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

Spencer Lake from 13books Capital discusses challenges in private markets, standardization, and tech in finance. Toby Bailey shares Canoe's data management approach. Reszo Szabo talks about Illuminate Financial's focus and generational changes in private markets.

Michael Batnick, from Ritholtz Wealth Management, shares insights on private markets, wealth management journey, risk assessment, and challenges with adopting alternative products. The discussion covers education, networking, and the evolution of the industry, emphasizing long-term investing, fundamentals, and complexities faced by wealth management firms.

Experienced private equity professional Jim Strang discusses the evolution of private markets and the future for funds and LPs. Topics include the challenges of traditional asset managers vs. alternative asset managers, importance of partnerships, and the impact of AI and technology in private equity.

Lawrence Calcano, CEO of iCapital, and Robert Picard, Hightower Advisors MD, discuss operational challenges in private markets. They explore technology's impact on private markets, investment opportunities like community banks and AI, and the influence of private credit on economic development. The conversation emphasizes the importance of caution and diligence in navigating private market investments.

Welcome back to the Alt Goes Mainstream podcast.Today’s podcast is a special show with 3i Members co-founder Mark Gerson.Alt Goes Mainstream’s first sponsor is 3i Members, an investing network built on community, collaboration and capital that was co-founded by Mark Gerson, Billy Libby, and Teddy Gold. 3i Members is a global deal network for accomplished private investors. Members uncover, share, and diligence high-quality investment opportunities in private markets. The network offers more than just investment opportunities, providing access to expert databases, legal services, international events and retreats, masterclasses, asset allocation workshops, and other resources.Mark is a serial entrepreneur who has built a number of communities that have revolved around some form of crowdsourcing.In addition to founding 3i Members, Mark founded Gerson Lehman Group, a knowledge brokerage and primary research firm, that figured out how to use the power of community to serve its customers. He also founded United Hatzalah, a crowd-sourced system of volunteer first response that enables Israelis to be treated within the moments separating life from death following any medical trauma. He also co-founded and is the Chairman of African Mission Healthcare, which enables Christian medical missionaries to provide clinical care, training, and medical infrastructure for people throughout Africa.From co-founding United Hatzalah of Israel to building a unique community in the private markets space with 3i Members, Mark shares his experiences and the profound impact of community and crowdsourcing in both philanthropy and private markets. The episode dives into the intricacies of building capable, engaged communities, the conceptual differences between a network and a community, and the unique approach of 3i Members in creating a collaborative investing landscape. We discussed:Mark’s journey and the significance of pro-social behaviors and intellectual curiosity among investors. How 3i Members facilitates a space for private investors to share, scrutinize, and engage with high-quality investment opportunities. The importance of asking the right questions in investment. ROI-based philanthropyThe value of non-transactional relationships within communities.Thanks Mark for coming on the show to share your stories and wisdom.Chapters00:00 Welcome to the Mainstream: The Alt Goes Mainstream Podcast Intro00:42 Introducing 3i Members: A New Era of Investing01:11 Mark Gerson's Journey: Building Communities and Crowdsourcing Success02:59 The Power of Community in Crowdsourced First Response07:59 3i Members: Crowdsourcing in the Investment World09:44 The Art of Building and Maintaining Quality Networks12:02 The Philosophy of No-Selling in Building Trust and Community14:59 Engineering Serendipity: Fostering Organic Growth and Engagement19:59 Investment Strategies and Learning from the 3i Community24:40 The Future of Investing with 3i Members34:51 ROI in Philanthropy: A New Approach to Giving40:09 Closing Thoughts

Marc Rubinstein, an investment pro, shares insights on evaluating businesses, private credit risks, and the evolution of asset classes in private markets. Topics include the growth of private credit, adapting to market changes, media's influence on finance, democratization of info and AI impact on financial markets, and distinctions between investment firms and market trends.

In this conversation, Braughm Ricke, Founder and CEO of Aduro Advisors, shares insights from his journey in fund administration. He discusses his vision for supporting emerging managers and the growth of the micro VC landscape. Braughm delves into how he's integrated innovative technology to enhance client experiences and explores the evolving role of AI in streamlining operations. He also emphasizes the importance of trust in the LP-manager relationship and the balance between service models for both small and large funds.

Welcome to the 9th 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.In today’s episode, Lawrence and I welcome a special guest. Arax Investment Partners CEO Haig Ariyan, a wealth management industry veteran, joins us to discuss the evolution of wealth management and the role that alts can and should play in wealth client portfolios. Together with RedBird Capital, an $8.6 billion AUM private equity firm focused on financial services and sports and media, Haig and Arax are partnering with wealth and asset management firms and teams to build a differentiated platform that takes lessons learned and deep experience from Haig's background running wealth management businesses. Following its recent acquisition of $9B AUM U.S. Capital Wealth Advisors, Arax now has over $16.5B in AUM and $13B in regulatory AUM.On this episode, Lawrence, Haig, and I had a fascinating and lively discussion. We covered a number of topics, including:The importance of independent and hybrid platforms in wealth management.How to build culture at a wealth management firm.How advisors can utilize alternative investments to benefit their clients.How the industry can collaborate to enhance client outcomes and ensure informed investment decisions.How innovative fund structures could change the landscape of private markets.Thanks Lawrence and Haig for a great episode … looking forward to next month’s conversation!

Welcome back to the Alt Goes Mainstream podcast.Today’s episode is with a fintech founder who has scaled one of the larger private markets investing platforms for individual investors.Michael Weisz is the Founder and CEO of Yieldstreet, a leading private markets investing platform, with more than 450K members and $3.9B invested (as of October 2023). An award-winning entrepreneur, he co-founded Yieldstreet in 2015 with the ambition to provide individual investors with access to curated private market assets typically reserved for institutions. As CEO, Michael leads Yieldstreet’s strategic vision to make alternatives a fundamental piece of investor portfolios.Before Yieldstreet, Michael held a variety of positions across the specialty finance spectrum, including founding Soli Capital. Previously, Michael was Vice President at a New York-based credit opportunities hedge fund with $1.2B under management.Michael and I had a fascinating conversation about the evolution of private markets and how to deliver investment opportunities directly to consumers. We discussed the business evolution of Yieldstreet, how they work with both individuals and advisors, and what he thinks is important when it comes to providing investors with access to private markets.Thanks Michael for coming on the Alt Goes Mainstream podcast to share your thoughtful views on private markets.

Welcome back to the Alt Goes Mainstream podcast.Today’s episode with an internet legend provides an illuminating window into how the past can help inform us about the future.Steve Case is a pioneer and a visionary. He built one of the foundational companies of the internet, AOL, that brought America and the world online. As one of America’s best-known and most accomplished entrepreneurs, Steve has spent the past 39 years building, investing in, and shaping business policy for many industry-defining companies.His entrepreneurial career began in 1985 when he co-founded America Online. Under Steve’s leadership, AOL became the world’s largest and most valuable internet company. AOL was the first internet company to go public, and one of the best performing stocks of 1990s, delivering 11,616% return to shareholders. At its peak, nearly half of internet users in the U.S. used AOL.Steve has since built another successful company, Revolution, a Washington, D.C.-based investment firm that backs entrepreneurs at every stage of their development. Revolution Growth has invested nearly $1 billion in growth-stage companies including Sweetgreen, Tempus, Tala, DraftKings, and CLEAR. Revolution Ventures has invested in almost 30 companies, including Framebridge and SRS Acquiom. Revolution’s Rise of the Rest Seed Fund has invested in over 200 startups in 100 US cities, building critical ecosystem development for entrepreneurship across the country.Steve’s passion for helping entrepreneurs has extended to the policy world. He was the founding chair of the Startup America Partnership, an effort launched at the White House in 2011 to accelerate high-growth entrepreneurship around the country. He was also the founding co-chair of the National Advisory Council on Innovation & Entrepreneurship, and a member of President Obama’s Council on Jobs and Competitiveness, where he chaired the subcommittee on entrepreneurship. He was also instrumental in passing the JOBS (Jumpstart Our Business Startups) Act and the Investing in Opportunities Act. He’s also the Chairman of the Case Foundation, which he established with his wife, Jean, in 1997 and together in 2010 they joined The Giving Pledge.Steve is also the author of the New York Times bestselling book, “The Third Wave: An Entrepreneur’s Vision of the Future and The Rise of the Rest: How Entrepreneurs in Surprising Places are Building the American Dream,” which has ended up serving as a fantastic blueprint for the next wave of the internet.Steve and I had a fascinating and illuminating conversation, full of lessons learned from building the first wave of the internet that can be applied to building and investing in companies today.We discussed:How Steve and his team built AOL into the world’s largest and most valuable internet company at a time when 3% of people were using the internet for 1 hour a day.How revolutions happen in evolutionary ways.The three waves of the internet and why Steve believes that the third wave is much more complex and will require the ability to navigate policy and partnerships.Lessons he learned as a founder to build a successful and diversified investment firm in Revolution.How emerging technology ecosystems can build thriving startup communities, starting with “tentpole companies.”How the things that happen to you shape how you live your life and on “living a life that’s full with passion and urgency.”Thanks Steve for coming on the Alt Goes Mainstream podcast to share your wisdom, lessons learned, and visionary views of the future. It was an honor and a pleasure to have you on the show.