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

Welcome back to the Alt Goes Mainstream podcast.

The Goldman Sachs Alternatives Summit “convened leaders across finance, geopolitics, technology, and culture” to discuss themes driving global markets.

2025’s Alternatives Summit was about “navigating a world in flux,” as the firm’s recap of its event noted. 

The event aimed to help investors cut through the noise and put together the pieces of the puzzle in a dynamic and increasingly complex world. 

Alt Goes Mainstream joined the event to have unscripted conversations with Goldman Sachs Alternatives leaders to cut through the noise by unpacking key themes and trends at the intersection of private markets and private wealth.

In this special series, we went behind the scenes at the Goldman Sachs Alternatives Conference and interviewed six Goldman Sachs Alternatives leaders about their current thinking on private markets and how the firm has built and evolved its private markets capabilities.

This conversation was with Kristin Olson, Partner, Global Head of Alternatives for Wealth within Asset & Wealth Management and a member of the Management Committee. In her role, she oversees the global alternatives platform and alternatives product strategy across wealth client businesses. Kristin joined Goldman Sachs in 1998 as an Analyst in the Financial Institutions Group in the Investment Banking Division. She was named Managing Director in 2008 and Partner in 2014. Kristin is a member of the Cold Spring Harbor Laboratory, a leading research institution focusing on cancer, neuroscience, plant biology, genomics, and bioinformatics, and is a member of the Georgetown University Board of Regents. Kristin earned a BS in International Economics, magna cum laude, from Georgetown University in 1998.

Kristin and I had a fascinating conversation about private markets, private wealth, how to approach strategic and tactical asset allocation, the evolving needs of an investor, and why education and financial media are becoming increasingly important tools for investors. We discussed:

• Lessons learned from working with Goldman Private Wealth clients that the firm has applied to how they approach serving client needs across the wealth channel with private markets solutions.
• Why Millennials are interested in investing in private markets.
• How investors can access innovation by investing in private markets.
• How can alternative asset managers approach educating the client and investor of the future?
• How private markets fits into a strategic asset allocation framework.
• The next evolution in private markets education for the wealth channel investor.
• The main source of information about private markets for investors.
• The future of implementation, model portfolios, and hybrid products in private markets.

Thanks Kristin for sharing your wisdom, expertise, and passion at the intersection of private markets and private wealth.

Show Notes
00:41 Welcome to the Alt Goes Mainstream Podcast

01:35 Kristin Olson's Background and Career Evolution

01:59 The Evolution of Alternative Investments

02:46 Lessons from Goldman Wealth Clients

03:36 Diversification and Education in Alternatives

04:23 Serving Broader Wealth Channels

05:37 Balancing Customization and Scale

07:20 Survey Insights on Millennial Investors

08:44 Building the Goldman Sachs Brand for the Future

09:43 The Importance of Education in Alternatives

10:53 Early Adoption of Private Markets in Wealth Channels

12:28 Consolidation and Partnerships in Private Markets

16:42 Advice for New Investors 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.

The Goldman Sachs Alternatives Summit “convened leaders across finance, geopolitics, technology, and culture” to discuss themes driving global markets.

2025’s Alternatives Summit was about “navigating a world in flux,” as the firm’s recap of its event noted. 

The event aimed to help investors cut through the noise and put together the pieces of the puzzle in a dynamic and increasingly complex world. 

Alt Goes Mainstream joined the event to have unscripted conversations with Goldman Sachs Alternatives leaders to cut through the noise by unpacking key themes and trends at the intersection of private markets and private wealth.

In this special series, we went behind the scenes at the Goldman Sachs Alternatives Conference and interviewed six Goldman Sachs Alternatives leaders about their current thinking on private markets and how the firm has built and evolved its private markets capabilities.

This conversation was with James Reynolds, Global Co-Head of Private Credit within Goldman Sachs Asset Management. He also serves as Chief Executive Officer of Goldman Sachs Asset Management International.

James is Co-Chair of the Asset Management Private Credit Investment Committee, as well as a member of the Management Committee, Partnership Committee, the European Management Committee and the EMEA Talent Council. James joined Goldman Sachs in 2000 as an Analyst and was named Managing Director in 2007 and Partner in 2010. James is a trustee of Greenhouse Sports and serves as a member of the Corporation Development Committee of the Massachusetts Institute of Technology (MIT). James earned a BS from the École Nationale des Ponts et Chaussées in 1998 and an MSc from MIT in 2000.

James and I had a fascinating conversation about Goldman’s extensive history in private credit and the current market dynamics. We covered:

• Why all capital coming into the private credit industry is not created equal.
• How Goldman’s culture of “partnership, collaboration, and the right incentives” provides them with an edge in origination.
• Why James is an “optimistic pessimist.”
• Narrative versus reality in private credit markets today.
• What creates alpha in private credit.
• How to build an investment culture and, in credit, how to build an investment culture that “doesn’t feel pressure to deploy.”
• Why many investors are focusing on Europe.
• How the entire platform of Goldman Sachs helps them in private credit.

Thanks James for sharing your expertise, wisdom, and passion for private credit, private markets, and private wealth.

Show Notes
00:39 Welcome to the Alt Goes Mainstream Podcast

01:30 James Reynolds' Background

02:44 Evolution of Private Credit

03:12 Direct Origination and Financing Solutions

04:08 Growth in Private Credit Market

05:55 Importance of Origination

06:29 Goldman Sachs' Competitive Edge

08:38 Expanding Universe of Credit

10:22 Harmonization of Goldman Sachs

12:01 Private Credit Deployment Strategies

14:15 Current State of Private Credit

17:16 Building an Investment Culture

18:31 Traits of a Great Credit Investor

20:52 Assessing the Business of Asset Management

22:43 Opportunities in Europe

26:10 Concerns in Private Credit

27:28 Optimistic Pessimism in Private Credit

27:59 Conclusion 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.

The Goldman Sachs Alternatives Summit “convened leaders across finance, geopolitics, technology, and culture” to discuss themes driving global markets.

The 2025 Alternatives Summit was about “navigating a world in flux,” as the firm’s recap of its event noted. 

The event aimed to help investors cut through the noise and put together the pieces of the puzzle in a dynamic and increasingly complex world. 

Alt Goes Mainstream joined the event to have unscripted conversations with Goldman Sachs Alternatives leaders to cut through the noise by unpacking key themes and trends at the intersection of private markets and private wealth.

In this special series, we went behind the scenes at the Goldman Sachs Alternatives Conference and interviewed six Goldman Sachs Alternatives leaders about their current thinking on private markets and how the firm has built and evolved its private markets capabilities.

Our first conversation was with Matt Gibson, who is head of the Client Solutions Group within Goldman Sachs Asset Management. 

Prior to his current role, Matt served as co-head of the Technology, Media and Telecommunications Group in the Investment Banking Division from 2021 to 2023. Before that Matt served as co-head of One Goldman Sachs from 2019 to 2021 and served as global co-head of Client Coverage within Investment Banking Services from 2015 to 2020. He joined Goldman Sachs in 2001 as an associate and was named managing director in 2008 and partner in 2010. Prior to joining the firm, Matt was a US naval officer for five years, working in a variety of capacities on two different US Navy ships. During this time, Matt’s service centered on operations in the Western Pacific, Persian Gulf, Mediterranean Sea and Adriatic Sea. Matt serves on the US Naval Academy Board of Trustees and the Global Advisory Board for the Kellogg School of Management at Northwestern University. Matt earned a BS in Political Science from the United States Naval Academy in 1994 and an MBA from the Kellogg School of Management at Northwestern University in 2001.

Matt and I had a fascinating conversation about Goldman’s evolution of its private markets strategy and how the firm’s “One Goldman Sachs” initiative has enabled them to bring the entire firm to bear as it helps deliver solutions for both wealth and institutional clients. We covered:

• How Matt’s experiences across the firm inform the way he approaches solving needs for clients.
• The how and the why behind the “One Goldman Sachs” initiative.
• Goldman’s client-centric approach. 
• Why it matters to be an early mover in certain instances in private markets.
• Goldman’s approach to partnerships in private markets.
• The power of the platform and how Goldman leverages its platform to help its private markets efforts.
• The importance of understanding geopolitics in today’s increasingly complicated investing world.

Thanks Matt for sharing your expertise, wisdom, and passion for private markets and private wealth.

Show Notes

00:42 Welcome to the Alt Goes Mainstream Podcast

00:56 Goldman Sachs Alternatives Conference Overview

01:09 Interview with Matt Gibson

02:26 Matt Gibson's Career Journey

02:50 The Importance of Client Engagement

03:17 One Goldman Sachs Initiative

04:13 Commercial and Cultural Impact of One Goldman Sachs

05:11 Convergence of Public and Private Markets

06:04 Growth in Retail and Institutional Alternatives

07:44 Balancing Customization with Scale

08:23 Leveraging the Goldman Sachs Platform

10:10 Origination and Investment Banking Synergy

11:23 Infusing Goldman Sachs Culture

12:34 Private Markets Culture and Strategy

13:35 Building Capabilities Through Partnerships

15:19 LP Relationships and Private Markets Evolution

16:44 Strategic Decisions in Private Markets

19:13 Agility in Product Strategy

21:08 Serving Clients in Private Markets

25:41 Geopolitical Considerations in Investing

28:06 Mega Trends and Geopolitics

29:47 Future of Private Markets

30:37 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 the rapidly expanding world of secondaries with a senior leader at one of the pioneering firms in the secondaries space.

We sat down at Franklin Templeton’s New York office with Taylor Robinson, a Partner on the Secondary team at Lexington Partners, which has over $77B in total capitalization and is part of Franklin Templeton’s family of private markets funds and strategies.

Taylor, who joined the firm in 2008, is primarily focused on the origination, evaluation, and execution of secondary opportunities, including partnership and GP-led transactions. He’s also a member of Lexington’s ESG Steering Committee.

Taylor and I had a fascinating conversation about the current state of the secondaries market. We covered many of the hot button topics and trends that are shaping the secondaries market, including:

• Why secondaries have become an integral part of many LPs portfolios.
• How secondaries have become a portfolio management tool for LPs.
• The rise of GP-led secondaries.
• Why not all CVs are created equal.
• Why secondaries can be a good on-ramp to private markets for wealth channel investors.
• What the future holds for secondaries.

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

Show Notes
00:00 A Different Way of Thinking About Private Equity

00:43 Welcome to the Alt Goes Mainstream Podcast

01:20 Introduction to Taylor Robinson

02:35 Taylor Robinson's Background and Career

04:25 The Evolution of the Secondaries Market

05:20 Impact of the Financial Crisis on Secondaries

06:34 Growth and Liquidity in Private Markets

07:13 Current State of the Secondaries Market

07:29 Traditional vs. GP-Led Secondary Deals

09:18 Challenges and Opportunities for Institutional LPs

11:22 Active Portfolio Management Strategies

13:06 Driving Returns and Gaining Edge

14:46 Evaluating and Partnering with GPs

16:30 Nuances of the Secondary Market

17:22 Market Dynamics and Investment Strategies

18:04 The Role of Data and Technology

19:35 Regulation and Standardization in Private Markets

20:08 Evolving Focus of Secondaries Firms

20:51 Investment Horizons and Return Expectations

22:17 Primary vs. Secondary Fund Investing

27:07 Specialization and Diversification in Private Equity

28:41 Managing Favorite Assets

28:49 Diversified Portfolio Nuances

29:37 Generating Alpha in Secondaries

30:22 Asset Selection and Value Drivers

31:09 Consistent Investor Experience

33:53 Comparing Secondaries and Primaries

35:51 Evaluating Secondaries Over Time

37:18 Evergreen Funds and New Structures

38:11 Benefits of Locked-Up Capital

40:34 Challenges in Evergreen Space

41:39 Wealth Channel and Scale

43:04 Skillset for Secondaries Investors

45:16 Intellectual Curiosity and Success

47:45 Industry Trends and GP Consolidation

49:16 Understanding Market Dynamics

50:18 Training and Retention at Lexington

50:41 Future of Secondary Markets

52:54 Misconceptions About Secondaries

54:31 Shifting Mindsets on Discounts

54:54 Consistent Returns Through Cycles

55:42 Secondaries as a Real Asset Class

56:16 Excitement for Future Growth

56:22 Conclusion and Farewell

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 a pioneer who has been building the core infrastructure that is making private markets go mainstream.

We talk with Gary Tenkman, a 30-year veteran of the fund administration world who is the CEO of Ultimus Fund Solutions. Ultimus serves over 450 clients and 2,300 funds, representing $725B of assets under administration, all handled by a team of over 1,100 professionals. 

Ultimus, which is backed by private equity firm, GTCR and, more recently, Stone Point, is able to help investment managers navigate a growing array of challenges that include elaborate fund structures and evolving compliance requirements. Gary has built a business that combines the best of technology and human experts in fund administration to serve many of the industry’s largest funds. Ultimus has also been a big part of the ability for private markets to innovate with evergreen and interval fund structures since they have the necessary infrastructure and services to help fund managers launch, run, and administer evergreen structures.

Prior to joining Ultimus as CEO, Gary was Head of North American Operations at another large fund service provider, where he was responsible for service delivery for all clients in the region. During his 16 years there, he held leadership positions in alternative investment fund services, European fund services, and US fund services.

Gary and I had fascinating conversation about the evolution of fund administration and how fund administration in private markets has changed with the growing interest in evergreen and interval funds. We discussed:

• How fund administration has changed over the 30 years Gary has been in the industry.
• Will the evergreen fund industry mirror the growth and evolution of the mutual fund industry?
• The gap that Gary and Ultimus saw in private markets fund administration.
• Why fund services for evergreen fund structures is very complex and hard to do well.
• How technology can provide leverage to fund administration.
• Will AI impact fund administration?
• Why fund services are a compelling investment category for private equity.

Thanks Gary for coming on the show to share your wisdom and experience and thanks for your support of Alt Goes Mainstream. The work you’re doing at Ultimus is making a big impact on evolving the industry, so it’s an honor to have you partner with AGM. We hope you enjoy.

Show Notes
01:01 Introduction to the Alt Goes Mainstream Podcast

01:10 Gary Tenkman: A Pioneer in Fund Administration

01:17 Ultimus Fund Solutions: An Overview

01:50 Innovations in Private Markets

02:02 Gary's Career Journey

02:20 The Evolution of Fund Administration

02:38 Challenges in Fund Services for Evergreen Structures

02:46 The Role of Technology in Fund Administration

06:58 Automation and Data Standardization

11:15 AI in Fund Administration

12:09 Fund Level vs. Asset Level Data

13:16 Lessons from the Mutual Fund Industry

13:58 Product Innovation in Private Markets

18:30 Navigating the Evergreen Space

23:20 Distribution Strategies for Private Markets

25:35 The Importance of Service Providers

26:50 The Evolution of Ultimus Fund Solutions

27:19 Evolution of Ultimus: The Early Days

28:02 Client-Centric Focus: The Key to Success

28:16 Investing in Technology and Growth

28:35 Mergers and Acquisitions: Building Scale

28:58 Private Side Expansion and Momentum

29:40 Challenges and Solutions in Private Markets

30:40 Client-Centric Culture: What It Means

31:34 Delivering High-Quality Client Service

32:28 Maintaining Culture Amidst Growth

33:27 Industry Consolidation: A Historical Perspective

34:09 New Partnerships and Investments

35:26 Future M&A Opportunities

35:43 Stone Point's Investment in Ultimus

36:34 Growth in Private Funds and Evergreen Structures

37:29 Convergence of Public and Private Markets

38:05 Hybrid Product Structures: Opportunities and Challenges

39:45 Regulatory Challenges in Retail Alts

40:58 Education and Adoption in Private Markets

45:54 401k and Retirement Space: Unlocking Potential

48:04 Exciting Trends 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 episode brings us to the apex of the wealth channel. We sat down in Goldman Sachs’ HQ at 200 West with Sara Naison-Tarajano, a Partner and Global Head of Private Wealth Management Capital Markets and Global Head of Goldman Sachs Apex Family Office Coverage.

Sara is also responsible for the One Goldman Sachs Family Office initiative in the Americas.

Sara has been at Goldman Sachs for over 26 years, where she’s worked in a number of roles across the firm, equipping her with a multi-disciplinary background that is brought to bear in her current role leading a global platform that delivers multi-asset investing, financing, and direct investment opportunities to some of the world’s largest family offices. Goldman Sachs Apex Family Office Coverage now serves more than 600 family offices across the globe.

Sara and I had a fascinating discussion about the growing intersection between private markets and private wealth and what some of the wealth channel’s largest investors find interesting and differentiated in private markets. We covered:

• How Sara expected to spend one year at Goldman and it turned into 26 years at the firm.
• How her background in derivatives structuring in public markets has helped her approach private markets – and what investors in private markets can learn from being exposed to public markets.
• Why Sara decided to create Goldman Sachs Apex to build a dedicated group to help large family offices invest directly into private markets.
• How Apex is related to Goldman’s “One Goldman Sachs” initiative.
• How the power of the platform helps to differentiate Goldman’s wealth management business.
• What lessons the wealth channel can learn from how the UHNW and billionaire family office segment approaches private markets.
• Takeaways from the Goldman Sachs Family Office Insights Report.
• How the wealth channel can engage the next generation clients and how private markets play a role in reaching the next gen.

Thanks Sara for coming on the Alt Goes Mainstream podcast to share your expertise and wisdom on private markets and working with the wealth channel.

Show Notes
00:00 Introduction: 26 Years at Goldman Sachs

00:59 Welcome to the Alt Goes Mainstream Podcast

01:05 Meet Sara Naison-Tarajano

03:07 Sara's Career Path

04:51 Intellectual Curiosity in Finance

05:29 The Role of Derivatives

06:59 Transition to Wealth Management

07:51 Goldman's Culture of Creativity

08:48 The Birth of Apex

09:12 Why Apex?

10:48 Serving Family Offices

11:25 The Apex Model

12:46 Early Days of Apex

14:09 Family Offices and Direct Deals

16:12 The Growing Role of Family Offices

19:56 Misconceptions About Family Offices

23:26 Engaging the Next Generation

34:29 Liquidity in Private Markets

34:41 Decline in Public Companies

34:52 Access to Capital in Private Markets

35:14 Emerging Trends in Private Markets

35:36 Focus on Secondaries

36:02 Family Offices and Secondaries

38:19 Goldman's Secondary Market

38:56 Goldman's Acquisition of Industry Ventures

39:55 Family Offices' Investment Strategies

40:14 US vs Global Family Offices

40:38 Private Markets and Inflation

42:42 Advice for Wealth Channel Investors

43:02 Illiquidity Premium in Private Markets

43:56 Importance of Vintaging

44:28 Evergreen Funds vs Drawdown Funds

47:22 International Family Offices

49:27 Geopolitical Concerns and Investments

52:55 Mega Trends in Investing

54:15 Infrastructure and AI

56:16 Simple Wealth Management Strategies

58:57 Private Credit and Fixed Income

01:00:48 Risks in Private Markets

01:02:22 Future of Apex and Wealth Management

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 brings infrastructure investing to life — literally.

We sat down in and walked through one of Stonepeak’s data center assets with Managing Director and CEO of SP+ INFRA, Cyrus Gentry.

Cyrus has played an integral role in Stonepeak’s rapid ascent as a firm and the growth of its wealth solutions business, Stonepeak+, joining early in the firm’s history and helping the firm grow to approximately $80B in AUM.

Cyrus brings a private equity perspective to infrastructure investing. Prior to Stonepeak, he held investing roles at BC Partners and Advent International. He also serves as one of the Church Commissioners for the Church of England, who hold responsibility for managing the Church’s £11.1B permanent endowment fund.

Cyrus and I had a fascinating and thought-provoking discussion about infrastructure investing and why and how it can fit within a wealth client’s portfolio. We covered:

• How Cyrus’ background in private equity investing has transferred over to investing in infrastructure.
• The opportunity and risks of data center investing.
• The risk of overbuilding in data centers.
• Why location matters for data centers.
• What makes interconnection data centers attractive data center assets.
• How Cyrus and Stonepeak have built their wealth solutions business and how they’ve endeavored to be different in how they’ve built out the business.
• How Stonepeak’s wealth business is a reflection of the firm’s DNA.

Thanks Cyrus for coming on the show to share your expertise, wisdom, and passion for infrastructure investing and working with the wealth channel.

Show Notes
00:00 Introduction and Sponsor Message

01:57 Welcome to the Alt Goes Mainstream Podcast

02:04 Introducing Cyrus Gentry and Stonepeak

00:00 Introduction and Sponsor Message

03:25 Cyrus's Journey from Private Equity to Infrastructure

04:56 Understanding Infrastructure Investing

06:10 The Importance of Moats in Infrastructure

06:57 Differences Between Private Equity and Infrastructure

07:38 Stonepeak's Growth and Strategy

09:06 Specialization in Infrastructure Investment

09:54 Balancing Long-Term Horizons with Industry Changes

11:15 The Role of Data Centers in Modern Life

14:43 Investment Perspectives on Connectivity

15:55 Challenges in Infrastructure Investing

17:10 Executing Value Creation Plans

19:06 Structured Capital in Infrastructure Deals

21:17 Trends and Scale in Infrastructure Investment

22:43 Patience and Discipline in Investment

23:34 Global Expansion and Strategy Diversification

24:09 Collaborative Approach with Corporates

24:42 Capital and Problem Solving

25:02 Building Stonepeak Wealth Solutions

25:30 Infrastructure Asset Class Benefits

25:47 Strategic Planning and Vision

26:05 Creation of Stonepeak-Plus

26:15 Early Discussions on Wealth Business

27:32 Team Dynamics and Entrepreneurial DNA

27:59 Understanding the Wealth Market

28:56 Educating Investors on Infrastructure

29:50 Allocating Infrastructure in Portfolios

30:07 Global Perspectives on Infrastructure

32:18 Learning from Institutional Investors

33:19 Common Questions from Wealth Channel

34:02 Mega Trends and Investment Strategies

34:46 Core, Core Plus, and Value Add Assets

36:12 AI and Data Centers

40:20 Power and Energy in Data Centers

42:34 Local and Global Investment Strategies

44:12 Geopolitical Risks and Infrastructure

46:36 Lessons Learned and Future Outlook

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

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.

Welcome back to the Alt Goes Mainstream podcast.

Today’s episode takes us inside the world of wealth from the perspective of one of the industry’s largest alternative asset managers that has made the wealth channel core to its firm’s DNA from the beginning.

We sat down with Sean Connor, Senior Managing Director and the President & CEO of Global Private Wealth at Blue Owl Capital, a firm with almost $300B in AUM. Sean highlighted a number of key insights for navigating and working with the wealth channel as he shared lessons learned from building a successful private wealth business at a large alternative asset manager.

Sean is responsible for bringing the breadth of the Blue Owl investment platform to the global private wealth market. He’s at the forefront of Blue Owl’s private wealth initiatives globally and oversees fund formation, product structure innovation, capital raising, and client servicing. He also oversees business development, marketing, and operations for Private Wealth at the firm. Prior to his current role, Sean was one of the first employees at Owl Rock (now the Direct Lending division of Blue Owl) and was responsible for building out the private wealth business.

Prior to joining Blue Owl and Owl Rock, Sean served as a Managing Director of CION Investment Management for over 10 years. Sean was a member of CION’s Investment Committee and was responsible for all aspects of CION’s business including originating, underwriting, and negotiating corporate finance transactions globally. In 2020, Sean was recognized by Private Debt Investor as one of the industry’s Rising Stars.

Sean and I had a fascinating conversation about what it’s like to work with the wealth channel. We discussed:

• The biggest drivers of AUM growth for Blue Owl and how the wealth channel has been a major part of the firm’s story of scale.
• Lessons learned from growing and scaling a private wealth business in the US and internationally.
• The differences between the wealth channel a few years ago and the wealth channel today.
• What the wealth channel wants and needs from its alternative asset manager partners.
• Why Blue Owl focuses on investing in megatrends, like AI, digital infrastructure, and private credit.
• The opportunity in the 401(k) and retirement channels.

Thanks Sean for coming back on the Alt Goes Mainstream podcast to share your expertise and wisdom on private markets and private wealth.

Show Notes
00:00 Introduction to Ultimus, our Sponsor

01:57 Welcome to the Alt Goes Mainstream Podcast and Episode Overview

02:10 Guest Introduction: Sean Connor

04:07 Growth Drivers for Blue Owl

04:45 Diversification and Market Strategy

05:17 Focus on Private Credit and Real Assets

06:54 Brand Essence and Market Leadership

11:25 Client Education and The Nest

14:21 Implementation Challenges in Wealth Channel

17:56 Customization in Wealth Management

19:20 Product Structuring and Client Needs

23:41 International Expansion and Market Strategy

26:23 Building Brand Internationally

28:01 Maintaining Entrepreneurial Culture

28:42 Challenges and Success in Scaling

30:38 Future Growth Areas in Wealth Business

30:42 Evolution of the Wealth Business

31:08 Expanding Product Strategies

31:37 Growth Opportunities in the US Market

32:23 Global Expansion and Execution

33:01 Retirement Market Potential

34:10 Bringing Parity to Retirement Ecosystem

35:19 Challenges and Opportunities in Retirement

35:39 Regulatory Changes and Education

36:38 Long-Term Investment Strategies

39:03 Private Credit and Direct Lending

40:47 Market Structure and Underwriting

43:47 Competition and Market Share

45:54 Private Companies and Direct Lending

47:56 Digital Infrastructure and AI

50:18 AI Bubble Concerns

51:46 Risk Management in Digital Infrastructure

55:11 Focus on Downside Protection

56:12 Future Investment Strategies

57:23 Excitement for the Future

59:13 Closing Remarks

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

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.

It all comes back to the DNA.

The firms that know who they are will know who to be.

You can learn a lot about an investment firm by listening to what they say.

Alt Goes Mainstream’s AGM Originals Series - The DNA: Capturing Culture - is dedicated to capturing the DNA of a firm by listening to what they say.

The first season of The DNA stars EQT. In Stockholm, at EQT’s AIM this past summer, I sat down for conversations with nine EQT executives.

Each executive came from different parts of the firm — and different parts of the world.

Each had fascinating backgrounds and stories about how they ended up in private markets and worked to build EQT.

But there was a single throughline threaded throughout all of the discussions: the consistency and frequency that each executive talked about the firm’s mission, vision, culture, and values.

That’s why it all comes back to the DNA.

Episode 2 features EQT's Jean Eric Salata.

Jean Eric Salata is the Chairperson EQT Asia and Head of Private Capital Asia. Jean started the regional Asian private equity investment program for UK-based Baring Private Equity Partners Ltd in 1997 and later led the management buyout of this program in 2000 to establish BPEA as an independent Firm. He has since been responsible for the investment activity of BPEA until 2022, when the company joined forces with EQT and was renamed BPEA EQT.

Prior to BPEA, Jean was a Director of Hong Kong-based AIG Global Investment Corporation (Asia) Ltd., the Asian private equity investment arm of AIG. Prior to that, Jean was the Executive Vice President of Finance of Shiu Wing Steel, a Hong Kong-based industrial concern, and prior to that a management consultant with Bain & Company based in Hong Kong, Sydney, and Boston.

Jean holds a B.S. (Hons) in Finance and Economics from the Wharton School of the University of Pennsylvania, where he graduated magna cum laude.

Please enjoy this conversation with one of the industry's leaders in Jean Eric Salata.

You can stream all the episodes on AGM’s YouTube channel at AltGoesMainstreamAGM.

Show Notes
00:00 Introduction: The DNA of Firms

00:34 Conversations with EQT Executives

01:05 Jean Salata: Chairperson of EQT Asia

01:32 Jean's Early Life and Career

02:26 Journey to Asia

03:28 Cultural Comparisons and Private Equity

04:45 The Asian Private Equity Market

05:09 Structural Alpha in Asia

06:12 Shareholder Activism in Japan

06:45 Liquidity in Indian Stock Market

08:10 Evolution of BPEA's Strategy

10:16 Challenges and Opportunities in Asia

11:42 EQT's Partnership and Culture

12:04 Building a Lasting Enterprise

13:23 Industry Consolidation Trends

14:54 Growth Opportunities in Asia

15:24 Rebalancing Capital to Asia

16:07 Underpenetration in Private Equity

18:17 Family Businesses and Generational Change

18:46 Wallenberg Heritage and EQT's Reputation

20:02 Long-term Growth in Asia

20:50 Mid-Market Growth Fund

21:21 Exit Market in Asia

23:01 Perceived vs. Actual Risk in Asia

23:49 Thematic Investing and Value Creation

24:32 Alpha in Asian Markets

25:35 Intellectual Stimulation in Asia

26:44 Leadership and Continuous Learning

28:38 Motivation and Career Development

31:12 Conclusion and Final Thoughts

Welcome to the 18th episode of the Alts Pulse, a collaboration between iCapital x Alt Goes Mainstream. 

In the latest episode of the Alts Pulse, a live conversation in studio with Lawrence Calcano, the Chairman & CEO of iCapital, Lawrence and I go global. We discussed his recent trip to Asia to peer into the nuances of the different wealth management markets around the globe.

As the leader of a platform with over $300B of assets that is responsible for the majority of individual and advisor-led investment flows into the alts space, Lawrence and iCapital have their finger on the pulse of what’s happening in private markets across the globe.

Lawrence and I had a fascinating discussion. We covered:

• Lawrence’s recent trip to Asia and the pulse on the ground.
• Asia’s growing interest in private markets.
• How wealth management market structures differ across the globe and what it means for alternatives distribution.
• Data-driven personalization for investors.

Thanks Lawrence for a great conversation … look forward to the next episode!

Show Notes
00:00 Introduction to the Latest Episode of the Alts Pulse

00:18 Insights from Asia

00:40 Comparing Asia and US in Private Markets

01:43 Wealth Management Market Structure

02:06 iCapital's Focus on Technology

02:49 Advisors' Allocation to Alternatives

03:13 Evergreen Products and Client Needs

03:53 HSBC and iCapital Surveys

04:22 Global Adoption of Evergreen Products

05:13 Distribution and Education in Private Markets

06:15 Model Portfolios and Custom Exposures

08:03 Strategic Distribution for GPs

08:19 Global Distribution Expansion

12:33 Personalization in Wealth Management

14:01 Data-Driven Personalization

14:45 Private Banks and Alternative Allocations

16:37 Thoughts About GPs and Distribution

17:24 Balancing Personalization and Scale