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Michael Sidgmore

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62
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2025-05-05
most recent
2025-05-05
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1
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podcast

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  1. “To their clients oftentimes high net worth or ultra high net worth, they need to serve them well, and the way to retract and retain them is by private markets. That means they also need to mature their business. And the way they mature their business is by creating capabilities to do private markets or in some cases, and you had another group on your podcast, Pathstone, another $100 billion firm, acquiring Hull Capital. And I think that's indicative of where we are in wealth management, that wealth management as both a business and the way it's investing in private markets is institutionalizing itself. Those firms acquiring OCIOs to add capabilities that give them institutional quality diligence and processes to invest in private markets.”

    2025-05-05 · Capital Allocators · Michael Sidgmore – Alternatives Go Mainstream (Private Wealth 1, EP.443) · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “Enterprise customers who likely re up. So it's not like these $10 billion managers are bad businesses by any means, but they need to figure out, do they want to invest in the wealth channel? Do they want to create evergreen structures to serve the wealth channel because the wealth channel has a certain set of needs and requirements when it comes to liquidity, when it comes to allocating to private markets? So I think the industries at a real crossroads from a GP perspective and an asset management business evolution perspective. And then you had the wealth channel in, wealth management itself. That business is changing, that business is consolidating too. The large wealth management platforms are starting to look like institutional investors. The wirehouses are putting large portions of capital into private markets. But then you have large independent wealth managers, the creative plannings, the mariners, the focused financials, the high towers, the dynasties, the Saritis, the Rockefellers, all of these firms, they're growing as they grow, they need to offer private money.”

    2025-05-05 · Capital Allocators · Michael Sidgmore – Alternatives Go Mainstream (Private Wealth 1, EP.443) · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “Then you need to productize for that channel. You need to create new packages that make sense. The firms that are going public have to think about their brand differently. So there's a whole set of things that are all tied together when it comes to how these firms operate, what they want to be, and how they want to continue to evolve. That's creating a whole wave of consolidation. Dave Leighton, the CEO of Partners Group, has said, I think we'll go from 11,000 plus firms or so to 100 platforms. I don't know if we'll get that level of consolidation in the space, but I think he makes a really important point. It's a thought-provoking exercise to go through, which is if this space is going to go through consolidation because firms need to figure out who they want to be. They either need to be really big or really niche. What happens to the middle? What happens to that $10 billion manager, $30 billion manager? Great businesses. By the way, asset management businesses, they have, in many cases, if it's private equity or other strategies, 10 years of contracted revenues from”

    2025-05-05 · Capital Allocators · Michael Sidgmore – Alternatives Go Mainstream (Private Wealth 1, EP.443) · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “Secondaries, et cetera. So these firms have evolved from funds into firms, and by doing so, they need to think about what they are as a business. And honestly, who they want to be when they grow up and what the industry wants to be when it grows up. So I think that then cascades to a whole set of other things. One, it's how do these firms operate as businesses? What do they do to keep their talent and also add new talent? Do they add new businesses, strategies? How do they work with their customers? customers being institutional LPs who are still going to allocate to private markets, but there's obvious challenges around how much liquidity they have, how much more capital are they going to allocate to private markets given where they need to manage their own portfolio construction. And then new customers like the well-being.”

    2025-05-05 · Capital Allocators · Michael Sidgmore – Alternatives Go Mainstream (Private Wealth 1, EP.443) · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “Let's start with the GP world. So, if we think about alternative asset managers and traditional asset managers, we'll get to that too because that's a part of the story here as well. Alternative asset managers have evolved as businesses. Blackstone, about 40 years old, started with $300,000 of capital under management. They're now over a trillion dollars of assets. About a fourth of that, $250 billion or so, comes from the wealth channel today. So it's a relatively short period of time for these firms. These firms are so big. They do so many different things. They're not just private equity firms, as we knew it in the 80s, 90s. They're not doing leverage buyouts. That's one piece of what they do, but they're also doing credit. They're also doing infrastructure. They're also doing real estate.”

    2025-05-05 · Capital Allocators · Michael Sidgmore – Alternatives Go Mainstream (Private Wealth 1, EP.443) · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “Connect the dots on what's going on in private markets and then writing weekly on different trends and themes and topics that are going on in this space because there's just so much happening at the intersection of private markets and wealth. Also interesting that we're sitting across the table from each other too because I think it's actually very indicative of where we are in private markets. The institutional world which you've covered tremendously well with capital allocators and the wealth worlds are kind of converging. Institutions are trying to think about how they think about private markets. The wealth channel is now starting to think about private markets, how GPs serve both is really interesting is the wealth channel and the insurance firm are they the new institutional LP? So I think it's actually a really interesting time for us to both be sitting across the table from each other.”

    2025-05-05 · Capital Allocators · Michael Sidgmore – Alternatives Go Mainstream (Private Wealth 1, EP.443) · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “Say, hey, I'm going to invest into some online platform. Click a button into a private equity fund or a company. By 2020, 2021, I think people's mindset had shifted a little bit. So I just started writing and it was everything from traditional private markets, what we see today. And that's really the big pony here is there's trillions of dollars in wealth channel capital that is looking to flow into private markets because they're underallocated. Then it was also things like alternative assets, things like collectibles, sports cards, crypto to some extent. That was also a driving force during COVID. It was a ZERP environment. So there was reason to believe that that was probably a little bit frivolous in many cases. But I think it was also indicative of a younger generation thinking about investing differently. And that got my mind turning. So started podcasting April of 21 and then have since done about 145 episodes. Many of the biggest GPs, many of the largest wealth platforms, really just trying to.”

    2025-05-05 · Capital Allocators · Michael Sidgmore – Alternatives Go Mainstream (Private Wealth 1, EP.443) · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “The podcast. It's really informed by what was happening in private markets. I go back to all the early days of iCapital. Educating was so important. The wealth channel needed to understand private markets. The alternative asset managers wanted to understand how to work with the wealth channel. So during COVID, I was like, how do I connect the dots between the GPs, the LPs, and all the technology companies trying to work with both GPs and LPs? Bost COVID couldn't do anything other than meet with people virtually. I was having a lot of good conversations with GPs and LPs and the tech companies in the space. And I was like, why don't I just start a podcast to open source things? I started writing first end of 2020, early 21, started really thinking about why are private markets at this point where it really feels like the adoption of investing into private markets via a technology platform was becoming more mainstream. So 2014, rollback the tape, it was hard for people to”

    2025-05-05 · Capital Allocators · Michael Sidgmore – Alternatives Go Mainstream (Private Wealth 1, EP.443) · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “And building a GP Stakes business focused on the lowerman market, and then the content platform that I started, Alcas Mainstream, which kind of just started by happenstance during COVID. Here we are talking about Alcas Mainstream. So how did you get to”

    2025-05-05 · Capital Allocators · Michael Sidgmore – Alternatives Go Mainstream (Private Wealth 1, EP.443) · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “Its own bells and whistles, but that was a fascinating experience. That team was the team that invested in iCapital more recently, 73 strings and some others. Then went to Mosaic, was the first sales hire there. It's a residential home solar loan originator done about $14 billion in home solar loan originations backed by Werber Pincus. Learned a ton there. I was working with the Wealth Channel and then joined our capital early on. So was one of the early employees pre-product, helped build the sales team with two others. That was a fascinating experience, just seeing the wealth channel early days. It was 2014. Was at iCapital till the end of 2016 after BlackRock invested. And then joined my partner at Broadhaven. He had built a financial services investment bank. It's now about 65 people done 100 billion or so of M&A transaction volume. All financial services focused. And we started a principal investment business on top of that, first with early stage venture capital. Big focus on private markets. And then we'll also incubate businesses in asset management. We're currently incubating.”

    2025-05-05 · Capital Allocators · Michael Sidgmore – Alternatives Go Mainstream (Private Wealth 1, EP.443) · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “Up outside of DC, I was a soccer player, so tried to go over to the UK to play soccer, wasn't good enough, got injured, ended up going to Middlebury for a year, and then London School of Economics. At LSC, I ran the world's largest student conference on head funds and private equity. This was 2009, 2010, and 11. So it was the early days of the big alternatives managers being public, getting more into the mainstream, but still very early for the industry. Then I ended up working at Goldman Sachs. So was in London on a team. It's now part of GS Growth. It was called the principal strategic investment team. Investing in capital markets infrastructure. That was pre-private markets infrastructure becoming the next market structure evolution in my view after equities fix income derivatives, but very informative in terms of how I think about the technology evolution that's happening in private markets from pre- to post-investment. I think it's mirroring a lot of what's happening, equity fix income derivatives.”

    2025-05-05 · Capital Allocators · Michael Sidgmore – Alternatives Go Mainstream (Private Wealth 1, EP.443) · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “I guessed on the first episode of Private Wealth is Michael Sidgemore, the co-founder of Broadhaven Ventures and the creator of the Alt Ghost Mainstream podcast, where he explores the intersection of private markets, technology, and wealth management. Michael's career spans early roles at Goldman Sachs and iCapital, experienced building businesses in fintech and asset management, and investing across the private market ecosystem. Our conversation offers an in-depth introduction to the intersection of private markets and private wealth. We discuss the origins of Altgo's mainstream, the rapid evolution of private markets, the convergence of institutional and wealth channels, and the rise of evergreen structures and new distribution models. We close with Michael's perspective on how the wave of capital flowing into private markets from private wealth will impact investors and on the importance of content, brand, and”

    2025-05-05 · Capital Allocators · Michael Sidgmore – Alternatives Go Mainstream (Private Wealth 1, EP.443) · IDENTIFIED FROM THE TRANSCRIPT · source