What I learned at Global Alts Miami

Heading into the largest gathering of private markets managers and allocators I was not sure what to expect.

I went into it thinking I could possibly learn a thing or two about being a better salesperson from people selling in a very competitive market. ? After all, it is one of the largest gatherings of extroverts. I am a big believer that everyone is in sales, including investment and non-investment people. Yes, that means you and me. ? ?

From meeting new friends, finding a life partner or getting that table by the window, your pitch and intention are important. ? ?

What remains to be true is that the battle for capital allocation is still hard and the sales cycle is still long.? Walking the floor of the conference there were hundreds of booths for managers to meet with allocators. I overheard the usual volley of common questions and value propositions.

It’s really difficult to stand out and made me wonder: Have we become too complacent about how we vet managers or sell a product? The power of story is a common topic of discussion but are we really using it to our advantage?

There is an opportunity to stand out, but it takes courage to go to the boundary of your perceived limitations and push forward.

One thing was obvious: iConnections and MFA put on a top tier event. With almost 20,000 investor meetings occurring over a few days it is the place to be.

From opening remarks by Ron Biscardi , who noted that capital raising is about building community and invoking technology to make the process more efficient.? Bryan Corbett , the CEO of MFA and former podcast guest, then shares highlights about the growth of the alternatives market and recent wins fighting over-regulation of our industry.

As alternatives extend into the wealth channel we need to do the work to be as cost effective as possible. Institutional investors play an important role here setting market standards with fees, terms, expenses and portfolio transparency.? ? ?

Looking under the Hood

Afterwards, I wandered around to explore some interesting talks that were more ops focused.

Jennifer Cuello and Matei Odobescu at EisnerAmper Global provided insights on better ways to manage your fund audit.? For an ops nerd like me it was great to hear how to make the process go smoothly and where things can go sideways on timing and process.

They also shared tips and signals for allocators on how re-statements can occur and ways that audit opinions can have a range of outcomes.? Sometimes we need to get into the weeds and this is one place that is overlooked.

I also sat in on a session hosted by ECI and 微软 on how to create an AI agent using 365.? Microsoft’s AI maestro Chris Coulthrust walked us through a demo and Richard Itri from ECI?folded in some specific use cases and commonly used market datasets.

As noted, the objective with these AI projects is to increase “decision velocity in real time”.? One thing that struck me was that as new AI models come to market, you may see specific data sets only being accessible by select research engines due to competitive forces.? If this holds true, the need to build your own proprietary datasets will be even more important.? ? ?

If you want to explore some great use cases reach out to any one of these people, I am sure they would love to hear from you.?

The Power of the Tribe

One thing that jumped out at me was the power of being around people in your ecosystem.? I had the opportunity to spend some time with a bunch of allocators, funds, and service/technology providers for the market.

There were also random meet ups which remind me of how small the institutional investment world can seem at times.? It was great to catch up industry friends and former colleagues such as Len Lipton , Meredith Hayes , Rich Terres and Elizabeth Shea Fries .

I also had the opportunity to jump in the guest seat with Daniel Dart for his upcoming podcast called The Dart Board with Daniel Dart.? Daniel and I?talk about how emerging managers can best position themselves for success.? Even new managers have unique strengths over the incumbents if you look closely.? Be sure to check it out.

The growing success of Global Alts Miami has led to some knock-on effects which is a good thing.? The power of this community has led to a gathering of those outside the arena.

If anyone has seen the Grateful Dead, you know what this is all about. While there is a main show going on, there is an active ecosystem around it.

In speaking to a few people it was all about the amplification of community.? There were dinners and events that brought people together.? In a way, it is a unique acceleration of time and connection in our relationship-based business.

We work and live in an industry that seems to get faster each year and capital raising is the fuel for progress.? Everyone is looking to find those rare opportunities hidden in plain sight.? ?

But let’s not forget the bigger picture.? This capital helps create opportunities to meet our client’s needs.? If you go deeper, it provides really important things like retirement benefits of pension recipients and funds college scholarships for students.? For those in the industry, it helps us find meaning to put our feet on the floor each day with enthusiasm.? The effort is not easy, but it is worthy.? ?

I am already looking forward to next year.? I am not so sure I got a better at sales, but it sure was a lot of fun.

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