Direct Ownership
Separately managed accounts (SMAs) hold positions in the client’s own account.
Off-Market Access
Off-market, middle-market opportunities that are not easily accessible.
Flexible Structure
A single investment or diversified portfolio, built around the client's objectives.
By the Numbers
A platform with scale and depth
45+ yrs
Managing alternative portfolios1
35 yrs
Multi-strategy track record, since 19912
$3B
Assets under management and advisement3
$1.45B
Funded investments4
1 Founded in 2024 through a merger with AH Haynes & Co. (est. 1981), Altes Capital, LLC is an SEC-registered investment adviser. References to the firm’s history since 1981 reflect the legacy and continuity of core strategies transitioned from AH Haynes & Co. to Altes.
2 Refers to the Pan Altes Fund, which launched in January 1991. The Pan Altes Fund was managed by Amanda Haynes-Dale from its inception in 1991 until March 2025. CJ Haynes-Dale has served as a Portfolio Manager for the Fund since 2001, and Brian Altenburg has served as a Portfolio Manager since 2016. Past performance is not indicative of future results.
3 Assets under management and advisement as of March 2026.
4 As of March 2026. Reflects representative Altes and/or legacy principal investment activity, as applicable.
The Mandate
A customized SMA built around each client.
Each client’s investment policy statement sets the parameters: asset class, sector, geography, investment stage, impact themes and tax constraints, whether the opportunity is an operating company or a real asset. An SMA can hold a single private investment or grow into a coordinated program over time.
Asset Classes
May consist of real estate, private equity, venture, impact, and/or liquid alternatives.
Discretion
Fully discretionary, or non-discretionary with client approval of each investment.
Typical Horizon
1 to 10+ years
Dependent on client time horizon
Typical Minimum
$5M
Typical horizons and minimums are indicative and vary by investment, mandate and client. Private investments are illiquid and involve risk of loss.
Why a Separately Managed Account
How the Altes SMA differs
Most alternatives reach investors through pooled funds. An SMA holds the investments directly, so structure, tax planning and reporting are set at the level of the client rather than the fund.
Comparison categories are generalized descriptions of common market structures and do not describe any specific firm or product. Minimums, terms and availability vary by mandate and client.
Proprietary Pipeline
Selection is the edge in alternatives
The gap between top- and bottom-quartile alternatives managers may be wider than in public markets. Altes SMAs draw on a proprietary pipeline of off-market opportunities, many of which never reach broad distribution.
A four-decade sourcing network
Direct relationships with owners, operators, founders and sponsors surface opportunities before they reach broad distribution.
Middle-market focus
Generally $10M–$150M transactions: institutional-grade opportunities without mega-cap pricing premiums, where terms can still be negotiated.
Pipeline is subject to continuing diligence and availability.
Structure + Tax
One account, structured around your tax position
Because an SMA is held in the client’s own name, it can be structured around that client rather than a fund. For taxable investors, each position can be placed in the most efficient structure where suitable, with tax planning built into underwriting rather than added afterwards.
Opportunity Zones (OZ 2.0)
Rolling 5-year deferral of eligible gains, a 10% basis step-up at year 5 (30% for rural QROFs) and potential exclusion of appreciation after 10 years.
PPLI/PPVA Insurance Dedicated Funds
Hold eligible alternative strategies inside a compliant private placement life insurance policy for potential tax-free compounding.
QSBS (Section 1202) Analysis
Evaluate whether venture and private equity positions may qualify for the qualified small business stock gain exclusion.
Entity & Estate Coordination
SMA vehicles structured to work with the client’s trusts, family entities and outside advisers.
These structures are relevant to taxable investors; tax-exempt investors such as endowments and foundations may not benefit from them. Opportunity Zone, PPLI / insurance dedicated fund and QSBS (Section 1202) considerations are complex, depend on individual circumstances and are based on current law (including the One Big Beautiful Bill Act), which may change. Altes does not provide tax, legal or accounting advice; investors should consult their own advisers. Altes does not provide tax or legal advice. Investors should consult their tax and legal professionals where relevant.
Frequently Asked Questions
Who can invest?
What is a separately managed account?
What can an Altes SMA hold?
What is the typical minimum?
Can the client approve each investment?
How is the account reported?
How are fees structured?
What are the primary risks?
Contact Us
Learn more about Altes’ approach to SMAs by following our research or contact us today.
