Dakota Research Podcast

In Episode 29 of the Dakota Insights Podcast, we explore the evergreen market — the open-ended fund structure that has grown from a niche corner of private markets into a mainstream wealth channel reshaping how individuals access alternatives.

We break down how evergreens differ from traditional closed-end drawdown funds, why 100% capital deployment on day one, 1099 reporting, and quarterly liquidity have unlocked the wealth channel, and the three forces compounding the shift — massive untapped demand, accelerating regulatory tailwinds, and distribution infrastructure that has finally caught up.

We also walk through the math investors get wrong: why a drawdown fund...

In this Dakota Insights interview, Chris LeRoy and Alex deMarco sit down with Robert Thummel, Senior Portfolio Manager and Investment Committee member at Tortoise Capital, to explore the firm's active ETF platform and the growing investment opportunity in AI infrastructure.

Tortoise Capital has built its identity around a simple mission: be the energy experts. Rob brings 30 years of energy investing experience and has spent the last 20 at Tortoise, alongside three co-portfolio managers with a combined 100-plus years of investment experience and four dedicated analysts. The firm offers a focused lineup of active ETFs spanning the energy and...

In Episode 28 of the Dakota Insights Podcast, we explore the consultant channel — the gatekeepers that advise on approximately 87% of institutional private market allocations and shape how capital flows to fund managers across pensions, endowments, and foundations.

We break down how just 10 consultants advised on roughly 61% of U.S. pension fund commitments in 2025, and why the OCIO model — now a $2.5 trillion U.S. market projected to reach $5.6 trillion by 2029 — is reshaping how institutional capital is managed.

We also cover the private equity–backed consolidation wave transforming the competitive landscape, how consultants actually evaluate managers, and the practica...

We cover new RIA launches like Soulence Wealth Management, as well as RIA acquisitions by firms such as Maridea Wealth Management and Creative Planning. We also share updates on commitments from The New Mexico State Investment Council (SIC), Seattle City Employees Retirement System, and Boston Retirement System. On the search front, we highlight activity from The Tulare County Employees’ Retirement Association (ERA), Boston Retirement System, and Plymouth County Retirement Association. We also cover fundraising from Leafgreen Capital, Inflexion, and Starcloud — plus a reminder to register for our next Dakota Cocktails event.

We cover new RIA launches like Maridea Wealth Management and Soulence Wealth Management as well as RIA acquisitions by Creative Planning. We also share updates on commitments from North Dakota State Investment Board (SIB) and City of Phoenix Employees' Retirement System. On the search front, we highlight selections from The Firefighters’ Retirement System of Louisiana, The Chicago Teachers’ Pension Fund, and The Arkansas Public Employees Retirement System (APERS). We also cover fundraising from Conduit Health, Nadia Care, and Orion Resource Partners — plus a reminder to register for our next Dakota Cocktails event.

In Episode 27 of the Dakota Insights Podcast, we explore how Turnkey Asset Management Platforms — TAMPs — have evolved from back-office utilities into core infrastructure powering modern wealth management.

We break down how the U.S. TAMP ecosystem has grown to approximately $3 trillion in platform assets, and why advisor adoption has surged from roughly 10% to 45% over the past decade. TAMPs are no longer just a convenience for small RIAs — they are a strategic decision for firms of every size.

We also examine the three core layers of TAMP value — investment services, operations, and technology — and how different advisory c...

In this Dakota Research Interview, Chris Leroy and Alex deMarco sit down with Phil Durr, Co-founder and Managing Partner of PeakSpan Capital, a growth equity firm with $2.6 billion in AUM focused exclusively on bootstrapped business software companies. Phil shares his journey from ROTC and Morgan Stanley to founding PeakSpan in 2015, and explains how the firm's pragmatic, founder-first approach — targeting owner-operators at roughly $6M in revenue — has produced a capital loss ratio of under 2.5% against an industry average exceeding 50%. The conversation covers PeakSpan's differentiated expert network, their AI-powered internal tools, and Phil's conviction that generative AI represents the biggest tailwind for...

We cover RIA acquisitions by the likes of Choreo, Cerity Partners, and First Manhattan. We also share updates on commitments from and. On the search front, we highlight activity from Plymouth County Retirement Association, Dahab Associates, and Public Employees' Retirement System of Mississippi. We’ll also cover fundraising from Canyon Partners, Inhouse, and Phoenix Group — plus a reminder to register for our next Dakota Cocktails event.

Tired of chasing outdated leads? Book a demo to see how Dakota Marketplace simplifies your fundraising process with accurate, up-to-date investor data. 

We cover newly launched RIAs like Ocean Path Advisors, Madson Wealth Advisors, and Stephen Smith Financial. We also share updates on commitments from Maine Public Employees’ Retirement System (PERS), Texas County & District Retirement System (TCDRS), and University of Alabama System Endowment. On the search front, we highlight activity from Lexington Policemen's and Firefighters' Pension Plan, St. Louis Public School Retirement System, and City of Philadelphia Board of Pensions and Retirement. We’ll also cover fundraising from Vista Equity Partners, SatVu, and Anduril Industries — plus a reminder to register for our next Dakota Cocktails event.

Tired of cha...

In Episode 26 of the Dakota Insights Podcast, we explore how family offices are evolving into fully institutional capital platforms—and why this shift is reshaping private markets.

Drawing from Dakota’s 2025 Global Family Office Report, we examine how improved liquidity in 2025 accelerated professionalization, earlier diversification, and formalized governance. Family offices are no longer passive pools of capital; they are building structured investment teams, expanding direct deal activity, and leading transactions across sectors.

We also discuss the strategic importance of geography, the growing role of private markets in portfolio construction, and why talent is becoming the key...

In this Dakota Research Interview, Dr. Andrew Hohns, Founder and CEO of Newmarket Capital and Battery Finance, explains how the firm is redefining private credit by integrating Bitcoin into real estate and asset-backed lending. He discusses how Bitcoin-backed loan structures can help investors protect purchasing power, reduce credit risk, and generate inflation-resilient returns without taking on mark-to-market volatility. Andrew also shares real-world examples of Battery Finance loans, outlines where borrower demand is strongest, and highlights opportunities across multifamily, project finance, and mission-driven investments. For investors seeking innovative credit solutions with downside protection and long-term upside, this conversation offers a...

In this episode of Dakota's Fundraising News Podcast, we cover newly launched RIAs like Bright Advisors, BayTrust Wealth Management, and Farmers Asset Management. We also share updates on commitments from The State of Wisconsin Investment Board (SWIB), The Wayne County Employees Retirement System, and Delaware Public Employees’ Retirement System (PERS). On the search front, we highlight activity from the Illinois Firefighters' Pension Investment Fund (FPIF), Plymouth County Retirement Association, and The Norfolk (MA) County Retirement System (CRS). We’ll also cover fundraising from SOLV Energy Inc., Incard, and Shield Technology Partners — plus a reminder to register for our next Dakota...

In this Dakota Research Interview, Chris LeRoy and Alex DeMarco sit down with Kelsea Alexander, Director, and Michael Balcom, Managing Director in the Industrial Group at Crow Holdings Capital, to discuss the firm’s long-standing approach to industrial real estate investing and development. Drawing on Crow Holdings’ 75-year history and deeply tenured leadership team, the conversation highlights how cultural continuity, disciplined decision-making, and local market expertise shape the firm’s investment strategy.

Crow Holdings Capital operates as both an investment manager and large-scale developer, with industrial real estate at the core of its platform. Kelsea and Michael explai...

In Episode 25 of the Dakota Research Podcast, we examine how the RIA market is entering a new phase of institutionalization—and why this shift is fundamentally changing capital allocation, distribution, and platform economics across wealth management.

We break down how RIAs are evolving from advisor-led practices into coordinated allocation platforms, with investment authority increasingly concentrated in CIO offices, investment committees, and model-driven portfolios. The discussion explores why record M&A activity and asset growth are symptoms of a deeper structural change: control over allocation is moving away from individual advisors and toward centralized governance.

The ep...

In this episode of Dakota's Fundraising News Podcast, We cover acquisitions by Azimut Group and newly launched and registered RIAs including Cohen Capital Advisors and MFT Wealth Management. We also share updates on commitments from the Fairfax County Educational Employees’ Supplementary Retirement Plan, the Delaware Public Employees’ Retirement System, and the State of Wisconsin Investment Board. On the search front, we highlight activity from the Illinois Police Officers Pension Fund, the Illinois Municipal Retirement Fund, and SWIB. We’ll also break down the latest fundraising trends, including growing sovereign wealth fund allocations to private credit in emerging markets from invest...

In this episode of Dakota's Fundraising News Podcast, we cover newly launched RIAs like Valorem and acquisitions by Wealth Enhancement. Hear updates on commitments coming from The Sacramento County Employees Retirement System (SCERS), The Illinois Municipal Retirement Fund, and The School Employees Retirement System (SERS). Hear updates on searches coming from The North Attleboro Contributory Retirement System, New York City Comptroller's Office, and The Chicago Teachers’ Pension Fund. We also share the latest fundraising efforts from the newly launched National Startup Investment Guidance Fund, Goldman Sachs Group, and Clear Investment Group — plus a reminder to register for our next Dako...

In Episode 24 of the Dakota Research Podcast, we examine how private markets have evolved from a “satellite” allocation to a core component of institutional and family office portfolios—and why performance dispersion now matters more than ever.

We break down how allocators should evaluate private fund performance across private equity, venture capital, private credit, real estate, and real assets. The discussion covers why headline IRRs can be misleading, how cash-flow timing distorts results, and why many investors are placing greater emphasis on multiples such as TVPI and DPI.

The episode also dives into the critical role o...

In today's episode of the Dakota Fundraising News Podcast, we cover RIA activity including acquisitions by Constellation Wealth Capital and Wealthcarte Capital Management as well as newly launched RIAs like Willow Creek Capital Management. Hear updates on commitments coming from LSERS, Ohio Police and Fire Pension Fund and Montana Board of Investments. Hear updates on searches coming from Firefighters' Retirement System of Louisiana, Dallas Police and Fire Pension Fund, and the Pension Benefit Guaranty Corporation. We also share the latest fundraising efforts from January Capital, Goldman Sachs Asset Management, and ArrowMark Partners — plus a reminder to register fo...

In today's episode of the Dakota Fundraising News Podcast, we cover RIA activity like acquisitions by Sequoia Financial Group and Allworth Financial as well as newly launched RIAs like Ticino Wealth. Hear updates on investments coming from Fubon Life Insurance, Arkansas Teacher Retirement System, and City of Tampa General Employees Retirement. Hear updates on searches coming from the Oklahoma Firefighters Pension & Retirement System, Ircantec, and The Boston Retirement System. Plus a reminder to register for our next Dakota Cocktails event.

Tired of chasing outdated leads? Book a demo to see how Dakota Marketplace simplifies your fundraising process...

In today's episode of the Dakota Fundraising News Podcast, we cover RIA activity like acquisitions by Cambridge Investment Research. Hear updates on investments coming from the Boston Retirement System, Los Angeles Fire & Police Pension System, and The General Retirement System of the City of Detroit. Hear updates on searches coming from the Norfolk County Retirement System. We also share the latest fundraising efforts from Hillhouse Investment, Bessemer Venture Partners, and Arrow Global Group — plus a reminder to register for our next Dakota Cocktails event.

Tired of chasing outdated leads? Book a demo to see how Dakota Marketplace si...

In today's episode of the Dakota Fundraising News Podcast, we cover RIA activity including potential acquisitions by RIA Captrust. Hear updates on investments coming from CalPERS and the IFC. Hear updates on searches coming from San Antonio Fire & Police Pension Fund. We also share the latest fundraising efforts from American South Capital Partners and Vistara Growth — plus a reminder to register for our next Dakota Cocktails event. 

Tired of chasing outdated leads? Book a demo to see how Dakota Marketplace simplifies your fundraising process with accurate, up-to-date investor data.

In Episode 23 of the Dakota Research Podcast, we explore why India is emerging as one of the most attractive global investment destinations. With sustained GDP growth of 6–7% annually, a young population, and increasingly favorable policy frameworks, the country is rapidly transforming from a high-risk emerging market to a high-conviction growth story.

We dive into the macro and policy backdrop fueling this transformation, including India’s ambitious industrial programs like the Production Linked Incentive (PLI) scheme and the National Green Hydrogen Mission. These initiatives are driving capital flows into manufacturing, clean energy, semiconductors, and digital infrastructure—sectors at the he...

In today's episode of the Dakota Fundraising News Podcast we cover newly formed RIAs like 71 West Capital Partners and RIA fund launches like Strongheart Energy Fund II. Hear updates on investments coming from The World Bank and Los Angeles Water & Power Employees' Retirement Plan. Hear updates on searches coming from Colorado Public Employees Retirement Association. We also share the latest fundraising efforts from Rockland Capital, Ardabelle Capital, and Sofinnova Partners — plus a reminder to register for our next Dakota Cocktails event.

Tired of chasing outdated leads? Book a demo to see how Dakota Marketplace simplifies yo...

In today's episode of the Dakota Fundraising News Podcast, we cover RIA activity including acquisitions by OneDigital Investment Advisors, Lido Advisors, and Abacus Wealth Partners. Hear updates on investments coming from The World Bank, The Teacher Retirement System of Louisiana, and Arlington County Employee Retirement System. Hear updates on investments coming from The Teacher Retirement System of Louisiana and Fondo Telemarco. We also share the latest fundraising efforts from Root Ventures, KKR, and Glasswing Ventures— plus a reminder to register for our next Dakota Cocktails event.

Tired of chasing outdated leads? Book a demo to see how Da...

In this episode, Chris LeRoy and Alex deMarco sit down with Ian Glaser, Partner and Investment Committee Member at BridgeInvest, to explore how the Miami-based real estate credit manager is navigating one of the most attractive lending environments in over a decade. Founded in the aftermath of the Global Financial Crisis, BridgeInvest has grown into a vertically integrated, senior-secured lending platform with more than $2.5 billion invested across 160 loans. Ian discusses the firm’s disciplined focus on capital preservation, consistent yield generation, and hands-on management throughout the lending lifecycle. He also shares insights on how BridgeInvest’s direct sourcing, vertical inte...

In today's episode of the Dakota Fundraising News Podcast, we cover RIA activity including Cambium Wealth Partners joining RFG Advisory’s $7B platform, World Investment Advisors’ acquisition of TCG Wealth Management, and CAPNOR’s full acquisition of Calista Direct Investors. Hear updates on investments coming from The Public Employee Retirement System (PERS) of Idaho, The Seattle City Employees’ Retirement System (SCERS), and The Fresno County Employees Retirement Association. We also share the latest fundraising efforts from Lowercarbon Capital, Section Partners, and Cardone Ventures — plus a reminder to register for our next Dakota Cocktails event.

Tired of...

In today's episode of the Dakota Fundraising News Podcast, we cover acquisitions like Dakota Wealth Management, Wealth Enhancement, and Waverly Advisors. Hear updates on investments coming from Kansas City Police Retirement System and Indiana Public Retirement System. Hear updates on searches from The Attleboro Contributory Retirement System and Chicago Teachers' Pension Fund. We also share the latest fundraising efforts from CapitaLand Investment, Climate Fund Managers, and Danske Bank — plus a reminder to register for our next Dakota Cocktails event. 

Tired of chasing outdated leads? Book a demo to see how Dakota Mar...

In today's episode of the Dakota Fundraising News Podcast, we cover RIA activity including AssetMark’s acquisition of Efficient Advisors from Fiduciary Services Group, OneAscent Financial’s addition of Houston-based Patron Partners to its platform, and Cetera’s new leadership hires within its RIA Blueprint team. Hear updates on investments coming from The Texas County & District Retirement System (CDRS), The North Carolina Retirement Systems, and New Mexico State Investment Council. Hear updates on searches from Swedish Fund Selection Agency (Fondtorgsnämnden) and Oklahoma Police Pension & Retirement System. We also share the latest fundraising efforts from Montagu, Arlington Capital...

In today's episode of Dakota's Fundraising News Podcast, we cover newly registered RIAs like Xception Advisory Services and acquisitions by MAI Capital Management and Farther Finance Advisors. Hear updates on investments coming from The Illinois Firefighters’ Pension Investment Fund (FPIF), LGPS Central Ltd, and Ventura County Employees’ Retirement Association. We also share the latest fundraising efforts from Greystar, Copenhagen Infrastructure Partners (CIP), and EnCap Investments — plus a reminder to register for our next Dakota Cocktails event.

Tired of chasing outdated leads? Book a demo to see how Dakota Marketplace simplifies your fundraising process with accurate, up-to-date investor data.<

In today's episode of the Dakota Fundraising News Podcast, we cover acquisitions by the likes of Turicum, Choice International, and Madison Dearborn Partners. Hear updates on investments coming from Houston Firefighters' Relief and Retirement Fund, Concordia University Inter-generational Fund, and the Oregon Common School Fund. Hear searches coming from LD Fonde, Alifond, and Plymouth County Retirement Association. We also share the latest fundraising efforts from Astarte Capital Partners and Toesca Asset Management, Andera Partners, and Dawson Partners — plus a reminder to register for our next Dakota Cocktails event.

Tired of chasing outdated leads? Book a demo to se...

In today's episode of the Dakota Fundraising News Podcast, we cover acquisitions from the RIAs like Creative Planning. Hear updates on investments coming from Fort Worth Employees Retirement Fund, Minnesota State Board of Investments, and Hollywood Employees Retirement Fund. Hear searches coming from Meketa Investment Group. We also share the latest fundraising efforts from Declaration Partners, Lifeline Ventures, and Fidelity International — plus a reminder to register for our next Dakota Cocktails event.

Tired of chasing outdated leads? Book a demo to see how Dakota Marketplace simplifies your fundraising process with accurate, up-to-date investor data.

In Episode 22 of the Dakota Research Podcast, we dive deep into the evolving world of Corporate Venture Capital (CVC)—where global corporations invest directly into startups to drive both financial returns and strategic growth. From NVIDIA’s NVentures and Salesforce Ventures to Microsoft’s M12 and BMW i Ventures, CVCs are becoming systemic players in the venture ecosystem, now participating in roughly one out of every six startup rounds worldwide.

The discussion explores how CVCs differ from traditional venture capital, why corporates are doubling down on AI, automation, and energy technologies, and what makes the best programs stand...

In this episode of the Dakota Fundraising News Podcast, we cover newly registered RIAs like Hermitage Wealth Management and Waypoint West. Hear updates on investments coming from The Los Angeles Fire & Police Pension System. Hear searches coming from the Los Angeles City Employees' Retirement System and Saugus Contributory Retirement System. We also share the latest fundraising efforts from Enko Capital,  Advantage Partners, and Patria Investments — plus a reminder to register for our next Dakota Cocktails event. 

Tired of chasing outdated leads? Book a demo to see how Dakota Marketplace simplifies your fundraising process with accurate, up-t...

In today's episode of the Dakota Fundraising News Podcast, we cover RIA updates, acquisitions by Family Office of America, and mergers between India’s Equirus Group and Sapient Finserv Group. Hear updates on investments coming from Ohio Police and Fire Pension Fund, Iowa Public Employees Retirement System, and The Louisiana State Police Retirement System (LSPRS). Hear searches coming from the Memphis Light, Gas & Water Corporation and Municipal Employees Annuity & Benefit Fund of Chicago. We also share the latest fundraising efforts from Integrum Holdings, Plexus Capital, and Shore Capital Partners — plus a reminder to register for our next Dako...

In this Dakota Research Interview, Chris LeRoy and Alex deMarco speak with Brad Case, Chief Economist at Middleburg, about the firm’s data-driven strategy for multifamily and build-to-rent (BTR) housing. Case shares how Middleburg uses proprietary economic modeling, machine learning, and a vertically integrated platform to identify high-growth opportunities across the Southeast, Mid-Atlantic, and Texas. The conversation explores the structural rise of BTR, risk management in volatile interest rate environments, and the firm’s focus on housing for America’s middle market. With over 30 years of experience at the Fed, Fannie Mae, and Nareit, Case offers valuable insights for real e...

In today's episode of the Dakota Fundraising News Podcast, we cover newly registered RIAs like Veteran Commonwealth Financial Network and Advisor Compliance Partners as well as acquisitions by Creative Planning. Hear updates on investments coming from The San Antonio Fire & Police Pension Fund, Metropolitan Government of Nashville & Davidson County Employees Benefit Trust Fund, and Miami Beach Fire & Police Pension Fund. Additionally, hear searches coming from The Mendocino County Employees Retirement Association. We also share the latest fundraising efforts from Source Code Capital, Pantzer Properties, and ParaFi Capital — plus a reminder to register for our next Dakota Cocktails event. 

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In today's episode of Dakota's Fundraising News Podcast, we cover newly registered RIAs like Luedtke & Associates and acquisitions by Mercer Global Advisors and Beacon Pointe Advisors. Hear updates on investments coming from El Paso Firemen & Policemen's Pension Fund, Pennsylvania State Employees Retirement System, and Wyoming State Loan and Investment Board as well as searches from New Castle County Employees Pension. We also share the latest fundraising efforts from Main Capital Partners, CapRock Partners, and Brookfield Asset Management — plus a reminder to register for our next Dakota Cocktails event. 

Tired of chasing outdated leads? Book a demo to see...

In today's episode of Dakota's Fundraising News Podcast, we cover newly registered RIAs like Schlegel Dunn and LCW Services acquisitions by Opera Group. Hear updates on investments coming from the Texas ERS, San Francisco Employees’ Retirement System (SFERS), and New York State Common Retirement Fund. Hear searches coming from the Town of Lexington Retirement System, Connecticut Retirement Plans and Trust Funds, and Plymouth County Retirement Association. We also share the latest fundraising efforts from Stonepeak Infrastructure Partners, RCP Advisors, and Incus Capital — plus a reminder to register for our next Dakota Cocktails event. 

Tired of chasi...

In this episode of Dakota's Fundraising News Podcast, we cover newly registered RIAs like FortisPath Advisors and mergers like the one between Oakmont Capital Management and BilkeyKatz Investment Consultants. Hear updates on investments coming from The Wyoming State Loan and Investment Board (SLIB) and allocation updates from the Alaska Permanent Fund Corporation and Charlotte Firefighters’ Retirement System. We also share the latest fundraising efforts from Verdane, BMC Investments, and Avenue Capital Group — plus a reminder to register for our next Dakota Cocktails event.  

Tired of chasing outdated leads? Book a demo to see how Dakota Marke...

In today's episode of the Dakota Fundraising News Podcast, we cover newly registered RIAs like Avrio Wealth and Pacific Point Wealth Management as well as acquisitions like the one of EA Sports. Hear updates on investments coming from The Wayne County Employees Retirement System, City of Hartford Municipal Employees Retirement Fund,  and Employees' Retirement System of Texas. Hear searches from Quincy Retirement System and San Diego City Employees' Retirement System. We also share the latest fundraising efforts from Monterro, BECO Capital, and Medicxi — plus a reminder to register for our next Dakota Cocktails event.

Tired of...