The Private Markets Playbook – Détails, épisodes et analyse

Welcome to The Private Markets Playbook, a podcast for wealth advisors and CIOs navigating portfolios beyond the traditional 60/40. Hosted by Allocate, the show features candid conversations with allocators, asset managers, and industry leaders on building modern, programmatic portfolios—spanning private markets, portfolio construction, and the systems required to manage complexity at scale.

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.

Welcome to The Private Markets Playbook, a podcast for wealth advisors and CIOs navigating portfolios beyond the traditional 60/40. Hosted by Allocate, the show features candid conversations with allocators, asset managers, and industry leaders on building modern, programmatic portfolios—spanning private markets, portfolio construction, and the systems required to manage complexity at scale.

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.

Welcome to the Allocate Podcast, an interview and educational content series to help investors learn and navigate investing in alternatives. Join us to hear from leading founders, fund managers, and allocators on the latest trends and the keys to successfully participating in the private markets.

In this episode, host Samir Kaji welcomes Logan Allin, Founder and Managing Partner of Fin Capital. Logan shares his journey in FinTech venture investing, emphasizing the importance of specialized, domain-specific investment strategies. Focusing on B2B fintech software, Logan discusses how his firm differentiates itself by maintaining a tight investment focus, leveraging their proprietary AI platform Lighthouse, and bringing deep industry expertise to venture capital. He argues that specialist investors can generate better returns by understanding nuanced market dynamics, accessing unique deal flow, and providing more targeted support to founders. The conversation also explores the challenges of firm building, the role of technology in scaling venture operations, and the benefits of becoming a Registered Investment Advisor. Samir and Logan share the need for a strategic approach to venture investing that prioritizes deep knowledge, technological innovation, and a disciplined investment methodology in the rapidly evolving FinTech landscape.

About Logan Allin

Logan Allin is the Founder and Managing Partner of Fin Capital, a global fintech-focused venture capital firm. With a career spanning management consulting and executive roles in financial services, Allin has consistently focused on the intersection of finance and technology. Before establishing Fin Capital, he served as Vice President at SoFi Ventures, where he led investments in fintech companies and managed SoFi's accelerator and corporate development initiatives. His earlier roles include Head of Strategy at Atlantic Trust (now part of CIBC) and Senior Vice President at City National Bank's wealth management division. Allin began his career in management consulting, holding leadership positions at Capgemini, EMC Corporation, and PwC, focusing on financial services and technology.

Fin Capital is a global venture capital firm specializing in B2B fintech software investments. Founded in 2018, the firm partners with repeat founders and seasoned entrepreneurs from pre-seed stages through to IPO, focusing on transformative financial technology solutions. Fin Capital has invested in over 50 leading startups, including nine unicorns such as Pipe, Tradeshift, Greenlight, Unqork, DailyPay, Figure, Numbers, BrainTrust, and SoFi. The firm has also achieved significant exits, including Onfido (acquired by Entrust), Salt Labs (acquired by Chime), and Neuro-ID (acquired by Experian), demonstrating its ability to identify and support successful B2B fintech companies.

Topics in this conversation include:

* Logan Allin’s Background and Entry into Fintech (1:14)

* Founding Fin Capital and Initial Fundraising (3:02)

* Specialists vs. Generalists in Venture Capital (7:38)

* Challenges of Specialist Fund Performance Over Time (11:44)

* Fund Size, Performance, and Market Competition (15:04)

* Venture Capital Product Stratification and LP Perspectives (20:32)

* Venture Liquidity Cycles and Exit Strategies (26:13)

* Structuring Teams for Early Stage vs. Growth/Secondary Investing (30:29)

* Lighthouse: Building Proprietary AI for Venture Investing (33:40)

* The State of GP Tech and Building Lighthouse (36:57)

* The Importance and Impact of Becoming an RIA (40:58)

* Innovation in Venture: Secondaries, Retail Access, and Derivatives (44:45)

* Lessons Learned: Firm Building and Hiring (47:32)

* Final Thoughts and Takeaways (49:53)

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.

Welcome to the Allocate Podcast, an interview and educational content series to help investors learn and navigate investing in alternatives. Join us to hear from leading founders, fund managers, and allocators on the latest trends and the keys to successfully participating in the private markets.

In this episode of the Allocate Podcast, host Samir Kaji welcomes Dave Breslin, Executive Vice President at General Catalyst and GC Wealth. During the conversation, Dave discusses the evolving landscape of financial services, emphasizing the importance of technology, personalized advice, and serving emerging wealth clients. Key takeaways include the role of AI in enhancing advisor capabilities, the strategic approach to alternatives, the need for a client-centric model that goes beyond traditional investment management, and so much more.

About Dave Breslin

Dave Breslin serves as Executive Vice President of GC Wealth, the wealth management division of General Catalyst. With over two decades of experience in private wealth management, Breslin previously played a pivotal role at First Republic Bank, where he oversaw the growth of client assets from $60 billion to $290 billion. He also spent 17 years at Merrill Lynch, further solidifying his expertise in the financial sector. Breslin holds a degree from the University of Vermont and completed the Executive Development Program at The Wharton School. Beyond his professional endeavors, he is actively involved with the Make-A-Wish Foundation and the Seal Future Foundation, mentoring Navy SEALs transitioning to civilian life. citeturn0search0

General Catalyst is a global investment and transformation company that partners with the world’s most ambitious entrepreneurs to drive resilience and applied AI. We support founders with a long-term view who challenge the status quo, partnering with them from seed to growth stage and beyond. With offices in San Francisco, New York City, Boston, Berlin, Bangalore, and London, we have supported the growth of 800+ businesses, including Airbnb, Anduril, Applied Intuition, Commure, Glean, Guild, Gusto, Helsing, Hubspot, Kayak, Livongo, Mistral, Ramp, Samsara, Snap, Stripe, Sword, and Zepto.

Topics in this conversation include:

* Dave's Background in Wealth Management (0:22)

* The Evolution of the Wealth Industry (1:29)

* Consumer Preferences in Wealth Management (3:46)

* The Role of Technology in Wealth Management (7:45)

* Future of Wealth Management with Generational Changes (13:09)

* Beyond Investment Returns (16:58)

* The Rise of Alternatives in Wealth Management (19:50)

* Client Suitability for Alternatives (24:53)

* Market Trends in Alternative Investments (27:13)

* Challenges for Advisors (30:33)

* Model Portfolios vs. Deal-by-Deal (34:13)

* Private Equity Influence (37:25)

* Client-Centric Business Models (40:09)

* Final Thoughts and Takeaways (44:07)

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.

Welcome to the Allocate Podcast, an interview and educational content series to help investors learn and navigate investing in alternatives. Join us to hear from leading founders, fund managers, and allocators on the latest trends and the keys to successfully participating in the private markets.

In this episode of the Allocate Podcast, host Samir Kaji chats with Neil Malik, Founder and CEO at K1 Investment Management. In this conversation, Neil shares his transformative journey in private equity, focusing on B2B software investments. The conversation also explores K1's approach to building a successful investment firm by prioritizing culture, talent development, and a process-oriented strategy. Neil discusses how the firm differentiates itself by hiring young talent, developing them internally, and maintaining a laser-focused approach to small-cap B2B software investments. The discussion also covers the evolving landscape of private equity, the impact of AI on technology investments, the importance of building strong, adaptable teams, insights into the challenges of scaling an investment firm, the changing dynamics of liquidity in private markets, the critical role of innovation in driving business growth, and so much more.

About Neil Malik

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.

Timestamps:

Topics in this conversation include:

* Neil’s Background and Journey (1:21)

* Differentiation in Private Equity (3:17)

* Hiring Practices at K1 (7:23)

* Challenges of Developing Talent (10:01)

* Retention Strategies (13:26)

* Functional Organization Structure (15:38)

* Communication and Culture (20:20)

* Investment Landscape Overview (24:08)

* Liquidity Challenges and Metrics (28:08)

* Democratizing Private Equity (33:25)

* Impact of AI on Business Scaling (36:39)

* Innovation in B2B vs. B2C (41:50)

* Reflection on Past Predictions (44:10)

* Exciting Opportunities Ahead (47:37)

* Final Thoughts and Takeaways (48:36)

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.

The statements reflect current hiring practices as of the date of recording and refers specifically to investment team members. There is no assurance that such practices will continue in the future or apply across all roles at the firm. Statements are illustrative and subject to change.

Welcome to the Allocate Podcast, an interview and educational content series to help investors learn and navigate investing in alternatives. Join us to hear from leading founders, fund managers, and allocators on the latest trends and the keys to successfully participating in the private markets.

In this episode of the Allocate Podcast, host Nic Millikan welcomes Crowd Street executives David Govshtein and Anna-Marie Allander Lieb as the pair discuss their platform's transformative journey in democratizing commercial real estate investing for accredited investors. Born from the 2012 JOBS Act, Crowd Street has grown from a novel concept to a robust platform deploying $4.5 billion across 800 transactions, with a unique $25,000 minimum investment that provides access to institutional-quality deals. The conversation explores the platform's evolution, rigorous deal screening process, insights into various real estate sectors, and the impact of changing economic conditions. With 300,000 members and a recent leadership transition, Crowd Street is now expanding beyond commercial real estate into other alternative investments like private credit and private equity, positioning itself as a comprehensive private market investing platform that empowers accredited investors with sophisticated investment opportunities.

About David Govshtein & Anna-Marie Lieb

David Govshtein serves as the Managing Director at Crowd Street, leading the team responsible for online capital formation and investor relations. Since joining Crowd Street in 2018, David has held various roles, including Managing Director of Capital Markets and Associate in Sales Development. His leadership has facilitated numerous successful equity raises, such as the acquisition of 2 Executive Drive in Chelmsford, Massachusetts, in collaboration with Rhino Capital Advisors.

Anna-Marie Allander Lieb is tis an Executive Managing Director at Crowd Street, where she has been since 2016, bringing over 15 years of experience in commercial real estate finance and capital raising. As a key member of the Offering Review Committee, she plays a crucial role in optimizing investment structures for our members while ensuring regulatory compliance. Prior to her role at Crowd Street, Anna-Marie worked at PNC, where she specialized in underwriting and structuring innovative tax credit equity and debt financing solutions for Historic Tax Credit, and Low Income Housing Tax Credit investments. Anna-Marie started her real estate career in Boston where she was a member of the CBRE New England Capital Markets Team. She earned her Bachelor of Science in Economics from the Wharton School, University of Pennsylvania.

Crowd Street is the largest online private equity real estate investing platform, connecting accredited investors with institutional-quality commercial real estate opportunities across the United States. Since its inception, Crowd Street has facilitated the funding of over $3.6 billion in investments, enabling individual investors to diversify their portfolios with direct access to a wide range of real estate projects. The platform's success is attributed to its rigorous investment screening process, commitment to transparency, and dedication to providing investors with comprehensive educational resources.

Disclosures: Private real estate is, by nature, generally less volatile than the stock market. This lack of volatility does not necessarily translate to private real estate not fluctuating in or losing value. Further, the value of private real estate investments will fluctuate, and the value of real estate often lags behind general market conditions.

Tax aspects of such investments can be complex and may differ depending on the property or offering and on individual tax circumstances. Neither Crowd Street or its affiliates offer tax or legal advice. Investors are strongly encouraged to seek advice from qualified tax professionals and/or legal experts regarding the tax consequences based on their particular circumstances.

Timestamps:

Topics in this conversation include:

* Welcome and Guest Introduction (1:10)

* Evolution of Crowd Street (2:17)

* Growth of Investor Base (5:42)

* Challenges of Early Adoption (7:56)

* Competition and Differentiation (8:46)

* Deal Screening Process (11:36)

* Investor Choice and Portfolio Construction (14:04)

* Minimum Investment Trends (16:29)

* Investor Education Focus (20:38)

* Office Space Investment Strategies (24:20)

* Multifamily Market Dynamics (27:52)

* Interest Rates and Market Dynamics (31:06)

* Creative Financing Solutions (34:45)

* Understanding Risk and Reward in Real Estate (38:08)

* Expanding into Private Credit (40:47)

* Building Expertise for Alternative Markets (42:11)

* Closing Remarks and Future Opportunities (43:14)

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.

Welcome to the Allocate Podcast, an interview and educational content series to help investors learn and navigate investing in alternatives. Join us to hear from leading founders, fund managers, and allocators on the latest trends and the keys to successfully participating in the private markets.

In this episode of the Allocate Podcast, host Samir Kaji welcomes John McArthur, Senior Partner and Chief Investment Officer of Krilogy. Samir and John discuss the evolving landscape of private markets and wealth management. John talks about his journey from traditional wirehouse firms to the independent space with Krilogy, highlighting the shift towards private market investments. Key topics include the competitive landscape for wealth advisors, the importance of private market exposure, the operational challenges these investments present, the role of technology in enhancing operational efficiency, future trends driven by changing demographics and client expectations, and so much more.

About John M. McArthur

John M. McArthur is the Senior Partner and Chief Investment Officer at Krilogy, a St. Louis-based financial services firm. He began his career with a six-year tenure at A.G. Edwards & Sons in Frontenac, Missouri, followed by over five years at Morgan Stanley Smith Barney in Chesterfield, Missouri. While with Transamerica in Los Angeles, he received a Personal Financial Planning designation from UCLA. In 2016, John earned the Certified Investment Management Analyst® (CIMA®) certification through the Investments & Wealth Institute, completing his studies at the MIT Sloan Executive Education Program.

At Krilogy, John leads the Investment Committee and collaborates with teammates Jacob Steingrubey, CFP®, and Robin Grayek to provide personalized wealth management solutions. He is committed to delivering an institutional style of portfolio construction and management to the families they serve.

John's dedication to excellence has been recognized by St. Louis Magazine, which has named him a 5-Star Wealth Manager on eight separate occasions.

Beyond his professional achievements, John values tradition and leadership. He was an Academic All-American quarterback at the University of Missouri, playing alongside Krilogy Founder and Partner Kent Skornia, and later continued his athletic and academic pursuits at Northwestern University.

Krilogy is a St. Louis-based wealth management firm dedicated to helping individuals, families, and businesses achieve their financial goals through comprehensive financial planning, investment management, and retirement solutions. The firm emphasizes a client-first approach, combining personalized strategies with institutional-level portfolio management. Krilogy’s team of advisors leverages advanced technology, market expertise, and a disciplined investment philosophy to deliver tailored financial solutions that align with each client’s unique needs. With a strong focus on growth, leadership, and innovation, Krilogy empowers clients to build and protect their wealth for the long term.

Timestamps:

Topics in this conversation include:

* John’s Background in Wealth Management (1:15)

* Shift from Wirehouse to Independence (3:05)

* Evolution of Wealth Management (6:00)

* Challenges of Offering Private Markets (10:00)

* Krilogy's Evolution in Private Markets (14:43)

* Advisor Fatigue with Investment Opportunities (17:55)

* Behavioral Advantages of Illiquidity (21:33)

* Customizing Portfolios for Clients (25:35)

* Impact of AI on Wealth Management (30:21)

* Future Challenges in Wealth Management (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.

Welcome to the Allocate Podcast, an interview and educational content series to help investors learn and navigate investing in alternatives. Join us to hear from leading founders, fund managers, and allocators on the latest trends and the keys to successfully participating in the private markets.

In this episode of the Allocate Podcast, host Samir Kaji welcomes Taylor Matthews, Co-Founder and CEO of Farther, a modern wealth management platform. They discuss the inception of Farther, the challenges faced by financial advisors, and the critical role of technology in enhancing client experiences and advisor efficiency. The conversation also covers the growing importance of alternative investments, the impact of generational wealth transfer, the future of wealth management driven by technology and personalized services, and so much more.

Bio of Guest

Taylor Matthews is the Co-Founder and CEO of Farther, a modern wealth management firm that integrates advanced technology with personalized financial advisory services. He holds an MBA from the MIT Sloan School of Management and a BA in Philosophy and Political Science from Yale University.

Before establishing Farther, Taylor gained extensive experience in the financial services sector. He served as the Head of Account Management, Customer Success, and Business Operations at ForUsAll, where he played a pivotal role in scaling the company's assets under management from $25 million to $850 million over two years.

Earlier in his career, he worked as a Manager at Deloitte, focusing on brand valuations, organizational transformations, and leading research teams in artificial intelligence and robotics.

Under Taylor's leadership, Farther has experienced rapid growth, combining cutting-edge technology with personalized service to deliver a family-office experience at scale.

Timestamps:

Topics in this conversation include:

* Inception Story of Farther (1:09)

* Business Model of Farther (5:32)

* Client Experience and Advisor Growth (9:11)

* Generational Wealth Transfer (12:40)

* Critical Factors for Advisor Growth (15:58)

* Personalization at Scale (19:12)

* Role of Artificial Intelligence in Wealth Management (22:36)

* Proactive Client Engagement (25:07)

* Generational Wealth Transfer and Advisor Adaptation (30:54)

* Next Generation Client Expectations (35:35)

* Future Predictions for Wealth Management (37:51)

* Closing Thoughts and Takeaways (40:01)

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.

Welcome to the Allocate Podcast, an interview and educational content series to help investors learn and navigate investing in alternatives. Join us to hear from leading founders, fund managers, and allocators on the latest trends and the keys to successfully participating in the private markets.

In this episode of the Allocate Podcast, host Samir Kaji chats with John Clendening, CEO and Co-Founder of Earned Wealth, a tech-driven wealth advisory firm for doctors and dentists. They discuss the modernization of wealth management, emphasizing personalized services enhanced by technology. John explains the founding of Earned Wealth, highlighting the unique financial challenges faced by medical professionals and the importance of niche focus. The conversation covers the role of technology in improving client experience and advisor efficiency, the impact of AI, evolving investment strategies, the future of wealth management, and so much more.

About John Clendening

John Clendening is the Founder and CEO of Earned Wealth, a tech-enabled financial services firm dedicated to addressing the unique financial needs of medical professionals.

With over two decades of experience in financial services, John has held several prominent leadership roles. He served as President and CEO of Blucora, a publicly traded technology-driven financial services firm, where he led the company to double-digit annual growth in revenue and profitability.

Prior to Blucora, John spent over a decade at Charles Schwab, serving as President and co-Head of the U.S. and International retail division, and as CEO of Charles Schwab Bank. He also held senior roles at eMac Digital, First Union Bank, Wells Fargo, and The Coca-Cola Company. John earned his MBA from Harvard Business School and a BA in Economics from Northwestern University.

Topics in this conversation include:

* John's Background and Career Journey (1:10)

* Founding Earned Wealth (3:33)

* Challenges in Wealth Management (8:12)

* Technology's Role in Personalization (12:35)

* Investment Strategies and Alternatives (17:01)

* Creating a Unique RA (21:12)

* Differentiation Strategies (24:18)

* Growth Capital and Acquisitions (27:51)

* Technology Adoption Challenges (32:31)

* Impact of AI on Wealth Management (35:34)

* Importance of Human Relationships in Wealth Management (37:00)

* Final Thoughts and Takeaways (41:05)

Discloser

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.

This webinar covers the current state of the venture capital market, highlighting the normalization of capital deployment and the reset in valuations after the 2021 peak. It delves into the concentration of capital in the top venture funds, the importance of emerging managers, and the impact of liquidity constraints on the industry. A major focus is the role of AI, which is driving mega rounds and significant valuation premiums, as well as transforming industries like life sciences and defense. The speakers also discuss the expected growth of venture capital, the democratization of private markets, and the potential for venture leaders to play a role in policymaking. Overall, the conversation paints a picture of a maturing venture ecosystem navigating a shifting landscape, with AI emerging as a transformative force across multiple sectors.

Timestamps:

* Context of the Venture Market (0:36)

* Crossing the Rubicon (2:11)

* Capital Deployment Trends (4:19)

* AI-Driven Mega Rounds (7:06)

* Investor Preferences and Market Dynamics (11:40)

* Liquidity Challenges in the Market (15:33)

* Return Expectations in Venture Capital (19:20)

* IPO Trends and Historical Context (22:23)

* Liquidity in Venture Capital (25:09)

* Proactive Liquidity Management (28:59)

* Democratization of Private Markets (33:36)

* AI Infrastructure and Investment (36:55)

* The Service Sector and Tech Market (41:54)

* Emerging Interest in Defense Tech (45:03)

* Political Influence on Venture Capital (50:01)

* Future of Public Venture Firms (51:44)

Explore a curated library of expert-driven articles, reports, and webinars designed to deepen your understanding of the private markets ecosystem all at allocate.co/institute.