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

Welcome back to the Alt Goes Mainstream podcast.
We went to Miami to sit down with the professor of infrastructure investing and Founder, Chairman, and Managing Partner of I Squared, Dr. Sadek Wahba. 
Sadek has blended academic knowledge and a practical approach to infrastructure investing to build I Squared into a $60B infrastructure investment firm in 14 years, some of which he has adroitly distilled into the 2024 book that he authored, Build: Investing in America’s Infrastructure.
We had such a fascinating and wide-ranging discussion that I’ve decided to break down our conversation into chapters.
“We are enormously boring by design”: From the World Bank to building a $60B infrastructure investing behemoth
[00:00:00–00:16:19]

Sadek has been investing in a category, infrastructure, that he calls “invsible until it’s missing.” He’s brought experience as an economist at The World Bank and running Morgan Stanley Infrastructure as CEO to bear as he has built out I Squared into a leading infrastructure investment firm.
Some notable quotes from this chapter:
“You open your tap water, you never think where the water comes from … So you take a lot of that for granted.”

“For better or worse, it may say something about us being enormously boring, but the only thing we do is infrastructure.”

“With the boom in AI, and the need for power and data centers … add another five-plus trillion dollars that will need to be invested in transmission lines, power generation, data centers, fiber optics and all sorts of infrastructure.”

No free lunch: ownership, regulation, and the ghost of Flint

[00:16:19–00:32:40]

U.S. infrastructure has shifted from private ownership to overleveraged municipalities. Sadek breaks down what has gone wrong with different infrastructure investment models around the world by dissecting who owns an asset, who manages it, who regulates it, and why collapsing those three roles into one is exactly what happened in Flint, Michigan.
Some notable quotes from this chapter:
“I’m sorry to say, but there’s no free lunch. Whether it’s a public good or not, that public good requires inputs, produces an output, and someone has to pay for it.” 

“There are three things that matter when you think about infrastructure: the ownership of the asset, who manages it, and who regulates it. If the entity that owns, manages, and regulates it are the same, you have a problem.”

“They managed it, they regulated it, and they owned it. So if I wanted to complain to the regulator … the manager is the regulator. But the real owner is the manager who’s also the regulator.” (Sadek on what happened in the Flint, Michigan water crisis).

If it sounds too good to be true, it probably is

[00:32:40–00:51:06]

Sadek takes us inside I Squared’s investing playbook. He discusses why they walked away from a Norwegian gas deal promising 14-15% returns, and why regulatory risk is the hardest thing to underwrite. Sadek also shares where he believes value is created in the next decade.
If it’s too good to be true, then it’s probably not true. And that, for me, is rule number one.” 

“How can you make a return of 14%, 15% on something which is a hundred percent regulated and where you take very little risk? That, to me, doesn’t exist.” 

“The adoption of AI technology is probably the single biggest opportunity we see in infrastructure over the coming years.”

Fishing in a different pond: the mid-market and the democratization of infrastructure

[00:51:06–01:07:19]

Sadek explains how a firm that has a $15B fund to deploy still focuses on the “mid-market,” why banks have abandoned the $50-100M loan, and why individual investors can play a role in financing assets that they use every day.
“Our funds could be $15B in size … people say, “You’re joking, right? That’s not mid-market” And the answer is, well, no, it is … because we invest globally.”

“I hope the day comes where most airports in the US are not owned by funds, but they’re publicly listed. Instead of being owned by a municipality, you and I can buy the shares of that company.”

“If regulators are not paid, they’re not incentivized to do a good job.”

Onshoring, national security, and what drives Sadek

[01:07:19–01:17:15]

Sadek shares why private capital can help fill the gap for funding infrastructure needs as growing government debt makes it harder for governments to keep footing the bill. He also discusses the case for onshoring beyond politics and what motivates him. 
“Private capital will per force play a critical role if you want to maintain sustainable economic growth rates. If you want lower per capita income, if you want higher unemployment … then don’t have the private sector invest in it.”

“I can think of two reasons [for onshoring] that have nothing to do with politics: national security, and supply chain issues."

“What drives me is to be able to produce something that people find useful, that people use to better their lives. And if you can do that in any small way, I think that’s enormously rewarding.”

Bio
Dr. Sadek Wahba is Chairman and Managing Partner of I Square Capital, an independent global infrastructure investment manager based in Miami, Florida, with $60 billion in assets under management.
He has worked at Morgan Stanley where he was the CEO of Morgan Stanley Infrastructure, a global platform for infrastructure investment and as an economist at The World Bank. Sadek is an advocate for transformative approaches to infrastructure investment and a frequent commentator about the need for more investment in infrastructure to promote sustainable economic growth. He was a presidential appointment to the National Infrastructure Advisory Council, which advises the White House on reducing the physical and cyber risks and improving the security and resilience of critical infrastructure in the U.S. He was part of the expert committee on the World Economic Forum’s first report on global infrastructure investments and was named Global Infrastructure Personality of the Year twice, as well as Global Infrastructure Personality of the Decade, by Private Equity International (PEI). He frequently appears on Bloomberg, CNBC, Nasdaq, and other networks, including Op-eds in the Financial Times and other leading journals.
He holds a Ph.D. in economics from Harvard University, an M.Sc. I economics from the London School of Economics (LSE) and a B.A. I economics from the American University in Cairo. He is a published author on economic research and one of his publications was selected by MIT as one of their 50 most influential papers in the last 50 years His book Build: Investing in America’s Infrastructure published by Georgetown University Press published in 2024 is in its second printing.
Sadek is a Senior Fellow at the Development Resea...

Welcome back to the Alt Goes Mainstream podcast.
We went to Golub Capital’s New York office to sit down with Co-CEO David Golub.
David Golub and his brother Lawrence both started their careers in private equity. It was their experiences in private equity in the 1990s that turned them into private credit pioneers.
Lawrence and David have built Golub Capital into a $95B private credit behemoth, largely due to their pioneering decision to create the “one-stop” unitranche loan solution for sponsor-backed companies after spotting a gap in the sponsor finance market. 
Fast forward over 30 years, and Golub Capital is one of the leaders in private credit. 
David discussed how Golub has spent the balance of its life as a scaled specialist credit manager “honing the competitive advantages” that make the firm so unique. Golub has built a cadre of 200 high-quality sponsor relationships with many of the industry’s top private equity firms, which call on them when they are seeking sponsor financing for their companies.
David and I had a fascinating conversation that covered everything from the early days of private credit to the story of pioneering unitranche loans to what LPs should look for in GPs to the psychology of relationships and partnerships. We discussed:
What David and Lawrence saw in the early days of private equity informed how they decided to build Golub.
Why the unitranche loan became popular with private equity sponsors.
What Golub looks for in relationships with private equity sponsors.
Why focus has been a key driver of scaling Golub’s business.
What LPs should ask GPs when evaluating their fund and firm.
Why LPs should evaluate GPs based on how GPs think about their own business.
The psychology of relationships and partnerships.
How David’s experience being surrounded by a family of psychologists and psychiatrists has given him an edge in investing, negotiating, and building win-win relationships.
Bio
David Golub is Co-Chief Executive Officer of Golub Capital, a market-leading, award-winning direct lender and experienced private credit manager. As of April 1, 2026, Golub Capital had over $90 billion of capital under management, a gross measure of invested capital including leverage. Golub Capital partners with institutional investors and family offices, offering tailored solutions for investors’ credit asset strategies. The Firm specializes in delivering reliable, creative and compelling financing solutions to companies backed by private equity sponsors. Golub Capital has been a top 3 U.S. Middle Market Bookrunner each year from 2008 through Q1 2026 for senior secured loans of up to $500 million for leveraged buyouts. Golub Capital has been consistently recognized with industry awards, including Lender of the Year, Americas (Private Debt Investor, 2014, 2015, 2016, 2018, 2021, 2022, 2023, 2024) Lender of the Decade, Americas (Private Debt Investor, 2023), Senior Lender of the Decade, Americas (Private Debt Investor, 2023), Senior Lender of the Year, Americas (Private Debt Investor, 2015, 2016, 2017, 2019, 2020, 2023, 2025) and BDC Manager of the Year, Americas (Private Debt Investor, 2015, 2016, 2017, 2023).
Mr. Golub is active in charitable and civic organizations. Mr. Golub is a member of the Founder’s Council of the Michael J. Fox Foundation for Parkinson’s Research, where he was the first board Chairman and a long-time director. Mr. Golub is Co-Founder and Chair of the Golub Capital Nonprofit Board Fellows Network, which operates at 20 leading business schools; its mission is to make nonprofit boards more effective by training hundreds of MBA students each year to become highly skilled nonprofit directors. Mr. Golub is a member of the Association of Marshall Scholars’ Director’s Circle and previously was a member of the Stanford Graduate School of Business Advisory Council. He has served on the boards of the Loan Syndications and Trading Association, the Hudson Guild and the World Policy Institute. Mr. Golub is on the board of directors of Burton Snowboards and has served on the boards of numerous public and private companies.
Prior to joining Golub Capital in 2003, Mr. Golub was a Managing Director of Centre Partners, a leading middle market private equity firm, and of Corporate Partners, a Lazard-sponsored $1.5 billion private equity fund formed to acquire significant minority stakes in established companies.
Mr. Golub earned his AB degree magna cum laude in Government from Harvard College. He received an MPhil in International Relations from Oxford University, where he was a Marshall Scholar, and an MBA from Stanford Graduate School of Business, where he was an Arjay Miller Scholar.
Thanks, David, for sharing your wisdom, expertise, and passion about private credit, the business of asset management, and the psychology of relationships.
Show Notes
00:00 Introduction
01:23 A Message from Ultimus Fund Solutions, Our Sponsor
02:26 David’s Career Shift to Credit
06:07 Sponsor Finance Market Gap
10:56 Unitranche Origins
12:47 Crisis As Catalyst
14:25 Distressed Value Lens
16:21 What Makes A Good Business
19:39 Relationships And Game Theory
21:26 Capital Isn’t Proprietary
25:39 Being First Call
26:21 Managing Growth Carefully
27:29 Fundraising Versus Opportunity
28:08 Only The Paranoid Survive
29:17 Staying A Specialist
29:45 Capacity And Performance
32:47 Scale As Advantage
36:23 Raising Capital Follows Winners
37:12 Future PE Picks Few Lenders
37:52 Credit Partner as A Signal
38:37 Doing Homework on Sponsors
39:02 Big “n” Investing Mindset
39:16 Risk Real vs Perceived
41:30 Press Noise and Redemptions
42:22 Darwinian Moment Ahead
42:54 Why Terms Improve Next
44:42 Portfolio Stress Reality Check
47:51 Junior Debt Trouble Spot
48:10 Underwriting the Manager
51:06 Ask the Why
52:00 What Keeps You Up at Night
54:13 Culture of Constructive Doubt
54:57 Testing Analytical Thinking
55:53 Building the Wealth Channel
56:45 Early Days Wealth Fundraising
58:11 Diversifying the Investor Base
01:00:45 Decades Mindset and Focus
01:01:35 Specialization and Infrastructure
01:02:39 More of the Same 
01:03:21 Adjacencies Like GP Secondaries
01:03:42 Continuation Vehicles Rationale
01:05:22 Psychology and Relationships
01:06:48 Problem Solving Builds Trust
01:07:51 Authenticity Over Tactics
01:09:23 Closing Reflections

A Word from Our Sponsor, Ultimus
This episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.
That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their busin...

Welcome back to the Alt Goes Mainstream podcast.
Today’s podcast takes us to the heart of New York City to talk with James Li, the President and Partner of Davidson Kempner, a firm that was an early participant in the merger arbitrage, distressed debt, and opportunistic credit industries.
Davidson Kempner’s heritage lies in cutting through complexity to find value.
Founded in 1983, Davidson Kempner’s origins began in merger arbitrage, distressed debt, and opportunistic credit. The firm, which now has around 1,800 clients, began accepting outside capital in 1987 and has since built out its investment platform to include convertible arbitrage, long / short equities, asset-based lending, and real estate strategies.
Davidson Kempner has since grown to almost $40B in AUM across public and private markets strategies.
The firm has a penchant for navigating complex situations across public and private markets to opportunistically uncover value, noting that “no situation is too complex for [them].” 
James unpacked how the firm’s family office DNA has evolved across three generations of leadership into a scaled investment platform across public and private markets to inform the firm’s relative value investing perspective.
James and I had a fascinating conversation on a number of pressing topics at the intersection of public and private markets. We covered:
How do public market feedback loops inform private market investments?
How post-GFC growth in private equity has created “indigestion” in the system.
What the current state of private equity means for capital solutions opportunities.
Why distressed and opportunistic credit can be countercyclical.
What it means to be a relative value investor and how Davidson Kempner navigates different sectors, markets, geographies, and asset classes.
What deglobalization means for investing in private markets.
Why are allocators shifting toward absolute return strategies?
How Davidson Kempner’s family office DNA has informed how they approach working with the wealth channel.
Bio
James Li is the President and a Partner at Davidson Kempner. Mr. Li also co-manages the Client Partnerships & Business Development department and oversees the Firm’s Capital Markets, Strategy and Treasury Teams. He joined the Firm in 2018 and is based in the New York office.
Before joining Davidson Kempner, Mr. Li was a Managing Director in the Client Relationship Management and Strategy Group at Goldman, Sachs & Co. Mr. Li received a B.S. from Columbia University.
Thanks, James, for sharing your wisdom, expertise, and passion about public and private markets and your approach to investing in complex situations.
Show Notes
00:00 Live From Davidson Kempner’s Office in NYC
01:36 A Message from Ultimus Fund Solutions
02:37 Introduction to James Li
03:36 Career Roots At Goldman
05:16 Discovering Davidson Kempner
06:13 Three Generations Of Leadership
06:42 Family Office DNA
08:23 Investing In Complexity
10:44 Where Complexity Pays
12:20 Liquid Versus Private Feedback
13:37 Macro Shifts And Deglobalization
16:01 Finding Edge In Less Crowded Markets
17:28 Private Capital Indigestion
18:47 Capital Solutions Playbook
20:48 Building Operating Capabilities
25:59 Allocator Shift In Credit
31:26 Hedge Funds Return
32:12 Post GFC Lessons
32:48 Fees Volatility Gating
33:13 Evergreen Vehicle Design
34:04 Liquidity Over Leverage
34:15 Leverage Risk Explained
35:14 Semi Liquid Marking Issues
35:36 Flows Back To Hedge Funds
36:26 Wealth Channel Education
37:14 Merger Arb Basics
38:34 Global Credit Toolkit
39:18 Portfolio Velocity Risk
40:58 Investment-Led Ownership
43:43 Scale Competition Edge
44:28 Restructuring Repayment Focus
45:43 Building Wealth Business
54:07 Firm Vision And DNA

A Word from Our Sponsor, Ultimus
This episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.
That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.
Learn more at ultimusfundsolutions.com or email info@ultimusfundsolutions.com.
We thank Ultimus for their support of alts going mainstream.
Editing and post-production work for this episode was provided by The Podcast Consultant.

Welcome back to the Alt Goes Mainstream podcast.
We were live from iCapital Connect’s conference in Phoenix, where we sat down with some of the industry’s leaders across asset management and wealth management.
We spoke with Ava Mallin, Managing Director, US Private Wealth Solutions at Ardian.
Ava brings a distinctive approach to how she works with the wealth channel. She emphasized that asset managers should treat capital as a client’s legacy rather than “just dollars.” 
Speaking of legacy, Ardian is a firm with a rich legacy. The firm was born in 1996, when AXA’s Chairman, Claude Bébéar, chairman of AXA, asked Dominique Senequier to create a private equity arm for the insurer. And so AXA Private Equity was born. The firm’s first fund launched with a $100M French Buyout fund and two external clients.
Today, Ardian stands tall as a giant in private markets, spanning asset classes and managing over $200B AUM.
As a firm that provides investment solutions and customized strategies, Ardian thinks deeply about the breadth and depth of its relationships with LPs. Ava brings this perspective to bear in the wealth channel, which was evident in our conversation.
Ava shared how she brings a uniquely human perspective to fundraising and partnering with the wealth channel. She believes managing money is managing emotion, which is critical for GPs to understand how wealth advisors manage their relationships with clients.
We had a fascinating conversation, covering: 
The importance of understanding the human and emotional side that it takes to build enduring partnerships with LPs.
Why US LPs have a growing interest in diversification and want exposure to Europe.
Why secondaries is a partnership business with LPs and GPs.
The importance of educating the wealth channel on private markets.
Why Ardian prefers the term “evergreen” over “semi-liquid.” 
Why GPs should work with the wealth channel only if they have true commitment to the channel and top-down support from senior leadership.
Bio
Ava Mallin joined Ardian in 2022. She is responsible for Private Wealth relationships in the US. Prior to joining Ardian, she spent seven years at Carlyle in their Private Wealth group. She is based in New York.
Thanks, Ava, for sharing your wisdom, expertise, and passion for how you approach working with the wealth channel and your focus on EQ as part of building relationships with advisors that enable them to treat their clients' capital as legacy.
Show Notes
00:00 Live From iCapital Connect
00:23 A Message From Ultimus Fund Solutions
01:21 Meet Ardian’s Ava Mallin
01:48 Money And Emotion
03:11 Ardian Culture And Fit
03:45 Secondaries Partnership Model
04:45 Building US Wealth Business
05:59 Evergreen Liquidity Mindset
07:26 Educating Advisors And Clients
09:02 Brand And Leadership Support
10:13 Authenticity In Sales
11:28 Listening And Curiosity
12:29 Just Because You Can, Doesn’t Mean You Should
13:31 Getting Firmwide Buy In
14:11 Wealth Channel Challenges
14:47 Closing Thoughts

A Word from Our Sponsor, Ultimus
This episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.
That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.
Learn more at ultimusfundsolutions.com or email info@ultimusfundsolutions.com.
We thank Ultimus for their support of alts going mainstream.
Editing and post-production work for this episode was provided by The Podcast Consultant.

Welcome back to the Alt Goes Mainstream podcast.
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 solutions 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.
Show Notes
00:04 Live from Franklin Templeton RIA Field Trip
00:07 Meet Dave Donahoo
02:31 Lehman Day One Story
03:15 Thrown Into the Phone Queues
03:37 Teacher Call and Investor Fear
04:53 Start With the End Client
05:26 From T Rowe to Blackstone
05:53 Blackstone Wealth Playbook
07:18 Why Franklin Was the Fit
08:09 Traditional Manager Advantages
09:09 Platform Synergies in Wealth
10:16 Challenges of Going Private
10:36 Brand Transformation Story
11:44 Internal Alignment and Change
12:16 What the Brand Should Signal
12:50 Specialist Managers Philosophy
13:44 Building Perpetuals the Right Way
14:13 Defining the Right Structure
15:44 Evergreen Structure Depends
16:09 Secondaries Structure Choice
18:10 Infrastructure Partnership Model
20:02 Preserving Investment Cultures
21:50 Data and AI Cross Collaboration
24:17 Macro Insights Across Platforms
25:47 Product Innovation Roadmap
27:06 Private Markets in 401k Plans
27:53 What Model Portfolios Mean
29:06 What RIAs Want Most
30:21 Client Service and Honesty

A Word from Our Sponsor, Ultimus
This episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.
That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.
Learn more at ultimusfundsolutions.com or email info@ultimusfundsolutions.com.
We thank Ultimus for their support of alts going mainstream.
Editing and post-production work for this episode was provided by The Podcast Consultant.