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

• Stonepeak's Luke Taylor - what it takes to be a great infrastructure investor

  Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives into the evolution of infrastructure investing with the leading scaled specialist firm in infrastructure.We sat down in Stonepeak’s Hudson Yards office with the firm’s Co-President Luke Taylor to discuss the inner workings of the infrastructure investing world and unpack the story of how Stonepeak’s rapid ascent has seen the firm climb to $76.3B in AUM in 14 short years.Luke brings a wealth of experience to the infrastructure investing world. He is Co-President of Stonepeak and a member of all of the firm’s investment committees. He’s been investing in infrastructure for over 20 years, joining Stonepeak from infrastructure investing pioneer Macquarie Capital.Luke and I had a fascinating and thought-provoking discussion about infrastructure investing and why it’s becoming an increasingly important part of the private capital ecosystem. We covered:How Luke went from growing up on a sheep farm to investing in infrastructure in New York.What Macquarie taught him about how to approach infrastructure investing.Why he took the entrepreneurial leap to build Stonepeak and join Chairman, CEO, and Co-Founder Mike Dorrell from the firm’s earliest days.Why infrastructure investing is more than toll roads, airports, and bridges.How there are elements of a private equity approach to investing in, building, and operating infrastructure assets.Where infrastructure fits in an investors’ portfolio.Why individual investors should consider exposure to infrastructure assets.Has infrastructure proved itself through an inflation cycle?Why scale matters in infrastructure investing.How Stonepeak identified investing in data centers early on and well before the data center boom began.What type of demeanor and mindset makes for a successful infrastructure investor.Thanks Luke for coming on the show to share your expertise, wisdom, and passion for infrastructure investing.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.Show Notes00:00 Introduction and Sponsor Message01:18 Podcast Opening and Theme01:55 Episode Overview: Infrastructure Investing02:04 Guest Introduction: Luke Taylor02:45 Luke Taylor's Background and Journey04:49 Early Days at Macquarie07:19 Transition to Stonepeak08:04 Building Stonepeak 10:13 Value Creation in Infrastructure11:59 Mindset of an Infrastructure Investor13:08 Balancing Long-Term and Agile Thinking15:42 Key Drivers of Value Creation16:10 Underwriting and Risk Management18:00 Operational Intensity and Asset Utilization21:51 Network Effects in Infrastructure23:19 Infrastructure as a Defensive Investment26:13 Portfolio Construction and Infrastructure26:39 Private Infrastructure and Yield Benefits27:29 Productizing Infrastructure Investments27:41 Equity, Credit, and Real Estate Strategies29:23 Thematic and Opportunistic Investing29:53 Data Centers and Early Investments30:06 Identifying Investment Opportunities30:14 Evolution of Data Centers30:58 Interconnection Hubs and Carrier Hotels31:32 AI Boom and Data Centers33:22 Investing in AI Through Infrastructure34:42 Underwriting AI Thematics35:04 Capital Needs in Data Centers35:32 Downside Protection in AI Investments36:49 Navigating Increased Capital in Infrastructure37:35 Durability of Cash Flow in Infrastructure38:40 Scaling Stonepeak's Infrastructure Investments39:18 Diversification in Infrastructure Investments41:47 Developing an Edge in Origination42:36 Structural Elements in Deal Sourcing42:57 Competition and Market Structure43:26 New Entrants in Infrastructure43:44 Building New Assets in Infrastructure43:54 Exits and Evergreen Funds46:27 Private Wealth and Infrastructure51:25 Challenges in Starting a Wealth Business51:51 Deal Flow and Product Construction53:50 Volatile Markets and Opportunities54:20 Interest Rate Risks in Infrastructure55:18 Favorite Infrastructure Opportunities57:01 Closing Thoughts and Full CircleEditing and post-production work for this episode was provided by The Podcast Consultant.

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• Arcesium's David Nable - architecting private markets technology infrastructure for the future

  Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives into how operations and streamlining technology processes can be turned into a strategic advantage.We sat down with Arcesium’s MD and Head of Client and Partner Development David Nable to discuss how technology is impacting how funds manage their processes, operations, and data.David was an early employee at Arcesium, helping the firm scale and working with many of the industry’s largest asset managers across the lifecycle of an investment. David joined Arcesium after a career in fund services and fund administration that spanned senior roles at Goldman Sachs, Credit Suisse, and BNP Paribas Securities Services.David and I had a fascinating conversation. We discussed:How David’s background in prime brokerage and fund admin helped him approach the technology problems for asset managers.How asset managers should approach where and how technology can be a strategic advantage.What does it mean to be a tech-forward asset manager?How does the growth of evergreen funds impact how firms manage their data and serve investors?What still needs to be built next to continue to improve private markets market infrastructure.Thanks David for coming on the Alt Goes Mainstream podcast to share your expertise and wisdom on private markets technology and post-investment processes.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.Show Notes00:00 Introduction to our Sponsor, Ultimus Fund Solutions01:52 Welcome to the Alt Goes Mainstream Podcast02:04 Guest Introduction: David Nable03:46 David's Career Beginnings04:15 Parallels Between Running and Finance05:19 Observing Industry Trends06:45 Evolution of Private Markets08:45 Impact of Technology on Investment09:40 Challenges in Scaling Investments11:20 Data-Driven Investment Strategies12:50 Technological Advancements in Finance13:52 Importance of Foundational Data17:31 Data Silos and Harmonization18:14 Case Study: Investor Relations21:25 Data-First Approach Benefits21:51 Timing for System Architecture23:21 Inflection Points for Managers23:37 Logical Breakpoints in Strategy23:44 New Strategies and Geographies23:47 Adapting to New Asset Classes23:50 Distribution Channels and Partnerships23:56 Preparing for Future Growth24:00 Publicly Traded Private Markets24:14 Tackling Technological Challenges24:24 Philosophies on Illiquidity24:25 Conclusion and Future Outlook24:29 Investing in Scalable Distribution Channels25:12 Architecting Technology Systems for Business Growth25:44 Understanding Data in Different Business Models27:10 Strategic Role of Technology in Investment Firms29:35 The Paradox of Data in Decision Making30:49 Competitive Advantage Through Faster Information31:45 Impact of AI and Technology on Firm Sizes32:31 Challenges for Mid-Sized Firms33:13 Technology as an Enabler for Niche Specialists34:03 Advice for Mid-Sized Firms on Technology Implementation35:10 Focus on Big Technology Investments35:29 Point Solutions vs. Platforms in Private Markets38:52 Cost of Technology Solutions39:06 Integration Challenges with Multiple Systems40:59 Arcesium's Technology Platforms43:18 Simplifying Complex Investments46:13 Future of Software Innovation in Private Markets46:39 AI as a Game Changer in Private Markets47:34 Efficiency Gains Through AI48:05 Actionable Advice on Using AI48:15 Caution Against Vibe Coding48:58 Importance of Proper Technologists49:23 Timing of Technology Implementation49:29 Conclusion and Final ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant.

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• Juniper Square's Alex Robinson - "high tech and high service," balancing AI with the human element in fund administration

  Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives into what the future of fund administration could look like with a tech-forward approach and the application of AI.We sat down with Juniper Square CEO and Co-Founder Alex Robinson to discuss how and why they’ve built a digital first fund administrator for private markets, starting with real estate and since expanding into other asset classes.Fresh off of a $130M Series D fundraise led by Ribbit Capital, Juniper Square has expanded globally, into fund administration through its acquisition of Forstone, and has launched JunieAI to bring AI to fund administration.Alex and I had a fascinating conversation. We discussed:Why Alex started Juniper Square and how his two entrepreneurial endeavors has informed how he’s built the firm.The problem Alex set out to solve by building Juniper Square.After dealing with FedEx’s to make investments, how he set out to build an investor experience that was digital.How AI will impact fund admin.Why every GP should have an AI agent according to Alex.Why Juniper Square decided to move from a technology firm to add fund administration capabilities in house.Does AI benefit larger firms or smaller firms more?Thanks Alex for coming on the Alt Goes Mainstream podcast to share your expertise and wisdom on fund administration and AI.A word from AGM podcast sponsor, Juniper SquareWhen was the last time things were easy for GPs?Fundraising remains challenging, providing liquidity to investors is even harder—and broadly speaking, most GPs are underwater operationally.It’s not about to get easier, either. Especially for managers vying for capital from the wealth channel. Sure, there’s increased demand from HNW and UNHW investors to gain private markets exposure…but managing their expectations for the investing experience is a whole different ballgame.Reams of paper and a new KYC process every single time they subscribe to a fund? Brutal.But what if committing capital to private equity, venture, and real estate funds was digital and seamless for investors — and scalable to manage for GPs?Meet Juniper Square, the fund operations partner to over 2,000 private markets GPs worldwide.Juniper Square gives GPs the connected software, data, and fund administration services needed for modern private markets. No matter how ambitious your next raise is, how many investors you manage, and how complex your investment vehicles are, Juniper Square empowers GPs to raise capital faster, reduce operational risk, and deliver a world-class investor experience.And with JunieAI, Juniper Square's enterprise-grade AI built for private markets, GPs can truly and finally unlock the power of AI to work smarter, move faster, and focus on relationships and returns.Scale your business, not your operational burdens and costs. Visit junipersquare.com/agm today to learn more.Show Notes00:03 Juniper Square: Revolutionizing Fund Management01:38 Welcoming Alex to the Podcast01:59 Alex's Journey to Founding Juniper Square02:10 Juniper Square's Mission and Services02:38 The Early Days and Challenges03:41 The Digital Transformation of Private Markets04:15 Focusing on the GP Experience04:30 Balancing GP and LP Needs04:54 The Naivete Advantage05:12 Overcoming Industry Challenges06:58 Real Estate: The Starting Point08:41 The Evolution of Juniper Square09:38 Technology Adoption in Private Markets17:21 The Importance of Customer Feedback18:09 The Vision for Market Efficiency20:10 Expanding Across Asset Classes21:09 The Role of Personal Relationships22:49 Becoming a Full-Stack Service Provider24:31 The Complexity of Fund Administration28:55 The Future with AI29:21 Challenges of Implementing AI30:31 The High Cost of Mistakes31:18 AI's Impact on Employee Productivity31:52 Challenges of Adopting AI in the Workplace32:20 Launching JunieAI32:59 Understanding AI Models33:44 Customizing AI for Reporting34:44 Mastering Data for AI35:13 AI in Software Development35:59 Leveraging AI at Juniper Square36:19 Ensuring Accuracy and Context in AI Models37:30 AI's Limitations in Financial Insights37:52 Future Improvements in AI Models38:36 Feeding AI the Right Context39:11 Connecting AI to Tools and Workflows40:19 Automating Fund Administration43:39 AI's Role in Competitive Advantage44:24 AI's Impact on Different Asset Classes46:16 Best Practices for GPS Using AI47:02 AI's Benefits for Large vs. Small Firms48:58 Integrating AI Across Business Functions51:39 Balancing AI with Human Relationships54:33 Future Vision for Private Markets55:02 AI Agents in GP Work56:07 Transforming GP-LP Matchmaking01:00:50 Investment Opportunities in AI and Real Estate Editing and post-production work for this episode was provided by The Podcast Consultant.

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• Capital Allocators' Ted Seides - the capital allocator behind the mic

  Welcome back to the Alt Goes Mainstream podcast.What happens when two podcasters walk into a room? They talk.Today’s podcast turns the tables on one of the industry’s leading podcasters and content creators to have him share his story and experience as an allocator and content creator. We sat down with Ted Seides, the Founder of industry-leading podcast Capital Allocators and former President and Co-CIO of Protégé Partners and an asset allocator at the Yale Endowment.Ted has had a tremendous career at the intersection of asset allocation and content, so it was fascinating to hear his perspectives on the state of the industry and how it’s evolving from someone who talks with many of the industry’s leading minds through his podcast, Capital Allocators.Ted and I had a fascinating conversation. We discussed:Stories and lessons learned from working with David Swensen at the Yale Endowment.What the wealth channel can learn from institutional investors.What Ted looked for in hedge funds and alternative asset managers when doing manager due diligence.Ted’s bet with Buffett on hedge funds and why he’s now doing a bet on PE versus public equities.How alternative asset managers are evolving and the pros and cons of evergreen structures.Why and how Ted started Capital Allocators and why content is so critical to learning asset management and understanding how firms operate.Capital Allocators is one of my favorite podcast listens and Ted always delivers with high-quality and thoughtful content so it was an honor to have him on the show.Thanks Ted for sharing your expertise and wisdom on asset allocation and content and for the service you provide to everyone in the industry through education and the creation of such high-quality content for us to consume.A word from AGM podcast sponsor, Juniper SquareWhen was the last time things were easy for GPs?Fundraising remains challenging, providing liquidity to investors is even harder—and broadly speaking, most GPs are underwater operationally.It’s not about to get easier, either. Especially for managers vying for capital from the wealth channel. Sure, there’s increased demand from HNW and UNHW investors to gain private markets exposure…but managing their expectations for the investing experience is a whole different ballgame.Reams of paper and a new KYC process every single time they subscribe to a fund? Brutal.But what if committing capital to private equity, venture, and real estate funds was digital and seamless for investors — and scalable to manage for GPs?Meet Juniper Square, the fund operations partner to over 2,000 private markets GPs worldwide.Juniper Square gives GPs the connected software, data, and fund administration services needed for modern private markets. No matter how ambitious your next raise is, how many investors you manage, and how complex your investment vehicles are, Juniper Square empowers GPs to raise capital faster, reduce operational risk, and deliver a world-class investor experience.And with JunieAI, Juniper Square's enterprise-grade AI built for private markets, GPs can truly and finally unlock the power of AI to work smarter, move faster, and focus on relationships and returns.Scale your business, not your operational burdens and costs. Visit junipersquare.com/agm today to learn more.Show Notes00:00 Introduction to our Sponsor, Juniper Square00:38 Juniper Square's AI Capabilities01:40 Guest Introduction: Ted Seides04:03 Lessons from Yale Endowment04:46 David Swensen's Investment Principles05:51 Evolution of the Endowment Model05:58 Wealth Channel vs. Institutional Investors08:09 Access to Top Managers11:16 Alpha in Private Markets12:32 Ted's Bet with Buffett13:10 Private Equity vs. Public Equities17:16 Private Equity Diversification18:45 Hedge Fund Industry Lessons20:07 Private Equity Fee Structures24:03 Talent Migration in Private Markets26:47 Evaluating Investment Culture27:15 Investment Philosophy and Strategy28:26 Ted's Approach to Manager Evaluation29:46 Impact of AI on Diligence Processes30:20 Defining Investment Edge30:33 Behavioral and Analytical Edge31:01 Informational and Technical Edge31:27 Evaluating Investment Managers31:37 Impactful Investment Decisions31:52 Mistakes and Learning32:53 The Hardest Time to Invest34:14 Behavioral Biases in Investing34:51 Decision-Making Processes36:28 The Role of AI in Investing38:07 Content and Investment Decisions39:25 Starting Capital Allocators41:00 Learning from Podcasting43:40 Building a Business from a Podcast45:26 The Value of Relationships in Investing47:06 Content Strategy for Managers49:44 Effective Content Modalities50:43 Direct Communication vs. Algorithms51:13 Brand vs. Direct Sales52:35 Insights from Podcast Conversations54:23 Favorite Private Market Investments56:05 AI and Investment Perspectives57:37 Partnering with AI Experts58:12 The Importance of People in Investing Editing and post-production work for this episode was provided by The Podcast Consultant.

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• Hg's Nic Humphries - investing at an inflection point in history

  Welcome back to the Alt Goes Mainstream podcast.Today’s episode is about mining for investment success in enterprise software by going “an inch wide and a mile deep” with someone who is one of the industry’s most prolific private equity technology investors.We sat down with Nic Humphries in Hg’s London office. Nic is the Senior Partner and Executive Chairman of Hg and Head of the firm’s Saturn fund.Hg, one of the top 10 largest PE firms globally based on the PEI300 ranking, has built an impressive investment engine focused on mission-critical enterprise software. The firm has built a portfolio that is a “transatlantic ecosystem of software and services businesses” — representing over $180B in collective enterprise value across its 55 portfolio companies.Nic is responsible for Hg’s strategy, management, and governance. On the investing side, Nic focuses on larger software investments that provide daily-use mission critical applications for accountants, tax / compliance professionals, and designers / engineers / scientists. He has brought his electrical engineering background to bear to go a “mile deep” into a category where Hg has become an unquestioned market leader.Nic balances being both a detail-oriented specialist with a vision for both the enterprise software industry and Hg as a firm. We had a fascinating discussion about enterprise software investing, how to create European software giants, applying AI to make companies more efficient, and much more.We covered:The origin story of Hg.How Hg grew into one of the industry’s leading software focused private equity firms.How an engineering mindset has helped Nic become a leading investor.Why Hg focuses on mission-critical enterprise software and why it’s a compelling investment thesis.Why enterprise software investing can be considered a low volatility investment strategy and how Hg has delivered consistent returns to investors.How to effectively manage exits and DPI.Why Europe, why now?How AI could impact technology and services businesses.Thanks Nic for coming on the show to share your wisdom and expertise about enterprise software and private markets.A word from AGM podcast sponsor, Juniper SquareWhen was the last time things were easy for GPs?Fundraising remains challenging, providing liquidity to investors is even harder—and broadly speaking, most GPs are underwater operationally.It’s not about to get easier, either. Especially for managers vying for capital from the wealth channel. Sure, there’s increased demand from HNW and UNHW investors to gain private markets exposure…but managing their expectations for the investing experience is a whole different ballgame.Reams of paper and a new KYC process every single time they subscribe to a fund? Brutal.But what if committing capital to private equity, venture, and real estate funds was digital and seamless for investors — and scalable to manage for GPs?Meet Juniper Square, the fund operations partner to over 2,000 private markets GPs worldwide.Juniper Square gives GPs the connected software, data, and fund administration services needed for modern private markets. No matter how ambitious your next raise is, how many investors you manage, and how complex your investment vehicles are, Juniper Square empowers GPs to raise capital faster, reduce operational risk, and deliver a world-class investor experience.And with JunieAI, Juniper Square's enterprise-grade AI built for private markets, GPs can truly and finally unlock the power of AI to work smarter, move faster, and focus on relationships and returns.Scale your business, not your operational burdens and costs. Visit junipersquare.com/agm today to learn more.Show Notes00:00 Introduction to our Sponsor, Juniper Square01:40 Introducing Nic Humphries01:56 Hg's Investment Strategy04:03 Nic's Background and Career Journey04:46 Engineering Mindset in Investing05:14 Long-Term Business Thinking05:58 Hg's Focus on Accounting Software06:45 Growth Drivers in SMB Market09:05 Impact of AI on Enterprise Software09:34 Platform Shifts in Technology11:10 Adapting to AI in Business12:15 Mission Critical Software14:02 Challenges of AI Integration14:58 Embedding Products and Services17:13 Organic Growth vs. Acquisitions20:51 Geographical Expansion Strategies21:59 European vs. North American Markets23:30 Management Teams and Expansion24:32 Jurisdictional Challenges in Europe25:05 Hg's Investment Philosophy25:50 Mission Critical Software in Europe36:22 Hg's Consistent Investment Returns38:00 Conclusion and Final Thoughts40:13 Understanding Recurring Revenues40:59 The Importance of Discipline in Investing41:48 Learning from Past Experiences43:30 Maintaining Excitement and Focus45:26 The Role of Realization Committees46:44 Continuous Improvement Culture47:42 The Importance of Cash Returns48:51 Exit Strategies and Realization Committees50:32 Re-underwriting Investments52:40 AI's Impact on Software Development54:17 The Rule of 40 and AI54:38 Investing in AI: Startups vs. Established Businesses55:59 Hg's Growth Strategy58:56 Specialization in B2B Back Office Software01:01:35 Fund Structure and Management01:03:27 Expanding into the Wealth Channel01:03:48 Hg Capital Trust and Fusion Fund01:05:27 Communicating with a Broader Audience01:06:39 The Importance of Brand in Wealth Management01:07:32 Connecting Private Markets to Everyday Life01:09:36 The Prevalence of Private Companies01:11:09 Aligning Interests with Investors01:12:19 Investment Decisions and Long-term Growth01:14:21 Future Growth Opportunities for Hg01:16:38 The Role of AI in Future Investments Editing and post-production work for this episode was provided by The Podcast Consultant.DisclaimerThe views and opinions expressed in this episode are those of the speaker and do not necessarily reflect the official policy or position of any affiliated organization.Any references to past performance, including IRR or MOIC figures, are presented on a gross basis and do not reflect the deduction of fees, expenses, or carried interest. These figures are illustrative and not necessarily indicative of future results. Statements regarding industry rankings, success rates, or performance consistency are based on internal analysis and may not be indepe...

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