Welcome back to the Alt Goes Mainstream podcast.
We were live from iCapital Connect’s conference in Phoenix, where we sat down with some of the industry’s leaders across asset management and wealth management.
Hartley Rogers is a pioneer in private markets. He is the Executive Co-Chairman of Hamilton Lane, where he plays a significant role in investing and client relationship activities, as well as in strategic and organizational development. He is a Member of the Investment Committees and is the Chairman of the Board of Directors. Prior to joining Hamilton Lane in 2003, Hartley was a Managing Director in the private equity fund management areas at Morgan Stanley and at Credit Suisse. He started his career on Wall Street in 1981.
This was a thoroughly fascinating conversation. Hartley’s wealth of knowledge made for a nuanced discussion that married the evolution of the business of asset management with why and how product structure innovation has unfolded as it has in private markets. We also dove into an area that is Hartley’s passion: venture and the innovation economy.
We covered:
- Hamilton Lane’s evolution scaling from 50 people in a single office to 800 people across 22 offices.
- The transformation from investment consulting into a solutions provider and asset manager for investors.
- The importance of data, tools, access, and portfolio construction to manage the increasing complexity of private markets.
- How will the wealth channel invest in private markets?
- The misconceptions of evergreens being “ATMs.”
- What is the “special sauce” in constructing an evergreen portfolio?
- How secondaries can help feed the evergreen fund engine.
- What defines a manager’s edge.
- What private markets strategies excite Hartley.
I’m really excited to share this conversation with you all, as it’s equal parts invigorating and informative.
Thanks Hartley for sharing your wisdom, expertise, and passion about private markets.
Show Notes
00:00 Hamilton Lane -Then and Now
03:55 Hartley’s Origin Story
04:39 Hamilton Lane’s Consulting Roots
04:57 From Consulting to OCIO Partner
05:15 Scaling Changed the Job
06:53 Why Clients Still Need Help
07:15 Trillions in Private Markets
07:44 Mega-Managers and Complements
08:56 Finding Smaller Manager Alpha
09:20 Middle Market Opportunity
09:47 Why Companies Stay Private
10:56 Churn and New Entrants
11:17 GP Skillset Has Expanded
11:51 From Leverage to Operations
12:02 Data Transforms Underwriting
12:43 Hamilton Lane Data Advantage
13:33 Secondaries and Evergreen Rise
14:04 Evergreen Design and Liquidity
14:40 Why The Wealth Channel Prefers Evergreens
15:41 Evergreen Diversification Needs
16:47 Allocating Core vs Satellite
18:44 Evergreens Evolve Like ETFs
34:27 Closing
A Word from Our Sponsor, Ultimus
This episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.
That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.
Learn more at ultimusfundsolutions.com or email info@ultimusfundsolutions.com.
We thank Ultimus for their support of alts going mainstream.
Hamilton Lane Disclaimer: The views expressed herein are those of the speaker as of the date of recording and are subject to change. This content is for informational and educational purposes only and does not constitute investment advice, an offer to sell, or a solicitation of an offer to buy any security or investment product.
