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

Today on the Alt Goes Mainstream podcast we have a guest who is making alts go mainstream by streamlining the process of investing into funds.Carta and fund manager veteran Tim Flannery is the Co-Founder of Passthrough, a fund workflow automation tool that digitizes and automates the fund subscription process.We had a fascinating discussion about how Passthrough is providing critical market infrastructure to the alts space and what the future of investing into funds looks like with Passthrough.We discuss:Why there needs to be innovation around fund closings.How data matters in the fund closing process.How creating an investor passport can lead to efficiencies across the alts space.How Passthrough is the “narrow waist” of the alts space — building the connective tissue for funds and LPs to complete closings and then use that data in all sorts of places and sit on top of platforms like iCapital, CartaX, AngelList, Republic, and others. In a sense, Passthrough is a solution for the alts space in a similar manner to how WalletConnect is the connective tissue between wallets and DApps in the crypto ecosystem.Fund closing is generally a painful process for everyone involved — LPs have to manually input data into subscription documents, which means they often miss questions or err in their answers. Much of this data is unstructured, hidden within PDFs, meaning that funds can’t use this when LPs re-up to following funds or to other funds. Fund managers have little visibility into the raise and timing for closings.Tim is building a product with Passthrough that gives fund managers one of their most valuable assets — time — back and provides for a great user experience with fund closings. Passthrough automates the fund closing process by digitizing subscription agreements, turning them into a custom, TurboTax style workflow.We were lucky enough to use Passthrough for our investment into Lowercarbon Capital and we never knew how easy a fund closing could be after using Passthrough. Passthrough’s fastest sub doc completion on record is said to be 6 minutes and mine wasn’t that far off.The process is simple, automated, and efficient since Passthrough collects relevant data on LPs so that it's easier and quicker to subscribe for the next fund.Tim has a great background to be building Passthrough. He was previously the Head of Go-To-Market for Investor Services at Carta and also worked on a number of large strategic accounts. He also spent time as a Partner at Pilot Mountain Ventures and started his career at JP Morgan in PE fund services, so he's seen the lifecycle of a fund investment from all angles.He's a sharp, thoughtful, and focused founder who is building a product that many GPs and LPs already love.This was a fascinating conversation about bringing technology to automate the alts space that I’m excited to see play out over the coming years in the space.

A few weeks ago, Alt Goes Mainstream went to the capitol of capital for alts, AltsLA by CAIA, the largest alternative investments conference on the West Coast, to speak with industry leaders about how they are allocating capital.Alt Goes Mainstream partnered with CAIA, the premier educational organization for the alts space, to have topical conversations on the world of alternative investments.With the backdrop of an uncertain macro environment and changing investor preferences that have resulted in a 60/40 portfolio no longer, top allocators in the industry discussed how alts are becoming an increasingly important part of investors’ portfolios.Over the past few days, we have brought to you CAIA shorts: live interviews with the people who are making the decisions for many of the world’s largest investment institutions. Apologies in advance if there is background noise on the podcasts, but it’s because we recorded live and unfiltered from the AltsLA conference.There were 10 great podcasts with such rich conversations from some of the world’s smartest investors, so we have released these episodes in 4 parts.Today's episode (10/10), the Finale, in this CAIA mini-series is with Bill Kelly (CEO) and John Bowman (EVP) at CAIA. Bill, John, and I discuss the portfolio of the future, why 60/40 is dead, and how institutional investors will adapt to the current market environment.

A few weeks ago, Alt Goes Mainstream went to the capitol of capital for alts, AltsLA by CAIA, the largest alternative investments conference on the West Coast, to speak with industry leaders about how they are allocating capital.Alt Goes Mainstream partnered with CAIA, the premier educational organization for the alts space, to have topical conversations on the world of alternative investments.With the backdrop of an uncertain macro environment and changing investor preferences that have resulted in a 60/40 portfolio no longer, top allocators in the industry discussed how alts are becoming an increasingly important part of investors’ portfolios.Over the next few days, we will bring you CAIA shorts: live interviews with the people who are making the decisions for many of the world’s largest investment institutions. Apologies in advance if there is background noise on the podcasts, but it’s because we recorded live and unfiltered from the AltsLA conference.There were 10 great podcasts with such rich conversations from some of the world’s smartest investors, so we will release these episodes in 4 parts.Today's episode (9/10) in this CAIA mini-series is with Alicia McElhaney, Senior Reporter at Institutional Investor. Alicia and I discuss what the institutional investor’s portfolio of the future will look like.

A few weeks ago, Alt Goes Mainstream went to the capitol of capital for alts, AltsLA by CAIA, the largest alternative investments conference on the West Coast, to speak with industry leaders about how they are allocating capital.Alt Goes Mainstream partnered with CAIA, the premier educational organization for the alts space, to have topical conversations on the world of alternative investments.With the backdrop of an uncertain macro environment and changing investor preferences that have resulted in a 60/40 portfolio no longer, top allocators in the industry discussed how alts are becoming an increasingly important part of investors’ portfolios.Over the next few days, we will bring you CAIA shorts: live interviews with the people who are making the decisions for many of the world’s largest investment institutions. Apologies in advance if there is background noise on the podcasts, but it’s because we recorded live and unfiltered from the AltsLA conference.There were 10 great podcasts with such rich conversations from some of the world’s smartest investors, so we will release these episodes in 4 parts.Today's episode (8/10) in this CAIA mini-series is with Jane Buchan, CEO of Martlet Asset Management. Jane and I go back to the beginning of the private equity and hedge fund industries to discuss the different market cycles and why diversification is critical.

A few weeks ago, Alt Goes Mainstream went to the capitol of capital for alts, AltsLA by CAIA, the largest alternative investments conference on the West Coast, to speak with industry leaders about how they are allocating capital.Alt Goes Mainstream partnered with CAIA, the premier educational organization for the alts space, to have topical conversations on the world of alternative investments.With the backdrop of an uncertain macro environment and changing investor preferences that have resulted in a 60/40 portfolio no longer, top allocators in the industry discussed how alts are becoming an increasingly important part of investors’ portfolios.Over the next few days, we will bring you CAIA shorts: live interviews with the people who are making the decisions for many of the world’s largest investment institutions. Apologies in advance if there is background noise on the podcasts, but it’s because we recorded live and unfiltered from the AltsLA conference.There were 10 great podcasts with such rich conversations from some of the world’s smartest investors, so we will release these episodes in 4 parts.Today's episode (7/10) in this CAIA mini-series is with Matt Hougan, CIO of Bitwise Asset Management. Matt comes on the Alt Goes Mainstream podcast one year after his first appearance to talk about how much things have changed in crypto, particularly around regulation and institutionalization. But one thing stayed the same - his favorite alternative investment (Ethereum).

A few weeks ago, Alt Goes Mainstream went to the capitol of capital for alts, AltsLA by CAIA, the largest alternative investments conference on the West Coast, to speak with industry leaders about how they are allocating capital.Alt Goes Mainstream partnered with CAIA, the premier educational organization for the alts space, to have topical conversations on the world of alternative investments.With the backdrop of an uncertain macro environment and changing investor preferences that have resulted in a 60/40 portfolio no longer, top allocators in the industry discussed how alts are becoming an increasingly important part of investors’ portfolios.Over the next few days, we will bring you CAIA shorts: live interviews with the people who are making the decisions for many of the world’s largest investment institutions. Apologies in advance if there is background noise on the podcasts, but it’s because we recorded live and unfiltered from the AltsLA conference.There were 10 great podcasts with such rich conversations from some of the world’s smartest investors, so we will release these episodes in 4 parts.Today's episode (6/10) in this CAIA mini-series is with Ashby Monk, Head of Research at Addepar. Ashby and I talk about how he’s helping the world’s biggest investors make smarter investment decisions and create a positive impact at the same time.

A few weeks ago, Alt Goes Mainstream went to the capitol of capital for alts, AltsLA by CAIA, the largest alternative investments conference on the West Coast, to speak with industry leaders about how they are allocating capital.Alt Goes Mainstream partnered with CAIA, the premier educational organization for the alts space, to have topical conversations on the world of alternative investments.With the backdrop of an uncertain macro environment and changing investor preferences that have resulted in a 60/40 portfolio no longer, top allocators in the industry discussed how alts are becoming an increasingly important part of investors’ portfolios.Over the next few days, we will bring you CAIA shorts: live interviews with the people who are making the decisions for many of the world’s largest investment institutions. Apologies in advance if there is background noise on the podcasts, but it’s because we recorded live and unfiltered from the AltsLA conference.There were 10 great podcasts with such rich conversations from some of the world’s smartest investors, so we will release these episodes in 4 parts.Today's episode (5/10) in this CAIA mini-series is with Evan Darr, Partner at Invesco Private Capital. Evan and I discuss how the fact that we are in the midst of a technological revolution has changed the GP and LP landscape for both technology and crypto.

A few weeks ago, Alt Goes Mainstream went to the capitol of capital for alts, AltsLA by CAIA, the largest alternative investments conference on the West Coast, to speak with industry leaders about how they are allocating capital.Alt Goes Mainstream partnered with CAIA, the premier educational organization for the alts space, to have topical conversations on the world of alternative investments.With the backdrop of an uncertain macro environment and changing investor preferences that have resulted in a 60/40 portfolio no longer, top allocators in the industry discussed how alts are becoming an increasingly important part of investors’ portfolios.Over the next few days, we will bring you CAIA shorts: live interviews with the people who are making the decisions for many of the world’s largest investment institutions. Apologies in advance if there is background noise on the podcasts, but it’s because we recorded live and unfiltered from the AltsLA conference.There were 10 great podcasts with such rich conversations from some of the world’s smartest investors, so we will release these episodes in 4 parts.Today's episode (4/10) in this CAIA mini-series is with Elizabeth Burton, CIO of Employees' Retirement System of State of Hawaii. Elizabeth and I discuss how a $23B pension fund CIO makes allocation decisions in a world where the 60/40 portfolio is breaking down.

A few weeks ago, Alt Goes Mainstream went to the capitol of capital for alts, AltsLA by CAIA, the largest alternative investments conference on the West Coast, to speak with industry leaders about how they are allocating capital.Alt Goes Mainstream partnered with CAIA, the premier educational organization for the alts space, to have topical conversations on the world of alternative investments. With the backdrop of an uncertain macro environment and changing investor preferences that have resulted in a 60/40 portfolio no longer, top allocators in the industry discussed how alts are becoming an increasingly important part of investors’ portfolios. Over the next few days, we will bring you CAIA shorts: live interviews with the people who are making the decisions for many of the world’s largest investment institutions. Apologies in advance if there is background noise on the podcasts, but it’s because we recorded live and unfiltered from the AltsLA conference. There were a number of great podcasts with such rich conversations from some of the world’s smartest investors, so we will release these episodes in 4 parts.Today's episode (3/10) in this CAIA mini-series is with Dominic Garcia, Chief Pension Investment Strategist at CBRE. Dominic and I discuss how the lines between public and private assets have become blurred and how investors need to think about finding truly idiosyncratic alpha. 

A few weeks ago, Alt Goes Mainstream went to the capitol of capital for alts, AltsLA by CAIA, the largest alternative investments conference on the West Coast, to speak with industry leaders about how they are allocating capital.Alt Goes Mainstream partnered with CAIA, the premier educational organization for the alts space, to have topical conversations on the world of alternative investments. With the backdrop of an uncertain macro environment and changing investor preferences that have resulted in a 60/40 portfolio no longer, top allocators in the industry discussed how alts are becoming an increasingly important part of investors’ portfolios. Over the next few days, we will bring you CAIA shorts: live interviews with the people who are making the decisions for many of the world’s largest investment institutions. Apologies in advance if there is background noise on the podcasts, but it’s because we recorded live and unfiltered from the AltsLA conference. There were a number of great podcasts with such rich conversations from some of the world’s smartest investors, so we will release these episodes in 4 parts.Today's episode (2/10) in this CAIA mini-series is with Ariel Babcock, Managing Director and Head of Research at FCLTGlobal. Ariel and I talk about how to help investors adopt a long-term perspective and rewire capital markets to be more supportive of longer-term businesses and investments.