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

Welcome back to the Alt Goes Mainstream podcast.The Goldman Sachs Alternatives Summit “convened leaders across finance, geopolitics, technology, and culture” to discuss themes driving global markets.2025’s Alternatives Summit was about “navigating a world in flux,” as the firm’s recap of its event noted. The event aimed to help investors cut through the noise and put together the pieces of the puzzle in a dynamic and increasingly complex world. Alt Goes Mainstream joined the event to have unscripted conversations with Goldman Sachs Alternatives leaders to cut through the noise by unpacking key themes and trends at the intersection of private markets and private wealth.In this special series, we went behind the scenes and interviewed six Goldman Sachs Alternatives leaders about their current thinking on private markets and how the firm has built and evolved its private markets capabilities.This conversation was with Michael Bruun, Global Co-Head of Private Equity within Goldman Sachs Asset Management. He is a member of the Goldman Sachs Asset Management International Management Committee, Asset Management (AM) Private Equity Investment Committee, AM Growth Equity Investment Committee, AM Sustainable Investing Investment Committee, Asset & Wealth Management Inclusion and Diversity Council and is a member of the Goldman Sachs Firmwide Client Franchise Committee. In 2021, Michael was named Head of EMEA Private Equity within Goldman Sachs Asset Management and from 2019 to 2021, he was Head of Private Equity and Growth Equity investing for India. Michael joined the Merchant Banking Division in 2010 and worked in London and New York. Prior to that, he was a member of the Nordic Mergers & Acquisitions team in the Investment Banking Division (IBD), after initially joining IBD in 2005. Michael joined Goldman Sachs as an Analyst in the Fixed Income, Currency and Commodities Division in 2004. He was named Managing Director in 2013 and partner in 2016. Michael serves on the boards of Advania, Kahoot!, LRQA, Norgine, Synthon and Trackunit. He is a founding partner of the Human Practice Foundation in Denmark and a trustee in the UK. Michael earned a BA in Economics from the University of Copenhagen.Michael and I had a fascinating conversation about private equity, today’s investing environment, the hardest part about investing today, and how product innovation is impacting private equity’s market structure. We discussed:How investors can approach allocating to private equity today.The toolkit required to generate returns in private equity.The importance of network and operating partners in value creation.How new product innovation and new structures like evergreens and continuation vehicles are changing growth equity and private equity. The importance of understanding macro in a new world order of geopolitics and a new world order of investing.The skillsets that investors need to have to be a good investor in today’s investing environment.The hardest part about investing today. Thanks Michael for sharing your wisdom, expertise, and passion about private equity. Show Notes00:56 Welcome to the Alt Goes Mainstream Podcast02:04 Michael Bruun's Background and Career02:31 Evolution of Private Equity03:14 Impact of Market Changes on Private Equity03:43 Operational Value Creation04:50 Importance of Value Creation Resources05:33 Driving EBITDA Growth06:04 Goldman's Value Acceleration Resources07:18 Focus on Data and AI08:27 AI in Different Sectors11:22 Goldman's Investment Strategy14:28 Scale and Capital in Private Equity15:40 Co-Investments and Evergreen Vehicles18:11 Flexibility in Private Markets23:53 Navigating Volatility24:59 Post-Investment Operations25:23 Goldman Sachs Engineering26:05 Future of Private Equity27:39 CEO AI Academy28:01 Conclusion and Final ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant.

Welcome back to the Alt Goes Mainstream podcast.The Goldman Sachs Alternatives Summit “convened leaders across finance, geopolitics, technology, and culture” to discuss themes driving global markets.2025’s Alternatives Summit was about “navigating a world in flux,” as the firm’s recap of its event noted. The event aimed to help investors cut through the noise and put together the pieces of the puzzle in a dynamic and increasingly complex world. Alt Goes Mainstream joined the event to have unscripted conversations with Goldman Sachs Alternatives leaders to cut through the noise by unpacking key themes and trends at the intersection of private markets and private wealth.In this special series, we went behind the scenes at the Goldman Sachs Alternatives Conference and interviewed six Goldman Sachs Alternatives leaders about their current thinking on private markets and how the firm has built and evolved its private markets capabilities.This conversation was with Kristin Olson, Partner, Global Head of Alternatives for Wealth within Asset & Wealth Management and a member of the Management Committee. In her role, she oversees the global alternatives platform and alternatives product strategy across wealth client businesses. Kristin joined Goldman Sachs in 1998 as an Analyst in the Financial Institutions Group in the Investment Banking Division. She was named Managing Director in 2008 and Partner in 2014. Kristin is a member of the Cold Spring Harbor Laboratory, a leading research institution focusing on cancer, neuroscience, plant biology, genomics, and bioinformatics, and is a member of the Georgetown University Board of Regents. Kristin earned a BS in International Economics, magna cum laude, from Georgetown University in 1998.Kristin and I had a fascinating conversation about private markets, private wealth, how to approach strategic and tactical asset allocation, the evolving needs of an investor, and why education and financial media are becoming increasingly important tools for investors. We discussed:Lessons learned from working with Goldman Private Wealth clients that the firm has applied to how they approach serving client needs across the wealth channel with private markets solutions.Why Millennials are interested in investing in private markets.How investors can access innovation by investing in private markets.How can alternative asset managers approach educating the client and investor of the future?How private markets fits into a strategic asset allocation framework.The next evolution in private markets education for the wealth channel investor.The main source of information about private markets for investors.The future of implementation, model portfolios, and hybrid products in private markets.Thanks Kristin for sharing your wisdom, expertise, and passion at the intersection of private markets and private wealth. Show Notes00:41 Welcome to the Alt Goes Mainstream Podcast01:35 Kristin Olson's Background and Career Evolution01:59 The Evolution of Alternative Investments02:46 Lessons from Goldman Wealth Clients03:36 Diversification and Education in Alternatives04:23 Serving Broader Wealth Channels05:37 Balancing Customization and Scale07:20 Survey Insights on Millennial Investors08:44 Building the Goldman Sachs Brand for the Future09:43 The Importance of Education in Alternatives10:53 Early Adoption of Private Markets in Wealth Channels12:28 Consolidation and Partnerships in Private Markets16:42 Advice for New Investors in Private MarketsEditing and post-production work for this episode was provided by The Podcast Consultant.

Welcome back to the Alt Goes Mainstream podcast.The Goldman Sachs Alternatives Summit “convened leaders across finance, geopolitics, technology, and culture” to discuss themes driving global markets.The 2025 Alternatives Summit was about “navigating a world in flux,” as the firm’s recap of its event noted. The event aimed to help investors cut through the noise and put together the pieces of the puzzle in a dynamic and increasingly complex world. Alt Goes Mainstream joined the event to have unscripted conversations with Goldman Sachs Alternatives leaders to cut through the noise by unpacking key themes and trends at the intersection of private markets and private wealth.In this special series, we went behind the scenes at the Goldman Sachs Alternatives Conference and interviewed six Goldman Sachs Alternatives leaders about their current thinking on private markets and how the firm has built and evolved its private markets capabilities.Our first conversation was with Matt Gibson, who is head of the Client Solutions Group within Goldman Sachs Asset Management. Prior to his current role, Matt served as co-head of the Technology, Media and Telecommunications Group in the Investment Banking Division from 2021 to 2023. Before that Matt served as co-head of One Goldman Sachs from 2019 to 2021 and served as global co-head of Client Coverage within Investment Banking Services from 2015 to 2020. He joined Goldman Sachs in 2001 as an associate and was named managing director in 2008 and partner in 2010. Prior to joining the firm, Matt was a US naval officer for five years, working in a variety of capacities on two different US Navy ships. During this time, Matt’s service centered on operations in the Western Pacific, Persian Gulf, Mediterranean Sea and Adriatic Sea. Matt serves on the US Naval Academy Board of Trustees and the Global Advisory Board for the Kellogg School of Management at Northwestern University. Matt earned a BS in Political Science from the United States Naval Academy in 1994 and an MBA from the Kellogg School of Management at Northwestern University in 2001.Matt and I had a fascinating conversation about Goldman’s evolution of its private markets strategy and how the firm’s “One Goldman Sachs” initiative has enabled them to bring the entire firm to bear as it helps deliver solutions for both wealth and institutional clients. We covered:How Matt’s experiences across the firm inform the way he approaches solving needs for clients.The how and the why behind the “One Goldman Sachs” initiative.Goldman’s client-centric approach. Why it matters to be an early mover in certain instances in private markets.Goldman’s approach to partnerships in private markets.The power of the platform and how Goldman leverages its platform to help its private markets efforts.The importance of understanding geopolitics in today’s increasingly complicated investing world.Thanks Matt for sharing your expertise, wisdom, and passion for private markets and private wealth. Show Notes00:42 Welcome to the Alt Goes Mainstream Podcast00:56 Goldman Sachs Alternatives Conference Overview01:09 Interview with Matt Gibson02:26 Matt Gibson's Career Journey02:50 The Importance of Client Engagement03:17 One Goldman Sachs Initiative04:13 Commercial and Cultural Impact of One Goldman Sachs05:11 Convergence of Public and Private Markets06:04 Growth in Retail and Institutional Alternatives07:44 Balancing Customization with Scale08:23 Leveraging the Goldman Sachs Platform10:10 Origination and Investment Banking Synergy11:23 Infusing Goldman Sachs Culture12:34 Private Markets Culture and Strategy13:35 Building Capabilities Through Partnerships15:19 LP Relationships and Private Markets Evolution16:44 Strategic Decisions in Private Markets19:13 Agility in Product Strategy21:08 Serving Clients in Private Markets25:41 Geopolitical Considerations in Investing28:06 Mega Trends and Geopolitics29:47 Future of Private Markets30:37 Conclusion and Final ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant.

Welcome back to the Alt Goes Mainstream podcast.Today’s episode features a pioneer who has been building the core infrastructure that is making private markets go mainstream.We talk with Gary Tenkman, a 30-year veteran of the fund administration world who is the CEO of Ultimus Fund Solutions. Ultimus serves over 450 clients and 2,300 funds, representing $725B of assets under administration, all handled by a team of over 1,100 professionals. Ultimus, which is backed by private equity firm, GTCR and, more recently, Stone Point, is able to help investment managers navigate a growing array of challenges that include elaborate fund structures and evolving compliance requirements. Gary has built a business that combines the best of technology and human experts in fund administration to serve many of the industry’s largest funds. Ultimus has also been a big part of the ability for private markets to innovate with evergreen and interval fund structures since they have the necessary infrastructure and services to help fund managers launch, run, and administer evergreen structures.Prior to joining Ultimus as CEO, Gary was Head of North American Operations at another large fund service provider, where he was responsible for service delivery for all clients in the region. During his 16 years there, he held leadership positions in alternative investment fund services, European fund services, and US fund services.Gary and I had fascinating conversation about the evolution of fund administration and how fund administration in private markets has changed with the growing interest in evergreen and interval funds. We discussed:How fund administration has changed over the 30 years Gary has been in the industry.Will the evergreen fund industry mirror the growth and evolution of the mutual fund industry?The gap that Gary and Ultimus saw in private markets fund administration.Why fund services for evergreen fund structures is very complex and hard to do well.How technology can provide leverage to fund administration.Will AI impact fund administration?Why fund services are a compelling investment category for private equity.Thanks Gary for coming on the show to share your wisdom and experience and thanks for your support of Alt Goes Mainstream. The work you’re doing at Ultimus is making a big impact on evolving the industry, so it’s an honor to have you partner with AGM. We hope you enjoy.Show Notes01:01 Introduction to the Alt Goes Mainstream Podcast01:10 Gary Tenkman: A Pioneer in Fund Administration01:17 Ultimus Fund Solutions: An Overview01:50 Innovations in Private Markets02:02 Gary's Career Journey02:20 The Evolution of Fund Administration02:38 Challenges in Fund Services for Evergreen Structures02:46 The Role of Technology in Fund Administration06:58 Automation and Data Standardization11:15 AI in Fund Administration12:09 Fund Level vs. Asset Level Data13:16 Lessons from the Mutual Fund Industry13:58 Product Innovation in Private Markets18:30 Navigating the Evergreen Space23:20 Distribution Strategies for Private Markets25:35 The Importance of Service Providers26:50 The Evolution of Ultimus Fund Solutions27:19 Evolution of Ultimus: The Early Days28:02 Client-Centric Focus: The Key to Success28:16 Investing in Technology and Growth28:35 Mergers and Acquisitions: Building Scale28:58 Private Side Expansion and Momentum29:40 Challenges and Solutions in Private Markets30:40 Client-Centric Culture: What It Means31:34 Delivering High-Quality Client Service32:28 Maintaining Culture Amidst Growth33:27 Industry Consolidation: A Historical Perspective34:09 New Partnerships and Investments35:26 Future M&A Opportunities35:43 Stone Point's Investment in Ultimus36:34 Growth in Private Funds and Evergreen Structures37:29 Convergence of Public and Private Markets38:05 Hybrid Product Structures: Opportunities and Challenges39:45 Regulatory Challenges in Retail Alts40:58 Education and Adoption in Private Markets45:54 401k and Retirement Space: Unlocking Potential48:04 Exciting Trends in Private MarketsEditing and post-production work for this episode was provided by The Podcast Consultant.

Welcome back to the Alt Goes Mainstream podcast.Today’s episode brings infrastructure investing to life — literally.We sat down in and walked through one of Stonepeak’s data center assets with Managing Director and CEO of SP+ INFRA, Cyrus Gentry.Cyrus has played an integral role in Stonepeak’s rapid ascent as a firm and the growth of its wealth solutions business, Stonepeak+, joining early in the firm’s history and helping the firm grow to approximately $80B in AUM.Cyrus brings a private equity perspective to infrastructure investing. Prior to Stonepeak, he held investing roles at BC Partners and Advent International. He also serves as one of the Church Commissioners for the Church of England, who hold responsibility for managing the Church’s £11.1B permanent endowment fund.Cyrus and I had a fascinating and thought-provoking discussion about infrastructure investing and why and how it can fit within a wealth client’s portfolio. We covered:How Cyrus’ background in private equity investing has transferred over to investing in infrastructure.The opportunity and risks of data center investing.The risk of overbuilding in data centers.Why location matters for data centers.What makes interconnection data centers attractive data center assets.How Cyrus and Stonepeak have built their wealth solutions business and how they’ve endeavored to be different in how they’ve built out the business.How Stonepeak’s wealth business is a reflection of the firm’s DNA.Thanks Cyrus for coming on the show to share your expertise, wisdom, and passion for infrastructure investing and working with the wealth channel.Show Notes00:00 Introduction and Sponsor Message01:57 Welcome to the Alt Goes Mainstream Podcast02:04 Introducing Cyrus Gentry and Stonepeak00:00 Introduction and Sponsor Message03:25 Cyrus's Journey from Private Equity to Infrastructure04:56 Understanding Infrastructure Investing06:10 The Importance of Moats in Infrastructure06:57 Differences Between Private Equity and Infrastructure07:38 Stonepeak's Growth and Strategy09:06 Specialization in Infrastructure Investment09:54 Balancing Long-Term Horizons with Industry Changes11:15 The Role of Data Centers in Modern Life14:43 Investment Perspectives on Connectivity15:55 Challenges in Infrastructure Investing17:10 Executing Value Creation Plans19:06 Structured Capital in Infrastructure Deals21:17 Trends and Scale in Infrastructure Investment22:43 Patience and Discipline in Investment23:34 Global Expansion and Strategy Diversification24:09 Collaborative Approach with Corporates24:42 Capital and Problem Solving25:02 Building Stonepeak Wealth Solutions25:30 Infrastructure Asset Class Benefits25:47 Strategic Planning and Vision26:05 Creation of Stonepeak-Plus26:15 Early Discussions on Wealth Business27:32 Team Dynamics and Entrepreneurial DNA27:59 Understanding the Wealth Market28:56 Educating Investors on Infrastructure29:50 Allocating Infrastructure in Portfolios30:07 Global Perspectives on Infrastructure32:18 Learning from Institutional Investors33:19 Common Questions from Wealth Channel34:02 Mega Trends and Investment Strategies34:46 Core, Core Plus, and Value Add Assets36:12 AI and Data Centers40:20 Power and Energy in Data Centers42:34 Local and Global Investment Strategies44:12 Geopolitical Risks and Infrastructure46:36 Lessons Learned and Future OutlookEditing and post-production work for this episode was provided by The Podcast Consultant.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.

It all comes back to the DNA.The firms that know who they are will know who to be.You can learn a lot about an investment firm by listening to what they say.Alt Goes Mainstream’s AGM Originals Series - The DNA: Capturing Culture - is dedicated to capturing the DNA of a firm by listening to what they say.The first season of The DNA stars EQT. In Stockholm, at EQT’s AIM this past summer, I sat down for conversations with nine EQT executives.Each executive came from different parts of the firm — and different parts of the world.Each had fascinating backgrounds and stories about how they ended up in private markets and worked to build EQT.But there was a single throughline threaded throughout all of the discussions: the consistency and frequency that each executive talked about the firm’s mission, vision, culture, and values.That’s why it all comes back to the DNA.Episode 2 features EQT's Jean Eric Salata.Jean Eric Salata is the Chairperson EQT Asia and Head of Private Capital Asia. Jean started the regional Asian private equity investment program for UK-based Baring Private Equity Partners Ltd in 1997 and later led the management buyout of this program in 2000 to establish BPEA as an independent Firm. He has since been responsible for the investment activity of BPEA until 2022, when the company joined forces with EQT and was renamed BPEA EQT.Prior to BPEA, Jean was a Director of Hong Kong-based AIG Global Investment Corporation (Asia) Ltd., the Asian private equity investment arm of AIG. Prior to that, Jean was the Executive Vice President of Finance of Shiu Wing Steel, a Hong Kong-based industrial concern, and prior to that a management consultant with Bain & Company based in Hong Kong, Sydney, and Boston.Jean holds a B.S. (Hons) in Finance and Economics from the Wharton School of the University of Pennsylvania, where he graduated magna cum laude.Please enjoy this conversation with one of the industry's leaders in Jean Eric Salata.You can stream all the episodes on AGM’s YouTube channel at AltGoesMainstreamAGM.Show Notes00:00 Introduction: The DNA of Firms00:34 Conversations with EQT Executives01:05 Jean Salata: Chairperson of EQT Asia01:32 Jean's Early Life and Career02:26 Journey to Asia03:28 Cultural Comparisons and Private Equity04:45 The Asian Private Equity Market05:09 Structural Alpha in Asia06:12 Shareholder Activism in Japan06:45 Liquidity in Indian Stock Market08:10 Evolution of BPEA's Strategy10:16 Challenges and Opportunities in Asia11:42 EQT's Partnership and Culture12:04 Building a Lasting Enterprise13:23 Industry Consolidation Trends14:54 Growth Opportunities in Asia15:24 Rebalancing Capital to Asia16:07 Underpenetration in Private Equity18:17 Family Businesses and Generational Change18:46 Wallenberg Heritage and EQT's Reputation20:02 Long-term Growth in Asia20:50 Mid-Market Growth Fund21:21 Exit Market in Asia23:01 Perceived vs. Actual Risk in Asia23:49 Thematic Investing and Value Creation24:32 Alpha in Asian Markets25:35 Intellectual Stimulation in Asia26:44 Leadership and Continuous Learning28:38 Motivation and Career Development31:12 Conclusion and Final Thoughts

It all comes back to the DNA.The firms that know who they are will know who to be.You can learn a lot about an investment firm by listening to what they say.Alt Goes Mainstream’s AGM Originals Series - The DNA: Capturing Culture - is dedicated to capturing the DNA of a firm by listening to what they say.The first season of The DNA stars EQT. In Stockholm, at EQT’s AIM this past summer, I sat down for conversations with nine EQT executives.Each executive came from different parts of the firm — and different parts of the world.Each had fascinating backgrounds and stories about how they ended up in private markets and worked to build EQT.But there was a single throughline threaded throughout all of the discussions: the consistency and frequency that each executive talked about the firm’s mission, vision, culture, and values.That’s why it all comes back to the DNA.Episode 1 features EQT Founder and Chairperson Conni Jonsson. Conni founded EQT Partners AB in 1994. He has been Managing Partner since the company's foundation and as from March 1, 2014, Conni is full time working Chairperson.Prior to founding EQT Partners AB, Conni was employed by the Wallenberg Family Holding Company for seven years as Executive Vice President.Conni Jonsson graduated from the University of Linkoping in 1984, Bachelor of Science with majors in Economic Analysis and Accounting & Finance, and he has participated in the Program for Management Development at the Harvard Business School.Please enjoy this conversation with one of the industry's leaders in Conni Jonsson.You can stream all the episodes on AGM’s YouTube channel at AltGoesMainstreamAGM.Show Notes 00:00 The DNA: Capturing Culture Episode 100:21 EQT's Origins and Global Reach01:38 Conni Jonsson's Background and Journey02:00 Founding EQT: Embracing Uniqueness04:03 Balancing Responsibility and Financial Outcomes05:09 The Wallenberg Family's Influence06:36 Long-Term Thinking in Investing07:20 Operationalizing Long-Term Values08:13 EQT's Distinct Investment Approach10:12 The Importance of Culture in Business11:28 EQT's Focus on Core Competencies12:53 Global Investment Strategies13:20 Engaging with Institutional and Wealth Investors14:15 Educating the Wealth Channel17:10 Diversification and Global Exposure18:19 Investing in Asia: Structural Alpha20:40 Mitigating Political Risks20:47 Future Skills in Private Markets22:51 Aligning Good Business with Good Returns24:38 Conclusion: The Winner Takes It All