02
Apr
The democratization of private equity: private wealth and the rise of 40 Act Funds
Slowing capital inflows from institutional investors and challenging economic conditions have led to private equity GPs seeking alternative funding and new sources of capital through private wealth strategies, the launch of retail-investor focused funds and various products to make private markets more accessible. In tandem, private wealth investors have increased their exposure to private markets and adopted institutional strategies in a bid for higher returns. Our panel of experts will look at the trends shaping the democratization of private equity.
- What is driving GP’s push into private wealth?
- The continued rise of 40 Act funds- what is propelling growth and what are the benefits over a traditional closed-end fund?
- How do smaller retail investors plan to invest in the space? What challenges do they face and where are the education gaps?
- What does the future hold for the democratization of private equity? What trends and products do we expect to see in the future?
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SpeakersKate Boucher Managing Director Goldman Sachs Asset Management
Stephen Brennan Head of Private Wealth Solutions Hamilton Lane
Brett Schlemovitz Partner StepStone
Tom Cane Funds Editor MERGERMARKET
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Kate is a managing director in the Client Solutions Group within Goldman Sachs Asset Management, serving as US Head of Wealth Management Alternatives. In this role, she is responsible for developing business strategies and client engagement for the firm's wealth management clients, with a focus on Alternative Investment strategies. Prior to assuming her current role, Kate was head of Advisor Sales for Alternatives, where she was responsible for sales, marketing and client support for alternative investments offered by the firm via wealth management platforms and registered investment advisors. Earlier in her career, she was an Alternatives specialist, covering the Northeast region. Kate joined Goldman Sachs in 2010 as an associate in Wealth Management Alternatives & Platform Development and was named managing director in 2023. Prior to joining the firm, Kate worked at the New York Stock Exchange and Bear Stearns. Kate earned a BA in Economics from Lehigh University.
Steve is a Managing Director and Head of Private Wealth Solutions, leading the firm’s efforts to provide both evergreen and traditional private markets solutions to the growing Private Wealth channel. In this capacity he sets the strategic direction and oversees all aspects of the Private Wealth Solutions business.
Previously, Steve held numerous leadership roles in Hamilton Lane’s institutional business including Global Head of Business Development. Steve serves as a member of the firm’s Investment Committee and Evergreen Portfolio Committee. Prior to joining Hamilton Lane in 2002, Steve held relationship management and investment support roles at Goldman Sachs (GSAM) and BNY Mellon.
Steve received an M.B.A. from Fordham University and a B.B.A. from Loyola University Maryland.
Mr. Schlemovitz is a Partner at StepStone and focuses on product development and strategic relationships for the firm within the Private Wealth team.
Prior to joining StepStone, Mr. Schlemovitz served as a Managing Director of CNL Financial Group. At CNL he created and oversaw the firm’s Private Equity platform and was the Chief Operating Officer of Strategic Capital. Previously Mr. Schlemovitz was an Executive Director in Investment Banking at J.P. Morgan where he led equity and debt capital raising and merger and acquisition transactions for Financial Institution clients.
Mr. Schlemovitz received his BA from Emory University and is a CFA charterholder.