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

Welcome back to the Alt Goes Mainstream podcast.
We were live from Berlin, which becomes the “capital of private capital” in June as the private equity’s industry leaders make the annual pilgrimage to the city for one of the marquee private equity conferences, SuperReturn Berlin.
Much of the SuperReturn conference is centered on fundraising. GPs take up every available space — from hotel rooms to Tiny Space cabins that line the parking spots on Budapester Strasse outside of the InterContinental conference venue — to conduct meetings with LPs.
With Prosek Partners and former Bloomberg TV journalist Deirdre Bolton as my producer, along with her team, we took over a Tiny Space cabin to hold big conversations with some of the industry’s leading alternative asset managers.
Our first conversation was with Apax Co-CEOs Andrew Sillitoe and Mitch Truwit.
Apax is one of the pioneers in the private equity industry. The firm’s rich history dates back to the 1970s, when its founders, Alan Patricof (US), Sir Ronald Cohen (UK), and Maurice Tchénio (France), came together to establish the first US-UK partnership firm in private equity. During that time period, the firm backed Steve Jobs and the first iteration of Apple. The UK and US firms merged in 1981, laying the foundation for Apax.
Today, Apax stands at over $80B in aggregate funds raised. The firm underwent its second leadership transition in 2014, when Andrew and Mitch were elected as Co-CEOs, succeeding Martin Halusa, who became Chairman.
Apax sits in a unique position. They are a scaled platform that focuses on the middle market. They operate across three sectors, Tech, Services, and Digital / Consumer, infusing a digital DNA and value creation team into everything they do. Their platform spans “a mile wide and a mile deep,” which is what much of the conversation between Andrew, Mitch, and me unpacked.
We had a fascinating discussion about the current state of private equity and the middle market, why Apax focuses on “density-driven business models,” why the firm focuses on carveouts in the middle market, what’s underappreciated about the middle market, why it’s important to “buy in the right neighborhood and fix it up,” and how the firm’s core values of “having impact through insight and tenacity” drive every decision they make.
Bios
Andrew Sillitoe has been Co-CEO of Apax since 2014. He is Chairman of the Apax Global Investment Committee and the Digital Investment Committee, amongst others. He is also a member of the Apax Executive Committee. He has been based in London since joining the Firm in 1998, focusing on Tech & Telco investments.
Andrew has been involved in a number of investments including Inmarsat, Intelsat, King, Orange Switzerland, TIVIT, TDC and Unilabs.
Prior to joining Apax, Andrew was a consultant at LEK. Andrew holds an MA in Politics, Philosophy and Economics from the University of Oxford and an MBA from INSEAD.
Boards

Andrew has previously served on the boards of Inmarsat, King, Intelsat, Orange Switzerland and TDC.
Mitch Truwit is Co-CEO of Apax, based in New York.
Prior to joining Apax in 2006, Mitch was the President and CEO of Orbitz Worldwide between 2005 and 2006 and was the Executive Vice President and Chief Operating Officer of priceline.com between 2001 and 2005.
Mitch is a graduate of Vassar College where he received a BA in Political Science. He also holds an MBA from the Harvard Business School.
Boards

Mitch serves as a Board member of Openlane and Trade Me. Prior boards include Advantage Sales & Marketing, Assured Partners, Dealer.com, Bankrate, Garda World, Hub International, Trader Canada, Boats Group and Quality Distribution Inc.
Mitch serves on the charitable boards of the Apax Foundation, the John McEnroe Tennis Project, Posse and StreetSquash.

Thanks, Andrew and Mitch, for a fascinating conversation and for sharing your expertise, wisdom, and passion at the intersection of investing and operating in private equity.
Show Notes
00:00 Meet Apax co-CEOs, Andrew Sillitoe and Mitch Truwit
00:26 Andrew’s Origins at Apax
00:47 Private Equity Then vs Now
01:25 Apax Growth and Values
01:45 Curiosity as a Differentiator
02:04 Mitch’s Operator Background
02:56 Why Mitch Joined Apax
03:40 Defining the Middle Market
04:14 Why Sub-Billion EV Works
04:59 Middle Market Talent Gap
05:20 Carve Outs as a Strategy
05:29 TRADER Corporation - Canada App Turnaround
06:12 Scaled Platform Advantage
07:14 Digital DNA and AI Wave
07:50 Top Line Growth Lever
08:36 Add-ons and TAM Expansion
09:33 ECI Case Study Roll Up
10:07 Integration Over Collection
10:28 Exit Options in a Bigger PE World
10:59 Building for Multiple Buyers
11:45 Fund Size Discipline
12:34 Choosing Returns Over AUM
13:16 Understanding Firm DNA
14:01 Global Micro Investing
14:49 Making Global Pods Work
15:50 Scale Specialization Flexibility
17:08 Where to Invest Now
19:23 Buying Complexity for Value
20:15 Moats and Investment Committee
22:13 Why Middle Market Excites Them
23:19 Future of PE and AI at Scale
24:50 Impact Insight Tenacity Culture
25:54 Obligation to Dissent Story
26:55 Aspirational Brand Analogy
27:48 Wrap Up and Thanks

Welcome back to the Alt Goes Mainstream podcast.
Today’s podcast takes us to the heart of Mayfair in London, where Blackstone Private Wealth COO Farhad Karim shared the firm’s history and evolution in Europe. 
He took a walk down memory lane to discuss the firm’s 25th anniversary in Europe as we walked through Berkeley Square from Blackstone’s current office to their new office at the other end of the square, highlighting how the firm has become the largest owner of commercial real estate in Europe and the importance of building a local presence in the region.
Farhad took on the role of Chief Operating Officer of Blackstone Private Wealth in 2024 after a career at Blackstone that included serving as Chairman and Chief Operating Officer of Blackstone Europe and holding a senior leadership role in the firm’s Real Estate business.
Farhad and I had a fascinating discussion about the evolution of Blackstone’s business in Europe and the firm’s Private Wealth business globally. We covered:
Why it’s important to “meet people where they are at.”
What Farhad learned from his experience as chairman of Blackstone Europe.
Building and expanding Blackstone’s Private Wealth business.
How Blackstone will continue to be a pioneer in private wealth.
The next phase of product innovation in the wealth channel.
How an international perspective has shaped Farhad's approach to building the Private Wealth business.
Harmonizing the institutional and private wealth businesses when delivering solutions to LPs.
The human element of working with wealth.
What it means to be “relentless.”
Perspectives on evergreen funds.
The scale of opportunity, information, and access.
Thanks, Farhad, for sharing your wisdom, expertise, and passion about private markets and private wealth.
Show Notes
00:33 A Message from Our Sponsor, Ultimus Fund Solutions
02:14 Farhad’s Blackstone Journey
03:37 Speed and Certainty Culture
04:07 Real Estate to Wealth Channel Parallels
05:04 Building for Local Markets
06:16 On-the-Ground Coverage Worldwide
07:45 Education at Scale
08:52 How Well Advisors Understand Private Markets
10:45 Early Innings Adoption
12:09 Packaging Private Markets Products
13:46 Simplicity vs Customization
14:39 Consolidation and Institutionalization
19:14 Global Trends Localization
19:33 Scale and Deal Competition
20:11 AI Advantage in Investing
20:53 Portfolio Ops AI Playbook
21:42 Private Markets Risk Setup
22:17 Noise Versus Facts
22:57 Fighting False Narratives
23:42 Wealth Channel Narrative
24:18 Why Private Markets Matter
25:10 Investing Through Geopolitics
26:25 Evergreen Versus Drawdown
27:21 Discipline Over Structure
28:28 Semi-liquid as a Feature
29:17 Evergreen for Founders
30:39 Evergreen Mindset and Compounding
32:01 Owning the Narrative Direct
35:22 Fiduciary Seriousness Balance
36:15 Relentless Culture Explained
38:39 Closing 
Footnotes
(Timestamp 02:46.7): Largest owners of commercial real estate in Europe.
(Timestamp 31:33.0): Reference to Class I annualized, inception-to-date return from January 2017.

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.

Welcome back to the Alt Goes Mainstream podcast.
Today’s episode dives deep into the world of wealth management with someone whose career is emblematic of the intersection of private markets and private wealth.
We sat down with Larry Restieri, the CEO of Hightower.
Larry is the CEO and a member of the Board of Directors at Hightower, a national wealth management firm that empowers financial advisors to deliver sophisticated investment and financial services to clients.
Larry joined the firm in June 2025 from Goldman Sachs, where he was a Partner. Larry served as the CEO of Goldman’s AYCO business, which specializes in workplace financial planning and private wealth advisory services.
He held a variety of leadership roles at Goldman across its wealth and asset management divisions, including heading up the Alternative Capital Markets business.
Larry and I had a fascinating conversation about the continuing convergence of private markets and private wealth from someone who was at the forefront of this industry transformation. We covered:
The evolution of private markets within the wealth channel.
Lessons learned from Larry’s time building Goldman’s Alternative Capital Markets business and the AYCO business.
The path to building Hightower into a $1T RIA. 
The build-out of Hightower’s Signature Wealth brand.
What does the continued buildout of private equity-backed platforms mean for the evolution of wealth management?
What drives financial advisors?
The benefits of the independent RIA model.
How and why wealth clients should be thinking about private markets.
Thanks, Larry, for sharing your wisdom, expertise, and passion at the intersection of private markets and private wealth.
Show Notes
00:15 Meet Larry Restieri
01:22 Sponsor Message from Ultimus Fund Solutions
05:37 Larry Career Journey
11:21 Why Hightower
12:02 Next Wealth Evolution
14:37 Democratizing Alternatives
17:08 Education And Expectations
18:14 GPs And Distribution
19:49 Big Versus Niche Managers
22:09 Platform Due Diligence
23:20 NEPC And Hightower One
26:18 Trillion Dollar RIAs
27:42 What Advisors Want
28:57 Building Hightower One
29:27 Signature Wealth Brand
30:41 Acquiring The Bahnsen Group
31:57 Why Brand Matters
32:22 The Volkswagen Brand Analogy
34:15 Culture and Community
36:34 Hightower 3.0 Strategy
37:59 Open Architecture Explained
41:04 Private Equity Exits
43:06 Multiples and Deal Discipline
44:49 Markets and Cash Flow
46:20 Private Markets Adoption
49:10 GPs Serving RIAs
52:33 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 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.
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.
Eric Muller is Portfolio Manager & Partner, CEO - BDCs for Oak Hill Advisors (OHA). Oak Hill, which was acquired by T. Rowe Price in December 2021, has $112B AUM across performing and distressed credit-related investments in North America, Europe and other geographies.
Eric shares responsibility for leading OHA’s private credit business and has primary management responsibility for OHA’s BDCs. Prior to joining OHA in 2018, Mr. Muller worked in Goldman Sachs’ Merchant Banking Division, where he was a Partner in the Private Credit Group, responsible for leading its private senior lending business in North America and managing vehicles that invested across the spectrum of the credit market. 
With credit on the minds of many, Eric provided a nuanced perspective on the current state of the credit markets and where to uncover both opportunity and risk in the market.
Eric and I had a fascinating conversation about the current state of private credit. We discussed:
How his experience in private equity has informed how he approaches credit investing.
What are the risk / reward trade-offs in private credit?
Why credit investors need to be pessimists.
How LPs should evaluate private credit firms and why the ability to do workouts matters.
How do private equity sponsors pick their credit partners?
Why private credit firms might have higher recovery rates than liquid credit markets.
How OHA’s combination with T. Rowe Price has helped the firm productize for the wealth channel.
What are misconceptions about private credit risk and liquidity?
Where are the opportunities in liquid credit versus illiquid credit?
Thanks, Eric, for sharing your wisdom, expertise, and passion for private credit and private markets.
Show Notes
00:00 Relative Value Lens
00:11 A Message from Ultimus Fund Solutions
01:08 Live at iCapital Connect
01:46 Early Career at Goldman
01:59 Mezzanine Fund Era
02:23 GFC Timing Advantage
02:51 Running Private Credit
03:03 Joining Oak Hill
04:15 PE Lessons for Credit
04:30 Different Investor Questions
04:56 Credit Risk Reward Mindset
05:45 Optimistic Pessimist
06:16 Downside With Right Tail
06:47 Workouts and Distressed Skills
08:02 Private vs Liquid Recoveries
08:19 Aligned Lenders in Private
08:54 Sponsor Relationships Matter
09:22 Choosing the Right Partners
10:46 Volatility Reveals Behavior
11:22 Is Capital Commodity
12:39 OHA Distressed DNA
13:31 Crossroads of Markets
14:26 Challenges of Unconstrained
15:22 Risk Spectrum for LPs
16:19 T Rowe Deal Rationale
17:18 Democratizing Alts Access
19:10 One Ticker Multi Strategy
20:28 Liquidity Wrappers Tradeoffs
21:49 Quasi Liquid Reality Check
22:35 Liquid vs Illiquid Risk
23:27 Diligence Questions for LPs
24:33 Origination Edge and Speed
26:19 Public-Private Financing Choice
26:55 Alts in Target Date Funds
28:41 Private Credit Misconceptions
30:30 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.com.
We thank Ultimus for their support of alts going mainstream.
Disclosures
The views expressed are the interviewee’s, are subject to change without notice, and may differ from those of other T. Rowe Price associates.  Information and opinions are derived from proprietary and nonproprietary sources deemed to be reliable; the accuracy of those sources is not guaranteed. This material does not constitute a distribution, offer, invitation, recommendation, or solicitation to sell or buy any securities.  It does not constitute investment advice and should not be relied upon as such.  Investors should seek independent legal and financial advice, including advice as to tax consequences, before making any investment decision.
Some or all alternative investments may not be suitable for certain investors. Alternative investments are typically speculative and involve a substantial degree of risk. Each fund and account may be leveraged and engage in other speculative practices that may increase the risk of investment loss. Investors must realize that they could lose all or a substantial amount of their investment. In addition, the fees and expenses charged may be higher than the fees and expenses of other investment alternatives, which will reduce profits.
 
T. Rowe Price has $1.7T total assets under management and OHA has $112B assets under management as of March 31, 2026.
In the United States, securities are offered through T. Rowe Price Investment Services, Inc., a broker dealer, registered with the U.S. Securities and Exchange Commission and a member of FINRA. Securities are offered through T. Rowe Price Investment Services, Inc., and advisory services are offered by Oak Hill Advisors, L.P. OHA is a T. Rowe Price company. T. Rowe Price Investment Services, Inc. and Oak Hill Advisors, L.P. are affiliated. 5629822

Welcome back to the Alt Goes Mainstream podcast.
We were live from AGM’s RIA Field Trip at Brookfield’s New York office at Brookfield Place with Oaktree Managing Director and Co-Portfolio Manager Danielle Poli to unpack why private credit is at a crossroads and why dispersion is growing. 
Danielle has a unique perch to form a developed view on the current state of private credit. She sits at the intersection of public and private credit, providing her with perspectives on where opportunities and risks lie across the liquidity spectrum. 
Danielle is a founding member of Oaktree’s Global Credit strategy and its Investment Committee, which was established in 2017. She’s been an important contributor to its growth into a scaled multi-asset credit platform. She previously led Oaktree’s product specialist group, which she helped build into a global team supporting credit, private equity, and real estate. She joined Oaktree in 201 and has nearly two decades of experience in private markets. She has been named to Barron’s list of the 100 Most Influential Women in U.S. Finance. 
Danielle and I had a fascinating conversation about the current state of private credit, where cracks might be emerging and where to find pockets of opportunity amid the dislocations. We covered:
Why is boring beautiful in private credit?
Where are we in the credit cycle?
Why it’s important to have a contrarian mindset.
Where, why, and how dispersion is rising in credit.
How to underwrite software investments post-AI. 
Why asset-backed finance can be a diversifier.
Why now could be the time to prepare for opportunistic and rescue lending opportunities, as maturities are fast approaching.
How to balance public and private credit investing. 
Thanks, Danielle, for sharing your wisdom, expertise, and passion about private credit. 

Show Notes
00:00 Live Podcast Intro
00:06 Meet Danielle Poli
00:17 Contrarian Mindset 
00:34 Our Sponsor, Ultimus Fund Solutions
01:32 Where Private Credit Stands Today
02:22 Bifurcation and ABF Rise
02:59 Liquid vs Private Convergence
03:36 Danielle’s Career Background
04:13 Why Liquidity Matters
04:39 Dislocation Advantages
05:10 Risk Return Tradeoffs
05:18 Liquidity Premium Compression
05:41 Covenants and Complexity
06:01 Not All Private Credit is Equal
06:34 Corporate vs Asset-Backed
07:05 Why ABF Diversifies
07:30 How Allocators Fund ABF
07:49 Credit Taking Share from Equities
08:49 Tough Direct Lending Vintages
09:22 Rates Shock and Leverage
09:43 AI Disrupts Software Credit
10:41 Oaktree Software Underweight
12:01 Underwriting Software Post AI
12:57 Inside the Investment Committee
13:57 Selling Rallies and Positioning
31:30 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.com.
We thank Ultimus for their support of alts going mainstream.