Alt Goes Mainstream

Welcome back to the Alt Goes Mainstream podcast.

Today’s conversation features a live podcast that takes place at BTG Pactual’s NYC office for an audience in private markets.

We are joined by Todd Owens, the Co-Founder and Managing Partner of Cantilever Group, where BTG Pactual is an investor.

Cantilever is an independent firm focused on providing capital solutions to middle market asset managers. The firm’s capital can be used to accelerate growth, support acquisitions or liftouts, fund GP commitments, seed new strategies, facilitate generational ownership transfer, and provide liquidity to founders. Cantilever focuses on asset management firms that have enterprise values between $50M and $500M. The team has executed on over $500M of GP stakes, financing, and seeding transactions as both investors and principals. The team’s advisory experience working with stakes funds includes over 15 GP stakes transactions, multiple GP stakes portfolio financings, numerous GP and BDC IPOs, and dozens of asset management financing and control transactions.

Cantilever is working with two strategic partners as they build their firm: BTG Pactual, the ~$30B market cap Brazilian bank and wealth and asset manager has invested into Cantilever’s fund, and Broadhaven Ventures, the principal investment arm of Broadhaven Capital Partners.

Todd has over 30 years of experience as an advisor covering financial institutions and as a senior financial services executive. Prior to founding Cantilever, Todd has been a Partner at Broadhaven Capital Partners, an independent financial services focused investment bank that’s completed over $100B in announced M&A transaction volume, as well as the former CEO of Fifth Street Finance. Todd began his career at Goldman, Sachs & Co, spending 24 years including as a Managing Director and Partner in the Investment Banking Division.

Todd and I had a fascinating conversation about the GP stakes space and why the middle market represents a compelling part of the asset management ecosystem as the industry undergoes change and consolidation. We discussed:

* The early days of alternative asset managers going public.

* The evolution of the GP stakes market.

* The role that GP stakes investing can play in the growth of alternative asset managers.

* How and why GP stakes has shades of private equity, private credit, and secondaries in a single strategy.

* A tale of two cities — the upper end of the market and the middle-market.

* What will liquidity look like in the GP stakes space?

Thanks Todd for sharing your wisdom and views on GP stakes and asset management.

Clip #1: Is GP stakes the best of all worlds?

Clip #2: How big does the middle market become?

Clip #3: Will the middle market continue to persist?

Show Notes

00:00 Welcome to the Alt Goes Mainstream Podcast

00:40 Live Podcast at BTG Pactual's New York Office

00:49 Introducing Todd Owens and Cantilever Group

02:26 Welcome to Alt Goes Mainstream Live

03:04 Todd's Background and Perspective

03:42 Early Challenges in Minority Equity

04:30 Alternative Asset Managers Going Public

05:36 Evolution of the GP Stakes Market

06:13 Understanding the Business Model

06:53 Public vs. Private Market Perceptions

08:44 The Role of GP Stakes in Firm Growth

09:12 Different Approaches to Building a Business

02:23 Lessons from advising Oaktree and Ares

10:21 Sophistication in the Market

10:53 Changes in Manager Skillsets

11:59 Differences Between Upper and Middle Markets

12:33 Opportunities in the Middle Market

13:25 Strategic Value of Minority Equity Investors

14:22 Market Stratification and Focus

16:21 Future of the Middle Market

18:17 Distribution of Private Markets to Wealth Channel

19:08 Evolution of Wealth Management Industry

20:29 Democratization of Alternatives

21:19 GP Stakes: The Best of All Worlds?

21:39 Investment Profile of GP Stakes

23:29 Betting on Private Markets Growth

24:18 Liquidity in the GP Stakes Space

25:58 Quick Fire Questions

26:05 Favorite Asset Class in 2025?

26:46 Next Firm to Go Public?

27:11 Complexity of Merging Firms

28:06 Future of Middle Market GP Stakes

28:50 Conclusion: Live Podcast Wrap-Up

28:58 Thank You and Closing Remarks

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

Join over 10,500 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 dives into a groundbreaking partnership that could change the trajectory of how the wealth channel invests into private markets.

We are joined by BlackRock’s Senior Managing Director, Head of the Americas Client Business, Co-Head of U.S. Wealth Advisory (USWA), and a member of the Global Executive Committee for BlackRock Joe DeVico and Head of Product for US Wealth & Head of Alts to Wealth Jon Diorio and Partners Group’s Partner, Co-Head of Private Wealth, Head of the New York Office, Member of the Global Executive Board, Partners Group Rob Collins to discuss their partnership on a private markets model portfolio purpose-built for the wealth channel.

Joe, Jon, and Rob discuss what Rob calls in the podcast the industry’s “iPhone moment.” This model portfolio partnership that brings together BlackRock’s private markets and technology capabilities and Partners Group’s history as a pioneer in the evergreen funds space is a big moment for private markets. The partnership enables the wealth channel to seamlessly access private markets solutions, understand how it fits into a broader asset allocation model, and handles rebalancing in a turnkey fashion.

We had a fascinating discussion about this partnership and why the wealth channel needs turnkey solutions such as model portfolios. We discussed:

* Why model portfolios could be the “iPhone moment” for private markets.

* The anatomy of the partnership between BlackRock and Partners Group to create private markets model portfolios.

* How to balance personalization and customization with standardization of delivery to the wealth channel.

* How to create differentiation with private markets product offerings with different product structures.

* The mechanics of a private markets model portfolio.

* How education plays a role in advisor adoption of private markets products and model portfolios.

Thanks Joe, Jon, and Rob for sharing your wisdom and experience on public and private markets as you help bring private markets into the mainstream.

Clip #1: The iPhone moment - changing the paradigm of private markets.

Clip #2: Why is now the right time?

Clip #3: Why is a comprehensive, turnkey solution needed?

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 Ultimus, our Sponsor

01:56 Welcome to Alt Goes Mainstream Podcast

01:58 Groundbreaking Partnership Announcement

02:25 The Model Portfolio Partnership

03:32 Live from the BlackRock Studio

04:07 BlackRock's Joe DeVico and Jon Diorio, and Partners Group’s Rob Collins

06:25 The Evergreen Wealth Journey

07:33 The iPhone Moment for Private Markets

08:18 Challenges in Private Markets Adoption

08:34 The Importance of Diversified Portfolios

08:54 The Sherwin-Williams Challenge

09:08 The Simple Push Button Solution

09:40 The Uptick in Public Market Models

13:22 The Right Time for Private Markets Solutions

13:48 The Role of Technology and Wrappers

28:04 Evolution of Fixed Income Markets

28:24 Electronification of Private Markets

28:38 Educating Investors on Private Markets

29:33 Importance of Excellent Execution

30:04 Proving the Value of Evergreen Portfolios

30:49 Building the Right Solution

31:15 Client Demand for Private Market Access

31:52 Core Building Blocks of Private Markets

32:21 Simplifying Private Market Investments

32:52 Naming and Structuring Investment Products

33:52 Blurring the Lines Between Public and Private Markets

38:18 Active vs. Passive in Private Markets

40:02 Challenges in Market Adoption

40:33 Scalability and Personalization in Private Markets

41:53 Evergreen Funds: Complex but Essential

43:10 Expanding Access to Alternatives

44:25 Seismic Shift in Private Markets

45:09 Future of Private Market Solutions

47:17 Client Demand Driving Innovation

52:55 Personalization in Investment Portfolios

56:56 The Importance of Time and Simplicity

57:52 Conclusion and Podcast Outro

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

Join over 10,300 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 dives into the details of distribution and how to build a high-performing global business to serve the wealth channel across brands and strategies.

John Sweeney is the Chief Executive Officer of Brookfield Oaktree Wealth Solutions, a business unit that was created to harmonize the distribution efforts across the Brookfield and Oaktree brands.

He previously served as Head of US Business Development and Sales for Brookfield Oaktree Wealth Solutions and was a Managing Director and Head of the Americas intermediary business at Oaktree Capital. He also served as president of Oaktree Funds from 2014-2018.

Before joining the alternative asset manager side of the business, John had extensive experience working in alternative investments roles at private banks. Before joining Oaktree in 2013, he was a Managing Director and Head of Product Management and Development for the alternative investments business at Morgan Stanley. Prior to that, he was the Head of Product Management in the US for the alternative investments business of the Citi Private Bank.

John and I had a fascinating and informative discussion. We covered:

* How John is building Brookfield Oaktree’s wealth business.

* The benefits of scale.

* Wisdom from John’s Oaktree colleague Howard Marks.

* How advisor education is critical to the adoption of private markets.

* And much more.

Thanks John for coming on the show to share your wisdom and views on private markets and working with the wealth channel.

Clip #1: What has it been like having a front row seat to the growth of private markets?

Clip #2: Combining Brookfield and Oaktree to build a wealth solutions business.

Clip #3: Turning a challenge into a huge advantage.

A word from AGM podcast sponsor, Ultimus Fund Solutions

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

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

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

We thank Ultimus for their support of alts going mainstream.

Show Notes

00:00 Introduction to our Sponsor, Ultimus Fund Solutions

01:55 Welcome to Alt Goes Mainstream

02:06 Introduction to John Sweeney

02:30 John Sweeney's Career Background

03:58 John's Early Career at Morgan Stanley

04:34 Evolution of Alternative Investments

05:15 Impact of Technology on Private Markets

06:43 Service and Distribution Strategies

07:36 Building Brookfield Oaktree's Wealth Business

07:56 Importance of Client Service

09:35 Staffing and Organizational Growth

11:08 Brookfield and Oaktree Partnership

12:45 Focus on Investment Solutions

13:29 Understanding Client Needs

14:06 Wealth Channel Strategies

14:52 Focus on Real Assets and Credit

16:11 Global Expansion and Market Strategy

16:38 Challenges and Opportunities in Wealth Management

17:48 Differentiating Large GPs

18:10 Brand Building and Recognition

19:05 Effective Client Engagement

20:29 Insights and Education for Advisors

22:39 Evergreen Funds and Client Relationships

25:22 Balancing Content and Engagement

27:32 Investment Philosophy and Market Context

32:49 Delivering Returns and Income

33:02 Accessing Evergreen Funds

33:16 Compounding Returns Over Time

33:23 Thinking in Decades

33:34 Private Credit Evolution

33:48 Experience and Results

34:12 Brand and Education

34:23 Distinguishing in Good and Bad Times

34:51 Showcasing History and DNA

35:45 Brookfield Real Estate

36:07 Oaktree's Credit Roots

36:28 Integrating Two Brands

36:48 Building Solutions Across Brands

37:16 Global Presence and Marketing

37:27 Private Wealth Arm of Brookfield

37:52 Investing in Megatrends

38:59 Importance of Scale

39:48 Navigating Wealth Channel Conversations

40:45 Competing on Different Fronts

41:35 Complementary Areas and Adjacencies

43:08 Global Expansion and Regional Strategies

43:35 Survey Insights on Alternatives

44:54 Global Opportunities in Private Markets

45:14 Regional Differences in Distribution

46:03 Building a Local Team

48:37 Building a Culture of Shared Success

49:19 Educating Advisors and Sales Teams

52:44 The Future of Private Markets and Model Portfolios

56:18 Exciting Opportunities in Real Estate and Beyond

57:41 The Appeal of Music Royalties and Human Connection

59:26 Conclusion and Final Thoughts

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

Join over 10,000 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 dives into one of the most topical trends in the evolution of wealth management platforms and their adoption of private markets.

We are joined by Tom Cohn and Amita Schultes of Cerity Partners, where they discuss the recent combination of their two respective businesses, Cerity Partners, the $100B+ national wealth management firm, and Agility, a leading OCIO business.

Tom and Amita discuss their merger, why there was a need to create customization for wealth investors in private markets, and how bringing on a leading OCIO business takes Cerity Partners’ capabilities to a new level as a solutions provider in private markets.

Tom is the Chief Solutions Officer and a Partner in Cerity Partners’ New York office. He’s a member of the firm’s Leadership Team. He has over ten years of experience in various investment management roles, previously serving as an Investment Analyst at Spero-Smith Investment Advisors, where he was responsible for due diligence and analysis of third-party managers and assisted in global market and asset allocation research.

Amita is a Partner in Cerity Partners’ New York office, managing Cerity Partners’ OCIO client portfolios. She’s a member of the OCIO Investment Committee. Amita brings over 20 years of experience as an investment consultant to bear to the firm. Before joining Cerity Partners, Amita was a Partner and Client Portfolio Manager at Agility, where she served as a voting member of Agility’s Investment Committee. Prior to Agility, she was a Partner, Managing Director, and Senior Consultant at Colonial Consulting, serving as an investment consultant for endowments, foundations, and pension plans. She also served as a Senior Consultant at Ibbotson Associates.

Tom, Amita, and I had a fascinating discussion. We covered:

* The why and the how behind Cerity Partners’ merger with Agility.

* How wealth management platforms can balance customization and scalability.

* Why scale matters in wealth management.

* How alternative asset managers can differentiate when engaging with the wealth channel.

Thanks Tom and Amita for coming on the show to share your views and wisdom on wealth management and private markets.

Clip #1: Why did Cerity Partners decide to look externally to build OCIO capabilities rather than build in-house?

Clip #2: Marrying an OCIO practice with a wealth management practice.

Clip #3: Do wealth clients look at having an OCIO capability as something differentiated?

Clip #4: What are the things you look for when evaluating a fund manager?

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

02:05 Introducing Today's Guests, Tom Cohn and Amita Schultes

07:35 Cerity Partners and Agility Merger Details

08:24 Client Services at Cerity Partners

09:39 OCIO and Wealth Management Synergies

10:52 Why Cerity Partners Chose to Partner

11:36 The Importance of Cultural Alignment

13:33 The Role of OCIO in Wealth Management

15:17 Cerity Partners' Approach to Private Markets

16:56 Operational Excellence in Private Markets

18:06 Research and Due Diligence in Manager Selection

19:32 Institutional vs. Wealth Management Clients

21:22 Complementary Insights from Institutional and Wealth Management

23:05 Unified Research Platform

28:57 Access and Customization in Client Solutions

30:56 Scalability and Customization in Private Markets

32:38 Structuring Customization with Scalability

33:05 Educational Component in Client Investments

33:21 Framework for Custom Portfolios

33:55 Resource Allocation for Customization

34:07 Niche Opportunities and Large Teams

34:32 Enhancing Client Relationships with OCIO

34:48 Negotiating Fees and Structuring Solutions

35:03 Next Innovation in Investment Solutions

35:24 Turnkey Solutions for Operational Complexities

36:26 Model Portfolios and Unique Strategies

37:25 Combining OCIO and Wealth Management Practices

38:23 Innovations in Structuring Solutions

38:45 Workflows in Private Markets

39:31 Client Experience and Technology Integration

40:30 Importance of Definitions in Private Markets

40:58 Private Capital and Real Assets

42:06 Relaying Information and Expectations

42:42 Role and Goal of Investments

43:03 Evolution of Alternatives and Private Markets

45:13 Partnerships and Mergers at Cerity Partners

48:08 Evaluating Managers: Art and Science

50:11 Trust and Long-term Partnerships

52:28 Manager's Edge and Structural Benefits

54:49 Training and Mentoring in Manager Selection

57:21 Challenges and Opportunities for Managers

59:31 Favorite Alternative Investments

01:02:28 Closing Remarks and Final Thoughts

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

Join over 10,000 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.

We had a chance to sit down with Blue Owl Co-CEO Marc Lipschultz recently at their Nest Network Summit for RIAs and private banks in Laguna Beach.

It was a perfect setting to discuss Blue Owl’s incredible growth, which has been in part due to its unique and focused partnership with the wealth channel.

Blue Owl is one of the industry’s largest alternative asset managers and has charted an impressive growth path in the nine years since its founding. Blue Owl has scaled to over $265B of AUM and has proven to be one of the top firms at raising capital from the wealth channel.

Marc is a private markets industry veteran who has been instrumental in building not just one, but two of the industry’s biggest players.

He spent over two decades at KKR, serving on the firm’s Management Committee, and as the Global Head of Energy and Infrastructure after joining the firm as one of the first 20 employees. He then partnered with Blackstone GSO Founder Doug Ostrover and Goldman Sachs Partner and Co-Head of Leveraged Finance Craig Packer to co-found Owl Rock Capital Partners, the predecessor firm to Blue Owl’s Credit platform. Owl Rock combined with Dyal Capital Partners to become the publicly traded entity Blue Owl in May 2021 and has since grown to over $265B in AUM and $2.2B in revenue.

Owl Rock and now, Blue Owl’s, flight is emblematic of the evolution of alternative asset managers. Marc and I had a fascinating conversation. We discussed:

* How Blue Owl’s growth highlights trends that have propelled alternative asset management into the mainstream.

* Why scale matters.

* Their focus on private credit, data centers, and digitalization.

* Their focus on private wealth.

* The power of permanent capital.

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

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

A number of the themes discussed by Marc in the podcast and Q&A appear in Blue Owl’s 2025 Market Outlook. You can read Blue Owl’s 2025 Market Outlooks across Credit, Real Estate, and GP Strategic Capital, where their teams outline themes that are top of mind and how it will impact their respective sectors.

Clip #1: How Blue Owl’s business was designed with wealth in mind from the very start: equal access to institutional opportunities.

Clip #2: Blue Owl’s focus on partnership with clients and how client needs might lead to Credit, Real Assets, and GP Stakes.

Clip #3: Why Blue Owl acquired IPI and how it fits into the Blue Owl family.

Show Notes

00:00 Welcome to the Alt Goes Mainstream Podcast

00:57 Blue Owl's Growth and Success

01:10 Marc's Background and Career

02:23 The Setting: Laguna Beach

02:30 Focus on Wealth Management

02:47 Marc's Journey in Private Markets

03:28 Early Days at KKR

05:22 Building Owl Rock and Blue Owl

05:47 Concept of Growth in Private Markets

06:41 The Role of Culture in Success

08:35 Operationalizing Culture

10:12 Focus on Wealth Channel

10:33 Democratization of Alts

12:02 Building a Firm for Individual Investors

16:43 Unified Wealth Platform

19:06 Balancing One-Stop Shop and Customization

24:22 Brand and Strategy

29:56 Scale in Private Markets

33:13 Meeting the Needs of Large Borrowers

33:21 Understanding Market Spreads

33:47 High-End Market Dynamics

34:16 Cost of Capital and Borrowing Limits

35:14 Predictability, Privacy, and Partnership

36:16 Trends in Private Credit

36:29 The One-Stop Shop Concept

36:57 Risk Management in Credit

37:48 Maintaining Low Loss Rates

38:44 Impact of Scale on Credit Quality

40:27 Private vs. Public Financing

40:54 Growth in Asset-Backed Financing

41:16 Strategic Business Orientation

42:34 Skating to Where the Puck is Going

47:58 Permanent Capital Advantage

48:39 Flexibility in Loan Terms

51:26 Building a Purpose-Built Firm

54:15 The Role of Culture in Business and Sports

55:34 Lessons from the Washington Commanders and Tampa Bay Lightning

55:41 Leadership and Performance

56:37 Good Fortune and Success

57:00 Commitment to Culture and Outcome

57:26 Powerful Culture in Sports

58:06 People: The Core of Success

58:59 Wrapping Up the Conversation

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

Join over 9,900 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 features an industry titan who has been on the forefront of the intersection of alts and wealth.

We talk with Stephanie Drescher, Partner, Chief Client and Product Development Officer at Apollo and a member of the firm’s Leadership Team. She oversees the Client and Product Solutions Group (CPS), which includes Apollo’s Global Wealth Management Solutions, Institutional Sales, and Global Product teams. She is also involved with Apollo’s strategic investments in private markets, as a Board Observer at iCapital and a Board Member at Vega.

Stephanie is responsible for leading Apollo’s global wealth buildout, which is one of the firm’s strategic priorities. They’ve invested heavily in educational resources and have built out a specialized team to work with the wealth channel. Apollo has set a goal of achieving $150B from its global wealth business by 2029 and, in 2024, under Stephanie’s leadership the global wealth business exceeded the total capital raised in 2023 from the wealth channel.

Before joining Apollo in 2004, Stephanie was with JP Morgan for 10 years, working primarily in its Alternative Investment Group.

Stephanie and I had a fascinating conversation about how to build and scale a business in the wealth channel. We discussed:

* What is safe and what is risky?

* How can investors approach asset allocation and portfolio construction?

* How working with institutional investors has influenced and helped Stephanie think through how to work with investors in the wealth channel.

* The anatomy of building a wealth business.

* How critical is brand building when working with the wealth channel?

Thanks Stephanie for coming on the show to share your wisdom and expertise on private markets and work with the wealth channel.

Clip #1: How does Apollo approach private markets?

Clip #2: Privates are no longer a nice to have; they are a need to have.

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

01:55 Welcome Back to Alt Goes Mainstream

02:04 Introducing Stephanie Drescher

03:55 Stephanie's Journey at Apollo

04:14 Focus on Institutional Clients

04:43 Strategic Focus on Wealth Channels

05:05 Learning from Different LPs

05:27 Early Days at J.P. Morgan

08:04 Importance of Communication

08:17 Transparency and Client Centric Approach

08:56 Educational Initiatives at Apollo

10:07 Apollo Academy Engagement

10:42 Content Creation Strategy

11:37 Combining Short and Long Form Content

11:43 Direct Client Communication

12:00 Distribution and Marketing

12:26 Client Centric Approach

13:06 Creating a Narrative for Private Markets

13:40 Defining Private Markets

14:34 Public vs. Private Markets

15:50 Changing Definitions in Private Markets

16:18 Impact of 2022 on Public Markets

17:02 Concentration in Public Markets

17:41 Benefits of Private Markets

18:17 Helping Clients Understand Private Markets

18:44 Developing Accessible Solutions

19:45 Client Focused Solutions

19:51 Balancing Client Needs and Market Nuances

20:15 Apollo's Origination Capability

22:12 Athene's Role in Apollo's Strategy

24:26 Tax Efficiency in Private Markets

25:39 Wealth Channel vs. Institutional Investors

25:48 Solving for Tax Challenges

25:53 Listening to Client Needs

27:31 Avoiding K1s and Capital Costs

28:17 Process and Adoption of Private Markets

29:07 Investing in Technology

30:08 Insights from Technology Investments

31:06 Shared Industry Solutions

32:02 Digital Outreach and Thought Leadership

32:38 Apollo's Brand and Public Presence

33:02 B2B2C Relationships

33:10 Building Apollo's Brand

33:50 Communicating Apollo's Value Proposition

34:04 Reaching the End Client

35:39 Media Presence and Brand Awareness

36:59 Tangible Impact of Private Credit

37:35 Evolution of Private Credit

38:14 Role of Asset Backed Credit

38:46 Alternative Asset Managers in Financial Markets

39:18 Partnerships and Convergence

39:48 Discretionary Allocations

40:11 401(k) Business and Retirement Goals

41:18 Focus on Net Return

41:52 Provocative Questions on Liquidity

43:00 Consistency of Messaging

43:26 Innovative Parts of Apollo's Business

43:49 Changing Definitions of Alternatives

45:23 Phases of Adoption in Wealth Channel

47:00 Strategic Focus on Partnerships

52:39 Balancing Scale and Customization

53:26 Personal Reflections and Future Investments

54:48 Conclusion and Farewell

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

Join over 9,600 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.

Welcome back to the Alt Goes Mainstream podcast.

Today’s episode dives into an important and growing part of the private markets ecosystem: how investors can access and invest into alternatives through their retirement funds.

We have Eric Satz, the Founder & CEO of Alto, a self-directed IRA custodian, with us today to discuss how he’s on a mission to provide everyday Americans with the same investment opportunity long favored by institutional investors.

Alto provides custody for a wide array of alternative assets, including private companies, real estate, crypto, loans, and securitized collectibles. Alto has streamlined the process for companies, funds, and SEC-registered investment platforms to include IRA investors in their offerings. They’ve partnered with firms across the alts space, including AngelList, Coinbase, EquityZen, Republic, Masterworks, and others, to enable investors to invest into private markets with their IRA.

Eric is a serial entrepreneur and former investment banker. He worked at DLJ / Credit Suisse First Boston before co-founding Currenex (acquired by State Street for $564M), Plumgood Food, and Tennessee Community Ventures. His passion for entrepreneurship led him to serve on the Board of the Tennessee Valley Authority from 2015 to 2018 and he teaches an entrepreneurship class to high school students.

On today’s podcast, Eric teaches us all about the merits of a self-directed IRA. We had a fascinating discussion about why and how it makes sense to use an IRA to invest into private markets investments and how he’s taking lessons learned from prior IRA businesses to build Alto.

We discussed:

* Rethinking retirement investing.

* The evolution of the self-directed IRA market.

* Alto’s vision: TurboTax for IRAs.

* Structural challenges with using IRAs for private markets investments.

* The role of technology with streamlining retirement investing.

* The evolution in investor awareness of retirement investing.

* The importance of duration matching.

Thanks Eric for coming on the show to share your knowledge and passion for alternatives.

Clip #1: What's the reasons why more people haven't put private markets investments in their self-directed IRAs?

Clip #2: How and when do investors start thinking about using a retirement account to invest in private markets?

Clip #3: Unlocking private market access to the wealth channel with a self-directed IRA.

Clip #4: Working with the financial advisor.

Show Notes

00:00 Welcome to the Alt Goes Mainstream Podcast

00:51 Diving into Private Markets with Eric Satz

01:22 Alto's Mission and Partnerships

01:33 Eric Satz's Entrepreneurial Journey

01:57 The Merits of Self-Directed IRAs

02:01 TurboTax for IRAs

02:05 Retirement Accounts and Private Market Investments

02:29 Welcoming Eric to the Podcast

02:37 The Evolution of Private Markets and IRAs

02:52 The Beginnings of Alto

03:14 Challenges in Self-Directed IRA Investing

05:12 Matching Long-Term Assets with Long-Term Savings

05:53 Growth of IRA Accounts

06:52 Private Market Investments in IRAs

07:53 Barriers to Private Market Investments

08:09 Psychological and Structural Challenges

09:22 The Role of Technology in IRA Investments

09:31 AngelList Partnership and User Experience

10:43 Investor Journey in Private Markets

11:24 Educating Investors and Advisors

14:03 The Evolution of Financial Advisors

15:03 The Importance of Illiquidity in Investments

18:30 Current Income and Tax Advantages

18:58 The Younger Generation and Volatile Investments

19:39 Compounding Returns in Private Markets

20:22 Asset Management and Diversification

21:36 The Role of Infrastructure Solutions

25:38 Alto's Marketplace and Crypto IRA

27:41 Friction in IRA Investments

29:49 Success of Alto's Technology

30:56 Partnerships with Major Asset Managers

31:43 The Growing Wealth Channel

32:41 Direct to Consumer vs. Intermediary Models

34:12 Educating Financial Advisors

34:42 Boots on the Ground Education

35:13 The Role of Financial Advisors in Private Markets

36:46 Unlocking Retirement Funds for Private Investments

37:45 The Role of Asset Managers in Education

39:05 Brokerages and Private Market Investments

41:06 Challenges in Asset Review

42:17 Future of Private Market Investments

43:12 Alto's Vision for the Future

44:46 The Role of Defined Contribution Plans

45:52 Legitimacy and Participation in Private Markets

46:13 Private Equity in Retirement Solutions

47:11 Diversification in Public vs. Private Markets

48:02 Borrowing Against Private Market Holdings

48:44 Regulatory Differences in 401k’s and IRAs

51:20 Common Sense in Investment Regulations

52:41 Exciting Future Investments

53:56 Conclusion and Final Thoughts

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

Join over 9,600 thought leaders from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, EQT, 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 guest is an industry leader in wealth management who has been very active in private markets.

Mike Tiedemann is a pioneer in the wealth management space in a number of ways.

He's at the helm of the first pure play publicly traded wealth management business, AlTi Global. AlTi, a $72B AUM platform, came out of a merger between Mike's successful and highly regarded wealth management and alternatives business, Tiedemann Advisors, which merged with Alvarium.

Founded in 1999, Tiedemann grew into a global company under Mike's leadership, expanding across geographies and building out a Trust Company and an alternatives manager on its way to overseeing $29B AUA.

Mike has since run the combined company of AlTi Global as CEO, where they've built a global wealth management and alternatives platform. They are also backed by Allianz and Constellation Wealth Capital as they continue to serve many UHNW families worldwide.

Mike is very well-versed in private markets given his deep expertise in allocating to many of the industry's best leading managers so we had a fascinating conversation about the intersection of private markets and wealth management.

We discussed:

* The business of wealth management.

* The evolution of the wealth management industry.

* Why understanding private markets is so critical for wealth managers.

* The advantages of being a global wealth management business.

* The experience of being a publicly traded pure play wealth management firm.

* How to structure investments for global clients.

* The need to customize private markets portfolio construction as a way to differentiate versus other wealth management platforms.

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

This conversation is for informational purposes only and should not be construed as investment advice. It does not endorse or recommend any specific investments, products, or strategies. The opinions shared regarding investment approaches, risk allocations, and portfolio decisions are purely for discussion and do not constitute formal recommendations.

Any statements, assertions, or views regarding past or future market events or investment approaches are based on the speaker’s beliefs and do not necessarily reflect those of the firm as a whole, unless explicitly stated with supporting sources. Additionally, some statements may be forward-looking in nature, and actual outcomes may differ materially from expectations.

Clip #1: The evolution of the wealth management industry.

Clip #2: The nuances of being a global wealth manager.

Clip #3: The positives and negatives of being a publicly traded wealth management firm.

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

01:18 Alt Goes Mainstream Theme Song

01:58 Introducing Mike Tiedemann

05:28 Lessons from Mike’s Early Career in Brazil

05:44 Importance of Liquidity

06:57 Geopolitics and Investing

09:24 Private Markets and Wealth Management

09:47 History of Tiedemann Advisors

10:26 Evolution of Multi-Strategy Firms

11:33 Challenges in Manager Selection

16:31 Growth and Scale in Wealth Management

19:09 Client Demands in Wealth Management

21:18 Differentiation in Investment Offerings

24:10 Tax Efficiency in Investments

25:26 Partnerships with Allianz and Constellation

27:24 Decision to Go Public

29:19 Challenges of Being a Public Company

30:52 The Importance of Permanence in Wealth Management

31:44 Surviving Market Downturns

32:42 Consolidation in Wealth Management

33:36 Global Wealth Management Strategies

35:26 Regional Nuances in Wealth Management

36:49 Asian Wealth Management

38:11 Structuring Investments for Global Clients

39:10 Creating Scalable Private Markets Offerings

40:22 Differentiating in Private Markets

42:09 Tax Efficiency in Alternative Investments

42:48 Innovative Investment Structures

44:00 Public vs. Private Wealth Management Firms

46:10 Brand and Client Perception

47:57 Future of Wealth Management

49:53 The Impact of Technology in Wealth Management

51:11 Talent and Retention in Wealth Management

53:34 Skills for Modern Wealth Managers

54:48 Next-Gen Client Demands

56:02 Exciting Private Market Trends

57:43 Capital Flows and Private Credit

59:42 Risks in Private Markets

01:01:34 Favorite Alternative Investments

01:03:07 Future Allocation to Private Markets

01:04:40 Concluding Thoughts

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

Join over 9,200 thought leaders from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, EQT, 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 features an industry leader who has pioneered working with the wealth channel.

We talk with Joan Solotar, the Global Head of Private Wealth Solutions at Blackstone, where she also serves on the firm’s Management Committee. Joan has been responsible for leading Blackstone’s impressive work in the wealth channel. She’s grown the firm’s footprint in private wealth to over $250B in assets across Blackstone funds, making the wealth channel comprise roughly a quarter of Blackstone’s $1T AUM.

Blackstone Private Wealth Solutions’ mission is to bring institutional quality products across a broad spectrum of alternative asset classes to high net worth clients and their advisors.

Before joining Blackstone in 2007, Joan was Head of Equity Research at Bank of America Securities and a highly ranked Institutional Investor All Star financial services analyst at Credit Suisse and Donaldson, Lufkin & Jenrette. She also serves on the Board of Directors at First Eagle Investment Management.

Joan and I had a fascinating conversation about how to build and scale a business in the wealth channel. We discussed:

* How Blackstone built a $250B AUM business in the wealth channel across Blackstone funds.

* How Joan’s background in equity research helped her as she built a business for the wealth channel.

* The early days of building Blackstone’s Private Wealth Solutions business.

* Where, why, and how private markets can fit into a portfolio.

* How model portfolios will evolve.

* Why private markets are no longer an alternative.

* How to build an effective brand in asset management.

Thanks Joan for coming on the show to share your wisdom and expertise on private markets and your work with the wealth channel.

Clip #1: How early are we?

Clip #2: How do you educate the wealth channel about private markets?

Clip #3: There is no alternative.

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

02:02 Guest Introduction: Joan Solotar

03:26 Welcoming Joan to the Podcast

03:45 Joan's Career Journey

05:21 Building a Business in the Wealth Channel

06:59 Early Challenges in Private Wealth

07:49 Challenges and Skepticism

08:39 Convincing Advisors and Building Trust

10:16 Growth and Market Development

10:57 Current State of Wealth Channel Allocations

11:02 Growth in Private Wealth

11:18 Spring Training in Wealth Channel

12:02 Needle Movers in Wealth Channel

12:29 Expanding Offerings and Deepening Relationships

13:01 Importance of Sticky Assets

13:17 Evolution of Wealth Management and Private Markets

13:42 Liquidity vs. Illiquidity

14:58 Educating Advisors on Private Investments

16:21 Client Demand and Advisor Tools

17:35 Portfolio Construction and Branding

18:16 Early Days of Portfolio Construction with Alts

18:46 Naming the Asset Classes

19:54 Importance of Private Investments

20:01 Growth-Oriented Portfolios

21:26 Ease of Use in Private Investments

22:06 Model Portfolios and Private Investments

23:01 Advisor Trust and Brand

25:01 Differentiated Experience at Blackstone

25:07 Client Interaction and Support

26:30 Commitment from Blackstone Leadership

28:29 Complexity of Wealth Channel Sales

29:19 Longer Sales Process and Education

31:04 Brand and Marketing in Wealth Channel

32:34 Integration of Marketing and Sales

33:16 Training and Education at Blackstone

34:53 Blackstone University

36:24 Blackstone's Global Meetings and Training

38:29 Humanizing the Team

41:05 Blackstone's Holiday Video

42:14 Consumer-Facing Investments

43:22 Favorite Alternative Investment

43:30 AI and Investment Opportunities

45:28 Conclusion and Farewell

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

Join over 9,000 thought leaders from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, EQT, 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.

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

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

We sat down with Keith Jones, the Global Head of Alternative Investments Product for Nuveen, and a member of the Extended Leadership Team. He’s responsible for the development and ongoing management of alternative investment products distributed through Nuveen’s institutional, wealth management, and retirement channels globally.

Keith and I had a fascinating conversation about product innovation in the wealth channel, how to educate and market products specifically designed for the wealth channel, and why it’s not a “one-size-fits-all” approach.

Thanks Keith for coming on the Alt Goes Mainstream podcast to share your wisdom and expertise. We hope you enjoy.

Clip #1: It starts with the clients.

Clip #2: Turning the battleship.

Clip #3: How does brand intersect with the creation and structuring of products?

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

01:18 Podcast Opening Theme

01:55 Welcome to Alt Goes Mainstream

02:19 Interview with Keith Jones: Background and Role

05:11 Product Innovation in Wealth Channel

05:23 Structuring Products for Wealth Channel

06:19 Client-Centric Approach

07:08 Challenges in Structuring Products

07:50 Importance of Brand

11:03 Nuveen's Real Estate Focus

12:04 Feedback from Distribution Teams

13:00 Product Governance

13:48 Wealth vs. Institutional Channels

17:03 Institutional Learnings from Wealth Channel

18:46 Operational Considerations and Education

19:30 FinTech Solutions

19:51 Subscription Process

21:04 Reporting Challenges

21:46 Unlocking Investor Allocation

22:55 Retirement Channel Opportunities

23:14 Education and Alternatives

24:26 Model Portfolios

25:22 Tokenization and Liquidity

26:18 Client-Centric Product Structuring

27:28 Communication and Alignment

30:45 Evergreen Structures

31:46 PM Skillset Evolution

33:14 Future of Product Innovation

34:53 Fee Compression in Alternatives

38:15 Diversification Benefits

40:17 Industry Collaboration

41:47 Conclusion and Thanks

Join over 9,000 thought leaders from top private markets firms like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, CVC, TPG, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen and more.