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

Welcome back to the Alt Goes Mainstream podcast.
Today’s podcast dives into the world of real estate with one of the industry’s largest managers and investors in industrial real estate.
We sat down in Franklin Templeton’s New York City office with real estate veteran Josh Pristaw, Managing Director, President of Clarion Partners, a $73.3B AUM real estate investment firm within Franklin Templeton’s alternatives platform.
Josh discussed data and durable demographics, which are drivers of the deeply researched investment process that his team at Clarion employs to invest in industrial real estate.
Josh’s background, which spans developing shopping centers to investing in real estate in Brazil to running one of the industry’s leading single-family rental investing platforms at Pretium, has helped him lead Clarion, one of the industry’s largest industrial real estate investment platforms.
Josh and I had a fascinating conversation, connecting data and demographics to actionable insights in real estate investing. We covered:
The durable demographic and secular trends driving Clarion’s investment strategy in healthcare real estate.
How 10,000 people turning 80 years old in the US daily is creating an “aging in place” dynamic that is impacting housing supply and self-storage demand.
Why industrial demand is tied to e-commerce growth.
How Clarion takes a quantitative approach to real estate investing, evaluating sub-markets using recursive factor analysis.
How diversification and liquidity drive Clarion’s open-ended fund strategy, with 95% of the firm’s $73.3B in AUM residing in open-ended funds.
Why data centers pose liquidity, capex, valuation, and concentration challenges for open-ended fund vehicles.
Bio
Josh Pristaw, equity owner and Managing Director, is President of Clarion Partners. He is a member of the Firm’s Executive Board, Investment Committee, and the Board of Directors for Clarion Partners Holdings, LLC. He joins Clarion from Pretium, where he served as Senior Managing Director and Head of Pretium’s real estate platform. Prior to Pretium, Josh co-founded GTIS Partners.
He has more than two decades of real estate experience across property sectors and functions, including acquisitions, asset management, portfolio development, and capital markets. He joined Clarion Partners in 2025 and has been working in the industry since 1997. Josh graduated from Dartmouth College, B.A. (1997).
Thanks, Josh, for sharing your wisdom, expertise, and passion about real estate investing and your data-driven approach to the asset class.
Show Notes
00:00 Introduction
01:14 Message from Ultimus Fund Solutions, Our Sponsor
02:44 Josh Career Origins
03:55 Real Estate Scale Shifts
04:51 Understand Demographics and Mega Trends
05:35 Senior Housing Supply Gap
07:12 Housing Turnover and Storage
08:24 Data Models Across Sectors
09:21 Data Driven Allocation Lens
09:57 Four Drivers of Returns
12:16 Timing Bets and Liquidity
15:17 Lessons Learned From Building In Brazil
18:06 Invitation Homes Data Ops
19:44 Clarion Data Science Edge
21:06 Quant Meets Relationships
22:11 Asset Class Specialists 
23:16 Industrial Demand Megatrends
23:32 Ecommerce Trillion Wave
24:16 Efficiency And Taller Warehouses 
4:58 Robotics Power Premium
26:54 Infrastructure Constraints 
29:44 Why Not Data Centers
34:27 Supply Glut More Sellers
33:10 Liquidity Supply Imbalance
36:12 Evergreen Fund Playbook
39:26 Portfolio Rotation Discipline
41:16 Career Advice and 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 info@ultimusfundsolutions.com.
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 podcast takes us to Oslo, Norway, for a very special conversation with Christian Sinding, the former CEO of one of the industry’s leading alternative asset managers, EQT.
Christian’s hometown of Oslo provided an ideal setting to showcase both the Nordic heritage that represents EQT’s DNA and the global ambitions of the firm (and one of its portfolio companies, 1X) that is looking to fund Europe’s first €1T company. 
Christian has been one of the leaders in the alternative asset management industry. He was most recently the CEO of EQT, where he steered the firm on an impressive growth path as a public company and helped scale the firm to almost €300B AUM. 
He’s now focused on another ambitious project: the Scaleup Europe Fund, a fund that EQT is managing and has support from the European Commission to invest in Europe’s most promising technology companies. 
With 1X Tech’s NEO humanoid robot joining us for part of the discussion, Christian and I had a fascinating conversation about the past, present, and future of alternative asset management and Europe’s technology ecosystem. Christian and I discussed:
The evolution of EQT and alternative asset management.
What Europe needs in order to fund the future.
How Europe can harmonize its capital markets infrastructure.
What it will take to create the €1T company.
What it means for companies to have global ambition.
The what, why, and how behind EQT’s Scaleup Europe Fund.
Why EQT’s Scaleup Europe Fund invested in ICEYE and Lovable.
Why EQT invested in 1X.
How Christian’s “why not” attitude can take Europe’s technology ecosystem to the next level.
Come for the conversation with Christian, stay until the end to meet NEO.
Bio
Christian Sinding is an Institutional Partner at EQT with nearly 30 years of experience at the firm. He served as CEO and Managing Partner from 2019 to May 2025, during which EQT quadrupled in size, becoming the fourth-largest company listed on the Swedish stock exchange.
As CEO, Christian oversaw EQT’s public listing on Nasdaq Stockholm in 2019 and guided the firm’s development as a publicly listed organization, with a strong focus on governance, transparency and long-term, responsible ownership.
Prior to becoming CEO, Christian served as Head of EQT Equity from 2011, where he played a central role in building EQT’s core investment franchise and expanding the firm’s international footprint. Under his leadership, EQT scaled from a market value of approximately €6 billion at listing to around €40 billion in 2025, further strengthening its position as a global leader in private markets.
Christian chairs the EQT Council and the Global Investment Forum, serves as Chair of the Investment Committee for the Scaleup Europe fund, and serves on the Investment Committees for EQT Equity and EQT Future. He is also a board member of the EQT Foundation, supporting EQT’s long-term societal engagement.
Christian brings deep experience in leadership, governance, public markets and long-term value creation, with a focus on resilience and partnering with founders and management teams to build durable, globally competitive businesses.
Thanks, Christian, for sharing your passion, expertise, and wisdom about private markets and building companies and for such a fascinating conversation.
Show Notes
00:00 Meet NEO, the 1X Robot
00:06 Europe’s $10B Gap
00:18 The “Why Not” Mindset
00:29 Lovable and The Trillion Euro Ambition
01:37 A Message From Our Sponsor, Ultimus Fund Solutions
02:35 Welcome Christian Sinding
02:40 Nordic Edge on Innovation
05:38 EQT Origins and DNA
08:01 Inspiring Change Not Control
08:36 Full Potential Planning
10:46 Troika Model Explained
13:42 Winning After the IPO
16:14 Capital Markets Playbook
20:56 Why Venture and Growth
28:44 Europe’s Innovation Gap
28:56 Politics Push Reform
29:37 Why Europe Can Win
30:47 Building Bigger Markets
31:18 A European Nasdaq Dream
32:28 From Local To Global
33:36 Founder Ambition Shifts
34:40 Lovable Trillion Dollar Vision
35:32 EU Inc And Capital Reforms
36:56 Private Longer Needs Capital
37:52 Scaleup Europe Fund Explained
39:53 What Makes It Different
43:02 Defining Success And Flywheel
46:47 The “Why Not” Mentality
48:58 Some Time With NEO, The 1X Robot

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 info@ultimusfundsolutions.com.
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 podcast unpacks the importance of ownership and equity, and how the world’s largest private equity firm (source: PEI 300) has helped create a culture of ownership within its portfolio companies and more broadly across the industry.
With the backdrop of KKR’s studio in New York and the firm fresh off the heels of celebrating its 50th Anniversary, we sat down with KKR’s Co-Head of Global Private Equity Pete Stavros for a live conversation during AGM’s RIA Field Trip to discuss how culture can be a competitive advantage and how it defines much of what KKR does both internally and with its portfolio companies. 
Pete has not only been a leading private equity investor at one of the industry’s largest firms, but he’s also been a pioneer in one of the industry’s most important initiatives: enabling employees of private equity-backed companies to share in ownership of the companies where they work.
The firm’s Broad-Based Employee Ownership has delivered on its promise in many ways, with KKR’s recent 14x (and $4.75B) exit on CoolIT providing all 650 CoolIT employees with cash payouts that ranged from approximately one year to more than eight years of annual pay, which, as Pete noted in our conversation, was “life-changing for many employees.” 
Pete and I had a fascinating conversation about the culture of ownership at KKR, the evolution of the firm’s private equity platform, why it’s so important to make employees owners, and how it’s created a ripple effect in the industry. We covered:
KKR’s “we not I” culture.
Why the most important trend in private equity going forward will be a shift from “balance sheet and income statement arbitrage to total cultural transformation.”
Why and how culture is an advantage — and how KKR sustains its competitive advantage.
The power of a scaled platform and why the division of labor is important as firms grow.
What Pete means by “persistence in process.”
How can companies encourage people to act like owners, and why is it so important for employee retention and productivity?
How can sharing equity ownership be used as a tool to change culture?
The impact the private equity industry can have through its ability to cascade change.
Bio

Pete Stavros (NewYork) joined KKR in 2005 and is Co-Head of Global Private Equity. This includes oversight of assets across Europe, Asia and the Americas and traditional large and mid-cap private equity, core and growth equity. Prior to this role, Pete served as Co-Head of the Americas Private Equity platform. He is a member of several investment committees at KKR. As an investor, Pete has helped lead a number of successful investments across sectors and sizes, including HCA Healthcare, Nielsen, Gardner Denver / Ingersoll Rand, Capsugel, Capital Safety, Hyperion, Flow Control Group, Charter Next Generation, Minnesota Rubber and Plastics, Geostabilization International, Crosby Group and CHI Overhead Doors. Prior to becoming Co-Head of Americas Private Equity, Pete led the Industrials industry team where he pioneered an innovative employee engagement and ownership model. This approach has been successfully implemented at more than 90 KKR companies and has positively impacted more than 200,000 workers. Pete is the Founder and Chairman of Ownership Works, a non-profit focused on building a worker ownership movement globally and enhancing the financial resiliency of the workforce. The goal of Ownership Works is to create more than $20 billion of wealth for working families over the next decade. Pete is also the Founder and Chairman of Expanding ESOPs, an organization focused on dramatically expanding the number of Employee Stock Ownership Plans (ESOPs) in corporate America. Prior to joining KKR, Pete was an investor with GTCR Golder Rauner, where he was an investor in the healthcare sector. He holds a B.S. in Chemistry, magna cum laude, from Duke University and an M.B.A. with high distinction, Baker Scholar, from Harvard Business School.
Thanks, Pete, for sharing your wisdom, expertise, and passion on private equity and making everyone an owner.
Show Notes
00:00 Live From AGM Field Trip at KKR Studio In NYC
00:29 A Message From Ultimus Fund Solutions
02:00 Meet Pete Stavros
02:09 The Story of Joining KKR
02:33 From Interviews To NYC
03:08 All About Collaboration
03:02 A No Star Culture
04:03 How Culture Is Sustained
04:43 Ritz-Carlton Analogy
05:23 No Star Culture
05:29 Culture Shapes Investing
05:54 Platform Resources Edge
06:24 Capital Markets Bench
06:41 Macro And Ops Experts
06:52 Making Resources Work
07:52 Consistency And Process
08:40 Evolving Value Creation
08:46 Gardner Denver / Ingersoll Rand Case
09:25 Value Engineering Method
10:09 Warehouse Teardown
10:54 Customer Feedback Loop
11:25 Sixty Million In Savings
11:50 Culture As The Next Frontier
12:16 Defining Transformation
12:27 Workforce Crisis Stats
13:08 Problems Are Global
14:28 Underwriting Culture Risk
15:12 Leadership Makes It Work
16:00 Ownership Done Right
17:06 BBEO Origins
19:10 Early Mistakes Learned
19:30 Scaling To 85 Companies
19:59 CoolIT Exit Results
20:48 Closing The Wealth Loop
21:12 Financial Literacy Journey
21:45 Truck Loan Lesson
23:39 Building Resilience Stack
24:15 Exit Support Package
24:37 Industry Adoption
25:40 Ownership Works Launch
27:04 Street Loan Cautionary Tale
28:00 Why Share The Playbook
30:02 Taking Ownership Global
30:56 International Rollout
31:31 Local Culture Differences
32:15 State Of Private Equity
32:40 Is Software Dead
33:09 KKR Software Approach
34:26 AI At Portfolio Scale
34:55 One Hundred Thirty Tests
35:35 Buying The Fear Trade
35:49 Accounting Is Not Dead
37:08 Closing Thoughts

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 info@ultimusfundsolutions....

Welcome back to the Alt Goes Mainstream podcast.
We went to Miami to sit down with the professor of infrastructure investing and Founder, Chairman, and Managing Partner of I Squared, Dr. Sadek Wahba. 
Sadek has blended academic knowledge and a practical approach to infrastructure investing to build I Squared into a $60B infrastructure investment firm in 14 years, some of which he has adroitly distilled into the 2024 book that he authored, Build: Investing in America’s Infrastructure.
We had such a fascinating and wide-ranging discussion that I’ve decided to break down our conversation into chapters.
“We are enormously boring by design”: From the World Bank to building a $60B infrastructure investing behemoth
[00:00:00–00:16:19]

Sadek has been investing in a category, infrastructure, that he calls “invsible until it’s missing.” He’s brought experience as an economist at The World Bank and running Morgan Stanley Infrastructure as CEO to bear as he has built out I Squared into a leading infrastructure investment firm.
Some notable quotes from this chapter:
“You open your tap water, you never think where the water comes from … So you take a lot of that for granted.”

“For better or worse, it may say something about us being enormously boring, but the only thing we do is infrastructure.”

“With the boom in AI, and the need for power and data centers … add another five-plus trillion dollars that will need to be invested in transmission lines, power generation, data centers, fiber optics and all sorts of infrastructure.”

No free lunch: ownership, regulation, and the ghost of Flint

[00:16:19–00:32:40]

U.S. infrastructure has shifted from private ownership to overleveraged municipalities. Sadek breaks down what has gone wrong with different infrastructure investment models around the world by dissecting who owns an asset, who manages it, who regulates it, and why collapsing those three roles into one is exactly what happened in Flint, Michigan.
Some notable quotes from this chapter:
“I’m sorry to say, but there’s no free lunch. Whether it’s a public good or not, that public good requires inputs, produces an output, and someone has to pay for it.” 

“There are three things that matter when you think about infrastructure: the ownership of the asset, who manages it, and who regulates it. If the entity that owns, manages, and regulates it are the same, you have a problem.”

“They managed it, they regulated it, and they owned it. So if I wanted to complain to the regulator … the manager is the regulator. But the real owner is the manager who’s also the regulator.” (Sadek on what happened in the Flint, Michigan water crisis).

If it sounds too good to be true, it probably is

[00:32:40–00:51:06]

Sadek takes us inside I Squared’s investing playbook. He discusses why they walked away from a Norwegian gas deal promising 14-15% returns, and why regulatory risk is the hardest thing to underwrite. Sadek also shares where he believes value is created in the next decade.
If it’s too good to be true, then it’s probably not true. And that, for me, is rule number one.” 

“How can you make a return of 14%, 15% on something which is a hundred percent regulated and where you take very little risk? That, to me, doesn’t exist.” 

“The adoption of AI technology is probably the single biggest opportunity we see in infrastructure over the coming years.”

Fishing in a different pond: the mid-market and the democratization of infrastructure

[00:51:06–01:07:19]

Sadek explains how a firm that has a $15B fund to deploy still focuses on the “mid-market,” why banks have abandoned the $50-100M loan, and why individual investors can play a role in financing assets that they use every day.
“Our funds could be $15B in size … people say, “You’re joking, right? That’s not mid-market” And the answer is, well, no, it is … because we invest globally.”

“I hope the day comes where most airports in the US are not owned by funds, but they’re publicly listed. Instead of being owned by a municipality, you and I can buy the shares of that company.”

“If regulators are not paid, they’re not incentivized to do a good job.”

Onshoring, national security, and what drives Sadek

[01:07:19–01:17:15]

Sadek shares why private capital can help fill the gap for funding infrastructure needs as growing government debt makes it harder for governments to keep footing the bill. He also discusses the case for onshoring beyond politics and what motivates him. 
“Private capital will per force play a critical role if you want to maintain sustainable economic growth rates. If you want lower per capita income, if you want higher unemployment … then don’t have the private sector invest in it.”

“I can think of two reasons [for onshoring] that have nothing to do with politics: national security, and supply chain issues."

“What drives me is to be able to produce something that people find useful, that people use to better their lives. And if you can do that in any small way, I think that’s enormously rewarding.”

Bio
Dr. Sadek Wahba is Chairman and Managing Partner of I Square Capital, an independent global infrastructure investment manager based in Miami, Florida, with $60 billion in assets under management.
He has worked at Morgan Stanley where he was the CEO of Morgan Stanley Infrastructure, a global platform for infrastructure investment and as an economist at The World Bank. Sadek is an advocate for transformative approaches to infrastructure investment and a frequent commentator about the need for more investment in infrastructure to promote sustainable economic growth. He was a presidential appointment to the National Infrastructure Advisory Council, which advises the White House on reducing the physical and cyber risks and improving the security and resilience of critical infrastructure in the U.S. He was part of the expert committee on the World Economic Forum’s first report on global infrastructure investments and was named Global Infrastructure Personality of the Year twice, as well as Global Infrastructure Personality of the Decade, by Private Equity International (PEI). He frequently appears on Bloomberg, CNBC, Nasdaq, and other networks, including Op-eds in the Financial Times and other leading journals.
He holds a Ph.D. in economics from Harvard University, an M.Sc. in economics from the London School of Economics (LSE) and a B.A. in economics from the American University in Cairo. He is a published author on economic research and one of his publications was selected by MIT as one of their 50 most influential papers in the last 50 years His book Build: Investing in America’s Infrastructure published by Georgetown University Press published in 2024 is in its second printing.
Sadek is a Senior Fellow at the Development Res...

Welcome back to the Alt Goes Mainstream podcast.
We went to Golub Capital’s New York office to sit down with Co-CEO David Golub.
David Golub and his brother Lawrence both started their careers in private equity. It was their experiences in private equity in the 1990s that turned them into private credit pioneers.
Lawrence and David have built Golub Capital into a $95B private credit behemoth, largely due to their pioneering decision to create the “one-stop” unitranche loan solution for sponsor-backed companies after spotting a gap in the sponsor finance market. 
Fast forward over 30 years, and Golub Capital is one of the leaders in private credit. 
David discussed how Golub has spent the balance of its life as a scaled specialist credit manager “honing the competitive advantages” that make the firm so unique. Golub has built a cadre of 200 high-quality sponsor relationships with many of the industry’s top private equity firms, which call on them when they are seeking sponsor financing for their companies.
David and I had a fascinating conversation that covered everything from the early days of private credit to the story of pioneering unitranche loans to what LPs should look for in GPs to the psychology of relationships and partnerships. We discussed:
What David and Lawrence saw in the early days of private equity informed how they decided to build Golub.
Why the unitranche loan became popular with private equity sponsors.
What Golub looks for in relationships with private equity sponsors.
Why focus has been a key driver of scaling Golub’s business.
What LPs should ask GPs when evaluating their fund and firm.
Why LPs should evaluate GPs based on how GPs think about their own business.
The psychology of relationships and partnerships.
How David’s experience being surrounded by a family of psychologists and psychiatrists has given him an edge in investing, negotiating, and building win-win relationships.
Bio
David Golub is Co-Chief Executive Officer of Golub Capital, a market-leading, award-winning direct lender and experienced private credit manager. As of April 1, 2026, Golub Capital had over $90 billion of capital under management, a gross measure of invested capital including leverage. Golub Capital partners with institutional investors and family offices, offering tailored solutions for investors’ credit asset strategies. The Firm specializes in delivering reliable, creative and compelling financing solutions to companies backed by private equity sponsors. Golub Capital has been a top 3 U.S. Middle Market Bookrunner each year from 2008 through Q1 2026 for senior secured loans of up to $500 million for leveraged buyouts. Golub Capital has been consistently recognized with industry awards, including Lender of the Year, Americas (Private Debt Investor, 2014, 2015, 2016, 2018, 2021, 2022, 2023, 2024) Lender of the Decade, Americas (Private Debt Investor, 2023), Senior Lender of the Decade, Americas (Private Debt Investor, 2023), Senior Lender of the Year, Americas (Private Debt Investor, 2015, 2016, 2017, 2019, 2020, 2023, 2025) and BDC Manager of the Year, Americas (Private Debt Investor, 2015, 2016, 2017, 2023).
Mr. Golub is active in charitable and civic organizations. Mr. Golub is a member of the Founder’s Council of the Michael J. Fox Foundation for Parkinson’s Research, where he was the first board Chairman and a long-time director. Mr. Golub is Co-Founder and Chair of the Golub Capital Nonprofit Board Fellows Network, which operates at 20 leading business schools; its mission is to make nonprofit boards more effective by training hundreds of MBA students each year to become highly skilled nonprofit directors. Mr. Golub is a member of the Association of Marshall Scholars’ Director’s Circle and previously was a member of the Stanford Graduate School of Business Advisory Council. He has served on the boards of the Loan Syndications and Trading Association, the Hudson Guild and the World Policy Institute. Mr. Golub is on the board of directors of Burton Snowboards and has served on the boards of numerous public and private companies.
Prior to joining Golub Capital in 2003, Mr. Golub was a Managing Director of Centre Partners, a leading middle market private equity firm, and of Corporate Partners, a Lazard-sponsored $1.5 billion private equity fund formed to acquire significant minority stakes in established companies.
Mr. Golub earned his AB degree magna cum laude in Government from Harvard College. He received an MPhil in International Relations from Oxford University, where he was a Marshall Scholar, and an MBA from Stanford Graduate School of Business, where he was an Arjay Miller Scholar.
Thanks, David, for sharing your wisdom, expertise, and passion about private credit, the business of asset management, and the psychology of relationships.
Show Notes
00:00 Introduction
01:23 A Message from Ultimus Fund Solutions, Our Sponsor
02:26 David’s Career Shift to Credit
06:07 Sponsor Finance Market Gap
10:56 Unitranche Origins
12:47 Crisis As Catalyst
14:25 Distressed Value Lens
16:21 What Makes A Good Business
19:39 Relationships And Game Theory
21:26 Capital Isn’t Proprietary
25:39 Being First Call
26:21 Managing Growth Carefully
27:29 Fundraising Versus Opportunity
28:08 Only The Paranoid Survive
29:17 Staying A Specialist
29:45 Capacity And Performance
32:47 Scale As Advantage
36:23 Raising Capital Follows Winners
37:12 Future PE Picks Few Lenders
37:52 Credit Partner as A Signal
38:37 Doing Homework on Sponsors
39:02 Big “n” Investing Mindset
39:16 Risk Real vs Perceived
41:30 Press Noise and Redemptions
42:22 Darwinian Moment Ahead
42:54 Why Terms Improve Next
44:42 Portfolio Stress Reality Check
47:51 Junior Debt Trouble Spot
48:10 Underwriting the Manager
51:06 Ask the Why
52:00 What Keeps You Up at Night
54:13 Culture of Constructive Doubt
54:57 Testing Analytical Thinking
55:53 Building the Wealth Channel
56:45 Early Days Wealth Fundraising
58:11 Diversifying the Investor Base
01:00:45 Decades Mindset and Focus
01:01:35 Specialization and Infrastructure
01:02:39 More of the Same 
01:03:21 Adjacencies Like GP Secondaries
01:03:42 Continuation Vehicles Rationale
01:05:22 Psychology and Relationships
01:06:48 Problem Solving Builds Trust
01:07:51 Authenticity Over Tactics
01:09:23 Closing Reflections

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 busin...