Alt Goes Mainstream

🎥 Permira Part 2: Co-CEOs Brian Ruder and Dipan Patel - the collaborative leadership model in action: scaling an €80B alternative asset manager

Welcome back to the Alt Goes Mainstream podcast.Today’s episode is with two executives who have helped to build one of the industry’s leading alternative asset managers.In Permira Part 2, Brian Ruder joins his Co-Managing Partner and Co-CEO Dipan Patel in Permira’s London office to discuss the firm’s evolution and how the business has grown to over €80B in AUM.Both Brian and Dipan bring deep backgrounds in private equity investing to bear as they now lead the firm through its next phase of growth.Brian joined Permira in 2008 after working as a Partner at Francisco Partners. He’s Co-Managing Partner and Co-CEO of Permira, also serving on the firm’s Executive Committee and the buyout funds’ Investment Committee. He was instrumental in building the firm’s Technology sector team, which he co-led until 2023 where he worked on a number of the firm’s notable transactions, including Ancestry, Genesys, Informatica, LegalZoom, Magento, McAfee, Relativity, Zendesk, and more.Dipan joined Permira from Gores Group and is Co-Managing Partner and Co-CEO of the firm. He serves on Permira Holdings Limited Board and Permira’s Investment Committee and Executive Committee. He’s focused on technology and services investing, working on deals such as Renaissance Learning, Informatica, Axiom, Adevinta, AllTrails, Ancestry, LegalZoom, and more.Brian, Dipan, and I had a thought-provoking conversation about what it takes to build and run a scaled alternative asset manager and how to differentiate a firm and a culture. We discussed:* How the firm’s beginnings have shaped the culture that has been built and how that culture has permeated how they make investment decisions, work with companies, founders, and LPs.* The benefits and challenges of the collaborative leadership model.* How would an LP underwrite Permira’s culture?* How the firm’s European heritage helps as an investor.* The opportunity set in Europe.* The investment culture at Permira and how its structure and set up helps investment processes and decision-making.* Why software buyouts have become a larger part of the buyout investing landscape.* The Growth vs. Buyout mindset.* The advantage for technology forward incumbents.* How AI is impacting software investing and how AI is impacting services businesses.* The thought process behind launching a wealth solutions business, Permira Wealth, and how it reflects the culture of the firm.Thanks Brian and Dipan for coming on the show to share the evolution of Permira and your expertise and wisdom in private markets.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.Clip #1: Why technology businesses can be better businesses than physical product businesses.Clip #2: How velocity of change can be an indicator of a great company.Clip #3: What does it mean to be a growth oriented investor?A word from AGM podcast sponsor, Ultimus Fund SolutionsThis 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 Notes00:00 Message from our Sponsor, Ultimus01:18 Welcome to the Alt Goes Mainstream podcast01:56 Welcome to Brian Ruder and Dipan Patel04:58 Brian’s Career Journey05:17 Private Equity Evolution06:08 Sector Focus and Market Expansion07:23 Dipan’s Career Journey13:30 AI and Platform Shifts14:48 AI in Services and Technology18:43 Private Equity Underwriting in the AI Era20:08 Leadership and Innovation26:07 Technology Forward Incumbents28:12 Permira’s Continuous Innovation28:56 Perspective on Firm Growth30:14 Core Values and Culture at Permira31:32 Investment Strategies and Sector Focus32:31 Fluid Team Dynamics and Technology Orientation32:59 Growth vs. Buyout Mindset34:48 Long-Term Investment Philosophy36:14 Optimizing Long-Term Profitability37:18 Case Studies: Informatica and Ancestry.com38:25 Skillsets for Private Equity Investing38:53 Empowering Long-Term Thinking40:07 Assessing Business Potential41:02 Success Stories: Klarna, Allegro, and Adonis42:46 Founder Involvement in Business Growth44:27 Collaborative Leadership Model46:22 Challenges of Co-Leadership47:20 Permira’s Entrepreneurial Culture50:28 Diversifying Capital Base52:34 Educating the Wealth Channel54:26 Permira’s Brand in the Wealth Channel55:15 Future Evolution of PermiraEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 13,200 Substack subscribers & 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 Oaktree, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, 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

🎥 Permira's Dipan Patel - how to scale an €80B AUM alternative asset manager

Welcome back to the Alt Goes Mainstream podcast.Today’s episode is with one of the executives who has helped to build one of the industry’s leading alternative asset managers.We sat down in Permira’s London office with Co-CEO Dipan Patel to discuss the firm’s evolution and how the business has grown to over €80B in AUM.Dipan brings a deep background in private equity investing to bear as he and his Co-CEO Brian Ruder now lead the firm through its next phase of growth.Dipan joined Permira from Gores Group and is Co-Managing Partner and Co-CEO of the firm. He serves on Permira Holdings Limited Board and Permira’s Investment Committee and Executive Committee. He’s focused on technology and services investing, working on deals such as Renaissance Learning, Informatica, Axiom, AllTrails, Ancestry, LegalZoom, and more.Dipan and I had a thought-provoking conversation about what it takes to build and run a scaled alternative asset manager and how to differentiate a firm and a culture. We discussed:* The founding story of Permira and the evolution of the firm since spinning out of Schroder Ventures in 1996.* How the firm’s beginnings have shaped the culture that has been built and how that culture has permeated how they make investment decisions, work with companies, founders, and LPs.* How would an LP underwrite Permira’s culture?* How the firm’s European heritage helps as an investor.* The opportunity set in Europe.* The investment culture at Permira and how its structure and set up helps investment processes and decision-making.* Why software buyouts have become a larger part of the buyout investing landscape.* How AI is impacting software investing and how AI is impacting services businesses.* Why the firm has expanded into credit.* The thought process behind launching a wealth solutions business, Permira Wealth, and how it reflects the culture of the firm.Thanks Dipan for coming on the show to share the evolution of Permira and your expertise and wisdom in private markets.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.Clip #1: Why strong founders can be transformational for companies.Clip #2: How does the right culture lead to better decision-making?Clip #3: “An obsession with growth in our portfolio companies.”A word from AGM podcast sponsor, Ultimus Fund SolutionsThis 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 Notes00:00 Message from Ultimus, our Sponsor01:55 Welcome to the Alt Goes Mainstream Podcast03:42 Introducing Dipan Patel03:47 Discussing Distributions04:24 Selling A-Grade Businesses05:08 Flight to Quality in Investments06:49 Reflecting on Career Beginnings08:04 Lessons from Arthur Andersen and Lehman Brothers09:56 Challenges in Today's Investment World11:24 Underwriting in Unpredictable Times12:01 Basics of Private Equity17:36 Importance of Market Leadership18:21 Backing Strong Founders19:55 Permira's Co-Leadership Model20:23 Permira's Origin Story23:48 Investment Decision Process25:35 Underwriting Character in Executives27:15 Learning from Mistakes27:49 Underwriting Permira's Character28:02 Understanding Your Identity28:39 Building a Strong Culture29:02 Thriving in Chaos29:20 Anti-Fragility Concept29:43 Learning from Mistakes30:15 Capital Flows in Private Markets30:43 Delivering Returns to Investors30:57 Developing Investment Theses31:33 Exit Strategies32:10 Supply Creates Demand32:39 Educating Investors33:23 Access to Private Markets33:44 Managing Risk and Returns35:12 Navigating Industry Evolutions35:50 Staying Focused36:22 Balancing Growth and Differentiation38:23 Investing in Growth and Buyout39:50 Synergies in Investment Strategies41:18 Managing Risk in Investments44:07 Platform Shifts and AI44:30 Disruption vs. Destruction45:31 Investing in Incumbents vs. Disruptors46:47 Control in Private Equity48:15 Adapting to AI56:07 Future Investment IdeasEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 13,000 Substack subscribers & 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 Oaktree, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, 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

🎥 Morningstar's Kunal Kapoor - live from the Morningstar Investment Conference

Welcome back to the Alt Goes Mainstream podcast.Today’s podcast was a conversation that was recorded live at Morningstar’s Investment Conference in Chicago earlier this year.Morningstar CEO Kunal Kapoor took time out of his packed schedule at the event to sit down with me for a thought-provoking conversation that dove into the nuances of many of the trends that are shaping private markets today.Morningstar and Kunal have quite an interesting perch in the market. They occupy a critically important function in the market: helping investors understand the data, structures, and trends in public and private markets. They provide fund ratings, investment analysis, and market data to both individual and institutional investors.As public and private markets experience increasing convergence, Morningstar finds itself at the intersection of markets that are undergoing rapid evolutions across product structures, asset allocation frameworks, and weighty questions around conceptual frameworks of liquidity, risk, volatility, concentration that are on the minds of many. Amongst the wide range of topics Kunal and I covered, one stood out: Morningstar is fiercely on the side of the investor.If there’s anyone who has a deep understanding of Morningstar’s DNA, it’s Kunal. Kunal started at Morningstar in 1997 as a data analyst, holding a variety of roles at the firm, including leadership positions in research and innovation. He served as director of mutual fund research and was part of the team that launched Morningstar Investment Services, Inc., before moving on to other roles including director of business strategy for international operations, and later, president and chief investment officer of Morningstar Investment Services. During his tenure, he has also led Morningstar.com® and the firm’s data business as well as its global products and client solutions group.Kunal and I had a fascinating and lively conversation. We covered a number of the most pressing topics in private markets today: the convergence of public and private, liquidity vs illiquidity, investor education, the importance of transparency, and the why, what, and how behind evergreen funds.Thanks Kunal for coming on the show to share your wisdom, expertise, and passion for public and private markets.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work.Clip #1: Is Wall Street smarter than Main Street?Clip #2: What it means to fight on behalf of the investor.Clip #3: When should people start to think about working with a financial advisor?A word from AGM podcast sponsor, Ultimus Fund SolutionsThis 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 Notes00:00 Ultimus Sponsor Message01:18 Welcome to Alt Goes Mainstream01:55 Welcome to the Morningstar Investment Conference02:33 Convergence of Public and Private Markets03:15 Challenges in Transitioning to Private Markets03:32 Morningstar's Evolution and Impact04:29 Generating Alpha in Private Markets04:43 Importance of Time Horizon in Investments06:51 Morningstar's Role in Investor Empowerment07:15 Cost Reduction and Ownership in Mutual Funds08:34 Evergreen Funds and Transparency09:07 Challenges in Private Market Accessibility09:41 Liquidity and Fee Structures in Private Markets17:00 Role of SEC in Standardizing Documentation19:06 Investor Education and Common Language19:50 Data Availability and Analysis20:44 Evaluating Different Investment Structures21:32 Public-Private Partnerships in Investment22:21 Philosophical Questions on Private Markets23:43 Behavioral Aspects of Illiquidity24:26 Evergreen Funds as Buy and Hold Vehicles25:01 Asset Allocation and Evergreen Structures26:07 Investor Behavior and Portfolio Construction26:22 Comparing Individual Investors and Advisors27:20 Stability of Retail Assets27:57 Crypto Trading: 24/7 Market Dynamics28:09 Impact of Social Media on Young Investors28:31 Comfort with High-Risk Ventures28:49 Market Resilience and Drawdowns29:13 Future of Financial Advisors29:52 Investor Behavior Across Age Groups31:03 Validation and Information Overload31:48 Morningstar's Independent Voice33:02 Transparency in Private Markets33:24 PitchBook's Role in Market Data33:51 Challenges in Data Transparency34:30 Tipping Point in Transparency35:12 Flywheel Effect in Market Data35:42 Private Market Indices36:44 Challenges in Benchmarking Private Markets37:37 Evolution of Market Structure38:25 Public vs. Private Market Dynamics38:58 Future of Private Market Investments39:54 Fee Structures and Competition40:51 Operational Burdens in Private Markets42:11 Pre-Trade Market Structure42:28 Access to Private Markets49:01 Brand vs. Performance in Investments49:18 Morningstar's Role in Investor Education51:06 Future of Alternative InvestmentsEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 13,000 Substack subscribers & 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 Oaktree, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, 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

🎥 Stonepeak's Luke Taylor - what it takes to be a great infrastructure investor

Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives into the evolution of infrastructure investing with the leading scaled specialist firm in infrastructure.We sat down in Stonepeak’s Hudson Yards office with the firm’s Co-President Luke Taylor to discuss the inner workings of the infrastructure investing world and unpack the story of how Stonepeak’s rapid ascent has seen the firm climb to $76.3B in AUM in 14 short years.Luke brings a wealth of experience to the infrastructure investing world. He is Co-President of Stonepeak and a member of all of the firm’s investment committees. He’s been investing in infrastructure for over 20 years, joining Stonepeak from infrastructure investing pioneer Macquarie Capital.Luke and I had a fascinating and thought-provoking discussion about infrastructure investing and why it’s becoming an increasingly important part of the private capital ecosystem. We covered:* How Luke went from growing up on a sheep farm to investing in infrastructure in New York.* What Macquarie taught him about how to approach infrastructure investing.* Why he took the entrepreneurial leap to build Stonepeak and join Chairman, CEO, and Co-Founder Mike Dorrell from the firm’s earliest days.* Why infrastructure investing is more than toll roads, airports, and bridges.* How there are elements of a private equity approach to investing in, building, and operating infrastructure assets.* Where infrastructure fits in an investors’ portfolio.* Why individual investors should consider exposure to infrastructure assets.* Has infrastructure proved itself through an inflation cycle?* Why scale matters in infrastructure investing.* How Stonepeak identified investing in data centers early on and well before the data center boom began.* What type of demeanor and mindset makes for a successful infrastructure investor.Thanks Luke for coming on the show to share your expertise, wisdom, and passion for infrastructure investing.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.Clip #1: What does it take to be a truly great infrastructure investor?Clip #2: Driving value creation in infrastructure investing.Clip #3: Infrastructure as a defensive investment.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis 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 Notes00:00 Introduction to Ultimus Fund Solutions, our Sponsor01:18 Welcome to the Alt Goes Mainstream Podcast02:04 Guest Introduction: Luke Taylor02:45 Luke Taylor's Background and Journey04:52 Early Days at Macquarie05:47 Entrepreneurial Spirit at Macquarie08:13 Building Stonepeak10:37 Value Creation in Infrastructure12:28 Mindset of an Infrastructure Investor13:38 Balancing Long-Term and Agile Thinking14:23 Key Skills for Success16:20 Underwriting and Risk Management16:48 High Barriers to Entry19:36 Operational Intensity and Value Creation22:51 Network Effects in Infrastructure24:19 Defensive Position of Infrastructure24:49 Infrastructure in Private Markets26:37 Inflation and Infrastructure Performance27:28 Portfolio Construction and Infrastructure28:33 Productizing Infrastructure Investments29:01 Equity, Credit, and Real Estate Strategies30:51 Thematic and Opportunistic Investing31:23 Early Investment in Data Centers31:32 Entrepreneurial Staff at Stonepeak31:36 Identifying Investment Opportunities31:45 Exploring Data Centers32:11 Challenges in Data Center Investments32:34 Discovering Interconnection Hubs33:11 The Role of AI in Data Centers36:14 Downside Protection in AI Investments36:28 Underwriting AI Thematics36:49 Capital Needs in AI and Data Centers38:40 Navigating Increased Capital in Infrastructure40:38 Scaling Stonepeak's Infrastructure Investments41:16 Diversification in Infrastructure Investments42:26 Competition in Infrastructure Investments43:58 Developing an Edge in Origination44:35 The Role of Structure in Deal Sourcing45:23 Evolution of Infrastructure Investment Space45:57 Building New Infrastructure Assets46:09 Exits in Large Infrastructure Deals47:03 Evergreen Funds and Long-Term Holdings48:49 Stonepeak's Wealth Business Strategy53:56 Challenges in Starting a Wealth Business54:29 Importance of Deal Flow56:35 Navigating Volatile Markets57:03 Risks in Infrastructure Investing58:10 Future of Infrastructure InvestmentsEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 12,600 Substack subscribers & 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 Oaktree, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, 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

🎥 Arcesium's David Nable - architecting private markets technology infrastructure for the future

Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives into how operations and streamlining technology processes can be turned into a strategic advantage.We sat down with Arcesium’s MD and Head of Client and Partner Development David Nable to discuss how technology is impacting how funds manage their processes, operations, and data.David was an early employee at Arcesium, helping the firm scale and working with many of the industry’s largest asset managers across the lifecycle of an investment. David joined Arcesium after a career in fund services and fund administration that spanned senior roles at Goldman Sachs, Credit Suisse, and BNP Paribas Securities Services.David and I had a fascinating conversation. We discussed:* How David’s background in prime brokerage and fund admin helped him approach the technology problems for asset managers.* How asset managers should approach where and how technology can be a strategic advantage.* What does it mean to be a tech-forward asset manager?* How does the growth of evergreen funds impact how firms manage their data and serve investors?* What still needs to be built next to continue to improve private markets market infrastructure.Thanks David for coming on the Alt Goes Mainstream podcast to share your expertise and wisdom on private markets technology and post-investment processes.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work.Clip #1: What is the true cost of a technology solution?Clip #2: Architecting your systems and data for the future.Clip #3: Be careful with vibe coding. A word from AGM podcast sponsor, Ultimus Fund SolutionsThis 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 Notes00:00 Message from our Sponsor, Ultimus01:18 Welcome to the Alt Goes Mainstream Podcast02:05 Guest Introduction: Arcesium’s David Nable03:48 David's Career Journey04:19 Parallels Between Running and Finance05:24 Observing Industry Trends06:47 Evolution of Private Markets08:59 Impact of Technology on Investment09:54 Challenges of Scaling Investments11:40 Data-Driven Investment Strategies13:04 Technological Advancements in Finance14:15 Importance of Foundational Data18:06 Data Silos and Harmonization18:50 Case Study: Investor Relations22:22 Data-First Approach Benefits22:37 Architecting Systems for Flexibility23:31 Timing for Implementing Technology23:39 Real-World Challenges and Solutions24:10 Inflection Points in Management24:28 Logical Breakpoints for Change24:45 Preparing for New Strategies24:53 Publicly Traded Private Markets25:21 Investing in Scalable Distribution Channels25:42 Strategic Business Planning for SMAs26:09 Data Architecture and Implementation26:44 Understanding Data in Different Business Models28:16 The Role of Technology in Investment Firms28:47 Strategic CTOs and Their Impact30:46 The Paradox of Data in Decision Making32:04 Leveraging Data for Competitive Advantage33:00 The Impact of AI on Data Utilization33:43 Challenges for Mid-Sized Firms34:33 Technology as an Enabler for Niche Specialists35:24 Advice for Mid-Sized Firms on Technology Implementation36:43 Focusing on Major Technological Investments37:58 Point Solutions vs. Platforms40:29 The True Cost of Technology Solutions41:05 Operational Challenges with Multiple Systems42:43 Arcesium's Technology Platforms45:09 Simplifying Complex Investments46:20 Customization vs. Standardization in Private Markets48:14 The Future of Private Market Software48:42 AI: The Step Function Change49:36 Efficiency Gains from AI50:08 Advice on Using AI in Asset Management50:18 Caution Against Vibe Coding51:14 Conclusion and Final ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 12,600 Substack subscribers & 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 Oaktree, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hightower, Focus Financial, 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