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

Welcome back to the Alt Goes Mainstream podcast.Today we sit down with a technology and fund services veteran who has worked with many of the industry’s largest asset managers.Cesar Estrada is Private Markets Head at Arcesium, a global financial technology company delivering pre- and post-investment operations and enterprise data management solutions designed to systematize the most complex workflows.Arcesium was built from a platform developed and tested by investment and technology development firm, the D. E. Shaw Group, and launched as a joint venture with Blackstone Alternative Asset Management. J.P. Morgan, another large client, later made a strategic investment in the company, helping Arcesium further its mission: to power the entire investment lifecycle.Cesar is responsible for Arcesium’s data management and investment operations technology and services offered to private markets fund managers and investors. Previously, he served as Senior Managing Director and Alternatives Business Head for North America at State Street — a role in which he drove the growth agenda for a business with approximately $1 trillion in Assets Under Administration by leading new product launches, expansion into new client segments, strategic partnerships, and acquisitions. He served on the board of State Street Fund Services Inc. Prior to that, as a Managing Director at J.P. Morgan, Cesar led the Private Equity & Real Estate Funds Services business from launch to $350B AUA.Cesar and I had a fascinating conversation about the impact of technology and automation on private markets. We discussed:What private markets going mainstream means for pre- and post-investment operations.Why alternative asset managers need to have technology solutions to manage, track, and analyze data and workflows if they want to scale.The biggest challenges that alternative asset managers face as they handle the increase in data management, more funds, and more investors.What technology or workflow solutions are still missing.How much AI will impact technology workflows in private markets.Why ABF has become such an important part of the private credit ecosystem.Thanks Cesar for coming on the show to share your wisdom and experience in private markets.Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM’s podcasts.You can also see a recent Q&A with Cesar on AGM here.If you want to learn how Arcesium is delivering the technological infrastructure required to manage the complexities of asset-based financing, you can download their white paper here and read thoughts on the asset-based finance space from Arcesium’s Private Markets Head and industry veteran Cesar Estrada.Show Notes00:00 Introduction and Welcome to the Alt Goes Mainstream Podcast00:39 Guest Introduction: Cesar Estrada02:37 Cesar's Background02:57 Cesar's Career Path03:35 Evolution of Fund Services Industry04:49 Arcesium's Core Competencies05:06 Technology in Private Markets05:27 Arcesium's Joint Venture Origins06:12 Technology Architecture07:11 Client-Centric Ownership Model07:18 Building for the Biggest07:46 Solving Complex Problems08:44 Challenges and Solutions in Data Management10:28 Data Silos in Asset Management10:53 Roadblocks to Technology Adoption11:41 Operations and Technology Bottlenecks12:31 Strategic Imperatives for Growth14:20 Hiring and Strategy in Asset Management15:55 Point Solutions vs. End-to-End Solutions17:27 Role of the CTO18:21 Build vs. Buy Decision19:22 Investment Team's Understanding of Technology19:22 The Impact of AI and Future Innovations20:07 Technology's Leverage for Smaller Firms21:36 Consolidation in Private Markets22:22 Technology for Scaling Firms22:40 Flexibility in Private Markets23:05 Technology in Private Credit and ABF25:35 Volume Problem in ABF25:55 Data Ecosystem in ABF27:10 Wealth Channel and Evergreen Products28:04 Product Innovation in Private Markets28:45 Future of Private Markets30:05 Technology Selection Process30:51 User Experience in Technology31:40 Consumer Experience in Private Markets33:06 Hands-On Technology Evaluation33:42 Reducing Operational Headcount34:02 Gen AI in Asset Management35:33 Future Impact of Gen AI36:20 Marrying People and Technology37:01 Next Phase in Asset Management Technology39:16 Cesar's Personal Investment Views40:40 Conclusion and Final ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant. 

Welcome to the 16th episode of the Monthly Alts Pulse, a collaboration between iCapital x Alt Goes Mainstream. We were live from iCapital Connect’s conference in Phoenix to announce a ground-breaking partnership in private markets: a collaboration between BlackRock, iCapital, and GeoWealth, where models that include both public and private markets exposure through a unified managed account (UMA) are now available to advisors.I sat down with Jack Hannah, the President & COO of GeoWealth, and Michael Doniger, SVP, Partnerships at iCapital, to discuss the technology and market structure innovation of the UMA and how private markets can play a role in model portfolios.In this live, unscripted episode, Jack, Michael, and I had a fascinating and lively discussion. We covered:An introduction to the partnership between BlackRock, iCapital, and GeoWealth.Incorporating private markets into UMAs.The private markets integration workflow.Customization and “sleeving” in UMAs.Thanks Jack and Michael for a great episode … looking forward to next month’s Monthly Alts Pulse conversation!Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM’s podcasts.Show Notes00:00 Introduction and Guest Welcome00:34 Evolution of UMAs in Private Markets01:03 Incorporating Alternatives into UMAs01:32 Private Markets Integration Workflow02:41 Challenges and Solutions in UMA Implementation03:32 Customization and Sleeving in UMAs04:32 Client-Centric Solutions and Advisor Needs05:21 Early Adoption of Private Market Solutions06:17 Building a Robust Model Marketplace08:37 Future of Model Portfolios and UMAs13:10 Post-Investment Processes and Technology14:17 Data Solutions and Performance Reporting15:06 Growth Projections for UMAs and Private Markets16:09 Conclusion and Final Thoughts16:12 Closing Remarks and Thank You

Welcome back to the Alt Goes Mainstream podcast.Today’s episode is with someone responsible for growing the footprint of one of the largest private markets businesses in the industry.We sat down at Goldman Sachs’ 200 West office with Kyle Kniffen to discuss the evolution of the firm’s work with the wealth channel and how an intensified focus on private markets is helping to drive the firm’s strategic imperatives in asset and wealth management.Kyle is a Managing Director, Global Head of Alternatives, Third Party Wealth, at Goldman Sachs, which has over $500B of AUM in private markets. He’s responsible for the distribution of both Goldman Sachs private markets products and third party products to the wealth channel.Kyle and I had a fascinating conversation about the most pressing trends and questions in private markets. We discussed:How lessons learned from traditional asset management have helped Goldman with its private markets business.The benefits of a broad platform when it comes to helping the wealth channel navigate private markets.Why advisors should integrate private markets solutions.How to build a wealth channel business.How to think about evergreen funds versus closed end funds.The next innovation in productization.Why co-investments are becoming more popular with the wealth channel.Are evergreen funds here to stay?Thanks Kyle for coming on the show to share your wisdom and expertise.Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM’s podcasts.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis 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.Show Notes00:42 Introduction to the Podcast and our Guest02:00 A message from our Sponsor, Ultimus Fund Solutions04:06 Kyle’s Background and Journey04:18 Wealth Channel Strategies and Insights05:06 Goldman's Heritage in Private Markets05:28 Client Demand for Thought Partnership06:13 Public Markets Perspective07:07 Consultative Sales Approach07:21 Lessons from Institutional Segment09:05 Quality of Investment Flow10:51 Serving the Third Party Wealth Channel12:53 Client Segmentation and Customization15:16 Global Reach and Relationship Building22:43 Product Innovation and Future Trends27:12 Balancing Client Needs in Alternative Investments27:47 Who Should Invest in Alternatives?28:36 Asset Liability and Liquidity in Investment Strategies29:28 Technology Innovations in Private Markets30:00 Exciting Progress in Alternative Strategies30:46 Transparency and Communication in Investments31:14 The Puzzle of Private Market Structures31:54 Post-Sale Transparency and Investor Experience33:27 Engaging Clients Through Brand and Marketing35:37 Customization in Wealth Management37:24 Educating Advisors on Private Markets37:47 Delivering Unique Insights and Education39:01 Goldman Sachs Investment University41:09 Lessons from ETFs and Mutual Funds41:54 The Importance of Performance and Education43:11 Tools for Advisors and Real-Life Applications44:06 Understanding Private Markets' Impact on Portfolios47:19 Excitement Around Private Equity Secondaries49:02 Advisors' Interests in Tax-Advantaged Strategies49:47 The Role of Liquidity in Private Markets50:35 The Importance of Scale in Private Markets51:38 Future of Private Equity Secondaries52:14 The Permanency of Secondary Markets52:52 Conclusion: The Benefits of a Global Platform Editing and post-production work for this episode was provided by The Podcast Consultant.

Welcome back to the Alt Goes Mainstream podcast.Today’s episode is with a wealth channel veteran who has an innate and developed view of working with wealth.We sat down in the studio with Adam Bobker. Adam joined Fortress Investment Group in 2022 to build out their wealth business as Managing Director, Global Co-Head of Private Wealth Solutions. He oversees strategy, distribution, marketing, product development, and client management activities across Fortress’ investment programs.Prior to joining Fortress, Adam was a MD and Head of the Private Wealth Advisory Group at BlackRock, where he spent 22 years. He led a team focusing on private wealth management and institutional consultant channels, as well as business development for BlackRock’s hedge fund, private equity, private credit, and real asset platforms.Adam and I had a fascinating conversation about how to build a wealth solutions business. We discussed:The entrepreneurial nature of building a business for the wealth channel.Lessons that can be learned from other industries.Why selling into the wealth channel is like being a doctor.Why understanding the DNA of an asset management firm matters when building a wealth solutions business.What Adam looks for in a successful distribution professional and when building a distribution team.How to create scalability and leverage with a distribution team.How to structure products for the wealth channel.How to get into model portfolios.Thanks Adam for coming on the show to share your wisdom and expertise in private markets and wealth management.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis 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.Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM’s podcasts.Show Notes00:00 Introduction to our Sponsor, Ultimus Fund Solutions01:23 Podcast Theme Song02:01 Introduction to Today's Guest: Adam Bobker02:40 Building a Wealth Solutions Business03:40 The Importance of Client Relationships04:09 Understanding Client Needs05:10 Evolution of Wealth Management07:04 The Role of Education in Wealth Management07:14 Innovative Investment Structures08:22 Model Portfolios and Custom Solutions13:05 Strategic Partnerships in Wealth Management17:30 The Importance of Technology in Wealth Management18:18 Adam's Transition to Fortress18:36 Building a Wealth Business at Fortress19:00 Innovative Strategies at Fortress20:13 Focus Areas for Fortress Wealth Business21:22 Evergreen Structures in Wealth Management22:08 Advisor Psychology and Evergreen Structures23:57 Suitability of Strategies for Evergreen Funds25:14 Managing Evergreen Funds27:12 Opportunities in Real Estate Credit27:55 Investor Hesitation and Education28:03 Immediate Exposure with Semi-Liquid Funds28:33 Are Evergreen Structures Better for Investors?28:39 The Future of Investment Strategies28:57 Industry Flows and Semi-Liquid Funds29:20 Impact on Alternative Asset Management29:29 Consolidation and Strategy Expansion29:58 Focus on Whole Portfolio Delivery30:31 Building a Strong Team31:17 Consultative Sales Approach31:56 Effective Communication in Wealth Management32:58 Importance of Brand in Asset Management33:38 Client Experience and Technology Providers34:03 In-House vs. Third-Party Services36:34 Mainstreaming Private Markets37:24 Commitment to Wealth Channel39:11 Transforming Investment Strategies39:50 Art and Science of Portfolio Construction42:08 Transparency and Liquidity in Private Markets43:05 Product Innovation and Asset Liability Mismatch45:45 Evergreen vs. Closed-End Funds47:27 Evolution of Fund of Funds Business48:22 Wealth Platforms and Private Markets49:51 Convergence of Institutional and Wealth Management51:10 Future of Alternative Asset Management51:54 Fee Compression in the Industry53:07 Raising Allocation to Alternatives55:14 Innovative and Pioneering Strategies Editing and post-production work for this episode was provided by The Podcast Consultant.

Welcome back to the Alt Goes Mainstream podcast.Today’s episode is with someone who is an expert on the RIA market and the wealth management business model.We talk with Karl Heckenberg, the President & Managing Partner of Constellation Wealth Capital, an investment firm that recently closed on a $1B debut fund dedicated to providing differentiated, long-term capital solutions to well-positioned independent wealth management firms in the $8T and growing wealth management sector.Karl’s deep experience in wealth management as both an investor, from his time as the CEO of Emigrant Partners and its affiliated company, Fiduciary Network, and time on the advisor side at Merrill Lynch, A.G. Edwards & Sons, Wells Fargo, and Charles Schwab, puts him in a position to understand the inner workings of wealth management businesses. He’s also sat on the boards of Sarasota Private Trust Company, New York Private Trust Company, and Cleveland Private Trust Company, and is currently on the board at Alternative Fund Advisors.CWC has made investments into some of the industry’s leading wealth management firms, including AlTi Global, Cresset Partners, AlphaCore, Lido, and others.Karl and I had a fascinating conversation about the evolution of the wealth management industry and why it’s become such an attractive investment opportunity. We discussed: The intricacies of business growth and serving clients.Why private markets are such a critical component to differentiating a wealth management firm.Why we’ll see a $1T independent wealth management business in the coming years.The parallels between the business evolution of alternative asset managers and wealth managers.Thanks Karl for coming on the show to share your wisdom and expertise at the intersection of wealth management and private markets.Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM’s podcasts.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis 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.Show Notes00:00 Introduction to our Sponsor, Ultimus Fund Solutions01:18 Podcast Opening Theme01:57 Introduction to Today's Guest: Karl Heckenberg03:57 Karl Heckenberg's Background and Career Journey06:10 Early Days of Wealth Management07:41 Post-GFC Evolution of RIAs08:59 Understanding the Independent Wealth Management Space10:15 Growth and Scale in Wealth Management12:17 Challenges and Opportunities in Wealth Management15:02 Importance of Client Experience19:34 Investment Strategies in Wealth Management20:07 Ownership and Equity Distribution20:54 Minority vs. Control Investments23:08 M&A in Wealth Management23:23 High-Quality Firms and Client Experience23:59 Capital Needs and Growth24:55 Advisory Services and Value Addition25:32 Comparisons with GP Stakes27:39 Durability and Resilience of Wealth Management Firms29:08 Exit Strategies and Public Market Potential29:40 Valuations and Capital Providers31:46 Future of Public Market Exits34:24 Compounding Growth and Returns35:05 Distribution and Liquidity35:34 Investment Grade Assets and Equity Returns35:47 Answering Key Investment Questions36:38 Investor Concerns and Market Dynamics36:59 Investment Buckets and Flexibility37:25 Private Wealth vs Institutional Investors38:02 Network Effects and Synergies38:27 Hesitations and Value Add of Constellation39:13 Collaborative Best Practices39:43 LP Side and Fundraising Timing40:08 Understanding the Wealth Channel40:24 Retail Distribution and Success Strategies41:05 Product Structuring and Client Diversification41:19 Impact of Technology on Wealth Management42:26 Importance of Private Markets Knowledge43:44 Diversification and Institutional Approach44:52 Challenges and Opportunities in Private Markets46:20 Advisors' Education and Differentiation48:26 Balancing Customization and Scalability49:32 Operational Efficiency and Retail Products51:16 Listening to Wealth Channel Needs51:30 Yield-Oriented Products and Diversification53:28 Educational Resources and Client Engagement54:14 Growth of Wealth Channel and Private Equity55:50 Consolidation and Future of Wealth Space58:35 Succession Planning and Client Experience01:04:37 Future of Wealth Management and Private Markets01:06:05 Closing Thoughts and Future Predictions Editing and post-production work for this episode was provided by The Podcast Consultant.

Jaime Magyera, Managing Director at BlackRock, discusses a groundbreaking partnership with iCapital and GeoWealth. They unveil a new unified managed account (UMA) that streamlines public and private market investments for wealth advisors. Magyera highlights the current challenges advisors face in allocating private investments and emphasizes the importance of scalability and customization. The conversation also explores the evolving market structure and the future of integrating public-private models, aiming to enhance portfolio efficiency for clients.

Welcome back to the Alt Goes Mainstream podcast.Today’s episode is with a private markets veteran who has been working in the wealth channel before it was considered "the wealth channel."We sat down in the studio with Peter Aliprantis. Peter joined EQT in October 2024 as a Partner and Head of Private Wealth Americas. He’s hit the ground running to build out a wealth team in the Americas and help continue to grow the EQT brand in the US.Peter brings a wealth of knowledge to the private wealth solutions world, garnering over 25 years of experience in the space. Prior to joining EQT, Peter spent 12 years at TPG Angelo Gordon as a Managing Director, where he focused on new business development and intermediary distribution.Peter and I had a fascinating conversation about everything from the early days of the wealth channel to the evolution of product innovation in private markets. We discussed:What working in the wealth channel was like before it was called “the wealth channel.”How to build a new brand in a different geography.How not being the loudest voice in the room can be effective when working with the wealth channel.How education helps to serve distribution efforts and how an innovative and unique approach to education with EQT’s ThinQ platform has helped build brand, trust, and credibility.Why institutions are also beneficiaries of the innovation with evergreen structures that were initially designed for the wealth channel.How product innovation will continue in the wealth channel.How model portfolios will evolve.Thanks Peter for coming on the show to share your wisdom and expertise.Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM’s podcasts.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis 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.Show Notes00:00 Introduction and Message from our Sponsor, Ultimus01:57 Welcome to the Podcast02:05 Introducing Peter Aliprantis02:20 Peter's Career Background03:31 Early Days in Private Wealth04:25 Changes in Wealth Distribution05:55 Post-Financial Crisis Shifts06:37 Growth of the Wealth Channel07:14 Building a Wealth Business at Angelo Gordon07:59 Convincing Firms to Invest in Wealth08:59 Importance of Investment Teams10:18 Key Skills for Wealth Channel Success12:46 Joining EQT and Brand Building13:07 Building EQT's Wealth Platform14:56 Brand Building in the Wealth Channel15:32 Expanding EQT's Presence16:10 Strategies for Engaging the Wealth Channel16:45 Segmenting the Wealth Channel19:57 Challenges in RIA Relationships20:28 Importance of Relationship Building21:25 Bespoke Products for Wealth Channel22:10 Institutional vs. Wealth Channel Products22:56 Evergreen Structures for Institutions23:20 Future Trends in Wealth Management23:27 Becoming a Solutions Provider in the RIA Channel23:47 Creating Model Portfolios25:31 The Future of Wealth Management27:04 Challenges for Smaller Firms27:38 Importance of Shelf Space28:35 Sales Strategies in Private Banks29:42 The Role of Scale in Wealth Channels30:27 Balancing Growth and Performance31:07 Global Investment Strategies and Performance33:13 Building a Brand in the U.S. Wealth Channel34:29 Differentiating in the Wealth Channel36:43 Advisory vs. Sales Approach38:18 Evergreen Funds vs. Drawdown Structures39:53 Investor Psychology and Evergreen Structures41:41 Changing Dynamics of Private Markets43:01 Family-Owned Business Culture44:30 Nordic Cultural Values45:15 Long-Term Mindset in Private Equity45:53 Building the Wealth Business46:14 Bespoke Products for Wealth Channels46:42 Seeding Evergreen Structures47:08 The Race to Win the Wealth Channel47:29 Manager Diversification47:08 The Race to Win the Wealth Channel47:59 Conclusion and Final Thoughts Editing and post-production work for this episode was provided by The Podcast Consultant.

Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives into the details of product innovation in private markets with a private equity veteran who has helped to pioneer a new investment structure and working with the wealth channel.We sat down at KKR’s Hudson Yards office with Alisa Wood, a Partner and Co-CEO of KKR Private Equity Conglomerate LLC (K-PEC).Alisa has been at KKR for over 20 years. She joined the firm in 2003 and is a Partner. She co-leads the firm’s innovative private equity open-ended, perpetual vehicles serving as the Co-CEO of KKR Private Equity Conglomerate LLC and as a member of the investment committee for the KKR Private Markets Equity Fund.She was previously the Global Head of the Private Markets and Real Assets Strategies Group and looked after private equity, infrastructure, energy real assets, real estate, impact, growth equity, and customized products.She sits on a number of the firm’s management and leadership committees, including the Risk & Operating Committee, the Democratized Private Equity Committee, the ESG Committee, and the Geopolitical Governance Committee.Alisa and I had a fascinating and thought-provoking conversation about private markets and working with the wealth channel. We discussed:Why and how KKR came up with the Conglomerate structure.Why the devil is in the detail when evaluating evergreen fund structures.Why dealflow is essential if a firm wants to have an evergreen strategy.Why education is so critical when working with the wealth channel.How investors can balance evergreens and closed-end funds.The skillsets required to manage evergreen structures.Why culture is so critical when building a high-performing and consistent investment business.The role that private markets can play in a portfolio and why that matters in today’s markets.Thanks Alisa for coming on the podcast to share your wisdom and expertise on private markets.Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM’s podcasts.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis 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.Show Notes00:00 Introduction and Message from our Sponsor, Ultimus01:55 Welcome to the Alt Goes Mainstream Podcast02:07 Introducing Alisa Wood02:14 Alisa Wood's Background and Role at KKR03:48 KKR's Office and Culture06:05 Evolution of Private Equity06:51 Early Days at KKR08:26 Strategic Moves in Private Equity12:41 Managing Evergreen Structures13:58 Operational Complexity in Evergreen Funds16:59 Deal Flow and Investment Strategies21:37 Institutional vs. Individual Investors23:44 Sales Cycle and Investor Relations26:35 Employee Equity and Financial Literacy29:41 Evolution of Private Equity Value Creation30:17 Human Capital and Leadership30:57 Building Community at Scale31:59 The Importance of Returns and Connection32:21 Building Community Through Hard Topics32:46 Best in Class Advisors and Community Building33:14 Shifting Business Strategies at KKR33:47 The Role of Chief Economist and Macro Issues34:24 Learning from Mistakes and Evolving35:52 Integrating Resources for Better Investment Decisions38:08 Strategic vs. Tactical Approaches38:28 The 40-30-30 Framework38:52 Challenges in Public and Private Markets39:25 The Importance of Controlling Investments39:51 Changing Market Correlations and Returns40:47 The Complexity of Private Market Choices41:45 The Role of Large Managers in Evergreens44:42 Family-Owned Businesses and Evergreen Structures47:58 Success in the Wealth Channel49:40 Balancing Illiquidity and Investment Opportunities50:05 The Psychology of Evergreen Investments52:51 Growing the Evergreen Business54:53 The Next Big Innovation: 401k Integration55:42 The Importance of Education and Community56:10 Defining Private Equity and Industry Standards57:23 The Role of Trade Associations and Education59:17 The Future of Private Market Investments01:01:23 Real People, Real Money: The Impact of Private MarketsEditing and post-production work for this episode was provided by The Podcast Consultant.

Welcome back to the Alt Goes Mainstream podcast.Today’s conversation features a live podcast that takes place at BTG Pactual’s NYC office for an audience in private markets.We are joined by Todd Owens, the Co-Founder and Managing Partner of Cantilever Group, where BTG Pactual is an investor.Cantilever is an independent firm focused on providing capital solutions to middle market asset managers. The firm's capital can be used to accelerate growth, support acquisitions or liftouts, fund GP commitments, seed new strategies, facilitate generational ownership transfer, and provide liquidity to founders. Cantilever focuses on asset management firms that have enterprise values between $50M and $500M. The team has executed on over $500M of GP stakes, financing, and seeding transactions as both investors and principals. The team's advisory experience working with stakes funds includes over 15 GP stakes transactions, multiple GP stakes portfolio financings, numerous GP and BDC IPOs, and dozens of asset management financing and control transactions.Cantilever is working with two strategic partners as they build their firm: BTG Pactual, the ~$30B market cap Brazilian bank and wealth and asset manager has invested into Cantilever’s fund, and Broadhaven Ventures, the principal investment arm of Broadhaven Capital Partners.Todd has over 30 years of experience as an advisor covering financial institutions and as a senior financial services executive. Prior to founding Cantilever, Todd has been a Partner at Broadhaven Capital Partners, an independent financial services focused investment bank that’s completed over $100B in announced M&A transaction volume, as well as the former CEO of Fifth Street Finance. Todd began his career at Goldman, Sachs & Co, spending 24 years including as a Managing Director and Partner in the Investment Banking Division.Todd and I had a fascinating conversation about the GP stakes space and why the middle market represents a compelling part of the asset management ecosystem as the industry undergoes change and consolidation. We discussed:The early days of alternative asset managers going public.The evolution of the GP stakes market.The role that GP stakes investing can play in the growth of alternative asset managers.How and why GP stakes has shades of private equity, private credit, and secondaries in a single strategy. A tale of two cities — the upper end of the market and the middle-market.What will liquidity look like in the GP stakes space?Thanks Todd for sharing your wisdom and views on GP stakes and asset management.Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM’s podcasts.Show Notes00:38 Welcome to the Alt Goes Mainstream Podcast00:40 Live Podcast at BTG Pactual’s New York City Office00:49 Introducing Todd Owens and Cantilever Group02:26 Welcome to Alt Goes Mainstream Live03:04 Todd's Background and Perspective03:29 The Early Days of Minority Equity04:28 Alternative Asset Managers Going Public04:53 The Success of Public Offerings05:32 Evolution of the GP Stakes Market05:58 The Financial Crisis and Market Evolution06:14 Understanding the Asset Management Business06:47 Public vs. Private Market Perceptions08:07 Middle Market Opportunities08:37 The Role of GP Stakes in Firm Growth09:05 Different Approaches to Building a Business09:15 Lessons from advising Oaktree and Ares09:27 Strategic Planning in Asset Management10:14 Sophistication in the Middle Market10:45 The Future of GP Stakes and Asset Management11:48 Differences Between Upper and Middle Markets14:46 Opportunities in the Lower Middle Market16:03 The Persistence of the Middle Market17:58 Wealth Channel and Private Markets18:48 Evolution of Wealth Management20:04 Democratization of Alternatives20:24 GP Stakes as an Investment Strategy20:54 GP Stakes: The Best of All Worlds?20:59 Investment Strategies and Market Trends22:08 Private Credit vs. GP Stakes22:58 Betting on Private Markets Growth23:17 Long Duration Capital in GP Stakes23:47 Liquidity in the GP Stake Space24:22 Managing Portfolio and Realizations25:01 The Need for Liquidity Solutions25:19 Quick Fire Questions25:26 Favorite Asset Class in 2025?26:06 Next Firm to Go Public?26:16 Challenges of Merging Large Firms27:21 Future of Middle Market GP Stakes28:07 Conclusion: Live Podcast Wrap-Up28:12 Thank You and Closing Remarks Editing and post-production work for this episode was provided by The Podcast Consultant.

Joe DeVico and Jonathan Diorio from BlackRock, alongside Rob Collins from Partners Group, discuss a groundbreaking partnership aiming to revolutionize private market investments. They describe this collaboration as an 'iPhone moment' that will enable wealth management to easily access tailored model portfolios. The conversation highlights the importance of technology and education in bridging private and public markets. Additionally, the guests explore the need for innovative solutions as financial advisory practices evolve to embrace comprehensive investment strategies.