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
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46episodes
Episodes
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🎥 AGM Unscripted: Goldman Sachs' Kristin Olson - The Evolution of Alternatives: Bridging Private Markets and Wealth
Feb 1100:18:45Tap to summarizeWelcome back to the Alt Goes Mainstream podcast.The Goldman Sachs Alternatives Summit “convened leaders across finance, geopolitics, technology, and culture” to discuss themes driving global markets.2025’s Alternatives Summit was about “navigating a world in flux,” as the firm’s recap of its event noted.The event aimed to help investors cut through the noise and put together the pieces of the puzzle in a dynamic and increasingly complex world.Alt Goes Mainstream joined the event to have unscripted conversations with Goldman Sachs Alternatives leaders to cut through the noise by unpacking key themes and trends at the intersection of private markets and private wealth.In this special series, we went behind the scenes at the Goldman Sachs Alternatives Conference and interviewed six Goldman Sachs Alternatives leaders about their current thinking on private markets and how the firm has built and evolved its private markets capabilities.This conversation was with Kristin Olson, Partner, Global Head of Alternatives for Wealth within Asset & Wealth Management and a member of the Management Committee. In her role, she oversees the global alternatives platform and alternatives product strategy across wealth client businesses. Kristin joined Goldman Sachs in 1998 as an Analyst in the Financial Institutions Group in the Investment Banking Division. She was named Managing Director in 2008 and Partner in 2014. Kristin is a member of the Cold Spring Harbor Laboratory, a leading research institution focusing on cancer, neuroscience, plant biology, genomics, and bioinformatics, and is a member of the Georgetown University Board of Regents. Kristin earned a BS in International Economics, magna cum laude, from Georgetown University in 1998.Kristin and I had a fascinating conversation about private markets, private wealth, how to approach strategic and tactical asset allocation, the evolvingLessons learned from working with Goldman Private Wealth clients that the firm has applied to how they approach serving client needs across the wealth channel with private markets solutions.Why Millennials are interested in investing in private markets.How investors access innovation through private markets.How can alternative asset managers approach educating the client and investor of the future?How private markets fits into a strategic asset allocation framework.What’s the next evolution in private markets education for the wealth channel investor?What is the main source of information about private markets for investors?The future of implementation, model portfolios, and hybrid products in private markets.Thanks Kristin for sharing your wisdom, expertise, and passion at the intersection of private markets and private wealth.Show Notes00:00 Introduction to Asset Allocation at Goldman Sachs00:42 Welcome to the Alt Goes Mainstream Podcast01:20 Interview with Kristin Olson: Background and Career02:44 Evolution and Education in Private Markets04:27 Serving Different Wealth Channels06:06 Product Innovation and Strategy07:31 Survey Insights and Future Trends08:30 Connecting with Younger Investors09:59 The Future of Education in Alternatives12:50 Consolidation and Partnerships14:54 Product Innovation and Strategy17:15 Advice for New Investors in Private Markets18:02 Conclusion and Wrap-UpEditing and post-production work for this episode was provided by The Podcast Consultant. 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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🎥 AGM Unscripted: Goldman Sachs' James Reynolds - From Mezzanine to Moats: Over a Quarter-Century of Goldman Sachs Private Credit
Feb 1000:31:04Tap to summarizeWelcome back to the Alt Goes Mainstream podcast.The Goldman Sachs Alternatives Summit “convened leaders across finance, geopolitics, technology, and culture” to discuss themes driving global markets.2025’s Alternatives Summit was about “navigating a world in flux,” as the firm’s recap of its event noted.The event aimed to help investors cut through the noise and put together the pieces of the puzzle in a dynamic and increasingly complex world.Alt Goes Mainstream joined the event to have unscripted conversations with Goldman Sachs Alternatives leaders to cut through the noise by unpacking key themes and trends at the intersection of private markets and private wealth.In this special series, we went behind the scenes at the Goldman Sachs Alternatives Conference and interviewed six Goldman Sachs Alternatives leaders about their current thinking on private markets and how the firm has built and evolved its private markets capabilities.This conversation was with James Reynolds, Global Co-Head of Private Credit within Goldman Sachs Asset Management. He also serves as Chief Executive Officer of Goldman Sachs Asset Management International.James is Co-Chair of the Asset Management Private Credit Investment Committee, as well as a member of the Management Committee, Partnership Committee, the European Management Committee and the EMEA Talent Council. James joined Goldman Sachs in 2000 as an Analyst and was named Managing Director in 2007 and Partner in 2010. James is a trustee of Greenhouse Sports and serves as a member of the Corporation Development Committee of the Massachusetts Institute of Technology (MIT). James earned a BS from the École Nationale des Ponts et Chaussées in 1998 and an MSc from MIT in 2000.James and I had a fascinating conversation about Goldman’s extensive history in private credit and the current market dynamics. We covered:Why all capital coming into the private credit industry is not created equal.How Goldman’s culture of “partnership, collaboration, and the right incentives” provides them with an edge in origination.Why James is an “optimistic pessimist.”Narrative versus reality in private credit markets today.What creates alpha in private credit.How to build an investment culture and, in credit, how to build an investment culture that “doesn’t feel pressure to deploy.”Why many investors are focusing on Europe.How the entire platform of Goldman Sachs helps them in private credit.Thanks James for sharing your expertise, wisdom, and passion for private credit, private markets, and private wealth.Show Notes00:00 Introduction: Investment Culture in Private Credit00:40 Welcome to the Alt Goes Mainstream Podcast01:33 James Reynolds’ Background and Career Journey02:05 Early Days of Private Credit03:01 Evolution and Growth of Private Credit03:30 Direct Origination and Financing Solutions04:31 Growth and Capital in Private Credit06:37 Importance of Origination in Private Credit07:05 Goldman Sachs’ Competitive Edge09:19 Global Perspective and Market Trends11:10 One Goldman: Unified Solutions14:49 Navigating Market Trends and Deployments16:04 Investment Culture and Minimizing Defaults18:42 Investment Culture and Team Dynamics20:13 Traits of a Great Credit Investor22:51 Assessing the Business of Asset Management24:58 Opportunities in European Credit Market28:49 Concerns and Future of Private CreditEditing and post-production work for this episode was provided by The Podcast Consultant. 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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🎥 AGM Unscripted: Goldman Sachs' Matt Gibson - Navigating the Future of Alternatives: Scale, Supply, and Geopolitics
Feb 900:34:03Tap to summarizeWelcome back to the Alt Goes Mainstream podcast.Today’s episode dives into the rapidly expanding world of secondaries with a senior leader at one of the pioneering firms in the secondaries space.We sat down at Franklin Templeton’s New York office with Taylor Robinson, a Partner on the Secondary team at Lexington Partners, which has over $77B in total capitalization and is part of Franklin Templeton’s family of private markets funds and strategies.Taylor, who joined the firm in 2008, is primarily focused on the origination, evaluation, and execution of secondary opportunities, including partnership and GP-led transactions. He’s also a member of Lexington’s ESG Steering Committee.Taylor and I had a fascinating conversation about the current state of the secondaries market. We covered many of the hot button topics and trends that are shaping the secondaries market, including:* Why secondaries have become an integral part of many LPs portfolios.* How secondaries have become a portfolio management tool for LPs.* The rise of GP-led secondaries.* Why not all CVs are created equal.* Why secondaries can be a good on-ramp to private markets for wealth channel investors.* What the future holds for secondaries.Thanks Taylor for coming on the show to share your expertise and wisdom about private markets and secondaries.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.Show Notes00:00 A Different Way of Thinking About Private Equity01:21 Welcome to the Alt Goes Mainstream Podcast01:31 Meet Taylor Robinson from Lexington Partners02:03 The Evolution of the Secondaries Market02:36 Taylor Robinson’s Career Journey03:16 Joining Lexington Partners During the Financial Crisis04:49 The Growth of the Secondaries Market05:46 Impact of the Financial Crisis on Secondaries06:11 The Role of Liquidity in Market Growth06:59 Current State of the Secondaries Market07:39 Focus Areas in the Secondary Market07:55 Traditional vs. GP-Led Secondary Deals09:06 The Importance of Liquidity10:26 Challenges for Institutional LPs11:39 Active Portfolio Management15:48 Evaluating and Partnering with GPs16:50 The Role of Information and Relationships20:53 Future of Secondary Markets and Regulation23:58 Primary vs. Secondary Fund Investing28:01 Nuances in Secondary Market Strategies32:29 Asset Selection in Secondary Markets32:50 Value Drivers in Secondary Deals33:32 Consistent Return Generation34:44 Specialization in Secondary Markets35:12 Different Ways to Make Returns36:35 Comparing Secondary and Primary Funds38:38 Evaluating Secondary Funds40:20 Evergreen Funds and Secondary Investments44:07 Challenges in Evergreen Space45:01 Investor Preferences and Structures45:26 Wealth Channel and Capital Raising46:50 Skillset for Secondary Investors49:11 Importance of Intellectual Curiosity50:17 Underrated Skills for Success52:03 Industry Trends and GP Consolidation53:36 Understanding Market Dynamics54:58 Training and Retention at Lexington55:25 Future of Secondary Markets56:07 Scale and Growth Potential57:56 Misconceptions About Secondary Markets59:44 Shifting Mindsets on Secondary Investments01:01:10 Evolution of the Secondary Market01:01:39 Conclusion and Final ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant.Join over 14,800 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 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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🎥 Lexington Partners' Taylor Robinson - secondaries in the spotlight
Feb 301:02:11Tap to summarizeWelcome back to the Alt Goes Mainstream podcast.Today’s episode dives into the rapidly expanding world of secondaries with a senior leader at one of the pioneering firms in the secondaries space.We sat down at Franklin Templeton’s New York office with Taylor Robinson, a Partner on the Secondary team at Lexington Partners, which has over $77B in total capitalization and is part of Franklin Templeton’s family of private markets funds and strategies.Taylor, who joined the firm in 2008, is primarily focused on the origination, evaluation, and execution of secondary opportunities, including partnership and GP-led transactions. He’s also a member of Lexington’s ESG Steering Committee.Taylor and I had a fascinating conversation about the current state of the secondaries market. We covered many of the hot button topics and trends that are shaping the secondaries market, including:* Why secondaries have become an integral part of many LPs portfolios.* How secondaries have become a portfolio management tool for LPs.* The rise of GP-led secondaries.* Why not all CVs are created equal.* Why secondaries can be a good on-ramp to private markets for wealth channel investors.* What the future holds for secondaries.Thanks Taylor for coming on the show to share your expertise and wisdom about private markets and secondaries.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.Show Notes00:00 A Different Way of Thinking About Private Equity01:21 Welcome to the Alt Goes Mainstream Podcast01:31 Meet Taylor Robinson from Lexington Partners02:03 The Evolution of the Secondaries Market02:36 Taylor Robinson’s Career Journey03:16 Joining Lexington Partners During the Financial Crisis04:49 The Growth of the Secondaries Market05:46 Impact of the Financial Crisis on Secondaries06:11 The Role of Liquidity in Market Growth06:59 Current State of the Secondaries Market07:39 Focus Areas in the Secondary Market07:55 Traditional vs. GP-Led Secondary Deals09:06 The Importance of Liquidity10:26 Challenges for Institutional LPs11:39 Active Portfolio Management15:48 Evaluating and Partnering with GPs16:50 The Role of Information and Relationships20:53 Future of Secondary Markets and Regulation23:58 Primary vs. Secondary Fund Investing28:01 Nuances in Secondary Market Strategies32:29 Asset Selection in Secondary Markets32:50 Value Drivers in Secondary Deals33:32 Consistent Return Generation34:44 Specialization in Secondary Markets35:12 Different Ways to Make Returns36:35 Comparing Secondary and Primary Funds38:38 Evaluating Secondary Funds40:20 Evergreen Funds and Secondary Investments44:07 Challenges in Evergreen Space45:01 Investor Preferences and Structures45:26 Wealth Channel and Capital Raising46:50 Skillset for Secondary Investors49:11 Importance of Intellectual Curiosity50:17 Underrated Skills for Success52:03 Industry Trends and GP Consolidation53:36 Understanding Market Dynamics54:58 Training and Retention at Lexington55:25 Future of Secondary Markets56:07 Scale and Growth Potential57:56 Misconceptions About Secondary Markets59:44 Shifting Mindsets on Secondary Investments01:01:10 Evolution of the Secondary Market01:01:39 Conclusion and Final ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant.Join over 14,800 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 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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🎥 Ultimus Fund Solutions' Gary Tenkman - building the core fund administration infrastructure to make private markets go mainstream
Jan 2700:56:48Tap to summarizeWelcome back to the Alt Goes Mainstream podcast.Today’s episode features a pioneer who has been building the core infrastructure that is making private markets go mainstream.We talk with Gary Tenkman, a 30-year veteran of the fund administration world who is the CEO of Ultimus Fund Solutions. Ultimus serves over 450 clients and 2,300 funds, representing $725B of assets under administration, all handled by a team of over 1,100 professionals. Ultimus, which is backed by private equity firm, GTCR and, more recently, Stone Point, is able to help investment managers navigate a growing array of challenges that include elaborate fund structures and evolving compliance requirements. Gary has built a business that combines the best of technology and human experts in fund administration to serve many of the industry’s largest funds. Ultimus has also been a big part of the ability for private markets to innovate with evergreen and interval fund structures since they have the necessary infrastructure and services to help fund managers launch, run, and administer evergreen structures.Prior to joining Ultimus as CEO, Gary was Head of North American Operations at another large fund service provider, where he was responsible for service delivery for all clients in the region. During his 16 years there, he held leadership positions in alternative investment fund services, European fund services, and US fund services.Gary and I had fascinating conversation about the evolution of fund administration and how fund administration in private markets has changed with the growing interest in evergreen and interval funds. We discussed:* How fund administration has changed over the 30 years Gary has been in the industry.* Will the evergreen fund industry mirror the growth and evolution of the mutual fund industry?* The gap that Gary and Ultimus saw in private markets fund administration.* Why fund services for evergreen fund structures is very complex and hard to do well.* How technology can provide leverage to fund administration.* Will AI impact fund administration?* Why fund services are a compelling investment category for private equity.Thanks Gary for coming on the show to share your wisdom and experience and thanks for your support of Alt Goes Mainstream. The work you’re doing at Ultimus is making a big impact on evolving the industry, so it’s an honor to have you partner with AGM. We hope you enjoy.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.Show Notes00:58 Welcome to the Alt Goes Mainstream Podcast01:07 Introducing Gary Tenkman and Ultimus Fund Solutions02:00 Gary’s Background and Experience03:43 Gary’s Journey in Fund Administration04:31 Public vs. Private Market Fund Administration04:50 Growth Areas in Fund Administration07:05 Automation and Standardization in Fund Administration08:34 Challenges in Data Standardization11:50 AI’s Role in Fund Administration12:55 Fund Level vs. Asset Level Data14:02 Lessons from the Mutual Fund Industry14:54 Product Innovation in Private Markets19:51 Guiding Firms in the Evergreen Space30:06 Founding of Ultimus30:38 Client-Centric Approach30:59 Investing in Technology and Growth31:18 Mergers and Acquisitions31:44 Scaling in Private Markets32:44 Challenges and Agility33:40 Client-Centric Culture34:18 Winning Awards and Client Retention34:43 High-Quality Client Service35:38 Maintaining Culture Through Growth36:50 Industry Consolidation37:37 Partnerships and Investments39:02 Future M&A Opportunities39:27 Stone Point’s Investment40:41 Growth in Evergreen Structures41:33 Convergence of Public and Private Markets42:11 Hybrid Product Structures43:57 Regulatory Challenges45:23 Education in Private Markets51:02 Private Markets in the Retirement Space53:33 Excitement for the FutureEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 14,700 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 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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🎥 Capital Allocators' Ted Seides - the capital allocator behind the mic
Aug 14, 202501:03:00Tap to summarizeWelcome back to the Alt Goes Mainstream podcast.What happens when two podcasters walk into a room? They talk.Today’s podcast turns the tables on one of the industry’s leading podcasters and content creators to have him share his story and experience as an allocator and content creator.We sat down with Ted Seides, the Founder of industry-leading podcast Capital Allocators and former President and Co-CIO of Protégé Partners and an asset allocator at the Yale Endowment.Ted has had a tremendous career at the intersection of asset allocation and content, so it was fascinating to hear his perspectives on the state of the industry and how it’s evolving from someone who talks with many of the industry’s leading minds through his podcast, Capital Allocators.Ted and I had a fascinating conversation. We discussed:* Stories and lessons learned from working with David Swensen at the Yale Endowment.* What the wealth channel can learn from institutional investors.* What Ted looked for in hedge funds and alternative asset managers when doing manager due diligence.* Ted’s bet with Buffett on hedge funds and why he’s now doing a bet on PE versus public equities.* How alternative asset managers are evolving and the pros and cons of evergreen structures.* Why and how Ted started Capital Allocators and why content is so critical to learning asset management and understanding how firms operate.Capital Allocators is one of my favorite podcast listens and Ted always delivers with high-quality and thoughtful content so it was an honor to have him on the show.Thanks Ted for sharing your expertise and wisdom on asset allocation and content and for the service you provide to everyone in the industry through education and the creation of such high-quality content for us to consume.Clip #1: Today is the hardest day to invest.Clip #2: The bet: private equity vs. S&P 500.Clip #3: The podcast found me.A word from AGM podcast sponsor, Juniper SquareWhen was the last time things were easy for GPs?Fundraising remains challenging, providing liquidity to investors is even harder—and broadly speaking, most GPs are underwater operationally.It’s not about to get easier, either. Especially for managers vying for capital from the wealth channel. Sure, there’s increased demand from HNW and UNHW investors to gain private markets exposure…but managing their expectations for the investing experience is a whole different ballgame.Reams of paper and a new KYC process every single time they subscribe to a fund? Brutal.But what if committing capital to private equity, venture, and real estate funds was digital and seamless for investors — and scalable to manage for GPs?Meet Juniper Square, the fund operations partner to over 2,000 private markets GPs worldwide.Juniper Square gives GPs the connected software, data, and fund administration services needed for modern private markets. No matter how ambitious your next raise is, how many investors you manage, and how complex your investment vehicles are, Juniper Square empowers GPs to raise capital faster, reduce operational risk, and deliver a world-class investor experience.And with JunieAI, Juniper Square's enterprise-grade AI built for private markets, GPs can truly and finally unlock the power of AI to work smarter, move faster, and focus on relationships and returns.Scale your business, not your operational burdens and costs. Visit junipersquare.com/agm today to learn more.Show Notes00:00 Introduction to our Sponsor, Juniper Square00:38 Juniper Square's AI Capabilities01:50 Guest Introduction: Ted Seides03:11 Ted's Background and Career Start04:12 Working with David Swensen04:58 Investment Principles from Yale06:16 Wealth Channel vs. Institutional Allocators06:42 David Swensen's Second Book07:38 Alpha and Beta in Private Markets08:37 Access to Top Managers13:19 Private Equity vs. Public Equities Bet15:15 Evaluating Private Equity Returns18:32 Diversification in Private Markets20:10 Lessons from Hedge Fund Evolution28:48 Investment Culture and Philosophy30:31 Evaluating Managers: Art and Science32:01 The Role of AI in Diligence Processes33:37 Market Opportunities and Edges34:06 Impactful Investment Decisions35:32 Challenges in Today's Investment Climate37:00 Behavioral Biases in Investing39:25 AI's Role in Investment Decisions41:18 Navigating Content Overload42:46 The Birth of Capital Allocators44:11 Learning from Podcasting47:20 Building a Business from a Podcast49:12 The Value of Relationships in Investing50:58 Effective Content Strategies for Managers53:49 Choosing the Right Content Modality54:50 Direct Communication vs. Mass Algorithms55:20 Brand Building vs. Direct Sales56:42 Insights from Podcast Conversations58:30 Favorite Private Market Investments01:00:11 AI's Impact on Private Markets01:01:40 Partnering with Experts in AI01:02:19 The Importance of People in Investing01:02:39 Wrapping Up the ConversationEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 12,400 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 Oaktree, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, General Atlantic, 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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🎥 Hg's Nic Humphries - investing at an inflection point in history
Aug 6, 202501:25:28Tap to summarizeWelcome back to the Alt Goes Mainstream podcast.Today’s episode is about mining for investment success in enterprise software by going “an inch wide and a mile deep” with someone who is one of the industry’s most prolific private equity technology investors.We sat down with Nic Humphries in Hg’s London office. Nic is the Senior Partner and Executive Chairman of Hg and Head of the firm’s Saturn fund.Hg, one of the top 10 largest PE firms globally based on the PEI300 ranking, has built an impressive investment engine focused on mission-critical enterprise software. The firm has built a portfolio that is a “transatlantic ecosystem of software and services businesses” — representing over $180B in collective enterprise value across its 55 portfolio companies.Nic is responsible for Hg’s strategy, management, and governance. On the investing side, Nic focuses on larger software investments that provide daily-use mission critical applications for accountants, tax / compliance professionals, and designers / engineers / scientists. He has brought his electrical engineering background to bear to go a “mile deep” into a category where Hg has become an unquestioned market leader.Nic balances being both a detail-oriented specialist with a vision for both the enterprise software industry and Hg as a firm. We had a fascinating discussion about enterprise software investing, how to create European software giants, applying AI to make companies more efficient, and much more.We covered:* The origin story of Hg.* How Hg grew into one of the industry’s leading software focused private equity firms.* How an engineering mindset has helped Nic become a leading investor.* Why Hg focuses on mission-critical enterprise software and why it’s a compelling investment thesis.* Why enterprise software investing can be considered a low volatility investment strategy and how Hg has delivered consistent returns to investors.* How to effectively manage exits and DPI.* Why Europe, why now?* How AI could impact technology and services businesses.Thanks Nic for coming on the show to share your wisdom and expertise about enterprise software and private markets.Clip #1: Unprecedented portfolio consistency.Clip #2: The structural shift in private markets.Clip #3: The AI platform shift and cost revolution.A word from AGM podcast sponsor, Juniper SquareWhen was the last time things were easy for GPs?Fundraising remains challenging, providing liquidity to investors is even harder—and broadly speaking, most GPs are underwater operationally.It’s not about to get easier, either. Especially for managers vying for capital from the wealth channel. Sure, there’s increased demand from HNW and UNHW investors to gain private markets exposure…but managing their expectations for the investing experience is a whole different ballgame.Reams of paper and a new KYC process every single time they subscribe to a fund? Brutal.But what if committing capital to private equity, venture, and real estate funds was digital and seamless for investors — and scalable to manage for GPs?Meet Juniper Square, the fund operations partner to over 2,000 private markets GPs worldwide.Juniper Square gives GPs the connected software, data, and fund administration services needed for modern private markets. No matter how ambitious your next raise is, how many investors you manage, and how complex your investment vehicles are, Juniper Square empowers GPs to raise capital faster, reduce operational risk, and deliver a world-class investor experience.And with JunieAI, Juniper Square's enterprise-grade AI built for private markets, GPs can truly and finally unlock the power of AI to work smarter, move faster, and focus on relationships and returns.Scale your business, not your operational burdens and costs. Visit junipersquare.com/agm today to learn more.Show Notes00:00 Introduction to our Sponsor, Juniper Square01:37 Welcome to the Alt Goes Mainstream Podcast04:07 Nic Humphries' Background04:54 Bringing an Engineering Mindset to Investing05:24 Long-Term Business Thinking06:11 Enterprise Software Investment Strategy06:58 Growth Factors in SMB Market09:21 Impact of AI on Enterprise Software09:51 Platform Shifts in Technology11:30 Adapting to AI in Business12:36 Mission Critical Software and Market Dynamics15:28 Embedding Products and Services18:03 Organic Growth vs. Acquisitions21:32 Geographical Expansion Strategies22:28 Challenges of Expanding in Europe24:00 Underwriting for Long-Term Success24:18 Management Teams and Expansion26:59 Jurisdictional Differences in Payroll Software27:44 Investing in Market Leaders29:35 Enterprise Software Market Size30:53 Software's Ubiquity in Business33:33 Hg's Investment Strategy39:31 Consistency in Returns41:38 Understanding Recurring Revenues42:28 The Importance of Discipline in Investing43:21 Learning from Past Mistakes45:11 Maintaining Team Excitement and Focus47:18 The Role of Realization Committees48:43 Continuous Improvement Culture49:45 The Importance of Early Cash Returns51:04 Exit Strategies and Realization Committees52:40 Re-underwriting Investments54:50 AI's Impact on Software Development56:28 The Rule of 40 and AI's Potential56:54 Investing in AI: Startups vs. Established Businesses58:20 Hg's Growth Strategy01:02:11 Specializing in B2B Back Office Software01:04:07 Segmenting Investment Funds by Scale01:05:59 Expanding into the Wealth Channel01:07:52 Lessons from Hg Capital Trust01:08:47 Communicating with a Broader Audience01:09:25 The Importance of Brand in Wealth Management01:10:17 Connecting Private Markets to Everyday Life01:14:02 Hg's Ownership Structure and Growth01:15:23 Reinvesting Profits for Long-term Growth01:17:19 Future Growth Opportunities for Hg01:19:40 The Role of AI in Future InvestmentsEditing and post-production work for this episode was provided by The Podcast Consultant. DisclaimerThe views and opinions expressed in this episode are those of the speaker and do not necessarily reflect the official policy or position of any affiliated organization.Any references to past performance, including IRR or MOIC figures, are presented on a gross basis and do not reflect the deduction of fees, expenses, or carried interest. These figures are illustrative and not necessarily indicative of future results. Statements regarding industry rankings, success rates, or performance consistency are based on internal analysis and may not be independently verified. No representation is made that any investment will or is likely to achieve results comparable to those discussed. This content is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities or investment products.Join over 12,300 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 Oaktree, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, General Atlantic, 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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🎥 Live from Miami with EQT's Peter Aliprantis - bringing global local
Jul 29, 202500:37:25Tap to summarizeWelcome back to the Alt Goes Mainstream podcast.Today’s conversation brings us beachside, featuring a live podcast from Soho Beach House in Miami with EQT Partner, Head of Private Wealth Americas Peter Aliprantis.With the backdrop of the beach behind us and the wealth community in the audience, Peter and I discussed the nuances of the wealth channel and how Peter’s experience working with wealth is brought to bear as he brings EQT’s brand and capabilities to the Americas wealth channel.Peter brings a wealth of knowledge to the private wealth solutions world, garnering over 25 years of experience in the space. Prior to joining EQT, Peter spent 12 years at TPG Angelo Gordon as a Managing Director, where he focused on new business development and intermediary distribution.Peter and I had a fascinating, lively, and thought-provoking conversation which then turned into an intellectually rich dinner discussion with the guests. Listen in — we hope you enjoy.You can also read a recent AGM Op-Ed by Peter here. Many of the themes that Peter discussed in our conversation, particularly around evergreen funds and why model portfolios are the next big innovation in private markets, were covered in his Op-Ed.Clip #1: Are more allocators looking to invest in Europe and Asia?Clip #2: How are megatrends in infrastructure changing how investors approach investing in infrastructure?Clip #3: Being global and local.A word from AGM podcast sponsor, Juniper SquareWhen was the last time things were easy for GPs?Fundraising remains challenging, providing liquidity to investors is even harder—and broadly speaking, most GPs are underwater operationally.It’s not about to get easier, either. Especially for managers vying for capital from the wealth channel. Sure, there’s increased demand from HNW and UNHW investors to gain private markets exposure…but managing their expectations for the investing experience is a whole different ballgame.Reams of paper and a new KYC process every single time they subscribe to a fund? Brutal.But what if committing capital to private equity, venture, and real estate funds was digital and seamless for investors — and scalable to manage for GPs?Meet Juniper Square, the fund operations partner to over 2,000 private markets GPs worldwide.Juniper Square gives GPs the connected software, data, and fund administration services needed for modern private markets. No matter how ambitious your next raise is, how many investors you manage, and how complex your investment vehicles are, Juniper Square empowers GPs to raise capital faster, reduce operational risk, and deliver a world-class investor experience.And with JunieAI, Juniper Square's enterprise-grade AI built for private markets, GPs can truly and finally unlock the power of AI to work smarter, move faster, and focus on relationships and returns.Scale your business, not your operational burdens and costs. Visit junipersquare.com/agm today to learn more.Show Notes00:04 Juniper Square: Revolutionizing Fund Management01:38 Welcome to the Podcast01:43 Live from Soho Beach House, Miami with EQT’s Peter Aliprantis02:43 Navigating Current Markets03:04 Volatility in Public Markets04:04 Unprecedented Market Movements05:09 Global Investment Trends05:49 Private Markets in Europe and Asia05:58 Investor Behavior and Global Opportunities07:55 Private Markets Outperforming in Europe08:05 The Wealth Channel Evolution08:35 American Exceptionalism in Investing08:56 EQT's Global Footprint09:38 Mega Trends in Global Investing10:14 Data Centers and Energy Needs12:13 Natural Gas and Carbon Capture12:55 Nuclear Energy and Modular Reactors13:42 Scale in Private Markets14:09 Evergreen Structures in Private Equity15:11 Generating Deal Flow and Co-Investment16:51 Evergreen Structures and Family-Owned Businesses17:53 Opco Structures Explained19:21 Institutional Adoption of Evergreen Structures23:16 Customizing Wealth Channel Allocations23:28 Model Portfolios in Private Markets28:02 Servicing Wealth Channel Investors30:18 Early Days in Wealth Channel Allocations30:49 Educating Investors on Alternatives31:27 Benefits of Evergreen Structures31:58 Quick Fire Questions32:15 Exciting Strategies in Private Markets33:13 Concerns in Democratizing Alternatives34:14 Using Private Markets in Portfolios35:33 Next Big Innovation: Model Portfolios35:49 Intersection of Public and Private Markets36:24 Moving Beyond the 60/40 Portfolio36:58 Conclusion and FarewellEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 12,150 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, General Atlantic, 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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🎥 SageSpring Private Wealth's Winston Justice - from protecting star quarterbacks to protecting families' wealth
Jul 23, 202500:39:14Tap to summarizeWelcome back to the Alt Goes Mainstream podcast.Today’s podcast is with an elite performer on and off the field who has gone from protecting quarterbacks to protecting families’ wealth.We sit down with former NFL and USC star Winston Justice, whose entrepreneurial spirit that was stoked while he was still playing in the NFL has led to a successful and impactful career in wealth management. He was recently named CEO at SageSpring Private Wealth, a $7B independent wealth management firm, as they look to grow organically and inorganically and expand their offerings in private markets for their clients.A former NFL offensive lineman, Winston played for the Philadelphia Eagles, Indianapolis Colts, and Denver Broncos from 2006 to 2015. He also co-founded an early stage investment vehicle, MJC Capital, and Elixr, a gourmet café and coffee roastery, while he was playing. He also won 2010 Walter Payton Philadelphia Man of the Year Award for his community service.He transitioned into financial services and wealth management post-career, starting at Wells Fargo Securities, where he specialized in institutional and family office advisory. He then was a portfolio manager at PIA’s Alternative Investment Group, and then an investment Manager at AllianceBernstein.Winston and I had a fascinating conversation. We discussed:* The parallels between sports and finance.* How Winston navigated the transition from professional athlete to a finance professional.* What stoked his entrepreneurial spirit.* Why wealth management is so critical to people’s lives. * Why culture fit is so important when integrating advisors into wealth management platforms through acquisition.* How private markets can add to an advisor’s practice.Thanks Winston for coming on the show to share your story, wisdom, and expertise.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work.Clip #1: Fear and purpose: how and why I prepared for life after the NFL.Clip #2: People will talk about anything … but when it comes to their finances, they are very guarded.Clip #3: What’s the wealth channel’s perspective on working with alternative asset managers?A word from AGM podcast sponsor, Juniper SquareWhen was the last time things were easy for GPs?Fundraising remains challenging, providing liquidity to investors is even harder—and broadly speaking, most GPs are underwater operationally.It’s not about to get easier, either. Especially for managers vying for capital from the wealth channel. Sure, there’s increased demand from HNW and UNHW investors to gain private markets exposure…but managing their expectations for the investing experience is a whole different ballgame.Reams of paper and a new KYC process every single time they subscribe to a fund? Brutal.But what if committing capital to private equity, venture, and real estate funds was digital and seamless for investors — and scalable to manage for GPs?Meet Juniper Square, the fund operations partner to over 2,000 private markets GPs worldwide.Juniper Square gives GPs the connected software, data, and fund administration services needed for modern private markets. No matter how ambitious your next raise is, how many investors you manage, and how complex your investment vehicles are, Juniper Square empowers GPs to raise capital faster, reduce operational risk, and deliver a world-class investor experience.And with JunieAI, Juniper Square's enterprise-grade AI built for private markets, GPs can truly and finally unlock the power of AI to work smarter, move faster, and focus on relationships and returns.Scale your business, not your operational burdens and costs. Visit junipersquare.com/agm today to learn more.Show Notes00:00 Introduction to Alt Goes Mainstream Podcast00:04 Our Sponsor, Juniper Square: Revolutionizing Fund Management00:30 Empowering GPS with Juniper Square00:38 Juniper Square's AI Innovation00:55 Visit Juniper Square01:37 Welcome to the Podcast01:41 Introducing Winston Justice03:29 Winston's Background and Education03:52 Starting in Business and Finance04:24 Transition from NFL to Finance04:57 Early Career in Financial Services06:54 The Importance of Wealth Management07:44 Planning for the Future07:58 Private Markets and Retirement Solutions08:13 Building SageSpring08:32 The Sacredness of Finances09:28 Managing Assets and Relationships12:13 Mentoring Advisors at SageSpring12:51 Client-Focused Advisors13:56 Balancing Growth and Client Service18:55 The Role of a True Fiduciary20:30 Educating Clients on Fiduciary Duty20:46 Trust in Financial Services33:02 The Future of Wealth Management36:13 Winston's Favorite Private Market Investments38:20 Conclusion and Final ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 12,100 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, General Atlantic, 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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🎥 Hg's Martina Sanow - unlocking opportunities to invest in Europe's largest portfolio of software and services businesses
Jul 3, 202501:13:16Tap to summarizeWelcome back to the Alt Goes Mainstream podcast.Today’s episode is with someone who has successfully built a wealth solutions business tailored to her firm’s unique strengths, expertise, and investment track record.Martina Sanow is a Partner at Hg and Head of Hg Wealth, where she is focused on building the firm’s wealth solutions offering built out of the $85B AUM firm, Hg, that invests in enterprise software.Hg, one of the top 10 largest PE firms globally based on the PEI 300 ranking, has built an impressive investment engine focused mission-critical enterprise software companies. The firm has built a portfolio that is a “transatlantic ecosystem of software and services businesses” — representing over $180B in collective enterprise value across its 55 portfolio companies.Martina has been at the firm for almost 16 years. She has been an integral part of building the firm into what it is today, helping Hg grow from $2B in AUM to $85B in AUM, previously as Deputy COO and now building the Hg Wealth business. Hg’s first wealth offering, Fusion, its flagship evergreen fund that provides access to non-US investors to Hg’s private equity funds and co-investment opportunities, has exceeded $1B in NAV just 12 months after its launch.Martina is thoughtful, strategic, and long-term oriented when it comes to building a solution that amplifies Hg’s strengths and resonates with the wealth channel. We had a fascinating discussion about how a scaled specialist like Hg can stand out in the wealth channel, unpacking the essence of who Hg is as a firm and how they’ve expressed who they are as they’ve built their wealth business.We covered:* Hg’s evolution as a firm.* Why Hg focuses on mission-critical enterprise software companies and why it’s a compelling investment thesis.* Building a wealth business that fits the mission, ethos, and strategy of the firm.* Understanding the complexity of evergreen funds.* How Martina and team think about managing dealflow and investor demand in their Fusion fund.* Learnings applied from HgTrust, the publicly listed UK investment trust, to figuring out how to educate and build brand in the wealth channel.* Why does ownership structure matter when it comes to building a wealth business? How being privately owned informs how Hg builds their wealth business.* Why Europe, why now?Thanks Martina for coming on the show to share your wisdom and expertise at the intersection of enterprise software, private equity, and private wealth.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work.Clip #1: Software is not a sector anymore. What’s the investment thesis for software investing?Clip #2: What are mission-critical software businesses and what do you look for in those businesses?Clip #3: Why and how to build a wealth business?A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Show Notes00:00 Introduction and Message from Ultimus, our Sponsor01:18 Podcast Opening Theme01:55 Introduction to Today's Guest: Martina Sanow04:48 Martina's Journey at Hg: Detailed Discussion04:55 Hg's Growth and Specialization05:20 Hg's Entrepreneurial Culture06:15 Building a Wealth Business Aligned with Hg's Culture07:22 Importance of Cognitive Diversity07:48 Building a Diverse and Effective Team13:21 Hg's Entrepreneurial Culture and Learning14:34 Specialization in B2B Software15:01 Focus on Mission Critical Software17:59 Hg's Investment Criteria20:14 Case Study: Visma21:49 Investing in Europe: Challenges and Opportunities30:10 Hg's Wealth Business Strategy38:02 Balancing Demand and Deal Flow38:15 Investment Team Orientation38:33 Fund Strategies and Co-Investments39:11 Managing Quarterly Subscriptions39:40 Growth and NAV Management40:19 Balancing Wealth and Institutional Demand40:33 Privately Owned Firm Benefits41:20 Realization Committee and Evergreen Structure44:11 Liquidity Management Challenges47:41 Institutional Investors Adopting Evergreens49:16 Retail vs. Wealth Investors50:51 Listed Trust and Wealth Business52:14 Building the Wealth Business54:10 Strategic Importance of Wealth Capital56:45 Innovation and Partnerships in Wealth Space01:00:29 Brand Building and Education01:02:29 Software as a Core Investment01:04:47 Community and Founder Investments01:07:26 Software Summit and AI Immersion01:08:20 Value Creation and Network01:09:16 Portfolio Synergies and Acquisitions01:10:37 Future of Wealth Business01:11:11 Favorite Investment: Fusion01:12:05 Investing Alongside Clients01:12:59 Conclusion and Final ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 11,800 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 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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