A new firm, Peak Altitude Partners (PeakAlts), has been established in New York by a team of experienced professionals from Goldman Sachs, Hightower Advisors, and H.I.G. Capital. The firm aims to provide registered investment advisors (RIAs), family offices, multi-family offices, and endowments with access to private market investments, managing over $30 billion in assets.

PeakAlts differentiates itself by offering a “white glove service” tailored for the private wealth sector, rather than a broad marketplace for alternative investments. The firm utilizes the extensive backgrounds of its principals to conduct thorough due diligence on alternative investment opportunities, providing access through various methods such as feeder funds, co-investments, and model portfolios.

The firm’s core value proposition lies in sourcing hard-to-access investments, conducting institutional-grade diligence, and structuring favorable terms across various asset classes, including private equity, private credit, and real assets. Additionally, PeakAlts employs an integrated technology platform for automated subscription processing, fund administration, and performance reporting, customized to meet its specific needs.

Joshua Desai, managing partner and co-chief investment officer, emphasizes that PeakAlts focuses on net risk-adjusted returns rather than merely making placements. His background includes significant roles at Goldman Sachs, where he was co-head of private credit in alternative capital markets, and prior positions at Credit Suisse and Lehman Brothers.

Adriana Tullman, managing partner and head of capital markets, notes that while there have been solutions for accessing alternatives over the past decade, challenges remain in increasing allocations. PeakAlts aims to partner with firms that lack private market programs, helping them achieve their target allocations through bespoke business models.

The firm targets clients with $500 million or more in assets under management (AUM) who are looking to increase their alternative investments to around 15%. Tullman highlights the importance of diligence and research analysis in attracting clients, acknowledging the complexities involved in raising capital from the wealth segment.

Richard Boghosian, also a managing partner and co-chief investment officer, adds that PeakAlts will focus on strategies suited for current market conditions. The firm is particularly interested in private equity strategies, including middle-market buyout funds and co-investments, as well as esoteric opportunities like distressed assets that can provide non-correlated returns.

The launch of PeakAlts comes amid a surge of developments in alternative investments within the wealth management space. Recently, RSM US LLP partnered with Arch to enhance its private market investment management capabilities, while fintech SEI introduced a new alternative investment marketplace for wealth managers and financial advisors. Additionally, CAIS announced a new leadership structure and capabilities to integrate alternative investments into third-party asset management platforms.

Overall, PeakAlts aims to carve out a niche in the competitive landscape of alternative investments by leveraging its team's expertise and technology to deliver tailored solutions for its clients.