Welcome back to the Alt Goes Mainstream podcast.
Today’s podcast dives into the world of data and decision-making in private markets.
We were in the studio with private markets polymath
Jeb Altonaga. Jeb is SVP, Head of Business Development in Private Markets at
Arcesium, where they have built a financial management data platform aimed at solving the data normalization problem across public and private markets.
Jeb’s multihyphenate background puts him in a position to see the data challenges for GPs and LPs alike from all different angles as Arcesium works to take unstructured data and turn it into structured data and insights to help asset managers run their businesses more efficiently and serve LPs better.
Jeb’s background spans Citadel, where he was Head of Relationship Management & Operations in Asia-Pacific, to being an LP as the COO at Blue Pool, a large family office based in Asia, to running capital formation and as COO at Australian activist investment firm Sandon Capital. He joined Arcesium in August 2025 to spearhead the execution of business strategy and the product roadmap for Arcesium’s software solutions in private markets.
We had such a fascinating discussion given the various vantage points that Jeb has had in private markets. We covered:
- How to think about data normalization and why it matters.
- Where and when transparency makes sense.
- Which asset classes may benefit from less transparency.
- What secondary markets might do to transparency in private markets.
- What a tradable market in private markets could look like.
- The evolution of private credit’s market structure.
- What Jeb would make more efficient about private markets.
- Why it’s important to be a lifelong learner.
Bio
Jeb Altonaga leads business development for Arcesium’s Private Markets segment, drawing on over 25 years in alternative investments, capital formation and funds management. He founded Clearglass Capital Partners, a private capital advisory firm, and previously served as COO at Sandon Capital in Sydney and Partner & COO at Blue Pool Capital (& Pinyin) in Hong Kong and began his buy-side career at Citadel Investment Group in Chicago. Jeb holds an MBA from NYU Stern and has served on the board of Hedge Funds Care Asia.
Thanks, Jeb, for sharing your wisdom, expertise, and passion about public and private markets.
Show Notes00:00 Welcome to Alt Goes Mainstream
01:25 A Message from Ultimus Fund Solutions
02:22 Jeb’s Career Path and Lessons
04:05 Why Jeb Joined Arcesium
04:40 From Loan Tapes to AI
06:33 Building in Private Markets
07:26 The Missing Middle Layer
08:55 Do GPs and LPs Want Standards
10:38 LPs Must Drive Change
11:33 Family Office Perspective
14:23 AI Adoption for Different Generations
18:11 Private Markets Need a Desktop
21:02 APIs versus SFTP plumbing
23:25 Evergreens and Secondaries Push Transparency
28:49 Secondaries as Portfolio Tool
29:11 Transparency vs Information Edge
29:48 Private Equity Transparency Limits
30:10 Why Private Credit Opens Up
31:48 Market Structure Highway Analogy
33:08 Tech Stitching Private Data
34:14 Golden Source Data Layer
35:19 Arcesium Intelligence Agents
35:39 Front to Back Platform Buildout
36:50 Why Firms Differ on Same Stack
39:27 Tech First Culture as Edge
41:04 Private Credit Marketplace Debate
43:41 Liquidity Mismatch and Gates
46:24 Secondary Trading Tech Readiness
47:37 Security Master Fix and Wrap
A Word from Our Sponsor, UltimusThis episode of Alt Goes Mainstream is brought to you by
Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.
That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.
We thank Ultimus for their support of alts going mainstream.
What is Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets?
Alt Goes Mainstream podcast is the place to turn to for interviews with some of the brightest and most experienced minds in the world at the intersection private markets and wealth management. AGM dives into investment strategies like private equity (PE), private credit, venture capital (VC), secondaries, GP stakes, infrastructure, real estate, wealth management, and comprehensively covers tools and frameworks for approaching private markets, such as asset allocation, evergreen funds, model portfolios, and more. For anyone looking to invest into private markets (from experienced wealth managers to family offices to the individual investor looking for a more diversified investment portfolio), you’ll hear inside stories from executives and founders at some of the world’s largest financial institutions, alternative asset managers firms, and wealth management firms. More than a personal finance podcast, Alt Goes Mainstream dives deep into trends, investment strategies, firm building lessons, and innovative technologies that are enabling investors to access private markets.