The Private Markets Playbook

Welcome to the Allocate Podcast, an interview and educational content series to help investors learn and navigate investing in alternatives. Join us to hear from leading founders, fund managers, and allocators on the latest trends and the keys to successfully participating in the private markets.In this episode of the Allocate Podcast, host Samir Kaji chats with Neil Malik, Founder and CEO at K1 Investment Management. In this conversation, Neil shares his transformative journey in private equity, focusing on B2B software investments. The conversation also explores K1's approach to building a successful investment firm by prioritizing culture, talent development, and a process-oriented strategy. Neil discusses how the firm differentiates itself by hiring young talent, developing them internally, and maintaining a laser-focused approach to small-cap B2B software investments. The discussion also covers the evolving landscape of private equity, the impact of AI on technology investments, the importance of building strong, adaptable teams, insights into the challenges of scaling an investment firm, the changing dynamics of liquidity in private markets, the critical role of innovation in driving business growth, and so much more.About Neil MalikNeil Malik is the Founder and Chief Executive Officer of K1 Investment Management, where he oversees the firm's strategy, governance, and investment activities. Prior to establishing K1, Malik founded the growth equity practice at Kayne Anderson Capital Advisors, focusing on growth equity and buyout investments. He also held positions in the private equity groups of Brentwood Associates and Olympus Partners and began his career in the mergers and acquisitions group at J.P. Morgan Securities. Malik earned his MBA from Harvard Business School and holds dual bachelor's degrees—a BS in Finance from the Wharton School and a BAS in Electrical Engineering and Computer Science from the School of Engineering and Applied Science at the University of Pennsylvania.K1 Investment Management, headquartered in Manhattan Beach, California, is a leading private equity firm specializing in investments in high-growth, enterprise software companies. The firm partners with dynamic management teams to build category leaders, providing capital and operational expertise to drive growth and innovation. K1 has an impressive track record, having realized $2.9 billion in enterprise value in 2024 through seven transactions, including the acquisitions of GoCanvas by Nemetschek Group and Axcient by ConnectWise. The firm's portfolio includes notable investments in companies such as IRONSCALES, a leader in email security, and Board Intelligence, a prominent board management software platform. K1's success is attributed to its focus on enterprise software, strategic growth investments, and a commitment to fostering innovation within its portfolio companies.Timestamps:Topics in this conversation include:* Neil’s Background and Journey (1:21)* Differentiation in Private Equity (3:17)* Hiring Practices at K1 (7:23)* Challenges of Developing Talent (10:01)* Retention Strategies (13:26)* Functional Organization Structure (15:38)* Communication and Culture (20:20)* Investment Landscape Overview (24:08)* Liquidity Challenges and Metrics (28:08)* Democratizing Private Equity (33:25)* Impact of AI on Business Scaling (36:39)* Innovation in B2B vs. B2C (41:50)* Reflection on Past Predictions (44:10)* Exciting Opportunities Ahead (47:37)* Final Thoughts and Takeaways (48:36)DisclosureThe information on this page constitutes market commentary and is provided by Allocate Management Company, LLC, any of its affiliates or any of its or their affiliates, directors, officers, employees or advisers (collectively referred to herein as “Allocate”) for informational purposes only.Any opinions, assumptions, assessments, statements or the like (collectively, “Statements”) regarding market condition, future events or which are forward-looking, including Statements about investment processes, investment objectives, goals, risk management techniques, views of possible future outcomes in any investment asset class or market, or of possible future economic developments, constitute only market commentary based on the subjective views, beliefs, outlooks, forecasts, projections, estimations or intentions of Allocate, should not be relied on, are subject to change. Although Allocate believes that the expectations reflected in the Statements are reasonable, no representation is made or assurance given that such Statements are correct or that the objectives of an investment product or service will be achieved or that investors will receive a return of their capital or will not sustain losses. All investments involve risks and uncertainties, as disclosed in the applicable offering documents. Allocate undertakes no responsibility or obligation to revise or update any Statements. Statements expressed herein may not be shared by all personnel of Allocate. This page and the Statements are not intended as investment advice or recommendations by Allocate. It is Allocate’s policy that investment recommendations to its clients must be based on the investment objectives and risk tolerances of each individual client.This page and Statements may contain or are based on third-party sources that, although believed to be reliable, have not been independently verified. Market and investment views of third parties presented herein do not necessarily reflect the views of Allocate. All such information is as of the date indicated, if indicated, may not be complete, is subject to change. All rights to the trademarks, copyrights, logos and other intellectual property listed herein belong to their respective owners and the use of such logos hereof does not imply an affiliation with, or endorsement by, the owners of such trademarks, copyrights, logos and other intellectual property. Past performance is not indicative of future results.The statements reflect current hiring practices as of the date of recording and refers specifically to investment team members. There is no assurance that such practices will continue in the future or apply across all roles at the firm. Statements are illustrative and subject to change. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit joinallocate.substack.com

Welcome to the Allocate Podcast, an interview and educational content series to help investors learn and navigate investing in alternatives. Join us to hear from leading founders, fund managers, and allocators on the latest trends and the keys to successfully participating in the private markets.In this episode of the Allocate Podcast, host Samir Kaji welcomes John McArthur, Senior Partner and Chief Investment Officer of Krilogy. Samir and John discuss the evolving landscape of private markets and wealth management. John talks about his journey from traditional wirehouse firms to the independent space with Krilogy, highlighting the shift towards private market investments. Key topics include the competitive landscape for wealth advisors, the importance of private market exposure, the operational challenges these investments present, the role of technology in enhancing operational efficiency, future trends driven by changing demographics and client expectations, and so much more.About John M. McArthurJohn M. McArthur is the Senior Partner and Chief Investment Officer at Krilogy, a St. Louis-based financial services firm. He began his career with a six-year tenure at A.G. Edwards & Sons in Frontenac, Missouri, followed by over five years at Morgan Stanley Smith Barney in Chesterfield, Missouri. While with Transamerica in Los Angeles, he received a Personal Financial Planning designation from UCLA. In 2016, John earned the Certified Investment Management Analyst® (CIMA®) certification through the Investments & Wealth Institute, completing his studies at the MIT Sloan Executive Education Program.At Krilogy, John leads the Investment Committee and collaborates with teammates Jacob Steingrubey, CFP®, and Robin Grayek to provide personalized wealth management solutions. He is committed to delivering an institutional style of portfolio construction and management to the families they serve.John's dedication to excellence has been recognized by St. Louis Magazine, which has named him a 5-Star Wealth Manager on eight separate occasions.Beyond his professional achievements, John values tradition and leadership. He was an Academic All-American quarterback at the University of Missouri, playing alongside Krilogy Founder and Partner Kent Skornia, and later continued his athletic and academic pursuits at Northwestern University.Krilogy is a St. Louis-based wealth management firm dedicated to helping individuals, families, and businesses achieve their financial goals through comprehensive financial planning, investment management, and retirement solutions. The firm emphasizes a client-first approach, combining personalized strategies with institutional-level portfolio management. Krilogy’s team of advisors leverages advanced technology, market expertise, and a disciplined investment philosophy to deliver tailored financial solutions that align with each client’s unique needs. With a strong focus on growth, leadership, and innovation, Krilogy empowers clients to build and protect their wealth for the long term.Timestamps:Topics in this conversation include:* John’s Background in Wealth Management (1:15)* Shift from Wirehouse to Independence (3:05)* Evolution of Wealth Management (6:00)* Challenges of Offering Private Markets (10:00)* Krilogy's Evolution in Private Markets (14:43)* Advisor Fatigue with Investment Opportunities (17:55)* Behavioral Advantages of Illiquidity (21:33)* Customizing Portfolios for Clients (25:35)* Impact of AI on Wealth Management (30:21)* Future Challenges in Wealth Management (32:10)DisclosureThe information on this page constitutes market commentary and is provided by Allocate Management Company, LLC, any of its affiliates or any of its or their affiliates, directors, officers, employees or advisers (collectively referred to herein as “Allocate”) for informational purposes only.Any opinions, assumptions, assessments, statements or the like (collectively, “Statements”) regarding market condition, future events or which are forward-looking, including Statements about investment processes, investment objectives, goals, risk management techniques, views of possible future outcomes in any investment asset class or market, or of possible future economic developments, constitute only market commentary based on the subjective views, beliefs, outlooks, forecasts, projections, estimations or intentions of Allocate, should not be relied on, are subject to change. Although Allocate believes that the expectations reflected in the Statements are reasonable, no representation is made or assurance given that such Statements are correct or that the objectives of an investment product or service will be achieved or that investors will receive a return of their capital or will not sustain losses. All investments involve risks and uncertainties, as disclosed in the applicable offering documents. Allocate undertakes no responsibility or obligation to revise or update any Statements. Statements expressed herein may not be shared by all personnel of Allocate. This page and the Statements are not intended as investment advice or recommendations by Allocate. It is Allocate’s policy that investment recommendations to its clients must be based on the investment objectives and risk tolerances of each individual client.This page and Statements may contain or are based on third-party sources that, although believed to be reliable, have not been independently verified. Market and investment views of third parties presented herein do not necessarily reflect the views of Allocate. All such information is as of the date indicated, if indicated, may not be complete, is subject to change. All rights to the trademarks, copyrights, logos and other intellectual property listed herein belong to their respective owners and the use of such logos hereof does not imply an affiliation with, or endorsement by, the owners of such trademarks, copyrights, logos and other intellectual property.Past performance is not indicative of future results. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit joinallocate.substack.com

Welcome to the Allocate Podcast, an interview and educational content series to help investors learn and navigate investing in alternatives. Join us to hear from leading founders, fund managers, and allocators on the latest trends and the keys to successfully participating in the private markets.In this episode of the Allocate Podcast, host Samir Kaji chats with John Clendening, CEO and Co-Founder of Earned Wealth, a tech-driven wealth advisory firm for doctors and dentists. They discuss the modernization of wealth management, emphasizing personalized services enhanced by technology. John explains the founding of Earned Wealth, highlighting the unique financial challenges faced by medical professionals and the importance of niche focus. The conversation covers the role of technology in improving client experience and advisor efficiency, the impact of AI, evolving investment strategies, the future of wealth management, and so much more.About John ClendeningJohn Clendening is the Founder and CEO of Earned Wealth, a tech-enabled financial services firm dedicated to addressing the unique financial needs of medical professionals.With over two decades of experience in financial services, John has held several prominent leadership roles. He served as President and CEO of Blucora, a publicly traded technology-driven financial services firm, where he led the company to double-digit annual growth in revenue and profitability.Prior to Blucora, John spent over a decade at Charles Schwab, serving as President and co-Head of the U.S. and International retail division, and as CEO of Charles Schwab Bank. He also held senior roles at eMac Digital, First Union Bank, Wells Fargo, and The Coca-Cola Company. John earned his MBA from Harvard Business School and a BA in Economics from Northwestern University.Topics in this conversation include:* John's Background and Career Journey (1:10)* Founding Earned Wealth (3:33)* Challenges in Wealth Management (8:12)* Technology's Role in Personalization (12:35)* Investment Strategies and Alternatives (17:01)* Creating a Unique RA (21:12)* Differentiation Strategies (24:18)* Growth Capital and Acquisitions (27:51)* Technology Adoption Challenges (32:31)* Impact of AI on Wealth Management (35:34)* Importance of Human Relationships in Wealth Management (37:00)* Final Thoughts and Takeaways (41:05)DiscloserThe information on this page constitutes market commentary and is provided by Allocate Management Company, LLC, any of its affiliates or any of its or their affiliates, directors, officers, employees or advisers (collectively referred to herein as “Allocate”) for informational purposes only.Any opinions, assumptions, assessments, statements or the like (collectively, “Statements”) regarding market condition, future events or which are forward-looking, including Statements about investment processes, investment objectives, goals, risk management techniques, views of possible future outcomes in any investment asset class or market, or of possible future economic developments, constitute only market commentary based on the subjective views, beliefs, outlooks, forecasts, projections, estimations or intentions of Allocate, should not be relied on, are subject to change. Although Allocate believes that the expectations reflected in the Statements are reasonable, no representation is made or assurance given that such Statements are correct or that the objectives of an investment product or service will be achieved or that investors will receive a return of their capital or will not sustain losses. All investments involve risks and uncertainties, as disclosed in the applicable offering documents. Allocate undertakes no responsibility or obligation to revise or update any Statements. Statements expressed herein may not be shared by all personnel of Allocate. This page and the Statements are not intended as investment advice or recommendations by Allocate. It is Allocate’s policy that investment recommendations to its clients must be based on the investment objectives and risk tolerances of each individual client.This page and Statements may contain or are based on third-party sources that, although believed to be reliable, have not been independently verified. Market and investment views of third parties presented herein do not necessarily reflect the views of Allocate. All such information is as of the date indicated, if indicated, may not be complete, is subject to change. All rights to the trademarks, copyrights, logos and other intellectual property listed herein belong to their respective owners and the use of such logos hereof does not imply an affiliation with, or endorsement by, the owners of such trademarks, copyrights, logos and other intellectual property.Past performance is not indicative of future results. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit joinallocate.substack.com

Welcome to the Allocate Podcast, an interview and educational content series to help investors learn and navigate investing in alternatives. Join us to hear from leading founders, fund managers, and allocators on the latest trends and the keys to successfully participating in the private markets.In this episode of the Allocate Podcast, host Nic Millikan speaks with Cameron Dawson, CIO of NewEdge Wealth. They look into the current state of private markets, exploring trends like the impact of rising interest rates on deal flow and the increasing focus on operational efficiency in private equity. Cameron also shares her perspective on the potential resurgence of the IPO market and the risks of a market bubble, particularly in the technology sector. To navigate these complexities, Cameron advocates for uncorrelated strategies, emphasizing the importance of diversifying portfolios and mitigating equity risk to achieve long-term investment goals.Cameron Dawson, CFAAs Chief Investment Officer, Cameron spearheads the development of NewEdge Wealth’s investment themes, strategies, and market views while collaborating with the firm’s advisors and clients.Before joining NewEdge Wealth, Cameron served as Chief Market Strategist at Fieldpoint Private Securities and as a Senior Equity Analyst at Bank of America. With a robust background in macroeconomics, she has honed her skills in crafting forward-thinking investment themes and asset allocation strategies. She is renowned for her insightful and distinctive financial commentary and frequently appears on Bloomberg, CNBC, Fox Business and other media outlets. Cameron is a Chartered Financial Analyst®(CFA®) and a former board member of the CFA Society® of Orlando.Cameron has been recognized with numerous industry awards, including Institutional Investor RIA Intel CIO of the Year for 2024.A Florida native, Cameron earned her bachelor’s degree from Rollins College, where she graduated as Valedictorian, and her MBA from the Crummer Graduate School of Business at Rollins College.In this episode, we discuss:* (05:52)The intersection of dance and finance* (09:17) Current state of private markets* (20:20) Economic conditions and IPO landscape* (26:00) The impact of technological shifts on market dynamics* (29:00) Investment strategies in private markets* (32:20) Navigating esoteric asset classes* (40:48) Advice for new investors in private marketsDISCLOSUREThe information on this page constitutes market commentary and is provided by Allocate Management Company, LLC, any of its affiliates or any of its or their affiliates, directors, officers, employees or advisers (collectively referred to herein as “Allocate”) for informational purposes only.Any opinions, assumptions, assessments, statements or the like (collectively, “Statements”) regarding market condition, future events or which are forward-looking, including Statements about investment processes, investment objectives, goals, risk management techniques, views of possible future outcomes in any investment asset class or market, or of possible future economic developments, constitute only market commentary based on the subjective views, beliefs, outlooks, forecasts, projections, estimations or intentions of Allocate, should not be relied on, are subject to change. Although Allocate believes that the expectations reflected in the Statements are reasonable, no representation is made or assurance given that such Statements are correct or that the objectives of an investment product or service will be achieved or that investors will receive a return of their capital or will not sustain losses. All investments involve risks and uncertainties, as disclosed in the applicable offering documents. Allocate undertakes no responsibility or obligation to revise or update any Statements. Statements expressed herein may not be shared by all personnel of Allocate. This page and the Statements are not intended as investment advice or recommendations by Allocate. It is Allocate’s policy that investment recommendations to its clients must be based on the investment objectives and risk tolerances of each individual client.This page and Statements may contain or are based on third-party sources that, although believed to be reliable, have not been independently verified. Market and investment views of third parties presented herein do not necessarily reflect the views of Allocate. All such information is as of the date indicated, if indicated, may not be complete, is subject to change. All rights to the trademarks, copyrights, logos and other intellectual property listed herein belong to their respective owners and the use of such logos hereof does not imply an affiliation with, or endorsement by, the owners of such trademarks, copyrights, logos and other intellectual property.Past performance is not indicative of future results.Our theme song is Running Start by Chris Doerksen, published by Seven Seas Music Worldwide, and courtesy of Seven Seas Music, Inc. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit joinallocate.substack.com

Welcome to the Allocate Podcast, an interview and educational content series to help investors learn and navigate investing in alternatives. Join us to hear from leading founders, fund managers, and allocators on the latest trends and the keys to successfully participating in the private markets.In this episode of the Allocate Podcast recorded live at FutureProof Festival, Samir Kaji is joined by Jordan Stein, Managing Director at Cresset Private Capital, and Mark Suster, Partner at Upfront, to discuss the evolving landscape of venture capital. They explore significant shifts in the industry over the past two decades, including the increasing institutional acceptance of venture capital, the elongation of the time companies stay private, and the changing dynamics of exit strategies. The conversation also dives into the current market cycle, the impact of artificial intelligence on investment opportunities, and the importance of evaluating fund managers and GP-LP relationships in venture capital.Jordan SteinJordan serves as a Managing Director, Cresset Private Capital and is responsible for evaluating investment opportunities across a variety of industries and products. Prior to Cresset, Jordan served in multiple roles for a large vocational education company, including Chief of Staff to the CEO, Brand President, and Director of Financial Planning and Analytics. Before that, Jordan spent two years at Moelis & Company focusing on middle-market M&A advisory.Jordan received his MBA from the University of Chicago Booth and holds a Bachelor of Arts in Economics and Accounting from Claremont McKenna College. He currently resides in the Gold Coast neighborhood of Chicago.Mark SusterMark Suster is a Partner at Upfront. He previously was the founder & CEO of two successful enterprise software companies, the most recent of which was sold to Salesforce.com where Mark became VP, Products. Prior to being a founder, Mark was a software developer at Accenture where he lived and worked in Europe, Japan and the U.S. Mark is a graduate of UCSD and has an MBA from the University of Chicago.In this episode, we discuss:* (02:12) Evolution of venture capital as an asset class* (05:34) The shift in exit strategies and liquidity* (12:23) Current market cycle and investment timing* (17:30) The impact of AI on venture capital* (22:49) Evaluating venture Fund Managers and GP-LP relationshipsDISCLOSUREThe information on this page constitutes market commentary and is provided by Allocate Management Company, LLC, any of its affiliates or any of its or their affiliates, directors, officers, employees or advisers (collectively referred to herein as “Allocate”) for informational purposes only.Any opinions, assumptions, assessments, statements or the like (collectively, “Statements”) regarding market condition, future events or which are forward-looking, including Statements about investment processes, investment objectives, goals, risk management techniques, views of possible future outcomes in any investment asset class or market, or of possible future economic developments, constitute only market commentary based on the subjective views, beliefs, outlooks, forecasts, projections, estimations or intentions of Allocate, should not be relied on, are subject to change. Although Allocate believes that the expectations reflected in the Statements are reasonable, no representation is made or assurance given that such Statements are correct or that the objectives of an investment product or service will be achieved or that investors will receive a return of their capital or will not sustain losses. All investments involve risks and uncertainties, as disclosed in the applicable offering documents. Allocate undertakes no responsibility or obligation to revise or update any Statements. Statements expressed herein may not be shared by all personnel of Allocate. This page and the Statements are not intended as investment advice or recommendations by Allocate. It is Allocate’s policy that investment recommendations to its clients must be based on the investment objectives and risk tolerances of each individual client.This page and Statements may contain or are based on third-party sources that, although believed to be reliable, have not been independently verified. Market and investment views of third parties presented herein do not necessarily reflect the views of Allocate. All such information is as of the date indicated, if indicated, may not be complete, is subject to change. All rights to the trademarks, copyrights, logos and other intellectual property listed herein belong to their respective owners and the use of such logos hereof does not imply an affiliation with, or endorsement by, the owners of such trademarks, copyrights, logos and other intellectual property.Past performance is not indicative of future results.Our theme song is Running Start by Chris Doerksen, published by Seven Seas Music Worldwide, and courtesy of Seven Seas Music, Inc. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit joinallocate.substack.com

Welcome to the Allocate Podcast, an interview and educational content series to help investors learn and navigate investing in alternatives. Join us to hear from leading founders, fund managers, and allocators on the latest trends and the keys to successfully participating in the private markets.In this episode of the Allocate Podcast, host Nic Millikan, Head of Investments for Allocate, interviews David Lebovitz, Managing Director and Global Market Strategist at J.P. Morgan Asset Management. They dive into recent trends in private equity and venture capital, discussing the recovery from a challenging period, the resurgence of the IPO market, and strategic insights for navigating between public and private markets. David shares his expertise on market valuations, regulatory impacts, and long-term investment assumptions, offering a comprehensive view of the current investment landscape and future opportunities.About David M. Lebovitz:David M. Lebovitz is Managing Director, is a Global Market Strategist on the J.P. Morgan Asset Management Global Market Insights Strategy Team. In this role, David is responsible for delivering timely market and economic insights to clients across the country. Since joining the team, David has helped build the Market Insights program in the United Kingdom and Europe, has appeared on both Bloomberg TV and CNBC, and is often quoted in the financial press.David joined J.P. Morgan in 2010. Prior to joining the firm, David was a Research Analyst at Kobren Insight Management. At Kobren, David was responsible for small and mid-cap equity research and worked alongside the CIO and other analysts to construct model portfolios for investors of various risk tolerances.David obtained a B.A. in Political Science and Philosophy, with a concentration in Leadership Studies, from Williams College in 2009. He earned a dual-MBA degree from Columbia University and London Business School in 2015.In this episode, we discuss:(02:03) David's Role and Experience(03:33) Recent Trends in Private Equity and Venture Capital(06:19) Current Market Conditions and Drivers(08:16) Valuation Environment in Private Equity and Venture Capital(11:00) Impact of Regulatory Environment on Private Equity(13:12) Long-Term Capital Market Assumptions(16:40) Differentiation Between Venture and Buyout Strategies(19:33) Resurgence of the IPO Market(22:28) Liquidity Impact on Market Dynamics(24:03) Key Investment Themes(26:22) Innovation Economy in Private MarketsDISCLOSUREThe information on this page constitutes market commentary and is provided by Allocate Management Company, LLC, any of its affiliates or any of its or their affiliates, directors, officers, employees or advisers (collectively referred to herein as “Allocate”) for informational purposes only.Any opinions, assumptions, assessments, statements or the like (collectively, “Statements”) regarding market condition, future events or which are forward-looking, including Statements about investment processes, investment objectives, goals, risk management techniques, views of possible future outcomes in any investment asset class or market, or of possible future economic developments, constitute only market commentary based on the subjective views, beliefs, outlooks, forecasts, projections, estimations or intentions of Allocate, should not be relied on, are subject to change. Although Allocate believes that the expectations reflected in the Statements are reasonable, no representation is made or assurance given that such Statements are correct or that the objectives of an investment product or service will be achieved or that investors will receive a return of their capital or will not sustain losses. All investments involve risks and uncertainties, as disclosed in the applicable offering documents. Allocate undertakes no responsibility or obligation to revise or update any Statements. Statements expressed herein may not be shared by all personnel of Allocate. This page and the Statements are not intended as investment advice or recommendations by Allocate. It is Allocate’s policy that investment recommendations to its clients must be based on the investment objectives and risk tolerances of each individual client.This page and Statements may contain or are based on third-party sources that, although believed to be reliable, have not been independently verified. Market and investment views of third parties presented herein do not necessarily reflect the views of Allocate. All such information is as of the date indicated, if indicated, may not be complete, is subject to change. All rights to the trademarks, copyrights, logos and other intellectual property listed herein belong to their respective owners and the use of such logos hereof does not imply an affiliation with, or endorsement by, the owners of such trademarks, copyrights, logos and other intellectual property.Past performance is not indicative of future results. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit joinallocate.substack.com