Welcome back to the Alt Goes Mainstream podcast.
Today’s episode brings us to the apex of the wealth channel. We sat down in Goldman Sachs’ HQ at 200 West with
Sara Naison-Tarajano, a Partner and Global Head of Private Wealth Management Capital Markets and Global Head of
Goldman Sachs Apex Family Office Coverage.
Sara is also responsible for the One Goldman Sachs Family Office initiative in the Americas.
Sara has been at Goldman Sachs for over 26 years, where she’s worked in a number of roles across the firm, equipping her with a multi-disciplinary background that is brought to bear in her current role leading a global platform that delivers multi-asset investing, financing, and direct investment opportunities to some of the world’s largest family offices. Goldman Sachs Apex Family Office Coverage now serves more than 600 family offices across the globe.
Sara and I had a fascinating discussion about the growing intersection between private markets and private wealth and what some of the wealth channel’s largest investors find interesting and differentiated in private markets. We covered:
- How Sara expected to spend one year at Goldman and it turned into 26 years at the firm.
- How her background in derivatives structuring in public markets has helped her approach private markets – and what investors in private markets can learn from being exposed to public markets.
- Why Sara decided to create Goldman Sachs Apex to build a dedicated group to help large family offices invest directly into private markets.
- How Apex is related to Goldman’s “One Goldman Sachs” initiative.
- How the power of the platform helps to differentiate Goldman’s wealth management business.
- What lessons the wealth channel can learn from how the UHNW and billionaire family office segment approaches private markets.
- Takeaways from the Goldman Sachs Family Office Insights Report.
- How the wealth channel can engage the next generation clients and how private markets play a role in reaching the next gen.
Thanks Sara for coming on the Alt Goes Mainstream podcast to share your expertise and wisdom on private markets and working with the wealth channel.
Show Notes00:00 Introduction: 26 Years at Goldman Sachs
00:59 Welcome to the Alt Goes Mainstream Podcast
01:05 Meet Sara Naison-Tarajano
04:51 Intellectual Curiosity in Finance
05:29 The Role of Derivatives
06:59 Transition to Wealth Management
07:51 Goldman's Culture of Creativity
10:48 Serving Family Offices
14:09 Family Offices and Direct Deals
16:12 The Growing Role of Family Offices
19:56 Misconceptions About Family Offices
23:26 Engaging the Next Generation
34:29 Liquidity in Private Markets
34:41 Decline in Public Companies
34:52 Access to Capital in Private Markets
35:14 Emerging Trends in Private Markets
35:36 Focus on Secondaries
36:02 Family Offices and Secondaries
38:19 Goldman's Secondary Market
38:56 Goldman's Acquisition of Industry Ventures
39:55 Family Offices' Investment Strategies
40:14 US vs Global Family Offices
40:38 Private Markets and Inflation
42:42 Advice for Wealth Channel Investors
43:02 Illiquidity Premium in Private Markets
43:56 Importance of Vintaging
44:28 Evergreen Funds vs Drawdown Funds
47:22 International Family Offices
49:27 Geopolitical Concerns and Investments
52:55 Mega Trends in Investing
54:15 Infrastructure and AI
56:16 Simple Wealth Management Strategies
58:57 Private Credit and Fixed Income
01:02:22 Future of Apex and Wealth Management
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.