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.
38episodes
Episodes
Newest firstAll episodes
73 Strings' Yann Magnan - unlocking valuation intelligence in private markets
2w ago00:44:16Summary readyWelcome 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 Yann for coming on the show to share your expertise, insights, and passion about private markets.Show Notes00:00 AI Since Day One01:06 A Message from our Sponsor, Ultimus02:02 Introduction to Yann Magnan04:11 From Manual To Automated04:44 Excel Google Email04:58 Cloud And Early AI05:07 Governed Auditable Process05:30 Founding 73 Strings05:36 Two Valuation Platforms05:55 Scaling With Alts Growth06:28 Evergreen Acceleration06:54 Retail Investor Expectations07:09 Transactions Need Fresh NAVs07:44 Valuations For Transactions08:14 Continuation Vehicles Context08:42 Reporting To Trading Shift09:07 Illiquid Vs Liquid Compare09:18 Mimicking Public Markets09:43 Valuation Philosophy Changes10:27 Back Office To Front Office11:25 New Stakeholders To Balance11:59 Why Private Must Feel Public12:20 Transparency And Liquidity13:18 Is Liquidity Good15:11 Evergreen Process Differences16:09 Higher Frequency Requirements18:00 Tech Leverage Points18:53 People Plus Technology19:44 Portfolio Data As DNA21:02 No Single Valuation Standard21:47 Consistency Over Time22:20 Human In The Loop22:42 Art And Science Framework24:03 No One Best Method24:55 Wealth Channel Education25:30 What LPs Should Ask26:46 What Top GPs Want27:38 Global Tech Adoption28:49 Fundraising Drives Ops30:23 AI Data Extraction Story31:48 Standardizing Data Labels32:21 Data Model Requirements32:52 Is Data A Moat33:14 Turning Data Into Insights33:54 Scale Versus Specialization35:04 Tech Helps Small Managers36:21 AI Impact On All Funds36:44 Starting Before GenAI Boom37:42 ML And NLP Foundations38:40 Agents Accelerate Valuations39:26 Overnight Valuation Refresh39:57 More Frequent Valuations40:10 Limits Of Daily Data41:03 Explainability And Trust41:42 Next Market Structure Shift42:09 Digital GP LP Data Sharing43:12 Interconnection Needs Trust43:46 Closing 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.Editing and post-production work for this episode was provided by The Podcast Consultant.
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Hamilton Lane's Hartley Rogers - pioneering private markets: Live from iCapital Connect
2w ago00:35:47Summary 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.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. Prior to joining Hamilton Lane in 2003, Hartley was a Managing Director in the private equity fund management areas at Morgan Stanley and at Credit Suisse. He started his career on Wall Street in 1981.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 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.I’m really excited to share this conversation with you all, as it’s equal parts invigorating and informative.Thanks Hartley for sharing your wisdom, expertise, and passion about private markets.Show Notes00:00 Hamilton Lane -Then and Now03:55 Hartley’s Origin Story04:39 Hamilton Lane’s Consulting Roots04:57 From Consulting to OCIO Partner05:15 Scaling Changed the Job06:53 Why Clients Still Need Help07:15 Trillions in Private Markets07:44 Mega-Managers and Complements08:56 Finding Smaller Manager Alpha09:20 Middle Market Opportunity09:47 Why Companies Stay Private10:56 Churn and New Entrants11:17 GP Skillset Has Expanded11:51 From Leverage to Operations12:02 Data Transforms Underwriting12:43 Hamilton Lane Data Advantage13:33 Secondaries and Evergreen Rise14:04 Evergreen Design and Liquidity14:40 Why The Wealth Channel Prefers Evergreens15:41 Evergreen Diversification Needs16:47 Allocating Core vs Satellite18:44 Evergreens Evolve Like ETFs34:27 ClosingA 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.Hamilton Lane Disclaimer: The views expressed herein are those of the speaker as of the date of recording and are subject to change. This content is for informational and educational purposes only and does not constitute investment advice, an offer to sell, or a solicitation of an offer to buy any security or investment product.
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Lincoln International's Brian Garfield - how is AI impacting private markets valuations?
3w ago00:47:36Summary readyWelcome 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.Show Notes00:00 AI Hype Reality Check01:01 A Message From Our Sponsor, Ultimus01:57 Introducing Brian Garfield04:12 Art Versus Science in Valuations04:55 Tech Automation Transparency06:07 Valuation For New Investors07:35 Entry Price Anchor08:51 From Entry To Exit10:06 Cycles And The Public Versus Private Gap10:45 Lincoln Private Market Index11:55 AI And Software Bifurcation16:36 Private Market Health Signals17:49 2021 Vintage Leverage Trap19:47 Exit Logjam Continuation Vehicles21:06 Winners Path To Exits22:37 Deal Flow Thawing23:33 Capital Shifts and Yields25:56 Underwriting Discipline Today28:52 AI Winners and Specialists30:38 Energy Shock and Valuations35:11 Public Private Convergence36:17 Indexes and Transparency38:03 Evergreen Cadence Shift41:26 Standardization and Data Tech43:09 AI Querying and Backtesting46:42 Wrap UpA 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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Bridgepoint's Xavier Robert - building a "middle market global champion"
4w ago00:41:12Summary readyWelcome 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 provide 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 Team Culture Ownership03:33 Platform Full Circle04:06 Partnering With Founders06:06 Why Middle Market08:29 Exits and Market Shifts10:12 Value Creation Playbook12:07 Bridgepoint Competitive Edge14:05 Europe Local Advantage16:15 Europe Returns Misconceptions17:26 US Firms and Competition18:29 Geopolitics and Expansion19:57 Middle East Growth Story20:45 Wealth Channel Strategy21:48 Why Private Markets Win22:25 Responsible Access For Wealth23:11 Building An Evergreen Platform25:40 Why Combine Infra And PE28:35 Evergreen Deal Allocation30:42 Scaling Funds Without Dilution32:41 Kyriba Deal Lessons36:34 What Excites Middle Market37:45 Building Asset Management Today39:27 Global Middle Market Ambition40:49 Full Circle Closing Thoughts* Note: This episode was originally recorded in January 2026.
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AlphaCore Wealth Advisory's Dick Pfister - Wealth management with alpha at its core: live from iCapital Connect
4w ago00:30:00Summary readyWelcome to the 19th episode of the Alts Pulse, a collaboration between iCapital x Alt Goes Mainstream. In the latest episode of the Alts Pulse, we were live from iCapital Connect. AlphaCore Wealth Advisory CEO & Founder Dick Pfister and I had a nuanced discussion about the intersection of wealth management, technology, and private markets.Dick is a pioneer of providing the wealth channel with access to private markets. He’s also a serial entrepreneur in both wealth management and private markets, bringing 25 years of experience across wealth advisory and financial services to bear as he builds AlphaCore. In 2015, he founded AlphaCore, which has become a leading wealth advisory firm. He serves as AlphaCore’s CEO and is a managing member of the Investment Committee. As a partner at Altegris, Dick democratized access to elite asset managers previously not available to the mainstream investor. In 2010, Dick and his partners sold Altegris to a Fortune 500 company.Dick and I had a fascinating discussion about the evolution of wealth management. We covered:How Dick’s background in trading and private markets informed the creation of AlphaCore Wealth Advisory.Lessons learned from pioneering alts access with Altegris.What’s in a name, AlphaCore edition.Why there’s “alpha” beyond investing in wealth management.How AlphaCore leverages technology to enhance the client experience and streamline workflows for advisors.How the trend of increasing centralization of the CIO function is changing how advisors allocate to private markets.Thanks Dick for a great conversation tying together how private markets and private wealth are increasingly interlinked and woven into a wealth client’s financial life.Show Notes00:00 Welcome00:47 Dick’s Trading Roots and Altegris02:05 AlphaCore Origin Story03:55 Alpha Beyond Investing05:50 Private Markets and Liquidity07:39 Tech Workflows and Proposals09:47 AI and Risk Factor Tools11:03 Risk Buckets in Alternatives12:42 Advisor Education and Holding Power13:56 Growth Through Acquisitions17:18 Differentiating in Private Markets Today20:49 Open Architecture vs Centralization22:15 Scaling Models and Venture Access26:05 Next Frontier of Education and Content27:56 Clients, Social Media, and Human Advice29:05 AI Threats and Opportunities29:39 Closing Thanks
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HarbourVest's John Toomey - over 40 years of "earning investors' trust"
Apr 1400:58:55Summary readyWelcome 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.Show Notes00:00 Welcome to Alt Goes Mainstream01:16 Sponsor Message Ultimus02:11 Meet John Toomey04:44 HarbourVest Then vs Now05:32 LP Demands Transparency07:21 Why Outsource Private Markets09:02 Programmatic Portfolio Building10:35 Earning Trust at Scale12:17 Building Blocks for Clients14:50 GP Needs and Access Points16:49 Co-Investment Value Proposition23:16 Big vs Niche Managers27:04 Evergreen Funds and Wealth30:55 Wealth Platform Consolidation31:35 Who Can Build Evergreens33:03 Evergreen Portfolio Ingredients35:12 How Wealth Wants Access36:27 Centralized CIO Model Shift37:26 Manager Selection Matters38:59 Diversification Versus Alpha40:39 Funding Private Allocations43:07 Secondaries As Onramp44:47 Institutional Program Evolution48:57 Institutions Using Evergreens50:54 Liquidity And LP Mix53:05 What Creates Manager Edge56:05 Data Insights And Echoes58:12 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.DisclosuresHarbourVest Partners, LLC is a registered investment adviser under the Investment Advisers Act of 1940. This material is solely for informational purposes and should not be viewed as a current or past recommendation or an offer to sell or the solicitation to buy securities or adopt any investment strategy. The opinions expressed herein represent the current, good faith views of the author(s) at the time of publication, are not definitive investment advice, and should not be relied upon as such. This material has been developed internally and/or obtained from sources believed to be reliable; however, HarbourVest does not guarantee the accuracy, adequacy or completeness of such information. There is no assurance that any events or projections will occur, and outcomes may be significantly different than the opinions shown here. This information, including any projections concerning financial market performance, is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. The information contained herein must be kept strictly confidential and may not be reproduced or redistributed in any format without the express written approval of HarbourVest. Nothing herein should be construed as a solicitation, offer, recommendation, representation of suitability, legal advice, tax advice, or endorsement of any security or investment and should not be relied upon by you in evaluating the merits of investing in HarbourVest funds or in any other investment decision. Editing and post-production work for this episode was provided by The Podcast Consultant.
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Stonepeak Credit's Ryan Roberge - building an infrastructure credit strategy
Apr 801:01:46Summary readyWelcome 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.Show Notes00:00 Hard Asset Diversification00:25 Welcome to Alt Goes Mainstream01:01 Message from our Sponsor, Ultimus02:07 Meet Ryan Roberge04:16 Ryan Career Origins04:52 From Banking to TPG05:25 King Street Credit Training06:07 Equity To Credit Shift07:04 Downside First Mindset07:48 What Is Infrastructure Credit08:08 Three Core Sectors08:25 Asset Level Underwriting09:02 Capital Intensive Returns09:51 Thinking Like An Owner10:44 Funding Gap And AI Tailwinds11:01 Why Direct Lending Misses It12:29 Construction And Collateral Value13:15 Capital Markets Spectrum15:56 Private Credit Vs Infra Credit18:55 Where It Fits In Portfolios24:36 Data Centers Tech Risk31:04 Cycle Risk Reality Check31:32 Long Duration Mindset32:13 Loan Horizon Framework32:40 Asset First Underwriting32:53 Maintenance Capex Truth33:59 Stress Testing Recovery34:13 Capital Flood Into Infra35:14 Theme Chasing Warning36:02 Why Skip Renewables36:20 Bigger Deals Cheaper Money36:51 ABF And Insurance Capital37:17 Non-IG Hard Asset Logic38:11 Scale Keeps IG Away38:25 Key Underwriting Risks38:34 Loan To Value Reality39:01 Fiber To Home Case Study40:09 Growth Platform Underwrite41:01 Hiring For Credit Mindset42:23 Downside Recovery Culture43:10 Contrarian AI Insight44:07 Circular Demand Red Flags46:39 Data Center Risk Filters49:20 Investor Demand And ClosingA 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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Bloomberg's Brad Foster - driving the convergence between public and private markets
Mar 3100:46:20Summary readyWelcome 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 Markets01:12 Welcome to the Alt Goes Mainstream Podcast02:13 Brad Foster’s Background04:31 From Trading to Bloomberg05:27 Client Empathy Product Mindset06:25 Fixed Income as Blueprint07:11 Bloomberg Shaping Market Structure08:19 Electronification Turning Points09:10 Efficiency and Regulation Drivers09:45 Blurring Public and Private Credit10:34 Three Legs of Credit11:43 Why Borrowers Go Private13:09 Missing Data and Workflow13:57 Security Master Foundations16:12 Transparency and Retail Pressure22:07 Private Deal Data Uploads22:29 Same Analytics for Private22:50 Sold Not Bought Debate23:43 When Private Gets Liquid24:38 Desktop Real Estate Idea26:21 Reimagining Terminal with AI27:21 Chat as Market Connector28:19 Build Buy Partner Strategy28:51 Bloomberg Private Track Record30:09 Daphne Investment Rationale30:58 Fixing GP LP Workflow32:01 Most Valuable Data Masters33:45 Taxonomy as Missing Piece34:49 Standardizing Valuation Methods35:29 Extending Evaluated Pricing37:27 Liquidity Versus Illiquidity40:18 Portfolio Risk for Asset Owners44:16 Foundations to Scale PrivatesEditing and post-production work for this episode was provided by The Podcast Consultant.
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Brookfield Asset Management's David Nowak - "earn your seat" private equity
Mar 1900:54:55Summary readyWelcome 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 conversation 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.Show Notes00:00 Cold Open00:51 A Message from our Sponsor, Ultimus01:48 Welcome to Alt Goes Mainstream and David Nowak03:30 Brookfield Culture is We Not I04:48 Leadership Succession and Humility06:22 Earn Your Seat Mindset06:30 Owner Operator Alignment08:23 Maax Bath Case Study09:34 Roll Up Your Sleeves Private Equity11:31 Operators on the Team12:06 Secondments Train Investors12:53 Underwriting with Reality Checks13:58 Platform Advantage and Insights16:46 How Collaboration Actually Works18:56 Long Term Patient Capital21:07 Value Creation Playbook24:38 Contrarian Deals and Valuation Nuance27:41 Underwriting Operating Change27:55 Fixable vs Hard Problems29:16 Winning Management Buy In30:00 Early Wins and Focus30:25 Humility on the Ground31:06 Listening in Founder Talks32:09 Stretching Young Leaders33:23 Flat Structure Decision Table34:24 Scaling Without Losing Culture35:06 Open Space and Mobility35:50 Cross Office Deal Teams37:20 Fund Size and Return Pressure38:23 Shift to Quality Businesses39:25 Good Business or Cheap40:13 Risk First Capital Protection41:50 Graphite Electrode Auction Win43:45 Diligence - Then Move Fast48:14 Curiosity Apprenticeship and AIA 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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EQT's Lennart Blecher - active ownership of real assets
Mar 1200:26:21Summary readyIt all comes back to the DNA.The firms that know who they are will know who to be.You can learn a lot about an investment firm by listening to what they say.Alt Goes Mainstream’s AGM Originals Series - The DNA: Capturing Culture - is dedicated to capturing the DNA of a firm by listening to what they say.The first season of The DNA stars EQT. In Stockholm, at EQT’s AIM this past summer, I sat down for conversations with nine EQT executives.Each executive came from different parts of the firm — and different parts of the world.Each had fascinating backgrounds and stories about how they ended up in private markets and worked to build EQT.But there was a single throughline threaded throughout all of the discussions: the consistency and frequency that each executive talked about the firm’s mission, vision, culture, and values.That’s why it all comes back to the DNA.Episode 3 features EQT's Lennart Blecher.Lennart Blecher joined EQT Partners in April 2007 and is the Chairperson of EQT Real Assets.Lennart holds a Master of Law degree from the University of Lund, Sweden and has studied at the University of Dallas, Texas - Academy of US & International Law.Prior to joining EQT Partners, Lennart was from 2004 to 2007 Managing Director and Senior Banker in the investment bank of Unicredit/HypoVereinsbank in Munich. From 2002 to 2004, Lennart was Managing Director at GE Commercial Finance in London.Between 1987 until 2002, he held various position in the ABB Group, in Zurich such as General Counsel for the ABB Financial Services Group, President and Business Area Manager for ABB Structured Finance and ABB Equity Ventures.Lennart has held various non executive positions in European banks and reinsurance companies. Lennart is a member of the EQT Executive Committee and is a Chairperson of the Infrastructure Partners Investment Committee.Please enjoy this conversation with one of the industry's leaders in Lennart Blecher.You can stream all the episodes on AGM’s YouTube channel at AltGoesMainstreamAGM.Show Notes00:00 Why the DNA Matters01:04 Meet EQT and Lennart Blecher01:40 From Law to Industry05:40 Building EQT Infrastructure09:44 Infrastructure Megatrends11:01 Old vs New Infrastructure12:45 Digital Energy Convergence14:56 Active Ownership Playbook16:26 Scale and Credibility17:43 Wallenberg Values Culture20:05 Educating Investors21:29 Who Owns Assets Long Term22:47 Platform People Limits23:44 Doing Good Good Business24:34 Underwriting People Culture25:18 Closing Thoughts
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