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Welcome back to the Alt Goes Mainstream podcast. Today’s episode unpacks the nuances of the middle market investing landscape with an industry expert who spearheads one of the leading middle market investment platforms. We sat down in Bridgepoint’s London office with Partner and Chief Investment Officer Xavier Robert. Xavier is a Partner of Bridgepoint and Chief Investment Officer, where he’s been a member of the firm for almost 28 years. He is a member of the Firm’s Group Management Committee and Investment Advisory Committee. He currently sits on the boards of MiQ, Kyriba, and Qualitest. He was previously a Board Member and Chair of the Remuneration Committee at eFront, which the firm sold to BlackRock. Prior to joining Bridgepoint, he worked at Total and Ernst & Young. Xavier and I had a fascinating and nuanced discussion about why the middle market is a compelling segment in the market and how Bridgepoint has expanded across asset classes. We discussed: How Bridgepoint’s origins as part of NatWest Banking Group helped to shape the firm’s early days as an independent investment platform.The “entrepreneurial story” of Bridgepoint.The story of Bridgepoint’s IPO and how everyone from the CEO to the receptionist all had shares in the company pre-IPO.The importance of being local in markets across Europe but operating as a single team.The expansion of Bridgepoint’s platform across credit, infrastructure, and secondaries.Why Europe, why now.Why the middle market is an attractive segment for investment.Sizing up the middle market investment opportunity and how the size and scale of middle market companies provide investors with more control of exit outcomes.What drives returns in the middle market.Why and how Bridgepoint has approached working with the wealth channel.Thanks Xavier for coming on the show to share your wisdom, expertise, and passion for private markets, investing, and the European mid-market. Show Notes 00:00 Welcome and Setting 00:36 Bridgepoint Origins 02:14 Team Culture Ownership 03:33 Platform Full Circle 04:06 Partnering With Founders 06:06 Why Middle Market 08:29 Exits and Market Shifts 10:12 Value Creation Playbook 12:07 Bridgepoint Competitive Edge 14:05 Europe Local Advantage 16:15 Europe Returns Misconceptions 17:26 US Firms and Competition 18:29 Geopolitics and Expansion 19:57 Middle East Growth Story 20:45 Wealth Channel Strategy 21:48 Why Private Markets Win 22:25 Responsible Access For Wealth 23:11 Building An Evergreen Platform 25:40 Why Combine Infra And PE 28:35 Evergreen Deal Allocation 30:42 Scaling Funds Without Dilution 32:41 Kyriba Deal Lessons 36:34 What Excites Middle Market 37:45 Building Asset Management Today 39:27 Global Middle Market Ambition 40:49 Full Circle Closing Thoughts * Note: This episode was originally recorded in January 2026.

Welcome to the 19th episode of the Alts Pulse, a collaboration between iCapital x Alt Goes Mainstream.  In the latest episode of the Alts Pulse, we were live from iCapital Connect. AlphaCore Wealth Advisory CEO & Founder Dick Pfister and I had a nuanced discussion about the intersection of wealth management, technology, and private markets. Dick is a pioneer of providing the wealth channel with access to private markets. He’s also a serial entrepreneur in both wealth management and private markets, bringing 25 years of experience across wealth advisory and financial services to bear as he builds AlphaCore. In 2015, he founded AlphaCore, which has become a leading wealth advisory firm. He serves as AlphaCore’s CEO and is a managing member of the Investment Committee. As a partner at Altegris, Dick democratized access to elite asset managers previously not available to the mainstream investor. In 2010, Dick and his partners sold Altegris to a Fortune 500 company. Dick and I had a fascinating discussion about the evolution of wealth management. We covered: How Dick’s background in trading and private markets informed the creation of AlphaCore Wealth Advisory.Lessons learned from pioneering alts access with Altegris.What’s in a name, AlphaCore edition.Why there’s “alpha” beyond investing in wealth management.How AlphaCore leverages technology to enhance the client experience and streamline workflows for advisors.How the trend of increasing centralization of the CIO function is changing how advisors allocate to private markets.Thanks Dick for a great conversation tying together how private markets and private wealth are increasingly interlinked and woven into a wealth client’s financial life. Show Notes00:00 Welcome 00:47 Dick’s Trading Roots and Altegris 02:05 AlphaCore Origin Story 03:55 Alpha Beyond Investing 05:50 Private Markets and Liquidity 07:39 Tech Workflows and Proposals 09:47 AI and Risk Factor Tools 11:03 Risk Buckets in Alternatives 12:42 Advisor Education and Holding Power 13:56 Growth Through Acquisitions 17:18 Differentiating in Private Markets Today 20:49 Open Architecture vs Centralization 22:15 Scaling Models and Venture Access 26:05 Next Frontier of Education and Content 27:56 Clients, Social Media, and Human Advice 29:05 AI Threats and Opportunities 29:39 Closing Thanks

Welcome back to the Alt Goes Mainstream podcast. Today’s episode dives into the nuances of private markets with one of the industry’s leaders. We sat down with HarbourVest CEO John Toomey, where he leads a firm that has over $160B in AUM and has over 43 years of experience across primary funds, secondary transactions, direct co-investments, and building customized programs for LPs. John has been at HarbourVest for almost 30 years, joining the firm in 1997 as an Analyst in the Direct team. He spent 10 years as one of the leaders of the Secondary business before serving on Global Investment Committees for nearly a decade. He also served as the original CFO for the HarbourVest Global Private Equity vehicle, which went public in 2007 on Euronext Amsterdam. John is also a member of the Firm’s Conflicts Committee, Sustainable Investing Council, and DEI Council. He received a BA (cum laude) in Chemistry and Physics from Harvard University and an MBA from Harvard Business School. John and I had a fascinating and thought-provoking conversation about the evolution of private markets as an industry. We covered: The biggest differences between private markets in the 1990s and private markets today.How private markets has evolved over the past 30 years.What LPs are looking for today in their manager relationships.Do LPs want more choice or less?Why LPs, both institutions and wealth investors, might outsource private markets capabilities.How the institutionalization of private wealth platforms is shaping how alternative asset managers partner with the wealth channel.Where scale matters for alternative asset managers.Where allocators should be “narrow and limited” with their GP relationships and where allocators should be diversified.What is required for managers that launch and manage evergreen vehicles.The why and the how behind launching a private wealth solutions business.Thanks John for coming on the show to share your wisdom, expertise, and passion for private markets. Show Notes00:00 Welcome to Alt Goes Mainstream 01:16 Sponsor Message Ultimus 02:11 Meet John Toomey 04:44 HarbourVest Then vs Now 05:32 LP Demands Transparency 07:21 Why Outsource Private Markets 09:02 Programmatic Portfolio Building 10:35 Earning Trust at Scale 12:17 Building Blocks for Clients 14:50 GP Needs and Access Points 16:49 Co-Investment Value Proposition 23:16 Big vs Niche Managers 27:04 Evergreen Funds and Wealth 30:55 Wealth Platform Consolidation 31:35 Who Can Build Evergreens 33:03 Evergreen Portfolio Ingredients 35:12 How Wealth Wants Access 36:27 Centralized CIO Model Shift 37:26 Manager Selection Matters 38:59 Diversification Versus Alpha 40:39 Funding Private Allocations 43:07 Secondaries As Onramp 44:47 Institutional Program Evolution 48:57 Institutions Using Evergreens 50:54 Liquidity And LP Mix 53:05 What Creates Manager Edge 56:05 Data Insights And Echoes 58:12 Closing Thoughts A Word from Our Sponsor, Ultimus This 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 at ultimusfundsolutions.com or email [email protected]. We thank Ultimus for their support of alts going mainstream. DisclosuresHarbourVest Partners, LLC is a registered investment adviser under the Investment Advisers Act of 1940. This material is solely for informational purposes and should not be viewed as a current or past recommendation or an offer to sell or the solicitation to buy securities or adopt any investment strategy.  The opinions expressed herein represent the current, good faith views of the author(s) at the time of publication, are not definitive investment advice, and should not be relied upon as such. This material has been developed internally and/or obtained from sources believed to be reliable; however, HarbourVest does not guarantee the accuracy, adequacy or completeness of such information. There is no assurance that any events or projections will occur, and outcomes may be significantly different than the opinions shown here.  This information, including any projections concerning financial market performance, is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. The information contained herein must be kept strictly confidential and may not be reproduced or redistributed in any format without the express written approval of HarbourVest.   Nothing herein should be construed as a solicitation, offer, recommendation, representation of suitability, legal advice, tax advice, or endorsement of any security or investment and should not be relied upon by you in evaluating the merits of investing in HarbourVest funds or in any other investment decision.  Editing and post-production work for this episode was provided by The Podcast Consultant.

Welcome back to the Alt Goes Mainstream podcast. Today’s conversation unpacks an emerging category within infrastructure investing that has a compelling set of market forces and mega trend tailwinds. We sat down in Stonepeak’s New York office with Stonepeak Credit Partner and Senior Managing Director Ryan Roberge. Ryan brings a diverse set of experiences to bear that helped him build an infrastructure credit business at Stonepeak. He previously covered the energy and infrastructure sectors for King Street, a New York-based hedge fund focused on distressed, special situations, and event driven credit investing. Prior to King Street, Ryan worked in the Energy group at TPG Capital, a large global alternative asset manager. Ryan started his career in Credit Suisse’s Energy Investment Banking Group. He received a Bachelor of Science in Finance from Louisiana State University. Ryan and I had a fascinating conversation on why infrastructure credit’s time is now. We covered: How Ryan’s background across energy investment banking, energy private equity, and distressed and special situations energy and infrastructure investing all help when investing in infrastructure credit.Why infrastructure credit is a specialized, capital-intensive strategy.How to underwrite data center risk.Contrarian AI insights.The biggest risks in infrastructure credit investing.How and why infrastructure credit is different from other areas of private credit and direct lending.How a specialist investment platform can help inform where to invest in infrastructure credit.Thanks Ryan for coming on the podcast to share your expertise, wisdom, and passion for infrastructure and credit. Show Notes00:00 Hard Asset Diversification 00:25 Welcome to Alt Goes Mainstream 01:01 Message from our Sponsor, Ultimus 02:07 Meet Ryan Roberge 04:16 Ryan Career Origins 04:52 From Banking to TPG 05:25 King Street Credit Training 06:07 Equity To Credit Shift 07:04 Downside First Mindset 07:48 What Is Infrastructure Credit 08:08 Three Core Sectors 08:25 Asset Level Underwriting 09:02 Capital Intensive Returns 09:51 Thinking Like An Owner 10:44 Funding Gap And AI Tailwinds 11:01 Why Direct Lending Misses It 12:29 Construction And Collateral Value 13:15 Capital Markets Spectrum 15:56 Private Credit Vs Infra Credit 18:55 Where It Fits In Portfolios 24:36 Data Centers Tech Risk 31:04 Cycle Risk Reality Check 31:32 Long Duration Mindset 32:13 Loan Horizon Framework 32:40 Asset First Underwriting 32:53 Maintenance Capex Truth 33:59 Stress Testing Recovery 34:13 Capital Flood Into Infra 35:14 Theme Chasing Warning 36:02 Why Skip Renewables 36:20 Bigger Deals Cheaper Money 36:51 ABF And Insurance Capital 37:17 Non-IG Hard Asset Logic 38:11 Scale Keeps IG Away 38:25 Key Underwriting Risks 38:34 Loan To Value Reality 39:01 Fiber To Home Case Study 40:09 Growth Platform Underwrite 41:01 Hiring For Credit Mindset 42:23 Downside Recovery Culture 43:10 Contrarian AI Insight 44:07 Circular Demand Red Flags 46:39 Data Center Risk Filters 49:20 Investor Demand And Closing A Word from Our Sponsor, Ultimus This 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 at ultimusfundsolutions.com or email [email protected]. We thank Ultimus for their support of alts going mainstream. 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 takes us to a hub of market structure, a powerhouse of trading, and a crossroads of public and private markets to discuss how private markets are in the midst of a market structure evolution. We sat down at Bloomberg’s NYC headquarters with Bloomberg’s Head of Fixed Income & Private Markets Brad Foster to discuss how technology and data are driving a convergence between public and private markets, particularly as it relates to the credit space. Brad is the Head of Fixed Income & Private Markets at Bloomberg, where he’s focused on delivering the data, analytics, and tools clients need to power public and private market investment strategies and workflows. Brad joined Bloomberg in June 2017 to lead its Enterprise Data Content business as well as its Fixed Income Evaluated Pricing (BVAL) offering. He was appointed Head of Fixed Income, including Securitized Products, in early 2023 and Head of Fixed Income & Private Markets in early 2024. Prior to joining Bloomberg, Brad spent almost 20 years on the sell-side in multiple locations, including London, Tokyo, and New York, for Deutsche Bank as a Managing Director in Global Markets across Global Finance, Fixed Income & Currencies, Structured Finance, Special Situations, Structured Lending and Front Office Risk Management, including CVA and Counterparty Risk, where he managed a team that built a Cross-Product Risk and Portfolio Margining Platform. Prior to Deutsche Bank, he was at Credit Suisse in the Market Risk Management Group. Brad and I had a fascinating conversation about public and private credit and how data and technology are shaping these markets. We covered: How Bloomberg’s history shaping other market structures are informing how private markets market structure is evolving.How public and private credit are converging.Definitions and perspectives on liquidity vs illiquidity, what’s risky and what’s not risky.What private markets needs from a market infrastructure perspective to scale.Why borrowers are choosing private credit and the investment grade private credit option.How Bloomberg is approaching private credit and private markets market structure.Bloomberg’s build vs. buy vs. partner strategy with private markets tech.Thanks Brad for sharing your wisdom, expertise, and passion at the intersection of credit, market structure, and financial technology. Show Notes00:00 Scaling Private Markets 01:12 Welcome to the Alt Goes Mainstream Podcast 02:13 Brad Foster’s Background 04:31 From Trading to Bloomberg 05:27 Client Empathy Product Mindset 06:25 Fixed Income as Blueprint 07:11 Bloomberg Shaping Market Structure 08:19 Electronification Turning Points 09:10 Efficiency and Regulation Drivers 09:45 Blurring Public and Private Credit 10:34 Three Legs of Credit 11:43 Why Borrowers Go Private 13:09 Missing Data and Workflow 13:57 Security Master Foundations 16:12 Transparency and Retail Pressure 22:07 Private Deal Data Uploads 22:29 Same Analytics for Private 22:50 Sold Not Bought Debate 23:43 When Private Gets Liquid 24:38 Desktop Real Estate Idea 26:21 Reimagining Terminal with AI 27:21 Chat as Market Connector 28:19 Build Buy Partner Strategy 28:51 Bloomberg Private Track Record 30:09 Daphne Investment Rationale 30:58 Fixing GP LP Workflow 32:01 Most Valuable Data Masters 33:45 Taxonomy as Missing Piece 34:49 Standardizing Valuation Methods 35:29 Extending Evaluated Pricing 37:27 Liquidity Versus Illiquidity 40:18 Portfolio Risk for Asset Owners 44:16 Foundations to Scale Privates 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 unpacks how to build a private equity firm within one of the largest and most unique investment platforms in private markets. We sat down in Brookfield Asset Management’s Brookfield Place office in downtown NY with David Nowak, the President of Brookfield’s Private Equity Group.  David and I dove into a conversation about the private equity industry, Brookfield’s approach to private equity, and how the firm’s culture and DNA shapes how they work with portfolio companies and LPs. David has overall responsibility for the Private Equity Group’s North American business. He also serves as Chief Executive Officer of Brookfield Private Equity Fund. He joined Brookfield in 2011. He holds a MBA degree from Duke University, where he graduated as a Fuqua Scholar, and a Bachelor of Laws degree from the University of Western Ontario. David and I had a fascinating conversation about private equity and the Brookfield platform. We covered: How Brookfield’s owner-operator alignment informs how they approach private equity investing and their partnerships with portfolio companies.How the industry has gone from “roll your dice private equity to roll up your sleeves private equity.”Why and how the firm has a “blue collar work ethic.”The firm’s flat structure and a culture of collective effort, humility, and “earning your seat.”Why Brookfield’s private equity business focuses on complex carve outs.Why it’s important for investors to “think like an operator.”How the firm approaches value creation and the importance of understanding value creation levers even before making an investment.How Brookfield’s broader platform provides the private equity business with insights and subject matter expertise.The story behind Brookfield’s Westinghouse investment.What it means to look for “unloved businesses.”Why private equity is an apprenticeship business and how AI might impact the next generation of private equity leaders.Thanks David for sharing your expertise, wisdom, and passion for private equity and company and culture-building. Show Notes00:00 Cold Open 00:51 A Message from our Sponsor, Ultimus 01:48 Welcome to Alt Goes Mainstream and David Nowak 03:30 Brookfield Culture is We Not I 04:48 Leadership Succession and Humility 06:22 Earn Your Seat Mindset 06:30 Owner Operator Alignment 08:23 Maax Bath Case Study 09:34 Roll Up Your Sleeves Private Equity 11:31 Operators on the Team 12:06 Secondments Train Investors 12:53 Underwriting with Reality Checks 13:58 Platform Advantage and Insights 16:46 How Collaboration Actually Works 18:56 Long Term Patient Capital 21:07 Value Creation Playbook 24:38 Contrarian Deals and Valuation Nuance 27:41 Underwriting Operating Change 27:55 Fixable vs Hard Problems 29:16 Winning Management Buy In 30:00 Early Wins and Focus 30:25 Humility on the Ground 31:06 Listening in Founder Talks 32:09 Stretching Young Leaders 33:23 Flat Structure Decision Table 34:24 Scaling Without Losing Culture 35:06 Open Space and Mobility 35:50 Cross Office Deal Teams 37:20 Fund Size and Return Pressure 38:23 Shift to Quality Businesses 39:25 Good Business or Cheap 40:13 Risk First Capital Protection 41:50 Graphite Electrode Auction Win 43:45 Diligence - Then Move Fast 48:14 Curiosity Apprenticeship and AI A Word from Our Sponsor, Ultimus This 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 at ultimusfundsolutions.com or email [email protected]. We thank Ultimus for their support of alts going mainstream. Editing and post-production work for this episode was provided by The Podcast Consultant.

It all comes back to the DNA. The firms that know who they are will know who to be. You can learn a lot about an investment firm by listening to what they say. Alt Goes Mainstream’s AGM Originals Series - The DNA: Capturing Culture - is dedicated to capturing the DNA of a firm by listening to what they say. The first season of The DNA stars EQT. In Stockholm, at EQT’s AIM this past summer, I sat down for conversations with nine EQT executives. Each executive came from different parts of the firm — and different parts of the world. Each had fascinating backgrounds and stories about how they ended up in private markets and worked to build EQT. But there was a single throughline threaded throughout all of the discussions: the consistency and frequency that each executive talked about the firm’s mission, vision, culture, and values. That’s why it all comes back to the DNA. Episode 3 features EQT's Lennart Blecher. Lennart Blecher joined EQT Partners in April 2007 and is the Chairperson of EQT Real Assets. Lennart holds a Master of Law degree from the University of Lund, Sweden and has studied at the University of Dallas, Texas - Academy of US & International Law. Prior to joining EQT Partners, Lennart was from 2004 to 2007 Managing Director and Senior Banker in the investment bank of Unicredit/HypoVereinsbank in Munich. From 2002 to 2004, Lennart was Managing Director at GE Commercial Finance in London. Between 1987 until 2002, he held various position in the ABB Group, in Zurich such as General Counsel for the ABB Financial Services Group, President and Business Area Manager for ABB Structured Finance and ABB Equity Ventures. Lennart has held various non executive positions in European banks and reinsurance companies. Lennart is a member of the EQT Executive Committee and is a Chairperson of the Infrastructure Partners Investment Committee. Please enjoy this conversation with one of the industry's leaders in Lennart Blecher. You can stream all the episodes on AGM’s YouTube channel at AltGoesMainstreamAGM. Show Notes00:00 Why the DNA Matters 01:04 Meet EQT and Lennart Blecher 01:40 From Law to Industry 05:40 Building EQT Infrastructure 09:44 Infrastructure Megatrends 11:01 Old vs New Infrastructure 12:45 Digital Energy Convergence 14:56 Active Ownership Playbook 16:26 Scale and Credibility 17:43 Wallenberg Values Culture 20:05 Educating Investors 21:29 Who Owns Assets Long Term 22:47 Platform People Limits 23:44 Doing Good Good Business 24:34 Underwriting People Culture 25:18 Closing Thoughts

Welcome back to the Alt Goes Mainstream podcast. Today’s episode dives into what it takes to start, build, and scale an alternative asset manager. We sat down in Stable Asset Management’s London office with Erik Serrano Berntsen. Erik is the CEO of Stable, where he defines and executes the firm’s investment strategy. Stable is one of the largest and most tenured GP stake builders globally. The firm manages around $5B in assets and has built over 40 firms since 2006. Stable makes strategic seed and acceleration investments to launch and scale alternatives GPs across public and private markets. With offices in New York, London, and Palm Beach, the firm backs investment firm Founders who understand that extraordinary performance requires building exceptional organizations. Committed to education as a catalyst for change, Erik supports the LSE Alternative Investments Conference — the world’s largest student conference for alternatives, which is how we met 16 years ago — as well as Girls Who Invest and Girls Are Investors. Stable backs 100 Women in Finance and is a Founding Partner of the 10,000 Interns Foundation. Erik holds a BA in Politics, Philosophy, and Economics from Keble College, Oxford, and an MBA with honors and a concentration in Finance from the University of Chicago Booth School of Business. Erik and I had a fascinating conversation about what it takes to be a great investor and build a unique investment firm. We discussed: How the business of asset management has evolved since 2006.The incentives gap between LPs and GPs — and how that evolves as GPs scale.How GP seeding and GP stakes can be a solution to LP / GP misalignment.How to discern a manager’s “edge" and how “edge” can change with firm growth.The most non-obvious trait that makes for a great asset management founder.The nuances of evergreen structures and which strategies might be better suited for evergreen structures.The merits of the GP stakes investment strategy for LPs.Thanks Erik for sharing your wisdom, expertise, and passion about GP stakes and asset management. Show Notes00:00 Likeability Wins 00:37 Welcome to the Alt Goes Mainstream Podcast 01:50 Introduction to Erik Serrano Berntsen and Stable 04:08 Why the Name Stable 06:26 From Benchmarks to Solutions 05:31 Branding as Alts Evolve 08:11 Stable’s Two Market Gaps 08:47 Fixing LP / GP Misalignment 09:29 GP Stakes Alignment Model 09:59 Non-Market Risks vs. Operating System 11:15 How Edge Changes with Scale 14:06 Three Edges to Underwrite 16:18 Founders Think in Decades 19:53 Timing Cycles and Strategy Drift 23:31 Seed vs Acceleration Playbook 25:39 Evergreen Capital Goes Mainstream 29:01 Smaller Managers Winning Evergreen 31:19 Wealth Channel Core vs Specialist 33:25 Evergreen vs Drawdowns Debate 34:03 Evergreen by Asset Class 35:47 GP Stakes Lifecycle  38:29 Picking Tides and Boats 39:03 Specialist Strategy Edge 40:15 Podshopification in Private Markets 41:55 What Drives New GP Formation 44:52 Self Awareness as Edge 46:31 Always Be Sourcing 48:23 Founder to Founder Trust 50:37 Lessons Running Stable 53:23 Building the GP Operating System 59:00 Capital as a Service 01:01:43 Stigma Fades in GP Stakes 01:05:18 How to Spot Manager Edge 01:08:47 Founders to Emulate 01:10:35 Communication and Closing Thoughts A Word from Our Sponsor, Ultimus This 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 at ultimusfundsolutions.com or email [email protected]. We thank Ultimus for their support of alts going mainstream. 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 how data and market structure are shaping private markets. We sat down in MSCI’s New York office with Luke Flemmer, the Head of Private Assets at MSCI to discuss how standardization and normalization of data can help bring efficiency, transparency, and liquidity to private markets. Luke brings a unique perspective to private markets. He was previously Managing Director, Head of Digital Strategy for Alternative Investments at Goldman Sachs Asset Management, and was Co-Founder and CEO of Lab49, a global solutions provider of investment and risk technology to asset managers and investment banks. When the ION Group acquired Lab49, Luke became Co-Head of ION’s Capital Markets Division, delivering software and solutions to the group’s global financial services customer base. Earlier in his career, Luke worked in the fields of robotics and artificial intelligence. He is a CFA charterholder. Luke and I had a fascinating conversation about private markets market structure and how MSCI is playing a role in driving standardization, normalization, and transparency of data in private markets. We covered: Parallels to market structure evolutions in equities, fixed income, FX, and derivatives.Tradeoffs of transparency for private markets participants.What it will take to build transparency and price formation in private markets.Where investors will still be able to find durable alpha.What standardization and normalization of data means for secondary markets.Analogies between Greek mythology and private markets.How secondaries has gone from a trade to a portfolio management tool.How index creation will impact private markets.Thanks Luke for sharing your wisdom, expertise, and passion at the intersection of private markets and market structure. Show Notes00:00 “Data Wants to be Free” 00:28 Welcome to the Alt Goes Mainstream Podcast 01:02 Sponsor Spotlight: Ultimus Fund Solutions 01:57 Private Markets, Data, and Market Structure 02:17 Meet MSCI’s Luke Flemmer 04:26 From Robotics to Finance: Automation Needs Standardization 05:18 Fixed Income’s Transformation: From Trading Floors to E-Trading 06:42 Connecting the Data Across the Lifecycle 07:58 Harmonized Data → Transparency → Liquidity 08:44 Scaling vs Information Asymmetry 10:38 What More Transparency Does to Returns and Alpha 11:15 Benchmarking Privates Like Publics: PMEs and Comparable Data 12:35 Manager Skill and Illiquidity Premium 14:14 Company-Level Data & Bilateral Origins 16:19 The Ship of Theseus Parable and Should Privates Become Public? 23:17 COVID, Denominator Effect, and LP Scrutiny 23:50 The New Baseline for Private Funds 24:15 Wealth Channel Tailwinds and the Rise of Active LP Portfolio Management 25:23 Using Public Liquidity to Balance Private Illiquidity 26:15 The 85/15 Public-Private Index: Why Blend Public Equity with Private Equity 27:16 Daily Pricing Private Equity: Solving the “Stale Marks” Problem 28:15 Smoothing, Stickiness and Forced Secondary Sales 29:20 What Tech/Data You Need to Nowcast PE Daily (and What’s Still Missing) 30:31 Price Formation Feeding Better Indexes 31:34 From Secondaries to Derivatives: Lessons from Fixed Income NAVs 33:14 Building Trust in Private Benchmarks: Data Scale and Adoption Over Cycles 33:53 Unlocking 401(k)s: What Must Be True for Wealth to Go Big in Privates 37:05 Liquidity, Suitability, Risk & Factor Decomposition 39:05 Durable Private Markets Alpha (and the Index Question) 41:51 Standardizing the Language: Defining “Liquidity” and MSCI as the Connective Tissue (Wrap) A Word from Our Sponsor, Ultimus This 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 at ultimusfundsolutions.com or email [email protected]. We thank Ultimus for their support of alts going mainstream. 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. 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 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 Jeff Fine, Partner, Global Co-Head of Alternatives Capital Formation within Goldman Sachs Asset Management, with responsibility for capital raising, product strategy, research and investor relations across private equity, private credit, real assets, secondaries, GP stakes and hedge funds/liquid alternatives.  Jeff is a member of the Real Estate Investment Committee and Urban Investment Group Investment Committee. Jeffrey is also on the boards of GS Real Estate Investment Trust and GS Real Estate Finance Trust. Previously, he was Global Head of Real Estate Client Solutions for Goldman Sachs Asset Management and a senior real estate investor in the Merchant Banking Division for more than 20 years. Jeffrey joined Goldman Sachs in 2002 in the Merchant Banking Division as an Analyst. He was named Managing Director in 2012 and Partner in 2018. Jeff is Chairman of the Dyson School Advisory Council and a member of the SC Johnson College of Business Leadership Council at Cornell University. He is a member of the Cornell Endowment’s Risk, Liquidity, and Operations Subcommittee and the Board of Directors of the Pension Real Estate Association Foundation. Jeffrey is also a member of the Council on Foreign Relations and the Met Council at the Brookings Institution. Jeff and I had a fascinating conversation about the intersection of private markets and private wealth, fundraising trends, and the growing role of insurers and the wealth channel in private markets capital formation. We covered: The evolving private markets landscape.The important role of the product specialist.The impact of AI on investing and what it means for private markets.What it takes to be a great investor.The importance of the value creation process in driving investment value.The future of capital formation in private markets.Thanks Jeff for sharing your wisdom, expertise, and passion about private markets and private wealth. Show Notes01:05 Welcome to the Alt Goes Mainstream Podcast 02:08 Jeff Fine's Background and Career Journey 03:43 Sophistication in the Market 05:05 The Role of Product Specialists 07:16 Talent and Resourcing in Asset Management  08:01 The War for Talent in Asset Management 09:07 Investment Performance as a Priority 10:05 Balancing Origination and LP Demand 11:42 Meeting Client Needs in Wealth Channel 12:06 Transparency and Risk Communication 12:59 Growth in Private Markets 18:07 Global Capital and Diversification 19:31 Smart Allocation in Private Markets 20:58 Private Credit as a Yield Instrument 22:23 The Role of Insurance in Private Markets 24:33 Customization and Scale in Private Markets 28:55 Trends in LP Relationships 30:39 Strategic Partnerships and Cost Efficiency 31:40 Concerns About Market Valuations 32:43 Belief in a Transformative Future 35:24 Advice for LPs in Current Market 36:21 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. 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 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 Michael Bruun, Global Co-Head of Private Equity within Goldman Sachs Asset Management.  He is a member of the Goldman Sachs Asset Management International Management Committee, Asset Management (AM) Private Equity Investment Committee, AM Growth Equity Investment Committee, AM Sustainable Investing Investment Committee, Asset & Wealth Management Inclusion and Diversity Council and is a member of the Goldman Sachs Firmwide Client Franchise Committee. In 2021, Michael was named Head of EMEA Private Equity within Goldman Sachs Asset Management and from 2019 to 2021, he was Head of Private Equity and Growth Equity investing for India. Michael joined the Merchant Banking Division in 2010 and worked in London and New York. Prior to that, he was a member of the Nordic Mergers & Acquisitions team in the Investment Banking Division (IBD), after initially joining IBD in 2005. Michael joined Goldman Sachs as an Analyst in the Fixed Income, Currency and Commodities Division in 2004. He was named Managing Director in 2013 and partner in 2016. Michael serves on the boards of Advania, Kahoot!, LRQA, Norgine, Synthon and Trackunit. He is a founding partner of the Human Practice Foundation in Denmark and a trustee in the UK. Michael earned a BA in Economics from the University of Copenhagen. Michael and I had a fascinating conversation about private equity, today’s investing environment, the hardest part about investing today, and how product innovation is impacting private equity’s market structure. We discussed: How investors can approach allocating to private equity today.The toolkit required to generate returns in private equity.The importance of network and operating partners in value creation.How new product innovation and new structures like evergreens and continuation vehicles are changing growth equity and private equity. The importance of understanding macro in a new world order of geopolitics and a new world order of investing.The skillsets that investors need to have to be a good investor in today’s investing environment.The hardest part about investing today. Thanks Michael for sharing your wisdom, expertise, and passion about private equity. Show Notes00:56 Welcome to the Alt Goes Mainstream Podcast 02:04 Michael Bruun's Background and Career 02:31 Evolution of Private Equity 03:14 Impact of Market Changes on Private Equity 03:43 Operational Value Creation 04:50 Importance of Value Creation Resources 05:33 Driving EBITDA Growth 06:04 Goldman's Value Acceleration Resources 07:18 Focus on Data and AI 08:27 AI in Different Sectors 11:22 Goldman's Investment Strategy 14:28 Scale and Capital in Private Equity 15:40 Co-Investments and Evergreen Vehicles 18:11 Flexibility in Private Markets 23:53 Navigating Volatility 24:59 Post-Investment Operations 25:23 Goldman Sachs Engineering 26:05 Future of Private Equity 27:39 CEO AI Academy 28:01 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. 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 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 Harold Hope, Partner, Global Head of Vintage Strategies, one of the world's largest secondary fund managers, in the External Investing Group (XIG) within Goldman Sachs Asset Management.  He is also Chair of the XIG Vintage Funds Committee and a member of the XIG Real Estate Strategies Investment Committee and the XIG GP Strategies Investment Committee. Harold joined Goldman Sachs in 1999 as an Associate in Leveraged Finance and Corporate Finance within the Investment Banking Division and moved to the Alternative Investments & Manager Selection (now XIG) private equity business in 2001. He was named Managing Director in 2006 and Partner in 2016. Prior to joining the firm, Harold worked as a financial analyst at the investment banking boutique Bowles Hollowell Conner & Co. Harold earned a BA in Economics and Political Science from the University of North Carolina.  Harold and I had a fascinating and timely conversation about the growth and evolution of the secondaries market. We discussed: Perspectives from Harold’s early days in secondaries 25 years ago, when Goldman had raised its first $400M fund in secondaries and when the secondaries industry was doing around $2B per year in transaction volume.How the secondaries market is vastly different from five years ago. The evolution of innovation in the secondaries market.Why problem-solving is a defining feature of secondaries. What is the right skillset required to be a great secondaries investor?Why secondaries is fundamentally a valuation oriented business.Are secondaries returns driven by buying high-quality assets or by buying at steep discounts?Misconceptions about continuation vehicles and how the trend of private companies staying private longer impacts CVs.The how and the why behind Goldman’s recent acquisition of Industry Ventures and why Goldman is excited about the opportunity set in venture and growth secondaries.Why scale matters in secondaries.Why secondaries might not become a traded market like the bank loan market and why secondaries may not fully achieve standardization because managers may not want completely uniform standardization.Why secondaries can be an on-ramp to private markets for private wealth investors.Thanks Harold for sharing your wisdom, expertise, and passion about secondaries and private markets. Show Notes00:35 Welcome to the Alt Goes Mainstream Podcast 01:26 Harold Hope’s Background and Entry into Secondaries 02:13 Evolution of the Secondaries Market 02:30 Drivers of Change in the Market 02:43 Innovations in the Secondary Market 04:45 Skill Sets Required in Secondaries 05:42 Valuation and Investment Strategies 07:14 Continuation Vehicles (CVs) Explained 09:27 Impact of Private Companies Staying Private Longer 10:47 Acquisition of Industry Ventures 12:01 Specialized Teams in Secondaries 13:14 Goldman's Unique Position in Secondaries 14:28 Leveraging Data and AI in Secondaries 15:47 Recent Trends and Market Dynamics 16:42 Future Growth of the Secondaries Market 17:10 Secondaries as an On-Ramp for Retail Investors 18:15 Closing Thoughts and Future Outlook 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. 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 Kristin Olson, Partner, Global Head of Alternatives for Wealth within Asset & Wealth Management and a member of the Management Committee. In her role, she oversees the global alternatives platform and alternatives product strategy across wealth client businesses. Kristin joined Goldman Sachs in 1998 as an Analyst in the Financial Institutions Group in the Investment Banking Division. She was named Managing Director in 2008 and Partner in 2014. Kristin is a member of the Cold Spring Harbor Laboratory, a leading research institution focusing on cancer, neuroscience, plant biology, genomics, and bioinformatics, and is a member of the Georgetown University Board of Regents. Kristin earned a BS in International Economics, magna cum laude, from Georgetown University in 1998. Kristin and I had a fascinating conversation about private markets, private wealth, how to approach strategic and tactical asset allocation, the evolving needs of an investor, and why education and financial media are becoming increasingly important tools for investors. We discussed: Lessons learned from working with Goldman Private Wealth clients that the firm has applied to how they approach serving client needs across the wealth channel with private markets solutions.Why Millennials are interested in investing in private markets.How investors can access innovation by investing in private markets.How can alternative asset managers approach educating the client and investor of the future?How private markets fits into a strategic asset allocation framework.The next evolution in private markets education for the wealth channel investor.The main source of information about private markets for investors.The future of implementation, model portfolios, and hybrid products in private markets.Thanks Kristin for sharing your wisdom, expertise, and passion at the intersection of private markets and private wealth. Show Notes00:41 Welcome to the Alt Goes Mainstream Podcast 01:35 Kristin Olson's Background and Career Evolution 01:59 The Evolution of Alternative Investments 02:46 Lessons from Goldman Wealth Clients 03:36 Diversification and Education in Alternatives 04:23 Serving Broader Wealth Channels 05:37 Balancing Customization and Scale 07:20 Survey Insights on Millennial Investors 08:44 Building the Goldman Sachs Brand for the Future 09:43 The Importance of Education in Alternatives 10:53 Early Adoption of Private Markets in Wealth Channels 12:28 Consolidation and Partnerships in Private Markets 16:42 Advice for New Investors 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. 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 Notes00:39 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.