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

Welcome back to the Alt Goes Mainstream podcast.
The Goldman Sachs Alternatives Summit “convened leaders across finance, geopolitics, technology, and culture” to discuss themes driving global markets.
2025’s Alternatives Summit was about “navigating a world in flux,” as the firm’s recap of its event noted. 
The event aimed to help investors cut through the noise and put together the pieces of the puzzle in a dynamic and increasingly complex world. 
Alt Goes Mainstream joined the event to have unscripted conversations with Goldman Sachs Alternatives leaders to cut through the noise by unpacking key themes and trends at the intersection of private markets and private wealth.
In this special series, we went behind the scenes and interviewed six Goldman Sachs Alternatives leaders about their current thinking on private markets and how the firm has built and evolved its private markets capabilities.
This conversation was with Michael Bruun, Global Co-Head of Private Equity within Goldman Sachs Asset Management. 
He is a member of the Goldman Sachs Asset Management International Management Committee, Asset Management (AM) Private Equity Investment Committee, AM Growth Equity Investment Committee, AM Sustainable Investing Investment Committee, Asset & Wealth Management Inclusion and Diversity Council and is a member of the Goldman Sachs Firmwide Client Franchise Committee. In 2021, Michael was named Head of EMEA Private Equity within Goldman Sachs Asset Management and from 2019 to 2021, he was Head of Private Equity and Growth Equity investing for India. Michael joined the Merchant Banking Division in 2010 and worked in London and New York. Prior to that, he was a member of the Nordic Mergers & Acquisitions team in the Investment Banking Division (IBD), after initially joining IBD in 2005. Michael joined Goldman Sachs as an Analyst in the Fixed Income, Currency and Commodities Division in 2004. He was named Managing Director in 2013 and partner in 2016. Michael serves on the boards of Advania, Kahoot!, LRQA, Norgine, Synthon and Trackunit. He is a founding partner of the Human Practice Foundation in Denmark and a trustee in the UK. Michael earned a BA in Economics from the University of Copenhagen.
Michael and I had a fascinating conversation about private equity, today’s investing environment, the hardest part about investing today, and how product innovation is impacting private equity’s market structure. We discussed:
How investors can approach allocating to private equity today.
The toolkit required to generate returns in private equity.
The importance of network and operating partners in value creation.
How new product innovation and new structures like evergreens and continuation vehicles are changing growth equity and private equity. 
The importance of understanding macro in a new world order of geopolitics and a new world order of investing.
The skillsets that investors need to have to be a good investor in today’s investing environment.
The hardest part about investing today. 
Thanks Michael for sharing your wisdom, expertise, and passion about private equity.
Show Notes
00:56 Welcome to the Alt Goes Mainstream Podcast
02:04 Michael Bruun's Background and Career
02:31 Evolution of Private Equity
03:14 Impact of Market Changes on Private Equity
03:43 Operational Value Creation
04:50 Importance of Value Creation Resources
05:33 Driving EBITDA Growth
06:04 Goldman's Value Acceleration Resources
07:18 Focus on Data and AI
08:27 AI in Different Sectors
11:22 Goldman's Investment Strategy
14:28 Scale and Capital in Private Equity
15:40 Co-Investments and Evergreen Vehicles
18:11 Flexibility in Private Markets
23:53 Navigating Volatility
24:59 Post-Investment Operations
25:23 Goldman Sachs Engineering
26:05 Future of Private Equity
27:39 CEO AI Academy
28:01 Conclusion and Final Thoughts

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

Welcome back to the Alt Goes Mainstream podcast.
The Goldman Sachs Alternatives Summit “convened leaders across finance, geopolitics, technology, and culture” to discuss themes driving global markets.
2025’s Alternatives Summit was about “navigating a world in flux,” as the firm’s recap of its event noted. 
The event aimed to help investors cut through the noise and put together the pieces of the puzzle in a dynamic and increasingly complex world. 
Alt Goes Mainstream joined the event to have unscripted conversations with Goldman Sachs Alternatives leaders to cut through the noise by unpacking key themes and trends at the intersection of private markets and private wealth.
In this special series, we went behind the scenes and interviewed six Goldman Sachs Alternatives leaders about their current thinking on private markets and how the firm has built and evolved its private markets capabilities.
This conversation was with Harold Hope, Partner, Global Head of Vintage Strategies, one of the world's largest secondary fund managers, in the External Investing Group (XIG) within Goldman Sachs Asset Management. 
He is also Chair of the XIG Vintage Funds Committee and a member of the XIG Real Estate Strategies Investment Committee and the XIG GP Strategies Investment Committee. Harold joined Goldman Sachs in 1999 as an Associate in Leveraged Finance and Corporate Finance within the Investment Banking Division and moved to the Alternative Investments & Manager Selection (now XIG) private equity business in 2001. He was named Managing Director in 2006 and Partner in 2016. Prior to joining the firm, Harold worked as a financial analyst at the investment banking boutique Bowles Hollowell Conner & Co. Harold earned a BA in Economics and Political Science from the University of North Carolina. 
Harold and I had a fascinating and timely conversation about the growth and evolution of the secondaries market. We discussed:
Perspectives from Harold’s early days in secondaries 25 years ago, when Goldman had raised its first $400M fund in secondaries and when the secondaries industry was doing around $2B per year in transaction volume.
How the secondaries market is vastly different from five years ago. 
The evolution of innovation in the secondaries market.
Why problem-solving is a defining feature of secondaries. 
What is the right skillset required to be a great secondaries investor?
Why secondaries is fundamentally a valuation oriented business.
Are secondaries returns driven by buying high-quality assets or by buying at steep discounts?
Misconceptions about continuation vehicles and how the trend of private companies staying private longer impacts CVs.
The how and the why behind Goldman’s recent acquisition of Industry Ventures and why Goldman is excited about the opportunity set in venture and growth secondaries.
Why scale matters in secondaries.
Why secondaries might not become a traded market like the bank loan market and why secondaries may not fully achieve standardization because managers may not want completely uniform standardization.
Why secondaries can be an on-ramp to private markets for private wealth investors.
Thanks Harold for sharing your wisdom, expertise, and passion about secondaries and private markets.
Show Notes
00:35 Welcome to the Alt Goes Mainstream Podcast
01:26 Harold Hope’s Background and Entry into Secondaries
02:13 Evolution of the Secondaries Market
02:30 Drivers of Change in the Market
02:43 Innovations in the Secondary Market
04:45 Skill Sets Required in Secondaries
05:42 Valuation and Investment Strategies
07:14 Continuation Vehicles (CVs) Explained
09:27 Impact of Private Companies Staying Private Longer
10:47 Acquisition of Industry Ventures
12:01 Specialized Teams in Secondaries
13:14 Goldman's Unique Position in Secondaries
14:28 Leveraging Data and AI in Secondaries
15:47 Recent Trends and Market Dynamics
16:42 Future Growth of the Secondaries Market
17:10 Secondaries as an On-Ramp for Retail Investors
18:15 Closing Thoughts and Future Outlook

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

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

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

Welcome back to the Alt Goes Mainstream podcast.
The Goldman Sachs Alternatives Summit “convened leaders across finance, geopolitics, technology, and culture” to discuss themes driving global markets.
2025’s Alternatives Summit was about “navigating a world in flux,” as the firm’s recap of its event noted. 
The event aimed to help investors cut through the noise and put together the pieces of the puzzle in a dynamic and increasingly complex world. 
Alt Goes Mainstream joined the event to have unscripted conversations with Goldman Sachs Alternatives leaders to cut through the noise by unpacking key themes and trends at the intersection of private markets and private wealth.
In this special series, we went behind the scenes at the Goldman Sachs Alternatives Conference and interviewed six Goldman Sachs Alternatives leaders about their current thinking on private markets and how the firm has built and evolved its private markets capabilities.
This conversation was with James Reynolds, Global Co-Head of Private Credit within Goldman Sachs Asset Management. He also serves as Chief Executive Officer of Goldman Sachs Asset Management International.
James is Co-Chair of the Asset Management Private Credit Investment Committee, as well as a member of the Management Committee, Partnership Committee, the European Management Committee and the EMEA Talent Council. James joined Goldman Sachs in 2000 as an Analyst and was named Managing Director in 2007 and Partner in 2010. James is a trustee of Greenhouse Sports and serves as a member of the Corporation Development Committee of the Massachusetts Institute of Technology (MIT). James earned a BS from the École Nationale des Ponts et Chaussées in 1998 and an MSc from MIT in 2000.
James and I had a fascinating conversation about Goldman’s extensive history in private credit and the current market dynamics. We covered:
Why all capital coming into the private credit industry is not created equal.
How Goldman’s culture of “partnership, collaboration, and the right incentives” provides them with an edge in origination.
Why James is an “optimistic pessimist.”
Narrative versus reality in private credit markets today.
What creates alpha in private credit.
How to build an investment culture and, in credit, how to build an investment culture that “doesn’t feel pressure to deploy.”
Why many investors are focusing on Europe.
How the entire platform of Goldman Sachs helps them in private credit.
Thanks James for sharing your expertise, wisdom, and passion for private credit, private markets, and private wealth.
Show Notes
00:39 Welcome to the Alt Goes Mainstream Podcast
01:30 James Reynolds' Background
02:44 Evolution of Private Credit
03:12 Direct Origination and Financing Solutions
04:08 Growth in Private Credit Market
05:55 Importance of Origination
06:29 Goldman Sachs' Competitive Edge
08:38 Expanding Universe of Credit
10:22 Harmonization of Goldman Sachs
12:01 Private Credit Deployment Strategies
14:15 Current State of Private Credit
17:16 Building an Investment Culture
18:31 Traits of a Great Credit Investor
20:52 Assessing the Business of Asset Management
22:43 Opportunities in Europe
26:10 Concerns in Private Credit
27:28 Optimistic Pessimism in Private Credit
27:59 Conclusion and Closing Remarks
Editing and post-production work for this episode was provided by The Podcast Consultant.

Welcome back to the Alt Goes Mainstream podcast.
The Goldman Sachs Alternatives Summit “convened leaders across finance, geopolitics, technology, and culture” to discuss themes driving global markets.
The 2025 Alternatives Summit was about “navigating a world in flux,” as the firm’s recap of its event noted. 
The event aimed to help investors cut through the noise and put together the pieces of the puzzle in a dynamic and increasingly complex world. 
Alt Goes Mainstream joined the event to have unscripted conversations with Goldman Sachs Alternatives leaders to cut through the noise by unpacking key themes and trends at the intersection of private markets and private wealth.
In this special series, we went behind the scenes at the Goldman Sachs Alternatives Conference and interviewed six Goldman Sachs Alternatives leaders about their current thinking on private markets and how the firm has built and evolved its private markets capabilities.
Our first conversation was with Matt Gibson, who is head of the Client Solutions Group within Goldman Sachs Asset Management. 
Prior to his current role, Matt served as co-head of the Technology, Media and Telecommunications Group in the Investment Banking Division from 2021 to 2023. Before that Matt served as co-head of One Goldman Sachs from 2019 to 2021 and served as global co-head of Client Coverage within Investment Banking Services from 2015 to 2020. He joined Goldman Sachs in 2001 as an associate and was named managing director in 2008 and partner in 2010. Prior to joining the firm, Matt was a US naval officer for five years, working in a variety of capacities on two different US Navy ships. During this time, Matt’s service centered on operations in the Western Pacific, Persian Gulf, Mediterranean Sea and Adriatic Sea. Matt serves on the US Naval Academy Board of Trustees and the Global Advisory Board for the Kellogg School of Management at Northwestern University. Matt earned a BS in Political Science from the United States Naval Academy in 1994 and an MBA from the Kellogg School of Management at Northwestern University in 2001.
Matt and I had a fascinating conversation about Goldman’s evolution of its private markets strategy and how the firm’s “One Goldman Sachs” initiative has enabled them to bring the entire firm to bear as it helps deliver solutions for both wealth and institutional clients. We covered:
How Matt’s experiences across the firm inform the way he approaches solving needs for clients.
The how and the why behind the “One Goldman Sachs” initiative.
Goldman’s client-centric approach. 
Why it matters to be an early mover in certain instances in private markets.
Goldman’s approach to partnerships in private markets.
The power of the platform and how Goldman leverages its platform to help its private markets efforts.
The importance of understanding geopolitics in today’s increasingly complicated investing world.
Thanks Matt for sharing your expertise, wisdom, and passion for private markets and private wealth.
Show Notes
00:42 Welcome to the Alt Goes Mainstream Podcast
00:56 Goldman Sachs Alternatives Conference Overview
01:09 Interview with Matt Gibson
02:26 Matt Gibson's Career Journey
02:50 The Importance of Client Engagement
03:17 One Goldman Sachs Initiative
04:13 Commercial and Cultural Impact of One Goldman Sachs
05:11 Convergence of Public and Private Markets
06:04 Growth in Retail and Institutional Alternatives
07:44 Balancing Customization with Scale
08:23 Leveraging the Goldman Sachs Platform
10:10 Origination and Investment Banking Synergy
11:23 Infusing Goldman Sachs Culture
12:34 Private Markets Culture and Strategy
13:35 Building Capabilities Through Partnerships
15:19 LP Relationships and Private Markets Evolution
16:44 Strategic Decisions in Private Markets
19:13 Agility in Product Strategy
21:08 Serving Clients in Private Markets
25:41 Geopolitical Considerations in Investing
28:06 Mega Trends and Geopolitics
29:47 Future of Private Markets
30:37 Conclusion and Final Thoughts

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