🎙Alt Goes Mainstream EP. 102 with Alex Chaloff, CIO, Bernstein Private Wealth Management - How the CIO of a $125B wealth manager navigates private markets
by Michael Sidgmore, Co-founder & Partner at Broadhaven Ventures. | Originally published on Alt Goes Mainstream.
Guest post by Michael Sidgmore, Co-founder & Partner at Broadhaven Ventures. | Originally published on Alt Goes Mainstream.
Welcome back to the Alt Goes Mainstream podcast.
Today’s episode is with Alex Chaloff, the CIO of a large and sophisticated private wealth management firm that is very active in private markets.
Alex is Chief Investment Officer of Bernstein’s $125B+ private wealth management unit within $725B AUM AllianceBernstein. He was previously the Head of Alternative Asset Strategies. Prior to joining Bernstein in 2005, he was a MD for Wilshire Associates, serving on the firm’s investment committee. Prior to that, he worked in fund accounting operations at a global custodian in Boston.
Alex and I had a fascinating conversation about:
How to approach private markets asset allocation.
Why he’s doing the job that he always wanted to do.
How to think about portfolio construction.
The importance of patience.
The questions about liquidity.
Why structure matters.
Thanks Alex for coming on the show to share your wisdom and views.
Show notes
00:00 Introduction and Sponsor Message
01:18 Podcast Theme Song
01:35 Welcome to the Podcast
01:59 Introducing Alex Chaloff
03:01 Alex Chaloff's Career Journey
03:49 Transition to Bernstein
04:16 Current Role and Responsibilities
05:26 Investment Strategy and Market Insights
06:58 Active vs Passive Investment
11:35 Middle Market Focus
14:26 Evaluating Fund Managers
18:28 Lessons Learned in Fund Management
20:51 Allocating to Private Markets
22:38 Liquidity and Risk Management
27:01 Current Market Opportunities
31:01 The Perception of Infrequent Reporting
31:38 Private Wealth and Market Fluctuations
32:21 Understanding Liquidity Concerns
32:54 The Future of Private Market Investments
33:38 Challenges in Public Market Benchmarks
34:45 GP and LP Dynamics in Private Markets
36:58 Product Innovation in Private Markets
38:30 Evergreen Structures and Asset Allocation
39:20 Vintage Diversification Strategy
42:07 Lessons from the Current Market Cycle
42:30 Next Generation Investors and Impact Investing
46:13 Double Bottom Line Investing
48:24 Concerns in Private Debt Markets
51:33 Opportunities in Venture Capital
54:36 Favorite Alternative Investments and Future Trends
