Episode summary
BlackRock's Joe DeVico and Jonathan Diorio and Partners Group's Rob Collins - an iPhone moment
Alt Goes Mainstream
· · Hosts: Michael Sidgmore · Guests: Joe DeVico, Jon Diorio, Rob Collins
Summary
BlackRock and Partners Group are building a private markets model portfolio for the wealth channel, with BlackRock’s model portfolio and distribution capabilities paired with Partners Group’s evergreen fund expertise. The guests argue this is the right moment because advisers now want simpler ways to access private markets, especially as public and private markets blur and clients seek broader diversification, better reporting, and easier rebalancing.
The case for the partnership centers on solving two problems at once: investment construction and practice management. The guests say advisers need a portfolio-level solution, not a menu of single products, and they want a structure that can combine private equity, private credit, and real assets with customized risk-and-return “flavors” such as income, growth, or moderate exposure. The guests also emphasize operational ease, including a single subscription document, aggregated 1099 reporting, and line-item transparency inside a model SMA.
They frame the launch as an “iPhone moment” for private markets because it could turn a fragmented category into something easier to understand, adopt, and scale across wealth platforms. The guests expect the model approach to keep expanding as private markets, technology, and adviser workflows continue to evolve.
Key takeaways
- The guests say private markets model portfolios could be the “iPhone moment” that makes the asset class easier to access in wealth channels.
- BlackRock’s Joe DeVico says the wealth market has been “underinvested in alternatives” and needs a turnkey solution now.
- John Diorio says the structure is designed to combine portfolio construction with easier implementation, including rebalancing and aggregated 1099 reporting.
- Rob Collins says evergreen funds solved some investor frictions, but the next step is a simpler portfolio-level wrapper for advisers.
- The guests expect public and private markets to keep blurring as advisers use models and SMAs to scale their businesses.
Notable quotes
“this is like the moment in time uh where the opportunity is just going to be very very interesting for the wealth space”
“we are at this iPhone moment and that we are changing the paradigm for the industry”
“there's still a gap. If you look at the large wealth platforms, if you look at the number of financial advisors”
How the episode opens
This episode of the Alco Mainstream podcast is brought to you by Ultimus, a leading full-ervice fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. Ultimus is a leading full-ervice fund administrator for asset managers in both private and public markets, offering a wide range of capabilities across registered funds, private funds, and public plans, as well as outsourced middle office services.
Delivering operational excellence, Ultimus helps firms manage the everchanging regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products. Trusted by institutions, investment consultants, registered investment adviserss, state governments, and fund managers, Ultimus provides solutions for nearly every investment structure in the marketplace.
Visit www.ulttimusf funsolutions.com to learn more about Ultimus' technology-enhanced services and solutions or contact Ultimus executive vice president of business development Gary Harris on email at g har har har har har har har har har har har har har har har har har har har har harris at ultimus funundsolutions.com. We thank Ultimus for their support of alts going mainstream. We're going mainstream.
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We're going mainstream. Welcome back to the altco mainstream podcast. Today's episode dives into a groundbreaking partnership that could change the trajectory of how the wealth channel invests in private markets.
We are joined by Black Rockck's head of the America's client business, Joe Dviko, and head of alternatives for US wealth, BlackRock, John Dioro, and Partners Group partner, co-head of private wealth, head of the New York office, member of the global executive board, Rob Collins, as they discussed their partnership on a private markets model portfolio purpose-built for the Wealth Channel.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- private markets model portfolios
- wealth channel investing
- turnkey portfolio solutions
- advisor education for alts
- blackrock partners group partnership
Companies and tickers mentioned
- BLK
- BlackRock
- Partners Group
Watch the episode
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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ING - How to build a private markets platform within a European bank. -
Live! Armen Panossian, co-CEO of Oaktree at Brookfield Oaktree Wealth Solutions RIA Council Meeting
Alt Goes Mainstream, this episode and its artwork belong to Michael Sidgmore. Octagon is not affiliated with the show; this page is an independent summary.
