Capital Allocators – Inside the Institutional Investment Industry

How will we generate returns to meet important spending needs in an increasingly unforgiving world? One answer is "Internal Alpha' – making fewer mistakes alongside making great investments. Generating internal alpha is rarely taught in the investment field, which is why we created Capital Allocators University. Read Ted's blog here.

Brian Christiansen is Executive Managing Director and Senior Portfolio Manager at Sands Capital, a growth-focused public and private equity manager that oversees $50 billion in assets. Our conversation covers Brian's journey to Sands Capital, the firm's investment philosophy and approach to growth investing, six key investment criteria, portfolio construction, competitive advantage, and investment examples. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership Capital Allocators was compensated in connection with participation in this interview, which creates a conflict of interest that should be considered.

Ana Marshall is the CIO for the $14 billion William and Flora Hewlett Foundation and a two-time past guest on the show. This time around, we discuss Ana's recently published book, The Climb to Investment Excellence. It is an outstanding, thorough guide for any leader overseeing a pool of institutional capital. But don't take my word for it – the book jacket has praise from perhaps the best list of investment luminaries to ever adorn a cover: Seth Klarman from Baupost, Sir Christoper Hohn from TCI, Paul Singer from Elliott, Doug Leone from Sequoia, Lei Zhang from Hillhouse and Marc Andreessen from a16z. Our conversation offers a walkthrough of the mountain investors must climb to reach their summit, following the metaphors of identifying the goal, preparing to embark or establishing governance, getting started or setting the investment strategy, working up the mountain or manager selection, and reaching the summit. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Ana Marshall is the CIO for The William and Flora Hewlett Foundation, where she oversees a $13 billion pool of capital. Ana joined Hewlett eighteen years ago after spending the same amount of time as a direct investor. She was a past guest in 2019 describing her approach, and that conversation is replayed in the feed. We caught up to discuss what is on Ana's mind going into the new year. We cover inflation, private equity secondaries, liquidity management, China, emerging markets, and ESG. We close discussing where Ana is looking around corners, what's filling her basket of worries, and her plan for the next five years. Access Stream by AlphaSense Free Trial For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Ana Marshall is the Vice President and Chief Investment Officer for The William and Flora Hewlett Foundation, where she oversees a $10.5 billion pool of capital. Ana joined Hewlett in 2004 after spending eighteen years as a direct investor in high yield credit, emerging market debt, and international equities. Our conversation covers Ana's lifelong passion for investing, joining the "super buy side," conducting company meetings to inform the manager selection and allocation process, portfolio structure, manager selection, monitoring and measuring risk, perspectives on peers, internal dynamics, and working through a big mistake. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Morgan Housel is a partner at Collaborative Fund, blogger about behavior and money, and author of The Psychology of Money. The book has sold 4.5 million copies since its release three and a half years ago and already ranks in the top five best-selling books about finance. Morgan recently published his second book, Same As Ever: A Guide to What Never Changes. Our conversation starts with what happened since his last appearance on the show just before the release of The Psychology of Money. We then turn to his latest magnum opus and discuss some of its themes and stories across storytelling, expectations, compounding, risk, incentives, and people. Morgan's wisdom, humility, and passion for his work come out in spades. He also happens to be a wonderful person and dear friend. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Morgan Housel is a partner at Collaborative Fund and one of my favorite writers about investing. Morgan recently released his first book, The Psychology of Money, and I'll go on record and predict it will be a best-seller in short order. Our conversation starts with Morgan's non-traditional education, his path to writing, and his process for writing each week. We then turn to the book and discuss some anecdotes about luck and risk, greed, compounding, patience, and tail events. We close with two of Morgan's personal stories – one about his own investing and the other, which seems inconceivable as you listen, about his lifelong challenge with stuttering. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

We're counting down the top 5 episodes of 2023. The number one episode of the year, and the number one episode of all time, Seth Klarman – Timeless Value Investing. Seth's uncommon wisdom and sole podcast appearance combined to make this year's chart topper one for the ages. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

We're counting down the top 5 episodes of 2023. Number three covered private credit and number two covers the other most topical strategy of the year – multi-manager platform hedge funds. Weighing in at number two is Dmitry Balyasny and his discussion of multi-strategy platforms at BAM. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

We're counting down the top 5 episodes of 2023. At number three, Kip DeVeer and the world of private credit at Ares. The subject of private credit was top of mind for investors, and Kipp shared his experience and wisdom in this tour of the space. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

We're counting down the top 5 episodes of 2023. Coming in at number four is Stan Miranda, the modern endowment model at Partners Capital. Stan's original insights shine in this story of the powerhouse OCIO he founded with Paul Dimitruk 20 years ago. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

It's that time of year when I share my annual letter and a rundown of the top episodes of 2023. Like last year, we'll be counting down the top 5 episodes each day this week. Tune in throughout the week to find out which episodes were played more than any other from last Thanksgiving to this one. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

We're counting down the top 5 episodes of 2023. Kicking us off at number five, is Greg Lemkau, the evolution of MSD, episode 291. I can't say I'm surprised by this one. Greg is beloved far and wide in the industry and all kinds of people came out of the woodwork when this release. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Gary Sernovitz is Managing Director at Lime Rock Partners, an oil and gas-focused private equity firm that manages $10 billion, where he runs the firm's investor relations and business development efforts. He is also the author of The Counting House, a fictional story about a CIO who oversees a $6 billion college endowment. After twenty years of observing CIOs, Gary brings his pointed, witty writing with a nuanced understanding of someone sitting in the CIO seat. Our conversation discusses the perspective Gary brings to his latest book, the challenges of serving as a CIO, and insights from two decades of manager meetings. Sitting outside the CIO seat, Gary shares a side of the CIO role that many experience, but few are comfortable discussing on the podcast. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Today's Sponsored Insight features, Thomas Haugaard, a portfolio manager on the Emerging Markets Debt Hard Currency team at Janus Henderson Investors where he helps manage $1.3 billion just one year into the team's tenure at JHI. Thomas spent the last decade in the strategy with the same team, a prior decade in emerging markets research, and a decade before that in academia studying emerging markets. Our conversation covers Thomas' path to investing, the opportunity set and misconceptions of hard currency debt, and his team's approach to the sector. This is our third sponsored insight from Janus Henderson, following conversations with Daniel Grana on emerging market equities and Andy Acker on biotech. Those insights are replayed in the feed. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

On today's show we'll discuss another empty room – an opportunity ignored by most investors because they either don't want to or can't participate. Andy Acker is a Portfolio Manager at our anchor sponsor, Janus Henderson Investors, where he manages the firm's healthcare strategies. Janus Henderson is a global asset manager with $300B in assets under management, and Andy oversees the firm's Global Life Sciences strategy and its Biotechnology strategy. Biotech stocks have been crushed despite significant advances in drug development, making it a proverbial empty room with only specialists and contrarians left standing. Our conversation starts with Andy's path to becoming a healthcare investor, scientific innovation over his time at Janus Henderson, translation of science into commercial success for businesses, and the 90/90 rule for how stocks behave. We then turn to his investment process across filtering ideas, research, assessment of management teams and commercial success, portfolio construction, trading around names, and private crossover investing. We close with Andy's perspective on opportunities and risks to the space from here, and green shoots he sees that might fill seats in the empty room. For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Today's episode of Manager Meetings is our first sponsored show, with our friends at Janus Henderson Investors. I had the chance to speak with Daniel Graña, who is responsible for Janus Henderson's emerging markets equity strategy. Janus Henderson is a leading global asset manager with $400 billion under management. Our conversation covers some stories of the wild west early days in emerging markets, Daniel's strategy focusing on the intersection of good companies with good governance and good countries, portfolio construction, application of the process to China, benefits of aligning with a large organization when tackling emerging markets, and the case for emerging markets today. Learn More Subscribe: Apple | Spotify | Google Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Read the transcripts

Marcia Page is the Co-Founder and Executive Chair of Värde Partners and Founder and CEO of MPowered Capital. Värde is a thirty-year-old $13 billion leading global alternatives firm specializing in credit. MPowered came out of Marcia's personal investing and focuses on accelerating equity for best-in-class female and underrepresented talent through capital, commitment, and connections. Marcia is one of the few women to have founded and scaled an alternatives firm over three decades. Our conversation spans Marcia's extensive career. We discuss her Minnesota roots, early days at Cargill, founding and scaling of Värde, value investing, and transition of leadership at the firm. We then turn to the latest phase in Marcia's career at Mpowered Capital and her efforts to address the industry's diversity gap. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Nicolai Tangen is the CEO of Norges Bank Investment Management, where he oversees the $1.3 trillion Norwegian Sovereign Wealth Fund, the largest sovereign wealth fund in the world. The Fund owns 1.5% of all public equities worldwide and 2.7% of all listed companies in Europe. As part of his effort to communicate with constituents, Nicolai also hosts "In Good Company," a podcast where he interviews CEOs of large, global, market-leading companies. Before taking the helm three years ago, Nicolai was the founder of AKO Capital, which today manages $20 billion and is one of Europe's leading hedge funds. Our conversation covers Nicolai's investment path, lessons learned along the way about interviewing and leadership, and transition to the Norwegian Sovereign Wealth Fund. We discuss the history of the pool of assets, Nicolai's approach to serving as a universal owner of assets, and his goals as leader of the organization. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Michael Levy is the CEO of Crow Holdings, the family real estate empire initiated by Trammel Crow seventy-five years ago that today includes longstanding family holdings, $30 billion in externally managed and development real estate, and a diversifying portfolio of non-real-estate assets. Before joining Crow, Michael had a long career in real estate finance and investment management at Morgan Stanley that culminated in his serving as COO of the Investment Management Division. Our conversation includes Michael's path from New York to Dallas, managing through the financial crisis, lessons in asset management leadership, and the unique nature of the culture, relationships, and breadth of real estate investing at Crow. We also get his take on opportunities and risks in the current markets. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Happy Thanksgiving to everyone. For a little turkey treat, today's show has me on the other side of the mike. Sarah Samuels, the head of manager research at powerhouse consultant NEPC and a past guest on the show, is also the Board Chair of the CFA Society in Boston. She's created a podcast series for the Society called "Pull Up a Chair," and I was honored to be her inaugural guest. We recorded live at Wellington Management's headquarters earlier this month in front of a crowd that included Tim McCusker, the CIO at NEPC, and Jean Hynes, the CEO of Wellington. I'm a big fan of the collegial Boston investment community and was excited to participate. Sarah drew out some personal anecdotes about my investment career and a look at the business around Capital Allocators. At the end, I offer up a pitch for a children's book Sarah wrote that will release in April called Braving Your Savings. Keep your eye out for it in the coming months. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Chad Hutchinson is a partner at Arctos Partners, a private equity firm best known as the leading minority owner of professional sports franchises. Chad was one of only seven athletes since 1970 to play in both Major League Baseball and the National Football League. After his sports career ended, he started from scratch in finance and spent fifteen years in private markets before joining Arctos and bringing his two careers together. We discuss Chad's journey to two professional sports, mindset and framework for success, transition and career in finance, blend of his two paths at Arctos, and interdisciplinary learnings across fields. Set all your assumptions about athletes and private equity managers aside as you listen to this incredible story of Chad's determination, humility, intelligence, and drive. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Rick Heitzmann is the founder and Managing Partner of FirstMark Capital, a network-driven seed and series A venture capital firm managing $3.5 billion that backs entrepreneurs in high-growth consumer and enterprise technology sectors focused in New York City. some of FirstMark's past wins include Pinterest, DraftKings, Shopify, Upwork, StubHub, and Airbnb, and Rick has been named to the Forbes' Midas List as one of the world's top venture capitalists for the last four years in a row. Rick is a one-man treasure trove of venture insights. Our conversation includes his background across distressed investing, operations, and growth capital, the New York tech scene, creation of value-added guilds of hundreds of thousands of people, and investment theses across digital health, gaming, and the venture environment. And as any great New Yorker would be, Rick is a tried and true Yankees fan – what more can you ask for? Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

On today's sponsored insight, we'll discuss another empty room – an opportunity ignored by most investors because they either don't want to or can't participate. It's real estate Non-Performing Loans (NPLs) in New York City, a niche opportunity requiring a high degree of specialized expertise. Ted Martell is the Co-Founder of Maverick Real Estate Partners, the leading investor in commercial real estate NPLs and distressed loans in the New York City market. Maverick manages $500 million focusing on the specialty since its launch in 2010. Our conversation covers Ted and David Aviram's path to bootstrapping the business, the nature of the opportunity, and the blend of data science and analysis that makes it work. We also discuss the wide-open landscape of opportunity on the horizon in the NYC commercial market. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Allison Thacker is the President and Chief Investment Officer of Rice Management Company, where she oversees Rice University's $8 billion dollar endowment. Allison spent eleven years picking growth stocks before joining Rice eleven years ago. Our conversation shares Allison's keen insights from experience as both a direct investor and endowment manager, Rice's quite different portfolio with a heavy allocation to real assets, and an organizational structure that blends internal and external management and generalists and deep specialization. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Bruce Ou is the Managing Partner of GroveStreet, a boutique firm that has invested $10 billion in the private markets on behalf of fourteen institutional clients. GroveStreet specializes in managers that transform companies in venture capital, growth equity, and middle market buyouts. Our conversation canvasses Bruce's emigration from China, thoughts on middle market buyouts, venture capital, and growth equity investing, opportunities in China, and co-investments. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

This Sponsored Insight features Timothy Lyne, the CEO of Antares Capital, a alternative asset manager with $64+ billion in assets. Antares is a leading provider of financing for private equity-backed businesses and one of the longest-standing players in the industry. At its founding in 1996, Antares was backed by MassMutual, sold to GE in 2005, and then sold again to CPP Investments in 2015. Our conversation explores three decades of lending – from the early years dominated by bank activity to the modern era of private credit asset management. We discuss the changes in the business over time, the resources required to succeed, and the opportunities and risks going forward. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Raelan Lambert, John Jackson, and Erik Sebusch are three of the leaders at Mercer Alternatives, the alternative investment arm of the consulting juggernaut. Mercer advises on $16.5 trillion of assets and manages $400 billion, of which $160 billion under advisement and $25 billion under management is under the Mercer Alternatives umbrella. Raelan is Mercer's Global Alternatives leader, John is the Head of Diversifying Alternatives, its hedge fund group, and Erik is the Global Strategy Leader in Venture Capital. Our conversation provides a glimpse inside Mercer. Raelan shares an overview of the alternatives business, John delves into the hedge fund research process that informs its approved list, and Erik does the same for venture capital. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Isaac Corre is the founder, CEO, and Portfolio Manager of Governors Lane, a hedge fund he launched in 2015 focused on event-driven strategies. Isaac describes himself as the least likely person to end up on Wall Street, coming to the business from an academic family and a legal background before finding a passion for the business. Our conversation covers where event-driven investing was twenty years ago and where opportunities and challenges lie today across the disciplines of merger arbitrage, event-driven equities, and event-driven credit. Isaac brings the kind of thoughtful and methodical insights to event-driven investing that are required to succeed in the discipline. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

NAV loans are the latest development in private equity. Private credit managers see NAV loans as gold mines. Private equity managers are testing the waters. LPs whose capital is at risk are on the lookout for trouble. I've been thinking about NAV loans and what they might mean for private equity participants. Read Ted's blog here.

This Sponsored Insight features Finny Kuruvilla, the Co-Chief Investment Officer, Founding Member, and healthcare Portfolio Manager at Eventide Asset Management. Eventide is a Boston-based firm that manages $6.8 billion (as of 6/30/2023) and brings a distinct values-based approach to investing across generalist and healthcare strategies. We discuss Finny's path to founding Eventide with $100,000 in capital, the firm's mission-driven, values-based philosophy, which they started long before ESG was a known acronym, integrating values with the investment process, and what success means in the years ahead. More on Eventide: Website | LinkedIn Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership This information is for use with concurrent or prior delivery of a fund prospectus, which can be obtained at https://www.eventidefunds.com/prospectus or by calling 1-877-771-EVEN (3836). Investors should consider a fund's investment objectives, risks, charges and expenses carefully before investing or sending money. Eventide Mutual Funds are distributed by Northern Lights Distributors, LLC, Member FINRA/SIPC, which is not affiliated with Eventide Asset Management, LLC.

Sonya Sawtell-Rickson is the Chief Investment Officer of Australian Superannuation Fund HESTA, a AUD 75 billion ($50 billion) pool dedicated to health and community service workers. HESTA services 90,000 employers and a million members, 80% of whom are women. Sonya is one of Australia's biggest stars in employing a total portfolio approach to the management of assets. We discussed this approach in past conversations with Raff Arndt from Australia Future Fund and Matt Whineray, then CEO of New Zealand Super. TPA generally uses more granular risk management and fine-tuning of incremental portfolio decisions than an asset allocation approach. Our conversation highlights the beliefs, benchmarks, culture, and implementation that drive HESTA's total portfolio approach. We also dive into HESTA's objectives related to climate solutions and diversity that go alongside its real return goals. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Dmitry Balyasny is the founder, Managing Partner, and Chief Investment Officer of Balyasny Asset Management, a $21 billion multi-strategy hedge fund considered one of the leading multi-manager platforms. The firm launched in the early 2000s and today has 2,000 employees across 15 global offices. Our conversation is a master class in all aspects of the multi-manager model. We cover everything - learning to trade, building new strategies, attracting talent, managing an individual pod, portfolio and risk management, the competitive landscape, and the future. Dmitry is a gifted money manager and business builder, and both sides come out in spades. For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Alan Forman is the former Director of Real Estate at the Yale Investments Office, where he spent 31.5 years before retiring last year. For three decades, Alan was one of the core four at Yale alongside David Swensen, Dean Takahashi, and Tim Sullivan. In his next chapter, he hung a shingle named Blue Orchard Capital, where he works with real estate managers to help them understand best practices in the industry. In our conversation, Alan shares rare insight into Yale's investment operation and, in particular, highlights the consistent and essential importance of people and alignment in Yale's strategy. We walk through how he applied the process to the real estate asset class and how he's looking to help the next generation of great real estate managers in his post-Yale endeavors. For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Muthu Muthiah is the Chief Investment Officer of Children's Healthcare of Atlanta (CHOA), one of the largest pediatric clinical care providers in the U.S. Muthu stewards CHOA's $6 billion long term pool of capital, arriving a year ago after stints across a range of allocator seats the past twenty years. Our conversation covers Muthu's mobile upbringing, path to finance, and lessons learned working for a range of asset owners. We discuss his first CIO seat at Inatai, where he oversaw a $2 billion portfolio starting with a clean sheet of paper, and his new seat at CHOA, including the portfolio framework, team structure, and aspiration to achieve concentration, search for inefficiency, and invest in innovation. For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Today's sponsored insight is with Adam Karr, the President and Portfolio Manager at Orbis, a $35 billion global equity manager founded in 1989 by legendary Fidelity alum Allan Gray. Orbis blends unique business practices with a long-term intrinsic value investment model designed to invest differently. Our conversation dives into Orbis' business practices intended to create alignment, including a fee structure with rebates and a permanent ownership model. We then go through the investment approach that features thirty-five analyst shadow portfolios to bring data and independent thinking to portfolio construction. Orbis' model has rich lessons for managers and allocators alike. For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Marlene Puffer is the CIO of Alberta Investment Management Corporation (AIMCo), where she oversees $160 billion on behalf of 17 pensions, endowments, insurance and government funds in the province of Alberta, Canada. AIMCo is one of the "Maple 8" Canadian pension managers that together oversee $2 trillion in assets and are innovators in institutional portfolio management. Our conversation covers Marlene's path to pension management from roots in academia and fixed income, her first CIO role at the Canadian National corporate pension fund, and transition to AIMCo earlier this year. We discuss AIMCo's asset-liability matching investment strategy, global team, internal and external management, compensation, external manager selection, opportunities and risks, and the unique qualities of Canadian pensions. For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Investors have played the game of telephone with David Swensen's Pioneering Portfolio Management. Re-reading his book offers insights that differ from interpretations of the Yale Model. Read Ted's blog here.

Today's show is the most popular episode from our new podcast, Investment Management Operations. Subscribe to Investment Management Operations on Apple, Spotify, or wherever you listen to podcasts. Host Scott McDonald interviews Jenn Birmingham, Managing Director at the Princeton University Investment Company (or PRINCO) Jenn exudes the concept of organizational alpha - how operations can integrate, provide leverage, and add value to investment results. In particular, her descriptions of collaboration and decision-making at PRINCO offer an insider's look at one of the top endowment performers for decades. Jenn often refers to the leadership of Andy Golden, PRINCO's longtime CIO. His first appearance on Capital Allocators is replayed in the feed. For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Andy Golden is the President of Princeton University's Investment Management Company (PRINCO). Having grown from $3B at the time of his arrival in 1995 to $22.5B today, PRINCO has been among the highest performing endowments in the world. Andy came to PRINCO from Duke Management Company, where he was an Investment Director, and received his formative training in the business working for David Swensen at the Yale University Investments Office. Andy currently serves on the fund Advisory Boards of several well-known private equity and venture capital managers, including Bain Capital, General Catalyst Partners, and Greylock Partners. He was a founding member of the Investors' Committee of the President's Working Group on Financial Markets and serves as a Trustee of the Princeton Area Community Foundation and Rutgers Preparatory School. Andy holds a B.A. in Philosophy from Duke University and an M.P.P.M. from the Yale School of Management. Our conversation discusses Princeton's endowment two decades ago and today, including its strategic advantages as an institution, shifts in thinking about asset allocation, decision making, team development, and partnership with managers. Andy's long tenure in his seat, insight, and wisdom provides a treasure trove of information about how a top endowment manager practices his craft, and his subtle wit always keeps things light. For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Next week, we'll release the first episode of Season 3 of Private Equity Deals, this time focusing on deals in the middle market. As an interlude between Season 2 and 3, this week's show is a classic – it's Bain Capital and KKR's take private of Hospital Corporation of America (HCA) in 2006. The $33 billion club deal was the largest private equity transaction in history at the time and was significantly larger than any deal since KKR's famous run at RJR Nabisco in the late 1980s. The HCA deal showed the private equity industry the scale of what was possible and set the stage for both mega buyouts and public to private deals ever since. My guest is Chris Gordon, a Partner and Co-Head of Private Equity in North America for Bain Capital. Bain Capital today is one of the world's largest private, multi-asset investing firms that oversees over $165 billion in assets. Seventeen years ago, Chris was a younger member of Bain Capital's HCA deal team. HCA is one of the nation's leading healthcare services providers, with over 182 hospitals and 2,300 sites of care in 20 states and the United Kingdom. Its origins date back to 1968 when it was one of the first hospital companies in the United States. Our conversation covers HCA's history, the private equity environment in the mid-2000s, and the impetus for the HCA buyout. We discuss the complexity of navigating a large-scale transaction, conducting due diligence discretely, navigating the financial crisis, and what happened to the company. We turn to HCA's return to the public markets through an IPO in 2011, Bain Capital's eventual exit of the investment, and the implications of the deal on the firm and industry. For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Stan Miranda is the Founder and Chairman of Partners Capital, a $50 billion OCIO that started in 2001 as a solution for private equity founders. Earlier in his career, Stan spent 17 years at Bain & Company, rising to Chairman of the Worldwide Executive Committee and leading its private equity practice. Our conversation covers the founding of Partners, learning the endowment model from first principles, and scaling Partners over the years since. We discuss the firm's original interpretation of the endowment model, manager selection process, evolution of the endowment model since. Along the way, we touch on a range of portfolio and business management challenges, including team structure, internal and external management, succession planning, and insights across asset classes. For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Kimberly Sargent is the Chief Investment Officer of the Packard Foundation where she oversees $10 billion. She is a well-respected member of the Yale diaspora, having started her career under David Swensen. Our conversation covers Kim's time at Yale, some lessons learned from David Swensen, and her application of them and a lot more at Packard over fifteen years. Kim shares thoughts on a range of asset classes and closes explaining why her role is the best job in the world. For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Today's Sponsored Insight features Michael Carmen, the Co-Head of Private Investments at Wellington Management. Wellington's Private Investment platform has $8 billion in committed capital investing across technology, consumer, health care, and financial services. Michael helped launch the firm's first private equity fund in 2014, bringing Wellington's broad scope to late-stage venture-backed companies. He previously invested in diversified small- and mid-cap public equities. Our conversation covers Michael's early career, path to Wellington, and pivot after a decade at Wellington from public markets to privates. We discuss his investment process across sourcing, diligence alongside Wellington's public equity analysts, value proposition for portfolio companies, portfolio construction, and exits. We close with opportunities and risks for those with capital to put to work. For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Today's show is a panel about the merits of private equity. On one side is Sachin Khajuria. a former partner at Apollo and twenty-five-year veteran of the industry, who recently authored "Two and Twenty." Sachin was a past guest on the show discussing his book and that conversation is replayed in the feed. On the other is Brendan Ballou, a federal prosecutor who serves on the special counsel for private equity in the Justice Department's antitrust division and recently authored "Plunder: Private Equity's Plan to Pillage America," highlighting controversy and potential flaws in private market investing. Our conversation begins with Sachin's view on private markets as an essential value-additive element of the economy and Brendan's thesis on the inadequacy of the legal structure surrounding the activity. We discuss incentives, investment duration, failed deals, fees, operational effectiveness, legal environment, risk, and broad education about the space. While the titles of their books might suggest a point-counterpoint discussion, the thoughtful nuance Sachin and Brendan bring to the table offer more commonality and food for thought than difference. For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Sachin Khajuria is a former partner at Apollo and twenty-five-year veteran of private equity who recently authored "Two and Twenty," a fantastic insider's account of the private equity industry. Our conversation covers Sachin's rationale for writing Two and Twenty, the strengths of private equity, areas for improvement, and needs for change. We discuss the defining traits of the industry across the sourcing process, depth of research, use of operating executives, ability to pivot, and democratization of alternatives. We close by discussing opportunities and risks going forward, and Sachin's application of his insights to investing at his family office. Access Stream by AlphaSense Free Trial For full show notes, visit the episode webpage here. Learn More​ Follow Ted on Twitter at @tseides or LinkedIn​ Subscribe to the mailing list​ Access Transcript with Premium Membership

This WTT: Active Management Today is a Single Decision comes from a few conversations I've had recently with CIOs about the underperformance of long only managers who are underweight the magnificent seven. I got me thinking about the ramifications of stock index concentration on active management. Read Ted's blog here.

After our recent podcast conversation, Matt Breitfelder, Partner and Global Head of Human Capital at Apollo, asked me if he could turn the tables and, in his words, interview the interviewer about interviewing. We did that and added a two-way conversation about public speaking. Our conversation covers my path to the podcast, preparation for interviews, components of what makes it work, and tips for asking good questions. We then turn to public speaking, focusing on the challenges and techniques for moderating panels and presenting in public. And of course, at the end, Matt asks me my closing questions. Please enjoy my distillation of lessons learned from having your ear for six years in this conversation guided by Matt Breitfelder. For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Kipp deVeer is a Director and Partner of Ares Management, the $30 billon market cap public company (ARES) that manages $360 billion in assets, including $250 billion in credit. Kipp joined Ares twenty years ago and serves as the Head of Ares Credit Group, CEO of the public BDC Ares Capital Corporation (ARCC), and a member of the Executive Management Committee. Our conversation covers Kipp's path to Ares, the business and credit markets twenty years ago, and the exponential growth of Ares since. We turn to the firm's research process across origination and sourcing, underwriting, investment targets, and portfolio construction. We then discuss Kipp's perspective on the credit environment, opportunities, and risks and close with a look at the future of Ares. For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Seth Klarman is a legendary value investor and CEO and Portfolio Manager of The Baupost Group, an investment firm founded in 1982 that manages $27 billion. Seth authored the very out-of-print Margin of Safety and edited the recently released 7th edition of Graham and Dodd's value investing classic, Security Analysis. Our conversation covers Seth's early experience in business and investing, path to Baupost, timeless value investing principles and those that have changed over time. We discuss Baupost's application of value investing across sourcing, diligence, portfolio construction, and risk management. We then turn to Seth's thoughts illiquidity, international investing, the weird current environment, positioning portfolios for it, alignment with clients, succession at Baupost, and his updated perspectives on Securities Analysis and Margin of Safety. We close discussing Seth's personal investments in the Boston Red Sox, horse racing, and philanthropy. Seth generally stays away from the public eye, so I was particularly grateful to share this conversation some twenty-five years after we first met. For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership