Rich Friedman on the Rise of Private Markets and AI Investing

Rich Friedman, chairman of Goldman Sachs Asset Management, speaks with Alison Mass about how private markets have grown far larger than he would have imagined a few decades ago, and why he still sees plenty of investment opportunities in private equity. He also explains why he expects the payoff from artificial intelligence to arrive later than the market assumes, and how the discipline he used to build the firm's merchant banking business over 45 years shapes where he is investing now.

1. Private markets have grown far larger than Friedman would have imagined a few decades ago
2. He says there are still plenty of investment opportunities in private equity
3. He expects the AI payoff to arrive later than the market assumes
4. He describes how discipline from 45 years of building the firm's merchant banking business shapes where he invests now