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.

Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM’s podcasts.

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
00:40 Introduction to Jayson Bronchetti

02:20 Sponsor Message: Ultimus Fund Solutions

03:37 Welcome to the Podcast

04:03 Jayson's Background in Private Markets

04:57 Evolution of Insurance Companies in Private Markets

06:37 Symbiotic Relationship Between GPs and Insurers

08:40 Understanding Liquidity and Illiquidity

11:19 Diligencing Private Markets Managers

13:25 Balancing Scale and Performance

14:09 Boots on the Ground: Sourcing Edge

14:42 Evolution of Alternative Asset Managers

14:53 Lincoln's Unique Position in the Market

19:32 Strategic Partnerships with Bain and Partners Group

20:03 The Value of Distribution Relationships

22:14 The Democratization of Alternative Investments

22:49 The Intersection of Private Markets, Wealth, and Insurance

23:10 Approaching Private Markets with the General Account

24:18 Launching Strategies with Bain and Partners Group

24:50 Incubating New Strategies for Retail Consumers

25:16 Building a Customized Investment Strategy

25:45 Designing Purposeful Investment Funds

26:00 Ensuring Accessibility and Proper Wrappers

26:08 Liquidity and Product Matching

26:15 Seeding Strategies with the General Account

26:58 One Lincoln Approach

27:12 Finding Opportunities in the Seams

27:46 Balancing General Account and Distribution Needs

28:07 Product Innovation in the Wealth Channel

28:53 Healthy Tension in Product Design

31:51 Importance of Asset Liability Management

33:05 Educating the Distribution Team

34:47 Training Modules for Wholesalers

36:28 Boots on the Ground: The Power of Relationships

37:45 Simplifying Complex Products

40:44 Democratizing Alternative Investments

41:10 Straddling Institutional and Individual Mindsets

41:35 Integrating Private Markets into Retirement Products

43:13 Future of Private Markets in Retirement Portfolios

43:57 Product Innovation and Technology

45:15 Private Markets in Insurance Products

47:16 Focus on Private Credit

49:38 Risks in Private Credit

50:29 Excitement for the Future of Private Markets

51:01 Conclusion and Final Thoughts

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 t...

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.

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

01:54 Welcome to Alt Goes Mainstream

02:06 Introducing John McArthur

03:51 John's Journey into Wealth Management

04:23 The Role of Sports in John's Career

05:47 Lessons from Big Wealth Management Firms

06:21 Krilogy's Growth and Strategy

07:25 Challenges and Opportunities in Wealth Management

07:36 Private Markets and Customization

08:04 Growth Strategies and Quality Control

09:29 Client Service and Organic Growth

11:26 Differentiating Wealth Management Offerings

12:23 Importance of Private Markets

13:14 Creating Customized Solutions

14:53 Educating Advisors on Private Markets

15:54 Volatility and Market Changes

17:04 Private Markets in a New Economic Environment

17:24 Building a Diverse Private Fund

19:50 Client Understanding of Private Markets

20:25 Educating Advisors and Clients

22:15 Behavioral Bias in Investing

23:42 Long-Term Investing Mindset

24:08 Compounding and Diversification

24:41 Challenges in Advisor Education

25:46 Effective Education Strategies

27:01 The Role of Storytelling in Education

27:22 Future of Education in Wealth Management

27:35 Sourcing and Access in Private Markets

28:46 Networking and Building Trust

29:26 Customization and Differentiation in Wealth Management

30:34 Combining Big Brands and Niche Funds

31:47 The Importance of Being in the Game

32:13 Advice for Wealth Managers

32:24 Evergreen Fund Structures

33:16 Navigating the Evergreen Environment

34:29 Portfolio Construction in Private Markets

35:25 Operational Benefits of Evergreen Funds

36:05 Model Portfolios in Wealth Management

36:53 Favorite and Contrarian Investment Ideas

38:49 Real Estate Market Opportunities

39:09 Large vs. Niche Real Estate Managers

39:52 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.

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.

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

01:23 Podcast Theme and Opening

02:03 Guest Introduction: Steve Klinsky

04:00 Steve's Early Career in Private Equity

05:39 The Evolution of Private Equity

06:55 Forstmann Little and Co. Experience

07:36 Founding New Mountain Capital

08:08 New Mountain's Investment Philosophy

08:25 Family Business Influences

08:56 New Mountain's Cultural Values

09:13 Working with Entrepreneurs and Management Teams

10:15 Scaling New Mountain Capital

13:35 Investment Strategies and Talent

14:45 Opportunities and Challenges in Private Equity

15:03 Mid-Market Focus and Growth Opportunities

16:10 Impact of Industry Growth on Mid-Market Firms

16:50 Product Innovation in Private Markets

18:40 Synergy Between Investment Strategies

20:20 Growth and Future of New Mountain Capital

21:10 Engaging the Wealth Channel

21:40 Building the New Mountain Brand

23:07 New Mountain's Edge and Performance

24:20 Engaging the Wealth Channel

25:50 Customization and Differentiation in Wealth Management

27:17 Strategies for Wealth Channel Engagement

27:39 Productization for the Wealth Channel

28:05 Industry Evolution and Consolidation

28:40 Wealth Channel vs Institutional Channel

29:44 Institutional Side of Private Markets

29:59 Historical Perspective on Institutional Changes

30:47 Challenges and Investment Strategies for the Wealth Channel

32:03 Investment Lessons

34:48 Common Threads in Successful Investments

35:53 Leveraging AI and Technology in Investments

37:56 Value Creation in Services Businesses

38:42 Effective Value Creation Levers

39:38 Growth and Team Building at New Mountain

41:04 Starting New Mountain in 1999

43:00 Navigating Market Turbulence

44:57 Private Markets vs Public Markets

45:53 Lessons from Private Markets for Public Investors

47:47 Importance of Price in Investing

49:24 Building a Strong Team

50:05 Global Investment Strategies

50:47 Future Investment Excitement

51:58 Focus on Wealth Channel

52:13 Growth in Secondaries and Continuation Vehicles

52:42 Industry Evolution and Firm Growth

53:11 Conclusion and Final Thoughts 

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

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 that 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.

Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM’s podcasts.

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 here and read thoughts on the asset-based finance space from Arcesium’s Private Markets Head and industry veteran Cesar Estrada.

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

00:39 Guest Introduction: Cesar Estrada

02:37 Cesar's Background

02:57 Cesar's Career Path

03:35 Evolution of Fund Services Industry

04:49 Arcesium's Core Competencies

05:06 Technology in Private Markets

05:27 Arcesium's Joint Venture Origins

06:12 Technology Architecture

07:11 Client-Centric Ownership Model

07:18 Building for the Biggest

07:46 Solving Complex Problems

08:44 Challenges and Solutions in Data Management

10:28 Data Silos in Asset Management

10:53 Roadblocks to Technology Adoption

11:41 Operations and Technology Bottlenecks

12:31 Strategic Imperatives for Growth

14:20 Hiring and Strategy in Asset Management

15:55 Point Solutions vs. End-to-End Solutions

17:27 Role of the CTO

18:21 Build vs. Buy Decision

19:22 Investment Team's Understanding of Technology

19:22 The Impact of AI and Future Innovations

20:07 Technology's Leverage for Smaller Firms

21:36 Consolidation in Private Markets

22:22 Technology for Scaling Firms

22:40 Flexibility in Private Markets

23:05 Technology in Private Credit and ABF

25:35 Volume Problem in ABF

25:55 Data Ecosystem in ABF

27:10 Wealth Channel and Evergreen Products

28:04 Product Innovation in Private Markets

28:45 Future of Private Markets

30:05 Technology Selection Process

30:51 User Experience in Technology

31:40 Consumer Experience in Private Markets

33:06 Hands-On Technology Evaluation

33:42 Reducing Operational Headcount

34:02 Gen AI in Asset Management

35:33 Future Impact of Gen AI

36:20 Marrying People and Technology

37:01 Next Phase in Asset Management Technology

39:16 Cesar's Personal Investment Views

40:40 Conclusion and Final Thoughts

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

Welcome to the 16th episode of the Monthly Alts Pulse, a collaboration between iCapital x Alt Goes Mainstream. 

We were live from iCapital Connect’s conference in Phoenix to announce a ground-breaking partnership in private markets: a collaboration between BlackRock, iCapital, and GeoWealth, where models that include both public and private markets exposure through a unified managed account (UMA) are now available to advisors.

I sat down with Jack Hannah, the President & COO of GeoWealth, and Michael Doniger, SVP, Partnerships at iCapital, to discuss the technology and market structure innovation of the UMA and how private markets can play a role in model portfolios.

In this live, unscripted episode, Jack, Michael, and I had a fascinating and lively discussion. We covered:

• An introduction to the partnership between BlackRock, iCapital, and GeoWealth.
• Incorporating private markets into UMAs.
• The private markets integration workflow.
• Customization and “sleeving” in UMAs.

Thanks Jack and Michael for a great episode … looking forward to next month’s Monthly Alts Pulse conversation!

Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM’s podcasts.

Show Notes
00:00 Introduction and Guest Welcome

00:34 Evolution of UMAs in Private Markets

01:03 Incorporating Alternatives into UMAs

01:32 Private Markets Integration Workflow

02:41 Challenges and Solutions in UMA Implementation

03:32 Customization and Sleeving in UMAs

04:32 Client-Centric Solutions and Advisor Needs

05:21 Early Adoption of Private Market Solutions

06:17 Building a Robust Model Marketplace

08:37 Future of Model Portfolios and UMAs

13:10 Post-Investment Processes and Technology

14:17 Data Solutions and Performance Reporting

15:06 Growth Projections for UMAs and Private Markets

16:09 Conclusion and Final Thoughts

16:12 Closing Remarks and Thank You

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.

Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM’s podcasts.

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
00:42 Introduction to the Podcast and our Guest

02:00 A message from our Sponsor, Ultimus Fund Solutions

04:06 Kyle’s Background and Journey

04:18 Wealth Channel Strategies and Insights

05:06 Goldman's Heritage in Private Markets

05:28 Client Demand for Thought Partnership

06:13 Public Markets Perspective

07:07 Consultative Sales Approach

07:21 Lessons from Institutional Segment

09:05 Quality of Investment Flow

10:51 Serving the Third Party Wealth Channel

12:53 Client Segmentation and Customization

15:16 Global Reach and Relationship Building

22:43 Product Innovation and Future Trends

27:12 Balancing Client Needs in Alternative Investments

27:47 Who Should Invest in Alternatives?

28:36 Asset Liability and Liquidity in Investment Strategies

29:28 Technology Innovations in Private Markets

30:00 Exciting Progress in Alternative Strategies

30:46 Transparency and Communication in Investments

31:14 The Puzzle of Private Market Structures

31:54 Post-Sale Transparency and Investor Experience

33:27 Engaging Clients Through Brand and Marketing

35:37 Customization in Wealth Management

37:24 Educating Advisors on Private Markets

37:47 Delivering Unique Insights and Education

39:01 Goldman Sachs Investment University

41:09 Lessons from ETFs and Mutual Funds

41:54 The Importance of Performance and Education

43:11 Tools for Advisors and Real-Life Applications

44:06 Understanding Private Markets' Impact on Portfolios

47:19 Excitement Around Private Equity Secondaries

49:02 Advisors' Interests in Tax-Advantaged Strategies

49:47 The Role of Liquidity in Private Markets

50:35 The Importance of Scale in Private Markets

51:38 Future of Private Equity Secondaries

52:14 The Permanency of Secondary Markets

52:52 Conclusion: The Benefits of a Global Platform

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

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.

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.

Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM’s podcasts.

Show Notes
00:00 Introduction to our Sponsor, Ultimus Fund Solutions

01:23 Podcast Theme Song

02:01 Introduction to Today's Guest: Adam Bobker

02:40 Building a Wealth Solutions Business

03:40 The Importance of Client Relationships

04:09 Understanding Client Needs

05:10 Evolution of Wealth Management

07:04 The Role of Education in Wealth Management

07:14 Innovative Investment Structures

08:22 Model Portfolios and Custom Solutions

13:05 Strategic Partnerships in Wealth Management

17:30 The Importance of Technology in Wealth Management

18:18 Adam's Transition to Fortress

18:36 Building a Wealth Business at Fortress

19:00 Innovative Strategies at Fortress

20:13 Focus Areas for Fortress Wealth Business

21:22 Evergreen Structures in Wealth Management

22:08 Advisor Psychology and Evergreen Structures

23:57 Suitability of Strategies for Evergreen Funds

25:14 Managing Evergreen Funds

27:12 Opportunities in Real Estate Credit

27:55 Investor Hesitation and Education

28:03 Immediate Exposure with Semi-Liquid Funds

28:33 Are Evergreen Structures Better for Investors?

28:39 The Future of Investment Strategies

28:57 Industry Flows and Semi-Liquid Funds

29:20 Impact on Alternative Asset Management

29:29 Consolidation and Strategy Expansion

29:58 Focus on Whole Portfolio Delivery

30:31 Building a Strong Team

31:17 Consultative Sales Approach

31:56 Effective Communication in Wealth Management

32:58 Importance of Brand in Asset Management

33:38 Client Experience and Technology Providers

34:03 In-House vs. Third-Party Services

36:34 Mainstreaming Private Markets

37:24 Commitment to Wealth Channel

39:11 Transforming Investment Strategies

39:50 Art and Science of Portfolio Construction

42:08 Transparency and Liquidity in Private Markets

43:05 Product Innovation and Asset Liability Mismatch

45:45 Evergreen vs. Closed-End Funds

47:27 Evolution of Fund of Funds Business

48:22 Wealth Platforms and Private Markets

49:51 Convergence of Institutional and Wealth Management

51:10 Future of Alternative Asset Management

51:54 Fee Compression in the Industry

53:07 Raising Allocation to Alternatives

55:14 Innovative and Pioneering Strategies 

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

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 independent 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.

Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM’s podcasts.

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 Podcast Opening Theme

01:57 Introduction to Today's Guest: Karl Heckenberg

03:57 Karl Heckenberg's Background and Career Journey

06:10 Early Days of Wealth Management

07:41 Post-GFC Evolution of RIAs

08:59 Understanding the Independent Wealth Management Space

10:15 Growth and Scale in Wealth Management

12:17 Challenges and Opportunities in Wealth Management

15:02 Importance of Client Experience

19:34 Investment Strategies in Wealth Management

20:07 Ownership and Equity Distribution

20:54 Minority vs. Control Investments

23:08 M&A in Wealth Management

23:23 High-Quality Firms and Client Experience

23:59 Capital Needs and Growth

24:55 Advisory Services and Value Addition

25:32 Comparisons with GP Stakes

27:39 Durability and Resilience of Wealth Management Firms

29:08 Exit Strategies and Public Market Potential

29:40 Valuations and Capital Providers

31:46 Future of Public Market Exits

34:24 Compounding Growth and Returns

35:05 Distribution and Liquidity

35:34 Investment Grade Assets and Equity Returns

35:47 Answering Key Investment Questions

36:38 Investor Concerns and Market Dynamics

36:59 Investment Buckets and Flexibility

37:25 Private Wealth vs Institutional Investors

38:02 Network Effects and Synergies

38:27 Hesitations and Value Add of Constellation

39:13 Collaborative Best Practices

39:43 LP Side and Fundraising Timing

40:08 Understanding the Wealth Channel

40:24 Retail Distribution and Success Strategies

41:05 Product Structuring and Client Diversification

41:19 Impact of Technology on Wealth Management

42:26 Importance of Private Markets Knowledge

43:44 Diversification and Institutional Approach

44:52 Challenges and Opportunities in Private Markets

46:20 Advisors' Education and Differentiation

48:26 Balancing Customization and Scalability

49:32 Operational Efficiency and Retail Products

51:16 Listening to Wealth Channel Needs

51:30 Yield-Oriented Products and Diversification

53:28 Educational Resources and Client Engagement

54:14 Growth of Wealth Channel and Private Equity

55:50 Consolidation and Future of Wealth Space

58:35 Succession Planning and Client Experience

01:04:37 Future of Wealth Management and Private Markets

01:06:05 Closing Thoughts and Future Predictions

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

Welcome to the 15th episode of the Monthly Alts Pulse, a collaboration between iCapital x Alt Goes Mainstream.

We were live from iCapital Connect’s conference in Phoenix to announce a ground-breaking partnership in private markets: a collaboration between BlackRock, iCapital, and GeoWealth, where models that include both public and private markets exposure through a unified managed account (UMA) are now available to advisors.

I sat down with Lawrence Calcano, the Chairman & CEO of iCapital and Jaime Magyera, Managing Director, Co-Head of US Wealth Business, Senior Sponsor for Retirement Business, BlackRock, to discuss the details on their partnership and why a UMA that integrates both public and private market investments for wealth advisors is the next phase of adoption of private markets by the wealth channel.

In this live, unscripted episode, Lawrence, Jaime, and I had a fascinating and lively discussion. We covered:

• An introduction to the partnership between BlackRock, iCapital, and GeoWealth.
• Current challenges advisors face when allocating to private markets.
• Why customization and scalability matters.
• The market structure evolution.
• The future of public-private models.

Thanks Lawrence and Jaime for a great episode … looking forward to next month’s Monthly Alts Pulse conversation!

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.

Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM’s podcasts.

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

01:57 Welcome to the Podcast

02:05 Introducing Peter Aliprantis

02:20 Peter's Career Background

03:31 Early Days in Private Wealth

04:25 Changes in Wealth Distribution

05:55 Post-Financial Crisis Shifts

06:37 Growth of the Wealth Channel

07:14 Building a Wealth Business at Angelo Gordon

07:59 Convincing Firms to Invest in Wealth

08:59 Importance of Investment Teams

10:18 Key Skills for Wealth Channel Success

12:46 Joining EQT and Brand Building

13:07 Building EQT's Wealth Platform

14:56 Brand Building in the Wealth Channel

15:32 Expanding EQT's Presence

16:10 Strategies for Engaging the Wealth Channel

16:45 Segmenting the Wealth Channel

19:57 Challenges in RIA Relationships

20:28 Importance of Relationship Building

21:25 Bespoke Products for Wealth Channel

22:10 Institutional vs. Wealth Channel Products

22:56 Evergreen Structures for Institutions

23:20 Future Trends in Wealth Management

23:27 Becoming a Solutions Provider in the RIA Channel

23:47 Creating Model Portfolios

25:31 The Future of Wealth Management

27:04 Challenges for Smaller Firms

27:38 Importance of Shelf Space

28:35 Sales Strategies in Private Banks

29:42 The Role of Scale in Wealth Channels

30:27 Balancing Growth and Performance

31:07 Global Investment Strategies and Performance

33:13 Building a Brand in the U.S. Wealth Channel

34:29 Differentiating in the Wealth Channel

36:43 Advisory vs. Sales Approach

38:18 Evergreen Funds vs. Drawdown Structures

39:53 Investor Psychology and Evergreen Structures

41:41 Changing Dynamics of Private Markets

43:01 Family-Owned Business Culture

44:30 Nordic Cultural Values

45:15 Long-Term Mindset in Private Equity

45:53 Building the Wealth Business

46:14 Bespoke Products for Wealth Channels

46:42 Seeding Evergreen Structures

47:08 The Race to Win the Wealth Channel

47:29 Manager Diversification

47:08 The Race to Win the Wealth Channel

47:59 Conclusion and Final Thoughts

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