Evercore: Flow of Funds with Glenn Schorr

In this packed episode, Glenn Schorr and his partner Ben Rubin sit down with Lincoln International’s Global Head of Portfolio Valuations Brian Garfield for a discussion covering everything from how you put a price on a private asset that doesn’t trade, why independent valuations and proprietary data are becoming increasingly important as private markets grow, and how the rise of evergreen funds and retail participation is driving the shift from quarterly marks to monthly and even daily valuations. They also dig into how Lincoln uses its unique dataset to assess the health of private markets, what AI and automation mean for the valuation process, and how recent volatility in software is showing up in private marks. And of course, they cover current trends across private credit, including PIK and defaults, the rapid growth of asset-backed finance, and why the continued expansion of private markets creates an opportunity for Lincoln’s valuation business.

Discover how private market valuations really work—and why they’re suddenly more important than ever as private capital moves into the mainstream. What does it mean to assign fair value to assets that rarely trade, and how is technology like AI reshaping the future of this process? In this episode, Glenn Schorr and Ben Rubin sit down with Brian Garfield, Global Head of Portfolio Valuations at Lincoln International, for a revealing look into the opaque world of private equity and private credit valuations. Key highlights include the competitive edge of third-party independence, the rise of daily and more frequent valuations driven by retail investment, the nuances of "willing buyer, willing seller" in illiquid markets, and how proprietary data and new technology power more accurate, transparent marks. Plus, find out why standardization, not just transparency, is the next big push in private markets.

Timestamped Overview

[00:00:00] Intro & Episode Goals[00:01:27] Who Hires Lincoln and for What?[00:03:31] The Evolution of Independent Valuation[00:05:19] Overview of Lincoln’s Business Lines[00:06:25] Investment Banking Synergy & Competitive Edge[00:08:06] Data Inputs, Macro vs Company-Specific[00:11:17] Demand for Transparency vs Standardization[00:13:37] Expanding Across Asset Classes & Geographies[00:16:19] Labor Intensity Differentials[00:17:15] The Meaning of Fair Value in Slower Markets[00:19:29] Competitive Landscape: Lincoln vs. The Big 4[00:22:53] AI, Automation, and Data Moats[00:26:37] Frequency of Marks, Daily and Evergreen Funds
[00:30:06] Correlation (or Not) with Public Markets[00:32:01] Software as a Case Study[00:35:06] Terminal Value and Cash Flow Quality[00:37:24] Bid-Ask Spread Widening in Stress[00:38:39] Asset-Backed Finance: The Next Frontier[00:41:01] Where’s the Fastest Growth?[00:42:25] AI-Driven Risk in Portfolio Companies[00:44:06] Role of the Investment Committee Memo[00:45:17] PIK Interest: Good vs Bad and What It Signals[00:49:40] Trust in Valuations vs. Skepticism[00:53:20] NAV, Practical Expedients & Day-One Markups[00:54:46] What Makes Valuation a Great Business for Lincoln[00:56:17] Wrap-up & Thanks

Applicable current disclosures regarding the companies discussed in this video are available at the offices of Evercore ISI: 55 East 52nd Street, New York, NY 10055, and at the following site: evercoreisi.mediasterling.com/disclosure⁠

Discover why disciplined focus and organic growth are powering ICG’s global ascent—and learn how long-term partnerships with major pension funds and a unique balance sheet approach are setting new standards in private markets. What does it take to build a global asset manager without relying on acquisitions, and how are client relationships evolving as the industry consolidates?

In this episode, Glenn Schorr sits down with David Bicarrequi and Brian Spenner of ICG to unpack the firm’s growth from $15B to nearly $130B in AUM. Hear about ICG’s disciplined expansion in the U.S., their commitment to differentiated investment strategies (especially in private credit), and why scale and performance—not just AUM growth—define their culture. The conversation covers client consolidation trends, scaling in infrastructure and real estate, partnerships like the Amundi collaboration for wealth distribution, and why ICG’s hands-on, aligned investment approach matters more than ever.

Episode Highlights & Timeline:
[00:00] Flow of Funds introduction; who is ICG?
[01:22] ICG overview—history, growth, and organic expansion
[02:31] Personal backgrounds—career journeys at ICG
[03:23] The firm’s culture: organic growth, not acquisitions
[04:11] Industry tailwinds and structural risks in private markets[06:23] How and why LP relationships are consolidating
[08:26] Partnership-driven client structures and allocation
[10:11] Where ICG is scaling and exploring new asset classes
[11:30] ICG’s approach to private credit in US vs. Europe
[13:43] European market complexity and ICG’s edge
[16:39] US credit market, BDC redemptions, and ICG’s model
[18:15] Technology exposure within ICG’s credit platform
[19:23] The long-game mindset: balance of heritage and diversification
[20:11] Insurance clients and balance sheet strategy
[21:59] Growth and future of the asset-backed market
[23:49] Daily marks and liquidity in private credit—pros and cons
[24:46] ICG’s vision for wealth management and Amundi partnership
[27:16] Launching new funds with Amundi; product and branding strategy
[30:14] Strategic use of the ICG balance sheet for innovation and alignment
[32:27] LP alignment and the impact of ICG’s balance sheet investment
[33:20] Dry powder, patient deployment, and fundraising outlook
[34:27] Areas of greatest growth and LP interest across ICG’s platform
[35:52] Performance, reputation, and the flywheel effect
[36:47] Closing thoughts and episode wrap-up

Applicable current disclosures regarding the companies discussed in this video are available at the offices of Evercore ISI: 55 East 52nd Street, New York, NY 10055, and at the following site: evercoreisi.mediasterling.com/disclosure⁠

What if the “connective tissue” of asset management, fund administration, and wealth advice isn’t who you think it is? In this episode, Glenn Schorr sits down with Ryan Hicke, CEO of SEI, to pull back the curtain on a 58-year-old financial giant that’s quietly shaping the future of the industry. Find out why leading alternative asset managers are suddenly rushing to outsource, how the explosion of private credit is changing the game, and what SEI is doing to capitalize on the AI revolution. Ryan Hicke also shares candid insights on the company’s culture shift, the evolving wealth management landscape, and why transparency and speed are becoming as crucial as investment performance. Plus, a surprising connection between basketball and business success!

Episode Overview:00:00 Introduction to SEI’s unique position and business mix03:08 Evolution of outsourcing in public and private markets05:39 Early adoption by private credit and asset classes07:50 Scale, client concentration, and the future of consolidation09:08 SEI’s role and growth in private credit11:15 The nuts and bolts of fund administration and daily NAV13:18 Partnerships, transparency, and the future of alternative products16:16 Collaborations to penetrate the retirement and wealth channels17:46 Technical debt, infrastructure, and organic growth philosophy20:09 Asset management trends and fee pressure22:29 Growth areas: tax optimization, digital infrastructure, AI25:31 Data, automation, and the disruptive force of AI29:14 Defending the moat: Incumbency, Copilot, and strategic culture32:29 Cash sweep modernization and tech for wealth managers33:51 Stratos acquisition: rationale and long-term strategy36:36 Scaling Stratos and the “enterprise RIA” trend38:27 Balancing advisor relationships with internal growth40:07 Lightning round: tokenized funds, international expansion42:29 Leadership transition, culture change, and core priorities44:29 Growth drivers for the next few years44:47 The basketball-biz connection—finishing with heart

Applicable current disclosures regarding the companies discussed in this video are available at the offices of Evercore ISI: 55 East 52nd Street, New York, NY 10055, and at the following site: evercoreisi.mediasterling.com/disclosure⁠

In this packed episode, Glenn Schorr sits down with Vista’s President David Breach for a discussion covering everything from how AI won’t kill software, but in fact make it better, how the power of incumbency is helping software adapt, embrace and be the delivery mechanism for agentic tools, and how the industry is looking to rearchitect pricing strategies as we moved from the software-as-a-service world to one of software-as-a-worker. And of course, covered current trends across software private equity and how Vista is thinking about the upcoming debt maturity wall.

**Episode Timestamped Overview:**

00:00 Introduction and episode setup

02:07 Vista Equity Partners overview and business model

05:15 David Breach’s unique professional background

07:20 Market anxiety, public perception, and the GenAI “elephant in the room”

13:14 Comparing SaaS/cloud shift to today’s AI transformation

16:34 How to regain confidence: KPIs and what Vista looks at

21:16 How Vista underwrites AI risk and opportunity

25:47 The power of incumbency and real-world examples

30:13 Vista’s institutionalized approach to helping portfolio companies adapt to AI

36:27 Evolving monetization: Usage vs. outcome-based models

40:42 Compute costs, hyperscaler relationships, and scale

44:20 Investment opportunities in the current market

49:35 What LPs want to know about GenAI and portfolio resilience

52:24 Exit environment and outlook for software PE

55:08 Key takeaways and closing remarks

***

Applicable current disclosures regarding the companies discussed in this video are available at the offices of Evercore ISI: 55 East 52nd Street, New York, NY 10055, and at the following site: [evercoreisi.mediasterling.com/disclosure⁠](http://evercoreisi.mediasterling.com/disclosure%E2%81%A0)

Join Glenn Schorr as he sits down with Lauren Basmadjian, Partner and Global Head of Liquid Credit at Carlyle, for a deep dive into the world of CLOs (Collateralized Loan Obligations).

This episode of Evercore’s Flow of Funds podcast demystifies the CLO market, covering how CLOs are structured, the mechanics of cash flow, the array of risk/return opportunities, and the evolving investor landscape.Lauren Basmadjian draws on her 25 years in the industry to explain how CLOs act as “mini banks,” why the market is so resilient, and which types of investors are drawn to each tranche.Whether you’re new to structured credit or a market veteran, this episode delivers insights into one of today’s most dynamic asset classes.

**Episode Timestamped Overview:**

00:00 Welcome and Introduction

00:16 Lauren Basmadjian Background & Carlyle's Liquid Credit Platform

03:01 CLO Structure Explained

05:18 CLO Tranches: Risk, Return, and Investor Profiles07:50 CLOs vs. Other Securitized Products

09:27 CLO Fees, Resets, and Manager Upside12:13 Scalability and Managing Large CLO Platforms

14:12 Banks’ Role & Loan Sourcing

15:34 Who Buys CLO Tranches?

18:22 Risk Retention & Equity Tranche Limiting Factors

20:35 Managing CLO Credit Risk & Recovering from Defaults

22:59 Performance, Active Management, and Avoiding Defaults

25:06 Structural Protections: OC Test

26:12 What Defines "Good" CLO Performance?

27:30 Biggest Risks for CLO Investors

28:26 Default & Recovery Rates in CLOs

29:15 Liability Management Exercises (LMEs) Explained

30:43 Risks to Managers—Fees and OC Breaches

32:24 Reinvestment Risk & Market Conditions

34:03 Major Manager Mistakes and Importance of Position Sizing

34:52 Pricing, Returns, and Volatility's Silver Lining

37:29 Measuring CLO Manager Performance

38:26 Market Growth, Resets, and Industry Dynamics

40:01 Direct Lending, Tailwinds, and Supply/Demand Trends

42:16 Credit Cycles and Current Portfolio Data

44:18 Default Rates: Now and Ahead

45:51 Where the Losses Typically Land in CLOs

47:32 What Differentiates Top CLO Managers

49:13 Carlyle’s Loan Sourcing & Bank Relationships

51:23 Marketing Performance and Opportunities for Growth52:33 Looking Forward: Trends and Fee-Paying Opportunities53:55 Speed Bumps & The State of the Software Sector

57:40 AI at Carlyle: Real World Applications

59:21 What Could Really Change the CLO Market

60:35 European Capital Rules & Insurance Investors

60:45 One Big Misunderstanding: CDOs vs. CLOs

61:02 Wrap Up and Closing Remarks

Applicable current disclosures regarding the companies discussed in this video are available at the offices of Evercore ISI: 55 East 52nd Street, New York, NY 10055, and at the following site: [evercoreisi.mediasterling.com/disclosure⁠](http://evercoreisi.mediasterling.com/disclosure%E2%81%A0)

Glenn Schorr welcomes legendary investor Steve Eisman, renowned for his market-shaking calls before the global financial crisis, to uncover what could be brewing beneath the so-far “safe” surface of private credit and direct lending.

Journey through key moments where Steve Eisman was years ahead of consensus on everything from the dismantling of Glass-Steagall to the demise of subprime lending, to the heart of 2008 itself. Together, they break down why today's market "is not a leverage story," how unprecedented exposure in private credit may drive a rolling cycle of restructurings, and whether the industry’s golden age of growth has been a genius move—or just a mirage in the absence of a credit cycle.

Gain insight into why strong banks may avert systemic disaster, why private equity’s “lack of volatility” is an illusion, and how AI, receding software multiples, and refinancing walls could force the next big reckoning—not just bad vintages. Full of candid stories, historical lessons, and unfiltered opinions, this episode gives you a rare view into both the vigilance and optimism needed for today’s markets.

Episode Timestamped Overview:

00:00 Introduction: Who is Steve Eisman and why his calls matter01:32 Glass-Steagall, broker M&A, and early career inspiration06:01 The fall of consumer finance companies and the power of granular data12:06 The Great Financial Crisis: inside stories and data vs. narrative18:05 Today’s private credit: what’s different, what’s at risk21:17 Hidden leverage and stress points: software, refinancing, and AI28:35 Resilience in the US economy and historic loss rates31:08 Why this isn’t a leverage crisis—mistaking no credit cycle for genius33:45 Volatility washing in private equity and the illusion of low risk39:30 Will bad vintages become great opportunities? Institutional and retail impact40:11 Closing reflections: Is there a forest through the trees today—or just a period of market adjustment?

Applicable current disclosures regarding the companies discussed in this video are available at the offices of Evercore ISI: 55 East 52nd Street, New York, NY 10055, and at the following site: evercoreisi.mediasterling.com/disclosure⁠

What if you could eliminate the anxiety of chasing the highest yield on your cash—and earn thousands in extra income without ever switching banks?

In this episode of Evercore's Flow of Funds, host Glenn Schorr sits down with Gary Zimmerman, founder and CEO of MaxMyInterest, who reveals the secret to turning cash—a supposedly “boring” asset—into a source of meaningful alpha.

You’ll hear how a former investment banker’s frustration during the 2008 financial crisis sparked a fintech platform now managing cash for clients from the “bottom 98% of the top 1%” to ultra-high-net-worth households.

Gary Zimmerman shares why most advisors vastly underestimate how much cash their clients really hold, and how Max has solved the friction that keeps investors from maximizing yield and safety. He also provides eye-opening insights into the evolving world of AI in banking, the misperception of “too big to fail” banks, and the real reason why banks and RIAs alike are embracing Max as a friend—not a foe.

Key highlights:

• The origin story: how a near-bank-failure sparked a $40k alpha opportunity (Gary Zimmerman)
• Why cash “alpha” is a real—and neglected—source of returns
• How Max helps clients, advisors, and banks win at the same time, without disrupting existing relationships
• The behavioral blind spots around cash—exposed with hard numbers
• Real talk on AI, cybersecurity, tokenization, and the future of digital banking

Episode Overview

00:00 – Introduction to Evercore’s Private Markets and Wealth Forum

00:16 – Glenn Schorr introduces Gary Zimmerman and tees up the cash alpha topic

02:03 – What is Max? The purpose, origin, and how it works

06:38 – Growth journey, friction points, and how Max found its market

12:17 – Value for clients, advisors, and banks—and why Max is friend, not foe

19:49 – Rates, performance, and concrete value for end clients

21:25 – Max Private: New offering for RIAs and UHNW clients

26:35 – Real-time settlement, behavioral economics, and cash management

29:13 – The role (and limits) of AI in banking, and cybersecurity issues

33:19 – Tokenization, stablecoins, and the risks of new digital products

38:48 – Max vs. brokered sweep solutions—lower risk, more control

40:11 – Industry rate cycles, customer apathy, and Max’s steady value

42:16 – Too big to fail, due diligence, and how Max protects clients

48:39 – Pricing, how Max makes money, and no conflicts of interest

50:56 – Global possibilities vs. massive US opportunity

53:23 – One-click consolidated tax reporting and ease of use

54:05 – Closing thoughts and summary

Applicable current disclosures regarding the companies discussed in this video are available at the offices of Evercore ISI: 55 East 52nd Street, New York, NY 10055, and at the following site: evercoreisi.mediasterling.com/disclosure⁠

What if we told you that only around 1% of the massive $17 trillion corporate credit market is managed systematically—leaving a huge opportunity for those who dare to innovate?

In this episode of Evercore's Flow of Funds, host Glenn Schorr sits down with Kelly Young, CEO of Acadian Asset Management, and Scott Richardson, Head of Systematic Credit, for an eye-opening look into the world of systematic credit investing.

You'll get a behind-the-scenes view of how Acadian leverages advanced data science, machine learning, and transparency to bring rigor and discipline to credit markets. The guests break down what sets their approach apart from traditional managers, discuss the explosive growth and future potential of systematic credit, and address common misconceptions about AI and “black box” investing. Plus, you'll hear candid insights on the rise of private credit and what environments foster alpha in systematic strategies.

Key highlights:

• Why systematic investing is poised for major growth in credit markets
• What “black box” really means—and why Acadian opens the lid
• How AI and machine learning enhance but don’t replace human insight
• The advantages of being a liquidity provider in fixed income markets
• Where institutional investor demand stands today, and the road ahead

Timestamped Overview:

00:00 - Introduction and episode goals

01:17 - Acadian Asset Management overview & systematic investing defined

02:54 - Key differentiators and transparency vs. black box

04:01 - Scott Richardson’s background and systematic credit introduction

05:19 - What is systematic credit and why does it matter now

07:08 - Market size, active vs. passive, and potential opportunity

09:25 - Factors and security selection—building uncorrelated portfolios

11:02 - Private credit trends and the effect on public markets

14:38 - Market conditions: alpha vs. beta, environments for success

16:48 - Capacity constraints and liquidity

18:08 - AI, machine learning, GenAI—how tech fits into investing

20:11 - Leveraging Acadian’s data and technology platforms

22:14 - Analyst roles and process transparency

24:17 - Institutional investor perspective and education

26:16 - Systematic vs. passive: alpha and market positioning

27:11 - The future of systematic credit and Acadian’s vision

28:44 - Liquidity, scale, and closing thoughts

29:03 - Outro and disclaimers

**

Applicable current disclosures regarding the companies discussed in this video are available at the offices of Evercore ISI: 55 East 52nd Street, New York, NY 10055, and at the following site:

https://evercoreisi.mediasterling.com/disclosure⁠

What if the hidden backbone of America’s Main Street—the massive, complex world of asset-backed finance and alternative credit—was not only bigger than you imagined, but also teeming with overlooked investment opportunities?

In this episode of Evercore's Flow of Funds, host Glenn Schorr sits down with Ivan Zinn, the head of alternative credit at Blue Owl, to give listeners a rare, behind-the-scenes look at how the alternative credit landscape is evolving and why its $10+ trillion market is “hiding in plain sight.”

Key highlights include:

• The true scale and diversity of alternative credit and asset-backed finance, and how it powers the everyday economy.
• Why banks have largely stepped away from this space—and why private market lenders (with the right data and discipline) are poised to take their place.
• How Ivan Zinn and Blue Owl approach risk management, data science, and partnership to consistently deliver high yields with low credit losses—even during economic slowdowns.
• The competitive barriers, required skillsets, and why this market remains difficult for new entrants to truly scale.
• What investors and LPs should expect as the asset-backed finance world matures, and how allocation trends are changing across institutional and wealth channels.

Dive in to learn why volatility is sometimes an asset, how careful “box-building” and portfolio construction drive resilience, and what the next wave of alternative credit could mean for portfolios seeking diversification and yield.

Episode Overview

00:00 Introduction & Goal Setting

01:26 Ivan Zinn’s Background & Adélaïde’s Evolution

03:21 Strategic Shift & Blue Owl Partnership

05:27 Defining & Sizing Alternative Credit

08:05 Asset Class Buckets: Financial, Hard, Other

10:03 Where Financing Happens Now—Bank Exit, Private Market Entry

17:07 Economic Volatility & Finding Value

21:38 Risk Management, Dynamic Forward Flow & Data Science

30:06 Competitive Landscape vs. Direct Lending

35:20 Quant Team, Asset Surveillance & Picking Up Early Warning Signs

38:21 Loss Ratios, Underwriting Through Cycles

43:05 Interval Fund Launch & Portfolio Construction

46:35 Allocation Trends—Fixed Income vs. Alternatives

50:48 Educating the Wealth Channel & Future Opportunity

53:36 Closing Remarks & Outro

***

Applicable current disclosures regarding the companies discussed in this video are available at the offices of Evercore ISI: 55 East 52nd Street, New York, NY 10055, and at the following site:

http://evercoreisi.mediasterling.com/disclosure⁠

What if the most powerful wealth strategy isn’t about how much you make, but how much you keep?

On this episode of Evercore's Flow of Funds, host Glenn Schorr sits down with elite UBS advisors Nick Pepe and Joe Vogler, who reveal the surprising engine driving massive value for clients: strategic tax planning and holistic wealth coordination that goes far beyond traditional investing.

You’ll discover how this high-performing team turns complex challenges—like business liquidity, intergenerational wealth transfer, and alternative investments—into streamlined, high-touch solutions for 150 ultra-wealthy families. Learn how “tax alpha” can beat market returns, hear real examples of game-changing philanthropic strategies and estate setups, and get the inside scoop on how the industry’s most successful teams stay ahead.

Key Highlights:

• The hidden math problem facing today’s wealth advisors
• How lending and creative cash management separate great advisory teams from the pack
• Why ultra-wealthy clients are embracing private investments and how to access these “velvet rope” opportunities
• Actionable insights on trust, estate, and multigenerational planning—making technical topics practical for any listener

Episode Overview:

00:00 Introduction and the UBS team’s structure

01:30 How they “quarterback” all aspects of client wealth

02:26 Fee structure and value-added services

03:10 Business owner and lending support

05:33 Tackling taxes: philanthropy, transfer & tax alpha

06:01 Career journeys and UBS home office resources

09:05 Lending’s critical role in client relationships

11:14 Evolving cash management in a rising rate environment

13:32 Demographic shifts: advisor aging, next-gen training

16:13 Tax-aware investing and direct indexing explained

21:12 Asset location and the magic of PPVAs

26:38 Private markets & alternatives: why, what & how

33:13 Estate planning, real-life strategies, and teaching moments

39:11 Closing thoughts & episode wrap-up

Tune in for practical wisdom and behind-the-scenes insights that could change how you think about wealth—forever.

**

Applicable current disclosures regarding the companies discussed in this video are available at the offices of Evercore ISI: 55 East 52nd Street, New York, NY 10055, and at the following site: evercoreisi.mediasterling.com/disclosure⁠