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 28:29 Accretive Acquisitions and Capital Raising 31:29 Scale Benefits in Private Markets 31:50 Big Ticket Transactions and Scale 33:05 Investor Understanding of Scale in Private Markets 33:37 Challenges in Public Market Investment in Alternative Managers 36:50 Long-Term Trends in Private Markets 38:03 Risks in Private Markets 38:55 Transparency and Oversight in Private Markets 39:30 Thematic Investing and Long-Term Trends 40:31 Private Markets Framework for Public Stocks 41:30 Emotional Investing and Long-Term Capital 43:25 Geopolitical and Economic Policy Impacts 45:38 March Madness: Top 4 Manager Picks 47:09 Conclusion and Final Thoughts Editing and post-production work for this episode was provided by The Podcast Consultant . Company Coverage and Disclosures Evercore ISI Glenn Schorr | Ticker | Company | APO | Apollo Global Management, Inc. | BAC | Bank of America Corporation | Glenn Schorr holds a long position in equity securities of Bank of America Corporation. | BK | Bank of New York Mellon Corp. | Glenn Schorr holds a long position in equity securities of Bank of New York Mellon Corp. | BLK | BlackRock, Inc. | BlackRock, Inc. is a client of Evercore LLC, and Evercore LLC has provided investment banking services to BlackRock, Inc. in the last 12 months. | Evercore ISI or an affiliate expects to receive or intends to seek compensation for investment banking services from BlackRock, Inc. within the next three months. | Glenn Schorr holds a long position in equity securities of Blackrock Inc. | BX | Blackstone, Inc. | Blackstone, Inc. is a client of Evercore LLC, and Evercore LLC has provided investment banking services to Blackstone, Inc. in the las
