Welcome back to the Alt Goes Mainstream podcast. Today we have an incredible discussion that spans the world of private credit and the growth of women’s sports - and how those two topics intersect in the guest’s daily life.Chris Long founded Palmer Square Capital Management, an approximately $29B+ asset manager focused on corporate and structured credit with offices in Kansas City and London, in June 2009. Currently, he serves as Chairman, CEO, and Portfolio Manager. Since inception, Chris has been successful in building one of the premier credit investment firms in the world that includes clients across institutions, family offices, RIAs, bank / trust, and broker dealers. Prior to starting Palmer Square, Chris built a deep investment background at some of the top financial firms in the world, including Morgan Stanley, TH Lee Putnam Ventures, and JP Morgan.In December 2020, Chris added the title of Professional Sports Team Owner, as he joined Co-Founder and Owner Angie Long and Co-Owner Brittany Mahomes in bringing a National Women’s Soccer League franchise to Kansas City. The KC Current launched on an extraordinary timeline, playing its first professional match just 124 days after the franchise was announced. As owners, Chris, Angie, Brittany, and recent addition to ownership Kansas City Chiefs star Patrick Mahomes, have had a clear vision for not only establishing the best women’s soccer club in the world, but also having the KC Current serve as a model for all of women’s sports, which was no more apparent than with the recent completion of their new stadium, a $124M project that is the first soccer stadium specifically for a women’s professional soccer team.Chris serves on the National Women’s Soccer League’s (NWSL) Board of Governors and Expansion Committee as well as on the Executive Committee of the Kansas City 2026 World Cup Bid. Chris was recently recognized for winning the prestigious Kansas City Sports Commission’s 2022 Sports Executive of the Year and Sports Business Journal’s 2022 Power Players — Women’s Sports. He and his wife Angie were inducted into the 2023 Junior Achievement of Greater Kansas City Business Hall of Fame.Chris and I had a fascinating conversation that spanned the world of credit and sports team ownership and investing — and how those two worlds are coming together. We discussed:How Chris and his team built a $29B asset manager in the credit space.Why he believes that private credit’s growth does not represent a systemic risk despite a more lax lending environment due to increased capital inflows and increased competition for good deals.Why he believes the one-stop-shop will emerge in credit for both borrowers and LPs.Why a background in credit and investing has been invaluable in understanding how to navigate the business side of building and running a sports franchise.How Chris decided to buy a NWSL team with his wife and co-founder Angie.Why Chris believes investing in women’s soccer in the US is like “buying the Boston Celtics in the 1960s.”Why owning your own facilities as a sports team is a huge lever to increase revenues and drive enterprise value.How driving business initiatives for a sports team can help build the community and build the roster.Thanks Chris for coming on the show to share invaluable insights into building elite performers in both the world of finance and the world of women’s soccer. Good luck this season with the Current — I’ll be rooting for you, except when you play Angel City FC 😉.This material is for informational purposes and is prepared by Palmer Square Capital Management LLC (“Palmer Square”), is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are as of date of publication and are subject to change. The information and opinions contained in this material are derived from proprietary and nonproprietary sources deemed by Palmer Square to be reliable and are not guaranteed as to accuracy or completeness. This material may contain ’forward looking’ information that is not purely historical in nature. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader. Past performance is not indicative of current or future results. This information provided is neither tax nor legal advice and investors should consult with their own advisors before making investment decisions. Investment involves risk including possible loss of principal.

“The room where it happens …No one really knows how the game is playedThe art of the tradeHow the sausage gets madeWe just assume that it happens But no one else is in the room where it happens …When you got skin in the game, you stay in the gameBut you don’t get a win unless you play in the game.”Welcome back to the Alt Goes Mainstream podcast. These excerpts were in a song by Leslie Odom Jr. and Lin-Manuel Miranda from Hamilton. But they could also be applied to the conversation Laurence Tosi of WestCap and I had today.Today’s show is with someone who has been in the room where it happens. Stories and perspectives shared today were from someone who has helped turn bills into laws in private markets.Laurence Tosi has been part of building foundational technology businesses and companies in capital markets and private markets – from investing in and building Ipreo, iLevel, TMC Bonds, and Tradeweb as an executive at Merrill Lynch where he served as COO of Global Investment Banking and Trading, building Blackstone from 2008-2015 as the CFO, Management & Risk Committee Member, Head of the Tech Innovations Fund, and Blackstone Treasury Solutions Fund, and building and scaling Airbnb as CFO and Head of Payments, Customer Experience, and Corporate Development.At Merrill Lynch and Blackstone, L.T. deployed $500M of capital, returning over $1.6B without taking a loss.He's now building WestCap, a $7.6B growth investing firm that L.T. characterizes as an “operating equity firm” that helps founders and companies scale their businesses at the inflection point in between traditional venture capital and private equity. L.T. and WestCap have leveraged their collective operating knowledge to invest in a number of industry leaders, including two industry defining companies in private markets, iCapital and Addepar. They’ve also invested in the likes of SIMON, which was acquired by iCapital, GoodLeap, Sharegain, Klarna, Paxos, AccessFintech, Treasury4, Hopper, Avenue One, StubHub, and more.L.T. and I had a fascinating conversation that took us to a number of places. We discussed:Stories from building Blackstone.The deeper meaning behind Blackstone CEO Stephen Schwarzman’s comment “scale is our niche” and how “scale begets skill.”Insights L.T. and the Blackstone team had around working with the wealth channel that enabled them to transform how Blackstone and the industry worked with private wealth.Why the realization that at Blackstone, they weren’t selling to the end investor but that they were selling to the financial advisor was such a critical insight as they worked with the wealth channel.What it means to transform Blackstone from a firm into a business.Parallels and patterns L.T. took from building and investing in foundation market infrastructure businesses at Merrill Lynch and Blackstone to how they are investing in private markets at WestCap.L.T.’s learnings from a focus on customer experience and simplifying the product at Airbnb.What’s the unlock for alternatives that harmonizes the industry?Why consortium is a “bad word” but why standardization will be so critical to the next phase of private markets.Why private equity firms have the best business models in finance.The difference between being in the business of building their business between being in the business of building your business and what L.T. is trying to accomplish at WestCap.Why L.T. believes in the partnership model for alternative asset managers and why he believes that’s an enduring model.L.T., thanks so much for coming on the Alt Goes Mainstream podcast to share your wisdom, experience, and deep industry knowledge from being a pioneer in private markets.

Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives deep into one of the fastest growing independent wealth platforms in the US — Sanctuary Wealth — and how alternatives is a major ingredient to the growth of their firm and the RIA space more broadly.We have Sanctuary’s MD and Head of Alternative Investments, Patrick McGowan, and Director of Strategic Partnerships, Oksana Poznak, on the show to discuss why they believe alternative investments are a key driver of their growth and why they are so important to the development of advisor’s practices.Patrick and Oksana both bring valuable perspectives on private markets to bear.Patrick was previously a SVP and Head of Product Management at Azimut Alternative Capital Partners, the NY based GP stakes arm of Azimut Group, one of the largest independent wealth management companies in the world. This background gives him a great understanding of the GP stakes world, where he's spent a bunch of time thinking about this in terms of how it relates to the wealth channel. Prior to Azimut, Patrick was part of the Invesco Private Capital team, the $1B PE and VC arm of Invesco, where he focused on their efforts for CalSTRS SMA and a fund of funds that invested in a number of high-performing, generally smaller and emerging managers. He also worked at OC Private Capital, a JV between Carlyle and OppenheimerFunds, the advisor to a $1B close-ended interval fund focused on private credit. Prior to this role, he was a Senior Director at AI Insight, which was acquired by iCapital. He started his career at OppenheimerFunds and then worked at Altegris Investments, which was a pioneer in bringing alts to the wealth channel.Oksana brings over 20 years of experience in business development, marketing, and relationship management to Sanctuary. She was most recently Segment Marketing Director at CAIS, where she promoted alternative investment fund managers. Prior to CAIS, she held senior positions at Atria Wealth Solutions, BNY Mellon Pershing, Ladenburg Thalman, and Advisor Group.We had a fascinating discussion about the intersection of wealth and alts. We discussed: What it will take to grow Sanctuary to a $100B Super RIA.Why the wealth channel is so interested in alternatives.Why alternative asset managers are interested in working with the wealth channel.How alternative asset managers can best approach working with and educating the wealth channel.The biggest mistake alternative asset managers make when trying to work with the wealth channel.How smaller funds can partner with wealth advisors.Thanks Patrick and Oksana for coming on the show to share your thoughts and wisdom about the intersection of wealth and alts. We hope you enjoy.

Welcome to the 7th episode of a collaboration between iCapital x Alt Goes Mainstream.Here's the latest episode of the Monthly Alts Pulse, a live conversation in studio with Lawrence Calcano, the Chairman & CEO of iCapital, who as the leader of a platform that is responsible for the majority of individual and advisor-led investment flows into the alts space, has his finger on the pulse of what's happening in private markets.On this episode, Lawrence and I had a fascinating and lively discussion. We covered:Why are chemistry and collaboration key for the next wave of private markets?How is solving distribution challenges like solving logistics challenges?What does the “Amazon-ification” of private markets mean?What does it mean to meet advisors at their point of need?What parallels can we draw from internet 1.0 to the growth in private markets today?How can the industry deliver tools to help advisors create holistic portfolios with alts at the start?What’s more important - the “fin” or the “tech” in “fintech?”Thanks Lawrence for a great episode … looking forward to next month’s conversation!

A few weeks ago, the tables were turned and I sat down with David Weisburd of the 10X Capital Podcast to talk about the ongoing transformation of private markets.The wealth channel is becoming a centerpiece of the LP universe. Every alternative asset manager either has — or has to have — a strategy for working with the wealth channel in today’s private markets.We discussed:Why the wealth channel will become a prominent LP for many funds over time.How infrastructure solutions like iCapital are enabling the wealth channel to efficiently access private markets.Why GP staking will become part of the LP solution set for their exposure to private markets.Thanks David for having me on your show to discuss how private markets are rapidly changing before our eyes.

Welcome back to the Alt Goes Mainstream podcast.On today’s episode, we travel around the world of hospitality investing. We talk with Carlos Rodriguez Jr., the Founder, President, and COO of Driftwood Capital, one of the US’s leading hospitality sponsors with over $3B in hospitality assets under management. They’ve found a way to do both the traditional things in real estate investing and development well and compliment that with an innovative strategy to bring over 1,200 accredited investors on their platform as they find ways to improve how sponsors can access deals and capital.Carlos and I had a fascinating discussion about real estate and private markets. We covered:How hospitality investing was impacted by Covid and how Driftwood weathered the storm.Lessons learned from operating through Covid.Why location, location, location rings true in real estate investing.How the millennial traveler and work from home have impacted hospitality investing.The most surprising things in real estate investing over the past few years.How technology is impacting real estate investing.Thanks Carlos for coming on the show to share your insights and wisdom about hospitality investing. We hope you enjoy.

Welcome back to the Alt Goes Mainstream podcast.On today’s show, we welcome a senior member of the team at the world’s 3rd largest alternatives manager. Tyler Jayroe is a MD and Portfolio Manager in the Private Equity Group at J.P. Morgan Asset Management, which manages over $2.4 trillion of assets on behalf of a diverse group of global institutions and individual investors. Tyler’s team, the Private Equity Group, has a 40 year history of investing across private markets, covering the alternative investment spectrum and investing over $42B of capital. Tyler helps spearhead a team that invests into funds, co-investments, and secondaries across private equity, growth equity, and venture fund strategies.Tyler and I had a fascinating conversation about how an industry behemoth allocates capital across funds and strategies. We discussed:What they look for when investing into funds.Why middle market private equity is an area they have focused on.The opportunity for secondaries in the current market.The differences between a first time investor and a first time fund manager.What a scalable and replicable process really means when it comes to evaluating fund managers.Thanks Tyler for coming on the podcast to share your deep experience in private markets. Hope you enjoy.Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risks as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.This document is a general communication being provided for informational purposes only. It is educational in nature and not designed to be a recommendation for any specific investment product, strategy, plan feature or other purpose. Any examples used are generic, hypothetical and for illustration purposes only. Prior to making any investment or financial decisions, an investor should seek individualized advice from personal financial, legal, tax and other professionals that take into account all of the particular facts and circumstances of an investor’s own situation.Risk SummaryThe following considerations, which summarize some, but not all, of the risks of an investment in the representative strategy, should be carefully evaluated.General Investment RisksThere is no assurance that the investments held by the Fund will be profitable, that there will be proceeds from such investments available for distribution to Shareholders or that the Fund will achieve its investment objective. An investment in the Fund is speculative and involves a high degree of risk. Fund performance may be volatile and a Shareholder could incur a total or substantial loss of its investment. There can be no assurance that projected or targeted returns for the Fund will be achieved.Financial Market DevelopmentsVolatile conditions in the capital markets may cause limitations on the ability of companies in which the Portfolio Funds will invest to obtain capital, or subject such companies to higher costs of capital for financing. This lack of available credit could impede upon the ability of such companies to complete investments and higher costs of capital could reduce the returns of the Fund or Portfolio Funds. Changes in interest rates may adversely affect the investments held by the Fund. Changes in the general level of interest rates can affect the value of the Fund’s investments. Interest rates are highly sensitive to many factors, including governmental, monetary and tax policies, domestic and international economic and political considerations, fiscal deficits, trade surpluses or deficits, regulatory requirements and other factors beyond the control of the Fund and the companies in which the Portfolio Funds invest. Although it is expected that the Fund’s borrowings, if any, will be short-term in nature, the companies in which the Portfolio Funds invest may finance a significant portion of their activities with both fixed and floating rate debt. By financing the acquisition and development of an investment with floating rate debt, such companies and Portfolio Funds, and indirectly the Fund, will bear the risk that in the event of rising interest rates and a lack of concomitant growth in income, or any increase in underwriting standards that might limit the availability of credit, it could become difficult for such companies and Portfolio Funds to obtain refinancing. In such a case, a company or Portfolio Funds could be forced to take actions that might be disadvantageous at the time in question, such as refinancing on unfavorable terms or selling an asset. Any rise in interest rates may also significantly increase the interest expense of the companies in which the Fund and Portfolio Funds invest, causing losses and/or the inability to service debt levels. If a company in which a Portfolio Funds invests cannot generate adequate cash flow to meet debt obligations, the Fund may suffer a partial or total loss of capital invested in the Portfolio Funds. Given current market conditions following a historically low interest rate environment, risks associated with rising interest rates are heightened.Closed-End Fund Structure; Liquidity Limited to Periodic Repurchases of SharesThe Fund is designed primarily for long-term investors. An investment in the Fund, unlike an investment in a traditional listed closed-end fund, should be considered illiquid. The Shares are appropriate only for investors who are comfortable with investment in less liquid or illiquid portfolio investments within an illiquid fund. An investment in the Shares is not suitable for investors who need access to the money they invest. Unlike open-end funds (commonly known as mutual funds), which generally permit redemptions on a daily basis, the Shares will not be redeemable at a Shareholder’s option. Unlike stocks of listed closed-end funds, the Shares are not listed, and are not expected to be listed, for trading on any securities exchange, and the Fund does not expect any secondary market to develop for the Shares in the foreseeable future. The Fund’s private market investments will be illiquid and typically cannot be transferred or redeemed for a substantial period of time. The Shares are designed for long-term investors, and the Fund should not be treated as a trading vehicle.Repurchase of Shares RiskAlthough the Board may, in its sole discretion, cause the Fund to offer to repurchase outstanding Shares at their net asset value and the Adviser intends to recommend that, in normal market circumstances, the Board conducts quarterly repurchase offers of no more than 5% of the Fund’s net assets. Shares are considerably less liquid than shares of funds that trade on a stock exchange or shares of open-end registered investment companies. It is possible that the Fund may be unable to repurchase all of the Shares that a Shareholder tenders due to the illiquidity of the Fund investments or if the Shareholders request the Fund to repurchase more Shares than the Fund is then offering to repurchase. In addition, substantial requests for the Fund to repurchase Shares could require the Fund to liquidate certain of its investments more rapidly than otherwise desirable in order to raise cash to fund the repurchases and achieve a market position appropriately reflecting a smaller asset base. This could have a material ad...

Welcome back to the Alt Goes Mainstream podcast.On today’s show, we welcome a long-time VC investor who brings the perspective from both sides of the pond. Fred Destin, the founder of Stride VC, a seed fund operating out of London and currently investing out of its second £123M fund, shares his views on the venture capital industry.Prior to Stride, Fred was a General Partner at Accel and Accomplice (fka Atlas Venture). He’s invested in some of venture’s big winners, including Deliveroo, Pillpack, Cazoo, Zoopla, Secret Escapes, Integral Ad Science, and more, generating over $1.4B in value to investors and a blended multiple in excess of 7x. Fred has been featured on the Forbes European Midas List a number of times. Fred and I had a fascinating conversation about the hows and the whys of early-stage venture. We discussed:How VCs can navigate the difference between decision points and discovery zones.Why a positive bias towards people can be a driver of returns in venture.Why venture capital is often a poor experience for founders.Why trust, truth, and empathy make for a strong and enduring founder relationship.Why Fred thinks that the most product of a venture capital organization is decisions.Why. and how simplicity can be core to company-building.How to evaluate risk versus reward at early-stage.How younger investors can hone their craft.The future of early-stage venture.Thanks Fred for coming on the podcast to share your wisdom on early-stage investing.

Welcome back to the Alt Goes Mainstream podcast.On today’s show, we welcome a veteran of venture, a champion of portfolio concentration, a master of micro VC. Chris Douvos has taken a mosaic of experiences as an allocator at both endowments and funds that worked on behalf of institutional investors to found Ahoy Capital in 2018, an intentionally right-sized firm focused on working with smaller, emerging VC managers. A pioneering investor in the micro VC movement, Chris has been a mainstay in venture capital for decades. At Ahoy, he discovers and partners with smaller VC funds to help drive returns for his LPs, being seen as a “bird dog in the Valley” for many institutional investors who lack the access, network, and knowledge of the early-stage venture landscape to Chris’s degree.Chris has been embedded in the venture world for years, dating back to the early 2000s. Prior to Ahoy Capital, Chris spearheaded investment efforts at Venture Investment Associates and The Investment Fund for Foundations. He initially learned the craft of private markets investing at Princeton’s University endowment, although he earned his BA and MBA from Yale.Chris and I had such a fun discussion about venture and the emerging VC landscape. We discussed:How the business of venture has changed.Why there’s always room for a Bugatti when the market has a lot of Fords and Toyotas.What he learned from Doug Leone at Sequoia in his early days as an allocator at Princeton and how it’s informed how he invests today.Why it’s tough to be a midsized fund in today’s venture market.Why he believes that concentration is key as a LP – and that diversification can lead to “diworseification.”Why he believes smaller fund sizes can lead to outperformance.Thanks Chris for coming on the podcast to share your wisdom and lessons learned from decades in venture.

Welcome to the 6th episode of a collaboration between iCapital x Alt Goes Mainstream.Here’s the latest episode of the Monthly Alts Pulse, a live conversation in studio with Lawrence Calcano, the Chairman & CEO of iCapital, who as the leader of a platform that is responsible for the majority of individual and advisor-led investment flows into the alts space, has his finger on the pulse of what’s happening in private markets.On this episode, Lawrence and I had a fun and lively discussion. We covered:Will private equity save the day?Why the “educated consumer is the best customer.”Is liquidity the threshold issue of getting more investors to participate in private markets?How 80% of the flows into alts from the wealth channel are currently driven by 20% of the advisor population … and how the next wave of advisors can understand and allocate to alts.How the industry moves from education on alts to education of how alts fit into broader portfolio construction strategies.How do we go from “talk to action” in the allocation of alts.What’s the interplay of technology innovation and product innovation in alts?What is the “technology chassis” for alts?What’s the missing piece from a technology perspective to take alts to the next level?What’s the role that tokenization can play in helping alts go mainstream?Does private markets have its connective tissue?The current status of Michael’s Monthly Bracelet Pulse, featuring Eintracht Frankfurt and Angel City FC bracelets.Thanks Lawrence for a great episode … looking forward to next month’s conversation!