In this episode of Fund Shack, Ross Butler speaks with William Benjamin, Head of Alternative Solutions at HSBC Asset Management, about the evolution of private markets, evergreen fund structures, and the democratization of alternatives.

William has held senior roles across HSBC’s alternatives platform — including CIO, CEO, and Head of Hedge Funds — as well as time at Goldman Sachs. With HSBC Alternatives now managing around $75 billion, he reflects on how private markets have shifted from niche strategies into a mainstream, essential part of diversified portfolios.

From private equity and credit to infrastructure and venture capital, Benjamin explains how HSBC leverages its global footprint to access opportunities across the spectrum. He argues that investors haven’t “missed the boat” on alternatives: with listed markets shrinking and private companies multiplying, alternatives remain a growing engine of value creation.

The conversation explores how HSBC partners with managers, balances mega-buyouts with mid-market opportunities, and applies strict allocation and risk management disciplines across client portfolios. Benjamin also shares views on evergreen fund design, the operational demands of democratizing access, and the cultural and career dynamics shaping talent in private markets.

Looking ahead, he anticipates continued, steady growth in alternatives, with private credit, infrastructure, and venture capital all playing expanding roles in the global investment universe.

This is a deep dive into how one of the world’s largest financial groups is positioning itself in alternatives, and why Benjamin believes the next phase of growth will be defined not just by institutions, but also by the rising participation of high-net-worth investors.

Ross Butler Founder and Host Fund Shack

🌐 www.fund-shack.com CONNECT on Linkedin www.linkedin.com/in/rossbutler1/

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About Fund Shack:
Fund Shack is a private equity podcast and global media channel for alternative investment professionals. Fund Shack is produced by Linear B Group.

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Email: katie@linearb.media
Company: Linear B Group

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Contact Information: About Fund Shack: Fund Shack is a private equity podcast and digital media channel for alternative investment professionals. Fund Shack is produced by Linear B Group Limited.