Capital Allocators – Inside the Institutional Investment Industry

Latest Episodes:

WTT: Reducing Fees: Actions Speak Louder Than Words Jun 21, 2024

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I've been thinking about what it takes for allocators to lower the fee burden charged by managers on the path to increasing net returns.

Read Ted's blog here.

Yann Robard - Liquidity Solutions for Private Capital at Dawson (EP.392) Jun 17, 2024

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Yann Robard is the founder of Dawson Partners, a leading global alternative asset manager overseeing $20 billion that provides innovative structured solutions to the private markets. Formed initially as Whitehorse Liquidity Partners and rebranded as Dawson, both names are inspired by Yann's 1,000 km bicycle journey in the Canadian Arctic that led to his becoming a trailblazer in the market. Our conversation covers Yann's entrepreneurial career path, including fourteen years in the formative stages of Canadian Pension CPPIB. We discuss the success of the private equity industry, valuations, liquidity, the necessity of scale, and creating solutions that balance the needs of GPs and LPs. We turn to the process and culture at Dawson and the exciting future of the secondaries market.

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SPECIAL ANNOUNCEMENT: CAU for IR/BD Professionals Jun 15, 2024

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Please join us for our first Capital Allocators University for Investor Relations and Business Development Professionals. Learn more and sign up here.

Graham Weaver – People-Driven Private Equity at Alpine (EP.391) Jun 10, 2024

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Graham Weaver is the managing partner of Alpine Investors, a $17 billion people-driven private equity firm that invests in software and services businesses. Graham founded Alpine on the belief that exceptional people create exceptional businesses. Alpine's PeopleFirst approach includes hiring, training, and placing an army of CEOs in its portfolio companies. The strategy has led Alpine to be recognized by Prequin as the most consistent top-performing private equity fund manager. Our conversation covers Graham's early interest in self-help, his path to private equity, and launch of Alpine in 2001. We discuss his early mistakes, discovery of Alpine's PeopleFirst approach, and the firm's playbook focused on CEOs and M&A at portfolio companies. We close with Graham's thoughts on teaching and enlightenment.

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Mo Haghbin - Customizing Solutions from the Top Down at Invesco (EP.390) Jun 06, 2024

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Mo Haghbin is the Head of Multi-Asset Solutions at Invesco, where he develops and manages asset allocation strategies and portfolio solutions for $88 billion of client assets within the $1.7 trillion juggernaut. Our conversation covers Mo's journey to finance and his path to a leadership role at Invesco. We discuss Invesco's solutions-based approach that canvasses every type of asset pool and structure and focuses first on top-down strategic asset allocation and tactical positioning, and only later on manager selection. We cover the research that drives asset allocation and factor decisions, importance of scaling customized solutions, and impact of technology in the process. All investing involves risk, including the risk of loss. This should not be considered a recommendation to purchase any investment product. This does not constitute a recommendation of any investment strategy for a particular investor. Investors should consult a financial professional before making any investment decisions if they are uncertain whether an investment is suitable for them. Please obtain and review all financial material carefully before investing. Asset allocation and diversification do not guarantee a profit or eliminate the risk of loss. This material is not intended to provide, and should not be relied on, for tax advice. The opinions expressed are those of the presenter(s), are based on current market conditions and are subject to change without notice. These opinions may differ from those of other Invesco investment professionals. All information as of April 29, 2024, in USD, unless stated otherwise. Invesco and FTSE Russell are not affiliated entities. Capital Allocators and Invesco are not in any way affiliated. The Invesco Solutions (IS) team is part of Invesco Advisers, Inc. (IAI), an investment adviser that provides investment advisory services and does not sell securities. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Advisers, Inc. is an indirect wholly owned subsidiary of Invesco Ltd. ©2024 Invesco All rights reserved. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Anne-Marie Fink - Cutting Edge Pension Investing at SWIB (EP.389) Jun 03, 2024

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Anne-Marie Fink is the Head of Private Markets and Funds Alpha at the State of Wisconsin Investment Board or SWIB, which manages $140 billion of pension funds in the state. SWIB is not your typical U.S. pension fund manager. It invests with outstanding governance, alignment with beneficiaries, delegated authority, a competitively compensated team, and cutting-edge strategies, all of which have contributed to a fully funded plan. Anne-Marie joined SWIB to lead its external manager efforts four years ago following a career that spans both direct and fund investing. Our conversation highlights Anne-Marie's path, applying the skills of picking stocks to assessing stock picking managers, the history and governance of SWIB, its unique payout structure that creates alignment, and their investment approach across portfolio construction, internal and external investing, asset classes, and risk management.

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WTT: The Investment Manager Playbook - What Allocators Don't See May 31, 2024

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My last post, The Investment Office Playbook: What Managers Don't See, discussed part of what happens inside an investment office that managers don't see but that significantly influences the cadence of capital deployed to managers. Of course, there are two sides to every coin. This post discusses what allocators don't see when a manager chooses to grow. Read Ted's blog here.

Alexis Ohanian – From Reddit to 776, a Technology Company that Deploys Venture Capital (EP.388) May 27, 2024

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Alexis Ohanian is the General Partner and Founder of Seven Seven Six, an early-stage venture capital firm with $1 billion under management that he describes as a technology company that deploys venture capital. Alexis was the co-founder of Reddit, one of the most popular online forums in the world, which he sold 18 months after its 2005 launch for $10 million and returned as Executive Chair in 2014 to help lead the turnaround of the business. In between and since, he has invested in early-stage ventures as a partner at Y Combinator, a co-founder of Initialized Capital, and most recently founder of 776. Despite his success in entrepreneurship and investing, Alexis is most well known in the world at large as the husband of tennis star Serena Williams.

Our conversation covers Alexis' initial ride at Reddit, taste of early-stage venture capital, and return to Reddit to scale the business alongside the challenges of managing a modern social media platform. We then turn to his investing as a technology company, including Cerebro – 776's transparent operating system, thematic ideas, traits of successful founders, social media engagement, investments in women's sports, and lessons learned from his wife Serena.

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Dan Tennebaum - The Case for India at India Capital (EP.387) May 23, 2024

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Dan Tennebaum is the Managing Director at India Capital, a thirty-year-old investment firm focusing on public equities in India. Dan moved to the country twenty-five years ago and spent time in the start-up world and venture capital before pivoting to the public markets in 2007. Our conversation covers Dan's path from a U.S. Midwesterner to India, the challenges of venture capital investing in the country, and the case for public equities. We turn to India Capital's perspective on sourcing, research, management, regulation, valuation, portfolio construction, risk, and misperceptions, colored with some examples along the way.

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Brett Barakett - Digging for the Puck at Tremblant Capital (EP.386) May 20, 2024

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Brett Barakett is the Founder and Chief Investment Officer of Tremblant Capital, a 23-year-old long-short equity and long-only firm focused on deep fundamental stock research with a senior team that has been together for at least sixteen years. Brett has invested through rising and falling tides in the industry, ups and downs in fund flows, and alongside friends and peers who have since retired. Yet he keeps skating to where the puck is going.

Our conversation covers Brett's path to launching Tremblant, including lessons from hockey, operational experience, and the early days in a terrible market for the strategy. We discuss the long-short and long-only models, primary research, portfolio construction, sell decisions, risk management, compensation structure, and Tremblant's launch of TOGA, one of the first active ETFs run by a longstanding hedge fund manager.

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