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

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

Latest episodes

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Sep 18, 2024 • 1h 1min

Intapp's Ben Harrison - using data and automation to transform private markets

Ben Harrison, Co-Founder of DealCloud and current President at Intapp, dives into the transformative power of data and automation in private markets. He discusses the evolution of enterprise software, emphasizing the need for integrated platforms that streamline operations for asset managers. Ben shares insights on leveraging AI to enhance decision-making and accelerate career growth for emerging professionals. The conversation also highlights growth opportunities in private markets, the importance of scaling, and the challenges faced by software providers.
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Sep 10, 2024 • 27min

T. Rowe Price's Cheri Belski - how a $1.59T asset manager is approaching private markets: AGM x Pangea Private Markets Live Podcast

Welcome back to the Alt Goes Mainstream podcast.Recently, AGM partnered with Pangea to bring together a group of executives in private markets and wealth management in London for a live AGM podcast featuring Cheri Belski of T. Rowe Price, one of the largest asset managers in the world with over $1.59T AUM. Cheri is the Global Head of Product at T. Rowe Price, where she's responsible for setting the vision for T. Rowe Price's product development and their strategy in private markets. Cheri also chairs the Product Strategy Committee and is a member of the Investment Management Steering Committee. She is also a vice president of T. Rowe Price Group, Inc., T. Rowe Price Investment Services, Inc., and T. Rowe Price Associates, Inc. Cheri has been with T. Rowe Price since 1997.Cheri and I had a wide-ranging conversation on private markets. We discussed:Why did T. Rowe Price look to add alternatives offerings?How traditional asset managers have approached adding private markets capabilities.Why T. Rowe Price acquired Oak Hill Advisors.Build, buy, or partner to add alternatives?Who will win the distribution battle in the wealth channel — traditional asset managers or alternative asset managers?Opportunities and challenges with product construction and innovation for the wealth channel.What the future holds for private markets.Please enjoy this fascinating conversation with Cheri. Thanks Cheri for sharing your wisdom and experience. We hope you enjoy.Show Notes00:00 Introduction: Going Mainstream00:40 Welcome to Alt Goes Mainstream Podcast00:43 Live Podcast in London with Cheri Belski00:54 Cheri Belski's Role at T. Rowe Price01:19 Discussion on Private Markets and Traditional Asset Managers01:37 Podcast Begins: Marylanders in London01:59 Host Introduction: Michael Sidgmore02:31 T. Rowe Price's Venture into Alternatives04:35 Why T. Rowe Price is Entering Alts05:46 Building, Buying, or Partnering in Alts07:09 Acquisition of Oak Hill Advisors07:13 Integration Challenges and Successes12:06 Brand Strategy in Alternatives14:36 Distribution Strategies for Alts16:20 Traditional vs. Alternative Asset Managers19:36 Challenges and Opportunities in Private Markets19:41 Advisor Relationships and Education22:29 Product Construction and Client Needs24:36 Challenges in Private Markets25:44 Future of Alternative Investments26:20 Conclusion and Farewell
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Sep 4, 2024 • 1h 1min

Bernstein Private Wealth Management's Alex Chaloff - how the CIO of a $125B wealth manager navigates private markets

Alex Chaloff, Chief Investment Officer at Bernstein, shares insights on navigating private markets with over $125 billion in assets. He emphasizes the importance of patience in portfolio construction and discusses challenges around liquidity and investment strategies. Chaloff elaborates on how to approach asset allocation and the impact of evolving investor psychology. He also explores the changing landscape of impact investing, explaining how younger investors prioritize returns along with societal benefits. A must-listen for anyone intrigued by alternative investments!
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Aug 28, 2024 • 51min

[Repost] Animal Spirits: Alt Goes Mainstream with Michael Sidgmore

I went into The Compound and came out alive.Recently, I joined Michael Batnick and Ben Carlson of Ritholtz Wealth Management on their Animal Spirits podcast by The Compound. It is a fantastic show that produces frank and thoughtful conversations on markets and the wealth management world. They invited me on their show to discuss why alts are going mainstream.We had a great conversation on the animal spirits of alts and we unpacked the opportunities and challenges ahead for private markets, wealth managers, and the alternative asset managers looking to work with the wealth channel.We covered:Why I don’t like the term “downstreaming of alts.”The size and scale of the opportunity with the wealth channel.Why and how it can make sense for the wealth channel to allocate to alts.The changing nature of asset allocation from slices of a pie to buckets and spectrums.The concept of liquidity.The attractiveness of evergreen funds for both GPs and LPs.Are private markets in a bubble?Why GP stakes are a compelling investment opportunity given structural trends in private markets.Can private markets be indexed (and should they be)?Thanks Michael and Ben for having me on the show. Really enjoyed the conversation and it was a pleasure to join you.Michael and Ben are fantastic and thoughtful asset allocators and commentators in investing and wealth management. If you don’t already listen to their podcast or read their commentary on markets, you can check out their blogs below:Michael Batnick’s The Irrelevant Investor.Ben Carlson’s A Wealth of Common Sense.
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Aug 14, 2024 • 50min

Mercer Investments' Gregg Sommer & CAIS' Neil Blundell - following the fast river of alts

In this engaging discussion, Gregg Sommer, Mercer’s US Financial Intermediaries Leader, and Neil Blundell, MD at CAIS, dive into the world of alternative investments. They explore how these assets are gaining traction in wealth management, emphasizing the importance of tailored education for advisors. The guests discuss the innovations enhancing liquidity and accessibility, especially evergreen funds, while highlighting upcoming capital flows into private markets. They also touch on the risks and the need for investor education in navigating these complex investments.
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Aug 8, 2024 • 55min

Manulife's Anne Valentine Andrews - connecting real assets with real money and the world of infrastructure investing

Welcome back to the Alt Goes Mainstream podcast.Today’s episode features a guest who has consistently and astutely figured out the growth areas in private markets.We are joined by Manulife’s new Global Head of Private Markets Anne Valentine Andrews. She’s responsible for the strategy, business development, and growth of Manulife Investment Management’s private markets business. Manulife has a platform that spans real estate, infrastructure, timber, agriculture, private equity, and credit.Anne has a comprehensive and informed purview of both private markets trends and of the different asset classes. She brings together the CIOs from each asset class in the Manulife business and works with the global product group to drive private markets product innovation across the institutional, retail, and retirement channels.Anne has a wealth of experience in private markets and in infrastructure in particular. She joined Manulife from BlackRock, where she was most recently Global Head of Infrastructure and Real Estate. Previously, she was Co-Head and Chief Operating Officer for the Morgan Stanley infrastructure platform and was a Director at Macquarie Bank.Anne and I had a fascinating conversation about the evolution of private markets and how to build out a private markets investment platform and its brand. We discussed:How to approach building a private markets investment platform at an industry behemoth.Why culture matters at an investment firm.The continued consolidation of alternative asset managers.What it means to connect real assets with real money.How to build a brand and educate investors.How to bring private markets investment opportunities into retirement accounts.The opportunity in infrastructure investing.Thanks Anne for coming on the show to share your experience and wisdom on private markets. We hope you enjoy.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 Sponsor Message from Ultimus Fund Solutions01:18 Podcast Opening and Guest Introduction03:39 Anne Valentine Andrews' Career Journey04:42 Evolution of the Infrastructure Investments05:41 Infrastructure’s Resilience and Growth06:27 Building a Private Markets Platform14:28 Challenges and Strategies in Making Acquisitions17:12 Evaluating Culture and Integration in Asset Management18:47 Building a Comprehensive Platform20:20 Educating Investors and Expanding Access23:29 Future of Alternatives in Retirement Accounts26:43 Platformization of Alternatives28:01 Building and Marketing a Trustworthy Brand in Financial Services29:30 Learning from Other Industries: Amazon's Influence31:15 The Evolution of Asset Management31:57 Adapting to Market Changes and Mega Trends33:34 The Importance of Long-Term Investment Strategies34:33 Decarbonization and Natural Capital35:32 The Importance of Long-Term Thinking40:02 Connecting Real Assets to Real Money45:42 Risks and Opportunities in Infrastructure Investment48:03 The Role of Scale in Private Markets in Infrastructure49:21 Future of Alternative InvestmentsThe views and opinions expressed in this podcast are those of the speakers, are subject to change as market and other conditions warrant, and do not constitute investment advice or a recommendation regarding any specific product or security. There is no guarantee that the investment strategy discussed will be successful or achieve any particular level of results. Any economic or market performance information is historical and is not indicative of future results, and no forecasts are guaranteed. Investing involves risks, including the potential loss of principal.Financial markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments. The information provided does not take into account the suitability, investment objectives, financial situation, or particular needs of any specific person.All overviews and commentary are intended to be general in nature and for current interest. While helpful, these overviews are no substitute for professional tax, investment or legal advice. Clients and prospects should seek professional advice for their particular situation. Neither Manulife Investment Management, nor any of its affiliates or representatives (collectively “Manulife Investment Management”) is providing tax, investment or legal advice. Manulife Investment Management paper titled U.S. farmland investment returns: continued gains in 2022; 5/19/23. NCREIF collects U.S. farmland property-level performance realized by institutional investments and reports the aggregated results within its Farmland Property Index (FPI). Manulife Investment Management is a participating member in the FPI. The index requires participating managers to report all eligible properties. Usage of this data is not an offer to buy or sell properties.Manulife, Manulife Investment Management, Stylized M Design, and Manulife Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license.Man...
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Jul 30, 2024 • 26min

Monthly Alts Pulse Ep. 11: Taking the pulse of private markets with Dan Vene, Co-Founder & Managing Partner, Head of Investment Solutions, iCapital

Welcome to the 11th episode of a collaboration between iCapital x Alt Goes Mainstream. We changed up this month’s episode, welcoming iCapital Co-Founder and Managing Partner, Head of Investment Solutions Dan Vene to the show to discuss the evolution of private markets and the launch of iCapital’s Marketplace. iCapital, as the leading platform that is responsible for the majority of individual and advisor-led investment flows into the alts space, has its finger on the pulse of what’s happening in private markets.Dan and I had a fascinating and lively discussion about the evolution of the industry through the lens of iCapital’s growth and maturation, which has most recently included the creation of iCapital Marketplace. We discussed:Can alternative investments help you sleep at night?Public markets vs. private markets?What are the benefits of private markets?Are there evolving perspectives on liquidity?What potential market catalysts could further shift investments from public to private investments?How and why have fund managers had success on Marketplace?What’s the new world order for investing?Thanks Dan for a great episode … looking forward to next month’s Monthly Alts Pulse conversation!
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Jul 18, 2024 • 1h 5min

Partners Group's Rob Collins - The how and why of evergreens: one of the most exciting trends in private markets

Rob Collins, a Partner and Co-Head of Private Wealth at Partners Group, shares his insights on evergreen funds—innovative investment vehicles that provide flexibility in private markets. He discusses the groundbreaking launch of these funds in the early 2000s and their slow adoption within the industry. Collins explains how they cater to both individual investors and institutions, emphasizing their unique appeal and advantages in today's market. He also highlights the essential skills needed for managing them and the evolving landscape of private investing.
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Jul 10, 2024 • 41min

iCapital Chairman & CEO Lawrence Calcano - Driving efficiency across the entire value chain to transform private markets

Welcome back to the Alt Goes Mainstream podcast.I've been having many conversations with GPs and LPs over the past few months — and it feels like we've reached a point in private markets where both sides are trying to figure out how to navigate this space, from a product perspective and a technology perspective. To better understand these issues, I asked Lawrence Calcano, Chairman & CEO of iCapital, the largest platform in the space and a business that is in the middle of much of the flows of activity between GPs and LPs, to come back on the show to dive deeper into these topics.The main topic of conversation? The evolution of the different service models that enable GPs to unlock access to private markets for more LPs.As private markets welcomes more investors to the space, the how becomes as important as the why. How can investors gain access to private markets in ways that work for them?How can alternative asset managers better serve those investors? How can this all be done in a responsible, thoughtful way that sets up both investors and private markets for success in the long-term?Lawrence and I had a fascinating conversation. We discussed:How can operational efficiency across the entire value chain lower fees?Where do technological innovations like distributed ledger and AI factor into industry transformation?How important is education in driving adoption of alternative investments?How model portfolios and customization can transform the investor experience.Platform versus point solutions.Overestimating and underestimating market trends and market size.Why effortless is a myth.Thanks Lawrence for coming on the Alt Goes Mainstream podcast to share your thoughtful perspectives on the industry and its continued evolution.Show Notes00:00 Introduction to Ultimus Fund Solutions01:18 Welcome to Alt Goes Mainstream and Introduction to Lawrence Calcano02:26 Navigating Private Markets03:36 Holistic Solutions for GPs and LPs03:57 Importance of Education in Alts04:46 Understanding Alts in Portfolios06:50 Lowering Fees Across the Chain07:32 Technology and Tools for Advisors08:36 Success in the Wealth Channel10:21 Investment Product Innovations11:44 Direct Relationships in Private Markets13:26 Operationalizing Cost Structure Changes14:21 The Role of AI and Data14:43 Fee Evolution in Private Markets15:31 Operationalizing New Workflows16:06 Long-Term Industry Investments18:37 Collaboration in the Industry and Education20:34 Model Portfolios and Customization23:04 Addressing Liquidity Concerns24:18 Democratization of Private Markets25:14 Platform vs. Point Solutions31:14 The Importance of Scale38:53 Moving Fast and Moving Slow 40:33 Conclusion and Final ThoughtsA 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.
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Jul 3, 2024 • 1h 3min

NEA's Peter Barris - From operator to VC legend, how Peter transformed NEA into a venture juggernaut

Welcome back to the Alt Goes Mainstream podcast.His career started when someone said to him, “well, have you thought about venture capital? We don’t think that you’d be any good at it.”The rest is history.Today’s episode features one of the legends of the venture capital industry.Peter Barris joined New Enterprise Associates in 1992 after a storied operating career as President and COO at Legent Corporation and an executive at GE Information Services. He served as Managing General Partner and Chairman of NEA from 1999 to March 2024. Under Peter’s leadership, NEA saw tremendous success, growing into one of the world’s largest venture capital firms and raising the largest-ever venture capital fund a number of times. Today, NEA’s AUM stands over $25B.Peter was responsible for investing in a number of foundational and industry-transforming technology companies, including Salesforce.com, UUNET, Groupon, WebMD, Workday, CareerBuilder, Tempus, and more.It was an honor to talk with Peter, who has such rich perspectives as both an operator and investor.We had a fascinating discussion about the early days of venture capital and how the industry has evolved. We covered:The inside story of how almost every other Partner said no but Peter's investment turned out to be a 75x return.What's the “best characteristic and the death characteristic” of an entrepreneur?In today's hypercompetitive market, do VCs have enough time to make good decisions?Why the world of venture capital is about influence.What does it mean to earn an entrepreneur’s trust as a VC?Why VCs with operating backgrounds can bring unique value to startups.How NEA came up with the term "Venture Growth Equity."How can a VC tell that a founder is good at experimentation and that they have the good judgment?Why specialization and domain expertise are prerequisites in today’s venture industry.The importance of relying on instinct to make great investments.Why the business plan that is bet on is not always the business plan that ultimately succeeds.Thanks Peter for coming on the show. It was an honor and a pleasure to hear your views on the evolution of an industry and for you to share your wisdom and experiences.Show Notes00:00 Introduction and Sponsor Message from Ultimus01:55 Guest Introduction: Peter Barris01:59 Peter Barris' Career Beginnings as an Operator03:43 How Peter decided to join NEA04:31 Early Days at NEA12:30 First Investment Experience – The world of venture capital is about influence15:07 How to Influence a Company when You Don’t Control the Company21:48 Scaling Businesses: When Scale Can be a Moat - The Groupon Example26:41 The Art of Experimentation29:16 The Most Important Characteristic of Successful Entrepreneurs and the Death Characteristic30:40 The Groupon Investment: A Case Study33:08 The Evolution of Venture Capital Decision Making33:58 Specialization and Competition in Modern Venture Capital38:10 How NEA Came Up with the Term: Venture Growth Equity46:04 The Impact of Scale in Venture Capital50:49 The Future of Venture Capital and Industry Evolution59:16 Lessons Learned in Venture Capital01:02:08 Conclusion and Final ThoughtsA 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.

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