Jim Tousignant

Last week, over 800 people in the private markets and wealth management industries came together under the clear desert sky in Phoenix for the iCapital Connect Conference. If one takes a step back and examines the conference, the programming, and the attendees, a bigger picture emerges. As I thought about the conference and what it encapsulates about the state of the industry, seven “C’s” came to mind: ➡️ Complexity: Private markets are in the midst of a number of seismic shifts for both GPs and LPs. ➡️ Customization & Collaboration: Private markets is balancing two major forces: customization and scale. BlackRock, iCapital, & GeoWealth announced a first-of-its-kind partnership (Lawrence Calcano, Jaime Magyera, Jack Hannah) enabling advisors to access both public & private markets investments in a UMA. ➡️ Content: Education is a key part of the collaboration between asset managers and the wealth channel. ➡️ Community: Ryan Reynolds' message provided a fitting end to the event — and one that should resonate with asset managers. Storytelling is powerful. It can create an emotional investment and, at times, a feeling of connection to a community, that is hard to replicate. If there’s a lesson to learn from Wrexham AFC, it’s that he, Rob McElhenney, Shaun Harvey, & team have helped humanize Wrexham & the town through their captivating storytelling, creating a connection to the town & building community in a way so effective that they’ve created a movement that extends far beyond the city limits of Wrexham itself. Much of that has come down to something so simple and so human: they really care about the town and people of Wrexham. ➡️ Caring: One thing is evident in this space: it's about meeting the client where they are and caring about their success. Private markets, done right, can help real people with real money generate income for retirement. Read on for more👇. This week's Alt Goes Mainstream's AGM Alts Weekly, brought to you by DealsPlus, covers: 🗂️ AGM Index, an index that tracks the leading publicly traded alternative asset managers. 💻 Post of the Week by BlackRock Global Chief Investment Strategist Wei Li on their 2025 Market Outlook. 🗞️ AGM News of the Week, this week covering: 📌 Financial Times' Antoine Gara on General Atlantic bringing on former Morgan Stanley CEO James Gorman as they prepare for their next phase of growth. 📌 PitchBook's Jessica Hamlin on Liberty Mutual Investments' intensified focus on direct and co-investments. 💻 Who is hiring: Senior-level positions from companies Blackstone, Apollo Global Management, Inc., KKR, Ares Management Corporation, Blue Owl Capital, Brookfield, iCapital, Goldman Sachs, Hamilton Lane, Dynasty Financial Partners, Cerity Partners, PitchBook. Subscribe👇 to see the latest trends & navigate this rapidly changing landscape as alts go mainstream. https://lnkd.in/gV6Bc2iR

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BlackRock, iCapital, and GeoWealth recently announced a ground-breaking partnership in private markets where models that include both public and private markets exposure through a unified managed account (UMA) are now available to advisors. We were recently live from the iCapital Connect conference in Phoenix, where iCapital Chairman & CEO Lawrence Calcano, BlackRock MD, Co-Head of US Wealth Business, Senior Sponsor for Retirement Jaime Magyera, and I discussed the details on their partnership and why a UMA that integrates both public and private markets investments for wealth advisors could be at the epicenter of the next phase of adoption of private markets by the wealth channel. Alt Goes Mainstream https://lnkd.in/etNSZZ6A

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The SBA just implemented SOP 50 10 8 guideline changes... Here's what every buyer and investor needs to know: 1. 10% Equity Injection Now Mandatory Remember when you could count seller financing on 2-year standby as equity? That’s gone. Now you need hard equity for at least 10% of the purchase price, seller notes can still count for up to half of that required equity, but it has to be on full standby for the ENTIRE loan term, not just 2 years. Overall, I see this as a beneficial change, we see a lot of deals and 90-95%+ leverage deals break way more often than <80% leverage. The majority of deals we see getting done and set up for success are with ~20% of equity down. 2. Multi-Step Buyouts Are Dead This one hurts… The SBA now requires all ownership changes to happen in a single closing. Gone with the tiered buy-out approach. I was just talking with an HVAC owner last week who wanted to gradually transition his business to his service manager over 5 years. That elegant structure used to be pretty common with employee buyouts. Now it’s impossible with SBA financing. We're going to need entirely new capital strategies for employee transitions or partnerships – and that's a huge problem because gradual handoffs are perfect for many business owners who wanted to slowly phase into retirement and train the new owner. 3. Co-Borrower Requirements Will Kill Seller Equity Rolls This one is brutal. If a selling owner retains any ownership after closing (even less than 20%) they must personally guarantee the loan for two years post-sale. Layer in that all new equity holders even 1% passive investors will be classified as a co-borrower is the nail in the coffin for seller equity roll deals. This change will effectively eliminate seller equity rolls in SBA deals. Convincing a seller to personally guarantee millions of debt betting on the acquirer they just met a couple months ago, is not going to work. Overall, this is horrible for individual buyers reliant on the SBA. Big win for shops who have access to non SBA debt. 4. Expansion Exception to Equity Injection No equity injection is required if: - The buyer and seller entities share identical ownership - They operate under the same 6-digit NAICS code - And are geographically close. So, 0% down deals are simple and easy if you already have a platform and want to do a mini roll-up. Means less of a need for raising equity for follow-on acquisitions. — There’s a bit more to say, but those 4 changes I see are the most impactful to most of our acquirers. These changes take place June 1. The Mainshares team will continue monitoring SBA updates and providing further insights as new information becomes available.

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We just took another major step forward in strengthening our KYB solution and expanding the value of RiskOS as the core infrastructure layer for identity, compliance, and risk decisioning. Starting today, Baselayer’s business identity and fraud signals, sourced from authoritative government databases and a network of 2,200+ financial institutions, are fully integrated into RiskOS and available to all KYB customers with the configuration of an enrichment step, which takes all of 30 seconds. No engineering lift.  No extra vendor management.  Just better signal, instantly operationalized. Why it matters: ◼️ Baselayer improves our ability to detect synthetic and high-risk business entities ◼️ It boosts auto-approval rates, especially for sole props and thin-file businesses ◼️ And it further differentiates RiskOS as the only platform with native orchestration and the flexibility to embed external best-in-class data sources and solutions We already offer the most automated and performant KYB solution in the market via RiskOS. This deepens that advantage, while reinforcing our strategy to grow the RiskOS 3rd party provider ecosystem and increase platform value for every Socure customer. We now have 85+ pre-integrated partners, adding multiple more every week, and Baselayer represents a blueprint for future integrations: ◼️ Award winning solution (our co-winner of the Liminal Award for top 20 leaders shaping the future of KYB) ◼️ Zero friction, immediate ROI ◼️ Zero integration expense to any RiskOS customer + the integration was done with AI agents and took just a few days ◼️ Extensible across sectors - from fintech and lending to marketplaces and public sector This is how we will continue to compound value for every RiskOS platform user. (Press release in comments)

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How will tariffs impact 2025 lower middle market M&A, diligence processes, multiples? We don't have a crystal ball either, but we interviewed a few lower middle market bankers who are actively working with affected business owners and we shared the writeup today on the Axial blog. + due diligence has changed rapidly and there are new checklists already built around this topic. Owners be ready for this. + LOIs are breaking / getting pushed out. Hopefully yesterday's announcement at least provides clarity. Markets prefer "bad news" to open-ended uncertainty. + Government Services is out of favor. Careful contrarians, this is your moment. Full write-up link is in the comments.

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Serial Acquirer IV – Operational Model (Part 1) Many acquirers tout decentralization, but few articulate how they genuinely add value. At Volati, we’ve always prioritized local entrepreneurship over. We believe those closest to the business—local leaders—possess the deepest understanding. Our role is to empower them with the tools, autonomy, and governance needed to thrive. Our operational model is straightforward: Each company operates under the leadership of a CEO who reports directly to the company’s board. The board typically comprises 4–5 members, including two to three representatives from Volati. One of these is often the Chairman, frequently our own CEO. We conduct quarterly board meetings, focusing on: VAMS (Vision, Affärsidé [Business Idea], Mål och Strategier [Goals and Strategies]) – ensuring strategic alignment. Financial performance – driving accountability and results. People & strategic HR – fostering talent and development. Budget and capital allocation – optimizing resource utilization. This structure provides clarity, accountability, and strategic alignment across the group. Crucially, it also strengthens the CEO role’s attractiveness, helping us recruit and retain top-tier talent. We also add value through strategic HR—a critical but often overlooked lever in building long-term performance. To support leadership and talent development across our companies, we run: Volati Academy – a year-long leadership program for key people across our businesses. It deepens their understanding of our business model and strengthens collaboration across the group. Volati Management Program (VMP) – our trainee program for future leaders. Each year, a select group of ambitious engineers and business graduates get the chance to broaden their skills, build strong networks, and grow into leadership roles within our companies. Volati Knowledge – our umbrella for initiatives that continuously bring in new knowledge, tools, and best practices across the group. Courses in purchasing, sustainability, M&A, and leadership provide valuable insights, while also fostering cross-company networks that last. The results speak for themselves: Three VMP alumni are now CEOs within our group. Several Volati Academy participants have also been promoted to key roles including CEO And through Volati Knowledge has improved our way of working a cross companies Another key strength of Volati is our ability to be proactive. We help our companies face the hard facts early—and act on them. Whether it’s downturns, supply chain shocks, or a global pandemic, we’ve consistently navigated challenges well. Pattern recognition and early action make the difference between reacting and leading. Decentralization isn’t about stepping back. It’s about amplifying value—knowing when to lean in, and when to stay out of the way. Done right, this creates a scalable platform for long-term value creation. One that justifies complexity. One that compounds over time.

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A pivotal transition\ in US digital asset regulation: SEC Chair Paul Atkins' commitment to establish clear crypto regulatory guidelines stands to accelerate mainstream adoption while still protecting investors. His nomination and recent confirmation represents the concrete beginning of the Trump administration's vision to make the US a global hub for web3 innovation. The industry dynamics are shifting as we transition from "regulation by enforcement" to a more transparent framework. Traditional finance is taking note: just look at the funds flows catalyzed by Atkins' confirmation, with Bitcoin rallying sharply since his swearing in. Some insights from Atkins' initial remarks at his confirmation speech (link posted below) and agenda: 1️⃣ A firm foundation through "rational, coherent" regulation will help both builders and institutional capital allocators. With defined rules, traditional financial players can enter digital assets with greater confidence. 2️⃣ Smart guardrails remain a priority. Atkins aims to maintain robust investor protection while enabling responsible innovation. The SEC's mandate hasn't changed, just its execution. 3️⃣ Enhanced industry collaboration through the new Crypto Task Force signals a shift toward policy development informed by deep technical substance. Kudos to Commissioner Peirce for leading this effort. At Decasonic, we're actively monitoring how this regulatory reset impacts adoption across AI, web3 gaming, DeFi and other sectors. While the US moves towards clarity, founders must still navigate evolving compliance obligations thoughtfully. More from SEC announcement: https://lnkd.in/eEMyyZnx #web3 #blockchain #venturecapital #crypto

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In 2024, the average SMB acquisition we reviewed was financed with 60% debt. Preferred equity was generally 20% of total capital, followed by ~17% deferred consideration and ~3% contribution by the acquirer. Despite relying heavily on debt for acquisition financing, buyers maintained an average debt-to-EBITDA ratio of around 3.3x, largely due to low purchase multiples. For context, Capstone reported that lower middle market leveraged finance transactions (including LBOs and refinancings) saw an average debt-to-enterprise value of 55% and an average debt to EBITDA of 4.7x in Q3 2024. A lot of acquirers and investors talk about high debt-to-capital in the microcap-PE world, but it's important to go a layer deeper and look at financial health across credit ratios. Metrics like debt-to-EBITDA, debt service coverage and total liquidity can often illuminate more about a company's credit risk than debt-to-capital alone.

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From 2020 through 2021, PPP and EIDL didn’t just deploy billions, they permanently shifted borrower expectations. Why?... Millions of business owners experienced capital access in a way that felt clear, fast, and frictionless for the first time ever as the SBA partnered with Non-Bank Fintech B2B Lenders. Since then, the best lenders have treated that moment not as an exception, but as the new standard. In 2025, borrowers no longer compare you to other lenders. They compare you to how it felt to get approved in minutes through platforms like Shopify Capital, Square Loans, or American Express Business Loans. Speed and simplicity aren’t features. They’re trust signals. Operators who understand that are building true digital lending rails: • Self-directed applications • Real-time data sync (no uploads, no ping-pong) • Embedded approvals that feel invisible • Automated logic that filters waste without losing speed We’ve worked with clients leveraging Fora Financial, Kapitus, OnDeck, Rapid Finance, Channel | Your Partner in Funding, and several others. The best performing funnels always have one thing in common —they’re built for speed. So here’s a challenge. If your lending operation runs 100% digitally, from application through approval through due diligence, and you’re delivering a borrower experience that reflects 2025, not 2016… Comment SPEEDY below. And heads up... if you’re calling yourself a lender but outsourcing decisions behind a white-labeled form, I’ll know and so will everyone else 😊 Would love to hear how credit funds, underwriters, product leads, and fintech founders are thinking about infrastructure and borrower trust in this cycle. Let’s learn from each other in the comments.

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🚀 With this deck, This Company Raises $175 Million in Series G, Taking Total Funding to $585 Million 🚀 - Hopper, the travel-tech innovator redefining how we book and experience travel, has just secured $175 million in Series G-its second major round in five months! - Led by GPI Capital, these round highlights investor confidence in Hopper’s momentum despite a volatile travel market. 👉🏻 Key Highlights: 🔷 Funding Amount: $175 Million 🔷 Total Raised: $585 Million 🔷 Lead Investor: GPI Capital 🔷 Other Participants: Glade Brook Capital Partners LLC, WestCap, Goldman Sachs Growth, Accomplice VC 🔷 Purpose of Funding: Accelerate growth, expand product offering, and hire 500+ new team members 👉🏻 Why This Matters: 🔷 Travel Reimagined: Hopper’s AI-powered app is reshaping booking behavior with price prediction, flexible options, and fintech-driven features 🔷 Talent-Led Scale: A hiring spree of 500+ positions signals Hopper’s aggressive expansion plans and product innovation roadmap 🔷 Investor Confidence: Back-to-back rounds from top-tier firms showcase Hopper's strategic direction and market traction 👉🏻 Facts & Figures: 🔷 Founded: 2007 🔷 Employee Base: Growing from 1,200 to 1,700+ 🔷 App Downloads: Over 100M globally 🔷 Booking Volume: Billions transacted annually across flights, hotels, and cars 🔷 Fintech for Travel: 50%+ of Hopper’s revenue now comes from innovative fintech products like Cancel for Any Reason, Price Freeze, and more. 👉🏻 Strategic Focus: 🔷 Global Expansion: Entering new geographies with localized offerings 🔷 Fintech Push: Doubling down on AI-based travel insurance, dynamic pricing tools, and flexibility products 🔷 Talent Acquisition: Hiring across engineering, data science, customer experience, and product development 👉🏻 What’s Next? - Hopper is on a mission to become the world’s most customer-centric, flexible, and data-driven travel platform. - This Series G isn’t just a capital infusion-it's fuel for scaling a travel-tech powerhouse ready to serve the post-pandemic traveler. 👉🏻 Takeaway for Founders: - Consistent execution, even in challenging sectors like travel, attracts repeated funding from top VCs. - If you’re building in a legacy-dominated industry, fintech-layering and user experience could be your secret edge. 🔰 P.S.: Let me know in the comments which startup’s funding deck you'd love to see decoded next! #startups #founders #funding #traveltech #Hopper #seriesG #fintech #venturecapital #growthstage #scalingup #startupgrowth

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