In recent years, the alternative asset management industry has matured, but beneath the surface, a tectonic shift is underway. As “retailization” in Alternatives deepens, secondaries gain momentum, and allocators demand more transparency and frequency, the pressure on operating models is intensifying. Infrastructure, from valuation engines to data workflows to liquidity tools to back-office support tools, is emerging not as a cost center, but as a strategic battleground for differentiation and scale.
Why This Paper Matters for Investors:
- We argue that infrastructure is evolving from a back-office afterthought to a core value lever
- We map the infrastructure landscape across tech, services, and operations
- We identify the adjacent growth domains (e.g. valuations, secondary platform tools, cashflow forecasting) that are coming into view
- We offer a perspective on why this sector represents an attractive Private Equity investment opportunity
What You’ll Learn:
- The macro & structural trends reshaping alternatives (capital flows, retail access, liquidity demands)
- A spectrum of delivery models (SaaS, tech-enabled services, BPO) and how they create value for investors
- Investment signals and emerging categories worth watching
- Risks, pitfalls, and execution challenges to watch out for
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About the Authors
Jack D. Whitt
Senior Partner, Strategy & Deals
Jack is a Senior Partner in Alpha FMC’s U.S. Strategy & Deals team, with deep expertise in commercial due diligence for private equity and corporate investors. With over 30 years of experience, he has led hundreds of buy-side and sell-side engagements across Financial Services, FinTech, and B2B services. His work is known for combining strategic insight with practical deal-side judgment.
Tom Piotrowski
Partner, Strategy & Deals
Tom is a Partner at Alpha FMC UK with 10+ years of experience across the Financial Services sector, advising clients on domestic and cross-border M&A activity. Tom's deal experience spans the M&A transaction life cycle from pre-deal due diligence to post-deal integration and separation execution.