Capital Allocators – Inside the Institutional Investment Industry

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[REPLAY] - Ashby Monk – Asset Giant Futurist (Capital Allocators, EP.29) May 01, 2023

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Dr. Ashby Monk is the Executive and Research Director of the Stanford University Global Projects Center. He is also a Senior Research Associate at the University of Oxford, a Senior Advisor to the Chief Investment Officer of the University of California, and the co-founder of Long Game. Ashby advises sovereign wealth funds and large pension funds, and is involved with a bunch of fin tech companies, all of which attempt to create innovative solutions to fixing the financial future for individuals, pensions and countries in the years ahead.

Our conversation starts with Ashby's early work experience and path through academia, and flows into an exploration of next generation, lower cost approaches to active management for large asset owners. We touch on investing in public equity, private equity, venture capital, and hedge funds using examples from the Canadian and Australian pensions, New Zealand Super Fund, and University of California endowment. Lastly, we discuss Long Game, an innovative company seeking to improve personal savings in the U.S. Ashby is a passion-driven, creative thinker who rightfully has the ear of some of the most important pools of capital in the world. His ideas will change the way you think about allocating capital.

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Aaron Sack – Branded Middle Market Investing at Morgan Stanley (Capital Allocators, EP.311) Apr 27, 2023

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My guest on today's sponsored insight is Aaron Sack, the head of Morgan Stanley Capital Partners, Morgan Stanley Investment Management's middle market private equity business. Our conversation covers Aaron's path to Morgan Stanly sixteen years ago, the strengths and weaknesses of investing under the umbrella of the bank, and his team's investment principles and approach across sourcing, due diligence, deal making, and operational improvements. We close discussing the current market dynamics, competitive positioning, and Aaron's favorite investment example.

For full show notes, visit the episode webpage here.

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Rod Wong – Empty Rooms: Innovation in Biotech at RTW (Capital Allocators, EP. 310) Apr 24, 2023

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On today's show, we'll discuss a continuing empty room – an opportunity ignored by most investors because they either don't want to or can't participate. We've shared conversations under the theme about investing in Venezuela, Africa, CLO equity, tax assets, and biotech. Among them, biotech is a room that just keeps getting emptier, so I thought it would be fun to pay it another visit. Rod Wong is the founder and Managing Partner of RTW Investments, a life sciences-focused investment and innovation firm of 80 professionals that manages $6 billion in assets. I had a chance to drop by Rod's office in NYC and discuss his background, case for life sciences, investment and business approach, investment process across sourcing ideas, research, probability assessment of binary outcomes, portfolio construction, competition, and outlook. 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

Yahoo on Private Equity Deals Apr 19, 2023

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Listen to Yahoo on Private Equity Deals.

The fifth episode of Season 2 of Private Equity Deals releases today. We discuss Apollo's purchase of Yahoo a year and a half ago. You heard that right – Apollo bought Yahoo. Yahoo is comprised of legacy Yahoo and AOL businesses, which peaked at a combined market cap of $350 billion in the dot.com heyday. It still hosts 900 million monthly active users and is the 3rd largest internet property.

So what did Apollo see as the potential in this longstanding, slowly declining business? Search for Private Equity Deals on your podcast player to find out.

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Mario Giannini & John Toomey – Private Equity Panel (Capital Allocators EP.309) Apr 17, 2023

Show notes

Mario Giannini and John Toomey lead two of the largest private equity fund investors in the world. Mario is the CEO of Hamilton Lane, which manages over $100 billion and supervises another $700 billion in non-discretionary assets, and John is half of the Executive Management Committee of HarbourVest, which also manages in excess of $100 billion in the space. Both are past guests on the show, and we've replayed those conversations on the feed. Mario and John joined me to canvass private equity markets. Our conversation covers the health and valuation of underlying portfolio companies, new deals, secondary markets, dry powder, fund raising, portfolio construction, winners and losers, new sources of capital, private credit, co-investments, ESG, China, and geopolitical risks. 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

[REPLAY] Mario Giannini – View from the Top of Private Equity at Hamilton Lane (Capital Allocators, EP.262) Apr 17, 2023

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Mario Giannini is the CEO of Hamilton Lane, where he oversees nearly $1 trillion of assets under management and advisement in private capital, making it perhaps the largest investor in private equity in the world. Mario joined Hamilton Lane thirty years ago and has spent the last 21 as its CEO. His breadth of knowledge and experience, alongside at times unconventional views, offers an unparalleled bird's eye view into this powerful area of investing. Our conversation covers Mario's background and a brief history of the private equity industry over the last thirty years. We discuss three characteristics of private equity firms that struggle: decision-making, concentration, and greed, and views on private equity firms across turnover, GP/LP relationships, LP Advisory Boards, and the pricing environment. We then turn to Mario's perspective on constructing private equity portfolios, data analytics, the middle market, continuation funds, LP appetite, and opportunities across sub-categories and geographies. We close with aspects of Hamilton Lane's evolution across co-investing, customization, going public, ESG, democratization, and the future of the industry.

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[REPLAY] Private Equity Masters 1: John Toomey – HarbourVest Partners (Capital Allocators, EP.200) Apr 17, 2023

Show notes

My guest on the first episode of Private Equity Masters is John Toomey, one of two members of the Executive Management Committee at HarbourVest Partners. For more than thirty years, HarbourVest has invested across all parts of the private equity spectrum - in funds, secondaries, and direct co-invests. Today, it oversees over $75 billion of assets and canvasses the world. Our conversation discusses the early days of private equity investing, evolution of strategies across primaries, co-invests, and secondaries, international expansion, best practices of managers, the next wave of growth opportunities, and risks in the space. John has a unique perch at the top of the industry and offers a wonderful perspective to kick off the mini-series. Learn More Subscribe: Apple | Spotify | Google Follow Ted on Twitter at @tseides or LinkedIn Subscribe Monthly Mailing List Read the Transcript

Thoma Bravo's Behind the Deal Podcast (Capital Allocators, EP.308) Apr 13, 2023

Show notes

Today's sponsored insight is a special podcast drop from our friends at Thoma Bravo. If you liked the episode with Orlando Bravo on Capital Allocators or Scott Crabill's discussion of RealPage on Private Equity Deals, Season 1, you're going to love this. Thoma Bravo has launched a new podcast called Behind the Deal, which takes you behind the scenes of one of the largest software investors in the world. It's an insider's view of Private Equity Deals – offering a first-person account from the deal leads and CEOs about the firm's deals, innovation, and growth of its portfolio companies. This episode discusses SailPoint, an identity management company that led to Thoma Bravo's first IPO. The business thrived in the public markets, and then Thoma Bravo took it private for a second turn of ownership. If you invest with Thoma Bravo, are looking to invest, or have any inkling to learn about what's inside their activity, Behind the Deal is a must listen. Head to www.thomabravo.com/behindthedeal for information on the podcast, show notes, and more. You can follow Thoma Bravo at: https://www.linkedin.com/company/thoma-bravo https://twitter.com/thomabravo Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Coach Paul Assaiante – Leading People to Greatness (Capital Allocators, EP.307) Apr 10, 2023

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Coach Paul Assaiante is the winningest coach in college sports history. For 30 years until announcing his retirement at the end of this season, Coach led the Trinity College squash program to 17 national championships and 20 finals appearances in the last 25 years, including at one point winning 252 straight matches and 13 straight national titles. In his final season, Trinity's squash team entered the national championships with the #6 seed and rode an almost fairy tale bookend to Coach's career to the finals and within a single point of an 18th national title. Paul also coached the USA National Team in squash for 17 years, Trinity's men's tennis squad for 24 years, and World Team Tennis with Billie Jean King in its heyday. In 2010, he authored Run to the Roar: Coaching to Overcome Fear, one of my favorite books on sports and leadership. Perhaps what is most fascinating about the soft-spoken Coach is he knew nothing about squash when he got his first coaching job. His true expertise is in managing, motivating, and inspiring a diverse group of players to be the best version of themselves. Our conversation covers Coach Paul's path and a career's worth of wisdom about preparation, emotional regulation, managing high performing individuals on a team, diversity, facing fear, learning to win and lose, and applying the lessons to the business world and next generation.

For full show notes, visit the episode webpage here.

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WTT – Playing for Tomorrow Apr 08, 2023

Show notes

The mismanagement of SVB's balance sheet got me thinking about other times in the past investing through periods when asset prices felt inflated across the board. Institutions strive to meet return hurdles pretty much year-in and year-out, but that's not how markets work. Playing for Tomorrow discusses one of my favorite long-term investing disciplines – positioning portfolios to play for opportunities yet to come. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

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