Episode Details

Welcome back to Going Public with Evercore’s Glenn Schorr.

On the latest episode of Going Public, we dive for the loose balls in private markets’ March Madness as Glenn shares his thoughts on why it’s important to separate the forest from the trees when it comes to why certain firms make his “Final Four.”

We cover some of the most pressing topics in alternative asset management, including:

• Separating the forest from the trees — dissecting alternative asset manager stock performance versus long-term business performance.
• Views on the exit environment and what it means for alternative asset manager stock performance.
• Where and why does scale matter?
• Are banks and alternative asset managers enemies, frenemies, or collaborators, particularly in areas like private credit?
• Why does Glenn believe the secular growth trends of private markets and how that impacts alts managers is a fat pitch?
• In the spirit of March Madness, Glenn shares his bracketology on which firms make his “Final Four.”

Subscribe to Alt Goes Mainstream to receive the weekly newsletter every Sunday and all of AGM’s podcasts.

Making private markets more public — with expert analysis

Alt Goes Mainstream has partnered with an expert who has seen the evolution of alternative asset managers from their early days.

Glenn Schorr is a Senior MD and Senior Research Analyst at Evercore ISI, where he covers brokers, banks, asset managers, and trust banks as an analyst. 

He has covered financials since 2000 and started coverage of alternative asset managers when the first firms went public.

He’s consistently come up as one of the most thoughtful and well-respected analysts in the space. He balances deep research with a creative flair (just read one of the titles of his research reports and you can see his love of the game). He’s been named to Institutional Investor’s All-America Research Team for his coverage, most recently ranking #2 and runner up in 2023, #1 and #2 in 2022. Prior to Evercore, Glenn was a Senior MD at Nomura, serving as the lead financials analyst. 

Listen in as Glenn shares market stories, the evolution of alternative asset managers as businesses, the biggest and most exciting trends in private markets based on what the industry’s largest players are doing, and we go “around the horn” for his analysis on the publicly traded firms.

Show Notes

00:00 Introduction and Countdown

00:06 Going Mainstream

00:45 Welcome to the Series

00:58 Meet Glenn Schorr

01:31 Market Stories and Trends

01:54 Live from Evercore

02:04 Earnings and Market Volatility

02:07 Secular Growth Businesses

02:39 Anticipation and Uncertainty

03:26 Alternative Managers' Performance

04:36 Private Markets and Infrastructure

05:53 Valuation and Market Corrections

07:28 Investment Opportunities in Market Downturns

07:54 Fundraising and Fee Related Earnings

08:01 Capital Raising Challenges

09:36 Super Alts Firms

12:22 Brand and Consistency

13:16 Acquisitions and Growth Strategies

15:33 Banks vs. Alternative Managers

16:26 Private Credit and Direct Lending

24:45 Asset Classes Shifting from Public to Private Markets

25:09 Duration Mismatch in Banking and Loans

25:32 Regulatory and Capital Arbitrage

26:01 Flexibility in Private Markets

26:30 Impact of Stock Prices on Strategic Acquisitions

27:01 Stock Deals and Control in Acquisitions

28:2