Inside Goldman Sachs’ Alternatives Playbook (w/ Kristin Olson) | #621 - The Meb Faber Show - Better Investing Recap

Podcast: The Meb Faber Show - Better Investing

Published: 2026-03-06

Duration: 41 min

Summary

Kristin Olson from Goldman Sachs discusses the significant growth and evolution of the alternatives investment space, emphasizing the importance for individual investors to access private markets as traditional public equities may not capture all growth opportunities.

What Happened

In this episode, Meb Faber welcomes Kristin Olson, Global Head of Alternatives for Wealth at Goldman Sachs. Kristin shares her extensive experience at Goldman, highlighting the firm's culture and her role overseeing the alternatives platform. She reflects on her career since starting in 1998 during a booming market, and how her transition into alternatives in 2001 has been rewarding amidst the dynamic changes in investment strategies.

Kristin reveals that Goldman Sachs manages over $600 billion in alternatives, a figure that surprises many who associate the firm primarily with public markets. Alternatives encompass a wide range of assets beyond public equities and fixed income, including private equity, real assets, private credit, and hedge funds. She explains that the definition of alternatives has evolved significantly, as institutional investors have increased their allocations, creating new opportunities for individual investors to participate in private markets which have seen remarkable growth over the past decade.

Key Insights

Key Questions Answered

What does Goldman Sachs define as alternatives?

Kristin Olson outlines that alternatives at Goldman Sachs include anything that is not public equities or public fixed income. This broad definition encompasses private equity, real assets like real estate and infrastructure, private credit, and hedge funds. She emphasizes that each of these categories can further be divided into more specific strategies, such as large buyout or venture capital within private equity.

Why is there increasing interest in private markets?

The conversation reveals that a significant trend is the shift of economic growth from public to private markets. With private companies achieving valuations over a trillion dollars and delaying their public offerings for extended periods, there are substantial opportunities in private investments. Kristin notes that this environment creates a demand for individual investors to seek access to these private markets to capture growth that might not be available in public markets.

How has the alternatives investment landscape changed over the years?

Kristin discusses how the alternatives asset class has transformed from being predominantly the domain of institutional investors to now encompassing a broader range of individual investors. This shift has largely been a result of institutions reaching their target allocations in alternatives, thus driving alternative asset managers to seek new sources of capital, which has opened the door for more individual participation.

What factors contribute to companies delaying IPOs?

Kristin points out that many companies are choosing to remain private longer due to the burdensome requirements and scrutiny that come with being a public company, such as quarterly reporting. This trend allows them to focus on growth without the pressures associated with public markets, ultimately sealing off many growth opportunities from public investors.

What is the significance of Goldman Sachs' alternatives business?

With over $600 billion in assets under management, Goldman Sachs' alternatives business is a significant player in the investment landscape. Kristin emphasizes that many people may not realize the scale of Goldman’s offerings in this area, which highlights the firm’s robust capability in managing diverse investment strategies beyond traditional equities and fixed income.