Steve Brennan sensed there were changes afoot in the investing business way back in the mid-1990s during his days working in custody services at the Bank of New York. He observed that institutional investors were making significant commitments to private equity while also expanding their interest in private assets in general, including private credit, private infrastructure and private real estate.

That observation was confirmed when Brennan moved from Bank of New York to Goldman Sachs, where institutional investors were allocating commitments into Goldman’s private equity funds. He also witnessed efforts by the firm to further expand its private alternatives business to capitalize on the burgeoning demand.

Recognition of the trend and his professional interest in private markets were motivating factors in his decision to leave Goldman Sachs after five years to join Hamilton Lane, a firm deeply committed to private market investing.

“What I realized even 20-