Episode summary
Private Markets, Fund of Funds & the Future of Wealth Management with Samir Kaji of Allocate
Dakota Live!
· · 57 min · Hosts: Robert Morier · Guests: Samir Kaji
Summary
Samir Kaji argues that private markets are moving into wealth management, but access alone is not enough. The bigger challenge is manager selection: in private equity and venture capital, dispersion is wide, so advisors need curation, not a marketplace full of undifferentiated choices. He says Allocate was built as a full-stack operating system to help wealth firms source, build, execute, and manage private markets portfolios while reducing workflow friction and data loss from stitching together point solutions.
Kaji frames the growth opportunity as both structural and selective. He believes the wealth channel could eventually capture $4 trillion to $5 trillion of the next wave of private markets capital, but only if advisors are educated and willing to move beyond brand-name managers. He warns against the “track record trap,” saying headline performance often hides changes in team, strategy, or fund size. Instead, Allocate underwrites the people, their decision-making, and whether past success is actually repeatable.
He also makes a case for fund of funds in the right situations, especially when they save time, simplify administration, and access top-tier managers in high-dispersion asset classes. On fees, he says good managers should not be rejected for slightly higher costs if the expected net return is better. More broadly, he argues that liquidity solutions, secondary markets, and new structures like NAV loans are becoming increasingly important as private assets stay locked up longer.
Key takeaways
- Samir Kaji says private markets in wealth management should be curated, because access without manager selection is not enough.
- He believes the wealth channel could represent $4 trillion to $5 trillion of the next $15 trillion in private markets growth by 2030.
- Kaji warns that a strong headline track record can be misleading if the team, fund size, or strategy has changed.
- Allocate underwrites managers by focusing on sourcing edge, ability to win deals, and judgment, not just past numbers.
- He says fund of funds can still make sense when they save time and provide access to top managers in high-dispersion asset classes.
- Kaji expects liquidity tools like secondaries and NAV loans to become more important as private investments stay illiquid longer.
Notable quotes
“the dispersion can be 2,000 basis points”
“Track records are important to actually understand”
“you cannot reduce a fee low enough to make a bad manager good”
How the episode opens
Welcome to the Dakota Live podcast. I'm your host, Robert Morier. The goal of this podcast is to help you better know the people behind investment decisions.
We introduce you to chief investment officers, manager research professionals, and other industry leaders to help you sell in between the lines and better understand the investment sales ecosystem. If you're not familiar with Dakota and our Dakota Live content, please visit our website at dakota.com. Before we get started, I need to read a brief disclosure.
This content is provided forformational purposes and should not be relied upon as recommendations or advice about investing in securities. All investments involve risk and may lose money. Dakota does not guarantee the accuracy of any of the information provided by the speaker who is not affiliated with Dakota.
Not a solicitation, testimonial, or an endorsement by Dakota or its affiliates. Nothing herein is intended to indicate approval, support, or recommendation of the investment adviser or its supervised persons by Dakota. Today's episode is brought to you by Dakota Marketplace.
Are you tired of constantly jumping between multiple databases and channels to find the right investment opportunities? Introducing Dakota Marketplace, the comprehensive institutional and intermediary database built by fundraisers for fundraisers. With Dakota Marketplace, you'll have access to all channels and asset classes in one place, saving you time and streamlining your fundraising process.
Say goodbye to the frustration of searching through multiple databases and say hello to a seamless and efficient fundraising experience. Sign up now and see the difference Dakota Marketplace can make for you. Visit dakakotaarketplace.com today.
Our guest today is Samir Kaji. Samir is the co-founder and chief executive officer of Allocate. Allocate is a private markets operating system for wealth advisory firms and fund managers.
A technology platform that lets advisers and general partners source, build, and manage private markets portfolios at scale.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- private markets in wealth management
- manager selection
- fund of funds fees
- emerging managers vs established firms
- private market liquidity and secondaries
Companies and tickers mentioned
- Allocate
- Silicon Valley Bank
- First Republic Bank
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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Dakota Live!, this episode and its artwork belong to Robert Morier. Octagon is not affiliated with the show; this page is an independent summary.
