Capital Allocators – Inside the Institutional Investment Industry

Latest Episodes:

CIO Greatest Hits: Public Pensions – Ash Williams (Florida SBA) Aug 11, 2025

Show notes

This week's Summer Series is with Ash Williams, the former CIO of the Florida State Board of Administration, where he oversaw one of the largest state pension funds in the US. Ash was an innovator in the space, modernizing the compensation scheme, asset allocation, and governance in a public pension fund – a notoriously tricky political seat.

Original Release Date: July 7, 2019

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CIO Greatest Hits: Sovereign Wealth Funds – Nicolai Tangen (Norges Bank) Aug 04, 2025

Show notes

This week's Summer Series is Nicolai Tangen, the leader of the largest sovereign wealth fund, Norges Bank Investment Management. Nicolai joined Norway's $1.5 trillion pool five years ago after a stellar career in the hedge fund world. He has done a remarkable job as a universal owner of assets, dramatically increasing transparency with his constituents, including on his terrific podcast – In Good Company.

Original Release Date: December 4, 2023

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CIO Greatest Hits: Single Family Offices – Steve Rattner (Willett Advisors) Jul 28, 2025

Show notes

This week's Summer Series is another twofer, Dawn Fitzpatrick from Soros and Steve Rattner from Willett Advisors, Michael Bloomberg's family office. We packaged these two leading single-family offices together to hear their different approaches to a similar investment challenge, with Soros leaning heavily on internal teams and Willett primarily on external.

Please enjoy my conversations with Dawn Fitzpatrick and Steve Rattner, both from 2019. Original Air Dates:

Dawn Fitzpatrick EP. 111 – November 3, 2019 Steve Rattner EP. 153 – November 17, 2019

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CIO Greatest Hits: Single Family Offices – Dawn Fitzpatrick (Soros) Jul 28, 2025

Show notes

Please enjoy my conversations with Dawn Fitzpatrick and Steve Rattner, both from 2019. Original Air Dates:

Dawn Fitzpatrick EP. 111 – November 3, 2019 Steve Rattner EP. 153 – November 17, 2019

Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

WTT: Reconstructing Private Equity: Portfolio Construction for the Post-Distribution Drought Jul 24, 2025

Show notes

The movies from my teenage years foreshadowed the topsy-turvy world of today's private equity industry. Back then, we heard of strange things afoot at the Circle K (Bill & Ted's Excellent Adventure) and dogs and cats living together (Ghostbusters). Today, a lack of distributions and secondary sales from longstanding leaders strange things in the industry and the convergence of public and private assets might feel like dogs and cats living together.

I've been thinking about how this will play out over time and in particular, where future commitments from LPs will land.

Read Ted's blog here.

Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)

CIO Greatest Hits: Endowments – Scott Wilson (WashU) Jul 21, 2025

Show notes

Scott comes from a direct investing background and has adopted a position-focused approach to diligence and co-investing, leading to a very different portfolio construction. It's perhaps the leading example of a new approach in the endowment world.

Original air date: October 4, 2020

Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)

CIO Greatest Hits: Endowments – Andy Golden (Princo) Jul 21, 2025

Show notes

Our Summer Series kickoff is a twofer, Andy Golden, now retired after thirty years at Princeton University Investment Management Company, and Scott Wilson from Washington University-St. Louis. We packaged these two leading endowments to compare their investment styles. Andy started his career at Yale with me and became one of the leaders of the endowment model for decades. His discussion of Princo's decision-making process is among the most referenced descriptions of any podcast with a CIO.

Original air date: June 26, 2017 Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)

Ron Kantowitz – Direct Lending's Evolution and Invesco's Edge (EP.457) Jul 17, 2025

Show notes

Ron Kantowitz is the Head of Private Debt for Invesco's Private Credit platform, where he leads a team that manages middle-market, senior secured, direct lending. The Invesco Private Credit Platform manages $46 billion across Direct Lending, Syndicated Loans, CLO's, and Distressed Credit/Special Situations. Our conversation traces Ron's path to lending and three decades of experience alongside the evolution of the lending markets. We discuss his direct lending strategy, investment process, and perspectives on competition, the role of banks, and opportunities ahead for private credit investors. NA4597908 Capital Allocators and Invesco are not in any way affiliated. This information is intended for Institutional Investors that are US residents. Click here to view the full Disclaimer. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)

Tim Sullivan – Yale's Private Portfolio (EP.456) Jul 14, 2025

Show notes

Today's show features one of the biggest industry legends you may never have heard before.

My guest is Tim Sullivan, who recently retired from overseeing Yale University's private market portfolios for 39 years. He joined the Yale Investments Office upon graduation from Yale College in 1986, just one year after David Swensen took the helm. He worked alongside David to build and manage the most successful institutional private equity and venture capital programs in history.

Tim lived through the 1987 crash, the early years allocating to privates when no one else did, the dot.com boom and bust, the institutional adoption of alternatives after David published his book in 2000, the GFC, the ZIRP aftermath that created a bigger boom until the hiccup in 2021. We weave in and out of that history, as Tim shares lessons from how Yale managed its portfolios along the way.

Tim carries a quiet conviction and sharp analytical mind developed from the front line of the greatest success in institutional investing for decades, and he weighs in on the increasing challenges of repeating that past success going forward.

Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)

WTT: A New Twist on an Old Bet with Buffett Jul 09, 2025

Show notes

Eighteen years ago, I made a bet with Warren Buffett that pitted hedge funds against the S&P 500. The bet took on a life of its own, and I benefited from it far differently than I imagined at its inception. Almost two decades later, I have an idea for another bet with similar intrigue. Read WTT: A New Twist on an Old Bet with Buffett

Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)

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