Podcast
Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets
Hosted by Michael Sidgmore · EN
Alt Goes Mainstream podcast is the place to turn to for interviews with some of the brightest and most experienced minds in the world at the intersection private markets and wealth management. AGM dives into investment strategies like private equity (PE), private credit, venture capital (VC), secondaries, GP stakes, infrastructure, real estate, wealth management, and comprehensively covers tools and frameworks for approaching private markets, such as asset allocation, evergreen funds, model portfolios, and more. For anyone looking to invest into private markets (from experienced wealth managers to family offices to the individual investor looking for a more diversified investment portfolio), you’ll hear inside stories from executives and founders at some of the world’s largest financial institutions, alternative asset managers firms, and wealth management firms. More than a personal finance podcast, Alt Goes Mainstream dives deep into trends, investment strategies, firm building lessons, and innovative technologies that are enabling investors to access private markets.
52episodes
Episodes
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Goldman Sachs' Kyle Kniffen - the arc of alternatives at Goldman Sachs
2d ago00:23:36Summary readyWelcome back to the Alt Goes Mainstream podcast.We sat down with Kyle Kniffen, Managing Director, Global Head of Alternatives, Third Party Wealth at Goldman Sachs. We were live from Berlin, which becomes the “capital of private capital” in June as private equity industry leaders make the annual pilgrimage to the city for one of the marquee private equity conferences, SuperReturn Berlin.With Prosek Partners and former Bloomberg TV journalist Deirdre Bolton as my producer, along with her team, we took over a Tiny Space cabin to hold big conversations with some of the industry’s leading alternative asset managers.A little over two years ago, I wrote on AGM about how, at $456B in AUM in alternatives, Goldman Sachs was a “sleeping giant” in private markets. In reality, Goldman is anything but a sleeping giant in private markets, having started its private equity business in 1984 and earning the distinction of being a top-5 alternatives manager by AUM across both traditional and alternative asset managers.Today, Goldman has grown its alternatives business to over $625B in AUM.The firm has expanded its platform with the acquisition of Industry Ventures and a partnership with T. Rowe Price to deliver public and private markets solutions to the wealth channel, and, most recently, the creation of its Alternative Investment Platform to provide HNW clients with direct access to private companies.The evolution of Goldman’s Alternatives business reflects a thoughtful, measured approach to understanding the needs of wealth channel investors and finding the utility and purpose of strategy, product, and product structure.That was much of the focus of the conversation Kyle and I had in Berlin. We discussed the objective and utility of private markets in a portfolio. We covered:The growth of evergreen funds.Why evergreens are the product structure of choice.Why are evergreens also appealing to institutional allocators, insurance companies, and UHNW investors?How GPs and LPs are approaching LP composition to evergreen vehicles.The next wave of product innovation.The build, buy, partner framework Why Goldman is so excited about the GeoWealth partnership and what the future of model portfolios look like.What is not known but should be known about the Goldman Alternatives franchise.BioKyle Kniffen is a managing director in the Client Solutions Group within Goldman Sachs Asset Management. He serves as global head of Alternatives for Third Party Wealth (TPW), overseeing client strategy for the firm’s TPW clients globally, delivering the power of the Alternatives investing platform to a broad set of individual investors through our partnerships with financial intermediary clients and their advisors, including Private Banks, Broker-Dealers, RIAs and other distribution platforms. Kyle partners closely with leadership across our Alternatives franchise to develop products that meet our clients’ evolving needs. He is also co-chair of the AWM Global Distribution Working Group.Prior to this role, Kyle was in Alternative Capital Markets (ACM), serving as head of ACM for Goldman Sachs Ayco and leading coverage for One Goldman Sachs financial sponsors globally. He joined Goldman Sachs in 2018 as a vice president in ACM and was named managing director in 2021.Prior to joining Goldman Sachs, Kyle led a variety of distribution and product management teams for Bank of America’s Alternative Investment Group within their Global Wealth and Investment Management division.Kyle is a board member for the Institute of Portfolio Alternatives (IPA), and a member of The Economic Club of New York. Kyle earned a BA from Gettysburg College.Thanks, Kyle, for sharing your wisdom, expertise, and passion about private markets and serving the wealth channel.Show Notes00:00 AGM Live from SuperReturn Berlin00:22 Meet Kyle Kniffin01:10 Wealth Meets Private Markets01:37 Big Pools Little Allocation02:24 Alt Strategies Explosion03:04 Lessons from Hedge Funds03:34 Start with Client Goals03:53 Risk Liquidity Tradeoffs04:10 Portfolio Utility First04:25 Holistic Private Markets04:44 Fit and Terms Matter05:07 Setting Expectations05:32 Product Innovation Shift05:52 Evergreens and Flexibility06:10 Monthly Access and Tactics06:39 Evergreen Growth Rates06:45 Education and Dispersion07:15 Why Evergreens Exist07:41 Diversification Lower Minimums08:04 Operational Simplicity08:21 Evergreen Nuance Phase One08:47 Goldman in Third Party Wealth09:26 Institutions Buying Evergreens10:31 LP Mix and Liquidity Caps11:36 Institutionalizing Wealth Platforms13:29 Goldman Platform Advantage14:46 Feeding the Evergreen Engine15:13 GeoWealth and Model Portfolios15:45 T Rowe Price Collaboration16:12 Build vs Buy Partner Balance16:42 Industry Ventures Acquisition17:33 Goldman Alts Heritage18:35 Pioneering GP Stakes19:45 Secondaries Since 199820:12 Apex of Private Markets21:08 Will Secondaries Be Core21:48 Max Flexibility for Wealth22:42 Customization vs Scale23:16 Flagships Then Bespoke23:49 Lessons from Private Wealth25:10 Broader Menu of Privates25:34 Closing Thoughts
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Sagard's Paul Desmarais III - building the next generation alternative asset manager: AGM Live at SuperReturn
3d ago00:25:13Summary readyWelcome back to the Alt Goes Mainstream podcast.We sat down with Paul Desmarais III, the Co-Founder, Chairman, and CEO of Sagard, the fast-growing $46B global multi-strategy alternative asset manager.We were live from Berlin, which becomes the “capital of private capital” in June as private equity industry leaders make the annual pilgrimage to the city for one of the marquee private equity conferences, SuperReturn Berlin.With Prosek Partners and former Bloomberg TV journalist Deirdre Bolton as my producer, along with her team, we took over a Tiny Space cabin to hold big conversations with some of the industry’s leading alternative asset managers.Sagard combines a rich history and heritage of building asset management businesses with a modern approach to building a global alternative asset manager.Paul’s deep understanding of the industry comes from being part of a family of multiple generations of asset management pioneers in Canada who have built some of the industry’s largest financial services businesses. Paul is the “next first generation” of asset management pioneers to come out of the Desmarais family. He started Sagard with $400M in seed capital in 2016 and, in ten short years, has grown the platform into a global multi-strategy alternative asset manager with over $46B. Sagard’s mission to empower founders by being a business that builds businesses shines through in the approach Paul and the team have taken in building Sagard. The firm has incubated, built, and acquired asset management talent and firms to scale across strategy and geography into the global platform that it is today.Paul and I had a fascinating conversation about the business of asset management and why Sagard exists to serve entrepreneurs around the world. We covered:Sagard’s entrepreneurial DNA.What does it mean to build a business that builds businesses?Being the “next first generation.”How Sagard approaches the buy, build, partner framework of asset management businesses.How Sagard has expanded its platform across asset classes and strategies.How to build a global, multi-strategy asset management brand.Why specialization matters in asset management.How to approach the wealth channel.The decentralized pod shop model.The future of private markets.BioPaul Desmarais III is the Chairman and CEO of Sagard, an alternative asset management firm active in venture capital, private equity, credit, and real estate.Paul has led Sagard since 2016, along with a handful of close partners bound by a common vision: partnering with entrepreneurs to catalyze transformation in our investments and communities. Sagard has experienced outstanding growth, with assets under management increasing to over $46B.Under Paul, Sagard has built a global network of expertise that helps companies lead, embrace, and stay ahead of disruptive trends, expanding activity in North America, Europe, and the Middle East. Paul engages actively in growing Sagard companies. Within the Sagard ecosystem, Paul is the Executive Chairman and Co-Founder of Portage (fintech & financial services investing) and the Chairman and Co-Founder of Diagram (venture builder). Within the investment portfolios, he is the Chairman of Wealthsimple, Novisto, and Sagard Wealth, and a director of Nesto and Midas. Paul also sits on the board of Empower, the number two 401(k) business in the U.S.Show Notes00:00 Live From SuperReturn00:10 Meet Paul Desmarais III01:06 Family Business Roots01:23 G1 Entrepreneur Mindset01:35 Launching Sagard 201601:51 Generational Reinvention02:02 Early Spark To Build03:40 Learning From Mistakes04:33 By Entrepreneurs For Entrepreneurs04:45 Sagard Origin Story04:58 Power Corp Alternatives Gap05:43 Starting With Credit06:10 Serving Beyond The Family06:46 Alignment With Family Capital07:19 Customer First Performance07:44 Team Money Invested07:53 Generational Time Horizon08:47 Patience Builds Partnerships09:22 Innovation In The DNA09:39 Regional To Global Champions09:53 Why Reinvention Matters10:26 Platform Strategy Mix11:02 Pillars Of The Firm11:25 Fintech Ecosystem Flywheel11:35 Building The Competitive Moat12:07 Emerging Managers Advantage12:41 Synergies At Scale13:08 Designing Collaboration13:47 Incentives And Shared Carry15:07 Values Drive Culture23:25 Legacy And Entrepreneur Impact24:39 Closing Thanks
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Brookfield's Anuj Ranjan - "own the boring that makes exciting possible": AGM Live at SuperReturn
4d ago00:31:24Summary readyWelcome back to the Alt Goes Mainstream podcast.We sat down with Brookfield Private Equity CEO Anuj Ranjan. We were live from Berlin, which becomes the “capital of private capital” in June as private equity industry leaders make the annual pilgrimage to the city for one of the marquee private equity conferences, SuperReturn Berlin.With Prosek Partners and former Bloomberg TV journalist Deirdre Bolton as my producer, along with her team, we took over a Tiny Space cabin to hold big conversations with some of the industry’s leading alternative asset managers.Brookfield has a rich legacy as an asset owner and operator of some of the “businesses that drive the global economy.” Brookfield is a firm where skin in the game (~25% of every fund includes an investment from Brookfield’s balance sheet) meets scale and synergies across its investment platform, which spans private equity, infrastructure, real estate, credit, and energy.Now, they are looking to own what’s next.What will the next era of private equity require? A different approach, according to Brookfield Private Equity CEO Anuj Ranjan. The conversation that Anuj and I had in the Tiny Space cabin covered big themes.Brookfield is investing in the megatrends that are driving the world’s economy across its platform, from digitalization to decarbonization to deglobalization. The firm’s focus on industrials in its private equity business makes it well equipped to invest in essential companies, as Brookfield aptly describes their investment focus as “own[ing] the boring that makes exciting possible.”Anuj and I had a fascinating conversation about the current state of private equity and what it will take to drive value in a new era for the industry where “12 is the new 5.” We covered:Brookfield’s history as an owner-operator.How the firm’s long-term perspective informs its investments in and ownership of private equity-backed companies.Anuj’s experience investing in India was an exercise in patience.Why is today the era of “roll up your sleeves private equity?”How Brookfield is approaching value creation in industrial companies.Where Brookfield believes it can leverage AI to create post-deal operational value.Why Brookfield partnered with OpenAI to create DeployCo in order to scale enterprise AI deployment.Where are we in the adoption curve of physical AI and robotics?BioAnuj Ranjan is Chief Executive Officer of Brookfield’s Private Equity Group and Brookfield Business Corporation. In this role, Mr. Ranjan is responsible for the investments, operations, and expansion of the Private Equity business, in addition to managing Brookfield’s external strategic partnerships. He is a member of Brookfield’s Executive Committee.Mr. Ranjan joined Brookfield in 2006 and has held various positions within the company and its affiliates. He established and previously led Brookfield’s India and Middle East operations.Mr. Ranjan holds a Master of Business Administration degree from Ivey Business School at Western University and a Bachelor of Science degree from the University of Alberta.Thanks, Anuj, for sharing your wisdom, expertise, and passion about private markets and how to create value through operating companies better.Show Notes00:00 Welcome to SuperReturn00:07 Meet Anuj Ranjan00:55 From Software to Finance02:03 Building India and Mideast02:48 India Deal Frenzy03:17 Five Years of Patience03:22 Learning Before Buying03:28 First True Buyouts04:06 Profits and Team Growth04:16 Taking Model Global04:32 Growth Amid Headwinds04:58 Roll Up Sleeves Private Equity Era05:06 Operational Value Creation05:12 Brookfield Platform DNA05:33 Balance Sheet Advantage05:54 Long-Term Investing06:12 Patience Gets Rewarded07:14 Testing Tech on Balance Sheet07:32 Owning What’s Next07:41 AI Needs Hard Assets07:58 Brookfield at the Center09:09 One Firm Collaboration09:51 Platform Informs Deals11:27 Westinghouse Nuclear Bet15:19 Picking the Right Carve Outs16:34 Pricing Power Example17:51 From Five to Twelve18:59 Why Carve Outs Win Now20:05 AI for Industrial Ops20:53 Data Before AI22:12 Predictive Maintenance Story23:31 Physical AI and Robotics24:52 Digitizing the Physical World25:33 Humanoid Robotics Timeline26:28 Deploying AI at Scale26:56 Execution Beats Innovation27:52 Best AI Investment Thesis28:00 Buying Boring Businesses28:52 AI Ready Leadership Team29:30 Hiring Real Tech Leaders30:00 Blockbuster vs Netflix30:43 Closing Reflections
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Vista Equity Partners' Monti Saroya - "harnessing" the power of AI in the enterprise: AGM Live at SuperReturn
1w ago00:25:02Summary readyWelcome back to the Alt Goes Mainstream podcast.We sat down with Vista Equity Partners’ Senior Managing Director, Co-Head of Flagship Fund, Monti Saroya. We were live from Berlin, which becomes the “capital of private capital” in June as private equity industry leaders make the annual pilgrimage to the city for one of the marquee private equity conferences, SuperReturn Berlin.With Prosek Partners and former Bloomberg TV journalist Deirdre Bolton as my producer, along with her team, we took over a Tiny Space cabin to hold big conversations with some of the industry’s leading alternative asset managers.Vista Equity Partners has been a pioneer in enterprise software investing. They have been at the forefront of every major technology platform shift, whether it was on-prem to cloud, the adoption of enterprise software, and now the agentification of the enterprise with AI.The $103B AUM scaled specialist software investor has dedicated its efforts to building “mission critical” enterprise software companies that organizations can’t live without.Monti has had a front-row seat in building and developing both infrastructure and software that the technology industry can’t live without. He brings to bear the perspective of someone who lived through the early days of the internet from his time at Cisco Systems and Siebel Systems. Through this lens, and drawing on his experience investing in enterprise software companies since joining Vista in 2008, Monti is able to make sense of where, how, and why AI will be adopted within the enterprise, and what it means for both operators and investors.This conversation with Monti was one of the most illuminating conversations I’ve had on AI recently. He pieced together so much of what is happening in AI today, covering:The different layers of AI adoption.Why “harness” companies can be valuable.Where AI agents are having the most impact on a business.Why open source is the next wave of the AI buildout.The Linux lesson for AI.Why Monti is so excited about the firm’s investment in SambaNova.Do “harness” companies have a moat?Why the moats for many AI companies might surprise you.Why sovereign AI is the next big thing.BioMonti Saroya joined Vista Equity Partners in 2008 and is Co-Head of the Vista Flagship Fund and sits on its Investment Committee.Additionally, Monti serves as a member of Vista’s Executive Committee, the firm’s governing and decision- making body for matters affecting its overall management and strategic direction, and Vista’s Private Equity Management Committee, the firm’s decision-making body for matters affecting Vista’s overall private equity platform.Monti is also the Co-Chief Executive Officer of VistaOne, Vista’s evergreen private equity vehicle, and serves on the Investment Committee. Monti helps lead Vista’s artificial intelligence initiatives, driving the firm’s approach to AI adoption through strategic partnerships and the deployment of AI-enabled infrastructure and capabilities across the platform and portfolio ecosystem.He currently sits on the boards of Acumatica, Allvue Systems, Avalara, Cloud Software Group, Duck Creek, Finastra, Infoblox, Playlist, Smartsheet, Solera, among others. Monti was actively involved in the firm’s investments in Apptio, Cvent (NASDAQ: CVT), Datto (formerly NYSE: MSP), Marketo, PowerSchool (formerly NYSE: PWSC), SumTotal, The ACTIVENetwork, and Transfirst, among others.Prior to Vista, Monti worked as a Senior Research Analyst for JMP Securities, where he provided research for buy-side clients on public on-demand (SaaS) companies. Monti previously worked as an Associate on the enterprise software/applications team. Before JMP, Monti worked at Siebel Systems in a sales capacity for the CRM On Demand division. Prior to Siebel, Monti worked for Cisco Systems in various operations roles.Thanks, Monti, for sharing your wisdom, expertise, and passion about AI, enterprise software, and technology transformations.Show Notes00:00 Intro: Live from SuperReturn00:10 Meet Monti Saroya00:20 Why AI Matters Now00:41 Career Origins Cisco00:57 Building Internet 1.0 01:21 Infrastructure Before Apps01:25 From Compute to Giants01:38 AI as New Buildout01:56 Internet 1.0 Lessons02:17 Change Slower Then Bigger02:48 Consumer Adoption First03:08 What We Underestimate03:26 AI Like Electricity03:41 Three Layer AI Stack04:03 Cloud Providers Layer04:15 App Layer Value Capture04:26 What Is the App Layer04:41 Software Needs Humans05:25 Agents System of Action05:53 Where Agents Impact Today06:20 Engineering Productivity Gains07:29 Augment Not Replace07:51 Rearchitecting With AI08:16 Harnesses Around Intelligence09:17 Routing Cuts Compute Cost09:26 Model Choice and Governance10:55 Enterprise Goals Drive AI11:51 Workflow Context Is Key12:47 SambaNova Compute Economics14:27 Token Subsidies Ending15:39 Open Source Next Wave16:02 Linux Lesson for AI17:03 Deploying Is the Hard Part17:40 Vista Agentic Factory18:42 Avoiding Services Trap19:05 Where Value Gets Created19:32 NeoCloud Inference Centers20:21 Harness Companies and Moats21:05 Enterprise Software Reality Check21:51 CFOs Demand ROI Metrics22:44 Word Association Game23:15 Workflow Specific Future23:48 Sovereign AI Is Coming24:24 Wrap Up and Thanks
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Apax's Andrew Sillitoe and Mitch Truwit - buying complexity for value in the middle market: AGM Live from SuperReturn
2w ago00:28:30Summary readyWelcome back to the Alt Goes Mainstream podcast.We were live from Berlin, which becomes the “capital of private capital” in June as the private equity’s industry leaders make the annual pilgrimage to the city for one of the marquee private equity conferences, SuperReturn Berlin.Much of the SuperReturn conference is centered on fundraising. GPs take up every available space — from hotel rooms to Tiny Space cabins that line the parking spots on Budapester Strasse outside of the InterContinental conference venue — to conduct meetings with LPs.With Prosek Partners and former Bloomberg TV journalist Deirdre Bolton as my producer, along with her team, we took over a Tiny Space cabin to hold big conversations with some of the industry’s leading alternative asset managers.Our first conversation was with Apax Co-CEOs Andrew Sillitoe and Mitch Truwit.Apax is one of the pioneers in the private equity industry. The firm’s rich history dates back to the 1970s, when its founders, Alan Patricof (US), Sir Ronald Cohen (UK), and Maurice Tchénio (France), came together to establish the first US-UK partnership firm in private equity. During that time period, the firm backed Steve Jobs and the first iteration of Apple. The UK and US firms merged in 1981, laying the foundation for Apax.Today, Apax stands at over $80B in aggregate funds raised. The firm underwent its second leadership transition in 2014, when Andrew and Mitch were elected as Co-CEOs, succeeding Martin Halusa, who became Chairman.Apax sits in a unique position. They are a scaled platform that focuses on the middle market. They operate across three sectors, Tech, Services, and Digital / Consumer, infusing a digital DNA and value creation team into everything they do. Their platform spans “a mile wide and a mile deep,” which is what much of the conversation between Andrew, Mitch, and me unpacked.We had a fascinating discussion about the current state of private equity and the middle market, why Apax focuses on “density-driven business models,” why the firm focuses on carveouts in the middle market, what’s underappreciated about the middle market, why it’s important to “buy in the right neighborhood and fix it up,” and how the firm’s core values of “having impact through insight and tenacity” drive every decision they make.BiosAndrew Sillitoe has been Co-CEO of Apax since 2014. He is Chairman of the Apax Global Investment Committee and the Digital Investment Committee, amongst others. He is also a member of the Apax Executive Committee. He has been based in London since joining the Firm in 1998, focusing on Tech & Telco investments.Andrew has been involved in a number of investments including Inmarsat, Intelsat, King, Orange Switzerland, TIVIT, TDC and Unilabs.Prior to joining Apax, Andrew was a consultant at LEK. Andrew holds an MA in Politics, Philosophy and Economics from the University of Oxford and an MBA from INSEAD.BoardsAndrew has previously served on the boards of Inmarsat, King, Intelsat, Orange Switzerland and TDC.Mitch Truwit is Co-CEO of Apax, based in New York.Prior to joining Apax in 2006, Mitch was the President and CEO of Orbitz Worldwide between 2005 and 2006 and was the Executive Vice President and Chief Operating Officer of priceline.com between 2001 and 2005.Mitch is a graduate of Vassar College where he received a BA in Political Science. He also holds an MBA from the Harvard Business School.BoardsMitch serves as a Board member of Openlane and Trade Me. Prior boards include Advantage Sales & Marketing, Assured Partners, Dealer.com, Bankrate, Garda World, Hub International, Trader Canada, Boats Group and Quality Distribution Inc.Mitch serves on the charitable boards of the Apax Foundation, the John McEnroe Tennis Project, Posse and StreetSquash.Thanks, Andrew and Mitch, for a fascinating conversation and for sharing your expertise, wisdom, and passion at the intersection of investing and operating in private equity.Show Notes00:00 Meet Apax co-CEOs, Andrew Sillitoe and Mitch Truwit00:26 Andrew’s Origins at Apax00:47 Private Equity Then vs Now01:25 Apax Growth and Values01:45 Curiosity as a Differentiator02:04 Mitch’s Operator Background02:56 Why Mitch Joined Apax03:40 Defining the Middle Market04:14 Why Sub-Billion EV Works04:59 Middle Market Talent Gap05:20 Carve Outs as a Strategy05:29 TRADER Corporation - Canada App Turnaround06:12 Scaled Platform Advantage07:14 Digital DNA and AI Wave07:50 Top Line Growth Lever08:36 Add-ons and TAM Expansion09:33 ECI Case Study Roll Up10:07 Integration Over Collection10:28 Exit Options in a Bigger PE World10:59 Building for Multiple Buyers11:45 Fund Size Discipline12:34 Choosing Returns Over AUM13:16 Understanding Firm DNA14:01 Global Micro Investing14:49 Making Global Pods Work15:50 Scale Specialization Flexibility17:08 Where to Invest Now19:23 Buying Complexity for Value20:15 Moats and Investment Committee22:13 Why Middle Market Excites Them23:19 Future of PE and AI at Scale24:50 Impact Insight Tenacity Culture25:54 Obligation to Dissent Story26:55 Aspirational Brand Analogy27:48 Wrap Up and Thanks
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Blackstone's Farhad Karim - a "relentless" focus on serving private wealth
3w ago00:38:58Summary readyWelcome back to the Alt Goes Mainstream podcast.Today’s podcast takes us to the heart of Mayfair in London, where Blackstone Private Wealth COO Farhad Karim shared the firm’s history and evolution in Europe. He took a walk down memory lane to discuss the firm’s 25th anniversary in Europe as we walked through Berkeley Square from Blackstone’s current office to their new office at the other end of the square, highlighting how the firm has become the largest owner of commercial real estate in Europe and the importance of building a local presence in the region.Farhad took on the role of Chief Operating Officer of Blackstone Private Wealth in 2024 after a career at Blackstone that included serving as Chairman and Chief Operating Officer of Blackstone Europe and holding a senior leadership role in the firm’s Real Estate business.Farhad and I had a fascinating discussion about the evolution of Blackstone’s business in Europe and the firm’s Private Wealth business globally. We covered:Why it’s important to “meet people where they are at.”What Farhad learned from his experience as chairman of Blackstone Europe.Building and expanding Blackstone’s Private Wealth business.How Blackstone will continue to be a pioneer in private wealth.The next phase of product innovation in the wealth channel.How an international perspective has shaped Farhad's approach to building the Private Wealth business.Harmonizing the institutional and private wealth businesses when delivering solutions to LPs.The human element of working with wealth.What it means to be “relentless.”Perspectives on evergreen funds.The scale of opportunity, information, and access.Thanks, Farhad, for sharing your wisdom, expertise, and passion about private markets and private wealth.Show Notes00:33 A Message from Our Sponsor, Ultimus Fund Solutions02:14 Farhad’s Blackstone Journey03:37 Speed and Certainty Culture04:07 Real Estate to Wealth Channel Parallels05:04 Building for Local Markets06:16 On-the-Ground Coverage Worldwide07:45 Education at Scale08:52 How Well Advisors Understand Private Markets10:45 Early Innings Adoption12:09 Packaging Private Markets Products13:46 Simplicity vs Customization14:39 Consolidation and Institutionalization19:14 Global Trends Localization19:33 Scale and Deal Competition20:11 AI Advantage in Investing20:53 Portfolio Ops AI Playbook21:42 Private Markets Risk Setup22:17 Noise Versus Facts22:57 Fighting False Narratives23:42 Wealth Channel Narrative24:18 Why Private Markets Matter25:10 Investing Through Geopolitics26:25 Evergreen Versus Drawdown27:21 Discipline Over Structure28:28 Semi-liquid as a Feature29:17 Evergreen for Founders30:39 Evergreen Mindset and Compounding32:01 Owning the Narrative Direct35:22 Fiduciary Seriousness Balance36:15 Relentless Culture Explained38:39 Closing Footnotes(Timestamp 02:46.7): Largest owners of commercial real estate in Europe.(Timestamp 31:33.0): Reference to Class I annualized, inception-to-date return from January 2017.A Word from Our Sponsor, UltimusThis 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 at ultimusfundsolutions.com or email info@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.
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Hightower's Larry Restieri - building a $1T RIA and operating at the intersection of private markets and private wealth
Jul 200:50:39Summary readyWelcome back to the Alt Goes Mainstream podcast.Today’s episode dives deep into the world of wealth management with someone whose career is emblematic of the intersection of private markets and private wealth.We sat down with Larry Restieri, the CEO of Hightower.Larry is the CEO and a member of the Board of Directors at Hightower, a national wealth management firm that empowers financial advisors to deliver sophisticated investment and financial services to clients.Larry joined the firm in June 2025 from Goldman Sachs, where he was a Partner. Larry served as the CEO of Goldman’s AYCO business, which specializes in workplace financial planning and private wealth advisory services.He held a variety of leadership roles at Goldman across its wealth and asset management divisions, including heading up the Alternative Capital Markets business.Larry and I had a fascinating conversation about the continuing convergence of private markets and private wealth from someone who was at the forefront of this industry transformation. We covered:The evolution of private markets within the wealth channel.Lessons learned from Larry’s time building Goldman’s Alternative Capital Markets business and the AYCO business.The path to building Hightower into a $1T RIA. The build-out of Hightower’s Signature Wealth brand.What does the continued buildout of private equity-backed platforms mean for the evolution of wealth management?What drives financial advisors?The benefits of the independent RIA model.How and why wealth clients should be thinking about private markets.Thanks, Larry, for sharing your wisdom, expertise, and passion at the intersection of private markets and private wealth.Show Notes00:15 Meet Larry Restieri01:22 Sponsor Message from Ultimus Fund Solutions05:37 Larry Career Journey11:21 Why Hightower12:02 Next Wealth Evolution14:37 Democratizing Alternatives17:08 Education And Expectations18:14 GPs And Distribution19:49 Big Versus Niche Managers22:09 Platform Due Diligence23:20 NEPC And Hightower One26:18 Trillion Dollar RIAs27:42 What Advisors Want28:57 Building Hightower One29:27 Signature Wealth Brand30:41 Acquiring The Bahnsen Group31:57 Why Brand Matters32:22 The Volkswagen Brand Analogy34:15 Culture and Community36:34 Hightower 3.0 Strategy37:59 Open Architecture Explained41:04 Private Equity Exits43:06 Multiples and Deal Discipline44:49 Markets and Cash Flow46:20 Private Markets Adoption49:10 GPs Serving RIAs52:33 Closing ReflectionsA Word from Our Sponsor, UltimusThis 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 at ultimusfundsolutions.com or email info@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Editing and post-production work for this episode was provided by The Podcast Consultant.
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Oak Hill Advisors' Eric Muller - operating at the intersection of public and private credit: live from iCapital Connect
Jun 3000:31:04Summary readyWelcome 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.Eric Muller is Portfolio Manager & Partner, CEO - BDCs for Oak Hill Advisors (OHA). Oak Hill, which was acquired by T. Rowe Price in December 2021, has $112B AUM across performing and distressed credit-related investments in North America, Europe and other geographies.Eric shares responsibility for leading OHA’s private credit business and has primary management responsibility for OHA’s BDCs. Prior to joining OHA in 2018, Mr. Muller worked in Goldman Sachs’ Merchant Banking Division, where he was a Partner in the Private Credit Group, responsible for leading its private senior lending business in North America and managing vehicles that invested across the spectrum of the credit market. With credit on the minds of many, Eric provided a nuanced perspective on the current state of the credit markets and where to uncover both opportunity and risk in the market.Eric and I had a fascinating conversation about the current state of private credit. We discussed:How his experience in private equity has informed how he approaches credit investing.What are the risk / reward trade-offs in private credit?Why credit investors need to be pessimists.How LPs should evaluate private credit firms and why the ability to do workouts matters.How do private equity sponsors pick their credit partners?Why private credit firms might have higher recovery rates than liquid credit markets.How OHA’s combination with T. Rowe Price has helped the firm productize for the wealth channel.What are misconceptions about private credit risk and liquidity?Where are the opportunities in liquid credit versus illiquid credit?Thanks, Eric, for sharing your wisdom, expertise, and passion for private credit and private markets.Show Notes00:00 Relative Value Lens00:11 A Message from Ultimus Fund Solutions01:08 Live at iCapital Connect01:46 Early Career at Goldman01:59 Mezzanine Fund Era02:23 GFC Timing Advantage02:51 Running Private Credit03:03 Joining Oak Hill04:15 PE Lessons for Credit04:30 Different Investor Questions04:56 Credit Risk Reward Mindset05:45 Optimistic Pessimist06:16 Downside With Right Tail06:47 Workouts and Distressed Skills08:02 Private vs Liquid Recoveries08:19 Aligned Lenders in Private08:54 Sponsor Relationships Matter09:22 Choosing the Right Partners10:46 Volatility Reveals Behavior11:22 Is Capital Commodity12:39 OHA Distressed DNA13:31 Crossroads of Markets14:26 Challenges of Unconstrained15:22 Risk Spectrum for LPs16:19 T Rowe Deal Rationale17:18 Democratizing Alts Access19:10 One Ticker Multi Strategy20:28 Liquidity Wrappers Tradeoffs21:49 Quasi Liquid Reality Check22:35 Liquid vs Illiquid Risk23:27 Diligence Questions for LPs24:33 Origination Edge and Speed26:19 Public-Private Financing Choice26:55 Alts in Target Date Funds28:41 Private Credit Misconceptions30:30 Closing ThoughtsA Word from Our Sponsor, UltimusThis 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 at ultimusfundsolutions.com or email info@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.DisclosuresThe views expressed are the interviewee’s, are subject to change without notice, and may differ from those of other T. Rowe Price associates. Information and opinions are derived from proprietary and nonproprietary sources deemed to be reliable; the accuracy of those sources is not guaranteed. This material does not constitute a distribution, offer, invitation, recommendation, or solicitation to sell or buy any securities. It does not constitute investment advice and should not be relied upon as such. Investors should seek independent legal and financial advice, including advice as to tax consequences, before making any investment decision.Some or all alternative investments may not be suitable for certain investors. Alternative investments are typically speculative and involve a substantial degree of risk. Each fund and account may be leveraged and engage in other speculative practices that may increase the risk of investment loss. Investors must realize that they could lose all or a substantial amount of their investment. In addition, the fees and expenses charged may be higher than the fees and expenses of other investment alternatives, which will reduce profits. T. Rowe Price has $1.7T total assets under management and OHA has $112B assets under management as of March 31, 2026.In the United States, securities are offered through T. Rowe Price Investment Services, Inc., a broker dealer, registered with the U.S. Securities and Exchange Commission and a member of FINRA. Securities are offered through T. Rowe Price Investment Services, Inc., and advisory services are offered by Oak Hill Advisors, L.P. OHA is a T. Rowe Price company. T. Rowe Price Investment Services, Inc. and Oak Hill Advisors, L.P. are affiliated. 5629822
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Oaktree's Danielle Poli - private credit: "boring is beautiful" - live from AGM's RIA Field Trip
Jun 2500:32:27Summary readyWelcome 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. Show Notes00:00 Live Podcast Intro00:06 Meet Danielle Poli00:17 Contrarian Mindset 00:34 Our Sponsor, Ultimus Fund Solutions01:32 Where Private Credit Stands Today02:22 Bifurcation and ABF Rise02:59 Liquid vs Private Convergence03:36 Danielle’s Career Background04:13 Why Liquidity Matters04:39 Dislocation Advantages05:10 Risk Return Tradeoffs05:18 Liquidity Premium Compression05:41 Covenants and Complexity06:01 Not All Private Credit is Equal06:34 Corporate vs Asset-Backed07:05 Why ABF Diversifies07:30 How Allocators Fund ABF07:49 Credit Taking Share from Equities08:49 Tough Direct Lending Vintages09:22 Rates Shock and Leverage09:43 AI Disrupts Software Credit10:41 Oaktree Software Underweight12:01 Underwriting Software Post AI12:57 Inside the Investment Committee13:57 Selling Rallies and Positioning31:30 Closing ThoughtsA Word from Our Sponsor, UltimusThis 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 at ultimusfundsolutions.com or email info@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.
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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
Jun 2300:43:20Summary readyWelcome 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 at 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.Thanks, Dave and Chelsea, for such a thoughtful and fascinating conversation.Show Notes00:00 A message from Ultimus, our Sponsor00:57 Meet The Guests01:07 Private Markets Are Eating World01:29 Why Create RIA Council01:49 Franklin Client-First DNA02:09 From Public To Private02:43 Listening Beyond Product03:07 Peer To Peer Insights04:12 Chelsea On The Benefits of Advisory Council04:36 Inbox Overload And Filtering05:10 Serving Diverse RIA Needs06:15 Many RIAs Within One06:30 What CIOs Need Most06:54 Educating Advisors At Scale07:32 GPs Must Listen Better08:26 What Education Really Means09:01 Repeatable Advisor Resources09:54 Avoid Oversimplifying Complexity10:30 Education Shifts To Choice11:50 Balancing Choice And Customization13:13 Centralized Menu For Scale15:10 Sober Selling And Integrity16:30 Franklin Private Markets Platform17:59 Specialist Managers Model18:28 Infrastructure Partnership Play19:22 Do More With Less Managers21:04 Holistic Options For Advisors21:47 Where Product Innovation Goes22:23 Sun Moon Stars Aligning22:53 Future Access 401k Models23:12 Start With Investment Why23:29 Allocator Innovation Lens24:09 Models Versus Customization24:35 Why Innovation Matters24:53 No One Right Way25:18 Whats Still Missing25:33 Scaling And The Middle25:55 Magic Wand Question26:19 Plumbing And Reporting26:32 Perpetual Structure Tradeoffs26:46 Protecting Investment Integrity27:30 Long Term Over Short Term27:42 Need More CIO Mindsets28:03 Strategic Allocation For Alts28:50 Chelsea On Strategic Framing29:34 Making Liquidity Intuitive30:06 Educating On Liquidity Risk30:29 Private Markets Risk Reframe31:32 Dave On Portfolio Construction32:14 Standardizing Industry Terms32:42 Building Trust With Liquidity33:45 A Fun Question38:10 Client Analogies That Stick40:43 Fat Pitch Opportunities Today42:53 Closing Thoughts And ThanksA Word from Our Sponsor, UltimusThis 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 at ultimusfundsolutions.com or email info@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.
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