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ment made. It's about being more than a portfolio diversifier or a source of alpha; it's a source of pride for clients that makes them feel like they found something special. Clients know their alternative holdings better because they are both monetarily and person - ally invested in a deeper way. That's why we see alternative investing as personal investing, compared to tra- ditional asset classes that tend to be passive and indexed. Do you expect alternatives and real assets to hold bigger positions in cli- ent portfolios in the years to come? Absolutely. We are seeing index funds in traditional asset classes going to zero cost. Those providers are telling the end client that traditional- asset-class investing is a commodity. From our perspective, the only place to add value on the investment side is alternative investing. What are your concentration limits for alternatives and real assets? We believe concentration limits are an adviser/client conversation. Limits are set by the adviser based on the client's risk tolerance and the suitability of the investment for each client. We are fiduciaries, and we take that responsi - bility seriously. Do you see those concentration limits changing in the future? I do. As better education and transpar- ency [are] made available to clients, they are going to better understand the risk/reward paradigm. With better understanding comes a greater appre- ciation and, ultimately, better access. We believe alternatives represent a great opportunity for clients; they just need more communication on what they are investing in and what it means to their overall portfolio return. Do you provide separate accounts, club deals, etc., to your firm's individual high-net-worth clients and families? We do offer club deals on a very limited basis when the opportunity is presented to us and passes our due diligence parameters. It is not a core offering. What alternatives and real assets are you especially optimistic about over the next two to five years? We are bullish on alternatives as a sector over the next five years. Direct deals in both the early-stage and the late-stage space are areas we are very keen on. Going forward, we expect that it will be less about the individual asset class in alternatives and more about the due diligence process. There are so many opportunities, finding the right ones will be key, and it will be the firms with a track record of strong due diligence, coupled with strong perfor - mance, that will be attracting the eyes of investors. model that fired a sense of passion and con- viction. Instead, the conversations repeatedly revolved around technology, corporate struc- ture and fiduciary responsibility — organiza- tional components that Dogra considered a given. en came his meeting with the leader- ship team at ird Seven in December 2017, and Dogra says he understood within five min- utes what differentiated the firm vis-à-vis the other organizations with whom he had spoken. "ere was a story that was compelling and one that would resonate both with advisers and clients alike, and that is what drew me," he says. "I would be able to talk about the unique invest- ment approach that we were going to bring — the pairing of a national advisory firm with an investment bank. I haven't found another firm out there that is doing what we do." PLAYING LEAD When asked about his management style, Dogra quotes Steve Jobs: "It doesn't make sense to hire smart people and tell them what to do; we hire smart people so they can tell us what to do." "ere is no such thing as arriving in a leadership role," Dogra says. "Titles aside, the minute you start thinking that you are arrived or accomplished something is the minute you start becoming somewhat less of a leader, in my perspective, because we constantly have to grow. I have constantly, in my career, sought out mentors and coaches who can help me." New advisers are hired with great care at ird Seven, so as to protect the organization's culture. A full day is spent with prospects as part of the hiring process, before adjourning to the company lounge where the prospect is introduced to several partners and advisory team members for a social gathering. "Life is too short not to enjoy the people you work with," he says. "We are looking for advis- ers that are still looking to grow. ey don't have to understand everything we do, but they need to know that they want to do it." One would assume Dogra also considers life too short not to have a portfolio bustling with exciting assets that his advisers and clients are champing at the bit to talk about. Mike Consol (m.consol@irei.com) is editor of Real Assets Adviser. Follow him on Twitter @mikeconsol to read his latest postings. Year founded 2016 Assets under management $940 million Personnel Nine founding partners Affiliations Third Seven Group (holding company) Third Seven Capital (investment bank) Offices Three New York City (headquarters), Boston, Oklahoma City Third Seven Advisors by the Numbers 35 REALASSETS ADVISER | D E C E M B E R 2 0 1 8