September 15, 2025
Dakota was out in Huntington Beach for the Future Proof Festival. The agenda covered everything from AI disruption and macro outlooks to GP stakes and private market trends. Below are our key takeaways from the panels we attended, framed with an eye toward what matters most in investment sales conversations today.
Chief Economist explored how artificial intelligence and demographic shifts are reshaping the investment landscape. They made a strong case for looking beyond mega-cap tech, pointing to opportunity in companies implementing AI – not just building it.
They also highlighted the strength of the firm’s employment trend data, sourced from its 401k platform across major employers like Starbucks. According to the speaker, this gives them a more accurate read on hiring and wage patterns than traditional government data. The panel also touched on the Fed’s evolving stance on inflation and tariffs, emphasizing the gap between policy expectations and real outcomes.
Panel speakers touted the rise of AI as “the app that eats all apps.” While still bullish on names like NVIDIA and Apple, they focused on the long runway for second- and third-derivative AI opportunities particularly in cloud, robotics, and automation.
One standout stat: there are currently more data centers under construction than exist today. Speakers framed AI as a long-term growth story, not a bubble, and pushed back on critics with a memorable metaphor: “I’d rather be in a Lambo, driving 100 mph in the left lane than in a minivan with an honor student bumper sticker.”
Panel speakers highlighted the data center power boom as a key tailwind for infrastructure and utilities, and offered a global view of AI adoption. They contrasted the U.S. focus on AI as a software-driven evolution with China’s framing of AI in service-sector use cases (e.g., restaurants and retail).
This geographic split reinforces AI’s diverse impact across sectors and regions. They also addressed the role of tariffs, useful for government revenue, but generally a drag on growth.
Franklin Templeton’s leadership shared the firm’s approach to building long-term value through acquisitions, collaboration, and continuous improvement. With 11 acquisitions completed, they emphasized cross-platform coordination such as between public credit and private equity arms.
Secondary private equity was a focus, praised for its yield profile, lack of a J-curve, and earlier cash flow characteristics. The firm also reinforced that advisors increasingly want one-stop platforms offering mutual funds, SMAs, and alternative strategies in a single ecosystem.
Leadership culture was also in the spotlight. The current executive team includes the founder’s granddaughter, who rose from the mailroom and now emphasizes “People, Purpose, Passion, and Persistence” as keys to growth.
CAZ Investments discussed their thesis around GP stakes, minority investments in private equity firms that generate income from contractual management fees. Rather than lending, they prefer equity participation in platforms with visible, consistent cash flows.
They addressed the stigma sometimes associated with GPs selling ownership, noting it’s often misinterpreted as a distress signal when in fact it’s a growth catalyst. CAZ views each GP investment as a multi-vintage play, providing exposure across fund cycles and diversified LP bases. Their return expectations? High teens to low 20s.
The BlackRock CIO of Fixed Income offered a wide-ranging view on macro trends, highlighting both the risks and opportunities tied to AI. While employment disruption is a concern, he sees strong potential in areas like satellite technology and data infrastructure.
He flagged the challenge of picking winners in software but suggested firms deeply embedded in client workflows may have an edge. On housing, he noted that more moderate mortgage rates will be key to restoring consumer activity.
AI and private markets were dominant themes throughout Future Proof 2025 alongside a clear push toward platform thinking, fee-based income, and cross-asset collaboration. For investment sales professionals, the message was clear: advisors and allocators are looking for insight, access, and integrated solutions. The firms that can meet them there, whether through product design, education, or execution, will stand out.
To explore upcoming conferences in the industry, book a demo of dakota marketplace.
