Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets

Welcome back to the Alt Goes Mainstream podcast.

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

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

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

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

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

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

• The early days of alternative asset managers going public.
• The evolution of the GP stakes market.
• The role that GP stakes investing can play in the growth of alternative asset managers.
• How and why GP stakes has shades of private equity, private credit, and secondaries in a single strategy. 
• A tale of two cities — the upper end of the market and the middle-market.
• What will liquidity look like in the GP stakes space?

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

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

Show Notes
00:38 Welcome to the Alt Goes Mainstream Podcast

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

00:49 Introducing Todd Owens and Cantilever Group

02:26 Welcome to Alt Goes Mainstream Live

03:04 Todd's Background and Perspective

03:29 The Early Days of Minority Equity

04:28 Alternative Asset Managers Going Public

04:53 The Success of Public Offerings

05:32 Evolution of the GP Stakes Market

05:58 The Financial Crisis and Market Evolution

06:14 Understanding the Asset Management Business

06:47 Public vs. Private Market Perceptions

08:07 Middle Market Opportunities

08:37 The Role of GP Stakes in Firm Growth

09:05 Different Approaches to Building a Business

09:15 Lessons from advising Oaktree and Ares

09:27 Strategic Planning in Asset Management

10:14 Sophistication in the Middle Market

10:45 The Future of GP Stakes and Asset Management

11:48 Differences Between Upper and Middle Markets

14:46 Opportunities in the Lower Middle Market

16:03 The Persistence of the Middle Market

17:58 Wealth Channel and Private Markets

18:48 Evolution of Wealth Management

20:04 Democratization of Alternatives

20:24 GP Stakes as an Investment Strategy

20:54 GP Stakes: The Best of All Worlds?

20:59 Investment Strategies and Market Trends

22:08 Private Credit vs. GP Stakes

22:58 Betting on Private Markets Growth

23:17 Long Duration Capital in GP Stakes

23:47 Liquidity in the GP Stake Space

24:22 Managing Portfolio and Realizations

25:01 The Need for Liquidity Solutions

25:19 Quick Fire Questions

25:26 Favorite Asset Class in 2025?

26:06 Next Firm to Go Public?

26:16 Challenges of Merging Large Firms

27:21 Future of Middle Market GP Stakes

28:07 Conclusion: Live Podcast Wrap-Up

28:12 Thank You and Closing Remarks

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 a groundbreaking partnership that could change the trajectory of how the wealth channel invests into private markets.

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

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

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

• Why model portfolios could be the “iPhone moment” for private markets.
• The anatomy of the partnership between BlackRock and Partners Group to create private markets model portfolios.
• How to balance personalization and customization with standardization of delivery to the wealth channel.
• How to create differentiation with private markets product offerings with different product structures.
• The mechanics of a private markets model portfolio.
• How education plays a role in advisor adoption of private markets products and model portfolios.

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

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 Alt Goes Mainstream Theme Song

01:56 Introduction to Today's Episode

01:58 Groundbreaking Partnership Announcement

03:32 Welcome to the BlackRock Studio

04:05 Backgrounds of Joe and Jon from BlackRock

05:48 Rob's Background and Perspective

07:13 Why this is an iPhone Moment for Private Markets

07:55 Challenges in Private Markets Adoption

12:48 Why Now is the Right Time

16:11 The Importance of Partnership

21:51 Building a Brand in Private Markets

26:48 Evolution of Fixed Income Markets

27:10 Electronification of Private Markets

27:21 Educating the Wealth Channel

28:13 Importance of Excellent Execution

28:44 Proving Performance in Private Markets

29:27 Building the Right Solution

29:48 Client Demand for Private Market Access

30:34 Customizing Asset Allocation

31:41 Transparency in Model SMAs

32:21 Blurring Lines Between Public and Private Markets

33:12 Foundational Equity in Private Markets

34:15 Combining Public and Private Solutions

35:25 Democratization of Private Markets

36:19 Active vs. Passive in Private Markets

37:58 Challenges in Market Adoption

38:28 Scalability and Diversification

39:27 Evergreen Funds and Capital Deployment

42:03 Seismic Shift in Private Markets

42:47 Future of Private Market Solutions

49:59 Personalization in Portfolio Building

50:53 Patience and Private Markets

51:00 Final Thoughts on Private Market Innovation

54:41 Conclusion and Podcast Outro

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

Welcome back to Going Public with Evercore’s Glenn Schorr.

On the latest episode of Going Public, we dive for the loose balls in private markets’ March Madness as Glenn shares his thoughts on why it’s important to separate the forest from the trees when it comes to why certain firms make his “Final Four.”

We cover some of the most pressing topics in alternative asset management, including:

• Separating the forest from the trees — dissecting alternative asset manager stock performance versus long-term business performance.
• Views on the exit environment and what it means for alternative asset manager stock performance.
• Where and why does scale matter?
• Are banks and alternative asset managers enemies, frenemies, or collaborators, particularly in areas like private credit?
• Why does Glenn believe the secular growth trends of private markets and how that impacts alts managers is a fat pitch?
• In the spirit of March Madness, Glenn shares his bracketology on which firms make his “Final Four.”

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

Making private markets more public — with expert analysis

Alt Goes Mainstream has partnered with an expert who has seen the evolution of alternative asset managers from their early days.

Glenn Schorr is a Senior MD and Senior Research Analyst at Evercore ISI, where he covers brokers, banks, asset managers, and trust banks as an analyst. 

He has covered financials since 2000 and started coverage of alternative asset managers when the first firms went public.

He’s consistently come up as one of the most thoughtful and well-respected analysts in the space. He balances deep research with a creative flair (just read one of the titles of his research reports and you can see his love of the game). He’s been named to Institutional Investor’s All-America Research Team for his coverage, most recently ranking #2 and runner up in 2023, #1 and #2 in 2022. Prior to Evercore, Glenn was a Senior MD at Nomura, serving as the lead financials analyst. 

Listen in as Glenn shares market stories, the evolution of alternative asset managers as businesses, the biggest and most exciting trends in private markets based on what the industry’s largest players are doing, and we go “around the horn” for his analysis on the publicly traded firms.

Show Notes

00:00 Introduction and Countdown

00:06 Going Mainstream

00:45 Welcome to the Series

00:58 Meet Glenn Schorr

01:31 Market Stories and Trends

01:54 Live from Evercore

02:04 Earnings and Market Volatility

02:07 Secular Growth Businesses

02:39 Anticipation and Uncertainty

03:26 Alternative Managers' Performance

04:36 Private Markets and Infrastructure

05:53 Valuation and Market Corrections

07:28 Investment Opportunities in Market Downturns

07:54 Fundraising and Fee Related Earnings

08:01 Capital Raising Challenges

09:36 Super Alts Firms

12:22 Brand and Consistency

13:16 Acquisitions and Growth Strategies

15:33 Banks vs. Alternative Managers

16:26 Private Credit and Direct Lending

24:45 Asset Classes Shifting from Public to Private Markets

25:09 Duration Mismatch in Banking and Loans

25:32 Regulatory and Capital Arbitrage

26:01 Flexibility in Private Markets

26:30 Impact of Stock Prices on Strategic Acquisitions

27:01 Stock Deals and Control in Acquisitions

28:29 Accretive Acquisitions and Capital Raising

31:29 Scale Benefits in Private Markets

31:50 Big Ticket Transactions and Scale

33:05 Investor Understanding of Scale in Private Markets

33:37 Challenges in Public Market Investment in Alternative Managers

36:50 Long-Term Trends in Private Markets

38:03 Risks in Private Markets

38:55 Transparency and Oversight in Private Markets

39:30 Thematic Investing and Long-Term Trends

40:31 Private Markets Framework for Public Stocks

41:30 Emotional Investing and Long-Term Capital

43:25 Geopolitical and Economic Policy Impacts

45:38 March Madness: Top 4 Manager Picks

47:09 Conclusion and Final Thoughts

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

Company Coverage and Disclosures

Evercore ISI

Glenn Schorr

| Ticker | Company
| APO | Apollo Global Management, Inc.
| BAC | Bank of America Corporation
| Glenn Schorr holds a long position in equity securities of Bank of America Corporation.
| BK | Bank of New York Mellon Corp.
| Glenn Schorr holds a long position in equity securities of Bank of New York Mellon Corp.
| BLK | BlackRock, Inc.
| BlackRock, Inc. is a client of Evercore LLC, and Evercore LLC has provided investment banking services to BlackRock, Inc. in the last 12 months.
| Evercore ISI or an affiliate expects to receive or intends to seek compensation for investment banking services from BlackRock, Inc. within the next three months.
| Glenn Schorr holds a long position in equity securities of Blackrock Inc.
| BX | Blackstone, Inc.
| Blackstone, Inc. is a client of Evercore LLC, and Evercore LLC has provided investment banking services to Blackstone, Inc. in the last 12 months.
| Evercore ISI or an affiliate expects to receive or intends to seek compensation for investment banking services from Blackstone, Inc. within the next three months.
| An employee, employee's immediate family member, director or consultant of Evercore ISI or one of its affiliates (but not the covering research analyst or a member of the covering research analyst's household) is an officer, director or advisory board member of Blackstone, Inc.
| Evercore ISI or an affiliate has received compensation from Blackstone, Inc. for investment banking services in the last 12 months.
| Analyst has a financial interest in a private equity fund managed by Blackstone, Inc.
| Glenn Schorr holds a long position in equity securities of Blackstone, Inc.
| OWL | Blue Owl Capital, Inc
| Evercore ISI or an affiliate has acted as a manager or co-manager of a public offering of securities by Blue Owl Capital, Inc in the last 12 months.
| Blue Owl Capital, Inc is a client of Evercore LLC, and Evercore LLC has provided investment banking services to Blue Owl Capital, Inc in the last 12 months.
| Evercore ISI or an affiliate has received compensation from Blue Owl Capital, Inc for investment banking services in the last 12 months.
| BSIG | BrightSphere Investment
| C | Citigroup, Inc.
| An employee, employee's immediate family member, director or consultant of Evercore ISI or one of its affiliates (b...

Welcome back to the Alt Goes Mainstream podcast.

Today’s episode dives into the details of distribution and how to build a high-performing global business to serve the wealth channel across brands and strategies.

John Sweeney is the Chief Executive Officer of Brookfield Oaktree Wealth Solutions, a business unit that was created to harmonize the distribution efforts across the Brookfield and Oaktree brands. He previously served as Head of US Business Development and Sales for Brookfield Oaktree Wealth Solutions and was a Managing Director and Head of the Americas intermediary business at Oaktree Capital. He also served as president of Oaktree Funds from 2014-2018.

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

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

• How John is building Brookfield Oaktree’s wealth business.
• The benefits of scale.
• Wisdom from John’s Oaktree colleague Howard Marks.
• How advisor education is critical to the adoption of private markets.

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

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

01:55 Welcome to Alt Goes Mainstream

02:06 Introduction to John Sweeney

03:58 John's Early Career at Morgan Stanley

04:34 Evolution of Alternative Investments

05:15 Impact of Technology on Private Markets

06:42 Service and Distribution Strategy

09:33 Building Brookfield Oaktree's Wealth Business

11:16 Brookfield and Oaktree Acquisition

12:42 Creating Investment Solutions

14:07 Understanding the Wealth Channel

15:05 Global Distribution Strategy

17:52 Importance of Brand and Service

19:06 Effective Client Engagement

21:09 Advisors vs. Institutional Investors

22:27 Evergreen Funds and Distribution

25:09 Balancing Content and Engagement

27:15 Investment Philosophy and Market Context

29:36 Risk Control and Consistency

30:53 Generational Wealth Transfer

31:40 Educating the Next Generation of Investors

32:04 Long-Term Track Record and Conclusion

32:18 Delivering Returns and Long-Term Success

32:31 Accessing Evergreen Funds

32:45 Compounding Returns Over Time

32:52 Thinking in Decades

32:57 Private Credit and Economic Cycles

33:16 Experience and Results

33:41 Brand and Experience in Private Markets

34:55 Marketing and History

35:12 Brookfield Real Estate Introduction

35:34 Oaktree's Credit Roots

35:55 Integrating Two Brands

36:15 Building Solutions and Partnerships

39:03 Global Presence and Scale

39:13 Navigating Wealth Channel Conversations

40:34 Competing in Various Deal Sizes

41:16 Exploring Secondary Markets

41:56 Private Capital Opportunities

42:50 Survey Insights on Alternatives

44:04 Global Wealth Channel Strategies

44:44 Regional Strategies and Local Teams

47:42 Building a Culture of Shared Success

48:42 Educating Advisors

49:43 Early Stages of Wealth Channel

51:41 Model Portfolios and Solutions

56:32 The Appeal of Music Royalties and Human Connection

58:14 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 one of the most topical trends in the evolution of wealth management platforms and their adoption of private markets.

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

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

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

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

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

• The why and the how behind Cerity Partners’ merger with Agility.
• How wealth management platforms can balance customization and scalability.
• Why scale matters in wealth management.
• How alternative asset managers can differentiate when engaging with the wealth channel.

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

A word from AGM podcast sponsor, Ultimus Fund Solutions

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

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

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

We thank Ultimus for their support of alts going mainstream.

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

02:05 Guest Introduction: Tom Cohn and Amita Schultes

07:32 Merger Benefits and Synergies

08:19 Client Services and Customization

09:32 OCIO and Wealth Management Integration

10:45 Why Partner Now?

11:40 Cultural Alignment and Expertise

12:38 Amita's Perspective on the Partnership

13:16 Wealth Management as Institutional LPs

14:23 Cerity Partners' Institutional Approach

14:54 Private Markets Evolution

16:25 Operational Excellence in Private Markets

17:35 Research and Manager Selection

20:56 Investment Objectives and Customization

22:27 Institutional and Wealth Client Synergies

28:16 Access and Long-term Relationships

30:06 Customization and Scalability

32:20 Educational Component in Client Investments

32:36 Framework for Custom Portfolios

33:10 Resource Allocation for Customization

33:47 Importance of OCIO Business

34:16 Next Innovation in Investment Solutions

34:38 Turnkey Solutions for Operational Complexities

35:39 Model Solutions and Manager Selection

36:34 Combining OCIO and Wealth Management Practices

37:32 Evolving Structures in Private Markets

37:54 Workflows and Technology in Private Markets

38:39 Client Experience and Operational Expertise

39:37 Defining Private Markets

41:13 Importance of Clear Definitions

41:54 Role and Goals of Private Market Investments

44:15 Partnerships and Mergers at Cerity Partners

47:05 Evaluating Investment Managers

49:06 Trust in General Partner Relationships

51:16 Identifying Manager's Edge

53:24 Training and Methodology in Manager Selection

55:51 Challenges for Managers with Wealth Channel Capital

56:47 Operational Challenges for Smaller Managers

58:06 Future Trends in Alternative Investments

01:01:00 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.

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

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

Blue Owl is one of the industry’s largest alternative asset managers and has charted an impressive growth path in the nine years since its founding. Blue Owl has scaled to over $250B of AUM and has proven to be one of the top firms at raising capital from the wealth channel.

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

He spent over two decades at KKR, serving on the firm’s Management Committee, and as the Global Head of Energy and Infrastructure after joining the firm as one of the first 20 employees. He then partnered with Blackstone GSO Founder Doug Ostrover and Goldman Sachs Partner and Co-Head of Leveraged Finance Craig Packer to co-found Owl Rock Capital Partners, the predecessor firm to Blue Owl’s Credit platform. Owl Rock combined with Dyal Capital Partners to become the publicly traded entity Blue Owl in May 2021 and has since grown to over $250B in AUM and $2.2B in revenue.

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

• How Blue Owl’s growth highlights trends that have propelled alternative asset management into the mainstream.
• Why scale matters.
• Their focus on private credit, data centers, and digitalization.
• Their focus on private wealth. 
• The power of permanent capital.

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

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

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

Show Notes

00:00 Welcome to the Alt Goes Mainstream Podcast

00:42 Interview with Marc Lipschultz

00:57 Blue Owl's Growth and Success

01:10 Marc's Background and Career

03:20 Marc's Journey at KKR

03:31 The Early Days of Private Markets

05:18 Building Owl Rock and Blue Owl

05:45 Growth at KKR and Blue Owl

06:17 Lessons from KKR

07:21 Serving Investors and Delivering Results

08:29 Operationalizing Culture

09:42 Serving Investors with Excellence

10:04 Focus on the Wealth Channel

10:25 Democratization of Alts

11:54 Building a Firm to Serve Individuals

13:41 Building a Scalable Firm

16:23 Unified Wealth Platform

18:42 Balancing Customization and Scale

23:48 Brand and Trust in Private Markets

26:27 Opportunities in Private Markets

28:38 Acquisition of IPI and Strategic Growth

28:53 The Role of Scale in Private Markets

31:10 Growth and Competition in Private Credit

32:19 Challenges in Moving from Base to High-End Markets

32:30 Meeting the Needs of Large Borrowers

32:38 Market Dynamics and Spread Variations

33:03 High-End Market Realities

33:31 Cost of Capital and Borrowing Limits

34:28 Predictability, Privacy, and Partnership

35:12 Natural Market Boundaries

35:41 Secular Trends in Private Credit

35:43 The One-Stop Shop Concept

36:10 Risk Management in Credit

36:15 Concentration Risks in Credit vs. Equity

37:01 Maintaining Low Loss Rates

37:40 Impact of Capital on Credit Performance

38:25 Durability of Large Companies

39:44 Private Financing Trends

40:28 Strategic Business Orientation

40:52 Growth Trends and Market Focus

41:46 Skating to Where the Puck is Going

46:48 Permanent Capital and Business Strategy

50:19 Building a Purpose-Built Firm

52:51 Lessons from the Washington Commanders and Tampa Bay Lightning

53:15 The Role of Culture in Business and Sports

55:13 Intentionality and Good Fortune

55:52 Commitment to Culture and Values

57:04 People as the Core of Success

57:46 Wrapping Up the Conversation and Closing Remarks

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 features an industry titan who has been on the forefront of the intersection of alts and wealth.

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

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

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

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

• What is safe and what is risky?
• How can investors approach asset allocation and portfolio construction?
• How working with institutional investors has influenced and helped Stephanie think through how to work with investors in the wealth channel.
• The anatomy of building a wealth business.
• How critical is brand building when working with the wealth channel?

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

A word from AGM podcast sponsor, Ultimus Fund Solutions

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

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

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

We thank Ultimus for their support of alts going mainstream.

Show Notes
00:00 Introduction and Message from our Sponsor, Ultimus Fund Solutions

01:55 Welcome Back to Alt Goes Mainstream

02:04 Introducing Stephanie Drescher

03:55 Stephanie's Journey at Apollo

04:14 Focus on Institutional Clients

04:43 Strategic Focus on Wealth Channels

05:05 Learning from Different LPs

05:27 Early Days at J.P. Morgan

08:04 Importance of Communication

08:17 Transparency and Client Centric Approach

08:56 Educational Initiatives at Apollo

10:07 Apollo Academy Engagement

10:42 Content Creation Strategy

11:37 Combining Short and Long Form Content

11:43 Direct Client Communication

12:00 Distribution and Marketing

12:26 Client Centric Approach

13:06 Creating a Narrative for Private Markets

13:40 Defining Private Markets

14:34 Public vs. Private Markets

15:50 Changing Definitions in Private Markets

16:18 Impact of 2022 on Public Markets

17:02 Concentration in Public Markets

17:41 Benefits of Private Markets

18:17 Helping Clients Understand Private Markets

18:44 Developing Accessible Solutions

19:45 Client Focused Solutions

19:51 Balancing Client Needs and Market Nuances

20:15 Apollo's Origination Capability

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

24:26 Tax Efficiency in Private Markets

25:39 Wealth Channel vs. Institutional Investors

25:48 Solving for Tax Challenges

25:53 Listening to Client Needs

27:31 Avoiding K1s and Capital Costs

28:17 Process and Adoption of Private Markets

29:07 Investing in Technology

30:08 Insights from Technology Investments

31:06 Shared Industry Solutions

32:02 Digital Outreach and Thought Leadership

32:38 Apollo's Brand and Public Presence

33:02 B2B2C Relationships

33:10 Building Apollo's Brand

33:50 Communicating Apollo's Value Proposition

34:04 Reaching the End Client

35:39 Media Presence and Brand Awareness

36:59 Tangible Impact of Private Credit

37:35 Evolution of Private Credit

38:14 Role of Asset Backed Credit

38:46 Alternative Asset Managers in Financial Markets

39:18 Partnerships and Convergence

39:48 Discretionary Allocations

40:11 401(k) Business and Retirement Goals

41:18 Focus on Net Return

41:52 Provocative Questions on Liquidity

43:00 Consistency of Messaging

43:26 Innovative Parts of Apollo's Business

43:49 Changing Definitions of Alternatives

45:23 Phases of Adoption in Wealth Channel

47:00 Strategic Focus on Partnerships

52:39 Balancing Scale and Customization

53:26 Personal Reflections and Future Investments

54:48 Conclusion and Farewell

Welcome back to the Alt Goes Mainstream podcast.

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

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

Alto provides custody for a wide array of alternative assets, including private companies, real estate, crypto, loans, and securitized collectibles. 

Alto has streamlined the process for companies, funds, and SEC-registered investment platforms to include IRA investors in their offerings. They’ve partnered with firms across the alts space, including AngelList, Coinbase, EquityZen, Republic, Masterworks, and others, to enable investors to invest into private markets with their IRA.

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

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

We discussed:

• Rethinking retirement investing.
• The evolution of the self-directed IRA market.
• Alto’s vision: TurboTax for IRAs.
• Structural challenges with using IRAs for private markets investments.
• The role of technology with streamlining retirement investing.
• The evolution in investor awareness of retirement investing.
• The importance of duration matching.

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

Show Notes
00:00 Introduction: Going Mainstream

00:38 Welcome to Alt Goes Mainstream Podcast

00:52 Introducing Eric Satz and Alto

01:33 Eric's Background and Entrepreneurial Journey

01:57 The Mission of Alto

02:01 The TurboTax for IRAs

02:05 The Importance of Retirement Accounts in Private Markets

02:29 Welcoming Eric to the Podcast

02:37 The Evolution of Private Markets and IRAs

02:51 The Beginnings of Alto

03:13 Challenges in Self-Directed IRAs

03:54 The Vision for Self-Directed IRAs

04:28 Changing Conventional Wisdom on Retirement Investing

05:40 The Demographics of the IRA Industry

06:21 The Growth of IRA Accounts

06:38 The Allocation to Alternative Assets

07:36 Barriers to Private Market Investments in IRAs

07:50 Psychological Barriers to Alternative Investments

08:35 Structural Challenges in Using IRAs for Private Investments

08:53 The Role of Technology in Streamlining Investments

09:02 The Launch of Alto with AngelList

10:05 The User Journey in Private Market Investments

10:43 The Role of Financial Advisors

11:10 Educating Investors on Private Markets

12:25 The Evolution of Investor Knowledge

12:35 The Importance of Tax-Advantaged Investments

13:11 The Financial Advisor's Perspective

14:05 The Benefits of Illiquidity in Private Markets

15:54 The Role of Large Asset Managers

16:17 The Branding of Private Markets

16:45 The Growth of Athene and Financial Advisors

16:57 The Importance of Current Income in Retirement Accounts

17:43 The Younger Generation's Investment Behavior

18:05 The Impact of Evergreen Fund Structures

19:04 The Role of Asset Management Firms

20:02 The Future of Private Market Solutions

20:15 The Role of Alto in Private Market Investments

20:54 The Importance of Infrastructure in Private Markets

21:44 The Evolution of Alto's Business Model

21:50 The Growing Awareness of Private Markets

23:57 The Role of the Alto Marketplace

24:35 The Inclusion of Crypto in IRAs

25:17 The Challenges of Transitioning Assets to IRAs

25:50 The Impact of Friction on Investment Decisions

27:46 The Success of Alto's Technology

28:35 The Role of Funds in Promoting IRAs

29:36 The Future of Private Markets and Wealth Channels

31:11 The Role of Financial Advisors in Private Markets

31:58 Educating Financial Advisors on IRAs

32:13 The Importance of Conferences and Networking

47:13 The Future of Private Markets and Retirement Accounts

47:32 The Role of Regulations in Private Market Investments

50:27 Conclusion: The Potential of Retirement Accounts in Private Markets

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

Welcome back to the Alt Goes Mainstream podcast.

Today’s guest is an industry leader in wealth management who has been very active in private markets.

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

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

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

Mike has since run the combined company of AlTi Global as CEO, where they've built a global wealth management and alternatives platform.

They are also backed by Allianz and Constellation Wealth Capital as they continue to serve many UHNW families worldwide.

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

We discussed:

• The business of wealth management.
• The evolution of the wealth management industry.
• Why understanding private markets is so critical for wealth managers.
• The advantages of being a global wealth management business.
• The experience of being a publicly traded pure play wealth management firm.
• How to structure investments for global clients.
• The need to customize private markets portfolio construction as a way to differentiate versus other wealth management platforms.

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

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

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

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

01:18 Podcast Theme Song

01:55 Welcome to Alt Goes Mainstream

01:58 Introducing Mike Tiedemann

05:26 Lessons from Mike’s Early Career in Brazil

06:51 Geopolitics and Investing

09:10 Private Markets Insight

09:33 History of Tiedemann Advisors

11:13 Evolution of Wealth Management

13:18 Challenges in Wealth Management

13:40 Multi-Strategy Managers

16:23 Client Needs and Expectations

17:58 Global Expansion and Services

20:25 Investment Differentiation

23:11 Tax Efficiency in Investments

24:23 Partnerships and Collaborations

26:18 Decision to Go Public

27:52 Benefits of Being Public

28:00 Challenges of Going Public

28:49 Building a Permanent Business

28:59 The Importance of Permanent Capital in Wealth Management

29:11 Wealth Management Business Longevity

29:54 Public Company Dynamics

30:15 Surviving Market Downturns: Strategies for Wealth Management Firms

31:12 Industry Consolidation

32:00 Global Wealth Management Focus

32:54 Regional Wealth Hubs

34:08 Nuances of Global Markets

35:30 Structuring for Global Clients

37:19 Creating Scalable Private Market Offerings

38:27 Differentiating in Private Markets

40:11 Tax Efficiency in Alternatives

40:52 Innovative Investment Structures

41:19 Partnerships with Managers

41:58 Public vs. Private Wealth Management

43:44 Brand and Public Listing Impact 

45:35 Future of Wealth Management

47:26 Technology and AI in Wealth Management

48:38 Talent and Retention

50:48 Skills for Modern Wealth Managers

51:57 Next Gen Client Demands

53:11 Exciting Trends in Private Markets

54:40 Capital Flows and Private Credit

56:33 Challenges in Private Markets

58:16 Favorite Alternative Investments

01:01:05 Concluding Thoughts 

Welcome back to the Alt Goes Mainstream podcast.

Today’s episode features an industry leader who has pioneered working with the wealth channel.

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

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

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

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

• How Blackstone built a $250B AUM business in the wealth channel across Blackstone funds.
• How Joan’s background in equity research helped her as she built a business for the wealth channel.
• The early days of building Blackstone’s Private Wealth Solutions business.
• Where, why, and how private markets can fit into a portfolio.
• How model portfolios will evolve.
• Why private markets are no longer an alternative.
• How to build an effective brand in asset management.

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

A word from AGM podcast sponsor, Ultimus Fund Solutions

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

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

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

We thank Ultimus for their support of alts going mainstream.

Show Notes
00:00 Message from our Sponsor, Ultimus Fund Solutions

01:18 Alt Goes Mainstream Theme Song

02:02 Guest Introduction: Joan Solotar

03:45 Joan's Background 

05:00 Early Days at Blackstone

06:39 Challenges in Private Wealth Business

08:31 Convincing Advisors

10:44 Growth of Private Wealth Business

11:12 Advisor Allocation to Private Markets

13:27 Understanding Liquidity and Risk

14:36 Educating Advisors on Private Markets

15:55 Client Demand for Private Markets

17:08 Portfolio Construction and Alternatives

20:56 Ease of Use in Private Investments

21:23 Model Portfolios and Private Investments

22:32 Advisor Relationships with Blackstone

24:10 Differentiating Blackstone's Experience

25:19 Commitment to Advisors

25:40 Commitment from Blackstone's Leadership

27:27 Complexity of Selling Private Investments

28:54 Blackstone's Growth and Future Goals

29:53 Importance of Brand and Marketing

31:14 Integration of Marketing and Sales

31:38 Educating Blackstone's Team

31:56 Blackstone's Training Programs

34:50 Weekly Global Meetings

36:44 Humanizing Blackstone's Team

39:07 Blackstone's Holiday Video

40:14 Consumer-Facing Investments

41:27 Joan's Favorite Investment Theme: AI

41:59 Blackstone's AI Investment Strategy

43:19 Conclusion of the Podcast

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