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

Welcome back to the Alt Goes Mainstream podcast. Today’s episode dives into the nuances of private markets with one of the industry’s leaders. We sat down with HarbourVest CEO John Toomey, where he leads a firm that has over $160B in AUM and has over 43 years of experience across primary funds, secondary transactions, direct co-investments, and building customized programs for LPs. John has been at HarbourVest for almost 30 years, joining the firm in 1997 as an Analyst in the Direct team. He spent 10 years as one of the leaders of the Secondary business before serving on Global Investment Committees for nearly a decade. He also served as the original CFO for the HarbourVest Global Private Equity vehicle, which went public in 2007 on Euronext Amsterdam. John is also a member of the Firm’s Conflicts Committee, Sustainable Investing Council, and DEI Council. He received a BA (cum laude) in Chemistry and Physics from Harvard University and an MBA from Harvard Business School. John and I had a fascinating and thought-provoking conversation about the evolution of private markets as an industry. We covered: Thanks John for coming on the show to share your wisdom, expertise, and passion for private markets. Show Notes 00:00 Welcome to Alt Goes Mainstream 01:16 Sponsor Message Ultimus 02:11 Meet John Toomey 04:44 HarbourVest Then vs Now 05:32 LP Demands Transparency 07:21 Why Outsource Private Markets 09:02 Programmatic Portfolio Building 10:35 Earning Trust at Scale 12:17 Building Blocks for Clients 14:50 GP Needs and Access Points 16:49 Co-Investment Value Proposition 23:16 Big vs Niche Managers 27:04 Evergreen Funds and Wealth 30:55 Wealth Platform Consolidation 31:35 Who Can Build Evergreens 33:03 Evergreen Portfolio Ingredients 35:12 How Wealth Wants Access 36:27 Centralized CIO Model Shift 37:26 Manager Selection Matters 38:59 Diversification Versus Alpha 40:39 Funding Private Allocations 43:07 Secondaries As Onramp 44:47 Institutional Program Evolution 48:57 Institutions Using Evergreens 50:54 Liquidity And LP Mix 53:05 What Creates Manager Edge 56:05 Data Insights And Echoes 58:12 Closing Thoughts A Word from Our Sponsor, Ultimus This episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands. That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals. Learn more at ultimusfundsolutions.com or email info@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream. Disclosures HarbourVest Partners, LLC is a registered investment adviser under the Investment Advisers Act of 1940. This material is solely for informational purposes and should not be viewed as a current or past recommendation or an offer to sell or the solicitation to buy securities or adopt any investment strategy. The opinions expressed herein represent the current, good faith views of the author(s) at the time of publication, are not definitive investment advice, and should not be relied upon as such. This material has been developed internally and/or obtained from sources believed to be reliable; however, HarbourVest does not guarantee the accuracy, adequacy or completeness of such information. There is no assurance that any...

Welcome back to the Alt Goes Mainstream podcast. Today’s conversation unpacks an emerging category within infrastructure investing that has a compelling set of market forces and mega trend tailwinds. We sat down in Stonepeak’s New York office with Stonepeak Credit Partner and Senior Managing Director Ryan Roberge. Ryan brings a diverse set of experiences to bear that help him build an infrastructure credit fund at Stonepeak. He previously covered the energy and infrastructure sectors for King Street, a New York-based hedge fund focused on distressed, special situations, and event driven credit investing. Prior to King Street, Ryan worked in the Energy group at TPG Capital, a large global alternative asset manager. Ryan started his career in Credit Suisse’s Energy Investment Banking Group. He received a Bachelor of Science in Finance from Louisiana State University. Ryan and I had a fascinating conversation on why infrastructure credit’s time is now. We covered: Thanks Ryan for coming on the podcast to share your expertise, wisdom, and passion for infrastructure and credit. Show Notes 00:00 Hard Asset Diversification 00:25 Welcome to Alt Goes Mainstream 01:01 Message from our Sponsor, Ultimus 02:07 Meet Ryan Roberge 04:16 Ryan Career Origins 04:52 From Banking to TPG 05:25 King Street Credit Training 06:07 Equity To Credit Shift 07:04 Downside First Mindset 07:48 What Is Infrastructure Credit 08:08 Three Core Sectors 08:25 Asset Level Underwriting 09:02 Capital Intensive Returns 09:51 Thinking Like An Owner 10:44 Funding Gap And AI Tailwinds 11:01 Why Direct Lending Misses It 12:29 Construction And Collateral Value 13:15 Capital Markets Spectrum 15:56 Private Credit Vs Infra Credit 18:55 Where It Fits In Portfolios 24:36 Data Centers Tech Risk 31:04 Cycle Risk Reality Check 31:32 Long Duration Mindset 32:13 Loan Horizon Framework 32:40 Asset First Underwriting 32:53 Maintenance Capex Truth 33:59 Stress Testing Recovery 34:13 Capital Flood Into Infra 35:14 Theme Chasing Warning 36:02 Why Skip Renewables 36:20 Bigger Deals Cheaper Money 36:51 ABF And Insurance Capital 37:17 Non-IG Hard Asset Logic 38:11 Scale Keeps IG Away 38:25 Key Underwriting Risks 38:34 Loan To Value Reality 39:01 Fiber To Home Case Study 40:09 Growth Platform Underwrite 41:01 Hiring For Credit Mindset 42:23 Downside Recovery Culture 43:10 Contrarian AI Insight 44:07 Circular Demand Red Flags 46:39 Data Center Risk Filters 49:20 Investor Demand And Closing A Word from Our Sponsor, Ultimus This episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands. That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals. Learn more at ultimusfundsolutions.com or email info@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream. 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 takes us to a hub of market structure, a powerhouse of trading, and a crossroads of public and private markets to discuss how private markets are in the midst of a market structure evolution. We sat down at Bloomberg’s NYC headquarters with Bloomberg’s Head of Fixed Income & Private Markets Brad Foster to discuss how technology and data are driving a convergence between public and private markets, particularly as it relates to the credit space. Brad is the Head of Fixed Income & Private Markets at Bloomberg, where he’s focused on delivering the data, analytics, and tools clients need to power public and private market investment strategies and workflows. Brad joined Bloomberg in June 2017 to lead its Enterprise Data Content business as well as its Fixed Income Evaluated Pricing (BVAL) offering. He was appointed Head of Fixed Income, including Securitized Products, in early 2023 and Head of Fixed Income & Private Markets in early 2024. Prior to joining Bloomberg, Brad spent almost 20 years on the sell-side in multiple locations, including London, Tokyo, and New York, for Deutsche Bank as a Managing Director in Global Markets across Global Finance, Fixed Income & Currencies, Structured Finance, Special Situations, Structured Lending and Front Office Risk Management, including CVA and Counterparty Risk, where he managed a team that built a Cross-Product Risk and Portfolio Margining Platform. Prior to Deutsche Bank, he was at Credit Suisse in the Market Risk Management Group. Brad and I had a fascinating conversation about public and private credit and how data and technology are shaping these markets. We covered: Thanks Brad for sharing your wisdom, expertise, and passion at the intersection of credit, market structure, and financial technology. Show Notes 00:00 Scaling Private Markets 01:12 Welcome to the Alt Goes Mainstream Podcast 02:13 Brad Foster’s Background 04:31 From Trading to Bloomberg 05:27 Client Empathy Product Mindset 06:25 Fixed Income as Blueprint 07:11 Bloomberg Shaping Market Structure 08:19 Electronification Turning Points 09:10 Efficiency and Regulation Drivers 09:45 Blurring Public and Private Credit 10:34 Three Legs of Credit 11:43 Why Borrowers Go Private 13:09 Missing Data and Workflow 13:57 Security Master Foundations 16:12 Transparency and Retail Pressure 22:07 Private Deal Data Uploads 22:29 Same Analytics for Private 22:50 Sold Not Bought Debate 23:43 When Private Gets Liquid 24:38 Desktop Real Estate Idea 26:21 Reimagining Terminal with AI 27:21 Chat as Market Connector 28:19 Build Buy Partner Strategy 28:51 Bloomberg Private Track Record 30:09 Daphne Investment Rationale 30:58 Fixing GP LP Workflow 32:01 Most Valuable Data Masters 33:45 Taxonomy as Missing Piece 34:49 Standardizing Valuation Methods 35:29 Extending Evaluated Pricing 37:27 Liquidity Versus Illiquidity 40:18 Portfolio Risk for Asset Owners 44:16 Foundations to Scale Privates 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 unpacks how to build a private equity firm within one of the largest and most unique investment platforms in private markets. We sat down in Brookfield Asset Management’s Brookfield Place office in downtown NY with David Nowak, the President of Brookfield’s Private Equity Group. David and I dove into a conversation about the private equity industry, Brookfield’s approach to private equity, and how the firm’s culture and DNA shapes how they work with portfolio companies and LPs. David has overall responsibility for the Private Equity Group’s North American business. He also serves as Chief Executive Officer of Brookfield Private Equity Fund. He joined Brookfield in 2011. He holds a MBA degree from Duke University, where he graduated as a Fuqua Scholar, and a Bachelor of Laws degree from the University of Western Ontario. David and I had a fascinating conversation about private equity and the Brookfield platform. We covered: Thanks David for sharing your expertise, wisdom, and passion for private equity and company and culture-building. Show Notes 00:00 Cold Open 00:51 A Message from our Sponsor, Ultimus 01:48 Welcome to Alt Goes Mainstream and David Nowak 03:30 Brookfield Culture is We Not I 04:48 Leadership Succession and Humility 06:22 Earn Your Seat Mindset 06:30 Owner Operator Alignment 08:23 Maax Bath Case Study 09:34 Roll Up Your Sleeves Private Equity 11:31 Operators on the Team 12:06 Secondments Train Investors 12:53 Underwriting with Reality Checks 13:58 Platform Advantage and Insights 16:46 How Collaboration Actually Works 18:56 Long Term Patient Capital 21:07 Value Creation Playbook 24:38 Contrarian Deals and Valuation Nuance 27:41 Underwriting Operating Change 27:55 Fixable vs Hard Problems 29:16 Winning Management Buy In 30:00 Early Wins and Focus 30:25 Humility on the Ground 31:06 Listening in Founder Talks 32:09 Stretching Young Leaders 33:23 Flat Structure Decision Table 34:24 Scaling Without Losing Culture 35:06 Open Space and Mobility 35:50 Cross Office Deal Teams 37:20 Fund Size and Return Pressure 38:23 Shift to Quality Businesses 39:25 Good Business or Cheap 40:13 Risk First Capital Protection 41:50 Graphite Electrode Auction Win 43:45 Diligence - Then Move Fast 48:14 Curiosity Apprenticeship and AI A Word from Our Sponsor, Ultimus This episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands. That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals. Learn more at ultimusfundsolutions.com or email info@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream. Editing and post-production work for this episode was provided by The Podcast Consultant.

It all comes back to the DNA. The firms that know who they are will know who to be. You can learn a lot about an investment firm by listening to what they say. Alt Goes Mainstream’s AGM Originals Series - The DNA: Capturing Culture - is dedicated to capturing the DNA of a firm by listening to what they say. The first season of The DNA stars EQT. In Stockholm, at EQT’s AIM this past summer, I sat down for conversations with nine EQT executives. Each executive came from different parts of the firm — and different parts of the world. Each had fascinating backgrounds and stories about how they ended up in private markets and worked to build EQT. But there was a single throughline threaded throughout all of the discussions: the consistency and frequency that each executive talked about the firm’s mission, vision, culture, and values. That’s why it all comes back to the DNA. Episode 3 features EQT's Lennart Blecher. Lennart Blecher joined EQT Partners in April 2007 and is the Chairperson of EQT Real Assets. Lennart holds a Master of Law degree from the University of Lund, Sweden and has studied at the University of Dallas, Texas - Academy of US & International Law. Prior to joining EQT Partners, Lennart was from 2004 to 2007 Managing Director and Senior Banker in the investment bank of Unicredit/HypoVereinsbank in Munich. From 2002 to 2004, Lennart was Managing Director at GE Commercial Finance in London. Between 1987 until 2002, he held various position in the ABB Group, in Zurich such as General Counsel for the ABB Financial Services Group, President and Business Area Manager for ABB Structured Finance and ABB Equity Ventures. Lennart has held various non executive positions in European banks and reinsurance companies. Lennart is a member of the EQT Executive Committee and is a Chairperson of the Infrastructure Partners Investment Committee. Please enjoy this conversation with one of the industry's leaders in Lennart Blecher. You can stream all the episodes on AGM’s YouTube channel at AltGoesMainstreamAGM. Show Notes 00:00 Why the DNA Matters 01:04 Meet EQT and Lennart Blecher 01:40 From Law to Industry 05:40 Building EQT Infrastructure 09:44 Infrastructure Megatrends 11:01 Old vs New Infrastructure 12:45 Digital Energy Convergence 14:56 Active Ownership Playbook 16:26 Scale and Credibility 17:43 Wallenberg Values Culture 20:05 Educating Investors 21:29 Who Owns Assets Long Term 22:47 Platform People Limits 23:44 Doing Good Good Business 24:34 Underwriting People Culture 25:18 Closing Thoughts

Welcome back to the Alt Goes Mainstream podcast. Today’s episode dives into what it takes to start, build, and scale an alternative asset manager. We sat down in Stable Asset Management’s London office with Erik Serrano Berntsen. Erik is the CEO of Stable, where he defines and executes the firm’s investment strategy. Stable is one of the largest and most tenured GP stake builders globally. The firm manages around $5B in assets and has built over 40 firms since 2006. Stable makes strategic seed and acceleration investments to launch and scale alternatives GPs across public and private markets. With offices in New York, London, and Palm Beach, the firm backs investment firm Founders who understand that extraordinary performance requires building exceptional organizations. Committed to education as a catalyst for change, Erik supports the LSE Alternative Investments Conference — the world’s largest student conference for alternatives, which is how we met 16 years ago — as well as Girls Who Invest and Girls Are Investors. Stable backs 100 Women in Finance and is a Founding Partner of the 10,000 Interns Foundation. Erik holds a BA in Politics, Philosophy, and Economics from Keble College, Oxford, and an MBA with honors and a concentration in Finance from the University of Chicago Booth School of Business. Erik and I had a fascinating conversation about what it takes to be a great investor and build a unique investment firm. We discussed: Thanks Erik for sharing your wisdom, expertise, and passion about GP stakes and asset management. Show Notes 00:00 Likeability Wins 00:37 Welcome to the Alt Goes Mainstream Podcast 01:50 Introduction to Erik Serrano Berntsen and Stable 04:08 Why the Name Stable 06:26 From Benchmarks to Solutions 05:31 Branding as Alts Evolve 08:11 Stable’s Two Market Gaps 08:47 Fixing LP / GP Misalignment 09:29 GP Stakes Alignment Model 09:59 Non-Market Risks vs. Operating System 11:15 How Edge Changes with Scale 14:06 Three Edges to Underwrite 16:18 Founders Think in Decades 19:53 Timing Cycles and Strategy Drift 23:31 Seed vs Acceleration Playbook 25:39 Evergreen Capital Goes Mainstream 29:01 Smaller Managers Winning Evergreen 31:19 Wealth Channel Core vs Specialist 33:25 Evergreen vs Drawdowns Debate 34:03 Evergreen by Asset Class 35:47 GP Stakes Lifecycle 38:29 Picking Tides and Boats 39:03 Specialist Strategy Edge 40:15 Podshopification in Private Markets 41:55 What Drives New GP Formation 44:52 Self Awareness as Edge 46:31 Always Be Sourcing 48:23 Founder to Founder Trust 50:37 Lessons Running Stable 53:23 Building the GP Operating System 59:00 Capital as a Service 01:01:43 Stigma Fades in GP Stakes 01:05:18 How to Spot Manager Edge 01:08:47 Founders to Emulate 01:10:35 Communication and Closing Thoughts A Word from Our Sponsor, Ultimus This episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands. That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals. Learn more at ultimusfundsolutions.com or email info@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream. 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 how data and market structure are shaping private markets. We sat down in MSCI’s New York office with Luke Flemmer, the Head of Private Assets at MSCI to discuss how standardization and normalization of data can help bring efficiency, transparency, and liquidity to private markets. Luke brings a unique perspective to private markets. He was previously Managing Director, Head of Digital Strategy for Alternative Investments at Goldman Sachs Asset Management, and was Co-Founder and CEO of Lab49, a global solutions provider of investment and risk technology to asset managers and investment banks. When the ION Group acquired Lab49, Luke became Co-Head of ION’s Capital Markets Division, delivering software and solutions to the group’s global financial services customer base. Earlier in his career, Luke worked in the fields of robotics and artificial intelligence. He is a CFA charterholder. Luke and I had a fascinating conversation about private markets market structure and how MSCI is playing a role in driving standardization, normalization, and transparency of data in private markets. We covered: Thanks Luke for sharing your wisdom, expertise, and passion at the intersection of private markets and market structure. Show Notes 00:00 “Data Wants to be Free” 00:28 Welcome to the Alt Goes Mainstream Podcast 01:02 Sponsor Spotlight: Ultimus Fund Solutions 01:57 Private Markets, Data, and Market Structure 02:17 Meet MSCI’s Luke Flemmer 04:26 From Robotics to Finance: Automation Needs Standardization 05:18 Fixed Income’s Transformation: From Trading Floors to E-Trading 06:42 Connecting the Data Across the Lifecycle 07:58 Harmonized Data → Transparency → Liquidity 08:44 Scaling vs Information Asymmetry 10:38 What More Transparency Does to Returns and Alpha 11:15 Benchmarking Privates Like Publics: PMEs and Comparable Data 12:35 Manager Skill and Illiquidity Premium 14:14 Company-Level Data & Bilateral Origins 16:19 The Ship of Theseus Parable and Should Privates Become Public? 23:17 COVID, Denominator Effect, and LP Scrutiny 23:50 The New Baseline for Private Funds 24:15 Wealth Channel Tailwinds and the Rise of Active LP Portfolio Management 25:23 Using Public Liquidity to Balance Private Illiquidity 26:15 The 85/15 Public-Private Index: Why Blend Public Equity with Private Equity 27:16 Daily Pricing Private Equity: Solving the “Stale Marks” Problem 28:15 Smoothing, Stickiness and Forced Secondary Sales 29:20 What Tech/Data You Need to Nowcast PE Daily (and What’s Still Missing) 30:31 Price Formation Feeding Better Indexes 31:34 From Secondaries to Derivatives: Lessons from Fixed Income NAVs 33:14 Building Trust in Private Benchmarks: Data Scale and Adoption Over Cycles 33:53 Unlocking 401(k)s: What Must Be True for Wealth to Go Big in Privates 37:05 Liquidity, Suitability, Risk & Factor Decomposition 39:05 Durable Private Markets Alpha (and the Index Question) 41:51 Standardizing the Language: Defining “Liquidity” and MSCI as the Connective Tissue (Wrap) A Word from Our Sponsor, Ultimus This episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands. That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep...

Welcome back to the Alt Goes Mainstream podcast. The Goldman Sachs Alternatives Summit “convened leaders across finance, geopolitics, technology, and culture” to discuss themes driving global markets. 2025’s Alternatives Summit was about “navigating a world in flux,” as the firm’s recap of its event noted. The event aimed to help investors cut through the noise and put together the pieces of the puzzle in a dynamic and increasingly complex world. Alt Goes Mainstream joined the event to have unscripted conversations with Goldman Sachs Alternatives leaders to cut through the noise by unpacking key themes and trends at the intersection of private markets and private wealth. In this special series, we went behind the scenes and interviewed six Goldman Sachs Alternatives leaders about their current thinking on private markets and how the firm has built and evolved its private markets capabilities. This conversation was with Jeff Fine, Partner, Global Co-Head of Alternatives Capital Formation within Goldman Sachs Asset Management, with responsibility for capital raising, product strategy, research and investor relations across private equity, private credit, real assets, secondaries, GP stakes and hedge funds/liquid alternatives. Jeff is a member of the Real Estate Investment Committee and Urban Investment Group Investment Committee. Jeffrey is also on the boards of GS Real Estate Investment Trust and GS Real Estate Finance Trust. Previously, he was Global Head of Real Estate Client Solutions for Goldman Sachs Asset Management and a senior real estate investor in the Merchant Banking Division for more than 20 years. Jeffrey joined Goldman Sachs in 2002 in the Merchant Banking Division as an Analyst. He was named Managing Director in 2012 and Partner in 2018. Jeff is Chairman of the Dyson School Advisory Council and a member of the SC Johnson College of Business Leadership Council at Cornell University. He is a member of the Cornell Endowment’s Risk, Liquidity, and Operations Subcommittee and the Board of Directors of the Pension Real Estate Association Foundation. Jeffrey is also a member of the Council on Foreign Relations and the Met Council at the Brookings Institution. Jeff and I had a fascinating conversation about the intersection of private markets and private wealth, fundraising trends, and the growing role of insurers and the wealth channel in private markets capital formation. We covered: Thanks Jeff for sharing your wisdom, expertise, and passion about private markets and private wealth. Show Notes 01:05 Welcome to the Alt Goes Mainstream Podcast 02:08 Jeff Fine's Background and Career Journey 03:43 Sophistication in the Market 05:05 The Role of Product Specialists 07:16 Talent and Resourcing in Asset Management 08:01 The War for Talent in Asset Management 09:07 Investment Performance as a Priority 10:05 Balancing Origination and LP Demand 11:42 Meeting Client Needs in Wealth Channel 12:06 Transparency and Risk Communication 12:59 Growth in Private Markets 18:07 Global Capital and Diversification 19:31 Smart Allocation in Private Markets 20:58 Private Credit as a Yield Instrument 22:23 The Role of Insurance in Private Markets 24:33 Customization and Scale in Private Markets 28:55 Trends in LP Relationships 30:39 Strategic Partnerships and Cost Efficiency 31:40 Concerns About Market Valuations 32:43 Belief in a Transformative Future 35:24 Advice for LPs in Current Market 36:21 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. The Goldman Sachs Alternatives Summit “convened leaders across finance, geopolitics, technology, and culture” to discuss themes driving global markets. 2025’s Alternatives Summit was about “navigating a world in flux,” as the firm’s recap of its event noted. The event aimed to help investors cut through the noise and put together the pieces of the puzzle in a dynamic and increasingly complex world. Alt Goes Mainstream joined the event to have unscripted conversations with Goldman Sachs Alternatives leaders to cut through the noise by unpacking key themes and trends at the intersection of private markets and private wealth. In this special series, we went behind the scenes and interviewed six Goldman Sachs Alternatives leaders about their current thinking on private markets and how the firm has built and evolved its private markets capabilities. This conversation was with Michael Bruun, Global Co-Head of Private Equity within Goldman Sachs Asset Management. He is a member of the Goldman Sachs Asset Management International Management Committee, Asset Management (AM) Private Equity Investment Committee, AM Growth Equity Investment Committee, AM Sustainable Investing Investment Committee, Asset & Wealth Management Inclusion and Diversity Council and is a member of the Goldman Sachs Firmwide Client Franchise Committee. In 2021, Michael was named Head of EMEA Private Equity within Goldman Sachs Asset Management and from 2019 to 2021, he was Head of Private Equity and Growth Equity investing for India. Michael joined the Merchant Banking Division in 2010 and worked in London and New York. Prior to that, he was a member of the Nordic Mergers & Acquisitions team in the Investment Banking Division (IBD), after initially joining IBD in 2005. Michael joined Goldman Sachs as an Analyst in the Fixed Income, Currency and Commodities Division in 2004. He was named Managing Director in 2013 and partner in 2016. Michael serves on the boards of Advania, Kahoot!, LRQA, Norgine, Synthon and Trackunit. He is a founding partner of the Human Practice Foundation in Denmark and a trustee in the UK. Michael earned a BA in Economics from the University of Copenhagen. Michael and I had a fascinating conversation about private equity, today’s investing environment, the hardest part about investing today, and how product innovation is impacting private equity’s market structure. We discussed: Thanks Michael for sharing your wisdom, expertise, and passion about private equity. Show Notes 00:56 Welcome to the Alt Goes Mainstream Podcast 02:04 Michael Bruun's Background and Career 02:31 Evolution of Private Equity 03:14 Impact of Market Changes on Private Equity 03:43 Operational Value Creation 04:50 Importance of Value Creation Resources 05:33 Driving EBITDA Growth 06:04 Goldman's Value Acceleration Resources 07:18 Focus on Data and AI 08:27 AI in Different Sectors 11:22 Goldman's Investment Strategy 14:28 Scale and Capital in Private Equity 15:40 Co-Investments and Evergreen Vehicles 18:11 Flexibility in Private Markets 23:53 Navigating Volatility 24:59 Post-Investment Operations 25:23 Goldman Sachs Engineering 26:05 Future of Private Equity 27:39 CEO AI Academy 28:01 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. The Goldman Sachs Alternatives Summit “convened leaders across finance, geopolitics, technology, and culture” to discuss themes driving global markets. 2025’s Alternatives Summit was about “navigating a world in flux,” as the firm’s recap of its event noted. The event aimed to help investors cut through the noise and put together the pieces of the puzzle in a dynamic and increasingly complex world. Alt Goes Mainstream joined the event to have unscripted conversations with Goldman Sachs Alternatives leaders to cut through the noise by unpacking key themes and trends at the intersection of private markets and private wealth. In this special series, we went behind the scenes and interviewed six Goldman Sachs Alternatives leaders about their current thinking on private markets and how the firm has built and evolved its private markets capabilities. This conversation was with Harold Hope, Partner, Global Head of Vintage Strategies, one of the world's largest secondary fund managers, in the External Investing Group (XIG) within Goldman Sachs Asset Management. He is also Chair of the XIG Vintage Funds Committee and a member of the XIG Real Estate Strategies Investment Committee and the XIG GP Strategies Investment Committee. Harold joined Goldman Sachs in 1999 as an Associate in Leveraged Finance and Corporate Finance within the Investment Banking Division and moved to the Alternative Investments & Manager Selection (now XIG) private equity business in 2001. He was named Managing Director in 2006 and Partner in 2016. Prior to joining the firm, Harold worked as a financial analyst at the investment banking boutique Bowles Hollowell Conner & Co. Harold earned a BA in Economics and Political Science from the University of North Carolina. Harold and I had a fascinating and timely conversation about the growth and evolution of the secondaries market. We discussed: Thanks Harold for sharing your wisdom, expertise, and passion about secondaries and private markets. Show Notes 00:35 Welcome to the Alt Goes Mainstream Podcast 01:26 Harold Hope’s Background and Entry into Secondaries 02:13 Evolution of the Secondaries Market 02:30 Drivers of Change in the Market 02:43 Innovations in the Secondary Market 04:45 Skill Sets Required in Secondaries 05:42 Valuation and Investment Strategies 07:14 Continuation Vehicles (CVs) Explained 09:27 Impact of Private Companies Staying Private Longer 10:47 Acquisition of Industry Ventures 12:01 Specialized Teams in Secondaries 13:14 Goldman's Unique Position in Secondaries 14:28 Leveraging Data and AI in Secondaries 15:47 Recent Trends and Market Dynamics 16:42 Future Growth of the Secondaries Market 17:10 Secondaries as an On-Ramp for Retail Investors 18:15 Closing Thoughts and Future Outlook Editing and post-production work for this episode was provided by The Podcast Consultant.

Welcome back to the Alt Goes Mainstream podcast. The Goldman Sachs Alternatives Summit “convened leaders across finance, geopolitics, technology, and culture” to discuss themes driving global markets. 2025’s Alternatives Summit was about “navigating a world in flux,” as the firm’s recap of its event noted. The event aimed to help investors cut through the noise and put together the pieces of the puzzle in a dynamic and increasingly complex world. Alt Goes Mainstream joined the event to have unscripted conversations with Goldman Sachs Alternatives leaders to cut through the noise by unpacking key themes and trends at the intersection of private markets and private wealth. In this special series, we went behind the scenes at the Goldman Sachs Alternatives Conference and interviewed six Goldman Sachs Alternatives leaders about their current thinking on private markets and how the firm has built and evolved its private markets capabilities. This conversation was with Kristin Olson, Partner, Global Head of Alternatives for Wealth within Asset & Wealth Management and a member of the Management Committee. In her role, she oversees the global alternatives platform and alternatives product strategy across wealth client businesses. Kristin joined Goldman Sachs in 1998 as an Analyst in the Financial Institutions Group in the Investment Banking Division. She was named Managing Director in 2008 and Partner in 2014. Kristin is a member of the Cold Spring Harbor Laboratory, a leading research institution focusing on cancer, neuroscience, plant biology, genomics, and bioinformatics, and is a member of the Georgetown University Board of Regents. Kristin earned a BS in International Economics, magna cum laude, from Georgetown University in 1998. Kristin and I had a fascinating conversation about private markets, private wealth, how to approach strategic and tactical asset allocation, the evolving needs of an investor, and why education and financial media are becoming increasingly important tools for investors. We discussed: Thanks Kristin for sharing your wisdom, expertise, and passion at the intersection of private markets and private wealth. Show Notes 00:41 Welcome to the Alt Goes Mainstream Podcast 01:35 Kristin Olson's Background and Career Evolution 01:59 The Evolution of Alternative Investments 02:46 Lessons from Goldman Wealth Clients 03:36 Diversification and Education in Alternatives 04:23 Serving Broader Wealth Channels 05:37 Balancing Customization and Scale 07:20 Survey Insights on Millennial Investors 08:44 Building the Goldman Sachs Brand for the Future 09:43 The Importance of Education in Alternatives 10:53 Early Adoption of Private Markets in Wealth Channels 12:28 Consolidation and Partnerships in Private Markets 16:42 Advice for New Investors in Private Markets Editing and post-production work for this episode was provided by The Podcast Consultant.

Welcome back to the Alt Goes Mainstream podcast. The Goldman Sachs Alternatives Summit “convened leaders across finance, geopolitics, technology, and culture” to discuss themes driving global markets. 2025’s Alternatives Summit was about “navigating a world in flux,” as the firm’s recap of its event noted. The event aimed to help investors cut through the noise and put together the pieces of the puzzle in a dynamic and increasingly complex world. Alt Goes Mainstream joined the event to have unscripted conversations with Goldman Sachs Alternatives leaders to cut through the noise by unpacking key themes and trends at the intersection of private markets and private wealth. In this special series, we went behind the scenes at the Goldman Sachs Alternatives Conference and interviewed six Goldman Sachs Alternatives leaders about their current thinking on private markets and how the firm has built and evolved its private markets capabilities. This conversation was with James Reynolds, Global Co-Head of Private Credit within Goldman Sachs Asset Management. He also serves as Chief Executive Officer of Goldman Sachs Asset Management International. James is Co-Chair of the Asset Management Private Credit Investment Committee, as well as a member of the Management Committee, Partnership Committee, the European Management Committee and the EMEA Talent Council. James joined Goldman Sachs in 2000 as an Analyst and was named Managing Director in 2007 and Partner in 2010. James is a trustee of Greenhouse Sports and serves as a member of the Corporation Development Committee of the Massachusetts Institute of Technology (MIT). James earned a BS from the École Nationale des Ponts et Chaussées in 1998 and an MSc from MIT in 2000. James and I had a fascinating conversation about Goldman’s extensive history in private credit and the current market dynamics. We covered: Thanks James for sharing your expertise, wisdom, and passion for private credit, private markets, and private wealth. Show Notes 00:39 Welcome to the Alt Goes Mainstream Podcast 01:30 James Reynolds' Background 02:44 Evolution of Private Credit 03:12 Direct Origination and Financing Solutions 04:08 Growth in Private Credit Market 05:55 Importance of Origination 06:29 Goldman Sachs' Competitive Edge 08:38 Expanding Universe of Credit 10:22 Harmonization of Goldman Sachs 12:01 Private Credit Deployment Strategies 14:15 Current State of Private Credit 17:16 Building an Investment Culture 18:31 Traits of a Great Credit Investor 20:52 Assessing the Business of Asset Management 22:43 Opportunities in Europe 26:10 Concerns in Private Credit 27:28 Optimistic Pessimism in Private Credit 27:59 Conclusion and Closing Remarks Editing and post-production work for this episode was provided by The Podcast Consultant.

Welcome back to the Alt Goes Mainstream podcast. The Goldman Sachs Alternatives Summit “convened leaders across finance, geopolitics, technology, and culture” to discuss themes driving global markets. The 2025 Alternatives Summit was about “navigating a world in flux,” as the firm’s recap of its event noted. The event aimed to help investors cut through the noise and put together the pieces of the puzzle in a dynamic and increasingly complex world. Alt Goes Mainstream joined the event to have unscripted conversations with Goldman Sachs Alternatives leaders to cut through the noise by unpacking key themes and trends at the intersection of private markets and private wealth. In this special series, we went behind the scenes at the Goldman Sachs Alternatives Conference and interviewed six Goldman Sachs Alternatives leaders about their current thinking on private markets and how the firm has built and evolved its private markets capabilities. Our first conversation was with Matt Gibson, who is head of the Client Solutions Group within Goldman Sachs Asset Management. Prior to his current role, Matt served as co-head of the Technology, Media and Telecommunications Group in the Investment Banking Division from 2021 to 2023. Before that Matt served as co-head of One Goldman Sachs from 2019 to 2021 and served as global co-head of Client Coverage within Investment Banking Services from 2015 to 2020. He joined Goldman Sachs in 2001 as an associate and was named managing director in 2008 and partner in 2010. Prior to joining the firm, Matt was a US naval officer for five years, working in a variety of capacities on two different US Navy ships. During this time, Matt’s service centered on operations in the Western Pacific, Persian Gulf, Mediterranean Sea and Adriatic Sea. Matt serves on the US Naval Academy Board of Trustees and the Global Advisory Board for the Kellogg School of Management at Northwestern University. Matt earned a BS in Political Science from the United States Naval Academy in 1994 and an MBA from the Kellogg School of Management at Northwestern University in 2001. Matt and I had a fascinating conversation about Goldman’s evolution of its private markets strategy and how the firm’s “One Goldman Sachs” initiative has enabled them to bring the entire firm to bear as it helps deliver solutions for both wealth and institutional clients. We covered: Thanks Matt for sharing your expertise, wisdom, and passion for private markets and private wealth. Show Notes 00:42 Welcome to the Alt Goes Mainstream Podcast 00:56 Goldman Sachs Alternatives Conference Overview 01:09 Interview with Matt Gibson 02:26 Matt Gibson's Career Journey 02:50 The Importance of Client Engagement 03:17 One Goldman Sachs Initiative 04:13 Commercial and Cultural Impact of One Goldman Sachs 05:11 Convergence of Public and Private Markets 06:04 Growth in Retail and Institutional Alternatives 07:44 Balancing Customization with Scale 08:23 Leveraging the Goldman Sachs Platform 10:10 Origination and Investment Banking Synergy 11:23 Infusing Goldman Sachs Culture 12:34 Private Markets Culture and Strategy 13:35 Building Capabilities Through Partnerships 15:19 LP Relationships and Private Markets Evolution 16:44 Strategic Decisions in Private Markets 19:13 Agility in Product Strategy 21:08 Serving Clients in Private Markets 25:41 Geopolitical Considerations in Investing 28:06 Mega Trends and Geopolitics 29:47 Future of Private Markets 30:37 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 rapidly expanding world of secondaries with a senior leader at one of the pioneering firms in the secondaries space. We sat down at Franklin Templeton’s New York office with Taylor Robinson, a Partner on the Secondary team at Lexington Partners, which has over $77B in total capitalization and is part of Franklin Templeton’s family of private markets funds and strategies. Taylor, who joined the firm in 2008, is primarily focused on the origination, evaluation, and execution of secondary opportunities, including partnership and GP-led transactions. He’s also a member of Lexington’s ESG Steering Committee. Taylor and I had a fascinating conversation about the current state of the secondaries market. We covered many of the hot button topics and trends that are shaping the secondaries market, including: Thanks Taylor for coming on the show to share your expertise and wisdom about private markets and secondaries. Show Notes 00:00 A Different Way of Thinking About Private Equity 00:43 Welcome to the Alt Goes Mainstream Podcast 01:20 Introduction to Taylor Robinson 02:35 Taylor Robinson's Background and Career 04:25 The Evolution of the Secondaries Market 05:20 Impact of the Financial Crisis on Secondaries 06:34 Growth and Liquidity in Private Markets 07:13 Current State of the Secondaries Market 07:29 Traditional vs. GP-Led Secondary Deals 09:18 Challenges and Opportunities for Institutional LPs 11:22 Active Portfolio Management Strategies 13:06 Driving Returns and Gaining Edge 14:46 Evaluating and Partnering with GPs 16:30 Nuances of the Secondary Market 17:22 Market Dynamics and Investment Strategies 18:04 The Role of Data and Technology 19:35 Regulation and Standardization in Private Markets 20:08 Evolving Focus of Secondaries Firms 20:51 Investment Horizons and Return Expectations 22:17 Primary vs. Secondary Fund Investing 27:07 Specialization and Diversification in Private Equity 28:41 Managing Favorite Assets 28:49 Diversified Portfolio Nuances 29:37 Generating Alpha in Secondaries 30:22 Asset Selection and Value Drivers 31:09 Consistent Investor Experience 33:53 Comparing Secondaries and Primaries 35:51 Evaluating Secondaries Over Time 37:18 Evergreen Funds and New Structures 38:11 Benefits of Locked-Up Capital 40:34 Challenges in Evergreen Space 41:39 Wealth Channel and Scale 43:04 Skillset for Secondaries Investors 45:16 Intellectual Curiosity and Success 47:45 Industry Trends and GP Consolidation 49:16 Understanding Market Dynamics 50:18 Training and Retention at Lexington 50:41 Future of Secondary Markets 52:54 Misconceptions About Secondaries 54:31 Shifting Mindsets on Discounts 54:54 Consistent Returns Through Cycles 55:42 Secondaries as a Real Asset Class 56:16 Excitement for Future Growth 56:22 Conclusion and Farewell 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 features a pioneer who has been building the core infrastructure that is making private markets go mainstream. We talk with Gary Tenkman, a 30-year veteran of the fund administration world who is the CEO of Ultimus Fund Solutions. Ultimus serves over 450 clients and 2,300 funds, representing $725B of assets under administration, all handled by a team of over 1,100 professionals. Ultimus, which is backed by private equity firm, GTCR and, more recently, Stone Point, is able to help investment managers navigate a growing array of challenges that include elaborate fund structures and evolving compliance requirements. Gary has built a business that combines the best of technology and human experts in fund administration to serve many of the industry’s largest funds. Ultimus has also been a big part of the ability for private markets to innovate with evergreen and interval fund structures since they have the necessary infrastructure and services to help fund managers launch, run, and administer evergreen structures. Prior to joining Ultimus as CEO, Gary was Head of North American Operations at another large fund service provider, where he was responsible for service delivery for all clients in the region. During his 16 years there, he held leadership positions in alternative investment fund services, European fund services, and US fund services. Gary and I had fascinating conversation about the evolution of fund administration and how fund administration in private markets has changed with the growing interest in evergreen and interval funds. We discussed: Thanks Gary for coming on the show to share your wisdom and experience and thanks for your support of Alt Goes Mainstream. The work you’re doing at Ultimus is making a big impact on evolving the industry, so it’s an honor to have you partner with AGM. We hope you enjoy. Show Notes 01:01 Introduction to the Alt Goes Mainstream Podcast 01:10 Gary Tenkman: A Pioneer in Fund Administration 01:17 Ultimus Fund Solutions: An Overview 01:50 Innovations in Private Markets 02:02 Gary's Career Journey 02:20 The Evolution of Fund Administration 02:38 Challenges in Fund Services for Evergreen Structures 02:46 The Role of Technology in Fund Administration 06:58 Automation and Data Standardization 11:15 AI in Fund Administration 12:09 Fund Level vs. Asset Level Data 13:16 Lessons from the Mutual Fund Industry 13:58 Product Innovation in Private Markets 18:30 Navigating the Evergreen Space 23:20 Distribution Strategies for Private Markets 25:35 The Importance of Service Providers 26:50 The Evolution of Ultimus Fund Solutions 27:19 Evolution of Ultimus: The Early Days 28:02 Client-Centric Focus: The Key to Success 28:16 Investing in Technology and Growth 28:35 Mergers and Acquisitions: Building Scale 28:58 Private Side Expansion and Momentum 29:40 Challenges and Solutions in Private Markets 30:40 Client-Centric Culture: What It Means 31:34 Delivering High-Quality Client Service 32:28 Maintaining Culture Amidst Growth 33:27 Industry Consolidation: A Historical Perspective 34:09 New Partnerships and Investments 35:26 Future M&A Opportunities 35:43 Stone Point's Investment in Ultimus 36:34 Growth in Private Funds and Evergreen Structures 37:29 Convergence of Public and Private Markets 38:05 Hybrid Product Structures: Opportunities and Challenges 39:45 Regulatory Challenges in Retail Alts 40:58 Education and Adoption in Private Markets 45:54 401k and Retirement Space: Unlocking Potential 48:04 Exciting Trends in Private Markets 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 brings us to the apex of the wealth channel. We sat down in Goldman Sachs’ HQ at 200 West with Sara Naison-Tarajano, a Partner and Global Head of Private Wealth Management Capital Markets and Global Head of Goldman Sachs Apex Family Office Coverage. Sara is also responsible for the One Goldman Sachs Family Office initiative in the Americas. Sara has been at Goldman Sachs for over 25 years, where she’s worked in a number of roles across the firm, equipping her with a multi-disciplinary background that is brought to bear in her current role leading a global platform that delivers multi-asset investing, financing, and direct investment opportunities to some of the world’s largest family offices. Goldman Sachs Apex Family Office Coverage now serves more than 600 family offices across the globe. Sara and I had a fascinating discussion about the growing intersection between private markets and private wealth and what some of the wealth channel’s largest investors find interesting and differentiated in private markets. We covered: Goldman Sachs Family Office Insights ReportThanks Sara for coming on the Alt Goes Mainstream podcast to share your expertise and wisdom on private markets and working with the wealth channel. Show Notes 00:00 Introduction: 26 Years at Goldman Sachs 00:59 Welcome to the Alt Goes Mainstream Podcast 01:05 Meet Sara Naison-Tarajano 03:07 Sara's Career Path 04:51 Intellectual Curiosity in Finance 05:29 The Role of Derivatives 06:59 Transition to Wealth Management 07:51 Goldman's Culture of Creativity 08:48 The Birth of Apex 09:12 Why Apex? 10:48 Serving Family Offices 11:25 The Apex Model 12:46 Early Days of Apex 14:09 Family Offices and Direct Deals 16:12 The Growing Role of Family Offices 19:56 Misconceptions About Family Offices 23:26 Engaging the Next Generation 34:29 Liquidity in Private Markets 34:41 Decline in Public Companies 34:52 Access to Capital in Private Markets 35:14 Emerging Trends in Private Markets 35:36 Focus on Secondaries 36:02 Family Offices and Secondaries 38:19 Goldman's Secondary Market 38:56 Goldman's Acquisition of Industry Ventures 39:55 Family Offices' Investment Strategies 40:14 US vs Global Family Offices 40:38 Private Markets and Inflation 42:42 Advice for Wealth Channel Investors 43:02 Illiquidity Premium in Private Markets 43:56 Importance of Vintaging 44:28 Evergreen Funds vs Drawdown Funds 47:22 International Family Offices 49:27 Geopolitical Concerns and Investments 52:55 Mega Trends in Investing 54:15 Infrastructure and AI 56:16 Simple Wealth Management Strategies 58:57 Private Credit and Fixed Income 01:00:48 Risks in Private Markets 01:02:22 Future of Apex and Wealth Management 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 brings infrastructure investing to life — literally. We sat down in and walked through one of Stonepeak’s data center assets with Managing Director and CEO of SP+ INFRA, Cyrus Gentry. Cyrus has played an integral role in Stonepeak’s rapid ascent as a firm and the growth of its wealth solutions business, Stonepeak+, joining early in the firm’s history and helping the firm grow to approximately $80B in AUM. Cyrus brings a private equity perspective to infrastructure investing. Prior to Stonepeak, he held investing roles at BC Partners and Advent International. He also serves as one of the Church Commissioners for the Church of England, who hold responsibility for managing the Church’s £11.1B permanent endowment fund. Cyrus and I had a fascinating and thought-provoking discussion about infrastructure investing and why and how it can fit within a wealth client’s portfolio. We covered: Thanks Cyrus for coming on the show to share your expertise, wisdom, and passion for infrastructure investing and working with the wealth channel. Show Notes 00:00 Introduction and Sponsor Message 01:57 Welcome to the Alt Goes Mainstream Podcast 02:04 Introducing Cyrus Gentry and Stonepeak 00:00 Introduction and Sponsor Message 03:25 Cyrus's Journey from Private Equity to Infrastructure 04:56 Understanding Infrastructure Investing 06:10 The Importance of Moats in Infrastructure 06:57 Differences Between Private Equity and Infrastructure 07:38 Stonepeak's Growth and Strategy 09:06 Specialization in Infrastructure Investment 09:54 Balancing Long-Term Horizons with Industry Changes 11:15 The Role of Data Centers in Modern Life 14:43 Investment Perspectives on Connectivity 15:55 Challenges in Infrastructure Investing 17:10 Executing Value Creation Plans 19:06 Structured Capital in Infrastructure Deals 21:17 Trends and Scale in Infrastructure Investment 22:43 Patience and Discipline in Investment 23:34 Global Expansion and Strategy Diversification 24:09 Collaborative Approach with Corporates 24:42 Capital and Problem Solving 25:02 Building Stonepeak Wealth Solutions 25:30 Infrastructure Asset Class Benefits 25:47 Strategic Planning and Vision 26:05 Creation of Stonepeak-Plus 26:15 Early Discussions on Wealth Business 27:32 Team Dynamics and Entrepreneurial DNA 27:59 Understanding the Wealth Market 28:56 Educating Investors on Infrastructure 29:50 Allocating Infrastructure in Portfolios 30:07 Global Perspectives on Infrastructure 32:18 Learning from Institutional Investors 33:19 Common Questions from Wealth Channel 34:02 Mega Trends and Investment Strategies 34:46 Core, Core Plus, and Value Add Assets 36:12 AI and Data Centers 40:20 Power and Energy in Data Centers 42:34 Local and Global Investment Strategies 44:12 Geopolitical Risks and Infrastructure 46:36 Lessons Learned and Future Outlook Editing and post-production work for this episode was provided by The Podcast Consultant. A word from AGM podcast sponsor, Ultimus Fund Solutions This 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...

Welcome back to the Alt Goes Mainstream podcast. Today’s episode takes us inside the world of wealth from the perspective of one of the industry’s largest alternative asset managers that has made the wealth channel core to its firm’s DNA from the beginning. We sat down with Sean Connor, Senior Managing Director and the President & CEO of Global Private Wealth at Blue Owl Capital, a firm with almost $300B in AUM. Sean highlighted a number of key insights for navigating and working with the wealth channel as he shared lessons learned from building a successful private wealth business at a large alternative asset manager. Sean is responsible for bringing the breadth of the Blue Owl investment platform to the global private wealth market. He’s at the forefront of Blue Owl’s private wealth initiatives globally and oversees fund formation, product structure innovation, capital raising, and client servicing. He also oversees business development, marketing, and operations for Private Wealth at the firm. Prior to his current role, Sean was one of the first employees at Owl Rock (now the Direct Lending division of Blue Owl) and was responsible for building out the private wealth business. Prior to joining Blue Owl and Owl Rock, Sean served as a Managing Director of CION Investment Management for over 10 years. Sean was a member of CION’s Investment Committee and was responsible for all aspects of CION’s business including originating, underwriting, and negotiating corporate finance transactions globally. In 2020, Sean was recognized by Private Debt Investor as one of the industry’s Rising Stars. Sean and I had a fascinating conversation about what it’s like to work with the wealth channel. We discussed: Thanks Sean for coming back on the Alt Goes Mainstream podcast to share your expertise and wisdom on private markets and private wealth. Show Notes 00:00 Introduction to Ultimus, our Sponsor 01:57 Welcome to the Alt Goes Mainstream Podcast and Episode Overview 02:10 Guest Introduction: Sean Connor 04:07 Growth Drivers for Blue Owl 04:45 Diversification and Market Strategy 05:17 Focus on Private Credit and Real Assets 06:54 Brand Essence and Market Leadership 11:25 Client Education and The Nest 14:21 Implementation Challenges in Wealth Channel 17:56 Customization in Wealth Management 19:20 Product Structuring and Client Needs 23:41 International Expansion and Market Strategy 26:23 Building Brand Internationally 28:01 Maintaining Entrepreneurial Culture 28:42 Challenges and Success in Scaling 30:38 Future Growth Areas in Wealth Business 30:42 Evolution of the Wealth Business 31:08 Expanding Product Strategies 31:37 Growth Opportunities in the US Market 32:23 Global Expansion and Execution 33:01 Retirement Market Potential 34:10 Bringing Parity to Retirement Ecosystem 35:19 Challenges and Opportunities in Retirement 35:39 Regulatory Changes and Education 36:38 Long-Term Investment Strategies 39:03 Private Credit and Direct Lending 40:47 Market Structure and Underwriting 43:47 Competition and Market Share 45:54 Private Companies and Direct Lending 47:56 Digital Infrastructure and AI 50:18 AI Bubble Concerns 51:46 Risk Management in Digital Infrastructure 55:11 Focus on Downside Protection 56:12 Future Investment Strategies 57:23 Excitement for the Future 59:13 Closing Remarks Editing and post-production work for this episode was provided by The Podcast Consultant. A word from AGM podcast sponsor, Ultimus Fund Solutions This 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...

It all comes back to the DNA. The firms that know who they are will know who to be. You can learn a lot about an investment firm by listening to what they say. Alt Goes Mainstream’s AGM Originals Series - The DNA: Capturing Culture - is dedicated to capturing the DNA of a firm by listening to what they say. The first season of The DNA stars EQT. In Stockholm, at EQT’s AIM this past summer, I sat down for conversations with nine EQT executives. Each executive came from different parts of the firm — and different parts of the world. Each had fascinating backgrounds and stories about how they ended up in private markets and worked to build EQT. But there was a single throughline threaded throughout all of the discussions: the consistency and frequency that each executive talked about the firm’s mission, vision, culture, and values. That’s why it all comes back to the DNA. Episode 2 features EQT's Jean Eric Salata. Jean Eric Salata is the Chairperson EQT Asia and Head of Private Capital Asia. Jean started the regional Asian private equity investment program for UK-based Baring Private Equity Partners Ltd in 1997 and later led the management buyout of this program in 2000 to establish BPEA as an independent Firm. He has since been responsible for the investment activity of BPEA until 2022, when the company joined forces with EQT and was renamed BPEA EQT. Prior to BPEA, Jean was a Director of Hong Kong-based AIG Global Investment Corporation (Asia) Ltd., the Asian private equity investment arm of AIG. Prior to that, Jean was the Executive Vice President of Finance of Shiu Wing Steel, a Hong Kong-based industrial concern, and prior to that a management consultant with Bain & Company based in Hong Kong, Sydney, and Boston. Jean holds a B.S. (Hons) in Finance and Economics from the Wharton School of the University of Pennsylvania, where he graduated magna cum laude. Please enjoy this conversation with one of the industry's leaders in Jean Eric Salata. You can stream all the episodes on AGM’s YouTube channel at AltGoesMainstreamAGM. Show Notes 00:00 Introduction: The DNA of Firms 00:34 Conversations with EQT Executives 01:05 Jean Salata: Chairperson of EQT Asia 01:32 Jean's Early Life and Career 02:26 Journey to Asia 03:28 Cultural Comparisons and Private Equity 04:45 The Asian Private Equity Market 05:09 Structural Alpha in Asia 06:12 Shareholder Activism in Japan 06:45 Liquidity in Indian Stock Market 08:10 Evolution of BPEA's Strategy 10:16 Challenges and Opportunities in Asia 11:42 EQT's Partnership and Culture 12:04 Building a Lasting Enterprise 13:23 Industry Consolidation Trends 14:54 Growth Opportunities in Asia 15:24 Rebalancing Capital to Asia 16:07 Underpenetration in Private Equity 18:17 Family Businesses and Generational Change 18:46 Wallenberg Heritage and EQT's Reputation 20:02 Long-term Growth in Asia 20:50 Mid-Market Growth Fund 21:21 Exit Market in Asia 23:01 Perceived vs. Actual Risk in Asia 23:49 Thematic Investing and Value Creation 24:32 Alpha in Asian Markets 25:35 Intellectual Stimulation in Asia 26:44 Leadership and Continuous Learning 28:38 Motivation and Career Development 31:12 Conclusion and Final Thoughts

Welcome to the 18th episode of the Alts Pulse, a collaboration between iCapital x Alt Goes Mainstream. In the latest episode of the Alts Pulse, a live conversation in studio with Lawrence Calcano, the Chairman & CEO of iCapital, Lawrence and I go global. We discussed his recent trip to Asia to peer into the nuances of the different wealth management markets around the globe. As the leader of a platform with over $300B of assets that is responsible for the majority of individual and advisor-led investment flows into the alts space, Lawrence and iCapital have their finger on the pulse of what’s happening in private markets across the globe. Lawrence and I had a fascinating discussion. We covered: Thanks Lawrence for a great conversation … look forward to the next episode! Show Notes 00:00 Introduction to the Latest Episode of the Alts Pulse 00:18 Insights from Asia 00:40 Comparing Asia and US in Private Markets 01:43 Wealth Management Market Structure 02:06 iCapital's Focus on Technology 02:49 Advisors' Allocation to Alternatives 03:13 Evergreen Products and Client Needs 03:53 HSBC and iCapital Surveys 04:22 Global Adoption of Evergreen Products 05:13 Distribution and Education in Private Markets 06:15 Model Portfolios and Custom Exposures 08:03 Strategic Distribution for GPs 08:19 Global Distribution Expansion 12:33 Personalization in Wealth Management 14:01 Data-Driven Personalization 14:45 Private Banks and Alternative Allocations 16:37 Thoughts About GPs and Distribution 17:24 Balancing Personalization and Scale