Alternative Allocations with Tony Davidow

In this episode of Alternative Allocations, host Tony Davidow sits down with Rafay Farooqui, Chairman, Founder & CEO of Subscribe, to explore how technology is transforming the infrastructure behind private markets investing. They discuss the operational challenges advisors face — from subscription document workflows to K1 reporting — and why centralization and standardization are essential to scaling an alternatives program. Listeners will gain practical insights into how modernizing private markets infrastructure can reduce friction, lower costs, and help free them to focus on portfolio construction and client outcomes.

Rafay H. Farooqui is the Chairman, Founder and Chief Executive Officer of SUBSCRIBE, a financial technology company offering an operating system that digitalizes the alternative fund investment process for fund managers, institutional investors, wealth managers, law firms, and fund administrators. Prior to SUBSCRIBE, in 2009 Rafay founded CAIS, a fintech company that offers a menu of curated alternative investment funds to wealth management firms. Mr. Farooqui started his career at Goldman Sachs in 1998 in New York and served at UBS AG from 2003 to 2008 in New York and Dubai. Rafay served as an Independent Director of M.D.C. Holdings Inc. (NYSE: MDC), has served on the Boards of the UN International School and the Queens Museum of Art, is a Member of the Council on Foreign Relations and YPO and has an MBA and BA from Columbia University.

Resources:

Rafay Farooqui | LinkedInFranklin Templeton Private MarketsTony Davidow, CIMA® | LinkedIn

In this episode of Alternative Allocations, host Tony Davidow sits down with Matt Hodan, Partner at Lexington Partners, to explore the evolving opportunity set in venture and growth private equity. They discuss the secular trend of companies staying private longer and what that means for investors seeking exposure to some of tomorrow's most innovative companies. Matt introduces Lexington's "Goldilocks zone" of value creation, explains how secondary investing in venture and growth can offer built-in diversification while limiting both early-stage risk and late-stage valuation risk, and shares the importance of being embedded in the Silicon Valley ecosystem for sourcing opportunities. The conversation closes with a look ahead to 2027 and the ground-floor opportunity that AI transformation presents across the venture and growth landscape.

Matt Hodan is a Partner on the Secondary team at Lexington and co-leads the Firm's Venture & Growth activities. Based in Menlo Park, Matt helps oversee the strategic direction, investment activities and ongoing development of Lexington's Venture & Growth strategy. Matt primarily focuses on technology and innovation investing across secondary investments, co-investments, direct investments and primary fund commitments. Matt is Partner and co-leader of Venture and Growth activities and member of the Secondary Investment Committee. Matt joined Lexington as an Associate in 2011. Prior to joining Lexington, Matt was a Co-Founder at Data Marketplace, a Y-Combinator-backed digital marketplace for data, an Associate in private equity at Genstar Capital and an Analyst in investment banking at J.P. Morgan. Matt graduated from the Indiana University, Kelley School of Business with a BS in Finance.

Resources:

Matt Hodan | LinkedInFranklin Templeton Private MarketsTony Davidow, CIMA® | LinkedIn

John Bowman, CEO of CAIA Association, returns to Alternative Allocations to discuss the ideas behind his groundbreaking report, "The World Rewired", and what they mean for the future of investing. Tony and John explore how AI is reshaping investment firms, how private markets are becoming increasingly accessible to individual investors, and what the rise of evergreen funds, tokenization, and the growing opportunity for private markets in retirement portfolios means for advisors and clients alike. They also examine the increasing convergence of public and private markets, the changing role of investor education, and why systems thinking—not just technical expertise—will define the next generation of investment professionals.

John was appointed CEO for the CAIA Association in January 2025. He has devoted 30 years to the asset management industry to recover the narrative of the value that the investment profession brings to society. He is a staunch public advocate for market integrity, long-termism, investor outcomes, diversity, human dignity and educational standards, as necessary ingredients to building a sustainable and healthy profession. John previously served as Managing Director for the Americas for CFA Institute, a region comprised of 40+ countries from Canada, the U.S., Central America, South America and the Caribbean. Before that, John was a portfolio manager for non-US equity strategies at both Boston Company and SSgA for several years. John is a prolific, speaker, writer and commentator, frequently keynoting industry conferences and appearing in investment and business publications such as the Wall Street Journal, The New York Times, Pension and Investments, Financial Advisor, The Independent, Wealthmanagement.com and CNBC. Bowman earned a BS in Business Administration from Mary Washington College and is a CFA charterholder.

Resources:

John L Bowman, CFA | LinkedInCAIA - Chartered Alternative Investment Analyst AssociationFranklin Templeton Private MarketsTony Davidow, CIMA® | LinkedIn

Using the recent Middle East conflict as a lens, Tony Davidow sits down with global investment strategist Kim Catechis to examine how geopolitical risk is reshaping global markets, supply chains, and energy security —and the potential investment implications. Together, they discuss the ripple effects on oil prices, inflation, reshoring, infrastructure, data centers, and portfolio diversification—and explore how these structural shifts may influence the role of private market strategies in long-term portfolio construction. As Global Investment Strategist for the Franklin Templeton Institute, Kim Catechis leverages the knowledge of the firm's autonomous investment teams to provide global capital market and long-term investment insights internally and to clients. His particular expertise is in the research of long term themes and the impacts of geo-economics on investment returns. The Franklin Templeton Institute harnesses the depth and breadth of the firm's global investment expertise and extensive in-house research capabilities to deliver unique investment insights to our clients. With over 30 years' experience as an investor in European, Emerging and Global equities, he has also developed a keen interest in the challenges of identifying appropriate risk metrics at a country level. This led him to build the Country Risk Framework, which considers the structural constraints of countries, to better understand policy direction, which greatly impacts investment returns. Kim has an MBA from the University of Stirling and a BA in French and German language and literature.

Resources: Kim Catechis | LinkedInFranklin Templeton Private MarketsTony Davidow, CIMA® | LinkedIn

In this episode of Alternative Allocations, host Tony Davidow sits down with Anant Kumar from Benefit Street Partners to cut through the noise and misconceptions surrounding the private credit market. They explore the nuanced impact of artificial intelligence on the software sector, discussing how proprietary data and "systems of record" can protect companies from disruption while creating unique alpha opportunities for savvy investors. The conversation also tackles the evolution of fund structures, emphasizing the importance of educating investors on these vehicles and the true nature of underlying illiquid investments. Anant also highlights why a multi-asset approach and strong underwriting are essential for navigating today's market dispersion and avoiding losses.

Anant Kumar Anant Kumar is a Managing Director, Global Investment Strategist, Head of US Credit Research, and Portfolio Manager with Benefit Street Partners and is based in their West Palm Beach office. Prior to joining BSP in 2015, Mr. Kumar was in the capital markets advisory group at Lazard Freres. Before that, he was in the leveraged finance group at Deutsche Bank. Mr. Kumar received a Master of Business Administration from the University of Chicago, a Master of Science from Stanford University, and a Bachelor of Engineering from Visvesvaraya Technological University in India.

Resources:

Public insights on private credit: Only one of private credit's "four horsemen" is realSoftware-as-a-Service selloff and the implications for private marketsCost of being too liquidAnant Kumar | LinkedInFranklin Templeton Private MarketsBenefit Street PartnersTony Davidow, CIMA® | LinkedIn

Tony was excited to sit down with Dana D'Auria, who recently joined Franklin Templeton's RIA Advisory Council as an Industry Leader. This newly formed group has enabled the firm to work together to help shape how private markets are evolving in the RIA Channel. In this episode Tony and Dana tackle important structural considerations around liquidity, valuation, and the limitations of so-called "semi-liquid" investments, while emphasizing the untapped potential of private equity, private credit, and real assets in enhancing client outcomes. They discuss how technology platforms and model-based approaches can help advisors scale their practices while maintaining their core value proposition: providing clients access to sophisticated investment strategies that would otherwise be out of reach. This is an essential listen for advisors looking to navigate the operational complexities of private markets and deliver differentiated value to their clients.

DANA D'AURIA, CFA CO-CHIEF INVESTMENT OFFICER AND GROUP PRESIDENT, ENVESTNET SOLUTIONS

As Group President, Envestnet Solutions and Co-Chief Investment Officer at Envestnet, Dana is responsible for wealth and asset management solutions across Envestnet's ecosystem, including its research, overlay, direct indexing, sustainable investing and retirement services, as well as partnerships with exchanges and other wealth solutions providers. Dana is also a chair of Envestnet | PMC's Investment Committee.

Prior to joining Envestnet, Dana was most recently a Managing Director of Symmetry Partners where she also served as President and a Portfolio Manager of Symmetry Panoramic Mutual Funds, the firm's multi-factor family of funds.

Dana is a frequent contributor on CNBC Squawk Box, Bloomberg TV and Radio, Yahoo! Finance, and Nasdaq TradeTalks. She has been honored by Money Management Executive as one of the publication's "Top Women in Asset Management" in 2018 and "Women to Watch" in 2017. She has also published articles on factor investing in The Journal of Financial Planning and The Journal of Index Investing. Dana holds the Chartered Financial Analyst (CFA) designation, and earned both her MBA (in Finance) and BA (in English and International Studies) from Fairfield University.

Resources:

Dana M. D'Auria, CFA | LinkedInFranklin Templeton Private MarketsTony Davidow, CIMA® | LinkedIn

In this episode, Tony Davidow sits down with Wendy Li, founder of Ivy Invest, who brings nearly two decades of experience investing for major endowments and foundations to her mission of democratizing institutional investment strategies. Wendy shares invaluable lessons learned and explains why the illiquidity premium shouldn't be reserved for institutional investors alone and how evergreen fund structures are changing the game for individual access to private markets. The conversation explores current opportunities in GP-led secondaries and distressed credit, while providing practical guidance on how advisors can help clients overcome their conditioning around daily liquidity. This is a must-listen for anyone looking to understand how endowment-style portfolio construction can work for everyday investors.

Wendy Li is the co-founder and Chief Investment Officer at Ivy Invest, a fintech investment platform bringing an endowment-style portfolio to everyday investors. Before Ivy Invest, Wendy was Managing Director of Investments at the Mother Cabrini Health Foundation, where she built the Investment Office from the ground up and managed a $4 billion portfolio, specializing in a diverse range of asset classes. Prior to Mother Cabrini Health Foundation, Wendy was Director of Investments at UJA-Federation, where she oversaw a $1 billion endowment and a $400 million pension plan. Wendy began her career in the Investment Office at the Metropolitan Museum of Art. She has a Bachelor of Arts degree from Columbia University and is a CFA charterholder.

Resources:

Wendy Li | LinkedInAsk a CIO, from Ivy Invest NewsletterFranklin Templeton Private MarketsTony Davidow, CIMA® | LinkedIn

Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

In this episode of Alternative Allocations, Michael Bell from Meketa Capital breaks down why infrastructure has become one of the most compelling opportunities in private markets today. Michael explains how infrastructure investments offer a rare combination of growth potential, steady income, inflation hedging, and low correlation to traditional assets, making them particularly valuable in today's market environment. The discussion dives deep into the differences between public and private infrastructure, the importance of working with experienced managers who have decades of proven performance, and why the private markets allocation in wealth portfolios is expected to grow from 2-3% to 20-25% over the next decade.

Michael Bell, Chief Executive Officer, Meketa Capital and Primark Capital, Michael has more than 25 years of experience in the investment management and wealth management industries. He is the Chief Executive Officer of Meketa Capital as well as the Founder and Chief Executive Officer of Primark Capital. Prior to Primark, Michael built and was the CEO for a $12 billion RIA, managing more than 30 investment strategies and a $10 billion liquid alternative mutual fund complex that launched more than 50 alternative funds. Most recently, he purchased, grew, and sold a family office-backed $6 billion RIA. Also, he specialized as a corporate finance attorney for Latham & Watkins and was a CPA for KPMG. Michael holds a Bachelor of Science in Commerce from the University of Virginia and a Juris Doctorate from West Virginia University.

Resources:

Michael Bell | LinkedInFranklin Templeton Private MarketsTony Davidow, CIMA® | LinkedIn

In this episode, Tony welcomes Kim Flynn, a pioneer in researching the growth of evergreen funds in private markets and founder of XA Investments. Kim shares insights from her latest report on the interval and tender offer fund marketplace, which has exploded to over 308 funds growing at 25% annually. They discuss how the market has evolved beyond its private credit origins to include private equity, infrastructure, hedge funds, and emerging sectors like tech and AI. Kim offers practical guidance on due diligence in an increasingly crowded field, the importance of track records as products mature, and why advisors must set proper expectations about liquidity and investment horizons. We also explore future trends including public-private partnerships, model portfolio implementation, and opportunities in underserved sectors.

Kimberly Ann Flynn is a President at XA Investments. She is a partner in the firm and responsible for all product and business development activities. Kim is responsible for the firm's proprietary fund platform and consulting practice. Kim has developed an expertise in closed-end fund product development and is a frequent contributor to media and industry events on topics including interval funds, alternative investments and London-listed investment companies. Kim has earned the CFA designation and is a member of the CFA Institute and CFA Society Chicago. She is also Series 7, 63 and 24 licensed.

Resources:

Kimberly Ann Flynn, CFA | LinkedInFranklin Templeton Private MarketsTony Davidow, CIMA® | LinkedIn

Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

In this episode, Tony Davidow sits down with Matt Katz, Managing Director at Fiduciary Trust International, to explore why middle market private equity offers compelling opportunities in today's environment. Matt shares his journey into private markets, explains why the middle market presents a structural advantage with less competition and more operational value-add potential, and provides practical guidance on evaluating private equity funds through the lens of people, process, performance, and references. The conversation also covers the current exit environment, the growing role of secondaries in portfolio construction, the importance of due diligence in evaluating funds, and actionable advice for financial advisors looking to navigate the expanding universe of private market investments.

Matt Katz, CFA, Managing Director, Investment Director - Private Markets: As head of the Advisor Solutions Group private markets research team, Matt focuses on private equity and real estate investments and is responsible for sourcing, due diligence and monitoring investments across each asset class. He determines strategic and tactical allocations within ASG's Model Portfolio, while monitoring existing and prospective investment opportunities. With over 18 years of experience, Matt serves as a key contributor to the analysis of current macroeconomic conditions through participation in daily market updates, Investment Committee meetings, and quarterly market overviews. In addition, Matt has also worked with impact-focused clients to source and analyze appropriate private investments, serving both financial and social purposes. Prior to joining Fiduciary Trust International, Matt was an associate director at Segal Rogerscasey, an investment consulting firm, as a member of their Alpha Research team focused on private equity manager research and due diligence. While at Segal Rogerscasey, he participated in the portfolio planning, underwriting and execution of private investments for the firm's discretionary clients. Matt received his Bachelor of Science degree in finance from the University of Connecticut. Matt is a Chartered Financial Analyst (CFA) charterholder; Member, CFA Society Boston; and a Member of the RAISE Global Summit LP Selection Committee.

Resources:

Matthew Katz, CFA | LinkedInFranklin Templeton Private MarketsTony Davidow, CIMA® | LinkedIn

Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)