{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets","title":"Stable Asset Management's Erik Serrano Berntsen - what it takes to build a great alternative asset management firm","html":"","width":"100%","height":180,"duration":4315,"description":"Welcome back to the Alt Goes Mainstream podcast.\nToday’s episode dives into what it takes to start, build, and scale an alternative asset manager.\nWe sat down in Stable Asset Management’s London office with Erik Serrano Berntsen.\nErik is the CEO of Stable, where he defines and executes the firm’s investment strategy. Stable is one of the largest and most tenured GP stake builders globally. The firm manages around $5B in assets and has built over 40 firms since 2006.\nStable makes strategic seed and acceleration investments to launch and scale alternatives GPs across public and private markets. With offices in New York, London, and Palm Beach, the firm backs investment firm Founders who understand that extraordinary performance requires building exceptional organizations.\nCommitted to education as a catalyst for change, Erik supports the LSE Alternative Investments Conference — the world’s largest student conference for alternatives, which is how we met 16 years ago — as well as Girls Who Invest and Girls Are Investors. Stable backs 100 Women in Finance and is a Founding Partner of the 10,000 Interns Foundation.\nErik holds a BA in Politics, Philosophy, and Economics from Keble College, Oxford, and an MBA with honors and a concentration in Finance from the University of Chicago Booth School of Business.\nErik and I had a fascinating conversation about what it takes to be a great investor and build a unique investment firm. We discussed:\nHow the business of asset management has evolved since 2006.\nThe incentives gap between LPs and GPs — and how that evolves as GPs scale.\nHow GP seeding and GP stakes can be a solution to LP / GP misalignment.\nHow to discern a manager’s “edge\" and how “edge” can change with firm growth.\nThe most non-obvious trait that makes for a great asset management founder.\nThe nuances of evergreen structures and which strategies might be better suited for evergreen structures.\nThe merits of the GP stakes investment strategy for LPs.\nThanks Erik...","thumbnail_url":"https://img.transistorcdn.com/AFAZ1vkAT92lFJtqt-r0HeFQ55KTdcbJHmgKXaMlAtY/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS9zaG93/LzE5MDA4LzE2MTQ1/Mzk1MDUtYXJ0d29y/ay5qcGc.webp","thumbnail_width":300,"thumbnail_height":300}