Alt Goes Mainstream

→ WHAT IT COVERS EQT Deputy Managing Partner Lennart Blecher traces the evolution of infrastructure investing from core asset ownership to active operational management, explaining how EQT grew its infrastructure fund from €1B to €21B by applying private equity governance models to essential-service companies across 15 countries and three continents.

→ WHAT IT COVERS Erik Serrano Berntsen, founder of Stable Asset Management, explains how his firm has built 43 alternative asset management companies since 2006, managing roughly $5 billion in assets. He covers GP seeding versus acceleration investing, the LP-GP misalignment problem, evergreen fund structures, manager edge evaluation, and why non-market risks destroy more firms than poor portfolio performance.

→ WHAT IT COVERS Luke Flemmer, MSCI's Head of Private Assets, explains how standardizing and normalizing private markets data — drawing on fixed income and FX market structure evolutions — can unlock transparency, price formation, and liquidity while preserving the several-hundred-basis-point alpha that makes private markets structurally distinct from public markets.

→ WHAT IT COVERS Jeff Fine, Goldman Sachs' global co-head of alternatives capital formation, explains how institutional and wealth investors should approach private markets allocation. He covers capital concentration trends, insurance company strategies, product construction principles, and why investment performance must drive business decisions rather than capital raising targets determining deployment strategies.

→ WHAT IT COVERS Michael Bruun, global co-head of private equity at Goldman Sachs Asset Management, explains how the firm leverages its network and value creation resources across an $83 billion platform. He discusses the shift from financial engineering to operational excellence, the critical role of AI implementation, and how Goldman's "One GS" approach activates employees across the firm to drive deal sourcing and portfolio company growth.

→ WHAT IT COVERS Harold Hope, global head of vintage strategies at Goldman Sachs Asset Management, explains how the secondaries market has evolved from $2 billion annual volume 25 years ago to over $200 billion today, driven by problem-solving innovation and growing demand for liquidity in private markets. → KEY INSIGHTS - **Market Growth Trajectory:** The secondaries market processes over $200 billion in annual volume currently, up from $2 billion 25 years ago, with potential to reach $400-500...

→ WHAT IT COVERS Kristin Olson, Goldman Sachs' global head of alternatives for wealth, explains how the firm bridges private markets and wealth channels through education, evergreen product structures, and asset allocation guidance, serving clients from ultra-high-net-worth to broader high-net-worth segments. → KEY INSIGHTS - **Strategic Allocation Framework:** Establish upfront what percentage of portfolio goes to alternatives before investing, recognizing illiquidity means staying committed...

→ WHAT IT COVERS James Reynolds, global co-head of private credit at Goldman Sachs Asset Management with over 25 years experience, explains how Goldman built its private credit business starting in 1996, the importance of selective underwriting over rapid deployment, and why origination capabilities combined with Goldman's broader ecosystem create competitive advantages in a market now approaching $3 trillion.

→ WHAT IT COVERS Matt Gibson, global head of client solutions at Goldman Sachs Asset Management, discusses the firm's One Goldman Sachs strategy, the supply-demand imbalance emerging in private markets, and how different client channels require customized alternative investment products. He addresses geopolitical risks, the importance of origination capacity, and strategic decisions shaping the next decade of alternatives.

→ WHAT IT COVERS Taylor Robinson from Lexington Partners explains how the secondary private equity market has grown from $1 billion to over $200 billion in annual volume. He covers why secondaries have become essential portfolio management tools for institutional investors, the rise of GP-led transactions, pricing dynamics beyond discounts, and why secondaries may be the optimal entry point for new private market investors.

→ WHAT IT COVERS Gary Tenkman, CEO of Ultimus Fund Solutions, explains how his firm built infrastructure serving 450 clients, 2,300 funds, and $725 billion in assets under administration. He covers the evolution from traditional mutual funds to evergreen structures, data standardization challenges, and why private markets fund administration requires different capabilities than public markets servicing.

→ WHAT IT COVERS Sara Naison-Tarajano, Goldman Sachs partner and global head of Apex, explains how she built a dedicated platform serving 600+ family offices globally. She covers the intersection of private and public markets, how ultra-high-net-worth families allocate capital differently, key findings from Goldman's family office survey, and why intellectual curiosity matters more than rigid career planning in finance.

→ WHAT IT COVERS Stonepeak CEO Cyrus Gentry explains infrastructure investing fundamentals, from data centers to energy transition, detailing how the firm grew from $10B to $76B AUM through specialized sector teams and structured capital approaches. → KEY INSIGHTS - **Infrastructure Moats:** Stonepeak evaluates assets by asking how to destroy competitive advantages, examining 20-50 year industry history, earnings predictability, and return on assets to ensure capital preservation before...

→ WHAT IT COVERS Sean Connor, CEO of Blue Owl's private wealth division, explains how the firm scaled from $160B to $300B AUM by diversifying beyond direct lending into digital infrastructure and real estate while expanding internationally. → KEY INSIGHTS - **Product Diversification Strategy:** Blue Owl reduced direct lending from 80% to 50% of evergreen flows over three years while growing total flows 2.

→ WHAT IT COVERS Jean Eric Salata, EQT Asia chairperson, discusses building BPEA from 1997, merging with EQT, and why Asia's private equity market offers structural alpha through inefficiency, growth dynamics, and massive consolidation opportunities ahead. → KEY INSIGHTS - **Asia structural alpha sources:** Asian PE markets deliver developed-market-level returns without public market beta through three drivers: middle-class growth in healthcare and cloud adoption (10 years behind US in Japan),...

→ WHAT IT COVERS iCapital CEO Lawrence Calcano discusses global private markets adoption across Asia, Europe, and US, focusing on evergreen products, model portfolios, and distribution strategies for wealth advisors. → KEY INSIGHTS - **Asia Market Structure:** Asia represents $18 billion in AUM for iCapital versus $12 billion in Europe, with private banks driving adoption and advisors wanting evergreen products to serve both accredited and sub-accredited clients immediately.

→ WHAT IT COVERS EQT founder Conni Jonsson explains how his firm built a €270 billion global private equity platform by prioritizing long-term ownership, stakeholder responsibility, and Nordic values over short-term financial engineering typical of Anglo-Saxon models. → KEY INSIGHTS - **Differentiation Strategy:** EQT rejected credit and turnaround funds to focus exclusively on buying great companies in strong industries as distinct owners, not asset managers, enabling them to create...

→ WHAT IT COVERS David Breach, President and COO of Vista Equity Partners, explains how the firm scaled from $13 billion to over $100 billion AUM by building a software investing factory focused on operational transformation and GenAI implementation. → KEY INSIGHTS - **Software Business Resilience:** Enterprise software companies generate over 90% recurring revenue with 90%+ customer retention rates, providing natural diversification across industries while maintaining high free cash flow and...

→ 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 INSIGHTS - **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,...

→ WHAT IT COVERS Oaktree co-CEO Armen Panossian explains how the firm manages $215 billion across credit strategies, navigates private credit's evolution from distressed investing roots, and maintains discipline during market expansion without reaching for risk. → KEY INSIGHTS - **Market Bifurcation Strategy:** Oaktree's opportunistic credit team targets the weakest 10-20% of companies for rescue lending while direct lending focuses on the best 80%, avoiding adverse selection in competitive...