Alternative Allocations with Tony Davidow – Détails, épisodes et analyse

In this episode, Tony welcomes Kim Flynn, a pioneer in researching the growth of evergreen funds in private markets and founder of XA Investments. Kim shares insights from her latest report on the interval and tender offer fund marketplace, which has exploded to over 308 funds growing at 25% annually. They discuss how the market has evolved beyond its private credit origins to include private equity, infrastructure, hedge funds, and emerging sectors like tech and AI. Kim offers practical guidance on due diligence in an increasingly crowded field, the importance of track records as products mature, and why advisors must set proper expectations about liquidity and investment horizons. We also explore future trends including public-private partnerships, model portfolio implementation, and opportunities in underserved sectors.

Kimberly Ann Flynn is a President at XA Investments. She is a partner in the firm and responsible for all product and business development activities. Kim is responsible for the firm's proprietary fund platform and consulting practice. Kim has developed an expertise in closed-end fund product development and is a frequent contributor to media and industry events on topics including interval funds, alternative investments and London-listed investment companies. Kim has earned the CFA designation and is a member of the CFA Institute and CFA Society Chicago. She is also Series 7, 63 and 24 licensed.

Resources:

Kimberly Ann Flynn, CFA | LinkedIn
Franklin Templeton Private Markets
Tony Davidow, CIMA® | LinkedIn

Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

In this episode, Tony Davidow sits down with Matt Katz, Managing Director at Fiduciary Trust International, to explore why middle market private equity offers compelling opportunities in today's environment. Matt shares his journey into private markets, explains why the middle market presents a structural advantage with less competition and more operational value-add potential, and provides practical guidance on evaluating private equity funds through the lens of people, process, performance, and references. The conversation also covers the current exit environment, the growing role of secondaries in portfolio construction, the importance of due diligence in evaluating funds, and actionable advice for financial advisors looking to navigate the expanding universe of private market investments.

Matt Katz, CFA, Managing Director, Investment Director - Private Markets: As head of the Advisor Solutions Group private markets research team, Matt focuses on private equity and real estate investments and is responsible for sourcing, due diligence and monitoring investments across each asset class.  He determines strategic and tactical allocations within ASG's Model Portfolio, while monitoring existing and prospective investment opportunities.  With over 18 years of experience, Matt serves as a key contributor to the analysis of current macroeconomic conditions through participation in daily market updates, Investment Committee meetings, and quarterly market overviews. In addition, Matt has also worked with impact-focused clients to source and analyze appropriate private investments, serving both financial and social purposes. Prior to joining Fiduciary Trust International, Matt was an associate director at Segal Rogerscasey, an investment consulting firm, as a member of their Alpha Research team focused on private equity manager research and due diligence. While at Segal Rogerscasey, he participated in the portfolio planning, underwriting and execution of private investments for the firm's discretionary clients. Matt received his Bachelor of Science degree in finance from the University of Connecticut. Matt is a Chartered Financial Analyst (CFA) charterholder; Member, CFA Society Boston; and a Member of the RAISE Global Summit LP Selection Committee.

Resources:

Matthew Katz, CFA | LinkedIn
Franklin Templeton Private Markets
Tony Davidow, CIMA® | LinkedIn

Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

In this special feature episode live from the NYSE, Tony and Jeb engage in a discussion focused on the current state and future outlook of private real estate, focusing on a positive overall outlook as declining valuations made asset values more attractive. They highlighted favorable sectors such as industrial, multifamily, and life sciences, while the office sector faced challenges. Jeb explains how the industrial sector showed resilience due to shifting trade patterns and long-term fundamentals, including e-commerce growth, the persistent housing shortage, and the trend of near-shoring and on-shoring. 

Jeb Belford, Managing Director, is the Chief Investment Officer of Clarion Partners. He is an equity owner in the Firm, chairman of the Firm's Investment Committee, and a member of the Executive Board. From 2013-2021 Jeb was the lead Portfolio Manager of the Firm's open-end core fund, with overall responsibility for fund management and portfolio strategy. From 2005-2012, Jeb was the Portfolio Manager for the Lion Value Fund, the Firm's value-add investment platform. Prior to becoming a portfolio manager, Jeb was a senior member of the Firm's Acquisitions Group, completing investments across a broad range of strategies. His background includes all key aspects of portfolio management, including acquisitions, financing and sales totaling over $20 billion in all property types and risk strategies, in markets across the U.S., Brazil and Mexico. Jeb joined Clarion Partners in 1995 and began working in the real estate industry in 1984 at Winthrop Financial Associates, Boston, MA. Jeb has a B.A. in Mathematics and Religion from Dartmouth College.

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Resources:

About Clarion Partners | Alternatives by FT
Alternatives by Franklin Templeton
Tony Davidow, CIMA® | LinkedIn

In this Alternative Allocations podcast episode, Christine and Tony discuss the evolving landscape of high-net-worth client demands, particularly their growing interest in alternative investments. Christine emphasizes the importance of advisors developing a strategic approach to alternatives, including the need for client education and the role of IWI in providing training and resources. The episode also highlights the challenges and benefits of incorporating alternatives into investment strategies and the rise of specialized teams in wealth management.

Christine Gaze, CFP®, CIMA,® is the Founder and Managing Partner of Purpose Consulting Group, where she leads the development of innovative practice management programs that empower financial professionals to grow with purpose. Christine has held a variety of influential leadership roles across the financial services industry, including Head of Practice Management at TD Ameritrade, Managing Director of Professional Development at AllianceBernstein, National Sales Manager for Lending at Prudential Securities (now Wells Fargo), and Executive Director at Morgan Stanley.

Christine specializes in research-driven insights and custom content that drive measurable business results. Purpose Consulting Group's signature program, Planning with Purpose™, equips advisors with the knowledge and confidence to make wealth planning central to their practice. Christine also leads development of the annual Changing Fee Landscape guide, the industry's go-to resource on financial planning fees. She has published a variety of white-label programs on high-performing teams, intergenerational wealth transfer, advanced planning advice for high-net-worth clients, and longevity planning.

Passionate about lifelong learning and giving back, Christine also serves on several professional and community boards including The Community Fund of Darien and the Investments & Wealth Institute, where she is currently Board Chair. She lives in Darien, CT with her husband and two college-age children, and is always up for an adventure — especially if it involves hiking, biking, or discovering great food.

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Resources:

Christine Gaze, CFP(R), CIMA(R) | LinkedIn
Investments & Wealth Institute: Posts | LinkedIn
Alternatives by Franklin Templeton
Tony Davidow, CIMA® | LinkedIn

In Episode 23 of the Alternative Allocations podcast, the tables are turned, and Tony is interviewed by the producer of the show, Julia Giordano. The episode focuses on Tony's new book, "Private Markets, Building Better Portfolios with Private Equity, Private Credit and Private Real Estate," which discusses the evolution of the wealth management industry and the growing importance of private markets. Tony shares insights from his career, why he wrote this book, and what else makes him tick. 

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Private Markets is educational material, leveraging independent research, authored by Tony Davidow in his personal capacity. Comments and views expressed are not necessarily those of Franklin Templeton.

Resources:

Private Markets: Building Better Portfolios with Private Equity, Private Credit, and Private Real Estate
Alternatives by Franklin Templeton
Tony Davidow, CIMA® | LinkedIn
Julia Giordano, RMA® | LinkedIn

In this episode of Alternative Allocations, Tony and Aaron discuss the Total Portfolio Approach (TPA), which shifts from traditional strategic asset allocation to a more goal-aligned investment strategy. They explore key aspects of TPA, including governance, culture, a factor-based lens, and competition for capital. The episode highlights both the challenges and opportunities for advisors in adopting TPA, such as the need for a cultural shift and technical expertise, but also the potential for improved client outcomes and more flexible portfolio construction. Practical steps for implementing TPA, such as making incremental changes and reorganizing the investment team, are also discussed.

Aaron sits on CAIA Association's executive leadership team and leads its global content strategy. This includes the development of thought leadership, research, and content agendas, content marketing and brand, and industry events. He also oversees strategy for CAIA's 20 chapters across the U.S., Canada, and Latin America. 

Previously, Aaron founded UniFi by CAIA™, an online platform dedicated to educating the private wealth management industry on alternative investments. He has also sat in various other content development and educational programming roles at CAIA.

Aaron is a frequent speaker and writer on various topics of alternative investments and his work has been published in CAIA's educational programs, numerous academic journals, books, and industry publications. Aaron's industry experience lies in private wealth management, where he oversaw asset allocation, portfolio construction, and manager research efforts for high-net-worth individuals and defined contribution plan sponsors and participants.

He earned a B.S. with distinction in Finance and a Master of Finance from Penn State University. He holds the Chartered Alternative Investment Analyst (CAIA), Chartered Financial Analyst (CFA), Certificate in Investment Performance Measurement (CIPM), and Financial Data Professional (FDP) designations, and is a CERTIFIED FINANCIAL PLANNER™. He is a Past President of CFA Society Columbus and serves as a board director and Programs Chair for CFA Society Philadelphia. Aaron is an adjunct professor and serves on multiple advisory boards for Penn State University.

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Resources:

Aaron Filbeck, CAIA, CFA, CFP®, CIPM, FDP | LinkedIn
Alternatives by Franklin Templeton
Tony Davidow, CIMA® | LinkedIn

In Episode 21 of the Alternative Allocations podcast, Jonathan shares DCALTA's mission to enhance diversification and fairness in defined contribution plans through the promotion of alternative investments. He highlights the organization's focus on educating stakeholders and developing industry principles to facilitate the integration of these investments. Tony and Jonathan discuss the importance of liquidity and accurate valuation of illiquid assets to empower participants with better investment choices. 

DCALTA is led by Jonathan Epstein, who has served in the defined contribution community for almost 30 years. He is the founder and president of the Defined Contribution Alternatives Association (DCALTA) where he is charged with leading its mission to expand the use of different types of alternative investments and strategies within a defined contribution plan construct. 

Jonathan's experience includes working with plan sponsors of defined contribution plans on investments, education/communication strategy and plan cost/performance benchmarking. His industry experience includes positions at CEM Benchmarking, Associated Trust, Mission Square (formerly ICMA-RC) and ThirtyNorth Investments where he learned aspects of the many fiduciary functions and roles performed in the U.S. retirement space.  Jonathan has been privileged to present at the national conferences of PSCA, NAGDCA and the World Investment Forum. He has also contributed to numerous industry articles and research on alternatives in defined contribution plans (Research | DCALTA). He holds the AIF® accreditation and received his B.S. from Florida State University and MBA from Nova Southeastern University. 

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Resources:

Jonathan Epstein, AIF® | LinkedIn
Research | DCALTA
Alternatives by Franklin Templeton
Tony Davidow, CIMA® | LinkedIn

In Episode 20 of the Alternative Allocations podcast, Mark Steffen from Wells Fargo Investment Institute shares insights on the market environment and opportunities in private markets. He provides a positive macro outlook for 2025, predicting U.S. economic growth and a soft landing. Mark shares areas of opportunity, including private equity, private credit, certain hedge fund strategies, infrastructure assets, and secondary investments. He also emphasizes the importance of diversifying portfolios with alternatives, and highlights the increasing accessibility of these strategies to average investors.

Mark Steffen is a global alternative investment strategist for Wells Fargo Investment Institute (WFII), which is focused on delivering the highest- quality investment expertise and advice to help investors manage risk and succeed financially. WFII serves Wells Fargo Wealth and Investment Management, a division of Wells Fargo & Company.

As a member of the Global Investment Strategy Committee, Mark formulates and leads strategy and asset allocation guidance for alternative investments, including hedge strategies, private equity, private debt, and private real estate and infrastructure. He produces alternative investment research and market updates that deliver advice to help investors meet their long-term financial goals.

Mark has more than 25 years of experience in financial services, including over 15 years in alternative investments. He earned a Bachelor of Science from St. Cloud State University. Mark has earned the Chartered Financial Analyst (CFA) and Chartered Alternative Investment Analyst (CAIA) designations.

Enjoying Alternative Allocations? Please take a moment to rate and review us. Your feedback helps us deliver more insightful episodes on alternative investments!

Resources:

Mark Steffen, CFA, CAIA | LinkedIn
See what's next for the economy in our 2025 Outlook | Wells Fargo
Franklin Templeton Institute's 2025 Private Market Outlook
Alternatives by Franklin Templeton
Tony Davidow, CIMA® | LinkedIn

This special episode of Alternative Allocations features host Tony Davidow and guests Richard Byrne of Benefit Street Partners, Taylor Robinson of Lexington Partners, and Rick Schaupp of Clarion Partners considering the forthcoming landscape of private markets. The conversation hones in on the role of secondaries in private equity, present and future trends in real estate, and the opportunities in real estate debt. It explores the necessity for liquidity in private markets, the portfolio-strengthening attributes of private real estate, and the potential of real estate credit within the multifamily housing sector. The episode further dissects macroeconomic shifts, such as demographic transformations and advances in e-commerce and healthcare, along with the impact of interest rates on valuations.

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Richard Byrne is President of Benefit Street Partners, a Franklin Templeton Company, and serves as Chairman and Chief Executive Officer of Franklin BSP Realty Trust, Inc. (NYSE: FBRT), Benefit Street Partners Multifamily Trust, and Franklin BSP Capital Corporation. He is an influential thought leader and frequent speaker on many topics including commercial real estate debt, highlighting investing opportunities and risks in CRE lending. 

Taylor Robinson is a Partner of Lexington Partners, primarily focused on sourcing, negotiating, and executing secondary transactions. Taylor joined Lexington Partners in 2008 from JPMorgan, where he was in investment banking and leveraged finance. Aside from his investment focus and other Firm responsibilities, he is a member of Lexington's ESG steering committee and Franklin Templeton's global Stewardship & Sustainability Council.

Rick Schaupp is an equity owner and Managing Director with Clarion Partners and leads the Portfolio Management teams for a number of client accounts, including the Clarion Partners Real Estate Income Fund (CPREX) and Clarion's value-add/opportunistic platform. As lead Portfolio Manager, Rick has overall responsibility for the management and portfolio strategy of these relationships. He also leads product development for private wealth clients. From 2005-2012, Rick was the assistant portfolio manager for the Clarion Ventures series and a separate account relationship. Rick has participated in the acquisition, asset management, and development management of over $4 billion of real estate. He originally joined Clarion Partners in 2000 and began working in the real estate industry in 1995. ​​

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Resources:

Richard Byrne | LinkedIn
Taylor Robinson | LinkedIn
Rick Schaupp | LinkedIn
Alternatives by Franklin Templeton
Tony Davidow, CIMA® | LinkedIn

In Episode 18 of the Alternative Allocations Podcast, Taylor and Tony discuss the importance and growth of the secondary market in private equity. They talk about slowing exits (M&A and IPO's) and the role of secondaries in providing liquidity to institutions. Taylor highlights the potential benefits of secondary investments, such as diversification and predictable returns, and talks about the evolving market dynamics, including GP-led deals. He also stresses the significance of size and scale in executing transactions and the strategy of acquiring quality assets at reasonable prices to help achieve desired returns.

Taylor Robinson is a Partner of Lexington Partners, primarily focused on sourcing, negotiating, and executing secondary transactions. Taylor joined Lexington Partners in 2008 from JPMorgan, where he was in investment banking and leveraged finance. Aside from his investment focus and other Firm responsibilities, he is a member of Lexington's ESG steering committee and Franklin Templeton's global Stewardship & Sustainability Council.

Enjoying Alternative Allocations? Please take a moment to rate and review us. Your feedback helps us deliver more insightful episodes on alternative investments!

Resources:

About Lexington Partners | Alternatives by FT
Why private equity | Alternatives by FT
Taylor Robinson | LinkedIn
Alternatives by Franklin Templeton
Tony Davidow, CIMA® | LinkedIn