YouSaid · the spoken record

Eric Mogelof

lines on the record: 63
first: 2025-05-19
most recent: 2025-05-19
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“I'll give you personal and professional. On the personal side, I've got three kids, and the next five years is about really launching them. I've got a freshman in college who will be entering the workforce. I've got a junior in high school that's going to head off to college. And even my seventh grader will be in that five-year window out of the house. So my wife and I are really focused on advising them in their next chapters of their own lives. Professionally, I'm really focused on developing talent. I am so fortunate to be here at a company where we have so many amazing professionals. And so one of my most important goals over the next five years is to really help them grow in their roles and achieve the greatest impact to support our clients and support the firm. I hope this is a chapter where our alternatives business becomes even more accessible and my mom can invest.”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“My mom never allowed pets in the house growing up. But during COVID, the Mogulov family broke down and we got a COVID puppy. And he has become one of the most important members of the Mogulov family. And I will tell you, I would love to know what that guy is thinking about, how he's feeling, and importantly, how in the world does he know to come and hang out with me at just the moment that I need?”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“I grew up on Long Island. I never left the eastern seaboard until I was, I think, a junior in college. And if you had told me, hey, Eric, you're going to travel around the world. You're going to live in Asia for a number of years, I would say no way. That is definitely one thing that I would not have expected, but I'm grateful for. I mean, my life has totally changed given the experiences that I and my family have had outside the U.S.”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“I learned that you really need to meet your client where they're at. There were some clients I work with. I'll never forget one of them, Irving Best. And he was probably in his late 60s and he really wanted to learn how to use the personal computer. His knowledge base was pretty much zero. And so patience, understanding, that was a really good lesson for me.”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“Growing up as a kid, I was really into computer science and I started a little tiny company basically setting up individual personal computers for individuals and teaching them how to use it. That was my first real client experience. And it was actually really fun. I learned a lot about how to engage with clients.”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“I grew up playing chess. I love playing. I wish I were better, but it is an amazing game. And then another hobby I have is I love to run. It's great for the mind. It's great for the body. I do it with my kids, although it's getting a little bit harder for me to keep up with them, but both of those things I love to do”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“Sure. I think our co-CEO Scott Nuttall was on the record saying that over time we would envision that 30 to 50 percent of our capital that we're raising is coming from the wealth channels. It's an exciting part of the market and it's one where the demand for what we deliver is only going up. And so I just see a lot of opportunity for us to help our clients.”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“The biggest thing that could go wrong is that these products are not sold appropriately. We saw a little bit of that in the past, but I think the biggest risk here is that advisors don't spend the time to fully understand the liquidity profile, the risk profile of these investments so that in some type of more challenging market environment, investors expect liquidity when they shouldn't. Having said that, I do think that we as an industry have come a long way in educating investors on how these vehicles work. But nonetheless, it's really important for us to all make sure we're constantly reminding the intermediaries advisors and the advisors are engaging proactively with their individual investors to fully understand the liquidity profile of these vehicles.”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“That, by the way, could happen to anybody. So the importance of it is to have a manager that you trust that you know is going to deliver on their value proposition. And if it's in private equity, it's value creation. If it's in credit, it's maintaining a very high level of underwriting standards, but we have a long way to go before we're all of a sudden sitting here to say, hey, we can't deliver on our”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“Couple of things more capital available will create more opportunities for companies to participate and raise capital in the private markets. We saw during the recent COVID crisis a tremendous number of borrowers shift from the public debt market to the private market. It's just going to give companies a lot more flexibility and opportunity to finance themselves in the ways that make sense for them, their business model, and what they're trying to achieve. In my mind, these markets are huge and there's a lot of opportunity. And so I don't worry about diminishing future returns. It will require the asset manager to make sure they stick to their discipline and their time tested process. And sometimes you'll get asset managers as they grow their businesses. They ease their underwriting standards or they ease their expected return profile.”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“Leads to this question of the implications of all of this innovation to bring alternative strategies to the private wealth channel and all the money that could come in. What does it mean for future returns, for institutions that are already in the space watching this happen?”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“The reality is this there's no magical wand that you can wave over a private market investment and make it liquid. That's the reason why in my mind the well solutions that take advantage of these limited liquidity vehicles or the way to get exposure, the interval fund, the tender offer fund, the operating company, there are parts of the market that are contemplating trying to wrap private markets in daily liquid, whether it's a mutual fund or an ETF. If you're going to do that, then you need to have some liquidity function and that always is going to come at a cost. It could be an explicit cost. It could be an implicit cost. But at the end of the day, you can't magically say something that's illiquid is liquid. And if it does become liquid, then the illiquidity premium likely is going to go down or go away.”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“Sales team that goes out to the market, and we've built out a team that is going out and spending time with a financial advisor. The advisors are called all the time by asset managers, by wholesalers, and they're going to pick and choose which investment managers they're going to spend time with. If you're an asset manager like KKR that has capabilities across PE, infra, real estate, credit, we also have capabilities across macro thought leadership and asset allocation and portfolio construction. The value that we can deliver to an advisor is a whole lot more than a value that maybe a single asset manager that has one specific capability can deliver. My gut tells me that there actually won't be a lot of winners. There'll be a handful of winners in each of the asset classes, and they'll likely be the larger, well-branded alternative firms.”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“There are these five things you need to do really well brand, customized products, platform relationships, sales team, and then marketing and analytics and data. It's interesting when I got here to KKR, we had a really great brand and we had this really great investment capabilities. We did not have a huge investment in platform relationships or sales or marketing. But my view was that the harder things are brand and investment capabilities and products. My gut tells me that over time it's the alternative managers that have brand and have real investment capabilities that are willing to and are going to invest in the other three areas that are likely to win. The other thing is this larger alternative firms that have multiple investment solutions have a greater ability to build out the capabilities on the distribution front to win. For example, we have”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“Anyone could buy our stock, which is certainly one way to get exposure to some of these investments. But if you think about it, the investment in KKR stock trades at a multiple to earnings and reflects the number of things that we do here at KKR, which includes asset management. It also includes the insurance company that we own Global Atlantic. So it would not be as a pure play exposure to, say, private equity or infrastructure or real estate or credit. And obviously as an investor, you're customizing your portfolio based upon your goals and objectives. So for my mom, she'd probably be allocating more to, say, private credit or real estate than likely a larger exposure to PE.”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“Private markets to even a larger number of investors. In one of the first meetings we had with Capital Group, I was probably one of the most excited people in the room. And I talked about my mom. My mom is a retired New York City school teacher. She taught in the city for 36 years. And she is not an accredited investor. She would love to invest in KKR investment products, but the reality is for her, a dedicated KKR evergreen investment solution just doesn't make sense. But the investment solutions that we're creating in partnership with a capital group would be perfect for her. And so that is one of the reasons why we're super excited about partnering with a capital group. There are world-class investment management firm as well and just a lot of cultural overlaps too.”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's interesting, we are super excited about the capital group partnership for a couple of reasons. But if you were to look at where we have focused the majority of our time within the wealth space, it's with those accredited investors and above. We've built out a sales team and we're super proud of it, but it's not the size of potentially some of the other traditional asset manager sales teams that are out there. Capital group actually approached us and they had their own business strategy around deciding to want to partner with an alternative manager. And it was just such a perfect fit. They have this really strong business, especially in the independent broker dealer channel, but frankly with wires and RIAs. And in partnership with them, we're building these investment solutions that are available for the non-accredited investor. That to us was completely orthogonal to what we were doing. So that partnership enables us to deliver.”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“Right, all else equal, you would see the IRR of one of our private equity drawdown vehicles, for example, higher than the expected IRR that you'd find in an evergreen private equity solution. Having said that, because you're investing fully invested day one, you're multiple Are good reasons why an investor who is eligible to have both might include both. But our goal is to make sure investors understand what the return expertise should be. And whatever metric they want to measure it against, they understand what the expectations should look like.”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“The drawdown structure, everything's historically been measured by IRR. Evergreens, it sounds like it's more of a time weighted, compounding type return. How do you think about making sure people understand the differences between the two?”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“Say two things. We believe in having a diversified business. We encourage our investors to think about diversifying portfolios. We do the same and we diversify by the asset classes that we manage. We diversify by the pools of capital that we manage for. We're thrilled to be able to have a very well balanced business across our institutional insurance, family capital, and wealth efforts.”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“Start with the second question The alternative market and private markets is a different fee profile than public markets. I'd also tell you that the value add is much more significant whether it's in credit or infrastructure real estate there's anywhere from couple hundred to hundreds of basis points of excess returns that you can generate relative to public benchmarks and we always encourage advisors to think about performance and think about returns net of fees That's where it's really important to think about the manager that you're utilizing because what we have seen in private markets is a very very wide range between first quartile and fourth quartile managers there I would say if you're a fourth quartile manager you're probably not delivering value above your fees if you're consistently a first or second quartile manager then your net of fee performance really makes sense in terms of us as a business”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“How do you think about the costs of access? That's from two perspectives. So yours as a business, delivering two different solutions with two different fee streams, and then the advisors and the investors and the costs that they incur in investing in strategy like this.”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“Investors need to understand that these vehicles typically have quarterly liquidity up to a certain maximum threshold. There's never a get without a give. So if you want to benefit from the illiquidity premium, you have to be willing to give up some liquidity. There is some complexity from a tax reporting perspective. There is some time that advisors need to take to understand the investment solutions. Most advisors that are new to this, they have to understand what's in the portfolio, the risks, how the vehicles are structured, and they have to spend the time and explain it to investors. Once you've understood the liquidity and you understand the risk profile of the investment and how it could play into a portfolio, I think there are a lot of really strong benefits.”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“Of different drawdown vehicles, and they're constantly matching distributions and new capital commitments. Individual investors and advisors, that is a very big challenge. So being able to stay fully invested and get invested day one is a huge benefit. And frankly, one that just fits so much better in the wealth market. If you ask me, I think the drawdown vehicles serve a very important purpose for institutional investors, but over time, I would expect 80 plus percent of all wealth flows to go into these evergreen investment solutions.”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“Only 8% of them actually are eligible to invest in a drawdown vehicle, where maybe 40 or 50% are eligible to invest in the accredited investor product. So that's another really important difference. Tax reporting is going to maybe be complicated regardless, but our evergreen investment solution has more of a simplified K1, so it's a little bit easier, but it's still a little bit challenging. But I think another important difference is that it does provide some liquidity. There is a limit to liquidity in different market environments, but at the end of the day, individual investors have the ability to get some liquidity. But I think the best difference, which works very well for individual investors, is that they don't need to manage cash flows. If you look at the most sophisticated institutional investors, they may target a 20% exposure to private equity. They may utilize lots of”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“They're meaningful differences, but if we go back to client needs, the evergreen vehicles solve a number of different problems. The first is you don't have to wait for the next fund launch before you can gain exposure to the market. And for advisors that are constantly growing their own businesses, imagine they're trying to build portfolios for their clients and they have to wait until the next drawdown vintage for them to be able to allocate. That's one big difference. The second really important difference is the accessibility. All of those drawdown vehicles are really for qualified buyers only, whereas, for example, our private equity solution is for also accredited investors. So now imagine that you're a financial advisor. You want to learn about private equity. You want to understand the benefits of it. You spend a lot of time learning about this and you're ready to start incorporating into client portfolios. Can you imagine you spend all this time and of your hundred client?”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“Love to dive into evergreen structures generally. It seems like whether it's from ease of subscription or liquidity, that is the vehicle that a lot of the wealth channel is exploding into Should investor think about the differences between the two?”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“Private equity, and we take clients through our value creation toolkit. And so we really try and meet advisors where they're at. But what I would say is this. Advisors are building knowledge. We're seeing it every single day. That's one of the reasons why the allocations to alternatives are going up, because more and more advisors are getting more comfortable with the asset class, with private markets, and understanding the role and the potential benefit within portfolios.”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, Ted, that is one of the things that I love about wealth there is such a wide range of advisors. We work with some advisors that I think are more sophisticated than some of the big sovereign wealth funds and pension plans we work with. On the flip side, we work with some advisors that have never allocated to anything other than public equity and public fixed income. The knowledge difference is wide, but that's great because what we've done is we've developed content that supports each of those different levels. We'll have content and education that talks about what is private equity. How does it work? Why would you invest in private equity? We also have content that goes much deeper that talks about the J curve. It talks about what the difference between gaining exposure to private equity in a drawdown vehicle versus an evergreen vehicle. And then we have a whole series about, okay, well, how do we add value?”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“That leads into this whole concept of education. You mentioned the academy. There's a couple examples there. What level of sophistication do you find the advisors have when you're trying to make sure you're educating them properly about this fit in their portfolios?”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“Three broad categories we hear some advisors that say, Hey, I'm really trying to deliver a more resilient income stream. Some advisors say my clients really want to diversify and dampen volatility. And then we've got other clients that say, look, we're really trying to enhance returns overall. Once we understand what that advisor is looking for, we can customize the investment solutions. If someone's really focused on enhancing yield, enhancing income, we'll talk a lot more about credit and real estate. If they're really focused on maximizing returns, we'll talk a lot more about our private equity solution. We're really trying to figure out what outcome they're trying to generate and then deliver investment performance solutions back. Another real important theme we hear all the time is how do alternatives work? For many advisors,”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“If you look across KKR, roughly a third of all of the folks that are in distribution are focused on our wealth business. And that includes a home office coverage team, that includes a wire sales team, an independent broker-dealer sales team, an RIA sales team, and it also includes individuals that are in Europe and in Asia on the ground covering clients. So it's gone from being a very small part of our overall distribution effort to being, frankly, one of the biggest groups that we've got within overall sales.”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“When it comes to boots on the ground, we've had to hire a number of people. When I started here at KKR, we had five people that were focused on wealth globally. All of those individuals were really just focused on engaging with the home office platforms. Today, we have a whole sales team in the US that is out in the field, that are wholesalers. We've got external wholesalers, internal wholesalers. We have folks that focus on the wire channel, the IBD channel, the RA channel. We have folks sitting in London, in Zurich, in Hong Kong, Singapore, Tokyo, Australia. We've really had to build out an on-the-ground sales team. And their goal, each of them wake up every day engaging with advisors and meeting with them oftentimes one-on-one and small groups. It's a really important effort at the end of the day. Advisors want to hear from their asset manager and their relationship manager coverage.”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“First and foremost, we're focused on delivering investment performance to our clients. The minute you start to dilute that is the minute that you no longer are consistent with your brand. You're no longer consistent with your value propositions. I think first and foremost, asset managers always need to make sure they're delivering what they promise they're delivering. In terms of the potential risk, as more and more assets move into these markets, the reality is private markets are growing by leaps and bounds. And if you think about it, even in the equity space, more and more companies are staying private for much, much longer. So it's early, early days before we worry or get concerned about our ability not to be able to deliver returns. That's pretty consistent with what our clients are seeing. We've got a lot of time before all of a sudden there's going to be some type of challenge for us to deliver.”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“Do you think about the potential for dilution of the quality of return when if in fact all of this money does come in you have that much more money you have to put to work across these different pools”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“We have created in our documentation that first in the waterfall to have an allocation to our wealth vehicles as well. And that takes a lot of forethought because if you think about it, when you launch your drawdown vehicles in the documentation, it will stipulate that waterfall and that priority. So years and years ago, we said, hey, we want to make sure that we can carve out some allocation for our wealth investment solutions. That's one example of what we've done to make sure that we can share that priority.”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“Sure. If you were to look in many alternative firms, especially in private equity and infrastructure, they typically follow a waterfall approach where you may have a flagship strategy that is first in the waterfall and then second in the waterfall. Maybe there are other strategies that could participate in a deal. And then maybe third in the waterfall, you could offer co-investment. Most alternative firms, they're first in the waterfall is always just their institutional vehicle.”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“Capabilities that we built and honed to our wealth investors. So we went ahead on all of the investment solutions we offer. They all essentially share deals and share transactions with the institutional vehicles.”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“A really important question. Every asset manager has approached their wealth effort differently. I can speak to what we do at KKR. All of our evergreen investment solutions have the same investments that you would find in our drawdown vehicles. And that's a really important differentiator. When we decided five plus years ago to really build a wealth effort, we had two options. Option one was to go and create investment solutions that invest in things other than what we have already been doing or go through the really complicated challenge of structuring these vehicles, both the drawdown vehicles and the wealth vehicles so that they can invest perip. And we said, look, we've had this time-tested investment process for five decades. We would love to be able to offer the investment.”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“Over the last several years, however, innovation in vehicles has really made a huge difference through whether it's an interval fund, a tender offer fund, a non-traded BDC, an operating company. There are now a number of new vehicles that asset managers can utilize, which really widen the aperture for investors to invest. And that includes not just qualified buyers, but also accredited investors. And then for some vehicles all the way down to the non-accredited investor. The other thing is technology has also played a part of this. Even these evergreen investment solutions, some of them do require subscription docs, but through simplified docs as well as a technology solution, onboarding these into an advisor's client base is a whole lot easier. Both of those things have lowered the barriers for advisors to allocate client portfolios to alternatives.”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it's a combination of two things that have happened. It's a combination of innovation on the vehicle front and then also technology. And if you think about it, these historical drawdown vehicles, number one, they're only eligible to qualified buyers. So there's a limited universe of investors that would even be eligible to invest. The second part is it's a very challenging administrative burden to actually”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“We don't do a whole lot of pure advertising. We do a little bit of it. And the reality is that we will do things on LinkedIn and other social media, and we will try and target. But the realities, we don't do a whole lot of it today. But that might change over time.”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“Created a digital education experience. It's called Alternatives Unlocked, and that's a fully multimedia digital experience that advisors could come on, get continuing education credit. It's accessible also to individual investors as well. And we think that's a really great way for us not only to help educate the market, but also elevate the brand.”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“Are lots of different ways. One of the ways is we've built out a real robust digital marketing effort. There are 300,000 financial advisors. The sales team can never touch every single one of them. But if we can take some of the content that we have and we could package it and leverage digital marketing to reach at scale a number of different individual financial advisors, that's one great way. The second thing that we've done is we've really elevated the client events and client experience that we offer. For example, we do a KKR Academy where we bring advisors to KKR and we talk to them about our capabilities and our investment solutions. The marketing component of that is really important. It's the brand. It's elevating the experience that advisors have. And then there is all kinds of other marketing techniques, paid search and all these other ways that we can really elevate KKR. One last thing that we're super proud of is that we've”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“We've got about 25 people here at KKR that are dedicated to focusing on engaging and delivering that broader client experience.”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“When I first got here about five years ago, we actually didn't have a marketing department. I remember I got here and it was really excited to be on the ground and meeting lots of my new colleagues. And I remember asking someone, hey, can you introduce me to someone in our marketing department? And they turned to me and they said, isn't that you? And I said, well, yes, we are sales and product strategy, but no, we need to build out a skill set around digital marketing, channel marketing, product marketing, brand. The firm said, hey, if we need it, let's go build it. And so we ended up building out a fully staffed marketing effort. And through that effort, we are engaging in so many different ways to connect and reach out to advisors. And ultimately, make sure that the KKR value proposition is well known in the marketplace.”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“One of the things that attracted me to KKR was the incredible brand that we have here at the firm. We've been operating for close to 50 years as an investment manager that's focused on multi-asset alternative investment solutions. And we have a time-tested investment process that we've been delivering out to the market. While I would argue that perhaps we weren't as well known among wealth investors, we have the background, the experience, and the high quality investment solutions that it takes to be really credible as a wealth provider. So what we've been doing at KKR is really investing in taking that brand and making sure that the wealth market fully understands what we can deliver to them. That was one area where I would say it had big green check mark at KKR in terms of the brand that we can have and offer to the marketplace.”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“Is you actually need real thought leadership and education. One of the biggest challenges that the industry will have over time is ensuring that advisors and investors understand how alternatives can be incorporated into portfolios and importantly the risks and benefits that those investment strategies offer. We've been investing in all five of those areas.”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“Investment solutions that are customized for wealth. Historically, this industry had taken some of the institutional investment strategies and just plugged them into the wealth channels. And that's okay. And for some individual investors, those drawdown or institutional vehicles might make sense. But for the large majority of individual investors and the financial advisors with whom they work, you really need a customized wealth product. The third thing that I think you need are real relationships with home office platforms. At the end of the day, you need to have relationships with some of the intermediaries that are curating what is going to be available on a platform. But then once you have that, you also need to have boots on the ground sales professionals that are engaging individually with advisors to help them understand the investment solutions and how they fit into portfolios. And then the last thing.”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source
“Today, our focus is on the intermediary part of the market. So we don't engage directly with investors. There are a lot of really great companies that have built out direct to investor models. We want to participate in that by simply having our investment solutions available on those platforms. But in terms of us at KKR engaging directly with individual investors, it's just not our value proposition that we can deliver. Our focus really is on that intermediary part of the market to be successful in that part of the market. You really need five things. You need to have a brand. Make no mistake. Brands important no matter where you are, but within the well space, brand is really important. At the end of the day, that financial advisor is going to be sitting across the table with an individual investor. And he or she needs to understand all the different things that are in his or her portfolio. And so brand matters. The second thing is it's really important to have real quality.”
2025-05-19 · Capital Allocators · Eric Mogelof – KKR's Pivot to Private Wealth (Private Wealth 3, EP.446) · IDENTIFIED FROM THE TRANSCRIPT · source