How can firms expand into private markets without straining costs — or their operations teams?
That question sat at the center of a recent Clear Path Roundtable in New York. Moderated by Russell Newman, former COO at Rothschild & Co Asset Management, the session brought together Aani Nerlekar, senior director of solutions management and consulting at SS&C, and private‑market innovators from Adams Street Partners, Angel Oak Capital, Citymark Capital, Shepherd Kaplan Krochuk (SKK), Prosperity Asset Management, and PSP Investments.
Across the board, the panelists agreed that the rapid growth of private markets is pushing firms to rethink their technology stacks and operating models to keep pace.
This post highlights the key considerations for firms entering private markets and discusses how their operating models must evolve to support efficiency and future growth.
3 Operational Strategies to Consider When Moving to Private Markets
One thing is clear: the opportunity in private markets continues to accelerate — especially in private credit.
Rich Gordon, controller at Prosperity Asset Management, said, “Three years ago, we had almost no private credit. But now, private credit accounts for roughly 25 percent of our portfolio.”
But as the panel discussed, no two firms are approaching this opportunity the same way. Differences in systems, workflows, and data strategies are shaping how managers expand into private markets.
Here are 3 key actions the panel emphasized firms should consider as they move forward in private markets:
Specialized or Unified? Choosing the Right Technology Approach
Best of breed or holistic solution? It’s a perennial question — and one the panel explored at length. At the center of the debate: the role of data and the operational impact of how it’s managed.
The discussion opened with the best‑of‑breed approach. Do specialized systems drive efficiency? And is the ROI higher than adopting a unified, all‑in‑one platform?
For some panelists, specialization justified a best‑of‑breed model:
“When it comes to systems and infrastructure, you need highly specialized tools,” noted Beth Zayicek, chief operating officer, Citymark Capital.
From this perspective, highly targeted tools deliver the depth needed for complex or sector‑specific strategies.
But, as Rich Gordon notes, managers operating across public and private markets leaned toward a more integrated approach.
“We’ve had the flexibility to move away from legacy platforms and look for a holistic solution that manages both public and private strategies effectively.”
In the end, panelists agreed on one essential truth: a firm’s goals should dictate the tech stack. The panel recommends specializing where precision is mission‑critical; integrate where scalability, speed, and cross‑asset visibility matter most.
Anchoring Your Investment Strategy to Your Operating Model
Expanding into private markets isn’t just an investment decision — it’s an operational one.
Firms must rethink their team structures, technologies, workflows, and scalability. To do this effectively, the panel emphasized the importance of taking a holistic view of the entire operating model, rather than addressing issues one piece at a time.
Before adding new products, the panelists advised firms to get explicit about what they’re optimizing for.
“This starts with the target operating model — what’s the firm solving for: revenue, margin, or other metrics? If margin is the priority, a true direct‑investment model must be part of the planning conversation,” said Mike Kurlander, CFO, Adams Street Partners.
This level of operating discipline isn’t just good internal hygiene — it’s also a safeguard for reputation and deal flow.
“If a firm mishandles funding processes with a key partner, it risks exclusion from future deals. You need infrastructure that supports timely, accurate capital calls — especially on tight deadlines,” noted Peter Russell, managing director, Credit Investment Operations, PSP Investments.
Success in private markets requires strategy, structure, and systems to move in lockstep. If they don’t, growth will inevitably expose the gaps.
Treating Data as an Operating Asset
The panel was clear‑eyed about the challenges of data in private markets, noting that it can make or break private credit strategies. Too often, data is spotty, hard to access, or simply doesn’t exist in a usable form.
Adding to the complexity, data often comes from multiple sources, which requires reconciliation that can lead to inefficiencies and errors.
To address these issues, the panel emphasized the importance of consolidation as the path forward.
“When we talk about superior‑quality operational data, it must come from a trusted, central source,” said Mike Kurlander. “Whether that’s a data warehouse or a unified system, having one definitive place for answers is essential.”
But having the right tools is only half the battle; managing the data matters just as much.
Beth Zayicek noted that any effort to improve data quality must begin with mapping data ownership. She warned that even the most sophisticated analysis becomes “next‑to‑useless” unless a person has been assigned responsibility for each data point.
Her team introduced a process to identify owners and define the required checks. She assumed this work would take weeks, but it has proven to be far more complex.
Finally, forward-thinking managers are starting to leverage data in different ways.
Adam Beeler, managing director, Credit, Angel Oak Capital, says, “We’re moving beyond just saving this data; we’re proving its value for a specific strategy.”
By the end of the discussion, one message was clear: making the most of this vital resource requires organizations to centralize, standardize, and assign ownership of their data. When done well, the payoff is substantial — faster reporting, cleaner controls, and fewer operational surprises.
Learn More: How to Align Your Private Markets Strategy
Ready to align your operating model and data strategy with the demands of private markets?
Explore how leading firms are confronting today’s challenges — and capitalizing on emerging opportunities. Read the full Clear Path report.
Learn how SS&C Advent helps managers simplify complexity, centralize data, and scale seamlessly across public and private assets. Contact us to start the conversation.
