Alexander Ooms

What's the fast river in alts? Listen to the latest Alt Goes Mainstream podcast with Mercer's Gregg Sommer & CAIS' Neil Blundell to hear how they are helping advisors approach private markets. Gregg, Neil, and I had a fascinating discussion about how the wealth channel can approach alternatives and how they can think about both diligence and customization. We covered: * The case for alternatives. * How advisors currently approach alternatives and how they can think about it differently going forward. * How to think about portfolio construction that includes alternatives. * How alts can help advisors differentiate their practice and attract clients. * Following the fast river in a career and why alternatives are “the fast river.” * The meaning of “structure over strategy.” * The rise in popularity of evergreen funds. Thanks Gregg and Neil for sharing your thoughts and expertise on private markets. Thanks to our sponsor, Ultimus Fund Solutions, for making this episode possible. https://lnkd.in/eBtyw6Fm

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The Silver Tsunami is upon us, and it's reshaping the mergers and acquisitions landscape like never before. With an estimated $10 trillion in assets set to change hands over the next decade, driven by baby boomers retiring, the opportunity for savvy investors and entrepreneurs is immense. Currently, around 30,000 businesses sell annually, but with more than 8 million baby boomer-owned businesses expected to transition, the volume of transactions could increase tenfold. This is a monumental shift that smart buyers are already preparing for. You don't need to be a Wall Street titan to benefit from this trend; many of these businesses will transition to local entrepreneurs and small business owners. Are you ready to seize a piece of this $10 trillion wealth transfer? Position yourself strategically to take advantage of this unprecedented wave of opportunities. Engage with fellow professionals and explore how you can be part of this transformation. Not sure how? Let's talk about it! #SilverTsunami #MergersAndAcquisitions #BusinessOpportunities

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We are starting to see some encouraging signs for emerging managers per PitchBook. From the article: "On the heels of one of the most challenging private market fundraising environments seen in a decade, emerging managers closed 15 funds in 2023 with a total $12.7 billion in committed capital, according to the report. Last quarter embodied a swift reversal of the decadelong, steady decline of emerging managers’ share of capital allocations from LPs in the US." Emerging managers play a crucial role in the funding ecosystem. In many cases it is these funds that are willing to push new boundaries and fund companies that larger 'established' funds may pass on. In other words, there is a lot of cutting edge innovation being funded by emerging managers. The last few years have been brutal for newer managers. I suspect that this Pitchbook article only focuses on a small segment of the market. My guess is that the numbers are actually even more optimistic. If this sector continues to open up, it would be great news for the entire private markets landscape. Endeavor Colorado Zeb King Kathryn Dickson Tegan Stanbach #privateequity #venturecapital #investing #innovation #entrepreneurship #founders #startups https://lnkd.in/gPXevKSx

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2 active fund offerings from the Echelon Fund team who have been killing it ever since their cohort at The Fund School. https://lnkd.in/gVd-dhfY sidecarportfoliofund.com This presentation of Echelon Fund, LLC and Sidecar Portfolio Fund (the “Company”) is for information only and shall not constitute an offer to buy, sell, issue or subscribe for, or the solicitation of an offer to buy, sell or issue, or subscribe for any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The information contained herein is subject to change without notice and is based on publicly-available information, internally developed data, third party information and other sources. The third party information has not been independently verified. While the Company may not have verified the third party information, nevertheless, it believes that it obtained the information from reliable sources and has no reason to believe it is not accurate in all material respects.

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It's interesting to see how valuation trends have shifted, especially the decline in up rounds this year. This data is crucial for founders and investors to set realistic expectations in a tougher fundraising climate. Understanding these trends can really help in planning for the future! 👏

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In PE, when you buy a company you're in business with the founders & the management team even though the PE firm owns the company. Success is a function of collaborative partnership & teamwork. PE firms that have this partnership philosophy are well positioned on the path to achieve top decile IRR. #pe #privateequity

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Too many small and mid-sized businesses struggle with capital constraints out of fear and misunderstanding. Sourcing the capital required to remove those constraints is key to unlocking the value creation potential of these companies. https://lnkd.in/gRYTKEmN #smallbusiness #businesstransformation

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Below is a link to today’s MDB Vested Interests conversation, Traditional Venture vs Public Venture, in case you missed or want to revisit it. MDB Capital President & Chief Market Strategist Lou Basenese sat down with Dave Berkus, TCA Venture Group Chairman Emeritus and Managing Director of TCA ACE Funds, to exchange insights on these approaches to venture-stage investing. Watch video here: https://lnkd.in/gwM3Cwsd

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𝗛𝗼𝘄 𝘁𝗼 𝗯𝘂𝘆 𝗮 𝗽𝗹𝘂𝗺𝗯𝗶𝗻𝗴 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 🔧 Some due diligence questions for a search fund entrepreneur who is considering this: - Are any customers responsible for the majority of the revenue? Is it sticky work, or one-off? - Is there a good supply of competent, licensed plumbers available in the local area? What happens if the owner or a significant employee leaves? - Are the trucks and equipment in good shape? Are any leases or loans on the balance sheet? - Is the business well-insured? Any active lawsuits or settlements? Any unhappy customers that have been set aside? - What's the actual P&L on the business, with a proper, reconstructed profit and loss statement? Are there a lot of cash jobs? - Is the market for plumbing work already competitive? Is it likely to get more so? - When's the last time the software at the front and back end has been updated? But most of all, there's the alchemy to see if you can trust the owner to tell the truth about what you're actually buying. And to trust that this is a good deal, even at the price the owner has in mind, which will always be more than you want to pay.

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Lexington Books managed to release my book Disagreeing despite the Data before the election. It argues the belief segregation underway in the US may be irreversible. Today's battles over climate change, disease mitigation, and election results run deep -- they're cognitive, not just strategic. Here's the gist of it. 20th-century revolutions in the philosophy of mind, meaning, and matter uncover three surprising requirements for widespread factual agreement. Critical thinking and community building have the potential to reverse two of them -- the growing refusal to test assumptions and individual isolation. Factual agreement between groups is impossible without the third one, though -- shared projects or other meaningful interaction. And a large part of American society has insulated itself from the rest. Without shared projects, communities gradually lose the ability to tell whether they agree or not regardless of the words they use. Belief segregation with similar roots has led several developing countries to the brink of failure. We'd better watch out. The attached flyer gives a discount code that makes the book -- priced in this initial run for academic libraries -- a little more affordable. Please feel free to forward it and, if you're connected to any libraries or book stores, pass it on!

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The Information broke news that Insight Partners has just secured $10B in funding for their latest flagship fund. This is perfectly timed given their multiple $1B+ companies sold over the past week. This is a clear sight that #limitedpartners still have in their #privateallocations even during the current slow markets for #IPOs and #M&A. This would also appear to be good news for #AIfinancing and #SaaSFinancing. What do you think? #Management #VentureCapital #PrivateEquity #CapitalMarkets https://lnkd.in/gXu_s8Qj

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How does a brand distinguish itself in an increasingly crowded market? This question was thoughtfully explored in a recent podcast featuring Eric Bandholz, founder of Beardbrand. He emphasizes that success isn't merely about revenue; it's about forging authentic connections with your customers. Bandholz champions storytelling as a vital tool for independent brands, allowing them to resonate deeply with their audience—something big retailers often overlook. Moreover, he shares insights from his journey, highlighting the balance between business growth and maintaining personal freedom. Both ambition and values shape a company's path—harnessing authentic experiences rather than succumbing to growth for growth's sake. Given the current economic climate, understanding these concepts becomes even more crucial for entrepreneurs and investors alike. As we navigate through opportunities and challenges, reflecting on the cultural aspects of business can provide a vital edge. What strategies have you implemented in your business to connect with your audience on a deeper level? #Entrepreneurship #BrandStrategy #CustomerEngagement #Storytelling #FinancialConsulting #Beardbrand https://lnkd.in/gVTF6-_X

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Throughout the year, Buyouts gathers intel about the most talked about emerging funds in the market from our networks of LPs and fundraisers. Emerging managers, including first-timers, remain of interest even in the tough fundraising markets. In a Probitas Partners survey last year, 75% of 69 institutional investor respondents said they were interested in exploring new firm spin-outs. Only 2% of respondents had no interest in first-time funds. The updated list includes around 45 names of funds in market that have gotten the attention of investors, including Otro Capital, Iron Path Capital, 5th Line Capital Century House Partners, Dynasty Equity, Citation Capital, Broad Sky Partners, Allied Industrial Partners, and Highland Rim Capital. #Venturecapitalists #Emergingfunds #EmergingManagers #Limitedpartners #Generalpartners #Investments #fundraising #Newfunds #Buyouts #LPs #GPs #VCs #Funds

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"Things that were once the case about public markets no longer hold true.” This week's Alt Goes Mainstream AGM Weekly dives into the new world order of investing and the spotlight that Apollo Global Management, Inc.'s recent Investor Day presentation shines on what's next. The game on the field has undeniably changed. Features of public markets - namely, indexation and correlation - have created a retirement issue even before the "Silver Tsunami" begins its crest in earnest. Alternative asset managers appear to be ready to meet the moment. As definitions of risk, return, and liquidity are questioned, a re-architecting of portfolio construction is being implemented. New strategies, new portfolio construction frameworks, new thinking, and new asset management businesses are needed in this new era. Read this week's Alt Goes Mainstream Alts Weekly for a deeper dive into this new era. I also discuss the evolution of GP stakes based on a conversation we had earlier this week hosted at Capricorn Investment Group and Partner William Orum with TPG Next's Managing Partner Pamela Pavkov and Blue Owl Capital's MD Mark O'Sullivan and include a good overview of the middle market GP stakes landscape from Crest Capital Advisors Ryan Weisenberg, MBA Candidate and team. This week's AGM Alts Weekly, brought to you by bunch, covers: 🗂️ AGM Index, an index that tracks the leading publicly traded alternative asset managers. 🗞️ AGM News of the Week, this week covering: 📌 PitchBook's Olivia Fishlow on J.P. Morgan's push into direct lending via both balance sheet investing and through partnerships with private credit firms. 📌 Institutional Investor's Michael Thrasher on Fidelity Investments raising its first VC fund, with comments from Fidelity's Global Head of Private Equity Karin Fronczke. 💻 Who is hiring: Senior-level positions from companies Blackstone, Apollo Global Management, Inc., iCapital, KKR, StepStone Group / StepStone Private Wealth, Fidelity Investments, Hamilton Lane, Blue Owl Capital, Ultimus Fund Solutions, Neuberger Berman, bunch, The Carlyle Group, Capricorn Investment Group, Hightower Advisors. Subscribe👇 to see the latest trends & navigate this rapidly changing landscape as alts go mainstream.

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May is when many private companies finalize mid-year comp plans 💵 Need a reliable 409A valuation? Or has it been over a year since your last? We've got you covered! Scalar's 409A valuations keep you compliant, protect employees from tax penalties, and come with a team that supports you all the way through an audit. https://lnkd.in/gs_CtPNS

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🧱BRICS+ ACCELERATE 'THE UNIT' CHALLENGER TO KING 💵 🅰️ ARCADIA ECONOMICS (C. Marcus) interviews Eagle Forge (EF) Matt Riley about "BRICS-buck" aka "THE UNIT", long awaited (+ overdue!) challenger. 🇷🇺 🇨🇳SEEK TO REVALUE GOLD, create a parallel SWIFT-like system. "UNIT" a payments settlement ccy with a 40% gold backing. Not 100% (many BRICS members lack required Au reserves.) 6️⃣ 0️⃣ % REMAINDER TO BE backed by a pairing of strongest world trade fiats within the group. Smaller nations (e.g. Ethiopia) do fear being "drowned" by the majors, simply giving up one problematic system for another. 🌀STRATEGY TAKING SHAPE; anchored by resources (30-40% world oil supply), sheer number of BRICS humans (1.4 billion); three pillars: 1) DECOUPLE USD-PRICED Au and Ag from the new parallel system 2) RENDER "WESTERN" FIATS irrelevant by imposing "DIPLOMATIC, INFO, MILITARY and ECONOMIC" ("DIME") power-playbook 3) LEAVE ROOM FOR credit expansion, hence < 100% Au backing 🌎 POLITICS DRIVES FX vals, the "will" to transform the system. 🇮🇳🇨🇳🇷🇺 , front-running is the "everyone for themselves" factor; could scupper a unified "UNIT" front. Requires herculean geopolitical coordination to pull it off. 🇺🇸 COULD PRE-EMPT and revalue Au reserves first. Then, weaponize their "Strategic BTC Reserve". Matt thinks the latter is mere pandering (hodler votes). 📣 BOTTOM LINE, BRICS lack asymmetric warfare (comms force) to shift the narrative. Comms majors are all G7-based (FT, X, Reuters, NewsCorp etc) ‼️INTERESTINGLY, MATT RAISES the prospect of big bullion dealers being bought out by one or more BRICS/ proxies. Miles Franklin cited as one option. Informative Miles Franklin review from LinkedIn here: https://lnkd.in/gw5pKdsN #ArcadiaEconomics #BRICS+ #MattRiley #EFBullion #USD #TheUnit #monetary #commodities #gold #silver #MilesFranklin

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As the IPO window remains shut and other paths to liquidity (buyout and M&A) remain compressed, the Cerebras Systems S-1 filing is a cautious welcome sign for the venture capital asset class. As the first "pure play" generative AI company to go public since ChatGPT's release, this marks what could the beginning of a new technology IPO wave. The company is making the bold attempt to take NVIDIA head on: ✅ Cerebras has developed a novel wafer-scale AI chip that is 57x larger than a GPU with 7,000x the on-chip memory  📈 Revenue grew a an incredible 1,122% YoY to $70M in latest quarter 💰 Blue-chip technology investors including Benchmark, Coatue, and Altimeter But the S-1 filing also reveals some notable challenges and risks: 🚩 83% of revenue came from a single customer in 2023 🗳️ Possible CFIUS scrutiny over their relationship with an Emirati company 🧑‍💼 CEO named in prior SEC enforcement action in early 2000s We will continue to keep an eye out for more details in the coming months around IPO pricing and the company’s regulatory squabbles, but in the meantime, please enjoy the full essay below.

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Do investors have too much choice? On today's episode of the Alt Goes Mainstream podcast, we talk with Ben Carlson, CFA, Director of Institutional Asset Management at $5B AUM Ritholtz Wealth Management. Ben is a student of markets and asset allocation, sharing his knowledge on his blog, A Wealth of Common Sense, and on his podcast, The Compound's Animal Spirits with Michael Batnick, CFA. Ben and I had a fascinating conversation about the adoption of alternatives in the wealth channel and the whys and hows of asset allocation. We discussed: * Why asset allocation is the most important aspect of an investment plan. * The question of whether or not investors now have too much choice? * Why Ben documents every investment decision he makes. *The benefits of private markets and the pitfalls of private markets. * His biggest lesson learned in investing. * Why crypto has helped younger investors become more comfortable with volatility (for better or worse). * The future of wealth management and what won’t change about the advisor / client relationship. * The power of content creation and how it helps him approach investing. Thanks Ben for your fascinating and thoughtful views. Thanks to Ultimus Fund Solutions for your support of this episode of Alt Goes Mainstream. https://lnkd.in/e_WrgFvA

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