in today’s markets.

Thanks Alisa for coming on the podcast to share your wisdom and expertise on private markets.

Clip #1: Resonating with the wealth channel and a port in the storm.

Clip #2: The winning formula.

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 Message from our Sponsor, Ultimus

01:55 Welcome to the Podcast

02:07 Introducing Alisa Wood

03:48 KKR's Office and Culture

05:10 The Importance of Culture and Collaboration at KKR

06:12 Alisa's Early Career in Private Equity

07:02 Evolution of Private Equity

08:41 Strategic Moves in Private Equity

13:02 Managing Evergreen Structures

13:07 Operational Complexity in Evergreen Funds

13:43 Deal Flow and Investment Strategies

19:38 Alignment and Collaboration at KKR

22:29 Evergreen Structures and Institutional Experience

25:35 Sales Cycle and Investor Relations

28:54 Employee Equity and Financial Literacy

31:03 Human Capital and Leadership

31:37 Empathy in Leadership

32:06 Building a Community

32:21 Building Community at Scale

33:07 Understanding Investor Needs

33:17 Facilitating Connections

33:35 Addressing Hard Topics

34:04 KKR's Approach to Community Building

34:23 Evolution of KKR's Business Strategy

35:38 Importance of Learning from Mistakes

37:23 Integrating Macro Perspectives

39:18 Strategic vs. Tactical Approaches

39:38 Innovating Portfolio Construction

40:01 Challenges in Private Markets

42:25 The Role of Evergreen Structures

43:10 Balancing Manager Selection and Scale

46:08 Family-Owned Businesses and Evergreens

49:16 Success in the Wealth Channel

50:50 Investor Psychology and Evergreen Funds

54:00 Growing the Evergreen Business

55:02 Diversification and Accessibility

56:03 Future Innovations in Evergreen Space

56:45 Importance of Education and Community

57:54 Industry-Wide Collaboration

58:51 Educating on Private Markets

01:00:58 Personal Reflections on Private Equity

01:01:42 Real-World Impact of Private Markets

01:02:40 Conclusion and Final Thoughts

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

Join over 10,600 thought leaders from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, EQT, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Hightower, Focus Financial, Cerity Partners, and more.