Welcome back to the Alt Goes Mainstream podcast.

Today’s episode dives into how operations and streamlining technology processes can be turned into a strategic advantage.

We sat down with Arcesium’s MD and Head of Client and Partner Development David Nable to discuss how technology is impacting how funds manage their processes, operations, and data.

David was an early employee at Arcesium, helping the firm scale and working with many of the industry’s largest asset managers across the lifecycle of an investment. David joined Arcesium after a career in fund services and fund administration that spanned senior roles at Goldman Sachs, Credit Suisse, and BNP Paribas Securities Services.

David and I had a fascinating conversation. We discussed:

• How David’s background in prime brokerage and fund admin helped him approach the technology problems for asset managers.
• How asset managers should approach where and how technology can be a strategic advantage.
• What does it mean to be a tech-forward asset manager?
• How does the growth of evergreen funds impact how firms manage their data and serve investors?
• What still needs to be built next to continue to improve private markets market infrastructure.

Thanks David for coming on the Alt Goes Mainstream podcast to share your expertise and wisdom on private markets technology and post-investment processes.

A word from AGM podcast sponsor, Ultimus Fund Solutions

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

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

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

We thank Ultimus for their support of alts going mainstream.

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

01:52 Welcome to the Alt Goes Mainstream Podcast

02:04 Guest Introduction: David Nable

03:46 David's Career Beginnings

04:15 Parallels Between Running and Finance

05:19 Observing Industry Trends

06:45 Evolution of Private Markets

08:45 Impact of Technology on Investment

09:40 Challenges in Scaling Investments

11:20 Data-Driven Investment Strategies

12:50 Technological Advancements in Finance

13:52 Importance of Foundational Data

17:31 Data Silos and Harmonization

18:14 Case Study: Investor Relations

21:25 Data-First Approach Benefits

21:51 Timing for System Architecture

23:21 Inflection Points for Managers

23:37 Logical Breakpoints in Strategy

23:44 New Strategies and Geographies

23:47 Adapting to New Asset Classes

23:50 Distribution Channels and Partnerships

23:56 Preparing for Future Growth

24:00 Publicly Traded Private Markets

24:14 Tackling Technological Challenges

24:24 Philosophies on Illiquidity

24:25 Conclusion and Future Outlook

24:29 Investing in Scalable Distribution Channels

25:12 Architecting Technology Systems for Business Growth

25:44 Understanding Data in Different Business Models

27:10 Strategic Role of Technology in Investment Firms

29:35 The Paradox of Data in Decision Making

30:49 Competitive Advantage Through Faster Information

31:45 Impact of AI and Technology on Firm Sizes

32:31 Challenges for Mid-Sized Firms

33:13 Technology as an Enabler for Niche Specialists

34:03 Advice for Mid-Sized Firms on Technology Implementation

35:10 Focus on Big Technology Investments

35:29 Point Solutions vs. Platforms in Private Markets

38:52 Cost of Technology Solutions

39:06 Integration Challenges with Multiple Systems

40:59 Arcesium's Technology Platforms

43:18 Simplifying Complex Investments

46:13 Future of Software Innovation in Private Markets

46:39 AI as a Game Changer in Private Markets

47:34 Efficiency Gains Through AI

48:05 Actionable Advice on Using AI

48:15 Caution Against Vibe Coding

48:58 Importance of Proper Technologists

49:23 Timing of Technology Implementation

49:29 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’s episode dives into what the future of fund administration could look like with a tech-forward approach and the application of AI.

We sat down with Juniper Square CEO and Co-Founder Alex Robinson to discuss how and why they’ve built a digital first fund administrator for private markets, starting with real estate and since expanding into other asset classes.

Fresh off of a $130M Series D fundraise led by Ribbit Capital, Juniper Square has expanded globally, into fund administration through its acquisition of Forstone, and has launched JunieAI to bring AI to fund administration.

Alex and I had a fascinating conversation. We discussed:

• Why Alex started Juniper Square and how his two entrepreneurial endeavors has informed how he’s built the firm.
• The problem Alex set out to solve by building Juniper Square.
• After dealing with FedEx’s to make investments, how he set out to build an investor experience that was digital.
• How AI will impact fund admin.
• Why every GP should have an AI agent according to Alex.
• Why Juniper Square decided to move from a technology firm to add fund administration capabilities in house.
• Does AI benefit larger firms or smaller firms more?

Thanks Alex for coming on the Alt Goes Mainstream podcast to share your expertise and wisdom on fund administration and AI.

A word from AGM podcast sponsor, Juniper Square

When was the last time things were easy for GPs?

Fundraising remains challenging, providing liquidity to investors is even harder—and broadly speaking, most GPs are underwater operationally.

It’s not about to get easier, either. Especially for managers vying for capital from the wealth channel. Sure, there’s increased demand from HNW and UNHW investors to gain private markets exposure…but managing their expectations for the investing experience is a whole different ballgame.

Reams of paper and a new KYC process every single time they subscribe to a fund? Brutal.

But what if committing capital to private equity, venture, and real estate funds was digital and seamless for investors — and scalable to manage for GPs?

Meet Juniper Square, the fund operations partner to over 2,000 private markets GPs worldwide.

Juniper Square gives GPs the connected software, data, and fund administration services needed for modern private markets. No matter how ambitious your next raise is, how many investors you manage, and how complex your investment vehicles are, Juniper Square empowers GPs to raise capital faster, reduce operational risk, and deliver a world-class investor experience.

And with JunieAI, Juniper Square's enterprise-grade AI built for private markets, GPs can truly and finally unlock the power of AI to work smarter, move faster, and focus on relationships and returns.

Scale your business, not your operational burdens and costs. Visit junipersquare.com/agm today to learn more.

Show Notes
00:03 Juniper Square: Revolutionizing Fund Management

01:38 Welcoming Alex to the Podcast

01:59 Alex's Journey to Founding Juniper Square

02:10 Juniper Square's Mission and Services

02:38 The Early Days and Challenges

03:41 The Digital Transformation of Private Markets

04:15 Focusing on the GP Experience

04:30 Balancing GP and LP Needs

04:54 The Naivete Advantage

05:12 Overcoming Industry Challenges

06:58 Real Estate: The Starting Point

08:41 The Evolution of Juniper Square

09:38 Technology Adoption in Private Markets

17:21 The Importance of Customer Feedback

18:09 The Vision for Market Efficiency

20:10 Expanding Across Asset Classes

21:09 The Role of Personal Relationships

22:49 Becoming a Full-Stack Service Provider

24:31 The Complexity of Fund Administration

28:55 The Future with AI

29:21 Challenges of Implementing AI

30:31 The High Cost of Mistakes

31:18 AI's Impact on Employee Productivity

31:52 Challenges of Adopting AI in the Workplace

32:20 Launching JunieAI

32:59 Understanding AI Models

33:44 Customizing AI for Reporting

34:44 Mastering Data for AI

35:13 AI in Software Development

35:59 Leveraging AI at Juniper Square

36:19 Ensuring Accuracy and Context in AI Models

37:30 AI's Limitations in Financial Insights

37:52 Future Improvements in AI Models

38:36 Feeding AI the Right Context

39:11 Connecting AI to Tools and Workflows

40:19 Automating Fund Administration

43:39 AI's Role in Competitive Advantage

44:24 AI's Impact on Different Asset Classes

46:16 Best Practices for GPS Using AI

47:02 AI's Benefits for Large vs. Small Firms

48:58 Integrating AI Across Business Functions

51:39 Balancing AI with Human Relationships

54:33 Future Vision for Private Markets

55:02 AI Agents in GP Work

56:07 Transforming GP-LP Matchmaking

01:00:50 Investment Opportunities in AI and Real Estate

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

Welcome back to the Alt Goes Mainstream podcast.

What happens when two podcasters walk into a room? 

They talk.

Today’s podcast turns the tables on one of the industry’s leading podcasters and content creators to have him share his story and experience as an allocator and content creator.
 

We sat down with Ted Seides, the Founder of industry-leading podcast Capital Allocators and former President and Co-CIO of Protégé Partners and an asset allocator at the Yale Endowment.

Ted has had a tremendous career at the intersection of asset allocation and content, so it was fascinating to hear his perspectives on the state of the industry and how it’s evolving from someone who talks with many of the industry’s leading minds through his podcast, Capital Allocators.

Ted and I had a fascinating conversation. We discussed:

• Stories and lessons learned from working with David Swensen at the Yale Endowment.
• What the wealth channel can learn from institutional investors.
• What Ted looked for in hedge funds and alternative asset managers when doing manager due diligence.
• Ted’s bet with Buffett on hedge funds and why he’s now doing a bet on PE versus public equities.
• How alternative asset managers are evolving and the pros and cons of evergreen structures.
• Why and how Ted started Capital Allocators and why content is so critical to learning asset management and understanding how firms operate.

Capital Allocators is one of my favorite podcast listens and Ted always delivers with high-quality and thoughtful content so it was an honor to have him on the show.

Thanks Ted for sharing your expertise and wisdom on asset allocation and content and for the service you provide to everyone in the industry through education and the creation of such high-quality content for us to consume.

A word from AGM podcast sponsor, Juniper Square

When was the last time things were easy for GPs?

Fundraising remains challenging, providing liquidity to investors is even harder—and broadly speaking, most GPs are underwater operationally.

It’s not about to get easier, either. Especially for managers vying for capital from the wealth channel. Sure, there’s increased demand from HNW and UNHW investors to gain private markets exposure…but managing their expectations for the investing experience is a whole different ballgame.

Reams of paper and a new KYC process every single time they subscribe to a fund? Brutal.

But what if committing capital to private equity, venture, and real estate funds was digital and seamless for investors — and scalable to manage for GPs?

Meet Juniper Square, the fund operations partner to over 2,000 private markets GPs worldwide.

Juniper Square gives GPs the connected software, data, and fund administration services needed for modern private markets. No matter how ambitious your next raise is, how many investors you manage, and how complex your investment vehicles are, Juniper Square empowers GPs to raise capital faster, reduce operational risk, and deliver a world-class investor experience.

And with JunieAI, Juniper Square's enterprise-grade AI built for private markets, GPs can truly and finally unlock the power of AI to work smarter, move faster, and focus on relationships and returns.

Scale your business, not your operational burdens and costs. Visit junipersquare.com/agm today to learn more.

Show Notes
00:00 Introduction to our Sponsor, Juniper Square

00:38 Juniper Square's AI Capabilities

01:40 Guest Introduction: Ted Seides

04:03 Lessons from Yale Endowment

04:46 David Swensen's Investment Principles

05:51 Evolution of the Endowment Model

05:58 Wealth Channel vs. Institutional Investors

08:09 Access to Top Managers

11:16 Alpha in Private Markets

12:32 Ted's Bet with Buffett

13:10 Private Equity vs. Public Equities

17:16 Private Equity Diversification

18:45 Hedge Fund Industry Lessons

20:07 Private Equity Fee Structures

24:03 Talent Migration in Private Markets

26:47 Evaluating Investment Culture

27:15 Investment Philosophy and Strategy

28:26 Ted's Approach to Manager Evaluation

29:46 Impact of AI on Diligence Processes

30:20 Defining Investment Edge

30:33 Behavioral and Analytical Edge

31:01 Informational and Technical Edge

31:27 Evaluating Investment Managers

31:37 Impactful Investment Decisions

31:52 Mistakes and Learning

32:53 The Hardest Time to Invest

34:14 Behavioral Biases in Investing

34:51 Decision-Making Processes

36:28 The Role of AI in Investing

38:07 Content and Investment Decisions

39:25 Starting Capital Allocators

41:00 Learning from Podcasting

43:40 Building a Business from a Podcast

45:26 The Value of Relationships in Investing

47:06 Content Strategy for Managers

49:44 Effective Content Modalities

50:43 Direct Communication vs. Algorithms

51:13 Brand vs. Direct Sales

52:35 Insights from Podcast Conversations

54:23 Favorite Private Market Investments

56:05 AI and Investment Perspectives

57:37 Partnering with AI Experts

58:12 The Importance of People in Investing

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 about mining for investment success in enterprise software by going “an inch wide and a mile deep” with someone who is one of the industry’s most prolific private equity technology investors.

We sat down with Nic Humphries in Hg’s London office. Nic is the Senior Partner and Executive Chairman of Hg and Head of the firm’s Saturn fund.

Hg, one of the top 10 largest PE firms globally based on the PEI300 ranking, has built an impressive investment engine focused on mission-critical enterprise software. The firm has built a portfolio that is a “transatlantic ecosystem of software and services businesses” — representing over $180B in collective enterprise value across its 55 portfolio companies.

Nic is responsible for Hg’s strategy, management, and governance. On the investing side, Nic focuses on larger software investments that provide daily-use mission critical applications for accountants, tax / compliance professionals, and designers / engineers / scientists. He has brought his electrical engineering background to bear to go a “mile deep” into a category where Hg has become an unquestioned market leader.

Nic balances being both a detail-oriented specialist with a vision for both the enterprise software industry and Hg as a firm. We had a fascinating discussion about enterprise software investing, how to create European software giants, applying AI to make companies more efficient, and much more.

We covered:

• The origin story of Hg.
• How Hg grew into one of the industry’s leading software focused private equity firms.
• How an engineering mindset has helped Nic become a leading investor.
• Why Hg focuses on mission-critical enterprise software and why it’s a compelling investment thesis.
• Why enterprise software investing can be considered a low volatility investment strategy and how Hg has delivered consistent returns to investors.
• How to effectively manage exits and DPI.
• Why Europe, why now?
• How AI could impact technology and services businesses.

Thanks Nic for coming on the show to share your wisdom and expertise about enterprise software and private markets.

A word from AGM podcast sponsor, Juniper Square

When was the last time things were easy for GPs?

Fundraising remains challenging, providing liquidity to investors is even harder—and broadly speaking, most GPs are underwater operationally.

It’s not about to get easier, either. Especially for managers vying for capital from the wealth channel. Sure, there’s increased demand from HNW and UNHW investors to gain private markets exposure…but managing their expectations for the investing experience is a whole different ballgame.

Reams of paper and a new KYC process every single time they subscribe to a fund? Brutal.

But what if committing capital to private equity, venture, and real estate funds was digital and seamless for investors — and scalable to manage for GPs?

Meet Juniper Square, the fund operations partner to over 2,000 private markets GPs worldwide.

Juniper Square gives GPs the connected software, data, and fund administration services needed for modern private markets. No matter how ambitious your next raise is, how many investors you manage, and how complex your investment vehicles are, Juniper Square empowers GPs to raise capital faster, reduce operational risk, and deliver a world-class investor experience.

And with JunieAI, Juniper Square's enterprise-grade AI built for private markets, GPs can truly and finally unlock the power of AI to work smarter, move faster, and focus on relationships and returns.

Scale your business, not your operational burdens and costs. Visit junipersquare.com/agm today to learn more.

Show Notes
00:00 Introduction to our Sponsor, Juniper Square

01:40 Introducing Nic Humphries

01:56 Hg's Investment Strategy

04:03 Nic's Background and Career Journey

04:46 Engineering Mindset in Investing

05:14 Long-Term Business Thinking

05:58 Hg's Focus on Accounting Software

06:45 Growth Drivers in SMB Market

09:05 Impact of AI on Enterprise Software

09:34 Platform Shifts in Technology

11:10 Adapting to AI in Business

12:15 Mission Critical Software

14:02 Challenges of AI Integration

14:58 Embedding Products and Services

17:13 Organic Growth vs. Acquisitions

20:51 Geographical Expansion Strategies

21:59 European vs. North American Markets

23:30 Management Teams and Expansion

24:32 Jurisdictional Challenges in Europe

25:05 Hg's Investment Philosophy

25:50 Mission Critical Software in Europe

36:22 Hg's Consistent Investment Returns

38:00 Conclusion and Final Thoughts

40:13 Understanding Recurring Revenues

40:59 The Importance of Discipline in Investing

41:48 Learning from Past Experiences

43:30 Maintaining Excitement and Focus

45:26 The Role of Realization Committees

46:44 Continuous Improvement Culture

47:42 The Importance of Cash Returns

48:51 Exit Strategies and Realization Committees

50:32 Re-underwriting Investments

52:40 AI's Impact on Software Development

54:17 The Rule of 40 and AI

54:38 Investing in AI: Startups vs. Established Businesses

55:59 Hg's Growth Strategy

58:56 Specialization in B2B Back Office Software

01:01:35 Fund Structure and Management

01:03:27 Expanding into the Wealth Channel

01:03:48 Hg Capital Trust and Fusion Fund

01:05:27 Communicating with a Broader Audience

01:06:39 The Importance of Brand in Wealth Management

01:07:32 Connecting Private Markets to Everyday Life

01:09:36 The Prevalence of Private Companies

01:11:09 Aligning Interests with Investors

01:12:19 Investment Decisions and Long-term Growth

01:14:21 Future Growth Opportunities for Hg

01:16:38 The Role of AI in Future Investments

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

Disclaimer

The views and opinions expressed in this episode are those of the speaker and do not necessarily reflect the official policy or position of any affiliated organization.

Any references to past performance, including IRR or MOIC figures, are presented on a gross basis and do not reflect the deduction of fees, expenses, or carried interest. These figures are illustrative and not necessarily indicative of future results. 

Statements regarding industry rankings, success rates, or performance consistency are based on internal analysis and may not be indepe...

Welcome back to the Alt Goes Mainstream podcast.

Today’s conversation brings us beachside, featuring a live podcast from Soho Beach House in Miami with EQT Partner, Head of Private Wealth Americas Peter Aliprantis.

With the backdrop of the beach behind us and the wealth community in the audience, Peter and I discussed the nuances of the wealth channel and how Peter’s experience working with wealth is brought to bear as he brings EQT’s brand and capabilities to the Americas wealth channel.

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, lively, and thought-provoking conversation which then turned into an intellectually rich dinner discussion with the guests. Listen in — we hope you enjoy.

You can also read a recent AGM Op-Ed by Peter here. 

Many of the themes that Peter discussed in our conversation, particularly around evergreen funds and why model portfolios are the next big innovation in private markets, were covered in his Op-Ed.

A word from AGM podcast sponsor, Juniper Square

When was the last time things were easy for GPs?

Fundraising remains challenging, providing liquidity to investors is even harder—and broadly speaking, most GPs are underwater operationally.

It’s not about to get easier, either. Especially for managers vying for capital from the wealth channel. Sure, there’s increased demand from HNW and UNHW investors to gain private markets exposure…but managing their expectations for the investing experience is a whole different ballgame.

Reams of paper and a new KYC process every single time they subscribe to a fund? Brutal.

But what if committing capital to private equity, venture, and real estate funds was digital and seamless for investors — and scalable to manage for GPs?

Meet Juniper Square, the fund operations partner to over 2,000 private markets GPs worldwide.

Juniper Square gives GPs the connected software, data, and fund administration services needed for modern private markets. No matter how ambitious your next raise is, how many investors you manage, and how complex your investment vehicles are, Juniper Square empowers GPs to raise capital faster, reduce operational risk, and deliver a world-class investor experience.

And with JunieAI, Juniper Square's enterprise-grade AI built for private markets, GPs can truly and finally unlock the power of AI to work smarter, move faster, and focus on relationships and returns.

Scale your business, not your operational burdens and costs. Visit junipersquare.com/agm today to learn more.

Show Notes

00:04 Juniper Square: Revolutionizing Fund Management

01:38 Welcome to Alt Goes Mainstream

01:43 Live from Soho Beach House, Miami with EQT’s Peter Aliprantis

02:43 Navigating Current Markets

02:58 Volatility in Public Markets

04:53 Global Investment Trends

05:16 Investor Behavior and Global Markets

05:32 Private Markets in Europe and Asia

06:43 Investment Opportunities in Asia

07:27 Private Markets Outperforming in Europe

07:37 Wealth Channel Conversations

08:18 EQT's Global Footprint

08:57 Mega Trends in Global Investment

09:29 Data Centers and Energy Needs

11:17 Natural Gas and Carbon Capture

11:57 Nuclear Energy and Modular Reactors

12:43 Investment Scale and Origination

13:06 Evergreen Structures in Private Markets

16:28 Opco Structures Explained

17:15 Evergreen Structures and Investor Access

17:54 Institutional Adoption of Evergreen Structures

21:32 Model Portfolios in Wealth Channel

22:29 Manager Selection and Performance

23:34 Client Servicing and Education

27:43 Early Days in Wealth Channel Allocation

28:39 Benefits and Limitations of Evergreen Structures

29:11 Quick Fire Questions

29:26 Exciting Investment Strategies

30:16 Risks in Private Markets

31:12 Using Private Markets in Portfolios

32:35 Next Big Innovation: Model Portfolios

32:46 Intersection of Public and Private Markets

33:22 Moving Beyond the 60/40 Portfolio

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

Welcome back to the Alt Goes Mainstream podcast.

Today’s podcast is with an elite performer on and off the field who has gone from protecting quarterbacks to protecting families’ wealth.

We sit down with former NFL and USC star Winston Justice, whose entrepreneurial spirit that was stoked while he was still playing in the NFL has led to a successful and impactful career in wealth management. 

He was recently named CEO at SageSpring Private Wealth, a $7B independent wealth management firm, as they look to grow organically and inorganically and expand their offerings in private markets for their clients.

A former NFL offensive lineman, Winston played for the Philadelphia Eagles, Indianapolis Colts, and Denver Broncos from 2006 to 2015. He also co-founded an early stage investment vehicle, MJC Capital, and Elixr, a gourmet café and coffee roastery, while he was playing. He also won 2010 Walter Payton Philadelphia Man of the Year Award for his community service.

He transitioned into financial services and wealth management post-career, starting at Wells Fargo Securities, where he specialized in institutional and family office advisory. He then was a portfolio manager at PIA’s Alternative Investment Group, and then an investment Manager at AllianceBernstein.

Winston and I had a fascinating conversation. We discussed:

• The parallels between sports and finance.
• How Winston navigated the transition from professional athlete to a finance professional.
• What stoked his entrepreneurial spirit.
• Why wealth management is so critical to people’s lives. 
• Why culture fit is so important when integrating advisors into wealth management platforms through acquisition.
• How private markets can add to an advisor’s practice.

Thanks Winston for coming on the show to share your story, wisdom, and expertise.

A word from AGM podcast sponsor, Juniper Square

When was the last time things were easy for GPs?

Fundraising remains challenging, providing liquidity to investors is even harder—and broadly speaking, most GPs are underwater operationally.

It’s not about to get easier, either. Especially for managers vying for capital from the wealth channel. Sure, there’s increased demand from HNW and UNHW investors to gain private markets exposure…but managing their expectations for the investing experience is a whole different ballgame.

Reams of paper and a new KYC process every single time they subscribe to a fund? Brutal.

But what if committing capital to private equity, venture, and real estate funds was digital and seamless for investors — and scalable to manage for GPs?

Meet Juniper Square, the fund operations partner to over 2,000 private markets GPs worldwide.

Juniper Square gives GPs the connected software, data, and fund administration services needed for modern private markets. No matter how ambitious your next raise is, how many investors you manage, and how complex your investment vehicles are, Juniper Square empowers GPs to raise capital faster, reduce operational risk, and deliver a world-class investor experience.

And with JunieAI, Juniper Square's enterprise-grade AI built for private markets, GPs can truly and finally unlock the power of AI to work smarter, move faster, and focus on relationships and returns.

Scale your business, not your operational burdens and costs. Visit junipersquare.com/agm today to learn more.

Show Notes
00:04 Our Sponsor, Juniper Square: Revolutionizing Fund Management

00:30 Empowering GPS with Juniper Square

00:38 Juniper Square's AI Innovation

00:51 Scaling Your Business with Juniper Square

01:37 Welcome to the Alt Goes Mainstream Podcast

01:40 Introducing Winston Justice

03:35 Winston's Background and Early Life

03:49 College Years and Initial Business Ventures

03:59 Realization and Transition to Finance

04:10 Starting a VC Fund and Coffee Shops

04:31 Transitioning from NFL to Finance

05:04 Winston's Career at Wells Fargo and Beyond

05:17 Immersing in Wealth Management

07:01 The Sacredness of Financial Management

07:50 Importance of Wealth Management

08:04 Private Markets in Wealth Management

08:19 Early Lessons in Wealth Management

09:10 Transferring Values and Knowledge

09:32 Managing Assets Beyond Numbers

10:19 Combining Finance and Mission

12:11 Mentoring Advisors at SageSpring

12:43 Skill Sets for SageSpring Advisors

12:51 Client Focus and Community Leadership

14:01 Balancing Client Delivery and Business Growth

14:56 Impact of Growing AUM

16:10 Testing Advisors' Commitment

16:55 Business Constructs in Wealth Management

17:43 Division of Labor in Wealth Management

18:52 SageSpring's Unique Approach

19:53 Client Understanding of Fiduciary Role

20:41 Trust in Financial Services

21:17 Sophistication in Choosing Investment Partners

21:57 Role of Relationship in Financial Services

22:30 Evaluating Investment Opportunities

23:44 Partnership with Dynasty Financial

24:43 Customizing Investment Solutions

26:44 Educating Wealth Managers on Private Markets

27:00 Benefits of Alternatives in Portfolios

30:48 Effective Storytelling in Investments

32:13 Future of Wealth Management Industry

33:08 Client and Advisor Service in Wealth Management

34:55 Favorite Private Markets Investment

37:18 Conclusion and Final Thoughts

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

Future Proof, which holds one of the industry’s largest wealth conferences, invited me to hold a live podcast earlier this year with Blue Owl Co-President and Global Head of Real Assets Marc Zahr. 

Marc is a pioneer in the real estate space, building Blue Owl into a market leader in the triple net lease strategy, a commercial real estate investment strategy that is becoming increasingly popular for real estate investors, tenants (think large corporates like Amazon, Walgreens, Dollar General), and investors alike.

Blue Owl’s Real Assets business has over $67.1B AUM, owning over 5,600 assets and partnering with over 800 tenants.
 

Marc founded Oak Street, the predecessor firm to Blue Owl, in 2009 with $17M AUM. Listening to Marc talk about the evolution of his career, building Oak Street, and running Blue Owl’s Real Assets platform, it’s no surprise to see why Marc and the firm have had success. His “myopic focus … perfecting his craft,” as he discussed in our conversation, his clarity of vision, and his ability to so clearly articulate his investment strategy and market opportunity have led to tremendous success for Oak Street, and now, Blue Owl.

Marc and I had a fascinating and thought-provoking discussion that covered everything from the evolution of his firm, how and why he sold Oak Street to Blue Owl, the market opportunity in triple net lease real estate investing, why data center investing is a large market opportunity, how to build a high-performing investment culture, and much more.

We discussed:

• The story of how Marc built Oak Street from a $17M real estate investment firm and grew it into Blue Owl’s $67B AUM Real Assets platform.
• Breaking down the triple net lease real estate investment strategy.
• Why the industry “isn’t even in the first inning” in the $20T addressable market in triple net lease real estate investing.
• Why data centers are a “once in a generation opportunity” due to capex supply / demand imbalance.
• How a bigger platform can help an asset manager scale its business.
• Why an evergreen structure can make sense and the story of how Blue Owl did so well with its triple net lease product on a private wealth platform that the private bank created their own product.
• The hardest part of educating the wealth channel on real estate and evergreen structures.
• Why private wealth is the biggest opportunity in the future. 
• The advice Marc would give to someone trying to build the next great asset manager.

Thanks Marc for sharing your wisdom, expertise, and thoughtful and nuanced perspectives on private markets and real estate. 

Welcome back to the Alt Goes Mainstream podcast.

Today’s episode is with someone who has successfully built a wealth solutions business tailored to her firm’s unique strengths, expertise, and investment track record.

Martina Sanow is a Partner and Head of Hg Wealth, where she is focused on building the firm’s wealth solutions offering built out of the $85B AUM firm, Hg, that invests in enterprise software.

Hg, one of the top 10 largest PE firms globally based on the PEI 300 ranking, has built an impressive investment engine focused mission-critical enterprise software companies. The firm has built a portfolio that is a “transatlantic ecosystem of software and services businesses” — representing over $180B in collective enterprise value across its 55 portfolio companies.

Martina has been at the firm for almost 16 years. She has been an integral part of building the firm into what it is today, helping Hg grow from $2B in AUM to $85B in AUM, previously as Deputy COO and now building the Hg Wealth business. Hg’s first wealth offering, Fusion, its flagship evergreen fund that provides access to non-US investors to Hg’s private equity funds and co-investment opportunities, has exceeded $1B in NAV just 12 months after its launch.

Martina is thoughtful, strategic, and long-term oriented when it comes to building a solution that amplifies Hg’s strengths and resonates with the wealth channel. 

We had a fascinating discussion about how a scaled specialist like Hg can stand out in the wealth channel, unpacking the essence of who Hg is as a firm and how they’ve expressed who they are as they’ve built their wealth business.

We covered:

• Hg’s evolution as a firm.
• Why Hg focuses on mission-critical enterprise software companies and why it’s a compelling investment thesis.
• Building a wealth business that fits the mission, ethos, and strategy of the firm.
• Understanding the complexity of evergreen funds.
• How Martina and team think about managing dealflow and investor demand in their Fusion fund.
• Learnings applied from HgTrust, the publicly listed UK investment trust, to figuring out how to educate and build brand in the wealth channel.
• Why does ownership structure matter when it comes to building a wealth business? How being privately owned informs how Hg builds their wealth business.
• Why Europe, why now?

Thanks Martina for coming on the show to share your wisdom and expertise at the intersection of enterprise software, private equity, and private wealth.

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

01:55 Welcome to the Podcast

01:58 Introducing Martina Sanow

04:36 Martina's Background and Experience

05:10 Hg's Specialization in Software

05:57 Building a Team and Culture

06:54 Importance of Cognitive Diversity

07:26 Building a Diverse Team

09:28 Innovating in Wealth Business

10:14 Hg's Strategic Mindset

11:51 Hg's Entrepreneurial Journey

12:00 Maintaining Entrepreneurial Culture

13:10 Specialization in B2B Software

14:47 Focus on DPI and Cash Back

16:17 Criteria for A-Quality Businesses

16:58 Investing in Mission Critical Software

18:11 Visma Case Study

19:23 Challenges and Opportunities in Europe

33:13 Evergreen Structures: Impact on Investment Teams

33:44 Balancing Capital Raising and Deal Flow

34:13 Investment Strategies and Allocation

34:54 Managing Subscriptions and Demand

35:53 Balancing Wealth and Institutional Demand

36:06 Privately Owned Firm Benefits

36:37 Realization Committee and Evergreen Structures

37:52 Long-Term Company Partnerships

39:11 Liquidity Management Challenges

39:55 Investor Strategies for Evergreen Funds

41:40 Institutional Adoption of Evergreen Funds

42:48 Evolution of Institutional Mindset

43:26 Retail vs. Wealth Investors

44:01 Listed Trust and Wealth Business Insights

45:54 Building the Wealth Business

47:29 Strategic Importance of Wealth Capital

48:54 Innovation in Wealth Management

49:28 Partnerships and Holistic Solutions

50:58 Future of Wealth Management Products

52:44 Brand Building and Education

55:00 Software as a Core Investment

56:19 Community and Founder Investments

59:28 Value Creation and Network Benefits

01:00:15 Portfolio Synergies and Acquisitions

01:01:36 Concluding Thoughts and Favorite Investments

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

Welcome back to the Alt Goes Mainstream podcast.

Today’s conversation dives into the current state of private markets through the lens of one of the leading GP stakes firms in the industry.

We sat down with Partner and Global Co-Head of the Petershill Group at Goldman Sachs Robert Hamilton Kelly. Petershill takes minority equity stakes in established and newly-established alternative asset managers. Across its different investment vehicles, Petershill participates in the fee income from over 200 underlying funds from alternative asset management firms that are diversified across asset class, investment strategy, and investment lifecycle.

Petershill’s Partner firms have well in excess of $340B in aggregate AUM and they’ve partnered with a number of the top firms and some of the industry's most recognizable names in the middle market and upper end of the market, including Clearlake, Francisco Partners, Permira, Accel-KKR, General Catalyst, Kayne Anderson Real Estate, Kennedy Lewis, and more.

Rob and I had a fascinating conversation on GP stakes and the evolution of alternative asset management. We discussed:

• The what, why, and how of GP stakes.
• The benefits and drawbacks of GP stakes investing for GPs and LPs.
• What makes a great GP.
• The question of liquidity in GP stakes.
• Why Petershill has generally focused on middle-market alternative asset managers.
• How private markets will continue to evolve and the growing importance of the wealth channel in the evolution of asset management.

Thanks Rob for coming on the show to share your wisdom and expertise in private markets and GP stakes. We hope you enjoy.

A word from AGM podcast sponsor, Ultimus Fund Solutions

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

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

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

We thank Ultimus for their support of alts going mainstream.

Show Notes
00:00 Introduction and Sponsor Message

01:18 Podcast Opening and Theme

02:06 Guest Introduction: Robert Hamilton Kelly

03:32 Rob's Boat Racing Experience

03:45 Parallels Between Boat Racing and Private Markets

04:57 Current State of Private Markets

05:14 Impact of Policy Changes on Private Markets

06:53 Growth of the Private Markets Industry

07:09 Early Days of Petershill

07:26 Goldman's Role in Alternative Asset Management

09:26 Valuing GP Stakes and Alternative Asset Managers

10:01 Insights on Alternative Asset Managers

12:36 Valuing GP Stakes

13:22 Data-Driven Investment Strategies

15:34 Management Fees and Performance Fees

16:28 Growth and Evolution of Firms

23:16 Strategic Imperatives for Growth

26:15 Managerial Skills and Industry Dynamics

30:55 Commercialization in Platform Management

31:07 Challenges and Opportunities in Capital Raising

31:53 Industry Consolidation Predictions

32:29 Growth and Consolidation in Private Markets

33:31 The Role of Mid-Market Firms

34:15 GP Stakes and Wealth Channel Access

36:12 Goldman's Unique Platform and Services

37:57 The Importance of Strategic Advice

39:39 Common Challenges for GPs

40:33 Evolving LP and GP Stakes Dynamics

40:44 Why LPs Invest in GP Stakes

42:00 Income Generation and Capital Growth

42:49 Diversification in GP Stakes

43:05 Private Markets Exposure

44:01 Entry Points into Private Markets

45:07 Long-Term Exposure and Portfolio Construction

47:00 Investing in Private Credit

48:10 Evaluating GP Stakes Investments

49:38 Data and Performance in GP Stakes

52:04 Growth Path of Private Markets

52:23 Valuing Alternative Asset Managers

55:41 Liquidity in GP Stakes

57:09 Structural Changes in GP Stakes

57:35 The Evolution of Private Markets

58:11 Future of Venture and Growth Sectors

58:56 Private Credit Products and Market Share

59:29 Maturation of Private Markets

59:52 Conclusion and Final Thoughts

Welcome to the 17th 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 dive into the most pressing trends at the intersection of private markets and wealth management —and unpack how wealth management firms are utilizing private markets to build out or enhance their practice.

In this episode of the Monthly Alts Pulse, iCapital Managing Partner and Co-Head of iCapital Solutions, Steve Houston, and I are joined by Eric Harrison, Founding Partner of IEQ Capital.

IEQ, managing close to $40B in AUM, has been an innovator from the start. Private markets — and a customized approach to investing in private markets — are a core part of the IEQ offering — and they’ve differentiated the firm as a result.

Eric and Steve shared a number of thought-provoking perspectives on wealth management and how advisors and clients can approach allocating to private markets as part of a holistic asset allocation framework.

Thanks Eric and Steve for a great episode … looking forward to the next Monthly Alts Pulse conversation!

Show Notes
00:00 Introduction and Guest Introduction
00:24 Experiences in Private Banking
01:28 Independent Advisors and Private Markets
01:46 IEQ Capital's Approach to Private Markets
03:33 Scaling and Research in Alternative Investments
05:48 Client Experience and Customization
07:35 Technology and Tax Strategy
10:46 Innovative Ideas in Private Markets
13:13 Conclusion and Final Thoughts