Star Mountain Capital Founder & CEO, Brett Hickey, sits down with his former Harvard Business School professor, Robert Steven Kaplan, to discuss tips for businesses and investors in an uncertain economic environment where both Hickey and Kaplan believe there is a reasonable probability of a recession.

“The main advice I’d give to companies and investors is make sure you have good financial flexibility. If you’re a business, don’t get yourself overleveraged,” said Kaplan, former President and CEO of Federal Reserve Bank of Dallas, Senior Associate Dean and the Martin Marshall Professor of Management Practice at Harvard Business School, Vice Chairman of Investment Banking and Investment Management Divisions at Goldman Sachs, Chairman of the Investment Advisory Committee at Google and Interim CEO for Harvard University Endowment, the largest endowment in the world with ~$50 bn AUM as of the 2023 fiscal year.

Founded in 2010, Star Mountain is a specialized U.S. lower middle-market asset management firm focused on two investment strategies: 1) providing debt/equity capital to established, growing companies; and 2) purchasing existing LP positions, generally at a discount, in lower middle-market funds. Star Mountain manages ~$3.5 billion of AUM (committed capital including debt facilities as of 9/30/23) through funds and SMAs for some of the most sophisticated investors globally including individuals, family offices/wealth managers, insurance companies, endowments / foundations and pension plans. 

Star Mountain is 100% employee-owned with 100% of U.S. full-time employees sharing in the investment profits across 80+ team members and 40+ senior advisors/operating partners in 20+ offices. Since inception Star Mountain has made over 200 investments. 

LEARN MORE ABOUT US: 
WEBSITE: https://www.starmountaincapital.com 
MEDIA CENTER: https://www.starmountaincapital.com/media-center 
LINKEDIN: https://www.linkedin.com/company/Star-Mountain-Capital-LLC
FOUNDATION: https://starmountaincharitablefoundation.org/ 
TWITTER: https://www.twitter.com/StarMountainCap 
YOUTUBE: https://www.youtube.com/c/StarMountainCapital 
SOUNDCLOUD: https://soundcloud.com/starmountaincapital 
FACEBOOK: https://www.facebook.com/StarMountainCapital/
INSTAGRAM: https://www.instagram.com/star.mountain.capital/
LEARN MORE ABOUT US: 
WEBSITE: https://www.starmountaincapital.com 
MEDIA CENTER: https://www.starmountaincapital.com/media-center 
LINKEDIN: https://www.linkedin.com/company/Star-Mountain-Capital-LLC
FOUNDATION: https://starmountaincharitablefoundation.org/ 
TWITTER: https://www.twitter.com/StarMountainCap 
YOUTUBE: https://www.youtube.com/c/StarMountainCapital 
SOUNDCLOUD: https://soundcloud.com/starmountaincapital 
FACEBOOK: https://www.facebook.com/StarMountainCapital/
INSTAGRAM: https://www.instagram.com/star.mountain.capital/

Robert Kaplan, Former Federal Reserve Bank of Dallas CEO, Discusses State of the U.S. Economy

Star Mountain Capital Founder & CEO, Brett Hickey, sits down with former co-founder of LBC Credit Partners, Chris Calabrese, to discuss the role of a challenger on an investment committee.

Founded in 2010, Star Mountain is a specialized U.S. lower middle-market asset management firm focused on two investment strategies: 1) providing debt/equity capital to established, growing companies; and 2) purchasing existing LP positions, generally at a discount, in lower middle-market funds. Star Mountain manages ~$4 billion of AUM (committed capital including debt facilities as of 2/29/24) through funds and SMAs for some of the most sophisticated investors globally including individuals, family offices/wealth managers, insurance companies, endowments / foundations and pension plans. 

Star Mountain is 100% employee-owned with 100% of U.S. full-time employees sharing in the investment profits across 80+ team members and 40+ senior advisors/operating partners in 20+ offices. Since inception Star Mountain has made over 200 investments.

LEARN MORE ABOUT US:
WEBSITE: www.starmountaincapital.com
MEDIA CENTER: www.starmountaincapital.com/media-center
LINKEDIN: www.linkedin.com/company/Star-Mountain-Capital-LLC
FOUNDATION: starmountaincharitablefoundation.org/
TWITTER: www.twitter.com/StarMountainCap
YOUTUBE: www.youtube.com/c/StarMountainCapital
SOUNDCLOUD: @starmountaincapital
FACEBOOK: www.facebook.com/StarMountainCapital/
INSTAGRAM: www.instagram.com/star.mountain.capital/
LEARN MORE ABOUT US:
WEBSITE: www.starmountaincapital.com
MEDIA CENTER: www.starmountaincapital.com/media-center
LINKEDIN: www.linkedin.com/company/Star-Mountain-Capital-LLC
FOUNDATION: starmountaincharitablefoundation.org/
TWITTER: www.twitter.com/StarMountainCap
YOUTUBE: www.youtube.com/c/StarMountainCapital
SOUNDCLOUD: @starmountaincapital
FACEBOOK: www.facebook.com/StarMountainCapital/
INSTAGRAM: www.instagram.com/star.mountain.capital/

The Role of a Challenger on an Investment Committee

Star Mountain Capital Founder & CEO, Brett Hickey, sits down with former Chief Investment Officer of the Employees Retirement System of Texas to discuss how the lower middle-market can be a good complement to a portfolio.

Founded in 2010, Star Mountain is a specialized U.S. lower middle-market asset management firm focused on two investment strategies: 1) providing debt/equity capital to established, growing companies; and 2) purchasing existing LP positions, generally at a discount, in lower middle-market funds. Star Mountain manages ~$4 billion of AUM (committed capital including debt facilities as of 3/31/24) through funds and SMAs for some of the most sophisticated investors globally including individuals, family offices/wealth managers, insurance companies, endowments / foundations and pension plans. 

Star Mountain is 100% employee-owned with 100% of U.S. full-time employees sharing in the investment profits across 80+ team members and 40+ senior advisors/operating partners in 20+ offices. Since inception Star Mountain has made over 200 investments.

LEARN MORE ABOUT US:
WEBSITE: www.starmountaincapital.com
MEDIA CENTER: www.starmountaincapital.com/media-center
LINKEDIN: www.linkedin.com/company/Star-Mountain-Capital-LLC
FOUNDATION: starmountaincharitablefoundation.org/
TWITTER: www.twitter.com/StarMountainCap
YOUTUBE: www.youtube.com/c/StarMountainCapital
SOUNDCLOUD: @starmountaincapital
FACEBOOK: www.facebook.com/StarMountainCapital/
INSTAGRAM: www.instagram.com/star.mountain.capital/
LEARN MORE ABOUT US:
WEBSITE: www.starmountaincapital.com
MEDIA CENTER: www.starmountaincapital.com/media-center
LINKEDIN: www.linkedin.com/company/Star-Mountain-Capital-LLC
FOUNDATION: starmountaincharitablefoundation.org/
TWITTER: www.twitter.com/StarMountainCap
YOUTUBE: www.youtube.com/c/StarMountainCapital
SOUNDCLOUD: @starmountaincapital
FACEBOOK: www.facebook.com/StarMountainCapital/
INSTAGRAM: www.instagram.com/star.mountain.capital/

How the Lower Middle-Market can be a Good Complement to a Portfolio

The private credit market may be primed for more attention with the start of the latest rate cut cycle. This week on the Basis Points podcast, Kevin Flanagan is joined by the CEO of Gapstow Capital Partners, Chris Acito to discuss the latest on this growing asset class. They also offer insight into how the WisdomTree Alternative Income Fund, HYIN, can offer strategic exposure for investors and advisors.

Basis Point: 1/100th of a percent.

Gapstow Liquid Alternative Credit Index (GLACI) : An equal-weighted index that tracks the performance of 35 “Publicly Traded Alternative Credit Vehicles” (PACs) using an objective, rules-based methodology.

For terms and definitions, visit our glossary: https://www.wisdomtree.com/glossary

WT BasisPoints Podcast 100924 (1)

U.S. corporate bonds are currently exhibiting historically tight spreads, with investment-grade and high-yield spreads at +80bp and +270bp, respectively, levels not seen since 1998 and 2007. Despite potential headwinds like tight spreads and increased supply, this week on Basis Points, Kevin Flanagan covers why elevated yield levels and supportive macroeconomic conditions suggest a neutral outlook for U.S. corporates in fixed-income portfolios. 

Basis point: 1/100th of 1 percent. 

Just How ‘Rich’ is U.S. Credit

Discover why investors are turning to alternatives, including private equity, private credit, and digital assets and how each plays a unique role in portfolio diversification and growth. 

Navigating Private Investments and Alternatives with Craig Robson

Private credit has surged in popularity, but how does it stack up against public credit heading into 2025? This week on Basis Points, Kevin Flanagan leads a discussion with Morgan Stanley’s Vishwanath Tirupattur to break down the competitive landscape, expected returns, and why both markets are carving out distinct roles in investor portfolios. 

Basis point: 1/100th of 1 percent.

Public vs. Private Credit: Finding Their Lanes in 2025

In this episode of the RIA Edge Podcast, host David Armstrong interviews David Hefty, founder and CEO of $3.4 billion AUM Credent Wealth Management. Hefty narrowly escaped pursuing a career trading commodities on the floor of the Chicago Board of Trade, and instead started an independent wealth management firm shortly after college. But it wasn’t until the past few years that he and his team implemented an aggressive growth strategy, doing over a dozen deals in short order and uniquely being fueled by a relationship with a private credit firm (keeping the undiluted equity in the hands of the advisors). Hefty and his team put the client experience at the forefront of all decisions, and for them, that means full assimilation of onboarded teams into the Credent brand and the workflows. 

Top takeaways from this episode include:

- Credent’s assimilation strategy when it comes to M&A and what it means to be an “anti-aggregator.”
- Why most acquisitive RIAs are building out an “advisor-centric” model of a wealth management firm, and why that’s not always good for the client. 
- What motivated the decision to access private credit instead of equity funding to fuel Credent’s growth strategy, and the firm’s relationship with lending shop Crestline Investors.
- The detailed onboarding process that every one of Credent’s 13 recent acquisitions underwent when they joined the firm. 
- With a dozen more deals in various stages of pursuit, Hefty reveals his future ambitions for the firm and what it will take to become truly “unbuyable” by all but a few national firms. 

Resources:
 
RIA Edge Podcast: http://bit.ly/3YVhfof 
 
Connect With David Armstrong:
 
WealthManagement.com: http://bit.ly/3RKHvyY 
LinkedIn: WealthManagment.com: https://bit.ly/3YkoRAv 
LinkedIn: David Armstrong: https://www.linkedin.com/in/djamesarmstrong/ 
Twitter: David Armstrong: https://twitter.com/djamesarmstrong 
LinkedIn: Informa: https://bit.ly/3leEF9g 

Connect With David Hefty:

Credent Wealth Management: https://credentwealth.com/ 
LinkedIn: Credent Wealth Management: https://www.linkedin.com/company/credent-wealth-management/ 
LinkedIn: David Hefty: https://www.linkedin.com/in/hwpdavidhefty/ 

About Our Guest:

There are few people more passionate about changing financial lives than David Hefty. As Chief Executive Officer, his vision and leadership have built Credent into a firm dedicated to doing what’s best for hardworking Americans, all with the highest standards of transparency.

Believing all Americans should have access to high-quality, independent advice, David is committed to fee-only financial partnerships. He co-founded Hefty Wealth Partners in 2000 and joined Oak Point Financial Group in 2018 to form Credent Wealth Management.

RIA Edge Podcast: Building Out the ‘Anti-Aggregator’ RIA, with David Hefty

The U.S. Treasury market had a volatile week, as Moody’s downgraded the U.S. credit rating and lawmakers advanced a major fiscal policy bill. This week on Basis Points, Kevin Flanagan explains why investor attention has turned to long-duration debt and what it signals about concerns over deficits and debt sustainability.

Basis Points: 1/100th of 1 percent. 

Please see the WisdomTree Glossary for Definitions of terms and indexes: https://www.wisdomtree.com/glossary

A Global Aversion for Long Duration

In this episode of the Wealth Management Invest Podcast, host David Bodamer interviews Tom Cohn, partner and chief solutions officer at Cerity Partners. They explore the significance of private markets in client portfolios and discuss asset allocation strategies. 

Tom shares insights on the evolution of private markets, the rise of evergreen structures and the impact of macroeconomic trends on investment decisions.

They discuss:

- Key considerations for client portfolios, including illiquidity risk and asset class diversification
- The growing importance of data centers and AI-driven infrastructure investments
- How secondaries provide diversification and reduce risk exposure
- The shift of credit opportunities from banking to asset management 

Connect With David Bodamer:

david.bodamer@informa.com 
Website: https://www.wealthmanagement.com/ 
LinkedIn: David Bodamer : https://www.linkedin.com/in/david-bodamer-9a0581a/  
LinkedIn: WealthManagement.com: https://www.linkedin.com/company/wealthmanagement-com/ 

Connect With Tom Cohn:

LinkedIn: Tom Cohn: https://www.linkedin.com/in/thomas-cohn-cfa-8917b927/ 
LinkedIn: Cerity Partners: https://www.linkedin.com/company/cerity-partners/ 
Cerity Partners: https://ceritypartners.com/ 

Resources:

Listen to the Wealth Management Invest Podcast on WealthManagement.com: https://bit.ly/3EHpeRh 
Listen and Subscribe to the Wealth Management Invest Podcast on Apple Podcasts: https://bit.ly/4m1s30k 
Listen and Subscribe to the Wealth Management Invest Podcast on Spotify: https://bit.ly/4d0rD67 

Wealth Management Invest: Cerity’s Tom Cohn on Private Market Allocations

Founded in 2010, Star Mountain Capital is a specialized investment firm focused on the large and fragmented North American lower middle-market. Star Mountain manages ~$4 billion of AUM (committed capital including debt facilities as of 2/29/24) through customized and commingled funds for some of the world’s most sophisticated investors, including individuals, family offices, insurance companies, wealth managers, endowments / foundations and pension plans.

Star Mountain’s specialty is helping grow private companies that generally have at least $15 million of annual revenues and generate under $50 million of EBITDA through organic and strategic initiatives such as acquisitions.

Star Mountain has closed over 200 investments total across direct and secondaries since inception. Star Mountain provides insights, relationships, and resources to assist companies in maximizing value by:
1.	Providing debt and equity capital to established, growing small and medium-sized companies.
2.	Purchasing investments and LP positions from other investors in lower middle-market funds and companies.
Star Mountain is a 100% employee-owned firm, with 100% of employees participating in the investment profits, with 80+ full-time team members and 40+ senior advisors & operating partners. The senior team includes those with former roles such as Head of Credit Suisse Alternatives ($100 billion AUM), Chief Risk Officer of GSO / Blackstone, Head of Leveraged Loan Capital Markets at Merrill Lynch and BAML (underwrote ~$50 billion in event driven financings), Co-Head of ~$6 billion Merrill Lynch / BAML Private Equity, Co-Head of ~$11 billion Citigroup Private Equity, Co-Head of the Merchant Banking Division of BNP Paribas and Head of Media & Communications Merchant, Investment and Corporate Banking at BMO.

Macro commentary and expert-led discussions highlight what’s happening now in fixed income investing, so you can prepare for what’s next.

Investing involves risks including loss of principal. This material represents the opinions of the participants at a specific time and is not intended to forecast future events or guarantee future results and should not be relied upon as investment advice. Kevin Flanagan is a registered rep of Foreside Fund Services, LLC.

New tracks tagged #PrivateCredit