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

Welcome back to the Alt Goes Mainstream podcast.
Today’s episode is with a founder who is building mission-critical valuation and portfolio monitoring software for alternative asset managers.
We are joined by Yann Magnan, the Co-Founder and CEO of 73 Strings, to discuss how valuation work and portfolio monitoring is moving from manual to automated and why that’s so important for the industry. 73 Strings has leveraged AI and automation to more seamlessly and cost-effectively extract data, monitor portfolios, and streamline middle-office processes for valuations. 73 Strings works with a number of the industry’s top alternative asset managers and has received investment from Blackstone, Growth Equity at Goldman Sachs Alternatives, Hamilton Lane, Golub, Fidelity International Strategic Ventures, and Broadhaven Ventures, amongst others.
Yann has brought his experience as a senior member of the Duff & Phelps team, where he was EMEA Market Leader and member of the Global Operating Committee and as a Partner at EY’s Transaction Advisory Services to help bring valuation and portfolio monitoring solutions into the mainstream.
Yann and I had a fascinating conversation about how technology innovation and AI are impacting private markets and perspectives on valuation work today. We discussed:
The challenges with manual valuation services businesses.
How to create uniformity and standardization with private markets fund performance data.
How AI is changing private markets post-investment reporting processes.
Does automation in private markets help big funds or small funds more?
The evolution of post-investment private markets market structure.
The biggest technology innovation still missing from private markets.
Why the growth of the wealth channel and evergreen funds increases the need for more streamlined reporting and valuation solutions.
Thanks Yann for coming on the show to share your expertise, insights, and passion about private markets.
Show Notes
00:00 AI Since Day One
01:06 A Message from our Sponsor, Ultimus
02:02 Introduction to Yann Magnan
04:11 From Manual To Automated
04:44 Excel Google Email
04:58 Cloud And Early AI
05:07 Governed Auditable Process
05:30 Founding 73 Strings
05:36 Two Valuation Platforms
05:55 Scaling With Alts Growth
06:28 Evergreen Acceleration
06:54 Retail Investor Expectations
07:09 Transactions Need Fresh NAVs
07:44 Valuations For Transactions
08:14 Continuation Vehicles Context
08:42 Reporting To Trading Shift
09:07 Illiquid Vs Liquid Compare
09:18 Mimicking Public Markets
09:43 Valuation Philosophy Changes
10:27 Back Office To Front Office
11:25 New Stakeholders To Balance
11:59 Why Private Must Feel Public
12:20 Transparency And Liquidity
13:18 Is Liquidity Good
15:11 Evergreen Process Differences
16:09 Higher Frequency Requirements
18:00 Tech Leverage Points
18:53 People Plus Technology
19:44 Portfolio Data As DNA
21:02 No Single Valuation Standard
21:47 Consistency Over Time
22:20 Human In The Loop
22:42 Art And Science Framework
24:03 No One Best Method
24:55 Wealth Channel Education
25:30 What LPs Should Ask
26:46 What Top GPs Want
27:38 Global Tech Adoption
28:49 Fundraising Drives Ops
30:23 AI Data Extraction Story
31:48 Standardizing Data Labels
32:21 Data Model Requirements
32:52 Is Data A Moat
33:14 Turning Data Into Insights
33:54 Scale Versus Specialization
35:04 Tech Helps Small Managers
36:21 AI Impact On All Funds
36:44 Starting Before GenAI Boom
37:42 ML And NLP Foundations
38:40 Agents Accelerate Valuations
39:26 Overnight Valuation Refresh
39:57 More Frequent Valuations
40:10 Limits Of Daily Data
41:03 Explainability And Trust
41:42 Next Market Structure Shift
42:09 Digital GP LP Data Sharing
43:12 Interconnection Needs Trust
43:46 Closing Thanks

A Word from Our Sponsor, Ultimus
This 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].
We 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 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.
Hartley Rogers is a pioneer in private markets. He is the Executive Co-Chairman of Hamilton Lane, where he plays a significant role in investing and client relationship activities, as well as in strategic and organizational development. He is a Member of the Investment Committees and is the Chairman of the Board of Directors. Prior to joining Hamilton Lane in 2003, Hartley was a Managing Director in the private equity fund management areas at Morgan Stanley and at Credit Suisse. He started his career on Wall Street in 1981.
This was a thoroughly fascinating conversation. Hartley’s wealth of knowledge made for a nuanced discussion that married the evolution of the business of asset management with why and how product structure innovation has unfolded as it has in private markets. We also dove into an area that is Hartley’s passion: venture and the innovation economy.
We covered:
Hamilton Lane’s evolution scaling from 50 people in a single office to 800 people across 22 offices.
The transformation from investment consulting into a solutions provider and asset manager for investors.
The importance of data, tools, access, and portfolio construction to manage the increasing complexity of private markets.
How will the wealth channel invest in private markets?
The misconceptions of evergreens being “ATMs.”
What is the “special sauce” in constructing an evergreen portfolio?
How secondaries can help feed the evergreen fund engine.
What defines a manager’s edge.
What private markets strategies excite Hartley.
I’m really excited to share this conversation with you all, as it’s equal parts invigorating and informative.
Thanks Hartley for sharing your wisdom, expertise, and passion about private markets.
Show Notes

00:00 Hamilton Lane -Then and Now
03:55 Hartley’s Origin Story
04:39 Hamilton Lane’s Consulting Roots
04:57 From Consulting to OCIO Partner
05:15 Scaling Changed the Job
06:53 Why Clients Still Need Help
07:15 Trillions in Private Markets
07:44 Mega-Managers and Complements
08:56 Finding Smaller Manager Alpha
09:20 Middle Market Opportunity
09:47 Why Companies Stay Private
10:56 Churn and New Entrants
11:17 GP Skillset Has Expanded
11:51 From Leverage to Operations
12:02 Data Transforms Underwriting
12:43 Hamilton Lane Data Advantage
13:33 Secondaries and Evergreen Rise
14:04 Evergreen Design and Liquidity
14:40 Why The Wealth Channel Prefers Evergreens
15:41 Evergreen Diversification Needs
16:47 Allocating Core vs Satellite
18:44 Evergreens Evolve Like ETFs
34:27 Closing

A Word from Our Sponsor, Ultimus
This 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].
We thank Ultimus for their support of alts going mainstream.
Hamilton Lane Disclaimer: The views expressed herein are those of the speaker as of the date of recording and are subject to change. This content is for informational and educational purposes only and does not constitute investment advice, an offer to sell, or a solicitation of an offer to buy any security or investment product.

Welcome back to the Alt Goes Mainstream podcast.
Today’s episode dives into the nuances of the numbers to discuss valuations, underwriting, and the state of private markets.
We sat down with Brian Garfield, Managing Director and Global Head of the Portfolio Valuations practice within Lincoln International’s Valuations and Opinions Group.
Brian provides valuation and transaction opinion services to public and private alternative asset managers. He leads a team of over 225 professionals, providing strategic oversight for the Global Portfolio Valuation practice which includes both our Portfolio Valuation and Asset Backed Finance teams situated across North America, EMEA and APAC. Brian’s team also produces the Lincoln Private Market Index, Lincoln Senior Debt Index, and Lincoln Default Index. 
Brian and his team specialize in estimating the fair value for an array of financial instruments, including direct investments in senior, unitranche and subordinated loans, as well as preferred equity, common equity, option and warrants. His expertise also includes valuing secondary fund interests, co-investments, and GP stakes.
Prior to joining Lincoln, Brian spent more than six years at Duff & Phelps, LLC, where he advised a wide range of alternative asset managers.
Brian and I had a fascinating conversation about the current state of valuations and underwriting in private markets. We discussed:
How is AI impacting SaaS company valuations?
Taking stock of the current fundamentals of private companies.
Is the “iceberg of deals” melting?
How indices and benchmarks are bringing a “deeper level of transparency than price” to a market.
How is continuation vehicle activity impacting private markets?
How has the growth of evergreen funds impacted the world of valuations?
Thanks Brian for sharing your expertise, insights, and passion about private markets and valuations.
Show Notes

00:00 AI Hype Reality Check
01:01 A Message From Our Sponsor, Ultimus
01:57 Introducing Brian Garfield
04:12 Art Versus Science in Valuations
04:55 Tech Automation Transparency
06:07 Valuation For New Investors
07:35 Entry Price Anchor
08:51 From Entry To Exit
10:06 Cycles And The Public Versus Private Gap
10:45 Lincoln Private Market Index
11:55 AI And Software Bifurcation
16:36 Private Market Health Signals
17:49 2021 Vintage Leverage Trap
19:47 Exit Logjam Continuation Vehicles
21:06 Winners Path To Exits
22:37 Deal Flow Thawing
23:33 Capital Shifts and Yields
25:56 Underwriting Discipline Today
28:52 AI Winners and Specialists
30:38 Energy Shock and Valuations
35:11 Public Private Convergence
36:17 Indexes and Transparency
38:03 Evergreen Cadence Shift
41:26 Standardization and Data Tech
43:09 AI Querying and Backtesting
46:42 Wrap Up

A Word from Our Sponsor, Ultimus
This 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].
We 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 episode unpacks the nuances of the middle market investing landscape with an industry expert who spearheads one of the leading middle market investment platforms.
We sat down in Bridgepoint’s London office with Partner and Chief Investment Officer Xavier Robert.
Xavier is a Partner of Bridgepoint and Chief Investment Officer, where he’s been a member of the firm for almost 28 years. He is a member of the Firm’s Group Management Committee and Investment Advisory Committee. He currently sits on the boards of MiQ, Kyriba, and Qualitest. He was previously a Board Member and Chair of the Remuneration Committee at eFront, which the firm sold to BlackRock. Prior to joining Bridgepoint, he worked at Total and Ernst & Young.
Xavier and I had a fascinating and nuanced discussion about why the middle market is a compelling segment in the market and how Bridgepoint has expanded across asset classes. We discussed:
How Bridgepoint’s origins as part of NatWest Banking Group helped to shape the firm’s early days as an independent investment platform.
The “entrepreneurial story” of Bridgepoint.
The story of Bridgepoint’s IPO and how everyone from the CEO to the receptionist all had shares in the company pre-IPO.
The importance of being local in markets across Europe but operating as a single team.
The expansion of Bridgepoint’s platform across credit, infrastructure, and secondaries.
Why Europe, why now.
Why the middle market is an attractive segment for investment.
Sizing up the middle market investment opportunity and how the size and scale of middle market companies provide investors with more control of exit outcomes.
What drives returns in the middle market.
Why and how Bridgepoint has approached working with the wealth channel.
Thanks Xavier for coming on the show to share your wisdom, expertise, and passion for private markets, investing, and the European mid-market.
Show Notes
00:00 Welcome and Setting
00:36 Bridgepoint Origins
02:14 Team Culture Ownership
03:33 Platform Full Circle
04:06 Partnering With Founders
06:06 Why Middle Market
08:29 Exits and Market Shifts
10:12 Value Creation Playbook
12:07 Bridgepoint Competitive Edge
14:05 Europe Local Advantage
16:15 Europe Returns Misconceptions
17:26 US Firms and Competition
18:29 Geopolitics and Expansion
19:57 Middle East Growth Story
20:45 Wealth Channel Strategy
21:48 Why Private Markets Win
22:25 Responsible Access For Wealth
23:11 Building An Evergreen Platform
25:40 Why Combine Infra And PE
28:35 Evergreen Deal Allocation
30:42 Scaling Funds Without Dilution
32:41 Kyriba Deal Lessons
36:34 What Excites Middle Market
37:45 Building Asset Management Today
39:27 Global Middle Market Ambition
40:49 Full Circle Closing Thoughts
* Note: This episode was originally recorded in January 2026.

Welcome to the 19th episode of the Alts Pulse, a collaboration between iCapital x Alt Goes Mainstream. 
In the latest episode of the Alts Pulse, we were live from iCapital Connect. AlphaCore Wealth Advisory CEO & Founder Dick Pfister and I had a nuanced discussion about the intersection of wealth management, technology, and private markets.
Dick is a pioneer of providing the wealth channel with access to private markets. He’s also a serial entrepreneur in both wealth management and private markets, bringing 25 years of experience across wealth advisory and financial services to bear as he builds AlphaCore. In 2015, he founded AlphaCore, which has become a leading wealth advisory firm. He serves as AlphaCore’s CEO and is a managing member of the Investment Committee. As a partner at Altegris, Dick democratized access to elite asset managers previously not available to the mainstream investor. In 2010, Dick and his partners sold Altegris to a Fortune 500 company.
Dick and I had a fascinating discussion about the evolution of wealth management. We covered:
How Dick’s background in trading and private markets informed the creation of AlphaCore Wealth Advisory.
Lessons learned from pioneering alts access with Altegris.
What’s in a name, AlphaCore edition.
Why there’s “alpha” beyond investing in wealth management.
How AlphaCore leverages technology to enhance the client experience and streamline workflows for advisors.
How the trend of increasing centralization of the CIO function is changing how advisors allocate to private markets.
Thanks Dick for a great conversation tying together how private markets and private wealth are increasingly interlinked and woven into a wealth client’s financial life.
Show Notes

00:00 Welcome
00:47 Dick’s Trading Roots and Altegris
02:05 AlphaCore Origin Story
03:55 Alpha Beyond Investing
05:50 Private Markets and Liquidity
07:39 Tech Workflows and Proposals
09:47 AI and Risk Factor Tools
11:03 Risk Buckets in Alternatives
12:42 Advisor Education and Holding Power
13:56 Growth Through Acquisitions
17:18 Differentiating in Private Markets Today
20:49 Open Architecture vs Centralization
22:15 Scaling Models and Venture Access
26:05 Next Frontier of Education and Content
27:56 Clients, Social Media, and Human Advice
29:05 AI Threats and Opportunities
29:39 Closing Thanks