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
29episodes
Episodes
Newest firstAll episodes
🎥 73 Strings' Yann Magnan - unlocking valuation intelligence in private markets
1w ago00:46:33Tap 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
2w ago00:36:45Tap 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?
2w ago00:49:16Tap 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"
3w ago00:41:12Tap 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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🎥 HarbourVest's John Toomey - over 40 years of "earning investors' trust"
Apr 1401:01:53Tap to summarizeWelcome back to the Alt Goes Mainstream podcast.Today’s episode dives into the nuances of private markets with one of the industry’s leaders.We sat down with HarbourVest CEO John Toomey, where he leads a firm that has over $160B in AUM and has over 43 years of experience across primary funds, secondary transactions, direct co-investments, and building customized programs for LPs.John has been at HarbourVest for almost 30 years, joining the firm in 1997 as an Analyst in the Direct team. He spent 10 years as one of the leaders of the Secondary business before serving on Global Investment Committees for nearly a decade. He also served as the original CFO for the HarbourVest Global Private Equity vehicle, which went public in 2007 on Euronext Amsterdam.John is also a member of the Firm’s Conflicts Committee, Sustainable Investing Council, and DEI Council. He received a BA (cum laude) in Chemistry and Physics from Harvard University and an MBA from Harvard Business School.John and I had a fascinating and thought-provoking conversation about the evolution of private markets as an industry. We covered:The biggest differences between private markets in the 1990s and private markets today.How private markets has evolved over the past 30 years.What LPs are looking for today in their manager relationships.Do LPs want more choice or less?Why LPs, both institutions and wealth investors, might outsource private markets capabilities.How the institutionalization of private wealth platforms is shaping how alternative asset managers partner with the wealth channel.Where scale matters for alternative asset managers.Where allocators should be “narrow and limited” with their GP relationships and where allocators should be diversified.What is required for managers that launch and manage evergreen vehicles.The why and the how behind launching a private wealth solutions business.Thanks John for coming on the show to share your wisdom, expertise, and passion for private markets.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 Notes01:17 Message from our Sponsor, Ultimus02:12 Meet John Toomey04:36 HarbourVest’s Early Days05:34 LP Needs Then Versus Now07:37 Why Outsource Private Markets09:27 Program Approach Explained11:00 Earning LP Trust12:53 Building Blocks And Scale14:20 GP Needs And Access Points17:35 Co-Invest Partnership Model18:54 Middle Market Diversification21:26 Punching Above Weight24:22 Big Or Niche Debate27:25 Investing In Data And AI28:27 Evergreens And Wealth Channel30:34 Scale Needed For Evergreens31:43 Multi Manager Future32:39 Wealth Platform Consolidation33:08 Who Can Build Evergreens34:45 Evergreen Deal Flow Mix36:58 How Wealth Wants Access38:20 Centralized CIO Trend39:21 Manager Selection Matters40:56 Diversification Versus Alpha42:41 Funding From Public Markets45:16 Starting Private Equity Today46:54 Institutional Program Evolution51:13 Institutions Using Evergreens53:16 Liquidity And LP Transparency55:40 What Creates Manager Edge58:54 Non-Obvious Data Insights01:01:05 Closing ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant.Join over 15,600 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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🎥 Stonepeak Credit's Ryan Roberge - building an infrastructure credit strategy
Apr 801:05:06Tap to summarizeWelcome back to the Alt Goes Mainstream podcast.Welcome back to the Alt Goes Mainstream podcast.Today’s conversation unpacks an emerging category within infrastructure investing that has a compelling set of market forces and mega trend tailwinds.We sat down in Stonepeak’s New York office with Stonepeak Credit Partner and Senior Managing Director Ryan Roberge.Ryan brings a diverse set of experiences to bear that helped him build an infrastructure credit business at Stonepeak. He previously covered the energy and infrastructure sectors for King Street, a New York-based hedge fund focused on distressed, special situations, and event driven credit investing. Prior to King Street, Ryan worked in the Energy group at TPG Capital, a large global alternative asset manager. Ryan started his career in Credit Suisse’s Energy Investment Banking Group. He received a Bachelor of Science in Finance from Louisiana State University.Ryan and I had a fascinating conversation on why infrastructure credit’s time is now. We covered:How Ryan’s background across energy investment banking, energy private equity, and distressed and special situations energy and infrastructure investing all help when investing in infrastructure credit.Why infrastructure credit is a specialized, capital-intensive strategy.How to underwrite data center risk.Contrarian AI insights.The biggest risks in infrastructure credit investing.How and why infrastructure credit is different from other areas of private credit and direct lending.How a specialist investment platform can help inform where to invest in infrastructure credit.Thanks Ryan for coming on the podcast to share your expertise, wisdom, and passion for infrastructure and 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 Hard Asset Diversification00:25 Welcome to Alt Goes Mainstream01:01 Message from our Sponsor, Ultimus02:06 Meet Ryan Roberge04:16 Ryan Career Origins04:52 From Banking to TPG05:30 Distressed Credit at King Street06:13 Equity Lessons for Credit07:13 Downside First Mindset07:59 What Is Infrastructure Credit08:19 Three Core Sectors08:37 Asset Level Underwriting09:14 Capital Intensive Returns10:07 Thinking Like an Owner10:38 Macro Tailwinds and Funding Gap11:21 Why Direct Lending Misses It12:59 Construction and Value Underwrite13:47 Capital Markets Spectrum16:03 Infra Credit vs Direct Lending18:31 Middle Market First Lien Focus19:53 Portfolio Fit and Diversification25:29 Data Centers Hard Asset Tech Risk26:40 Underwriting Data Center Terminal Value28:25 Are Investors Missing Risks29:00 Deal Structures and Loan to Cost30:31 Investing Across the Value Chain32:01 Mobile Power and Cycle Risk33:15 Long Duration View Ahead33:37 Loan Horizon Framework34:26 Asset First Underwriting34:44 Maintenance Capex Reality35:48 Stress Testing Downside36:02 Capital Flood into Infra36:35 Funding Gap Tailwind37:08 Theme Chasing Pitfalls37:57 Why Skip Renewables38:17 Bigger Deals Cheaper Money38:48 ABF Insurance Capital Rise39:15 Non-IG Hard Asset Risk40:13 Why Not Investment Grade40:27 Key Underwriting Risks40:37 True Loan to Value41:07 Fiber To Home Case Study42:17 Growth Platform Underwrite43:10 Skills For Infra Credit43:28 Team Backgrounds44:39 Downside Ownership Mindset45:26 Contrarian AI Insight46:25 Circular Demand Warning49:07 Data Center Risk Playbook51:52 Investor Demand And Wrap UpEditing and post-production work for this episode was provided by The Podcast Consultant.Join over 15,600 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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🎥 Bloomberg's Brad Foster - driving the convergence between public and private markets
Mar 3100:48:20Tap to summarizeWelcome back to the Alt Goes Mainstream podcast.Today’s episode takes us to a hub of market structure, a powerhouse of trading, and a crossroads of public and private markets to discuss how private markets are in the midst of a market structure evolution.We sat down at Bloomberg’s NYC headquarters with Bloomberg’s Head of Fixed Income & Private Markets Brad Foster to discuss how technology and data are driving a convergence between public and private markets, particularly as it relates to the credit space.Brad is the Head of Fixed Income & Private Markets at Bloomberg, where he’s focused on delivering the data, analytics, and tools clients need to power public and private market investment strategies and workflows. Brad joined Bloomberg in June 2017 to lead its Enterprise Data Content business as well as its Fixed Income Evaluated Pricing (BVAL) offering. He was appointed Head of Fixed Income, including Securitized Products, in early 2023 and Head of Fixed Income & Private Markets in early 2024. Prior to joining Bloomberg, Brad spent almost 20 years on the sell-side in multiple locations, including London, Tokyo, and New York, for Deutsche Bank as a Managing Director in Global Markets across Global Finance, Fixed Income & Currencies, Structured Finance, Special Situations, Structured Lending and Front Office Risk Management, including CVA and Counterparty Risk, where he managed a team that built a Cross-Product Risk and Portfolio Margining Platform. Prior to Deutsche Bank, he was at Credit Suisse in the Market Risk Management Group.Brad and I had a fascinating conversation about public and private credit and how data and technology are shaping these markets. We covered:How Bloomberg’s history shaping other market structures are informing how private markets market structure is evolving.How public and private credit are converging.Definitions and perspectives on liquidity vs illiquidity, what’s risky and what’s not risky.What private markets needs from a market infrastructure perspective to scale.Why borrowers are choosing private credit and the investment grade private credit option.How Bloomberg is approaching private credit and private markets market structure.Bloomberg’s build vs. buy vs. partner strategy with private markets tech.Thanks Brad for sharing your wisdom, expertise, and passion at the intersection of credit, market structure, and financial technology.Show Notes00:00 Scaling Private Markets01:45 Welcome to the Alt Goes Mainstream Podcast04:29 Brad Foster’s Background05:28 Client Empathy Product07:13 Fixed Income Lessons08:48 Efficiency and Electronification10:00 Credit Spectrum Converges11:58 Why Borrowers Go Private13:37 Foundational Data Plumbing15:07 Asset Owners Portfolio View16:53 Transparency Versus Alpha19:43 Market Structure Endgame21:15 Bloomberg Terminal Workflow23:35 Bought Not Sold24:54 Secondary Markets Rise25:46 Desktop Real Estate28:24 Chat For Deal Flow29:25 Build Buy Partner32:05 Daphne Workflow Fix33:09 Master Data Matters34:58 Need Industry Taxonomy36:09 Standardizing Valuations38:54 Transparency And Liquidity42:01 Portfolio Risk Tools44:25 Agree On Definitions46:11 Scaling For Growth47:42 Closing ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant.Join over 15,400 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, 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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🎥 Brookfield Asset Management's David Nowak - "earn your seat" private equity
Mar 1900:55:18Tap to summarizeWelcome back to the Alt Goes Mainstream podcast.Today’s episode unpacks how to build a private equity firm within one of the largest and most unique investment platforms in private markets.We sat down in Brookfield Asset Management’s Brookfield Place office in downtown NY with David Nowak, the President of Brookfield’s Private Equity Group.David and I dove into a conversation about the private equity industry, Brookfield’s approach to private equity, and how the firm’s culture and DNA shapes how they work with portfolio companies and LPs.David has overall responsibility for the Private Equity Group’s North American business. He also serves as Chief Executive Officer of Brookfield Private Equity Fund. He joined Brookfield in 2011. He holds a MBA degree from Duke University, where he graduated as a Fuqua Scholar, and a Bachelor of Laws degree from the University of Western Ontario.David and I had a fascinating discussion about private equity and the Brookfield platform. We covered:* How Brookfield’s owner-operator alignment informs how they approach private equity investing and their partnerships with portfolio companies.* How the industry has gone from “roll your dice private equity to roll up your sleeves private equity.”* Why and how the firm has a “blue collar work ethic.”* The firm’s flat structure and a culture of collective effort, humility, and “earning your seat.”* Why Brookfield’s private equity business focuses on complex carve outs.* Why it’s important for investors to “think like an operator.”* How the firm approaches value creation and the importance of understanding value creation levers even before making an investment.* How Brookfield’s broader platform provides the private equity business with insights and subject matter expertise.* The story behind Brookfield’s Westinghouse investment.* What it means to look for “unloved businesses.”* Why private equity is an apprenticeship business and how AI might impact the next generation of private equity leaders.Thanks David for sharing your expertise, wisdom, and passion for private equity and company and culture-building.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 Cold Open00:51 A Message from our Sponsor, Ultimus01:48 Welcome to David Nowak03:33 Brookfield Culture - We Not I04:46 Succession Humility and Earn Your Seat06:23 Owner Operator Alignment08:27 Maax Bath Turnaround Story09:42 Roll Up Your Sleeves Private Equity11:42 Operators on the Team12:20 Secondments Train Investors13:07 Platform Edge and Insights14:58 Westinghouse Nuclear Thesis15:58 Collaboration Across Platform18:12 Long-Term Playbook Mindset20:28 Value Creation - Three-Part Framework24:07 Contrarian Not Thematic25:57 Valuation Nuance - Graphite Example27:38 Fixable vs Hard Problems28:51 Winning Management Buy-In30:03 Humility in Diligence31:50 Stretching Young Leaders34:12 Scaling Culture Globally37:14 Fund Size and Returns39:22 Quality vs Cheap Framework41:50 Graphtech Value Creation43:48 Upfront Work and Speed46:05 Defining High Quality47:27 Treating People Right48:33 Curiosity in Private Equity50:39 AI and Apprenticeship52:08 Blue Collar Lessons54:27 Closing ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant.Join over 15,300 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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🎥 Stable's Erik Serrano Berntsen - what it takes to build a great alternative asset management firm
Mar 501:14:42Tap to summarizeWelcome back to the Alt Goes Mainstream podcast.Today’s episode dives into what it takes to start, build, and scale an alternative asset manager.We sat down in Stable Asset Management’s London office with Erik Serrano Berntsen.Erik is the CEO of Stable, where he defines and executes the firm’s investment strategy. Stable is one of the largest and most tenured GP stake builders globally. The firm manages around $5B in assets and has built over 40 firms since 2006.Stable makes strategic seed and acceleration investments to launch and scale alternatives GPs across public and private markets. With offices in New York, London, and Palm Beach, the firm backs investment firm Founders who understand that extraordinary performance requires building exceptional organizations.Committed to education as a catalyst for change, Erik supports the LSE Alternative Investments Conference — the world’s largest student conference for alternatives, which is how we met 16 years ago — as well as Girls Who Invest and Girls Are Investors. Stable backs 100 Women in Finance and is a Founding Partner of the 10,000 Interns Foundation.Erik holds a BA in Politics, Philosophy, and Economics from Keble College, Oxford, and an MBA with honors and a concentration in Finance from the University of Chicago Booth School of Business.Erik and I had a fascinating conversation about what it takes to be a great investor and build a unique investment firm. We discussed:* How the business of asset management has evolved since 2006.* What is the “operating system” of an asset management business?* The incentives gap between LPs and GPs — and how that evolves as GPs scale.* How GP seeding and GP stakes can be a solution to LP / GP misalignment.* How to discern a manager’s “edge” and how “edge” can change with firm growth.* The most non-obvious trait that makes for a great asset management founder.* The nuances of evergreen structures and which strategies might be better suited for evergreen structures.* The merits of the GP stakes investment strategy for LPs.Thanks Erik for sharing your wisdom, expertise, and passion about GP stakes and asset management.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 Likeability Wins00:55 Welcome to the Alt Goes Mainstream Podcast01:50 Introduction to Erik Serrano Berntsen and Stable04:08 Why they named the firm Stable05:38 Branding as Alts Evolve06:47 From Benchmarks to Solutions08:22 What Stable Does08:57 LP / GP Misalignment09:35 GP Stakes Solution10:09 Non-Market Risks11:45 How Edge Changes with Scale14:25 Three Edges to Underwrite16:43 Founders Think Long Term16:55 Project Legends20:28 Timing Cycles and Strategy Drift24:14 Seed vs Acceleration Playbook26:24 Evergreen Capital Goes Mainstream32:25 Wealth Channel Core vs Niche35:25 Strategy and Scale Matrix35:52 Private Equity Liquidity Challenge34:46 Evergreens by Strategy37:06 GP Stakes Lifecycle40:34 Specialist Credit Edge41:52 “Podshopification” in Private Markets44:02 Founder Supply Drivers46:34 Self Awareness Edge48:22 Always Be Sourcing50:16 Founder Led Alignment50:37 Founder to Founder Trust55:28 Operating System Playbook59:46 Valuing Asset Managers01:04:08 Stigma Is Fading01:07:48 What Is Manager Edge01:11:14 Firms to Emulate01:14:24 Final Wrap UpEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 15,200 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 Oaktree, 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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🎥 MSCI's Luke Flemmer - "bringing clarity to investment decisions"
Feb 2600:53:13Tap to summarizeWelcome back to the Alt Goes Mainstream podcast.Today’s episode dives into how data and market structure are shaping private markets.We sat down in MSCI’s New York office with Luke Flemmer, the Head of Private Assets at MSCI to discuss how standardization and normalization of data can help bring efficiency, transparency, and liquidity to private markets.Luke brings a unique perspective to private markets. He was previously Managing Director, Head of Digital Strategy for Alternative Investments at Goldman Sachs Asset Management, and was Co-Founder and CEO of Lab49, a global solutions provider of investment and risk technology to asset managers and investment banks.When the ION Group acquired Lab49, Luke became Co-Head of ION’s Capital Markets Division, delivering software and solutions to the group’s global financial services customer base.Earlier in his career, Luke worked in the fields of robotics and artificial intelligence. He is a CFA charterholder.Luke and I had a fascinating conversation about private markets market structure and how MSCI is playing a role in driving standardization, normalization, and transparency of data in private markets. We covered:* Parallels to market structure evolutions in equities, fixed income, FX, and derivatives.* Tradeoffs of transparency for private markets participants.* What it will take to build transparency and price formation in private markets.* Where investors will still be able to find durable alpha.* What standardization and normalization of data means for secondary markets.* Analogies between Greek mythology and private markets.* How secondaries has gone from a trade to a portfolio management tool.* How index creation will impact private markets.Thanks Luke for sharing your wisdom, expertise, and passion at the intersection of private markets and market structure.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 Notes00:30 Welcome to the Alt Goes Mainstream Podcast01:07 Sponsor Intro: Ultimus Fund Solutions02:09 Meet MSCI’s Luke Flemmer05:38 Wall Street Lessons: Fixed Income’s Electronification07:00 From FX to Private Assets: The Data-Rich Value Chain08:01 Harmonized Data → Liquidity09:35 The Transparency Tradeoff: Who Wins, Who Loses?11:42 What Efficiency Does to Private Market Spreads13:49 Decomposing Private Equity Alpha: Manager Skill and Illiquidity15:45 Building Blocks, Benchmarking and Total Portfolio20:56 Parable of the Ship of Theseus: Should Private Markets Become Public Markets?26:20 How LP Pressure Changed Reporting26:57 Denominator Effect and the Push Toward Active LP Portfolio Management28:05 Balancing Liquidity Across Public and Private29:06 The Public/Private Blend Index: Why 85/15 Matters30:08 Solving the “Stale Mark” Problem31:18 Smoothing, Stickiness, and Forced Secondary Sales32:34 What It Takes to Nowcast PE Daily: Marks and Public Market Correlations33:51 Secondaries as a Pricing Flywheel: Faster Price Formation, Better Models35:01 Lessons from Fixed Income NAVs36:55 Building Trust in Private Benchmarks: Data Scale and Adoption Over Cycles37:42 Unlocking the Wealth Channel (and 401(k)s): What Must Be True First41:20 Advisor Pain Points: Liquidity Reality Checks and Factor Decomposition42:57 Durable Alpha in Private Equity and Credit44:50 Indexing Private Equity: Return Tracker, Replication, and the ETF Bridge46:52 Standardizing the Language (Liquidity) and MSCI as the Market’s Connective TissueEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 15,100 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 Oaktree, 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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