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Investing with an Evergreen Lens Series with iCapital and Vista Equity Partners, KKR, Hamilton Lane: Ep. 2 - KKR's Doug Krupa

Dec 18, 2024

Doug Krupa, Managing Director at KKR, shares his expertise on making private markets more accessible. He discusses the evolution of investment strategies and the importance of innovative fund structures. The conversation highlights the growing acceptance of evergreen investment strategies and their potential to democratize access for individual investors. Doug also touches on the challenges faced in this space and KKR's commitment to enhancing the investment experience across the wealth channel.

41:00

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Episode guests

Nick Veronis

Doug Krupa

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Episode notes

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Quick takeaways

The podcast discusses the evolution of private markets, emphasizing the need for innovative structures like evergreen funds to enhance accessibility and reduce investment complexity.

It highlights the historical benefits of private market investments for specific pensions and the growing effort to democratize such opportunities for the mass affluent and high-net-worth individuals.

Deep dives

The Evolution of Private Markets Access

The podcast highlights the historical shift in access to private markets, emphasizing how certain pensions, like the New York City's firefighter pension, significantly benefited from early investments in private markets. These pensions achieved superior returns, showcasing that private market allocations were not as mainstream in the late 90s as they are today. The speaker's personal journey reflects a desire to democratize private market access for other investors who previously lacked opportunities. This ongoing evolution aims to make the advantages of private markets, such as lower volatility and higher yields, available to a broader audience, particularly the mass affluent.

Intro

4min

Navigating Private Markets and Evergreen Structures

18min

Educating Advisors on Evergreen Investments and Private Markets

5min

Redefining Investment: From Alternatives to Private Markets

8min

The Rapid Evolution of Evergreen Investment Strategies

5min

Exploring Product Innovation in Alternative Investments

2min

Everyone is talking about evergreens.

Alt Goes Mainstream has collaborated with iCapital and Co-Founder & Managing Partner, Head of Portfolio Management Nick Veronis to dive into the evergreen question with some of the leading practitioners in private markets.

This three part series with industry experts from Vista Equity Partners, KKR, and Hamilton Lane shines a light on one of the fastest-growing areas in private markets and its impact on the wealth channel.

The three part series features:

Vista Equity Partners Managing Director, Global Head of Private Wealth Solutions Dan Parant.
KKR Managing Director, Head of Americas, Global Wealth Solutions (GWS) Doug Krupa.
Hamilton Lane Managing Director, Co-Head US Private Wealth Solutions Stephanie Davis.

Please enjoy the second episode of the series as Nick and I talk with KKR's Doug Krupa.

Show Notes
00:23 Doug's Background in Private Markets

01:18 Early Career as a Financial Advisor

01:55 Understanding Overfunded Pensions

02:47 Focus on Making Private Markets Accessible

03:12 Building Innovative Solutions at KKR

03:25 Evolution of Wealth and Asset Management

03:55 Challenges in Private Markets

05:05 Partnering with KKR

05:55 KKR's Commitment to the Wealth Channel

06:04 Innovations in Fund Structures

06:59 The Conglomerate Model

07:15 KKR's Approach to Wealth Channel

07:46 Expanding Access to Private Markets

08:34 Delivering the Same Investment Experience

09:36 Maslow's Hierarchy of Needs for Wealth Channel

09:59 Legislation and Access to Private Markets

12:56 Evergreen Structures vs. Conglomerate Model

17:37 Investor Behavior in Evergreen Structures

18:12 Adoption of Evergreen Strategies

21:24 Educating the Industry on Evergreen

22:55 The Shift from Public to Private Markets

24:00 KKR's Educational Initiatives

26:06 Rebranding Alternatives as Private Markets

28:53 Partnerships and Hybrid Solutions

29:04 Market Structure Evolutions

31:11 Future of Private Markets

32:32 Dominant Players in Private Markets

34:18 Rapid Adoption of Evergreen Strategies

34:59 Disruption in the Industry

35:18 Final Thoughts on Private Markets

38:58 Closing Remarks

39:06 Disclaimer and Legal Information

40:55 Copyright Information

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