Digital Assets: How far off is a single operating model in private markets?

In this episode of Alternative Insight, Aztec Group’s Andrew Tully is joined by Tom French, Partner at Macfarlanes, to explore the growing market for GP stakes and manager consolidation. Done well, a control sale or minority GP stakes investment can unlock growth capital, smooth the path to succession and deliver a meaningful liquidity event for founders. But the right deal is about more than price. Get it wrong, and it can reshape a firm’s culture, governance, incentives and long-term identity.During the discussion, they cover:What’s driving GP consolidation, and when a control sale or minority GP stakes investment might make senseHow to best protect the economics of management fees and carried interest for all parties and what to considerGrowth, liquidity and succession, including how managers can use investment to support their longer-term strategic objectivesProtecting the partnership, from governance and incentives to confidentiality, team retention and long-term alignment

In this episode of our Alternative Insight podcast, Oliver Sinclair Director of Technology - Markets at Aztec Group, is joined by Pavandeep Wakem, Head of Strategic Operations at Investec, and Tom Brewer, Partner at Alpha FMC, to explore how digital ecosystems are transforming operating models across private markets.The conversation examines what it takes - both technically and organiseationally - to build private markets systems that are integrated, scalable and genuinely useful in practice. A central theme throughout is that the greatest opportunity lies not in replacing people, but in augmenting human expertise with better data, smarter workflows and more connected technology. Highlights from the conversation:Digital ecosystems are about more than technology alone - they depend on the interplay between data systems, workflows, governance and people across the operating modelInterconnectivity unlocks success - without strong integrations, common data standards and effective orchestration, firms risk creating friction rather than efficiencyData foundations are the real enabler of AI - structured, accessible and well-governed data is the bedrock if firms want AI tools to deliver scalable, cost-effective valueAugmentation is the real prize - AI tools free skilled professionals from repetitive tasks so they can focus on analysis, judgement and client relationships, which are the building blocks of better businessAdoption is as much a human challenge as a technical one - success depends on trust, behaviour change, end-user needs and close alignment between business and technology teams.

What will the Bank of England’s private credit stress test tell us?In this episode of the Alternative Insight, Andrew Tully and former Bank of England executive director Paul Sharma, unpack how the test is likely to work, where risks may emerge under pressure, and why manager behaviour in a downturn could matter just as much as headline losses.  During a wide-ranging discussion three of the topics covered were:  How the stress test goes beyond portfolio resilience and is designed to test behaviour too, to make sure managers can keep credit flowing into the economy no matter what the market conditionsHow the test is structured to help managers better understand second adn third wave effects of a market shock and respond accordinglyWhy the winners in a volatile market are likely to be those managers who maintain underwriting discipline, workout capability and sound judgement.

In Part 2 of the Alternative Insight – Private markets rewired: What’s next for AI? podcast, the conversation moves from experimentation to execution, focusing on what it takes to embed AI responsibly across private markets organisations.  Aztec’s Head of Process Digitisation and Optimisation Paul White is again joined by Adam Hofmann, AI Transformation Partner at Elixxir; Henrik Ceder, Chief Digital Officer at Norvestor; and Aztec’s Director of Data, Will Relf.Together they discuss:How evolving regulation can be translated into practical guardrailsWhat an effective operating model for AI looks likeHow firms can address security, compliance and cost concernsWhy strong data foundations and human judgement remain critical to AI adoptionWhat differentiates the firms that have successfully embedded AI.

Nearly 70% of private funds CFOs say they are piloting or actively implementing AI, yet only 2% believe it is fully embedded. This headline finding from the 2026 Private Funds CFO Insights Survey highlights both strong momentum and significant execution challenges across the industry.In this episode of Alternative Insightt, 'Part 1 - Private markets reqired: What's next for AI?', Aztec's Head of Process and Optimisation, Paul White, is joined by Adam Hoffman, AI Transformation Partner at Elixxir; Henrik Ceder, Chief Digital Officer at Norvestor; and Aztec's Director of Data, Will Relf, to examine how private markets firms are approaching AIt oday.During this episode they discuss:How regulation is influencing AI adoptionWhy firms are implementing AI at different speedsThe different types of AI being used across organisationsHow managers can prioritise implementation for meaningful business outcomes

Forty-three percent of GPs say they plan to outsource more of their fund accounting functions in the next 12 months. This headline finding from our 2026 Private Funds CFO Insights Survey highlights a growing trend: outsourcing fund administration is no longer just about efficiency, it’s a path to achieving greater resilience, accuracy and strategic focus.In this episode of Alternative Insight, ‘Making outsourcing work: The critical success factors’, Aztec’s Akbar Sheriff is joined by Melanie Cohen, an independent consultant to private equity fund managers, and Richard Day, COO at Schroders Greencoat, to examine how GPs are rethinking their operating models and what separates successful outsourcing partnerships from the rest.During this episode they discuss:The need for flexible operating modelsHow clear governance and shared expectations set partnerships up for successWhy responsiveness and continuity matter more than everHow managers can retain oversight while outsourcing executionThe growing impact of automation and integrated data on reporting quality.

72% of GPs say LPs now prioritise clear, timely and accurate reporting above all else.This is a headline finding from our 2026 Private Funds CFO Insights Survey, which we did in partnership with PEI, and highlights just how quickly investor expectations are evolving.In our latest episode of the Alternative Insights podcast, Maria Von Oldenskiold, Head of Investor Services, is joined by special Gary Haselgrove, Head of Alternative Operations at USS, and Stefanie Langer Principal and COO at Corten Real Estate, to explore how rising LP scrutiny is influencing operational models, performance expectations and the overall investor experience.   During this episode they discuss:  The growing demand for transparency and responsivenessWhich performance benchmarks LPs are focused on todayHow managers are adapting their operating modelsPractical steps to strengthen investor confidence through better reporting.

In our latest episode of the Alternative Insights podcast, Pete Blackburn, Director, Global Client Relationship Lead – Real Assets is joined by special guest Zahl Limbuwala, Partner at DTCP (Digital Transformation Capital Partners) for a conversation that cuts through the noise surrounding data centre investment.  During the episode they discuss:       The accelerating demand for data centres and whether this exponential demand will hit a ceiling and when that might happen.Power availability and grid constraints are becoming the biggest factors shaping location, feasibility and returns in data centre investments.The Middle East, Latin America and parts of Africa are seeing fast growth as digital infrastructure expands globally.Technological change, especially in AI, is creating ongoing step‑change improvements, requiring investors to plan for long‑term adaptability and future‑proofing.

In the second part of our two-part Alternative Insight series on Digital Assets, Aztec Group's Simon Ware, Product Associate Director is joined by Dr Ian Hunt and Eran Fabian from Bite Investments to cover the mainstreaming of digital currencies, and how far off a single operating model might be for private markets.During the episode they discuss:The future of digital currencies and tokenised assetsThe need for a single, automated operating modelThe evolving investor experience and regulatory demands

In the first of our two-part Alternative Insight series on Digital Assets, Aztec Group’s Simon Ware, Product Associate Director is joined by Dr Ian Hunt and Eran Fabian from Bite Investments to take a deep dive into tokenisation and how the full promise of it hasn’t yet been realised.  During this episode they discuss:  The evolution and impact of tokenisation in private marketsOperational and regulatory challenges Real vs. promised benefits of tokenisation