Blackstone Chief Technology Officer John Stecher on how technology is transforming private markets
Welcome back to the Alt Goes Mainstream podcast.
Today’s episode takes us inside the mind of a tech titan who is at the forefront of shaping the market structure evolution in private markets.
John Stecher is the Chief Technology Officer at Blackstone. He’s responsible for all aspects of technology across the firm and advises the firm’s investment teams as well as acts as a resource to portfolio companies on technology-related matters. John and the team at Blackstone have invested in iCapital, Canoe, 73 Strings, LemonEdge, amongst others.
It’s also his background in other areas of technology and consumer financial services that stands out – and provides insights and lessons learned for how to build technology within private markets. Prior to joining Blackstone, John was a Managing Director, the Chief Technology Officer, and the Chief Innovation Officer at Barclays. He was also a member of the Barclays Technology Management Committee. Prior to joining Barclays in 2017, he worked at Goldman Sachs, where he held a variety of senior management and engineering roles across the firm’s capital markets and technology divisions, and most recently built their Marcus-branded consumer finance division. He also worked at IBM, where he was appointed an IBM Master Inventor, where he delivered / created over 45 patents across several diverse problem spaces.
John and I had a fascinating conversation about how technology is core to both the business Blackstone is building and the businesses they invest into. We discussed:
- How Blackstone leverages technology internally and externally to create value.
- Why alts are still sold, not bought.
- Why he sees the biggest evolution happening in the finance and accounting space within private markets — and what innovations are being built there.
- Why the front office of private markets will still require human intervention despite technology advancements.
- Why the alts space needs systematization.
- How product structure innovation (i.e. evergreen funds, etc.) is driving technology innovation.
- How private markets are becoming more consumer oriented.
Thanks John for coming on the Alt Goes Mainstream podcast to share your wisdom and experience of building core technology for capital markets and private markets.