NYAIR Episode 45
The Next Decade of Alternative Investments, From Adolescence to Responsible Citizenship
Dive into a candid NY-AIR episode where industry leaders put private markets under the microscope. As alternatives surge toward 20% of global investable assets, this panel unpacks the sector’s “adolescence”—outlining the challenges of education, transparency, diversification, and democratization. Join William (Bill) Kelly (CAIA), John Bowman (CAIA), and moderator Alessandra Tocco for a strategic look at how alternatives can earn their place as pillars of modern portfolios.
Featured Guests
William (Bill) Kelly
President & CEO, CAIA Association
William (Bill) Kelly is a renowned advocate of education, transparency, and best practices in alternative investments. As President & CEO of the CAIA Association, Bill drives standards and strategic thought leadership for the global alternative investment community. A frequent speaker, educator, and board advisor, Bill is known for his direct, pragmatic takes on product innovation, manager selection, and industry reform.
John Bowman
Executive Vice President, CAIA Association
John Bowman, EVP at CAIA, blends deep technical expertise with advocacy for investor education and global standards. He spearheads curriculum strategy, policy, and the association’s mission to advance a “true profession” for alternatives. John’s background includes stints at CFA Institute and leadership in ESG credentialing.
Key Insights From This Episode
Alternatives’ Coming of Age
Once “the Wild West,” alternatives now represent up to 24% of global investable assets—and will only continue to grow as institutional and retail adoption accelerate.
The Four Pillars: Education, Transparency, Diversification, Democratization
To mature from ‘industry’ to ‘profession,’ alts must require meaningful credentials, promote clear disclosure of risk and fees, deliver on diversification’s promise, and expand responsible access beyond the ultra-wealthy.
ESG Integration as Risk Management
Sustainable investing is no longer optional—true risk management requires a long-term ESG lens, but clear standards and measurement remain works in progress.
Private vs. Public: Shifting the Capital Formation Model
IPO trends are downward as “stay-private” strategies thrive. Public market shrinking means more growth and innovation is happening outside traditional exchanges—amplifying the importance (and risks) of alternative asset literacy.
Democratization is Coming—But Requires Guardrails
Retirement security and healthy capital formation hinge on getting more alternative assets into target-date funds and 401(k)s, but only through strong fiduciary standards and investor education.
Access the Full Conversation
Hear the complete episode and access custom insights decks packed with frameworks for policy, portfolio construction, and industry best practices—essential listening for allocators, managers, consultants, and regulators navigating the new age of alternatives.
Soundbites Worth Saving
“Alternatives are coming of age, but building lasting trust requires more than alpha—it demands education, transparency, and a real social contract.”
— William (Bill) Kelly, CAIA Association
“If we want to democratize access, it’s got to be about education, not just wealth thresholds. More doors can open, but only with protection and guidance.”
— John Bowman, CAIA
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