Private markets have solved origination. The products are built. The constraint now is a wealth management tech stack built for mutual funds and ETFs that cannot run semi-liquid products at scale.

Jake Walker is Partner and COO of Client & Product Solutions at Apollo, where the wealth distribution build he has spent five years running has gone from zero to more than $17 billion in annual channel raises. Private markets are joining the $147 trillion world of traditional asset management. The infrastructure needed to carry them hasn't kept pace.

His read: the fix costs $400 to $800 million spread across 50 to 70 endpoints. "Pennies for everybody," he says. But the problem isn't money. It's coordination. Every industry that hit this moment solved it the same way. The wealth management ecosystem never has.

In this episode of the Modern Capital Podcast, Jake and Marc cover:

Why the wealth management stack breaks when semi-liquid products arrive at scale
How omnibus accounts could unlock distribution and what needs to be true for subscription documents to disappear
Apollo's push for estimated daily value across its entire credit book
The Netflix parallel: what Reed Hastings had to build before anyone could stream (and what private markets needs to build before it can distribute)
Whether asset managers become hardware providers or build the coalition that makes it unnecessary

"I want the rail to be ubiquitous... we need it ubiquitous because I think if the market grows, our firms will grow. I will compete on brand, and content, and client service, and investment performance. I will not need to compete on how the infrastructure works."

The money is in motion. The rails aren't ready. And the only path forward is a level of collaboration that this industry has never been forced to attempt before.