Welcome back to the Alt Goes Mainstream podcast.

Today’s episode is a special show with Ben Harrison, the Co-Founder of DealCloud, which is now part of Intapp, where he is President, Industries.

Ben is a former banker and private equity professional at Falfurrias Capital Partners who went on to co-found DealCloud to make the process of managing deals and relationships for alternative asset managers and related industry service providers more streamlined and seamless.

Ben and team have done just that at Intapp DealCloud. They’ve built a unified deal and relationship management software business that is more than just a CRM. They’ve integrated a CRM function with business development, marketing, pipeline, deal management, fundraising, and investor relations features into a single platforms to enable firms in private markets to better run their day to day processes. They have a roster of over 2,500 customers, which includes many of the industry’s leading alternative asset managers.

Ben and I had a fascinating conversation about the evolution of enterprise software that serves private markets and why it’s such a large and growing opportunity, which was shared through the lens of an experienced and successful operator in this space who has grown his business to hundreds of millions in ARR that both alternative asset managers and founders and operators in private markets software will find interesting.

We discussed:

• Why scale matters in enterprise software just like it does in alternative asset management.
• The strategic question of building a comprehensive end-to-end software solution versus building a point solution.
• What are alternative asset managers looking for when building or buying software solutions for their business?
• How are alternative asset managers thinking about data and tech differently?
• Why and how the TAM for software solutions for private markets is growing in lockstep with AUM industry growth.
• How data helps investors make better decisions.
• Where AI can help automate processes for alternative asset managers.
• Is AI over- or under-hyped?

Thanks Ben for sharing your thoughts and wisdom of building an industry-leading software company for private markets and for Intapp and DealCloud’s partnership with Alt Goes Mainstream. We hope you enjoy.

Show Notes
00:00 Introduction and Background
03:54 Building Industry-Specific Software Solutions
08:02 Strategic Approach: Point Solutions vs. End-to-End Solutions
13:11 Evolution of Alternative Asset Management and its Impact on Software Solutions
16:24 Benefits of Technology for Large and Small Firms
19:11 Building Software for Large Managers vs. Small Managers
23:10 Technology's Impact on Firms' Efficiency and Productivity
25:49 The Role of Technology in Professional Development
28:24 Key Features and Benefits of DealCloud's Software Platform
32:00 The Future of Technology in the Alternative Asset Management Industry
35:49 Unlocking the Potential of Technology
38:46 The Shift Towards a User-Friendly and Automated User Experience
45:18 The Importance of Data-Driven Decision-Making
52:21 Growth Opportunities in the Private Markets Industry
01:04:16 The Role of AI in Enhancing Software Capabilities

Welcome back to the Alt Goes Mainstream podcast.

Recently, AGM partnered with Pangea to bring together a group of executives in private markets and wealth management in London for a live AGM podcast featuring Cheri Belski of T. Rowe Price, one of the largest asset managers in the world with over $1.59T AUM.

Cheri is the Global Head of Product at T. Rowe Price, where she's responsible for setting the vision for T. Rowe Price's product development and their strategy in private markets.

Cheri also chairs the Product Strategy Committee and is a member of the Investment Management Steering Committee. She is also a vice president of T. Rowe Price Group, Inc., T. Rowe Price Investment Services, Inc., and T. Rowe Price Associates, Inc. Cheri has been with T. Rowe Price since 1997.

Cheri and I had a wide-ranging conversation on private markets. We discussed:

• Why did T. Rowe Price look to add alternatives offerings?
• How traditional asset managers have approached adding private markets capabilities.
• Why T. Rowe Price acquired Oak Hill Advisors.
• Build, buy, or partner to add alternatives?
• Who will win the distribution battle in the wealth channel — traditional asset managers or alternative asset managers?
• Opportunities and challenges with product construction and innovation for the wealth channel.
• What the future holds for private markets.

Please enjoy this fascinating conversation with Cheri. Thanks Cheri for sharing your wisdom and experience. We hope you enjoy.

Show Notes

00:00 Introduction: Going Mainstream

00:40 Welcome to Alt Goes Mainstream Podcast

00:43 Live Podcast in London with Cheri Belski

00:54 Cheri Belski's Role at T. Rowe Price

01:19 Discussion on Private Markets and Traditional Asset Managers

01:37 Podcast Begins: Marylanders in London

01:59 Host Introduction: Michael Sidgmore

02:31 T. Rowe Price's Venture into Alternatives

04:35 Why T. Rowe Price is Entering Alts

05:46 Building, Buying, or Partnering in Alts

07:09 Acquisition of Oak Hill Advisors

07:13 Integration Challenges and Successes

12:06 Brand Strategy in Alternatives

14:36 Distribution Strategies for Alts

16:20 Traditional vs. Alternative Asset Managers

19:36 Challenges and Opportunities in Private Markets

19:41 Advisor Relationships and Education

22:29 Product Construction and Client Needs

24:36 Challenges in Private Markets

25:44 Future of Alternative Investments

26:20 Conclusion and Farewell

Welcome back to the Alt Goes Mainstream podcast.

Today’s episode is with Alex Chaloff, the CIO of a large and sophisticated private wealth management firm that is very active in private markets.

Alex is Chief Investment Officer of Bernstein’s $125B+ private wealth management unit within $725B AUM AllianceBernstein. He was previously the Head of Alternative Asset Strategies. Prior to joining Bernstein in 2005, he was a MD for Wilshire Associates, serving on the firm’s investment committee. Prior to that, he worked in fund accounting operations at a global custodian in Boston.

Alex and I had a fascinating conversation about:

• How to approach private markets asset allocation.
• Why he’s doing the job that he always wanted to do.
• How to think about portfolio construction.
• The importance of patience.
• The questions about liquidity.
• Why structure matters.

Thanks Alex for coming on the show to share your wisdom and views.

A word from AGM podcast sponsor, Ultimus Fund Solutions

This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.

To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.

Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com.

We thank Ultimus for their support of alts going mainstream.

Show Notes
00:00 Introduction and Sponsor Message

01:18 Podcast Theme Song

01:35 Welcome to the Podcast

01:59 Introducing Alex Chaloff

03:01 Alex Chaloff's Career Jurney

03:49 Transition to Bernstein

04:16 Current Role and Responsibilities

05:26 Investment Strategy and Market Insights

06:58 Active vs Passive Investment

11:35 Middle Market Focus

14:26 Evaluating Fund Managers

18:28 Lessons Learned in Fund Management

20:51 Allocating to Private Markets

22:38 Liquidity and Risk Management

27:01 Current Market Opportunities

31:01 The Perception of Infrequent Reporting

31:38 Private Wealth and Market Fluctuations

32:21 Understanding Liquidity Concerns

32:54 The Future of Private Market Investments

33:38 Challenges in Public Market Benchmarks

34:45 GP and LP Dynamics in Private Markets

36:58 Product Innovation in Private Markets

38:30 Evergreen Structures and Asset Allocation

39:20 Vintage Diversification Strategy

42:07 Lessons from the Current Market Cycle

42:30 Next Generation Investors and Impact Investing

46:13 Double Bottom Line Investing

48:24 Concerns in Private Debt Markets

51:33 Opportunities in Venture Capital

54:36 Favorite Alternative Investments and Future Trends

I went into The Compound and came out alive.

Recently, I joined Michael Batnick and Ben Carlson of Ritholtz Wealth Management on their Animal Spirits podcast by The Compound. It is a fantastic show that produces frank and thoughtful conversations on markets and the wealth management world. They invited me on their show to discuss why alts are going mainstream.

We had a great conversation on the animal spirits of alts and we unpacked the opportunities and challenges ahead for private markets, wealth managers, and the alternative asset managers looking to work with the wealth channel.

We covered:

• Why I don’t like the term “downstreaming of alts.”
• The size and scale of the opportunity with the wealth channel.
• Why and how it can make sense for the wealth channel to allocate to alts.
• The changing nature of asset allocation from slices of a pie to buckets and spectrums.
• The concept of liquidity.
• The attractiveness of evergreen funds for both GPs and LPs.
• Are private markets in a bubble?
• Why GP stakes are a compelling investment opportunity given structural trends in private markets.
• Can private markets be indexed (and should they be)?

Thanks Michael and Ben for having me on the show. Really enjoyed the conversation and it was a pleasure to join you.

Michael and Ben are fantastic and thoughtful asset allocators and commentators in investing and wealth management. If you don’t already listen to their podcast or read their commentary on markets, you can check out their blogs below:

Michael Batnick’s The Irrelevant Investor.

Ben Carlson’s A Wealth of Common Sense.

Welcome to the 11th episode of a collaboration between iCapital x Alt Goes Mainstream.

We changed up this month’s episode, welcoming iCapital Co-Founder and Managing Partner, Head of Investment Solutions Dan Vene to the show to discuss the evolution of private markets and the launch of iCapital’s Marketplace.

iCapital, as the leading platform that is responsible for the majority of individual and advisor-led investment flows into the alts space, has its finger on the pulse of what’s happening in private markets.

Dan and I had a fascinating and lively discussion about the evolution of the industry through the lens of iCapital’s growth and maturation, which has most recently included the creation of iCapital Marketplace. We discussed:

• Can alternative investments help you sleep at night?
• Public markets vs. private markets?
• What are the benefits of private markets?
• Are there evolving perspectives on liquidity?
• What potential market catalysts could further shift investments from public to private investments?
• How and why have fund managers had success on Marketplace?
• What’s the new world order for investing?

Thanks Dan for a great episode … looking forward to next month’s Monthly Alts Pulse conversation!