Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets

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 spoke 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.Why secondaries is 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 wisdom, 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. Show Notes00:00 Live From iCapital Connect00:23 A Message From Ultimus Fund Solutions01:21 Meet Ardian’s Ava Mallin01:48 Money And Emotion03:11 Ardian Culture And Fit03:45 Secondaries Partnership Model04:45 Building US Wealth Business05:59 Evergreen Liquidity Mindset07:26 Educating Advisors And Clients09:02 Brand And Leadership Support10:13 Authenticity In Sales11:28 Listening And Curiosity12:29 Just Because You Can, Doesn’t Mean You Should13:31 Getting Firmwide Buy In14:11 Wealth Channel Challenges14:47 Closing ThoughtsA Word from Our Sponsor, UltimusThis 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 at ultimusfundsolutions.com or email [email protected] thank Ultimus for their support of alts going mainstream.Editing and post-production work for this episode was provided by The Podcast Consultant.

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 unique 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.Taking a family office mindset and applying that investment mindset for investors in RIT.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.This podcast was recorded on 15 June 2026, and therefore all RIT data is provided as at 31/05/2026. Show Notes00:42 Meet Maggie Fanari03:44 Teachers’ Pension Roots04:51 Top Down Meets Bottom Up05:50 Allocating In New Paradigm06:15 Diversification Returns07:02 Volatility Creates Opportunity07:22 What Makes RIT Unique08:08 Compounding With Downside09:41 Brand Opens Doors10:05 Backing Emerging Managers11:57 Co-Invest Importance12:36 Returns And Realizations13:22 Great Co-Investor Playbook15:02 Building AI Theme Exposure16:06 Sourcing Deals Like SpaceX16:37 Public Private Value Split20:09 Public Themes And Sovereignty20:58 Moats And Terminal Value24:06 Permanent Capital Edge25:07 Oversubscribed Fund Access26:46 Underwriting And Discipline27:17 Why AI Needs Capital27:49 Anthropic Growth Math28:15 Databricks Scale Comparison28:41 Can Funds Get Bigger30:22 FOMO And Chasing30:47 Portfolio Allocation Guardrails31:47 Permanent Capital Advantage32:13 Right Sized Private Exposure32:51 Liquidity And Realizations33:28 Owning Winners At Scale34:11 Private To Public Hold34:41 Re Underwriting Post IPO35:38 Retail Investor Impact36:20 Public Market Liquidity Needs37:57 Why Investment Trusts Work38:56 Discounts As Margin Safety40:08 How Shareholders Allocate41:03 Sentiment Shifts In Cycles42:02 What Makes Great Managers43:14 Manager Edge Examples45:02 AI And Finding Leaders46:56 Consolidation And Differentiation47:51 Being A Great LP Partner48:50 Macro Lens As Edge49:42 Private Signals Inform Public50:48 Culture One Team One NAV51:28 Risk And Scenario Analysis52:59 Multipolar World Investing54:14 Geopolitics In Diligence55:10 Permanent Capital Best Of BothA Word from Our Sponsor, UltimusThis 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 at ultimusfundsolutions.com or email [email protected] thank Ultimus for their support of alts going mainstream.Editing and post-production work for this episode was provided by The Podcast Consultant.

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 Berlin00:15 Meet Anthony Maniscalco02:56 Early Staking Was Hedge Funds03:05 Banks And Prime Brokerage03:40 Private Equity Hits A Wall03:53 Shift To Private Equity Stakes04:30 Why Stakes Are Attractive04:54 Locked In Fee Streams05:31 Carry And Diversification06:06 How LPs Classify Stakes06:59 Three Allocation Buckets07:55 Strategic Access Flywheel09:05 Tougher Fundraising Today09:19 Why Middle Market09:05 Fundraising Help For GPs10:55 Underwriting Growth Readiness12:15 Primary Capital Use Of Proceeds12:49 Why Equity Is Worth It14:46 Talent Retention And Next Gen15:46 Wealth Channel Fit18:23 Portfolio Construction Framework19:36 Why Venture Is Harder23:23 From Fund To Firm24:34 Liquidity And Exit Paths27:35 Prefs, Debt, And New Solutions38:41 Continuation Vehicles Flywheel41:02 Closing Thoughts

Welcome back to the Alt Goes Mainstream podcast.We sat down with Kyle Kniffen, Managing Director, Global Head of Alternatives, Third Party Wealth at Goldman Sachs. 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.A little over two years ago, I wrote on AGM about how, at $456B in AUM in alternatives, Goldman Sachs was a “sleeping giant” in private markets. In reality, Goldman is anything but a sleeping giant in private markets, having started its private equity business in 1984 and earning the distinction of being a top-5 alternatives manager by AUM across both traditional and alternative asset managers.Today, Goldman has grown its alternatives business to over $625B in AUM.The firm has expanded its platform with the acquisition of Industry Ventures and a partnership with T. Rowe Price to deliver public and private markets solutions to the wealth channel, and, most recently, the creation of its Alternative Investment Platform to provide HNW clients with direct access to private companies.The evolution of Goldman’s Alternatives business reflects a thoughtful, measured approach to understanding the needs of wealth channel investors and finding the utility and purpose of strategy, product, and product structure.That was much of the focus of the conversation Kyle and I had in Berlin. We discussed the objective and utility of private markets in a portfolio. We covered:The growth of evergreen funds.Why evergreens are the product structure of choice.Why are evergreens also appealing to institutional allocators, insurance companies, and UHNW investors?How GPs and LPs are approaching LP composition to evergreen vehicles.The next wave of product innovation.The build, buy, partner framework Why Goldman is so excited about the GeoWealth partnership and what the future of model portfolios look like.What is not known but should be known about the Goldman Alternatives franchise.BioKyle Kniffen is a managing director in the Client Solutions Group within Goldman Sachs Asset Management. He serves as global head of Alternatives for Third Party Wealth (TPW), overseeing client strategy for the firm’s TPW clients globally, delivering the power of the Alternatives investing platform to a broad set of individual investors through our partnerships with financial intermediary clients and their advisors, including Private Banks, Broker-Dealers, RIAs and other distribution platforms. Kyle partners closely with leadership across our Alternatives franchise to develop products that meet our clients’ evolving needs. He is also co-chair of the AWM Global Distribution Working Group.Prior to this role, Kyle was in Alternative Capital Markets (ACM), serving as head of ACM for Goldman Sachs Ayco and leading coverage for One Goldman Sachs financial sponsors globally. He joined Goldman Sachs in 2018 as a vice president in ACM and was named managing director in 2021.Prior to joining Goldman Sachs, Kyle led a variety of distribution and product management teams for Bank of America’s Alternative Investment Group within their Global Wealth and Investment Management division.Kyle is a board member for the Institute of Portfolio Alternatives (IPA), and a member of The Economic Club of New York. Kyle earned a BA from Gettysburg College.Thanks, Kyle, for sharing your wisdom, expertise, and passion about private markets and serving the wealth channel.Show Notes00:00 AGM Live from SuperReturn Berlin00:22 Meet Kyle Kniffin01:10 Wealth Meets Private Markets01:37 Big Pools Little Allocation02:24 Alt Strategies Explosion03:04 Lessons from Hedge Funds03:34 Start with Client Goals03:53 Risk Liquidity Tradeoffs04:10 Portfolio Utility First04:25 Holistic Private Markets04:44 Fit and Terms Matter05:07 Setting Expectations05:32 Product Innovation Shift05:52 Evergreens and Flexibility06:10 Monthly Access and Tactics06:39 Evergreen Growth Rates06:45 Education and Dispersion07:15 Why Evergreens Exist07:41 Diversification Lower Minimums08:04 Operational Simplicity08:21 Evergreen Nuance Phase One08:47 Goldman in Third Party Wealth09:26 Institutions Buying Evergreens10:31 LP Mix and Liquidity Caps11:36 Institutionalizing Wealth Platforms13:29 Goldman Platform Advantage14:46 Feeding the Evergreen Engine15:13 GeoWealth and Model Portfolios15:45 T Rowe Price Collaboration16:12 Build vs Buy Partner Balance16:42 Industry Ventures Acquisition17:33 Goldman Alts Heritage18:35 Pioneering GP Stakes19:45 Secondaries Since 199820:12 Apex of Private Markets21:08 Will Secondaries Be Core21:48 Max Flexibility for Wealth22:42 Customization vs Scale23:16 Flagships Then Bespoke23:49 Lessons from Private Wealth25:10 Broader Menu of Privates25:34 Closing Thoughts

Welcome back to the Alt Goes Mainstream podcast.We sat down with Brookfield Private Equity CEO Anuj Ranjan. 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.Brookfield has a rich legacy as an asset owner and operator of some of the “businesses that drive the global economy.” Brookfield is a firm where skin in the game (~25% of every fund includes an investment from Brookfield’s balance sheet) meets scale and synergies across its investment platform, which spans private equity, infrastructure, real estate, credit, and energy.Now, they are looking to own what’s next.What will the next era of private equity require? A different approach, according to Brookfield Private Equity CEO Anuj Ranjan. The conversation that Anuj and I had in the Tiny Space cabin covered big themes.Brookfield is investing in the megatrends that are driving the world’s economy across its platform, from digitalization to decarbonization to deglobalization. The firm’s focus on industrials in its private equity business makes it well equipped to invest in essential companies, as Brookfield aptly describes their investment focus as “own[ing] the boring that makes exciting possible.”Anuj and I had a fascinating conversation about the current state of private equity and what it will take to drive value in a new era for the industry where “12 is the new 5.” We covered:Brookfield’s history as an owner-operator.How the firm’s long-term perspective informs its investments in and ownership of private equity-backed companies.Anuj’s experience investing in India was an exercise in patience.Why is today the era of “roll up your sleeves private equity?”How Brookfield is approaching value creation in industrial companies.Where Brookfield believes it can leverage AI to create post-deal operational value.Why Brookfield partnered with OpenAI to create DeployCo in order to scale enterprise AI deployment.Where are we in the adoption curve of physical AI and robotics?BioAnuj Ranjan is Chief Executive Officer of Brookfield’s Private Equity Group and Brookfield Business Corporation. In this role, Mr. Ranjan is responsible for the investments, operations, and expansion of the Private Equity business, in addition to managing Brookfield’s external strategic partnerships. He is a member of Brookfield’s Executive Committee.Mr. Ranjan joined Brookfield in 2006 and has held various positions within the company and its affiliates. He established and previously led Brookfield’s India and Middle East operations.Mr. Ranjan holds a Master of Business Administration degree from Ivey Business School at Western University and a Bachelor of Science degree from the University of Alberta.Thanks, Anuj, for sharing your wisdom, expertise, and passion about private markets and how to create value through operating companies better.Show Notes00:00 Welcome to SuperReturn00:07 Meet Anuj Ranjan00:55 From Software to Finance02:03 Building India and Mideast02:48 India Deal Frenzy03:17 Five Years of Patience03:22 Learning Before Buying03:28 First True Buyouts04:06 Profits and Team Growth04:16 Taking Model Global04:32 Growth Amid Headwinds04:58 Roll Up Sleeves Private Equity Era05:06 Operational Value Creation05:12 Brookfield Platform DNA05:33 Balance Sheet Advantage05:54 Long-Term Investing06:12 Patience Gets Rewarded07:14 Testing Tech on Balance Sheet07:32 Owning What’s Next07:41 AI Needs Hard Assets07:58 Brookfield at the Center09:09 One Firm Collaboration09:51 Platform Informs Deals11:27 Westinghouse Nuclear Bet15:19 Picking the Right Carve Outs16:34 Pricing Power Example17:51 From Five to Twelve18:59 Why Carve Outs Win Now20:05 AI for Industrial Ops20:53 Data Before AI22:12 Predictive Maintenance Story23:31 Physical AI and Robotics24:52 Digitizing the Physical World25:33 Humanoid Robotics Timeline26:28 Deploying AI at Scale26:56 Execution Beats Innovation27:52 Best AI Investment Thesis28:00 Buying Boring Businesses28:52 AI Ready Leadership Team29:30 Hiring Real Tech Leaders30:00 Blockbuster vs Netflix30:43 Closing Reflections