As private markets evolve, access is expanding, but so is complexity. In this episode of Future State, Tadhg Young and Katherine Lucas are joined by State Street’s Global Head of Alternatives, Scott Carpenter and Alpha FMC’s Jonathan Balkin to explore the structural forces shaping private markets in 2026. The conversation encompasses key themes influencing the space, from semi‑liquid vehicles and operational scale to retirement access and asset class opportunities. A pragmatic, execution‑focused conversation for leaders navigating what comes next. 

As private markets evolve, access is expanding, but so is complexity. In this episode of Future State, Tadhg Young and Katherine Lucas are joined by State Street&rsquo;s Global Head of Alternatives, Scott&nbsp;Carpenter&nbsp;and Alpha FMC&rsquo;s Jonathan Balkin to explore the structural forces shaping private markets in 2026. The conversation encompasses key themes&nbsp;influencing the&nbsp;space,&nbsp;from semi‑liquid vehicles and operational scale to retirement access and asset class opportunities. A pragmatic, execution‑focused conversation for leaders navigating what comes next.&nbsp;

Future State is a bi‑weekly investing podcast focused on the future of asset management, financial markets, and investment innovation. Hosted by Tadhg Young and Anna Bernasek of State Street, the podcast explores how technology, data, and product innovation are reshaping the business of investing.

Each episode features industry leaders and subject‑matter experts discussing the trends that matter most to institutional investors—AI, digital finance, ETFs, alternatives, regulations, operational transformation and more—helping listeners stay informed, competitive, and future‑ready.

Future State is a bi‑weekly investing podcast focused on the future of asset management, financial markets, and investment innovation.&nbsp;Hosted by Tadhg Young and Anna Bernasek of State Street, the podcast explores how technology, data, and product innovation are reshaping the business of investing.
Each episode features industry leaders and subject‑matter experts discussing the trends that matter most to institutional investors&mdash;AI, digital finance, ETFs, alternatives, regulations, operational transformation and more&mdash;helping listeners stay informed, competitive, and future‑ready.

Future State

2026 Private Markets Outlook: Access, Scale and the New Operating Reality

In this episode, Nick Adam, Deputy Chief Information Security Officer at State Street, explores how AI is reshaping both cyber threats and cyber defense. From industry collaboration initiatives like Project Glasswing to the growing importance of resilience, simplicity, and trust, Nick shares how financial institutions are thinking about preparing for a future where security must move faster than ever before.

In this episode, Nick Adam, Deputy Chief Information Security Officer at State Street, explores how AI is reshaping both cyber threats and cyber defense. From industry collaboration initiatives like Project Glasswing to the growing importance of resilience, simplicity, and trust, Nick shares how financial institutions are thinking about preparing for a future where security must move faster than ever before.

Defending the financial system in the age of AI

In this episode, Scott Carpenter, Global Head of Alternatives, and Ken Grogan, Global Head of FX Sales for Alternatives, discuss insights from our fifth annual Private Markets Study. They examine the rising importance of liquidity as investors gain greater access to private markets through semi-liquid fund structures, and what this evolution means for foreign exchange strategy and currency hedging.

In this episode, Scott Carpenter, Global Head of Alternatives, and Ken Grogan, Global Head of FX Sales for Alternatives, discuss insights from our fifth annual Private Markets Study. They examine the rising importance of liquidity as investors gain greater access to private markets through semi-liquid fund structures, and what this evolution means for foreign exchange strategy and currency hedging.

The Growing Importance of Liquidity in Private Markets

In this episode, Elliot Hentov, Chief Macro Policy Strategist at State Street Investment Management, and John Orchard, Chairman at OMFIF Digital Monetary Institute, discuss how digital money and stablecoin innovation could create new opportunities for the euro in the global financial system. The conversation explores why the euro has struggled to challenge the dollar’s reserve currency dominance, how euro-denominated stable assets could offer an alternative model, and what political, economic, market and technological hurdles would need to be overcome. They also examine the potential role of yield-bearing stablecoins and whether similar approaches could be applied to other major currencies. 

In this episode, Elliot Hentov, Chief Macro Policy Strategist at State Street Investment Management, and John Orchard, Chairman at OMFIF Digital Monetary Institute, discuss how digital money and stablecoin innovation could create new opportunities for the euro in the global financial system. The conversation explores why the euro has struggled to challenge the dollar&rsquo;s reserve currency dominance, how euro-denominated stable assets could offer an alternative model, and what political, economic, market and technological hurdles would need to be overcome. They also examine the potential role of yield-bearing stablecoins and whether similar approaches could be applied to other major currencies.&nbsp;

2026 Private Markets Outlook: Access, Scale and the New Operating Reality

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