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

Welcome back to the Alt Goes Mainstream podcast.
Today’s episode brings us to the apex of the wealth channel. We sat down in Goldman Sachs’ HQ at 200 West with Sara Naison-Tarajano, a Partner and Global Head of Private Wealth Management Capital Markets and Global Head of Goldman Sachs Apex Family Office Coverage.
Sara is also responsible for the One Goldman Sachs Family Office initiative in the Americas.
Sara has been at Goldman Sachs for over 26 years, where she’s worked in a number of roles across the firm, equipping her with a multi-disciplinary background that is brought to bear in her current role leading a global platform that delivers multi-asset investing, financing, and direct investment opportunities to some of the world’s largest family offices. Goldman Sachs Apex Family Office Coverage now serves more than 600 family offices across the globe.
Sara and I had a fascinating discussion about the growing intersection between private markets and private wealth and what some of the wealth channel’s largest investors find interesting and differentiated in private markets. We covered:
How Sara expected to spend one year at Goldman and it turned into 26 years at the firm.
How her background in derivatives structuring in public markets has helped her approach private markets – and what investors in private markets can learn from being exposed to public markets.
Why Sara decided to create Goldman Sachs Apex to build a dedicated group to help large family offices invest directly into private markets.
How Apex is related to Goldman’s “One Goldman Sachs” initiative.
How the power of the platform helps to differentiate Goldman’s wealth management business.
What lessons the wealth channel can learn from how the UHNW and billionaire family office segment approaches private markets.
Takeaways from the Goldman Sachs Family Office Insights Report.
How the wealth channel can engage the next generation clients and how private markets play a role in reaching the next gen.
Thanks Sara for coming on the Alt Goes Mainstream podcast to share your expertise and wisdom on private markets and working with the wealth channel.
Show Notes
00:00 Introduction: 26 Years at Goldman Sachs
00:59 Welcome to the Alt Goes Mainstream Podcast
01:05 Meet Sara Naison-Tarajano
03:07 Sara's Career Path
04:51 Intellectual Curiosity in Finance
05:29 The Role of Derivatives
06:59 Transition to Wealth Management
07:51 Goldman's Culture of Creativity
08:48 The Birth of Apex
09:12 Why Apex?
10:48 Serving Family Offices
11:25 The Apex Model
12:46 Early Days of Apex
14:09 Family Offices and Direct Deals
16:12 The Growing Role of Family Offices
19:56 Misconceptions About Family Offices
23:26 Engaging the Next Generation
34:29 Liquidity in Private Markets
34:41 Decline in Public Companies
34:52 Access to Capital in Private Markets
35:14 Emerging Trends in Private Markets
35:36 Focus on Secondaries
36:02 Family Offices and Secondaries
38:19 Goldman's Secondary Market
38:56 Goldman's Acquisition of Industry Ventures
39:55 Family Offices' Investment Strategies
40:14 US vs Global Family Offices
40:38 Private Markets and Inflation
42:42 Advice for Wealth Channel Investors
43:02 Illiquidity Premium in Private Markets
43:56 Importance of Vintaging
44:28 Evergreen Funds vs Drawdown Funds
47:22 International Family Offices
49:27 Geopolitical Concerns and Investments
52:55 Mega Trends in Investing
54:15 Infrastructure and AI
56:16 Simple Wealth Management Strategies
58:57 Private Credit and Fixed Income
01:00:48 Risks in Private Markets
01:02:22 Future of Apex and Wealth Management

Editing and post-production work for this episode was provided by The Podcast Consultant.

Welcome back to the Alt Goes Mainstream podcast.
Today’s episode brings infrastructure investing to life — literally.
We sat down in and walked through one of Stonepeak’s data center assets with Managing Director and CEO of SP+ INFRA, Cyrus Gentry.
Cyrus has played an integral role in Stonepeak’s rapid ascent as a firm and the growth of its wealth solutions business, Stonepeak+, joining early in the firm’s history and helping the firm grow to approximately $80B in AUM.
Cyrus brings a private equity perspective to infrastructure investing. Prior to Stonepeak, he held investing roles at BC Partners and Advent International. He also serves as one of the Church Commissioners for the Church of England, who hold responsibility for managing the Church’s £11.1B permanent endowment fund.

Cyrus and I had a fascinating and thought-provoking discussion about infrastructure investing and why and how it can fit within a wealth client’s portfolio. We covered:
How Cyrus’ background in private equity investing has transferred over to investing in infrastructure.
The opportunity and risks of data center investing.
The risk of overbuilding in data centers.
Why location matters for data centers.
What makes interconnection data centers attractive data center assets.
How Cyrus and Stonepeak have built their wealth solutions business and how they’ve endeavored to be different in how they’ve built out the business.
How Stonepeak’s wealth business is a reflection of the firm’s DNA.
Thanks Cyrus for coming on the show to share your expertise, wisdom, and passion for infrastructure investing and working with the wealth channel.
Show Notes
00:00 Introduction and Sponsor Message
01:57 Welcome to the Alt Goes Mainstream Podcast
02:04 Introducing Cyrus Gentry and Stonepeak
00:00 Introduction and Sponsor Message
03:25 Cyrus's Journey from Private Equity to Infrastructure
04:56 Understanding Infrastructure Investing
06:10 The Importance of Moats in Infrastructure
06:57 Differences Between Private Equity and Infrastructure
07:38 Stonepeak's Growth and Strategy
09:06 Specialization in Infrastructure Investment
09:54 Balancing Long-Term Horizons with Industry Changes
11:15 The Role of Data Centers in Modern Life
14:43 Investment Perspectives on Connectivity
15:55 Challenges in Infrastructure Investing
17:10 Executing Value Creation Plans
19:06 Structured Capital in Infrastructure Deals
21:17 Trends and Scale in Infrastructure Investment
22:43 Patience and Discipline in Investment
23:34 Global Expansion and Strategy Diversification
24:09 Collaborative Approach with Corporates
24:42 Capital and Problem Solving
25:02 Building Stonepeak Wealth Solutions
25:30 Infrastructure Asset Class Benefits
25:47 Strategic Planning and Vision
26:05 Creation of Stonepeak-Plus
26:15 Early Discussions on Wealth Business
27:32 Team Dynamics and Entrepreneurial DNA
27:59 Understanding the Wealth Market
28:56 Educating Investors on Infrastructure
29:50 Allocating Infrastructure in Portfolios
30:07 Global Perspectives on Infrastructure
32:18 Learning from Institutional Investors
33:19 Common Questions from Wealth Channel
34:02 Mega Trends and Investment Strategies
34:46 Core, Core Plus, and Value Add Assets
36:12 AI and Data Centers
40:20 Power and Energy in Data Centers
42:34 Local and Global Investment Strategies
44:12 Geopolitical Risks and Infrastructure
46:36 Lessons Learned and Future Outlook

Editing and post-production work for this episode was provided by The Podcast Consultant.

A word from AGM podcast sponsor, Ultimus Fund Solutions
This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.
To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients 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 [email protected].
We thank Ultimus for their support of alts going mainstream.

Welcome back to the Alt Goes Mainstream podcast.
Today’s episode takes us inside the world of wealth from the perspective of one of the industry’s largest alternative asset managers that has made the wealth channel core to its firm’s DNA from the beginning.
We sat down with Sean Connor, Senior Managing Director and the President & CEO of Global Private Wealth at Blue Owl Capital, a firm with almost $300B in AUM. Sean highlighted a number of key insights for navigating and working with the wealth channel as he shared lessons learned from building a successful private wealth business at a large alternative asset manager.
Sean is responsible for bringing the breadth of the Blue Owl investment platform to the global private wealth market. He’s at the forefront of Blue Owl’s private wealth initiatives globally and oversees fund formation, product structure innovation, capital raising, and client servicing. He also oversees business development, marketing, and operations for Private Wealth at the firm. Prior to his current role, Sean was one of the first employees at Owl Rock (now the Direct Lending division of Blue Owl) and was responsible for building out the private wealth business.

Prior to joining Blue Owl and Owl Rock, Sean served as a Managing Director of CION Investment Management for over 10 years. Sean was a member of CION’s Investment Committee and was responsible for all aspects of CION’s business including originating, underwriting, and negotiating corporate finance transactions globally. In 2020, Sean was recognized by Private Debt Investor as one of the industry’s Rising Stars.

Sean and I had a fascinating conversation about what it’s like to work with the wealth channel. We discussed:
The biggest drivers of AUM growth for Blue Owl and how the wealth channel has been a major part of the firm’s story of scale.
Lessons learned from growing and scaling a private wealth business in the US and internationally.
The differences between the wealth channel a few years ago and the wealth channel today.
What the wealth channel wants and needs from its alternative asset manager partners.
Why Blue Owl focuses on investing in megatrends, like AI, digital infrastructure, and private credit.
The opportunity in the 401(k) and retirement channels.
Thanks Sean for coming back on the Alt Goes Mainstream podcast to share your expertise and wisdom on private markets and private wealth.
Show Notes
00:00 Introduction to Ultimus, our Sponsor
01:57 Welcome to the Alt Goes Mainstream Podcast and Episode Overview
02:10 Guest Introduction: Sean Connor
04:07 Growth Drivers for Blue Owl
04:45 Diversification and Market Strategy
05:17 Focus on Private Credit and Real Assets
06:54 Brand Essence and Market Leadership
11:25 Client Education and The Nest
14:21 Implementation Challenges in Wealth Channel
17:56 Customization in Wealth Management
19:20 Product Structuring and Client Needs
23:41 International Expansion and Market Strategy
26:23 Building Brand Internationally
28:01 Maintaining Entrepreneurial Culture
28:42 Challenges and Success in Scaling
30:38 Future Growth Areas in Wealth Business
30:42 Evolution of the Wealth Business
31:08 Expanding Product Strategies
31:37 Growth Opportunities in the US Market
32:23 Global Expansion and Execution
33:01 Retirement Market Potential
34:10 Bringing Parity to Retirement Ecosystem
35:19 Challenges and Opportunities in Retirement
35:39 Regulatory Changes and Education
36:38 Long-Term Investment Strategies
39:03 Private Credit and Direct Lending
40:47 Market Structure and Underwriting
43:47 Competition and Market Share
45:54 Private Companies and Direct Lending
47:56 Digital Infrastructure and AI
50:18 AI Bubble Concerns
51:46 Risk Management in Digital Infrastructure
55:11 Focus on Downside Protection
56:12 Future Investment Strategies
57:23 Excitement for the Future
59:13 Closing Remarks

Editing and post-production work for this episode was provided by The Podcast Consultant.

A word from AGM podcast sponsor, Ultimus Fund Solutions
This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized 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 [email protected].
We thank Ultimus for their support of alts going mainstream.

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

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