SPOTLIGHT

Alternative Angles

A podcast offering fresh perspectives on alternative investments for more informed investment decisions.

Alternative Angles: A new podcast series from Fidelity and Institutional Investor

Produced in collaboration with Institutional Investor, Alternative Angles is your go-to source for the latest alternative investment insights from Fidelity. Hear from leading portfolio managers and researchers as they discuss current market trends and emerging alternatives strategies to help you unlock new ways to drive portfolio returns.

Episode 3

Diving into high-yield private real estate lending



In this latest episode of Alternative Angles, host Steve Rosen, a former Fidelity portfolio manager in Fidelity’s High Income and Alternatives Investing division-connects with Bill Maclay, a senior portfolio manager and key business builder of Fidelity’s high-yield real estate debt investing platform.

Listen in as Steve and Bill, who co-managed portfolios and worked closely for more than two decades, dive into high-yield and private real estate lending, including:

  • Trends in credit conditions and property market fundamentals.
  • Strategies Bill believes offer strong risk-adjusted returns, and his investing philosophy and approach.
  • The property type Bill is focused on right now.
  • Why Bill prefers a mezzanine loan structure.
  • Bill’s investment rationale and underwriting process for a loan his team closed on earlier this year.
Meet the speakers

Steve Rosen
Alternative Angles Host and former Fidelity Portfolio Manager
Bill Maclay
Portfolio Manager, High Income and Alternatives, Fidelity Investments

Episode 2

Pattern breaking (and following) in venture capital

Listen to this episode on the platform of your choice:


The newest episode of Alternative Angles features a conversation that highlights the differences—and similarities—between pattern breakers and pattern followers in venture capital investments. Chris Pariseault, head of institutional portfolio managers at Fidelity, hosts Karin Fronczke, global head of private equity at Fidelity and Mike Maples, co-founding partner at Floodgate and author of Pattern Breakers.

Listen in as Maples, a seed investor, and Fronczke, a late-stage investor, share their views from opposite ends of the spectrum, including:

  • How to spot ideas that try to create a radically different future.
  • The strength in making binary choices in late-stage investments—why a company is either a “home run” or a “pass.”
  • Why simply being better than an incumbent isn’t good enough for start-ups.
  • Identifying management teams that can navigate the inevitable challenges that arise, and even pivot when necessary.
Meet the speakers

Karin Fronczke
Global Head of Private Equity Investments and Portfolio Manager, Fidelity Investments
Mike Maples, Jr.
Co-founding Partner, Floodgate
Christian Pariseault
Head of Institutional Portfolio Managers

Episode 1
Direct lending: Capitalizing on middle market credit

Listen to this episode on the platform of your choice:


In this first episode of Alternative Angles, Fidelity’s Chris Pariseault, head of Institutional Portfolio Managers, leads a conversation on the importance of culture in successful direct lending partnerships, especially in the middle market. His guests are David Gaito, Fidelity’s head of Direct Lending, and Ariel Goldblatt, partner at StepStone Group.

You'll hear about:

  • How unique investment cultures can align to take advantage of opportunities in fragmented markets.
  • Why having a co-investor who acts like a partner is crucial for both general partners and limited partners.
  • The characteristics of disciplined and consistent investment approaches that are critical to success.
  • How in-depth due diligence is critical at the deal level and when building an investment team.
Meet the speakers

David Gaito
Head of Direct Lending
Ariel Goldblatt
Partner, StepStone Group
Christian Pariseault
Head of Institutional Portfolio Managers

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A podcast offering fresh perspectives on alternative investments for more informed investment decisions.

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Discover new investment opportunities with Fidelity’s expanding lineup of alternative investments.

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Leveraged loans Liquid alternatives Private credit Private equity

Alternative investments are investment products other than the traditional investments of stocks, bond, mutual funds, or ETFs. Examples of alternative investments are limited partnerships, limited liability companies, hedge funds, private equity, private debt, commodities, real estate, and promissory notes. Some of the risks associated with alternative investments are: Alternative investments maybe relatively illiquid. It may be difficult to determine the current market value of the asset. There may be limited historical risk and return data. A high degree of investment analysis maybe required before buying. Costs of purchase and sale may be relatively high.

This podcast is part of a collaboration between Institutional Investor and Fidelity Investments. Institutional Investor and Fidelity Investments are not affiliated. Fidelity Investments, StepStone Group, and Floodgate are not affiliated.

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The Chartered Financial Analyst (CFA) designation is offered by the CFA Institute. To obtain the CFA charter, candidates must pass three exams demonstrating their competence, integrity, and extensive knowledge in accounting, ethical and professional standards, economics, portfolio management, and security analysis, and must also have at least 4,000 hours of qualifying work experience completed in a minimum of 36 months, among other requirements. CFA® is a trademark owned by CFA Institute.

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