Alt Goes Mainstream

Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives into the details of product innovation in private markets with a private equity veteran who has helped to pioneer a new investment structure and working with the wealth channel.We sat down at KKR’s Hudson Yards office with Alisa Wood, a Partner and Co-CEO of KKR Private Equity Conglomerate LLC (K-PEC).Alisa has been at KKR for over 20 years. She joined the firm in 2003 and is a Partner. She co-leads the firm’s innovative private equity open-ended, perpetual vehicles serving as the Co-CEO of KKR Private Equity Conglomerate LLC and as a member of the investment committee for the KKR Private Markets Equity Fund.She was previously the Global Head of the Private Markets and Real Assets Strategies Group and looked after private equity, infrastructure, energy real assets, real estate, impact, growth equity, and customized products.She sits on a number of the firm’s management and leadership committees, including the Risk & Operating Committee, the Democratized Private Equity Committee, the ESG Committee, and the Geopolitical Governance Committee.Alisa and I had a fascinating and thought-provoking conversation about private markets and working with the wealth channel. We discussed:* Why and how KKR came up with the Conglomerate structure.* Why the devil is in the detail when evaluating evergreen fund structures.* Why dealflow is essential if a firm wants to have an evergreen strategy.* Why education is so critical when working with the wealth channel.* How investors can balance evergreens and closed-end funds.* The skillsets required to manage evergreen structures.* Why culture is so critical when building a high-performing and consistent investment business.* The role that private markets can play in a portfolio and why that matters in today’s markets.Thanks Alisa for coming on the podcast to share your wisdom and expertise on private markets.Clip #1: Resonating with the wealth channel and a port in the storm.Clip #2: The winning formula.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis 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 and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Show Notes00:00 Introduction and Message from our Sponsor, Ultimus01:55 Welcome to the Podcast02:07 Introducing Alisa Wood03:48 KKR's Office and Culture05:10 The Importance of Culture and Collaboration at KKR06:12 Alisa's Early Career in Private Equity07:02 Evolution of Private Equity08:41 Strategic Moves in Private Equity13:02 Managing Evergreen Structures13:07 Operational Complexity in Evergreen Funds13:43 Deal Flow and Investment Strategies19:38 Alignment and Collaboration at KKR22:29 Evergreen Structures and Institutional Experience25:35 Sales Cycle and Investor Relations28:54 Employee Equity and Financial Literacy31:03 Human Capital and Leadership31:37 Empathy in Leadership32:06 Building a Community32:21 Building Community at Scale33:07 Understanding Investor Needs33:17 Facilitating Connections33:35 Addressing Hard Topics34:04 KKR's Approach to Community Building34:23 Evolution of KKR's Business Strategy35:38 Importance of Learning from Mistakes37:23 Integrating Macro Perspectives39:18 Strategic vs. Tactical Approaches39:38 Innovating Portfolio Construction40:01 Challenges in Private Markets42:25 The Role of Evergreen Structures43:10 Balancing Manager Selection and Scale46:08 Family-Owned Businesses and Evergreens49:16 Success in the Wealth Channel50:50 Investor Psychology and Evergreen Funds54:00 Growing the Evergreen Business55:02 Diversification and Accessibility56:03 Future Innovations in Evergreen Space56:45 Importance of Education and Community57:54 Industry-Wide Collaboration58:51 Educating on Private Markets01:00:58 Personal Reflections on Private Equity01:01:42 Real-World Impact of Private Markets01:02:40 Conclusion and Final ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 10,600 thought leaders from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, EQT, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Hightower, Focus Financial, 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

Welcome back to the Alt Goes Mainstream podcast.Today’s conversation features a live podcast that takes place at BTG Pactual’s NYC office for an audience in private markets.We are joined by Todd Owens, the Co-Founder and Managing Partner of Cantilever Group, where BTG Pactual is an investor.Cantilever is an independent firm focused on providing capital solutions to middle market asset managers. The firm’s capital can be used to accelerate growth, support acquisitions or liftouts, fund GP commitments, seed new strategies, facilitate generational ownership transfer, and provide liquidity to founders. Cantilever focuses on asset management firms that have enterprise values between $50M and $500M. The team has executed on over $500M of GP stakes, financing, and seeding transactions as both investors and principals. The team’s advisory experience working with stakes funds includes over 15 GP stakes transactions, multiple GP stakes portfolio financings, numerous GP and BDC IPOs, and dozens of asset management financing and control transactions.Cantilever is working with two strategic partners as they build their firm: BTG Pactual, the ~$30B market cap Brazilian bank and wealth and asset manager has invested into Cantilever’s fund, and Broadhaven Ventures, the principal investment arm of Broadhaven Capital Partners.Todd has over 30 years of experience as an advisor covering financial institutions and as a senior financial services executive. Prior to founding Cantilever, Todd has been a Partner at Broadhaven Capital Partners, an independent financial services focused investment bank that’s completed over $100B in announced M&A transaction volume, as well as the former CEO of Fifth Street Finance. Todd began his career at Goldman, Sachs & Co, spending 24 years including as a Managing Director and Partner in the Investment Banking Division.Todd and I had a fascinating conversation about the GP stakes space and why the middle market represents a compelling part of the asset management ecosystem as the industry undergoes change and consolidation. We discussed:* The early days of alternative asset managers going public.* The evolution of the GP stakes market.* The role that GP stakes investing can play in the growth of alternative asset managers.* How and why GP stakes has shades of private equity, private credit, and secondaries in a single strategy. * A tale of two cities — the upper end of the market and the middle-market.* What will liquidity look like in the GP stakes space?Thanks Todd for sharing your wisdom and views on GP stakes and asset management.Clip #1: Is GP stakes the best of all worlds?Clip #2: How big does the middle market become?Clip #3: Will the middle market continue to persist?Show Notes00:00 Welcome to the Alt Goes Mainstream Podcast00:40 Live Podcast at BTG Pactual's New York Office00:49 Introducing Todd Owens and Cantilever Group02:26 Welcome to Alt Goes Mainstream Live03:04 Todd's Background and Perspective03:42 Early Challenges in Minority Equity04:30 Alternative Asset Managers Going Public05:36 Evolution of the GP Stakes Market06:13 Understanding the Business Model06:53 Public vs. Private Market Perceptions08:44 The Role of GP Stakes in Firm Growth09:12 Different Approaches to Building a Business02:23 Lessons from advising Oaktree and Ares10:21 Sophistication in the Market10:53 Changes in Manager Skillsets11:59 Differences Between Upper and Middle Markets12:33 Opportunities in the Middle Market13:25 Strategic Value of Minority Equity Investors14:22 Market Stratification and Focus16:21 Future of the Middle Market18:17 Distribution of Private Markets to Wealth Channel19:08 Evolution of Wealth Management Industry20:29 Democratization of Alternatives21:19 GP Stakes: The Best of All Worlds?21:39 Investment Profile of GP Stakes23:29 Betting on Private Markets Growth24:18 Liquidity in the GP Stakes Space25:58 Quick Fire Questions26:05 Favorite Asset Class in 2025?26:46 Next Firm to Go Public?27:11 Complexity of Merging Firms28:06 Future of Middle Market GP Stakes28:50 Conclusion: Live Podcast Wrap-Up28:58 Thank You and Closing RemarksEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 10,500 thought leaders from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, EQT, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Hightower, Focus Financial, 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

Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives into a groundbreaking partnership that could change the trajectory of how the wealth channel invests into private markets.We are joined by BlackRock’s Senior Managing Director, Head of the Americas Client Business, Co-Head of U.S. Wealth Advisory (USWA), and a member of the Global Executive Committee for BlackRock Joe DeVico and Head of Product for US Wealth & Head of Alts to Wealth Jon Diorio and Partners Group’s Partner, Co-Head of Private Wealth, Head of the New York Office, Member of the Global Executive Board, Partners Group Rob Collins to discuss their partnership on a private markets model portfolio purpose-built for the wealth channel.Joe, Jon, and Rob discuss what Rob calls in the podcast the industry’s “iPhone moment.” This model portfolio partnership that brings together BlackRock’s private markets and technology capabilities and Partners Group’s history as a pioneer in the evergreen funds space is a big moment for private markets. The partnership enables the wealth channel to seamlessly access private markets solutions, understand how it fits into a broader asset allocation model, and handles rebalancing in a turnkey fashion.We had a fascinating discussion about this partnership and why the wealth channel needs turnkey solutions such as model portfolios. We discussed:* Why model portfolios could be the “iPhone moment” for private markets.* The anatomy of the partnership between BlackRock and Partners Group to create private markets model portfolios.* How to balance personalization and customization with standardization of delivery to the wealth channel.* How to create differentiation with private markets product offerings with different product structures.* The mechanics of a private markets model portfolio.* How education plays a role in advisor adoption of private markets products and model portfolios.Thanks Joe, Jon, and Rob for sharing your wisdom and experience on public and private markets as you help bring private markets into the mainstream.Clip #1: The iPhone moment - changing the paradigm of private markets.Clip #2: Why is now the right time?Clip #3: Why is a comprehensive, turnkey solution needed?A word from AGM podcast sponsor, Ultimus Fund SolutionsThis 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 and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Show Notes00:00 Introduction and Message from Ultimus, our Sponsor01:56 Welcome to Alt Goes Mainstream Podcast01:58 Groundbreaking Partnership Announcement02:25 The Model Portfolio Partnership03:32 Live from the BlackRock Studio04:07 BlackRock's Joe DeVico and Jon Diorio, and Partners Group’s Rob Collins06:25 The Evergreen Wealth Journey07:33 The iPhone Moment for Private Markets08:18 Challenges in Private Markets Adoption08:34 The Importance of Diversified Portfolios08:54 The Sherwin-Williams Challenge09:08 The Simple Push Button Solution09:40 The Uptick in Public Market Models13:22 The Right Time for Private Markets Solutions13:48 The Role of Technology and Wrappers28:04 Evolution of Fixed Income Markets28:24 Electronification of Private Markets28:38 Educating Investors on Private Markets29:33 Importance of Excellent Execution30:04 Proving the Value of Evergreen Portfolios30:49 Building the Right Solution31:15 Client Demand for Private Market Access31:52 Core Building Blocks of Private Markets32:21 Simplifying Private Market Investments32:52 Naming and Structuring Investment Products33:52 Blurring the Lines Between Public and Private Markets38:18 Active vs. Passive in Private Markets40:02 Challenges in Market Adoption40:33 Scalability and Personalization in Private Markets41:53 Evergreen Funds: Complex but Essential43:10 Expanding Access to Alternatives44:25 Seismic Shift in Private Markets45:09 Future of Private Market Solutions47:17 Client Demand Driving Innovation52:55 Personalization in Investment Portfolios56:56 The Importance of Time and Simplicity57:52 Conclusion and Podcast OutroEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 10,300 thought leaders from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, EQT, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Hightower, Focus Financial, 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

Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives into the details of distribution and how to build a high-performing global business to serve the wealth channel across brands and strategies.John Sweeney is the Chief Executive Officer of Brookfield Oaktree Wealth Solutions, a business unit that was created to harmonize the distribution efforts across the Brookfield and Oaktree brands. He previously served as Head of US Business Development and Sales for Brookfield Oaktree Wealth Solutions and was a Managing Director and Head of the Americas intermediary business at Oaktree Capital. He also served as president of Oaktree Funds from 2014-2018.Before joining the alternative asset manager side of the business, John had extensive experience working in alternative investments roles at private banks. Before joining Oaktree in 2013, he was a Managing Director and Head of Product Management and Development for the alternative investments business at Morgan Stanley. Prior to that, he was the Head of Product Management in the US for the alternative investments business of the Citi Private Bank.John and I had a fascinating and informative discussion. We covered:* How John is building Brookfield Oaktree’s wealth business.* The benefits of scale.* Wisdom from John’s Oaktree colleague Howard Marks.* How advisor education is critical to the adoption of private markets.* And much more.Thanks John for coming on the show to share your wisdom and views on private markets and working with the wealth channel.Clip #1: What has it been like having a front row seat to the growth of private markets?Clip #2: Combining Brookfield and Oaktree to build a wealth solutions business.Clip #3: Turning a challenge into a huge advantage.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis 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 and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Show Notes00:00 Introduction to our Sponsor, Ultimus Fund Solutions01:55 Welcome to Alt Goes Mainstream02:06 Introduction to John Sweeney02:30 John Sweeney's Career Background03:58 John's Early Career at Morgan Stanley04:34 Evolution of Alternative Investments05:15 Impact of Technology on Private Markets06:43 Service and Distribution Strategies07:36 Building Brookfield Oaktree's Wealth Business07:56 Importance of Client Service09:35 Staffing and Organizational Growth11:08 Brookfield and Oaktree Partnership12:45 Focus on Investment Solutions13:29 Understanding Client Needs14:06 Wealth Channel Strategies14:52 Focus on Real Assets and Credit16:11 Global Expansion and Market Strategy16:38 Challenges and Opportunities in Wealth Management17:48 Differentiating Large GPs18:10 Brand Building and Recognition19:05 Effective Client Engagement20:29 Insights and Education for Advisors22:39 Evergreen Funds and Client Relationships25:22 Balancing Content and Engagement27:32 Investment Philosophy and Market Context32:49 Delivering Returns and Income33:02 Accessing Evergreen Funds33:16 Compounding Returns Over Time33:23 Thinking in Decades33:34 Private Credit Evolution33:48 Experience and Results34:12 Brand and Education34:23 Distinguishing in Good and Bad Times34:51 Showcasing History and DNA35:45 Brookfield Real Estate36:07 Oaktree's Credit Roots36:28 Integrating Two Brands36:48 Building Solutions Across Brands37:16 Global Presence and Marketing37:27 Private Wealth Arm of Brookfield37:52 Investing in Megatrends38:59 Importance of Scale39:48 Navigating Wealth Channel Conversations40:45 Competing on Different Fronts41:35 Complementary Areas and Adjacencies43:08 Global Expansion and Regional Strategies43:35 Survey Insights on Alternatives44:54 Global Opportunities in Private Markets45:14 Regional Differences in Distribution46:03 Building a Local Team48:37 Building a Culture of Shared Success49:19 Educating Advisors and Sales Teams52:44 The Future of Private Markets and Model Portfolios56:18 Exciting Opportunities in Real Estate and Beyond57:41 The Appeal of Music Royalties and Human Connection59:26 Conclusion and Final ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 10,000 thought leaders from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, EQT, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Hightower, Focus Financial, 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

Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives into one of the most topical trends in the evolution of wealth management platforms and their adoption of private markets.We are joined by Tom Cohn and Amita Schultes of Cerity Partners, where they discuss the recent combination of their two respective businesses, Cerity Partners, the $100B+ national wealth management firm, and Agility, a leading OCIO business.Tom and Amita discuss their merger, why there was a need to create customization for wealth investors in private markets, and how bringing on a leading OCIO business takes Cerity Partners’ capabilities to a new level as a solutions provider in private markets.Tom is the Chief Solutions Officer and a Partner in Cerity Partners’ New York office. He’s a member of the firm’s Leadership Team. He has over ten years of experience in various investment management roles, previously serving as an Investment Analyst at Spero-Smith Investment Advisors, where he was responsible for due diligence and analysis of third-party managers and assisted in global market and asset allocation research.Amita is a Partner in Cerity Partners’ New York office, managing Cerity Partners’ OCIO client portfolios. She’s a member of the OCIO Investment Committee. Amita brings over 20 years of experience as an investment consultant to bear to the firm. Before joining Cerity Partners, Amita was a Partner and Client Portfolio Manager at Agility, where she served as a voting member of Agility’s Investment Committee. Prior to Agility, she was a Partner, Managing Director, and Senior Consultant at Colonial Consulting, serving as an investment consultant for endowments, foundations, and pension plans. She also served as a Senior Consultant at Ibbotson Associates.Tom, Amita, and I had a fascinating discussion. We covered:* The why and the how behind Cerity Partners’ merger with Agility.* How wealth management platforms can balance customization and scalability.* Why scale matters in wealth management.* How alternative asset managers can differentiate when engaging with the wealth channel.Thanks Tom and Amita for coming on the show to share your views and wisdom on wealth management and private markets.Clip #1: Why did Cerity Partners decide to look externally to build OCIO capabilities rather than build in-house?Clip #2: Marrying an OCIO practice with a wealth management practice.Clip #3: Do wealth clients look at having an OCIO capability as something differentiated?Clip #4: What are the things you look for when evaluating a fund manager?A word from AGM podcast sponsor, Ultimus Fund SolutionsThis 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 and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Show Notes00:00 Introduction to our Sponsor, Ultimus Fund Solutions02:05 Introducing Today's Guests, Tom Cohn and Amita Schultes07:35 Cerity Partners and Agility Merger Details08:24 Client Services at Cerity Partners09:39 OCIO and Wealth Management Synergies10:52 Why Cerity Partners Chose to Partner11:36 The Importance of Cultural Alignment13:33 The Role of OCIO in Wealth Management15:17 Cerity Partners' Approach to Private Markets16:56 Operational Excellence in Private Markets18:06 Research and Due Diligence in Manager Selection19:32 Institutional vs. Wealth Management Clients21:22 Complementary Insights from Institutional and Wealth Management23:05 Unified Research Platform28:57 Access and Customization in Client Solutions30:56 Scalability and Customization in Private Markets32:38 Structuring Customization with Scalability33:05 Educational Component in Client Investments33:21 Framework for Custom Portfolios33:55 Resource Allocation for Customization34:07 Niche Opportunities and Large Teams34:32 Enhancing Client Relationships with OCIO34:48 Negotiating Fees and Structuring Solutions35:03 Next Innovation in Investment Solutions35:24 Turnkey Solutions for Operational Complexities36:26 Model Portfolios and Unique Strategies37:25 Combining OCIO and Wealth Management Practices38:23 Innovations in Structuring Solutions38:45 Workflows in Private Markets39:31 Client Experience and Technology Integration40:30 Importance of Definitions in Private Markets40:58 Private Capital and Real Assets42:06 Relaying Information and Expectations42:42 Role and Goal of Investments43:03 Evolution of Alternatives and Private Markets45:13 Partnerships and Mergers at Cerity Partners48:08 Evaluating Managers: Art and Science50:11 Trust and Long-term Partnerships52:28 Manager's Edge and Structural Benefits54:49 Training and Mentoring in Manager Selection57:21 Challenges and Opportunities for Managers59:31 Favorite Alternative Investments01:02:28 Closing Remarks and Final ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 10,000 thought leaders from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, EQT, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Hightower, Focus Financial, 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

Welcome back to the Alt Goes Mainstream podcast.We had a chance to sit down with Blue Owl Co-CEO Marc Lipschultz recently at their Nest Network Summit for RIAs and private banks in Laguna Beach.It was a perfect setting to discuss Blue Owl’s incredible growth, which has been in part due to its unique and focused partnership with the wealth channel.Blue Owl is one of the industry’s largest alternative asset managers and has charted an impressive growth path in the nine years since its founding. Blue Owl has scaled to over $265B of AUM and has proven to be one of the top firms at raising capital from the wealth channel.Marc is a private markets industry veteran who has been instrumental in building not just one, but two of the industry’s biggest players.He spent over two decades at KKR, serving on the firm’s Management Committee, and as the Global Head of Energy and Infrastructure after joining the firm as one of the first 20 employees. He then partnered with Blackstone GSO Founder Doug Ostrover and Goldman Sachs Partner and Co-Head of Leveraged Finance Craig Packer to co-found Owl Rock Capital Partners, the predecessor firm to Blue Owl’s Credit platform. Owl Rock combined with Dyal Capital Partners to become the publicly traded entity Blue Owl in May 2021 and has since grown to over $265B in AUM and $2.2B in revenue.Owl Rock and now, Blue Owl’s, flight is emblematic of the evolution of alternative asset managers. Marc and I had a fascinating conversation. We discussed: * How Blue Owl’s growth highlights trends that have propelled alternative asset management into the mainstream.* Why scale matters.* Their focus on private credit, data centers, and digitalization.* Their focus on private wealth. * The power of permanent capital.Thanks Marc for coming on the show to share your wisdom and expertise in private markets.You can also see a recent Q&A with Marc on AGM here.A number of the themes discussed by Marc in the podcast and Q&A appear in Blue Owl’s 2025 Market Outlook. You can read Blue Owl’s 2025 Market Outlooks across Credit, Real Estate, and GP Strategic Capital, where their teams outline themes that are top of mind and how it will impact their respective sectors.Clip #1: How Blue Owl’s business was designed with wealth in mind from the very start: equal access to institutional opportunities.Clip #2: Blue Owl’s focus on partnership with clients and how client needs might lead to Credit, Real Assets, and GP Stakes.Clip #3: Why Blue Owl acquired IPI and how it fits into the Blue Owl family.Show Notes00:00 Welcome to the Alt Goes Mainstream Podcast00:57 Blue Owl's Growth and Success01:10 Marc's Background and Career02:23 The Setting: Laguna Beach02:30 Focus on Wealth Management02:47 Marc's Journey in Private Markets03:28 Early Days at KKR05:22 Building Owl Rock and Blue Owl05:47 Concept of Growth in Private Markets06:41 The Role of Culture in Success08:35 Operationalizing Culture10:12 Focus on Wealth Channel10:33 Democratization of Alts12:02 Building a Firm for Individual Investors16:43 Unified Wealth Platform19:06 Balancing One-Stop Shop and Customization24:22 Brand and Strategy29:56 Scale in Private Markets33:13 Meeting the Needs of Large Borrowers33:21 Understanding Market Spreads33:47 High-End Market Dynamics34:16 Cost of Capital and Borrowing Limits35:14 Predictability, Privacy, and Partnership36:16 Trends in Private Credit36:29 The One-Stop Shop Concept36:57 Risk Management in Credit37:48 Maintaining Low Loss Rates38:44 Impact of Scale on Credit Quality40:27 Private vs. Public Financing40:54 Growth in Asset-Backed Financing41:16 Strategic Business Orientation42:34 Skating to Where the Puck is Going47:58 Permanent Capital Advantage48:39 Flexibility in Loan Terms51:26 Building a Purpose-Built Firm54:15 The Role of Culture in Business and Sports55:34 Lessons from the Washington Commanders and Tampa Bay Lightning55:41 Leadership and Performance56:37 Good Fortune and Success57:00 Commitment to Culture and Outcome57:26 Powerful Culture in Sports58:06 People: The Core of Success58:59 Wrapping Up the ConversationEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 9,900 thought leaders from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, EQT, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Hightower, Focus Financial, 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

Welcome back to the Alt Goes Mainstream podcast.Today’s episode features an industry titan who has been on the forefront of the intersection of alts and wealth.We talk with Stephanie Drescher, Partner, Chief Client and Product Development Officer at Apollo and a member of the firm’s Leadership Team. She oversees the Client and Product Solutions Group (CPS), which includes Apollo’s Global Wealth Management Solutions, Institutional Sales, and Global Product teams. She is also involved with Apollo’s strategic investments in private markets, as a Board Observer at iCapital and a Board Member at Vega.Stephanie is responsible for leading Apollo’s global wealth buildout, which is one of the firm’s strategic priorities. They’ve invested heavily in educational resources and have built out a specialized team to work with the wealth channel. Apollo has set a goal of achieving $150B from its global wealth business by 2029 and, in 2024, under Stephanie’s leadership the global wealth business exceeded the total capital raised in 2023 from the wealth channel.Before joining Apollo in 2004, Stephanie was with JP Morgan for 10 years, working primarily in its Alternative Investment Group.Stephanie and I had a fascinating conversation about how to build and scale a business in the wealth channel. We discussed:* What is safe and what is risky?* How can investors approach asset allocation and portfolio construction?* How working with institutional investors has influenced and helped Stephanie think through how to work with investors in the wealth channel.* The anatomy of building a wealth business.* How critical is brand building when working with the wealth channel?Thanks Stephanie for coming on the show to share your wisdom and expertise on private markets and work with the wealth channel.Clip #1: How does Apollo approach private markets?Clip #2: Privates are no longer a nice to have; they are a need to have.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis 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 and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Show Notes00:00 Introduction and Message from our Sponsor, Ultimus Fund Solutions01:55 Welcome Back to Alt Goes Mainstream02:04 Introducing Stephanie Drescher03:55 Stephanie's Journey at Apollo04:14 Focus on Institutional Clients04:43 Strategic Focus on Wealth Channels05:05 Learning from Different LPs05:27 Early Days at J.P. Morgan08:04 Importance of Communication08:17 Transparency and Client Centric Approach08:56 Educational Initiatives at Apollo10:07 Apollo Academy Engagement10:42 Content Creation Strategy11:37 Combining Short and Long Form Content11:43 Direct Client Communication12:00 Distribution and Marketing12:26 Client Centric Approach13:06 Creating a Narrative for Private Markets13:40 Defining Private Markets14:34 Public vs. Private Markets15:50 Changing Definitions in Private Markets16:18 Impact of 2022 on Public Markets17:02 Concentration in Public Markets17:41 Benefits of Private Markets18:17 Helping Clients Understand Private Markets18:44 Developing Accessible Solutions19:45 Client Focused Solutions19:51 Balancing Client Needs and Market Nuances20:15 Apollo's Origination Capability22:12 Athene's Role in Apollo's Strategy24:26 Tax Efficiency in Private Markets25:39 Wealth Channel vs. Institutional Investors25:48 Solving for Tax Challenges25:53 Listening to Client Needs27:31 Avoiding K1s and Capital Costs28:17 Process and Adoption of Private Markets29:07 Investing in Technology30:08 Insights from Technology Investments31:06 Shared Industry Solutions32:02 Digital Outreach and Thought Leadership32:38 Apollo's Brand and Public Presence33:02 B2B2C Relationships33:10 Building Apollo's Brand33:50 Communicating Apollo's Value Proposition34:04 Reaching the End Client35:39 Media Presence and Brand Awareness36:59 Tangible Impact of Private Credit37:35 Evolution of Private Credit38:14 Role of Asset Backed Credit38:46 Alternative Asset Managers in Financial Markets39:18 Partnerships and Convergence39:48 Discretionary Allocations40:11 401(k) Business and Retirement Goals41:18 Focus on Net Return41:52 Provocative Questions on Liquidity43:00 Consistency of Messaging43:26 Innovative Parts of Apollo's Business43:49 Changing Definitions of Alternatives45:23 Phases of Adoption in Wealth Channel47:00 Strategic Focus on Partnerships52:39 Balancing Scale and Customization53:26 Personal Reflections and Future Investments54:48 Conclusion and FarewellEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 9,600 thought leaders from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, EQT, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Hightower, Focus Financial, 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

Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives into an important and growing part of the private markets ecosystem: how investors can access and invest into alternatives through their retirement funds.We have Eric Satz, the Founder & CEO of Alto, a self-directed IRA custodian, with us today to discuss how he’s on a mission to provide everyday Americans with the same investment opportunity long favored by institutional investors.Alto provides custody for a wide array of alternative assets, including private companies, real estate, crypto, loans, and securitized collectibles. Alto has streamlined the process for companies, funds, and SEC-registered investment platforms to include IRA investors in their offerings. They’ve partnered with firms across the alts space, including AngelList, Coinbase, EquityZen, Republic, Masterworks, and others, to enable investors to invest into private markets with their IRA.Eric is a serial entrepreneur and former investment banker. He worked at DLJ / Credit Suisse First Boston before co-founding Currenex (acquired by State Street for $564M), Plumgood Food, and Tennessee Community Ventures. His passion for entrepreneurship led him to serve on the Board of the Tennessee Valley Authority from 2015 to 2018 and he teaches an entrepreneurship class to high school students.On today’s podcast, Eric teaches us all about the merits of a self-directed IRA. We had a fascinating discussion about why and how it makes sense to use an IRA to invest into private markets investments and how he’s taking lessons learned from prior IRA businesses to build Alto.We discussed:* Rethinking retirement investing.* The evolution of the self-directed IRA market.* Alto’s vision: TurboTax for IRAs.* Structural challenges with using IRAs for private markets investments.* The role of technology with streamlining retirement investing.* The evolution in investor awareness of retirement investing.* The importance of duration matching.Thanks Eric for coming on the show to share your knowledge and passion for alternatives.Clip #1: What's the reasons why more people haven't put private markets investments in their self-directed IRAs?Clip #2: How and when do investors start thinking about using a retirement account to invest in private markets?Clip #3: Unlocking private market access to the wealth channel with a self-directed IRA.Clip #4: Working with the financial advisor.Show Notes00:00 Welcome to the Alt Goes Mainstream Podcast00:51 Diving into Private Markets with Eric Satz01:22 Alto's Mission and Partnerships01:33 Eric Satz's Entrepreneurial Journey01:57 The Merits of Self-Directed IRAs02:01 TurboTax for IRAs02:05 Retirement Accounts and Private Market Investments02:29 Welcoming Eric to the Podcast02:37 The Evolution of Private Markets and IRAs02:52 The Beginnings of Alto03:14 Challenges in Self-Directed IRA Investing05:12 Matching Long-Term Assets with Long-Term Savings05:53 Growth of IRA Accounts06:52 Private Market Investments in IRAs07:53 Barriers to Private Market Investments08:09 Psychological and Structural Challenges09:22 The Role of Technology in IRA Investments09:31 AngelList Partnership and User Experience10:43 Investor Journey in Private Markets11:24 Educating Investors and Advisors14:03 The Evolution of Financial Advisors15:03 The Importance of Illiquidity in Investments18:30 Current Income and Tax Advantages18:58 The Younger Generation and Volatile Investments19:39 Compounding Returns in Private Markets20:22 Asset Management and Diversification21:36 The Role of Infrastructure Solutions25:38 Alto's Marketplace and Crypto IRA27:41 Friction in IRA Investments29:49 Success of Alto's Technology30:56 Partnerships with Major Asset Managers31:43 The Growing Wealth Channel32:41 Direct to Consumer vs. Intermediary Models34:12 Educating Financial Advisors34:42 Boots on the Ground Education35:13 The Role of Financial Advisors in Private Markets36:46 Unlocking Retirement Funds for Private Investments37:45 The Role of Asset Managers in Education39:05 Brokerages and Private Market Investments41:06 Challenges in Asset Review42:17 Future of Private Market Investments43:12 Alto's Vision for the Future44:46 The Role of Defined Contribution Plans45:52 Legitimacy and Participation in Private Markets46:13 Private Equity in Retirement Solutions47:11 Diversification in Public vs. Private Markets48:02 Borrowing Against Private Market Holdings48:44 Regulatory Differences in 401k’s and IRAs51:20 Common Sense in Investment Regulations52:41 Exciting Future Investments53:56 Conclusion and Final ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 9,600 thought leaders from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, EQT, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Hightower, Focus Financial, 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

Welcome back to the Alt Goes Mainstream podcast.Today’s guest is an industry leader in wealth management who has been very active in private markets.Mike Tiedemann is a pioneer in the wealth management space in a number of ways.He's at the helm of the first pure play publicly traded wealth management business, AlTi Global. AlTi, a $72B AUM platform, came out of a merger between Mike's successful and highly regarded wealth management and alternatives business, Tiedemann Advisors, which merged with Alvarium.Founded in 1999, Tiedemann grew into a global company under Mike's leadership, expanding across geographies and building out a Trust Company and an alternatives manager on its way to overseeing $29B AUA.Mike has since run the combined company of AlTi Global as CEO, where they've built a global wealth management and alternatives platform. They are also backed by Allianz and Constellation Wealth Capital as they continue to serve many UHNW families worldwide.Mike is very well-versed in private markets given his deep expertise in allocating to many of the industry's best leading managers so we had a fascinating conversation about the intersection of private markets and wealth management.We discussed:* The business of wealth management.* The evolution of the wealth management industry.* Why understanding private markets is so critical for wealth managers.* The advantages of being a global wealth management business.* The experience of being a publicly traded pure play wealth management firm.* How to structure investments for global clients.* The need to customize private markets portfolio construction as a way to differentiate versus other wealth management platforms.Thanks Mike for coming on the show to share your views and wisdom on wealth management and private markets.This conversation is for informational purposes only and should not be construed as investment advice. It does not endorse or recommend any specific investments, products, or strategies. The opinions shared regarding investment approaches, risk allocations, and portfolio decisions are purely for discussion and do not constitute formal recommendations.Any statements, assertions, or views regarding past or future market events or investment approaches are based on the speaker’s beliefs and do not necessarily reflect those of the firm as a whole, unless explicitly stated with supporting sources. Additionally, some statements may be forward-looking in nature, and actual outcomes may differ materially from expectations.Clip #1: The evolution of the wealth management industry.Clip #2: The nuances of being a global wealth manager.Clip #3: The positives and negatives of being a publicly traded wealth management firm.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis 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 and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Show Notes00:00 Introduction to our Sponsor Ultimus Fund Solutions01:18 Alt Goes Mainstream Theme Song01:58 Introducing Mike Tiedemann05:28 Lessons from Mike’s Early Career in Brazil05:44 Importance of Liquidity06:57 Geopolitics and Investing09:24 Private Markets and Wealth Management09:47 History of Tiedemann Advisors10:26 Evolution of Multi-Strategy Firms11:33 Challenges in Manager Selection16:31 Growth and Scale in Wealth Management19:09 Client Demands in Wealth Management21:18 Differentiation in Investment Offerings24:10 Tax Efficiency in Investments25:26 Partnerships with Allianz and Constellation27:24 Decision to Go Public29:19 Challenges of Being a Public Company30:52 The Importance of Permanence in Wealth Management31:44 Surviving Market Downturns32:42 Consolidation in Wealth Management33:36 Global Wealth Management Strategies35:26 Regional Nuances in Wealth Management36:49 Asian Wealth Management38:11 Structuring Investments for Global Clients39:10 Creating Scalable Private Markets Offerings40:22 Differentiating in Private Markets42:09 Tax Efficiency in Alternative Investments42:48 Innovative Investment Structures44:00 Public vs. Private Wealth Management Firms46:10 Brand and Client Perception47:57 Future of Wealth Management49:53 The Impact of Technology in Wealth Management51:11 Talent and Retention in Wealth Management53:34 Skills for Modern Wealth Managers54:48 Next-Gen Client Demands56:02 Exciting Private Market Trends57:43 Capital Flows and Private Credit59:42 Risks in Private Markets01:01:34 Favorite Alternative Investments01:03:07 Future Allocation to Private Markets01:04:40 Concluding ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 9,200 thought leaders from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, EQT, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Hightower, Focus Financial, 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

Welcome back to the Alt Goes Mainstream podcast.Today’s episode features an industry leader who has pioneered working with the wealth channel.We talk with Joan Solotar, the Global Head of Private Wealth Solutions at Blackstone, where she also serves on the firm’s Management Committee. Joan has been responsible for leading Blackstone’s impressive work in the wealth channel. She’s grown the firm’s footprint in private wealth to over $250B in assets across Blackstone funds, making the wealth channel comprise roughly a quarter of Blackstone’s $1T AUM.Blackstone Private Wealth Solutions’ mission is to bring institutional quality products across a broad spectrum of alternative asset classes to high net worth clients and their advisors.Before joining Blackstone in 2007, Joan was Head of Equity Research at Bank of America Securities and a highly ranked Institutional Investor All Star financial services analyst at Credit Suisse and Donaldson, Lufkin & Jenrette. She also serves on the Board of Directors at First Eagle Investment Management.Joan and I had a fascinating conversation about how to build and scale a business in the wealth channel. We discussed:* How Blackstone built a $250B AUM business in the wealth channel across Blackstone funds.* How Joan’s background in equity research helped her as she built a business for the wealth channel.* The early days of building Blackstone’s Private Wealth Solutions business.* Where, why, and how private markets can fit into a portfolio.* How model portfolios will evolve.* Why private markets are no longer an alternative.* How to build an effective brand in asset management.Thanks Joan for coming on the show to share your wisdom and expertise on private markets and your work with the wealth channel.Clip #1: How early are we?Clip #2: How do you educate the wealth channel about private markets?Clip #3: There is no alternative.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis 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 and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Show Notes00:00 Introduction to our Sponsor, Ultimus Fund Solutions02:02 Guest Introduction: Joan Solotar03:26 Welcoming Joan to the Podcast03:45 Joan's Career Journey05:21 Building a Business in the Wealth Channel06:59 Early Challenges in Private Wealth07:49 Challenges and Skepticism08:39 Convincing Advisors and Building Trust10:16 Growth and Market Development10:57 Current State of Wealth Channel Allocations11:02 Growth in Private Wealth11:18 Spring Training in Wealth Channel12:02 Needle Movers in Wealth Channel12:29 Expanding Offerings and Deepening Relationships13:01 Importance of Sticky Assets13:17 Evolution of Wealth Management and Private Markets13:42 Liquidity vs. Illiquidity14:58 Educating Advisors on Private Investments16:21 Client Demand and Advisor Tools17:35 Portfolio Construction and Branding18:16 Early Days of Portfolio Construction with Alts18:46 Naming the Asset Classes19:54 Importance of Private Investments20:01 Growth-Oriented Portfolios21:26 Ease of Use in Private Investments22:06 Model Portfolios and Private Investments23:01 Advisor Trust and Brand25:01 Differentiated Experience at Blackstone25:07 Client Interaction and Support26:30 Commitment from Blackstone Leadership28:29 Complexity of Wealth Channel Sales29:19 Longer Sales Process and Education31:04 Brand and Marketing in Wealth Channel32:34 Integration of Marketing and Sales33:16 Training and Education at Blackstone34:53 Blackstone University36:24 Blackstone's Global Meetings and Training38:29 Humanizing the Team41:05 Blackstone's Holiday Video42:14 Consumer-Facing Investments43:22 Favorite Alternative Investment43:30 AI and Investment Opportunities45:28 Conclusion and FarewellEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 9,000 thought leaders from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, EQT, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Hightower, Focus Financial, 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