During Markets Group‘s ALTSSF 2025, nearly 400 allocators gathered at the Ritz-Carlton in San Francisco to debate illiquidity premiums, AI, farmland, and the next wave of diversification. From liquid alts to real estate, the conversations highlighted themes driving allocator priorities for the year.
💥 Request the agenda for our next alternatives event, ALTSDC, September 29–30.
Over the course of the day, CIOs and senior investment leaders tackled the Fed’s policy path, real estate valuations, infrastructure growth, and new models of limited and general partner collaboration.
The debate over whether illiquidity premiums truly exist — and whether they justify locking up capital — was one of the most pointed conversations of the forum. Allocators weighed whether alternatives have delivered in the past decade and how they should be positioned going forward.
At the same time, speakers emphasized diversification as a guiding theme. From private credit and real estate to farmland and digital infrastructure, investors shared how they are rethinking portfolios for resilience in a shifting rate environment. Discussions on farmland reflected a growing interest in real assets, while panels on AI explored both the opportunities of automation and the risks of governance.
Beyond the formal sessions, candid sidelines interviews captured what allocators are really thinking — insights that rarely surface on stage.
Watch the interviews shot from the sidelines of ALTSSF 2025 below:
“We’re seeing a rotation into different asset classes — from private credit to real estate, infrastructure, and private equity — all tied to the broader theme of diversification.”
🎥 Watch the interview with Aaron Filbeck, CAIA, CFA, CFP®, CIPM, FDP, Managing Director and Global Head of Content, CAIA Association
“If there is an illiquidity premium, then why haven’t allocators with significant alternative allocations outperformed in the last decade?”
🎥 Watch the interview with Ken Frier, Chief Investment Officer, Atlas Capital Advisors
“Commercial real estate really took a beating when the Fed raised rates at a rapid pace in 2022.”
🎥 Watch the interview with Stephen Biggs, Managing Director and Head of Alternatives, The Mather Group, LLC
“If you’re going to be earning this illiquidity premium, you need to make sure it’s worth it — above and beyond what you’d earn in liquid assets.”
🎥 Watch the interview with Jim Worden, CFA, CMT, CAIA, Chief Investment Officer, The Wealth Consulting Group
“Infrastructure today goes far beyond utility grade — it’s about expanding capacity in healthcare systems, digital assets, and data centers.”
🎥 Watch the interview with Abdur Nimeri, Chief Investment Officer, West Mountain Family Office
“Our clients want diversification — but without being locked up. That’s why we’re looking at liquid alternatives.”
🎥 Watch the interview with Veronica Wong, Senior Portfolio Manager, Bank of Hawaii
“Instead of slotting clients into pre-packaged products, why not collaborate with GPs and asset managers to design solutions that truly fit?”
🎥 Watch the interview with Sylvia S. Kwan, CFA, CAIA, Chief Executive Officer and Chief Investment Officer, Ellevest
“Cybersecurity, AI governance, and liquidity mismatches in liquid alts — those are the big three right now.”
🎥 Watch the interview with Alana Mag, CFA, CAIA, Principal, Northside Capital Management, LLC
“We’re really committed to building the community here and making sure everybody has a place for constructive conversation and networking.” 🎥 Watch the interview with Angela Ty, President, CalALTs, and Rachel Brewster, CAIA, President-Elect, CalALTs
💥 Request the agenda for our next alternatives event, ALTSDC, September 29–30.
In case you missed it, you can watch our interviews shot straight from the sidelines of ALTSLA 2025.
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