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$1T AUM. That is the goal for Blackstone
Retail wants private investments and everyone from $HOOD ( ▼ 2.01% ) to $BX ( ▲ 1.22% ) is racing to give it to them.
My colleague Evan put it clearly - “Big trend, they are getting ahead of new laws that allow accreditation via a test vs net worth. Also, companies are going public later. Late-stage private is the new IPO market.
Alpaca.markets which is one of our portfolio companies in Fund III has been all over this trend as they are powering the tokenization that all the big brokerages globally are using to make it easier to invest in private companies.
From SpaceX to OpenAI to Anduril, people want to get in before the IPO, even if valuations are out of control. I would rather be in the infrastructure to make this happen then investing in these things before the IPO or getting dumped on by someone wanting out now that got in early, but that’s why we invested in Alpaca.
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We have been seeing this trend coming at Social Leverage for a long time. We invested in Secfi which has been helping late stage private company executives borrow money before their IPO and also have a wealth management platform. Alpaca.markets has been leading in tokenization which I mentioned earlier and have written about extensively. As a firm, we have focused on the wealthtech industry with Seeds, LEA, Frec, Koyfin, and many others and continue to see the demand from retail and investors for alternatives. The products coming to market for late stage IPOs solve some of the interest, but I think its just the beginning.
There is a lot of talk about alternatives and investment options changing in retirement accounts and 401ks. As regulation and rules change, the biggest of managers like $KKR ( ▲ 1.88% ) and $BX ( ▲ 1.22% ) will continue to look to gather assets. I think this trend is just warming up.
