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Alt Goes Mainstream: Daily Summaries Delivered
by Michael Sidgmore
Join the smartest people in the room to learn how top investors and allocators are incorporating private markets into the portfolios of tomorrow.
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- Today26 min
🎥 Sagard's Paul Desmarais III - building the next generation alternative asset manager: AGM Live at SuperReturn
Welcome back to the Alt Goes Mainstream podcast.We sat down with Paul Desmarais III, the Co-Founder, Chairman, and CEO of Sagard, the fast-growing $46B global multi-strategy alternative asset manager.We were live from Berlin, which becomes the “capital of private capital” in June as private equity industry leaders make the annual pilgrimage to the city for one of the marquee private equity conferences, SuperReturn Berlin.With Prosek Partners and former Bloomberg TV journalist Deirdre Bolton as my producer, along with her team, we took over a Tiny Space cabin to hold big conversations with some of the industry’s leading alternative asset managers.Sagard combines a rich history and heritage of building asset management businesses with a modern approach to building a global alternative asset manager.Paul’s deep understanding of the industry comes from being part of a family of multiple generations of asset management pioneers in Canada who have built some of the industry’s largest financial services businesses.Paul is the “next first generation” of asset management pioneers to come out of the Desmarais family. He started Sagard with $400M in seed capital in 2016 and, in ten short years, has grown the platform into a global multi-strategy alternative asset manager with over $46B.Sagard’s mission to empower founders by being a business that builds businesses shines through in the approach Paul and the team have taken in building Sagard. The firm has incubated, built, and acquired asset management talent and firms to scale across strategy and geography into the global platform that it is today.Paul and I had a fascinating conversation about the business of asset management and why Sagard exists to serve entrepreneurs around the world. We covered:Sagard’s entrepreneurial DNA.What does it mean to build a business that builds businesses?Being the “next first generation.”How Sagard approaches the buy, build, partner framework of asset management businesses.How Sagard has expanded its platform across asset classes and strategies.How to build a global, multi-strategy asset management brand.Why specialization matters in asset management.How to approach the wealth channel.The decentralized pod shop model.The future of private markets.BioPaul Desmarais III is the Chairman and CEO of Sagard, an alternative asset management firm active in venture capital, private equity, credit, and real estate.Paul has led Sagard since 2016, along with a handful of close partners bound by a common vision: partnering with entrepreneurs to catalyze transformation in our investments and communities. Sagard has experienced outstanding growth, with assets under management increasing to over $46B.Under Paul, Sagard has built a global network of expertise that helps companies lead, embrace, and stay ahead of disruptive trends, expanding activity in North America, Europe, and the Middle East. Paul engages actively in growing Sagard companies. Within the Sagard ecosystem, Paul is the Executive Chairman and Co-Founder of Portage (fintech & financial services investing) and the Chairman and Co-Founder of Diagram (venture builder). Within the investment portfolios, he is the Chairman of Wealthsimple, Novisto, and Sagard Wealth, and a director of Nesto and Midas. Paul also sits on the board of Empower, the number two 401(k) business in the U.S.Thanks, Paul, for sharing your wisdom, expertise, and passion about private markets, private wealth, and building enduring asset management businesses.Show Notes00:00 Live From Berlin01:09 Meet Paul Desmarais III, Family Legacy Builder01:50 Sagard Origin Story02:19 Early Entrepreneurial Spark03:01 Risk And Reinvention04:22 Mission To Empower Founders04:59 By Entrepreneurs For Entrepreneurs05:13 Why Sagard Started05:40 Alternatives And Innovation06:14 Credit Plus Venture07:08 Customer First Alignment09:13 Generational Time Horizon09:26 Patience In Partnerships10:03 Innovation As Moat11:11 Platform Strategy Mix11:53 Platform Pillars Next Steps13:00 Emerging Managers Flywheel14:00 Scaling Collaboration14:44 Incentives And Shared Carry16:11 Values Create Moat16:38 Choosing The Right Partners17:51 Building A Joint Vision18:12 Hiring Builders Early19:21 Long-Term Greedy
- Yesterday21 min
🎥 Brookfield's Anuj Ranjan - "own the boring that makes exciting possible": AGM Live at SuperReturn
Welcome back to the Alt Goes Mainstream podcast.We sat down with Brookfield Private Equity CEO Anuj Ranjan.We were live from Berlin, which becomes the “capital of private capital” in June as private equity industry leaders make the annual pilgrimage to the city for one of the marquee private equity conferences, SuperReturn Berlin.With Prosek Partners and former Bloomberg TV journalist Deirdre Bolton as my producer, along with her team, we took over a Tiny Space cabin to hold big conversations with some of the industry’s leading alternative asset managers.Brookfield has a rich legacy as an asset owner and operator of some of the “businesses that drive the global economy.” Brookfield is a firm where skin in the game (~25% of every fund includes an investment from Brookfield’s balance sheet) meets scale and synergies across its investment platform.Now, they are looking to own what’s next.What will the next era of private equity require? A different approach, according to Brookfield Private Equity CEO Anuj Ranjan.The conversation that Anuj and I had in the Tiny Space cabin covered big themes.Brookfield is investing in the megatrends that are driving the world’s economy across its platform, from digitalization to decarbonization to deglobalization. The firm’s focus on industrials in its private equity business makes it well equipped to invest in essential companies, as Brookfield aptly describes their investment focus as “own[ing] the boring that makes the exciting possible.”Anuj and I had a fascinating conversation about the current state of private equity and what it will take to drive value in a new era for the industry where “12 is the new 5.” We covered:Brookfield’s history as an owner-operator.How the firm’s long-term perspective informs its investments in and ownership of private equity-backed companies.Anuj’s experience investing in India was an exercise in patience and how it’s informed his investment career.Why today is the era of “roll up your sleeves private equity.”How Brookfield is approaching value creation in industrial companies.Where Brookfield believes they can leverage AI to create post-deal operational value creation.Why Brookfield partnered with OpenAI to create DeployCo in order to scale enterprise AI deployment.Where we are in the adoption curve of physical AI and robotics.BioAnuj Ranjan is Chief Executive Officer of Brookfield’s Private Equity Group and Brookfield Business Corporation. In this role, Mr. Ranjan is responsible for the investments, operations, and expansion of the Private Equity business, in addition to managing Brookfield’s external strategic partnerships. He is a member of Brookfield’s Executive Committee.Mr. Ranjan joined Brookfield in 2006 and has held various positions within the company and its affiliates. He established and previously led Brookfield’s India and Middle East operations.Mr. Ranjan holds a Master of Business Administration degree from Ivey Business School at Western University and a Bachelor of Science degree from the University of Alberta.Thanks, Anuj, for sharing your wisdom, expertise, and passion about private markets and how to create value through operating companies better.Show Notes00:00 Introduction00:23 Meet Anjun Ranjan02:02 Brookfield Goes Global02:07 First Private Equity Fund02:20 Moving Around the World02:26 Building in India and MENA02:39 Emerging Markets Lessons02:45 Industrial Investing in Growth03:14 Deal Frenzy in India03:38 Why the Bubble Burst03:42 Five Years of Patience03:48 Learning via Portfolio Entry03:54 First Big India Buys04:12 Scaling the India Playbook04:14 Proving Institutional Control04:32 India Results at Scale04:46 Exporting the Model04:53 From Regions to Global PE05:03 Growing Through Headwinds05:31 Roll Up Your Sleeves Private Equity05:40 Operational Value Creation05:48 Brookfield Platform DNA06:18 Balance Sheet Advantage06:30 Long-Term Investing Culture06:50 Rewarded for Waiting07:18 Middle East Long Game07:57 Testing Tech on Balance Sheet08:15 Owning What’s Next08:26 AI Needs Land and Power09:57
- 1 weeks ago26 min
🎥 Vista Equity Partners' Monti Saroya - "harnessing" the power of AI in the enterprise: AGM Live at SuperReturn
Welcome back to the Alt Goes Mainstream podcast.We sat down with Vista Equity Partners’ Senior Managing Director, Co-Head of Flagship Fund, Monti Saroya.We were live from Berlin, which becomes the “capital of private capital” in June as the private equity’s industry leaders make the annual pilgrimage to the city for one of the marquee private equity conferences, SuperReturn Berlin.Much of the SuperReturn conference is centered on fundraising. GPs take up every available space — from hotel rooms to Tiny Space cabins that line the parking spots on Budapester Strasse outside of the InterContinental conference venue — to conduct meetings with LPs.With Prosek Partners and former Bloomberg TV journalist Deirdre Bolton as my producer, along with her team, we took over a Tiny Space cabin to hold big conversations with some of the industry’s leading alternative asset managers.Vista Equity Partners has been a pioneer in enterprise software investing. They have been at the forefront of every major technology platform shift, whether it was on-prem to cloud, the adoption of enterprise software, and now the agentification of the enterprise with AI.The $103B AUM scaled specialist software investor has dedicated its efforts to building “mission critical” enterprise software companies that organizations can’t live without.Monti has had a front row seat in building and developing both infrastructure and software that the technology industry can’t live without. He brings to bear the perspective of someone who lived through the early days of the internet from his time working at Cisco Systems and Siebel Systems. Through this lens, as well as his experience investing in enterprise software companies since joining Vista in 2008, Monti is able to make sense of where, how, and why AI will be adopted within the enterprise and what it means for both operators and investors.This conversation with Monti was one of the most illuminating conversations I’ve had on AI recently. He pieced together so much of what is happening in AI today, covering:The different layers of AI adoption.Why “harness” companies can be valuable.Where AI agents are having the most impact on a business.Why open source is the next wave of the AI buildout.Why Monti is so excited about the firm’s investment in SambaNova.Do “harness” companies have a moat?Why the moats for many AI companies might surprise you.Why sovereign AI is the next big thing.BioMonti Saroya joined Vista Equity Partners in 2008 and is Co-Head of the Vista Flagship Fund and sits on its Investment Committee.Additionally, Monti serves as a member of Vista’s Executive Committee, the firm’s governing and decision- making body for matters affecting its overall management and strategic direction, and Vista’s Private Equity Management Committee, the firm’s decision-making body for matters affecting Vista’s overall private equity platform.Monti is also the Co-Chief Executive Officer of VistaOne, Vista’s evergreen private equity vehicle, and serves on the Investment Committee. Monti helps lead Vista’s artificial intelligence initiatives, driving the firm’s approach to AI adoption through strategic partnerships and the deployment of AI-enabled infrastructure and capabilities across the platform and portfolio ecosystem.He currently sits on the boards of Acumatica, Allvue Systems, Avalara, Cloud Software Group, Duck Creek, Finastra, Infoblox, Playlist, Smartsheet, Solera, among others. Monti was actively involved in the firm’s investments in Apptio, Cvent (NASDAQ: CVT), Datto (formerly NYSE: MSP), Marketo, PowerSchool (formerly NYSE: PWSC), SumTotal, The ACTIVENetwork, and Transfirst, among others.Prior to Vista, Monti worked as a Senior Research Analyst for JMP Securities, where he provided research for buy-side clients on public on-demand (SaaS) companies. Monti previously worked as an Associate on the enterprise software/applications team. Before JMP, Monti worked at Siebel Systems in a sales capacity for the CRM On Demand division. Prior to Siebel, Monti worked for Cisco Systems in various operations roles.Thanks Monti for sharing your wisdom, expertise, and passion about AI, enterprise software, and technology transformations.Show Notes00:00 Intro: Live from SuperReturn Berlin00:21 Meet Monti Saroya00:51 Career Origins Cisco and Siebel01:12 Building Internet Infrastructure02:17 Internet Lessons for AI02:38 Adoption Moves Slower03:34 What We Underestimate04:09 AI Value Stack Laye
- 1 weeks ago30 min
🎥 Apax's Andrew Sillitoe and Mitch Truwit - buying complexity for value in the middle market: AGM Live from SuperReturn
Welcome back to the Alt Goes Mainstream podcast.We were live from Berlin, which becomes the “capital of private capital” in June as the private equity’s industry leaders make the annual pilgrimage to the city for one of the marquee private equity conferences, SuperReturn Berlin.Much of the SuperReturn conference is centered on fundraising. GPs take up every available space — from hotel rooms, to Tiny Space cabins lining the parking spots on Budapester Strasse outside of the InterContinental conference venue — to conduct meetings with LPs.With Prosek Partners’ and former Bloomberg TV journalist Deirdre Bolton as my producer and her team, we took over a Tiny Space cabin to hold big conversations with some of the industry’s leading alternative asset managers.Our first conversation was with Apax Co-CEOs Andrew Sillitoe and Mitch Truwit.Apax is one of the pioneers in the private equity industry. The firm’s rich history dates back to the 1970s, when its founders, Alan Patricof (US), Sir Ronald Cohen (UK), and Maurice Tchénio (France), came together to establish the first US-UK partnership firm in private equity. During that time period, the firm backed Steve Jobs and the first iteration of Apple. The UK and US firms merged in 1981, laying the foundation for Apax.Today, Apax stands at over $80B in aggregate funds raised. The firm underwent its second leadership transition in 2014, when Andrew and Mitch were elected as Co-CEOs, succeeding Martin Halusa, who became Chairman.Apax sits in an interesting position. They are a scaled platform that focuses on the middle market. They operate across three sectors, Tech, Services, and Digital / Consumer, infusing a digital DNA and value creation team into everything they do. Their platform spans “a mile wide and a mile deep,” which is what much of the conversation between Andrew, Mitch, and me unpacked.We had a fascinating discussion about the current state of private equity and the middle market, why Apax focuses on “density-driven business models,” why the firm focuses on carveouts in the middle market, what’s underappreciated about the middle market, why it’s important to “buy in the right neighborhood and fix it up,” and how the firm’s core values of “having impact through insight and tenacity” drive every decision they make.BiosAndrew Sillitoe has been Co-CEO of Apax since 2014. He is Chairman of the Apax Global Investment Committee and the Digital Investment Committee, amongst others. He is also a member of the Apax Executive Committee. He has been based in London since joining the Firm in 1998, focusing on Tech & Telco investments. Andrew has been involved in a number of investments including Inmarsat, Intelsat, King, Orange Switzerland, TIVIT, TDC and Unilabs. Prior to joining Apax, Andrew was a consultant at LEK. Andrew holds an MA in Politics, Philosophy and Economics from the University of Oxford and an MBA from INSEAD.Mitch Truwit is Co-CEO of Apax, based in New York. Prior to joining Apax in 2006, Mitch was the President and CEO of Orbitz Worldwide between 2005 and 2006 and was the Executive Vice President and Chief Operating Officer of priceline.com between 2001 and 2005. Mitch serves as a Board member of Openlane and Trade Me. Prior boards include Advantage Sales & Marketing, Assured Partners, Dealer.com, Bankrate, Garda World, Hub International, Trader Canada, Boats Group and Quality Distribution Inc. Mitch is a graduate of Vassar College where he received a BA in Political Science. He also holds an MBA from the Harvard Business School.Thanks, Andrew and Mitch, for a fascinating conversation and for sharing your expertise, wisdom, and passion at the intersection of investing and operating in private equity.Show Notes00:00 Meet Apax’s co-CEOs, Andrew Sillitoe and Mitch Truwit00:39 Andrew on Industry Change and Apax’s Evolution01:12 Private Equity: From Cottage Industry to Scale01:26 The Purpose of Private Equity01:44 Apax Growth and Professionalization02:07 Values and Venture Roots02:36 Mitch’s Journey from Operator to Investor03:30 Building the Operating Platform at Apax04:10 Defining the Middle Market04:45 Why Sub-Billion EV Works05:00 Exit Options and Liquidity05:32 Capability Gaps in Management Teams06:04 TRADER Corporation - Canada App Turnaround06:50 Apax’s Digital DNA and Carve-Outs Approach07:28 Choosing the Harder Path07:55 Digital DNA and AI Wave08:34 Top Line Growth Lever09:26 Add-ons and TAM Expansion10:28 ECI R
- 2 weeks ago40 min
🎥 Blackstone's Farhad Karim - a "relentless" focus on serving private wealth
Welcome back to the Alt Goes Mainstream podcast.Today’s podcast takes us to the heart of Mayfair in London, where Blackstone Private Wealth COO Farhad Karim shared the firm’s history and evolution in Europe.He took a walk down memory lane to discuss the firm’s 25th anniversary in Europe as we walked through Berkeley Square from Blackstone’s current office to their new office at the other end of the square, highlighting how the firm has become the largest owner of commercial real estate in Europe and the importance of building a local presence in the region.Farhad took on the role of Chief Operating Officer of Blackstone Private Wealth in 2024 after a career at Blackstone that included serving as Chairman and Chief Operating Officer of Blackstone Europe and holding a senior leadership role in the firm’s Real Estate business.Farhad and I had a fascinating discussion about the evolution of Blackstone’s business in Europe and the firm’s Private Wealth business globally. We covered:Why it’s important to “meet people where they are at.”What Farhad learned from his experience running Blackstone Europe.Building and expanding Blackstone’s Private Wealth business.How Blackstone will continue to be a pioneer in private wealth.The next phase of product innovation in the wealth channel.How an international perspective has shaped Farhad's approach to building the Private Wealth business.Harmonizing the institutional and private wealth businesses when delivering solutions to LPs.The human element of working with wealth.What it means to be “relentless.”Perspectives on evergreen funds.The scale of opportunity, information, and access.Thanks, Farhad, for sharing your wisdom, expertise, and passion about private markets and private wealth.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.Learn more: ultimusfundsolutions.com or email info@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Show Notes00:33 A Message from Ultimus Fund Solutions02:11 Farhad’s Blackstone Journey03:14 What Hasn’t Changed at Blackstone04:14 Parallels Between Real Estate and the Wealth Channel05:16 Building for Local Markets08:01 Scaling Advisor and Investor Education09:12 How Well Advisors Understand Private Markets11:15 Early Innings of Adoption12:39 Productization and New Fund Structures14:20 Simplicity Versus Choice for Investors15:13 Wealth Consolidation and Institutionalization17:26 Aligning Wealth and Institutional Capital19:08 Scale Advantage and Deal Access19:56 Scale And Global Lens20:21 Deal Competition And Pricing20:59 AI advantage across platform22:36 Risks in private markets24:37 Explaining Private Markets26:20 Investing Through Volatility27:41 Evergreen Vs Drawdown29:49 Semi liquid is a feature32:03 How To Use Evergreens33:32 Owning The Narrative36:56 Relentless Fiduciary Focus37:53 Relentless As Culture39:55 Closing ThoughtsFootnotes(Timestamp 02:47.8): Largest owners of commercial real estate in Europe.(Timestamp 33:01.1): Reference to Class I annualized, inception-to-date return from January 2017.Join over 16,800 Substack subscribers & followers and 44,000 LinkedIn and podcast followers who are thought leaders and executives from top private markets firms and wealth management like Bla
- 3 weeks ago56 min
🎥 Hightower's Larry Restieri - building a $1T RIA and operating at the intersection of private markets and private wealth
Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives deep into the world of wealth management with someone whose career is emblematic of the intersection of private markets and private wealth.We sat down with Larry Restieri, the CEO of Hightower.Larry is the CEO and a member of the Board of Directors at Hightower, a national wealth management firm that empowers financial advisors to deliver sophisticated investment and financial services to clients.Larry joined the firm in June 2025 from Goldman Sachs, where he was a Partner. Larry served as the CEO of Goldman’s AYCO business, which specializes in workplace financial planning and private wealth advisory services.He held a variety of leadership roles at Goldman across its wealth and asset management divisions, including heading up the Alternative Capital Markets business.Larry and I had a fascinating conversation about the continuing convergence of private markets and private wealth from someone who was at the forefront of this industry transformation. We covered:The evolution of private markets within the wealth channel.Lessons learned from Larry’s time building Goldman’s Alternative Capital Markets business and the AYCO business.The path to building Hightower into a $1T RIA.The “Volkswagen model of wealth management.”The build-out of Hightower’s Signature Wealth brand.What does the continued buildout of private equity-backed platforms mean for the evolution of wealth management?What drives financial advisors?The benefits of the independent RIA model.How and why wealth clients should be thinking about private markets.Thanks, Larry, for sharing your wisdom, expertise, and passion at the intersection of private markets and private wealth.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.Learn more: ultimusfundsolutions.com or email info@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Show Notes00:30 Meet Larry Restieri01:25 A Message from Ultimus Fund Solutions02:35 Larry’s Career Story08:44 Why Hightower CEO09:28 Next Evolution Wealth10:29 RIA Platform And Tech12:16 Democratizing Alternatives13:28 Selling Illiquidity Correctly15:02 Education Avoids Surprises18:05 Platform Scale And Choice28:58 Signature Wealth Brand29:21 Growth Targets Ahead29:50 Platform Benefits Deal29:58 Acquiring The Bahnsen Group30:58 Inorganic Growth Model31:26 Client Brand Question32:02 Volkswagen Brand Model32:43 Why Brand Matters33:37 Values Across Teams34:01 Building Unified Culture35:04 Advisor Community Summit35:49 Why Keep Independence36:33 Hightower 3.0 Strategy38:09 Advisor Client Connection38:44 Defining Open Architecture40:12 Private Equity Impact42:29 Exit Paths Going Public44:09 M&A Multiples Pressure46:05 Market Cycles and Rates47:48 Private Markets Allocation49:32 Advisor Private Market Fears51:10 GPs Serving RIAs Better52:05 Enterprise GP Partnerships53:06 Non-Obvious Alt Take54:50 Closing ReflectionsJoin over 16,700 Substack subscribers & followers and 44,000 LinkedIn and podcast followers who are thought leaders and executives from top private markets firms and wealth management l
- 4 weeks ago34 min
🎥 Oak Hill Advisors' Eric Muller - operating at the intersection of public and private credit: live from iCapital Connect
Welcome back to the Alt Goes Mainstream podcast.We were live from AGM’s RIA Field Trip at Brookfield’s New York office at Brookfield Place with Oaktree Managing Director and Co-Portfolio Manager Danielle Poli to unpack why private credit is at a crossroads and why dispersion is growing.Danielle has a unique perch to form a developed view on the current state of private credit. She sits at the intersection of public and private credit, providing her with perspectives on where opportunities and risks lie across the liquidity spectrum.Danielle is a founding member of Oaktree’s Global Credit strategy and its Investment Committee, which was established in 2017. She’s been an important contributor to its growth into a scaled multi-asset credit platform. She previously led Oaktree’s product specialist group, which she helped build into a global team supporting credit, private equity, and real estate. She joined Oaktree in 201 and has nearly two decades of experience in private markets. She has been named to Barron’s list of the 100 Most Influential Women in U.S. Finance.Danielle and I had a fascinating conversation about the current state of private credit, where cracks might be emerging and where to find pockets of opportunity amid the dislocations. We covered:Why is boring beautiful in private credit?Where are we in the credit cycle?Why it’s important to have a contrarian mindset.Where, why, and how dispersion is rising in credit.How to underwrite software investments post-AI.Why asset-backed finance can be a diversifier.Why now could be the time to prepare for opportunistic and rescue lending opportunities, as maturities are fast approaching.How to balance public and private credit investing.Thanks, Danielle, for sharing your wisdom, expertise, and passion about private credit.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.Learn more: ultimusfundsolutions.com or email info@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Show Notes00:00 Live Podcast Intro00:17 Contrarian Mindset00:34 Intro to our Sponsor, Ultimus Fund Solutions01:51 Where Private Credit Stands Today02:13 Market Testing And Bifurcation02:34 Private Credit Evolves Beyond Corporate03:33 Danielle Poli Background04:23 Why Liquidity Matters Now04:49 Dislocation And Price Discovery04:59 Structuring Power In Private Markets05:22 Risk Return And Spread Compression05:51 Paid For Illiquidity Plus Covenants06:16 Asset-Backed Finance Diversifier06:52 Corporate Vs Asset-Backed Underwriting07:20 Why Ring-Fenced Cash Flows Win07:51 How Allocators Fund ABF08:11 Credit Taking Share From Equities09:12 Tough Direct Lending Vintages09:49 Rates Shock And Leverage Reality10:10 AI Disrupts Software Credit11:09 Oaktree Underweight Software12:32 Underwriting Software Post AI13:31 Inside The Investment Committee14:35 Selling Rallies And Staying Humble15:07 Busted Converts Playbook15:55 Liquid Credit Helps Private Discipline17:07 Why Do Both Public And Private17:40 Transparency And Extend or Pretend18:58 PIK Interest Red Flags19:58 Stress Under The Surface20:14 Triple C Spread
- Jun 25, 202634 min
🎥 Oaktree's Danielle Poli - private credit: "boring is beautiful" - live from AGM's RIA Field Trip
Welcome back to the Alt Goes Mainstream podcast.We were live from AGM’s RIA Field Trip at Brookfield’s New York office at Brookfield Place with Oaktree Managing Director and Co-Portfolio Manager Danielle Poli to unpack why private credit is at a crossroads and why dispersion is growing.Danielle has a unique perch to form a developed view on the current state of private credit. She sits at the intersection of public and private credit, providing her with perspectives on where opportunities and risks lie across the liquidity spectrum.Danielle is a founding member of Oaktree’s Global Credit strategy and its Investment Committee, which was established in 2017. She’s been an important contributor to its growth into a scaled multi-asset credit platform. She previously led Oaktree’s product specialist group, which she helped build into a global team supporting credit, private equity, and real estate. She joined Oaktree in 201 and has nearly two decades of experience in private markets. She has been named to Barron’s list of the 100 Most Influential Women in U.S. Finance.Danielle and I had a fascinating conversation about the current state of private credit, where cracks might be emerging and where to find pockets of opportunity amid the dislocations. We covered:Why is boring beautiful in private credit?Where are we in the credit cycle?Why it’s important to have a contrarian mindset.Where, why, and how dispersion is rising in credit.How to underwrite software investments post-AI.Why asset-backed finance can be a diversifier.Why now could be the time to prepare for opportunistic and rescue lending opportunities, as maturities are fast approaching.How to balance public and private credit investing.Thanks, Danielle, for sharing your wisdom, expertise, and passion about private credit.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.Learn more: ultimusfundsolutions.com or email info@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Show Notes00:00 Live Podcast Intro00:17 Contrarian Mindset00:34 Intro to our Sponsor, Ultimus Fund Solutions01:51 Where Private Credit Stands Today02:13 Market Testing And Bifurcation02:34 Private Credit Evolves Beyond Corporate03:33 Danielle Poli Background04:23 Why Liquidity Matters Now04:49 Dislocation And Price Discovery04:59 Structuring Power In Private Markets05:22 Risk Return And Spread Compression05:51 Paid For Illiquidity Plus Covenants06:16 Asset-Backed Finance Diversifier06:52 Corporate Vs Asset-Backed Underwriting07:20 Why Ring-Fenced Cash Flows Win07:51 How Allocators Fund ABF08:11 Credit Taking Share From Equities09:12 Tough Direct Lending Vintages09:49 Rates Shock And Leverage Reality10:10 AI Disrupts Software Credit11:09 Oaktree Underweight Software12:32 Underwriting Software Post AI13:31 Inside The Investment Committee14:35 Selling Rallies And Staying Humble15:07 Busted Converts Playbook15:55 Liquid Credit Helps Private Discipline17:07 Why Do Both Public And Private17:40 Transparency And Extend or Pretend18:58 PIK Interest Red Flags19:58 Stress Under The Surface20:14 Triple C Spread
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Expert advice on building wealth and managing money from top financial professionals.
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Discussions with admired individuals about topics of personal interest.
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Barry Ritholtz explores the people and ideas influencing markets, investing, and business.
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