Episode summary
Going Public Ep. 3: The Final Four w Glenn Schorr, Senior MD & Senior Research Analyst, Evercore ISI
Alt Goes Mainstream
· · Hosts: Michael Sidgmore · Guests: Glenn Schorr
Summary
Glenn Schorr argues that the recent selloff in alternative asset manager stocks says more about shifting expectations for exits and capital raising than it does about the long-term business outlook. He says the market had been pricing in a pickup in M&A and IPO activity that would drive monetizations and fundraising, but tariffs, taxes, Fed policy, and geopolitics pushed that story back. In his view, the stocks can be volatile even though these firms invest over decade-long horizons and still have secular growth behind them.
Schorr is constructive on the industry’s fundamentals. He says private markets continue to gain share in lending, infrastructure, private credit, real estate, Asia, and the wealth channel, and he thinks many large managers can still double over five years. He expects 2025 fundraising to be lower than expected a few weeks earlier, but says perpetual products, Asia, Europe, asset-backed finance, and insurance-linked strategies can offset some of the slowdown.
He emphasizes scale as a real advantage in private markets, especially for huge transactions, wealth distribution, and broader platform building. He sees banks and alternative managers as collaborators and competitors, with private credit increasingly moving to private lenders while banks respond through partnerships, origination, and selected acquisitions. Asked for his bracket, Schorr’s final four are KKR, Apollo, Blackstone, and Blue Owl.
Key takeaways
- Glenn Schorr says the recent stock pullback reflects delayed exits and fundraising, not a change in the long-term secular growth story for alternatives.
- Schorr expects 2025 capital raising to be lower than thought a few weeks earlier, especially in private equity, but he sees perpetual products and Asia as more resilient.
- Schorr argues scale matters most in large-ticket private markets businesses, wealth distribution, and direct origination, which favors the biggest platforms.
- Schorr sees banks and alternative managers as both competitors and partners in private credit, with JPMorgan, Citi, and others adapting through partnerships and balance-sheet lending.
- Schorr’s final four in the space are KKR, Apollo, Blackstone, and Blue Owl.
Notable quotes
“I would say that's the hardest part of my and investors jobs every day is to figure out what's in the stock, what's not”
“Will they raise the same amount in 2025 than you thought just four weeks ago? Probably not. Probably less”
“I do think there will be times where say let's make believe infrastructure was hoovering up all the money raised in the space and getting all attention”
“I think the biggest issue is uncertainty makes people do this, right? You sit on your hands, you sit back and and relax and and so uh these companies thrive on activity”
How the episode opens
Yeah. We Okay. You ready?
Yeah. Uh 3 2 1 go. Everybody gets a piece.
We're going mainream. Everybody's going to eat. We're going mainream.
All my family. See you on Mainream. We're going mainream from Wall Street to Melrose Avenue.
We're going to venture capitalists to athletes to creators to the person who's collecting trading cards. We're going to collision of culture and finance. We're going welcome to the alt goes mainstream going public series with Glen Shore.
In this special series, we aim to make private markets more public. We take a deep dive into the public side of the alternative asset management industry. Our guide, Glenn Shore, is a well-known Wall Street analyst who has covered alternative asset managers since the first firms in the industry have gone public.
Glenn is a senior managing director and senior research analyst at Evercore ISI. Glenn has covered the financial sector since 2000 as a senior analyst and has consistently been named to institutional investors allameric research team for his coverage of brokers, asset managers, and exchanges in large cap banks. Most recently ranking number two and runner-up respectively in the sectors in 2023 and number one and number two in 2022.
Listen in as Glenn shares market stories, the evolution of alternative asset managers as businesses, the biggest and most exciting trends in private markets based on what the industry's largest players are doing, and we also will go around the horn for his analysis on each of the publicly traded firms. Couldn't ask for anyone better to take us on this journey. Glenn and I hope you enjoy.
Here we are going public live from Evercore. Huh. All right.
I see you got a Monster energy drink over there. It's been a rough couple of weeks with earnings.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- alternative asset manager stock performance
- exit environment
- scale in asset management
- private credit competition
- private markets growth trends
Companies and tickers mentioned
- Evercore ISI
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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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.
