191. Carlyle's Head of Global Wealth, Shane Clifford on Why It's Time to Rethink Private Markets

Nov 8, 2025

In a captivating conversation, Shane Clifford, Head of Global Wealth at Carlyle, clarifies the role of private market capabilities for individuals. He explains why the term 'alternatives' is outdated and discusses new fund structures like perpetual funds. The importance of education and transparency in democratizing access to private markets is emphasized, along with the potential for retirement investment. Shane also shares insights on how firms can connect with Gen Z and the strategic growth areas for Carlyle, including credit expansion and insurance.

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INSIGHT

Private Capital Is Becoming A Wealth Channel Staple

Private-market capabilities are moving from institutions into the wealth channel via intermediaries like banks and advisors.
Carlyle aims to offer institutional-grade private capital to everyday clients through those intermediaries.

ADVICE

Choose Evergreen Funds For Simpler Access

Prefer evergreen/perpetual structures for simpler access and single upfront subscriptions when available.
Expect semi‑liquid behaviour: monthly subscriptions and quarterly limited redemptions, not full liquidity.

INSIGHT

Drop 'Alts' — Think Public Vs Private Capital

The term 'alternatives' is outdated; investors should think in terms of public versus private capital.
True diversification today requires access to both private and public capital sets.

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We are thrilled to present a SPECIAL EDITION of The Wall Street Skinny. This episode, recorded live at Carlyle’s NYC offices, is a candid interview with one of our most impressive (yet shockingly down-to-earth) guests to-date: Shane Clifford, Carlyle’s Head of Global Wealth.

If you’re wondering how “Global Wealth” fits into one of the world’s most prestigious private equity mega funds, you’re not alone. We set the record straight about what Global Wealth is, how it relates to the rest of the business, and how it is reshaping the investing landscape. Historically, access to private markets was typically reserved for institutional investors. Today, Carlyle is opening select private market capabilities to the wealth channel, all while raising the bar on transparency and education.

We discuss the shifting market environment, explain why the term “alternatives” has become anachronistic, and dig into what “responsible democratization” really requires: specific fund structures (think evergreen/perpetual vs. interval funds), liquidity education, disclosure, and portfolio construction that behaves differently than it does in the public markets.

Shane explains areas which areas he thinks may see the most growth in the near term, and we dig into what allowing individuals to access the private capital markets via defined contribution plans (i.e., 401(k) investments) *might* mean for everyday investors should those changes come to pass.

This is also a “Distribution 101” playbook, where we learn the ropes of a career path that wasn’t even an option to us during our time in the industry.

Finally, Shane shares practical career and storytelling advice for emerging talent (hello, Gen Z), why persistence beats perfect résumés, and how social media is changing distribution. Bonus: a peek at Carlyle × Oracle Red Bull Racing, plus a stat we loved: nearly 50% of assets at Carlyle are managed by female investors.

If you advise clients or want to work in the private capital ecosystem, take note. Carlyle is changing how the world accesses the private markets, and this episode will change how you think about private capital altogether.

The information provided in this podcast is for informational and educational purposes only and should not be construed as investment, financial, legal, or tax advice.

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