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

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.

Welcome back to the Alt Goes Mainstream podcast.

Today’s episode is with an experienced asset allocator who has operated at the intersection of insurance and asset management throughout his career.

We sat down in Prudential’s Newark studio with  PGIM’s Head of Multi-Asset and Quantitative Solutions, Phil Waldeck. Phil is responsible for nearly $140B in AUM, where the business unit leverages PGIM’s deep public and private markets expertise for the purpose of developing customized portfolio solutions to meet insurer and other investors’ unique objectives. 

Phil previously served as Chief Transformation Officer at Prudential, CEO of Prudential’s Workplace Solutions Group, and as president of Prudential’s retirement business, which comprised of $250B in assets. Phil was also the architect of Prudential’s pension risk transfer business, which he grew to over $170B. 

Phil and I had a fascinating conversation about the intersections between insurance and asset management. We covered:

• The evolution of how insurers allocate to private markets.
• The importance of asset liability management.
• How insurers are leveraging their balance sheet to invest in private markets and collaborate with alternative asset managers.
• How insurance and asset management interact and the benefits of an integrated platform.
• How PGIM's $1T in public and private credit informs how they invest.
• Why insurers are allocating to private credit.

Thanks Phil 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

01:23 Welcome to Alt Goes Mainstream Podcast

02:03 Guest Introduction: Phil Waldeck

03:29 Insurance and Asset Management Intersection

04:51 Understanding Asset Liability Management (ALM)

05:41 Liquidity and Private Markets

07:08 ALM in Wealth Management

10:44 Private Credit and Insurers

11:31 Private Credit Flavors and Strategies

12:42 Origination and Credit Culture

14:32 Talent and Culture at PGIM

15:06 Private Credit's Role in the Economy

17:01 Borrowers Choosing Private Over Public Credit

18:36 Public and Private Credit Blurring Lines

19:00 Global Credit Capabilities

20:09 Fewer Manager Relationships in Private Markets

24:57 Challenges in Private Markets

27:02 Underwriting Discipline in Private Credit

27:34 Private Credit Market Growth

30:22 Global Opportunities in Private Credit

31:01 Future of Private Markets

31:30 Regulatory Framework and Governance

31:57 Educating Investors on Private Markets

33:06 Creating the Perfect Private Credit Portfolio

33:57 Diversification in Private Credit

34:36 Advisors' Role in Private Credit Investing

35:07 Wealth Channel Choices and Shelf Space

35:53 Farm to Table Analogy in Private Credit

37:32 Talent and Scale in Private Credit

38:54 Maintaining Culture in Large Firms

39:33 Conclusion and Final Thoughts

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 the evolution of infrastructure investing with a leading scaled specialist firm in infrastructure.

We sat down in Stonepeak’s Hudson Yards office with a pioneer in infrastructure investing: Mike Dorrell.

Mike is the Chairman, CEO, and Co-Founder of Stonepeak, building the foundations for the firm to achieve a rapid ascent to $76B from its founding in 2011.

Mike brings deep expertise to bear in the infrastructure asset class. He has over 20 years of experience investing in infrastructure, starting his career at Macquarie, where he ultimately held the title of Senior Managing Director. He then joined Blackstone, where he was a Senior Managing Director in Private Equity and Co-Head of the Infrastructure Investment group, before striking out on his own to build one of the industry’s largest infrastructure investing firms in Stonepeak.

Mike and I had a fascinating and thought-provoking discussion about infrastructure investing and why it’s becoming an increasingly important part of the private capital ecosystem. We covered:

• The early days of infrastructure investing.
• How infrastructure investing has evolved.
• How Mike’s experiences at Macquarie and Blackstone informed how he wanted to build Stonepeak.
• How institutional investors have approached infrastructure investing and why individual investors should consider exposure to infrastructure assets.
• Stonepeak’s DNA and what makes the firm different from other infrastructure investors.
• Why being a scaled specialist is a competitive advantage.
• How Stonepeak was built from scratch to scale.
• How Stonepeak identified investing in data centers early on and well before the data center boom began.
• Why launch a wealth solutions business and how it’s a reflection of the firm’s DNA, culture, and values.

Thanks Mike for coming on the show to share your expertise, wisdom, and passion for infrastructure investing.

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 the Alt Goes Mainstream Podcast

02:10 Guest Introduction: Mike Dorrell

03:58 Mike's Journey to Stonepeak

06:46 Challenges in the US Infrastructure Market

11:09 Successes and Setbacks in Infrastructure Deals

12:06 Privately Held Infrastructure in the US

17:05 Public vs. Private Infrastructure

18:34 Impact of Infrastructure on Daily Life

19:16 Stonepeak's Significant Market Presence

22:10 Balancing Public Good and Investor Returns

22:53 Regulation and Good Judgment in Infrastructure

23:55 Challenges in Privatization

25:52 Skills Needed for Infrastructure Investing

26:29 Access to Infrastructure for Individual Investors

27:10 Institutional Market's Experience with Infrastructure

30:50 Asset Allocation and Infrastructure

33:40 Private Equity vs. Infrastructure Investments

34:10 Institutional Allocation Trends

34:46 Patience and Peace of Mind in Investing

35:14 Warren Buffet's Investment Philosophy

35:38 Biggest Risks in Infrastructure

35:50 Electric Utility Asset Risks

36:28 Data Center Business Risks

37:02 Evaluating Data Center Investments

38:46 Economic Differences: Building vs. Buying Data Centers

40:21 Pricing Power in Data Centers

46:03 Connectivity Data Centers Explained

49:16 Navigating Infrastructure as an Asset Class

50:09 Finding the Right Assets at Fair Prices

50:27 The Evolution of Infrastructure Investing

53:31 Founding Stonepeak

57:20 Raising Capital in Early Days

59:46 Lessons from Blackstone

01:01:22 Building a Strong Investment Culture

01:03:37 Maintaining Culture While Scaling

01:06:20 The Importance of the Wealth Channel

01:07:41 Focus on Quality and Customer Experience

01:08:33 Cycling and Business Philosophy

01:09:26 The Importance of Investment Decisions

01:10:27 Final Thoughts on Investment Process

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 provides a fascinating window into the world of private equity value creation and how AI can help transform both portfolio company and investment firm processes and operations to create value.

We sat down in New York with Hg Partner and Head of Value Creation Chris Kindt to dive into how he spearheaded the growth of the firm’s in-house value creation efforts and has built a high-performing team to meet the evolving needs of portfolio companies.

Chris brings 15 years of experience in architecting and driving value creation to bear, with 11 years of experience at Hg and another 8 years as a consultant at BCG and Parthenon.

Chris and his team are responsible for driving value across a portfolio of 55 companies that represents over $180B in enterprise value and would represent the second largest software company in Europe after SAP if it were a conglomerate.

Chris and I had a thought-provoking discussion about value creation and the impact of AI on investing and operating companies. We discussed:

• How to build a high-performing value creation team.
• Where value creation has the biggest impact.
• How AI is transforming investment processes.
• How Hg has become an “AI-first” investment firm.
• Where AI will have the most impact in a company today and why agentic AI is transforming certain roles and processes within companies.
• How professionals can generate the most leverage from utilizing AI – without having cognitive decline.
• Why prompting and prompt engineering is so critical in the age of AI (and how you can use your weekends to perfect prompt engineering).
• How a management team can buy into AI and why the current time period represents an interesting opportunity for incumbents, particularly for those building mission-critical enterprise software.

Thanks Chris for sharing your expertise and wisdom on company building and AI. We hope you enjoy.

Note: this episode was filmed in August 2025.

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 the Alt Goes Mainstream Podcast

02:10 Guest Introduction: Chris Kindt

03:58 Chris Kindt’s Background and Journey

05:43 Value Creation at Hg

06:55 Pre-Investment and Diligence Process

07:44 Management Team Dynamics

08:40 Common Value Creation Interventions

11:14 Building a Cross-Functional Team

12:31 Scaling the Value Creation Team

15:40 Measuring Value Creation Impact

17:49 Investment Philosophy: Inch Wide, Mile Deep

19:28 Partnerships with Management Teams

20:03 Embedding AI in Value Creation

20:24 Internal vs External AI Applications

21:47 AI First Culture

22:18 Effective AI Utilization

24:04 Prompt Engineering and Whispering

26:25 Choosing the Right AI Models

26:50 AI Models: Strengths and Weaknesses

27:42 Transformative Impact of AI

28:21 Skills Needed in the AI Era

28:26 AI's Role in Investment Firms

28:55 Core Insights and Judgements

29:04 The Core Skillset and Efficiency

29:12 Philosophical Questions on AI and Talent Development

30:18 Building Grit in the Age of AI

31:12 Maintaining Discipline with AI

32:08 AI as a Value Creation Lever

32:35 Operational Efficiency and Copilots

33:43 Emergence of Reasoning Models and Agentic Frameworks

34:31 10x Efficiency in Engineering

36:24 Challenges in Implementing AI

37:16 AI Immersion Strategy Days

39:52 Organizational Agility and AI

42:15 AI's Impact on Investment Strategies

43:26 AI in Mergers and Acquisitions

45:29 The Importance of Proprietary Data

47:12 AI Fatigue and Disillusionment

48:07 Building AI Products and Agentic Products

48:58 Hg's Internal AI Incubator

49:59 The Next Wave of AI

51:19 Voice and Multimodality in AI

51:55 Globalization and Internationalization of AI

53:35 Overestimating and Underestimating AI's Impact

54:54 The Competitive Landscape of AI

55:42 The Future of Value Creation with AI

56:23 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 is with two executives who have helped to build one of the industry’s leading alternative asset managers.

In Permira Part 2, Brian Ruder joins his Co-Managing Partner and Co-CEO Dipan Patel in Permira’s London office to discuss the firm’s evolution and how the business has grown to over €80B in AUM.

Both Brian and Dipan bring deep backgrounds in private equity investing to bear as they now lead the firm through its next phase of growth.

Brian joined Permira in 2008 after working as a Partner at Francisco Partners. He’s Co-Managing Partner and Co-CEO of Permira, also serving on the firm’s Executive Committee and the buyout funds’ Investment Committee. He was instrumental in building the firm’s Technology sector team, which he co-led until 2023 where he worked on a number of the firm’s notable transactions, including Ancestry, Genesys, Informatica, LegalZoom, Magento, McAfee, Relativity, Zendesk, and more.

Dipan joined Permira from Gores Group and is Co-Managing Partner and Co-CEO of the firm. He serves on Permira Holdings Limited Board and Permira’s Investment Committee and Executive Committee. He’s focused on technology and services investing, working on deals such as Renaissance Learning, Informatica, Axiom, Adevinta, AllTrails, Ancestry, LegalZoom, and more.

Brian, Dipan, and I had a thought-provoking conversation about what it takes to build and run a scaled alternative asset manager and how to differentiate a firm and a culture. We discussed:

• How the firm’s beginnings have shaped the culture that has been built and how that culture has permeated how they make investment decisions, work with companies, founders, and LPs.
• The benefits and challenges of the collaborative leadership model.
• How would an LP underwrite Permira’s culture?
• How the firm’s European heritage helps as an investor.
• The opportunity set in Europe.
• The investment culture at Permira and how its structure and set up helps investment processes and decision-making.
• Why software buyouts have become a larger part of the buyout investing landscape.
• The Growth vs. Buyout mindset.
• The advantage for technology forward incumbents.
• How AI is impacting software investing and how AI is impacting services businesses.
• The thought process behind launching a wealth solutions business, Permira Wealth, and how it reflects the culture of the firm.

Thanks Brian and Dipan for coming on the show to share the evolution of Permira and your expertise and wisdom in private markets.

A word from AGM podcast sponsor, Ultimus Fund Solutions

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

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

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

We thank Ultimus for their support of alts going mainstream.

Show Notes
00:00 Message from our Sponsor, Ultimus

01:18 Welcome to Alt Goes Mainstream

01:56 Introducing Brian Ruder and Dipan Patel

04:44 Private Equity and Technology

04:54 Brian's Career Journey

06:51 Dipan's Career Journey

11:44 AI's Role in Modern Investing

12:38 AI in Services and Technology

13:27 Permira's Sector-Focused Approach

13:54 AI's Broader Impact on Industries

17:27 Leadership and Innovation in Private Equity

18:49 Underwriting Deals in the AI Era

18:53 Importance of Market Leadership

21:58 Technology Forward Incumbents

24:00 Permira's Continuous Innovation

24:26 Building the Business of Permira

24:36 Dipan's Perspective on Firm Growth

25:35 Core Values and Their Impact

26:39 Investment Strategies and Sector Focus

27:19 Fluid Team Dynamics

28:04 Growth vs. Buyout Mindset

29:45 Long-Term Investment Philosophy

30:29 Driving Terminal Value

30:50 Optimizing Long-Term Profitability

31:55 Case Studies: Informatica and Ancestry.com

32:58 Skillsets for Growth-Oriented Investing

33:26 Assessing Long-Term Outcomes

34:09 Empowering Long-Term Thinking

34:30 Big Picture Thinking in Investments

38:05 Co-Leadership Model

39:38 Challenges of Co-Leadership

40:37 Permira's Entrepreneurial Culture

43:14 Diversifying Capital Base

44:58 Educating the Wealth Channel

46:29 Permira's Brand in the Wealth Channel

47:10 Future Evolution of Permira

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

We are back with the latest Going Public with Evercore’s Glenn Schorr.

On this episode of Going Public, we unpack the rollercoaster of the past few months in private markets for alternative asset managers. Private markets is much more than private equity — and this episode dives into nuances of specific strategies and what it means for alternative asset managers’ businesses.

We discussed:

• Will the exit environment for private equity improve?
• Are animal spirits back in markets — and what does it mean for exits?
• Why and how private markets is more than private equity and private real estate.
• Why the wealth channel has been a contributor to alternative asset manager growth.
• How are banks responding to the expanding reach of private credit?
• Why private real estate could be a compelling category going forward, with 90%+ of real estate being privately owned.

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

00:15 Introduction to Alt Goes Mainstream

00:48 Meet Glenn Schorr: Wall Street Analyst

02:08 Market Trends and Earnings Season

02:15 Impact of Tariffs and Market Activity

03:20 M&A and IPO Activity

03:35 Private Equity and Market Dynamics

04:34 Optimism in the Market

06:11 Fundraising and Stock Prices

06:52 Private Credit and Infrastructure

08:31 Scale and Diversification

10:19 Perpetual Capital and Investor Mindset

13:51 Mega Trends and Long-Term Investments

15:50 Real Estate and Market Cycles

17:14 Long-Term View on Asset Managers

20:04 Fee Structures and Performance

24:15 Wealth Channel and Operational Challenges

26:17 Institutional vs. Retail Investors

28:41 Public vs. Private Markets

31:01 Ceiling on Capital Raising

31:42 Stewardship and Capacity Management

33:03 Private Credit Market

33:27 Direct Lending Market

33:43 Competitive Banking Landscape

33:55 Current State of Direct Lending

34:22 Private Credit Market Expansion

34:52 Investment Grade Private Credit

36:19 Banks vs. Private Credit

37:39 Banks' Adaptation Strategies

38:53 Private Credit Market Size

41:01 Insurance and Private Markets

41:44 Apollo's Insurance Strategy

43:45 Insurance Balance Sheet Power

44:32 Insurance and Wealth Channels

44:54 Private Wealth Return Hurdles

46:47 Product Innovation in Private Markets

47:00 Alternative Asset Managers' Strategies

49:43 Wealth Channel Product Choices

50:39 Approval Process for Wealth Platforms

52:29 Third-Party Evaluators in Private Markets

53:28 Convergence of RIAs and Investment Consultants

54:15 Distribution Strategies for Asset Managers

55:39 Servicing and Education in Private Markets

56:16 Segmenting the Wealth Channel

56:43 Morgan Stanley's Advisor Strategies

57:45 Notable Developments in Private Markets

59:19 Optimism in Financial Markets

01:00:39 Concluding Thoughts and Future Outlook

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

Company Coverage and Disclosures

Evercore ISI

Glenn Schorr

| Ticker | Company
| AAMI | Acadian Asset Management
| 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.
|   | Bank of New York Mellon Corp. is a client of Evercore LLC, and Evercore LLC has provided investment banking services to Bank of New York Mellon Corp. in the last 12 months.
|   | Evercore ISI or an affiliate has received compensation from Bank of New York Mellon Corp. for investment banking services in the last 12 months.
|   | 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.
|   | A member of Benjamin Rubin's household holds a long position in equity securities of Blackstone, Inc.
| OWL | Blue Owl Capital, Inc
| C | ...

Welcome back to the Alt Goes Mainstream podcast.

Today’s episode is with one of the executives who has helped to build one of the industry’s leading alternative asset managers.

We sat down in Permira’s London office with Co-CEO Dipan Patel to discuss the firm’s evolution and how the business has grown to over €80B in AUM.

Dipan brings a deep background in private equity investing to bear as he and his Co-CEO Brian Ruder now lead the firm through its next phase of growth.

Dipan joined Permira from Gores Group and is Co-Managing Partner and Co-CEO of the firm. He serves on Permira Holdings Limited Board and Permira’s Investment Committee and Executive Committee. He’s focused on technology and services investing, working on deals such as Renaissance Learning, Informatica, Axiom, AllTrails, Ancestry, LegalZoom, and more.

Dipan and I had a thought-provoking conversation about what it takes to build and run a scaled alternative asset manager and how to differentiate a firm and a culture. We discussed:

• The founding story of Permira and the evolution of the firm since spinning out of Schroder Ventures in 1996.
• How the firm’s beginnings have shaped the culture that has been built and how that culture has permeated how they make investment decisions, work with companies, founders, and LPs.
• How would an LP underwrite Permira’s culture?
• How the firm’s European heritage helps as an investor.
• The opportunity set in Europe.
• The investment culture at Permira and how its structure and set up helps investment processes and decision-making.
• Why software buyouts have become a larger part of the buyout investing landscape.
• How AI is impacting software investing and how AI is impacting services businesses.
• Why the firm has expanded into credit.
• The thought process behind launching a wealth solutions business, Permira Wealth, and how it reflects the culture of the firm.

Thanks Dipan for coming on the show to share the evolution of Permira and your expertise and wisdom in 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

01:55 Welcome Back to the Alt Goes Mainstream Podcast

02:03 Introduction to Permira and our guest, Dipan Patel

03:47 Discussion on Distributions and Market Conditions

04:19 Selling A-Grade Businesses in Current Market

05:03 Flight to Quality in Times of Stress

06:07 Reflecting on Career and Lessons Learned

06:29 Early Career Experiences at Arthur Andersen and Lehman Brothers

07:29 Impact of Early Career on Leadership Style

09:04 Challenges in Today's Investment Environment

10:15 Underwriting in Unpredictable Times

10:45 Locating Good Companies for Investment

14:31 Importance of Market Leadership

14:59 Partnering with Founders and Executive Teams

16:22 Permira’s Co-Leadership Model

19:49 Investment Decision Process at Permira

21:02 Underwriting Character in Executives

22:54 Permira's Organizational Character and Culture

23:29 Understanding Organizational Culture

23:54 Thriving in Chaos: The Concept of Anti-Fragility

24:51 Capital Flows in Private Markets

25:26 Developing Investment Theses

25:54 Strategic Exit Channels

26:24 Supply Creates Its Own Demand

27:24 The Necessity of Access to Private Markets

28:10 Managing Stress Moments in Private Markets

28:50 Navigating Industry Evolutions

29:20 Focusing on Core Strengths

30:09 Balancing Growth and Differentiation

31:21 Investing in Growth and Buyout Businesses

32:26 Synergies Between Growth and Mature Businesses

33:38 Risk Spectrum in Investments

34:27 Understanding Runway and Market Position

35:42 Disruption vs. Destruction in AI

36:49 Investing in Platform Shifts

37:58 Control and Duration in Private Equity

39:08 The Role of AI in Incumbent Success

40:25 Cultural Adaptability to AI

42:21 Specialism vs. Generalism in Investing

43:56 Professional Services and AI

45:27 Future Investment Ideas

46:34 Mission Critical Investing

47:28 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 podcast was a conversation that was recorded live at Morningstar’s Investment Conference in Chicago earlier this year.

Morningstar CEO Kunal Kapoor took time out of his packed schedule at the event to sit down with me for a thought-provoking conversation that dove into the nuances of many of the trends that are shaping private markets today.

Morningstar and Kunal have quite an interesting perch in the market. They occupy a critically important function in the market: helping investors understand the data, structures, and trends in public and private markets. They provide fund ratings, investment analysis, and market data to both individual and institutional investors.

As public and private markets experience increasing convergence, Morningstar finds itself at the intersection of markets that are undergoing rapid evolutions across product structures, asset allocation frameworks, and weighty questions around conceptual frameworks of liquidity, risk, volatility, concentration that are on the minds of many. Amongst the wide range of topics Kunal and I covered, one stood out: Morningstar is fiercely on the side of the investor.

If there’s anyone who has a deep understanding of Morningstar’s DNA, it’s Kunal. Kunal started at Morningstar in 1997 as a data analyst, holding a variety of roles at the firm, including leadership positions in research and innovation. He served as director of mutual fund research and was part of the team that launched Morningstar Investment Services, Inc., before moving on to other roles including director of business strategy for international operations, and later, president and chief investment officer of Morningstar Investment Services. During his tenure, he has also led Morningstar.com® and the firm’s data business as well as its global products and client solutions group.

Kunal and I had a fascinating and lively conversation. We covered a number of the most pressing topics in private markets today: the convergence of public and private, liquidity vs illiquidity, investor education, the importance of transparency, and the why, what, and how behind evergreen funds.

Thanks Kunal for coming on the show to share your wisdom, expertise, and passion for public 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

01:18 Podcast Opening and Theme

01:55 Welcome to the Morningstar Investment Conference

02:29 Convergence of Public and Private Markets

03:12 Challenges in Transitioning to Private Markets

05:26 Morningstar's Evolution and Impact

06:59 Morningstar's Role in Reducing Costs

08:15 Evergreen Funds and Transparency

08:48 Complexities in Private Market Structures

09:36 Liquidity and Innovation in Private Markets

12:27 Investor Education and Common Language

14:34 Comparing Public and Private Market Investments

16:28 Standardized Documentation and Regulation

18:00 Educating Investors on Private Markets

18:52 Morningstar's Style Box for Private Markets

19:14 Data Availability and Analysis

20:24 Evaluating Different Investment Structures

21:09 Public-Private Partnerships and Transparency

21:38 Philosophical Questions on Private Markets

22:58 Behavioral Aspects of Illiquidity

24:00 Evergreen Funds as Buy and Hold Vehicles

24:15 Asset Allocation and Evergreen Structures

25:16 Investor Behavior and Market Volatility

25:25 Individual Investors vs. Advisors

26:32 Stability of Retail Assets

26:56 Retail Brokerage Apps and Crypto Trading

27:15 Impact of Social Media on Young Investors

27:29 Exposure to Private Markets

28:01 Market Drawdowns and Young Investors

28:27 Advisor-Led Models vs. Self-Directed Investing

28:57 Investor Behavior Across Different Age Groups

30:06 Morningstar's Role in Investor Validation

30:50 Morningstar's Independent Voice

32:01 Transparency in Private Markets

32:24 PitchBook and Data Transparency

33:02 Challenges in Private Market Data

33:26 Tipping Point in Transparency

34:54 Private Market Indices

35:37 Challenges in Benchmarking Private Markets

36:29 Lessons from Public Markets

37:12 Evolution of Private Markets

37:37 Future of Private Markets

38:41 Fee Structures in Private Markets

39:38 Operational Burden in Private Markets

40:50 Pre-Trade Market Structure

41:16 Access to Private Markets for All Investors

43:06 Returns and Diversification in Private Markets

44:51 Building Portfolios in a Lower Return Environment

47:15 Brand vs. Performance in Alternative Assets

49:18 Favorite Alternative Investments

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

Welcome back to the Alt Goes Mainstream podcast.

Today’s episode dives into the evolution of infrastructure investing with the leading scaled specialist firm in infrastructure.

We sat down in Stonepeak’s Hudson Yards office with the firm’s Co-President Luke Taylor to discuss the inner workings of the infrastructure investing world and unpack the story of how Stonepeak’s rapid ascent has seen the firm climb to $76.3B in AUM in 14 short years.

Luke brings a wealth of experience to the infrastructure investing world. He is Co-President of Stonepeak and a member of all of the firm’s investment committees. He’s been investing in infrastructure for over 20 years, joining Stonepeak from infrastructure investing pioneer Macquarie Capital.

Luke and I had a fascinating and thought-provoking discussion about infrastructure investing and why it’s becoming an increasingly important part of the private capital ecosystem. We covered:

• How Luke went from growing up on a sheep farm to investing in infrastructure in New York.
• What Macquarie taught him about how to approach infrastructure investing.
• Why he took the entrepreneurial leap to build Stonepeak and join Chairman, CEO, and Co-Founder Mike Dorrell from the firm’s earliest days.
• Why infrastructure investing is more than toll roads, airports, and bridges.
• How there are elements of a private equity approach to investing in, building, and operating infrastructure assets.
• Where infrastructure fits in an investors’ portfolio.
• Why individual investors should consider exposure to infrastructure assets.
• Has infrastructure proved itself through an inflation cycle?
• Why scale matters in infrastructure investing.
• How Stonepeak identified investing in data centers early on and well before the data center boom began.
• What type of demeanor and mindset makes for a successful infrastructure investor.

Thanks Luke for coming on the show to share your expertise, wisdom, and passion for infrastructure investing.

A word from AGM podcast sponsor, Ultimus Fund Solutions

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

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

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

We thank Ultimus for their support of alts going mainstream.

Show Notes
00:00 Introduction and Sponsor Message

01:18 Podcast Opening and Theme

01:55 Episode Overview: Infrastructure Investing

02:04 Guest Introduction: Luke Taylor

02:45 Luke Taylor's Background and Journey

04:49 Early Days at Macquarie

07:19 Transition to Stonepeak

08:04 Building Stonepeak 

10:13 Value Creation in Infrastructure

11:59 Mindset of an Infrastructure Investor

13:08 Balancing Long-Term and Agile Thinking

15:42 Key Drivers of Value Creation

16:10 Underwriting and Risk Management

18:00 Operational Intensity and Asset Utilization

21:51 Network Effects in Infrastructure

23:19 Infrastructure as a Defensive Investment

26:13 Portfolio Construction and Infrastructure

26:39 Private Infrastructure and Yield Benefits

27:29 Productizing Infrastructure Investments

27:41 Equity, Credit, and Real Estate Strategies

29:23 Thematic and Opportunistic Investing

29:53 Data Centers and Early Investments

30:06 Identifying Investment Opportunities

30:14 Evolution of Data Centers

30:58 Interconnection Hubs and Carrier Hotels

31:32 AI Boom and Data Centers

33:22 Investing in AI Through Infrastructure

34:42 Underwriting AI Thematics

35:04 Capital Needs in Data Centers

35:32 Downside Protection in AI Investments

36:49 Navigating Increased Capital in Infrastructure

37:35 Durability of Cash Flow in Infrastructure

38:40 Scaling Stonepeak's Infrastructure Investments

39:18 Diversification in Infrastructure Investments

41:47 Developing an Edge in Origination

42:36 Structural Elements in Deal Sourcing

42:57 Competition and Market Structure

43:26 New Entrants in Infrastructure

43:44 Building New Assets in Infrastructure

43:54 Exits and Evergreen Funds

46:27 Private Wealth and Infrastructure

51:25 Challenges in Starting a Wealth Business

51:51 Deal Flow and Product Construction

53:50 Volatile Markets and Opportunities

54:20 Interest Rate Risks in Infrastructure

55:18 Favorite Infrastructure Opportunities

57:01 Closing Thoughts and Full Circle

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