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

• Vista Equity Partners' David Breach - building a software investing powerhouse in the age of AI

  Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives into the nuances of enterprise software and how to build a scaled specialist alternative asset manager.We sat down in Vista’s NYC office with David Breach, Vista’s President and Chief Operating Officer.David sits on Vista’s Executive Committee, the firm’s governing and decision-making body for matters affecting its overall management and strategic direction as well as the firm’s Private Equity Management and Vista’s Private Equity Funds’ Investment Committees. David is also the Co-CEO of VistaOne, Vista’s evergreen private equity vehicle, and serves on the Investment Committee and Board of Directors. He also sits on the boards of Vista portfolio companies Jamf, Solera, and Stats Perform.David, who has been instrumental in helping the firm chart its growth path to over $100B in AUM, joined Vista in 2014 after as a career as a Partner at law firm Kirkland & Ellis, where his practice focused on the representation of private equity funds in all aspects of their business. David was a member of K&E’s 15-person global executive management committee and a founding partner of its San Francisco office.David and I had a fascinating and thought-provoking conversation about private markets and Vista’s evolution as a firm: How and why Vista has become a “scaled specialist.”The journey from $13B in AUM to $100B.The opportunity in enterprise software investing and how enterprise software is an expanding market opportunity.The reason why Vista decided to build out a dedicated wealth solutions business.How firms can differentiate in the wealth channel.How firms can be measured and thoughtful with how they build evergreen solutions.The opportunity for large companies to adopt GenAI for cost-savings and revenue generation.The skills that might be valuable in the age of AI.Thanks David for coming on the show to share your wisdom and expertise in private markets.Show Notes00:00 Introduction to our Sponsor, Ultimus01:59 Welcome to the Alt Goes Mainstream Podcast02:07 Introducing David Breach03:30 David Breach's Career Journey05:22 Transition to Vista Equity Partners06:03 Joining Vista and Initial Impressions06:30 Vista's Vision and Growth09:03 Operational Excellence at Vista10:35 Investment Strategy and Alignment13:27 Scaling Vista's Operations16:44 Building Vista's Wealth Business17:04 Vista's Core Values and DNA19:29 Strategic Decisions in Wealth Management20:19 Educating on the Wealth Space20:46 Modeling and Investment Decisions21:42 Hiring and Team Building22:07 Balancing Opportunity and Capacity22:29 Evaluating Firm's Commitment23:47 Institutional Investors' Concerns24:48 Addressing Investor Concerns25:22 Industry Trends in Private Markets26:16 The Growth of Private Software Companies28:46 The Resilience of Software Businesses29:36 Diversification in Software Investments30:33 The Role of Generative AI in Software32:54 Operational Improvements with GenAI33:32 Product Enhancements with GenAI33:49 Agentification of Software34:51 Financial Impact of AI on Software Companies36:41 GenAI in Middle Market Companies37:25 Vista's Edge in GenAI38:27 CEO Perspectives on GenAI39:04 Encouraging AI Adoption in Companies42:37 The Human Element in the Age of AI43:26 Preparing Teams for AI Integration45:37 Advising Wealth Managers on GenAI48:26 Vista's Vision for the Future49:49 Building a Software Investing Factory50:42 Excitement for the FutureEditing and post-production work for this episode was provided by The Podcast Consultant.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 [email protected] thank Ultimus for their support of alts going mainstream.

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• ING's Anneka Treon and Johan Kloeze - lessons learned from building a private markets platform for private wealth clients in Europe

  Welcome back to the Alt Goes Mainstream podcast.Today’s episode was filmed at ING’s HQ in Amsterdam, right after ING held its Private Markets Day. The firm has been actively building out its private markets capabilities to serve its private wealth clients so it was a treat to interview two of the people responsible for running ING’s wealth management and private markets practice.We sat down with Anneka Treon, ING’s Global Head of Private Banking, Wealth Management & Investments, and Johan Kloeze, Head of Private Banking & Wealth Management Netherlands, to discuss ING’s big ambitions in private markets.ING, which manages over €260B of invested assets across 5 million clients, has made a major push into private markets. Led by Anneka and Johan, the firm has built out a Private Markets business that has grown AUM in three years since its launch. ING has partnered with established alternative asset managers to create one of the largest evergreen fund platforms in European wealth management.Anneka, Johan, and I had a fascinating discussion about wealth management, how to bring private markets to advisors and clients, and how to educate the wealth channel about private markets. We covered:What Anneka means by “fast money versus slow money.”Why it’s important for advisors to bring private markets “to the kitchen table.”How to transform savers into investors — and why that matters.Why focus on private markets.The challenges with building a private markets business.Figuring out how to partner with alternative asset managers.How and why ING has focused on curation when building its private markets platform.The benefits and challenges of evergreen funds.Thanks Anneka and Johan for sharing your wisdom and expertise at the intersection of private markets and private wealth.Show Notes00:00 Message from our Sponsor, Ultimus01:43 Welcome to the Alt Goes Mainstream Podcast01:57 Introduction to Johan Kloeze and Anneka Treon03:19 Guest Welcome and Backgrounds04:05 Johan's Journey at ING05:07 Anneka's Background and Ambitions06:58 The Importance of Private Markets07:56 Wealth Creation and Preservation08:25 Building the Private Markets Business14:55 Educational Approach to Private Markets16:19 Making Private Markets Human20:54 Curating the Right Managers23:02 Slow Money vs Fast Money24:07 The Bookcase Analogy24:21 Cash Flow Dynamics24:27 The Importance of a Stable Financial Foundation24:53 The Role of Quality Managers in Investment25:16 Motivations Behind Public vs. Private Markets26:13 Educating Younger Clients on Slow Money28:04 The Role of ING in Providing Diverse Investment Options28:47 Challenges in Building a Private Markets Platform29:46 The Success of Evergreen Vehicles31:25 Anneka's Perspective on ING's Private Markets Strategy32:18 Humanizing Private Markets32:54 Opportunities in the ELTIF Space34:24 Educating Clients on Private Markets36:29 The Future of ING's Private Markets Platform37:43 Balancing Digital and Human Approaches38:49 The Importance of Simplifying Investment Concepts38:57 The Role of Liquidity in Private Markets39:53 Lessons Learned in Building an Investment Platform41:38 The Entrepreneurial Spirit of ING's Clients42:46 The Need for Harmonization in Private Markets44:36 The Growth Roadmap for ING's Private Markets45:07 The Future of Private Markets InvestmentsEditing and post-production work for this episode was provided by The Podcast Consultant.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 [email protected] thank Ultimus for their support of alts going mainstream.

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• Live from New York with Oaktree's Armen Panossian - "don't reach for risk to deliver the right return"

  Welcome back to the Alt Goes Mainstream podcast.Today’s episode was filmed live at an event during a Brookfield Oaktree Wealth Solutions RIA Council meeting in New York.Armen Panossian, the Co-CEO and Head of Performing Credit at Oaktree, and I sat down for a conversation in a Brookfield-owned building with a group of RIAs in the audience.Armen, who joined Oaktree in 2007, has been an integral part of scaling Oaktree to over $209B in AUM. Oaktree, a storied firm, particularly in distressed credit, was recently fully acquired by Brookfield, the $1T AUM alternative asset manager.Armen has a wealth of experience across different areas of credit. He is the Head of Performing Credit, where his responsibilities include oversight of the firm’s liquid and private credit strategies and as a portfolio manager within the Global Private Debt and Global Credit strategies. He also led the development of Oaktree’s CLO business.Armen and I had a fascinating and thought-provoking conversation. We covered:The evolution of Oaktree’s business.How the acquisition by Brookfield has helped scale Oaktree’s business.Why private credit is more than direct lending.The nuances of asset-based finance.The current state of the credit markets.How Oaktree has approached distressed credit investing.What Armen’s memo would be if he were to write a memo like his colleague Howard Marks. And, why his memo might be titled “this is not your grandma’s private credit” or “don’t reach for risk to deliver the right return.”Thanks Armen and the Brookfield Oaktree Wealth Solutions team for a fantastic night and Armen for sharing your wisdom and expertise with us.Show Notes00:00 Message from Ultimus, our Sponsor01:59 Welcome to the Alt Goes Mainstream Podcast04:02 Armen Panossian’s Background04:22 Early Career and Education05:42 Transition to Finance08:04 Joining Oaktree08:25 Oaktree's Early Days09:25 Investment Philosophy and Growth12:05 Balancing Pessimism and Business Building14:49 Private Credit Market Overview15:45 Core vs. Alpha in Private Credit20:06 Public vs. Private Credit21:39 Technicals and Fundamentals in Credit Markets24:17 Valuation and Risk Management25:22 Consumer Impact on Private Credit25:46 Public Markets as Indicators26:38 Oaktree's Historical Success26:48 Howard Marks' Investment Philosophy26:58 Market Dynamics and Investment Strategies27:18 Opportunities in Life Sciences27:58 Public vs. Private Market Solutions28:27 Understanding Private Credit Risks29:05 Credit Market Technicals29:41 Fraud Vigilance in Credit Markets30:07 Oaktree's Opportunistic Credit Approach31:56 Rescue Lending and Sector-Specific Opportunities32:37 Asset-Backed Finance Explained34:52 Impact of Banking Regulations35:24 Current Trends in Asset-Backed Finance39:47 Navigating the Private Credit Ecosystem40:50 Brookfield and Oaktree Partnership42:09 Wealth Channel Investment Strategies43:40 Brookfield and Oaktree: A Unique Partnership45:45 Concerns in Private Credit48:03 Advisors' Guide to Private Credit50:47 Howard's Memos and Investment Philosophy52:44 Evolving Private Credit Landscape53:48 Conclusion and Final ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant.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 [email protected] thank Ultimus for their support of alts going mainstream.

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• Franklin Templeton's George Stephan - bringing public and private together

  Welcome back to the Alt Goes Mainstream podcast.Today’s episode brings the perspective of an asset management veteran who has sat on both sides of the table.We sat down in Franklin Templeton’s New York City office with George Stephan, COO of Global Wealth Management Alternatives at Franklin Templeton.George joined Franklin to continue the buildout of the firm’s Alternatives capabilities, which boasts over $264B AUM in private markets strategies that include Lexington Partners, Benefit Street Partners, and Clarion Partners. George came from KKR, where he was Head of Strategy and Business Development for the firm’s Global Client Solutions business and was also COO and Head of Investor Relations for KKR’s Global Wealth Solutions business in the Americas. Prior to KKR, George spent nine years in Morgan Stanley’s wealth management division. George is also a Board Observer at CAIS.George and I had a fascinating conversation about how to build a wealth solutions business and how advisors approach private markets. We discussed:How has the adoption of private markets by the wealth channel evolved over the course of George’s career?The benefits and challenges of being a traditional asset manager building out its private markets capabilities.The breadth and depth of Franklin Templeton’s reach as a firm and how that brand and history have helped Franklin partner with the wealth channel in private markets.How has Franklin Templeton’s family of specialists enabled the firm to leverage the expertise of specialist alternative asset managers within a larger platform?How does the wealth channel approach private markets?How will model portfolios be constructed and adopted by the wealth channel?Will evergreen funds be the structure of choice for most advisors?Thanks George for coming on the show to share your expertise and wisdom at the intersection of private markets and private wealth.Show Notes00:00 Introduction to our Sponsor, Ultimus01:55 Welcome to the Podcast02:03 Guest Introduction: George Stephan03:59 George's Career Journey04:12 Building Wealth Solutions at Franklin Templeton06:06 Key Pillars for Success in Wealth Management07:31 Client Service and Operational Excellence09:04 Strategic Approach to Wealth Management10:15 Convergence of Public and Private Markets10:48 Advisor Needs and Solutions13:31 Franklin Templeton's Private Markets Business14:23 Unifying Private Markets Business15:01 Cross Collaboration and Investment Decisions15:43 Cultural Alignment in Acquisitions16:35 Franklin Templeton's Core Principles17:15 Heritage and Long-Term Thinking21:30 Brand Evolution and Market Perception24:19 Strategic Partnerships in Private Markets25:56 Future of Partnerships and Acquisitions26:57 Winners and Losers in Partnerships27:10 Advisor's Perspective on Productization27:43 Allocating to Public and Private Markets28:21 Innovation in Private Markets29:05 Challenges and Opportunities in Wealth Management29:56 The Future of Multi-Asset Solutions30:17 Operational Complexity in Private Markets31:27 The Need for Digital Transformation31:59 Adoption of Distributed Ledger Technology (DLT)32:46 Evolving Technology in Wealth Management33:49 Impact of Market Efficiency on Returns35:13 Dispersion in Private Markets Performance37:17 Scale and Investment Integrity38:44 Building Capabilities in Franklin Alternatives40:10 Partnering with Asset Managers41:36 Keys to Building a Wealth Solutions Business42:16 Hiring for Private Markets Expertise43:39 Educating the Industry on Private Markets45:48 Evergreen Structures in Private Markets49:45 Exciting Trends in Private MarketsEditing and post-production work for this episode was provided by The Podcast Consultant.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 [email protected] thank Ultimus for their support of alts going mainstream.

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• iAltA's Bill Crager - from building Envestnet to a "transformational moment" in wealth management

  Welcome back to the Alt Goes Mainstream podcast.Today’s interview is with a wealth management entrepreneur who created one of the most consequential wealth management technology companies that has helped to shape the industry into what it is today.Bill Crager is the Co-Founder of Envestnet, which he and his co-founder, the late Jud Bergman, grew into a public company. Bill was the CEO of Envestnet during the company’s time as both a public company and following Bain Capital’s acquisition to take the company private for $4.5B.Bill is now back at it again, joining iAltA Holdings as a Founding Partner to build a suite of businesses at the intersection of private markets and private wealth management infrastructure alongside former Ipreo CEO Scott Ganeles, former Ipreo Executive Bill Sherman, and former Blackstone CFO and WestCap Founder Laurence Tosi.Bill and I had a fascinating conversation about wealth management and private markets. We covered:The evolution of wealthtech.What advisors are looking for when it comes to technology.How technology can help advisors deliver a high-quality experience to clients.Why private markets are now playing such a big role in the business of wealth management.What is missing in private markets infrastructure.The role of AI in financial planning.Why Bill wanted to go back to building again.What is in store for iAltA.Thanks Bill for sharing your wisdom and expertise on private wealth and private markets.Show Notes00:00 Introduction to Early Technology00:12 Sponsorship Message from Ultimus02:09 Welcome to the Alt Goes Mainstream Podcast02:12 Introduction to Bill Crager04:19 Building Envestnet and Early Challenges05:06 Evolution of Wealth Management07:00 Adoption of Technology in Wealth Management08:39 Private Equity's Role in Wealth Management10:17 Horizontal vs. Vertical Solutions14:11 Challenges in Wealth Management Technology16:22 Data and Technology in Wealth Management22:41 Customization and Future of UMA24:30 Impact of Data on Private Markets26:30 Evergreen Funds and UMAs27:45 Fusion of Public and Private Markets28:07 Data Inputs for Financial Advice28:33 Building Financial Plans at Scale28:59 The Need for Holistic Financial Connectivity29:35 Challenges in Data Flow and Infrastructure30:29 The Role of AI in Financial Planning30:49 Balancing Machine Learning with Human Assurance31:35 AI's Impact on Financial Advice32:40 Future of Financial Planning with AI35:06 Trust in Technology vs. Human Advisors35:19 The Emotional Component of Financial Advice36:31 The Evolution of Wealth Management37:02 Tokenization in Wealth Management37:46 Adoption Challenges of Tokenization38:56 Leveraging Technology in Wealth Management39:27 The Future of Financial Advisors40:59 Advice for Young Financial Advisors42:10 The Role of Technology in Private Markets43:48 The Vision Behind iAltA44:46 Building Horizontal Solutions46:14 Creating Bridges in Financial Infrastructure51:00 The Future of Financial Advice IndustryEditing and post-production work for this episode was provided by The Podcast Consultant.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 [email protected] thank Ultimus for their support of alts going mainstream.

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