Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets

Gary Tenkman, CEO of Ultimus Fund Solutions with 30+ years in fund administration, leads a tech-enabled firm serving mutual funds, ETFs, retail alts, and evergreen private market structures. He discusses data standardization and automation, AI pilot uses, the rise and complexity of evergreen and hybrid products, distribution and due diligence for retail alts, and where infrastructure investment can accelerate growth.

In this discussion, Sara Naison-Tarajano, a seasoned Partner at Goldman Sachs with over 25 years of experience, delves into the unique needs of family offices. She shares insights on the intersection of private markets and wealth management, emphasizing how her background in public markets informs her approach. Sara explains the purpose of the Apex Family Office initiative, highlights trends in co-investing, and discusses the growing appetite for alternatives among family offices. Throughout, she underscores the importance of education and long-term strategies in wealth management.

Cyrus Gentry, Managing Director and CEO of SP+ INFRA at Stonepeak, brings his extensive background in private equity to the world of infrastructure investing. He discusses the importance of data centers as critical infrastructure, including the risks and opportunities they present. Cyrus shares insights on the unique characteristics that make interconnection hubs valuable assets and the strategic approaches Stonepeak employs to minimize risks. He also highlights how infrastructure fits into wealth portfolios, emphasizing its role as an inflation hedge and source of income.

Sean Connor, Senior Managing Director and CEO of Global Private Wealth at Blue Owl Capital, dives into the secrets behind his firm's impressive growth. He discusses how diversification and a focus on megatrends are crucial in today's market. Connor emphasizes the evolving landscape of advisor education and the importance of designing products based on client needs. He highlights significant opportunities in private markets, especially in retirement planning, and shares his insights on scaling operations while maintaining an entrepreneurial spirit.

In this conversation, Jean Eric Salata, Chairperson of EQT Asia and a pioneer in Asian private equity, shares insights from his journey starting BPEA and its merger with EQT. He discusses how his 'outsider' perspective helped him identify investment opportunities and emphasizes the unique cultural landscape of Asia. Jean elaborates on the advantages of a collaborative investment approach and the evolving exit market dynamics. Leadership lessons highlight the importance of humility and fostering a culture of continuous learning.

Lawrence Calcano, Chairman and CEO of iCapital who leads a $300B+ platform for advisor and individual access to private markets. He recounts his Asia trip and the region's rising appetite for alternatives. Discussion covers how wealth management structures differ globally, evergreen products expanding access, GPs building local distribution, and data-driven personalization for advisors.

It all comes back to the DNA.The firms that know who they are will know who to be.You can learn a lot about an investment firm by listening to what they say.Alt Goes Mainstream’s AGM Originals Series - The DNA: Capturing Culture - is dedicated to capturing the DNA of a firm by listening to what they say.The first season of The DNA stars EQT. In Stockholm, at EQT’s AIM this past summer, I sat down for conversations with nine EQT executives.Each executive came from different parts of the firm — and different parts of the world.Each had fascinating backgrounds and stories about how they ended up in private markets and worked to build EQT.But there was a single throughline threaded throughout all of the discussions: the consistency and frequency that each executive talked about the firm’s mission, vision, culture, and values.That’s why it all comes back to the DNA.Episode 1 features EQT Founder and Chairperson Conni Jonsson. Conni founded EQT Partners AB in 1994. He has been Managing Partner since the company's foundation and as from March 1, 2014, Conni is full time working Chairperson.Prior to founding EQT Partners AB, Conni was employed by the Wallenberg Family Holding Company for seven years as Executive Vice President.Conni Jonsson graduated from the University of Linkoping in 1984, Bachelor of Science with majors in Economic Analysis and Accounting & Finance, and he has participated in the Program for Management Development at the Harvard Business School.Please enjoy this conversation with one of the industry's leaders in Conni Jonsson.You can stream all the episodes on AGM’s YouTube channel at AltGoesMainstreamAGM.Show Notes 00:00 The DNA: Capturing Culture Episode 100:21 EQT's Origins and Global Reach01:38 Conni Jonsson's Background and Journey02:00 Founding EQT: Embracing Uniqueness04:03 Balancing Responsibility and Financial Outcomes05:09 The Wallenberg Family's Influence06:36 Long-Term Thinking in Investing07:20 Operationalizing Long-Term Values08:13 EQT's Distinct Investment Approach10:12 The Importance of Culture in Business11:28 EQT's Focus on Core Competencies12:53 Global Investment Strategies13:20 Engaging with Institutional and Wealth Investors14:15 Educating the Wealth Channel17:10 Diversification and Global Exposure18:19 Investing in Asia: Structural Alpha20:40 Mitigating Political Risks20:47 Future Skills in Private Markets22:51 Aligning Good Business with Good Returns24:38 Conclusion: The Winner Takes It All

David Breach, President and COO of Vista Equity Partners, shares insights from his journey in building a powerhouse in software investing. He discusses the evolution of Vista to over $100B in AUM and the importance of operational diligence in achieving success. Breach highlights opportunities within enterprise software, emphasizing recurring revenue and resilience. He also explores how GenAI enhances software products and workflows, creating real value while advising on the critical need for upskilling employees in an AI-driven world.

Anneka Treon, Global Head of Private Banking at ING, and Johan Kloeze, Head of Private Banking Netherlands, share insights from their extensive experience in private wealth management. They discuss ING's commitment to making private markets accessible and addressing the challenges around traditional funding methods. The duo emphasizes the importance of educating both advisors and clients on private markets, using relatable analogies like 'fast money versus slow money'. They also highlight how technology can enhance investment literacy and the value of curated evergreen funds.

Join Armen Panossian, Co-CEO and Head of Performing Credit at Oaktree, as he shares insights from his extensive career in credit investing. He discusses Oaktree's evolution since its acquisition by Brookfield and highlights how private credit is more than just direct lending. Armen warns about crowding in the credit market while emphasizing alpha opportunities like rescue lending and asset-backed finance. He also offers valuable advice for advisors on navigating private credit strategies, all while maintaining a 'long-term greedy' mindset.