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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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- 3 days ago1h 19m
🎥 I Squared’s Dr. Sadek Wahba - it’s time to “Build”
Welcome back to the Alt Goes Mainstream podcast.We went to Miami to sit down with the professor of infrastructure investing and Founder, Chairman, and Managing Partner of I Squared, Dr. Sadek Wahba.Sadek has blended academic knowledge and a practical approach to infrastructure investing to build I Squared into a $60B infrastructure investment firm in 14 years, some of which he has adroitly distilled into the 2024 book that he authored, Build: Investing in America’s Infrastructure.We had such a fascinating and wide-ranging discussion that I’ve decided to break down our conversation into chapters.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 Welcome to Alt Goes Mainstream at I Squared in Miami01:39 A Message From Our Sponsor, Ultimus Fund Solutions02:41 Meet Dr. Sadek Wahba03:18 Career Path Origins03:59 World Bank Lessons07:36 Private Sector Contrast08:55 I Squared Focus Model10:22 Platform Playbook13:02 Dr. Wahba’s Book14:35 AI Infrastructure Wave16:19 No Free Lunch: Ownership and Regulation16:58 Politics And History19:57 Municipal Debt Funding21:55 User Fees Reality25:55 Ownership Management Regulation29:57 Incentives32:40 If It Sounds Too Good To Be True33:57 I Squared Investing Approach37:29 Risk Return Discipline39:17 Building Durable Infrastructure40:37 Regulation Risk Reality42:27 Balancing Risk Return43:50 Why Middle Market Wins45:14 Great Management Traits46:22 Infra Tech And AI49:51 Platform Building Playbook52:59 Capital Flows And Competition57:57 Democratizing Infrastructure Ownership01:04:11 Privatization And Listed Airports01:07:42 Retirement Accounts For Infrastructure01:09:28 Nearshoring And National Security01:16:02 Investor Skillset And Edge01:18:01 What Drives The MissionJoin over 17,300 Substack subscribers & followers, 46,000 LinkedIn and podcast followers, and syndication to the 330,000 Bloomberg Terminal userswho are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hamilton Lane, StepStone, Partners Group, General Atlantic, Hightower, Focus Financial, Corient, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com
- 1 weeks ago1h 13m
🎥 Golub Capital’s David Golub - inside the mind of one of private credit’s pioneers
Welcome back to the Alt Goes Mainstream podcast.We went to Golub Capital’s New York office to sit down with Co-CEO David Golub.David Golub and his brother Lawrence both started their careers in private equity. It was their experiences in private equity in the 1990s that turned them into private credit pioneers.Lawrence and David have built Golub Capital into a $95B private credit behemoth, largely due to their pioneering decision to create the “one-stop” unitranche loan solution for sponsor-backed companies after spotting a gap in the sponsor finance market.Fast forward over 30 years, and Golub Capital is one of the leaders in private credit.David discussed how Golub has spent the balance of its life as a scaled specialist credit manager “honing the competitive advantages” that make the firm so unique. Golub has built a cadre of 200 high-quality sponsor relationships with many of the industry’s top private equity firms, which call on them when they are seeking sponsor financing for their companies.David and I had a fascinating conversation that covered everything from the early days of private credit to the story of pioneering unitranche loans to what LPs should look for in GPs to the psychology of relationships and partnerships. We discussed:What David and Lawrence saw in the early days of private equity informed how they decided to build Golub.Why the unitranche loan became popular with private equity sponsors.What Golub looks for in relationships with private equity sponsors.Why focus has been a key driver of scaling Golub’s business.What LPs should ask GPs when evaluating their fund and firm.Why LPs should evaluate GPs based on how GPs think about their own business.The psychology of relationships and partnerships.How David’s experience being surrounded by a family of psychologists and psychiatrists has given him an edge in investing, negotiating, and building win-win relationships.BioDavid B. Golub, Co-Chief Executive OfficerDavid Golub is Co-Chief Executive Officer of Golub Capital, a market-leading, award-winning direct lender and experienced private credit manager. As of April 1, 2026, Golub Capital had over $90 billion of capital under management, a gross measure of invested capital including leverage. Golub Capital partners with institutional investors and family offices, offering tailored solutions for investors’ credit asset strategies. The Firm specializes in delivering reliable, creative and compelling financing solutions to companies backed by private equity sponsors. Golub Capital has been a top 3 U.S. Middle Market Bookrunner each year from 2008 through Q1 2026 for senior secured loans of up to $500 million for leveraged buyouts. Golub Capital has been consistently recognized with industry awards, including Lender of the Year, Americas (Private Debt Investor, 2014, 2015, 2016, 2018, 2021, 2022, 2023, 2024) Lender of the Decade, Americas (Private Debt Investor, 2023), Senior Lender of the Decade, Americas (Private Debt Investor, 2023), Senior Lender of the Year, Americas (Private Debt Investor, 2015, 2016, 2017, 2019, 2020, 2023, 2025) and BDC Manager of the Year, Americas (Private Debt Investor, 2015, 2016, 2017, 2023).Mr. Golub is active in charitable and civic organizations. Mr. Golub is a member of the Founder’s Council of the Michael J. Fox Foundation for Parkinson’s Research, where he was the first board Chairman and a long-time director. Mr. Golub is Co-Founder and Chair of the Golub Capital Nonprofit Board Fellows Network, which operates at 20 leading business schools; its mission is to make nonprofit boards more effective by training hundreds of MBA students each year to become highly skilled nonprofit directors. Mr. Golub is a member of the Association of Marshall Scholars’ Director’s Circle and previously was a member of the Stanford Graduate School of Business Advisory Council. He has served on the boards of the Loan Syndications and Trading Association, the Hudson Guild and the World Policy Institute. Mr. Golub is on the board of directors of Burton Snowboards and has served on the boards of numerous public and private companies.Prior to joining Golub Capital in 2003, Mr. Golub was a Managing Director of Centre Partners, a leading middle market private equity firm, and of Corporate Partners, a Lazard-sponsored $1.5 billion private equity fund formed to acquire significant minority stakes in established companies.Mr. Golub earned his AB degree magna cum laude in Government from Harvard College. He received an MPhil in International Relations from Oxford University, where he was a Marshall Scholar, and an MBA from Stanford Graduate Schoo
- 1 weeks ago1h 0m
🎥 Davidson Kempner’s James Li - “no situation is too complex”
Welcome back to the Alt Goes Mainstream podcast.Today’s podcast takes us to the heart of New York City to talk with James Li, the President and Partner of Davidson Kempner, a firm that was an early participant in the merger arbitrage, distressed debt, and opportunistic credit industries.Davidson Kempner’s heritage lies in cutting through complexity to find value.Founded in 1983, Davidson Kempner’s origins began in merger arbitrage, distressed debt, and opportunistic credit. The firm, which now has around 1,800 clients, began accepting outside capital in 1987 and has since built out its investment platform to include convertible arbitrage, long / short equities, asset-based lending, and real estate strategies.Davidson Kempner has since grown to almost $40B in AUM across public and private markets strategies.The firm has a penchant for navigating complex situations across public and private markets to opportunistically uncover value, noting that “no situation is too complex for [them].”James unpacked how the firm’s family office DNA has evolved across three generations of leadership into a scaled investment platform across public and private markets to inform the firm’s relative value investing perspective.James and I had a fascinating conversation on a number of pressing topics at the intersection of public and private markets. We covered:How do public market feedback loops inform private market investments?How post-GFC growth in private equity has created “indigestion” in the system.What the current state of private equity means for capital solutions opportunities.Why distressed and opportunistic credit can be countercyclical.What deglobalization means for investing in private markets.Why are allocators shifting toward absolute return strategies?How Davidson Kempner’s family office DNA has informed how they approach working with the wealth channel.BioJames Li is the President and a Partner at Davidson Kempner. Mr. Li also co-manages the Client Partnerships & Business Development department and oversees the Firm’s Capital Markets, Strategy and Treasury Teams. He joined the Firm in 2018 and is based in the New York office.Before joining Davidson Kempner, Mr. Li was a Managing Director in the Client Relationship Management and Strategy Group at Goldman, Sachs & Co. Mr. Li received a B.S. from Columbia University.Thanks, James, for sharing your wisdom, expertise, and passion about public and private markets and your approach to investing in complex situations.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 From Davidson Kempner’s Office in NYC01:36 A Message from Ultimus Fund Solutions02:37 Introduction to James Li05:21 Why Join Davidson Kempner06:17 Three Generations Of Leadership06:46 Family Office DNA08:28 Principled Investing And Complexity09:13 Finding Returns In Complexity12:38 Liquid Versus Private Feedback Loops13:57 Macro Forces And Time Horizons14:57 Deglobalization And Global Footprint16:46 Competition And The Marginal Buyer17:52 Private Capital “Indigestion”19:12 Capital Solutions Playbook22:30 Integrated Public Private Edge32:05 Hedge Funds Return32:50 Post GFC Lessons33:01 Incentives And Capacity33:40 Liquidity Mismatch Risks34:06 E
- 2 weeks ago16 min
🎥 Ardian’s Ava Mallin - “managing money is managing emotion”
Welcome back to the Alt Goes Mainstream podcast.We were live from iCapital Connect’s conference in Phoenix, where we sat down with some of the industry’s leaders across asset management and wealth management.We sat down with Ava Mallin, Managing Director, US Private Wealth Solutions at Ardian.Ava brings a distinctive approach to how she works with the wealth channel. She emphasized that asset managers should treat capital as a client’s legacy rather than “just dollars.”Speaking of legacy, Ardian is a firm with a rich legacy. The firm was born in 1996, when AXA’s Chairman, Claude Bébéar, chairman of AXA, asked Dominique Senequier to create a private equity arm for the insurer. And so AXA Private Equity was born. The firm’s first fund launched with a $100M French Buyout fund and two external clients.Today, Ardian stands tall as a giant in private markets, spanning asset classes and managing over $200B AUM.As a firm that provides investment solutions and customized strategies, Ardian thinks deeply about the breadth and depth of its relationships with LPs. Ava brings this perspective to bear in the wealth channel, which was evident in our conversation.Ava shared how she brings a uniquely human perspective to fundraising and partnering with the wealth channel. She believes managing money is managing emotion, which is critical for GPs to understand how wealth advisors manage their relationships with clients.We had a fascinating conversation, covering:The importance of understanding the human and emotional side that it takes to build enduring partnerships with LPs.Why US LPs have a growing interest in diversification and want exposure to Europe.How Ardian’s global footprint helps them generate LP deWhy secondaries are a partnership business with LPs and GPs.The importance of educating the wealth channel on private markets.Why Ardian prefers the term “evergreen” over “semi-liquid.”Why GPs should work with the wealth channel only if they have true commitment to the channel and top-down support from senior leadership.BioAva Mallin joined Ardian in 2022. She is responsible for Private Wealth relationships in the US. Prior to joining Ardian, she spent seven years at Carlyle in their Private Wealth group. She is based in New York.Thanks, Ava, for sharing your wsidom, expertise, and passion for how you approach working with the wealth channel and your focus on EQ as part of building relationships with advisors that enable them to treat their clients' capital as legacy.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 NotesShow Notes00:00 Live From iCapital Connect00:23 A Message from Ultimus Fund Solutions01:21 Meet Ardian’s Ava Mallin01:48 Money And Emotion03:12 Ardian Culture And Fit03:48 Secondaries Partnership Model04:49 Building US Wealth Business06:07 Evergreen Funds And Liquidity07:38 Advisor Education And Trust09:18 Brand Building In Wealth11:00 Authentic Sales Relationships12:56 Just Because You Can, Doesn’t Mean You Should14:00 Getting Firmwide Buy-In14:44 Wealth Channel Challenges15:21 Closing ThoughtsJoin over 17,000 Substack subscribers & followers, 45,000 LinkedIn and podcast followers, and syndication to the 330,000 Bloomberg Terminal use
- Aug 19, 202632 min
🎥 Franklin Templeton’s Dave Donahoo - “start with the end client” - 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 Franklin Templeton’s New York office in Madison Square Park with Franklin Templeton’s Head of Private Markets - Americas Wealth Management Dave Donahoo to discuss the nuances of serving the wealth channel.Dave brings the perspective of someone who has seen the wealth channel handle multiple market cycles and an understanding of both traditional and alternative asset management, while always keeping the outcome for the end investor in mind.Dave started his career in the depths of the 2008 financial crisis at T. Rowe Price, where he worked with individual investors. He rose up the ranks of T. Rowe Price and then joined Blackstone as a Principal in the firm’s Private Wealth Solutions business before moving to Franklin Templeton as Head of Private Markets - Americas Wealth Management.Unpacking nuances in private markets, Dave discussed why he believes a “family of specialists” with a “narrow scope” is critical for a private markets investment platform and how a traditional asset manager can approach building brand in private markets. We had a fascinating discussion, covering:How Dave’s background starting his career working with individual investors has informed how he approaches creating solutiosn for the wealth channel.Why LPs want to do more with fewer partners and what this means for GPs.Specialists vs. generalists.Why RIAs have “cold call fatigue.”What RIAs want from a product perspective and why differentiation, trust, and proactive client service are top of the list.How asset managers can approach brand-building.The product innovation roadmap and what the path to 401(k) and DC products might look like.Thanks, Dave, for sharing a fascinating window into the wealth channel and for your passion, expertise, and dedication to providing private markets solutions to the wealth channel.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 From Franklin Templeton RIA Field Trip00:07 Meet Dave Donahoo02:29 Lehman Day One03:15 Phone Lines Meltdown03:38 Teacher Call Story04:54 Start With End Client05:37 Lessons From Blackstone05:56 Wealth Playbook Takeaways07:22 Why Franklin Made Sense08:18 Traditional Manager Edge08:40 Wealth Architecture Headstart09:17 One Partner Full Platform10:27 Challenges And Tradeoffs10:55 Brand Transformation Work11:58 Internal Alignment And Comms12:30 Desired Brand Feeling13:04 Specialist Manager Model13:59 Perpetual Products Done Right14:28 Defining The Right Structure15:52 Vehicle Alpha Debate16:26 Secondaries Structure Choice18:28 Infrastructure Partnership Build20:21 Preserving Investment Cultures22:09 Data Synergies Across Teams24:39 Macro Insights Advantage26:11 Product Innovation Roadmap27:36 401(k) And DC Opportunities28:23 Private Markets Model Portfolios29:39 What RIAs Really Want30:55 Service And Honest Selling31:53 Wrap Up And ThanksJoin over 17,000 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 Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, Blac
- Aug 12, 20261h 0m
🎥 RIT Capital Partners' Maggie Fanari - why permanent capital is a privilege
Welcome back to the Alt Goes Mainstream podcast.Today’s podcast takes us to the heart of London, where we sat down with Maggie Fanari, the CEO of J Rothschild Capital Management Limited, manager of RIT Capital Partners plc.RIT blends a rich heritage with a modern approach to both asset allocation and private markets.Lord Jacob Rothschild founded Rothschild Investment Trust in 1971. RIT listed on the London Stock Exchange with total assets of £280M. Today, the firm stands tall as one of the UK’s largest investment trusts with over £4.7B of total assets.The firm’s permanent capital and family office heritage have enabled the firm to think long-term, according to Maggie. “Permanent capital is a privilege,” she said.Maggie has brought an institutional allocator’s background to RIT. She joined as CEO of RIT from Ontario Teachers’ Pension Plan in 2024, where she was Senior Managing Director, Global Group Head of High Conviction Equities at OTPP, which has a global mandate to invest in public and private companies.Maggie and I had a fascinating discussion about how the firm invests across public and private markets, balancing both top-down portfolio construction and bottom-up asset selection. We covered:How RIT has aimed to compound wealth over time.Why top-down portfolio construction and bottom-up asset allocation are equally important.How can investors capture as much growth, limit market volatility, and compound growth over a long period of time?How RIT finds uniuqe and different managers in private markets, which includes some of the top investors in the world.What market structure changes mean for investing across public and private markets?How to invest when the world order has changed.Why permanent capital is a privilege.How to be early to a theme rather than chase the trend.Why RIT decided to invest in SpaceX, Anthropic, OpenAI, Databricks, and Epic Systems.Where do investors bucket RIT into their asset allocation?What is a manager’s edge and how can they apply that edge with consistency?Why depth of network matters for private markets managers.Why RIT invested in firms like Thrive, Greenoaks, and Ribbit.BioMaggie Fanari is the CEO of J. Rothschild Capital Management Limited (JRCM) , investment manager for RIT Capital Partners plc. She is Chair of JRCM’s Investment Committee.Maggie was previously Senior Managing Director, Global Group Head of High Conviction Equities at Ontario Teachers’ Pension Plan, which has a global mandate to invest in public and private companies.At Ontario Teachers’, she served as a member of many of the pension plan’s investment committees. She was involved in the execution of investments across a variety of asset classes (private and public), including supporting the development and execution of the venture and growth business.Before joining Ontario Teachers’, Maggie worked at KPMG and Scotia Capital. Maggie is a chartered accountant and a CFA charter holder. She also holds a BBA from the Schulich School of Business at York University and ICD.D certification from the Institute of Corporate Directors.Maggie served as a non-executive director on the Board of RIT Capital Partners plc from April 2019 to February 2024.Thanks, Maggie, for sharing your wisdom, expertise, and passion across public and private markets and your thoughtful perspectives from your experiences as an institutional investor.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
- Aug 6, 202626 min
🎥 Wellington Management's Mike Trihy - going long on evergreen funds: AGM Live from SuperReturn
Welcome back to the Alt Goes Mainstream podcast.We sat down with Mike Trihy, Head of Portfolio Management for the Venture Growth Evergreen strategy at Wellington Management.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.Wellington Management has a rich heritage as an independently owned asset manager. The firm, which has taken a research-driven approach and long-term thinking to active management in public markets and, increasingly, in private markets, is nearing its 100-year anniversary. Wellington has grown to over $1.3T in AUM and is the largest sub-advisor in the world.Mike joined from Bow River Capital to run Wellington’s Venture Growth Evergreen strategy, which will focus on direct growth and venture investments, secondaries, and select fund investments. Mike brings deep expertise in the evergreen fund management space, co-founding and scaling Bow River’s evergreen private markets platform and working as a portfolio manager at evergreen pioneer Partners Group.Mike and I had a fascinating discussion about the current state of evergreen funds and the venture and growth investing market. We covered:The evolution of evergreen private markets funds.The convergence of public and private investing.Lessons learned from building and managing evergreen funds at Partners Group and Bow River.The importance of portfolio construction, liquidity planning, and evergreen fund operations.Which firms are well-positioned to run and manage evergreen funds?Partnerships in asset management.BioAs lead portfolio manager for the Venture Growth Evergreen (“VGE”) strategy, Mike is responsible for overall portfolio construction and allocation of capital across direct growth and venture investments, secondaries, and select fund investments. He also oversees risk management, liquidity management, and cash flow forecasting for the evergreen fund.Prior to joining Wellington Management in 2025 Mike was a portfolio manager at Bow River Capital, where he co-founded and scaled their evergreen private markets platform while overseeing the fund’s investment activity across multiple private markets asset classes. Prior to Bow River, he was a portfolio manager at Partners Group where he was responsible for portfolio construction and asset allocation for evergreen products and custom separate account mandates. He started his investment career at wealth-focused listed private equity firm Red Rocks Capital.Mike graduated from the University of Colorado with a degree in finance, and he is a CFA and CAIA charterholder.Thanks, Mike, for sharing your wisdom, expertise, and perspectives on private markets and evergreen funds.Show Notes00:00 Live from SuperReturn Berlin00:24 Meet Mike Trihy01:35 Evergreens Explained02:28 Evergreen Vs Drawdown02:49 Deal Flow Reality Check03:01 Portfolio Construction First03:33 Ops And Valuations03:47 Sales And Flow Forecasting04:13 Fiduciary Growth Mindset04:48 Do Firms Have The Tools05:24 Scale Vs Boutique Tradeoffs06:25 Deal Volume Constraint06:53 Should There Be More07:05 Near Term Shakeout07:51 Quality Wins Long Term08:19 Is There A Best Wrapper08:25 Matching Asset Client Structure08:41 Interval Fund Fit09:35 Avoid Liquidity Mismatch10:01 LP Mix And Herding Risk11:30 2022 Denominator Effect11:57 Evergreen Future Adoption13:51 Public Markets DNA Advantage15:37 Build Buy Or Partner17:20 Mega IPOs And Private Value19:59 DPI Impact And Exit Wave21:33 Public Vs Private Valuations23:53 What Happens Faster Slower25:47 ClosingJoin over 16,900 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 Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hamilton Lane, StepStone, Partners Group, General Atlantic, Hightower, Focus Financial, Corien
- Aug 5, 202644 min
🎥 Investcorp Strategic Capital Group's Anthony Maniscalco - the evolution of GP stakes
Welcome back to the Alt Goes Mainstream podcast.We sat down with Anthony Maniscalco, the Managing Partner and Business Head of Investcorp Strategic Capital Group (ISCG).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.Investcorp has been a pioneer in private equity. Since its founding in 1982, the firm has grown from a “boutique Gulf firm” into a global and diversified alternative asset manager.Investcorp launched its Strategic Capital Group (SCG) (GP stakes) business long after its founding in 1982. But the firm brought in a pioneer to launch and build SCG into a leading GP stakes firm, which now has over $2.2B of AUM.Anthony has been involved in GP stakes from the industry’s early days. He was a founding member of Blackstone Strategic Capital Holdings, a $3.3B private, permanent capital vehicle focused on acquiring minority interests in alternative asset manager GPs. He was also a Managing Director of the Hedge Fund Solutions business at The Blackstone Group. Prior to joining Investcorp, Anthony was a Managing Director and Co-Head of Credit Suisse Anteil Capital Partners.Launched in 2019, Investcorp’s SCG acquires minority interests in alternative asset managers, particularly GPs that manage longer-duration private capital strategies. SCG has completed 12 investments since inception.Anthony and I had a fascinating conversation about the evolution of GP stakes and the benefits of GP stakes for investors. We covered:Why have stakes shifted from hedge funds to alternative asset managers?Why the features of the alternative asset management business model (contracted management fees, locked-up capital, less key-person risk) can make for a good GP stake investment.Why a GP would sell an equity stake in its firm to finance its growth.Unpacking the middle-market GP landscape and where middle-market GPs need help growing their firm.The evolution from fund to firm and what’s next for GP stakes.BioAnthony Maniscalco is the Managing Partner and Business Head of Investcorp Strategic Capital Group (ISCG), based in New York. ISCG is focused on providing capital solutions to the GPs of mid-sized private market alternative asset managers. ISCG closed its inaugural fund in the Spring of 2022 and currently manages over $2.2 billion of AUM. In his current role, Mr. Maniscalco is focused on managing the overall business, sourcing new investment opportunities, advising portfolio GPs and is the chairperson of the Investment Committee.Prior to his current role, Mr. Maniscalco was a Managing Director and Co-Head of Credit Suisse Anteil Capital Partners. Prior to this, he was Managing Director of the Hedge Fund Solutions business at The Blackstone Group. At Blackstone, he was a founding member and on the investment committee of Blackstone Strategic Capital Holdings, a USD 3.3 billion private, permanent capital vehicle focused on acquiring minority interests in alternative asset manager GPs.Prior to Blackstone, Mr. Maniscalco was Head of Alternative Asset Management Banking at Barclays (and its predecessor Lehman Brothers) within its Financial Institutions Group. Prior to this role, Mr. Maniscalco was head of the Media and Telecom vertical within Lehman Brothers’ Leveraged Finance Group.Early in his career, he worked at Bank of America and its predecessor Continental Bank in Chicago, focused on high-yield, mezzanine, syndicated bank loans, and interim financing products.Anthony holds a B.S. from Indiana University (2026 College Football National Champions!) and an M.B.A. from the University of Chicago.Thanks, Anthony, for sharing your expertise, wisdom, and passion about GP stakes and the business of alternative asset management.Show Notes00:00 Live From SuperReturn00:27 Meet Anthony Maniscalco02:22 Early Stakes Were Hedge Funds04:03 Private Equity Stakes Inflection04:56 Why GP Stakes Invest Well05:19 Locked-In Fee Cashflows05:58 Carry And Diversification06:34 Where LPs Bucket Stakes07:32 Today’s Allocation Buckets08:29 Stakes As Strategic Access<p
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Entrepreneurs and investors share strategies for building wealth, scaling businesses, and leading high-performance teams.
About Alt Goes Mainstream
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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It's a free AI-powered email that summarizes new episodes of Alt Goes Mainstream as soon as they're published. You get the key takeaways, notable quotes, and links & mentions — all in a quick read.
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When a new episode drops, our AI transcribes and analyzes it, then generates a personalized summary tailored to your interests and profession. It's delivered to your inbox every morning.
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How often does Alt Goes Mainstream release new episodes?
Alt Goes Mainstream publishes 2x weekly. Our AI generates a summary within hours of each new episode.
What topics does Alt Goes Mainstream cover?
Alt Goes Mainstream covers topics including Business, Entrepreneurship, Investing. Our AI identifies the specific themes in each episode and highlights what matters most to you.
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