David Weisburd

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One of the biggest trends in alternatives, if not the biggest trend, is the rise of retail, expected almost as large as the entire institutional market.

I've had the CEO of iCapital, Lawrence Kalkana.

I've had the CEO of Hamilton Lane talk about these.

Is there a world where these wealth tech platforms allow the RIAs to access smaller funds, not just the Blackstone Apollo TPGs, but really the smaller funds in the market?

And if so, how do you marry wealth tech with the rise of alternatives in retail?

Is there more tooling coming down the path in addition to platforms like iCapital?

What would be your advice for a GP that is looking to raise from retail?

One of the other large trends in asset management, specifically on the taxable side, is tax aware strategies.

And you see a lot of wealth tech going after that space in many different ways.

What's the future of tax aware investing look like for the retail channel and for the non-institutional investor?

And these are not your grandfather's tax loss harvesting.

This is not the 1% per year that Goldman, JP Morgan would promise you to bring in your business.

Some of these strategies are cultivating 100% capital loss on year one.

So you sell your company for $20 million, you invest it, you hold it for one year, you wipe out the capital gains.

And the problem with those is that some of those minimums are $5 million.

So they're very restrictive for most people.

But for people that might be startup employees, GPs, maybe not the founding GP, but somebody that has carry, do you see that as the next generation, like lower minimums and AI-assisted ways for other people to reap the benefits of tax-aware investing?