Helping wealth advisors adopt GenAI

Welcome back to the Alt Goes Mainstream podcast.

Today’s episode dives into the nuances of enterprise software and how to build a scaled specialist alternative asset manager.

We sat down in Vista’s NYC office with David Breach, Vista’s President and Chief Operating Officer.

David sits on Vista’s Executive Committee, the firm’s governing and decision-making body for matters affecting its overall management and strategic direction as well as the firm’s Private Equity Management and Vista’s Private Equity Funds’ Investment Committees. David is also the Co-CEO of VistaOne, Vista’s evergreen private equity vehicle, and serves on the Investment Committee and Board of Directors. He also sits on the boards of Vista portfolio companies Jamf, Solera, and Stats Perform.

David, who has been instrumental in helping the firm chart its growth path to over $100B in AUM, joined Vista in 2014 after as a career as a Partner at law firm Kirkland & Ellis, where his practice focused on the representation of private equity funds in all aspects of their business. David was a member of K&E’s 15-person global executive management committee and a founding partner of its San Francisco office.

David and I had a fascinating and thought-provoking conversation about private markets and Vista’s evolution as a firm: 

• How and why Vista has become a “scaled specialist.”
• The journey from $13B in AUM to $100B.
• The opportunity in enterprise software investing and how enterprise software is an expanding market opportunity.
• The reason why Vista decided to build out a dedicated wealth solutions business.
• How firms can differentiate in the wealth channel.
• How firms can be measured and thoughtful with how they build evergreen solutions.
• The opportunity for large companies to adopt GenAI for cost-savings and revenue generation.
• The skills that might be valuable in the age of AI.

Thanks David for coming on the show to share your wisdom and expertise in private markets.

Show Notes
00:00 Introduction to our Sponsor, Ultimus

01:59 Welcome to the Alt Goes Mainstream Podcast

02:07 Introducing David Breach

03:30 David Breach's Career Journey

05:22 Transition to Vista Equity Partners

06:03 Joining Vista and Initial Impressions

06:30 Vista's Vision and Growth

09:03 Operational Excellence at Vista

10:35 Investment Strategy and Alignment

13:27 Scaling Vista's Operations

16:44 Building Vista's Wealth Business

17:04 Vista's Core Values and DNA

19:29 Strategic Decisions in Wealth Management

20:19 Educating on the Wealth Space

20:46 Modeling and Investment Decisions

21:42 Hiring and Team Building

22:07 Balancing Opportunity and Capacity

22:29 Evaluating Firm's Commitment

23:47 Institutional Investors' Concerns

24:48 Addressing Investor Concerns

25:22 Industry Trends in Private Markets

26:16 The Growth of Private Software Companies

28:46 The Resilience of Software Businesses

29:36 Diversification in Software Investments

30:33 The Role of Generative AI in Software

32:54 Operational Improvements with GenAI

33:32 Product Enhancements with GenAI

33:49 Agentification of Software

34:51 Financial Impact of AI on Software Companies

36:41 GenAI in Middle Market Companies

37:25 Vista's Edge in GenAI

38:27 CEO Perspectives on GenAI

39:04 Encouraging AI Adoption in Companies

42:37 The Human Element in the Age of AI

43:26 Preparing Teams for AI Integration

45:37 Advising Wealth Managers on GenAI

48:26 Vista's Vision for the Future

49:49 Building a Software Investing Factory

50:42 Excitement for the Future

Editing and post-production work for this episode was provided by The Podcast Consultant.

A word from AGM podcast sponsor, Ultimus Fund Solutions

This 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.