What are the key takeaways from this Alt Goes Mainstream episode?

Key insights include: **Education-first approach:** ING completely restructured their launch strategy within two weeks, shifting from product-focused presentations to comprehensive education sessions explaining why private markets matter, what they are, and how evergreen structures solve traditional closed-end fund problems for both advisors and clients.; **Platform curation strategy:** ING limits offerings to maximum two managers per category (private equity, private credit, infrastructure, multi-alternatives), selecting only top-quartile performers with proven track records across economic cycles and balance sheet capacity to manage evergreen fund liquidity requirements effectively.; **Digital integration breakthrough:** ING solved the delivery-versus-payment challenge and integrated private markets into their banking app, allowing clients to view monthly NAV positions, performance updates, fact sheets, and term sheets alongside public market investments, creating unprecedented accessibility for wealth clients.

What did Anneka Treon and Johan Kloeze discuss on Alt Goes Mainstream?

ING's Anneka Treon and Johan Kloeze explain how they built one of Europe's largest evergreen private markets platforms, growing from zero to significant AUM in three years by prioritizing client education and operational simplicity. Key topics include: **Education-first approach:** ING completely restructured their launch strategy within two weeks, shifting from product-focused presentations to comprehensive education sessions explaining why private markets matter, what they are, and how evergreen structures solve traditional closed-end fund problems for both advisors and clients.; **Platform curation strategy:** ING limits offerings to maximum two managers per category (private equity, private credit, infrastructure, multi-alternatives), selecting only top-quartile performers with proven track records across economic cycles and balance sheet capacity to manage evergreen fund liquidity requirements effectively..

How long is this episode of Alt Goes Mainstream?

This episode is 47 minutes long. SignalCast provides an AI-generated summary so you can get the key insights in about 3 minutes.

Alt Goes Mainstream

ING's Anneka Treon and Johan Kloeze - lessons learned from building a private markets platform for private wealth clients in Europe

December 9, 2025

47 min episode · 2 min read

Anneka Treon,Johan Kloeze

Episode

47 min

Read time

2 min

Topics

Productivity, Personal Finance, Investing

AI-Generated Summary

Published Jan 2, 2026

Key Takeaways

✓Education-first approach: ING completely restructured their launch strategy within two weeks, shifting from product-focused presentations to comprehensive education sessions explaining why private markets matter, what they are, and how evergreen structures solve traditional closed-end fund problems for both advisors and clients.
✓Platform curation strategy: ING limits offerings to maximum two managers per category (private equity, private credit, infrastructure, multi-alternatives), selecting only top-quartile performers with proven track records across economic cycles and balance sheet capacity to manage evergreen fund liquidity requirements effectively.
✓Digital integration breakthrough: ING solved the delivery-versus-payment challenge and integrated private markets into their banking app, allowing clients to view monthly NAV positions, performance updates, fact sheets, and term sheets alongside public market investments, creating unprecedented accessibility for wealth clients.
✓Slow money framework: ING positions private markets as bottom bookshelf investments for long-term compounding, distinct from fast money trading activities, targeting the 250 billion euros in existing invested assets where minimal exposure currently exists to private markets despite clear portfolio fit.

What It Covers

ING's Anneka Treon and Johan Kloeze explain how they built one of Europe's largest evergreen private markets platforms, growing from zero to significant AUM in three years by prioritizing client education and operational simplicity.

Key Questions Answered

•Education-first approach: ING completely restructured their launch strategy within two weeks, shifting from product-focused presentations to comprehensive education sessions explaining why private markets matter, what they are, and how evergreen structures solve traditional closed-end fund problems for both advisors and clients.
•Platform curation strategy: ING limits offerings to maximum two managers per category (private equity, private credit, infrastructure, multi-alternatives), selecting only top-quartile performers with proven track records across economic cycles and balance sheet capacity to manage evergreen fund liquidity requirements effectively.
•Digital integration breakthrough: ING solved the delivery-versus-payment challenge and integrated private markets into their banking app, allowing clients to view monthly NAV positions, performance updates, fact sheets, and term sheets alongside public market investments, creating unprecedented accessibility for wealth clients.
•Slow money framework: ING positions private markets as bottom bookshelf investments for long-term compounding, distinct from fast money trading activities, targeting the 250 billion euros in existing invested assets where minimal exposure currently exists to private markets despite clear portfolio fit.

Notable Moment

Treon challenges the industry's institutional origins, arguing private markets products were never designed for individual humans despite being their money, making concepts like IRR timing and capital call structures unnecessarily complex and requiring fundamental rethinking for retail accessibility.

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Episode Transcript

This episode of the Alcos Mainstream Podcast is brought to you by Ultimus. Ultimus is a leading full service fund administrator for asset managers in both private and public markets, offering 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. Trusted by institutions, investment consultants, registered investment advisors, state governments, and fund managers, Ultimus provides solutions for nearly every investment structure in the marketplace. 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. Everybody gets a piece with going mainstream. Welcome back to the Allcos Mainstream podcast. Today's episode was filmed at ING's HQ in Amsterdam right after ING held its private markets day. The firm has been actively building out its private markets capabilities to serve its private wealth clients, so it was a treat to interview two of the people responsible for running ING's wealth management and private markets practice. We sat down with Annika Trian, ING's global head of private banking, wealth management, and investments, and Johan Close, head of private banking and wealth management Netherlands, to discuss ING's big ambitions in private markets. ING, which manages over €260,000,000,000 of invested assets across 5,000,000 clients, has made a major push into private markets. Led by Johan, the firm has built out a private markets business that has grown AUM in three years since its launch. ING has partnered with established alternative asset managers to create one of the largest evergreen fund platforms in European wealth management. Annika, Johan, and I had a fascinating discussion about wealth management, how to bring private markets to advisors and clients, and how to educate The Wealth Channel about private markets. We covered what what Annika calls fast money versus slow money, why it's important for advisors to bring private markets to the kitchen table, how to transform savers into investors, and why that matters, the challenges with building a private markets business, figuring out how to partner with alternative asset managers, and the benefits and challenges of evergreen funds. Thanks, Annika and Johan, for sharing your wisdom and expertise at the intersection of private markets and private wealth. Anagay, Johan. Welcome to the Allco's Mainstream podcast. Thank you. Thanks for having us. Yeah. Oh, no. Actually, thanks for having me. Fantastic setting today. We just wrapped up the ING private markets day. I wanna get into that because I think it shows a lot about what you've built as a firm and as a platform now trying to focus on private markets and expand access. So we're gonna get into that much more. …

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