Welcome to The Private Markets Playbook, a podcast for wealth advisors and CIOs navigating portfolios beyond the traditional 60/40. Hosted by Allocate, the show features candid conversations with allocators, asset managers, and industry leaders on building modern, programmatic portfolios—spanning private markets, portfolio construction, and the systems required to manage complexity at scale.
In this episode, Samir Kaji sits down with Aneet Deshpande, Chief Investment Officer of Clearstead, a $62 billion advisory firm serving both private clients and institutions. They unpack how Aneet’s experience investing through the dot‑com bubble and the Global Financial Crisis shaped his purpose‑driven approach to asset allocation, and how Clearstead bridges the gap between Yale‑style endowment portfolios and the real‑world needs of multi‑generational families. The conversation explores building scalable but customized private markets programs, managing advisor cognitive load and client psychology, the right and wrong ways to use evergreen funds, and why simplicity, tax awareness, and rigorous manager selection are increasingly critical in a world of expanding alternatives and rapid advances in AI‑driven investment infrastructure.
Aneet Deshpande is Chief Investment Officer at Clearstead, where he is responsible for leading the firm’s Investment Office, overseeing asset allocation, manager research, investment solutions, and portfolio management. He has been working in the financial services industry since 1999, joined Clearstead in 2020, and has been a shareholder since 2021. Aneet brings expertise in investment manager research, investment strategy, portfolio management, and trading. Before joining Clearstead, he worked as CIO and lead portfolio manager for a multi-billion-dollar investment management company, where he also held leadership roles in investment strategy, trading, and portfolio management. Throughout Aneet’s career, he has led teams focused on delivering institutional-quality investment solutions and managing complex multi-asset portfolios on behalf of families and institutions.
Topics in this conversation include:
Aneet’s Career Background through Dot-Com Bubble and GFC (1:40)
Purpose-Driven Approach to Asset Allocation and “Alternatives” (5:35)
Importance of Programmatic vs Ad Hoc Private Markets Exposure (9:41)
Planning-Led Wealth Approach and Role of Tax, Estate, and Governance (13:17)
Cognitive Load on Advisors from Deal-by-Deal Private Offerings (18:22)
Complexity vs Simplicity in Portfolio Construction and “Alternatives” (24:18)
Evergreen Fund Structures, Liquidity, and Redemption Headlines (28:32)
Dispersion in Private Equity and Private Credit Manager Outcomes (31:15)
Client Psychology, Market Cycles, and Sticking to Plans (34:15)
Future of Product Innovation, Tokenization, and Onboarding Friction (39:14)
How AI and Tech Transform Private Markets Diligence (42:11)
Final Thoughts and Takeaways (44:28)
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