Alt Goes Mainstream

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Aug 2026

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Join the smartest people in the room and subscribe to learn how top investors and allocators are incorporating private markets into the portfolios of tomorrow. altgoesmainstream.substack.com

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August 19, 202632 min

🎥 Franklin Templeton’s Dave Donahoo - “start with the end client” - live from AGM’s RIA Field Trip

Welcome back to the Alt Goes Mainstream podcast. We were live from AGM’s RIA Field Trip at Franklin Templeton ’s New York office in Madison Square Park with Franklin Templeton’s Head of Private Markets - Americas Wealth Management Dave Donahoo to discuss the nuances of serving the wealth channel. Dave brings the perspective of someone who has seen the wealth channel handle multiple market cycles and an understanding of both traditional and alternative asset management, while always keeping the outcome for the end investor in mind. Dave started his career in the depths of the 2008 financial crisis at T. Rowe Price, where he worked with individual investors. He rose up the ranks of T. Rowe Price and then joined Blackstone as a Principal in the firm’s Private Wealth Solutions business before moving to Franklin Templeton as Head of Private Markets - Americas Wealth Management. Unpacking nuances in private markets, Dave discussed why he believes a “family of specialists” with a “narrow scope” is critical for a private markets investment platform and how a traditional asset manager can approach building brand in private markets. We had a fascinating discussion, covering: How Dave’s background starting his career working with individual investors has informed how he approaches creating solutiosn for the wealth channel. Why LPs want to do more with fewer partners and what this means for GPs. Specialists vs. generalists. Why RIAs have “cold call fatigue.” What RIAs want from a product perspective and why differentiation, trust, and proactive client service are top of the list. How asset managers can approach brand-building. The product innovation roadmap and what the path to 401(k) and DC products might look like. Thanks, Dave, for sharing a fascinating window into the wealth channel and for your passion, expertise, and dedication to providing private markets solutions to the wealth channel. A word from AGM podcast sponsor, Ultimus Fund Solutions 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: ultimusfundsolutions.com or email info@ultimusfundsolutions.com . We thank Ultimus for their support of alts going mainstream. Show Notes 00:00 Live From Franklin Templeton RIA Field Trip 00:07 Meet Dave Donahoo 02:29 Lehman Day One 03:15 Phone Lines Meltdown 03:38 Teacher Call Story 04:54 Start With End Client 05:37 Lessons From Blackstone 05:56 Wealth Playbook Takeaways 07:22 Why Franklin Made Sense 08:18 Traditional Manager Edge 08:40 Wealth Architecture Headstart 09:17 One Partner Full Platform 10:27 Challenges And Tradeoffs 10:55 Brand Transformation Work 11:58 Internal Alignment And Comms 12:30 Desired Brand Feeling 13:04 Specialist Manager Model 13:59 Perpetual Products Done Right 14:28 Defining The Right Structure 15:52 Vehicle Alpha Debate 16:26 Secondaries Structure Choice 18:28 Infrastructure Partnership Build 20:21 Preserving Investment Cultures 22:09 Data Synergies Across Teams 24:39 Macro Insights Advantage 26:11 Product Innovation Roadmap 27:36 401(k) And DC Opportunities 28:23 Private Markets Model Portfolios 29:39 What RIAs Really Want 30:55 Service And Honest Selling 31:53 Wrap Up And Thanks Join over 17,000 Substack subscribers & followers and 44,000 LinkedIn and podcast followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hamilton Lane, StepStone, Partners Group, General Atlantic, Hightower, Focus Financial, Corient, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

August 12, 20261 hr 0 min

🎥 RIT Capital Partners' Maggie Fanari - why permanent capital is a privilege

Welcome back to the Alt Goes Mainstream podcast. Today’s podcast takes us to the heart of London, where we sat down with Maggie Fanari , the CEO of J Rothschild Capital Management Limited, manager of RIT Capital Partners plc . RIT blends a rich heritage with a modern approach to both asset allocation and private markets. Lord Jacob Rothschild founded Rothschild Investment Trust in 1971. RIT listed on the London Stock Exchange with total assets of £280M. Today, the firm stands tall as one of the UK’s largest investment trusts with over £4.7B of total assets. The firm’s permanent capital and family office heritage have enabled the firm to think long-term, according to Maggie. “Permanent capital is a privilege,” she said. Maggie has brought an institutional allocator’s background to RIT. She joined as CEO of RIT from Ontario Teachers’ Pension Plan in 2024, where she was Senior Managing Director, Global Group Head of High Conviction Equities at OTPP, which has a global mandate to invest in public and private companies. Maggie and I had a fascinating discussion about how the firm invests across public and private markets, balancing both top-down portfolio construction and bottom-up asset selection. We covered: How RIT has aimed to compound wealth over time. Why top-down portfolio construction and bottom-up asset allocation are equally important. How can investors capture as much growth, limit market volatility, and compound growth over a long period of time? How RIT finds uniuqe and different managers in private markets, which includes some of the top investors in the world. What market structure changes mean for investing across public and private markets? How to invest when the world order has changed. Why permanent capital is a privilege. How to be early to a theme rather than chase the trend. Why RIT decided to invest in SpaceX, Anthropic, OpenAI, Databricks, and Epic Systems. Where do investors bucket RIT into their asset allocation? What is a manager’s edge and how can they apply that edge with consistency? Why depth of network matters for private markets managers. Why RIT invested in firms like Thrive, Greenoaks, and Ribbit. Bio Maggie Fanari is the CEO of J. Rothschild Capital Management Limited (JRCM) , investment manager for RIT Capital Partners plc . She is Chair of JRCM’s Investment Committee. Maggie was previously Senior Managing Director, Global Group Head of High Conviction Equities at Ontario Teachers’ Pension Plan, which has a global mandate to invest in public and private companies. At Ontario Teachers’, she served as a member of many of the pension plan’s investment committees. She was involved in the execution of investments across a variety of asset classes (private and public), including supporting the development and execution of the venture and growth business. Before joining Ontario Teachers’, Maggie worked at KPMG and Scotia Capital. Maggie is a chartered accountant and a CFA charter holder. She also holds a BBA from the Schulich School of Business at York University and ICD.D certification from the Institute of Corporate Directors. Maggie served as a non-executive director on the Board of RIT Capital Partners plc from April 2019 to February 2024. Thanks, Maggie, for sharing your wisdom, expertise, and passion across public and private markets and your thoughtful perspectives from your experiences as an institutional investor. A word from AGM podcast sponsor, Ultimus Fund Solutions 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: ultimusfundsolutions.com or email info@ultimusfundsolutions.com . We thank Ultimus for their support of alts going mainstream. Show Notes 00:00 RIT Edge And Heritage 02:49 Maggie Fanari’s Career Path 04:38 Teachers’ Lessons On Allocation 06:04 New Market Paradigm 07:39 RIT Strategy And Track Record 10:36 Backing Top Private Managers 12:31 Co-Invest Playbook 17:27 SpaceX And Public Private Value 21:59 Moats Data And Permanent Capital 26:45 Oversubscribed Funds And Size 28:22 AI Rounds And Valuations 30:05 Fund Size Expansion Debate 31:58 Avoiding FOMO Staying Disciplined 34:00 Private Allocation And Liquidity 35:20 Holding Winners Post IPO 37:36 Retail Investors And Market Structure 39:20 Listed Trusts Discounts And NAV 41:07 Long Term Holders And Asymmetry 43:03 Sentiment Cycles In Private Markets 44:39 Picking Managers And Edge 47:53 AI And Venture Consolidation 50:50 Being A Valuable LP Partner 52:51 Cross Asset Insights One Team 54:43 Risk Geopolitics And Resilience 58:39 Permanent Capital Best Of Both 01:00:18 Closing Join over 17,000 Substack subscribers & followers and 44,000 LinkedIn and podcast followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hamilton Lane, StepStone, Partners Group, General Atlantic, Hightower, Focus Financial, Corient, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

August 6, 202626 min

🎥 Wellington Management's Mike Trihy - going long on evergreen funds: AGM Live from SuperReturn

Welcome back to the Alt Goes Mainstream podcast. We sat down with Mike Trihy , Head of Portfolio Management for the Venture Growth Evergreen strategy at Wellington Management . We were live from Berlin, which becomes the “capital of private capital” in June as private equity industry leaders make the annual pilgrimage to the city for one of the marquee private equity conferences, SuperReturn Berlin. With Prosek Partners and former Bloomberg TV journalist Deirdre Bolton as my producer, along with her team, we took over a Tiny Space cabin to hold big conversations with some of the industry’s leading alternative asset managers. Wellington Management has a rich heritage as an independently owned asset manager. The firm, which has taken a research-driven approach and long-term thinking to active management in public markets and, increasingly, in private markets, is nearing its 100-year anniversary. Wellington has grown to over $1.3T in AUM and is the largest sub-advisor in the world. Mike joined from Bow River Capital to run Wellington’s Venture Growth Evergreen strategy, which will focus on direct growth and venture investments, secondaries, and select fund investments. Mike brings deep expertise in the evergreen fund management space, co-founding and scaling Bow River’s evergreen private markets platform and working as a portfolio manager at evergreen pioneer Partners Group. Mike and I had a fascinating discussion about the current state of evergreen funds and the venture and growth investing market. We covered: The evolution of evergreen private markets funds. The convergence of public and private investing. Lessons learned from building and managing evergreen funds at Partners Group and Bow River. The importance of portfolio construction, liquidity planning, and evergreen fund operations. Which firms are well-positioned to run and manage evergreen funds? Partnerships in asset management. Bio As lead portfolio manager for the Venture Growth Evergreen (“VGE”) strategy, Mike is responsible for overall portfolio construction and allocation of capital across direct growth and venture investments, secondaries, and select fund investments. He also oversees risk management, liquidity management, and cash flow forecasting for the evergreen fund. Prior to joining Wellington Management in 2025 Mike was a portfolio manager at Bow River Capital, where he co-founded and scaled their evergreen private markets platform while overseeing the fund’s investment activity across multiple private markets asset classes. Prior to Bow River, he was a portfolio manager at Partners Group where he was responsible for portfolio construction and asset allocation for evergreen products and custom separate account mandates. He started his investment career at wealth-focused listed private equity firm Red Rocks Capital. Mike graduated from the University of Colorado with a degree in finance, and he is a CFA and CAIA charterholder. Thanks, Mike, for sharing your wisdom, expertise, and perspectives on private markets and evergreen funds. Show Notes 00:00 Live from SuperReturn Berlin 00:24 Meet Mike Trihy 01:35 Evergreens Explained 02:28 Evergreen Vs Drawdown 02:49 Deal Flow Reality Check 03:01 Portfolio Construction First 03:33 Ops And Valuations 03:47 Sales And Flow Forecasting 04:13 Fiduciary Growth Mindset 04:48 Do Firms Have The Tools 05:24 Scale Vs Boutique Tradeoffs 06:25 Deal Volume Constraint 06:53 Should There Be More 07:05 Near Term Shakeout 07:51 Quality Wins Long Term 08:19 Is There A Best Wrapper 08:25 Matching Asset Client Structure 08:41 Interval Fund Fit 09:35 Avoid Liquidity Mismatch 10:01 LP Mix And Herding Risk 11:30 2022 Denominator Effect 11:57 Evergreen Future Adoption 13:51 Public Markets DNA Advantage 15:37 Build Buy Or Partner 17:20 Mega IPOs And Private Value 19:59 DPI Impact And Exit Wave 21:33 Public Vs Private Valuations 23:53 What Happens Faster Slower 25:47 Closing Join over 16,900 Substack subscribers & followers and 44,000 LinkedIn and podcast followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hamilton Lane, StepStone, Partners Group, General Atlantic, Hightower, Focus Financial, Corient, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

August 5, 202644 min

🎥 Investcorp Strategic Capital Group's Anthony Maniscalco - the evolution of GP stakes

Welcome back to the Alt Goes Mainstream podcast. We sat down with Anthony Maniscalco , the Managing Partner and Business Head of Investcorp Strategic Capital Group (ISCG). We were live from Berlin, which becomes the “capital of private capital” in June as private equity industry leaders make the annual pilgrimage to the city for one of the marquee private equity conferences, SuperReturn Berlin. With Prosek Partners and former Bloomberg TV journalist Deirdre Bolton as my producer, along with her team, we took over a Tiny Space cabin to hold big conversations with some of the industry’s leading alternative asset managers. Investcorp has been a pioneer in private equity. Since its founding in 1982, the firm has grown from a “ boutique Gulf firm ” into a global and diversified alternative asset manager. Investcorp launched its Strategic Capital Group (SCG) (GP stakes) business long after its founding in 1982. But the firm brought in a pioneer to launch and build SCG into a leading GP stakes firm, which now has over $2.2B of AUM. Anthony has been involved in GP stakes from the industry’s early days. He was a founding member of Blackstone Strategic Capital Holdings, a $3.3B private, permanent capital vehicle focused on acquiring minority interests in alternative asset manager GPs. He was also a Managing Director of the Hedge Fund Solutions business at The Blackstone Group. Prior to joining Investcorp, Anthony was a Managing Director and Co-Head of Credit Suisse Anteil Capital Partners. Launched in 2019, Investcorp’s SCG acquires minority interests in alternative asset managers, particularly GPs that manage longer-duration private capital strategies. SCG has completed 12 investments since inception. Anthony and I had a fascinating conversation about the evolution of GP stakes and the benefits of GP stakes for investors. We covered: Why have stakes shifted from hedge funds to alternative asset managers? Why the features of the alternative asset management business model (contracted management fees, locked-up capital, less key-person risk) can make for a good GP stake investment. Why a GP would sell an equity stake in its firm to finance its growth. Unpacking the middle-market GP landscape and where middle-market GPs need help growing their firm. The evolution from fund to firm and what’s next for GP stakes. Bio Anthony Maniscalco is the Managing Partner and Business Head of Investcorp Strategic Capital Group (ISCG), based in New York. ISCG is focused on providing capital solutions to the GPs of mid-sized private market alternative asset managers. ISCG closed its inaugural fund in the Spring of 2022 and currently manages over $2.2 billion of AUM. In his current role, Mr. Maniscalco is focused on managing the overall business, sourcing new investment opportunities, advising portfolio GPs and is the chairperson of the Investment Committee. Prior to his current role, Mr. Maniscalco was a Managing Director and Co-Head of Credit Suisse Anteil Capital Partners. Prior to this, he was Managing Director of the Hedge Fund Solutions business at The Blackstone Group. At Blackstone, he was a founding member and on the investment committee of Blackstone Strategic Capital Holdings, a USD 3.3 billion private, permanent capital vehicle focused on acquiring minority interests in alternative asset manager GPs. Prior to Blackstone, Mr. Maniscalco was Head of Alternative Asset Management Banking at Barclays (and its predecessor Lehman Brothers) within its Financial Institutions Group. Prior to this role, Mr. Maniscalco was head of the Media and Telecom vertical within Lehman Brothers’ Leveraged Finance Group. Early in his career, he worked at Bank of America and its predecessor Continental Bank in Chicago, focused on high-yield, mezzanine, syndicated bank loans, and interim financing products. Anthony holds a B.S. from Indiana University (2026 College Football National Champions!) and an M.B.A. from the University of Chicago. Thanks, Anthony, for sharing your expertise, wisdom, and passion about GP stakes and the business of alternative asset management. Show Notes 00:00 Live From SuperReturn 00:27 Meet Anthony Maniscalco 02:22 Early Stakes Were Hedge Funds 04:03 Private Equity Stakes Inflection 04:56 Why GP Stakes Invest Well 05:19 Locked-In Fee Cashflows 05:58 Carry And Diversification 06:34 Where LPs Bucket Stakes 07:32 Today’s Allocation Buckets 08:29 Stakes As Strategic Access 09:05 The LP-GP Flywheel 10:12 Catalyzing Fundraising Growth 10:40 Capital Formation Support 11:32 Underwriting Growth Readiness 12:05 Scalability And Persistence 12:57 Primary Capital Use Of Proceeds 13:12 Why Sell Expensive Equity 14:33 Equity Plus Prefs And Debt 14:56 Barbell Market And Wealth 15:35 Talent Retention And Next Gen 16:41 Wealth Channel Strategy Fit 17:21 Underwriting Middle Market Plays 19:31 Portfolio Construction Framework 19:56 Where Buyout Works Today 20:59 Why Venture Is Harder 22:13 Hardest Middle Market Questions 23:11 What Creates Manager Edge 24:03 Fund Three Minimum Rule 24:57 From Fund To Firm 26:15 Liquidity And Exit Paths 27:20 Deal Level Vs Fund Liquidity 28:15 Strategic Buyers And Realizations 28:54 Fund Leverage And Bonds 29:24 Rise Of Prefs And Debt 30:16 Multi Solution Stakes Platform 31:02 GP Stakes For Wealth Investors 32:09 Downside Protection And Speed 32:47 Still Upside With Equity 33:25 Alignment Is Everything 34:36 Cash In Not Cash Out 35:38 Do Stakes Improve Performance 36:43 Growth Keeps Firms Stable 37:08 What’s Faster And Slower 37:29 Is The Market Really Crowded 38:23 Mid-Market TAM Opportunity 39:47 New Liquidity Tools Emerging 40:20 Continuation Vehicles Boost Economics 41:04 CV Market Impact On Stakes 42:03 Helping GPs Launch CVs 43:06 When M&A Returns Join over 16,900 Substack subscribers & followers and 44,000 LinkedIn and podcast followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hamilton Lane, StepStone, Partners Group, General Atlantic, Hightower, Focus Financial, Corient, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

August 4, 202632 min

🎥 Coller Capital's Jake Elmhirst - secondaries coming in first: AGM Live at SuperReturn

Welcome back to the Alt Goes Mainstream podcast. We sat down with Jake Elmhirst , Partner, Head of Private Wealth Secondaries Solutions and Head of Capital Formation at Coller Capital . We were live from Berlin, which becomes the “capital of private capital” in June as private equity industry leaders make the annual pilgrimage to the city for one of the marquee private equity conferences, SuperReturn Berlin. With Prosek Partners and former Bloomberg TV journalist Deirdre Bolton as my producer, along with her team, we took over a Tiny Space cabin to hold big conversations with some of the industry’s leading alternative asset managers. Coller Capital has been a pioneer in the rapidly growing secondaries market. Coller’s tagline? “First in secondaries.” Coller might be “first in secondaries.” The industry they focus on has moved to the forefront of private markets. Secondaries are coming in first for many LPs, in part because secondaries are now an active portfolio management solution for LPs (LP-led secondaries) and a way for LPs and GPs to continue to invest in the growth and value appreciation of some of their funds’ best assets (GP-led secondaries). The firm completed its first secondaries transaction in 1990. Today, Collar has $55B in AUM (as of 3/31/26). Jake joined Coller after a long career at UBS, where he partnered with Coller from a few different vantage points co-founding and co-leading the Private Funds Group within UBS Investment Bank and leading the Private Markets effort within UBS Global Wealth Management. His perspective on Coller was very much a reason why he decided to leave his farm in Yorkshire (as a 23rd generation farmer!) to join Coller as they build out their wealth efforts. Jake and I had a fascinating conversation about the evolution of secondaries and how they are increasingly “solutions” for LPs and GPs. We covered: Jake’s experience witnessing the rise of the early days of private markets and how that’s shaped how he thinks about secondaries today. Why secondaries are becoming “solutions” for LPs and GPs. Why secondaries can be a core portfolio holding. The features of secondaries. The drivers of the increase in LP-led sales. Why GP-led continuation vechicles have become a popular solution. Why secondaries make sense for private wealth investors. Bio Jake is a Partner and Head of Private Wealth Secondaries Solutions and Head of Capital Formation. He is based in the firm’s London office. Prior to joining Coller Capital in April 2022, Jake spent 25 years at UBS where he led the Private Markets effort within UBS Global Wealth Management, based in London. Prior to that, Jake co-founded and co-led the Private Funds Group within UBS Investment Bank, based in New York. He previously worked at Freshfields in London, where he qualified as a solicitor working in the Tax Team with a focus on collective investment schemes. Jake has a degree in Law (LLB) from the University of Bristol. Jake Elmhirst is a registered representative of Parallel Distributors LLC. Thanks, Jake, for sharing your wisdom, expertise, and passion in private markets, private wealth, and secondaries. Show Notes 00:00 Live from SuperReturn Berlin 00:30 Meet Jake Elmhirst 05:49 23 Generations on the Farm 06:17 Black Death Family History 06:40 Farming Meets Secondaries 07:19 Spotting the Window 07:44 Secondaries as Solutions 08:25 LP Liquidity Crunch 09:15 GP Exit Alternatives 09:49 Continuation Vehicles Explained 10:59 Limits of CV Adoption 12:01 Buying With the GP 12:32 Small Funds and Wealth Channel 13:46 Consolidation and Niche Winners 14:12 Secondaries in Portfolios 14:51 Why Secondaries Work 16:46 Core Holding for Wealth 18:11 Quality Versus Discount 20:24 Underwriting Skills Shift 20:51 Coller’s Asset Focus DNA 21:42 LP Burden in CV Decisions 22:50 Evergreen Portfolio Mix 23:49 Beyond Fund of Funds 24:24 Scaling Custom Solutions 25:12 Expanding the Toolbox 27:19 Why Scale Matters 28:35 Discount Misconceptions 30:05 Active Portfolio Management Join over 16,900 Substack subscribers & followers and 44,000 LinkedIn and podcast followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hamilton Lane, StepStone, Partners Group, General Atlantic, Hightower, Focus Financial, Corient, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

July 30, 202625 min

🎥 Goldman Sachs' Kyle Kniffen - the arc of alternatives at Goldman Sachs: AGM Live at SuperReturn

Welcome back to the Alt Goes Mainstream podcast. We sat down with Kyle Kniffen , Managing Director, Global Head of Alternatives, Third Party Wealth at Goldman Sachs . We were live from Berlin, which becomes the “capital of private capital” in June as private equity industry leaders make the annual pilgrimage to the city for one of the marquee private equity conferences, SuperReturn Berlin. With Prosek Partners and former Bloomberg TV journalist Deirdre Bolton as my producer, along with her team, we took over a Tiny Space cabin to hold big conversations with some of the industry’s leading alternative asset managers. A little over two years ago, I wrote on AGM about how, at $456B in AUM in alternatives, Goldman Sachs was a “sleeping giant” in private markets. In reality, Goldman is anything but a sleeping giant in private markets, having started its private equity business in 1984 and garnering the distinction of being a top 5 alternatives manager by AUM across both traditional and alternative asset managers. Today, Goldman has grown to over $625B AUM in its alternatives business. The firm has expanded its platform with the acquisition of Industry Ventures and a partnership with T. Rowe Price to deliver public and private markets solutions to the wealth channel, and, most recently, the creation of its Alternative Investment Platform to provide HNW clients with direct access to private companies. The evolution of Goldman’s Alternatives business reflects a thoughtful, measured approach to understanding the needs of wealth channel investors and finding the utility and purpose of strategy, product, and product structure. That was much of the conversation that Kyle and I had in Berlin. We discussed the objective and utility of private markets in a portfolio. We covered: The growth of evergreen funds. Why evergreens are the product structure of choice. Why evergreens are also appealing to institutional allocators, insurance companies, and UHNW investors. How GPs and LPs are approaching LP composition to evergreen vehicles. The next wave of product innovation. The build, buy, partner framework Why Goldman is so excited about the GeoWealth partnership and what the future of model portfolios look like. What is not known but should be known about the Goldman Alternatives franchise. Bio Kyle Kniffen is a managing director in the Client Solutions Group within Goldman Sachs Asset Management. He serves as global head of Alternatives for Third Party Wealth (TPW), overseeing client strategy for the firm’s TPW clients globally, delivering the power of the Alternatives investing platform to a broad set of individual investors through our partnerships with financial intermediary clients and their advisors, including Private Banks, Broker-Dealers, RIAs and other distribution platforms. Kyle partners closely with leadership across our Alternatives franchise to develop products that meet our clients’ evolving needs. He is also co-chair of the AWM Global Distribution Working Group. Prior to this role, Kyle was in Alternative Capital Markets (ACM), serving as head of ACM for Goldman Sachs Ayco and leading coverage for One Goldman Sachs financial sponsors globally. He joined Goldman Sachs in 2018 as a vice president in ACM and was named managing director in 2021. Prior to joining Goldman Sachs, Kyle led a variety of distribution and product management teams for Bank of America’s Alternative Investment Group within their Global Wealth and Investment Management division. Kyle is a board member for the Institute of Portfolio Alternatives (IPA), and a member of The Economic Club of New York. Kyle earned a BA from Gettysburg College. Thanks, Kyle, for sharing your wisdom, expertise, and passion about private markets and serving the wealth channel. Show Notes 00:00 AGM Live from SuperReturn Berlin 00:22 Meet Kyle Kniffin 01:10 Wealth Meets Private Markets 01:37 Big Pools Little Allocation 02:24 Alt Strategies Explosion 03:04 Lessons from Hedge Funds 03:34 Start with Client Goals 03:53 Risk Liquidity Tradeoffs 04:10 Portfolio Utility First 04:25 Holistic Private Markets 04:44 Fit and Terms Matter 05:07 Setting Expectations 05:32 Product Innovation Shift 05:52 Evergreens and Flexibility 06:10 Monthly Access and Tactics 06:39 Evergreen Growth Rates 06:45 Education and Dispersion 07:15 Why Evergreens Exist 07:41 Diversification Lower Minimums 08:04 Operational Simplicity 08:21 Evergreen Nuance Phase One 08:47 Goldman in Third Party Wealth 09:26 Institutions Buying Evergreens 10:31 LP Mix and Liquidity Caps 11:36 Institutionalizing Wealth Platforms 13:29 Goldman Platform Advantage 14:46 Feeding the Evergreen Engine 15:13 GeoWealth and Model Portfolios 15:45 T Rowe Price Collaboration 16:12 Build vs Buy Partner Balance 16:42 Industry Ventures Acquisition 17:33 Goldman Alts Heritage 18:35 Pioneering GP Stakes 19:45 Secondaries Since 1998 20:12 Apex of Private Markets 21:08 Will Secondaries Be Core 21:48 Max Flexibility for Wealth 22:42 Customization vs Scale 23:16 Flagships Then Bespoke 23:49 Lessons from Private Wealth 25:10 Broader Menu of Privates 25:34 Closing Thoughts Join over 16,800 Substack subscribers & followers and 44,000 LinkedIn and podcast followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hamilton Lane, StepStone, Partners Group, General Atlantic, Hightower, Focus Financial, Corient, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

July 29, 202626 min

🎥 Sagard's Paul Desmarais III - building the next generation alternative asset manager: AGM Live at SuperReturn

Welcome back to the Alt Goes Mainstream podcast. We sat down with Paul Desmarais III , the Co-Founder, Chairman, and CEO of Sagard , the fast-growing $46B global multi-strategy alternative asset manager. We were live from Berlin, which becomes the “capital of private capital” in June as private equity industry leaders make the annual pilgrimage to the city for one of the marquee private equity conferences, SuperReturn Berlin. With Prosek Partners and former Bloomberg TV journalist Deirdre Bolton as my producer, along with her team, we took over a Tiny Space cabin to hold big conversations with some of the industry’s leading alternative asset managers. Sagard combines a rich history and heritage of building asset management businesses with a modern approach to building a global alternative asset manager. Paul’s deep understanding of the industry comes from being part of a family of multiple generations of asset management pioneers in Canada who have built some of the industry’s largest financial services businesses. Paul is the “next first generation” of asset management pioneers to come out of the Desmarais family. He started Sagard with $400M in seed capital in 2016 and, in ten short years, has grown the platform into a global multi-strategy alternative asset manager with over $46B. Sagard’s mission to empower founders by being a business that builds businesses shines through in the approach Paul and the team have taken in building Sagard. The firm has incubated, built, and acquired asset management talent and firms to scale across strategy and geography into the global platform that it is today. Paul and I had a fascinating conversation about the business of asset management and why Sagard exists to serve entrepreneurs around the world. We covered: Sagard’s entrepreneurial DNA. What does it mean to build a business that builds businesses? Being the “next first generation.” How Sagard approaches the buy, build, partner framework of asset management businesses. How Sagard has expanded its platform across asset classes and strategies. How to build a global, multi-strategy asset management brand. Why specialization matters in asset management. How to approach the wealth channel. The decentralized pod shop model. The future of private markets. Bio Paul Desmarais III is the Chairman and CEO of Sagard , an alternative asset management firm active in venture capital, private equity, credit, and real estate. Paul has led Sagard since 2016, along with a handful of close partners bound by a common vision: partnering with entrepreneurs to catalyze transformation in our investments and communities. Sagard has experienced outstanding growth, with assets under management increasing to over $46B. Under Paul, Sagard has built a global network of expertise that helps companies lead, embrace, and stay ahead of disruptive trends, expanding activity in North America, Europe, and the Middle East. Paul engages actively in growing Sagard companies. Within the Sagard ecosystem, Paul is the Executive Chairman and Co-Founder of Portage (fintech & financial services investing) and the Chairman and Co-Founder of Diagram (venture builder). Within the investment portfolios, he is the Chairman of Wealthsimple, Novisto, and Sagard Wealth, and a director of Nesto and Midas. Paul also sits on the board of Empower, the number two 401(k) business in the U.S. Thanks, Paul, for sharing your wisdom, expertise, and passion about private markets, private wealth, and building enduring asset management businesses. Show Notes 00:00 Live From Berlin 01:09 Meet Paul Desmarais III, Family Legacy Builder 01:50 Sagard Origin Story 02:19 Early Entrepreneurial Spark 03:01 Risk And Reinvention 04:22 Mission To Empower Founders 04:59 By Entrepreneurs For Entrepreneurs 05:13 Why Sagard Started 05:40 Alternatives And Innovation 06:14 Credit Plus Venture 07:08 Customer First Alignment 09:13 Generational Time Horizon 09:26 Patience In Partnerships 10:03 Innovation As Moat 11:11 Platform Strategy Mix 11:53 Platform Pillars Next Steps 13:00 Emerging Managers Flywheel 14:00 Scaling Collaboration 14:44 Incentives And Shared Carry 16:11 Values Create Moat 16:38 Choosing The Right Partners 17:51 Building A Joint Vision 18:12 Hiring Builders Early 19:21 Long-Term Greedy Culture 19:37 Future Of Alternatives 20:05 Specialization Over Mega Deals 21:17 Decentralized Pod Model 23:19 One Brand Or Many 25:00 Legacy And Founder Impact 26:18 Closing Thoughts Join over 16,800 Substack subscribers & followers and 44,000 LinkedIn and podcast followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hamilton Lane, StepStone, Partners Group, General Atlantic, Hightower, Focus Financial, Corient, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

July 28, 202621 min

🎥 Brookfield's Anuj Ranjan - "own the boring that makes exciting possible": AGM Live at SuperReturn

Welcome back to the Alt Goes Mainstream podcast. We sat down with Brookfield Private Equity CEO Anuj Ranjan . We were live from Berlin, which becomes the “capital of private capital” in June as private equity industry leaders make the annual pilgrimage to the city for one of the marquee private equity conferences, SuperReturn Berlin. With Prosek Partners and former Bloomberg TV journalist Deirdre Bolton as my producer, along with her team, we took over a Tiny Space cabin to hold big conversations with some of the industry’s leading alternative asset managers. Brookfield has a rich legacy as an asset owner and operator of some of the “ businesses that drive the global economy .” Brookfield is a firm where skin in the game (~25% of every fund includes an investment from Brookfield’s balance sheet) meets scale and synergies across its investment platform. Now, they are looking to own what’s next . What will the next era of private equity require? A different approach, according to Brookfield Private Equity CEO Anuj Ranjan. The conversation that Anuj and I had in the Tiny Space cabin covered big themes. Brookfield is investing in the megatrends that are driving the world’s economy across its platform, from digitalization to decarbonization to deglobalization. The firm’s focus on industrials in its private equity business makes it well equipped to invest in essential companies, as Brookfield aptly describes their investment focus as “own[ing] the boring that makes the exciting possible.” Anuj and I had a fascinating conversation about the current state of private equity and what it will take to drive value in a new era for the industry where “ 12 is the new 5. ” We covered: Brookfield’s history as an owner-operator. How the firm’s long-term perspective informs its investments in and ownership of private equity-backed companies. Anuj’s experience investing in India was an exercise in patience and how it’s informed his investment career. Why today is the era of “roll up your sleeves private equity.” How Brookfield is approaching value creation in industrial companies. Where Brookfield believes they can leverage AI to create post-deal operational value creation. Why Brookfield partnered with OpenAI to create DeployCo in order to scale enterprise AI deployment. Where we are in the adoption curve of physical AI and robotics. Bio Anuj Ranjan is Chief Executive Officer of Brookfield’s Private Equity Group and Brookfield Business Corporation. In this role, Mr. Ranjan is responsible for the investments, operations, and expansion of the Private Equity business, in addition to managing Brookfield’s external strategic partnerships. He is a member of Brookfield’s Executive Committee. Mr. Ranjan joined Brookfield in 2006 and has held various positions within the company and its affiliates. He established and previously led Brookfield’s India and Middle East operations. Mr. Ranjan holds a Master of Business Administration degree from Ivey Business School at Western University and a Bachelor of Science degree from the University of Alberta. Thanks, Anuj, for sharing your wisdom, expertise, and passion about private markets and how to create value through operating companies better. Show Notes 00:00 Introduction 00:23 Meet Anjun Ranjan 02:02 Brookfield Goes Global 02:07 First Private Equity Fund 02:20 Moving Around the World 02:26 Building in India and MENA 02:39 Emerging Markets Lessons 02:45 Industrial Investing in Growth 03:14 Deal Frenzy in India 03:38 Why the Bubble Burst 03:42 Five Years of Patience 03:48 Learning via Portfolio Entry 03:54 First Big India Buys 04:12 Scaling the India Playbook 04:14 Proving Institutional Control 04:32 India Results at Scale 04:46 Exporting the Model 04:53 From Regions to Global PE 05:03 Growing Through Headwinds 05:31 Roll Up Your Sleeves Private Equity 05:40 Operational Value Creation 05:48 Brookfield Platform DNA 06:18 Balance Sheet Advantage 06:30 Long-Term Investing Culture 06:50 Rewarded for Waiting 07:18 Middle East Long Game 07:57 Testing Tech on Balance Sheet 08:15 Owning What’s Next 08:26 AI Needs Land and Power 09:57 Platform Collaboration Culture 10:38 Cross-Platform Underwriting 12:23 Westinghouse Nuclear Bet 13:57 Energy Transition Tailwinds 14:13 Why Carve Outs Are Hard 14:33 People Make the Carve Out 15:50 Picking the Right Divisions 17:07 Transformational Underwriting 17:42 Pricing Power Playbook 19:03 From Five to Twelve Returns 20:17 Carve Outs Create Alpha 21:25 AI for Industrial Efficiency 22:13 Data Before AI 23:34 Predictive Maintenance Example 24:57 Physical AI and Robotics 26:26 Digitizing the Factory Floor 26:52 When Robotics Clicks 28:06 DeployCo with OpenAI 28:34 From Innovation to Execution 29:31 Best AI Investment Angle 29:38 Buying Boring Businesses 30:32 Building the Right Team 31:21 Hiring Tech Leaders 31:53 Blockbuster vs Netflix 32:38 Closing Reflections Join over 16,800 Substack subscribers & followers and 44,000 LinkedIn and podcast followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hamilton Lane, StepStone, Partners Group, General Atlantic, Hightower, Focus Financial, Corient, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

July 22, 202626 min

🎥 Vista Equity Partners' Monti Saroya - "harnessing" the power of AI in the enterprise: AGM Live at SuperReturn

Welcome back to the Alt Goes Mainstream podcast. We sat down with Vista Equity Partners ’ Senior Managing Director, Co-Head of Flagship Fund, Monti Saroya . We were live from Berlin, which becomes the “capital of private capital” in June as the private equity’s industry leaders make the annual pilgrimage to the city for one of the marquee private equity conferences, SuperReturn Berlin. Much of the SuperReturn conference is centered on fundraising. GPs take up every available space — from hotel rooms to Tiny Space cabins that line the parking spots on Budapester Strasse outside of the InterContinental conference venue — to conduct meetings with LPs. With Prosek Partners and former Bloomberg TV journalist Deirdre Bolton as my producer, along with her team, we took over a Tiny Space cabin to hold big conversations with some of the industry’s leading alternative asset managers. Vista Equity Partners has been a pioneer in enterprise software investing. They have been at the forefront of every major technology platform shift, whether it was on-prem to cloud, the adoption of enterprise software, and now the agentification of the enterprise with AI. The $103B AUM scaled specialist software investor has dedicated its efforts to building “mission critical” enterprise software companies that organizations can’t live without. Monti has had a front row seat in building and developing both infrastructure and software that the technology industry can’t live without. He brings to bear the perspective of someone who lived through the early days of the internet from his time working at Cisco Systems and Siebel Systems. Through this lens, as well as his experience investing in enterprise software companies since joining Vista in 2008, Monti is able to make sense of where, how, and why AI will be adopted within the enterprise and what it means for both operators and investors. This conversation with Monti was one of the most illuminating conversations I’ve had on AI recently. He pieced together so much of what is happening in AI today, covering: The different layers of AI adoption. Why “harness” companies can be valuable. Where AI agents are having the most impact on a business. Why open source is the next wave of the AI buildout. Why Monti is so excited about the firm’s investment in SambaNova. Do “harness” companies have a moat? Why the moats for many AI companies might surprise you. Why sovereign AI is the next big thing. Bio Monti Saroya joined Vista Equity Partners in 2008 and is Co-Head of the Vista Flagship Fund and sits on its Investment Committee. Additionally, Monti serves as a member of Vista’s Executive Committee, the firm’s governing and decision- making body for matters affecting its overall management and strategic direction, and Vista’s Private Equity Management Committee, the firm’s decision-making body for matters affecting Vista’s overall private equity platform. Monti is also the Co-Chief Executive Officer of VistaOne, Vista’s evergreen private equity vehicle, and serves on the Investment Committee. Monti helps lead Vista’s artificial intelligence initiatives, driving the firm’s approach to AI adoption through strategic partnerships and the deployment of AI-enabled infrastructure and capabilities across the platform and portfolio ecosystem. He currently sits on the boards of Acumatica, Allvue Systems, Avalara, Cloud Software Group, Duck Creek, Finastra, Infoblox, Playlist, Smartsheet, Solera, among others. Monti was actively involved in the firm’s investments in Apptio, Cvent (NASDAQ: CVT), Datto (formerly NYSE: MSP), Marketo, PowerSchool (formerly NYSE: PWSC), SumTotal, The ACTIVENetwork, and Transfirst, among others. Prior to Vista, Monti worked as a Senior Research Analyst for JMP Securities, where he provided research for buy-side clients on public on-demand (SaaS) companies. Monti previously worked as an Associate on the enterprise software/applications team. Before JMP, Monti worked at Siebel Systems in a sales capacity for the CRM On Demand division. Prior to Siebel, Monti worked for Cisco Systems in various operations roles. Thanks Monti for sharing your wisdom, expertise, and passion about AI, enterprise software, and technology transformations. Show Notes 00:00 Intro: Live from SuperReturn Berlin 00:21 Meet Monti Saroya 00:51 Career Origins Cisco and Siebel 01:12 Building Internet Infrastructure 02:17 Internet Lessons for AI 02:38 Adoption Moves Slower 03:34 What We Underestimate 04:09 AI Value Stack Layers 04:56 Why the App Layer Wins 05:12 From Screens to Agents 06:28 Agents Boost Productivity 06:56 Engineering Impact Today 08:55 Harnesses and Model Routing 13:49 Token Costs and SambaNova 14:49 Hosting Cost Shock 15:13 Finding Cheaper Hardware 15:23 Token Pricing Reality 16:02 Public Markets Raise Prices 16:15 Should You Build It 16:34 Open Weight Pivot 17:10 Why Open Source Wins 17:13 Linux vs Unix Lesson 17:38 China Open Model Lead 17:50 Enough Intelligence Threshold 18:19 Deployment Is The Bottleneck 18:58 Building An AI Factory 20:03 Avoiding Services Trap 20:26 Where Value Accrues Next 25:25 Sovereign AI Is Coming Join over 16,800 Substack subscribers & followers and 44,000 LinkedIn and podcast followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hamilton Lane, StepStone, Partners Group, General Atlantic, Hightower, Focus Financial, Corient, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com

July 21, 202630 min

🎥 Apax's Andrew Sillitoe and Mitch Truwit - buying complexity for value in the middle market: AGM Live from SuperReturn

Welcome back to the Alt Goes Mainstream podcast. We were live from Berlin, which becomes the “capital of private capital” in June as the private equity’s industry leaders make the annual pilgrimage to the city for one of the marquee private equity conferences, SuperReturn Berlin. Much of the SuperReturn conference is centered on fundraising. GPs take up every available space — from hotel rooms, to Tiny Space cabins lining the parking spots on Budapester Strasse outside of the InterContinental conference venue — to conduct meetings with LPs. With Prosek Partners’ and former Bloomberg TV journalist Deirdre Bolton as my producer and her team, we took over a Tiny Space cabin to hold big conversations with some of the industry’s leading alternative asset managers. Our first conversation was with Apax Co-CEOs Andrew Sillitoe and Mitch Truwit . Apax is one of the pioneers in the private equity industry. The firm’s rich history dates back to the 1970s, when its founders, Alan Patricof (US), Sir Ronald Cohen (UK), and Maurice Tchénio (France), came together to establish the first US-UK partnership firm in private equity. During that time period, the firm backed Steve Jobs and the first iteration of Apple. The UK and US firms merged in 1981, laying the foundation for Apax. Today, Apax stands at over $80B in aggregate funds raised. The firm underwent its second leadership transition in 2014, when Andrew and Mitch were elected as Co-CEOs, succeeding Martin Halusa, who became Chairman. Apax sits in an interesting position. They are a scaled platform that focuses on the middle market. They operate across three sectors, Tech, Services, and Digital / Consumer, infusing a digital DNA and value creation team into everything they do. Their platform spans “a mile wide and a mile deep,” which is what much of the conversation between Andrew, Mitch, and me unpacked. We had a fascinating discussion about the current state of private equity and the middle market, why Apax focuses on “density-driven business models,” why the firm focuses on carveouts in the middle market, what’s underappreciated about the middle market, why it’s important to “buy in the right neighborhood and fix it up,” and how the firm’s core values of “having impact through insight and tenacity” drive every decision they make. Bios Andrew Sillitoe has been Co-CEO of Apax since 2014. He is Chairman of the Apax Global Investment Committee and the Digital Investment Committee, amongst others. He is also a member of the Apax Executive Committee. He has been based in London since joining the Firm in 1998, focusing on Tech & Telco investments. Andrew has been involved in a number of investments including Inmarsat, Intelsat, King, Orange Switzerland, TIVIT, TDC and Unilabs. Prior to joining Apax, Andrew was a consultant at LEK. Andrew holds an MA in Politics, Philosophy and Economics from the University of Oxford and an MBA from INSEAD. Mitch Truwit is Co-CEO of Apax, based in New York. Prior to joining Apax in 2006, Mitch was the President and CEO of Orbitz Worldwide between 2005 and 2006 and was the Executive Vice President and Chief Operating Officer of priceline.com between 2001 and 2005. Mitch serves as a Board member of Openlane and Trade Me. Prior boards include Advantage Sales & Marketing, Assured Partners, Dealer.com, Bankrate, Garda World, Hub International, Trader Canada, Boats Group and Quality Distribution Inc. Mitch is a graduate of Vassar College where he received a BA in Political Science. He also holds an MBA from the Harvard Business School. Thanks, Andrew and Mitch, for a fascinating conversation and for sharing your expertise, wisdom, and passion at the intersection of investing and operating in private equity. Show Notes 00:00 Meet Apax’s co-CEOs, Andrew Sillitoe and Mitch Truwit 00:39 Andrew on Industry Change and Apax’s Evolution 01:12 Private Equity: From Cottage Industry to Scale 01:26 The Purpose of Private Equity 01:44 Apax Growth and Professionalization 02:07 Values and Venture Roots 02:36 Mitch’s Journey from Operator to Investor 03:30 Building the Operating Platform at Apax 04:10 Defining the Middle Market 04:45 Why Sub-Billion EV Works 05:00 Exit Options and Liquidity 05:32 Capability Gaps in Management Teams 06:04 TRADER Corporation - Canada App Turnaround 06:50 Apax’s Digital DNA and Carve-Outs Approach 07:28 Choosing the Harder Path 07:55 Digital DNA and AI Wave 08:34 Top Line Growth Lever 09:26 Add-ons and TAM Expansion 10:28 ECI Roll Up Example 11:05 Integration vs. Not Just Buying 11:27 Market Structure and Selling Well 12:50 Fund Size Discipline 13:42 Returns Over AUM 15:12 Global Pods Micro Investing 17:11 Scale Specialization Flexibility 18:34 Future Proof Investing in AI Era 21:54 Moat and Investment Committee 23:58 Why Middle Market Is Underloved 25:09 Next Decade Alpha and AI 26:54 Impact Through Insight Tenacity 28:01 Apax Culture: An Obligation to Dissent 29:07 Aspirational Brands 30:04 Wrap Up Join over 16,800 Substack subscribers & followers and 44,000 LinkedIn and podcast followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hamilton Lane, StepStone, Partners Group, General Atlantic, Hightower, Focus Financial, Corient, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com