Capital Allocators – Inside the Institutional Investment Industry

Latest Episodes:

Marcia Page – Corn Capitalist with a Velvet Hammer at Värde and MPowered (EP.355) Dec 11, 2023

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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 – Overseeing the Largest Sovereign Wealth Fund (EP.354) Dec 04, 2023

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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.

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Michael Levy – Crow Family Real Estate Empire (EP.353) Nov 27, 2023

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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.

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Ted Seides – Unlocking Investment Wisdom (EP.352) Nov 23, 2023

Show notes

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.

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Chad Hutchinson – Professional Athlete to Professional Investor in Sports (EP.351) Nov 20, 2023

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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.

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Rick Heitzmann – New York Venture Investing at FirstMark Capital (EP.350) Nov 13, 2023

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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

Ted Martell – Empty Rooms: Commercial Real Estate Non-Performing Loans in NYC at Maverick Real Estate (EP.349) Nov 09, 2023

Show notes

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.

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Allison Thacker – Different Perspectives and Different Assets at Rice University (EP.348) Nov 06, 2023

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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.

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Bruce Ou – Private Market Investing at GroveStreet (EP.347) Oct 30, 2023

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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.

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Tim Lyne – Three Decades of Private Credit at Antares (EP.346) Oct 26, 2023

Show notes

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

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