Capital Allocators – Inside the Institutional Investment Industry

Latest Episodes:

Yellowstone Club on Private Equity Deals Apr 05, 2023

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Listen to Yellowstone Club on Private Equity Deals

The fourth episode of Season 2 of Private Equity Deals drops today on the Private Equity Deals podcast feed. This time around Sam Byrne from CrossHarbor Capital Partners joins me to discuss the Yellowstone Club. The Yellowstone Club is a private ski mountain located in Big Sky, Montana, whose exclusive members reportedly include Bill Gates, Eric Schmidt, Justin Timberlake, and Tom Brady. CrossHarbor bought the Club out of a messy bankruptcy in 2009 and has been developing its real estate and unique experience ever since. Get an inside look at the business behind this exclusive community, by searching for Private Equity Deals on your podcast feed. Subscribe on Apple Podcast Subscribe on Spotify Subscribe on YouTube

Tom Joy – Divine Diversification and Responsibility at Church Commissioners (Capital Allocators, EP.306) Apr 03, 2023

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Tom Joy is the Chief Investment Officer at the Church Commissioners of England, where he is responsible for the stewardship of the Church of England's £10.1 billion endowment fund. Our conversation covers Tom's background, the history and goals of Church Commissioners to achieve sound returns with modest volatility and invest responsibly. We discuss Tom's four pillars to achieve these objectives across governance, people, genuine diversification, and operations, and dive into team structure, internal management, external manager selection, responsible investing in the environment, diversification in public and private markets, new initiatives, and risks on the horizon.

For full show notes, visit the episode webpage here.

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Andy Lee – Empty Rooms: Investing in Tax Assets at Parallaxes Capital (Capital Allocators, EP.305) Mar 30, 2023

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My guest on today's sponsored insight is Andy Lee, the Founder and CIO of Parallaxes Capital. Andy spun out of Lone Star in 2017 to focus on the niche opportunity to invest in Tax Receivable Agreements or TRAs. Our conversation covers Andy's background and path to the hidden gem of TRAs. We cover the basics of a TRA, rationale for their use, drivers of return, and risks. We then discuss Parallaxes' investment process, team, the future of the organization.

For full show notes, visit the episode webpage here.

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Adam Rodman – The Case for Nuclear (Climate Solutions EP.4, Capital Allocators EP.304) Mar 27, 2023

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Adam Rodman is the Founder and Chief Investment Officer of Segra Capital Management, the largest fund dedicated to investing in nuclear power across public and private markets. Adam founded Segra in 2013 to focus on a concentrated portfolio of contrarian, underfollowed investment ideas. In turn, this led to a dedicated focus on nuclear power. Both Tom Steyer and Bill Orum discussed nuclear power as an essential, although very long-term component of addressing climate needs. Adam's insights provide an understanding of the thesis as well as nuances in capitalizing on it. Our conversation covers Adam's early career, path to Segra, and shift in focus to nuclear. We discuss the fundamental case and market inefficiencies in the industry, supply and demand, the nuclear fuel cycle, safety and waste, and risks to thesis. 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

WTT - Short-Term Gain, Long-Term Pain, Part 2 Mar 25, 2023

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Since I wrote Short-Term Gain, Long-Term Pain three weeks ago, we certainly hit a big one. I had a chance to take a step back and draw from my experience working at Yale for some parallels. Suffice it to say David Swensen didn't play the game like SVB did, but I think I know how he would've been spending his time to prepare for what comes next. Read Short-Term Gain, Long-Term Pain, Part 2

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David Abrams – Sports Ecosystem Investing at Velocity (Capital Allocators, EP. 303) Mar 23, 2023

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This sponsored insight features David Abrams, Founding Partner of Velocity Capital Management. Velocity is a newly formed firm that focuses on investing with founders to build best-in-class sports, media, and entertainment companies. Our conversation covers David's background, long experience in distressed investing on Wall Street and at Apollo, and personal investments in sports-related businesses that led to serving at CIO of Harris Blitzer Sports & Entertainment. We then turn to the formation of Velocity, the firm's focus, deal sourcing, diligence process, value-added ownership, and example of its investment in the X-Games.

For full show notes, visit the episode webpage here.

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Colin Campbell – The Case for Environmental Markets (Climate Solutions EP.3, Capital Allocators EP.302) Mar 20, 2023

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Colin Campbell is a Partner at Bain Capital and co-head of the Partnership Strategies team that manages assets primarily for Bain Capital's partners in strategies that diversify away from the equity-orientation of the firm's core. In its search for attractive, uncorrelated assets, the Partnership Strategies team became an early mover in environmental markets.

Both Tom Steyer and Bill Orum cited carbon credits and offsets as a necessary and important near-term component to effect climate transition. Colin's deep engagement in the space provides a wonderful primer for those interested.

Our conversation dives into Colin's background and investment approach that led to the discovery of the opportunity in environmental markets. We then turn to his investment thesis, sourcing, description and nuance of compliance and voluntary markets, and implementation.

For full show notes, visit the episode webpage here.

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TaylorMade on Private Equity Deals Mar 15, 2023

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Listen to TaylorMade on Private Equity Deals It's almost golf season, and what better way to get mentally prepared for the game than listening to the turnaround story of TaylorMade. Episode 3 of Season 2 of Private Equity Deals released this morning, in which David Shapiro from KPS discusses the firm's investment from a colorful history, broken process, and laundry list of repairs. Subscribe to Private Equity Deals on your favorite podcast player to hear the story of the third name you know in Season 2. Subscribe on Apple Podcast Subscribe on Spotify Subscribe on YouTube

William Orum – Mission-Aligned Allocation at Capricorn (Climate Solutions EP.2, Capital Allocators EP.301) Mar 13, 2023

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Bill Orum is a Partner at Capricorn Investment Group, one of the largest and longest standing mission-aligned investment organizations. Capricorn oversees $9 billion across three distinct but related investment strategies - an OCIO serving families and foundations, a seeding business that backs impact asset managers, and the Technology Impact Fund, a venture capital fund focused on clean technology and climate solutions. Bill joined Capricorn twenty years ago in the firm's infancy with the mission to deliver extraordinary investment results by leveraging market forces to scale solutions to global problems with a focus on the climate.

Our conversation covers the establishment of an investment program to match the Capricorn's mission, universe of available investment opportunities to address climate solutions, and Capricorn's strategy to implement. We discuss seeding new funds, venture capital, emerging markets, public markets, current opportunities, and the potential for a long-term solution for the world.

For full show notes, visit the episode webpage here.

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Tom Steyer – Investing to Save Humanity (Climate Solutions EP.1, Capital Allocators EP. 300) Mar 06, 2023

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Tom Steyer is the founder and former head of Farallon Capital Management, climate activist, candidate for President of the United States in 2020, and most recently, co-founder of Galvanize Climate Solutions, a mission driven investment platform addressing urgent climate solutions.

Our conversation covers Tom's early career and founding of Farallon in 1986. We discuss his original strategy, history, and succession to new leaders at the firm. We then turn to Tom's retirement from Farallon, work on the environment, and Presidential run. From there, we dive into Tom's return to the investment business at Galvanize, covering his investment thesis, strategies to deploy, and creation of another investment organization today. All the way through, Tom shares a lifetime's worth of investing and business wisdom.

For full show notes, visit the episode webpage here.

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