Podcast
Alt Goes Mainstream
Hosted by Michael Sidgmore · EN
Join the smartest people in the room and subscribe to learn how top investors and allocators are incorporating private markets into the portfolios of tomorrow.
altgoesmainstream.substack.com
altgoesmainstream.substack.com
35episodes
Episodes
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🎥 Oak Hill Advisors' Eric Muller - operating at the intersection of public and private credit: live from iCapital Connect
2d ago00:34:23Tap to summarizeWelcome back to the Alt Goes Mainstream podcast.We were live from AGM’s RIA Field Trip at Brookfield’s New York office at Brookfield Place with Oaktree Managing Director and Co-Portfolio Manager Danielle Poli to unpack why private credit is at a crossroads and why dispersion is growing.Danielle has a unique perch to form a developed view on the current state of private credit. She sits at the intersection of public and private credit, providing her with perspectives on where opportunities and risks lie across the liquidity spectrum.Danielle is a founding member of Oaktree’s Global Credit strategy and its Investment Committee, which was established in 2017. She’s been an important contributor to its growth into a scaled multi-asset credit platform. She previously led Oaktree’s product specialist group, which she helped build into a global team supporting credit, private equity, and real estate. She joined Oaktree in 201 and has nearly two decades of experience in private markets. She has been named to Barron’s list of the 100 Most Influential Women in U.S. Finance.Danielle and I had a fascinating conversation about the current state of private credit, where cracks might be emerging and where to find pockets of opportunity amid the dislocations. We covered:Why is boring beautiful in private credit?Where are we in the credit cycle?Why it’s important to have a contrarian mindset.Where, why, and how dispersion is rising in credit.How to underwrite software investments post-AI.Why asset-backed finance can be a diversifier.Why now could be the time to prepare for opportunistic and rescue lending opportunities, as maturities are fast approaching.How to balance public and private credit investing.Thanks, Danielle, for sharing your wisdom, expertise, and passion about private credit.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.Learn more: ultimusfundsolutions.com or email info@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Show Notes00:00 Live Podcast Intro00:17 Contrarian Mindset00:34 Intro to our Sponsor, Ultimus Fund Solutions01:51 Where Private Credit Stands Today02:13 Market Testing And Bifurcation02:34 Private Credit Evolves Beyond Corporate03:33 Danielle Poli Background04:23 Why Liquidity Matters Now04:49 Dislocation And Price Discovery04:59 Structuring Power In Private Markets05:22 Risk Return And Spread Compression05:51 Paid For Illiquidity Plus Covenants06:16 Asset-Backed Finance Diversifier06:52 Corporate Vs Asset-Backed Underwriting07:20 Why Ring-Fenced Cash Flows Win07:51 How Allocators Fund ABF08:11 Credit Taking Share From Equities09:12 Tough Direct Lending Vintages09:49 Rates Shock And Leverage Reality10:10 AI Disrupts Software Credit11:09 Oaktree Underweight Software12:32 Underwriting Software Post AI13:31 Inside The Investment Committee14:35 Selling Rallies And Staying Humble15:07 Busted Converts Playbook15:55 Liquid Credit Helps Private Discipline17:07 Why Do Both Public And Private17:40 Transparency And Extend or Pretend18:58 PIK Interest Red Flags19:58 Stress Under The Surface20:14 Triple C Spreads And Maturity Wall21:27 Why Dispersion Is Rising21:55 Risk Migrates To Loans And Private23:00 Oaktree Contrarian Playbook23:22 Complacency Vs Real Tailwinds24:34 Brookfield Platform AI Insights25:40 Exuberant Financing Warning Signs26:28 Equity Vs Credit For AI Buildout27:10 Allocating Between Equity And Credit27:52 Valuations Signal Lower Equity Returns29:14 What CIOs Should Tell Clients30:00 Rescue Lending Opportunity Ahead31:39 Signals And Timing The Cycle32:04 Hybrid Products And Barbell Allocations32:36 Core Income Plus ABF Deals33:06 Memo Title - Boring Is Beautiful34:30 Closing Thanks And OutroJoin over 16,600 Substack subscribers & followers and 44,000 LinkedIn and podcast followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hamilton Lane, StepStone, Partners Group, General Atlantic, Hightower, Focus Financial, Corient, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com
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🎥 Oaktree's Danielle Poli - private credit: "boring is beautiful" - live from AGM's RIA Field Trip
1w ago00:34:45Tap to summarizeWelcome back to the Alt Goes Mainstream podcast.We were live from AGM’s RIA Field Trip at Brookfield’s New York office at Brookfield Place with Oaktree Managing Director and Co-Portfolio Manager Danielle Poli to unpack why private credit is at a crossroads and why dispersion is growing.Danielle has a unique perch to form a developed view on the current state of private credit. She sits at the intersection of public and private credit, providing her with perspectives on where opportunities and risks lie across the liquidity spectrum.Danielle is a founding member of Oaktree’s Global Credit strategy and its Investment Committee, which was established in 2017. She’s been an important contributor to its growth into a scaled multi-asset credit platform. She previously led Oaktree’s product specialist group, which she helped build into a global team supporting credit, private equity, and real estate. She joined Oaktree in 201 and has nearly two decades of experience in private markets. She has been named to Barron’s list of the 100 Most Influential Women in U.S. Finance.Danielle and I had a fascinating conversation about the current state of private credit, where cracks might be emerging and where to find pockets of opportunity amid the dislocations. We covered:Why is boring beautiful in private credit?Where are we in the credit cycle?Why it’s important to have a contrarian mindset.Where, why, and how dispersion is rising in credit.How to underwrite software investments post-AI.Why asset-backed finance can be a diversifier.Why now could be the time to prepare for opportunistic and rescue lending opportunities, as maturities are fast approaching.How to balance public and private credit investing.Thanks, Danielle, for sharing your wisdom, expertise, and passion about private credit.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.Learn more: ultimusfundsolutions.com or email info@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Show Notes00:00 Live Podcast Intro00:17 Contrarian Mindset00:34 Intro to our Sponsor, Ultimus Fund Solutions01:51 Where Private Credit Stands Today02:13 Market Testing And Bifurcation02:34 Private Credit Evolves Beyond Corporate03:33 Danielle Poli Background04:23 Why Liquidity Matters Now04:49 Dislocation And Price Discovery04:59 Structuring Power In Private Markets05:22 Risk Return And Spread Compression05:51 Paid For Illiquidity Plus Covenants06:16 Asset-Backed Finance Diversifier06:52 Corporate Vs Asset-Backed Underwriting07:20 Why Ring-Fenced Cash Flows Win07:51 How Allocators Fund ABF08:11 Credit Taking Share From Equities09:12 Tough Direct Lending Vintages09:49 Rates Shock And Leverage Reality10:10 AI Disrupts Software Credit11:09 Oaktree Underweight Software12:32 Underwriting Software Post AI13:31 Inside The Investment Committee14:35 Selling Rallies And Staying Humble15:07 Busted Converts Playbook15:55 Liquid Credit Helps Private Discipline17:07 Why Do Both Public And Private17:40 Transparency And Extend or Pretend18:58 PIK Interest Red Flags19:58 Stress Under The Surface20:14 Triple C Spreads And Maturity Wall21:27 Why Dispersion Is Rising21:55 Risk Migrates To Loans And Private23:00 Oaktree Contrarian Playbook23:22 Complacency Vs Real Tailwinds24:34 Brookfield Platform AI Insights25:40 Exuberant Financing Warning Signs26:28 Equity Vs Credit For AI Buildout27:10 Allocating Between Equity And Credit27:52 Valuations Signal Lower Equity Returns29:14 What CIOs Should Tell Clients30:00 Rescue Lending Opportunity Ahead31:39 Signals And Timing The Cycle32:04 Hybrid Products And Barbell Allocations32:36 Core Income Plus ABF Deals33:06 Memo Title - Boring Is Beautiful34:30 Closing Thanks And OutroJoin over 16,600 Substack subscribers & followers and 44,000 LinkedIn and podcast followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hamilton Lane, StepStone, Partners Group, General Atlantic, Hightower, Focus Financial, Corient, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com
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🎥 Breaking bread at Franklin Templeton's Private Markets RIA Advisory Council - Franklin Templeton's Dave Donahoo and Summit Wealth Group's Chelsea Ganey
1w ago00:45:56Tap to summarizeWelcome back to the Alt Goes Mainstream podcast.Building community is central to enabling an industry to grow. There are few better ways to build community and foster trusted relationships than to break bread.As the wealth channel continues to expand its adoption of private markets, peer-to-peer learning becomes ever more important. Sharing experiences and perspectives is what will help the wealth channel adopt private-market solutions thoughtfully and responsibly.That’s what happened at Franklin Templeton’s Private Markets RIA Advisory Council event and dinner at BLACKBARN recently. Bread was broken. Relationships were built.We also found time to record a podcast around a dinner table with Franklin Templeton’s Head of Private Markets - Americas Wealth Management Dave Donahoo and Summit Wealth Group’s CIO Chelsea Ganey. The discussion granted access to a direct, honest, and raw window into perspectives on how asset managers and wealth managers can work together to educate one another and help move the industry forward. And yes, bread was broken before and after the podcast.Please enjoy this fantastic conversation with Dave and Chelsea on the state of private markets and private wealth and how both asset managers and wealth managers can balance customization and differentiation with scale.The dinner table provided a perfect setting to discuss what’s on the menu in private markets and private wealth. We covered:Why there’s no free lunch, just dinner.Are private markets eating the world?Creating curated menus for advisors.The recipes for success in private markets distribution.Thanks, Dave and Chelsea, for such a thoughtful and fascinating conversation.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.Learn more: ultimusfundsolutions.com or email info@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Show Notes00:00 Sponsor Intro by Ultimus00:57 Meet The Guests, Dave Donahoo and Chelsea Ganey01:07 Private Markets Everywhere01:30 Why FormT he Franklin Templeton RIA Advisory Council01:51 Franklin Client-First DNA02:11 The New Franklin Templeton03:05 Beyond Product Feedback03:48 Chelsea On The Value of The Advisory Council04:31 Networking Beats Inbox Noise05:23 Serving Diverse RIAs06:28 Inside One RIA Many Needs07:47 What GPs Should Do Better08:47 Education That Actually Sticks09:55 From White Papers To Tools10:50 Education Then Vs Now11:42 Choice Changes The Pitch12:21 Customization Vs Scale13:26 Centralized CIO Menus15:51 Sober Selling Long Term17:13 Franklins Specialist Platform18:19 Why Specialists Win19:17 Infrastructure Partnership Play20:13 More With Less Managers22:10 Advisor Level Efficiency22:46 Whats Next Product Innovation23:23 Integrity First Adoption24:36 Allocator Lens Shift25:00 Innovation Options Overview25:15 Model Portfolios Debate26:03 Customization Versus Scale26:29 What Private Markets Lack26:44 Meeting In The Middle27:07 Magic Wand Question27:31 Plumbing And Reporting27:45 Ease Without Dilution28:00 Lexington Structure Constraints28:44 Long Term Over Short Term28:56 Need More CIO Mindset29:17 Strategic Allocation Framework29:34 Avoiding Whipsaw Flows30:08 Chelsea On Strategic Thinking30:24 Integrating Alts In Portfolios30:57 Advisor Conversation Shift31:32 Educating On Liquidity31:43 Reframing Private Risk32:07 Control And Recovery Benefits33:07 Dave On Liquidity Risk33:52 Stop Saying Semi Liquid34:19 Structural Liquidity And Trust35:23 Dinner Props And Buckets35:57 Starter Main Dessert Picks36:16 Real Estate Equity Starter36:51 Secondaries Main Course37:11 Real Estate Credit Dessert38:04 Diversify Early Or Regret39:37 Strategic Neutral Analogy40:00 Client Analogies That Work40:34 Zillow House Price Lesson41:40 Baseball Patience Mindset42:52 Fat Pitch Question43:01 Chelsea On Secondaries Credit43:59 Dave Singles Versus Homers44:42 Lead Off Batter Story45:02 No Free Lunch Just Dinner45:40 Closing Thanks And OutroJoin over 16,400 Substack subscribers & followers and 44,000 LinkedIn and podcast followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hamilton Lane, StepStone, Partners Group, General Atlantic, Hightower, Focus Financial, Corient, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com
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🎥 Juventus' Giorgio Chiellini - life lessons in sports and business from a world-class performer on and off the field
3w ago01:01:06Tap to summarizeWelcome back to the Alt Goes Mainstream podcast.We went to a mecca of football to film the latest episode. This conversation takes us to Turin, Italy, where we were in the Juventus Creator Lab with Italian football (I mean soccer for the Americans) legend and one of the best defenders of all time Giorgio Chiellini.Giorgio’s career and playing style were defined by Juventus’ very motto, fino alla fine (“until the end”). It’s also a mentality that he brings to every aspect of life on and off the pitch.After an illustrious playing career at one of the world’s biggest clubs, Juventus, and a career that also included two World Cup appearances for Italy and winning the Euro 2020 as the Captain of Italy, Giorgio came back home to Turin rejoin the club where he starred for 17 years: Juventus. Giorgio has gone from the pitch to the boardroom, helping to lead Juventus as the Director of Football Strategy. He has brought the player’s perspective to the business side of football, balancing the nuances of sports and business.Despite the demands that Giorgio faced on the field as a player to maintain a standard of play at the highest levels of the game, he found time during his career to pursue his passion for business. He received his MBA while playing for Juventus and also was involved in the player development side in his final years as a player at LAFC. More recently, he became an investor in LAFC and in Mercury13, a multi-club investor in women’s football teams, including FC Como. He’s also an active investor in the European startup community.Giorgio and I had a wide-ranging and fascinating conversation that covered several dimensions of the business of sport. We discussed:How can sports clubs chase the trifecta, in Giorgio’s view: “sustainable, profitable, and a winner?”How teams, owners, and investors can balance both the sport and business aspects of the game.What it means for sports now that players can have bigger social followings than their clubs or leagues.How Juventus has built and amplified its brand through initiatives like the Creator Lab.How clubs like Juventus can help players build their off-field brand while maintaining a high-quality on-field product.How Giorgio’s work off the field while playing informed how he wanted to spend his time post-career in business.What Giorgio’s day-to-day is like as Director of Football Strategy for Juventus.Why Giorgio invested in LAFC and what he thinks about the future of the MLS.What American owners and investors can learn from European soccer clubs and owners, and what European clubs and owners can learn from American owners and investors.Thanks, Giorgio, for sharing your wisdom, expertise, and enthusiasm at the intersection of sports and business and fino alla fine.Note: this episode was filmed in October 2025 with a plan to publish the conversation around the World Cup.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.Learn more: ultimusfundsolutions.com or email info@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Show Notes00:00 Split Second Decision01:06 A Message from Our Sponsor, Ultimus02:10 Meet Giorgio Chiellini04:31 What Is the Juventus Creator Lab05:12 Clubs Becoming Global Brands05:33 Football Business Then vs Now05:47 Global Reach and Media Rights06:22 Brand Value and Revenue Streams07:52 On-Pitch vs Off-Pitch Business08:23 Winning vs Storytelling08:59 Global Fans and Virtuous Cycle09:49 Too Many Games Problem10:16 Stakeholders and Calendar Control11:31 Communication Fixes Tension12:02 Player to Management Journey13:49 Why He Studied While Playing18:19 Mental Health and Social Media31:14 US Soccer Outlook31:40 Grassroots Takes Time32:04 MLS and USL Growth32:23 MLS Season Motivation32:39 Supporters Shield Math33:15 Travel and Rotation33:42 Europe vs MLS Stakes34:04 Highlights Culture Shift35:16 How Fans Watch Now36:15 Sports Must Adapt36:54 Owners Business Response37:11 Leagues Changing Formats37:47 TV Rights Going Global38:37 Institutional Money Trend39:14 Why Investors Love Sports39:54 Balancing Profit and Growth40:44 Sport Is Emotional40:51 Fiduciary Duty vs Winning42:01 Permanent Capital Juventus44:58 Mission Culture Values46:22 Club and City Identity47:49 Leadership Lessons LearnedEditing and post-production work for this episode was provided by The Podcast Consultant.Join over 16,400 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hamilton Lane, StepStone, Partners Group, General Atlantic, Hightower, Focus Financial, Corient, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com
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🎥 Bank of America's Mark Sutterlin - why being a good investor in private markets is table stakes
4w ago00:55:50Tap to summarizeWelcome back to the Alt Goes Mainstream podcast.Today’s conversation provides a fascinating window into the world of how one of the industry’s largest wealth managers approaches private markets.We sat down with the man who holds the keys to the kingdom.Mark Sutterlin is the Head of Alternative Investments within the Investment Solutions Group at Bank of America. He leads the firm’s strategy and platform development across hedge funds, private credit, private equity, physical precious metals, and real estate, delivering a broad spectrum of institutional-grade investment solutions to advisors and their clients.Mark brings the advisor’s perspective to bear as he builds the alternative investments menu for Merrill and Bank of America Private Bank and helps educate advisors and clients on how and where to thoughtfully and appropriately include private markets in portfolios.Mark and I had a fascinating discussion. We covered:How GPs can work with private banks.What one of the largest private wealth allocators looks for in GPs.How Merrill approaches different product structures to deliver solutions across the wealth client spectrum.What constitutes a manager’s edge.I loved this conversation with Mark, who takes such a thoughtful approach and brings a true passion to helping clients and advisors build and protect wealth.Thanks, Mark, for sharing your expertise, wisdom, and passion on private markets and private wealth.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.Learn more: ultimusfundsolutions.com or email info@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Show Notes00:00 Investor Edge Beyond Returns00:32 Sponsor Message from Ultimus01:29 Meet Mark Sutterlin03:27 From Advisor to Alts Lead03:34 Lessons From 200804:12 Trust And Advisor Duty04:27 Serving HNW And UHNW04:51 Evergreen To Drawdown Spectrum05:19 Building The Alts Shelf05:52 Platform Design Principles06:35 Diligence As Core Identity07:04 Nuance In Private Credit07:40 Long Term Themes Overlay08:17 Core Satellite Portfolio Mix09:57 Evergreens Take The Lead10:23 Evergreen Growing Pains10:50 Education And Expectations11:49 Who Can Run Evergreens12:40 Allocation Policy And Scale13:07 Post-Sale Servicing Matters13:40 Manager Service Playbook14:57 Vetting Manager Fit17:11 DNA Of A Firm18:24 Speaking Advisor Language19:27 Customization Versus Scale20:23 UHNW Specialist Support21:28 Tools For Custom Proposals22:40 Feedback Loop Builds Menu23:15 Differentiation In UHNW23:52 What Merrill Expects From GPs24:15 Capacity Co-Invest And Access25:04 Next Frontier Experiential Change26:23 Planning Tools For Alts26:41 DLT And Private Markets27:02 Fixing Fragmented Workflows27:21 Streamlining To Drive Adoption27:42 Biggest Blocker Education Gap28:13 Advisor Intimidation And Misperceptions28:37 Shared Responsibility To Educate28:58 Misconception Complexity Fear29:39 Controls And Simple Narrative30:09 Alts Invitationals Bootcamp31:09 Why The Lightbulb Moment Happens31:33 Advisors Stretched Thin32:11 What Why How Spectrum34:12 Implementation Still The Gap34:32 Scaling The Alts Platform35:37 Open Architecture Product Depth35:54 Lifecycle Infrastructure And Controls36:34 Where To Invest Next37:28 Growth Mix Existing Vs New38:40 Advisors Yet To Adopt39:41 Client Sentiment And Experience41:26 Patience And Long Term Comfort42:04 Next Gen Investors And Time Horizon44:11 Manager Edge And Storytelling46:07 Menu Construction And Gatekeepers48:24 Platform Differentiation And Exclusivity50:43 Liquidity Headlines And Real Risks52:24 Excited About AI And Themes54:58 Closing Reflections And Wrap UpEditing and post-production work for this episode was provided by The Podcast Consultant.Join over 16,400 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hamilton Lane, StepStone, Partners Group, General Atlantic, Hightower, Focus Financial, Corient, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com
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🎥 Benefit Street Partners' Michael Comparato - the opportunity in commercial real estate credit
May 2700:58:41Tap to summarizeWelcome back to the Alt Goes Mainstream podcast.Today’s episode brings commercial real estate credit investing to life with someone who has real estate in his blood. Michael Comparato’s grandfather started building single-family homes in upstate New York in 1946. He built his first shopping center in 1958. Michael was born into a family where he was on construction sites from a young age. At 13, he was doing landscaping. At 15, he was hanging drywall. Today, Michael is a Senior Managing Director, Head of Real Estate and Portfolio Manager with Benefit Street Partners, as well as Chief Executive Officer of Franklin BSP Realty Trust, Inc (NYSE: FBRT). He also serves on the US Executive Committee.Prior to joining BSP in 2015, Michael was Head of U.S. Equity Investments at Ladder Capital. Before that, he was President at Bank Atlantic Commercial Mortgage Capital.Benefit Street Partners is part of Franklin Templeton’s family of specialists in private markets. BSP is a specialized private credit firm with over $92B in AUM. The firm manages a wide range of private credit strategies, including direct lending, special situations, commercial real estate debt, infrastructure debt, asset-backed finance, structured credit, and liquid credit. It also manages a non-traded Business Development Company and publicly-listed mortgage REIT.Since BSP was acquired by Franklin Templeton in 2019, it has partnered with the $1.7T investment manager to expand how it structures various products and funds, enabling more access to the private credit asset class for wealth investors.From his perch as the Head of BSP’s Real Estate business, Michael has the perspective of how one of the industry’s scaled real estate investment firms is approaching commercial real estate credit and where the firm sees opportunity.Michael and I had a fascinating conversation about the evolution of CRE credit and why now might be an interesting time in the CRE credit space. We covered:Why CRE, why now.What bank retrenchment means for CRE credit investors today.The relative resilience of multi-family.The maturity wall myth.Is the “extend and pretend” activity a reality?How AI impacts commercial real estate.Thanks Michael for sharing your passion, wisdom, and expertise on commercial real estate credit.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.Learn more: ultimusfundsolutions.com or email info@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Show Notes00:00 Meet Michael Comparato00:40 Message from Ultimus, our Sponsor02:05 Real Estate in His Blood03:18 Hands On Early Lessons03:41 Finance Meets Real Estate04:13 Hurricane Shopping Center Stories05:15 The Human Side of Property06:13 Story Over Spreadsheet07:50 Why Origination Beats Buying09:48 Family Business Ethos11:06 Relationships Still Matter12:18 Trust and Transparency12:49 Navigating Recent Dislocation14:01 Lending Through COVID14:47 Structuring for Uncertainty15:32 Boom Times Underwriting Shifts18:39 Crowded at the Top28:42 Banks Pull Back, Private Credit Steps In31:22 Banks Shed CRE Risk32:06 Who Gets Paid for Risk32:22 Euphoric Returns Fade33:09 Competition Compresses Yields33:40 Maturity Wall Myth33:59 Extend and Pretend Reality34:23 Taking the Asset Back34:42 Post Hike Loanbook Shift34:54 Hardline Loan Modifications35:54 Real Estate Credit Allocation36:46 Why Institutions Buy In38:27 Equity to Credit Rotation39:10 Wealth Channel On-Ramp40:05 Why Real Assets Win41:04 Why Now for CRE Credit43:18 Credit vs Equity Horizon44:15 Opportunity Set Today45:27 WFH and AI Megatrends48:30 Shelter Beats Disruption50:08 Communities and Reinvention52:23 Real Estate Constant Evolution55:30 CRE Credit vs Direct Lending58:03 Closing ThanksEditing and post-production work for this episode was provided by The Podcast Consultant.Join over 16,200 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hamilton Lane, StepStone, Partners Group, General Atlantic, Hightower, Focus Financial, Corient, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com
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🎥 73 Strings' Yann Magnan - unlocking valuation intelligence in private markets
May 700:46:33Tap to summarizeWelcome back to the Alt Goes Mainstream podcast.Today’s episode is with a founder who is building mission-critical valuation and portfolio monitoring software for alternative asset managers.We are joined by Yann Magnan, the Co-Founder and CEO of 73 Strings, to discuss how valuation work and portfolio monitoring is moving from manual to automated and why that’s so important for the industry. 73 Strings has leveraged AI and automation to more seamlessly and cost-effectively extract data, monitor portfolios, and streamline middle-office processes for valuations. 73 Strings works with a number of the industry’s top alternative asset managers and has received investment from Blackstone, Growth Equity at Goldman Sachs Alternatives, Hamilton Lane, Golub, Fidelity International Strategic Ventures, and Broadhaven Ventures, amongst others.Yann has brought his experience as a senior member of the Duff & Phelps team, where he was EMEA Market Leader and member of the Global Operating Committee and as a Partner at EY’s Transaction Advisory Services to help bring valuation and portfolio monitoring solutions into the mainstream.Yann and I had a fascinating conversation about how technology innovation and AI are impacting private markets and perspectives on valuation work today. We discussed:The challenges with manual valuation services businesses.How to create uniformity and standardization with private markets fund performance data.How AI is changing private markets post-investment reporting processes.Does automation in private markets help big funds or small funds more?The evolution of post-investment private markets market structure.The biggest technology innovation still missing from private markets.Why the growth of the wealth channel and evergreen funds increases the need for more streamlined reporting and valuation solutions.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.Learn more: ultimusfundsolutions.com or email info@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Show Notes00:00 AI Since Day One01:06 A Message from our Sponsor, Ultimus02:02 Introduction to Yann Magnan04:15 Valuations: From Manual To Automated06:47 Evergreen Funds Shift08:25 Valuations Now Drive Trades13:12 Transparency And Liquidity16:20 Evergreen Ops Requirements18:35 Tech Leverage In Valuation21:02 Data As The Single Source22:45 Why Valuations Differ23:31 Consistency In Valuations24:10 Humans Versus AI26:00 No Single Best Method26:56 Educating Wealth Investors28:15 GP Valuation Uniformity29:27 Global Tech Adoption30:33 Why Tech Helps Fundraising31:30 Data Extraction And Insights34:35 Standardizing Portfolio Data36:11 Scale Versus Expertise38:22 AI Agents In Valuation40:37 Governance And Explainability44:00 Digital GP LP Data Sharing45:29 Trust And Closing ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant.Join over 16,000 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hamilton Lane, StepStone, Partners Group, General Atlantic, Hightower, Focus Financial, Corient, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com
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🎥 Hamilton Lane's Hartley Rogers - pioneering private markets: Live from iCapital Connect
May 500:36:45Tap to summarizeWelcome back to the Alt Goes Mainstream podcast.We were live from iCapital Connect’s conference in Phoenix, where we sat down with some of the industry’s leaders across asset management and wealth management.Hartley Rogers is a pioneer in private markets. He is the Executive Co-Chairman of Hamilton Lane, where he plays a significant role in investing and client relationship activities, as well as in strategic and organizational development. He is a Member of the Investment Committees and is the Chairman of the Board of Directors.This was a thoroughly fascinating conversation. Hartley’s wealth of knowledge made for a nuanced discussion that married the evolution of the business of asset management with why and how product structure innovation has unfolded as it has in private markets. We also dove into an area that is Hartley’s passion: venture capital and the innovation economy.We covered:Hamilton Lane’s evolution scaling from 50 people in a single office to 800 people across 22 offices.The transformation from investment consulting into a solutions provider and asset manager for investors.The importance of data, tools, access, and portfolio construction to manage the increasing complexity of private markets.How will the wealth channel invest in private markets?The misconceptions of evergreens being “ATMs.”What is the “special sauce” in constructing an evergreen portfolio?How secondaries can help feed the evergreen fund engine.What defines a manager’s edge.What private markets strategies excite Hartley.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.Learn more: ultimusfundsolutions.com or email info@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Show Notes00:00 Hamilton Lane Then and Now01:33 Introduction to our Sponsor, Ultimus03:57 Hartley’s Career Origins04:44 Hamilton Lane’s Consulting Roots05:21 Outsourcing Partner Today05:53 Scaling Changed the Job07:13 Private Markets Explosion08:25 Mega Managers and Complements09:32 Why Middle Market Matters11:32 GP Skillset Evolves12:18 Underwriting in the Data Era13:01 Data Advantage in Secondaries13:51 Secondaries Enable Evergreens14:25 Evergreen Works Across Strategies15:01 Why Wealth Needs Evergreens16:04 Deal Flow and Diversification17:10 How Allocators Use Evergreens18:08 Evergreen vs Drawdown Balance19:12 Evergreens Like ETFs20:22 Structures Still Early Days21:09 Who Gets What Exposure22:28 What Defines Manager Edge23:48 Commitment and Alignment Test34:51 Misconceptions and Closing PicksEditing and post-production work for this episode was provided by The Podcast Consultant.Join over 15,900 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hamilton Lane, StepStone, Partners Group, General Atlantic, Hightower, Focus Financial, Corient, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com
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🎥 Lincoln International's Brian Garfield - how is AI impacting private markets valuations?
Apr 3000:49:16Tap to summarizeWelcome back to the Alt Goes Mainstream podcast.Today’s episode dives into the nuances of the numbers to discuss valuations, underwriting, and the state of private markets.We sat down with Brian Garfield, Managing Director and Global Head of the Portfolio Valuations practice within Lincoln International’s Valuations and Opinions Group.Brian provides valuation and transaction opinion services to public and private alternative asset managers. He leads a team of over 225 professionals, providing strategic oversight for the Global Portfolio Valuation practice which includes both our Portfolio Valuation and Asset Backed Finance teams situated across North America, EMEA and APAC. Brian’s team also produces the Lincoln Private Market Index, Lincoln Senior Debt Index, and Lincoln Default Index.Brian and his team specialize in estimating the fair value for an array of financial instruments, including direct investments in senior, unitranche and subordinated loans, as well as preferred equity, common equity, option and warrants. His expertise also includes valuing secondary fund interests, co-investments, and GP stakes.Prior to joining Lincoln, Brian spent more than six years at Duff & Phelps, LLC, where he advised a wide range of alternative asset managers.Brian and I had a fascinating conversation about the current state of valuations and underwriting in private markets. We discussed:How is AI impacting SaaS company valuations?Taking stock of the current fundamentals of private companies.Is the “iceberg of deals” melting?How indices and benchmarks are bringing a “deeper level of transparency than price” to a market.How is continuation vehicle activity impacting private markets?How has the growth of evergreen funds impacted the world of valuations?Thanks Brian for sharing your expertise, insights, and passion about private markets and valuations.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.Learn more: ultimusfundsolutions.com or email info@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Show Notes00:00 AI Hype Reality Check01:01 A Message From Our Sponsor, Ultimus01:57 Introducing Brian Garfield04:16 Art Versus Science in Valuations05:00 Tech And Automation06:15 Valuation For New Investors07:45 Anchoring To Purchase Price09:03 Entry Versus Exit Nuance10:23 Private Versus Public Multiples11:03 Lincoln Private Market Index12:17 AI And Software Bifurcation17:13 Key Market Health Signals18:34 2021 Vintage Leverage Logjam20:42 Exit Delays And Continuation Vehicles22:05 Winners, Losers, And CVs23:28 Iceberg of Exits24:41 Private Credit Yields Shift27:10 Underwriting Gets Scrubbed30:18 AI and Specialist Edge32:15 Energy Shock Valuation Risk36:48 Public Private Convergence41:47 Evergreen Valuation Cadence43:16 Tech Standards and AI Queries45:41 Backtesting and Transparency48:23 Closing ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant.Join over 15,800 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com
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🎥 Bridgepoint's Xavier Robert - building a "middle market global champion"
Apr 2300:41:12Tap to summarizeWelcome back to the Alt Goes Mainstream podcast.Today’s episode unpacks the nuances of the middle market investing landscape with an industry expert who spearheads one of the leading middle market investment platforms.We sat down in Bridgepoint’s London office with Partner and Chief Investment Officer Xavier Robert.Xavier is a Partner of Bridgepoint and Chief Investment Officer, where he’s been a member of the firm for almost 28 years. He is a member of the Firm’s Group Management Committee and Investment Advisory Committee. He currently sits on the boards of MiQ, Kyriba, and Qualitest. He was previously a Board Member and Chair of the Remuneration Committee at eFront, which the firm sold to BlackRock. Prior to joining Bridgepoint, he worked at Total and Ernst & Young.Xavier and I had a fascinating and nuanced discussion about why the middle market is a compelling segment in the market and how Bridgepoint has expanded across asset classes. We discussed:How Bridgepoint’s origins as part of NatWest Banking Group helped to shape the firm’s early days as an independent investment platform.The “entrepreneurial story” of Bridgepoint.The story of Bridgepoint’s IPO and how everyone from the CEO to the receptionist all had shares in the company pre-IPO.The importance of being local in markets across Europe but operating as a single team.The expansion of Bridgepoint’s platform across credit, infrastructure, and secondaries.Why Europe, why now.Why the middle market is an attractive segment for investment.Sizing up the middle market investment opportunity and how the size and scale of middle market companies provides investors with more control of exit outcomes.What drives returns in the middle market.Why and how Bridgepoint has approached working with the wealth channel.Thanks Xavier for coming on the show to share your wisdom, expertise, and passion for private markets, investing, and the European mid-market.Show Notes00:00 Welcome and Setting00:36 Bridgepoint Origins02:14 Ownership Culture03:33 Full Circle Platform04:25 Partnering Values06:06 Why Middle Market08:29 Exits and Liquidity10:12 Value Creation Playbook12:06 Bridgepoint Edge14:05 Europe Local Advantage16:15 Europe vs US Returns18:29 Geopolitics and Expansion19:39 Middle East Growth20:45 Wealth Channel Shift21:25 Wealth Channel Thesis22:23 Responsible Access Design23:11 Evergreen Platform Needs25:40 Why Combine Infra28:35 Evergreen Deal Allocation30:40 Fund Growth Performance32:41 Kyriba Deal Lessons36:34 Middle Market Opportunity37:45 Building Asset Manager40:36 Closing Vision Goal*Note: This episode was recorded in January 2026.Editing and post-production work for this episode was provided by The Podcast Consultant.Join over 15,700 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com
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