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 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.

Welcome back to the Alt Goes Mainstream podcast.
Today’s episode dives into the rapidly expanding world of secondaries with a senior leader at one of the pioneering firms in the secondaries space.
We sat down at Franklin Templeton’s New York office with Taylor Robinson, a Partner on the Secondary team at Lexington Partners, which has over $77B in total capitalization and is part of Franklin Templeton’s family of private markets funds and strategies.
Taylor, who joined the firm in 2008, is primarily focused on the origination, evaluation, and execution of secondary opportunities, including partnership and GP-led transactions. He’s also a member of Lexington’s ESG Steering Committee.
Taylor and I had a fascinating conversation about the current state of the secondaries market. We covered many of the hot button topics and trends that are shaping the secondaries market, including:
Why secondaries have become an integral part of many LPs portfolios.
How secondaries have become a portfolio management tool for LPs.
The rise of GP-led secondaries.
Why not all CVs are created equal.
Why secondaries can be a good on-ramp to private markets for wealth channel investors.
What the future holds for secondaries.
Thanks Taylor for coming on the show to share your expertise and wisdom about private markets and secondaries.
Show Notes
00:00 A Different Way of Thinking About Private Equity
00:43 Welcome to the Alt Goes Mainstream Podcast
01:20 Introduction to Taylor Robinson
02:35 Taylor Robinson's Background and Career
04:25 The Evolution of the Secondaries Market
05:20 Impact of the Financial Crisis on Secondaries
06:34 Growth and Liquidity in Private Markets
07:13 Current State of the Secondaries Market
07:29 Traditional vs. GP-Led Secondary Deals
09:18 Challenges and Opportunities for Institutional LPs
11:22 Active Portfolio Management Strategies
13:06 Driving Returns and Gaining Edge
14:46 Evaluating and Partnering with GPs
16:30 Nuances of the Secondary Market
17:22 Market Dynamics and Investment Strategies
18:04 The Role of Data and Technology
19:35 Regulation and Standardization in Private Markets
20:08 Evolving Focus of Secondaries Firms
20:51 Investment Horizons and Return Expectations
22:17 Primary vs. Secondary Fund Investing
27:07 Specialization and Diversification in Private Equity
28:41 Managing Favorite Assets
28:49 Diversified Portfolio Nuances
29:37 Generating Alpha in Secondaries
30:22 Asset Selection and Value Drivers
31:09 Consistent Investor Experience
33:53 Comparing Secondaries and Primaries
35:51 Evaluating Secondaries Over Time
37:18 Evergreen Funds and New Structures
38:11 Benefits of Locked-Up Capital
40:34 Challenges in Evergreen Space
41:39 Wealth Channel and Scale
43:04 Skillset for Secondaries Investors
45:16 Intellectual Curiosity and Success
47:45 Industry Trends and GP Consolidation
49:16 Understanding Market Dynamics
50:18 Training and Retention at Lexington
50:41 Future of Secondary Markets
52:54 Misconceptions About Secondaries
54:31 Shifting Mindsets on Discounts
54:54 Consistent Returns Through Cycles
55:42 Secondaries as a Real Asset Class
56:16 Excitement for Future Growth
56:22 Conclusion and Farewell

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 features a pioneer who has been building the core infrastructure that is making private markets go mainstream.
We talk with Gary Tenkman, a 30-year veteran of the fund administration world who is the CEO of Ultimus Fund Solutions. Ultimus serves over 450 clients and 2,300 funds, representing $725B of assets under administration, all handled by a team of over 1,100 professionals. 
Ultimus, which is backed by private equity firm, GTCR and, more recently, Stone Point, is able to help investment managers navigate a growing array of challenges that include elaborate fund structures and evolving compliance requirements. Gary has built a business that combines the best of technology and human experts in fund administration to serve many of the industry’s largest funds. Ultimus has also been a big part of the ability for private markets to innovate with evergreen and interval fund structures since they have the necessary infrastructure and services to help fund managers launch, run, and administer evergreen structures.
Prior to joining Ultimus as CEO, Gary was Head of North American Operations at another large fund service provider, where he was responsible for service delivery for all clients in the region. During his 16 years there, he held leadership positions in alternative investment fund services, European fund services, and US fund services.
Gary and I had fascinating conversation about the evolution of fund administration and how fund administration in private markets has changed with the growing interest in evergreen and interval funds. We discussed:
How fund administration has changed over the 30 years Gary has been in the industry.
Will the evergreen fund industry mirror the growth and evolution of the mutual fund industry?
The gap that Gary and Ultimus saw in private markets fund administration.
Why fund services for evergreen fund structures is very complex and hard to do well.
How technology can provide leverage to fund administration.
Will AI impact fund administration?
Why fund services are a compelling investment category for private equity.
Thanks Gary for coming on the show to share your wisdom and experience and thanks for your support of Alt Goes Mainstream. The work you’re doing at Ultimus is making a big impact on evolving the industry, so it’s an honor to have you partner with AGM. We hope you enjoy.

Show Notes
01:01 Introduction to the Alt Goes Mainstream Podcast
01:10 Gary Tenkman: A Pioneer in Fund Administration
01:17 Ultimus Fund Solutions: An Overview
01:50 Innovations in Private Markets
02:02 Gary's Career Journey
02:20 The Evolution of Fund Administration
02:38 Challenges in Fund Services for Evergreen Structures
02:46 The Role of Technology in Fund Administration
06:58 Automation and Data Standardization
11:15 AI in Fund Administration
12:09 Fund Level vs. Asset Level Data
13:16 Lessons from the Mutual Fund Industry
13:58 Product Innovation in Private Markets
18:30 Navigating the Evergreen Space
23:20 Distribution Strategies for Private Markets
25:35 The Importance of Service Providers
26:50 The Evolution of Ultimus Fund Solutions
27:19 Evolution of Ultimus: The Early Days
28:02 Client-Centric Focus: The Key to Success
28:16 Investing in Technology and Growth
28:35 Mergers and Acquisitions: Building Scale
28:58 Private Side Expansion and Momentum
29:40 Challenges and Solutions in Private Markets
30:40 Client-Centric Culture: What It Means
31:34 Delivering High-Quality Client Service
32:28 Maintaining Culture Amidst Growth
33:27 Industry Consolidation: A Historical Perspective
34:09 New Partnerships and Investments
35:26 Future M&A Opportunities
35:43 Stone Point's Investment in Ultimus
36:34 Growth in Private Funds and Evergreen Structures
37:29 Convergence of Public and Private Markets
38:05 Hybrid Product Structures: Opportunities and Challenges
39:45 Regulatory Challenges in Retail Alts
40:58 Education and Adoption in Private Markets
45:54 401k and Retirement Space: Unlocking Potential
48:04 Exciting Trends 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.
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.