In this episode, Tony Davidow sits down with Wendy Li, founder of Ivy Invest, who brings nearly two decades of experience investing for major endowments and foundations to her mission of democratizing institutional investment strategies. Wendy shares invaluable lessons learned and explains why the illiquidity premium shouldn't be reserved for institutional investors alone and how evergreen fund structures are changing the game for individual access to private markets. The conversation explores current opportunities in GP-led secondaries and distressed credit, while providing practical guidance on how advisors can help clients overcome their conditioning around daily liquidity. This is a must-listen for anyone looking to understand how endowment-style portfolio construction can work for everyday investors.

Wendy Li is the co-founder and Chief Investment Officer at Ivy Invest, a fintech investment platform bringing an endowment-style portfolio to everyday investors. Before Ivy Invest, Wendy was Managing Director of Investments at the Mother Cabrini Health Foundation, where she built the Investment Office from the ground up and managed a $4 billion portfolio, specializing in a diverse range of asset classes. Prior to Mother Cabrini Health Foundation, Wendy was Director of Investments at UJA-Federation, where she oversaw a $1 billion endowment and a $400 million pension plan. Wendy began her career in the Investment Office at the Metropolitan Museum of Art. She has a Bachelor of Arts degree from Columbia University and is a CFA charterholder.

Resources:

Wendy Li | LinkedIn
Ask a CIO, from Ivy Invest Newsletter
Franklin Templeton Private Markets
Tony Davidow, CIMA® | LinkedIn

Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

In this episode of Alternative Allocations, Michael Bell from Meketa Capital breaks down why infrastructure has become one of the most compelling opportunities in private markets today. Michael explains how infrastructure investments offer a rare combination of growth potential, steady income, inflation hedging, and low correlation to traditional assets, making them particularly valuable in today's market environment. The discussion dives deep into the differences between public and private infrastructure, the importance of working with experienced managers who have decades of proven performance, and why the private markets allocation in wealth portfolios is expected to grow from 2-3% to 20-25% over the next decade.

Michael Bell, Chief Executive Officer, Meketa Capital and Primark Capital, Michael has more than 25 years of experience in the investment management and wealth management industries. He is the Chief Executive Officer of Meketa Capital as well as the Founder and Chief Executive Officer of Primark Capital. Prior to Primark, Michael built and was the CEO for a $12 billion RIA, managing more than 30 investment strategies and a $10 billion liquid alternative mutual fund complex that launched more than 50 alternative funds. Most recently, he purchased, grew, and sold a family office-backed $6 billion RIA. Also, he specialized as a corporate finance attorney for Latham & Watkins and was a CPA for KPMG. Michael holds a Bachelor of Science in Commerce from the University of Virginia and a Juris Doctorate from West Virginia University.

Resources:

Michael Bell | LinkedIn
Franklin Templeton Private Markets
Tony Davidow, CIMA® | LinkedIn

In this episode, Tony welcomes Kim Flynn, a pioneer in researching the growth of evergreen funds in private markets and founder of XA Investments. Kim shares insights from her latest report on the interval and tender offer fund marketplace, which has exploded to over 308 funds growing at 25% annually. They discuss how the market has evolved beyond its private credit origins to include private equity, infrastructure, hedge funds, and emerging sectors like tech and AI. Kim offers practical guidance on due diligence in an increasingly crowded field, the importance of track records as products mature, and why advisors must set proper expectations about liquidity and investment horizons. We also explore future trends including public-private partnerships, model portfolio implementation, and opportunities in underserved sectors.

Kimberly Ann Flynn is a President at XA Investments. She is a partner in the firm and responsible for all product and business development activities. Kim is responsible for the firm's proprietary fund platform and consulting practice. Kim has developed an expertise in closed-end fund product development and is a frequent contributor to media and industry events on topics including interval funds, alternative investments and London-listed investment companies. Kim has earned the CFA designation and is a member of the CFA Institute and CFA Society Chicago. She is also Series 7, 63 and 24 licensed.

Resources:

Kimberly Ann Flynn, CFA | LinkedIn
Franklin Templeton Private Markets
Tony Davidow, CIMA® | LinkedIn

Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

In this episode, Tony Davidow sits down with Matt Katz, Managing Director at Fiduciary Trust International, to explore why middle market private equity offers compelling opportunities in today's environment. Matt shares his journey into private markets, explains why the middle market presents a structural advantage with less competition and more operational value-add potential, and provides practical guidance on evaluating private equity funds through the lens of people, process, performance, and references. The conversation also covers the current exit environment, the growing role of secondaries in portfolio construction, the importance of due diligence in evaluating funds, and actionable advice for financial advisors looking to navigate the expanding universe of private market investments.

Matt Katz, CFA, Managing Director, Investment Director - Private Markets: As head of the Advisor Solutions Group private markets research team, Matt focuses on private equity and real estate investments and is responsible for sourcing, due diligence and monitoring investments across each asset class. He determines strategic and tactical allocations within ASG's Model Portfolio, while monitoring existing and prospective investment opportunities. With over 18 years of experience, Matt serves as a key contributor to the analysis of current macroeconomic conditions through participation in daily market updates, Investment Committee meetings, and quarterly market overviews. In addition, Matt has also worked with impact-focused clients to source and analyze appropriate private investments, serving both financial and social purposes. Prior to joining Fiduciary Trust International, Matt was an associate director at Segal Rogerscasey, an investment consulting firm, as a member of their Alpha Research team focused on private equity manager research and due diligence. While at Segal Rogerscasey, he participated in the portfolio planning, underwriting and execution of private investments for the firm's discretionary clients. Matt received his Bachelor of Science degree in finance from the University of Connecticut. Matt is a Chartered Financial Analyst (CFA) charterholder; Member, CFA Society Boston; and a Member of the RAISE Global Summit LP Selection Committee.

Resources:

Matthew Katz, CFA | LinkedIn
Franklin Templeton Private Markets
Tony Davidow, CIMA® | LinkedIn

Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

In this insightful episode of Alternative Allocations, Tony talks with Paul Jodice of Morgan Stanley about the evolving landscape of alternative investments. Advisors are seeking incremental alpha, differentiated yields, and enhanced diversification in their portfolios, and Paul shares his expertise on how they're turning to alternative investments to meet these needs. The conversation delves into portfolio construction, market outlook, and the drivers of advisor adoption. As someone working closely with advisors, Paul offers valuable insights into the strategies and challenges of integrating alternative investments into portfolios.

Paul Jodice is Co-Head of the Global Investment Manager Analysis (GIMA) team, which provides manager analysis and due diligence on alternative and traditional investment strategies. As co-head, Paul primarily leads the evaluation and manager selection for alternative strategies. Previously, he was an investment officer and head of the Private Equity research team within the GIMA group. Paul joined Morgan Stanley Wealth Management in 2017. He began his professional career with Cambridge Associates (Boston/Singapore) in 1999. He joined Merrill Lynch in 2006, the Abu Dhabi Investment Company - Invest AD (Abu Dhabi, United Arab Emirates) in 2007 and Bank of America Merrill Lynch in 2015. Paul graduated from Babson College with a BS in Investments and Economics. He received his MBA from the Olin Graduate School of Business at Babson College.

Resources:
Paul Jodice | LinkedIn
Alternatives by Franklin Templeton
Tony Davidow, CIMA® | LinkedIn

Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

In this essential Alternative Allocations podcast episode, Tony and guests dissect the 2026 outlook, offering crucial insights for financial advisors navigating commercial real estate, private equity secondaries, and private credit. Discover the macro themes shaping these dynamic sectors, from new cycles in real estate to the growing need for liquidity in private equity. Tune in to equip yourself with the knowledge to identify opportunities in the evolving private markets landscape.

***********

Anant Kumar is a managing director and head of research with Benefit Street Partners, based in our West Palm Beach office. Prior to joining BSP in 2015, Mr. Kumar worked in the capital markets advisory group at Lazard Frères and the leveraged finance group at Deutsche Bank. Mr. Kumar received a Master of Business Administration from the University of Chicago, a Master of Science from Stanford University, and a Bachelor of Engineering from Visvesvaraya Technological University in India.

Taylor Robinson is a Partner of Lexington Partners, primarily focused on sourcing, negotiating, and executing secondary transactions. Taylor joined Lexington Partners in 2008 from JPMorgan, where he was in investment banking and leveraged finance. Aside from his investment focus and other Firm responsibilities, he is a member of Lexington's ESG steering committee and Franklin Templeton's global Stewardship & Sustainability Council.

​​Jeb Belford, equity owner and Managing Director, is the Chief Investment Officer of Clarion Partners. He is chairman of the Firm's Investment Committee, and a member of the Executive Board​. From 2013-2021, Jeb was the lead Portfolio Manager of the Firm's open-end core fund, with overall responsibility for fund management and portfolio strategy. From 2005-2012, Jeb was the Portfolio Manager for the Firm's value-add investment platform. Prior to becoming a portfolio manager, Jeb was a senior member of the Firm's Acquisitions Group, completing investments across a broad range of strategies. His background includes all key aspects of portfolio management, including acquisitions, financing and sales totaling over $20 billion in all property types and risk strategies, in markets across the U.S., Brazil and Mexico. Jeb joined Clarion Partners in 1995 and began working in the real estate industry in 1984.​​

​************

Resources:

2026 Private Market Outlook Executive Summary
Anant Kumar | LinkedIn
Taylor Robinson | LinkedIn
Rick Schaupp | LinkedIn
Alternatives by Franklin Templeton
Tony Davidow, CIMA® | LinkedIn

Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

In this special episode, Tony and the show's producer, Julia, take a trip down memory lane, counting down their top 10 episodes from the first two years of the Alternative Allocations podcast. They share insights into the most impactful discussions, from the evolution of the industry and product development to the importance of manager selection and advisor education. Tony and Julia reflect on the podcast's growth, including consistently ranking in the top 25% of all podcasts! Tune in for a look back at the highlights of their journey and the valuable conversations that have resonated with their audience.

As Director of US Alternatives Marketing at Franklin Templeton, Julia Giordano leads a team responsible for marketing strategy and campaign development for private market strategies and products. Additionally, she serves as the producer of the Alternative Allocations podcast. Julia joined Franklin Templeton in 2018 as part of the US marketing team and began focusing on private markets in 2022 when the specialized marketing team was formed. Along with her previous experience at advertising agencies serving automotive, healthcare, and financial services clients, Julia brings a unique blend of industry knowledge and marketing expertise.

She earned an MBA from Boston University's Questrom School of Business and a BA from the University of Pennsylvania. Julia holds a Unifi by CAIA Fundamentals in Alternative Investments certificate, FINRA Series 7 and 63 licenses, as well as the RMA certification from the Investments & Wealth Institute.

Resources:

Julia Giordano, RMA® | LinkedIn
Alternatives by Franklin Templeton
Tony Davidow, CIMA® | LinkedIn

In this episode of Alternative Allocations, Tony sits down with Bobby to discuss the current landscape of private equity and growth equity investing. Bobby shares his insights on the market's shift post-2021, the emergence of new opportunities in areas such as AI, FinTech, and sustainable energy, and the importance of investing at a discount to public market valuations. The conversation also touches on the expected increase in exits through IPOs and M&A activity, driven by a more favorable business environment.

Robert "Bobby" Stevenson is a Co-Head of Private Investing for Franklin Equity Group and Managing Director of Franklin Venture Partners, the firm's specialized investment team that invests in private opportunities, focusing on mid- and late-stage companies it believes are poised for transformative impacts across multiple industries.

Bobby joined Franklin Templeton Investments in 2004. Previously he was a research analyst and portfolio manager specializing in equity research analysis within the industrials and technology sectors. His primary research coverage included the automotive, and airline industries, as well as the consumer electronics industry. His previous research coverage also included the cable/satellite and transportation industries. Mr. Stevenson was a member of the management team for Franklin Flex Cap Growth VIP Fund.

He holds a B.A. in economics from UCLA. He is a Chartered Financial Analyst (CFA) Charterholder and a member of the Securities Analysts of San Francisco (SASF).

Resources:

Robert Stevenson | LinkedIn
Alternatives by Franklin Templeton
Tony Davidow, CIMA® | LinkedIn