Brandon Sedloff and Susan Long McAndrews explore the evolving landscape of private markets distribution on The Distribution. Susan brings over two decades of experience from Pantheon, where she led both GP allocation and built the firm's wealth channel from the ground up. Now advising private equity firms on wealth and 401(k) strategies, she offers insight into what works, what doesn't, and where the market is headed.

They discuss:

• Why evergreen funds were never primarily about liquidity and what the recent gating headlines missed
• How single GP evergreen funds are reshaping access for both wealth clients and small institutions
• Why private equity belongs in 401(k) plans and what it will take to get there at scale
• The sales misalignment behind recent evergreen fund gates and how to properly position these products
• What mid-market firms should consider before launching a wealth channel strategy

This episode clarifies the real value proposition of evergreen structures and identifies which private markets firms are positioned to succeed in wealth distribution.