YouSaid · the spoken record

Stephanie Drescher

lines on the record: 58
first: 2026-01-02
most recent: 2026-01-02
sittings or episodes: 1
sources: podcast

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“Well, no fun if you have the answer key, right? But look, I would say. The one thing that stays the same is change. And to embrace that and to be flexible, to recognize that there will be so much evolution and change that continues in front of us from an industry and certainly. Someone starting, if someone's starting out now to kind of enjoy that ride and recognize that there will be many chapters that unfold. And the best we can kind of try to see where that puck is going, but certainly embrace that there's so much more innovation and opportunity to come.”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“First off, go for it because I think there's still so much growth ahead. And I would just say stay curious because as We think about kind of the innovation that's happening just about from every angle of product innovation and channels and frankly even applicability of AI to what we do today. If you're tuned in from a curiosity perspective coupled with kind of strong work ethic, I think that's a winning recipe.”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes, exactly. And research that they're already doing in terms of eyes, that could have applicability to many other parts of our bodies. So I just find it kind of a fascinating feel that I think will develop so much over time. And of course, from a work perspective, as I think, frankly, of the work of both of those Harvard professors and doctors. Now, how does it tie into the high performance culture and mindset that we have as a farm? Like, how do we take that thinking and try to think about our own employees over time?”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, I love that too. I love that. That's a different one, and I love that professor as well in terms of the value of happiness at different stages of our lives. I love that. But this actually relates to longevity more in terms of genetics and all the research and science and even drug development that is going into. the kind of health and wellness from longevity perspective.”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“This doesn't count. Give us. Okay, well, one that is top of mind, too. We actually just had. Participate live at a client forum of ours is Dr. David Sinclair of Lifespan.”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“Like coming, you know, I live and work in New York City, so seeing those surroundings and being back in nature, it did make me think of Emerson and Thoreau, who I did love. And it's been a while since I read their works, but it inspired me to go back and dust that off.”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“So, well, in terms of what I'm reading right now, there's a book called Such Good People. Which I will give a disclaimer. It's written by Amy Bloomfeld and she is a great close friend from college and it's a great read. And so I'm at the end and I don't want it to end. So that's a great one. I was actually just away this weekend, and I have to say I was struck when I was in the Berkshires, and I was struck by the fall foliage and just how”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I mentioned in a prior part of our series, someone that I used to babysit for, who gave me my first shot in a healthcare consulting firm. So she will remain part of my kind of My personal advisory board while at JP Morgan, Mary Erdos is kind of rock star status in my book and an amazing Mentor throughout my career. And then many at Apollo that I won't name because I won't embarrass them, but that have been incredible sponsors of my career with a lot of opportunities just to continue to grow and develop as a professional.”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“That will provide that additional excess return. And as we think about it Most of those 401ks have time horizons of decades. Yet, the solutions they have available to them are daily liquid. That mismatch does not need to exist, and with the changes that we're seeing come out of DC, we're hopeful that the framework for the benefit of those retirement plans will continue to be one that shifts from the historical view of maximizing those pools of capital to the lowest possible fee. One where they look to maximize outcome and truly maximize the result for those participants.”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“So, what I'm seeing more and more is a global trend of the democratization for private markets. And as I look at what's happening certainly in our own backyard in terms of the executive orders around 401k. And then I look to Europe and I see their regulation around the LTIF 2.0. I look even to the UK and I see regs in the UK and France in terms of certain requirements and percentages to private markets in their retirement plans. To me, there's a global theme of the desire to allow more access of private markets to the individual. through their advisors, through the intermediaries to truly be able to adequately plan for retirement. And we see, obviously, the state of kind of retirees here in the US. And there's a dire need to give them through managed accounts, through target date, access to investment.”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“The investment in what we call kind of the industrial renaissance and the need for that private capital is real and additive to what could otherwise be found in the public markets.”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“All of there's a whole range in terms of everything from aviation to kind of ground transport. There's consumer finance, there's specialty finance. There's mortgages. So it's quite broad in terms of the reach, but it's ultimately originating”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“Right, it's the ability to create proprietary investment opportunities is, in our view, a huge differentiator for a platform. And we partner with financial intermediaries, and that is additive in terms of the flow of investment opportunities, but not exclusively. In fact, over the last almost 15 years now, we've built out 16 proprietary origination engines. So that we can create that investment alpha in house for the benefit of our clients. And that proprietary origination fuels our underlying portfolios, which ultimately in our view is critical to delivering on the return.”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“Look, our view is that origination is the great differentiator. So we focus not as kind of AUM as a limiter, but rather origination and making sure.”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“With private market structures in mind. So it kind of goes back to that idea of public markets being safe and private markets being risky. That's no longer kind of the thinking in the market. I think most intermediaries have really challenged that historical way of building portfolios and they want the same benefits that the institutions have now had for decades. The reality is that the size of the wealth market in terms of assets held by families, by individuals, is about the same size as that held by institutions, each about $150 trillion or so globally. The institutions right now have an average allocation of over 20 to private markets. The individual on average, 3%.”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“The idea of Of private markets or alternative being that very high risk portion of a portfolio. And therefore a small percentage of one's allocation locked up for a long period of time. That's just no longer the modern thinking of the use of private markets in a portfolio. There's no reason, right? The need to save for retirement or the ability to build wealth”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“There are options where private markets can be a part of an overall portfolio, like an ETF format where it is, in fact, daily as part of a broader portfolio. Or if you go to kind of an investment grade strategy, it may be monthly in nature. But you're right. The trade-off for stepping out a bit on the liquidity curve, albeit not too much further, is a pickup in the excess return.”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly. So we have, you know, in our view, the strategy is within private markets are so wide-ranging, which to your point in terms of portfolio construction, our view is that since a private market holding can span everything from short-term investment grade credit all the way through to your traditional kind of private equity drawdown, that's a very wide range. And when you think broadly about that type of exposure, why shouldn't an allocation in a portfolio be maybe even 50% to private markets just given the breadth and applicability of the underlying assets from the short-dated investment grade credit all the way through to more traditional private equity? But to your point”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“You can select offerings out there that provide more interim liquidity. It's not your ATM. No one should think that it is, but it provides a much broader suite of solutions across a range of liquidity profiles, offering far more liquidity than one would have received in a traditional private equity drawdown structure. In our view, as we develop portfolios with our clients, depending on what they're looking for in terms of underlying return and liquidity, we believe there's a role for a mix of both more liquid private market structures as well as draw down depending on the strategy.”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“So, if someone truly wants representative exposure in their portfolio, it's really hard to rationalize eliminating 90% of the total number of companies out there, right? And focusing exclusively on public because it's liquid. Realistically, one needs to look at what is the return profile goal for the portfolio. What type of illiquidity can someone accept and then create a portfolio that allows for that excess return? Institutions have realized that now over decades and they've been the beneficiaries of that excess return by accepting some amount of illiquidity. With the advent of new structures in the private market, certainly for wealth and increasingly even for institutions,”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it's very real. You're right. It's about half the number of public companies it was, you know, just even a couple of decades ago. At the same time, when you look at the number of companies, total number of companies globally, 90% are in fact private.”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“Or it could even keep whatever percentages are split between public, between equity and debt, but have both the public and private options available within each of those percentages to maximize the return, to maximize diversification, and to reduce the volatility. It's a game changer. It's no longer nice to have private markets in a portfolio. It's a need to have in order to meet the long-term financial goals of the client.”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“Should have both public and private. Then the toolkit for advisors and for families is much broader to create that excess return. And what we've seen is the desire to incorporate the private markets not just as an add-on to an otherwise traditional 60-40 portfolio, but rather thinking of it as part of their core holdings in equity and debt and now thinking simply of alternatives as an alternative to public stocks and bonds.”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“There's now a much clearer recognition that the public markets can be both safe and risky, as can the private markets. Because when we look at the public markets, let's say the S&P, 500, for example, the performance and frankly moments of underperformance have been so concentrated in terms of the attribution to roughly seven stocks, sometimes people will say ten stocks, but when there's so much concentration or frankly lack of diversification in the public markets, it creates a moment where people start to zoom out and say, frankly, what if the toolkit for my equity piece of the portfolio should have a combination of both public and private? And frankly, what if my fixed income segment of the portfolio”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“I think there's been A transformation in terms of public and private holdings in a portfolio, and what does it mean to be safe or risky? Historically, people have Thought that because something was liquid in the public markets, it was inherently safe or frankly safer than something less liquid in the private markets. And as we look at 2022 and frankly, many moments of dislocation in the public markets”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“In just kind of the plumbing and the infrastructure that supports the private markets overall ecosystem. So there's definitely a lot of time and effort to try to simplify the processes. And I think it's going to go hand in hand with an evolution that's already starting allocators are looking to managers like ourselves to not only offer specific parts or specific strategies, but to increasingly offer more holistic solutions. So a bundle of private market solutions, which could be multi-strategy, going to eventually kind of multi-strategy, multi-manager as well, which can then be housed not only In the accounts, brokerage accounts or self-directed that we see so often today. But in a range of pools of capital and models and a number of discretionary pools of capital that are highly applicable for private markets.”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“It's a journey, but I think it's already getting better. And I do see a world where it becomes so much easier, more efficient to access. And so if we look at what we're already seeing, when we think about an interval fund structure where you can buy many different underlying strategies, it's point and click. If you're an advisor, but it's point and click. There isn't kind of the fulsome subscription process that we've seen. There's innovation, which we have worked on in partnership with State Street, for example, where there are ETF structures of which private markets are a part. And I think the technology is moving from kind of more of an analog to digital.”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“Either build for retirement in the case of their underlying client or build to a certain level of wealth. And so whether it's a wire, like a UBS or a Morgan Stanley and their set of advisors or you name kind of an RIA, we want to show up to that intermediary with offerings that are going to work for their platform and their base and make sure that we can speak to semi-liquid as well as draw down and really kind of listen closely to what they're looking to provide their clients.”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes, so the channels represented in wealth include the private banks and wires as one channel. The independence, which includes RIAs and independent broker dealers. Family office is also kind of under our wealth umbrella. That's the ultra high net worth space selectively. And then we have geographic focus outside of the US across EMEA and Asia, the rest of North America is covered appropriately out of Canada and Latam. So each of those channels are represented. And while each has differences, and we definitely approach them with different resourcing and commitments, the common denominator of all of them is helping the intermediary, the advisor or the banker. Or the CIO of the family office.”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“Servicing, there's technology. For example, we have spent actually a billion dollars, $1 billion from our balance sheet in wealth tech investments alone to make sure that we're partnering and investing in firms that will help the industry. So I think there are very few that can do that well and truly meet the well clients with in order to meet their portfolio needs.”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“To the channel. And in my view, there are actually only a small number of firms that can really show up and do this well in partnership with all the financial intermediaries involved with wealth. And the reason I say that is when you look at what's required, it's a pretty massive lift. You need to make sure that you build out the right relationships and you need the team globally in place to do that across channels and geographies. You need to make sure that the product mix is extensive enough so that you're relevant as it pertains to our investment capability, but you want to make sure that you're showing up with the right structures for the right clients. Then there's the educational component.”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“So, you know, the wealth business, I saw certainly in my very early days of GP Morgan, but then for my first kind of 16 plus years at Apollo, private bank or wire was really more the exception than the role. It was more of an episodic type of relationship. completely transformed into a strategic commitment from all of us at Apollo starting about four or five years ago. So when Mark Rowan took the reins as CEO, all the stars aligned to build a wealth business to complement the institutional. And that decision truly needed to come from the top, CEO on down, because it is strategic. It's not transactional if you're going to do it well. It needs to be a long term commitment”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“So, look, we are performance first at the end of the day. Our relationships and the trust that we build are over time through performance and through service. I mean, we want to make sure that our partners feel our support in just about every way. So for us, it's never about a particular fee of one type or another. Ultimately, we're not focused on an AUM goal. That is the reward for good performance. And as long as we are making the best investment decisions and showing up, frankly, as a best-in-class partner for our clients, that is what drives our business forward.”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly, where in one strategy of ours, which has a diversified portfolio of private markets, we are two-thirds. Of that portfolio. So when we say that it's meaningful to our balance sheet, we mean”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“It is. And in certain instances, like when you look across the industry, a commitment from an asset manager might be at the 2.5% or 3.5%. It's an outlier if it's a five percent commitment”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah. So from a kind of balance sheet perspective, we are often one of, if not the largest investors side by side with our third-party clients in the investments and strategies that we manage. So through our retirement services business Athene, as well as our third party business, we invest side by side. And so the decisions we make on behalf of the balance sheet are aligned with the outcomes of the strategies in which we invest third party capital. So we often say, well, we can't guarantee the outcome. We guarantee a shared outcome. And that means a lot to us in terms of our commitment and focus, but also to our clients, because they know how important it is to us in multiple ways.”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“Totally. And we have the same. So ours is on the eighth floor, but we call it the casual collision. And that's really important to our culture to kind of show up certainly as soon as we could do so from a practical perspective and allow for that collaboration. It's super important for people to share and get to the best answer possible together.”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“It is so important, frankly, whether we're all in the office to maintain that culture or certainly the challenges during the pandemic. Making sure, certainly during kind of that COVID period, of creating forums, even if it was remote, to maintain the connectivity was really important to have different, I remember many different kind of lunchtime meetings that we would have on Zoom or our family community group would have different webinars where it was the employee as parent and then their children frankly were involved as well. So I think it's kind of fostering that sense of community, even if it is in fact remote. And then thankfully once in office, I know as I was passing through the sixth floor here at Bloomberg, I saw the very deliberate kind of floor plan that you have and food and beverage kind of accessible to employees.”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“That we've had, we want to maintain that, propel it forward, and continue that high level of performance. And importantly, we do it together. So it's not about any one person. I often say to my team, you know, it's we, not me. And that's really powerful. So when we bring everything that Apollo has to offer, we call kind of the one Apollo to any client situation or any goal, we can use that power of the firm to be successful and to allow us all to win.”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“So, look, since the day I joined, there have been certain common themes to our culture, which I think have always kind of propelled us forward as a firm, now public, but very much feels like a partnership. And the first one is making sure that we continue to innovate to feel very entrepreneurial and to empower our people to kind of find those opportunities and pursue them in an appropriate way. We manage the firm as a meritocracy, so we want to give people responsibility and let them kind of really have the greatest impact that they can for their own professional careers as well as for the firm. And we want to have a winning high performance culture, meaning even with all the six.”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“In my role, I am fortunate enough to build out our business as it relates to our client set of offerings, our product development, as well as our partnerships with our distributors, with our investors. And just making sure that as we continue to innovate, we meet our clients where they are and often kind of co-author the types of offerings that are most meaningful to them. In any given day, I get to think about our set of products and what we're innovating. I get to speak with our clients and partners existing and prospects. I manage a large group of people and our talent and I lean in with a very keen focus on Culture, which means a lot to me.”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“It's a fun job. So I've been at Apollo now 21 years. And when I first started, I built out the institutional side of the business globally. So sovereign wealth funds think the DB public pension plans. And that was very much our core client base with an episodic offering through a private bank or a wire from time to time. As that market evolved and matured into a very robust global business, it was clear to Mark Rowan, now CEO that at some point complementing that institutional business with a wealth strategy was in our future. We wanted to make sure, though, that we chose the right moment to really lean in to wealth because it does take a massive commitment and I'm sure we'll talk more about it.”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“Totally. And that does require discipline, especially when multiples are going to kind of stratospheric levels. But that strategy has borne out in a very kind of productive and successful way for us maintaining that discipline. But as you're saying, like spotting those moments where investments are mispriced or not well understood and being willing to deal with that complexity at the right place, at the right price in order to generate the outcome we want.”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“Or right post when the market started to move materially. There wasn't that much time. Within 48 hours, there was kind of a correction from the volatility that we saw on household issuers and names. But thankfully, based on our scale and knowledge of those capital structures, we were able to put about $25 billion of dollars to work in just a few days and were one of the biggest market participants during that moment of dislocation.”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“And there were moments that thankfully because we were so steeped on the credit side in addition to obviously our view of private equity where we could back up the truck on certain credits with conviction And I look back now with honestly such pride for the decisions that were made in that period of time. And frankly, many subsequently during moments of dislocation where They make it look so easy on the investment side, but it actually takes so much work and rigor to be in position to make those big investment calls in those moments in time. But it served us incredibly well and continues to, even liberation day.”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, no, you're right. They were such an incredibly important backdrop to why alternatives, why private markets. And in fact, when I was still in my seat at JP Morgan, but Apollo was offering then our private equity flagship fund five The dot com boom was just at its tail and was starting to fracture. You saw the signs. And Apollo came onto the platform and was talking a value story. And for the first several weeks, there wasn't as much take up. And then as the market started to change dramatically, there was this wake-up call of, whoa, you know what? Let's look at value again. And that kind of was the tail end of the story for that fundraise back around the 2000 period. Fast forward to the great financial crisis. It was such an incredible time at that point. I was already in my Apollo seat to see the investment committee dynamic.”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“So much earlier, kind of back in those days than most in wealth. So I think there were the likes of a JPM Morgan client base and a select number of other private banks did start early in showcasing these opportunities. And the adoption as I traveled around the world was strong, but it was still kind of storytelling and a lot of niche opportunities where I feel like we've fast forward to today, people recognize that private market solutions can play both the core and satellite in their portfolio as it relates to a complement to the public market exposure.”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“It was very early days and a very small fraction. I mean, I remember, you know, if we launched kind of one manager a quarter, it was a big deal. Now I feel like there are probably dozens kind of on the shelf available for clients every day, every quarter. But the transformation was starting to take hold where there were especially the large families recognizing the return potential that a manager in alternatives could provide in their portfolio. And they didn't want to rely. It was very early, but they saw that they didn't want to rely exclusively on public market exposure. So, you know, when we look at actually the percentages In kind of large family office clients today, it matches or frankly exceeds that of an institution, but it's still, they started at the ultra-high net worth end.”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“The end banker and client. Super fun. At a time when private equity was not on the front page every day, it was very early.”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source
“So it was very early days of speaking to families around the world, the ultra-high net worth clients of JPMorgan, about the role of alternatives In their portfolio, and I remember distinctly speaking about the core and satellite within alternatives now, kind of private markets as our nomenclature, but it gave me such a great perspective in terms of the educational kind of foundation that we needed to set first with those clients. And I see it now continuing to play out. But my time at JPMorgan, and it was a very fast 10 years and an amazing kind of training ground was kind of an assessment of all the different private market strategies from private equity to hedge funds to credit. And the seat was a combination of the buy side, so kind of due diligence on the managers we were going to put on platform and then the sell side in terms of the educational component to”
2026-01-02 · Masters in Business · Why Private Assets Are Essential: Masters in Business with Stephanie Drescher · IDENTIFIED FROM THE TRANSCRIPT · source