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

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 1 features EQT Founder and Chairperson Conni Jonsson. 

Conni founded EQT Partners AB in 1994. He has been Managing Partner since the company's foundation and as from March 1, 2014, Conni is full time working Chairperson.

Prior to founding EQT Partners AB, Conni was employed by the Wallenberg Family Holding Company for seven years as Executive Vice President.

Conni Jonsson graduated from the University of Linkoping in 1984, Bachelor of Science with majors in Economic Analysis and Accounting & Finance, and he has participated in the Program for Management Development at the Harvard Business School.

Please enjoy this conversation with one of the industry's leaders in Conni Jonsson.

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

Show Notes

00:00 The DNA: Capturing Culture Episode 1

00:21 EQT's Origins and Global Reach

01:38 Conni Jonsson's Background and Journey

02:00 Founding EQT: Embracing Uniqueness

04:03 Balancing Responsibility and Financial Outcomes

05:09 The Wallenberg Family's Influence

06:36 Long-Term Thinking in Investing

07:20 Operationalizing Long-Term Values

08:13 EQT's Distinct Investment Approach

10:12 The Importance of Culture in Business

11:28 EQT's Focus on Core Competencies

12:53 Global Investment Strategies

13:20 Engaging with Institutional and Wealth Investors

14:15 Educating the Wealth Channel

17:10 Diversification and Global Exposure

18:19 Investing in Asia: Structural Alpha

20:40 Mitigating Political Risks

20:47 Future Skills in Private Markets

22:51 Aligning Good Business with Good Returns

24:38 Conclusion: The Winner Takes It All

Welcome back to the Alt Goes Mainstream podcast.

Today’s episode dives into the nuances of enterprise software and how to build a scaled specialist alternative asset manager.

We sat down in Vista’s NYC office with David Breach, Vista’s President and Chief Operating Officer.

David sits on Vista’s Executive Committee, the firm’s governing and decision-making body for matters affecting its overall management and strategic direction as well as the firm’s Private Equity Management and Vista’s Private Equity Funds’ Investment Committees. David is also the Co-CEO of VistaOne, Vista’s evergreen private equity vehicle, and serves on the Investment Committee and Board of Directors. He also sits on the boards of Vista portfolio companies Jamf, Solera, and Stats Perform.

David, who has been instrumental in helping the firm chart its growth path to over $100B in AUM, joined Vista in 2014 after as a career as a Partner at law firm Kirkland & Ellis, where his practice focused on the representation of private equity funds in all aspects of their business. David was a member of K&E’s 15-person global executive management committee and a founding partner of its San Francisco office.

David and I had a fascinating and thought-provoking conversation about private markets and Vista’s evolution as a firm: 

• How and why Vista has become a “scaled specialist.”
• The journey from $13B in AUM to $100B.
• The opportunity in enterprise software investing and how enterprise software is an expanding market opportunity.
• The reason why Vista decided to build out a dedicated wealth solutions business.
• How firms can differentiate in the wealth channel.
• How firms can be measured and thoughtful with how they build evergreen solutions.
• The opportunity for large companies to adopt GenAI for cost-savings and revenue generation.
• The skills that might be valuable in the age of AI.

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

Show Notes
00:00 Introduction to our Sponsor, Ultimus

01:59 Welcome to the Alt Goes Mainstream Podcast

02:07 Introducing David Breach

03:30 David Breach's Career Journey

05:22 Transition to Vista Equity Partners

06:03 Joining Vista and Initial Impressions

06:30 Vista's Vision and Growth

09:03 Operational Excellence at Vista

10:35 Investment Strategy and Alignment

13:27 Scaling Vista's Operations

16:44 Building Vista's Wealth Business

17:04 Vista's Core Values and DNA

19:29 Strategic Decisions in Wealth Management

20:19 Educating on the Wealth Space

20:46 Modeling and Investment Decisions

21:42 Hiring and Team Building

22:07 Balancing Opportunity and Capacity

22:29 Evaluating Firm's Commitment

23:47 Institutional Investors' Concerns

24:48 Addressing Investor Concerns

25:22 Industry Trends in Private Markets

26:16 The Growth of Private Software Companies

28:46 The Resilience of Software Businesses

29:36 Diversification in Software Investments

30:33 The Role of Generative AI in Software

32:54 Operational Improvements with GenAI

33:32 Product Enhancements with GenAI

33:49 Agentification of Software

34:51 Financial Impact of AI on Software Companies

36:41 GenAI in Middle Market Companies

37:25 Vista's Edge in GenAI

38:27 CEO Perspectives on GenAI

39:04 Encouraging AI Adoption in Companies

42:37 The Human Element in the Age of AI

43:26 Preparing Teams for AI Integration

45:37 Advising Wealth Managers on GenAI

48:26 Vista's Vision for the Future

49:49 Building a Software Investing Factory

50:42 Excitement for the Future

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 was filmed at ING’s HQ in Amsterdam, right after ING held its Private Markets Day. The firm has been actively building out its private markets capabilities to serve its private wealth clients so it was a treat to interview two of the people responsible for running ING’s wealth management and private markets practice.

We sat down with Anneka Treon, ING’s Global Head of Private Banking, Wealth Management & Investments, and Johan Kloeze, Head of Private Banking & Wealth Management Netherlands, to discuss ING’s big ambitions in private markets.

ING, which manages over €260B of invested assets across 5 million clients, has made a major push into private markets. Led by Anneka and Johan, the firm has built out a Private Markets business that has grown AUM in three years since its launch. ING has partnered with established alternative asset managers to create one of the largest evergreen fund platforms in European wealth management.

Anneka, Johan, and I had a fascinating discussion about wealth management, how to bring private markets to advisors and clients, and how to educate the wealth channel about private markets. We covered:

• What Anneka means by “fast money versus slow money.”
• Why it’s important for advisors to bring private markets “to the kitchen table.”
• How to transform savers into investors — and why that matters.
• Why focus on private markets.
• The challenges with building a private markets business.
• Figuring out how to partner with alternative asset managers.
• How and why ING has focused on curation when building its private markets platform.
• The benefits and challenges of evergreen funds.

Thanks Anneka and Johan for sharing your wisdom and expertise at the intersection of private markets and private wealth.

Show Notes
00:00 Message from our Sponsor, Ultimus

01:43 Welcome to the Alt Goes Mainstream Podcast

01:57 Introduction to Johan Kloeze and Anneka Treon

03:19 Guest Welcome and Backgrounds

04:05 Johan's Journey at ING

05:07 Anneka's Background and Ambitions

06:58 The Importance of Private Markets

07:56 Wealth Creation and Preservation

08:25 Building the Private Markets Business

14:55 Educational Approach to Private Markets

16:19 Making Private Markets Human

20:54 Curating the Right Managers

23:02 Slow Money vs Fast Money

24:07 The Bookcase Analogy

24:21 Cash Flow Dynamics

24:27 The Importance of a Stable Financial Foundation

24:53 The Role of Quality Managers in Investment

25:16 Motivations Behind Public vs. Private Markets

26:13 Educating Younger Clients on Slow Money

28:04 The Role of ING in Providing Diverse Investment Options

28:47 Challenges in Building a Private Markets Platform

29:46 The Success of Evergreen Vehicles

31:25 Anneka's Perspective on ING's Private Markets Strategy

32:18 Humanizing Private Markets

32:54 Opportunities in the ELTIF Space

34:24 Educating Clients on Private Markets

36:29 The Future of ING's Private Markets Platform

37:43 Balancing Digital and Human Approaches

38:49 The Importance of Simplifying Investment Concepts

38:57 The Role of Liquidity in Private Markets

39:53 Lessons Learned in Building an Investment Platform

41:38 The Entrepreneurial Spirit of ING's Clients

42:46 The Need for Harmonization in Private Markets

44:36 The Growth Roadmap for ING's Private Markets

45:07 The Future of Private Markets Investments

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 was filmed live at an event during a Brookfield Oaktree Wealth Solutions RIA Council meeting in New York.

Armen Panossian, the Co-CEO and Head of Performing Credit at Oaktree, and I sat down for a conversation in a Brookfield-owned building with a group of RIAs in the audience.

Armen, who joined Oaktree in 2007, has been an integral part of scaling Oaktree to over $209B in AUM. Oaktree, a storied firm, particularly in distressed credit, was recently fully acquired by Brookfield, the $1T AUM alternative asset manager.

Armen has a wealth of experience across different areas of credit. He is the Head of Performing Credit, where his responsibilities include oversight of the firm’s liquid and private credit strategies and as a portfolio manager within the Global Private Debt and Global Credit strategies. He also led the development of Oaktree’s CLO business.

Armen and I had a fascinating and thought-provoking conversation. We covered:

• The evolution of Oaktree’s business.
• How the acquisition by Brookfield has helped scale Oaktree’s business.
• Why private credit is more than direct lending.
• The nuances of asset-based finance.
• The current state of the credit markets.
• How Oaktree has approached distressed credit investing.
• What Armen’s memo would be if he were to write a memo like his colleague Howard Marks. 
• And, why his memo might be titled “this is not your grandma’s private credit” or “don’t reach for risk to deliver the right return.”

Thanks Armen and the Brookfield Oaktree Wealth Solutions team for a fantastic night and Armen for sharing your wisdom and expertise with us.

Show Notes
00:00 Message from Ultimus, our Sponsor

01:59 Welcome to the Alt Goes Mainstream Podcast

04:02 Armen Panossian’s Background

04:22 Early Career and Education

05:42 Transition to Finance

08:04 Joining Oaktree

08:25 Oaktree's Early Days

09:25 Investment Philosophy and Growth

12:05 Balancing Pessimism and Business Building

14:49 Private Credit Market Overview

15:45 Core vs. Alpha in Private Credit

20:06 Public vs. Private Credit

21:39 Technicals and Fundamentals in Credit Markets

24:17 Valuation and Risk Management

25:22 Consumer Impact on Private Credit

25:46 Public Markets as Indicators

26:38 Oaktree's Historical Success

26:48 Howard Marks' Investment Philosophy

26:58 Market Dynamics and Investment Strategies

27:18 Opportunities in Life Sciences

27:58 Public vs. Private Market Solutions

28:27 Understanding Private Credit Risks

29:05 Credit Market Technicals

29:41 Fraud Vigilance in Credit Markets

30:07 Oaktree's Opportunistic Credit Approach

31:56 Rescue Lending and Sector-Specific Opportunities

32:37 Asset-Backed Finance Explained

34:52 Impact of Banking Regulations

35:24 Current Trends in Asset-Backed Finance

39:47 Navigating the Private Credit Ecosystem

40:50 Brookfield and Oaktree Partnership

42:09 Wealth Channel Investment Strategies

43:40 Brookfield and Oaktree: A Unique Partnership

45:45 Concerns in Private Credit

48:03 Advisors' Guide to Private Credit

50:47 Howard's Memos and Investment Philosophy

52:44 Evolving Private Credit Landscape

53:48 Conclusion and Final Thoughts

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 brings the perspective of an asset management veteran who has sat on both sides of the table.

We sat down in Franklin Templeton’s New York City office with George Stephan, COO of Global Wealth Management Alternatives at Franklin Templeton.

George joined Franklin to continue the buildout of the firm’s Alternatives capabilities, which boasts over $264B AUM in private markets strategies that include Lexington Partners, Benefit Street Partners, and Clarion Partners. George came from KKR, where he was Head of Strategy and Business Development for the firm’s Global Client Solutions business and was also COO and Head of Investor Relations for KKR’s Global Wealth Solutions business in the Americas. Prior to KKR, George spent nine years in Morgan Stanley’s wealth management division. George is also a Board Observer at CAIS.

George and I had a fascinating conversation about how to build a wealth solutions business and how advisors approach private markets. We discussed:

• How has the adoption of private markets by the wealth channel evolved over the course of George’s career?
• The benefits and challenges of being a traditional asset manager building out its private markets capabilities.
• The breadth and depth of Franklin Templeton’s reach as a firm and how that brand and history have helped Franklin partner with the wealth channel in private markets.
• How has Franklin Templeton’s family of specialists enabled the firm to leverage the expertise of specialist alternative asset managers within a larger platform?
• How does the wealth channel approach private markets?
• How will model portfolios be constructed and adopted by the wealth channel?
• Will evergreen funds be the structure of choice for most advisors?

Thanks George for coming on the show to share your expertise and wisdom at the intersection of private markets and private wealth.

Show Notes
00:00 Introduction to our Sponsor, Ultimus

01:55 Welcome to the Podcast

02:03 Guest Introduction: George Stephan

03:59 George's Career Journey

04:12 Building Wealth Solutions at Franklin Templeton

06:06 Key Pillars for Success in Wealth Management

07:31 Client Service and Operational Excellence

09:04 Strategic Approach to Wealth Management

10:15 Convergence of Public and Private Markets

10:48 Advisor Needs and Solutions

13:31 Franklin Templeton's Private Markets Business

14:23 Unifying Private Markets Business

15:01 Cross Collaboration and Investment Decisions

15:43 Cultural Alignment in Acquisitions

16:35 Franklin Templeton's Core Principles

17:15 Heritage and Long-Term Thinking

21:30 Brand Evolution and Market Perception

24:19 Strategic Partnerships in Private Markets

25:56 Future of Partnerships and Acquisitions

26:57 Winners and Losers in Partnerships

27:10 Advisor's Perspective on Productization

27:43 Allocating to Public and Private Markets

28:21 Innovation in Private Markets

29:05 Challenges and Opportunities in Wealth Management

29:56 The Future of Multi-Asset Solutions

30:17 Operational Complexity in Private Markets

31:27 The Need for Digital Transformation

31:59 Adoption of Distributed Ledger Technology (DLT)

32:46 Evolving Technology in Wealth Management

33:49 Impact of Market Efficiency on Returns

35:13 Dispersion in Private Markets Performance

37:17 Scale and Investment Integrity

38:44 Building Capabilities in Franklin Alternatives

40:10 Partnering with Asset Managers

41:36 Keys to Building a Wealth Solutions Business

42:16 Hiring for Private Markets Expertise

43:39 Educating the Industry on Private Markets

45:48 Evergreen Structures in Private Markets

49:45 Exciting Trends in Private Markets

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 interview is with a wealth management entrepreneur who created one of the most consequential wealth management technology companies that has helped to shape the industry into what it is today.

Bill Crager is the Co-Founder of Envestnet, which he and his co-founder, the late Jud Bergman, grew into a public company. Bill was the CEO of Envestnet during the company’s time as both a public company and following Bain Capital’s acquisition to take the company private for $4.5B.

Bill is now back at it again, joining iAltA Holdings as a Founding Partner to build a suite of businesses at the intersection of private markets and private wealth management infrastructure alongside former Ipreo CEO Scott Ganeles, former Ipreo Executive Bill Sherman, and former Blackstone CFO and WestCap Founder Laurence Tosi.

Bill and I had a fascinating conversation about wealth management and private markets. We covered:

• The evolution of wealthtech.
• What advisors are looking for when it comes to technology.
• How technology can help advisors deliver a high-quality experience to clients.
• Why private markets are now playing such a big role in the business of wealth management.
• What is missing in private markets infrastructure.
• The role of AI in financial planning.
• Why Bill wanted to go back to building again.
• What is in store for iAltA.

Thanks Bill for sharing your wisdom and expertise on private wealth and private markets.

Show Notes
00:00 Introduction to Early Technology

00:12 Sponsorship Message from Ultimus

02:09 Welcome to the Alt Goes Mainstream Podcast

02:12 Introduction to Bill Crager

04:19 Building Envestnet and Early Challenges

05:06 Evolution of Wealth Management

07:00 Adoption of Technology in Wealth Management

08:39 Private Equity's Role in Wealth Management

10:17 Horizontal vs. Vertical Solutions

14:11 Challenges in Wealth Management Technology

16:22 Data and Technology in Wealth Management

22:41 Customization and Future of UMA

24:30 Impact of Data on Private Markets

26:30 Evergreen Funds and UMAs

27:45 Fusion of Public and Private Markets

28:07 Data Inputs for Financial Advice

28:33 Building Financial Plans at Scale

28:59 The Need for Holistic Financial Connectivity

29:35 Challenges in Data Flow and Infrastructure

30:29 The Role of AI in Financial Planning

30:49 Balancing Machine Learning with Human Assurance

31:35 AI's Impact on Financial Advice

32:40 Future of Financial Planning with AI

35:06 Trust in Technology vs. Human Advisors

35:19 The Emotional Component of Financial Advice

36:31 The Evolution of Wealth Management

37:02 Tokenization in Wealth Management

37:46 Adoption Challenges of Tokenization

38:56 Leveraging Technology in Wealth Management

39:27 The Future of Financial Advisors

40:59 Advice for Young Financial Advisors

42:10 The Role of Technology in Private Markets

43:48 The Vision Behind iAltA

44:46 Building Horizontal Solutions

46:14 Creating Bridges in Financial Infrastructure

51:00 The Future of Financial Advice Industry

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 welcomes a pioneer and visionary in enterprise software investing to Alt Goes Mainstream.

Robert F. Smith is the Founder, Chairman, and CEO of $100B AUM Vista Equity Partners. He sits on the firm’s Investment Committees for Vista’s Flagship, Foundation, Endeavor, and Perennial Funds and serves as a member of Vista’s Executive committee. Vista’s portfolio spans 90 enterprise software, data, and technology-enabled companies that employ over 100,000 people worldwide.

He’s also heavily involved and committed to the firm’s wealth channel efforts, serving as the Chairman and Investment Committee member for VistaOne, the firm’s evergreen private equity vehicle. Since Vista’s founding, Robert has supervised on over 600 completed transactions that represent more than $330B in aggregate transaction value.

Robert founded Vista after a career at Goldman Sachs in tech investment banking, where he was Co-Head of Enterprise Systems and Storage, executing and advising on over $50B in M&A activity with companies that were foundational players in the early days of the internet and technology, including Apple, Microsoft, Texas Instruments, eBay, and Yahoo.

Robert has an innate understanding of technology and the trends that are shaping the way that companies and people interact with the world and conduct business. It’s no surprise that he was early in seeing the rise and impact of AI because he was early in seeing the dawn of the internet in the 1990s.

Robert and I had a fascinating and thought-provoking conversation about the evolution of both enterprise software and Vista as a firm. We covered:

• The early days of enterprise software and what Robert saw then that gave him conviction to focus on enterprise software as a banker and then as an investor building Vista.
• The investment characteristics of enterprise software.
• The power of product superiority in enterprise software.
• Why “sovereignty and dominion of data” are so important — and why it matters for AI.
• Can the “Rule of 40” become the “Rule of 50, 60, 70” with AI?
• What aspect of AI is most impactful for companies.
• How Vista approaches value creation.
• What it took to scale Vista to a $100B investment platform.
• Why the wealth channel is core to Vista’s business and the firm’s DNA.

Thanks Robert for coming on the show to share your expertise, wisdom, and passion for enterprise software and building businesses.

Show Notes
00:00 Introduction to Ultimus, Our Sponsor

01:20 Welcome to the Alt Goes Mainstream Podcast

02:05 Robert F. Smith's Background and Career

04:33 Robert's Engineering Background

04:58 Chemical Engineering and Business Management

05:25 Early Career Projects and Productivity

06:42 Vista's Systemic Process Improvement

07:08 Enterprise Software Investment Strategy

11:11 Product Superiority and Execution Excellence

16:03 AI's Impact on Enterprise Software

22:58 Cultural Importance in Enterprise Software

28:05 Enterprise Software Investment Profile

28:45 Founding Vista and Early Market Insights

29:08 Mission Criticality in Enterprise Software

29:57 Economic Rent Capture Opportunities

30:36 Transitioning to Hosted Environments

31:37 Rule of 40 and Gen AI Efficiency

32:56 Cost Dynamics and Gen AI

33:35 Customer Support and Sales Efficiency

35:04 Agentic AI and Exponential Opportunities

36:37 Challenges in Enterprise AI Implementation

39:08 Internal Use of AI at Vista

43:49 Managing Agents vs. Human Interaction

44:31 Creative Uses of AI

45:00 Defining Gen AI and Agentic AI

46:28 Enterprise Software and Agentic AI

47:30 Impact of AI on Companies

50:17 Evolution of Vista and New Investors

50:42 Democratizing Investment Opportunities

51:47 AI in Wealth Management

52:55 Conclusion and Final Thoughts

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 dives into private credit and building an asset management business inside of a leading global bank.

We sat down in Nomura’s NYC office with Robert Stark, the CEO of Nomura Capital Management LLC (NCM) and Head of Investment Management in the Americas for the Nomura Group.

Robert brings deep experience in financial services to Nomura. He was previously the Founder & CEO of Alterum Capital Partners LLC, where he focused on building an investment management business at the intersection of private markets and RIAs. Prior to Alterum, he was a Senior Managing Director and member of the Executive Committee at FS Investments, where he was responsible for Corporate Development. He also spent 7 years at JP Morgan across Asset & Wealth Management. He joined JP Morgan from Russell Investments, where he was a member of the Executive Committee. He started his professional career at McKinsey & Company, where he was a Partner serving clients in asset management, investment banking, insurance, and private equity.

Robert brings both a consultant’s analytical perspective and an operator’s practical approach to his work building the credit business at Nomura Capital Management.

Robert and I had a fascinating and wide-ranging discussion about building an asset management business in a fast-growing segment of private markets: private credit. We covered:

• The state of the private credit market.
• How to build an asset management business.
• What it takes to work with the wealth channel.
• The entrepreneurial spirit of RIAs.
• Open architecture vs closed architecture in private credit.
• Keys to success in the evergreen fund space.

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

A word from AGM podcast sponsor, Ultimus Fund Solutions

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

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

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

We thank Ultimus for their support of alts going mainstream.

Show Notes
00:00 Message from Ultimus, our Sponsor

01:57 Welcome to the Alt Goes Mainstream Podcast

02:06 Guest Introduction: Robert Stark

03:18 Building an Asset Management Business

03:42 Evolution of Asset Management Industry

04:01 Regulatory Environment and Market Structure

05:12 Challenges in Asset Management

08:24 Importance of the Right People

08:44 Private Credit Business at Nomura

09:59 Diversification in Private Credit

10:47 Secular Trends in Private Credit

11:15 Client-Centric Solutions

19:00 Origination in Private Credit

20:07 Open vs. Closed Architecture

22:45 Product Development and Client Feedback

24:22 Early Stages of Private Credit Solutions

25:43 Future of Evergreen Funds

27:29 Investor Interests and Needs

27:47 Building a Trusted Brand

28:18 Challenges of Entrepreneurship

28:46 Capital and Talent Requirements

29:23 Nomura's Long-Term Vision

30:12 Nomura's Wealth Management Legacy

30:49 Expanding in the US Market

31:32 Japanese Investment Culture

32:07 Open Architecture Strategy

32:34 Global Network and Client Access

34:32 Challenges of Working with RIAs

36:19 Fiduciary Alignment

37:04 Partnerships and Client Success

37:56 Strategic Acquisitions

39:50 Evolution of the RIA Segment

44:44 Long-Term Business Planning

46:39 Future of 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 is with an experienced private markets and distribution executive who has been educating the wealth channel and distributing private markets investment solutions at some of the industry’s largest investment platforms.

We sat down in Prudential’s Newark studio with PGIM’s Global Head of Alternative Investments, Dominick Carlino. PGIM is the $1.4T global asset management business of Prudential Financial.

At PGIM, Dominick is responsible for driving the continued development and distribution of alternative investments tailored to the firm’s wealth channel investors globally.

Dominick joined the firm in 2023, bringing over 20 years of experience in alternatives distribution. He was most recently MD, Head of Alternative Investments Distribution at Merrill Lynch.

Dominick and I had a fascinating conversation about the intersections between insurance and asset management and the evolution of distribution. We covered:

• How the distribution of private markets investment solutions has evolved.
• The benefits of an integrated platform across insurance and asset management.
• Navigating the playing field of collaboration and competition between asset managers and insurance companies.
• The importance of education.
• How, why, and where evergreen funds will be adopted.

Thanks Dominick for sharing your perspectives and wisdom on insurance and private markets. We hope you enjoy.

A word from AGM podcast sponsor, Ultimus Fund Solutions

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

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

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

We thank Ultimus for their support of alts going mainstream.

Show Notes
00:00 Message from our Sponsor, Ultimus

01:18 Welcome to Alt Goes Mainstream

01:55 Guest Introduction: Dominick Carlino

03:34 Dom’s Background and Career Journey

03:55 Early Career and Transition to Alternatives

05:03 Experience at Morgan Stanley and Merrill Lynch

05:18 Evolution of Private Markets Distribution

07:08 Wealth Channel and Private Markets

09:08 Joining Prudential and PGIM

10:25 Prudential's Capabilities and Strategy

12:47 Asset Liability Matching in Private Markets

14:22 Liquidity Risk and Private Markets

16:16 Education and Evergreen Funds

17:06 Credit Risk in Private Credit

18:14 Vertical Integration and Acquisitions

19:35 Partnerships and Strategic Growth

20:22 Market Shakeout and Scale

22:09 Product Set and Innovation

23:24 Advisor and Client Needs

24:45 Evergreen Funds and Market Trends

26:13 Specialized Strategies in Private Markets

26:41 Distribution and Education

28:16 Skills for Effective Distribution

30:54 Organizational Alpha and Trust

31:56 Brand and Stability

33:11 Partnerships and Long-term Solutions

33:49 Insurance and Tax-Advantaged Strategies

34:12 Asset Managers and Insurance Partnerships

35:42 Private Markets in Retirement Plans

36:17 Future of Private Markets

36:41 Keys to Winning in Private Markets

37:29 Prudential's Competitive Advantages

37:48 Conclusion and Guest Farewell

The opinions expressed in this podcast are those of the author and do not reflect the views or opinions of PGIM, Inc. PGIM, Inc. is not responsible, endorses nor confirms its accuracy. All trademarks and other intellectual property used or displayed are the ownership of their respective owners. Unless noted otherwise in this podcast, PGIM, Inc. is not affiliated with, nor  endorses any mentioned company or any linked third-party content.
 
PGIM and its affiliates may develop and publish research that is independent of, and different than, the recommendations contained herein. PGIM’s personnel other than the author(s), such as sales, marketing and trading personnel, may provide oral or written market commentary or ideas to PGIM’s clients or prospects or proprietary investment ideas that differ from the views expressed herein.

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

Welcome back to the Alt Goes Mainstream podcast.

Today’s episode dives into digital infrastructure and how it powers the growth of artificial intelligence and other major trends in digitalization and electrification.

We sat down in Blue Owl’s NYC office with Matt A’Hearn, an asset management entrepreneur and executive at the firm.

Matt is a Senior Managing Direct at Blue Owl and Head of Digital Infrastructure. He’s responsible for leading the overall management of Digital Infrastructure, including strategy, investments, and portfolio management.

Prior to joining Blue Owl, Matt was the Managing Partner and a Founder of IPI Partners, the predecessor firm to Blue Owl Digital Infrastructure. IPI was acquired by Blue Owl in 2024.

Prior to founding IPI, Matt led the global investment banking practice in communications infrastructure at Moelis & Company.

Matt and I had a fascinating and thought-provoking discussion about the future of digital infrastructure. We covered:

• The how and the why of digital infrastructure.
• Investing in data centers.
• The evolution of digital infrastructure.
• How to best partner with and serve the need of hyperscalers.
• The importance of power generation for AI. 
• How there are different ways to approach gaining exposure to AI as an investment theme.

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

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 Our Sponsor, Ultimus

01:57 Welcome to the Alt Goes Mainstream Podcast

02:05 Guest Introduction: Matt A’Hearn

03:36 Evolution of Digital Infrastructure

04:02 Founding IPI Partners

04:15 Digital Infrastructure and AI

05:35 Early Challenges in Data Center Investing

06:13 Cloud Growth and Hyperscale Companies

07:05 Partnerships with Hyperscalers

08:07 Financing Hyperscalers

10:14 AI and Cloud: A Generational Opportunity

11:51 Supply and Demand Dynamics in AI

13:21 Power and Infrastructure Challenges

14:55 Site Selection and Power Considerations

17:53 Scale and Capital Requirements

22:32 Data Center Capacity Needs

23:35 Investment Opportunities in Digital Infrastructure

24:21 Blue Owl's Capital Strategy

26:25 The Blue Owl Transaction

26:35 Capital Needs in the Industry

26:58 Feedback from Hyperscalers

27:18 Joining Blue Owl

27:51 Founding IPI

28:50 Building the Firm

30:38 Differentiating IPI

31:36 Early AI Insights

32:26 AI and Cloud Growth

34:41 Investment Opportunities in Digital Infrastructure

35:27 Risk-Adjusted Investment Strategies

36:39 Underwriting Digital Infrastructure

38:22 Capital Allocation in Tech Companies

39:17 Meta and Data Center Development

40:41 Alternative Asset Management in Tech

41:45 Merging Investment Cultures

43:19 Challenges and Opportunities

43:53 Wealth Channel Expansion

45:51 Evergreen Structures and Long-Term Investments

50:50 Future of Digital Infrastructure

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