Alt Goes Mainstream

A long-term time horizon in a short-term world. How should fund managers and investors think about investing over the long-term in a world that is defined by short-term gratification? This week's Alt Goes Mainstream AGM Weekly dives into the the concept of time in investing, building off of one of private markets' biggest trends: evergreen structures. Evergreen structures are in theory infinite. They are timeless. they favor those who have patience on their side. But how do we balance patience with urgency? How do we have an infinite time horizon and have the patience to wait for the power of compounding — in investing and in life — to take hold, but also balance that mindset with the awareness of a finite time period? Read on for more on evergreen structures, with quotes from Partners Group's Robert Collins on the power of evergreen structures👇 This week's AGM Weekly, brought to you by 73 Strings, covers: 🗂️ AGM Index, an index that tracks the leading publicly traded alternative asset managers. 🗞️ AGM News of the Week, this week covering: 📌 Bloomberg's Sonali Basak, Sridhar Natarajan, Gillian Tan on Blue Owl Capital's acquisition of Atalaya Capital Management and what it means for private credit. 📌 Financial Times' Sara Germano on Willow Bay and Bob Iger's deal to buy a controlling stake in National Women's Soccer League (NWSL) club Angel City Football Club that makes ACFC the most valuable women's sports team. 📌 Financial Times' Steve Johnson on BlackRock's private markets ETF ambitions. 💻 Who is hiring: Senior-level positions from companies Blackstone, Apollo Global Management, Inc., iCapital, Blue Owl Capital, 73 Strings, Hightower Advisors, Goldman Sachs Asset Management. Subscribe 👇 to see the latest trends & navigate this rapidly changing landscape as alts go mainstream. https://lnkd.in/ehZezZFB

Want to understand the how and why behind one of the biggest trends in private markets, evergreen funds? Hear from the pioneer in the space, Partners Group's Robert Collins on the latest Alt Goes Mainstream podcast to learn how they have built a market leader in evergreen funds and why its an incredibly powerful tool for the wealth channel investor. Rob and I had a fascinating conversation. We discussed: * The "infinite responsibility" of evergreen fund managers. * How Partners Group decided to create evergreen funds in the early 2000s. * Why "life is too short for capital calls." * Why the time, money, and liability questions of private equity fund investments make evergreens a fit for many advisors. * The powerful compounding effects of evergreen structures. Thanks to Ultimus Fund Solutions for sponsoring this episode of the Alt Goes Mainstream podcast. Thanks Rob for coming on the show to share your wisdom and experience in an important and growing part of private markets. https://lnkd.in/eNwQB_s5

The fundraising playbook, part deux. A few weeks ago in the Alt Goes Mainstream AGM Weekly, we asked: how can alternative asset managers navigate the new normal in fundraising? This week, we got answers. Hear from expert fundraisers and IR / business development executives at $B AUM private markets firms on tactics and strategies for playing the fundraising game on the field. 1️⃣ "Launch the planes before you deploy the troops." - Susan Long McAndrews, Partner at $99B AUM/AUA Pantheon. 2️⃣ "You don't need to be everything to everyone." - Ashton Rosin, Operating Partner & Head of Capital Formation at $2B+ AUM Lowercarbon Capital. 3️⃣ "Take a partnership approach." - Simon Kinzett, Managing Director at $8B WestCap. 4️⃣ "Build a long-term relationship because it's a partnership that spans decades." - Business Development, $XXB AUM alternative asset manager. Read on for more insights, key themes, and my questions for what this means for the future of fundraising👇 This week's AGM Weekly, brought to you by 73 Strings, covers: 🗂️ AGM Index, an index that tracks the leading publicly traded alternative asset managers. 🗞️ AGM News of the Week, this week covering: 📌 Citywire's Ian Wenik on what's next for Envestnet, Inc after its $4.5B sale to Bain Capital, Reverence Capital Partners, BlackRock, Fidelity Investments, State Street, Franklin Templeton. 💻 Who is hiring: Senior-level positions from companies Blackstone, Apollo Global Management, Inc., iCapital, Blue Owl Capital, 73 Strings, Hightower Advisors, Goldman Sachs Asset Management. Subscribe 👇 to see the latest trends & navigate this rapidly changing landscape as alts go mainstream. https://lnkd.in/eyZyHgCN

Transforming the alts industry's cost structure. What does iCapital Chairman & CEO Lawrence Calcano mean by that? Listen to the latest Alt Goes Mainstream podcast to hear what he said 👇 👇 👇 https://lnkd.in/eX7njq8b

Fees. It's top of mind in private markets. How can the industry's cost structure be changed? Hear from iCapital Chairman & CEO Lawrence Calcano on how to lower fees across the entire value chain on Alt Goes Mainstream. https://lnkd.in/eX7njq8b

As private markets welcome more investors to the space, the how becomes as important as the why. iCapital Chairman & CEO Lawrence Calcano came on the Alt Goes Mainstream podcast to break down the how and the why. How can investors gain access to private markets in ways that work for them? How can alternative asset managers better serve those investors? How can this all be done in a responsible, thoughtful way that sets up both investors and private markets for success in the long-term? What is the evolution of the different service models that enable GPs to unlock access to private markets for more LPs? Lawrence Calcano and I discussed these topics and more on the show. Thanks Lawrence for coming on the show to share your thoughtful perspectives on the industry and its continued evolution. Thanks to Ultimus Fund Solutions for sponsoring this episode of the Alt Goes Mainstream podcast. https://lnkd.in/eX7njq8b

The BlackRock endgame. BlackRock’s $3.2B acquisition of Preqin this week signals the next evolution in their revolution of private markets. This week's Alt Goes Mainstream AGM Weekly breaks down what BlackRock's landmark acquisition of Preqin means for private markets and how BlackRock could be playing the long game in the convergence between public and private markets. Read on to read more on BlackRock Chairman & CEO Larry Fink's endgame of the "indexation" of private markets and why data and standardization are critical components to realizing that vision👇 This week's AGM Weekly, brought to you by 73 Strings, covers: 🗂️ AGM Index, an index that tracks the leading publicly traded alternative asset managers. 🗞️ AGM News of the Week, this week covering: 📌 Goldman Sachs' Christian Mueller-Glissmann in The Financial Times on "the optimal portfolio for the next decade." 📌 Bloomberg's Neil Callanan on some of the worries that the growth in private credit poses. 📌 Bloomberg Wealth's David Rubenstein and Canyon Partners Josh Friedman on the explosive growth of private credit and what it means for the industry. 💻 Who is hiring: Senior-level positions from companies Blackstone, Apollo Global Management, Inc., iCapital, Blue Owl Capital, 73 Strings, Hightower Advisors, Goldman Sachs Asset Management, Canoe Intelligence. Subscribe 👇 to see the latest trends & navigate this rapidly changing landscape as alts go mainstream. https://lnkd.in/ewiG7wfh

How did New Enterprise Associates (NEA) find the white spaces in venture capital and build one of the industry's largest firms? Hear New Enterprise Associates (NEA) Chairman Emeritus & former Managing General Partner Peter Barris talk about their strategy on Alt Goes Mainstream. https://lnkd.in/eEJGEFWe

The inside story of how almost every other Partner at New Enterprise Associates (NEA) said no but Chairman Emeritus Peter Barris' investment turned out to be a 75x return. How can the partnership dynamic at a VC firm help or hurt decision-making? Hear Peter discuss this and more on the latest Alt Goes Mainstream podcast. https://lnkd.in/eEJGEFWe

His career started when someone said to him, “well, have you thought about venture capital? We don’t think that you’d be any good at it.” The rest is history. Today’s Alt Goes Mainstream episode features one of the legends of the venture capital industry. Peter Barris joined New Enterprise Associates (NEA) in 1992 after a storied operating career as President and COO at Legent Corporation and an executive at GE Information Services. He served as Managing General Partner and Chairman of NEA from 1999 to March 2024. Under Peter's leadership, NEA saw tremendous success, growing into one of the world's largest venture capital firms and raising the largest-ever venture capital fund a number of times. Today, NEA's AUM stands over $25B. Peter was responsible for investing in a number of foundational and industry-transforming technology companies, including Salesforce, UUNET, Groupon, WebMD, Workday, CareerBuilder, Tempus AI, and more. We had a fascinating discussion about the early days of venture capital and how the industry has evolved. We covered: * The inside story of how almost every other Partner said no but Peter's investment turned out to be a 75x return. * What's the “best characteristic and the death characteristic” of an entrepreneur? * In today's hypercompetitive market do VCs have enough time to make good decisions? * Why the world of venture capital is about influence. * What does it mean to earn an entrepreneur’s trust as a VC? * Why VCs with operating backgrounds can bring unique value to startups. * How NEA came up with the term "Venture Growth Equity." * How can a VC tell that a founder is good at experimentation and that they have the good judgment? * Why specialization and domain expertise are prerequisites in today’s venture industry. Thanks to Ultimus Fund Solutions for sponsoring this episode of the Alt Goes Mainstream podcast. Thanks Peter for coming on the show. It was an honor and a pleasure to hear your views on the evolution of an industry and for you to share your wisdom and experiences. https://lnkd.in/eEJGEFWe