In this episode, Samir Kaji sits down with Lido Advisors President Brian Haloossim and Managing Director Sanjeev Sardana to unpack how modern wealth management is evolving and what it takes to build a differentiated, client-first RIA. They discuss why both chose to join Lido and how Lido is deliberately avoiding the “aggregator” label in favor of a unified firm with shared values and a common story. The conversation focuses on building thoughtful alternatives programs that go beyond product pushing, including partnering with family offices for true sourcing edge, managing illiquidity, capital calls, and late K-1s, and ensuring each private investment fits the client’s full balance sheet and liquidity profile. Brian and Sanjeev also emphasize client and advisor education around patience, the J-curve, and risk, and close by exploring how AI and technology are being woven into trading, planning, and operations to enhance (not replace) human advice as wealth management becomes more complex and alternative-heavy.

Topics in this conversation include:

• Origins of Brian and Sanjeev and Why They Joined Lido Advisors (2:02)

• Evolution of Wealth Management and Need for Differentiation Beyond 60/40 (7:43)

• Vetting Acquisitions and Ensuring Cultural and Client-First Alignment (14:14)

• Moving Beyond 60/40 and Building an Edge in Alternatives With Family Offices (18:22)

• Challenges of Sourcing, Diligencing, and Timing Alternatives for Clients (24:10)

• Managing Capital Calls, Funding Accounts, and Market Cycles for Alts (29:58)

• Who Should Invest in Alternatives and Educating Clients on the J‑Curve (36:13)

• Risks of AI Adoption, Data Security, and Protecting Client Information (43:32)

• Client Centricity, Technology, and the Future of Wealth Management (44:30)

 Thank you for listening to the Private Markets Playbook. To learn more about our work and how we’re supporting access to alternative investments, visit us at allocate.co. We look forward to connecting with you.

Disclosure

The 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.

In this episode, Samir Kaji sits down with Raj Bhattacharyya and Stuart Katz of Robertson Stephens to unpack how they rebuilt an iconic Wall Street brand into a $9B, tech-forward wealth management firm focused on high and ultra-high net worth clients. They walk through the firm’s four pillars of fiduciary alignment, centralized investments, integrated planning, and technology, and how that framework shapes their approach to private markets and alternatives. The conversation dives into what it means to use alts as a purposeful “program” rather than a shiny product, how to size and structure illiquid exposures so they support (rather than derail) a client’s plan, and why advisor and client education around liquidity, the J-curve, and manager dispersion is non-negotiable. Along the way, they explore the operational plumbing required to scale alts, the risks of country club deals and fee-stacked SPVs, and how agentic AI is beginning to transform research, operations, and the client experience, enhancing, but not replacing, the advisor’s judgment as wealth management moves into an increasingly digital and choice-saturated future.

Topics in this conversation include:

• Origins of Rebuilding Robertson Stevens as a Pure Wealth Management Firm (2:37)

• Entrepreneurial DNA of the Firm and Empathy for Founders and Advisors (6:51)

• Purposeful Use of Alternatives and Theme-Driven Investment Process (9:30)

• Integrating Planning, Liquidity, and Client Temperament with Alternatives (14:24)

• When to Use Alternatives, Importance of Simplicity, and Sizing by Suitability (16:28)

• Return Targets, Dispersion Across Managers, and Internal Hurdle Framework (23:49)

• Advisor Discomfort with Alts and Building Consistent Education and Support (27:37)

• Technology as a Core Pillar and Crossing the Threshold to Time-Saving Tools (36:36)

• Agentic AI in the Investment Office as an Analyst Layer to Enhance Judgment (43:57)

• Future of Alternatives Plumbing, AI-Driven Efficiency, and Tokenization Trends (47:47)

Thank you for listening to the Private Markets Playbook. To learn more about our work and how we’re supporting access to alternative investments, visit us at www.allocate.co. We look forward to connecting with you.

Disclosure

The 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.

In this episode, Samir Kaji sits down with Dave Engel, Partner and Head of Venture Capital at AlphaCore, to unpack how a wealth advisory firm can thoughtfully bring venture capital into private client portfolios. They trace Dave’s journey from building and selling startups to Palo Alto Networks to now running an endowment-style VC program inside a wealth platform. The conversation dives into what it really takes to access top-quartile venture returns, how to diligence the flood of emerging managers (including spinouts from brand-name firms), why education around illiquidity and risk is so critical for advisors and clients, and how AI-driven innovation—from healthspan to the physical world—is reshaping the opportunity set. Along the way, Samir and Dave explore secondaries, the impact of blockbuster liquidity events like SpaceX and Anthropic, and the traits that separate truly differentiated managers from the pack in today’s venture market.

Dave Engel is a Partner and Head of Venture Capital at AlphaCore. With more than 25 years of experience spanning venture capital, enterprise technology, and financial services, Dave brings a unique perspective shaped by his success as both an operator and investor. Before founding Red Shepherd Ventures in 2021, he led worldwide sales at Zingbox, helping drive 10x growth ahead of its acquisition by Palo Alto Networks, and held leadership roles at NetApp and Oracle. He has also built a strong track record as an angel and venture investor, backing successful startups including Zingbox, Cyabra, and NextAge, and is widely recognized for his expertise in go-to-market strategy, early-stage investing, and company building.

Topics in this conversation include:

• Dave Engel Background and Early Tech Career (1:48)

• Endowment Model Approach to Venture at AlphaCore (5:22)

• Barbell Market Structure of Mega Funds and Emerging Managers (9:34)

• Scale of Emerging Managers and Need for Networked Access (11:31)

• Adverse Selection Risks from Client-Referred VC Opportunities (16:09)

• Storytelling, Updates, and Non-NAV Nature of Venture (20:39)

• Illiquidity Reality and Misplaced Focus on Late-Stage Names (24:21)

• SpaceX IPO, AI Giants, and Liquidity Wave Implications (28:43)

• Comparison to Dot-Com Era and Current AI Valuation Cycles (32:08)

• Sourcing, Picking, and Winning as Core VC Functions (40:55)

• Advice to Younger Self on Humility and Empty-Cup Mindset (43:29)

• Final Thoughts and Takeaways (45:25)

Disclosure

The 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.

In this episode, Samir Kaji sits down with Aneet Deshpande, Chief Investment Officer of Clearstead, a $62 billion advisory firm serving both private clients and institutions. They unpack how Aneet’s experience investing through the dot‑com bubble and the Global Financial Crisis shaped his purpose‑driven approach to asset allocation, and how Clearstead bridges the gap between Yale‑style endowment portfolios and the real‑world needs of multi‑generational families. The conversation explores building scalable but customized private markets programs, managing advisor cognitive load and client psychology, the right and wrong ways to use evergreen funds, and why simplicity, tax awareness, and rigorous manager selection are increasingly critical in a world of expanding alternatives and rapid advances in AI‑driven investment infrastructure.

Aneet Deshpande is Chief Investment Officer at Clearstead, where he is responsible for leading the firm’s Investment Office, overseeing asset allocation, manager research, investment solutions, and portfolio management. He has been working in the financial services industry since 1999, joined Clearstead in 2020, and has been a shareholder since 2021. Aneet brings expertise in investment manager research, investment strategy, portfolio management, and trading. Before joining Clearstead, he worked as CIO and lead portfolio manager for a multi-billion-dollar investment management company, where he also held leadership roles in investment strategy, trading, and portfolio management. Throughout Aneet’s career, he has led teams focused on delivering institutional-quality investment solutions and managing complex multi-asset portfolios on behalf of families and institutions.

Topics in this conversation include:

• Aneet’s Career Background through Dot-Com Bubble and GFC (1:40)

• Purpose-Driven Approach to Asset Allocation and “Alternatives” (5:35)

• Importance of Programmatic vs Ad Hoc Private Markets Exposure (9:41)

• Planning-Led Wealth Approach and Role of Tax, Estate, and Governance (13:17)

• Cognitive Load on Advisors from Deal-by-Deal Private Offerings (18:22)

• Complexity vs Simplicity in Portfolio Construction and “Alternatives” (24:18)

• Evergreen Fund Structures, Liquidity, and Redemption Headlines (28:32)

• Dispersion in Private Equity and Private Credit Manager Outcomes (31:15)

• Client Psychology, Market Cycles, and Sticking to Plans (34:15)

• Future of Product Innovation, Tokenization, and Onboarding Friction (39:14)

• How AI and Tech Transform Private Markets Diligence (42:11)

• Final Thoughts and Takeaways (44:28)
  
  

Disclosure

The 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.

In this episode, Samir Kaji sits down with John Jennings, President and Chief Strategist of the family office ArchBridge, to explore how ultra‑wealthy families can invest wisely amid uncertainty, information overload, and private‑market hype. John shares the story of ArchBridge’s origins in the aftermath of Arthur Andersen’s collapse and how living through the global financial crisis pushed him toward a focus on behavior, mental models, and simplicity, themes he codified in his book “The Uncertainty Solution.” The conversation covers why most investors are hurt more by fees, taxes, and bad behavior than by picking the “wrong” asset class, how family offices often overcomplicate portfolios and chase direct deals without the needed edge, and why a low‑cost, largely passive approach can quietly outperform much flashier strategies. They also dig into the dispersion in private equity and venture returns, the role of access and discipline in private markets, the limits of AI as an investment oracle in a complex adaptive system, and how advisors can help families align their portfolios with what actually matters for long‑term wealth.

John M. Jennings is President and Chief Strategist of ArchBridge Family Office, where he leads client service and helps ultra‑wealthy families navigate all aspects of wealth management. A founding principal of the firm, he sits on ArchBridge’s Management, Investment, Risk Management, and Trust Committees. John is the award‑winning author of The Uncertainty Solution and writes the popular IFOD blog, and he frequently contributes on investing and behavior to outlets such as Forbes. He is an adjunct professor at Washington University’s Olin Business School and holds finance and law degrees from the University of Missouri, as well as a certificate in Decision Making and Behavioral Finance from Harvard. A St. Louis Business Journal 40 Under 40 honoree, John is a lifelong learner, avid reader, and devoted family man who still finds time for skiing, indie music, and cheering on the St. Louis Blues.

Topics in this conversation include:

• John’s Background From Law to Arthur Andersen And Enron Fallout (1:56)

• Rise of Family Offices and Introduction to The Uncertainty Solution (4:41)

• Why the Most Important Thing to Get Right is Investor Behavior (9:52)

• Concept of Invest as if You’re Dead and Draw of Direct Deals (12:45)

• Why Median Endowment Often Matches Simple 70/30 Index Portfolio (18:00)

• Advisors Alpha Behavior Coaching Versus Security Selection (24:30)

• Growth of Family Offices and Explosion of New Wealth From Tech Companies (27:37)

• Disciplined Due Diligence Framework for Client Direct Deals (31:59)

• Complex Adaptive Systems and Why Markets Resist Simple AI Prediction (33:52)

• Which Economic Indicators Are Important but not Predictive for Market Returns (40:16)

• Role of Private Markets When You Truly Have Edge Versus Simplicity Option (44:31)

• Final Thoughts and Takeaways (45:14)
  
  

Disclosure

The 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.

Venture capital is rarely more in focus than it is today, driven by AI’s potential to reshape industries and a pipeline of highly anticipated IPOs carrying valuations in the hundreds of billions and in some cases trillions. While we share the enthusiasm, perspective matters. These outcomes took many years to build, and for every success there are countless companies that fell short. Private markets are often praised for their headline returns, but the range of outcomes is wide, which is why access and selectivity tend to matter more here than in other asset classes. Nowhere is this more apparent than in venture, as the chart below illustrates.

The data above shows the most recent cohort of mature venture vintages, those between 7 and 11 years old, and their performance across the three most commonly quoted metrics: how much capital has been returned (DPI), total multiple of dollars invested (TVPI/MOIC), and internal rate of return (IRR). Focusing on IRR, the midpoint sits roughly in line with what a public markets investor would have earned over the same period. If we shift above that midpoint, the picture becomes increasingly compelling, shown by the threshold for the top 25% coming in at 22.6%. That gap between the median and the top quartile underscores the potential impact of manager selection.

The challenge is that venture capital is largely dominated by a mix of established and emerging managers who are highly coveted, well-networked, and rarely in need of new investment partners. Together, these dynamics turn access into a binding constraint, not a nicety. Without it, the outcomes that justify locking up capital for a decade may be less likely.

At Allocate, we seek to build relationships across a range of managers. We attempted to capture this on a backward-looking basis. The visual below offers a small window into that picture – the net performance of the managers our research team has deeply reviewed over the past month. As a benchmark, representation above 25% in each of the top two quartiles is a good indicator of strong historical performance, which by extension may be associated with less exposure to third- and fourth-quartile managers, with the latter being the most important to avoid.

Among the 18 GPs we met with and formally evaluated, the track record data is encouraging. More than 70% of their funds have ranked in the top half, which means these managers have delivered above-median returns nearly three quarters of the time. Even more striking, over 40% have ranked in the top quartile, nearly double the rate of the broader market. Additionally, on the downside, these managers have been twice as effective as the market at avoiding fourth-quartile outcomes. In short, this group has historically excelled at capturing the best opportunities while avoiding the worst.

Does strong access alone guarantee differentiated returns? Not at all. But if even a portion of the performance seen across more than 100 previously analyzed vintages reflects skill, then there is some signal that can potentially be captured. Discerning this difference, while recognizing that market dynamics make outcomes inherently unpredictable, is precisely what our research team is here to assess. We look carefully at each manager to separate what is likely repeatable from what was luck, with the goal of identifying the groups we believe are best positioned, based on our current assessment, to keep delivering differentiated outcomes.

What this analysis looks like and how we assess the probability of good outcomes is something we will cover in detail in the future, but at the highest level, effective manager selection involves seamlessly blending quantitative rigor and qualitative assessment in an iterative process focused on separating signal from noise. The right mix of these two factors shifts from strategy to strategy and in some cases at the sub-strategy level. Refining this balance is a constant work in progress, and for us as research professionals, the pursuit of better decision-making is in itself the reward.

Important Information
This material is for informational purposes only and does not constitute investment advice or a recommendation. Past performance is not indicative of future results. The analysis referenced is based on a limited sample of managers reviewed over a specific period and may not be representative of broader market outcomes. There can be no assurance that similar results will be achieved.

In this episode, Samir Kaji sits down with Neil Malik, Founder and CEO of K1 Investment Management, to unpack what the so‑called “SaaS apocalypse” really means for software investors in an AI‑driven market. They trace the evolution of K1’s strategy across nearly 300 enterprise software investments and dig into how Neil is triaging portfolio companies into green, yellow, and red buckets based on depth of workflow, system‑of‑record status, and the uniqueness of their data. The conversation also covers the risks of backing pure “LLM wrappers,” why regulated and infrastructure‑like software businesses may be more resilient, how multiple compression is reshaping return math for private equity, and why today’s AI and data center boom rhymes with prior infrastructure hype cycles.

Please find full show transcription including further disclosures and footnotes here.

Neil 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.

Topics in this conversation include:

• Evolution of Software Investing from ASPs to SaaS and Cloud (1:11)

• AI Supercycle, Anthropic’s Growth, and Compressed Adoption Timelines (2:47)

• Is this a “SaaS Apocalypse”? Market Overreaction and Dry Powder Opportunity (4:51)

• Portfolio Triage Framework and What Makes SaaS Businesses Resilient (7:42)

• Vertical SaaS Case Studies: Simpro, Legal Platforms, and Smarsh (8:55)

• Data as a Moat, Regulated Markets, and Discoverability of LLM Communications (12:52)

• Avoiding AI-Native “LLM Wrappers” and the Importance of System of Record (16:38)

• Workflow, Adoption, and Cultural Change Required to Realize AI Value (18:01)

• Lender–Customer Communications and Agentic Workflows (20:42)

• Multiple Compression, Growth, and the Math of Exits in a 5–6x SaaS World (23:49)

• Leverage, Private Credit, and the Coming Reckoning for Highly Levered Deals (28:42)

• Infrastructure Opportunities: Spin AI, Cybersecurity, and Databases for AI (33:30)

• Learning from Past Hype Cycles to Navigate AI Today (40:52)

Disclosure

The 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.

In this episode, Samir Kaji sits down with Eric Patterson, Co-Founder and Managing Partner of Three Bell Capital, to unpack how a modern RIA can systematically build and scale private markets exposure. They cover Three Bell’s evolution from ad hoc, deal-by-deal alternatives to running proprietary fund-of-funds across venture, private equity, credit, and hedge funds; the tradeoffs between client choice and institutional portfolio construction; and the real economics and stigma around fund-of-funds. The conversation also explores today’s opportunity set in venture, PE, and private credit, the role of interval and semi-liquid structures, and how AI is beginning to transform both operations and investment decision-making in wealth management.

Eric Patterson is Co-Founder and Managing Partner of Three Bell Capital, a multi-family office serving entrepreneurs, executives, and investors, particularly within the technology community. With decades of experience in wealth management and private markets, Eric has helped grow Three Bell to oversee more than $3 billion in client assets. He is known for his expertise in portfolio construction, private investments, and building long-term, client-aligned investment strategies.

Three Bell Capital is a boutique multi-family office providing comprehensive wealth management and investment advisory services to high-net-worth families. The firm specializes in serving entrepreneurs and tech-focused clients, offering customized portfolio construction with a strong emphasis on private markets. With over $3 billion in assets under advisement, Three Bell has built a reputation for disciplined investing, client alignment, and a thoughtful, long-term approach to wealth creation.

Topics in this conversation include:

• Eric’s Background And Three Bell Capital’s Focus (2:21)

• Shift From Deal-by-Deal Investing to Proprietary Fund of Funds (4:17)

• Diversification Math and Limits of Client Manager Choice (5:13)

• Operational Challenges and Benefits of Running Fund of Funds (7:16)

• Client Concerns About Fees and Three Bell’s No Extra Layer Model (10:58)

• Vintage Design, Fund Lineup, and Matching Durations to Underlying Assets (15:58)

• Advice to RIAs Building Private Markets Programs (17:21)

• Preference for Smaller Private Equity Funds and Exit Optionality (23:42)

• Venture Capital Dynamics, Mega Funds, and Tail Outcomes (25:11)

• Credit Market, Interval Fund Redemptions, and Liquidity Provisions (34:27)

• Role Of AI in Operations, Data Management, and Underwriting (40:45)

• Limits Of AI and Ongoing Importance of Human Judgment (43:38)

• Final Thoughts and Takeaways (45:39)

Disclosure

The 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.

There’s a version of a product roadmap post that’s basically a press release in casual clothing. You know the one. It relies on words like “transformative” and “best-in-class,” a vaguely optimistic tone, and nothing you can actually hold anyone to.

This isn’t that.

We’re writing this because our clients, prospects, and anyone paying attention to where private markets’ infrastructure is headed deserves to know what we’re actually building, and why. So here’s the honest version.

Where We Were, Where We Are

2025 was the year we stopped optimizing features and started building a platform that could actually scale.

Three things defined it.

We launched a rebuilt operating system for enterprise wealth advisory firms and fund managers – a real platform, designed to scale with firm-specific workflows.

We integrated Banking-as-a-Service payment rails directly into Allocate, because asking clients to manage capital calls and distributions across disconnected systems is a reliable way to make everyone miserable.

And we shipped Allocate Insights: one portfolio view designed to provide a unified view of held-away private alternative assets. No more logging into six portals to piece together what a client actually owns. One pane of glass, finally.

Were we perfect? No. The most humbling thing we learned in 2025 is something every product team figures out the hard way: 80-90% of what wealth advisory firms do is identical. It’s that last 10-15% that keeps everyone up at night. That’s where the real workflow lives. That’s where firms actually differentiate. That last 10–15% is where firms actually differentiate — where the real workflow lives. Platforms that can’t accommodate that reality end up being tools firms work around, not operating systems they build on.

We’ve been rearchitecting with that lesson baked in ever since.

What We’re Building in 2026

AI That Actually Does Something

We’re all in on AI. Not in the “we added a chatbot to the nav bar” way – in the way where AI agents are woven into the fabric of how the platform works, with the goal of making “can it do that?” a question that keeps getting easier to answer.1

The AI we’re building isn’t a single feature. It’s a layer that runs across the entire platform, designed to be customized to how your firm actually operates and to get smarter the more you use it. Think of it less like a tool you open when you need it, and more like an intelligent colleague who already knows your book of business, your clients’ preferences, and what needs to happen today.

In practice: an advisor asks a pointed question about a fund offering and gets a direct, substantive answer drawn from the full body of fund materials - not a page reference, not a summary of a summary. Drafting a client-facing note about a capital call goes from a 20-minute task to a 2-minute review.

Or consider this scenario: news breaks that a portfolio company inside one of a client’s fund holdings is eyeing an IPO. In the old world, piecing together what that client owns, and where the relevant fund sits in its lifecycle, would consume the better part of a morning — assuming the news was even caught in time. With an AI agent that knows the client’s portfolio, the relevant holding data and fund documents can be assembled in minutes rather than hours. What’s left is the judgment, the relationship, and a client conversation that’s faster and better informed than it would have been otherwise.2

It also means waking up to a daily digest that surfaces what matters most, including fund updates, portfolio movements, and action items, without having to go hunting for it.

The customization piece is worth saying plainly: different firms have different voices, different workflows, different client relationships. An AI agent that works beautifully for one RIA might be completely wrong for another. We’re building with that in mind, so teams can tailor how agents communicate, what they prioritize, and how they fit into existing processes – rather than reshaping their business around what the AI can handle.

We’re also not shipping this and hoping for the best. Our own RIA team is actively testing and using these capabilities as we develop them, which gives us a tight feedback loop between what we’re building and what holds up in practice. That feedback directly shapes what ships and what goes back to the drawing board.

AI at Allocate isn’t a feature you turn on. It’s infrastructure. And in 2026, we’re working to bring it across the full platform experience.

Fund Solutions: Visibility That Goes All the Way Through

For asset managers, the LP relationship has historically involved a lot of PDFs, a lot of follow-up emails, and a surprising amount of educated guessing about where things stand. We think there’s a better way.

We’re building out Fund Solutions this year to give asset managers – and the advisors, operations teams, and investment teams they work with – a comprehensive, up-to-date view into fundraising progress, fund performance, and cash flow management, including banking.

The goal is to make the state of a fund as legible as possible to everyone who needs to know, without creating more manual work to get there. Whether you’re tracking commitment pacing, monitoring distributions, or trying to understand where a fund sits in its lifecycle, we’re building toward having that information organized and current, without requiring a call to your fund administrator to find out what’s happening.

How We Build: AI Isn’t Just in the Product

It would be a little awkward to write an entire post about AI-powered infrastructure and then admit our product team isn’t using it. We are. Aggressively.

Two values sit at the core of how this team operates: Extreme Client Service and Relentless Problem Solving. Those aren’t poster words – they’re the lens through which we evaluate every idea, every build decision, and every tradeoff. They’re also exactly why AI has changed the way we work as much as it’s changing what we build.

The way we work internally has changed as much as what we’re building externally. Designers, product managers, and engineers at Allocate are all using the same AI tools at the same time – not passing work over a wall and waiting. We’re using tools to visualize and iterate on new designs in hours instead of weeks. Engineers are writing code alongside AI, moving tickets through faster, and getting features in front of clients sooner. Product managers aren’t just writing specs anymore – they’re writing code too, shipping directly alongside engineers and closing the loop between what was scoped and what gets built.

The lines between designer, PM, and engineer are blurring. Honestly? Good. That’s the point. It keeps everyone sharp, it keeps everyone accountable, and it means we’re no longer constrained by what role someone holds on an org chart. The old model – designer hands off to product, product hands off to engineering, engineering hands off to QA – was already showing its age before AI came along. Now it’s just slow. We’re not interested in slow.

Our philosophy is simple: shorten the time between idea and feedback. Ship something real, learn from it, and iterate quickly. Fail fast when we need to, and move on without a lot of ceremony. Bring your intuition and your experience to the table – not just your job title. That’s what Relentless Problem Solving actually looks like in practice.

And the Extreme Client Service part? It shows up in the outcome. The gap between “we heard your feedback” and “here’s the fix” is shrinking because the team is moving faster and closer to the work than ever before. Less ceremony, less handoff lag, more of what clients actually asked for – sooner.

Flexibility as a Feature

This one is less a product launch and more a philosophy that’s showing up in every architecture decision we make this year.

Because we learned that lesson about the 10-15%, we’re building configuration and flexibility directly into the platform – rather than treating every custom workflow as a one-off professional services engagement. Firms are different. Their clients are different. Their compliance teams have opinions. Their investment committees have processes. A platform that truly accounts for those differences empowers each firm to operate in a way that reflects who they are and how they work best.

The North Star

Everything we’re building points to the same thing: private markets should feel like public markets for wealth advisory firms and their clients. Investing should be easier – not harder – for fund managers working with their LPs.

That means comprehensive visibility. Intelligent tooling. Seamless infrastructure. A platform that grows with firms rather than fighting their workflows at every turn.

We’re not going to pretend we’ve fully arrived. But we know where we’re going, and 2026 is the year a lot of it becomes real.

What’s Next

This is the first post from our product team. There’s a lot more to come – deeper dives on specific capabilities, introductions to the people building this, and honest updates on where we are versus where we want to be.

Follow along here, or if you want to see any of this firsthand, come talk to us.

Key Takeaways

• In 2025, we rebuilt Allocate as a true enterprise operating system – a platform built around how firms actually work.

• The 10–15% of workflow that differs firm-to-firm matters more than anyone admits. We’ve redesigned our architecture around it.

• In 2026: AI agents woven across the platform, a Fund Solutions dashboard with real GP and advisor visibility, and a product team that builds the way we think software should feel – fast, flexible, and collaborative.

• The north star hasn’t changed: private markets should be as accessible and transparent as public markets.

Important Information
This post is for informational purposes only and does not constitute investment advice.

In this episode, Allocate CEO Samir Kaji joins host Peter Epstein to unpack why 2026 is a pivotal moment for private markets and private wealth. They trace the evolution of alternatives into a multi-trillion-dollar asset class, examine why access has remained constrained for many investors, and explore how responsible democratization and advisor-led personalization can change that. Samir outlines how Allocate is building the connective tissue between leading managers and wealth advisors through integrations, data consolidation, and AI-driven insights, and shares his view on the coming wave of liquidity, including the growing role of secondaries and GP-led transactions in reshaping the private markets landscape.

Samir Kaji is the Co-Founder, CEO, and President of Allocate, a platform focused on expanding access to private markets for wealth advisors, family offices, and institutional investors. With decades of experience across private markets, fintech, and capital formation, Samir is widely recognized for his leadership in modernizing how investors access and manage alternative investments.

Topics in this conversation include:

• Why 2026 Is a Key Inflection Point and Evolution of Private Markets to $20T+ (1:46)

• Barriers to Individual Access: High Minimums and Operational Friction (5:36)

• Democratization and AI-Driven Personalization for Wealth Clients at Scale (8:29)

• Allocate’s Mission, Advisor-Focused Platform, and Three Core Solution Pillars (11:33)

• Future of AI in Private Markets: Insights, Automation, and Data/Integration (15:18)

• Constraints: Compliance, Data Centers, and Compute (21:07)

• Scaling Allocate: Talent, Culture, and Solving Problems with Tech vs. Headcount (26:51)

• 2026 Liquidity Outlook: IPOs, Secondaries, and GP-Led Transactions (34:24)

• Final Thoughts and Takeaways (38:33)

Disclosure

The 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.

In this episode, Allocate Co-Founder, President, and CEO Samir Kaji speaks with Matthew Harris, Partner at Bain Capital Ventures. Their conversation traces Matthew’s journey through decades of FinTech innovation, from digitizing analog processes to the rise of embedded finance, decentralization, and blockchain technology. They discuss the growing importance of alternative assets, tokenization in wealth management, the rapid adoption of AI across financial services, and the dynamic challenges facing private markets and venture investors. Matthew also shares lessons from his extensive investing career, emphasizing the critical role of founders and team quality in creating enduring success.

About Matthew Harris

Matthew Harris is a Partner on the Ventures team at Bain Capital, where he focuses on investments in financial technology across payments, lending, capital markets, real estate, and insurance. He first joined Bain in 1995 and re-joined the firm in 2012 after founding Village Ventures, an early-stage fintech fund, and working previously at Bain & Company. He began his investing career in Bain’s North America Private Equity team. Outside of venture investing, Matt serves on the boards of his alma mater Williams College (as a Trustee and co-head of its Non-Marketable Assets Committee) as well as Endeavor and the Partnership Fund for New York City.

Bain Capital Ventures (BCV) is a multi-stage venture firm with offices in the Bay Area, New York, and Boston, managing over $9 billion in assets. BCV invests from seed through growth in domains like AI infrastructure, fintech, application software, commerce-tech and security. With the backing of parent Bain Capital, the firm offers founders not only capital but also deep domain expertise, customer-introduction networks and operational support. Founded around 2001, BCV has invested in hundreds of companies including notable names like LinkedIn, DocuSign, SendGrid and Redis Labs, and in recent years has raised large funds (such as nearly $1.9 billion in 2023) to continue backing technology disruptors.

Timestamps:

Topics in this conversation include:

• Matthew’s Background and Journey into FinTech (1:07)

• Digitization and Embedded Finance Eras (4:59)

• FinTech Market Overheating and Correction (7:56)

• Post-2022 Themes: Decentralization, Blockchain, AI (8:48)

• Decentralization and Stable Coins in Financial Services (11:59)

• Real-World Applications of Blockchain in Wealth Management (13:21)

• Steps Needed for On-Chain Wealth Adoption (17:49)

• The Future of Private Alternatives and On-Chain Limitations (21:31)

• Fund Liquidity, Evergreen Models, and Bain’s Institutional Approach (25:48)

• Institutional vs. Retail Focus and Venture Market Trends (28:39)

• Pattern Recognition: Importance of Founders and Audacious Ideas (33:37)

• Bain Capital: Advantages, Brand, and Closing Go-to-Market Thoughts (36:42)

• Pace of AI Adoption Compared to Prior Tech Waves (42:24)

• Lessons from 30 Years in Investing (43:32)

• Final Thoughts and Takeaways (44:28)

Disclosure

The 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.

At Allocate Alts Day 2025, we convened a room of investors who don’t typically share the same table. CIOs, general partners, RIAs, and sponsors spoke candidly - off the record - about what’s working, what’s not, and how strategies are evolving.

Below is a distillation of the key themes discussed:

Designing Durable Portfolios

Intentional Construction Is the Baseline

Building an alternatives program today is less about forecasting and more about fit. Leading allocators are re-grounding their programs in first principles: thoughtful pacing, organizational capacity, and clarity on internal measures of success. There’s a growing skepticism toward reactive allocation shifts and renewed emphasis on structured program.

Co-Investments Require More Than Capital

Interest in co-invests remains high - but with it comes more scrutiny. LPs are asking sharper questions about the selection process, GP alignment, and deal velocity. Capital alone is no longer sufficient. What matters is conviction, context, and the the GP’s underwriting.

Liquidity Strategy Is a Fiduciary Imperative

With exit timelines extending, secondaries and continuation vehicles are becoming foundational. Firms are no longer treating them as opportunistic tools, but as core components of long-term planning. The framing has shifted from “how do we exit?” to “how do we stay exposed - intelligently?”

Navigating Access, Innovation & Execution

Wealth Platforms Are Being Re-Architected

The operational gap in private markets is no longer tenable. Advisors face rising expectations for transparency, reporting, and liquidity management, yet many still rely on fragmented systems or manual workarounds. Technology is no longer a nice-to-have; it’s becoming a table stake for scalable client service and advisor efficiency.

Education Is Now Infrastructure

Access to alternatives has outpaced understanding. Across CIO teams, advisors, and clients, education remains the limiting factor. The most successful platforms are those investing in scalable, compliant knowledge transfer. It’s no longer about pitching products; it’s about equipping decision-makers with context and personalized recommendations.

Venture and Growth Investing Are Becoming Operational Businesses

Gone are the days when early-stage investing was defined by access alone. The most effective managers are professionalizing around execution, embedding platform teams, supporting founder scaling, and defining repeatable playbooks. For allocators, the distinction between narrative and operational impact is becoming sharper.

New Structures Offer Pathways to Innovation - Without the Tradeoffs

Secondaries, growth credit, and structured vehicles are creating alternative ways into the innovation economy. These models are appealing not just for their potential returns, but for their alignment with allocator constraints: duration matching, liquidity pacing, and underwriting clarity. Exposure to innovation is shifting from headline bets to structured participation.

Where We Go From Here

What stood out at Allocate Alts Day wasn’t a single market call or thematic bet - it was a shared awareness that thoughtful portfolio construction, client relationship management, and personalized offerings are all being rethought in real time. The institutions that succeed in this next phase will be those who invest in building long term programs with alignment, and external adaptability.

We’ll be hosting more invite-only roundtables in the months ahead, focusing on secondaries, emerging managers, and wealth platform innovation. If you’re interested in participating or exploring how these themes intersect with your mandate, let us know.

MARKET COMMENTARY

Any opinions, assumptions, assessments, statements or the like (collectively, “Statementsˮ) regarding market condition, future events or which are forward-looking, including Statements about investment processes, investment objectives, goals or risk management techniques, constitute only the subjective views, beliefs, outlooks, forecasts, projections, estimations or intentions of Allocate Management, should not be relied on, are subject to change due to a variety of factors, including fluctuating market conditions and economic factors, and involve inherent risks and uncertainties, both general and specific, many of which cannot be predicted or quantified and are beyond Allocateʼs control. Allocate undertakes no responsibility or obligation to revise or update such Statements. Statements expressed herein may not be shared by all personnel of Allocate.

Private equity firms don’t just raise capital to invest in companies. They are high-margin, cash-generative businesses themselves. As the private capital industry has matured, investors have increasingly sought exposure to the business of investing itself. General Partnership (GP) stakes strategies aim to do precisely that by taking passive minority ownership positions in the management companies of private equity firms, to share in their long-term cash flow, carried interest, and increasing value.

A GP stake offers exposure to the enterprise value of a private markets firm, including current and future funds, as well as strategy and geographic expansion, without relying on a single asset or fund. The return drivers are contractual, from management fee income, and equity-linked, from the performance of underlying funds and their carried interest, as well as valuation upside. Unlike fund investments, GP stakes are not constrained by deployment pacing, recycling limitations, or harvest windows. As a result, they provide investors with a differentiated, uncorrelated return stream that complements traditional private equity fund investment.

For many investors, this approach has characteristics of both income and growth. Management fee streams create near-term cash flows, often in the 5% to 8% range, while carried interest and GP ownership offer participation in the growth in the firm’s value. In a maturing private markets landscape, the appeal of owning a slice of the “house” to complement betting on individual funds is increasingly clear.

The Economics of a GP Stake

GP stakes are generally structured to give LPs access to three distinct sources of return:

1. Management Fees: Often based on a percentage of committed or invested capital. These fees are contractual and generally paid quarterly, creating a relatively stable income stream.

2. Carried Interest: The share of profits generated by the GP on successful fund investments. This is less predictable but can be meaningful over time.

3. Balance Sheet Appreciation: Participation in the increase in value of the GP’s own commitments to its funds, co-invest vehicles, or other proprietary investments.

Depending on the firm’s structure, investors may receive distributions tied to one, two, or all three sources of return. In the middle market and seeding segments, where primary capital is primarily used by the GP to grow its business, proceeds may be used to scale fundraising, invest in new strategies, or build out operational infrastructure, enhancing long-term equity value.

Why GP Stakes Today?

Several trends have converged to make GP stakes attractive in the current environment. Slower exits and delayed carry have constrained balance sheet liquidity, especially for firms seeking to fund GP commitments, expand into new strategies, or facilitate succession.

At the same time, the number of investable firms has grown. Since 2010, nearly 4,000 private capital firms have raised over $500 million in total commitments. Yet less than 10% have sold a stake^[1], and only a fraction of those have transacted more than once. The result is a deep opportunity set with low penetration.

Finally, the capital scarcity dynamic has added urgency. GPs facing rising GP commitment requirements and more extended hold periods often prefer a non-dilutive, non-control capital partner. Unlike traditional equity sponsors or holding companies, GP stakes investors do not require control, allowing founders to maintain governance while accessing liquidity and growth capital.

Large-Cap, Middle-Market & Seeding:Three Distinct Segments

The GP stakes universe is not monolithic. It spans three distinct approaches that can play different, but complementary, roles in a portfolio. Each of these is outlined below.

• Large-cap GP stakes target established firms, often with over $10 billion in assets under management (AUM). These deals are typically secondary in nature, with proceeds going to selling partners. They offer lower risk and relatively stable income, driven by sizable in-the-ground management fee streams across multiple strategies and vintages. Because these firms already command substantial scale, much of the cash flow is realized, with less embedded growth and, therefore, upside. Many investors value the steady income generated by the existing base of fee-paying AUM.

• Middle-market GP stakes typically focus on firms managing $1.5 to $10 billion. These transactions are more likely to be primary, with capital going to the balance sheet, and include governance protections and growth-oriented use cases like strategy expansion or generational transition. While these firms have less in-place AUM compared to their large-cap peers, they often are entering their growth phase, creating upside from fund step-ups and platform scaling. The existing cash flows are smaller, but the forward curve is steeper. The ability to underwrite both current income and enterprise value appreciation makes the segment particularly attractive.

• GP seeding strategies back emerging managers in Funds I through III, often taking both a management company stake and an anchor LP commitment in their early funds. The LP commitment typically drives the majority of returns, often enhanced by preferential economics - lower fees and rates of carried interest. Seeding offers the most asymmetric upside, but also requires the deepest underwriting and highest conviction. Many managers include co-invest rights, fee holidays, or participation in successor funds for underlying LPs as part of the seeding package. In a concentrated portfolio, manager selection becomes paramount.

Each approach can complement LP portfolios in different ways - large-cap for income, middle-market for balanced growth and strategic access, and seeding for concentrated upside and innovation exposure.

Exit Considerations

GP-stake funds, with the exception of seeding vehicles that follow a traditional fund life, are typically structured as perpetual capital. Even so, managers often pursue exit options to address the liquidity needs of investors -sensitive to early return on capital. These exits can take multiple forms, each with distinct implications for timing, control, and value realization. Active strategies include a portfolio sale, in which the entire portfolio is sold to a strategic or financial buyer, or a portfolio listing, where the portfolio is taken public through a market listing. A single asset sale may also occur, representing the disposition of a GP stake in a one-off transaction, often to another GP-stake investor or back to the GP itself.

More structured approaches, such as fund financing, use debt or preferred equity to accelerate distributions to investors without a complete exit. Secondary transactions, whether GP-led or LP-led, allow for the transfer of positions to new investors, providing liquidity while maintaining the underlying portfolio. In more passive scenarios, a “drag” can occur, where a GP-stakes fund is compelled to participate in a transaction initiated by individual managers, sometimes at a timing or valuation not of the investor’s choosing.

Characteristics of an Attractive Manager

As the market evolves, discipline matters. Investors should prioritize managers who act like strategic partners, not passive investors. A compelling GP stakes strategy should provide more than capital, bringing operational leverage, aligned incentives, and clear visibility into enterprise value creation.

Specifically, investors should look for:

• Alignment: Structures with protections around dilution, key-person risk, and downside scenarios

• Growth levers: Ability to accelerate AUM growth, expand into adjacencies, or enhance platform quality through talent and infrastructure

• Underwriting clarity: A well-defined view on return drivers, including income from management fees, carry participation, and potential for appreciation of the underlying GP firm

Investors should also evaluate platform quality, track record durability, investor composition, product complexity, and succession depth. While performance remains essential, enterprise value is increasingly driven by supporting operations and infrastructure, such as investor relations, talent retention, data systems, and compliance.

Conclusion – Why GP Stakes Belong in the Portfolio

GP stakes investing offers a way to participate directly in the economics of private markets firms, capturing both contractual cash flows and the upside from long-term enterprise value growth. By spanning large-cap, middle-market, and seeding opportunities, the strategy can complement existing private equity allocations while addressing objectives such as steady income, balanced growth, and concentrated upside. This exposure provides investors with strategic access to the managers shaping the industry’s future and the potential to participate in their operational and enterprise value expansion. In short, the best GP stakes managers don’t just buy equity. They build equity value in platforms that matter for the future of private markets.

[1] Wall Street Journal – Kreutzer, Laura. Pact Capital Partners Takes Minority Stake in Accel-KKR. January 7, 2025.

MARKET COMMENTARY

Any opinions, assumptions, assessments, statements or the like (collectively, “Statementsˮ) regarding market condition, future events or which are forward-looking, including Statements about investment processes, investment objectives, goals or risk management techniques, constitute only the subjective views, beliefs, outlooks, forecasts, projections, estimations or intentions of Allocate Management, should not be relied on, are subject to change due to a variety of factors, including fluctuating market conditions and economic factors, and involve inherent risks and uncertainties, both general and specific, many of which cannot be predicted or quantified and are beyond Allocateʼs control. Allocate undertakes no responsibility or obligation to revise or update such Statements. Statements expressed herein may not be shared by all personnel of Allocate.

In this episode, Nic Millikan speaks with Ashley MacNeill, Head of Equity Capital Markets at Vista Equity Partners. Their conversation explores the evolving role of capital markets within private equity, the current state and future of IPOs, and the transformative impact of generative AI on enterprise software. Ashley shares her journey from engineering to finance, discusses the challenges and opportunities in today’s volatile market, and highlights the importance of data, innovation, and creative capital solutions. The episode also features Ashley’s advice for young professionals looking to build a career at the intersection of private equity and capital markets.

About Ashley MacNeill

Ashley MacNeill is Managing Director and Head of Equity Capital Markets at Vista Equity Partners, where she leads strategies to optimize capital formation and market positioning for Vista’s portfolio companies. With deep expertise in equity markets, investor relations, and strategic financing, she has played a key role in guiding companies through IPOs, secondary offerings, and private placements. Her leadership has helped Vista-backed businesses access public markets successfully and expand their reach to global investors.

Vista is a leading global investment firm focused exclusively on enterprise software, data, and technology-enabled businesses, managing over $100 billion in assets. Known for its disciplined, value-driven approach, Vista partners with management teams to accelerate growth, drive operational excellence, and scale innovation. Its portfolio spans more than 80 companies worldwide, making Vista one of the most influential players in technology private equity.

Topics in this conversation include:

• Ashley’s Background and Role at Vista Equity Partners (1:19)

• Excitement and Challenges in the IPO and Equity Capital Market Space (4:08)

• Indicators for Successful IPOs and Technology Adoption (5:58)

• Differences in Current IPO Cycle versus Past Cycles (7:48)

• Misconceptions about Going Public and Alternative Capital Raising (9:18)

• The Shift in Market Structures and Access for Retail Investors (10:48)

• Rationale for Going Public versus Staying Private (11:41)

• Evaluating the Impact of Generative AI across Vista’s Portfolio (12:59)

• Vista’s Agentic AI Factory Initiative and Capital Market Strategy (15:16)

• Importance of Data Sovereignty in AI Adoption (16:46)

• Trends in Valuation and Strategy Post-Pandemic (19:05)

• The Evolution from SaaS to Service as a Software (23:06)

• Future IPO Categories and Themes in Enterprise Software (24:30)

• Enduring versus Reactive Liquidity Options in Private Markets (26:31)

• Advice for Young Professionals in Private Equity and Capital Markets (29:23)

• Final Thoughts and Takeaways (29:58)

Disclosure

The 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.

In this episode, Allocate Co-Founder and President, Samir Kaji, speaks with Alan Zafran, Co-Founder and Managing Partner at IEQ Capital. Alan shares his journey from Goldman Sachs and Merrill Lynch to building a client-centric, independent wealth management firm, offering a unique perspective on the evolution of the industry and the importance of culture, technology, and innovation.

Topics include the transformation of wealth management from traditional models to bespoke client experiences, the growing role and complexity of alternative investments, and the impact of technology and artificial intelligence on both client service and operational efficiency. The conversation also explores the rise of evergreen and semi-liquid funds, industry consolidation, advisor education, and the future of private markets. Alan offers practical insights on building institutional-quality investment programs, maintaining a strong client-first culture amid growth, and leveraging technology to deliver better outcomes for clients in an ever-changing landscape.

About Alan Zafran

Alan Zafran is the Co-Founder and Managing Partner of IEQ Capital, bringing decades of experience in wealth management and alternative investments. Under his leadership, IEQ has grown rapidly by serving ultra-high-net-worth individuals, families, and institutions with customized investment strategies and client-first service. Alan is recognized for his expertise in building innovative investment platforms and his commitment to helping clients achieve long-term financial success.

IEQ Capital is a leading independent wealth management firm dedicated to serving ultra-high-net-worth clients, entrepreneurs, and institutions. With a focus on customized investment solutions, alternative strategies, and holistic financial planning, IEQ has scaled significantly since its founding, managing billions in assets while maintaining a client-centric culture rooted in transparency, research, and long-term partnership.

Topics in this conversation include:

• Alan’s Background and Journey (1:27)

• Building a Client-Centric Firm (3:16)

• Rising Client Demands and Non-Investment Services (7:28)

• Mainstreaming of Alternatives for Accredited Investors (13:15)

• Risk, Return, and Illiquidity Premiums in Private Markets (16:38)

• Building Institutional-Quality Private Market Programs (19:37)

• Advisor Education and Internal Knowledge Sharing (22:58)

• Challenges in Advisor Education and Client Communication (26:22)

• Underreported Secular Trends in Private Markets (31:38)

• The Rise and Implications of Private Market Secondaries (34:47)

• Fund Size, Dispersion, and Return Compression (38:41)

• Private Equity’s Role in Wealth Management Firm Consolidation (40:50)

• Potential Downsides of Industry Consolidation (44:12)

• KPIs, Culture, and Growth in Wealth Management (46:21)

• Technology and AI in Enhancing Client Experience (48:40)

• Final Thoughts and Takeaways (51:14)

Disclosure

The 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.

In this episode, Allocate’s Nic Millikan speaks with Richard Golaszewski, Co-Head of GP Financing Solutions at Hunter Point Capital. Their discussion explores the evolution of GP financing, the growth of private markets, and the innovative capital solutions available to general partners. Richard shares his career journey from Wall Street to Hunter Point, highlighting the importance of partnership, leadership, and building value beyond capital.

Topics include the drivers behind GP stakes and preferred financing, the widening liquidity gap in private markets, the role of strategic partnerships, and the ongoing innovation shaping the industry. The conversation also explores Hunter Point’s differentiated approach, the significance of culture and mentorship, and the future outlook for GP solutions as the private markets continue to expand and evolve.

About Richard Golaszewski

Richard Golaszewski is a Managing Director at Hunter Point Capital and serves as Co-Head of Hunter Point Capital GP Financing Solutions. Prior to joining HPC, Richard served as a Managing Director at 17Capital where he was responsible for originating, structuring, and executing preferred equity and NAV loan investments and co-led the firm’s U.S. investment team. During his time at 17Capital, Mr. Golaszewski led some of the private equity industry’s largest and most complex private equity portfolio finance investments, establishing unique partnerships with private equity managers across their funds, management companies and strategic investors.

Hunter Point Capital is a private equity firm that partners with leading alternative asset managers to support their long-term growth and strategic initiatives. The firm provides minority investments and GP capital solutions, aligning with managers by investing alongside them and offering deep expertise in building businesses. Since its founding, Hunter Point has backed a number of high-performing investment platforms across private equity, credit, and real assets, and is recognized for its independent, partnership-driven approach and strong track record of value creation.

Topics in this conversation include:

• Introducing Richard and Hunter Point Capital (1:14)

• Why GP Solutions? (2:37)

• Richard’s Background and Career Path (6:03)

• Lessons from Mentors (9:18)

• Leadership Style and Team Building (12:34)

• Firm Culture and Structure (14:33)

• Evolution of GP Financing (16:19)

• Secular vs. Temporal Market Shifts (19:40)

• Growth and Adoption of GP Tools (21:31)

• Hunter Point’s Differentiation (23:21)

• Importance of Long-Term Relationships (26:14)

• Looking Ahead: Future of GP Solutions (30:24)

• Final Thoughts and Takeaways (32:10)

Disclosure

The 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.

Private markets today manage nearly $15 trillion in assets, with projections to double by the decade's end. Yet for all this growth, the infrastructure remains fundamentally broken. Despite this massive opportunity, only 26% of the 17,000 wealth advisors in the U.S. currently allocate programmatically to alternatives, often citing complexity, disconnected workflows, and administrative burden as barriers.

We started Allocate because we experienced these inefficiencies firsthand. Finding suitable and attractive investment opportunities without constraints, conducting due diligence, and managing portfolios were filled with friction at every step. Institutions and RIAs spend over $17 billion annually on private market infrastructure, yet inefficiencies persist. We believed then, and believe more strongly today, that technology can fundamentally change this experience.

What We're Building

We're building the end-to-end operating system for private markets. We're creating the intelligent infrastructure that makes private market investing as streamlined and transparent as public market investing.

Our platform is built around three core products that work together to solve the complexity problem:

Allocate Curations provides responsible access to high-quality private market opportunities, moving beyond simple discovery to curated and personalized access that wealth advisors and their clients can trust.

Allocate Fund Solutions provides fund managers and wealth advisors with turnkey white-label funds and fully streamlined administration, making launching and managing investment vehicles simple.

Allocate Insights offers limited partners a seamless, unified view to track and manage their entire private portfolios. It goes far beyond basic reporting to provide actionable intelligence across their holdings.

Together, these products don't just track investments—they simplify complexity, increase efficiency, and unlock responsible participation in private markets at scale.

Our Series B and Strong Growth

Today, we're announcing that we've raised a $30.5 million Series B financing, bringing our total capital raised to $64 million. Portage Ventures led the round, with participation from Andreessen Horowitz, M13, and Fika Ventures.

Since launch, we've scaled to over $2.5 billion in assets on the platform and now serve more than 1,200 wealth advisory firms and institutional family offices. We've expanded our coverage beyond venture capital to private equity and private credit, helping advisors build and manage high-quality, personalized portfolios within one unified platform.

With this new capital, we'll accelerate development of our private market AI and workflow automation capabilities, expand integrations to drive adoption, and scale our advisor and client success teams. We're building the intelligent operating system that helps private markets operate with the same transparency and efficiency as public markets.

The Transformation Ahead

Private markets are becoming essential to wealth creation, but poor transparency and outdated tooling have long held back participation. The current infrastructure is too limited to support efficient and responsible scale, leaving advisors and their clients facing gated access and fragmented systems.

We're building toward a world where private market investing operates with modern infrastructure for today's investors, where advisors can engage with private markets through purpose-built solutions rather than cobbled-together workarounds, and where the next generation of financial products gives families and institutions the tools to participate in private markets the way the future demands.

This isn't just about better software—it's about unlocking more efficient capital formation for managers and more responsible investing for limited partners. Private market participation has become a critical driver of financial success, but only if done correctly.

The road ahead will have its challenges, but we're energized by what we've built and the growing demand we're seeing from the market. This Series B enables us to accelerate our mission of modernizing private market infrastructure and making responsible participation accessible to more advisors and their clients.

We're building the future of private markets, and this is just the beginning.

Samir & Hana

The Founders

Note

This post may include forward-looking statements about Allocate’s plans and outlook, which are subject to risks and uncertainties. This content is for informational purposes only and does not constitute investment advice or an offer to buy or sell securities.

In this episode, Allocate Co-Founder, President and CEO Samir Kaji speaks with Nik Talreja, Co-Founder and CEO of Sydecar. Their discussion delves into the evolution of special-purpose vehicles (SPVs) and the broader private market landscape. Nik shares his journey from law to entrepreneurship, highlighting the pain points that inspired Sidecar’s creation and the drive to make private market investing more accessible and efficient.

Topics include the challenges and opportunities of SPVs, the rise of layered and secondary transactions, the importance of fiduciary responsibility and transparency, and the growing role of artificial intelligence in fund administration. The conversation also explores shifting attitudes among founders and investors, the need for better information flow, and the future of private market participation as companies stay private longer and more investors seek access to high-growth opportunities.

About Nik Talreja

Nik Talreja co-founded Sydecar in 2021 to transform how emerging venture investors launch and manage investment vehicles. With a legal background at Cooley LLP and Weil, Gotshal & Manges, and leadership roles in finance and operations, he recognized firsthand the friction in creating SPVs and managing compliance. He leveraged this experience to build Sydecar, an automated platform that simplifies banking, legal documentation, and reporting for VC syndicates and funds. Under Nik's leadership, Sydecar helped tens of thousands of investors close more than $2.8B in deals. The platform's rapid growth reflects demand for standards-driven, efficient capital deployment tools in private markets.

Sydecar makes it simple and efficient for venture fund and syndicate managers to form Special Purpose Vehicles (SPVs) and funds by automating banking, compliance, contracts and reporting. Since its founding in 2021, Sydecar has facilitated over $1.8 billion in capital across 2,500+ investment vehicles for more than 1,600 fund managers and deal leads. Backed by $28 million in total funding, including an $11 million Series A in 2025, Sydecar is rapidly becoming the go-to platform for efficient, compliant, and scalable private market transactions.

Topics in this conversation include:

• Nik’s Background and Sydecar’s Founding Story (1:30)

• Challenges for Emerging Managers and SPV Standardization (2:57)

• Common Mistakes in SPV Creation (6:29)

• Fiduciary Duty and Market Trends (8:04)

• The Role and Growth of Secondaries and Layered SPVs (12:52)

• Company Attitudes Toward Secondary Sales (15:05)

• Alignment and Control in Multi-Layer SPVs (19:25)

• Future Needs for Broader Private Market Participation (22:17)

• Improving LP Education and Company Information Sharing (25:01)

• Shifting Founder Mentality on Secondaries (27:32)

• The Future of Private Markets and AI in Deal Execution (29:46)

• AI’s Role and Limitations in Fund Administration (31:01)

• Founder Lessons and Focus (33:43)

• Final Thoughts and Takeaways (35:22)

Disclosure

The 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.

In this episode, Allocate Co-Founder, President, and CEO Samir Kaji speaks with Vivek Jindal, Chief Investment Officer at Caprock. Their conversation provides a thoughtful look at the evolving landscape of alternative investments and modern portfolio construction. Drawing from his experience from Corbin Capital to Blackstone, Vivek shares perspectives on the value of personalized strategies that move beyond the traditional 60/40 framework.

Topics include diversification by sector and vintage, thoughtful manager selection in private equity and venture capital, and the increasing relevance of semi-liquid structures. They also discuss co-investment opportunities and how artificial intelligence is beginning to influence wealth management—all within the broader context of aligning investments with client-specific objectives and risk considerations.

Bio of Guest

Vivek Jindal joined Caprock in June 2025 as Chief Investment Officer, bringing over 20 years of investment experience spanning family offices, asset managers, and philanthropic entities. He previously served as CIO at KORE Private Wealth (now part of Corient/CI Financial) and helped lead investment programs for the Charles and Lynn Schusterman Family Foundations. He also held roles with Blackstone Alternative Asset Management and Corbin Capital Partners, and began his career in valuation at Ernst & Young. At Caprock, Jindal now leads investment platform strategy, portfolio construction, and manager selection across public and private markets, with a focus on impact and non-impact opportunities.

Caprock is a multi-family office founded in 2005 that serves ultra-high-net-worth families, advising on over $13 billion in assets across public and private markets. Known for its endowment-style investment approach and emphasis on private markets, Caprock provides outsourced CIO and CFO services, with over $4 billion allocated to private equity, venture capital, and real assets. The firm is a pioneer in impact investing, offering proprietary tools to track over 100 impact metrics and helping clients align their portfolios with their values.

Topics in this conversation include:

• Vivek’s Background and Career Journey (1:30)

• Caprock’s Investment Philosophy (6:30)

• Building Tailored Alternative Portfolios (8:40)

• Open-Ended vs. Drawdown Fund Structures (10:36)

• Role of Semi-Liquid Funds for Different Investors (14:46)

• Asset Class Mix within Alternatives (16:55)

• Benchmarking and Return Expectations in Private Equity (20:46)

• Co-Investments: Execution and Curation (23:01)

• Venture Capital: Unique Challenges and Approach (25:32)

• Diligence and Access in Venture Capital (29:52)

• Building a Diversified Venture Portfolio (33:45)

• Barriers to Systematic Alternative Allocations (37:30)

• The Impact of AI on Wealth Management (40:19)

• Final Thoughts and Takeaways (43:43)

Disclosure

The 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.

In this episode of the Allocate Podcast, host Samir Kaji welcomes Teddy Gold, CEO and Co-Founder of 3i Members, a community-driven investment platform for family offices and high-net-worth individuals. During the episode, Teddy shares how 3i was created to solve private market investing challenges by building a network of vetted members who collaborate on deal sourcing, due diligence, and investment opportunities. The conversation also explores the platform's human-centric approach, focusing on trust, relationship-building, and knowledge sharing across private equity and private credit investments. Key insights include the shift from tech-driven to relationship-driven investing, the importance of peer-to-peer information, and how communities like 3i are transforming how individuals access and evaluate alternative investments. With 700 members and over $800 million invested, 3i represents a new model of collaborative investing that prioritizes expertise, transparency, and collective intelligence.

About Teddy Gold

Teddy Gold is the Co‑Founder and CEO of 3i Members, an exclusive global network launched in 2021 that unites founders, fund managers, and family offices. Earlier in his career, Teddy worked at Citi as an investment banking analyst and later joined Mainsail Partners in private equity. He then served as Head of Special Projects at Mobilize (acquired by EveryAction) and was a venture partner at Higher Ground Labs. A Middlebury College alumnus with a degree in Political Science, Teddy holds FINRA Series 63 and 79 certifications.

3i Members is a curated, invitation-only investment network founded in 2021 by Teddy Gold, Mark Gerson (GLG), and Billy Libby (Upper90). It currently includes over 375 high-caliber members and facilitates $25M+ in monthly private investment activity, spanning real estate, fintech, and technology. The community also hosts the Founder Spotlight podcast, featuring in-depth interviews with prominent investors and operators. With a people-first philosophy and best-in-class member experience, 3i sets itself apart as a high-touch, thoughtfully curated platform.

Topics in this conversation include:

• Origins of 3i Members (1:11)

• Building a Human-Centric Platform (2:08)

• Network Quality and Member Selection (7:35)

• Deal Flow and Diligence Process (10:08)

• Changing Investment Trends Post-2021 (12:24)

• Skepticism Toward Banks and Fee Structures (16:25)

• Member Demographics and Mindset (19:28)

• Value of Community Beyond Investing (21:06)

• Events, Education, and Building Trust (23:34)

• Scaling Challenges and Sub-Communities (27:49)

• Measuring Success and Member Referrals (29:49)

• Future Vision for 3i (32:39)

• Final Thoughts and Takeaways (34:11)

Disclosures

The 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.